Thomson Reports Strong Fourth-Quarter and Full-Year 2005 Results
Revenues and Operating Profit Increase
Double-Digit Revenue Growth in Electronic Products, Software and Services
Company Declares 10% Dividend Increase
(All amounts are in U.S. dollars.)
STAMFORD, Conn., Feb. 9 /PRNewswire-FirstCall/ -- The Thomson Corporation (NYSE: TOC; TSX: TOC) today reported financial results for the fourth quarter and full year ended December 31, 2005, with increases in revenues, operating profit and adjusted earnings, as well as continued solid growth in free cash flow. In addition, the company said its Board of Directors has accelerated its annual dividend review and authorized a dividend increase.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO )
For the full-year 2005:
- Revenues increased 8%, to $8.70 billion, driven by 12% growth in
electronic products, software and services. Operating profit increased
10%, and operating profit margin increased to 16.8%.
- Earnings per share were $1.42, compared with $1.54 in 2004. Adjusted for
discontinued operations and one-time items, underlying earnings per
share were $1.43, up 17% from $1.22 in 2004.
- The corporation generated net cash from operations of $1.88 billion.
Free cash flow increased 17%, before a one-time withholding tax payment
of $125 million resulting from the repatriation of profits of
subsidiaries. Including the tax payment, free cash flow rose 6% to
$1.19 billion.
For the fourth quarter of 2005:
- Revenues were $2.43 billion, up 5% from the prior-year period,
reflecting stronger organic growth and contributions from acquisitions.
Excluding currency effects, revenues rose 6%.
- Operating profit was $555 million, up 14% from the fourth quarter of
2004. Operating margin was 22.9%, up from 21.1% in the prior-year
period due to higher revenue and greater efficiencies.
- Earnings attributable to common shares were $249 million, or $0.38 per
share, compared with $437 million, or $0.67 per share, in the prior-year
period. Adjusting for discontinued operations, one-time items, and
quarterly tax rate normalization, underlying earnings were $402 million,
or $0.62 per share, compared with $318 million, or $0.49 per share, in
the fourth quarter of 2004. One-time items affecting quarter-over-
quarter comparisons included recognition of gains within discontinued
operations, primarily in 2004, and the withholding tax payment in 2005.
Thomson's President and Chief Executive Officer, Richard J. Harrington, said, "Our strong results reflect the increasing momentum in our business and the success of our strategic shift to providing integrated workflow solutions to professional customers. Thomson drove revenue and profit growth across all our market groups, a 17% increase in adjusted earnings per share and strong free cash flow growth. We are particularly pleased with the acceleration in the growth of our electronic products, software and services business, which achieved a 12% increase in revenue for the full year and now makes up nearly 70% of our total revenue. We also broadened the range of products and services we offer to our customers through organic development and investment of approximately $289 million in tactical acquisitions in 2005.
"In line with our commitment to drive shareholder value, Thomson returned more than $750 million to shareholders in 2005 through dividends and share repurchases. Given the significant cash flow generation capabilities of our business, our strong balance sheet, and our focus on returning capital to our shareholders, our Board of Directors has accelerated the timing of its annual dividend review to the first quarter of the year and has authorized a 10% increase in the annual dividend rate.
"As part of our commitment to drive growth and returns by optimizing our portfolio of businesses, we are also announcing the sale of four businesses that are not core to Thomson's workflow solutions strategy. The sales will improve the strategic focus and financial profile of Thomson. All of these businesses have solid operations and well-respected brands. We expect these sales to be completed in 2006.
"Looking ahead, we believe we are well positioned to continue to drive organic revenue growth, while expanding margins and growing free cash flow."
Market Group Full-Year and Fourth-Quarter Highlights
Legal & Regulatory
- Full-year 2005 revenues increased 7% in 2005 to $3.49 billion and
adjusted operating profit grew 9% to $982 million. Adjusted operating
profit margin expanded 70 basis points to 28.1%.
- Revenue growth in 2005 reflected an 11% increase in online products,
primarily driven by Westlaw, Checkpoint and international online
services. North American Legal achieved growth in all of its major
market segments, driven by new sales and higher retention. Revenue from
sales of software and services increased 14% reflecting growth from
acquisitions, as well as strong growth at FindLaw and tax and accounting
software products.
- Fourth-quarter 2005 revenues grew 6% to $974 million and adjusted
operating profit increased 10% to $308 million.
Learning
- Full-year 2005 revenues rose 7% over 2004 to $2.32 billion. Adjusted
operating profit also increased 7% to $350 million. Adjusted operating
profit margin increased 10 basis points to 15.1%.
- Revenue growth in 2005 resulted from contributions from newly acquired
e-testing and corporate e-learning businesses, growth in global higher
education, including a double-digit increase in custom publishing,
strong business and economic textbook sales, and strong international
sales. Revenue growth was also attributable to solid sales growth from
library reference.
- In the fourth quarter, revenues grew 2% to $654 million, and adjusted
operating profit increased 5% to $139 million. Revenue growth in the
quarter was adversely affected by higher reserves for textbook returns
compared with 2004.
Financial
- Full-year 2005 revenues increased 9% over 2004 to $1.9 billion, and
adjusted operating profit increased 14% to $334 million. Adjusted
operating profit margin expanded 70 basis points to 17.6%.
- Revenue growth for the full year continued to reflect the success of key
offerings, as well as improved market conditions.
- TradeWeb's revenues, in particular, increased significantly due to
higher volumes for its online fixed income marketplaces as a result of
greater online trading activity and the introduction of new asset
classes.
- During the year, the number of Thomson ONE workstations increased 45%
due to user migration from legacy products and new client sales.
- In the fourth quarter, revenues were $494 million, a 4% increase over
the prior-year period and adjusted operating profit increased 20% to
$109 million. Excluding currency effects, revenues grew 5% in the
fourth quarter of 2005.
Scientific & Healthcare
- Full-year 2005 revenues increased 14% over 2004 to $1.02 billion, and
adjusted operating profit increased 21% to $235 million. Adjusted
operating profit margin rose 130 basis points to 23.1%, due to higher
revenues and benefits from integration efforts associated with recent
acquisitions.
- Revenue growth for the full year came mostly from acquisitions,
primarily IHI, and further expansion of information solutions offerings.
Revenue growth from existing businesses was primarily a result of higher
customer spending for healthcare decision support products and higher
subscription revenues for ISI Web of Science and Micromedex electronic
products.
- In the fourth quarter of 2005, revenues grew 11% to $312 million, and
adjusted operating profit increased 10% to $109 million.
Discontinued Operations
In December 2005, Thomson approved the sale of American Health Consultants (AHC), a medical newsletter publisher and provider of medical education. The results of this business have been reclassified to discontinued operations. Previously, these operations were included in the Thomson Scientific & Healthcare market group. In 2005, AHC generated $35 million in revenue.
Planned Sale of Businesses
In January 2006, Thomson approved the sale of three businesses in the Thomson Learning group, including Peterson's, a college preparatory guide; the U.S. operations of Thomson Education Direct, a consumer-based distance learning career school; and K.G. Saur, a German publisher of biographical and bibliographical reference titles serving the library and academic community. The financial results of these businesses are included in Thomson Learning for 2005 and will be reclassified as discontinued operations beginning in the first quarter of 2006. The combined annual revenues of these three businesses are approximately $145 million.
Dividend
Thomson also announced today that its Board of Directors has authorized an increase of 10%, or $0.08 per share, in the annualized rate of the company's common stock dividend, to $0.88 per share. The new quarterly dividend rate of $0.22 per share is payable on March 15, 2006 to common shareholders of record as of February 21, 2006. In addition, the Board announced that it has moved its annual dividend review from the second quarter to the first quarter of each year. The increase in the dividend rate corresponds to Thomson's objective of increasing the rate in line with increases in free cash flow.
Share Repurchase Activity
During the fourth quarter of 2005, Thomson repurchased $127 million of its shares. During the full year 2005, Thomson repurchased $256 million of its shares. Since initiating its share repurchase program (Normal Course Issuer Bid) in the second quarter of 2005, Thomson has purchased and retired a total of more than 9 million shares.
2006 Outlook
For the full year 2006, Thomson expects revenue growth of 7% to 9%, excluding currency effects, in line with the company's long-term revenue growth target. Full-year 2006 revenue growth will continue to be driven primarily by existing businesses, supplemented by tactical acquisitions.
Thomson expects continued improvement in its operating profit margin in 2006.
Thomson also expects to continue to generate strong free cash flow in 2006.
The Thomson Corporation
The Thomson Corporation (www.thomson.com), with 2005 revenues of $8.70 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate e-learning and assessment, scientific research and healthcare. With operational headquarters in Stamford, Conn., Thomson has approximately 40,000 employees and provides services in approximately 130 countries. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
The Thomson Corporation will webcast a discussion of fourth-quarter and full-year 2005 results beginning at 9:00 am EST today. To participate in the webcast, please visit www.thomson.com and click on the "Investor Relations" link located at the top of the page.
Note: The Corporation's financial statements are prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are reported in U.S. dollars. When applicable, prior periods are restated for discontinued operations. Adjusted operating profit, free cash flow and adjusted earnings from continuing operations are used by Thomson to measure the Corporation's and its segments' performance but do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable with the calculation of similar measures used by other companies, and should not be viewed as alternatives to operating profit, operating profit as a percentage of revenues, net earnings, cash flow from operations or other measures of financial performance calculated in accordance with GAAP. We reconcile non- GAAP financial measures to the most directly comparable GAAP measure in the following tables. Adjusted operating profit is defined as operating profit before amortization of identifiable intangible assets. We use this measure because we do not consider such amortization to be a controllable operating cost for purposes of assessing the current performance of our businesses. We also use adjusted operating profit margin, which we define as adjusted operating profit as a percentage of revenues. We evaluate our operating performance based on free cash flow, which we define as net cash provided by operating activities less additions to property and equipment, other investing activities and dividends paid on our preference shares. We use free cash flow as a performance measure because it represents cash available to repay debt, pay common dividends and fund new acquisitions. We present our earnings attributable to common shares and per share amounts after adjusting for non- recurring items, discontinued operations, and other items affecting comparability, which we refer to as adjusted earnings from continuing operations and adjusted earnings per common share from continuing operations. We use these measures to assist in comparisons from one period to another. Adjusted earnings per common share from continuing operations do not represent actual earnings per share attributable to shareholders.
The Corporation no longer reports adjusted EBITDA but will continue to report depreciation expense for each of its market groups, as set forth in the attached tables. Segmented results include the results of all operations. Prior to 2005, segmented results were presented on the basis of ongoing businesses, which excluded disposals. Disposals are businesses sold or held for sale, which did not qualify as discontinued operations. Results for the full year of 2005 were reclassified to present disposals within the appropriate market group.
This news release, in particular the section under the heading "2006 Outlook" includes forward-looking statements, such as the Corporation's expectations and intentions regarding its financial performance and strategy, that are based on certain assumptions and reflect the Corporation's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some factors that could cause actual results to differ materially from current expectations are: actions of our competitors; failure of our technology investments to increase our revenues or decrease our operating costs; failure to fully derive anticipated benefits from our acquisitions; failure to develop additional products and services to meet customers' needs; failures or disruptions of our electronic delivery systems or the Internet; failure to meet the challenges involved in expanding outside North America; increased use of free or relatively inexpensive information sources; failure to obtain certain information through licensing arrangements and changes in the terms of our licensing arrangements; changes in the general economy; inadequate protection of our intellectual property rights; an increase in our effective income tax rate; and impairment of our goodwill and identifiable intangible assets. Additional factors are discussed in the Corporation's materials filed with the securities regulatory authorities in Canada and the United States from time to time, including the Corporation's annual information form, which is also contained in its annual report on Form 40-F for the year ended December 31, 2004. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact: Investor Contact:
Jason Stewart Frank J. Golden
Vice President, Media Relations Vice President, Investor Relations
(203) 539-8339 (203) 539-8470
jason.stewart@thomson.com frank.golden@thomson.com
Consolidated Statement of Earnings
(millions of U.S. dollars, except per common share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2005 2004 2005 2004
Revenues 2,428 2,313 8,703 8,057
Cost of sales,
selling, marketing,
general and
administrative
expenses (1,636) (1,583) (6,308) (5,822)
Depreciation (160) (166) (622) (620)
Amortization (77) (76) (309) (285)
-------- -------- -------- --------
Operating profit 555 488 1,464 1,330
Net other (expense)
income (1) (14) (3) (28) 24
Net interest expense
and other financing
costs (54) (59) (223) (235)
Income taxes (232) (117) (287) (263)
-------- -------- -------- --------
Earnings from continuing
operations 255 309 926 856
(Loss) earnings from
discontinued operations,
net of tax (5) 129 8 155
-------- -------- -------- --------
Net earnings 250 438 934 1,011
Dividends declared on
preference shares (1) (1) (4) (3)
-------- -------- -------- --------
Earnings attributable to
common shares 249 437 930 1,008
======== ======== ======== ========
Basic and diluted
earnings per common
share $0.38 $0.67 $1.42 $1.54
======== ======== ======== ========
Basic weighted
average common
shares 651,901,481 655,549,324 654,436,748 655,301,357
=========== =========== =========== ===========
Diluted weighted
average common
shares 652,418,597 656,334,248 654,968,031 655,927,303
=========== =========== =========== ===========
Supplemental earnings information:
Earnings attributable
to common shares,
as above 249 437 930 1,008
Adjustments:
One time items:
Net other expense
(income) 14 3 28 (24)
Tax on above item - (1) 1 10
Release of tax credits - (6) (137) (41)
Withholding tax on
dividend 125 - 125 -
Interim period effective
tax rate
normalization (2) 9 14 - -
Discontinued operations 5 (129) (8) (155)
-------- -------- -------- --------
Adjusted earnings from
continuing operations 402 318 939 798
======== ======== ======== ========
Adjusted basic and
diluted earnings per
common share from
continuing operations $0.62 $0.49 $1.43 $1.22
======== ======== ======== ========
Notes to consolidated statement of earnings
(1) "Equity in net losses of associates, net of tax" has been reclassified
to "Net other (expense) income" in the previous period to conform to
the current period's presentation.
(2) Adjustment to reflect income taxes based on the estimated full-year
effective tax rate of the consolidated group. Reported earnings for
interim periods reflect income taxes based on estimated effective tax
rates of each of the group's jurisdictions. The adjustment
reallocates estimated full-year income taxes between interim periods,
but has no effect on full-year income taxes.
Consolidated Balance Sheet
(millions of U.S. dollars)
(unaudited)
December 31, December 31,
2005 2004
Assets
Cash and cash equivalents 407 405
Accounts receivable, net of allowances 1,699 1,643
Inventories 322 312
Prepaid expenses and other current assets 325 312
Deferred income taxes 250 212
Current assets of discontinued operations 6 8
------ ------
Current assets 3,009 2,892
Computer hardware and other property (1) 781 749
Computer software (1) 749 769
Identifiable intangible assets, net 4,482 4,719
Goodwill 9,019 9,113
Other non-current assets (1) 1,386 1,393
Non-current assets of discontinued
operations 10 10
------ ------
Total assets 19,436 19,645
====== ======
Liabilities and shareholders' equity
Liabilities
Short-term indebtedness 202 7
Accounts payable and accruals 1,730 1,734
Deferred revenue 1,058 1,030
Current portion of long-term debt 98 295
Current liabilities of discontinued
operations 19 17
------ ------
Current liabilities 3,107 3,083
Long-term debt 3,983 4,013
Other non-current liabilities 823 1,015
Deferred income taxes 1,560 1,572
------ ------
Total liabilities 9,473 9,683
Shareholders' equity
Capital 2,726 2,696
Cumulative translation adjustment 245 458
Retained earnings 6,992 6,808
------ ------
Total shareholders' equity 9,963 9,962
------ ------
Total liabilities and shareholders' equity 19,436 19,645
====== ======
Note to consolidated balance sheet
(1) Certain non-current assets have been reclassified in the previous
period to conform to the current period's presentation. Specifically,
capitalized software developed for internal use and for sale is now
presented separately. Additionally, capitalized costs to create the
initial version of a textbook or other media ("pre-publication costs")
are included in "Other non-current assets". Previously, capitalized
software developed for internal use and pre-publication costs were
included in "Property and equipment" which is no longer included on
the balance sheet. These reclassifications were made to provide
additional disclosure on the nature of the assets.
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited)
Three Months Twelve Months
Ended December 31 Ended December 31
2005 2004 2005 2004
Cash provided by (used in):
Operating activities
Net earnings 250 438 934 1,011
Remove loss (earnings)
from discontinued
operations 5 (129) (8) (155)
Add back (deduct) items
not involving cash:
Depreciation 160 166 622 620
Amortization 77 76 309 285
Net gains on disposals
of businesses and
investments - (49) (5) (53)
Loss from redemption
of bonds - 53 23 53
Deferred income taxes (42) (7) (16) (3)
Other, net 45 43 55 170
Voluntary pension
contribution (14) (7) (25) (7)
Changes in working capital
and other items 197 47 (20) (161)
Cash provided by operating
activities - discontinued
operations 1 12 10 48
------------------ ------------------
Net cash provided by
operating activities 679 643 1,879 1,808
------------------ ------------------
Investing activities
Acquisitions (41) (527) (289) (1,337)
Proceeds from disposals - 76 4 87
Capital expenditures,
less proceeds from
disposals (245) (189) (642) (619)
Other investing
activities (14) (20) (39) (60)
Capital expenditures of
discontinued operations - (1) - (3)
Proceeds from (income
taxes paid on) disposals
of discontinued
operations - 337 (105) 474
Cash used in other
investing activities
- discontinued operations - - - (5)
------------------ ------------------
Net cash used in investing
activities (300) (324) (1,071) (1,463)
------------------ ------------------
Financing activities
Proceeds from debt 1 740 401 1,174
Repayments of debt (65) (854) (621) (1,186)
Net (repayments)
borrowings under
short-term loan
facilities (105) (15) 191 (90)
Repurchase of common
shares (127) - (256) -
Dividends paid on
preference shares (1) (1) (4) (3)
Dividends paid on
common shares (127) (122) (505) (484)
Premium on debt
redemption - (41) (22) (41)
Other financing
activities, net 2 (1) 18 1
------------------ ------------------
Net cash used in
financing activities (422) (294) (798) (629)
------------------ ------------------
Translation adjustments (1) 6 (8) 6
------------------ ------------------
(Decrease) increase in
cash and cash equivalents (44) 31 2 (278)
Cash and cash equivalents
at beginning of period 451 374 405 683
------------------ ------------------
Cash and cash equivalents
at end of period 407 405 407 405
================== ==================
Supplemental cash
flow information:
Net cash provided by
operating activities,
as above 679 643 1,879 1,808
Capital expenditures,
as above (245) (189) (642) (619)
Other investing
activities, as above (14) (20) (39) (60)
Capital expenditures
of discontinued
operations - (1) - (3)
Dividends paid on
preference shares,
as above (1) (1) (4) (3)
------------------ ------------------
Free cash flow 419 432 1,194 1,123
==================== ====================
Business Segment Information *
(millions of U.S. dollars)
(unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2005 2004 Change 2005 2004 Change
Revenues:
Legal & Regulatory 974 918 6% 3,491 3,276 7%
Learning 654 643 2% 2,319 2,174 7%
Financial 494 476 4% 1,897 1,738 9%
Scientific
& Healthcare 312 282 11% 1,018 893 14%
Intercompany
eliminations (6) (6) (22) (24)
------ ------ ------ ------
Total revenues 2,428 2,313 5% 8,703 8,057 8%
====== ====== ====== ======
Operating Profit: (1)
Adjusted Operating Profit by Segment
Legal
& Regulatory 308 279 10% 982 897 9%
Learning 139 133 5% 350 327 7%
Financial 109 91 20% 334 294 14%
Scientific
& Healthcare 109 99 10% 235 195 21%
Corporate and
other (2) (33) (38) (128) (98)
------ ------ ------ ------
Total adjusted
operating profit 632 564 12% 1,773 1,615 10%
Amortization (77) (76) (309) (285)
------ ------ ------ ------
Operating Profit 555 488 14% 1,464 1,330 10%
====== ====== ====== ======
*Notes to business segment information for continuing operations
(1) Please see reconciliations to GAAP measures in the following tables.
(2) Corporate and other includes corporate costs and costs associated
with the Corporation's stock related compensation expense.
Detail of depreciation by segment:
Three Months Ended Twelve Months Ended
December 31 December 31
2005 2004 2005 2004
Legal & Regulatory 53 56 202 197
Learning 53 51 195 194
Financial 44 48 177 182
Scientific & Healthcare 8 10 38 35
Corporate and other 2 1 10 12
------------------ ------------------
160 166 622 620
------------------ ------------------
Reconciliations
Reconciliation of Adjusted Operating Profit to Operating Profit
(millions of U.S. dollars, unaudited)
For the Three Months Ended December 31, 2005
Scientific Corporate
Legal & & and
Regulatory Learning Financial Healthcare Other Total
Adjusted
operating
profit 308 139 109 109 (33) 632
Less:
Amortization (28) (17) (21) (11) -- (77)
------------------------------------------------------------------------
Operating profit 280 122 88 98 (33) 555
========================================================================
For the Three Months Ended December 31, 2004
Scientific Corporate
Legal & & and
Regulatory Learning Financial Healthcare Other Total
Adjusted
operating
profit 279 133 91 99 (38) 564
Less:
Amortization (26) (17) (23) (10) -- (76)
------------------------------------------------------------------------
Operating profit 253 116 68 89 (38) 488
========================================================================
For the Twelve Months Ended December 31, 2005
Scientific Corporate
Legal & & and
Regulatory Learning Financial Healthcare Other Total
Adjusted
operating
profit 982 350 334 235 (128) 1,773
Less:
Amortization (108) (66) (89) (46) -- (309)
------------------------------------------------------------------------
Operating profit 874 284 245 189 (128) 1,464
========================================================================
For the Twelve Months Ended December 31, 2004
Scientific Corporate
Legal & & and
Regulatory Learning Financial Healthcare Other Total
Adjusted
operating
profit 897 327 294 195 (98) 1,615
Less:
Amortization (99) (69) (82) (35) -- (285)
------------------------------------------------------------------------
Operating profit 798 258 212 160 (98) 1,330
========================================================================
Reconciliation Of Adjusted Operating Profit Margin to Operating Profit Margin
(as a percentage of revenue, unaudited)
For the Three Months Ended December 31, 2005
Legal & Scientific &
Regulatory Learning Financial Healthcare Total
Adjusted
operating
profit margin 31.6% 21.3% 22.1% 34.9% 26.0%
Less:
Amortization (2.9%) (2.6%) (4.3%) (3.5%) (3.1%)
-------------------------------------------------------------------------
Operating
profit margin 28.7% 18.7% 17.8% 31.4% 22.9%
=========================================================================
For the Three Months Ended December 31, 2004
Legal & Scientific &
Regulatory Learning Financial Healthcare Total
Adjusted
operating
profit margin 30.4% 20.7% 19.1% 35.1% 24.4%
Less:
Amortization (2.8%) (2.7%) (4.8%) (3.5%) (3.3%)
-------------------------------------------------------------------------
Operating
profit margin 27.6% 18.0% 14.3% 31.6% 21.1%
=========================================================================
For the Twelve Months Ended December 31, 2005
Legal & Scientific &
Regulatory Learning Financial Healthcare Total
Adjusted
operating
profit margin 28.1% 15.1% 17.6% 23.1% 20.4%
Less:
Amortization (3.1%) (2.9%) (4.7%) (4.5%) (3.6%)
-------------------------------------------------------------------------
Operating
profit
margin 25.0% 12.2% 12.9% 18.6% 16.8%
=========================================================================
For the Twelve Months Ended December 31, 2004
Legal & Scientific &
Regulatory Learning Financial Healthcare Total
Adjusted
operating
profit margin 27.4% 15.0% 16.9% 21.8% 20.0%
Less:
Amortization (3.0%) (3.1%) (4.7%) (3.9%) (3.5%)
-------------------------------------------------------------------------
Operating
profit margin 24.4% 11.9% 12.2% 17.9% 16.5%
=========================================================================
SOURCE The Thomson Corporation
-0- 02/09/2006
/CONTACT: media, Jason Stewart, Vice President, Media Relations,
+1-203-539-8339, or jason.stewart@thomson.com, or investors, Frank J. Golden,
Vice President, Investor Relations, +1-203-539-8470, or
frank.golden@thomson.com, both of The Thomson Corporation /
/Photo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO /
/Web site: http://www.thomson.com /
(TOC TOC.)
CO: The Thomson Corporation
ST: Connecticut
IN: FIN PUB
SU: ERN ERP
GF
-- NYTH035 --
5855 02/09/2006 07:03 EST http://www.prnewswire.com