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purposes to 73.4 million at December 31,
1998 compared with 87.9 million at
December 31, 1997.
* * * * * * *
Discontinued Operations
On July 31, 1998, the Company completed the
divestiture of Matthew Bender & Company, Incorporated
and its 50% ownership in legal citation provider
Shepard’s to an affiliate of Reed Elsevier, Inc. in a
transaction valued at $1.65 billion. Additionally, on
October 9, 1998, the Company completed the divestiture
of Mosby, Inc., its health science and medical
publisher, to Harcourt General, Inc. in a transaction
valued at $415.0 million.
* * * * * * *
Share Purchases
Share purchases continued in 1998 through open
market transactions, accelerated purchases and
purchases by an affiliated limited liability company.
A total of 16.7 million Series A common shares were
acquired during 1998 which more than offset 2.1 million
shares issued as a result of the exercise of stock
options.
CONSOLIDATED RESULTS OF OPERATIONS
* * * * * * *
1998 Compared with 1997
* * * * * * *
Earnings per share for 1998 benefited principally
from the net gain on divestitures as well as a
reduction in the average number of common shares
outstanding and lower preferred dividend requirements.
* * *
Net interest expenses declined in 1998 due to an
increase in interest income resulting from investment
activity of the affiliated limited liability companies
created as part of the Matthew Bender and Mosby
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