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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): April 28, 2005
NEWELL RUBBERMAID INC.
| Delaware | 1-9608 | 36-3514169 | ||
| (State or Other Jurisdiction | (Commission | (IRS Employer | ||
| of Incorporation) | File Number) | Identification No.) |
| 10B Glenlake Parkway | ||
| Suite 600 | ||
| Atlanta, Georgia | 30328 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s 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 | ||||||||
Table of Contents
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 (the “Exchange Act”), 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 April 28, 2005, Newell Rubbermaid Inc. (the “Company”) reported its results for the fiscal quarter ended March 31, 2005. The Company’s press release, dated April 28, 2005, 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 registrant’s 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 Company’s 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 Company’s performance using the same tools that Company management uses to evaluate the Company’s past performance, reportable business segments and prospects for future performance and to gauge the Company’s progress in achieving its stated goals. | |||
The Company’s management believes that operating income, net income from continuing operations and gross margin, excluding restructuring 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 Company’s continuing operations. The Company’s 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 Company’s management believes that diluted earnings per share from continuing operations, excluding restructuring and other charges, is also helpful to investors because it provides information with respect to earnings per share related to the Company’s 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
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determine the amount, if any, of cash bonuses for management employees under the Company’s management cash bonus plan. The Company’s 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 April 28, 2005, issued by Newell Rubbermaid Inc., and Additional Financial Information |
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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: April 28, 2005 | By: | /s/ Dale L. Matschullat | ||
| Dale L. Matschullat | ||||
| Vice President – General Counsel & Corporate Secretary |
||||
Table of Contents
EXHIBIT INDEX
| Exhibit No. | Description | |
99.1
|
Press Release, dated April 28, 2005, issued by Newell Rubbermaid Inc., and Additional Financial Information |
|
News Release | |||
April 28, 2005
|
Page 1 of 3 | |||
NEWELL RUBBERMAID REPORTS
FIRST QUARTER 2005 RESULTS
Net Income From Continuing Operations of $0.32 Per Share Exceeds
Company Estimates
Cash From Operations Improves $62 Million
ATLANTA, April 28, 2005 — Reflecting improved pricing
discipline and productivity,
Newell Rubbermaid Inc. (NYSE: NWL) today reported net income from
continuing operations of $86.9 million, or $0.32 per share, for the
first quarter ended March 31, 2005, compared to $33.6 million, or
$0.12 per share, reported for the first quarter 2004. Net income from
continuing operations for the first quarter 2005 included a tax
benefit of $58.6 million, or $0.21 per share, offset by planned
restructuring and related charges of $23.5 million, or $0.06 per
share. Excluding charges primarily related to the company’s
previously announced restructuring program, net income from continuing
operations for the first quarter of 2004 was $50.7 million, or $0.18
per share. A reconciliation of the results “as reported” to results
“excluding charges” is attached to this press release.
Joe Galli, chief executive officer of Newell Rubbermaid, said, “Our continued success this quarter in maintaining pricing discipline and achieving productivity gains enabled us to manage through record raw-material inflation to deliver on our earnings commitment.”
Net sales in the first quarter 2005 were $1.39 billion, compared to $1.49 billion in the first quarter 2004, a decrease of 6.5%. Net sales reflected a favorable pricing impact of 2.0% and a foreign currency benefit of 1.6%. These were offset by a core sales decline of 6.1%, primarily driven by the negative volume impact of price increases in Rubbermaid Home Products, and an additional 4.0% resulting from the planned exit of certain low-margin product lines.
“We remain committed to taking the necessary steps to counteract the anticipated continued high prices for raw materials,” said Galli. “As we look ahead, we will continue to make strategic investments in our high-margin, high-potential businesses to support our long-term growth initiatives fueled by new products, like our new Sharpie® Mini, a miniature version of the classic Sharpie® fine point permanent marker which launches with an integrated national marketing campaign early May.”
Gross margin increased to 27.2% in the first quarter 2005 from 27.1% in the first quarter 2004. Excluding charges, gross margin was 27.4% in the first quarter 2004. The company’s favorable pricing and productivity savings significantly offset raw material inflation of approximately $51 million.
Net cash from operating activities rose $62.2 million in the first quarter 2005 to $55.5 million driven by increased earnings and improved working capital management, compared to a use of $6.7 million in the first quarter 2004. Capital expenditures in the first quarter 2005 were $23.1 million compared to $36.6 million in the first quarter 2004, reflecting the company’s on-going
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: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |||
April 28, 2005
|
Page 2 of 3 | |||
efforts to reduce manufacturing overhead. The company continued to pay a strong dividend in the quarter of $58.0 million, or $0.21 per share.
During the first quarter 2005, the company recorded a net loss from discontinued operations of $50.3 million related to the company’s previously announced agreement for the intended sale of its European Curver business.
Outlook
The company continues to expect diluted earnings per share from continuing operations for the full year 2005 to be in the range of $1.38 to $1.48. Driven by the company’s strategic decision to exit $200 million in annual revenue of low-margin product lines and the volume impact related to its pricing strategy, the company now expects internal sales to decline in the range of 1% to 3% for the full year 2005. This outlook does not include total non-cash and operating losses now expected to be in the range of $60 to $80 million for the full year, which includes the $50.3 million net loss recorded in the first quarter, related to the company’s previously announced agreement for the intended sale of its European Curver business, which will be reported as discontinued operations.
The company continues to expect 2005 net cash from operating activities to be in the range of $625 to $675 million. Expenditures for property, plant and equipment are expected to be in the range of $125 to $150 million and dividends are expected to be approximately $230 million for the full year 2005.
For the second quarter 2005, the company expects internal sales to decline in the range of 1% to 3% and diluted earnings per share from continuing operations to be in the range of $0.28 to $0.32.
Conference Call
The company’s first quarter 2005 earnings conference call is scheduled for today, April 28, 2005, 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 997951. The company’s call will also be web cast. To listen to the web cast, use the link provided under the Investor Relations Home Page on Newell Rubbermaid’s website at www.newellrubbermaid.com.
A replay will be available approximately two hours after the call concludes through May 27, 2005, and may be accessed domestically at (888) 203-1112 or internationally at (719) 457-0820. Conference call confirmation code 997951 is required to access the replay.
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
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: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |||
April 28, 2005
|
Page 3 of 3 | |||
savings and management’s 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 company’s 2004 Form 10-K, 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 2004 sales of $6.6 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 has over 31,000 employees worldwide.
This press release and additional financial information about the company’s first quarter 2005 results are available on the company’s 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: 770-407-3994
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 March 31, | ||||||||||||||||||||||||||||
| 2005 | 2004 | |||||||||||||||||||||||||||
| As Reported | Charges(1) | Excl. Charges | As Reported | Charges(2) | Excl. Charges | % Change | ||||||||||||||||||||||
Net sales |
$ | 1,393.6 | $ | 1,393.6 | $ | 1,490.8 | $ | 1,490.8 | (6.5 | )% | ||||||||||||||||||
Cost of products sold |
1,014.7 | — | 1,014.7 | 1,086.4 | (3.9 | ) | 1,082.5 | |||||||||||||||||||||
GROSS MARGIN |
378.9 | — | 378.9 | 404.4 | 3.9 | 408.3 | (7.2 | )% | ||||||||||||||||||||
% of sales |
27.2 | % | 27.2 | % | 27.1 | % | 27.4 | % | ||||||||||||||||||||
Selling, general &
administrative expense |
304.0 | — | 304.0 | 299.8 | (0.1 | ) | 299.7 | 1.4 | % | |||||||||||||||||||
% of sales |
21.8 | % | 21.8 | % | 20.1 | % | 20.1 | % | ||||||||||||||||||||
Restructuring costs |
6.2 | — | 6.2 | 21.6 | (21.6 | ) | — | |||||||||||||||||||||
OPERATING INCOME |
68.7 | — | 68.7 | 83.0 | 25.6 | 108.6 | (36.7 | )% | ||||||||||||||||||||
% of sales |
4.9 | % | 4.9 | % | 5.6 | % | 7.3 | % | ||||||||||||||||||||
Nonoperating expenses: |
||||||||||||||||||||||||||||
Interest expense, net |
30.8 | — | 30.8 | 30.9 | — | 30.9 | ||||||||||||||||||||||
Other |
(2.3 | ) | — | (2.3 | ) | 2.3 | — | 2.3 | ||||||||||||||||||||
| 28.5 | — | 28.5 | 33.2 | — | 33.2 | (14.2 | )% | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES |
40.2 | — | 40.2 | 49.8 | 25.6 | 75.4 | (46.7 | )% | ||||||||||||||||||||
% of sales |
2.9 | % | 2.9 | % | 3.3 | % | 5.1 | % | ||||||||||||||||||||
Income taxes |
(46.7 | ) | — | (46.7 | ) | 16.2 | 8.5 | 24.7 | (289.1 | )% | ||||||||||||||||||
Effective rate |
(116.2 | )% | (116.2 | )% | 32.5 | % | 32.8 | % | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS |
86.9 | — | 86.9 | 33.6 | 17.1 | 50.7 | 71.4 | % | ||||||||||||||||||||
% of sales |
6.2 | % | 6.2 | % | 2.3 | % | 3.4 | % | ||||||||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||||||||||
Net loss |
(50.3 | ) | 50.3 | — | (108.5 | ) | 108.5 | — | ||||||||||||||||||||
NET INCOME (LOSS) |
$ | 36.6 | $ | 50.3 | $ | 86.9 | $ | (74.9 | ) | $ | 125.6 | $ | 50.7 | 71.4 | % | |||||||||||||
% of sales |
2.6 | % | 6.2 | % | (5.0 | )% | 3.4 | % | ||||||||||||||||||||
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | 0.32 | $ | — | $ | 0.32 | $ | 0.12 | $ | 0.06 | $ | 0.18 | ||||||||||||||||
Diluted |
$ | 0.32 | $ | — | $ | 0.32 | $ | 0.12 | $ | 0.06 | $ | 0.18 | ||||||||||||||||
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.18 | ) | $ | 0.18 | $ | — | $ | (0.40 | ) | $ | 0.40 | $ | — | ||||||||||||||
Diluted |
$ | (0.18 | ) | $ | 0.18 | $ | — | $ | (0.40 | ) | $ | 0.40 | $ | — | ||||||||||||||
EARNINGS (LOSS) PER SHARE: |
||||||||||||||||||||||||||||
Basic |
$ | 0.13 | $ | 0.18 | $ | 0.32 | $ | (0.27 | ) | $ | 0.46 | $ | 0.18 | |||||||||||||||
Diluted |
$ | 0.13 | $ | 0.18 | $ | 0.32 | $ | (0.27 | ) | $ | 0.46 | $ | 0.18 | |||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | ||||||||||||||||||||||
Diluted |
274.9 | 274.9 | 274.9 | 274.5 | 274.5 | 274.5 | ||||||||||||||||||||||
| (1) | Charges excluded from “as reported” results for 2005 consists of a $50.3 million net loss related to discontinued operations. | |||
| (2) | Charges excluded from “as reported” results for 2004 are restructuring or divestiture related charges. These charges consist of $3.9 million in restructuring related costs associated with product line exits (shown in costs of products sold), $0.1 million of restructuring costs related to relocation of property and equipment (shown in selling, general and administrative expenses), $21.6 million of restructuring costs related to exiting certain facilities (shown in restructuring costs) and a $108.5 million net loss related to discontinued operations. | |||
Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
| March 31, | March 31, | ||||||||||||||||||
| Assets: | 2005 | 2004 | |||||||||||||||||
Cash and cash equivalents |
$ | 429.8 | $ | 51.9 | |||||||||||||||
Accounts receivable, net |
1,037.4 | 1,195.4 | |||||||||||||||||
Inventories, net |
1,057.0 | 962.3 | |||||||||||||||||
Deferred income taxes |
74.0 | 153.7 | |||||||||||||||||
Prepaid expenses and other |
123.3 | 189.6 | |||||||||||||||||
Current assets of discontinued operations |
65.0 | 264.2 | |||||||||||||||||
Total Current Assets |
2,786.5 | 2,817.1 | |||||||||||||||||
Other assets |
191.1 | 217.6 | |||||||||||||||||
Property,
plant and equipment, net |
1,211.0 | 1,453.2 | |||||||||||||||||
Goodwill, net |
1,821.0 | 1,957.4 | |||||||||||||||||
Deferred income taxes |
13.1 | 57.4 | |||||||||||||||||
Other intangibles, net |
309.2 | 437.5 | |||||||||||||||||
Other assets of discontinued operations |
— | 269.9 | |||||||||||||||||
Total Assets |
$ | 6,331.9 | $ | 7,210.1 | |||||||||||||||
Liabilities and Stockholders’ Equity: |
|||||||||||||||||||
Notes payable |
$ | 18.5 | $ | 12.7 | |||||||||||||||
Accounts payable |
629.4 | 632.8 | |||||||||||||||||
Accrued compensation |
83.8 | 76.7 | |||||||||||||||||
Other accrued liabilities |
677.6 | 881.3 | |||||||||||||||||
Income taxes |
— | 85.1 | |||||||||||||||||
Current portion of long-term debt |
195.4 | 14.1 | |||||||||||||||||
Current liabilities of discontinued operations |
26.4 | 146.9 | |||||||||||||||||
Total Current Liabilities |
1,631.1 | 1,849.6 | |||||||||||||||||
Long-term debt |
2,383.8 | 2,870.7 | |||||||||||||||||
Other noncurrent liabilities |
583.5 | 576.7 | |||||||||||||||||
Other noncurrent liabilities of discontinued operations |
0.3 | 1.3 | |||||||||||||||||
Stockholders’ Equity |
1,733.2 | 1,911.8 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity |
$ | 6,331.9 | $ | 7,210.1 | |||||||||||||||
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
| For The Three Months Ended March 31, | ||||||||
| 2005 | 2004 | |||||||
Operating Activities: |
||||||||
Net income (loss) |
$ | 36.6 | $ | (74.9 | ) | |||
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
55.6 | 60.9 | ||||||
Non-cash restructuring charges |
3.2 | 8.9 | ||||||
Deferred taxes |
10.8 | 7.3 | ||||||
Gain on sale of assets |
(3.7 | ) | (4.1 | ) | ||||
Loss on discontinued businesses |
49.1 | 104.6 | ||||||
Other |
(3.4 | ) | 2.2 | |||||
Changes in current accounts, excluding
the effects of acquisitions: |
||||||||
Accounts receivable |
183.7 | 150.3 | ||||||
Inventories |
(116.9 | ) | (108.3 | ) | ||||
Accounts payable |
(29.9 | ) | (35.6 | ) | ||||
Discontinued operations |
0.1 | (12.6 | ) | |||||
Accrued liabilities and other |
(129.7 | ) | (105.4 | ) | ||||
Net cash provided by (used in) operating activities |
$ | 55.5 | $ | (6.7 | ) | |||
Investing Activities: |
||||||||
Acquisitions, net |
$ | (30.3 | ) | $ | — | |||
Expenditures for property, plant and equipment |
(23.1 | ) | (36.6 | ) | ||||
Sales of business/ non-current assets and other |
12.9 | 16.5 | ||||||
Net cash used in investing activities |
$ | (40.5 | ) | $ | (20.1 | ) | ||
Financing Activities: |
||||||||
Proceeds from issuance of debt |
$ | 1.9 | $ | 9.7 | ||||
Payments on notes payable and long-term debt |
(31.1 | ) | (17.7 | ) | ||||
Cash dividends |
(58.0 | ) | (57.7 | ) | ||||
Proceeds from exercised stock options and other |
— | 0.9 | ||||||
Net cash used in financing activities |
$ | (87.2 | ) | $ | (64.8 | ) | ||
Exchange rate effect on cash |
$ | (3.6 | ) | $ | (0.9 | ) | ||
Decrease in cash and cash equivalents |
(75.8 | ) | (92.5 | ) | ||||
Cash and cash equivalents at beginning of year |
505.6 | 144.4 | ||||||
Cash and cash equivalents at end of period |
$ | 429.8 | $ | 51.9 | ||||
Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)
| For The Three Months Ended March 31, | ||||||||
| Free Cash Flow (in millions): | 2005 | 2004 | ||||||
Net cash provided by (used in) Operating Activities |
$ | 55.5 | $ | (6.7 | ) | |||
Expenditures for Property, Plant & Equipment |
(23.1 | ) | (36.6 | ) | ||||
Cash Dividends |
(58.0 | ) | (57.7 | ) | ||||
Free Cash Flow |
$ | (25.6 | ) | $ | (101.0 | ) | ||
| (1) | Free cash flow is defined as cash flows provided by (used in) operating activities less cash expenditures for property, plant and equipment and cash dividends. |
Newell Rubbermaid Inc. Financial Worksheet
(in millions)
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Excluding Charges | Excluding Charges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation (1) | Reconciliation (1) | Year-over-year changes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ex | Ex | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Reported | Excluded | Charges | Operating | Net | Reported | Excluded | Charges | Operating | Net Sales | Operating Income | |||||||||||||||||||||||||||||||||||||||||||||
| Sales | OI | Charges | OI | Margin | Sales | OI | Charges | OI | Margin | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Q1: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 341.1 | $ | 15.4 | $ | — | $ | 15.4 | 4.5 | % | $ | 405.9 | $ | 17.4 | $ | 3.4 | $ | 20.8 | 5.1 | % | $ | (64.8 | ) | (16.0 | )% | $ | (5.4 | ) | (26.0 | )% | ||||||||||||||||||||||||||
Office Products |
332.8 | 33.5 | — | 33.5 | 10.1 | % | 332.8 | 31.8 | — | 31.8 | 9.6 | % | — | 0.0 | % | 1.7 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||
Tools & Hardware |
276.4 | 26.7 | — | 26.7 | 9.7 | % | 274.3 | 43.0 | — | 43.0 | 15.7 | % | 2.1 | 0.8 | % | (16.3 | ) | (37.9 | )% | |||||||||||||||||||||||||||||||||||||
Home Fashions |
198.3 | (4.5 | ) | — | (4.5 | ) | (2.3 | %) | 226.8 | 3.9 | 0.6 | 4.5 | 2.0 | % | (28.5 | ) | (12.6 | )% | (9.0 | ) | (200.0 | )% | ||||||||||||||||||||||||||||||||||
Other |
245.0 | 13.3 | — | 13.3 | 5.4 | % | 251.0 | 15.9 | — | 15.9 | 6.3 | % | (6.0 | ) | (2.4 | )% | (2.6 | ) | (16.4 | )% | ||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(6.2 | ) | — | (6.2 | ) | (21.6 | ) | 21.6 | — | (6.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(9.5 | ) | — | (9.5 | ) | (7.4 | ) | — | (7.4 | ) | (2.1 | ) | 28.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,393.6 | $ | 68.7 | $ | — | $ | 68.7 | 4.9 | % | $ | 1,490.8 | $ | 83.0 | $ | 25.6 | $ | 108.6 | 7.3 | % | $ | (97.2 | ) | (6.5 | )% | $ | (39.9 | ) | (36.7 | )% | ||||||||||||||||||||||||||
Core businesses |
1,393.6 | 68.7 | — | 68.7 | 4.9 | % | 1,490.8 | 83.0 | 25.6 | 108.6 | 7.3 | % | (97.2 | ) | (6.5 | )% | (39.9 | ) | (36.7 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions/Divestitures |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,393.6 | $ | 68.7 | $ | — | $ | 68.7 | 4.9 | % | $ | 1,490.8 | $ | 83.0 | $ | 25.6 | $ | 108.6 | 7.3 | % | $ | (97.2 | ) | (6.5 | )% | $ | (39.9 | ) | (36.7 | )% | ||||||||||||||||||||||||||
| (1) | Excludes restructuring related charges. |
Newell Rubbermaid
Three Months Ended March 31, 2005
(in millions)
Currency Analysis
| Year-over-year | ||||||||||||||||||||||||||||
| By Segment | 2005 | 2004 | Increase (Decrease) | |||||||||||||||||||||||||
| Sales as | Currency | Adjusted | Sales as | Excluding | Including | Currency | ||||||||||||||||||||||
| Reported | Impact | Sales | Reported | Currency | Currency | Impact | ||||||||||||||||||||||
Cleaning & Organization |
$ | 341.1 | $ | (4.4 | ) | $ | 336.7 | $ | 405.9 | (17.0 | )% | (16.0 | )% | 1.1 | % | |||||||||||||
Office Products |
332.8 | (6.3 | ) | 326.5 | 332.8 | (1.9 | )% | 0.0 | % | 1.9 | % | |||||||||||||||||
Tools & Hardware |
276.4 | (4.2 | ) | 272.2 | 274.3 | (0.8 | )% | 0.8 | % | 1.5 | % | |||||||||||||||||
Home Fashions |
198.3 | (6.8 | ) | 191.5 | 226.8 | (15.6 | )% | (12.6 | )% | 3.0 | % | |||||||||||||||||
Other |
245.0 | (2.1 | ) | 242.9 | 251.0 | (3.2 | )% | (2.4 | )% | 0.8 | % | |||||||||||||||||
Total Company |
$ | 1,393.6 | $ | (23.8 | ) | $ | 1,369.8 | $ | 1,490.8 | (8.1 | )% | (6.5 | )% | 1.6 | % | |||||||||||||
| By Geography | ||||||||||||||||||||||||||||
United States |
$ | 954.7 | $ | — | $ | 954.7 | $ | 1,031.5 | (7.4 | )% | (7.4 | )% | 0.0 | % | ||||||||||||||
Canada |
72.2 | (5.2 | ) | 67.0 | 73.7 | (9.1 | )% | (2.0 | )% | 7.1 | % | |||||||||||||||||
North America |
1,026.9 | (5.2 | ) | 1,021.7 | 1,105.2 | (7.6 | )% | (7.1 | )% | 0.5 | % | |||||||||||||||||
Europe |
288.1 | (17.0 | ) | 271.1 | 306.6 | (11.6 | )% | (6.0 | )% | 5.5 | % | |||||||||||||||||
Central & South America |
41.5 | (0.6 | ) | 40.9 | 42.2 | (3.1 | )% | (1.7 | )% | 1.4 | % | |||||||||||||||||
All Other |
37.1 | (1.0 | ) | 36.1 | 36.8 | (1.9 | )% | 0.8 | % | 2.7 | % | |||||||||||||||||
Total Company |
$ | 1,393.6 | $ | (23.8 | ) | $ | 1,369.8 | $ | 1,490.8 | (8.1 | )% | (6.5 | )% | 1.6 | % | |||||||||||||