Caterpillar Inc. Reports 2001 Fourth-Quarter and Year-End Results

PEORIA, Ill., Jan. 23 aterpillar Inc.today reported fourth-quarter 2001 sales and revenues of $5.10 billion, compared with $5.11 billion in the fourth quarter of 2000. Profit of $167 million or 48 cents per share was impacted by $153 million of pre-tax nonrecurring charges. These charges, which had a 28-cent per share adverse effect on earnings, were for the sale of the Challenger(TM) agricultural tractor line, plant closing and consolidations and costs for planned employment reductions. While sales and revenues were down $18 million, profit -- excluding the nonrecurring charges -- was $264 million, or 76 cents per share, the same as last year.

``Most noteworthy in our fourth quarter were the significant steps we took to position the company for better profit performance in 2002 and long-term success by reducing costs, sharpening our focus on core competencies and improving global efficiencies,'' said Caterpillar Chairman and CEO Glen Barton. ``Our cost reduction efforts will continue as we move toward our goal of trimming more than $1 billion from the year 2000 cost base.''

Barton said Caterpillar's successful implementation of 6 Sigma methodology will continue to improve processes, efficiencies and reduce spending. ``Our $30 million investment in 6 Sigma in 2001 paid for itself in less than one year as Caterpillar became the first company to simultaneously launch this business improvement methodology across all divisions and achieve net benefits in year one. We expect the amazing results we've seen to increase in 2002 and beyond.''

For the full year, sales and revenues were $20.45 billion, or $275 million higher than 2000. Profit was $805 million or $2.32 per share.

Excluding the nonrecurring charges of 28 cents per share, profit was $902 million, or $2.60 per share, down 14 percent.

``In a year of extraordinary challenges, including a U.S. recession, Caterpillar's diverse base of businesses, products and geographic regions helped us turn in a profit performance that -- excluding nonrecurring charges -- accomplished what we said we would do,'' Barton said.

Sales in 2001 were up primarily on the strength of the worldwide coal mining and heavy construction industries, driven in part by strong demand for energy and equipment to rebuild U.S. highways as part of the nation's transportation improvement program. Sales into the waste handling industry were also strong. Electric power sales enjoyed another record year, and sales into the petroleum sector were significantly higher, benefiting both reciprocating and turbine engines. However, worldwide engine sales were down slightly, the result of weak demand for truck engines as the severe trucking industry downturn continued. Higher sales volumes were partially offset by the unfavorable impact of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro and Australian dollar).

Revenues were up as Financial Products reached record revenue levels of $1.42 billion, a 13 percent increase from 2000. The increase is attributed to Caterpillar Financial Services Corporation's (Cat Financial) ability to generate new retail financing in line with its strategy to provide services to a broader range of customers worldwide.

Full-year profit benefited from higher sales, the impact of exchange rate changes, and record profits at Cat Financial, but overall was down due to sharp production volume shifts at some manufacturing facilities, slightly higher selling, general and administrative (SG&A) expenses, as well as the nonrecurring charges.

``Based on the global industry outlook, we expect both industry and company sales to be about flat in 2002,'' Barton said. ``However, we expect profit to be up slightly in 2002 compared with 2001, excluding nonrecurring charges, because of the strategic actions announced in the fourth quarter and continued aggressive cost reduction efforts.''

Caterpillar Inc. is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines. Additional information can be found on Caterpillar's website at www.CAT.com

DETAILED ANALYSIS

Fourth-Quarter 2001 Compared With Fourth-Quarter 2000

Sales and revenues for fourth-quarter 2001 were $5.10 billion, $18 million lower than fourth-quarter 2000. Slightly higher physical sales volume and an 8 percent increase in Financial Products revenues were more than offset by lower price realization. Profit of $167 million, including pre-tax nonrecurring charges of $153 million ($97 million after tax), was $97 million lower than fourth-quarter 2000. Excluding the nonrecurring charges, profit was $264 million, flat with fourth-quarter 2000.

    Machinery and Engines

                                    Sales

     (Millions of dollars)

                     Total       North                     Latin        Asia/
                               America          EAME     America      Pacific

     Fourth-Quarter
      2001
     Machinery      $2,799       $1,417         $809         $222        $351
     Engines ***     1,936          816          562          348         210
                    $4,735       $2,233       $1,371         $570        $561

     Fourth-Quarter
      2000
     Machinery      $2,795       $1,402         $793         $270        $330
     Engines ***     1,985        1,016          582          185         202
                    $4,780       $2,418       $1,375         $455        $532


     *** Does not include internal engine transfers of $296 million and
         $323 million in 2001 and 2000, respectively.  Internal engine
         transfers are valued at prices comparable to those for unrelated
         parties.


Machinery sales were $2.80 billion, about flat compared with fourth-quarter 2000. Slightly higher physical sales volume was offset by unfavorable price realization. Sales were up in all regions except in Latin America.

Engine sales were $1.94 billion, a decrease of $49 million or 2 percent from fourth-quarter 2000. Higher physical sales volume was more than offset by lower price realization.

                               Operating Profit

     (Millions of dollars)                     Fourth-Quarter  Fourth-Quarter
                                                         2001           2000

     Machinery                                           $137           $248
     Engines                                               39            192
                                                         $176 *         $440
     * Includes $153 million of nonrecurring charges


Caterpillar operations are highly integrated; therefore, the company uses a number of allocations to determine lines of business operating profit.

Machinery operating profit decreased $111 million from fourth-quarter 2000. The favorable impact of the slightly higher physical sales volume was more than offset by the nonrecurring charges ($98 million).

Engine operating profit decreased $153 million from fourth-quarter 2000. The benefit of higher sales volumes was more than offset by lower price realization and the nonrecurring charges ($55 million).

Interest expense was $13 million lower than fourth-quarter 2000.

Other income/expense was income of $42 million compared with expense of $52 million last year. The favorable change was mostly due to the absence of foreign exchange losses experienced in 2000 and higher gains on the sales of assets.

Financial Products

Revenues for the fourth quarter were $415 million, up $25 million or 6 percent compared with fourth-quarter 2000 (excluding revenue transactions with Machinery and Engines, revenues increased $27 million or 8 percent). The increase resulted primarily from continued portfolio growth at Cat Financial, which had record new retail finance activity, as well as increased extended warranty premiums at Caterpillar Insurance Holdings, Inc. (Cat Insurance).

Before tax profit decreased $9 million or 10 percent from fourth-quarter 2000. Increased profit at Cat Financial resulting from continued portfolio growth was more than offset by lower market returns on the investment portfolio at Cat Insurance.

Income Taxes

Excluding the nonrecurring charges reported in 2001, fourth-quarter tax expense reflects an effective annual tax rate of 32 percent for both 2001 and 2000.

Unconsolidated Affiliated Companies

The company's share of unconsolidated affiliated companies' results increased $11 million from a year ago, primarily due to stronger results at Shin Caterpillar Mitsubishi Ltd.

2001 Compared With 2000

Sales and revenues for 2001 were $20.45 billion, 1 percent more than 2000. A 1 percent increase in physical sales volume and a 13 percent increase in Financial Products revenues were partially offset by the unfavorable impact of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars (primarily the euro and Australian dollar).

Profit of $805 million, including nonrecurring charges of $153 million ($97 million after tax), was down $248 million. Excluding nonrecurring charges, profit was $902 million, down $151 million or 14 percent. An increase in profit due to higher sales volume was more than offset by the unfavorable impact of cost inefficiencies caused by sharp volume shifts at some manufacturing facilities, slightly higher SG&A and the absence of a favorable $39 million tax adjustment at Cat Brasil Ltda. in 2000. SG&A increases were related to spending for future growth and to improve long-term cost structure. The negative impact of currency on sales was more than offset by a positive impact on costs.

     Machinery and Engines

                                    Sales

     (Millions of dollars)

                     Total       North          EAME *      Latin       Asia/
                               America                    America     Pacific

     2001
     Machinery     $12,158       $6,790       $3,215         $891      $1,262
     Engines **      6,869        3,470        1,899          748         752
                   $19,027      $10,260       $5,114       $1,639      $2,014

     2000
     Machinery     $11,857       $6,607       $3,121         $893      $1,236
     Engines **      7,056        3,885        1,920          538         713
                   $18,913      $10,492       $5,041       $1,431      $1,949

     *  Europe, Africa & Middle East and Commonwealth of Independent States

     ** Does not include internal engine transfers of $1.231 billion and
        $1.356 billion in 2001 and 2000, respectively.  Internal engine
        transfers are valued at prices comparable to those for unrelated
        parties.


Machinery sales were $12.16 billion, an increase over 2000 of $301 million resulting from a 3 percent increase in physical sales volume. Sales were higher in all regions except Latin America which was about flat.

Engine sales were $6.87 billion, a decrease of $187 million or 3 percent from 2000 even though physical volume was flat.

Unfavorable price realization resulting from competitive pressures in North America combined with the unfavorable impact of the stronger U.S. dollar on sales denominated in currencies other than U.S. dollars caused the sales decline.

                               Operating Profit

     (Millions of dollars)                               2001           2000

     Machinery                                           $849         $1,001
     Engines                                              348            667
                                                       $1,197 *       $1,668

     * Includes $153 million of nonrecurring charges

    Caterpillar operations are highly integrated; therefore, the company uses
    a number of allocations to determine lines of business operating profit.


Machinery operating profit decreased $152 million from 2000. The benefit from slightly higher physical volume was more than offset by higher costs, including the nonrecurring charges ($98 million), employment-related cost increases and higher energy costs.

Engine operating profit decreased $319 million from 2000. The decline was primarily due to the lower price realization, impact of manufacturing inefficiencies related to sharp swings in production levels and the nonrecurring charges ($55 million).

Interest expense was $7 million lower than a year ago.

Other income/expense improved by $38 million due to lower foreign currency losses in 2001.

Financial Products

Revenues for 2001 were a record $1.65 billion, up $180 million or 12 percent compared with 2000 (excluding revenue transactions with Machinery and Engines, revenues increased $161 million or 13 percent). The increase resulted primarily from continued portfolio growth at Cat Financial.

Before tax profit increased $67 million or 24 percent from 2000. Record profit at Cat Financial resulted from increased spread on the receivables portfolio and increased gains on sales of receivables.

Income Taxes

Excluding the tax effect of the nonrecurring charges reported in 2001 and the favorable tax adjustment of $39 million at Caterpillar Brasil Ltda. in 2000, tax expense in both years reflects an effective tax rate of 32 percent.

Unconsolidated Affiliated Companies

The company's share of unconsolidated affiliated companies' results increased $31 million from a year ago, primarily due to stronger results at Shin Caterpillar Mitsubishi Ltd.

Supplemental Information

Dealer Machine Sales to End Users and Deliveries to Dealer Rental

Operations

Sales (including both sales to end users and deliveries to dealer rental operations) in North America were higher than 2000. Sales increased as a result of strong customer acceptance of several new models and a shift in product mix toward larger machines. These factors more than offset the impact of lower industry demand in the United States and Canada. For the region, sales into mining were up sharply due to strong demand from the coal mining industry. Sales into waste and agriculture also increased.

Sales into general construction, quarry & aggregates, forestry and industrial declined. Sales into heavy construction remained at record high levels.

For the EAME region, sales increased into general construction, waste, agriculture, heavy construction, mining, forestry and quarry & aggregates. Sales into the industrial sector declined.

Sales in Asia/Pacific increased to the mining, heavy construction, quarry & aggregates and waste sectors. Sales into forestry, general construction, industrial and agriculture declined from a year ago.

In Latin America, sales were higher as increases in heavy construction, general construction, mining, waste and agriculture more than offset lower sales into forestry, quarry & aggregates and industrial.

Dealer Inventories of New Machines

Worldwide dealer new inventories at year-end 2001 were below year-earlier levels in all regions. Inventories compared to current selling rates were near year-earlier levels in all regions except EAME where they were lower.

Engine Sales to End Users and OEMs

Another record year in electric power engine sales and strong sales into the North American petroleum sector, benefiting both reciprocating and turbine engines, partially offset significantly weaker on-highway truck engine sales in North America. In EAME, stronger demand in marine and petroleum sectors was more than offset by significantly lower demand for industrial engines resulting in slightly lower 2001 sales.

Sales in Asia/Pacific rose marginally with all of the sales gains coming from the marine sector. Sales in Latin America rose slightly with all of the sales gain coming from substantially improved petroleum and electric power demand.

Overall, worldwide engine sales were slightly lower in 2001.

EMPLOYMENT

At the end of 2001, Caterpillar's worldwide employment was 72,004 compared with 68,440 one year ago. Of the total increase, 1,815 resulted from acquisitions, primarily outside the United States.

CONDENSED CASH FLOW

Net free cash flow (profit after tax adjusted for depreciation, changes in working capital, other noncash items, capital expenditures and dividends) for Machinery and Engines was negative $140 million in 2001, a decrease of $438 million from 2000. This decrease was primarily due to lower profit after tax, an increase in working capital and capital expenditures excluding equipment leased to others.

     For the Twelve Months Ended

                  Consolidated        Machinery &         Financial Products
                                        Engines *
    (Millions of dollars)
                Dec. 31,  Dec. 31,  Dec. 31,   Dec. 31,    Dec. 31,  Dec. 31,
                   2001      2000      2001       2000        2001      2000

    Profit after
     tax           $805    $1,053      $805     $1,053        $224      $184
      Depreciation and
       amorti-
       zation     1,169     1,063       835        813         334       250
      Nonrecurring
       charges      153         -       153          -           -         -
      Change in working
       capital; and
       Other       (130)      (57)     (382)      (235)         42        40
      Capital expenditures
       excluding equipment
       leased to
       others    (1,100)     (928)   (1,071)      (891)        (29)      (37)
      Expenditures for
       equipment leased
       to others, net of
       disposals   (512)     (402)       (6)        20        (506)     (422)
      Dividends
       paid        (474)     (462)     (474)      (462)       (105)      (29)

    Net Free Cash
     Flow           (89)      267      (140)       298         (40)      (14)

    Other significant cash flow items:
      Treasury shares
       purchased    (43)     (412)      (43)      (412)          -         -
      Net (increase)
       decrease in
       long-term finance
       receivables (838)   (1,197)        -          -        (838)   (1,197)
      Net increase
       (decrease) in
       debt       1,529     1,413       289        115       1,240     1,298
      Investments and
       acquisitions
       - (net of cash
       acquired    (405)     (115)     (110)      (102)       (295)      (13)
      Other         (88)     (170)       49       (133)        (46)      (54)

    Change in cash and
     short-term
     Investments    $66     $(214)      $45      $(234)        $21       $20

    * Represents Caterpillar Inc. and its subsidiaries with Financial Products
      accounted for on the equity basis.

    Note:  "Change in working capital; and Other "excludes changes in cash,
           debt, and dividends payable.  Also, due to the acquisition and
           consolidation of new companies, certain amounts have been removed
           from "Change in working capital; and Other" and "Capital
           expenditures excluding equipment leased to others" and included in
           "Investments and acquisitions" or "Other".


OUTLOOK

Summary

After a severe slowdown in 2001, world economic growth has well as growth in industrial production are projected to improve, albeit gradually, over the course of 2002. This improvement will be driven by lower interest rates and energy costs around the globe, combined with significant fiscal stimulus in North America.

While world growth is expected to improve gradually, momentum is expected to build from very weak activity levels at the beginning of 2002. As a result, world growth is expected to be about flat in the first half -- a significant slowdown from growth rates in the first half of 2001 -- before picking up momentum and closing the year with annualized growth rates approaching 3 percent.

In this economic environment, worldwide industry opportunity and company sales and revenues are projected to be about flat compared with 2001. For the full year we expect profit to be up slightly compared to 2001, excluding the 2001 nonrecurring charges, although we expect significantly lower profit in the first half, particularly the first quarter. The full-year profit improvement reflects the company's continuing actions to reduce costs and improve efficiencies.

North America

In the United States, even though a supplementary fiscal stimulus package was not approved, Congress approved an increase for transportation funding in 2002. Leading economic indicators began recovering at the close of 2001 as consumer spending and expectations rebounded from the retrenchment that we saw after the September 11 terrorist attacks. As a result, the U.S. economy is on track for flat to slightly positive growth in the first quarter, followed by stronger growth in the second, and gaining momentum in the third and fourth quarters of 2002. The Canadian economy will track the U.S. closely, and consumer spending and housing in Canada will benefit as well from scheduled personal tax reductions.

Industry sales of construction and industrial machines are projected to be flat to down slightly in most sectors. Coal mining is expected to be down moderately. Reciprocating and turbine engine sales are expected to be flat to up slightly. As a result, company sales in North America are expected to be about flat.

EAME

In EAME, growth in Europe is expected to lag the recovery in North America by about a quarter. We expect a weak first quarter to be followed by a flat second quarter and improving growth in the second half of 2002. Weak commodity prices are expected to restrain growth in Africa/Middle East and the CIS. Company sales in the EAME region are projected to be about flat.

Asia/Pacific

In Asia/Pacific, business conditions are expected to improve in developing Asia in the second half of 2002 in response to the U.S. recovery, but Japan is expected to remain weak and continue to be a drag on the regional recovery. Growth in China is expected to continue at a solid rate, leading to higher sales, and sales in Australia are expected to be up slightly. Company sales in the region are expected to be down slightly.

Latin America

In Latin America, business conditions in Mexico are expected to improve in conjunction with the U.S. recovery, while power shortages in Brazil are expected to become less acute in 2002. There was a sharp increase in political and economic uncertainty in Argentina at the end of last year. Our outlook assumes that the majority of the negative shocks to machine and engine industry demand will be confined to Argentina. Company sales for the region are expected to be down slightly.

The information included in the Outlook section is forward looking and involves risks and uncertainties that could significantly affect expected results. A discussion of these risks and uncertainties is contained in Form 8-K filed with the Securities & Exchange Commission (SEC) on January 23, 2002. That filing is available from the SEC website at http://www.sec.gov/cgi-bin/srch-edgar

Caterpillar's latest financial results and current outlook are also available via:

Note: Information contained on our website is not incorporated by reference into this release.

                               CATERPILLAR INC.
                 CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
                          FOR THE THREE MONTHS ENDED
                 (Millions of dollars except per share data)

                    Consolidated       Machinery &        Financial Products
                                         Engines *

                Dec. 31,  Dec. 31,  Dec. 31,   Dec. 31,    Dec. 31,  Dec. 31,
                   2001      2000      2001       2000        2001      2000
    Sales and revenues:
      Sales of
       Machinery
       & Engines $4,735    $4,780    $4,735     $4,780         $ -       $ -
      Revenues of
       Financial
       Products     361       334         -          -         415       390
        Total sales
         and
         revenues 5,096     5,114     4,735      4,780         415       390

    Operating costs:
      Cost of goods
       sold       3,666     3,628     3,666      3,628           -         -
      Selling, general,
       and administrative
       expenses     653       606       550        536         122        81
      Research and development
       expenses     190       176       190        176           -         -
      Interest expense of
       Financial
       Products     139       179         -          -         143       193
      Other Operating
       expenses     245        64       153          -          92        64
        Total operating
         costs    4,893     4,653     4,559      4,340         357       338

    Operating
     Profit         203       461       176        440          58        52

      Interest expense excluding
       Financial
       Products      63        76        63         76           -         -
      Other income
       (expense)     97        18        42        (52)         24        39

    Consolidated profit
     before taxes   237       403       155        312          82        91

      Provision for
       income taxes  70       128        40         96          30        32
      Profit of consolidated
       companies    167       275       115        216          52        59

      Equity in profit of
       unconsolidated
       affiliates     -       (11)       (2)       (12)          2         1
      Equity in profit of
       Financial Products
       subsidiaries   -         -        54         60           -         -

    Profit         $167      $264      $167       $264         $54       $60

    EPS of common stock
    Stock         $0.49     $0.77
    EPS of common stock
     - assuming
     dilution     $0.48     $0.76

    Weighted average shares
     outstanding (thousands)
      Basic     343,299   343,524
      Assuming
       dilution 347,068   345,433

    * Represents Caterpillar Inc. and its subsidiaries with Financial Products
      accounted for on the equity basis.  Transactions between Machinery and
      Engines and Financial Products have been eliminated to arrive at the
      Consolidated data.


                               CATERPILLAR INC.
                 CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
                              FOR THE YEAR ENDED
                 (Millions of dollars except per share data)

                    Consolidated       Machinery &        Financial Products
                                         Engines *

                Dec. 31,  Dec. 31,  Dec. 31,   Dec. 31,    Dec. 31,  Dec. 31,
                   2001      2000      2001       2000        2001      2000

    Sales and revenues:
      Sales of Machinery
       &
       Engines  $19,027   $18,913   $19,027    $18,913        $  -      $  -
      Revenues of
       Financial
       Products   1,423     1,262         -          -       1,645     1,465
        Total sales
         and reve-
         nues    20,450    20,175    19,027     18,913       1,645     1,465

    Operating costs:
      Cost of goods
       sold      14,752    14,497    14,752     14,497           -         -
      Selling, general,
       and administrative
       expenses   2,567     2,367     2,229      2,099         389       307
      Research and development

       expenses     696       649       696        649           -         -
      Interest expense of
       Financial
       Products     657       688         -          -         685       739
      Other Operating
       expenses     467       237       153          -         314       237
        Total operating
         costs   19,139    18,438    17,830     17,245       1,388     1,283

    Operating
     Profit       1,311     1,737     1,197      1,668         257       182

      Interest expense excluding
      Financial
       Products     285       292       285        292           -         -
      Other income
       (expense)    143        83       (88)      (126)         88        96

    Consolidated profit
     before taxes 1,169     1,528       824      1,250         345       278

      Provision for
       income taxes 367       447       239        350         128        97
      Profit of
       consolidated
       companies    802     1,081       585        900         217       181

      Equity in profit of
       unconsolidated
       affiliates     3       (28)       (4)       (31)          7         3
      Equity in profit of
       Financial Products
       subsidiaries   -         -       224        184           -         -

    Profit         $805    $1,053      $805     $1,053        $224      $184

    EPS of common
     stock        $2.35     $3.04
    EPS of common
     stock
     - assuming
     dilution     $2.32     $3.02

    Weighted average shares
    outstanding (thousands)
    Basic      343,324    346,818
    Assuming dilution
               347,092    348,898

    * Represents Caterpillar Inc. and its subsidiaries with Financial Products
      accounted for on the equity basis.  Transactions between Machinery and
      Engines and Financial Products have been eliminated to arrive at the
      Consolidated data.


                               CATERPILLAR INC.
                         CONDENSED FINANCIAL POSITION
                            (Millions of dollars)

                                                           Consolidated
                                          (Caterpillar Inc. and Subsidiaries)
                                                     Dec. 31,       Dec. 31,
                                                        2001           2000
    Assets
      Current assets:
        Cash and short-term investments                 $400           $334
        Receivables - trade and other                  2,592          2,608
        Receivables - finance                          5,849          5,471
        Deferred income taxes                            423            397
        Prepaid expenses                               1,211          1,019
        Inventories                                    2,925          2,692
      Total current assets                            13,400         12,521

      Property, plant, and equipment - net             6,603          5,951
      Long-term receivables - trade and other             55             76
      Long-term receivables - finance                  6,267          6,095
      Investments in unconsolidated affiliated
       companies                                         787            551
      Deferred income taxes                              938            907
      Intangible assets                                1,671          1,507
      Other assets                                       936            856
    Total Assets                                     $30,657        $28,464

    Liabilities
      Current liabilities:
        Short-term borrowings:
         -- Machinery & Engines                         $219           $369
         -- Financial Products                         1,961            602
        Accounts payable                               2,123          2,339
        Accrued expenses                               1,419          1,148
        Accrued wages, salaries, and
         employee benefits                             1,292          1,274
        Dividends payable                                120            117
        Deferred and current income taxes payable         11             57
        Long-term debt due within one year:
         -- Machinery & Engines                           73            204
         -- Financial Products                         3,058          2,558
      Total current liabilities                       10,276          8,668

      Long-term debt due after one year:
         -- Machinery & Engines                        3,492          2,854
         -- Financial Products                         7,799          8,480
      Liability for post-employment benefits           3,103          2,514
      Deferred income taxes and other liabilities        376            348
    Total Liabilities                                 25,046         22,864
    Stockholders' Equity
      Common stock                                     1,043          1,048
      Profit employed in the business                  7,533          7,205
      Accumulated other comprehensive income            (269)            23
      Treasury stock                                  (2,696)        (2,676)
    Total Stockholders' Equity                         5,611          5,600
    Total Liabilities and Stockholders' Equity       $30,657        $28,464


Certain amounts for 2000 have been reclassified to conform with the 2001 financial statement presentation.

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