UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 26, 2006
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 600 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))
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 January 26, 2006, Newell Rubbermaid Inc. (the “Company”) reported its results for the fiscal
quarter ended December 31, 2005 and the fiscal year ended December 31, 2005. The Company’s press
release, dated January 26, 2006, 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 and Additional
Financial Information 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 impairment and certain restructuring and other charges (and as a percentage
of sales), and diluted earnings per share from continuing operations, excluding impairment and
certain restructuring and other 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 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 impairment and certain restructuring and other charges, is also helpful to
investors because it provides information, both historical and expected, with respect to earnings
per share related to the Company’s continuing
operations. Another purpose for which the Company
uses or has used free cash flow and diluted earnings per share from continuing operations,
excluding restructuring, impairment 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
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 January 26, 2006, 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: January 26, 2006 | By: | /s/ Dale L. Matschullat | ||
| Dale L. Matschullat | ||||
| Vice President – General Counsel & Corporate Secretary |
||||
EXHIBIT INDEX
| Exhibit No. | Description | |
99.1
|
Press Release, dated January 26, 2006, issued by Newell Rubbermaid Inc., and Additional Financial Information |
|
News Release | |
January
26, 2006
|
Page 1 of 5 | |
NEWELL RUBBERMAID REPORTS
FOURTH QUARTER AND FULL YEAR 2005 RESULTS
FOURTH QUARTER AND FULL YEAR 2005 RESULTS
Strong Annual Gross Margin Improvement of 130 basis points
Raises Full Year 2006 Earnings Guidance
ATLANTA, January 26, 2006 – Newell Rubbermaid Inc. (NYSE: NWL)
today reported its fourth quarter and full year 2005 results,
delivering continuing earnings per share for the year that exceeded its
guidance.
“The company generated strong momentum in 2005 and delivered results ahead of our commitments,”
said Mark Ketchum, chief executive officer of Newell Rubbermaid. “This momentum is critical as we
begin 2006 and execute Project Acceleration. Our team is fully engaged in driving strategic
investment to build brands, achieving a best-cost position and further strengthening the
portfolio.”
Fourth Quarter Results
Income from continuing operations for the quarter ended December 31,
2005, was $84.8 million, or $0.31 per share, compared to $120.8
million, or $0.44 per share, in the prior year. Excluding restructuring
charges related to Project Acceleration and impairment, income from
continuing operations was $113.4 million, or $0.41 per share, for the
quarter ended December 31, 2005, compared to income from continuing
operations, excluding restructuring charges, of $124.5 million, or
$0.45 per share, in the prior year. A reconciliation of the results
“as reported” to results “excluding charges” is attached to this press
release.
Net sales in the fourth quarter 2005 were $1.75 billion, compared to
$1.73 billion in the prior year, an increase of 1.0 percent. Internal
sales, which exclude the impact of material acquisitions and
divestitures, declined 0.4 percent. Favorable pricing increased sales
by 2.1 percent, offset by the planned exit of certain low-margin product lines that reduced net
sales by 2.3 percent and unfavorable foreign currency.
Gross margin for the fourth quarter 2005 improved to 29.4 percent,
compared to 29.2 percent for the prior year. The company’s
productivity savings and favorable pricing offset raw material
inflation.
“I am proud of the team for delivering results ahead of the commitments in a very challenging
environment,” said Ketchum. “We demonstrated growth in the “Invest” businesses and
improvements to gross margin that have us encouraged about the prospects in 2006 and beyond.”
Related to Project Acceleration, the company recorded non-cash
restructuring charges of $51.3 million in the fourth quarter of 2005.
Additionally, consistent with previous guidance, the company recorded a
non-cash charge to stockholders’ equity of $59.8 million in the fourth
quarter 2005 to record the under-funded status of the company’s pension
plans, which did not impact earnings or cash flow in 2005.
Newell Rubbermaid Inc.
Atlanta, GA
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Nancy de Jonge Davis
Vice President, Investor Relations & Corporate Communications
Vice President, Investor Relations & Corporate Communications
Cari Davidson
Manager, Public Relations
Manager, Public Relations
10B Glenlake Parkway
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |
January 26, 2006
|
Page 2 of 5 | |
Net cash from operating activities was $190.3 million in the fourth
quarter 2005, compared to $238.2 million in the prior year. The
decline was primarily driven by a voluntary contribution of
approximately $25 million to fund one of the company’s pension plans in
the fourth quarter 2005. Capital expenditures in the fourth quarter
2005 were $22.3 million compared to $26.8 million in the fourth quarter
2004. The company continued to pay a strong dividend in the quarter of
$57.8 million, or $0.21 per share.
Strengthening the Portfolio
The company continues to make progress in its initiative to strengthen
its portfolio of businesses, leveraging brand strength and product
innovation in its core portfolio and divesting non-strategic businesses.
During the fourth quarter 2005, the company completed its acquisition
of DYMO, a global leader in designing, manufacturing and marketing
on-demand labeling solutions. This transaction strengthens the
company’s global leadership position in the office products market and
was neutral to earnings in 2005.
In addition, during the fourth quarter 2005, the company announced its agreement to sell its
Newell Cookware Europe business, which sale closed shortly following the quarter end, on January
3, 2006. The company recorded a $7.8 million net loss related to this business in the fourth
quarter 2005 as part of discontinued operations.
In the second quarter of 2005, the company committed to the divestiture
of a business in the Cleaning & Organization segment. After winning
several line reviews with key retailers and identifying significant
productivity opportunities, the company decided in the fourth quarter
2005 to retain this business, which is now reflected in continuing
operations. The impact to continuing earnings per share of this
restatement was a $0.02 improvement to the September year-to-date
results, offset by a $0.01 decline in the fourth quarter 2005, making
the results of this business accretive to earnings per share by $0.01
for the full year 2005.
Full Year Results
Income from continuing operations for the full year 2005 was $356.4 million, or $1.30 per share,
compared to $70.6 million, or $0.26 per share, in the prior year. Excluding impairment charges
and restructuring charges related to Project Acceleration, income from continuing operations for
the full year 2005 was $423.4 million, or $1.54 per share, compared to income from continuing
operations, excluding impairment and restructuring charges, of $383.6 million, or $1.40 per share,
in the prior year. A reconciliation of the results “as reported” to results “excluding charges”
is attached to this press release.
Net sales for the full year 2005 were $6.34 billion, a decrease of 2.1 percent from $6.48 billion
for the full year 2004. Internal sales declined 2.5 percent in 2005, impacted by positive pricing
of 2.0 percent and favorable foreign currency translation of 0.7 percent. These were offset by the
planned exit of certain low-margin product lines of 3.1 percent and additional declines primarily
driven by weakness in the European Window Fashions and Little Tikes businesses.
Gross margin for the full year improved to 29.9 percent, compared to
gross margin, excluding charges, of 28.6 percent for the full year
2004. This 130 basis point improvement reflects results
Newell Rubbermaid Inc.
Atlanta, GA
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Nancy de Jonge Davis
Vice President, Investor Relations & Corporate Communications
Vice President, Investor Relations & Corporate Communications
Cari Davidson
Manager, Public Relations
Manager, Public Relations
10B Glenlake Parkway
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |
January
26, 2006
|
Page 3 of 5 | |
from
the company’s price increases, productivity initiatives and
improved mix of higher margin products that more than offset record raw
material inflation.
Net cash from operating activities was $641.6 million for the
full year 2005, compared to $660.0 million in the prior year. Capital
expenditures for the full year 2005 were $92.2 million compared to
$121.9 million in the prior year, reflecting the company’s continued
decapitalization efforts. Dividends were $231.5 million for the full
year 2005.
For the full year 2005, the company recorded a net loss of $105.1 million related to the
divestitures of non-core businesses, which is reported as discontinued operations.
Outlook
Full Year 2006
The company has revised its guidance upward and now expects diluted earnings per share from
continuing operations for the full year 2006 in the range of $1.55 to $1.65. This outlook
includes expense of approximately $0.05 per share related to the adoption of Accounting Standards
No. 123 (revised) (“SFAS 123(R)”), “Share-Based Payment.” SFAS 123(R) requires all share-based
payments to employees, including grants of employee stock options, to be recognized in the
financial statements based on their fair value. This outlook does not include approximately $170
to $200 million ($145 to $170 million after tax) of Project Acceleration restructuring charges
expected to be incurred in 2006.
For the full year 2006, the company continues to expect internal sales growth in the range of -1
percent to +1 percent, highlighted by internal sales growth from its “Invest” businesses of 2
percent to 4 percent. The company continues to expect cash from operations to be in the range of
$550 to $600 million, reflecting a use of approximately $100 million of cash related to Project
Acceleration. 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 $232 million for the full
year 2006.
First Quarter 2006
For the first quarter 2006, the company expects diluted earnings per share from continuing
operations in the range of $0.08 to $0.13. This outlook does not include approximately $25 to $35
million ($20 to $30 million after tax) of Project Acceleration restructuring charges expected to
be incurred in the first quarter 2006.
The company expects internal sales growth in the range of -1 percent to 0 percent in the first
quarter 2006. The company expects cash from operations in the range of -$25 to $25 million.
Expenditures for property, plant and equipment are expected to be in the range of $30 to $40
million and dividends are expected to be approximately $58 million for the first quarter 2006.
Newell Rubbermaid Inc.
Atlanta, GA
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Nancy de Jonge Davis
Vice President, Investor Relations & Corporate Communications
Vice President, Investor Relations & Corporate Communications
Cari Davidson
Manager, Public Relations
Manager, Public Relations
10B Glenlake Parkway
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |
January
26, 2006
|
Page 4 of 5 | |
A reconciliation of the 2006 earnings per share outlook is as follows:
| Full Year | Q1 2006 | |||||||
Diluted earnings per share from
continuing operations (as
reported): |
$ | 0.98 - $1.08 | ($0.01) - $0.04 | |||||
Restructuring charges |
$ | 0.52 - $0.62 | $0.07 - $0.11 | |||||
Diluted earnings per share from
continuing operations (excluding
charges): |
$ | 1.55 - $1.65 | $0.08 - $0.13 | |||||
Conference Call
The company’s fourth quarter and full year 2005 earnings conference
call is scheduled for today, January 26, 2006, at 8:30 a.m. ET. To
listen to the web cast, use the link provided under Events &
Presentations in the Investor
Relations section on Newell Rubbermaid’s website at
www.newellrubbermaid.com. Those interested in participating should
call (800) 869-2139 or internationally at (719) 867-0347 and provide
conference code 7295044.
A replay will be available approximately two hours after the call for
two weeks concluding on February 10, 2006, and may be accessed
domestically at (888) 203-1112 or internationally at (719) 457-0820.
Conference call confirmation code 7295044 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 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,
impairment and other charges, potential losses on divestiture, costs and cost savings and the
value thereof, 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,” “enable,” “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 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 expeditiously close facilities and
move operations in the face of foreign regulations and other impediments; our ability to implement
successfully information technology solutions throughout our organization; our ability to improve
productivity and streamline operations; our ability to complete strategic acquisitions; our
ability to integrate previously acquired businesses; the risks inherent in our foreign operations
and those factors listed in the company’s most recent Form 10-Q or 10-K, including Exhibit 99.1
thereto, filed with the Securities and Exchange Commission.
Newell Rubbermaid Inc.
Atlanta, GA
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Nancy de Jonge Davis
Vice President, Investor Relations & Corporate Communications
Vice President, Investor Relations & Corporate Communications
Cari Davidson
Manager, Public Relations
Manager, Public Relations
10B Glenlake Parkway
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
|
|
News Release | |
January 26, 2006
|
Page 5 of 5 | |
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 2005 sales of $6.3 billion and a powerful brand family
including Sharpie®, Paper Mate®,
DYMO®,
EXPO®, Waterman® ,
rotring®,
Reynolds®,
Berol®,
Rolodex®, IRWIN®, LENOX®,
BernzOmatic®, Rubbermaid®, Graco®,
Calphalon® and Goody®. The company is
headquartered in Atlanta, Ga., and has approximately 30,000 employees
worldwide.
This press release and additional information about the company are
available on the company’s web site at
www.newellrubbermaid.com.
NWL-EA
Newell Rubbermaid Inc.
Atlanta, GA
Atlanta, GA
Securities Listed
NYSE
Common Stock
(Symbol: NWL)
NYSE
Common Stock
(Symbol: NWL)
www.newellrubbermaid.com
Nancy de Jonge Davis
Vice President, Investor Relations & Corporate Communications
Vice President, Investor Relations & Corporate Communications
Cari Davidson
Manager, Public Relations
Manager, Public Relations
10B Glenlake Parkway
Suite 600
Atlanta, GA 30328
Phone: 770-407-3994
Fax: 770-407-3983
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)
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results “As Reported” to Results “Excluding Charges”
| Three Months Ended December 31, | ||||||||||||||||||||||||||||
| 2005 | 2004 | YOY | ||||||||||||||||||||||||||
| As Reported | Charges (1) | Excl. Charges | As Reported | Charges (2) | Excl. Charges | % Change | ||||||||||||||||||||||
Net sales |
$ | 1,749.0 | $ | 1,749.0 | $ | 1,731.6 | $ | 1,731.6 | 1.0 | % | ||||||||||||||||||
Cost of products sold |
1,235.6 | — | 1,235.6 | 1,226.2 | — | 1,226.2 | ||||||||||||||||||||||
GROSS MARGIN |
513.4 | — | 513.4 | 505.4 | — | 505.4 | 1.6 | % | ||||||||||||||||||||
% of sales |
29.4 | % | 29.4 | % | 29.2 | % | 29.2 | % | ||||||||||||||||||||
Selling, general & |
||||||||||||||||||||||||||||
administrative expense |
340.5 | — | 340.5 | 310.4 | — | 310.4 | 9.7 | % | ||||||||||||||||||||
% of sales |
19.5 | % | 19.5 | % | 17.9 | % | 17.9 | % | ||||||||||||||||||||
Impairment charge |
(5.9 | ) | 5.9 | — | — | — | — | |||||||||||||||||||||
Restructuring costs |
51.0 | (51.3 | ) | (0.3 | ) | 4.9 | (4.9 | ) | — | |||||||||||||||||||
OPERATING INCOME |
127.8 | 45.4 | 173.2 | 190.1 | 4.9 | 195.0 | (11.2 | )% | ||||||||||||||||||||
% of sales |
7.3 | % | 9.9 | % | 11.0 | % | 11.3 | % | ||||||||||||||||||||
Nonoperating expenses: |
||||||||||||||||||||||||||||
Interest expense, net |
31.0 | — | 31.0 | 29.3 | — | 29.3 | ||||||||||||||||||||||
Other |
(22.1 | ) | — | (22.1 | ) | (6.7 | ) | — | (6.7 | ) | ||||||||||||||||||
| 8.9 | — | 8.9 | 22.6 | — | 22.6 | (60.6 | )% | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES |
118.9 | 45.4 | 164.3 | 167.5 | 4.9 | 172.4 | (4.7 | )% | ||||||||||||||||||||
% of sales |
6.8 | % | 9.4 | % | 9.7 | % | 10.0 | % | ||||||||||||||||||||
Income taxes |
34.1 | 16.8 | 50.9 | 46.7 | 1.2 | 47.9 | 6.3 | % | ||||||||||||||||||||
Effective rate |
28.7 | % | 31.0 | % | 27.9 | % | 27.8 | % | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS |
84.8 | 28.6 | 113.4 | 120.8 | 3.7 | 124.5 | (8.9 | )% | ||||||||||||||||||||
% of sales |
4.8 | % | 6.5 | % | 7.0 | % | 7.2 | % | ||||||||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||||||||||
Net (loss) income |
(7.8 | ) | 7.8 | — | 3.3 | (3.3 | ) | — | ||||||||||||||||||||
NET INCOME |
$ | 77.0 | $ | 36.4 | $ | 113.4 | $ | 124.1 | $ | 0.4 | $ | 124.5 | (8.9 | )% | ||||||||||||||
% of sales |
4.4 | % | 6.5 | % | 7.2 | % | 7.2 | % | ||||||||||||||||||||
EARNINGS PER SHARE FROM |
||||||||||||||||||||||||||||
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | 0.31 | $ | 0.10 | $ | 0.41 | $ | 0.44 | $ | 0.01 | $ | 0.45 | ||||||||||||||||
Diluted |
$ | 0.31 | $ | 0.10 | $ | 0.41 | $ | 0.44 | $ | 0.01 | $ | 0.45 | ||||||||||||||||
(LOSS) EARNINGS PER SHARE FROM |
||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.03 | ) | $ | 0.03 | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | — | ||||||||||||||
Diluted |
$ | (0.03 | ) | $ | 0.03 | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | — | ||||||||||||||
EARNINGS PER SHARE: |
||||||||||||||||||||||||||||
Basic |
$ | 0.28 | $ | 0.13 | $ | 0.41 | $ | 0.45 | $ | 0.00 | $ | 0.45 | ||||||||||||||||
Diluted |
$ | 0.28 | $ | 0.13 | $ | 0.41 | $ | 0.45 | $ | 0.00 | $ | 0.45 | ||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | ||||||||||||||||||||||
Diluted |
274.9 | 274.9 | 274.9 | 283.5 | 283.5 | 283.5 | ||||||||||||||||||||||
| (1) | Charges excluded from “as reported” results for 2005 consist of a $5.9 million reversal of impairment, $51.3 million of Project Acceleration restructuring costs related to exiting certain facilities, and a $7.8 million net loss related to discontinued operations. | |
| (2) | Charges excluded from “as reported” results for 2004 consist of $4.9 million of restructuring costs related to exiting certain facilities and $3.3 million in net income from discontinued operations. |
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results “As Reported” to Results “Excluding Charges”
| Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
| 2005 | 2004 | YOY | ||||||||||||||||||||||||||
| As Reported | Charges (1) | Excl. Charges | As Reported | Charges (2) | Excl. Charges | % Change | ||||||||||||||||||||||
Net sales |
$ | 6,342.5 | $ | 6,342.5 | $ | 6,479.8 | $ | 6,479.8 | (2.1 | )% | ||||||||||||||||||
Cost of products sold |
4,448.1 | — | 4,448.1 | 4,641.0 | (15.3 | ) | 4,625.7 | |||||||||||||||||||||
GROSS MARGIN |
1,894.4 | — | 1,894.4 | 1,838.8 | 15.3 | 1,854.1 | 2.2 | % | ||||||||||||||||||||
% of sales |
29.9 | % | 29.9 | % | 28.4 | % | 28.6 | % | ||||||||||||||||||||
Selling, general & |
||||||||||||||||||||||||||||
administrative expense |
1,265.6 | — | 1,265.6 | 1,208.8 | (1.7 | ) | 1,207.1 | 4.8 | % | |||||||||||||||||||
% of sales |
20.0 | % | 20.0 | % | 18.7 | % | 18.6 | % | ||||||||||||||||||||
Impairment charge |
34.4 | (34.4 | ) | — | 295.1 | (295.1 | ) | — | ||||||||||||||||||||
Restructuring costs |
72.2 | (51.3 | ) | 20.9 | 44.2 | (44.2 | ) | — | ||||||||||||||||||||
OPERATING INCOME |
522.2 | 85.7 | 607.9 | 290.7 | 356.3 | 647.0 | (6.0 | )% | ||||||||||||||||||||
% of sales |
8.2 | % | 9.6 | % | 4.5 | % | 10.0 | % | ||||||||||||||||||||
Nonoperating expenses: |
||||||||||||||||||||||||||||
Interest expense, net |
127.1 | — | 127.1 | 119.3 | — | 119.3 | ||||||||||||||||||||||
Other |
(23.0 | ) | — | (23.0 | ) | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||
| 104.1 | — | 104.1 | 116.1 | — | 116.1 | (10.3 | )% | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES |
418.1 | 85.7 | 503.8 | 174.6 | 356.3 | 530.9 | (5.1 | )% | ||||||||||||||||||||
% of sales |
6.6 | % | 7.9 | % | 2.7 | % | 8.2 | % | ||||||||||||||||||||
Income taxes |
61.7 | 18.7 | 80.4 | 104.0 | 43.3 | 147.3 | (45.4 | )% | ||||||||||||||||||||
Effective rate |
14.8 | % | 16.0 | % | 59.6 | % | 27.7 | % | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS |
356.4 | 67.0 | 423.4 | 70.6 | 313.0 | 383.6 | 10.4 | % | ||||||||||||||||||||
% of sales |
5.6 | % | 6.7 | % | 1.1 | % | 5.9 | % | ||||||||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||||||||||
Net loss |
(105.1 | ) | 105.1 | — | (186.7 | ) | 186.7 | — | ||||||||||||||||||||
NET INCOME (LOSS) |
$ | 251.3 | $ | 172.1 | $ | 423.4 | $ | (116.1 | ) | $ | 499.7 | $ | 383.6 | 10.4 | % | |||||||||||||
% of sales |
4.0 | % | 6.7 | % | (1.8 | )% | 5.9 | % | ||||||||||||||||||||
EARNINGS PER SHARE FROM |
||||||||||||||||||||||||||||
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | 1.30 | $ | 0.24 | $ | 1.54 | $ | 0.26 | $ | 1.14 | $ | 1.40 | ||||||||||||||||
Diluted |
$ | 1.30 | $ | 0.24 | $ | 1.54 | $ | 0.26 | $ | 1.14 | $ | 1.40 | ||||||||||||||||
LOSS PER SHARE FROM |
||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||
Basic |
$ | (0.38 | ) | $ | 0.38 | $ | — | $ | (0.68 | ) | $ | 0.68 | $ | — | ||||||||||||||
Diluted |
$ | (0.38 | ) | $ | 0.38 | $ | — | $ | (0.68 | ) | $ | 0.68 | $ | — | ||||||||||||||
EARNINGS (LOSS) PER SHARE: |
||||||||||||||||||||||||||||
Basic |
$ | 0.92 | $ | 0.63 | $ | 1.54 | $ | (0.42 | ) | $ | 1.82 | $ | 1.40 | |||||||||||||||
Diluted |
$ | 0.91 | $ | 0.63 | $ | 1.54 | $ | (0.42 | ) | $ | 1.82 | $ | 1.40 | |||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | ||||||||||||||||||||||
Diluted |
274.9 | 274.9 | 274.9 | 274.7 | 274.7 | 274.7 | ||||||||||||||||||||||
| (1) | Charges excluded from “as reported” results for 2005 consist of a $34.4 million charge related to asset impairment, $51.3 million of Project Acceleration restructuring costs related to exiting certain facilities and a $105.1 million net loss related to discontinued operations. | |
| (2) | Charges excluded from “as reported” results for 2004 are restructuring, restructuring related and impairment charges and the net loss related to discontinued operations. These charges consist of $15.3 million in restructuring related costs associated with product line exits (shown in cost of products sold), $1.7 million of restructuring costs related to relocation of property and equipment (shown in selling, general and administrative expense), $295.1 million in asset impairment, $44.2 million of restructuring costs related to exiting certain facilities (shown in restructuring costs), and a $186.7 million net loss related to discontinued operations. |
Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
| December 31, | December 31, | |||||||
| 2005 | 2004 | |||||||
Assets: |
||||||||
Cash and cash equivalents |
$ | 115.5 | $ | 505.6 | ||||
Accounts receivable, net |
1,202.7 | 1,199.4 | ||||||
Inventories, net |
875.9 | 918.0 | ||||||
Deferred income taxes |
109.8 | 73.8 | ||||||
Prepaid expenses and other |
113.4 | 178.4 | ||||||
Current assets of discontinued operations |
55.5 | 137.2 | ||||||
Total Current Assets |
2,472.8 | 3,012.4 | ||||||
Other assets |
185.5 | 186.0 | ||||||
Property, plant and equipment, net |
971.1 | 1,231.9 | ||||||
Goodwill |
2,354.7 | 1,823.4 | ||||||
Deferred income taxes |
37.3 | 30.5 | ||||||
Other intangible assets, net |
418.3 | 298.7 | ||||||
Non-current assets of discontinued operations |
6.1 | 83.9 | ||||||
Total Assets |
$ | 6,445.8 | $ | 6,666.8 | ||||
Liabilities and Stockholders’ Equity: |
||||||||
Notes payable |
$ | 4.0 | $ | 21.3 | ||||
Accounts payable |
647.3 | 637.1 | ||||||
Accrued compensation |
155.0 | 136.2 | ||||||
Other accrued liabilities |
719.5 | 750.9 | ||||||
Income taxes payable |
82.5 | 68.8 | ||||||
Current portion of long-term debt |
162.8 | 185.6 | ||||||
Current liabilities of discontinued operations |
26.4 | 71.4 | ||||||
Total Current Liabilities |
1,797.5 | 1,871.3 | ||||||
Long-term debt |
2,429.7 | 2,424.3 | ||||||
Other non-current liabilities |
573.4 | 604.1 | ||||||
Long-term liabilities of discontinued operations |
2.0 | 2.9 | ||||||
Stockholders’ Equity |
1,643.2 | 1,764.2 | ||||||
Total Liabilities and Stockholders’ Equity |
$ | 6,445.8 | $ | 6,666.8 | ||||
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
| For The Twelve Months Ended December 31, | ||||||||
| 2005 | 2004 | |||||||
Operating Activities: |
||||||||
Net income (loss) |
$ | 251.3 | $ | (116.1 | ) | |||
Adjustments to reconcile net income (loss) to net cash |
||||||||
provided by operating activities: |
||||||||
Depreciation and amortization |
213.8 | 231.2 | ||||||
Impairment charges |
34.4 | 374.0 | ||||||
Non-cash restructuring costs |
56.2 | 30.9 | ||||||
Deferred income taxes |
(66.1 | ) | 108.9 | |||||
Gain on sale of assets/debt extinguishment |
(20.0 | ) | (9.0 | ) | ||||
Loss on disposal of discontinued operations |
96.8 | 90.5 | ||||||
Other |
(23.9 | ) | (8.4 | ) | ||||
Changes in current accounts, excluding the
effects of acquisitions: |
||||||||
Accounts receivable |
(29.5 | ) | 161.8 | |||||
Inventories |
45.7 | (51.9 | ) | |||||
Accounts payable |
(0.7 | ) | (27.9 | ) | ||||
Accrued liabilities and other |
71.1 | (105.4 | ) | |||||
Discontinued operations |
12.5 | (18.6 | ) | |||||
Net cash provided by operating activities |
$ | 641.6 | $ | 660.0 | ||||
Investing Activities: |
||||||||
Acquisitions, net of cash acquired |
$ | (740.0 | ) | $ | (6.6 | ) | ||
Expenditures for property, plant and equipment |
(92.2 | ) | (121.9 | ) | ||||
Disposals of non-current assets and sale of businesses |
65.5 | 318.1 | ||||||
Net cash (used in) provided by investing activities |
$ | (766.7 | ) | $ | 189.6 | |||
Financing Activities: |
||||||||
Proceeds from issuance of debt |
$ | 337.0 | $ | 33.9 | ||||
Payments on notes payable and long-term debt |
(360.1 | ) | (298.4 | ) | ||||
Cash dividends |
(231.5 | ) | (231.0 | ) | ||||
Proceeds from exercised stock options and other |
(2.6 | ) | 1.4 | |||||
Net cash used in financing activities |
$ | (257.2 | ) | $ | (494.1 | ) | ||
Exchange rate effect on cash and cash equivalents |
$ | (7.8 | ) | $ | 5.7 | |||
(Decrease) Increase in cash and cash equivalents |
(390.1 | ) | 361.2 | |||||
Cash and cash equivalents at beginning of year |
505.6 | 144.4 | ||||||
Cash and cash equivalents at end of period |
$ | 115.5 | $ | 505.6 | ||||
Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)
Calculation of Free Cash Flow (1)
| For The Three Months Ended December 31, | ||||||||
| Free Cash Flow (in millions): | 2005 | 2004 | ||||||
Net cash provided by operating activities |
$ | 190.3 | $ | 238.2 | ||||
Expenditures for property, plant and equipment |
(22.3 | ) | (26.8 | ) | ||||
Cash dividends |
(57.8 | ) | (57.7 | ) | ||||
Free Cash Flow |
$ | 110.2 | $ | 153.7 | ||||
| For The Twelve Months Ended December 31, | ||||||||
| Free Cash Flow (in millions): | 2005 | 2004 | ||||||
Net cash provided by operating activities |
$ | 641.6 | $ | 660.0 | ||||
Expenditures for property, plant and equipment |
(92.2 | ) | (121.9 | ) | ||||
Cash dividends |
(231.5 | ) | (231.0 | ) | ||||
Free Cash Flow |
$ | 317.9 | $ | 307.1 | ||||
| (1) | Free cash flow is defined as cash flow provided by operating activities less expenditures for property, plant and equipment and cash dividends. |
Newell Rubbermaid Inc.
Financial Worksheet
In Millions
Financial Worksheet
In Millions
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
$ | 339.5 | $ | 14.3 | $ | — | $ | 14.3 | 4.2 | % | $ | 405.9 | $ | 17.4 | $ | 3.5 | $ | 20.9 | 5.1 | % | $ | (66.4 | ) | (16.4 | )% | $ | (6.6 | ) | (31.6 | )% | ||||||||||||||||||||||||||
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 |
216.1 | 16.6 | — | 16.6 | 7.7 | % | 222.3 | 15.4 | — | 15.4 | 6.9 | % | (6.2 | ) | (2.8 | )% | 1.2 | 7.8 | % | |||||||||||||||||||||||||||||||||||||
Impairment |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(5.9 | ) | — | (5.9 | ) | (21.2 | ) | 21.2 | — | (5.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(9.5 | ) | — | (9.5 | ) | (7.4 | ) | — | (7.4 | ) | (2.1 | ) | 28.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,363.1 | $ | 71.2 | $ | — | $ | 71.2 | 5.2 | % | $ | 1,462.1 | $ | 82.9 | $ | 25.3 | $ | 108.2 | 7.4 | % | $ | (99.0 | ) | (6.8 | )% | $ | (37.0 | ) | (34.2 | )% | ||||||||||||||||||||||||||
Core businesses |
1,363.1 | 71.2 | — | 71.2 | 5.2 | % | 1,462.1 | 82.9 | 25.3 | 108.2 | 7.4 | % | (99.0 | ) | (6.8 | )% | (37.0 | ) | (34.2 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,363.1 | $ | 71.2 | $ | — | $ | 71.2 | 5.2 | % | $ | 1,462.1 | $ | 82.9 | $ | 25.3 | $ | 108.2 | 7.4 | % | $ | (99.0 | ) | (6.8 | )% | $ | (37.0 | ) | (34.2 | )% | ||||||||||||||||||||||||||
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
$ | 404.6 | $ | 26.1 | $ | — | $ | 26.1 | 6.5 | % | $ | 434.9 | $ | 13.4 | $ | 5.2 | $ | 18.7 | 4.3 | % | $ | (30.3 | ) | (7.0 | )% | $ | 7.4 | 39.6 | % | |||||||||||||||||||||||||||
Office Products |
495.5 | 98.9 | — | 98.9 | 20.0 | % | 489.2 | 95.5 | 0.3 | 95.8 | 19.6 | % | 6.3 | 1.3 | % | 3.1 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
Tools & Hardware |
315.5 | 49.3 | — | 49.3 | 15.6 | % | 300.3 | 43.5 | 3.1 | 46.6 | 15.5 | % | 15.2 | 5.1 | % | 2.7 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||
Home Fashions |
212.0 | 3.6 | — | 3.6 | 1.7 | % | 224.2 | 5.2 | 4.1 | 9.3 | 4.1 | % | (12.2 | ) | (5.4 | )% | (5.7 | ) | (61.3 | )% | ||||||||||||||||||||||||||||||||||||
Other |
218.0 | 19.7 | — | 19.7 | 9.0 | % | 228.8 | 16.0 | 0.1 | 16.1 | 7.0 | % | (10.8 | ) | (4.7 | )% | 3.6 | 22.4 | % | |||||||||||||||||||||||||||||||||||||
Impairment |
(31.4 | ) | 31.4 | — | (25.1 | ) | 25.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(0.7 | ) | — | (0.7 | ) | (17.7 | ) | 17.7 | — | (0.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(9.7 | ) | — | (9.7 | ) | (9.7 | ) | — | (9.7 | ) | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,645.6 | $ | 155.8 | $ | 31.4 | $ | 187.2 | 11.4 | % | $ | 1,677.4 | $ | 121.1 | $ | 55.7 | $ | 176.8 | 10.5 | % | $ | (31.8 | ) | (1.9 | )% | $ | 10.4 | 5.9 | % | |||||||||||||||||||||||||||
Core businesses |
1,645.6 | 155.8 | 31.4 | 187.2 | 11.4 | % | 1,677.4 | 121.1 | 55.7 | 176.8 | 10.5 | % | (31.8 | ) | (1.9 | )% | 10.4 | 5.9 | % | |||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,645.6 | $ | 155.8 | $ | 31.4 | $ | 187.2 | 11.4 | % | $ | 1,677.4 | $ | 121.1 | $ | 55.7 | $ | 176.8 | 10.5 | % | $ | (31.8 | ) | (1.9 | )% | $ | 10.4 | 5.9 | % | |||||||||||||||||||||||||||
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
$ | 406.3 | $ | 52.9 | $ | — | $ | 52.9 | 13.0 | % | $ | 416.5 | $ | 28.5 | $ | — | $ | 28.5 | 6.8 | % | $ | (10.2 | ) | (2.4 | )% | $ | 24.4 | 85.6 | % | |||||||||||||||||||||||||||
Office Products |
427.8 | 59.9 | — | 59.9 | 14.0 | % | 424.3 | 61.5 | — | 61.5 | 14.5 | % | 3.5 | 0.8 | % | (1.6 | ) | (2.6 | )% | |||||||||||||||||||||||||||||||||||||
Tools & Hardware |
318.9 | 46.3 | — | 46.3 | 14.5 | % | 300.6 | 45.1 | — | 45.1 | 15.0 | % | 18.3 | 6.1 | % | 1.2 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
Home Fashions |
203.8 | 13.8 | — | 13.8 | 6.8 | % | 228.1 | 15.9 | — | 15.9 | 7.0 | % | (24.3 | ) | (10.7 | )% | (2.1 | ) | (13.2 | )% | ||||||||||||||||||||||||||||||||||||
Other |
228.0 | 28.0 | — | 28.0 | 12.3 | % | 239.2 | 26.2 | — | 26.2 | 11.0 | % | (11.2 | ) | (4.7 | )% | 1.8 | 6.9 | % | |||||||||||||||||||||||||||||||||||||
Impairment |
(8.8 | ) | 8.8 | — | (270.0 | ) | 270.0 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(14.6 | ) | — | (14.6 | ) | (0.4 | ) | 0.4 | — | (14.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(10.1 | ) | — | (10.1 | ) | (10.2 | ) | — | (10.2 | ) | 0.1 | (1.0 | )% | |||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,584.8 | $ | 167.4 | $ | 8.8 | $ | 176.2 | 11.1 | % | $ | 1,608.7 | $ | (103.5 | ) | $ | 270.4 | $ | 167.0 | 10.4 | % | $ | (23.9 | ) | (1.5 | )% | $ | 9.2 | 5.5 | % | ||||||||||||||||||||||||||
Core businesses |
1,584.8 | 167.4 | 8.8 | 176.2 | 11.1 | % | 1,608.7 | (103.5 | ) | 270.4 | 167.0 | 10.4 | % | (23.9 | ) | (1.5 | )% | 9.2 | 5.5 | % | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
— | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,584.8 | $ | 167.4 | $ | 8.8 | $ | 176.2 | 11.1 | % | $ | 1,608.7 | $ | (103.5 | ) | $ | 270.4 | $ | 167.0 | 10.4 | % | $ | (23.9 | ) | (1.5 | )% | $ | 9.2 | 5.5 | % | ||||||||||||||||||||||||||
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Q4: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 464.1 | $ | 23.5 | $ | — | $ | 23.5 | 5.1 | % | $ | 445.4 | $ | 41.2 | $ | — | $ | 41.2 | 9.3 | % | $ | 18.7 | 4.2 | % | $ | (17.7 | ) | (43.0 | )% | |||||||||||||||||||||||||||
Office Products |
457.2 | 73.7 | — | 73.7 | 16.1 | % | 439.9 | 73.2 | — | 73.2 | 16.6 | % | 17.3 | 3.9 | % | 0.5 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
Tools & Hardware |
349.5 | 48.8 | — | 48.8 | 14.0 | % | 343.5 | 50.1 | — | 50.1 | 14.6 | % | 6.0 | 1.7 | % | (1.3 | ) | (2.6 | )% | |||||||||||||||||||||||||||||||||||||
Home Fashions |
209.9 | 9.8 | — | 9.8 | 4.7 | % | 227.7 | 8.1 | — | 8.1 | 3.6 | % | (17.8 | ) | (7.8 | )% | 1.7 | 21.0 | % | |||||||||||||||||||||||||||||||||||||
Other |
268.3 | 33.8 | — | 33.8 | 12.6 | % | 275.1 | 34.4 | — | 34.4 | 12.5 | % | (6.8 | ) | (2.5 | )% | (0.6 | ) | (1.7 | )% | ||||||||||||||||||||||||||||||||||||
Impairment |
5.9 | (5.9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(51.0 | ) | 51.3 | 0.3 | (4.9 | ) | 4.9 | — | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(16.7 | ) | — | (16.7 | ) | (12.0 | ) | — | (12.0 | ) | (4.7 | ) | 39.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,749.0 | $ | 127.8 | $ | 45.4 | $ | 173.2 | 9.9 | % | $ | 1,731.6 | $ | 190.1 | $ | 4.9 | $ | 195.0 | 11.3 | % | $ | 17.4 | 1.0 | % | $ | (21.8 | ) | (11.2 | )% | |||||||||||||||||||||||||||
Core businesses |
1,724.1 | 125.8 | 45.4 | 171.2 | 9.9 | % | 1,731.6 | 190.1 | 4.9 | 195.0 | 11.3 | % | (7.5 | ) | (0.4 | )% | (23.8 | ) | (12.2 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
24.9 | 2.0 | — | 2.0 | — | — | — | — | 24.9 | N/A | 2.0 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,749.0 | $ | 127.8 | $ | 45.4 | $ | 173.2 | 9.9 | % | $ | 1,731.6 | $ | 190.1 | $ | 4.9 | $ | 195.0 | 11.3 | % | $ | 17.4 | 1.0 | % | $ | (21.8 | ) | (11.2 | )% | |||||||||||||||||||||||||||
| 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
$ | 1,614.6 | $ | 116.9 | $ | — | $ | 116.9 | 7.2 | % | $ | 1,702.7 | $ | 100.7 | $ | 8.7 | $ | 109.4 | 6.4 | % | $ | (88.1 | ) | (5.2 | )% | $ | 7.5 | 6.9 | % | |||||||||||||||||||||||||||
Office Products |
1,713.3 | 266.0 | — | 266.0 | 15.5 | % | 1,686.2 | 261.9 | 0.4 | 262.3 | 15.6 | % | 27.1 | 1.6 | % | 3.7 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||
Tools & Hardware |
1,260.3 | 171.1 | — | 171.1 | 13.6 | % | 1,218.7 | 181.8 | 3.0 | 184.8 | 15.2 | % | 41.6 | 3.4 | % | (13.7 | ) | (7.4 | )% | |||||||||||||||||||||||||||||||||||||
Home Fashions |
824.0 | 22.7 | — | 22.7 | 2.8 | % | 906.8 | 33.0 | 4.8 | 37.8 | 4.2 | % | (82.8 | ) | (9.1 | )% | (15.1 | ) | (39.9 | )% | ||||||||||||||||||||||||||||||||||||
Other |
930.3 | 98.1 | — | 98.1 | 10.5 | % | 965.4 | 92.0 | 0.1 | 92.1 | 9.5 | % | (35.1 | ) | (3.6 | )% | 6.0 | 6.5 | % | |||||||||||||||||||||||||||||||||||||
Impairment |
(34.4 | ) | 34.4 | — | (295.1 | ) | 295.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs |
(72.2 | ) | 51.3 | (20.9 | ) | (44.2 | ) | 44.2 | — | (20.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate |
(46.0 | ) | — | (46.0 | ) | (39.4 | ) | — | (39.4 | ) | (6.6 | ) | 16.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 6,342.5 | $ | 522.2 | $ | 85.7 | $ | 607.9 | 9.6 | % | $ | 6,479.8 | $ | 290.7 | $ | 356.3 | $ | 647.0 | 10.0 | % | $ | (137.3 | ) | (2.1 | )% | $ | (39.1 | ) | (6.0 | )% | ||||||||||||||||||||||||||
Core businesses |
6,317.6 | 520.2 | 85.7 | 605.9 | 9.6 | % | 6,479.8 | 290.7 | 356.3 | 647.0 | 10.0 | % | (162.2 | ) | (2.5 | )% | (41.1 | ) | (6.4 | )% | ||||||||||||||||||||||||||||||||||||
Acquisitions / Divestitures |
24.9 | 2.0 | — | 2.0 | — | — | — | — | 24.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 6,342.5 | $ | 522.2 | $ | 85.7 | $ | 607.9 | 9.6 | % | $ | 6,479.8 | $ | 290.7 | $ | 356.3 | $ | 647.0 | 10.0 | % | $ | 137.3 | (2.1 | )% | $ | (41.1 | ) | (6.4 | )% | |||||||||||||||||||||||||||
| (1) | Charges are primarily related to restructuring, impairment and product line exits. |
Newell Rubbermaid Inc.
Three Months Ended December 31, 2005
In Millions
Three Months Ended December 31, 2005
In Millions
Currency Analysis
| 2005 | 2004 | Year-over-year Increase (Decrease) | ||||||||||||||||||||||||||
| By Segment | Sales as | Currency | Adjusted | Sales as | Excluding | Including | Currency | |||||||||||||||||||||
| Reported | Impact | Sales | Reported | Currency | Currency | Impact | ||||||||||||||||||||||
Cleaning & Organization |
$ | 464.1 | $ | 1.2 | $ | 465.3 | $ | 445.4 | 4.5 | % | 4.2 | % | (0.3 | )% | ||||||||||||||
Office Products |
457.2 | 7.7 | 464.9 | 439.9 | 5.7 | % | 3.9 | % | (1.8 | )% | ||||||||||||||||||
Tools & Hardware |
349.5 | (0.7 | ) | 348.8 | 343.5 | 1.5 | % | 1.7 | % | 0.2 | % | |||||||||||||||||
Home Fashions |
209.9 | 7.1 | 217.0 | 227.7 | (4.7 | )% | (7.8 | )% | (3.1 | )% | ||||||||||||||||||
Other |
268.3 | (0.6 | ) | 267.7 | 275.1 | (2.7 | )% | (2.5 | )% | 0.2 | % | |||||||||||||||||
Total Company |
$ | 1,749.0 | $ | 14.7 | $ | 1,763.7 | $ | 1,731.6 | 1.9 | % | 1.0 | % | (0.8 | )% | ||||||||||||||
By Geography |
||||||||||||||||||||||||||||
United States |
$ | 1,272.7 | $ | — | $ | 1,272.7 | $ | 1,232.4 | 3.3 | % | 3.3 | % | 0.0 | % | ||||||||||||||
Canada |
102.3 | (3.5 | ) | 98.8 | 98.5 | 0.3 | % | 3.9 | % | 3.6 | % | |||||||||||||||||
North America |
1,375.0 | (3.5 | ) | 1,371.5 | 1,330.9 | 3.1 | % | 3.3 | % | 0.3 | % | |||||||||||||||||
Europe |
261.3 | 22.1 | 283.4 | 304.6 | (7.0 | )% | (14.2 | )% | (7.3 | )% | ||||||||||||||||||
Central & South America |
64.0 | (5.1 | ) | 58.9 | 51.7 | 13.9 | % | 23.8 | % | 9.9 | % | |||||||||||||||||
All Other |
48.7 | 1.2 | 49.9 | 44.4 | 12.4 | % | 9.7 | % | (2.7 | )% | ||||||||||||||||||
Total Company |
$ | 1,749.0 | $ | 14.7 | $ | 1,763.7 | $ | 1,731.6 | 1.9 | % | 1.0 | % | (0.8 | )% | ||||||||||||||
Newell Rubbermaid Inc.
Twelve Months Ended December 31, 2005
In Millions
Twelve Months Ended December 31, 2005
In Millions
Currency Analysis
| 2005 | 2004 | Year-over-year Increase (Decrease) | ||||||||||||||||||||||||||
| By Segment | Sales as | Currency | Adjusted | Sales as | Excluding | Including | Currency | |||||||||||||||||||||
| Reported | Impact | Sales | Reported | Currency | Currency | Impact | ||||||||||||||||||||||
Cleaning & Organization |
$ | 1,614.6 | $ | (11.3 | ) | $ | 1,603.3 | $ | 1,702.7 | (5.8 | )% | (5.2 | )% | 0.7 | % | |||||||||||||
Office Products |
1,713.3 | (10.1 | ) | 1,703.2 | 1,686.2 | 1.0 | % | 1.6 | % | 0.6 | % | |||||||||||||||||
Tools & Hardware |
1,260.3 | (14.2 | ) | 1,246.1 | 1,218.7 | 2.2 | % | 3.4 | % | 1.2 | % | |||||||||||||||||
Home Fashions |
824.0 | (6.5 | ) | 817.5 | 906.8 | (9.8 | )% | (9.1 | )% | 0.7 | % | |||||||||||||||||
Other |
930.3 | (3.1 | ) | 927.2 | 965.4 | (4.0 | )% | (3.6 | )% | 0.3 | % | |||||||||||||||||
Total Company |
$ | 6,342.5 | $ | (45.2 | ) | $ | 6,297.3 | $ | 6,479.8 | (2.8 | )% | (2.1 | )% | 0.7 | % | |||||||||||||
By Geography |
||||||||||||||||||||||||||||
United States |
$ | 4,537.1 | $ | — | $ | 4,537.1 | $ | 4,611.1 | (1.6 | )% | (1.6 | )% | 0.0 | % | ||||||||||||||
Canada |
370.6 | (24.6 | ) | 346.0 | 349.1 | (0.9 | )% | 6.2 | % | 7.0 | % | |||||||||||||||||
North America |
4,907.7 | (24.6 | ) | 4,883.1 | 4,960.2 | (1.6 | )% | (1.1 | )% | 0.5 | % | |||||||||||||||||
Europe |
1,044.4 | (4.7 | ) | 1,039.7 | 1,163.6 | (10.6 | )% | (10.2 | )% | 0.4 | % | |||||||||||||||||
Central & South America |
226.9 | (13.2 | ) | 213.7 | 200.7 | 6.5 | % | 13.1 | % | 6.6 | % | |||||||||||||||||
All Other |
163.5 | (2.7 | ) | 160.8 | 155.3 | 3.5 | % | 5.3 | % | 1.7 | % | |||||||||||||||||
Total Company |
$ | 6,342.5 | $ | (45.2 | ) | $ | 6,297.3 | $ | 6,479.8 | (2.8 | )% | (2.1 | )% | 0.7 | % | |||||||||||||
Newell Rubbermaid Inc.
2003-2005 Quarterly Segment Sales and Operating Income
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
2003-2005 Quarterly Segment Sales and Operating Income
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
During the fourth quarter 2005, the company elected to retain a certain business in the Cleaning & Organization segment previously held for sale.
The schedule below shows the impact of this business, which will be reported as part of continuing operations.
| 2005 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ex. | Ex. | Ex. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported | Charges | Charges | Reported | Charges | Charges | Reported | Charges | Charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | OI | (1) | OI | Margin | Sales | OI | (1) | OI | Margin | Sales | OI | (1) | OI | Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaning & Organization |
$ | 339.5 | $ | 14.3 | — | $ | 14.3 | 4.2 | % | $ | 404.6 | $ | 26.1 | — | $ | 26.1 | 6.5 | % | $ | 406.3 | $ | 52.9 | — | $ | 52.9 | 13.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Products |
332.8 | 33.5 | — | 33.5 | 10.1 | % | 495.5 | 98.9 | — | 98.9 | 20.0 | % | 427.8 | 59.9 | — | 59.9 | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tools & Hardware |
276.4 | 26.7 | — | 26.7 | 9.7 | % | 315.5 | 49.3 | — | 49.3 | 15.6 | % | 318.9 | 46.3 | — | 46.3 | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Fashions |
198.3 | (4.5 | ) | — | (4.5 | ) | (2.3 | %) | 212.0 | 3.6 | — | 3.6 | 1.7 | % | 203.8 | 13.8 | — | 13.8 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
216.1 | 16.6 | — | 16.6 | 7.7 | % | 218.0 | 19.7 | — | 19.7 | 9.0 | % | 228.0 | 28.0 | — | 28.0 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate |
— | (9.5 | ) | — | (9.5 | ) | — | (9.7 | ) | — | (9.7 | ) | — | (10.1 | ) | — | (10.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment |
— | — | — | — | — | (31.4 | ) | 31.4 | — | — | (8.8 | ) | 8.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring |
— | (5.9 | ) | — | (5.9 | ) | — | (0.7 | ) | — | (0.7 | ) | — | (14.6 | ) | — | (14.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations |
1,363.1 | 71.2 | — | 71.2 | 5.2 | % | 1,645.6 | 155.8 | 31.4 | 187.2 | 11.4 | % | 1,584.8 | 167.4 | 8.8 | 176.2 | 11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Previously Held for Sale |
16.5 | 2.9 | — | 2.9 | 17.6 | % | 28.1 | (28.4 | ) | 31.4 | 3.0 | 10.7 | % | 13.6 | 24.7 | (25.5 | ) | (0.8 | ) | (5.9 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | 3.5 | $ | 20.9 | 5.1 | % | $ | 434.9 | $ | 13.4 | 5.2 | $ | 18.7 | 4.3 | % | $ | 416.5 | $ | 28.5 | — | $ | 28.5 | 6.8 | % | $ | 445.4 | $ | 41.2 | — | $ | 41.2 | 9.3 | % | 1,702.7 | 100.7 | 8.7 | 109.4 | 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 | 0.4 | 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 | 3.0 | 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 |
222.3 | 15.4 | — | 15.4 | 6.9 | % | 228.8 | 16.0 | 0.1 | 16.1 | 7.0 | % | 239.2 | 26.2 | — | 26.2 | 11.0 | % | 275.1 | 34.4 | — | 34.4 | 12.5 | % | 965.4 | 92.0 | 0.1 | 92.1 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | (295.1 | ) | 295.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring |
— | (21.2 | ) | 21.2 | — | — | (17.7 | ) | 17.7 | — | — | (0.4 | ) | 0.4 | — | — | (4.9 | ) | 4.9 | — | — | (44.2 | ) | 44.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations |
1,462.1 | 82.9 | 25.3 | 108.2 | 7.4 | % | 1,677.4 | 121.1 | 55.7 | 176.8 | 10.5 | % | 1,608.7 | (103.5 | ) | 270.4 | 167.0 | 10.4 | % | 1,731.6 | 190.1 | 4.9 | 195.0 | 11.3 | % | 6,479.8 | 290.7 | 356.3 | 647.0 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Previously Held for Sale |
20.1 | 1.2 | 0.6 | 1.8 | 9.0 | % | 34.8 | 4.7 | (0.5 | ) | 4.2 | 12.1 | % | 12.3 | (1.3 | ) | — | (1.3 | ) | (10.6 | %) | 7.1 | (3.9 | ) | — | (3.9 | ) | (54.9 | %) | 74.3 | 0.7 | 0.1 | 0.8 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 41.3 | 0.4 | $ | 41.7 | 9.6 | % | $ | 472.4 | $ | 23.1 | 0.2 | $ | 23.3 | 4.9 | % | $ | 469.9 | $ | 35.0 | 0.4 | $ | 35.4 | 7.5 | % | $ | 471.2 | $ | 4.1 | 1.5 | $ | 5.6 | 1.2 | % | 1,848.6 | 103.6 | 2.4 | 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 |
234.2 | 21.9 | 0.4 | 22.3 | 9.5 | % | 226.6 | 19.0 | (0.2 | ) | 18.8 | 8.3 | % | 232.7 | 29.6 | (0.2 | ) | 29.4 | 12.6 | % | 290.8 | 44.3 | 1.4 | 45.7 | 15.7 | % | 984.3 | 114.8 | 1.4 | 116.2 | 11.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
— | (19.3 | ) | 19.3 | — | — | (53.1 | ) | 53.1 | — | — | (41.8 | ) | 41.8 | — | — | (75.1 | ) | 75.1 | — | — | (189.3 | ) | 189.3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations |
1,476.8 | 123.9 | 23.8 | 147.7 | 10.0 | % | 1,729.2 | 153.1 | 54.5 | 207.6 | 12.0 | % | 1,654.1 | 152.7 | 43.0 | 195.7 | 11.8 | % | 1,754.7 | 67.8 | 118.0 | 185.8 | 10.6 | % | 6,614.8 | 497.6 | 239.2 | 736.8 | 11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Previously Held for Sale |
18.7 | 2.2 | — | 2.2 | 11.8 | % | 34.1 | 4.8 | — | 4.8 | 14.1 | % | 16.6 | (2.3 | ) | — | (2.3 | ) | (13.9 | %) | 6.0 | (3.8 | ) | 0.7 | (3.1 | ) | (51.7 | %) | 75.4 | 0.9 | 0.7 | 1.6 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (1) | Charges are primarily related to restructuring, asset impairment, product line exits, acquisitions and divestitures |
Newell Rubbermaid
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
During the fourth quarter 2005, the company elected to retain a certain business in the Cleaning & Organization segment previously held for sale.
The schedule below shows this business reported as part of continuing operations.
| 2005 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||
| Charges | Excluding | Charges | Excluding | Charges | Excluding | |||||||||||||||||||||||||||||||
| Reported | (1) | Charges | Reported | (1) | Charges | Reported | (1) | Charges | ||||||||||||||||||||||||||||
Net Sales |
1,363.1 | — | 1,363.1 | 1,645.6 | — | 1,645.6 | 1,584.8 | — | 1,584.8 | |||||||||||||||||||||||||||
GROSS MARGIN |
374.7 | — | 374.7 | 508.1 | — | 508.1 | 498.3 | — | 498.3 | |||||||||||||||||||||||||||
SG&A |
(297.6 | ) | — | (297.6 | ) | (320.2 | ) | — | (320.2 | ) | (307.5 | ) | — | (307.5 | ) | |||||||||||||||||||||
Impairment |
— | — | — | (31.4 | ) | 31.4 | — | (8.8 | ) | 8.8 | — | |||||||||||||||||||||||||
Restructuring |
(5.9 | ) | — | (5.9 | ) | (0.7 | ) | — | (0.7 | ) | (14.6 | ) | — | (14.6 | ) | |||||||||||||||||||||
OPERATING INCOME |
71.2 | — | 71.2 | 155.8 | 31.4 | 187.2 | 167.4 | 8.8 | 176.2 | |||||||||||||||||||||||||||
Non-Operating Expense |
(28.5 | ) | — | (28.5 | ) | (32.9 | ) | — | (32.9 | ) | (33.7 | ) | — | (33.7 | ) | |||||||||||||||||||||
Income Taxes |
46.7 | — | 46.7 | (41.1 | ) | (6.9 | ) | (48.0 | ) | (33.3 | ) | 5.1 | (28.2 | ) | ||||||||||||||||||||||
Income from Continuing Operations |
89.4 | — | 89.4 | 81.8 | 24.5 | 106.3 | 100.4 | 13.9 | 114.3 | |||||||||||||||||||||||||||
Discontinued Operations, net |
(52.9 | ) | 52.9 | — | (15.6 | ) | 15.6 | — | (28.9 | ) | 28.9 | — | ||||||||||||||||||||||||
NET INCOME |
36.5 | 52.9 | 89.4 | 66.2 | 40.1 | 106.3 | 71.5 | 42.8 | 114.3 | |||||||||||||||||||||||||||
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.33 | $ | — | $ | 0.33 | $ | 0.30 | $ | 0.09 | $ | 0.39 | $ | 0.37 | $ | 0.05 | $ | 0.42 | ||||||||||||||||||
Diluted |
$ | 0.33 | $ | — | $ | 0.33 | $ | 0.30 | $ | 0.09 | $ | 0.39 | $ | 0.37 | $ | 0.05 | $ | 0.42 | ||||||||||||||||||
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||||||||||
Basic |
$ | (0.19 | ) | $ | 0.19 | $ | — | $ | (0.06 | ) | $ | 0.06 | $ | — | $ | (0.11 | ) | $ | 0.11 | $ | — | |||||||||||||||
Diluted |
$ | (0.19 | ) | $ | 0.19 | $ | — | $ | (0.06 | ) | $ | 0.06 | $ | — | $ | (0.11 | ) | $ | 0.11 | $ | — | |||||||||||||||
EARNINGS PER SHARE: |
||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.13 | $ | 0.19 | $ | 0.33 | $ | 0.24 | $ | 0.15 | $ | 0.39 | $ | 0.26 | $ | 0.16 | $ | 0.42 | ||||||||||||||||||
Diluted |
$ | 0.13 | $ | 0.19 | $ | 0.33 | $ | 0.24 | $ | 0.15 | $ | 0.39 | $ | 0.26 | $ | 0.16 | $ | 0.42 | ||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||||||||
Basic |
274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | |||||||||||||||||||||||||||
Diluted |
274.9 | 274.9 | 274.9 | 274.7 | 274.7 | 274.7 | 275.0 | 275.0 | 275.0 | |||||||||||||||||||||||||||
| (1) | Charges are related to asset impairment and divestitures. |
Newell Rubbermaid
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
During the fourth quarter 2005, the company elected to retain a certain business in the Cleaning & Organization segment previously held for sale.
The schedule below shows this business reported as part of continuing operations.
| 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 |
1,462.1 | — | 1,462.1 | 1,677.4 | — | 1,677.4 | 1,608.7 | — | 1,608.7 | 1,731.6 | — | 1,731.6 | 6,479.8 | — | 6,479.8 | |||||||||||||||||||||||||||||||||||||||||||||
GROSS MARGIN |
397.1 | 3.9 | 401.0 | 477.1 | 11.4 | 488.5 | 459.2 | — | 459.2 | 505.4 | — | 505.4 | 1,838.8 | 15.3 | 1,854.1 | |||||||||||||||||||||||||||||||||||||||||||||
SG&A |
(293.0 | ) | 0.2 | (292.8 | ) | (313.2 | ) | 1.5 | (311.7 | ) | (292.3 | ) | — | (292.3 | ) | (310.4 | ) | — | (310.4 | ) | (1,208.8 | ) | 1.6 | (1,207.2 | ) | |||||||||||||||||||||||||||||||||||
Impairment |
— | — | — | (25.1 | ) | 25.1 | — | (270.0 | ) | 270.0 | — | — | — | — | (295.1 | ) | 295.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Restructuring |
(21.2 | ) | 21.2 | — | (17.7 | ) | 17.7 | — | (0.4 | ) | 0.4 | — | (4.9 | ) | 4.9 | — | (44.2 | ) | 44.2 | — | ||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME |
82.9 | 25.3 | 108.2 | 121.1 | 55.7 | 176.8 | (103.5 | ) | 270.5 | 167.0 | 190.1 | 4.9 | 195.0 | 290.7 | 356.3 | 647.0 | ||||||||||||||||||||||||||||||||||||||||||||
Non Operating Expense |
(33.2 | ) | — | (33.2 | ) | (31.2 | ) | — | (31.2 | ) | (29.2 | ) | — | (29.2 | ) | (22.6 | ) | — | (22.6 | ) | (116.1 | ) | — | (116.1 | ) | |||||||||||||||||||||||||||||||||||
Income Taxes |
(16.2 | ) | (8.7 | ) | (24.9 | ) | (18.2 | ) | (17.3 | ) | (35.5 | ) | (22.9 | ) | (16.1 | ) | (39.0 | ) | (46.6 | ) | (1.3 | ) | (47.9 | ) | (104.0 | ) | (43.3 | ) | (147.3 | ) | ||||||||||||||||||||||||||||||
Income from Continuing Operations |
33.5 | 16.6 | 50.1 | 71.7 | 38.4 | 110.1 | (155.6 | ) | 254.4 | 98.8 | 120.9 | 3.6 | 124.5 | 70.6 | 313.0 | 383.6 | ||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
(108.4 | ) | 108.4 | — | (10.7 | ) | 10.7 | — | (70.8 | ) | 70.8 | — | 3.2 | (3.2 | ) | — | (186.7 | ) | 186.7 | — | ||||||||||||||||||||||||||||||||||||||||
NET (LOSS) INCOME |
(74.9 | ) | 125.0 | 50.1 | 61.0 | 49.1 | 110.1 | (226.4 | ) | 325.2 | 98.8 | 124.1 | 0.4 | 124.5 | (116.1 | ) | 499.7 | 383.6 | ||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.12 | $ | 0.06 | $ | 0.18 | $ | 0.26 | $ | 0.14 | $ | 0.40 | $ | (0.57 | ) | $ | 0.93 | $ | 0.36 | $ | 0.44 | $ | 0.01 | $ | 0.45 | $ | 0.26 | $ | 1.14 | $ | 1.40 | |||||||||||||||||||||||||||||
Diluted |
$ | 0.12 | $ | 0.06 | $ | 0.18 | $ | 0.26 | $ | 0.14 | $ | 0.40 | $ | (0.57 | ) | $ | 0.93 | $ | 0.36 | $ | 0.44 | $ | 0.01 | $ | 0.45 | $ | 0.26 | $ | 1.14 | $ | 1.40 | |||||||||||||||||||||||||||||
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | (0.40 | ) | $ | 0.40 | $ | — | $ | (0.04 | ) | $ | 0.04 | $ | — | $ | (0.26 | ) | $ | 0.26 | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | — | $ | (0.68 | ) | $ | 0.68 | $ | — | |||||||||||||||||||||||||
Diluted |
$ | (0.39 | ) | $ | 0.39 | $ | — | $ | (0.04 | ) | $ | 0.04 | $ | — | $ | (0.26 | ) | $ | 0.26 | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | — | $ | (0.68 | ) | $ | 0.68 | $ | — | |||||||||||||||||||||||||
(LOSS) EARNINGS PER SHARE: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | (0.27 | ) | $ | 0.46 | $ | 0.18 | $ | 0.22 | $ | 0.18 | $ | 0.40 | $ | (0.83 | ) | $ | 1.19 | $ | 0.36 | $ | 0.45 | $ | 0.00 | $ | 0.45 | $ | (0.42 | ) | $ | 1.82 | $ | 1.40 | |||||||||||||||||||||||||||
Diluted |
$ | (0.27 | ) | $ | 0.46 | $ | 0.18 | $ | 0.22 | $ | 0.18 | $ | 0.40 | $ | (0.83 | ) | $ | 1.19 | $ | 0.36 | $ | 0.45 | $ | 0.00 | $ | 0.45 | $ | (0.42 | ) | $ | 1.82 | $ | 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 | 274.7 | 274.7 | 274.7 | |||||||||||||||||||||||||||||||||||||||||||||
| (1) | Charges are primarily related to restructuring, asset impairment, product line exits, acquisitions and divestitures |
Newell Rubbermaid
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
Quarterly Income Statements
Restatement Classifying Certain Cleaning & Organization Business Previously Held for Sale Back to Continuing Operations
January 26, 2006
During the fourth quarter 2005, the company elected to retain a certain business in the
Cleaning & Organization segment previously held for sale. The schedule below shows this business reported as part of continuing operations.
| 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 |
1,476.8 | — | 1,476.8 | 1,729.2 | — | 1,729.2 | 1,654.1 | — | 1,654.1 | 1,754.7 | — | 1,754.7 | 6,614.8 | — | 6,614.8 | |||||||||||||||||||||||||||||||||||||||||||||
GROSS MARGIN |
416.9 | 4.1 | 421.0 | 514.4 | 1.3 | 515.7 | 473.7 | 1.2 | 474.9 | 477.0 | 7.1 | 484.1 | 1,882.1 | 13.6 | 1,895.7 | |||||||||||||||||||||||||||||||||||||||||||||
SG&A |
(273.7 | ) | 0.4 | (273.3 | ) | (308.2 | ) | 0.1 | (308.1 | ) | (279.2 | ) | — | (279.2 | ) | (299.6 | ) | 1.3 | (298.3 | ) | (1,160.6 | ) | 1.8 | (1,158.9 | ) | |||||||||||||||||||||||||||||||||||
Impairment |
— | — | — | — | — | — | — | — | — | (34.5 | ) | 34.5 | — | (34.5 | ) | 34.5 | — | |||||||||||||||||||||||||||||||||||||||||||
Restructuring |
(19.3 | ) | 19.3 | — | (53.1 | ) | 53.1 | — | (41.8 | ) | 41.8 | — | (75.1 | ) | 75.1 | — | (189.3 | ) | 189.3 | — | ||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME |
123.9 | 23.8 | 147.7 | 153.1 | 54.5 | 207.6 | 152.7 | 43.0 | 195.7 | 67.8 | 118.0 | 185.8 | 497.6 | 239.2 | 736.8 | |||||||||||||||||||||||||||||||||||||||||||||
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 |
(19.7 | ) | (16.2 | ) | (35.9 | ) | (39.4 | ) | (17.8 | ) | (57.2 | ) | (37.3 | ) | (14.2 | ) | (51.5 | ) | (23.3 | ) | (25.9 | ) | (49.2 | ) | (119.8 | ) | (74.1 | ) | (193.9 | ) | ||||||||||||||||||||||||||||||
Income from Continuing Operations |
46.8 | 28.7 | 75.5 | 82.4 | 36.7 | 119.1 | 80.7 | 28.8 | 109.5 | 7.9 | 101.3 | 109.2 | 217.9 | 195.4 | 413.3 | |||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
(30.8 | ) | 30.8 | — | (8.6 | ) | 8.6 | — | (5.5 | ) | 5.5 | — | (219.5 | ) | 219.5 | — | (264.5 | ) | 264.5 | — | ||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) |
16.0 | 59.5 | 75.5 | 73.8 | 45.3 | 119.1 | 75.2 | 34.3 | 109.5 | (211.6 | ) | 320.8 | 109.2 | (46.6 | ) | 459.9 | 413.3 | |||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.17 | $ | 0.10 | $ | 0.28 | $ | 0.30 | $ | 0.13 | $ | 0.43 | $ | 0.29 | $ | 0.10 | $ | 0.40 | $ | 0.03 | $ | 0.37 | $ | 0.40 | $ | 0.79 | $ | 0.71 | $ | 1.51 | ||||||||||||||||||||||||||||||
Diluted |
$ | 0.17 | $ | 0.10 | $ | 0.28 | $ | 0.30 | $ | 0.13 | $ | 0.43 | $ | 0.29 | $ | 0.10 | $ | 0.40 | $ | 0.03 | $ | 0.37 | $ | 0.40 | $ | 0.79 | $ | 0.71 | $ | 1.51 | ||||||||||||||||||||||||||||||
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | (0.11 | ) | $ | 0.11 | $ | — | $ | (0.03 | ) | $ | 0.03 | $ | — | $ | (0.02 | ) | $ | 0.02 | $ | — | $ | (0.80 | ) | $ | 0.80 | $ | — | $ | (0.96 | ) | $ | 0.96 | $ | — | |||||||||||||||||||||||||
Diluted |
$ | (0.11 | ) | $ | 0.11 | $ | — | $ | (0.03 | ) | $ | 0.03 | $ | — | $ | (0.02 | ) | $ | 0.02 | $ | — | $ | (0.80 | ) | $ | 0.80 | $ | — | $ | (0.96 | ) | $ | 0.96 | $ | — | |||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.06 | $ | 0.22 | $ | 0.28 | $ | 0.27 | $ | 0.17 | $ | 0.43 | $ | 0.27 | $ | 0.13 | $ | 0.40 | $ | (0.77 | ) | $ | 1.17 | $ | 0.40 | $ | (0.17 | ) | $ | 1.68 | $ | 1.51 | ||||||||||||||||||||||||||||
Diluted |
$ | 0.06 | $ | 0.22 | $ | 0.28 | $ | 0.27 | $ | 0.16 | $ | 0.43 | $ | 0.27 | $ | 0.13 | $ | 0.40 | $ | (0.77 | ) | $ | 1.17 | $ | 0.40 | $ | (0.17 | ) | $ | 1.68 | $ | 1.51 | ||||||||||||||||||||||||||||
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 line exits, acquisitions and divestitures |