Carlisle Companies Reports a 16% Increase in Third Quarter Income from Continuing Operations and Increases Full Year Guidance.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 income 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 of $38.3 million, or $1.24 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 for the quarter ended September September: see month. 30, 2005, compared to $32.9 million or $1.04 per diluted share for the quarter ended September 30, 2004. Income from continuing operations for the third quarter 2005 included a $3.0 million, or $0.10 per diluted share, benefit for the reduction in income tax liabilities as a result of final settlement of the Company's 2002 and 2003 federal tax filings and settlement of certain state tax filings from 1997 - 1999. Johnson Truck Bodies, reported in the General Industry segment, recorded a year-over-year reduction in quarterly net income of $0.04 per diluted share, partially as a result of an ongoing labor dispute. Changes in foreign exchange rates had a 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 . impact on income from continuing operations for the third quarter 2005. 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 $601.1 million in the third quarter of 2005 were $16.1 million, or 3%, higher than net sales of $585.0 million recognized in the third quarter of 2004. Strong organic sales growth in the Construction Materials and Transportation Products segments was somewhat offset by weak demand in the Industrial Components segments' lawn and garden market. Acquisitions contributed approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.1 million to the quarter-over-quarter increase in net sales. Changes in foreign currency exchange rates had a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on net sales of $1.8 million as compared to the third quarter of 2004. 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. commented, "We continue to be challenged by increasing raw material costs, the labor dispute at Johnson Truck Bodies and soft demand in the lawn and garden market. The impact of these challenges has been offset by strong performance in our Construction Materials and Transportation Products segments, and we remain confident that Carlisle will continue driving earnings improvement in most of its businesses for the remainder of 2005. We are increasing our guidance for 2005 to $4.25 to $4.35 per diluted share for income from continuing operations." Income from continuing operations for the nine-month period ended September 30, 2005 of $112.7 million, or $3.61 per diluted share, represented a 17% increase over $96.9 million, or $3.08 per diluted share, recognized during the same period of 2004. Johnson Truck Bodies' year-over-year reduction in net income of $0.14 per diluted share for the nine-month period was partially attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the ongoing labor dispute. The aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. reduction in income tax liabilities increased year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. 2005 income from continuing operations by $0.10 per diluted share. Exchange losses on subsidiary debt denominated in foreign currencies resulted in a year-to-date loss of $0.03 per diluted share. Partially offsetting these losses was a gain of $0.08 per diluted share for proceeds received from the favorable resolution of certain legal actions initiated by the Company. Net sales for the nine months ended September 30, 2005 were $1.84 billion, a 10% increase over net sales of $1.68 billion during the first nine months of 2004. Organic growth of $135.7 million accounted for the majority of the year-over-year improvement with increases primarily occurring in the Construction Materials, Industrial Components and Transportation Products segments. Acquisitions accounted for $17.6 million of the year-over-year improvement. Changes in foreign exchange rates had a favorable impact of $7.5 million on net sales for the nine-month period in 2005. Acquisitions The Company has recently made a significant investment in its 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 business, represented by 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. Products segment. In July July: see month. 2005, the Company acquired 100% of the heavy-duty brake lining and brake shoe assets of Zhejiang Zhejiang (jŭ`jyäng`) or Chekiang (chĕ`kyăng`), province (1994 pop. 43,410,000), c.40,000 sq mi (103,600 sq km), SE China, on the East China Sea. The capital is Hangzhou. Kete ("Kete") for approximately $34.2 million. Located in Hangzhou Hangzhou (hang`jō`) or Hangchow (hăng`chou), city (1994 est. pop. 1,184,300), capital of Zhejiang prov., E China. , China, Kete is managed by Carlisle Motion Control. The acquisition of Kete enhances Carlisle Motion Control's focused position in the heavy-duty truck brake lining market. On October October: see month. 7, 2005, the Company announced the acquisition of the off-highway brake assets of ArvinMeritor ArvinMeritor, Inc. (NYSE: ARM) is a company in the U.S. state of Michigan that manufactures automobile components for light service vehicles, trucks, and trailers. ArvinMeritor is a Fortune 500 company. , Inc. for approximately $39.0 million. The acquisition includes manufacturing assets from the ArvinMeritor facilities in York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. , SC and Cwmbran Coordinates: Cwmbran (Welsh: Cwmbrân) is a new town in southern Wales, established in the 1950s to provide new employment in the south eastern portion of the South Wales Coalfield. , South Wales South Wales south n → sud m du Pays de Galles , U.K. These assets will be transitioned to the off-highway braking systems and specialty friction products operations of Carlisle Industrial Brake & Friction. The addition of these assets allows for the expansion of the off-highway brake business, which serves one of the Company's most profitable end-markets. Segment Results The following segment discussion excludes the impact of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Industrial Components: Net sales of $164.5 million for the three months ended September 30, 2005 decreased 8% from net sales of $178.1 million for the same period of 2004. Increased tire and wheel sales for the 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. market were more than offset by lower sales for the high speed, styled wheels and consumer lawn and garden markets. Sales in the power transmission belt business were 10% lower than third quarter 2004 due primarily to reduced demand in the lawn and garden and agricultural markets. Earnings before interest and income taxes ("EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ") of $5.1 million in the third quarter of 2005 were 54% lower than $11.2 million recorded in the third quarter of 2004. Lower demand resulting from extended shutdowns and model changeovers by the Company's lawn and garden OE customers has been the largest contributor to the segment's disappointing results. Increased freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or , energy costs, and rising raw material costs have also contributed to the negative earnings comparison. The Company continues to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. costs associated with the plant closure of its union belt facility in Red Wing, MN and start-up Start-up The earliest stage of a new business venture. costs for increased production at the belt operations in Fort Scott General Winfield Scott, former General-in-Chief of the U.S. Army, was the namesake for four places named Fort Scott:
Construction Materials: Net sales increased 9% from $215.5 million for the third quarter 2004 to $235.1 million for the third quarter 2005 primarily due to higher selling prices across most product lines which offset higher raw material costs. Increased revenues for membrane membrane, structure composed mostly of lipid and protein that forms the external boundary of cells and of major structures within cells. Membrane organization is based on a sheet two molecules thick—a double layer of lipids aligned with their long hydrocarbon , coatings and waterproofing products and accessories sales contributed to the 26% increase in EBIT from $33.7 million for the three months ended September 30, 2004 to $42.6 million in 2005. The Company's equity share of earnings at its 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, was $4.2 million in the third quarter of 2005 compared to $3.2 million recognized in the same period of 2004. Transportation Products: Net sales of $50.2 million recorded for the third quarter 2005 increased 26% over third quarter 2004 net sales of $39.8 million primarily led by growth in large construction and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. trailers. EBIT of $6.6 million for the three months ended September 30, 2005 represented a significant increase over 2004 EBIT of $2.2 million. Selling price increases, strong demand and favorable product mix contributed to the positive year-over-year comparison. Specialty Products: Net sales of $33.7 million recorded for the third quarter 2005 were comparable with third quarter 2004 net sales of $33.1 million. Increased sales for molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. consumer products and on-highway heavy friction and relined brake shoes shoe n. 1. A durable covering for the human foot, made of leather or similar material with a rigid sole and heel, usually extending no higher than the ankle. 2. A horseshoe. 3. were offset by decreased sales of off-highway braking systems. EBIT for the third quarter 2005 was $1.2 million compared to $1.9 million recorded in the same quarter 2004. The unfavorable earnings comparison is due primarily to start-up costs for the new brake operation in China, continuing production inefficiencies and increased freight and raw material costs. General Industry: Net sales in the third quarter 2005 were $117.6 million compared to net sales of $118.5 million in the 2004 period. Net sales at 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. Products and Tensolite improved in the third quarter of 2005, but were offset by lower sales at Johnson Truck Bodies due primarily to the continuing labor dispute which began in April of this year. EBIT of $7.6 million for the third quarter 2005 decreased 7% from $8.2 million recorded in the third quarter 2004 as the impact of the labor dispute at Johnson Truck Bodies offset favorable results at Carlisle Systems and Equipment. Discontinued Operations Losses from discontinued operations, net of tax, in the third quarter of 2005 were $18.6 million as compared to $3.9 million recorded in the third quarter 2004. The third quarter 2005 results include an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. loss of $10.1 million on the sale of substantially all the operations of the automotive components business. The August 17, 2005 sale of these operations did not include the sale of trade accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying dated prior to the effective date of the sale or certain assets of two small plants. On October 8, 2005, Delphi Corporation filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection under chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. for trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed due from Delphi Corporation as well as losses associated with the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the remaining automotive components assets. Losses from discontinued operations for the nine months ended September 30, 2005 were $30.1 million as compared with losses of $6.8 million for the same period in 2004. The Company will continue its disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of the remaining assets of this business during the remainder of 2005. Net Income Net income for the three months ended September 30, 2005 was $19.7 million, or $0.64 per diluted share, compared to $29.0 million, or $0.92 per diluted share, for the three months ended September 30, 2004. Net income for the nine months ended September 30, 2005 was $82.6 million, or $2.65 per diluted share, compared to $90.1 million, or $2.86 per diluted share for the same period last year. The current year three and nine-month periods included the previously discussed losses from discontinued operations. Cash Flow Cash flow provided by continuing operations of $114.9 million in the first nine months of 2005 compares with cash provided of $65.6 million for the same period in 2004. Cash used to fund working capital levels improved for the 2005 nine-month period as compared with the 2004 nine-month period, primarily due to higher collections of accounts receivable during the 2005 period. During the nine months ended September 30, 2005, the Company's receivables 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 contributed $2.9 million to cash provided by operating activities compared with a contribution of $43.0 million for the same period in 2004. Cash used in investing activities was $85.3 million in 2005 compared to $70.8 million in 2004. Capital expenditures of $76.5 million were 48% above $51.6 million in 2004. The increase in capital expenditures was due primarily to new production plants for the Construction Materials segment and a new distribution center for Carlisle FoodService Products in the General Industry segment. Cash used in investing activities in 2005 included the acquisition of Kete for approximately $34.2 million, of which approximately $28.3 million was paid in July 2005, and the remainder will be paid within one year of the transaction closing date. Cash used in investing activities in 2004 included the acquisition of Trintex Corporation, a specialty tire and wheel company, for approximately $32.5 million. Proceeds from the sale of investments, property and equipment in 2005 included the cash proceeds from the sale of certain assets of the Company's automotive components business. Proceeds in 2004 included the sale of properties acquired with the 2003 acquisition of Flo-Pac Corporation. Cash flow provided by financing activities of $29.3 million for the nine months ended September 30, 2005 compared with a use of cash of $5.1 million in 2004. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings in the first nine months of 2005 included borrowings required to fund organic growth as well as $39.0 million of borrowings on September 30, 2005 to fund the acquisition of certain assets of ArvinMeritor. The ArvinMeritor acquisition did not close until October 7, 2005 resulting in the increased cash and cash equivalents balance at September 30, 2005. The Company also used approximately $36.0 million to finance the purchase of 0.5 million shares of its common stock which was partially offset from proceeds for the exercise of stock options. 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. Backlog from continuing operations at September 30, 2005 of $328.0 million was 12% lower than $370.7 million one year ago and 6% lower than backlog as of June June: see month. 30, 2005. The decline as compared to the prior year is primarily due to lower backlog in the General Industry segment as a large project for Carlisle Systems and Equipment in the southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. U.S. nears completion. This decline is partially offset by higher backlog in the Transportation Products segment. Conference Call and Webcast The Company will discuss second quarter 2005 results on a conference call for investors on Thursday Thursday: see week. , October 20, 2005 at 11:00 a.m. Eastern. The call may be accessed live at http://www.carlisle.com/investors/conference_call.html, or the taped call may be listened to shortly following the live call at the same website location until November November: see month. 3, 2005. A slide presentation will also be available for viewing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. printing at the same website location. 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 brake and friction, foodservice, data transmission, and process systems industries.
CARLISLE COMPANIES INCORPORATED
Financial Results
For the periods ended September 30
(In millions, except per share data)
Third Quarter Nine Months
------------------------- ---------------------------
2005 2004* % Change 2005 2004* % Change
------------------------- ---------------------------
Net sales $601.1 $585.0 3% $1,839.4 $1,678.6 10%
Income from
continuing
operations, net
of tax $38.3 $32.9 17% $112.7 $96.9 16%
Loss from
discontinued
operations,
net of tax (18.6) (3.9) NM (30.1) (6.8) NM
---------------- ------------------
Net income $19.7 $29.0 -32% $82.6 $90.1 -8%
================ ==================
Basic earnings
per share
Continuing
operations $1.25 $1.06 18% $3.66 $3.12 17%
Discontinued
operations (0.61) (0.13) NM (0.98) (0.22) NM
---------------- ------------------
Net income $0.64 $0.93 -31% $2.68 $2.90 -8%
================ ==================
Diluted earnings
per share
Continuing
operations $1.24 $1.04 19% $3.61 $3.08 17%
Discontinued
operations (0.60) (0.12) NM (0.96) (0.22) NM
---------------- ------------------
Net income $0.64 $0.92 -30% $2.65 $2.86 -7%
================ ==================
SEGMENT FINANCIAL DATA (Continuing Operations)
(In millions)
Third Quarter 2005 2004*
-----------------------------------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- ---------------------------
Industrial
Components $164.5 $5.1 3.1% $178.1 $11.2 6.3%
Construction
Materials 235.1 42.6 18.1% 215.5 33.7 15.6%
Transportation
Products 50.2 6.6 13.1% 39.8 2.2 5.5%
Specialty
Products 33.7 1.2 3.6% 33.1 1.9 5.7%
General Industry 117.6 7.6 6.5% 118.5 8.2 6.9%
---------------- ------------------
Subtotal 601.1 63.1 10.5% 585.0 57.2 9.8%
Corporate - (6.4) - (5.5)
---------------- ------------------
Total $601.1 $56.7 9.4% $585.0 $51.7 8.8%
================ ==================
Nine Months 2005 2004*
-----------------------------------------------------
Sales EBIT % Sales Sales EBIT % Sales
------------------------- ---------------------------
Industrial
Components $595.7 $49.7 8.3% $565.6 $55.8 9.9%
Construction
Materials 634.6 96.0 15.1% 525.9 68.3 13.0%
Transportation
Products 141.6 17.2 12.1% 112.5 5.7 5.1%
Specialty
Products 110.1 8.6 7.8% 102.6 8.4 8.2%
General Industry 357.4 25.2 7.1% 372.0 30.1 8.1%
---------------- ------------------
Subtotal 1,839.4 196.7 10.7% 1,678.6 168.3 10.0%
Corporate - (21.6) - (14.1)
---------------- ------------------
Total $1,839.4 $175.1 9.5% $1,678.6 $154.2 9.2%
================ ==================
* 2004 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Comparative Consolidated Statement of Earnings
For the periods ended September 30
(In thousands except per share data)
Third Quarter
-----------------------------
2005 2004* % Change
-----------------------------
Net sales $601,120 $585,026 2.8%
-----------------------------
Cost and expenses:
Cost of goods sold 486,148 477,375 1.8%
Selling and administrative expenses 56,621 54,743 3.4%
Research and development expenses 4,237 3,976 6.6%
Other income, net (2,607) (2,808) -7.2%
-----------------------------
Earnings before interest & income taxes 56,721 51,740 9.6%
Interest expense, net 4,547 3,713 22.5%
-----------------------------
Earnings before income taxes 52,174 48,027 8.6%
Income taxes 13,831 15,154 -8.7%
-----------------------------
26.5% 31.6%
Income from continuing operations 38,343 32,873 16.6%
-----------------------------
% of Net Sales 6.4% 5.6%
Loss from discontinued operations, net of
tax (18,640) (3,897) NM
-----------------------------
Net Income $ 19,703 $ 28,976 -32.0%
=============================
Basic earnings per share
------------------------
Continuing operations $ 1.25 $ 1.06 17.9%
Discontinued operations (0.61) (0.13) NM
-----------------------------
Basic earnings per share $ 0.64 $ 0.93 -31.2%
=============================
Diluted earnings per share
--------------------------
Continuing operations $ 1.24 $ 1.04 19.2%
Discontinued operations (0.60) (0.12) NM
-----------------------------
Diluted earnings per share $ 0.64 $ 0.92 -30.4%
=============================
Average shares outstanding (000's) -
basic 30,593 31,135
-------------------
Average shares outstanding (000's) -
diluted 30,895 31,502
-------------------
Per share
Dividends $ 7,650 $ 7,170
-----------------------------
Dividends per share $ 0.250 $ 0.230 8.7%
-----------------------------
Nine Months
---------------------------------
2005 2004* % Change
---------------------------------
Net sales $1,839,394 $1,678,551 9.6%
---------------------------------
Cost and expenses:
Cost of goods sold 1,477,020 1,348,755 9.5%
Selling and administrative expenses 176,940 165,083 7.2%
Research and development expenses 12,605 12,220 3.2%
Other income, net (2,295) (1,772) 29.5%
---------------------------------
Earnings before interest & income
taxes 175,124 154,265 13.5%
Interest expense, net 13,148 11,558 13.8%
---------------------------------
Earnings before income taxes 161,976 142,707 13.5%
Income taxes 49,244 45,831 7.4%
---------------------------------
30.4% 32.1%
Income from continuing operations 112,732 96,876 16.4%
---------------------------------
% of Net Sales 6.1% 5.8%
Loss from discontinued operations,
net of tax (30,095) (6,816) NM
---------------------------------
Net Income $ 82,637 $ 90,060 -8.2%
=================================
Basic earnings per share
------------------------
Continuing operations $ 3.66 $ 3.12 17.3%
Discontinued operations (0.98) (0.22) NM
---------------------------------
Basic earnings per share $ 2.68 $ 2.90 -7.6%
=================================
Diluted earnings per share
--------------------------
Continuing operations $ 3.61 $ 3.08 17.2%
Discontinued operations (0.96) (0.22) NM
---------------------------------
Diluted earnings per share $ 2.65 $ 2.86 -7.3%
=================================
Average shares outstanding (000's) -
basic 30,836 31,043
-----------------------
Average shares outstanding (000's) -
diluted 31,193 31,447
-----------------------
Per share
Dividends $ 21,954 $ 20,838
---------------------------------
Dividends per share $ 0.710 $ 0.670 6.0%
---------------------------------
* 2004 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Balance Sheet
(In thousands)
September December
30, 2005 31, 2004*
------------------------
Assets
Current Assets
Cash and cash equivalents $ 82,631 $ 25,018
Receivables 232,973 227,423
Inventories 339,750 315,528
Prepaid expenses and other 68,908 67,845
Current assets held for sale 2,761 16,455
------------------------
Total current assets 727,023 652,269
------------------------
Property, plant and equipment, net 446,174 409,704
Other assets 403,221 388,734
Non-current assets held for sale 1,954 50,534
------------------------
$1,578,372 $1,501,241
========================
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current maturities $ 122,827 $ 59,990
Accounts payable 149,443 167,950
Accrued expenses 141,026 130,373
Current liabilities associated with assets
held for sale 3,063 25,709
------------------------
Total current liabilities 416,359 384,022
------------------------
Long-term debt 282,878 259,554
Other liabilities 162,329 157,208
Non-current liabilities associated with assets
held for sale - 1,970
Shareholders' equity 716,806 698,487
------------------------
$1,578,372 $1,501,241
========================
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Statement of Cash Flows
For the Nine months ended September 30
(In thousands)
2005 2004*
------------------
Operating activities
Net income $82,637 $90,060
Reconciliation of net earnings to cash flows:
Loss from discontinued operations, net of
tax 30,095 6,816
Depreciation and amortization 42,420 39,924
Gain on equity investments (1,214) (584)
Foreign exchange loss 1,610 -
Deferred taxes 3,869 3,441
Gain on investments, property and
equipment, net (1,831) (2,329)
Receivables under securitization program 2,900 43,000
Working capital (45,428) (118,610)
Other (165) 3,919
------------------
Net cash provided by operating activities 114,893 65,637
------------------
Investing activities
Capital expenditures (76,483) (51,607)
Acquisitions, net of cash (28,339) (34,709)
Proceeds from investments, property and
equipment 18,626 14,554
Other 853 979
------------------
Net cash used in investing activities (85,343) (70,783)
------------------
Financing activities
Net change in short-term debt and revolving
credit lines 83,015 10,124
Reductions of long-term debt (1,762) (2,338)
Dividends (21,954) (20,838)
Treasury shares and stock options, net (31,530) 7,913
Other 1,486 -
------------------
Net cash provided by (used in) financing
activities 29,255 (5,139)
------------------
Net cash (used in) provided by discontinued
operations (665) 39
------------------
Effect of exchange rate changes on cash (527) (214)
------------------
Change in cash and cash equivalents 57,613 (10,460)
Cash and cash equivalents
Beginning of period 25,018 23,361
------------------
End of period $82,631 $12,901
------------------
* Reflects reclassification of cash flows from discontinued operations
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