ORANGE, Conn.--(BUSINESS WIRE)--Jan. 22, 2003--Hubbell Incorporated (NYSE: HUBA, HUBB) responding to questions received during its fourth quarter 2002 earnings conference call confirmed the following:
The Company's effective tax rate for the fourth quarter 2002 was 2.2% due to the impact of a reduction in tax expense associated with R&D tax credits.
The effective tax rate applied to the Company's fourth quarter 2002 pretax income excluding the impact of R&D tax credits was 23%.
The Company applied a tax rate of 38% to measure the after-tax impact of restructuring program charges.
The effective tax rate applicable to the Company's fourth quarter 2002 pretax income excluding restructuring program charges and the impact of R&D tax credits was 27.6%.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2002 revenues of $1.6 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, People's Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.
Hubbell Incorporated, Orange
Thomas R. Conlin, 203/799-4100