Actuant Announces Record Earnings, Two-for-One Stock Split and Bond Repurchases.Business Editors MILWAUKEE--(BUSINESS WIRE)--Oct. 1, 2003 Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) today announced results for its fourth quarter and fiscal year ended August 31, 2003. Fourth quarter sales increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 22% to $148.2 million compared to $121.4 million in the prior year. Current year results include those from Heinrich Heinrich is a male given name or surname of Germanic origin. Equivalents in other languages are Henry (English), Enrico (Italian), Henri (French), Enrique (Spanish), and Henrique (Portuguese). Kopp KOPP Keep Our Port Public (New Zealand) AG ("Kopp"), which was acquired on September September: see month. 3, 2002. Excluding Kopp and the impact of foreign currency exchange rate changes on translated results, fourth quarter sales decreased approximately 1% from the comparable prior year period. Fourth quarter fiscal 2003 net earnings and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were a record $10.0 million and $0.82 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, respectively. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to fiscal 2002 fourth quarter net earnings and diluted earnings per share of $7.1 million and $0.58 per diluted share, respectively. Prior year results included a $1.3 million, or $0.11 per diluted share, net of tax charge for the open market repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of a portion of the Company's 13% Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes (the "13% Notes"). Excluding this charge, current year fourth quarter net earnings increased 19%. Actuant's sales for the fiscal year ended August 31, 2003 were $585.4 million, approximately 26% higher than the $463.0 million generated in the prior year. Excluding Kopp and the impact of foreign currency rate changes, fiscal 2003 sales were essentially flat with the prior year. Net earnings for the year ended August 31, 2003 were $29.0 million, or $2.37 per diluted share, compared to a loss of $2.6 million, or $0.24 per diluted share, in fiscal 2002. In fiscal 2003, the Company recorded net of tax special charges of $1.3 million, or $0.10 per diluted share, for the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt and $4.2 million, or $0.34 per diluted share, for litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters associated with businesses divested prior to the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander Ltd. in July July: see month. 2000 (the "Spin-off"). In fiscal 2002 the Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ", which resulted in a net cumulative effect of accounting change charge of $7.2 million, or $0.68 per diluted share. Fiscal 2002 results also included a net $10.6 million, or $1.00 per share, early extinguishment of debt charge and a $10.0 million, or $0.94 per share, net discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. charge. Excluding these special charges, net earnings and diluted earnings per share for the year ended August 31, 2003 were $34.4 million, or $2.81 per diluted share, compared to $25.3 million, or $2.39 per diluted share, respectively, in the prior year. Commenting on the results, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. C. Arzbaecher, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Actuant's fourth quarter was strong, both in terms of earnings and cash flow. We were pleased with the $0.82 of earnings per diluted share for the period, which was slightly better than our forecast. Excluding the special items (described above), Actuant has now increased its earnings per share in each of the last nine quarters. The strong finish to fiscal 2003 enabled us to report record earnings for our shareholders of $2.81 per diluted share excluding special items, an 18% increase over last year. Cash flow for the quarter was also very strong, resulting in debt reduction of approximately $20 million, driving total debt to below $170 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. ." Arzbaecher continued, "While we are encouraged by the number of recent positive economic reports, we did not experience any noticeable increase in order activity in our businesses during the fourth quarter. From an operations standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , we were pleased with the progress made in the quarter. Our overall EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become margin (defined below) was the highest of the year, and solid progress was made on the cost reduction front. Fourth quarter results included $1.1 million of downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing costs and an offsetting $1.2 million foreign currency gain resulting from the closure and dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each of a Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum subsidiary. The previously announced cost reduction actions, including personnel reductions in a number of businesses, and the consolidation of small production and distribution facilities, have been substantially completed. Additionally, we made significant progress in cost reduction initiatives at Kopp's largest German manufacturing plant. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that profit margins will continue to improve in fiscal 2004." Fiscal 2003 fourth quarter Tools & Supplies segment sales were $92.4 million, or approximately 37% higher than last year due to the Kopp acquisition and foreign currency rate changes. Excluding Kopp and the impact of foreign currency rate changes, Tools & Supplies segment revenues were flat with last year, an improvement over last quarter's 2% decline. Fourth quarter fiscal 2003 Engineered Solutions segment sales increased approximately 3% to $55.8 million, compared to $54.0 million in the previous year. Excluding foreign currency rate changes, Engineered Solutions sales decreased 3%, reflecting the expected lower sales to RV manufacturers. Actuant's fiscal 2003 fourth quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and EBITDA (net earnings before interest, income taxes, depreciation, amortization and minority interest deduction Interest deduction An interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. ) were $19.2 million and $24.3 million, compared to $19.0 million and $20.2 million, respectively, in the comparable prior year period. The increases in operating profit and EBITDA in fiscal 2003 reflect the benefit of cost reductions over the past year, as well as the inclusion of a $2.1 million charge in fiscal 2002 EBITDA resulting from the early extinguishment of debt, offset by losses at Kopp in the fourth quarter of fiscal 2003 due to seasonality. EBITDA is an important non-GAAP financial metric used by many investors to determine the Company's credit ratios and loan covenant A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. compliance. Net debt (total debt less cash) decreased to approximately $165 million at August 31, 2003 due to strong earnings and working capital reductions. Leverage (gross debt divided by EBITDA excluding special items), was 1.9x at August 31, 2003, the lowest since the Spin-off. The Company's borrowing rate under its senior secured credit agreement will decline from LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). + 2.00% to LIBOR + 1.75% in the first quarter of fiscal 2004 as a result of the reduced leverage. Total debt has declined more than $280 million over the 37 months since the Spin-off. The Company also announced that its Board of Directors has approved a two-for-one stock split of its Class A common stock, payable on October October: see month. 21, 2003 to shareholders of record on October 10, 2003. The split will be in the form of a stock dividend, with shareholders receiving an additional stock certificate to evidence their new shares. Arzbaecher, commented, "Since the spin-off of APW Ltd. in July 2000, the split-adjusted market value of Actuant's stock has increased over three-fold. This has been accomplished through significant debt repayments, cost reductions through Actuant's LEAD Process and bolt-on acquisitions. By splitting the stock at today's levels, we hope to improve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. trading liquidity and position the stock at a lower absolute price level for employee and retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. ." Additionally, the Company announced that it has repurchased approximately $15 million (principal amount) of its 13% Notes at a premium on the open market since its August 31, 2003 year-end. Funds for the repurchases were provided from borrowings under the Company's existing senior secured credit facility. Following the repurchases, approximately $95 million (face amount) of the 13% Notes remain outstanding. The repurchases will result in a charge of approximately $4.4 million in the first quarter of fiscal 2004, representing the combination of premiums paid above face value for the notes, fees and expenses, and the non-cash write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of a portion of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. debt issuance costs. Commenting on the outlook for fiscal 2004, Arzbaecher said, "Given the positive impact of the recent acquisition of Kwikee and the repurchase of some of our 13% Notes, which will be modestly offset by the stronger than anticipated US dollar, we are increasing our fiscal 2004 sales and earnings guidance from the guidance we provided in June June: see month. . We now expect fiscal 2004 diluted earnings excluding bond buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may costs to increase to $3.20-$3.50 per share (pre stock split basis) on sales of $625-$650 million. First quarter sales should be in the $155-$160 million range, and earnings per share before bond repurchase costs should be in the range of $0.71-$0.76 per share (pre stock split basis). We are optimistic about Actuant's prospects for growth in fiscal 2004 and beyond." Actuant, headquartered in Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. , is a diversified diversified (di·verˑ·s industrial company with operations in more than 20 countries. The Actuant businesses are leading companies in highly engineered position and motion control systems and branded tools. Products are offered under such established brand names as Enerpac, Gardner Bender Gardner Bender is a manufacturer of professional electrician's tools and supplies. External links
Carl August Nielsen, Carl Nielsen Sessions, Power-Packer, and Power Gear. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant's results are also subject to general economic conditions, variation in demand from customers, the impact on the economy of terrorist attacks and other geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. activity, the length of the current recession in the Company's markets, continued market acceptance of the Company's new product introductions, the successful integration of business unit acquisitions and related restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company's registration statements filed with the Securities and Exchange Commission for further information regarding risk factors. For further information on Actuant and its business units, visit the Company's website at www.actuant.com.
Actuant Corporation
Consolidated Balance Sheets
(Dollars in thousands)
August 31, August 31,
2003 2002
----------------------
ASSETS
Current assets
Cash and cash equivalents $4,593 $3,043
Accounts receivable, net 81,825 58,304
Inventories, net 67,640 54,898
Deferred income taxes 14,727 9,127
Other current assets 3,977 4,592
----------------------
Total Current Assets 172,762 129,964
Property, plant and equipment, net 59,197 36,828
Goodwill 101,680 101,361
Other intangible assets, net 19,521 18,466
Other long-term assets 8,493 7,992
----------------------
Total Assets $361,653 $294,611
======================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $1,224 $2,993
Trade accounts payable 53,045 47,834
Accrued compensation and benefits 16,773 12,362
Income taxes payable 21,444 18,365
Current maturities of long-term debt 8,918 6,788
Other current liabilities 40,753 23,924
----------------------
Total Current Liabilities 142,157 112,266
Long-term debt, less current maturities 159,692 182,783
Deferred income taxes 8,841 4,409
Pension and postretirement benefit accruals 29,430 11,550
Other long-term liabilities 29,042 27,222
Minority interest in net equity of consolidated
affiliates 4,117 -
Shareholders' equity
Capital stock 2,351 2,319
Additional paid-in capital (520,276) (523,419)
Accumulated other comprehensive income (loss) (21,823) (21,675)
Stock held in trust (636) (511)
Deferred compensation liability 636 511
Retained earnings 528,122 499,156
----------------------
Total Shareholders' Deficit (11,626) (43,619)
----------------------
Total Liabilities and Shareholders' Equity $361,653 $294,611
======================
Actuant Corporation
Consolidated Statements of Earnings
(In thousands except per share amounts)
Three Months Ended Twelve Months Ended
August 31, August 31,
--------------------------------------
2003 2002 2003 2002
--------------------------------------
Net Sales $148,247 $121,367 $585,393 $462,950
Cost of Products Sold 99,457 78,651 395,409 303,919
--------------------------------------
Gross Profit 48,790 42,716 189,984 159,031
Selling, Administrative and
Engineering Expenses 29,094 23,152 114,928 85,446
Amortization of Intangible
Assets 521 605 2,271 2,453
--------------------------------------
Operating Profit 19,175 18,959 72,785 71,132
Net Financing Costs 5,148 6,112 21,430 32,723
Charge for Early Extinguishment
of Debt - 2,060 1,974 16,358
Litigation Charge associated
with Divested Businesses - - 6,502 -
Other (Income) Expense, net (1,217) (61) (2,238) (859)
--------------------------------------
Earnings from Continuing
Operations Before Income
Taxes and Minority Interest 15,244 10,848 45,117 22,910
Income Tax Expense 5,350 3,797 15,924 8,291
Minority Interest, net of
Income Taxes (123) - 227 -
--------------------------------------
Earnings from Continuing
Operations 10,017 7,051 28,966 14,619
Discontinued Operations, net of
Income Taxes - - - (10,000)
Cumulative Effect of Change In
Accounting Principle, net of
Income Taxes - - - (7,200)
--------------------------------------
Net Earnings (Loss) $10,017 $7,051 $28,966 $(2,581)
======================================
Basic Earnings (Loss) per Share
Earnings from Continuing
Operations $0.85 $0.61 $2.48 $1.46
Discontinued Operations, net
of Income Taxes - - - (1.00)
Cumulative Effect of Change
in Accounting Principle, net
of Income Taxes - - - (0.72)
--------------------------------------
Total $0.85 $0.61 $2.48 $(0.26)
======================================
Diluted Earnings (Loss) per
Share
Earnings from Continuing
Operations $0.82 $0.58 $2.37 $1.38
Discontinued Operations, net
of Income Taxes - - - (0.94)
Cumulative Effect of Change
in Accounting Principle, net
of Income Taxes - - - (0.68)
--------------------------------------
Total $0.82 $0.58 $2.37 $(0.24)
======================================
Weighted Average Common Shares
Outstanding (1)
Basic 11,737 11,592 11,675 9,993
Diluted 12,275 12,211 12,232 10,583
(1) The increase in weighted average number of shares outstanding for
the twelve months ended August 31, 2003 as compared to the twelve
months ended August 31, 2002, reflects the impact of the February
13, 2002 equity offering.
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(US dollars, in thousands)
FISCAL 2002
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
SALES
TOOLS & SUPPLIES SEGMENT $64,067 $62,338 $65,746 $67,357 $259,508
ENGINEERED SOLUTIONS
SEGMENT 49,073 46,096 54,263 54,010 203,442
---------------------------------------------
TOTAL REPORTED SALES $113,140 $108,434 $120,009 $121,367 $462,950
=============================================
% SALES GROWTH
TOOLS & SUPPLIES SEGMENT
ENGINEERED SOLUTIONS
SEGMENT
TOTAL REPORTED SALES
OPERATING PROFIT
TOOLS & SUPPLIES SEGMENT $11,565 $11,030 $12,805 $11,997 $47,397
ENGINEERED SOLUTIONS
SEGMENT 7,036 4,984 8,317 8,436 28,773
CORPORATE / GENERAL (1,107) (1,003) (1,454) (1,474) (5,038)
---------------------------------------------
TOTAL REPORTED RESULTS $17,494 $15,011 $19,668 $18,959 $71,132
=============================================
OPERATING PROFIT %
TOOLS & SUPPLIES SEGMENT 18.1% 17.7% 19.5% 17.8% 18.3%
ENGINEERED SOLUTIONS
SEGMENT 14.3% 10.8% 15.3% 15.6% 14.1%
TOTAL (INCL. CORPORATE) 15.5% 13.8% 16.4% 15.6% 15.4%
EBITDA (1)
TOOLS & SUPPLIES SEGMENT $13,271 $13,213 $14,574 $13,862 $54,920
ENGINEERED SOLUTIONS
SEGMENT 8,014 6,776 8,997 8,900 32,687
CORPORATE / GENERAL (2) (1,143) (798) (842) (471) (3,254)
---------------------------------------------
TOTAL RECURRING EBITDA 20,142 19,191 22,729 22,291 84,353
OTHER ITEMS (3) - - (14,298) (2,060) (16,358)
---------------------------------------------
TOTAL $20,142 $19,191 $8,431 $20,231 $67,995
=============================================
EBITDA %
TOOLS & SUPPLIES SEGMENT 20.7% 21.2% 22.2% 20.6% 21.2%
ENGINEERED SOLUTIONS
SEGMENT 16.3% 14.7% 16.6% 16.5% 16.1%
TOTAL RECURRING (INCL.
CORPORATE) 17.8% 17.7% 18.9% 18.4% 18.2%
OTHER FINANCIAL DATA
DEPRECIATION & AMORTIZATION
TOOLS & SUPPLIES SEGMENT $1,920 $1,978 $2,033 $2,051 $7,982
ENGINEERED SOLUTIONS
SEGMENT 979 990 849 1,080 3,898
CORPORATE / GENERAL 109 111 122 140 482
---------------------------------------------
TOTAL DEPRECIATION &
AMORTIZATION $3,008 $3,079 $3,004 $3,271 $12,362
=============================================
OTHER INCOME (EXPENSE)
TOOLS & SUPPLIES SEGMENT $(214) $205 $(264) $(186) $(459)
ENGINEERED SOLUTIONS
SEGMENT (1) 802 (169) (616) 16
CORPORATE / GENERAL (145) 94 490 863 1,302
---------------------------------------------
TOTAL REPORTED RESULTS $(360) $1,101 $57 $61 $859
=============================================
LEVERAGE
GROSS DEBT (4) $331 $251 $240 $193
LEVERAGE RATIO (5) 3.8 2.9 2.8 2.3
FISCAL 2003
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
SALES
TOOLS & SUPPLIES SEGMENT $92,014 $90,651 $91,386 $92,433 $366,484
ENGINEERED SOLUTIONS
SEGMENT 55,844 51,448 55,803 55,814 218,909
---------------------------------------------
TOTAL REPORTED SALES $147,858 $142,099 $147,189 $148,247 $585,393
=============================================
% SALES GROWTH
TOOLS & SUPPLIES SEGMENT 43.6% 45.4% 39.0% 37.2% 41.2%
ENGINEERED SOLUTIONS
SEGMENT 13.8% 11.6% 2.8% 3.3% 7.6%
TOTAL REPORTED SALES 30.7% 31.0% 22.6% 22.1% 26.4%
OPERATING PROFIT
TOOLS & SUPPLIES SEGMENT $12,818 $12,224 $13,702 $13,417 $52,161
ENGINEERED SOLUTIONS
SEGMENT 6,616 5,760 7,648 7,571 27,595
CORPORATE / GENERAL (1,246) (1,955) (1,957) (1,813) (6,971)
---------------------------------------------
TOTAL REPORTED RESULTS $18,188 $16,029 $19,393 $19,175 $72,785
=============================================
OPERATING PROFIT %
TOOLS & SUPPLIES SEGMENT 13.9% 13.5% 15.0% 14.5% 14.2%
ENGINEERED SOLUTIONS
SEGMENT 11.8% 11.2% 13.7% 13.6% 12.6%
TOTAL (INCL. CORPORATE) 12.3% 11.3% 13.2% 12.9% 12.4%
EBITDA (1)
TOOLS & SUPPLIES SEGMENT $15,126 $14,454 $16,829 $15,746 $62,155
ENGINEERED SOLUTIONS
SEGMENT 7,666 7,501 8,739 8,947 32,853
CORPORATE / GENERAL (2) (1,161) (1,354) (2,028) (375) (4,918)
---------------------------------------------
TOTAL RECURRING EBITDA 21,631 20,601 23,540 24,318 90,090
OTHER ITEMS (3) (9,274) - 798 - (8,476)
---------------------------------------------
TOTAL $12,357 $20,601 $24,338 $24,318 $81,614
=============================================
EBITDA %
TOOLS & SUPPLIES SEGMENT 16.4% 15.9% 18.4% 17.0% 17.0%
ENGINEERED SOLUTIONS
SEGMENT 13.7% 14.6% 15.7% 16.0% 15.0%
TOTAL RECURRING (INCL.
CORPORATE) 14.6% 14.5% 16.0% 16.4% 15.4%
OTHER FINANCIAL DATA
DEPRECIATION & AMORTIZATION
TOOLS & SUPPLIES SEGMENT $2,413 $2,433 $2,137 $2,380 $9,363
ENGINEERED SOLUTIONS
SEGMENT 1,133 1,237 1,321 1,367 5,058
CORPORATE / GENERAL 143 150 174 179 646
---------------------------------------------
TOTAL DEPRECIATION &
AMORTIZATION $3,689 $3,820 $3,632 $3,926 $15,067
=============================================
OTHER INCOME (EXPENSE)
TOOLS & SUPPLIES SEGMENT $(105) $(203) $990 $(51) $631
ENGINEERED SOLUTIONS
SEGMENT (83) 504 (230) 9 200
CORPORATE / GENERAL (58) 451 (245) 1,259 1,407
---------------------------------------------
TOTAL REPORTED RESULTS $(246) $752 $515 $1,217 $2,238
=============================================
LEVERAGE
GROSS DEBT (4) $208 $194 $189 $170
LEVERAGE RATIO (5) 2.4 2.2 2.1 1.9
(1) EBITDA excludes discontinued operations and cumulative effect of
change in accounting principle. Segment EBITDA = segment operating
profit + segment depreciation & amortization + segment other
income - segment other expense
(2) Corporate / general EBITDA in the fourth quarter of 2003 includes
a $1.2 million foreign currency gain recognized upon substantial
liquidation of a Mexican subsidiary.
(3) Other items in the third and fourth quarters of 2002 include
charges associated with the early redemption of long-term debt.
First quarter 2003 other items include a $2.0 million charge
related to the early redemption of debt and a $7.3 million charge
related to litigation for business units divested prior to the
July 31, 2000 spin-off. Third quarter 2003 other items represents
an $0.8 million reversal of a portion of the $7.3 million first
quarter charge for the favorable settlement of such litigation.
(4) Gross debt = long-term debt + current maturities of long-term debt
+ short- term borrowings
(5) Leverage ratio = gross debt / trailing four quarters total
recurring EBITDA
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