Timken Reports Record Second-Quarter Results

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- 8 - The <strong>Timken</strong> Company company undertakes no obligation to update or revise any forward-looking statement. ###
(Unaudited) CONDENSED CONSOLIDATED STATEMENT OF INCOME AS REPORTED ADJUSTED (1) (Dollars in thousands, except share data) Q2 2008 Q2 2007 Six Months 08 Six Months 07 Q2 2008 Q2 2007 Six Months 08 Six Months 07 Net sales $ 1,535,549 $ 1,349,231 $ 2,970,219 $ 2,633,744 $ 1,535,549 $ 1,349,231 $ 2,970,219 $ 2,633,744 Cost of products sold Manufacturing rationalization/reorganization expenses - 1,190,937 1,050,532 2,312,696 2,067,183 1,190,937 1,050,532 2,312,696 2,067,183 cost of products sold 868 10,720 2,242 22,563 - - - - Gross Profit $ 343,744 $ 287,979 $ 655,281 $ 543,998 $ 344,612 $ 298,699 $ 657,523 $ 566,561 Selling, administrative & general expenses (SG&A) Manufacturing rationalization/reorganization 195,352 178,980 372,490 341,953 195,352 178,980 372,490 341,953 expenses - SG&A 1,251 649 2,059 1,979 - - - - (Gain) loss on divestitures - (38) (8) 316 - - - - Impairment and restructuring 1,807 7,254 4,683 21,030 - - - - Operating Income $ 145,334 $ 101,134 $ 276,057 $ 178,720 $ 149,260 $ 119,719 $ 285,033 $ 224,608 Other (expense) (1,870) (4,566) (7,642) (6,820) (1,870) (4,566) (7,642) (6,820) Special items - other income 191 2,029 20,545 2,372 - - - - Earnings Before Interest and Taxes (EBIT) (2) $ 143,655 $ 98,597 $ 288,960 $ 174,272 $ 147,390 $ 115,153 $ 277,391 $ 217,788 Interest expense, net Income From Continuing Operations (10,128) (8,880) (19,728) (16,569) (10,128) (8,880) (19,728) (16,569) Before Income Taxes 133,527 89,717 269,232 157,703 137,262 106,273 257,663 201,219 Provision for income taxes 44,584 34,116 95,824 27,848 44,857 36,547 86,395 69,018 Income From Continuing Operations Income from discontinued operations $ 88,943 $ 55,601 $ 173,408 $ 129,855 $ 92,405 $ 69,726 $ 171,268 $ 132,201 net of income taxes, special items (3) Income from discontinued operations - (275) - 665 - - - - net of income taxes, other (3) - - - - - - - - Net Income $ 88,943 $ 55,326 $ 173,408 $ 130,520 $ 92,405 $ 69,726 $ 171,268 $ 132,201 Earnings Per Share - Continuing Operations $ 0.93 $ 0.59 $ 1.82 $ 1.38 $ 0.97 $ 0.74 $ 1.79 $ 1.40 Earnings Per Share - Discontinued Operations - - - - - - - - Earnings Per Share $ 0.93 $ 0.59 $ 1.82 $ 1.38 $ 0.97 $ 0.74 $ 1.79 $ 1.40 Diluted Earnings Per Share - Continuing Operations $ 0.92 $ 0.58 $ 1.80 $ 1.36 $ 0.96 $ 0.73 $ 1.78 $ 1.39 Diluted Earnings Per Share - Discontinued Operations - - - 0.01 - - - - Diluted Earnings Per Share $ 0.92 $ 0.58 $ 1.80 $ 1.37 $ 0.96 $ 0.73 $ 1.78 $ 1.39 Average Shares Outstanding 95,604,374 94,514,074 95,440,281 94,245,696 95,604,374 94,514,074 95,440,281 94,245,696 Average Shares Outstanding-assuming dilution 96,507,960 95,566,119 96,256,051 95,195,785 96,507,960 95,566,119 96,256,051 95,195,785
Page 1 and 2: The Timken Company Media Contact: J
Page 3 and 4: - 3 - The Timken Company by charges
Page 5 and 6: - 5 - The Timken Company For the fi
Page 7: - 7 - The Timken Company operating
Page 11 and 12: Reconciliation of GAAP net income a
Page 13 and 14: Reconciliation of GAAP Income from
Page 15 and 16: CONDENSED CONSOLIDATED BALANCE SHEE

Timken Reports Record Second-Quarter Results

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