Carlisle Companies Reports Record Quarterly and Six Month Sales and Earnings.CHARLOTTE, N.C. -- Carlisle Carlisle, city, England Carlisle, city (1991 pop. 72,006) and district, Cumbria, NW England, near the junction of the Caldew, Eden, and Petteril rivers. The city of Carlisle is an important rail center. Companies Incorporated (NYSE NYSE See: New York Stock Exchange :CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. ) reported earnings of $39.2 million, or $1.25 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the second quarter 2004, compared to $28.8 million or $0.94 per diluted share from continuing operations in the second quarter 2003. Net earnings of $37.4 million, or $1.19 per diluted share, were 31% above the second quarter 2003 and included $1.8 million or $0.06 per diluted share of losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Net earnings for the second quarter 2003 were $28.6 million or $0.93 per diluted share, which included $0.2 million or $0.01 per diluted share of earnings from discontinued operations. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $640.7 million in the second quarter were 17% over second quarter 2003 net sales of $545.8 million. Carlisle set net sales and net earnings records for the quarter and the first six months of the year. Organic net sales growth of $93.3 million or 17% in the second quarter 2004 accounted for significantly all of the increase over the second quarter 2003 and included $2.9 million of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. changes in foreign currency rates. The impact of foreign currency rates on net earnings was negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . . The growth in net sales was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Construction Materials, General Industry and Industrial Components segments. Acquisitions contributed $4.7 million of the growth in the second quarter 2004 net sales, partially offset by $3.1 million in divestitures. Net sales of $1.19 billion for the six month period ended June June: see month. 30, 2004 were 18% above the first six months 2003 net sales of $1.01 billion. Earnings of $64.2 million, or $2.05 per diluted share from continuing operations in the first half of 2004, compared to $45.9 million or $1.50 per diluted share from continuing operations in the first half of 2003. Net earnings in the first half of 2004 of $61.1 million or $1.95 per diluted share were 34% above the same period in 2003 and included $3.1 million in losses from discontinued operations compared to $45.6 million or $1.49 per diluted share realized in the first six months of 2003, which included $0.3 million or $0.01 per diluted share in losses from discontinued operations. Earnings from continuing operations in the second quarter 2004 included a $0.01 per diluted share charge related to plant closure and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs, compared to a $0.03 per diluted share charge in the second quarter 2003. Earnings from continuing operations for the first half of 2004 included a $0.06 per diluted share charge for plant closure and severance costs, compared to a $0.04 per diluted share charge in the first half of 2003. Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. McKinnish, Carlisle's 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. said, "Our strong organic sales growth in the second quarter is very encouraging, however, we were somewhat disappointed in our earnings performance. Although we have been able to obtain selling price increases in many of the markets we serve, we have been unable to fully offset the continuing steep rise in raw material costs during the quarter. Actions are underway to obtain future selling price increases. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the raw material challenge, we are confident that Carlisle will continue to experience earnings improvement in the second half of the year and are therefore increasing guidance for continuing operations to $3.50 to $3.60 per diluted share." Acquisitions On June 30, 2004, Carlisle announced the acquisition of the specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. tire and wheel business of Trintex Corporation, North America's leading manufacturer of semi-pneumatic tires and wheels for the lawn and garden and industrial markets. Trintex sales in 2003 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $33 million. Trintex's positive addition to Carlisle's portfolio extends our product line offering to the specialty tire and wheel markets. This acquisition is included in the Industrial Components segment as part of Carlisle Tire & Wheel's operations. Second Quarter Segment Results The following segment discussion excludes the impact of discontinued operations. Industrial Components net sales in the second quarter 2004 of $195.5 million were 13% above $172.6 million in the second quarter 2003. Second quarter 2004 net sales at Carlisle Tire & Wheel Company were 13% above the second quarter 2003 as a result of increased sales across all product lines, with most of the increase attributable to sales of ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. tires and wheels, styled wheels and commercial lawn care products. Power Transmission net sales were 13% above the second quarter 2003 with most of the sales improvement in the lawn and grounds care, agricultural, recreational and international sales markets. Second quarter 2004 earnings before interest and income taxes ("EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ") of $21.9 million were 9% above $20.1 million in the second quarter 2003. The earnings results were disappointing and reflect the increases for steel in the wheel business and oil-based commodities used in the tire manufacturing process. Selling price increases have been implemented at Carlisle Tire & Wheel, but the financial impact of the increases has not been sufficient to fully offset the continuing rise in raw material costs occurring in the global economy. Construction Materials net sales of $187.5 million in the second quarter were 21% above the second quarter 2003 net sales of $154.4 million with improved sales in all product lines, especially in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales of commercial roofing, which accounted for approximately two-thirds of the increase in net sales. Second quarter 2004 EBIT of $28.0 million was 27% above the second quarter 2003 EBIT of $22.0 million. The second quarter 2004 EBIT includes a 23% increase in earnings at Carlisle SynTec, and a $1.1 million improvement in earnings at Carlisle's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. roofing joint venture ("Icopal"). The improvement in EBIT at Carlisle SynTec was primarily due to the significant increase in net sales. Gains on insurance recoveries of $1.9 million in the second quarter 2004 and $2.1 million in the second quarter 2003 related to fires at two small coatings and waterproofing manufacturing plants at Carlisle SynTec. Automotive Components net sales of $50.3 million in the second quarter 2004 were 3% above the second quarter 2003 of $48.9 million. Although North American vehicle production was down in the second quarter 2004 versus the second quarter 2003, new programs at a few of Carlisle Engineered Products' major automotive customers accounted for the increase in net sales. The $(2.0) million EBIT loss in the second quarter 2004 compares to earnings of $2.6 million in the second quarter 2003. Approximately $3.4 million in losses for the segment were the result of excess manufacturing and inspection costs caused by the transfer of defective defective adj. not being capable of fulfilling its function, ranging from a deed of land to a piece of equipment. (See: defect, defective title) tooling provided by a customer as part of their supply program. Negotiations with the customer are ongoing and a resolution is expected. Transportation Products net sales of $40.0 million were 20% above second quarter 2003 net sales of $33.2 million. The improvement in net sales was across most product lines with most of the increase in shipments of large construction trailers, pneumatic pneumatic /pneu·mat·ic/ (noo-mat´ik) 1. pertaining to air. 2. respiratory. pneu·mat·ic adj. 1. Of or relating to air or other gases. 2. bulk trailers, steel dump and live-bottom trailers. Selling price surcharges were implemented in March 2004, which offset approximately half of the raw material price increases in the second quarter 2004. EBIT of $2.5 million was 67% above the second quarter 2003. The earnings improvement was primarily the result of increased sales, a favorable sales mix sales mix See product mix. , selling price increases and lower manufacturing costs due to improved efficiencies on higher production volume. Second quarter 2004 net sales in the Specialty Products segment of $37.7 million were 4% above $36.4 million in the second quarter 2003. The sales increase was driven by demand in the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. for braking systems for off-highway and industrial equipment products. Segment EBIT of $4.1 million was 141% above $1.7 million in the second quarter 2003. The earnings improvement was primarily the result of improved manufacturing efficiencies and lower selling and administrative expenses. General Industry net sales of $129.7 million in the second quarter were 29% above $100.3 million in the second quarter 2003. Net sales at Carlisle Process Systems were 81% above the second quarter 2003 as a result of increased purchases of cheese and powder powder, any mass of fine particles or dust prepared by various mechanical means, e.g., grinding of solid substances, or by chemical means, e.g., precipitation from solutions. In a special sense, the word is applied to powdered propellant explosives, e.g. capital equipment by dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. and food processors and the impact of a $70.0 million project for a new cheese and whey whey liquid residue from milk after the removal of cheese curds in the manufacture of cheese. An excellent protein supplement but difficult to handle in the liquid form, except to pigs maintained close to the cheese factory. Dried whey is easy to handle but processing costs are high. production facility in Clovis, New Mexico Clovis, New Mexico is a city in Curry County, New Mexico, United States, with a population of approximately 33,258 (2006 census). It is the county seat of Curry County.GR6 Clovis is located in the Llano Estacado and eastern New Mexico regions. . Carlisle FoodService The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. net sales were 23% over the second quarter 2003 with 62% of the increase attributable to the acquisition of Flo-Pac in the second quarter 2003. Tensolite net sales were 26% above the second quarter 2003 due to increased sales in all their product lines, with most of the increase in sales of high density/high speed, RF/Microwave and general assembly products. Carlisle Walker net sales in the second quarter 2004 were 7% below the second quarter 2003 as a result of lower sales in the equipment group. Johnson Truck Bodies net sales in the second quarter were consistent with last year as the demand for insulated in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. temperature controlled truck bodies and trailers is equivalent to prior year levels. Segment EBIT of $12.2 million was significantly higher than $2.2 million recorded in the second quarter 2003 as most of the operations in this segment improved their earnings performance. The increase was primarily the result of earnings improvement at Carlisle Process Systems, Carlisle Walker and Tensolite. Discontinued Operations In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAS No. 144, "Accounting for the Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. or Disposal of Long-Lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets," Carlisle has identified the assets associated with three operations in the Industrial Components, Automotive Components, and General Industry segments as discontinued operations. The discontinued operations include the Trenton, South Carolina Trenton is a town in Edgefield County, South Carolina, United States. The population was 226 at the 2000 census. Geography Trenton is located at (33.739721, -81.840208)GR1. operation of Carlisle Tire & Wheel Company which is reported in the Industrial Components segment, the rubber operations of Carlisle Engineered Products in the Automotive Components segment, and the pottery pottery, the baked-clay wares of the entire ceramics field. For a description of the nature of the material, see clay. Types of Pottery It usually falls into three main classes—porous-bodied pottery, stoneware, and porcelain. business that is part of Carlisle FoodService in the General Industry segment. Carlisle is actively marketing the operations and conducting other actions required to complete the plan to sell the assets. Losses from discontinued operations in the second quarter 2004 were $1.8 million compared to losses of $0.2 million in the second quarter 2003. Losses from discontinued operations for the six months ended June 30 were $3.1 million in 2004 and $0.3 million in 2003. Cash Flow Cash flow from continuing operations of $56.7 million in the first six months of 2004 was above $31.8 million realized in the same period in 2003. The improvement in operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was driven exclusively by increased utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program. Increased working capital to support increased revenues more than offset the cash generated from improved results. Cash used in investing activities was $53.9 million in the first half of 2004 compared to $49.3 million in the first half of 2003 and includes the acquisition of Trintex in June 2004. Capital expenditures of $35.8 million were substantially above $17.6 million in the first half of 2003 as a result of new production plants for coating and waterproofing products and insulation insulation (ĭn'səlā`shən, ĭn'sy  –), use of materials or devices to inhibit or prevent the conduction of heat or of electricity. products for the
Construction Materials segment. Proceeds from the sale of investments,
property and equipment include the sale of properties acquired in the
acquisition of Flo-Pac.Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. The June 30, 2004 backlog from continuing operations of $403 million was 31% above $307 million at June 30, 2003 and was below $427 million at March 31, 2004. Most segments, especially General Industry and Construction Materials, reported a higher backlog position compared to the second quarter 2003. The decrease in backlog from the first quarter was due to percentage of completion billings Billings, city (1990 pop. 81,151), seat of Yellowstone co., S Mont., on the Yellowstone River, in a valley surrounded by seven mountain ranges; inc. as a city 1885. in the General Industry segment at Process Systems and due to the seasonality of orders. Conference Call and Webcast The company will discuss second quarter results on a conference call for investors on Thursday Thursday: see week. , July July: see month. 15, 2004 at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The call may be accessed live at http://www.carlisle.com/financials/webcast.html, or the taped call may be listened to at any time shortly following the live call at the same website location until July 29, 2004. 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. This press release contains forward-looking statements within the meaning 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. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. factors. More detailed information about these factors is contained in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements. Carlisle is a diversified diversified (di·verˑ·s global manufacturing company serving the construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. brake and friction, foodservice, data transmission, process systems and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר .
Carlisle Companies Incorporated
June 30, 2004
Financial Results
(In millions, except per share data)
Second Quarter Six Months
------------------------- --------------------------
2004 2003* % Change 2004 2003* % Change
------------------------- --------------------------
Net sales $640.7 $ 545.8 17% $1,194.1 $1,012.8 18%
Income from
continuing
operations,
net of tax $ 39.2 $ 28.8 36% $ 64.2 $ 45.9 40%
Loss from
discontinued
operations,
net of tax $ (1.8)$ (0.2) -645% $ (3.1)$ (0.3) -1025%
------------------------- --------------------------
Net income $ 37.4 $ 28.6 31% $ 61.1 $ 45.6 34%
========================= ==========================
Basic earnings per
share
Continuing
operations $ 1.26 $ 0.94 34% $ 2.07 $ 1.50 38%
Discontinued
operations $(0.06)$ (0.01) -500% $ (0.10)$ (0.01) -900%
------------------------- --------------------------
Net income $ 1.20 $ 0.93 29% $ 1.97 $ 1.49 32%
========================= ==========================
Diluted earnings
per share
Continuing
operations $ 1.25 $ 0.94 33% $ 2.05 $ 1.50 37%
Discontinued
operations $ (0.06)$ (0.01) -500% $ (0.10)$ (0.01) -900%
------------------------- --------------------------
Net income $ 1.19 $ 0.93 28% $ 1.95 $ 1.49 31%
========================= ==========================
Segment Financial Data
(In millions)
Second Quarter 2004 2003*
------------------------- --------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- --------------------------
Industrial
Components $195.5 $ 21.9 11.2% $ 172.6 $ 20.1 11.6%
Construction
Materials 187.5 28.0 14.9% 154.4 22.0 14.2%
Automotive
Components 50.3 (2.0) -4.0% 48.9 2.6 5.3%
Transportation
Products 40.0 2.5 6.3% 33.2 1.5 4.5%
Specialty Products 37.7 4.1 10.9% 36.4 1.7 4.7%
General Industry 129.7 12.2 9.4% 100.3 2.2 2.2%
---------------- -----------------
Subtotal $640.7 $ 66.7 10.4% $ 545.8 $ 50.1 9.2%
Corporate - (4.4) - (3.5)
---------------- -----------------
Total $640.7 $ 62.3 9.7% $ 545.8 $ 46.6 8.5%
================ =================
Six Months 2004 2003*
------------------------- --------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- --------------------------
Industrial
Components $387.6 $ 44.6 11.5% $ 336.0 $ 39.2 11.7%
Construction
Materials 310.3 34.6 11.2% 252.8 28.3 11.2%
Automotive
Components 100.5 0.4 0.4% 98.8 5.2 5.3%
Transportation
Products 72.7 3.5 4.8% 61.3 2.3 3.8%
Specialty Products 69.5 6.5 9.4% 68.0 3.1 4.6%
General Industry 253.5 21.9 8.6% 195.9 7.8 4.0%
---------------- -----------------
Subtotal $1,194.1 $111.5 9.3% $1,012.8 $85.9 8.5%
Corporate - (8.6) - (9.0)
---------------- -----------------
Total $1,194.1 $102.9 8.6% $1,012.8 $76.9 7.6%
================ =================
* 2003 figures have been revised to exclude discontinued operations
Carlisle Companies Incorporated
Consolidated Statement of Earnings
For the periods ended June 30
(In thousands except per share data)
Second Quarter
2004 2003* % Change
--------------------------------------------------
Net sales $ 640,660 $ 545,794 17.4%
--------------------------------------------------
Cost and expenses:
Cost of goods
sold 518,055 444,650 16.5%
Selling and
administrative
expenses 57,771 53,397 8.2%
Research and
development
expenses 5,085 4,819 5.5%
Other (income) &
expense, net (2,579) (3,631) -29.0%
-------------------------------------------------
Earnings before
interest & income
taxes 62,328 46,559 33.9%
Interest expense,
net 4,243 3,239 31.0%
--------------------------------------------------
Earnings before
income taxes 58,085 43,320 34.1%
Income taxes 18,877 14,512 30.1%
--------------------------------------------------
Income from
continuing
operations 39,208 28,808 36.1%
--------------------------------------------------
% of Net Sales 6.1% 5.3%
Loss from
discontinued
operations, net
of tax (1,849) (248) -645.4%
--------------------------------------------------
Net Income $ 37,359 $ 28,560 30.8%
==================================================
Basic earnings
per share
-----------------
Continuing
operations $ 1.26 $ 0.94 34.0%
Discontinued
operations (0.06) (0.01) -500.0%
--------------------------------------------------
Basic earnings
per share $ 1.20 $ 0.93 29.0%
==================================================
Diluted earnings per share
--------------------------
Continuing
operations $ 1.25 $ 0.94 33.0%
Discontinued
operations (0.06) (0.01) -500.0%
--------------------------------------------------
Diluted earnings
per share $ 1.19 $ 0.93 28.0%
==================================================
Average shares
outstanding
(000's) - basic 31,020 30,647
--------------------------------------------------
Average shares
outstanding
(000's) - diluted 31,336 30,762
--------------------------------------------------
Dividends $ 6,842 $ 6,589
--------------------------------------------------
Per share $ 0.220 $ 0.215 2.3%
--------------------------------------------------
Six Months
2004 2003* % Change
--------------------------------------------------
Net sales $1,194,111 $1,012,793 17.9%
--------------------------------------------------
Cost and expenses:
Cost of goods
sold 965,560 821,729 17.5%
Selling and
administrative
expenses 114,493 105,049 9.0%
Research and
development
expenses 10,193 9,624 5.9%
Other (income) &
expense, net 942 (543) -273.5%
--------------------------------------------------
Earnings before
interest & income
taxes 102,923 76,934 33.8%
Interest expense,
net 7,846 7,869 -0.3%
--------------------------------------------------
Earnings before
income taxes 95,077 69,065 37.7%
Income taxes 30,900 23,136 33.6%
--------------------------------------------------
Income from
continuing
operations 64,177 45,929 39.7%
--------------------------------------------------
% of Net Sales 5.4% 4.5%
Loss from
discontinued
operations, net
of tax (3,091) (275) -1025.4%
--------------------------------------------------
Net Income $ 61,086 $ 45,654 33.8%
==================================================
Basic earnings per share
------------------------
Continuing
operations $ 2.07 $ 1.50 38.0%
Discontinued
operations (0.10) (0.01) -900.0%
--------------------------------------------------
Basic earnings
per share $ 1.97 $ 1.49 32.2%
==================================================
Diluted earnings per share
--------------------------
Continuing
operations $ 2.05 $ 1.50 36.7%
Discontinued
operations (0.10) (0.01) -900.0%
--------------------------------------------------
Diluted earnings
per share $ 1.95 $ 1.49 30.9%
==================================================
Average shares
outstanding
(000's) - basic 30,996 30,628
--------------------------------------------------
Average shares
outstanding
(000's) - diluted 31,309 30,732
--------------------------------------------------
Dividends $ 13,669 $ 13,150
--------------------------------------------------
Per share $ 0.440 $ 0.430 2.3%
--------------------------------------------------
* 2003 figures have been revised to reflect discontinued operations
Carlisle Companies Incorporated
Comparative Condensed Consolidated Balance Sheet
(In thousands)
June 30, December 31,
2004 2003*
----------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $17,194 $26,848
Receivables 260,021 213,524
Inventories 283,527 259,290
Prepaid expenses and other 76,628 75,123
Current assets held for sale 9,074 9,596
----------------------------------------------------------------------
Total current assets 646,444 584,381
----------------------------------------------------------------------
Property, plant and equipment, net 444,359 449,271
Other assets 421,276 398,243
Non-current assets held for sale 5,107 5,014
----------------------------------------------------------------------
$1,517,186 $1,436,909
========================
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current maturities $7,632 $7,505
Accounts payable 208,579 176,335
Accrued expenses 155,207 153,005
Current liabilities associated with assets
held for sale 2,828 2,498
----------------------------------------------------------------------
Total current liabilities 374,246 339,343
----------------------------------------------------------------------
Long-term debt 287,375 294,581
Other liabilities 170,654 171,055
Shareholders' equity 684,911 631,930
----------------------------------------------------------------------
$1,517,186 $1,436,909
========================
* Reflects reclassification of assets held for sale
Carlisle Companies Incorporated
Comparative Condensed Consolidated Statement of Cash Flows
For the six months ended June 30
(In thousands)
2004 2003*
----------------------------------------------------------------------
Operating activities
Net income $61,086 $45,654
Reconciliation of net earnings to cash
flows:
Loss from discontinued operations,
net of tax 3,091 275
Depreciation and amortization 30,019 30,456
Loss on equity investments 2,650 2,433
Foreign exchange gain - (1,699)
Deferred taxes 1,654 405
(Gain) loss on investments, property
and equipment, net (1,741) 52
Receivables under securitization
program 38,000 -
Working capital (78,833) (46,996)
Other 732 1,210
----------------------------------------------------------------------
Net cash provided by operating
activities 56,658 31,790
----------------------------------------------------------------------
Investing activities
Capital expenditures (35,804) (17,640)
Acquisitions, net of cash (32,230) (32,727)
Proceeds from investments, property and
equipment 13,914 982
Other 231 130
----------------------------------------------------------------------
Net cash used in investing activities (53,889) (49,255)
----------------------------------------------------------------------
Financing activities
Net change in short-term debt and
revolving credit lines 171 33,536
Reductions of long-term debt (1,964) (1,692)
Dividends (13,669) (13,150)
Treasury shares and stock options, net 3,358 2,759
Other - (878)
----------------------------------------------------------------------
Net cash (provided by) used in
financing activities (12,104) 20,575
----------------------------------------------------------------------
Net cash used in discontinued operations (220) (116)
----------------------------------------------------------------------
Effect of exchange rate changes on cash (99) (904)
----------------------------------------------------------------------
Change in cash and cash equivalents (9,654) 2,090
Cash and cash equivalents
Beginning of period 26,848 34,768
----------------------------------------------------------------------
End of period $17,194 $36,858
----------------------------------------------------------------------
* Reflects reclassification of cash flows from discontinued operations
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