Carlisle Companies Reports a 34% Increase in 2004 Income from Continuing Operations.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 $21.4 million, or $0.69 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 in the fourth quarter 2004, compared to $19.6 million or $0.63 per diluted share from continuing operations in the fourth quarter 2003. 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 $549.1 million in the fourth quarter 2004 were 16% over fourth quarter 2003 net sales of $474.1 million. Organic net sales growth of $70.0 million, or 15% in the fourth quarter 2004, accounted for most of the increase over the fourth quarter 2003 and included $3.6 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 income 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 organic net sales was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Construction Materials and Industrial Components segments. Acquisitions contributed $7.0 million of the growth in the fourth quarter 2004 net sales, partially offset by $2.0 million in divestitures. Net sales of $2.23 billion in 2004 were 18% above 2003 net sales of $1.89 billion. Organic sales growth of $326.4 million, or 17%, included $17.1 million of favorable changes in foreign currency rates. The impact of foreign currency rates on income was negligible. Acquisition growth of $23.8 million in the Industrial Components and General Industry segments was partially offset by $10.1 million for the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the spring brake business in 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. Income of $118.3 million, or $3.77 per diluted share from continuing operations in 2004 was 34% above $88.5 million or $2.87 per diluted share from continuing operations in 2003. Income from continuing operations in the fourth quarter 2004 included a $0.02 per diluted share charge related to exit and disposal activities, compared to a $0.03 per diluted share charge in the fourth quarter 2003. Income from continuing operations for the full year 2004 included a $0.06 per diluted share charge for exit and disposal activities, compared to an $0.11 per diluted share charge for the full year 2003. The fourth quarter and full year 2004 income from continuing operations were negatively impacted by unrecovered raw material costs of $0.03 and $0.29, respectively, in excess of selling price increases. The fourth quarter 2004 income from continuing operations also included a $0.06 per diluted share charge for the 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 assets associated with the sale of the spring brake business. In addition, the Company incurred $0.07 per diluted share of external Sarbanes-Oxley compliance charges in the fourth quarter 2004. For the full year 2004 the total external cost of Sarbanes-Oxley compliance was $0.10 per diluted share. Partially offsetting these charges was a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. tax adjustment for continuing operations of $0.09 per diluted share in the fourth quarter 2004. The adjustment was the result of favorable state and federal tax settlements. 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 2004 earnings showed improvement over 2003 in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the unprecedented increase in raw material costs throughout 2004 and the high fees paid for Sarbanes-Oxley compliance. Though we could have acted a little more quickly to pass the raw material cost increases along to our customers, we continue to focus on recovering these costs in 2005. We expect earnings from continuing operations in 2005 to be in the range of $4.10 to $4.25 per diluted share." Fourth Quarter and Full Year 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 in the fourth quarter 2004 of $161.6 million were 18% above $137.3 million in the fourth quarter 2003. Fourth quarter 2004 segment earnings before interest and income taxes ("EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ") of $5.2 million were 35% below $8.0 million in the fourth quarter 2003 due primarily to the continued rise in raw material costs. Net sales of $727.2 million in 2004 were 17% above $622.4 million in 2003, and segment EBIT of $61.1 million was 5% above $58.3 million in 2003. Net sales at Carlisle Tire & Wheel Company in 2004 were 19% above 2003 net sales on growth in all product lines, with most of the increase in sales in commercial and consumer power equipment lawn care products and 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. The acquisition of Trintex, the leading manufacturer of specialty semi-pneumatic tires and wheels for the lawn and garden and industrial markets, in June June: see month. 2004 also contributed to the increase in sales. Carlisle Power Transmission net sales were 10% above the full year 2003 with most of the sales improvement in the lawn and grounds care and agricultural markets. Segment earnings in 2004 did not keep pace with the sales increase due to the dramatic rise in raw material costs throughout 2004 for steel in the wheel business and oil-based commodities used in the tire manufacturing process. The unrecovered raw material cost increases in the Industrial Components segment were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $7.8 million in 2004. Selling price increases implemented in 2004 at Carlisle Tire & Wheel were not sufficient to fully offset the rise in raw material costs. Construction Materials net sales of $196.1 million in the fourth quarter were 29% above the fourth quarter 2003 net sales of $151.8 million with strong demand across most product lines. Fourth quarter 2004 EBIT of $26.2 million was 30% above the fourth quarter 2003 EBIT of $20.1 million. Net sales of $721.9 million in 2004 were 25% above $579.3 million in 2003 with growth in all product lines. EBIT in 2004 of $94.5 million was 22% above 2003 EBIT of $77.2 million. The improvement in EBIT was due primarily to increased sales volume and selling price increases, partially offset by product mix and increasing raw material costs. Earnings of $2.4 million 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, were 20% below earnings of $3.0 million in 2003, primarily due to reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. expenses incurred in the beginning of 2004. Transportation Products net sales of $37.1 million in the fourth quarter 2004 were 27% above fourth quarter 2003 net sales of $29.3 million. Fourth quarter EBIT of $2.3 million was significantly above $1.1 million in the fourth quarter 2003. Net sales of $149.6 million in 2004 were 23% above 2003 net sales of $121.4 million. The improvement in net sales was the result of higher shipments of large construction, 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, commercial, live-bottom and stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. tank trailers tank trailer n. A truck trailer equipped as a tanker, used to carry liquids such as oil, milk, or chemicals. . EBIT of $7.9 million for the full year 2004 was 39% above $5.7 million in 2003 and reflects significant improvement in sales volume, selling price increases and improved absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. of fixed overhead costs overhead costs see fixed costs. , partially offset by higher raw material costs. Specialty Products net sales of $31.2 million were 4% above $30.0 million in the fourth quarter 2003. Organic sales growth in this segment was 11% in the fourth quarter 2004. The fourth quarter 2003 net sales included $2.0 million of sales from Carlisle Motion Control's spring brake business which was divested in December December: see month. 2003. The $3.2 million EBIT loss in the fourth quarter 2004 was primarily the result of the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. write-off of a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. and other 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 associated with the sale of Motion Control's spring brake business. Net sales for the full year 2004 of $133.8 million were 4% above 2003 net sales of $129.1 million. Net sales in 2003 included $10.1 million of sales from the spring brake business. Organic sales growth was 12% for the full year 2004. Higher sales of braking systems for off-highway and industrial equipment accounted for most of the increase. Segment EBIT of $5.2 million was 24% above $4.2 million in 2003. The improvement was primarily a result of operating and manufacturing efficiencies attributable to the consolidation of the business units in this segment under one management team. General Industry net sales of $123.1 million in the fourth quarter fell below $125.7 million in the fourth quarter 2003. Segment EBIT of $8.3 million was 34% above $6.2 million in the fourth quarter 2003. Full year 2004 net sales of $495.1 million were 14% above $435.3 million in 2003. Net sales at Carlisle Process Systems were 23% above 2003 as a result of increased purchases of capital equipment for cheese processing equipment. 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 16% above 2003 with acquisitions accounting for half of the increase. Tensolite net sales were 15% above 2003 due to increased sales across all product lines. Carlisle Walker net sales in 2004 were slightly above 2003 as a result of higher sales in the equipment group. Johnson Truck Bodies 2004 net sales were 3% below 2003 due to reduced 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. EBIT of $38.4 million for the full year 2004 was 93% above 2003 EBIT of $19.9 million. Improved earnings at Carlisle Process Systems, Carlisle Walker and Tensolite accounted for most of the increase. General Industry's 2003 EBIT included $3.7 million of exit and disposal costs. 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 identified the assets associated with a plastic components operation of Carlisle Tire & Wheel Company 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 as discontinued operations in the second quarter 2004. In the fourth quarter 2004 the remaining operations of Carlisle Engineered Products, previously reported in the Automotive Components segment, were added to discontinued operations. Carlisle is actively marketing the operations and conducting other actions required to complete the sale of the assets. Losses from discontinued operations in the fourth quarter 2004 were $31.9 million compared to losses of $0.9 million in the fourth quarter 2003. The fourth quarter 2004 included non-cash write-offs of $25.1 million 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. of goodwill and $3.1 million after-tax of other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. at Carlisle Engineered Products. Losses from discontinued operations were $38.7 million for the full year 2004 compared to income of $0.4 million in 2003. Net Income The net loss of $10.5 million, or $0.34 per diluted share in the fourth quarter, included $31.9 million or $1.03 per diluted share of losses from discontinued operations. Net income for the fourth quarter 2003 was $18.7 million or $0.60 per diluted share, which included $0.9 million or $0.03 per diluted share of losses from discontinued operations. Net income in 2004 of $79.6 million or $2.54 per diluted share was 10% below 2003 and included $38.7 million or $1.23 per diluted share in losses from discontinued operations. This compares to net income of $88.9 million or $2.88 per diluted share realized in 2003, which included $0.4 million or $0.01 per diluted share in income from discontinued operations. Cash Flow Cash flow from continuing operations of $111.6 million in 2004 was 6% above $105.1 million realized in 2003. 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 in 2004 contributed $53.0 million to cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses compared to a $33.0 million reduction in the utilization of the securitization program in 2003. The increase in working capital was a result of increased 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 due to sales volume and the planned building of inventories to meet the projected demand in the first half of 2005. Cash used in investing activities was $91.8 million in 2004 compared to $68.0 million in 2003 and included the acquisition of Trintex, a specialty tire and wheel business, in June 2004. Capital expenditures of $72.3 million were 83% above $39.6 million in 2003. The increased capital expenditures were due to the construction of new production plants for the Construction Materials segment and plant expansions for tire and belt products in the Industrial Components segment. Proceeds from the sale of investments, property and equipment in 2004 include the sale of properties acquired in the acquisition of Flo-Pac, a leading manufacturer of broom broom, common name for plants of two closely related and similar Old World genera, Cytisus and Genista, of the family Leguminosae (pulse family). , brushes and cleaning supplies. Cash flow from financing activities Cash Flow from Financing Activities A category in the cash flow statement that accounts for external activities such as issuing cash dividends, adding or changing loans, or issuing and selling more stock. included the purchase of 324,600 shares of Carlisle stock in the fourth quarter 2004 at a cost of $18.9 million. 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 December 31, 2004 backlog from continuing operations of $410.1 million was 9% above $374.6 million at December 31, 2003. Most of the increase was in the Construction Materials and the Transportation Products segments and was partially offset by a decrease in backlog in the General Industry segment. Conference Call and Webcast The company will discuss fourth quarter 2004 results on a conference call for investors on Thursday Thursday: see week. , February February: see month. 3, 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 at any time shortly following the live call at the same website location until February 17, 2005. 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, and process systems industries.
CARLISLE COMPANIES INCORPORATED
Financial Results
December 31, 2004
(In millions, except per share data)
Fourth Quarter Twelve Months
-----------------------------------------------------
2004 2003* %Change 2004 2003* %Change
-----------------------------------------------------
Net sales $549.1 $474.1 16% $2,227.6 $1,887.5 18%
Income from
continuing
operations, net
of tax $21.4 $19.5 10% $118.3 $88.5 34%
Loss from
discontinued
operations, net
of tax $(31.9) $(0.8) NM $(38.7) $0.4 NM
-----------------------------------------------------
Net income $(10.5) $18.7 -156% $79.6 $88.9 -10%
=====================================================
Basic earnings
per share
Continuing
operations $0.69 $0.63 10% $3.81 $2.89 32%
Discontinued
operations $(1.03) $(0.02) NM $(1.24) $0.01 NM
-----------------------------------------------------
Net income $(0.34) $0.61 -156% $2.57 $2.90 -11%
=====================================================
Diluted earnings
per share
Continuing
operations $0.69 $0.63 10% $3.77 $2.87 31%
Discontinued
operations $(1.03) $(0.03) NM $(1.23) $0.01 NM
-----------------------------------------------------
Net income $(0.34) $0.60 -157% $2.54 $2.88 -12%
=====================================================
SEGMENT FINANCIAL DATA
(In millions)
Fourth Quarter 2004 2003*
-----------------------------------------------------
Sales EBIT %Sales Sales EBIT %Sales
-----------------------------------------------------
Industrial
Components $161.6 $5.2 3.2% $137.3 $8.0 5.8%
Construction
Materials 196.1 26.2 13.4% 151.8 20.1 13.2%
Transportation
Products 37.1 2.3 6.2% 29.3 1.1 3.8%
Specialty
Products 31.2 (3.2) -10.3% 30.0 1.8 6.0%
General Industry 123.1 8.3 6.7% 125.7 6.2 4.9%
---------------- ------------------
Subtotal $549.1 $38.8 7.1% $474.1 $37.2 7.8%
Corporate - (7.4) - (5.2)
---------------- ------------------
Total $549.1 $31.4 5.7% $474.1 $32.0 6.7%
================ ==================
Twelve Months 2004 2003*
-----------------------------------------------------
Sales EBIT %Sales Sales EBIT % Sales
-----------------------------------------------------
Industrial
Components $727.2 $61.1 8.4% $622.4 $58.3 9.4%
Construction
Materials 721.9 94.5 13.1% 579.3 77.2 13.3%
Transportation
Products 149.6 7.9 5.3% 121.4 5.7 4.7%
Specialty
Products 133.8 5.2 3.9% 129.1 4.2 3.3%
General Industry 495.1 38.4 7.8% 435.3 19.9 4.6%
---------------- ------------------
Subtotal $2,227.6 $207.1 9.3% $1,887.5 $165.3 8.8%
Corporate - (21.4) - (19.7)
---------------- ------------------
Total $2,227.6 $185.7 8.3% $1,887.5 $145.6 7.7%
================ ==================
* 2003 figures have been revised to exclude discontinued operations
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
For the periods ended December 31
(In thousands except per share data)
Fourth Quarter
---------------------------
2004 2003* %Change
----------------------------------------------------------------------
Net sales $549,063 $474,107 15.8%
----------------------------------------------------------------------
Cost and expenses:
Cost of goods sold 455,731 388,487 17.3%
Selling and administrative expenses 56,591 51,707 9.4%
Research and development expenses 4,095 4,765 -14.1%
Other (income) & expense, net 1,221 (2,844) -142.9%
----------------------------------------------------------------------
Earnings before interest & income taxes 31,425 31,992 -1.8%
Interest expense, net 3,792 2,956 28.3%
----------------------------------------------------------------------
Earnings before income taxes 27,633 29,036 -4.8%
Income taxes 6,195 9,490 -34.7%
----------------------------------------------------------------------
Income from continuing operations 21,438 19,546 9.7%
----------------------------------------------------------------------
% of Net Sales 3.9% 4.1%
Income (Loss) from discontinued
operations, net of tax (31,886) (810) NM
----------------------------------------------------------------------
Net Income $(10,448) $18,736 -155.8%
======================================================================
Basic earnings per share
---------------------------
Continuing operations $0.69 $0.63 9.5%
Discontinued operations (1.03) (0.02) NM
----------------------------------------------------------------------
Basic earnings per share $(0.34) $0.61 -155.7%
======================================================================
Diluted earnings per share
---------------------------
Continuing operations $0.69 $0.63 9.5%
Discontinued operations (1.03) (0.03) NM
----------------------------------------------------------------------
Diluted earnings per share $(0.34) $0.60 -156.7%
======================================================================
Average shares outstanding (000's) -
basic 31,001 30,882
------------------------------------------------------------
Average shares outstanding (000's) -
diluted 31,287 31,119
------------------------------------------------------------
Dividends $7,122 $6,796
----------------------------------------------------------------------
Per share $0.230 $0.220 4.2%
----------------------------------------------------------------------
* 2003 figures have been revised to reflect discontinued operations
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
For the periods ended December 31
(In thousands except per share data)
Twelve Months
---------------------------
2004 2003* %Change
----------------------------------------------------------------------
Net sales $2,227,614 $1,887,490 18.0%
----------------------------------------------------------------------
Cost and expenses:
Cost of goods sold 1,804,486 1,526,295 18.2%
Selling and administrative expenses 221,676 204,948 8.2%
Research and development expenses 16,315 16,347 -0.2%
Other (income) & expense, net (553) (5,678) -90.3%
----------------------------------------------------------------------
Earnings before interest & income
taxes 185,690 145,578 27.6%
Interest expense, net 15,350 14,461 6.1%
----------------------------------------------------------------------
Earnings before income taxes 170,340 131,117 29.9%
Income taxes 52,026 42,633 22.0%
----------------------------------------------------------------------
Income from continuing operations 118,314 88,484 33.7%
----------------------------------------------------------------------
% of Net Sales 5.3% 4.7%
Income (Loss) from discontinued
operations, net of tax (38,702) 436 NM
----------------------------------------------------------------------
Net Income $79,612 $88,920 -10.5%
======================================================================
Basic earnings per share
----------------------------
Continuing operations $3.81 $2.89 31.8%
Discontinued operations (1.24) 0.01 NM
----------------------------------------------------------------------
Basic earnings per share $2.57 $2.90 -11.4%
======================================================================
Diluted earnings per share
----------------------------
Continuing operations $3.77 $2.87 31.4%
Discontinued operations (1.23) 0.01 NM
----------------------------------------------------------------------
Diluted earnings per share $2.54 $2.88 -11.8%
======================================================================
Average shares outstanding (000's) -
basic 31,032 30,705
-------------------------------------------------------------
Average shares outstanding (000's) -
diluted 31,409 30,863
-------------------------------------------------------------
Dividends $27,960 $26,695
----------------------------------------------------------------------
Per share $0.900 $0.870 3.5%
----------------------------------------------------------------------
* 2003 figures have been revised to reflect discontinued operations
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Balance Sheet
(In thousands)
December 31, December 31,
2004 2003*
----------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $ 25,018 $ 23,361
Receivables 227,423 216,173
Inventories 315,528 252,015
Prepaid expenses and other 68,114 70,360
Current assets held for sale 16,831 20,532
----------------------------------------------------------------------
Total current assets 652,914 582,441
----------------------------------------------------------------------
Property, plant and equipment, net 409,704 399,650
Other assets 380,632 351,946
Non-current assets held for sale 49,889 100,933
----------------------------------------------------------------------
$1,493,139 $1,434,970
==================================
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current
maturities $ 34,205 $ 7,505
Accounts payable 167,950 144,605
Accrued expenses 130,373 145,604
Current liabilities associated with
assets held for sale 25,709 39,690
----------------------------------------------------------------------
Total current liabilities 358,237 337,404
----------------------------------------------------------------------
Long-term debt 285,339 294,581
Other liabilities 154,162 170,246
Non-current liabilities associated
with assets held for sale 1,970 809
Shareholders' equity 693,431 631,930
----------------------------------------------------------------------
$1,493,139 $1,434,970
=================================
Supplemental Information
----------------------------------------------------------------------
Working capital $ 294,677 $ 245,037
Working capital turnover * 7.45 7.74
Net debt $ 294,526 $ 278,725
Net debt / Total capitalization 29.8% 30.6%
* Quarterly sales annualized divided by September working capital
* Reflects reclassification of assets held for sale
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Statement of Cash Flows
For the Twelve months ended December 31
(In thousands)
2004 2003*
----------------------------------------------------------------------
Operating activities
Net income $79,612 $88,920
Reconciliation of net earnings to cash flows:
Loss (Income) from discontinued
operations, net of tax 38,702 (393)
Depreciation and amortization 52,639 51,360
Earnings on equity investments (2,790) (3,244)
Foreign exchange gain (1,017) (2,103)
Deferred taxes (1,371) 8,754
(Gain) loss on investments, property and
equipment, net (820) (256)
Receivables under securitization program 53,000 (33,000)
Working capital (111,710) (3,850)
Other 5,327 (1,074)
----------------------------------------------------------------------
Net cash provided by operating activities 111,572 105,114
----------------------------------------------------------------------
Investing activities
Capital expenditures (72,260) (39,610)
Acquisitions, net of cash (34,709) (32,013)
Proceeds from investments, property and
equipment 14,906 3,698
Other 217 (101)
----------------------------------------------------------------------
Net cash used in investing activities (91,846) (68,026)
----------------------------------------------------------------------
Financing activities
Net change in short-term debt and revolving
credit lines 26,142 (45,638)
Proceeds from long-term debt - 5,198
Reductions of long-term debt (3,090) (2,503)
Dividends (27,960) (26,695)
Treasury shares and stock options, net (13,141) 15,757
Other 28 (887)
----------------------------------------------------------------------
Net cash (provided by) used in financing
activities (18,021) (54,768)
----------------------------------------------------------------------
Net cash used in discontinued operations (162) 8,565
----------------------------------------------------------------------
Effect of exchange rate changes on cash 114 910
----------------------------------------------------------------------
Change in cash and cash equivalents 1,657 (8,205)
Cash and cash equivalents
Beginning of period 23,361 31,566
----------------------------------------------------------------------
End of period $25,018 $23,361
----------------------------------------------------------------------
* Reflects reclassification of cash flows from discontinued operations
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