MILWAUKEE, July 20 /PRNewswire-FirstCall/ -- Johnson Controls
reported a profit of $0.26 per diluted share for the third quarter
of 2009. Net sales in the quarter were $7.0 billion, with segment
income of $282 million and net income of $163 million. These
results compare with net sales of $9.9 billion, segment income of
$645 million and net income of $439 million, or $0.73 per diluted
share for the third quarter of 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081030/AQTH055ALOGO) "In most
of our global markets this quarter, economic conditions remain very
challenging. I am pleased to report that despite this environment,
we returned to solid profitability. The cost improvement
initiatives we undertook earlier this year are providing the
expected benefits. We believe the company is well positioned to
further increase our profitability in our fourth quarter and into
2010. I want to thank our employees and management for their
dedication, which enabled us to achieve such a significant
improvement in earnings performance," said Johnson Controls
Chairman and Chief Executive Officer Steve Roell. Business results
Automotive Experience sales in the quarter declined 38% to $3.0
billion versus $4.8 billion last year due to significantly lower
production volumes globally. Automotive industry production in
North America was down 48% versus a year ago as a result of
prolonged production shutdowns in the quarter as well as overall
lower consumer demand. European production declined 27%. There were
some positive volume comparisons in certain European countries
where governments are providing incentives to consumers who scrap
old cars and purchase new vehicles. The company said that most of
these new vehicle sales were in the "A" and "B" (lower cost)
segments. Automotive Experience reported a loss of $14 million in
the quarter versus a profit of $199 million in the 2008 period, due
to the lower global volumes. This represents a significant
sequential improvement over the second quarter of 2009 when the
business reported a $275 million loss on revenues of $2.4 billion.
The company's Asian operations increased segment income by 31% to
$17 million versus 2008. The European segment posted a small profit
in the 2009 quarter. The North American segment reported a loss of
$34 million reflecting the impact of extended production shutdowns
by several of its key customers. The improvements in segment income
were primarily the result of cost reduction initiatives which will
enable the Automotive Experience business to be profitable in its
fourth quarter. The company said that during the automakers'
scheduled summer shutdowns, it would take over two seating and
interiors programs currently supplied by Johnson Controls
competitors. Johnson Controls said it expects automakers to
continue to look for ways to assure continuity of supply and it is
well positioned to gain market share from financially distressed
competitors. Building Efficiency sales in the 2009 third quarter
were $3.2 billion, down 14% from $3.7 billion last year. Excluding
the effect of currency, sales were down 7%. In North America and
Western Europe, systems and service revenues were lower, reflecting
the overall slowdown in construction spending, lower HVAC equipment
volumes and the continued deferral of discretionary maintenance and
retrofit projects. In Eastern Europe, the Middle East and Latin
America, revenue declines ranged from 10 to 15% excluding the
impact of foreign exchange. The quarter end backlog of uncompleted
contracts was $4.4 billion, down 9%. Excluding the impact of
foreign exchange the backlog was lower by 6%. The North America
backlog was comparable to prior year levels, while there was a
double-digit backlog decline in Europe and the Middle East.
Significant new projects in the backlog include a $28 million
chiller order for Princess Noura University, located in Riyadh,
Saudi Arabia, a $10 million systems order that includes fire and
security technology for the energy company Petrobas in Brazil and
an energy and water conservation project for the Helena, Montana
Housing Authority. The company said that it is bidding on
approximately 2,700 projects worth approximately $800 million that
are directly attributable to the American Reinvestment and Recovery
Act (ARRA) stimulus package. To date, Johnson Controls has been
awarded contracts totaling approximately $25 million under the
ARRA. However, the company continues to see delays of projects
where customers are waiting to determine their eligibility to
receive funding. Johnson Controls said that while stimulus-related
projects are being awarded at a slower than expected pace, it
continues to believe the stimulus program will have a meaningful
positive impact on financial performance in the second half of
fiscal 2010. Building Efficiency reported segment income of $190
million in the third quarter of fiscal 2009 compared to $301
million in 2008. Earnings were primarily impacted by lower volumes,
particularly in Europe and emerging markets. In addition,
unfavorable copper hedges lowered margins. The company noted that
it is beginning to benefit from its European-focused restructuring
activities. Fourth quarter earnings are expected to sequentially
improve due to seasonal factors, the acceleration of cost reduction
initiatives and an improved copper hedge position. Power Solutions
sales in the third quarter were $856 million, down 39% from $1.4
billion in the year ago period. Lower lead prices and currency
translation negatively impacted revenues; overall unit volumes were
12% lower. Original equipment automotive battery volume was lower
in both North America and Europe due to the decline in auto
production levels. Power Solutions segment income was $106 million
in the third quarter, down 27% from $145 million last year. The
company said the decline was due primarily to the lower unit
volume. Income was also negatively impacted in the quarter by a $15
million charge associated with the sale of a former manufacturing
facility and other fixed asset write-offs. Due to its cost
reduction initiatives, Johnson Controls said it expects Power
Solutions fourth quarter income to improve to 2008 levels despite
the continued lower expected original equipment volumes. Johnson
Controls said that in the third quarter it started shipping the
industry's first lithium-ion hybrid battery systems, for the
Mercedes S-Class, which arrives in showrooms this summer. The
company also said it was accelerating its plans to build a new lead
smelter in Mexico to process recycled lead. Increasing its in-house
smelting capacity is expected to lower production costs and improve
segment profitability. The new smelter is expected to be completed
in October 2010. In May, Johnson Controls applied for U.S.
government matching funds to build a lithium-ion battery
manufacturing plant in the U.S. The company previously announced it
had been awarded $148.5 million in incentives from the State of
Michigan. Third quarter details The reported earnings per share
reflect a diluted share count of 676 million shares in the 2009
quarter versus 601 million diluted shares in 2008. The increased
2009 share count is the result of the company's equity-linked debt
offerings in March 2009. Earnings in the 2009 third quarter were
positively impacted by a net non-recurring tax benefit of $9
million. Excluding these items, the company earned $0.25 per
diluted share in third quarter. The company's underlying tax rate
in the third quarter was 27% compared to 21% in the year-ago
period, reflecting changes in the geographic mix of earnings.
Johnson Controls said it generated positive cash flows from
operating and investing activities of $343 million in the third
quarter and that its net debt to total capitalization improved to
33.8%. "There are still many uncertainties in our industries, but
there is better clarity than there was three months ago. Automotive
production globally remains at low levels, but appears to be
stabilizing. Industry analysts are beginning to see a bottom in the
commercial buildings and residential HVAC markets in the next six
to nine months. In addition, we expect an increasingly positive
impact from the U.S. stimulus program," Mr. Roell said. "Due to our
improved cost structure, Johnson Controls is well-positioned to
benefit significantly as the markets improve." Johnson Controls is
the global leader that brings ingenuity to the places where people
live, work and travel. By integrating technologies, products and
services, we create smart environments that redefine the
relationships between people and their surroundings. Our team of
130,000 employees creates a more comfortable, safe and sustainable
world through our products and services for more than 200 million
vehicles, 12 million homes and one million commercial buildings.
Our commitment to sustainability drives our environmental
stewardship, good corporate citizenship in our workplaces and
communities, and the products and services we provide to customers.
For additional information, please visit
http://www.johnsoncontrols.com/. Johnson Controls, Inc. ("the
Company") has made forward-looking statements in this presentation
pertaining to its financial results for fiscal 2009 and beyond that
are based on preliminary data and are subject to risks and
uncertainties. All statements other than statements of historical
fact are statements that are or could be deemed forward-looking
statements and include terms such as "outlook," "expectations,"
"estimates," or "forecasts." For those statements, the Company
cautions that numerous important factors, such as automotive
vehicle production levels, mix and schedules, financial distress of
key customers, energy prices, the strength of the U.S. or other
economies, currency exchange rates, cancellation of or changes to
commercial contracts, liquidity, the ability to execute on
restructuring actions according to anticipated timelines and costs
as well as other factors discussed in the Company's Form 8-k (filed
March 9, 2009) could affect the Company's actual results and could
cause its actual consolidated results to differ materially from
those expressed in any forward-looking statement made by, or on
behalf of, the Company. JOHNSON CONTROLS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share
data; unaudited) Three Months Ended June 30, ------------------
2009 2008 ---- ---- Net sales $6,979 $9,865 Cost of sales 5,940
8,380 ----- ----- Gross profit 1,039 1,485 Selling, general and
administrative expenses (787) (877) Net financing charges (65) (69)
Equity income 30 37 -- -- Income from continuing operations before
income taxes and minority interests 217 576 Provision for income
taxes 50 121 Minority interests in net earnings of subsidiaries 4
16 -- -- Net income $163 $439 ==== ==== Diluted earnings per share
$0.26 $0.73 ===== ===== Diluted weighted average Shares 676 601 ===
=== Shares outstanding at period end 595 594 === === JOHNSON
CONTROLS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in
millions, except per share data; unaudited) Nine Months Ended June
30, ----------------- 2009 2008 ---- ---- Net sales $20,630 $28,755
Cost of sales 18,224 24,653 ------ ------ Gross profit 2,406 4,102
Selling, general and administrative expenses (2,449) (2,715)
Restructuring costs (230) - Net financing charges (167) (204)
Equity income (loss) (104) 85 ---- -- Income (loss) from continuing
operations before income taxes and minority interests (544) 1,268
Provision for income taxes 109 266 Minority interests in net
earnings (loss) of subsidiaries (15) 39 --- -- Net income (loss)
$(638) $963 ===== ==== Diluted earnings (loss) per share $(1.07)
$1.60 ====== ===== Diluted weighted average shares 594 602 === ===
Shares outstanding at period end 595 594 === === JOHNSON CONTROLS,
INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in
millions; unaudited) June 30, September 30, 2009 2008 ---- ----
ASSETS Cash and cash equivalents $543 $384 Accounts receivable -
net 4,910 6,472 Inventories 1,561 2,099 Other current assets 1,769
1,721 ----- ----- Current assets 8,783 10,676 Property, plant and
equipment - net 3,969 4,389 Goodwill 6,420 6,513 Other intangible
assets - net 745 769 Investments in partially-owned affiliates 729
863 Other noncurrent assets 1,868 1,777 ----- ----- Total assets
$22,514 $24,987 ======= ======= LIABILITIES AND SHAREHOLDERS'
EQUITY Short-term debt and current portion of long-term debt $777
$743 Accounts payable and accrued expenses 4,633 6,366 Other
current liabilities 2,533 2,701 ----- ----- Current liabilities
7,943 9,810 Long-term debt 4,001 3,201 Other noncurrent liabilities
2,082 2,316 Minority interests in equity of subsidiaries 202 236
Shareholders' equity 8,286 9,424 ----- ----- Total liabilities and
shareholders' equity $22,514 $24,987 ======= ======= JOHNSON
CONTROLS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
millions; unaudited) Three Months Ended June 30, ------------------
2009 2008 ---- ---- Operating Activities Net income $163 $439
Adjustments to reconcile net income to cash provided by operating
activities: Depreciation and amortization 180 196 Equity in
earnings of partially-owned affiliates, net of dividends received
(4) 10 Minority interests in net earnings of subsidiaries 4 16
Deferred income taxes (20) (53) Other - net 30 28 Changes in
working capital, excluding acquisition and divestiture of
businesses: Receivables (27) (169) Inventories 135 (57)
Restructuring reserves (53) (10) Accounts payable and accrued
liabilities 92 209 Change in other assets and liabilities (18) (57)
--- --- Cash provided by operating activities 482 552 --- ---
Investing Activities Capital expenditures (103) (190) Sale of
property, plant and equipment 5 10 Acquisition of businesses, net
of cash acquired - (4) Other - net (41) (104) --- ---- Cash used by
investing activities (139) (288) ---- ---- Financing Activities
Decrease in short and long-term debt - net (30) (142) Payment of
cash dividends (77) (77) Other - net (4) (22) -- --- Cash used by
financing activities (111) (241) ---- ---- ---- --- Increase in
cash and cash equivalents $232 $23 ==== === JOHNSON CONTROLS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions;
unaudited) Nine Months Ended June 30, ----------------- 2009 2008
---- ---- Operating Activities Net income (loss) $(638) $963
Adjustments to reconcile net income to cash provided by operating
activities: Depreciation and amortization 561 581 Equity in
earnings of partially-owned affiliates, net of dividends received
55 10 Minority interests in net earnings (loss) of subsidiaries
(15) 39 Deferred income taxes 202 (73) Non-cash impairment of
long-lived assets 156 - Non-cash impairment of equity investment
152 - Other - net 72 80 Changes in working capital, excluding
acquisition and divestiture of businesses: Receivables 1,297 260
Inventories 476 (207) Restructuring reserves (22) (42) Accounts
payable and accrued liabilities (1,661) (551) Change in other
assets and liabilities (288) (32) ---- --- Cash provided by
operating activities 347 1,028 --- ----- Investing Activities
Capital expenditures (529) (551) Sale of property, plant and
equipment 8 42 Acquisition of businesses, net of cash acquired (32)
(73) Other - net (121) (194) ---- ---- Cash used by investing
activities (674) (776) ---- ---- Financing Activities Increase
(decrease) in short and long-term debt - net 704 (338) Payment of
cash dividends (231) (220) Other - net 13 (112) -- ---- Cash
provided (used) by financing activities 486 (670) --- ---- ----
----- Increase (decrease) in cash and cash equivalents $159 $(418)
==== ===== 1. Business Unit Summary Three Months Ended Nine Months
Ended June 30, June 30, (in millions) (unaudited) (unaudited)
----------- ----------- 2009 2008 % 2009 2008 % ---- ---- --- ----
---- --- Net Sales --------- Building efficiency $3,167 $3,677 -14%
$9,219 $10,220 -10% Automotive experience 2,956 4,788 -38% 8,532
14,027 -39% Power solutions 856 1,400 -39% 2,879 4,508 -36% ---
----- ----- ----- Net Sales $6,979 $9,865 $20,630 $28,755 ======
====== ======= ======= Segment Income -------------- Building
efficiency $190 $301 -37% $259 $641 -60% Automotive experience (14)
199 -107% (618) 432 -243% Power solutions 106 145 -27% 212 399 -47%
--- --- --- --- Segment Income $282 $645 $(147) $1,472 ==== ====
===== ====== Financing charges - net (65) (69) (167) (204)
Restructuring costs - - (230) - ---- ---- ----- ------ Income from
continuing operations before income taxes and minority interests
$217 $576 $(544) $1,268 ==== ==== ===== ====== Net Sales ---------
Products and systems $5,304 $7,969 -33% $15,668 $23,271 -33%
Services 1,675 1,896 -12% 4,962 5,484 -10% ----- ----- ----- -----
$6,979 $9,865 $20,630 $28,755 ====== ====== ======= ======= Cost of
Sales ------------- Products and systems $4,608 $6,869 -33% $14,243
$20,226 -30% Services 1,332 1,511 -12% 3,981 4,427 -10% ----- -----
----- ----- $5,940 $8,380 $18,224 $24,653 ====== ====== =======
======= (1) Management evaluates the performance of the segments
based primarily on segment income, which represents income from
continuing operations before income taxes and minority interest,
excluding net financing charges and restructuring costs. Building
efficiency - Provides facility systems and services including
comfort, energy and security management for the non-residential
buildings market and provides heating, ventilating, and air
conditioning products and services for the residential and
non-residential building markets. Automotive experience - Designs
and manufactures interior systems and products for passenger cars
and light trucks, including vans, pick-up trucks and
sport/crossover utility vehicles. Power solutions - Services both
automotive original equipment manufacturers and the battery
aftermarket by providing advanced battery technology, coupled with
systems engineering, marketing and service expertise. 2.
Restructuring Costs As part of its continuing efforts to reduce
costs and improve the efficiency of its global operations, the
Company announced a restructuring plan in the second quarter of
fiscal year 2009 and recorded a $230 million restructuring charge.
The restructuring charge relates to cost reduction initiatives in
its automotive experience, building efficiency and power solutions
businesses and includes workforce reductions and plant
consolidations. The Company expects to substantially complete the
initiatives in 2010. The automotive- related restructuring is in
response to the fundamentals of the European, North American and
Japanese automotive markets. The actions target reductions in the
company's cost base by decreasing excess manufacturing capacity due
to lower industry production and the continued movement of vehicle
production to low-cost countries, especially in Europe. Power
solutions' actions are focused on optimizing its regional
manufacturing capacity to reflect lower overall demand for original
equipment batteries resulting from lower vehicle production levels.
3. Impairment Charges The Company reviews long-lived assets,
including property, plant and equipment and other intangible assets
with definite lives, for impairment whenever events or changes in
circumstances indicate that its carrying amounts may not be
recoverable. At December 31, 2008, the Company recorded a $77
million and $33 million impairment charge related to property,
plant and equipment in the automotive experience business in North
America and Europe, respectively. The impairment charge is included
in cost of sales in the accompanying Condensed Consolidated
Statements of Income. At December 31, 2008, the Company also
recorded a $152 million charge related to an impairment of an
equity investment in a 48%-owned joint venture with US
Airconditioning Distributors, Inc. in the Company's building
efficiency business. This impairment charge is included in equity
loss in the accompanying Condensed Consolidated Statements of
Income. 4. Income Taxes As a result of certain events in various
jurisdictions during the third quarter of fiscal year 2009, the
Company decreased their total reserve for uncertain tax positions
by $33 million. This is comprised of a $17 million decrease to tax
expense and a $16 million decrease to goodwill. The Company's
federal income tax returns and certain foreign income tax returns
for various fiscal years remain under various stages of audit by
the Internal Revenue Service and respective foreign tax
authorities. Although the outcome of tax audits is always
uncertain, management believes that it has appropriate support for
the positions taken on its tax returns and that its annual tax
provisions included amounts sufficient to pay assessments, if any,
which may be proposed by the taxing authorities. At June 30, 2009,
the Company has recorded a liability for its best estimate of the
probable loss on certain of its tax positions, the majority of
which is included in other noncurrent liabilities in the
accompanying Condensed Consolidated Statements of Financial
Position. It is likely that the resolution of certain tax
examinations will occur within the current fiscal year which may
result in favorable tax reserve adjustments in an amount not to
exceed $70 million. In the first quarter of fiscal year 2009, the
Company recorded a $30 million discrete period tax adjustment
related to first quarter 2009 impairment costs using a blended
statutory tax rate of 12.6%. Due to the tax rate change in the
third quarter of fiscal 2009, the discrete period tax adjustment
increases by $9 million for a total tax adjustment for the nine
months ended June 30, 2009 of $39 million. In the second quarter of
fiscal year 2009, the Company recorded a $27 million discrete
period tax adjustment related to second quarter 2009 restructuring
costs using a blended statutory tax rate of 19.2%. Due to the tax
rate change in the third quarter of fiscal 2009, the discrete
period tax adjustment decreases by $9 million for a total tax
adjustment for the nine months ended June 30, 2009 of $18 million.
The Company reviews its deferred tax asset valuation allowances on
a quarterly basis, or whenever events or changes in circumstances
indicate that a review is required. In determining the requirement
for a valuation allowance, the historical and projected financial
results of the legal entity or consolidated group recording the net
deferred tax asset is considered, along with any other positive or
negative evidence. Since future financial results may differ from
previous estimates, periodic adjustments to the Company's valuation
allowance may be necessary. In the first quarter of fiscal 2009,
the Company performed an analysis of its worldwide deferred tax
assets. As a result of the rapid deterioration in the economic
environment, several jurisdictions incurred unexpected losses in
the first quarter that resulted in cumulative losses over the prior
three years. As a result, and after considering tax planning
initiatives and other positive and negative evidence, the Company
determined that it was more likely than not that the deferred tax
assets would not be utilized in several jurisdictions including
France, Mexico, Spain and the United Kingdom. Therefore, the
Company recorded a $300 million valuation allowance as income tax
expense. To the extent the Company improves its underlying
operating results in these jurisdictions, these valuation
allowances, or a portion thereof, could be reversed in future
periods. In the second quarter of fiscal 2009, the Company
performed an analysis of its worldwide deferred tax assets. As a
result, and after considering tax planning initiatives and other
positive and negative evidence, the Company determined that it was
more likely than not that the deferred tax asset associated with a
capital loss on a French legal entity would be utilized. Therefore,
the Company released $45 million of valuation allowances against
income tax expense in the three month period ended March 31, 2009.
In the third quarter of fiscal 2009, the Company performed an
analysis of its worldwide deferred tax assets. As a result, and
after considering tax planning initiatives and other positive and
negative evidence, the Company determined that it was more likely
than not that a portion of the deferred tax assets in Brazil would
be utilized. Therefore, the Company released $10 million of
valuation allowances in the three month period ended June 30, 2009.
This is comprised of a $3 million decrease in income tax expense, a
$22 million increase to cumulative translation adjustment and a $29
million decrease to goodwill. In the second quarter of fiscal 2009,
the Company recorded a $30 million discrete period tax benefit
related to a change in tax status of a French subsidiary. The
change in tax status resulted from a voluntary tax election that
produced a deemed liquidation for U.S. federal income tax purposes.
The Company received a tax benefit in the U.S. for the loss from
the decrease in value from the original tax basis of its
investment. This election changed the tax status from a controlled
foreign corporation (i.e. taxable entity) to a branch (i.e., flow
through entity similar to a partnership) for U.S. federal income
tax purposes and is thereby reported as a discrete period tax
benefit in accordance with the provision of Statement of Financial
Accounting Standards No. 109. In the second quarter of fiscal 2009,
the Company filed a claim for refund in the second quarter, with
the Internal Revenue Service related to interest computations of
prior tax payments and refunds. The refund claim resulted in a tax
provision decrease of $6 million. In calculating the provision for
income taxes, the Company uses an estimate of the annual effective
tax rate based upon the facts and circumstances known at each
interim period. On a quarterly basis, the annual effective tax rate
is adjusted, as appropriate, based upon changed facts and
circumstances, if any, as compared to those forecasted at the
beginning of the fiscal year and each interim period thereafter.
For the three and nine months ended June 30, 2009, the Company
decreased its estimated annual effective income tax rate from
continuing operations from 31% to 27%, primarily due to
geographical shift in income and global tax planning initiatives.
This created a tax detriment of $11 million in the current quarter
after applying the new effective tax rate. The estimated annual
effective income tax rate from continuing operations for the three
and nine months ended June 30, 2008 was 21%. The tables below show
a reconciliation of the provision for income taxes for the three
and nine months ended June 30, 2009 (in millions): Three Months
Ended Nine Months Ended June 30, 2009 June 30, 2009
------------------- -------------------- Amount Tax Rate Amount Tax
Rate ------ -------- ------ -------- (unaudited) (unaudited)
Federal, state and foreign income tax expense $59 27.0% $(147)
27.0% Valuation allowance Adjustment (3) 252 Restructuring charges
- 18 Change in tax status of foreign subsidiary - (30) Impairment
charges - 39 Interest refund - (6) Uncertain tax positions (17)
(17) Effective tax rate adjustment 11 - Provision for income ----
---- taxes $50 23.1% $109 -20.0% ==== ==== 5. Earnings per Share
The following table reconciles the numerators and denominators used
to calculate basic and diluted earning per share (in millions):
Three Months Ended Nine Months Ended June 30 June 30
------------------ ----------------- 2009 2008 2009 2008 ---- ----
---- ---- (unaudited) (unaudited) Income Available to Common
Shareholders Basic income (loss) available to common shareholders
$163 $439 $(638) $963 Financing costs related to the convertible
senior notes and Equity Units, net of tax 13 - - - Diluted income
(loss) available to common ---- ---- ----- ---- shareholders $176
$439 $(638) $963 ==== ==== ===== ==== Weighted Average Shares
Outstanding Basic weighted average shares outstanding 594.7 592.9
593.9 593.0 Effect of dilutive securities: Stock options 1.8 8.0 -
8.7 Convertible senior notes 36.0 - - - Equity units 43.7 - - -
---- ----- ----- ----- Diluted weighted average shares outstanding
676.2 600.9 593.9 601.7 ===== ===== ===== ===== For the nine months
ended June 30, 2009, the total number of potential dilutive shares
due to stock options, Equity Units and the convertible senior notes
was 87.6 million. However, these items were not included in the
computation of diluted net loss per common share for the nine
months ended June 30, 2009, since to do so would decrease the loss
per share.
http://www.newscom.com/cgi-bin/prnh/20081030/AQTH055ALOGO
http://photoarchive.ap.org/ DATASOURCE: Johnson Controls, Inc.
CONTACT: Investors, Glen L. Ponczak, +1-414-524-2375, or, Media,
Jacqueline F. Strayer, +1-414-524-3876, both of Johnson Controls
Web Site: http://www.johnsoncontrols.com/
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