UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 28, 2004
NEWELL RUBBERMAID INC.
Delaware (State or Other Jurisdiction of Incorporation) |
1-9608 (Commission File Number) |
36-3514169 (IRS Employer Identification No.) |
10 B Glenlake Parkway Suite 600 Atlanta, Georgia (Address of Principal Executive Offices) |
30328 (Zip Code) |
Registrants Telephone Number, Including Area Code:(770) 407-3800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition. | ||||||||
Item 9.01. Financial Statements and Exhibits. | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Press Release |
Item 2.02. Results of Operations and Financial Condition.
The information in this Report, including the Exhibit attached hereto, is furnished pursuant to Item 2.02 of Form 8-K. Consequently, it is not deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.
On October 28, 2004, Newell Rubbermaid Inc. (the Company) reported its results for the fiscal quarter ended September 30, 2004. The Companys press release, dated October 28, 2004, and Additional Financial Information, is attached as Exhibit 99.1.
The press release and Additional Financial Information contain non-GAAP financial measures. For purposes of Securities and Exchange Commission Regulation G, a non-GAAP financial measure is a numerical measure of a registrants historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Operating and statistical measures and certain ratios and other statistical measures are not non-GAAP financial measures. For purposes of the definition, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided, as a part of the press release and Additional Financial Information, a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.
The Company has used the financial measures that are included in the press release for several years, both in presenting its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The Companys management believes that these measures including those that are non-GAAP financial measures and the information they provide are useful to investors since these measures:
| enable investors and analysts to compare the current non-GAAP measures with the corresponding non-GAAP measures used in the past, and | |||
| permit investors to view the Companys performance using the same tools that Company management uses to evaluate the Companys past performance, reportable business segments and prospects for future performance and to gauge the Companys progress in achieving its stated goals. |
The Companys management believes that operating income, net income from continuing operations and gross margin, excluding restructuring, impairment and other charges, and as a percentage of sales, are also useful because they provide investors with a meaningful perspective on the current underlying performance of the Companys continuing operations. The Companys management believes that free cash flow, defined as cash generated from operations, net of capital expenditures and dividends, is useful to investors because it is an indication of amounts of cash flow that may be available for further investment in future growth initiatives. The Companys management believes that diluted earnings per share from continuing operations, excluding restructuring, impairment and other charges, is also helpful to investors because it provides information with respect to earnings per share, both historical and expected, related to the Companys continuing operations. Another purpose for which the Company uses free cash flow and diluted earnings per share from continuing operations, excluding restructuring and other charges, are as two of the performance goals that help determine the amount, if any, of cash bonuses
for corporate management employees under the Companys management cash bonus plan. The Companys management believes that adjusted sales, as reflected in the Currency Analysis included in Exhibit 99.1, is useful to investors because it demonstrates the effect of foreign currency translation on reported sales.
While the Company believes that these non-GAAP financial measures are useful in evaluating the Company, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit | |||
Number |
Description |
||
99.1
|
Press Release, dated October 28, 2004, issued by Newell Rubbermaid Inc., and Additional Financial Information |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NEWELL RUBBERMAID INC. |
||||
Date: October 28, 2004 | By: | /s/ Dale L. Matschullat | ||
Dale L. Matschullat | ||||
Vice President -- General Counsel & Corporate Secretary | ||||
EXHIBIT INDEX
Exhibit No. |
Description |
|
99.1
|
Press Release, dated October 28, 2004, issued by Newell Rubbermaid Inc., and Additional Financial Information |
EXHIBIT 99.1
October 28, 2004 | Page 1 of 4 |
NEWELL RUBBERMAID REPORTS THIRD QUARTER 2004 RESULTS
| Strong Third Quarter Free Cash Flow Performance |
| Raises Full-Year Free Cash Flow Guidance |
ATLANTA, October 28, 2004 Newell Rubbermaid Inc. (NYSE: NWL) today announced its results for the third quarter 2004, generating strong free cash flow and delivering results at the high-end of guidance, exceeding Wall Street consensus.
Third Quarter Results
Net loss from continuing operations in the third quarter 2004 was $235.0 million, or $0.86 per share, compared to net income from continuing operations of $85.5 million, or $0.31 per share, in the third quarter 2003. During the third quarter this year, the company recorded a non-cash impairment charge of $348.9 million ($332.8 million after-tax). Net income from continuing operations, excluding the impairment charge, was $97.8 million in the third quarter 2004, compared to net income from continuing operations, excluding charges, of $108.2 million in the third quarter 2003. Diluted earnings per share from continuing operations, calculated on the same basis, was $0.36 per share in the third quarter 2004, compared to Wall Street consensus of $0.33 per share and $0.39 per share earned in the third quarter 2003. The third quarter 2004 results include a tax benefit of $2.9 million ($0.01 per share). A reconciliation of the results as reported to results excluding charges is attached to this press release.
Net sales in the third quarter 2004 were $1.67 billion, compared to $1.73 billion in the third quarter 2003, a decrease of 3.3%. Foreign currency translation was a benefit to sales of 1.7% and pricing was a favorable 0.2%. These were offset by the planned exit of certain low-margin product lines of 4.3%, primarily in the Rubbermaid Home Products division.
Free cash flow was $202.2 million in the third quarter 2004, a $39.7 million improvement over $162.5 million in the third quarter 2003. This improvement was driven by reduced capital spending, primarily in the Rubbermaid Home Products division, offset by a voluntary $50.0 million cash contribution to fund the companys pension plan. The company defines free cash flow as cash generated from operations, net of capital expenditures and dividends. A reconciliation of free cash flow to net cash from operating activities is attached to this release.
Our team delivered yet another quarter of strong free cash flow. We have demonstrated improved capital spending discipline throughout 2004 while we continue to strategically support the high-potential businesses in our portfolio, said Newell Rubbermaid CEO Joe Galli. Were on track for another year of outstanding free cash flow performance.
Gross margin declined to 28.3% in the third quarter 2004 from 28.4% in the third quarter 2003, driven primarily by higher raw materials costs, partially offset by favorable pricing and productivity savings. Excluding charges, gross margin was 28.3% in the third quarter 2004, down from 28.5% in the third quarter 2003.
Newell Rubbermaid Inc.
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Jesse Herron
Vice President, Investor Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Susan Masten
Director, Public Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3817
Fax: 770-407-3983
October 28, 2004 | Page 2 of 4 |
During the third quarter we saw record-high costs for several of our raw materials. The team did a good job offsetting this inflation through a combination of productivity and pricing initiatives, said Galli. As we look to the balance of 2004 and beyond, we are anticipating significant pressure in the commodity environment. We are committed to continue offsetting commodity inflation through cost reductions in our manufacturing network and price increases.
In conjunction with the companys annual test of impairment for goodwill and other indefinite-lived intangible assets in the third quarter and its testing of other long-lived assets for impairment, the company recorded a non-cash impairment charge of $348.9 million ($332.8 million after-tax) in the third quarter 2004. The impairment is primarily related to European and Latin American businesses within the Office Products segment and the European business in the Cleaning & Organization segment. Additional information regarding this impairment charge is provided in the companys Form 8-K filed October 28, 2004.
During the quarter the company recorded an after-tax gain of $8.6 million, shown as discontinued operations, primarily related to the previously announced sale of its Little Tikes Commercial Play Systems business.
Nine-Month Results
Net sales for the first nine months of 2004 were $4.94 billion, a decrease of 2.6% from $5.07 billion for the first nine months of 2003. Internal sales, which excludes the impact of material acquisitions and divestitures made in the past year, declined 2.4%. Foreign currency translation favorably impacted sales by 2.3%, primarily offset by pricing declines of 0.5% and the planned exit of certain low-margin product lines of 3.9%.
Net loss from continuing operations for the first nine months of 2004 was $143.3 million, or $0.52 per share, compared to net income of $208.9 million, or $0.76 per share in 2003. Excluding charges, net income from continuing operations for the first nine months of 2004 was $254.1 million versus $301.8 million in 2003. Diluted earnings per share, calculated on the same basis, were $0.93 in the first nine months of 2004 versus $1.10 in 2003.
Free cash flow was $153.4 million for the first nine months of 2004, a $153.1 million improvement over $0.3 million for the first nine months of 2003. This improvement was driven by reduced capital spending, primarily in the Rubbermaid Home Products division.
In the first nine months of 2004, the company recorded a pre-tax restructuring charge of $47.9 million and other pre-tax charges of $17.5 million, primarily related to product line exits. The company also recorded impairment charges of $374.0 million, primarily related to asset impairment in the European and Latin American businesses within the Office Products segment and the European business in the Cleaning & Organization segment. Related to the divestitures of non-core businesses, the company also recorded a net loss of $97.0 million, shown as discontinued operations.
Newell Rubbermaid Inc.
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Jesse Herron
Vice President, Investor Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Susan Masten
Director, Public Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3817
Fax: 770-407-3983
October 28, 2004 | Page 3 of 4 |
Outlook
For 2004, the company continues to expect internal sales to decline 1% 3% and continues to expect diluted earnings per share from continuing operations to be in the range of $1.36 to $1.41. This range excludes restructuring charges of $47.9 million ($0.12 per share), other charges of $17.5 million ($0.04 per share), primarily related to product line exits, charges of $374.0 million ($1.28 per share) related to asset impairment and a net loss on discontinued operations related to the divestiture of non-core businesses of $97.0 million ($0.35 per share).
For the fourth quarter 2004, the company expects internal sales to decline 1% 3% and diluted earnings per share from continuing operations to be in the range of $0.43 to $0.47.
A reconciliation of the 2004 earnings outlook is as follows:
4th Quarter |
Full Year |
|||||||
Diluted
earnings/(loss) per share (as reported): |
$ | 0.43 - $0.47 | $(0.43) - $(0.38 | ) | ||||
Reconciling items: |
||||||||
Discontinued operations |
$ | 0.35 | ||||||
Restructuring charges |
$ | 0.12 | ||||||
Other
chargesproduct line exits, asset impairment |
$ | 1.32 | ||||||
Diluted earnings per share (excluding charges): |
$ | 0.43 - $0.47 | $ | 1.36 - $1.41 | ||||
The company now expects free cash flow for the full year to be in the range of $275 to $300 million, calculated as follows: cash flow from operations (estimated to be $640-$665 million), less capital expenditures (estimated to be approximately $135 million), less dividends (estimated to be approximately $230 million).
Conference Call
The companys third quarter 2004 earnings conference call is scheduled for today, October 28, 2004, at 9:30 a.m. ET. Those interested in participating should call (800) 869-2139 or internationally at (719) 867-0347 and provide the conference code 363357. The companys call will also be web cast. To listen to the web cast, use the link provided under the Investor Relations Home Page on Newell Rubbermaids website at www.newellrubbermaid.com.
A replay will be available approximately two hours after the call concludes through November 26, 2004, and may be accessed domestically at (888) 203-1112 or internationally at (719) 457-0820. Conference call confirmation code 363357 is required to access the replay.
Newell Rubbermaid Inc.
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Jesse Herron
Vice President, Investor Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Susan Masten
Director, Public Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3817
Fax: 770-407-3983
October 28, 2004 | Page 4 of 4 |
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about internal sales, income/(loss), earnings per share, capital expenditures, cash flow, dividends, restructuring, impairment and other charges, potential losses on divestiture, costs and cost savings and managements plans, projections and objectives for future operations and performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail economies in various parts of the world; competition with numerous other manufacturers and distributors of consumer products; major retailers strong bargaining power; changes in the prices of raw materials used by the company; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to improve productivity and streamline operations; our ability to integrate previously acquired businesses; the risks inherent in our foreign operations and those factors listed in the companys 2004 second quarter Form 10-Q, including Exhibit 99.1 thereto, filed with the Securities and Exchange Commission.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release is a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
About the Company
Newell Rubbermaid Inc. is a global marketer of consumer and commercial products with 2003 sales of $7 billion and a powerful brand family including Sharpie®, Paper Mate®, Parker®, Waterman®, Rubbermaid®, Calphalon®, Little Tikes®, Graco®, Levolor®, BernzOmatic®, VISE-GRIP®, IRWIN® and LENOX®. The company is headquartered in Atlanta, Ga., and employs over 33,000 employees worldwide.
This press release and additional financial information about the companys 2004 third quarter results are available on the companys web site at www.newellrubbermaid.com.
Newell Rubbermaid Inc.
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Jesse Herron
Vice President, Investor Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Susan Masten
Director, Public Relations
10B Glenlake Parkway, Suite 600
Atlanta, GA 30328
Phone: 770-407-3817
Fax: 770-407-3983
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results As Reported to Results Excluding Charges
Three Months Ended September 30, |
||||||||||||||||||||||||||||
2004 |
2003 |
|||||||||||||||||||||||||||
As Reported |
Charges(1) |
Excl. Charges |
As Reported |
Charges(2) |
Excl. Charges |
% Change |
||||||||||||||||||||||
Net sales |
$ | 1,671.8 | $ | 1,671.8 | $ | 1,729.1 | $ | 1,729.1 | (3.3 | )% | ||||||||||||||||||
Cost of products sold |
1,198.5 | | 1,198.5 | 1,237.3 | (1.2 | ) | 1,236.1 | |||||||||||||||||||||
GROSS MARGIN |
473.3 | | 473.3 | 491.8 | 1.2 | 493.0 | (4.0 | )% | ||||||||||||||||||||
% of sales |
28.3 | % | 28.3 | % | 28.4 | % | 28.5 | % | ||||||||||||||||||||
Selling, general &
administrative expense |
307.1 | | 307.1 | 298.8 | | 298.8 | 2.8 | % | ||||||||||||||||||||
% of sales |
18.4 | % | 18.4 | % | 17.3 | % | 17.3 | % | ||||||||||||||||||||
Impairment charge |
348.9 | (348.9 | ) | | | | | |||||||||||||||||||||
Restructuring costs |
| | | 32.3 | (32.3 | ) | | |||||||||||||||||||||
OPERATING (LOSS) INCOME |
(182.7 | ) | 348.9 | 166.2 | 160.7 | 33.5 | 194.2 | (14.4 | )% | |||||||||||||||||||
% of sales |
(10.9 | )% | 9.9 | % | 9.3 | % | 11.2 | % | ||||||||||||||||||||
Nonoperating expenses (income): |
||||||||||||||||||||||||||||
Interest expense, net |
29.5 | | 29.5 | 33.1 | | 33.1 | ||||||||||||||||||||||
Other |
(0.8 | ) | | (0.8 | ) | 1.4 | | 1.4 | ||||||||||||||||||||
28.7 | | 28.7 | 34.5 | | 34.5 | (16.8 | )% | |||||||||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES |
(211.4 | ) | 348.9 | 137.5 | 126.2 | 33.5 | 159.7 | (13.9 | )% | |||||||||||||||||||
% of sales |
(12.6 | )% | 8.2 | % | 7.3 | % | 9.2 | % | ||||||||||||||||||||
Income taxes |
23.6 | 16.1 | 39.7 | 40.7 | 10.9 | 51.5 | (22.9 | )% | ||||||||||||||||||||
Effective rate |
(11.2 | )% | 28.9 | % | 32.3 | % | 32.2 | % | ||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
(235.0 | ) | 332.8 | 97.8 | 85.5 | 22.6 | 108.2 | (9.6 | )% | |||||||||||||||||||
% of sales |
(14.1 | )% | 5.8 | % | 4.9 | % | 6.3 | % | ||||||||||||||||||||
Discontinued operations, net of tax: |
8.6 | (8.6 | ) | | (10.3 | ) | 10.3 | | ||||||||||||||||||||
NET (LOSS) INCOME |
$ | (226.4 | ) | $ | 324.2 | $ | 97.8 | $ | 75.2 | $ | 32.9 | $ | 108.2 | (9.6 | )% | |||||||||||||
% of sales |
(13.5 | )% | 5.8 | % | 4.3 | % | 6.3 | % | ||||||||||||||||||||
(LOSS) EARNINGS PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.86 | ) | $ | 1.21 | $ | 0.36 | $ | 0.31 | $ | 0.08 | $ | 0.39 | |||||||||||||||
Diluted |
$ | (0.86 | ) | $ | 1.21 | $ | 0.36 | $ | 0.31 | $ | 0.08 | $ | 0.39 | |||||||||||||||
EARNINGS (LOSS) PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | 0.03 | $ | (0.03 | ) | $ | | $ | (0.04 | ) | $ | 0.04 | $ | | ||||||||||||||
Diluted |
$ | 0.03 | $ | (0.03 | ) | $ | | $ | (0.04 | ) | $ | 0.04 | $ | | ||||||||||||||
(LOSS) EARNINGS PER SHARE: |
||||||||||||||||||||||||||||
Basic |
$ | (0.83 | ) | $ | 1.18 | $ | 0.36 | $ | 0.27 | $ | 0.12 | $ | 0.39 | |||||||||||||||
Diluted |
$ | (0.83 | ) | $ | 1.18 | $ | 0.36 | $ | 0.27 | $ | 0.12 | $ | 0.39 | |||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | ||||||||||||||||||||||
Diluted |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 |
(1) | Items excluded from as reported results for 2004 consist of a $348.9 million charge related to asset impairment (goodwill, intangible assets and fixed assets) and $8.6 million net income related to discontinued operations. | |||
(2) | Items excluded from as reported results for 2003 consist of $1.2 million in restructuring related costs associated with product line exits (shown in costs of products sold), $32.3 million of restructuring costs related to exiting certain facilities (shown in restructuring costs), and a $10.3 million net loss related to discontinued operations. |
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results As Reported to Results Excluding Charges
Nine Months Ended September 30, |
||||||||||||||||||||||||||||
2004 |
2003 |
|||||||||||||||||||||||||||
As Reported |
Charges (1) |
Excl. Charges |
As Reported |
Charges (2) |
Excl. Charges |
% Change |
||||||||||||||||||||||
Net sales |
$ | 4,939.9 | $ | 4,939.9 | $ | 5,072.0 | $ | 5,072.0 | (2.6 | )% | ||||||||||||||||||
Cost of products sold |
3,571.0 | (15.7 | ) | 3,555.3 | 3,625.0 | (6.8 | ) | 3,618.2 | ||||||||||||||||||||
GROSS MARGIN |
1,368.9 | 15.7 | 1,384.6 | 1,447.0 | 6.8 | 1,453.8 | (4.8 | )% | ||||||||||||||||||||
% of sales |
27.7 | % | 28.0 | % | 28.5 | % | 28.7 | % | ||||||||||||||||||||
Selling, general &
administrative expense |
945.5 | (1.8 | ) | 943.7 | 905.5 | (0.5 | ) | 905.0 | 4.3 | % | ||||||||||||||||||
% of sales |
19.1 | % | 19.1 | % | 17.9 | % | 17.8 | % | ||||||||||||||||||||
Impairment charge |
374.0 | (374.0 | ) | | | | | |||||||||||||||||||||
Restructuring costs |
47.9 | (47.9 | ) | | 109.5 | (109.5 | ) | | ||||||||||||||||||||
OPERATING INCOME |
1.5 | 439.4 | 440.9 | 432.0 | 116.8 | 548.8 | (19.7 | )% | ||||||||||||||||||||
% of sales |
0.0 | % | 8.9 | % | 8.5 | % | 10.8 | % | ||||||||||||||||||||
Nonoperating expenses (income): |
||||||||||||||||||||||||||||
Interest expense, net |
90.0 | | 90.0 | 104.5 | | 104.5 | ||||||||||||||||||||||
Other |
(3.9 | ) | | (3.9 | ) | 18.6 | (21.1 | ) | (2.5 | ) | ||||||||||||||||||
86.1 | | 86.1 | 123.1 | (21.1 | ) | 102.0 | (15.6 | )% | ||||||||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES |
(84.6 | ) | 439.4 | 354.8 | 308.9 | 137.9 | 446.8 | (20.6 | )% | |||||||||||||||||||
% of sales |
(1.7 | )% | 7.2 | % | 6.1 | % | 8.8 | % | ||||||||||||||||||||
Income taxes |
58.7 | 42.0 | 100.7 | 100.0 | 45.0 | 145.0 | (30.6 | )% | ||||||||||||||||||||
Effective rate |
(69.4 | )% | 28.4 | % | 32.4 | % | 32.5 | % | ||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
(143.3 | ) | 397.4 | 254.1 | 208.9 | 92.9 | 301.8 | (15.8 | )% | |||||||||||||||||||
% of sales |
(2.9 | )% | 5.1 | % | 4.1 | % | 6.0 | % | ||||||||||||||||||||
Discontinued operations, net of tax: |
(97.0 | ) | 97.0 | | (43.9 | ) | 43.9 | | ||||||||||||||||||||
NET (LOSS) INCOME |
$ | (240.3 | ) | $ | 494.4 | $ | 254.1 | $ | 165.0 | $ | 136.8 | $ | 301.8 | (15.8 | )% | |||||||||||||
% of sales |
(4.9 | )% | 5.1 | % | 3.3 | % | 6.0 | % | ||||||||||||||||||||
(LOSS) EARNINGS PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.52 | ) | $ | 1.45 | $ | 0.93 | $ | 0.76 | $ | 0.34 | $ | 1.10 | |||||||||||||||
Diluted |
$ | (0.52 | ) | $ | 1.45 | $ | 0.93 | $ | 0.76 | $ | 0.34 | $ | 1.10 | |||||||||||||||
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.35 | ) | $ | 0.35 | $ | | $ | (0.16 | ) | $ | 0.16 | $ | | ||||||||||||||
Diluted |
$ | (0.35 | ) | $ | 0.35 | $ | | $ | (0.16 | ) | $ | 0.16 | $ | | ||||||||||||||
(LOSS) EARNINGS PER SHARE:
| ||||||||||||||||||||||||||||
Basic |
$ | (0.88 | ) | $ | 1.80 | $ | 0.93 | $ | 0.60 | $ | 0.50 | $ | 1.10 | |||||||||||||||
Diluted |
$ | (0.87 | ) | $ | 1.80 | $ | 0.93 | $ | 0.60 | $ | 0.50 | $ | 1.10 | |||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.0 | 274.0 | 274.0 | ||||||||||||||||||||||
Diluted |
274.6 | 274.6 | 274.6 | 274.3 | 274.3 | 274.3 |
(1) | Items excluded from as reported results for 2004 consist of $15.7 million in restructuring related costs associated with product line exits (shown in costs of products sold), $1.8 million of restructuring costs related to relocation of property and equipment (shown in selling, general and administrative expenses), $374.0 million of charges related to asset impairment (goodwill, intangible assets and fixed assets), $47.9 million of restructuring costs related to exiting certain facilities (shown in restructuring costs) and a $97.0 million net loss related to discontinued operations. |
(2) | Items excluded from as reported results for 2003 consist of $6.8 million in restructuring related costs associated with product line exits (shown in costs of products sold), $0.5 million of restructuring costs related to relocation of property and equipment (shown in selling, general and administrative expenses), $109.5 million of restructuring costs related to exiting certain facilities (shown in restructuring costs), $21.1 million loss on the sale of the Cosmolab division (shown in other nonoperating expenses) and a $43.9 million net loss related to discontinued operations. |
Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
September 30, | September 30, | |||||||
Assets: | 2004 |
2003 |
||||||
Cash and cash equivalents |
$ | 354.5 | $ | 77.1 | ||||
Accounts receivable, net |
1,184.3 | 1,345.7 | ||||||
Inventories, net |
1,060.0 | 1,025.0 | ||||||
Deferred income taxes |
115.3 | 200.4 | ||||||
Prepaid expenses and other |
163.2 | 208.8 | ||||||
Current assets of discontinued operations |
| 305.5 | ||||||
Total Current Assets |
2,877.3 | 3,162.5 | ||||||
Other assets |
272.2 | 331.9 | ||||||
Property, Plant and Equipment, net |
1,341.3 | 1,652.4 | ||||||
Goodwill, net |
1,798.0 | 2,058.5 | ||||||
Deferred income taxes |
9.3 | | ||||||
Other intangibles, net |
307.1 | 362.8 | ||||||
Other assets of discontinued operations |
| 414.5 | ||||||
Total Assets |
$ | 6,605.2 | $ | 7,982.6 | ||||
Liabilities and Stockholders Equity: |
||||||||
Notes payable |
$ | 14.0 | $ | 31.6 | ||||
Accounts payable |
633.1 | 729.9 | ||||||
Accrued compensation |
115.4 | 108.1 | ||||||
Other accrued liabilities |
842.4 | 1,026.8 | ||||||
Income taxes |
134.0 | 141.3 | ||||||
Current portion of long-term debt |
215.0 | 30.8 | ||||||
Current liabilities of discontinued operations |
| 128.8 | ||||||
Total Current Liabilities |
1,953.9 | 2,197.3 | ||||||
Long-term debt |
2,439.6 | 3,054.2 | ||||||
Other noncurrent liabilities |
585.0 | 400.1 | ||||||
Deferred income taxes |
| 1.8 | ||||||
Other liabilities of discontinued operations |
| 2.9 | ||||||
Stockholders Equity |
1,626.7 | 2,326.3 | ||||||
Total Liabilities and Stockholders Equity |
$ | 6,605.2 | $ | 7,982.6 | ||||
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
For The Nine Months Ended September 30, | ||||||||
2004 |
2003 |
|||||||
Operating Activities: |
||||||||
Net (loss)/income |
$ | (240.3 | ) | $ | 165.0 | |||
Adjustments to reconcile net (loss)/income to net cash
provided by operating activities: |
||||||||
Depreciation and amortization |
185.4 | 186.5 | ||||||
Impairment charges |
374.0 | | ||||||
Non-cash restructuring charges |
25.3 | 73.0 | ||||||
Deferred taxes |
85.1 | 9.6 | ||||||
(Gain)/loss on sale of assets/business |
(6.5 | ) | 20.5 | |||||
Loss on discontinued businesses |
90.5 | | ||||||
Other |
(4.8 | ) | 30.7 | |||||
Changes in current accounts, excluding
the effects of acquisitions: |
||||||||
Accounts receivable |
211.0 | 47.0 | ||||||
Inventories |
(176.8 | ) | (1.4 | ) | ||||
Other current assets |
17.9 | 2.6 | ||||||
Accounts payable |
(60.2 | ) | 121.9 | |||||
Discontinued operations |
(29.8 | ) | 9.9 | |||||
Accrued liabilities and other |
(49.0 | ) | (244.8 | ) | ||||
Net cash provided by operating activities |
$ | 421.8 | $ | 420.5 | ||||
Investing Activities: |
||||||||
Acquisitions, net |
$ | (3.0 | ) | $ | (460.0 | ) | ||
Expenditures for property, plant and equipment |
(95.2 | ) | (247.1 | ) | ||||
Sales of business/ non-current assets and other |
289.2 | 10.2 | ||||||
Net cash provided by/(used in) investing activities |
$ | 191.0 | $ | (696.9 | ) | |||
Financing Activities: |
||||||||
Proceeds from issuance of debt |
$ | 21.3 | $ | 1,040.5 | ||||
Proceeds from issuance of stock |
| 200.1 | ||||||
Payments on notes payable and long-term debt |
(251.9 | ) | (776.7 | ) | ||||
Cash dividends |
(173.2 | ) | (173.1 | ) | ||||
Proceeds from exercised stock options and other |
1.4 | 6.0 | ||||||
Net cash (used in)/provided by financing activities |
$ | (402.4 | ) | $ | 296.8 | |||
Exchange rate effect on cash |
$ | (0.3 | ) | $ | 1.6 | |||
Increase in cash and cash equivalents |
210.1 | 22.0 | ||||||
Cash and cash equivalents at beginning of year |
144.4 | 55.1 | ||||||
Cash and cash equivalents at end of period |
$ | 354.5 | $ | 77.1 | ||||
Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)
For The Three Months Ended September 30, | ||||||||
Free Cash Flow (in millions): | 2004 |
2003 |
||||||
Net cash provided by operating activities |
$ | 284.8 | $ | 279.1 | ||||
Expenditures for property, plant and equipment |
(25.0 | ) | (58.7 | ) | ||||
Cash dividends |
(57.6 | ) | (57.9 | ) | ||||
Free Cash Flow |
$ | 202.2 | $ | 162.5 | ||||
For The Nine Months Ended September 30, | ||||||||
Free Cash Flow (in millions): | 2004 |
2003 |
||||||
Net cash provided by operating activities |
$ | 421.8 | $ | 420.5 | ||||
Expenditures for property, plant and equipment |
(95.2 | ) | (247.1 | ) | ||||
Cash dividends |
(173.2 | ) | (173.1 | ) | ||||
Free Cash Flow |
$ | 153.4 | $ | 0.3 | ||||
(1) | Free cash flow is defined as cash flows provided by operating activities less expenditures for property, plant and equipment and cash dividends. |
Newell Rubbermaid Inc.
Financial Worksheet
(in millions)
2004 |
2003 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding Charges Reconciliation(1) |
Excluding Charges Reconciliation(1) |
Year-over-year changes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Excluded | Ex Charges | Operating | Reported | Excluded | Ex Charges | Operating | Net Sales |
Operating Income |
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales |
OI |
Charges |
OI |
Margin |
Net Sales |
OI |
Charges |
OI |
Margin |
$ |
% |
$ |
% |
|||||||||||||||||||||||||||||||||||||||||||
Q1: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 447.4 | $ | 12.2 | $ | 3.5 | $ | 15.7 | 3.5 | % | $ | 477.5 | $ | 40.0 | $ | 0.4 | $ | 40.4 | 8.5 | % | $ | (30.1 | ) | (6.3 | )% | $ | (24.7 | ) | (61.1 | )% | ||||||||||||||||||||||||||
Office Products |
332.8 | 31.8 | | 31.8 | 9.6 | % | 322.3 | 47.1 | 0.9 | 48.0 | 14.9 | % | 10.5 | 3.3 | % | $ | (16.2 | ) | (33.8 | )% | ||||||||||||||||||||||||||||||||||||
Tools & Hardware |
274.3 | 43.0 | | 43.0 | 15.7 | % | 265.6 | 35.4 | 1.5 | 36.9 | 13.9 | % | 8.7 | 3.3 | % | $ | 6.1 | 16.5 | % | |||||||||||||||||||||||||||||||||||||
Home Fashions |
226.8 | 3.9 | 0.6 | 4.5 | 2.0 | % | 219.6 | 4.7 | 1.3 | 6.0 | 2.7 | % | 7.2 | 3.3 | % | $ | (1.5 | ) | (25.0 | )% | ||||||||||||||||||||||||||||||||||||
Other |
251.0 | 15.9 | | 15.9 | 6.3 | % | 262.6 | 23.0 | 0.4 | 23.4 | 8.9 | % | (11.6 | ) | (4.4 | )% | $ | (7.5 | ) | (32.1 | )% | |||||||||||||||||||||||||||||||||||
Impairment |
| | | | | | $ | | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(22.8 | ) | 22.8 | | (24.4 | ) | 24.4 | | $ | | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(7.4 | ) | | (7.4 | ) | (7.2 | ) | | (7.2 | ) | $ | (0.2 | ) | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,532.3 | $ | 76.6 | $ | 26.9 | $ | 103.4 | 6.7 | % | $ | 1,547.6 | $ | 118.6 | $ | 28.9 | $ | 147.5 | 9.5 | % | $ | (15.3 | ) | (1.0 | )% | $ | (44.1 | ) | (29.9 | )% | ||||||||||||||||||||||||||
Core businesses |
1,532.3 | 76.6 | 26.9 | 103.4 | 6.7 | % | 1,537.6 | 120.2 | $ | 28.9 | $ | 149.1 | 9.7 | % | (5.3 | ) | (0.3 | )% | (45.7 | ) | (30.7 | )% | ||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
| | | | 10.0 | (1.6 | ) | | (1.6 | ) | (10.0 | ) | (100.0 | )% | 1.6 | (100.0 | )% | |||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,532.3 | $ | 76.6 | $ | 26.9 | $ | 103.4 | 6.7 | % | $ | 1,547.6 | $ | 118.6 | $ | 28.9 | $ | 147.5 | 9.5 | % | $ | (15.3 | ) | (1.0 | )% | $ | (44.1 | ) | (29.9 | )% | ||||||||||||||||||||||||||
2004 |
2003 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding Charges Reconciliation(1) |
Excluding Charges Reconciliation(1) |
Year-over-year changes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Excluded | Ex Charges | Operating | Reported | Excluded | Ex Charges | Operating | Net Sales |
Operating Income |
|||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales |
OI |
Charges |
OI |
Margin |
Net Sales |
OI |
Charges |
OI |
Margin |
$ |
% |
$ |
% |
|||||||||||||||||||||||||||||||||||||||||||||
Q2: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 468.7 | $ | 8.5 | $ | 5.7 | $ | 14.2 | 3.0 | % | $ | 512.4 | $ | 21.0 | $ | 0.2 | $ | 21.2 | 4.1 | % | $ | (43.7 | ) | (8.5 | )% | $ | (7.0 | ) | (33.0 | )% | ||||||||||||||||||||||||||||
Office Products |
489.2 | 95.5 | 0.3 | 95.8 | 19.6 | % | 507.8 | 114.8 | 0.1 | 114.9 | 22.6 | % | (18.6 | ) | (3.7 | )% | $ | (19.1 | ) | (16.6 | )% | |||||||||||||||||||||||||||||||||||||
Tools & Hardware |
300.3 | 43.5 | 3.1 | 46.6 | 15.5 | % | 294.6 | 47.7 | 0.6 | 48.3 | 16.4 | % | 5.7 | 1.9 | % | $ | (1.7 | ) | (3.5 | )% | ||||||||||||||||||||||||||||||||||||||
Home Fashions |
224.2 | 5.2 | 4.1 | 9.3 | 4.1 | % | 227.8 | 7.9 | 0.7 | 8.6 | 3.8 | % | (3.6 | ) | (1.6 | )% | $ | 0.7 | 8.1 | % | ||||||||||||||||||||||||||||||||||||||
Other |
253.4 | 15.0 | 0.2 | 15.2 | 6.0 | % | 252.7 | 20.3 | | 20.3 | 8.0 | % | 0.7 | 0.3 | % | $ | (5.1 | ) | (25.1 | )% | ||||||||||||||||||||||||||||||||||||||
Impairment |
(25.1 | ) | 25.1 | | | | | $ | | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(25.1 | ) | 25.1 | | (52.8 | ) | 52.8 | | $ | | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(9.8 | ) | | (9.8 | ) | (6.3 | ) | | (6.3 | ) | $ | (3.5 | ) | 55.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,735.8 | $ | 107.8 | $ | 63.5 | $ | 171.3 | 9.9 | % | $ | 1,795.3 | $ | 152.6 | $ | 54.5 | $ | 207.1 | 11.5 | % | $ | (59.5 | ) | (3.3 | )% | $ | (35.8 | ) | (17.3 | )% | ||||||||||||||||||||||||||||
Core businesses |
1,735.8 | 107.8 | 63.5 | 171.3 | 9.9 | % | 1,795.3 | 152.6 | $ | 54.5 | $ | 207.1 | 11.5 | % | (59.5 | ) | (3.3 | )% | (35.8 | ) | (17.3 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,735.8 | $ | 107.8 | $ | 63.5 | $ | 171.3 | 9.9 | % | $ | 1,795.3 | $ | 152.6 | $ | 54.5 | $ | 207.1 | 11.5 | % | $ | (59.5 | ) | (3.3 | )% | $ | (35.8 | ) | (17.3 | )% | ||||||||||||||||||||||||||||
2004 |
2003 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding Charges Reconciliation(1) |
Excluding Charges Reconciliation(1) |
Year-over-year changes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Excluded | Ex Charges | Operating | Reported | Excluded | Ex Charges | Operating | Net Sales |
Operating Income |
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales |
OI |
Charges |
OI |
Margin |
Net Sales |
OI |
Charges |
OI |
Margin |
$ |
% |
$ |
% |
|||||||||||||||||||||||||||||||||||||||||||
Q3: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 455.9 | $ | 29.2 | $ | | $ | 29.2 | 6.4 | % | $ | 514.4 | $ | 31.9 | $ | 0.4 | $ | 32.3 | 6.3 | % | $ | (58.5 | ) | (11.4 | )% | $ | (3.1 | ) | (9.6 | )% | ||||||||||||||||||||||||||
Office Products |
424.3 | 61.5 | | 61.5 | 14.5 | % | 428.7 | 69.9 | 0.1 | 70.0 | 16.3 | % | (4.4 | ) | (1.0 | )% | $ | (8.5 | ) | (12.1 | )% | |||||||||||||||||||||||||||||||||||
Tools & Hardware |
300.6 | 45.1 | | 45.1 | 15.0 | % | 299.3 | 53.4 | 0.3 | 53.7 | 17.9 | % | 1.3 | 0.4 | % | $ | (8.6 | ) | (16.0 | )% | ||||||||||||||||||||||||||||||||||||
Home Fashions |
228.1 | 15.9 | | 15.9 | 7.0 | % | 223.5 | 17.5 | 0.6 | 18.1 | 8.1 | % | 4.6 | 2.1 | % | $ | (2.2 | ) | (12.2 | )% | ||||||||||||||||||||||||||||||||||||
Other |
262.9 | 24.7 | | 24.7 | 9.4 | % | 263.2 | 31.2 | (0.2 | ) | 31.0 | 11.8 | % | (0.3 | ) | (0.1 | )% | $ | (6.3 | ) | (20.3 | )% | ||||||||||||||||||||||||||||||||||
Impairment |
(348.9 | ) | 348.9 | | | | | $ | | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
| | (32.3 | ) | 32.3 | | $ | | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(10.2 | ) | | (10.2 | ) | (10.9 | ) | | (10.9 | ) | $ | 0.7 | ) | (6.4 | )% | |||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,671.8 | $ | (182.7 | ) | $ | 348.9 | $ | 166.2 | 9.9 | % | $ | 1,729.1 | $ | 160.7 | $ | 33.5 | $ | 194.2 | 11.2 | % | $ | (57.3 | ) | (3.3 | )% | $ | (28.0 | ) | (14.4 | )% | |||||||||||||||||||||||||
Core businesses |
1,671.8 | (182.7 | ) | 348.9 | 166.2 | 9.9 | % | 1,729.1 | 160.7 | $ | 33.5 | $ | 194.2 | 11.2 | % | (57.3 | ) | (3.3 | )% | (28.0 | ) | (14.4 | )% | |||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,671.8 | $ | (182.7 | ) | $ | 348.9 | $ | 166.2 | 9.9 | % | $ | 1,729.1 | $ | 160.7 | $ | 33.5 | $ | 194.2 | 11.2 | % | $ | (57.3 | ) | (3.3 | )% | $ | (28.0 | ) | (14.4 | )% | |||||||||||||||||||||||||
2004 |
2003 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding Charges Reconciliation(1) |
Excluding Charges Reconciliation(1) |
Year-over-year changes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Excluded | Ex Charges | Operating | Reported | Excluded | Ex Charges | Operating | Net Sales |
Operating Income |
|||||||||||||||||||||||||||||||||||||||||||||||
Net Sales |
OI |
Charges |
OI |
Margin |
Net Sales |
OI |
Charges |
OI |
Margin |
$ |
% |
$ |
% |
|||||||||||||||||||||||||||||||||||||||||||
YTD: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 1,372.0 | $ | 49.9 | $ | 9.2 | $ | 59.1 | 4.3 | % | $ | 1,504.3 | $ | 93.0 | $ | 1.0 | $ | 94.0 | 6.2 | % | $ | (132.3 | ) | (8.8 | )% | $ | (34.9 | ) | (37.1 | )% | ||||||||||||||||||||||||||
Office Products |
1,246.3 | 188.7 | 0.3 | 189.0 | 15.2 | % | 1,258.8 | 231.8 | 1.1 | 232.9 | 18.5 | % | (12.5 | ) | (1.0 | )% | $ | (43.9 | ) | (18.8 | )% | |||||||||||||||||||||||||||||||||||
Tools & Hardware |
875.2 | 131.6 | 3.1 | 134.7 | 15.4 | % | 859.5 | 136.6 | 2.3 | 138.9 | 16.2 | % | 15.7 | 1.8 | % | $ | (4.2 | ) | (3.0 | )% | ||||||||||||||||||||||||||||||||||||
Home Fashions |
679.1 | 25.0 | 4.7 | 29.7 | 4.4 | % | 670.9 | 30.1 | 2.6 | 32.7 | 4.9 | % | 8.2 | 1.2 | % | $ | (3.0 | ) | (9.2 | )% | ||||||||||||||||||||||||||||||||||||
Other |
767.3 | 55.6 | 0.2 | 55.8 | 7.3 | % | 778.5 | 74.5 | 0.3 | 74.8 | 9.6 | % | (11.2 | ) | (1.4 | )% | $ | (19.0 | ) | (25.4 | )% | |||||||||||||||||||||||||||||||||||
Impairment |
| (374.0 | ) | 374.0 | | | | | | $ | | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
| (47.9 | ) | 47.9 | | | (109.5 | ) | 109.5 | | $ | | ||||||||||||||||||||||||||||||||||||||||||||
Corporate |
| (27.4 | ) | | (27.4 | ) | | 24.5 | | 24.5 | $ | (2.9 | ) | 11.8 | % | |||||||||||||||||||||||||||||||||||||||||
Total |
$ | 4,939.9 | $ | 1.5 | $ | 439.4 | $ | 440.9 | 8.9 | % | $ | 5,072.0 | $ | 432.0 | $ | 116.8 | $ | 548.8 | 10.8 | % | $ | (132.1 | ) | (2.6 | )% | $ | (107.9 | ) | (19.7 | )% | ||||||||||||||||||||||||||
Core businesses |
4,939.9 | 1.5 | 439.4 | 440.9 | 8.9 | % | 5,062.0 | 433.6 | 116.8 | 550.4 | 10.9 | % | (122.1 | ) | (2.4 | )% | (109.5 | ) | (19.9 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
| | | 10.0 | (1.6 | ) | | (1.6 | ) | (10.0 | ) | (100.0 | )% | 1.6 | (100.0 | )% | ||||||||||||||||||||||||||||||||||||||||
Total |
$ | 4,939.9 | $ | 1.5 | $ | 439.4 | $ | 440.9 | 8.9 | % | $ | 5,072.0 | $ | 432.0 | $ | 116.8 | $ | 548.8 | 10.8 | % | $ | (132.1 | ) | (2.6 | )% | $ | (107.9 | ) | (19.7 | )% | ||||||||||||||||||||||||||
(1) | Excludes restructuring, divestiture or impairment related charges. |
Newell Rubbermaid
Three Months Ended September 30, 2004
(in millions)
Currency Analysis
By Segment |
2004 |
2003 |
Year-over-year Increase (Decrease) |
|||||||||||||||||||||||||
Sales as | Currency | Adjusted | Sales as | Excluding | Including | Currency | ||||||||||||||||||||||
Reported |
Impact |
Sales |
Reported |
Currency |
Currency |
Impact |
||||||||||||||||||||||
Cleaning & Organization |
$ | 455.9 | $ | (8.3 | ) | $ | 447.6 | $ | 514.4 | (13.0 | )% | (11.4 | )% | 1.6 | % | |||||||||||||
Office Products |
424.3 | (6.7 | ) | 417.6 | 428.7 | (2.6 | )% | (1.0 | )% | 1.6 | % | |||||||||||||||||
Tools & Hardware |
300.6 | (4.0 | ) | 296.6 | 299.3 | (0.9 | )% | 0.4 | % | 1.3 | % | |||||||||||||||||
Home Fashions |
228.1 | (8.8 | ) | 219.3 | 223.5 | (1.9 | )% | 2.1 | % | 3.9 | % | |||||||||||||||||
Other |
262.9 | (2.3 | ) | 260.6 | 263.2 | (1.0 | )% | (0.1 | )% | 0.9 | % | |||||||||||||||||
Total Company |
$ | 1,671.8 | $ | (30.1 | ) | $ | 1,641.7 | $ | 1,729.1 | (5.1 | )% | (3.3 | )% | 1.7 | % | |||||||||||||
By Geography |
||||||||||||||||||||||||||||
United States |
$ | 1,169.6 | $ | | $ | 1,169.6 | $ | 1,199.9 | (2.5 | )% | (2.5 | )% | 0.0 | % | ||||||||||||||
Canada |
87.0 | (4.1 | ) | 82.9 | 91.5 | (9.4 | )% | (4.9 | )% | 4.5 | % | |||||||||||||||||
North America |
1,256.6 | (4.1 | ) | 1,252.5 | 1,291.4 | (3.0 | )% | (2.7 | )% | 0.3 | % | |||||||||||||||||
Europe |
331.2 | (26.8 | ) | 304.4 | 344.2 | (11.6 | )% | (3.8 | )% | 7.8 | % | |||||||||||||||||
Central & South America |
48.2 | 2.3 | 50.5 | 54.4 | (7.2 | )% | (11.4 | )% | (4.2 | )% | ||||||||||||||||||
All Other |
35.8 | (1.5 | ) | 34.3 | 39.1 | (12.3 | )% | (8.4 | )% | 3.8 | % | |||||||||||||||||
Total Company |
$ | 1,671.8 | $ | (30.1 | ) | $ | 1,641.7 | $ | 1,729.1 | (5.1 | )% | (3.3 | )% | 1.7 | % | |||||||||||||
Newell Rubbermaid
Nine Months Ended September 30, 2004
(in millions)
Currency Analysis
By Segment |
2004 |
2003 |
Year-over-year Increase (Decrease) |
|||||||||||||||||||||||||
Sales as | Currency | Adjusted | Sales as | Excluding | Including | Currency | ||||||||||||||||||||||
Reported |
Impact |
Sales |
Reported |
Currency |
Currency |
Impact |
||||||||||||||||||||||
Cleaning & Organization |
$ | 1,372.0 | $ | (31.4 | ) | $ | 1,340.6 | $ | 1,504.3 | (10.9 | )% | (8.8 | )% | 2.1 | % | |||||||||||||
Office Products |
1,246.3 | (24.6 | ) | 1,221.7 | 1,258.8 | (2.9 | )% | (1.0 | )% | 2.0 | % | |||||||||||||||||
Tools & Hardware |
875.2 | (16.9 | ) | 858.3 | 859.5 | (0.1 | )% | 1.8 | % | 2.0 | % | |||||||||||||||||
Home Fashions |
679.1 | (33.0 | ) | 646.1 | 670.9 | (3.7 | )% | 1.2 | % | 4.9 | % | |||||||||||||||||
Other |
767.3 | (9.3 | ) | 758.0 | 778.5 | (2.6 | )% | (1.4 | )% | 1.2 | % | |||||||||||||||||
Total Company |
$ | 4,939.9 | $ | (115.2 | ) | $ | 4,824.7 | $ | 5,072.0 | (4.9 | )% | (2.6 | )% | 2.3 | % | |||||||||||||
By Geography |
||||||||||||||||||||||||||||
United States |
$ | 3,379.2 | $ | | $ | 3,379.2 | $ | 3,511.3 | (3.8 | )% | (3.8 | )% | 0.0 | % | ||||||||||||||
Canada |
250.6 | (16.5 | ) | 234.1 | 253.5 | (7.7 | )% | (1.1 | )% | 6.5 | % | |||||||||||||||||
North America |
3,629.8 | (16.5 | ) | 3,613.3 | 3,764.8 | (4.0 | )% | (3.6 | )% | 0.4 | % | |||||||||||||||||
Europe |
1,050.2 | (96.4 | ) | 953.8 | 1,045.3 | (8.8 | )% | 0.5 | % | 9.2 | % | |||||||||||||||||
Central & South America |
149.0 | 6.2 | 155.2 | 156.5 | (0.8 | )% | (4.8 | )% | (4.0 | )% | ||||||||||||||||||
All Other |
110.9 | (8.5 | ) | 102.4 | 105.4 | (2.8 | )% | 5.2 | % | 8.1 | % | |||||||||||||||||
Total Company |
$ | 4,939.9 | $ | (115.2 | ) | $ | 4,824.7 | $ | 5,072.0 | (4.9 | )% | (2.6 | )% | 2.3 | % | |||||||||||||