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Johnson Controls Second-Quarter Eps Up 14% Outlook For Year Updated

    Burscheid, Germany (ots) - April 16, 2002 ... Johnson Controls,
Inc. (JCI) today reported that diluted earnings per share reached a
record $1.21 for the second quarter of fiscal 2002, up 14% from $1.06
for the prior year. Sales for the three months ended March 31, 2002,
were $4.8 billion, 5% higher than the $4.6 billion for the prior
year. Operating income for the current quarter increased 5% to $218.7
million compared with the prior year's $208.5 million. Net income,
aided by a lower effective income tax rate, increased 16% to $114.8
million from $99.0 million for the second quarter of fiscal 2001.
Income comparisons are with last year's results that have been
adjusted to exclude the effects of goodwill amortization expense.
Total debt to total capitalization decreased to 41% from 43% at
December 31, 2001 as a result of strong free cash flow in the
    Automotive Systems Group
    (dollars in millions)
    Three Months
    Ended March 31,                         2002            2001            %
    Sales                                         $3,570.5      $3,372.5      6
    Operating Income                        $  158.0      $  152.7      3
    Automotive Systems Group sales increased 6% over the same period
of 2001. North American sales of seating, interior systems and
batteries were 7% higher than the prior year. Johnson Controls said
that new interiors and battery business caused its revenues to exceed
the 4% increase in domestic industry light vehicle production.  
    Automotive sales in Europe were 6% higher reflecting the inclusion
of an electronics business and a battery business which were acquired
in October 2001. Excluding the electronics acquisition and the
negative effect of currency, European seating and interiors systems
sales were approximately level with the prior year, which compares
favorably with an estimated 9% decline in European industry vehicle
    Johnson Controls sales in Asia, Japan and South America, which
represent less than 10% of its automotive revenues worldwide, were
substantially lower due to negative currency effects and reduced
vehicle production levels.
    Operating income for the Automotive Systems Group increased from
the prior year amount due to the higher domestic sales and worldwide
operational efficiencies. These improvements were partially offset by
lower results in Europe where it incurred higher startup and
engineering costs.
    Controls Group
    (dollars in millions)
    Three Months
    Ended March 31,                         2002            2001            %
    Sales                                         $1,240.0      $1,229.1      1
    Operating Income                        $    60.7      $    55.8      9
    Controls Group sales to the nonresidential buildings market
increased slightly over the 2001 period. North American sales were 4%
higher reflecting increased service and integrated facility
management volume. While revenues associated with control system
installation contracts were comparable with the prior year, increases
are anticipated during the balance of the year.
    Sales outside North America decreased 4%, reflecting the
deconsolidation of a joint venture in Japan and the negative effect
of currency. These factors more than offset the inclusion of a
European systems and services company acquired in the third quarter
of fiscal 2001.
    Controls Group operating income increased 9% over the 2001 period,
with higher results due to the volume increases and productivity
    First-Half Results and Full-Year Outlook
    Year-to-date, Johnson Controls sales were $9.6 billion or 6% above
the same period of 2001. Net income for the first six months of
fiscal 2002 increased 8% to $235 million ($2.48 per diluted share,)
up from $217 million ($2.33 per diluted share.)  
    According to Chairman and Chief Executive Officer James H. Keyes,
higher than expected domestic demand for cars and light trucks has
enabled the company to improve the outlook for its Automotive Systems
Group. Its full-year automotive sales are anticipated to exceed the
prior year by approximately 6% compared with the company's October
2001 forecast for 5% growth. The improvement from last fall's
estimate is based on the following assumptions for industry light
vehicle production:  North America increases to 15.7 million units
from 15.1 million previously forecast; Europe declines to 15.3
million from 15.6 million; and South America and Japan production
declines versus the previous forecast for relatively stable levels.
    The company also said that it now anticipates the automotive
operating margin to be approximately level with the prior year
whereas lower margins were expected six months ago. The improvement
in margin is primarily due to the stronger than anticipated North
American production environment and effective quality and cost
    Johnson Controls said that, based on the year-to-date sales
increase of 5%, it anticipates that for the full year of fiscal 2002,
the Controls Group will achieve sales growth of 6-10%, slightly lower
than the 8-12% anticipated earlier. Mr. Keyes emphasized that demand
remains strong with the backlog of uncompleted systems installation
contracts 18% above the prior year level. He added that the Controls
Group continues to expect modest margin improvement for the year.
    Mr. Keyes said, "In summary, even before adding the benefit of the
lower tax rate, we anticipate that Johnson Controls will be able to
achieve another record year."
    Following is a summary of supplementary full-year financial
estimates for 2002:
                                                                  (dollars in millions)
                                                              FY2001                    FY2002
                                                              Actual                    Estimates
    Capital expenditures                         $621                        $575-600
    Depreciation                                      $434                        $490-510
    Amortization of intangibles              $13*                        $20
    Total debt to total capitalization    38%                      ± 38%
    Interest expense,
        net of interest income                  $110                        $115-120
    Effective income tax rate                 36.6%*                    34.8%
    Minority interests in net earnings
        of subsidiaries                              $53                         $60-70
    *Adjusted to exclude the effects of goodwill amortization
    The company has made forward-looking statements in this document
that are subject to risks and uncertainties.  Forward-looking
statements include information concerning possible or assumed future
risks and may include words such as "believes," "expects,"
"anticipates" or similar expressions.  For those statements, the
company cautions that numerous important factors, including industry
vehicle production levels, US dollar exchange rates and those
discussed in the company's Form 8-K (dated November 9, 2001), 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.
ots Original Text: Johnson Controls GmbH
Further information is available from:
Johnson Controls GmbH
Claudia Steinhoff
Industriestr. 20-30
D-51399 Burscheid
Phone: + 49 21 74/65-32 43
Fax:    + 49 21 74/65-32 19
    Johnson Controls, Inc. is a global market leader in automotive
systems and facility management and control. In the automotive
market, it is a leading supplier of seating and interior systems and
batteries. For non-residential facilities, Johnson Controls provides
building control components and systems and facility management
    Johnson Controls (New York Stock Exchange: JCI), founded in 1885,
has headquarters in Milwaukee, Wisconsin. The European head-quarters
is in Burscheid, Germany. Its sales for 2001 totaled 18.4 billion
US-Dollars, the Automotive Systems Group alone accounting for 13.6
billion US-Dollars of this figure. In the current "Industry Week"
business magazine rankings, Johnson Controls has been listed as one
of the top 100 best run companies in the world for the fifth time in

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