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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 26, 2007

NEWELL RUBBERMAID INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware (State or Other Jurisdiction of Incorporation)		1-9608 (Commission File Number)		36-3514169 (IRS Employer Identification No.)


10 B Glenlake Parkway Suite 300 Atlanta, Georgia (Address of Principal Executive Offices)		30328 (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))

TABLE OF CONTENTS


Item 2.02. Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
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 Item 2.02, and the Exhibit attached to this Report, are furnished pursuant to Item 2.02 of Form 8-K. Consequently, such items are 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. Such items 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 26, 2007, Newell Rubbermaid Inc. (the “Company”) reported its results for the fiscal quarter ended March 31, 2007. The Company’s press release, dated April 26, 2007, 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 certain financial measures that are included in the press release and Additional Financial Information 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, income from continuing operations and diluted earnings per share from continuing operations, excluding restructuring charges, 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 by the Company as cash generated from operations less capital expenditures, is useful to investors because it is an indication of amounts of cash flow that may be available for dividends and further investment in future growth initiatives. Another purpose for which the Company uses diluted earnings per share from continuing operations, excluding restructuring charges, is as a performance goal that helps determine the amount, if any, of cash bonuses for corporate 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. The Company’s management believes that “Normalized” earnings per share, which excludes restructuring charges and one-time tax benefits,

is useful to investors because it permits investors to better understand year-over-year changes in underlying operating performance.

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 7.01 Regulation FD Disclosure.

The information set forth under Item 2.02 above and in Exhibit 99.1 to this Report is also intended to be furnished under this Item 7.01 and is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.


Exhibit
Number		Description
99.1		Press Release, dated April 26, 2007, 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: April 26, 2007	By:	/s/ Dale L. Matschullat
		Dale L. Matschullat
		Vice President, General Counsel and Corporate Secretary

EXHIBIT INDEX


Exhibit No.		Description
99.1		Press Release, dated April 26, 2007, issued by Newell Rubbermaid Inc., and Additional Financial Information

exv99w1


		News Release April 26, 2007 Page 1 of 4

NEWELL RUBBERMAID REPORTS FIRST QUARTER 2007 RESULTS

Q1 EPS Above Guidance, Continued Gross Margin Expansion,
Full Year EPS Outlook Raised

ATLANTA, April 26, 2007 - Newell Rubbermaid Inc. (NYSE: NWL) today reported first quarter 2007 results, reflecting gross margin expansion ahead of the company’s guidance.

Net sales for the first quarter ended March 31, 2007 rose 3.1 percent to $1.38 billion, compared to $1.34 billion in the prior year. The Office Products and Tools & Hardware segments each generated mid single digit growth for the quarter.

“Our employees did a tremendous job building upon last year’s momentum in the first quarter of 2007,” said Mark Ketchum, president and chief executive officer of Newell Rubbermaid. “We continue to deepen our understanding of the consumer and drive meaningful innovation to the marketplace. Our people are embracing the transformation and driving the necessary initiatives for us to become a global company of Brands That Matter™.”

Gross margin for the first quarter 2007 improved to 34.3 percent, a 210 basis point improvement over the prior year. The expansion was driven primarily by productivity, including the impact of Project Acceleration.

Normalized earnings, which excludes Project Acceleration restructuring costs and the effect of one-time tax items, was $0.27 per share in the first quarter 2007, a 23 percent increase over the prior year’s result of $0.22 per share.

Excluding Project Acceleration restructuring costs of $15.5 million in the first quarter 2007 and $9.1 million in the prior year, income from continuing operations was $78.0 million, or $0.28 per share, for the first quarter 2007, compared to the prior year’s result of $137.3 million, or $0.50 per share. Income from continuing operations in the first quarter 2007 included a one-time tax benefit of $1.9 million, or $0.01 per share, compared to a one-time tax benefit of $78.0 million, or $0.28 per share, in the prior year. A reconciliation of the results “as reported” to results “excluding charges” is attached to this press release.

Income from continuing operations, as reported, was $65.1 million, or $0.23 per share, for the first quarter 2007, compared to $130.2 million, or $0.47 per share, in the prior year.

Net cash provided by operating activities was $14.5 million in the first quarter 2007, compared to a use of $11.7 million in the prior year. Capital expenditures were $32.6 million, versus $25.3 million in the prior year.

Newell Rubbermaid Inc.
Atlanta, GA

Securities Listed
NYSE
Common Stock
(Symbol: NWL)

www.newellrubbermaid.com

Ron Hardnock
Vice President, Investor Relations

David Doolittle
Director, Corporate Communications

10B Glenlake Parkway
Suite 300
Atlanta, GA 30328
Phone: +1 (770) 407-3994
Fax: +1 (770) 407-3983


		News Release April 26, 2007 Page 2 of 4

A reconciliation of the first quarter 2007 and last year’s results is as follows:


	Q1 2007			Q1 2006
Diluted earnings per share from continuing operations (as reported):	$	0.23		$	0.47

Project Acceleration restructuring costs	$	0.05		$	0.03


Diluted earnings per share from continuing operations (excluding charges):	$	0.28		$	0.50

Tax benefits	$	(0.01	)	$	(0.28	)


“Normalized” EPS:	$	0.27		$	0.22

2007 Outlook

Second Quarter 2007

The company believes sales will increase 4 to 5 percent in the second quarter 2007. Net cash provided by operating activities is forecast in the range of $75 to $125 million and capital expenditures are projected to be in the range of $35 to $45 million.

The company expects earnings per share from continuing operations for the second quarter 2007 to be in the range of $0.50 to $0.52, excluding approximately $20 to $40 million ($17 to $34 million after tax) of Project Acceleration restructuring costs.

Full Year 2007

The company believes sales growth for the full year will be 3 to 5 percent, including approximately 75 basis points of favorable currency. The company is now projecting full year gross margin expansion of 150 to 200 basis points.

Excluding Project Acceleration restructuring costs of approximately $100 to $130 million ($85 to $110 million after tax), the company now believes earnings per share from continuing operations will range from $1.73 to $1.78 for the full year. Net cash provided by operating activities continues to be forecast between $575 and $625 million, including approximately $100 to $125 million in cash restructuring costs in connection with Project Acceleration. Consistent with the update provided at Analyst Day, Project Acceleration is projected to deliver annualized savings in excess of $150 million upon completion in 2009, including $50 million of savings in 2007. The company continues to expect capital expenditures of $140 to $160 million and dividends of approximately $235 million in 2007.

A reconciliation of the second quarter and full year 2007 earnings outlook is as follows:

Newell Rubbermaid Inc.
Atlanta, GA

Securities Listed
NYSE
Common Stock
(Symbol: NWL)

www.newellrubbermaid.com

Ron Hardnock
Vice President, Investor Relations

David Doolittle
Director, Corporate Communications

10B Glenlake Parkway
Suite 300
Atlanta, GA 30328
Phone: +1 (770) 407-3994
Fax: +1 (770) 407-3983


		News Release April 26, 2007 Page 3 of 4


	Q2 2007		FY 2007
Diluted earnings per share from continuing operations (as reported):	$	0.41 - $0.43	$	1.39 - $1.44

Project Acceleration restructuring costs	$	0.06 - $0.12	$	0.30 - $0.39


Diluted earnings per share from continuing operations (excluding charges):	$	0.50 - $0.52	$	1.73 - $1.78

Tax benefits	$	0.00		($0.01	)


“Normalized” EPS:	$	0.50 - $0.52	$	1.72 - $1.77

Conference Call

The company’s first quarter 2007 earnings conference call is scheduled for today, April 26, 2007, at 9:00 a.m. ET. To listen to the webcast, use the link provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com. The webcast will be available for replay for two weeks. A brief supporting slide presentation will be available prior to the call under Quarterly Earnings in the Investor Relations section on the company’s Web site.

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 the effects of Project Acceleration, sales, income/(loss), earnings per share, operating income or gross margin improvements, capital and other expenditures, cash flow, dividends, restructuring costs, costs and cost savings, debt ratings, and management’s plans, projections and objectives for future operations and performance. These statements are accompanied by words such as “expect,” “project,” “will,” “believes,” “estimate” and similar expressions. 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; competition with other manufacturers and distributors of consumer products; major retailers’ strong bargaining power; changes in the prices of raw materials; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; the risks inherent in our foreign operations and those factors listed in the company’s 2006 Annual Report on Form 10-K, filed with the Securities and Exchange Commission.

Non-GAAP Financial Measures

Newell Rubbermaid Inc.
Atlanta, GA

Securities Listed
NYSE
Common Stock
(Symbol: NWL)

www.newellrubbermaid.com

Ron Hardnock
Vice President, Investor Relations

David Doolittle
Director, Corporate Communications

10B Glenlake Parkway
Suite 300
Atlanta, GA 30328
Phone: +1 (770) 407-3994
Fax: +1 (770) 407-3983


		News Release April 26, 2007 Page 4 of 4

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 sales of approximately $6 billion and a strong portfolio of brands, including Sharpie^®, Paper Mate^®, DYMO^®, EXPO^®, Waterman^®, Parker^®, Rolodex^®, IRWIN^®, LENOX^®, BernzOmatic^®, Rubbermaid^®, Graco^®, Calphalon^® and Goody^®. The company is headquartered in Atlanta, Ga., and has approximately 23,500 employees worldwide.

This press release and additional information about the company are available on the company’s Web site www.newellrubbermaid.com.

NWL-EA

Newell Rubbermaid Inc.
Atlanta, GA

Securities Listed
NYSE
Common Stock
(Symbol: NWL)

www.newellrubbermaid.com

Ron Hardnock
Vice President, Investor Relations

David Doolittle
Director, Corporate Communications

10B Glenlake Parkway
Suite 300
Atlanta, GA 30328
Phone: +1 (770) 407-3994
Fax: +1 (770) 407-3983

Newell Rubbermaid Inc.
CONDENSED 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,
	2007									2006									YOY
	As Reported			Charges (1)			Excl. Charges			As Reported			Charges (2)			Excl. Charges			% Change
Net sales	$	1,384.4					$	1,384.4		$	1,342.6					$	1,342.6			3.1	%
Cost of products sold		909.7			—			909.7			910.5			—			910.5


GROSS MARGIN		474.7			—			474.7			432.1			—			432.1			9.9	%
% of sales		34.3	%					34.3	%		32.2	%					32.2	%

Selling, general & administrative expenses		338.4			—			338.4			313.2						313.2			8.0	%
% of sales		24.4	%					24.4	%		23.3	%					23.3	%

Restructuring costs		15.5			(15.5	)		—			9.1			(9.1	)		—


OPERATING INCOME		120.8			15.5			136.3			109.8			9.1			118.9			14.6	%
% of sales		8.7	%					9.8	%		8.2	%					8.9	%

Nonoperating expenses:
Interest expense, net		27.4			—			27.4			33.7			—			33.7
Other expense		0.8			—			0.8			2.5			—			2.5

		28.2			—			28.2			36.2			—			36.2			(22.1	)%


INCOME BEFORE INCOME TAXES		92.6			15.5			108.1			73.6			9.1			82.7			30.7	%
% of sales		6.7	%					7.8	%		5.5	%					6.2	%

Income taxes		27.5			2.6			30.1			(56.6	)		2.0			(54.6	)		(155.1	)%
Effective rate		29.7	%					27.8	%		(76.9	)%					(66.0	)%


INCOME FROM CONTINUING OPERATIONS		65.1			12.9			78.0			130.2			7.1			137.3			(43.2	)%
% of sales		4.7	%					5.6	%		9.7	%					10.2	%

Discontinued operations, net of tax:
Net loss		(15.8	)		15.8			—			(75.4	)		75.4			—


NET INCOME	$	49.3		$	28.7		$	78.0		$	54.8		$	82.5		$	137.3			(43.2	)%

% of sales		3.6	%					5.6	%		4.1	%					10.2	%

EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
Basic	$	0.24		$	0.04		$	0.28		$	0.47		$	0.03		$	0.50
Diluted	$	0.23		$	0.05		$	0.28		$	0.47		$	0.03		$	0.50

LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
Basic	$	(0.06	)	$	0.06		$	—		$	(0.27	)	$	0.27		$	—
Diluted	$	(0.05	)	$	0.05		$	—		$	(0.27	)	$	0.27		$	—

EARNINGS PER SHARE:
Basic	$	0.18		$	0.10		$	0.28		$	0.20		$	0.30		$	0.50
Diluted	$	0.18		$	0.10		$	0.28		$	0.21		$	0.29		$	0.50

Average shares outstanding:
Basic		275.9						275.9			274.5						274.5
Diluted		277.9						277.9			283.3						283.3


(1)		Charges excluded from “as reported” results for 2007 consist of $15.5 million of Project Acceleration restructuring costs and a $15.8 million net loss related to discontinued operations.

(2)		Charges excluded from “as reported” results for 2006 consist of $9.1 million of Project Acceleration restructuring costs and a $75.4 million net loss related to discontinued operations.

Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)


	March 31,		March 31,
	2007		2006
Assets:

Cash and cash equivalents	$	217.8	$	176.1
Accounts receivable, net		979.3		950.5
Inventories, net		934.4		906.1
Deferred income taxes		96.3		105.1
Prepaid expenses and other		127.1		119.5
Current assets of discontinued operations		—		309.3


Total Current Assets		2,354.9		2,566.6

Property, plant and equipment, net		735.6		831.5
Goodwill		2,441.9		2,373.3
Other intangible assets, net		471.9		408.4
Other assets		232.5		189.7


Total Assets	$	6,236.8	$	6,369.5


Liabilities and Stockholders’ Equity:

Accounts payable	$	555.1	$	541.8
Accrued compensation		98.1		99.8
Other accrued liabilities		617.9		606.4
Income taxes payable		0.9		—
Notes payable		21.6		2.3
Current portion of long-term debt		2.2		411.4
Current liabilities of discontinued operations		—		122.2


Total Current Liabilities		1,295.8		1,783.9

Long-term debt		2,320.8		2,325.9
Other non-current liabilities		726.9		601.6

Stockholders’ Equity		1,893.3		1,658.1


Total Liabilities and Stockholders’ Equity	$	6,236.8	$	6,369.5

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)


	For The Three Months Ended March 31,
	2007			2006
Operating Activities:
Net income	$	49.3		$	54.8
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization		46.1			48.8
Deferred income taxes		37.6			32.5
Impairment charges		—			50.9
Non-cash restructuring costs		1.2			17.9
Loss on sale of assets		0.3			1.4
Stock-based compensation expense		8.5			6.9
Loss on disposal of discontinued operations		15.6			1.6
Other		(1.9	)		(3.3	)
Changes in current accounts, excluding the effects of acquisitions:
Accounts receivable		140.2			164.0
Inventories		(77.7	)		(105.3	)
Accounts payable		3.1			(52.4	)
Accrued liabilities and other		(207.8	)		(230.6	)
Discontinued operations		—			1.1

Net cash provided by/(used in) operating activities	$	14.5		$	(11.7	)

Investing Activities:
Acquisitions, net of cash acquired	$	(8.3	)	$	(23.2	)
Capital expenditures		(32.6	)		(25.3	)
Disposals of non-current assets and sale of businesses		(7.3	)		29.8

Net cash used in investing activities	$	(48.2	)	$	(18.7	)

Financing Activities:
Proceeds from issuance of debt	$	349.7		$	148.3
Payments on notes payable and long-term debt		(253.0	)		(1.9	)
Cash dividends		(58.6	)		(58.2	)
Proceeds from exercised stock options and other		11.7			2.0

Net cash provided by financing activities	$	49.8		$	90.2

Exchange rate effect on cash and cash equivalents	$	0.7		$	0.8


Increase in cash and cash equivalents		16.8			60.6
Cash and cash equivalents at beginning of year		201.0			115.5

Cash and cash equivalents at end of period	$	217.8		$	176.1

Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)


	For The Three Months Ended March 31,
Free Cash Flow (in millions):	2007			2006
Net cash provided by/(used in) operating activities	$	14.5		$	(11.7	)
Capital expenditures		(32.6	)		(25.3	)


Free Cash Flow	$	(18.1	)	$	(37.0	)


(1)		Free Cash Flow is defined as cash flow provided by/(used in) operating activities less capital expenditures.

Newell Rubbermaid Inc.
Financial Worksheet
In Millions


	2007													2006
			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 & Décor	$	457.4	$	57.2		$	—	$	57.2			12.5	%	$	449.7	$	38.4		$	—	$	38.4			8.5	%	$	7.7		1.7	%	$	18.8			49.0	%
Office Products		406.3		35.2			—		35.2			8.7	%		390.8		32.3			—		32.3			8.3	%		15.5		4.0	%		2.9			9.0	%
Tools & Hardware		293.9		34.2			—		34.2			11.6	%		276.8		33.1			—		33.1			12.0	%		17.1		6.2	%		1.1			3.3	%
Home & Family		226.8		30.4			—		30.4			13.4	%		225.3		32.7			—		32.7			14.5	%		1.5		0.7	%		(2.3	)		(7.0	)%

Restructuring Costs				(15.5	)		15.5		—								(9.1	)		9.1		—											—
Corporate				(20.7	)		—		(20.7	)							(17.6	)		—		(17.6	)										(3.1	)

Total	$	1,384.4	$	120.8		$	15.5	$	136.3			9.8	%	$	1,342.6	$	109.8		$	9.1	$	118.9			8.9	%	$	41.8		3.1	%	$	17.4			14.6	%


(1)		Charges are related to restructuring.

Newell Rubbermaid Inc.
Three Months Ended March 31, 2007
In Millions

Currency Analysis

2007

2006

Year-over-year Increase (Decrease)

Sales as

Currency

Adjusted

Sales as

Excluding

Including

Currency

Reported

Impact

Sales

Reported

Currency

Impact

By Segment

Cleaning, Organization & Décor

457.4

(0.4

)

457.0

449.7

1.6

1.7

0.1

Office Products

406.3

(10.1

)

396.2

390.8

1.4

4.0

2.6

Tools & Hardware

293.9

(4.9

)

289.0

276.8

4.4

6.2

1.8

Home & Family

226.8

(3.2

)

223.6

225.3

(0.8

0.7

1.4

Total Company

1,384.4

(18.6

)

1,365.8

1,342.6

1.7

3.1

1.4

By Geography

United States

1,019.9

—

1,019.9

1,015.1

0.5

0.0

Canada

79.1

1.1

80.2

77.7

3.2

1.8

(1.4

North America

1,099.0

1.1

1,100.1

1,092.8

0.7

0.6

(0.1

Europe

192.5

(18.4

)

174.1

162.4

7.2

18.5

11.3

Central & South America

48.7

0.4

49.1

47.0

4.5

3.6

(0.9

All Other

44.2

(1.7

)

42.5

40.4

5.2

9.4

4.2

Total Company

1,384.4

(18.6

)

1,365.8

1,342.6

1.7

3.1

1.4

Q1 2007 Earnings Presentation April 26, 2007

Forward Looking Statements The statements in this presentation that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of Project Acceleration, sales, income/(loss), earnings per share, operating income or gross margin improvements, capital and other expenditures, cash flow, dividends, restructuring costs, costs and cost savings, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "expect," "project," "will," "believes," "estimate" and similar expressions. 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; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; the risks inherent in our foreign operations and those factors listed in the company's most recent 2006 annual report on Form 10-K, including Item 1A thereto, filed with the Securities and Exchange Commission.

Q1 2007 Summary Net sales growth of 3.1% driven by improvements in all four operating segments Expanded gross margins to 34.3%, a 210 basis point improvement over the prior year Continued our investment in demand creation initiatives in an effort to stimulate future sales growth and income Project Acceleration savings and timing remain on track Improved operating income by $17 million or 14.5% Increased last year's "normalized" EPS by $0.05 or 23%