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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 21, 2005

NEWELL RUBBERMAID INC.

(Exact Name of Registrant as Specified in its Charter)
         
Delaware   1-9608   36-3514169
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)
 
10 B 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.

The information in this Report, including the Exhibit attached hereto, is furnished pursuant to Item 2.02 and Item 7.01 of this 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 the Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Newell Rubbermaid Inc. (the “Company”) announced that it has updated its segment reporting to reflect the intended sale of the Company’s Curver business, which is now reported as discontinued operations. The Curver business manufactures and markets plastic products for home storage and garage organization, food storage, laundry, bath, cleaning, closet organization and refuse removal in various countries in Europe. As announced January 13, 2005, the Company has entered into an agreement for the sale of the Curver business to Jardin International Holding BV. Completion of the sale is subject to satisfaction of customary closing conditions, and the Company currently anticipates that the intended sale would be completed in the second quarter of 2005. The Announcement includes segment reporting schedules reflecting discontinued operations, along with quarterly income statements, that can also be found on the investor relations portion of the Company’s website at www.newellrubbermaid.com. A copy of the Announcement is attached hereto as Exhibit 99.1.

The Announcement contains non-GAAP financial measures. For purposes of SEC 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 Announcement, 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 Announcement 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, excluding restructuring, impairment and other charges, for the Company and each of the Company’s five segments, continuing operations and discontinued operations, and operating income, excluding restructuring, impairment and other charges, as a percentage of sales for such respective segments, continuing operations and discontinued operations, are also useful to investors because they provide meaningful perspective on the current, underlying performance of the Company’s continuing operations. The Company’s 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 related to the Company’s continuing operations. Another purpose for which the Company uses diluted earnings per share from continuing operations, excluding restructuring and other charges, is as one of the performance goals that help determine the amount, if any, of cash bonuses for corporate management employees under the Company’s management cash bonus plan.

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 is also intended to be disclosed under this Item 7.01 and is hereby incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits.

           
    Exhibit    
    Number   Description
 
    99.1     Announcement dated April 21, 2005 captioned “Newell Rubbermaid Updates Segment Reporting”

 


 

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 21, 2005  By:   /s/ Dale L. Matschullat    
    Dale L. Matschullat   
    Vice President – General Counsel & Corporate Secretary   

 


 

         

EXHIBIT INDEX

           
    Exhibit No.    
        Description
 
    99.1     Announcement dated April 21, 2005 captioned “Newell Rubbermaid Updates Segment Reporting”

 

exv99w1
 

Newell Rubbermaid Updates Segment Reporting

Newell Rubbermaid Inc. announced that it has updated its segment reporting to reflect the intended sale of its Curver business, which is now reported as discontinued operations. As previously announced January 13, 2005, the company entered into an agreement for the intended sale of Curver, subject to satisfaction of customary closing conditions.

The segment reporting schedules and quarterly income statements which reflect discontinued operations for 2003 and 2004 are attached and can also be found on the investor relations portion of the company's web site at www.newellrubbermaid.com.


 

EXHIBIT 99.1

Newell Rubbermaid, Inc.
Quarterly Segment Sales and Operating Income
2003-2004

                                                                                                                                                                                                         
2004   Q1   Q2   Q3   Q4   Full Year
                            Ex.                                   Ex.                                   Ex.                                   Ex.                                   Ex.    
            Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges    
    Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin
 
                   
Cleaning & Organization
  $ 405.9     $ 17.4       3.4     $ 20.8       5.1 %   $ 434.9     $ 13.4       5.4     $ 18.8       4.3 %   $ 417.7     $ 28.5           $ 28.5       6.8 %   $ 447.9     $ 41.6           $ 41.6       9.3 %     1,706.3       101.1       8.8       109.9       6.4 %
Office Products
    332.8       31.8             31.8       9.6 %     489.2       95.5       0.3       95.8       19.6 %     424.3       61.5             61.5       14.5 %     439.9       73.2             73.2       16.6 %     1,686.2       261.9       0.3       262.3       15.6 %
Tools & Hardware
    274.3       43.0             43.0       15.7 %     300.3       43.5       3.1       46.6       15.5 %     300.6       45.1             45.1       15.0 %     343.5       50.1             50.1       14.6 %     1,218.7       181.8       3.1       184.8       15.2 %
Home Fashions
    226.8       3.9       0.6       4.5       2.0 %     224.2       5.2       4.1       9.3       4.1 %     228.1       15.9             15.9       7.0 %     227.7       8.1             8.1       3.6 %     906.8       33.0       4.8       37.8       4.2 %
Other
    251.0       15.9             15.9       6.3 %     253.4       15.0       0.2       15.2       6.0 %     262.9       24.7             24.7       9.4 %     311.3       37.0             37.0       11.9 %     1,078.6       92.6       0.2       92.8       8.6 %
Corporate
          (7.4 )           (7.4 )                   (9.7 )           (9.7 )                   (10.2 )           (10.2 )                   (12.0 )           (12.0 )                   (39.4 )           (39.4 )        
Impairment
                                                (25.1 )     25.1                             (270.0 )     270.0                                                               (295.0 )     295.0                
Restructuring
            (21.6 )     21.6                             (25.2 )     25.2                             (0.4 )     0.4                             (4.2 )     4.2                           (51.4 )     51.4                
 
                   
Continuing Operations
    1,490.8       83.0       25.6       108.6       7.3 %     1,702.0       112.6       63.4       176.0       10.3 %     1,633.6       (104.9 )     270.4       165.5       10.1 %     1,770.3       193.8       4.2       198.0       11.2 %     6,596.6       284.6       363.6       648.2       9.8 %
Discontinued Operations-Curver
    41.5       (6.4 )     1.3       (5.1 )     (12.3 %)     33.8       (4.8 )     0.2       (4.6 )     (13.6 %)     38.2       (77.8 )     78.5       0.7       1.8 %     38.2       (0.8 )           (0.8 )     (2.1 %)     151.8       (90.0 )     79.9       (10.1 )     (6.7 %)
 
                   
 
                                                                                                                                                                                                       
 
                   
Total
    1,532.3       76.6       26.9       103.4       6.7 %     1,735.8       107.8       63.5       171.3       9.9 %     1,671.8       (182.7 )     348.9       166.2       9.9 %     1,808.5       193.0       4.2       197.2       10.9 %     6,748.4       194.6       443.5       638.1       9.5 %
 
                   
                                                                                                                                                                                                         
2003   Q1   Q2   Q3   Q4   Full Year
                            Ex.                                   Ex.                                   Ex.                                   Ex.                                   Ex.    
            Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges                   Reported   Charges   Charges    
    Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin   Sales   OI   (1)   OI   Margin
 
                   
Cleaning & Organization
  $ 435.1     $ 41.5       0.4     $ 42.0       9.7 %   $ 472.4     $ 23.1       0.0     $ 23.1       4.9 %   $ 469.9     $ 35.0       0.4     $ 35.4       7.5 %   $ 471.2     $ 4.2       1.4     $ 5.5       1.2 %     1,848.5       103.7       2.3       106.0       5.7 %
Office Products
    322.3       47.1       0.9       48.0       14.9 %     507.8       114.8       0.1       114.9       22.6 %     428.7       69.9       0.1       70.0       16.3 %     422.4       77.8       1.3       79.1       18.7 %     1,681.2       309.6       2.4       312.0       18.6 %
Tools & Hardware
    265.6       35.4       1.5       36.9       13.9 %     294.6       47.7       0.6       48.3       16.4 %     299.3       53.4       0.3       53.7       17.9 %     340.2       42.8       (0.2 )     42.6       12.5 %     1,199.7       179.3       2.2       181.5       15.1 %
Home Fashions
    219.6       4.7       1.3       6.0       2.7 %     227.8       7.9       0.7       8.6       3.8 %     223.5       17.5       0.6       18.1       8.1 %     230.1       14.3       4.4       18.7       8.1 %     901.0       44.4       7.0       51.4       5.7 %
Other
    262.6       23.0       0.4       23.4       8.9 %     252.7       20.3       0.0       20.3       8.0 %     263.2       31.2       (0.2 )     31.0       11.8 %     324.9       46.2       1.4       47.6       14.7 %     1,103.4       120.7       1.6       122.3       11.1 %
Corporate
          (7.2 )           (7.2 )                   (6.3 )           (6.3 )                   (10.9 )           (10.9 )                   (5.9 )           (5.9 )                   (30.3 )           (30.3 )        
Impairment
                                                                                                                    (34.5 )     34.5                           (34.5 )     34.5                
Restructuring
            (23.9 )     23.9                             (53.1 )     53.1                             (41.8 )     41.8                             (74.6 )     74.6                           (193.5 )     193.5                
 
                   
Continuing Operations
    1,505.2       120.6       28.4       149.0       9.9 %     1,755.3       154.4       54.6       209.0       11.9 %     1,684.6       154.3       43.0       197.3       11.7 %     1,788.8       70.2       117.5       187.7       10.5 %     6,733.8       499.3       243.6       742.9       11.0 %
Discontinued Operations-Curver
    42.4       (2.0 )     0.5       (1.5 )     (3.5 %)     40.0       (1.8 )     (0.1 )     (1.9 )     (4.8 %)     44.5       6.5       (9.7 )     (3.2 )     (7.2 %)     38.2       (5.0 )     (1.5 )     (6.5 )     (17.0 %)     165.2       (2.1 )     (10.8 )     (12.9 )     (7.8 %)
 
                   
 
                                                                                                                                                                                                       
 
                   
Total
    1,547.6       118.6       28.9       147.5       9.5 %     1,795.3       152.6       54.5       207.1       11.5 %     1,729.1       160.7       33.5       194.2       11.2 %     1,827.0       65.2       116.0       181.2       9.9 %     6,899.0       497.2       232.8       730.0       10.6 %
 
                   

(1) Charges are primarily related to restructuring, asset impairment, product lines exits, acquisitions and divestitures

 


 

Newell Rubbermaid, Inc.
Quarterly Income Statement

                                                                                                                         
2004   Q1   Q2   Q3   Q4   Full Year
            Charges   Excluding           Charges   Excluding           Charges   Excluding           Charges   Excluding           Charges   Excluding
    Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges
 
                   
 
                                                                                                                       
Net Sales
    1,490.8             1,490.8       1,702.0             1,702.0       1,633.6             1,633.6       1,770.3             1,770.3       6,596.6             6,596.6  
GROSS MARGIN
    404.4       3.9       408.3       483.0       11.6       494.6       464.6             464.6       515.5             515.5       1,867.4       15.6       1,883.0  
SG&A
    (299.8 )     0.1       (299.7 )     (320.1 )     1.5       (318.6 )     (299.1 )           (299.1 )     (317.5 )           (317.5 )     (1,236.4 )     1.6       (1,234.8 )
Impairment
                      (25.1 )     25.1             (270.0 )     270.0                               (295.0 )     295.0        
Restructuring
    (21.6 )     21.6             (25.2 )     25.2             (0.4 )     0.4             (4.2 )     4.2             (51.4 )     51.4        
OPERATING INCOME
    83.0       25.6       108.6       112.6       63.4       176.0       (104.9 )     270.4       165.5       193.8       4.2       198.0       284.6       363.6       648.2  
Non Operating Expense
    (33.2 )           (33.2 )     (31.2 )           (31.2 )     (29.1 )           (29.1 )     (22.6 )           (22.6 )     (116.1 )           (116.1 )
Income Taxes
    (16.2 )     (8.5 )     (24.7 )     (18.2 )     (17.5 )     (35.7 )     (23.0 )     (16.1 )     (39.1 )     (46.6 )     (1.3 )     (47.9 )     (104.0 )     (43.3 )     (147.3 )
 
                   
Income from Continuing Operations
    33.6       17.1       50.7       63.2       45.9       109.1       (157.0 )     254.3       97.3       124.6       2.9       127.5       64.5       320.3       384.8  
 
                                                                                                                       
Discontinued Operations-Curver
    0.6       (0.6 )           (5.6 )     5.6             (78.0 )     78.0             (0.5 )     0.5             (83.6 )     83.6        
Discontinued Operations-Other
    (109.1 )     109.1             3.4       (3.4 )           8.6       (8.6 )                             (97.0 )     97.0        
 
                   
 
    (108.5 )     108.5             (2.2 )     2.2             (69.4 )     69.4             (0.5 )     0.5             (180.6 )     180.6        
 
                                                                                                                       
NET (LOSS) INCOME
    (74.9 )     125.6       50.7       61.0       48.1       109.1       (226.4 )     323.7       97.3       124.1       3.4       127.5       (116.1 )     500.9       384.8  
 
                   
 
                                                                                                                       
EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS:
                                                                                                                       
Basic
  $ 0.12     $ 0.06     $ 0.18     $ 0.23     $ 0.17     $ 0.40     $ (0.57 )   $ 0.93     $ 0.35     $ 0.45     $ 0.01     $ 0.46     $ 0.24     $ 1.17     $ 1.40  
Diluted
  $ 0.12     $ 0.06     $ 0.18     $ 0.23     $ 0.17     $ 0.40     $ (0.57 )   $ 0.93     $ 0.35     $ 0.45     $ 0.01     $ 0.46     $ 0.24     $ 1.17     $ 1.40  
 
                                                                                                                       
LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
                                                                                                                       
Basic
  $ (0.40 )   $ 0.40     $     $ (0.01 )   $ 0.01     $     $ (0.25 )   $ 0.25     $     $ (0.00 )   $ 0.00     $     $ (0.66 )   $ 0.66     $  
Diluted
  $ (0.40 )   $ 0.40     $     $ (0.01 )   $ 0.01     $     $ (0.25 )   $ 0.25     $     $ (0.00 )   $ 0.00     $     $ (0.66 )   $ 0.66     $  
 
                                                                                                                       
(LOSS) EARNINGS PER SHARE:
                                                                                                                       
Basic
  $ (0.27 )   $ 0.46     $ 0.18     $ 0.22     $ 0.18     $ 0.40     $ (0.83 )   $ 1.18     $ 0.35     $ 0.45     $ 0.01     $ 0.46     $ (0.42 )   $ 1.83     $ 1.40  
Diluted
  $ (0.27 )   $ 0.46     $ 0.18     $ 0.22     $ 0.18     $ 0.40     $ (0.83 )   $ 1.18     $ 0.35     $ 0.45     $ 0.01     $ 0.46     $ (0.42 )   $ 1.83     $ 1.40  
 
                                                                                                                       
Average shares outstanding:
                                                                                                                       
Basic
    274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4       274.4  
Diluted
    274.5       274.5       274.5       274.5       274.5       274.5       274.4       274.4       274.4       283.5       283.5       283.5       274.4       274.4       274.4  

(1) Charges are primarily related to restructuring, asset impairment, product lines exits, acquisitions and divestitures

 


 

Newell Rubbermaid, Inc.
Quarterly Income Statement

                                                                                                                         
2003   Q1   Q2   Q3   Q4   Full Year
            Charges   Excluding           Charges   Excluding           Charges   Excluding           Charges   Excluding           Charges   Excluding
    Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges   Reported   (1)   Charges
 
                   
Net Sales
    1,505.2             1,505.2       1,755.3             1,755.3       1,684.6             1,684.6       1,788.8             1,788.8       6,733.8             6,733.8  
GROSS MARGIN
    424.1       4.1       428.2       522.1       1.4       523.5       481.6       1.2       482.8       488.0       7.1       495.1       1,915.8       13.8       1,929.6  
SG&A
    (279.6 )     0.3       (279.3 )     (314.6 )     0.1       (314.5 )     (285.5 )           (285.5 )     (308.7 )     1.3       (307.4 )     (1,188.5 )     1.8       (1,186.7 )
Impairment
                                                          (34.5 )     34.5             (34.5 )     34.5        
Restructuring
    (23.9 )     23.9             (53.1 )     53.1             (41.8 )     41.8             (74.6 )     74.6             (193.5 )     193.5        
OPERATING INCOME
    120.6       28.4       149.0       154.4       54.6       209.0       154.3       43.0       197.3       70.2       117.5       187.7       499.3       243.6       742.9  
Non Operating Expense
    (57.4 )     21.1       (36.3 )     (31.3 )           (31.3 )     (34.7 )           (34.7 )     (36.6 )     9.2       (27.4 )     (159.9 )     30.3       (129.6 )
Income Taxes
    (20.0 )     (16.2 )     (36.2 )     (39.5 )     (17.7 )     (57.2 )     (37.3 )     (14.1 )     (51.4 )     (23.6 )     (25.8 )     (49.4 )     (120.3 )     (73.9 )     (194.2 )
 
                   
Income from Continuing Operations
    43.2       33.3       76.5       83.6       36.9       120.5       82.3       28.9       111.2       10.0       100.9       110.9       219.1       200.0       419.1  
 
                                                                                                                       
Discontinued Operations-Curver
    (1.8 )     1.8             (1.6 )     1.6             3.2       (3.2 )           (5.6 )     5.6             (5.9 )     5.9        
Discontinued Operations-Other
    (25.4 )     25.4             (8.2 )     8.2             (10.3 )     10.3             (216.0 )     216.0             (259.8 )     259.8        
 
                   
 
    (27.2 )     27.2             (9.8 )     9.8             (7.1 )     7.1             (221.6 )     221.6             (265.7 )     265.7        
 
NET INCOME (LOSS)
    16.0       60.5       76.5       73.8       46.7       120.5       75.2       36.0       111.2       (211.6 )     322.5       110.9       (46.6 )     465.7       419.1  
 
                   
 
                                                                                                                       
EARNINGS PER SHARE FROM CONTINUING OPERATIONS:
                                                                                                                       
Basic
  $ 0.16     $ 0.12     $ 0.28     $ 0.30     $ 0.13     $ 0.44     $ 0.30     $ 0.11     $ 0.41     $ 0.04     $ 0.37     $ 0.40     $ 0.80     $ 0.73     $ 1.53  
Diluted
  $ 0.16     $ 0.12     $ 0.28     $ 0.30     $ 0.13     $ 0.44     $ 0.30     $ 0.11     $ 0.41     $ 0.04     $ 0.37     $ 0.40     $ 0.80     $ 0.73     $ 1.53  
 
                                                                                                                       
LOSS PER SHARE FROM DISCONTINUED OPERATIONS:
                                                                                                                       
Basic
  $ (0.10 )   $ 0.10     $     $ (0.04 )   $ 0.04     $     $ (0.03 )   $ 0.03     $     $ (0.81 )   $ 0.81     $     $ (0.97 )   $ 0.97     $  
Diluted
  $ (0.10 )   $ 0.10     $     $ (0.04 )   $ 0.04     $     $ (0.03 )   $ 0.03     $     $ (0.81 )   $ 0.81     $     $ (0.97 )   $ 0.97     $  
 
                                                                                                                       
EARNINGS (LOSS) PER SHARE:
                                                                                                                       
Basic
  $ 0.06     $ 0.22     $ 0.28     $ 0.27     $ 0.17     $ 0.44     $ 0.27     $ 0.13     $ 0.41     $ (0.77 )   $ 1.18     $ 0.40     $ (0.17 )   $ 1.70     $ 1.53  
Diluted
  $ 0.06     $ 0.22     $ 0.28     $ 0.27     $ 0.17     $ 0.44     $ 0.27     $ 0.13     $ 0.41     $ (0.77 )   $ 1.18     $ 0.40     $ (0.17 )   $ 1.70     $ 1.53  
 
                                                                                                                       
Average shares outstanding:
                                                                                                                       
Basic
    273.6       273.6       273.6       274.2       274.2       274.2       274.4       274.4       274.4       274.4       274.4       274.4       274.1       274.1       274.1  
Diluted
    274.0       274.0       274.0       274.7       274.7       274.7       274.4       274.4       274.4       274.4       274.4       274.4       274.1       274.1       274.1  

(1) Charges are primarily related to restructuring, asset impairment, product lines exits, acquisitions and divestitures