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For the first nine months of 2010, net earnings were $140 million and EPS was $2.03; excluding unusual items, net earnings would have been $128 million and EPS would have been $1.86. In the same period of 2009, net loss was $25 million and loss per share was $0.37; excluding the 2009 unusual items, net earnings and EPS would have been $108 million and $1.57. Net sales for the first nine months of 2010 were $4.1 billion, representing a 1.5% increase from 2009. On a constant exchange rate, constant days and excluding 2009 sales adjustments, net sales decreased 2.9%.
“Our earnings were in line with our expectations, though the industry slowdown continued into the third quarter,” said Jeffrey S. Lorberbaum, chairman and CEO. “All of our businesses were impacted by soft industry conditions during the quarter. In response, we reduced our operating costs, implemented product promotions to drive sales, introduced new products to satisfy market changes, and continued our international expansion strategies in Mexico, China, and Russia. Our cost containment and restructuring initiatives resulted in the lowest SG&A expense in over 12 quarters. Liquidity remains strong with over $850 million available, of which approximately $300 million will be used to retire our 2011 bonds.”
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