Church & Dwight Reports First Quarter Results.PRINCETON Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , N.J. -- Church & Dwight Dwight , Timothy 1752-1817. American clergyman, author, and educator who was a leading supporter of Federalism and served as president of Yale University (1795-1817). His grandson Timothy (1828-1916) was also president of Yale (1886-1899). (NYSE NYSE See: New York Stock Exchange :CHD CHD coronary heart disease. ChD abbr. Latin Chirurgiae Doctor (Doctor of Surgery) CHD, n.pr See disease, coronary heart. CHD canine hip dysplasia. ) today reported net income for the quarter ended April 1, 2005 of $37.7 million or $0.56 per share, an increase of $0.10 per share or 22% over last year's net income of $29.9 million or $0.46 per share. This year's results include 100% of the earnings of the former Armkel LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control business, following the Company's acquisition in May, 2004 of the 50% interest in Armkel which it did not already own. The Company noted that the additional 50% interest in Armkel would have contributed $0.08 per share on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis to last year's first quarter results. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. R. Craigie Crai·gie , Sir William Alexander 1876-1957. British lexicographer and philologist who was joint editor of the Oxford English Dictionary (1901-1933). Noun 1. , President and Chief Executive Officer, commented, "We are pleased with the first quarter results, which reflect the positive trend in organic sales growth established during 2004. Based on this strong start, we plan to substantially increase marketing and product development spending for the remainder of the year to continue to drive strong organic growth." First quarter sales increased to $420.7 million, compared to $296.0 million in the comparable period a year ago. This advance is primarily due to the acquisition of Armkel, which reported sales of $113.8 million in the same period a year ago. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. was 38.1% compared to last year's reported 32.6%, due to the addition of the higher-margin Armkel business. First quarter marketing spending of $37.6 million and selling, general and administrative expenses of $55.4 million were both significantly higher than last year due to the addition of the Armkel business. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $67.2 million was $28.7 million or 75% higher than the previous year's $38.5 million. This increase is also due to the addition of the Armkel business, which reported an operating profit of $29.8 million in the same period last year. The reduction in earnings from affiliates and the increase in interest expense also result primarily from the acquisition of Armkel. First quarter tax rate of 34.8% was almost 2 percentage points higher than the rate in the same period last year, which benefited from prior year tax credits. At quarter-end, the Company had total outstanding debt of $791 million, and cash of $102 million, for a net debt position of $689 million. This is a $391 million increase in net debt on a reported basis, but only a $96 million increase over the combined net debt position of $593 million for Church & Dwight and Armkel (a non-GAAP measure) at the comparable quarter-end last year. Excluding the approximately $260 million of debt incurred in connection with the Armkel acquisition, the combined net debt would have declined by $164 million for the period. Adjusted earnings before interest, depreciation and amortization (adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) as defined in the Company's bank loan agreement, which exclude certain non-cash items, are estimated at approximately $79 million for the quarter. CHURCH & DWIGHT AND AFFILIATES (Non-GAAP MEASURES) Management uses the combined results of Church & Dwight and its unconsolidated affiliates, including Armkel for the period prior to its acquisition in May 2004, in evaluating the financial performance of the business. First quarter combined sales of $433.6 million were $13.0 million or 3% above last year. Foreign exchange gains contributed about 1% of this increase. This year's first quarter was, however, two days or 2% shorter than the comparable period last year. Adjusting for both the foreign exchange and calendar effects calendar effects The impact a particular day, week, or month a security is owned has on rates of return. For example, studies indicate tax selling produces downward pressure on stock prices during the end of the calendar year followed by upward price , the Company estimates that first quarter organic sales growth was approximately 4%. At the product line level, after making the adjustments referred to above, the deodorizing and cleaning, personal care, and specialty products businesses all delivered mid-single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. or higher growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ; consumer international was slightly higher than last year; and laundry Laundry can be:
Before industrialization sales were about the same as last year. At the brand level, sales of Arm & Hammer(R) liquid laundry detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. , Arm & Hammer Super Scoop(R) cat litter Cat litter (often called kitty litter) is one of any of a number of materials used in litter boxes to absorb moisture from cat feces and urine, which reduces foul odors such as ammonia and renders them more tolerable within the home. , Trojan A program that appears legitimate, but performs some illicit activity when it is run. It may be used to locate password information or make the system more vulnerable to future entry or simply destroy programs or data on the hard disk. (R) condoms, First Response(R) pregnancy kits and Nair(R) depilatories were all significantly higher than last year, while sales of laundry detergent powder, fabric softeners Fabric softener (also called Fabric Conditioner) is used to prevent static cling and make fabric softer. Popular brand names include Lenor, Lenor/Downy, Snuggle, and Comfort. and antiperspirants were lower. As anticipated, gross profit for Church & Dwight and its unconsolidated affiliates declined to 38.9%, compared to the previous year's 40.1%. This lower margin is due to sharp price increases for oil-based raw and packaging materials and certain commodity chemicals during the second half of 2004. In response, the Company has intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: its margin enhancement strategies, and is in the process of implementing a wide range of cost reduction programs. Late in the quarter, the Company announced a price increase for almost the entire Trojan condom 1. condom - The protective plastic bag that accompanies 3.5-inch microfloppy diskettes. Rarely, also used of (paper) disk envelopes. Unlike the write protect tab, the condom (when left on) not only impedes the practice of SEX but has also been shown to have a high failure line. This move follows price increases for the cat litter and Brillo(R) lines, as well as for certain specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. , late in 2004, and means that the Company has now taken pricing action for about 20% of its domestic product lines over the past six months. In addition, the Company has announced price increases and sizing changes for products representing about 20% of the sales of its laundry detergents business, which will take effect during the second quarter, and expects to take similar actions for the majority of its laundry line during the second half of the year. Mr. Craigie added, "We are about half way through the process of recovering the commodity price increases incurred late in 2004. Our objective is to recover the balance of the cost increases through a combination of cost reduction programs and price increases by late this year or early next year. Based on our current pipeline of margin enhancement programs, we expect to be able to resume margin growth during 2006." During the quarter, the Company launched Arm & Hammer Detergent Plus a Touch of Softener which combines detergent with fabric softener technologies. The Company also expanded its carpet deodorizer deodorizer or deodorant, substance used to absorb or eliminate offensive odors. Disinfectants such as hydrogen peroxide, chlorine, and chlorine compounds eliminate odors caused by microorganisms. line with the introduction of Arm & Hammer Carpet and Room Allergen allergen /al·ler·gen/ (al´er-jen) an antigenic substance capable of producing immediate hypersensitivity (allergy).allergen´ic pollen allergen Reducer. On the personal care side, the Company launched Arm & Hammer Enamel enamel, a siliceous substance fusible upon metal. It may be so compounded as to be transparent or opaque and with or without color, but it is usually employed to add decorative color. It was used to decorate jewelry in ancient Egypt, Greece, and Rome. Care with Breath Defense(TM) and Mentadent Mentadent is a brand name for a line of dental products manufactured by Unilever everywhere but United States and Canada, where it was acquired by the Church & Dwight Company in 2003. Replenishing White(TM), both of which use the Company's proprietary Liquid Calcium(R) technology to restore enamel luster. The entire Arrid Arrid is a type of antiperspirant deodorant manufactured by Church and Dwight External links
an·ti·per·spi·rant n. line has been relaunched with a renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. emphasis on the "ExtraDry" heritage. Several new items have been added to the Nair(R) depilatory depilatory (dĭpĭl`ətôr'ē), substance used to remove hair. In preparing hides for tanning, lime is the chief depilatory. line, including a bladeless shaving kit. A major new addition to the Trojan line is Mint Tingle(TM), a flavored lubricated lu·bri·cate v. lu·bri·cat·ed, lu·bri·cat·ing, lu·bri·cates v.tr. 1. To apply a lubricant to. 2. To make slippery or smooth. v.intr. To act as a lubricant. condom. First quarter combined marketing expenses were slightly higher than last year. Looking forward, the Company expects to increase its marketing spending during the second and third quarters in support of these new product launches. In addition, the Company is planning to increase advertising spending on key brands, including a new Trojan advertising campaign designed to place increased emphasis on the health risks of unprotected sex Unprotected sex refers to any act of sexual intercourse in which the participants use no form of barrier contraception. Sexually transmitted infections Specifically, unprotected sex . Marketing spending will also rise in anticipation of a major new product initiative which is currently planned for the second half of the year. Mr. Craigie noted that the Company is raising its earnings objective for the year to at least $1.75 per share, which contemplates significant reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in marketing and R&D to fuel long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. organic growth. Mr. Craigie also noted that the Company is engaged in a strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. process to establish its strategic and financial objectives for the three-year period 2006 to 2008. The Company expects to complete this review during the second quarter and provide a preliminary view of these objectives during its second quarter earnings release and conference call in early August. As previously reported, at its May 4 Board meeting, the Company declared a quarterly dividend of $0.06 per share. The dividend is payable June June: see month. 1, 2005 to stockholders of record at the close of business on May 16, 2005. This is the Company's 417th regular quarterly dividend. Church & Dwight will host a conference call to discuss first quarter 2005 results today at 10:00 a.m. (ET). To participate, dial in at 888-396-2356, access code: Church & Dwight. A replay will be available two hours after the call at 888-286-8010, access code 40680080, as well as on the Company's website. Also, you can participate via webcast by visiting the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's website at www.churchdwight.com. Church & Dwight Co., Inc. manufactures and markets a wide range of personal care, household and specialty products, under the ARM & HAMMER brand name and other well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. trademarks. This release contains 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. relating, among others, to short- and long-term financial objectives, sales and earnings growth, gross margin, marketing and product development spending, pricing and sizing changes in certain of its products, and earnings per share. These statements represent the intentions, plans, expectations and beliefs of Church & Dwight, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control and could cause actual results to differ materially from such forward-looking statements. The uncertainties include assumptions as to market growth and consumer demand (including the effect of political and economic events on consumer demand), raw material and energy prices, the financial condition of major customers, and increased marketing spending. With regard to the new product introductions referred to in this release, there is particular uncertainty relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc trade, competitive and consumer reactions. Other factors, which could materially affect the results, include the outcome of contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , including litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , pending 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. proceedings, environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a and 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 assets. For a description of additional cautionary statements, see Church & Dwight and Armkel's quarterly and annual reports filed with the SEC.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
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(In thousands, except per share data) April 1, 2005 Apr. 2, 2004
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Net Sales $ 420,674 $ 295,991
Cost of sales 260,437 199,429
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Gross profit 160,237 96,562
Marketing expenses 37,647 24,188
Selling, general and administrative expenses 55,438 33,914
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Income from Operations 67,152 38,460
Equity in earnings of affiliates 1,270 9,824
Other income (expense), net (10,567) (3,642)
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Income before minority interest and taxes 57,855 44,642
Income taxes 20,163 14,730
Minority Interest (9) 6
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Net Income $ 37,701 $ 29,906
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Net Income per share - Basic $0.60 $0.49
Net Income per share - Diluted $0.56 $0.46
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Dividend per share $0.06 $0.05
Weighted average shares outstanding - Basic 63,321 61,323
Weighted average shares outstanding - Diluted 69,002 67,710
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CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) Apr. 1, 2005 Apr. 2, 2004
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Assets
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Current Assets
Cash, equivalents and securities $ 101,902 $ 66,666
Accounts receivable 187,944 101,368
Inventories 157,837 98,323
Other current assets 30,562 20,760
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Total Current Assets 478,245 287,117
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Property, Plant and Equipment (Net) 331,212 257,026
Equity Investment in Affiliates 12,590 163,611
Intangibles and other assets 1,038,889 419,581
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Total Assets $ 1,860,936 $ 1,127,335
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Liabilities and Stockholders' Equity
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Short-Term Debt $ 111,102 $ 68,547
Other Current Liabilities 254,794 164,796
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Total Current Liabilities 365,896 233,343
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Long-Term Debt 679,356 295,851
Other Long-Term Liabilities 214,674 126,357
Stockholders' Equity 601,010 471,784
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Total Liabilities and Stockholders' Equity $ 1,860,936 $ 1,127,335
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SUPPLEMENTARY INFORMATION
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The following discussion addresses the reconciliations below and in this press release that reconcile non-GAAP and other measures used in this press release to the most directly comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measures: Adjusted 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 The press release provides information regarding combined sales adjusted to exclude the effect of foreign exchange adjustments and the impact of the Company's fiscal calendar. Management believes that the presentation of adjusted combined net sales is useful to investors because it enables them to assess, on a consistent basis, sales of Church & Dwight and unconsolidated equity investees products that were marketed by Church & Dwight or its unconsolidated equity investees during the entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. of relevant periods. In addition, the exclusion of the effect of foreign exchange adjustments and the effect of the Company's fiscal calendar is useful to investors because currency fluctuations and the fiscal calendar difference are out of the control of, and do not reflect the performance of management. Combined Gross Profit Margin and Combined Operating Profit The press release also provides information regarding combined gross profit margin and combined operating profit. Management believes the presentation of combined gross margin and combined operating profit is useful to investors because the businesses of the Company and its unconsolidated equity investees are managed on a combined basis, and management uses combined performance measures to analyze performance and develop financial objectives. Moreover, since the results of operations of the former Armkel business have been included in Church & Dwight's consolidated statements of income beginning on May 29, 2004, the information enhances comparability over the relevant periods. Adjusted Net Debt The press release provides information regarding combined Church & Dwight and Armkel net debt at April 2, 2004. Management believes this information is useful to investors because the former Armkel business is reflected in Church & Dwight's April 1, 2005 balance sheet, and the presentation of Church & Dwight and Armkel net debt at April 2, 2004 enables investors to analyze the increase in Church & Dwight's net debt position exclusive of the amount of indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. already existing at Armkel at April 2, 2004. Set forth below is a reconciliation of Church & Dwight's net debt to Church & Dwight and Armkel's net debt at April 2, 2004:
(Dollars in Millions)
Church & Dwight Total Debt $364.4
Church & Dwight Cash 66.7
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Church & Dwight Net Debt $297.7
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Armkel Total Debt $359.9
Armkel Cash 64.7
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Armkel Net Debt $295.2
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Church & Dwight Net Debt $297.7
Armkel Net Debt 295.2
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Church & Dwight and Armkel Net Debt $592.9
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Adjusted EBITDA Management believes that Adjusted EBITDA is an important measure to investors because it indicates the Company's ability to generate liquidity in a fashion that will enable it to satisfy an important financial covenant in the Company's principal credit agreement. Set forth below is a reconciliation of the Company's Adjusted EBITDA to net cash flow provided by operating activities, the most directly comparable GAAP measure.
Adjusted EBITDA
Reconciliation of Net Cash Provided By
Operating Activities to Adjusted EBITDA
(Dollars in Millions)
Net Cash Provided by Operating Activities $ 31.2
Interest Expense 10.6
Current Income Tax Provision 16.0
Proceeds from Affiliates 1.9
Change in Working Capital &
Other Liabilities 22.7
Investment Income (0.8)
Other (2.1)
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Church & Dwight Adjusted EBITDA $ 79.5
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Combined Product Line Information The following tables reconcile the Company's reported product line net sales, gross profit, marketing expenses, SG&A expenses and operating profit to the combined amounts for the Company and its unconsolidated equity investees for the quarters ended April 1, 2005, and April 2, 2004. The reconciliation reflects the elimination of intercompany sales and the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of production planning Production planning The function of a manufacturing enterprise responsible for the efficient planning, scheduling, and coordination of all production activities. and logistics functions. Management believes this information is useful to investors because the businesses of the Company and its unconsolidated equity investees are managed on a combined basis, and management uses combined performance measures to analyze performance and develop financial objectives. Moreover, since the results of operations of the former Armkel business have been included in Church & Dwight's consolidated statements of income beginning on May 29, 2004, the information enhances comparability over the relevant periods.
Church & Dwight Co., Inc
Product Line Net Sales, Gross Profit and Operating Profit
Including Unconsolidated Affiliates
1st Quarter 2005 vs. 2004
Dollars in Millions
Three Months Ended April 1, 2005
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Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ---------- ---------- ---------- ----------
Deodorizing
and Cleaning
Products $ 63.7 $ - $ - $ - $ 63.7
Laundry
Products $ 103.5 $ - $ - $ - $ 103.5
Personal Care
Products $ 130.5 $ - $ - $ - $ 130.5
---------- --------- --------- --------- ---------
Consumer
Domestic $ 297.7 $ - $ - $ - $ 297.7
Consumer
International $ 69.4 $ - $ - $ - $ 69.4
---------- --------- --------- --------- ---------
Total Consumer
Net Sales $ 367.1 $ - $ - $ - $ 367.1
Specialty
Products
Division $ 53.6 $ - $ 14.9 $ (2.0) $ 66.5
---------- --------- --------- --------- ---------
Total Net
Sales $ 420.7 $ - $ 14.9 $ (2.0) $ 433.6
Gross Profit $ 160.3 $ - $ 3.7 $ 4.8 $ 168.8
% of Net Sales 38.1% 24.8% 38.9%
Marketing $ 37.6 $ - $ 0.1 $ - $ 37.7
% of Net Sales 8.9% 0.5% 8.7%
SG&A $ 55.5 $ - $ 1.1 $ 4.8 $ 61.4
% of Net Sales 13.2% 7.4% 14.2%
Operating
Profit $ 67.2 $ - $ 2.5 $ - $ 69.7
% of Net Sales 16.0% 16.9% 16.1%
Three Months Ended April 2, 2004
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Other
CHD Equity CHD &
As Reported Armkel Affiliates Adj's** Affiliates
----------- ---------- ---------- ---------- ----------
Deodorizing
and Cleaning
Products $ 61.1 $ - $ - $ - $ 61.1
Laundry
Products $ 105.5 $ - $ - $ - $ 105.5
Personal Care
Products $ 69.5 $ 58.0 $ - $ - $ 127.5
---------- --------- --------- --------- ---------
Consumer
Domestic $ 236.1 $ 58.0 $ - $ - $ 294.1
Consumer
International $ 9.0 $ 55.8 $ - $ (0.4) $ 64.4
---------- --------- --------- --------- ---------
Total Consumer
Net Sales $ 245.1 $ 113.8 $ - $ (0.4) $ 358.5
Specialty
Products
Division $ 50.9 $ 13.2 $ (2.0) $ 62.1
---------- ---------- --------- --------- ---------
Total Net
Sales $ 296.0 $ 113.8 $ 13.2 $ (2.4) $ 420.6
Gross Profit $ 96.6 $ 65.7 $ 2.8 $ 3.5 $ 168.6
% of Net Sales 32.6% 57.7% 21.2% 40.1%
Marketing $ 24.2 $ 12.8 $ 0.1 $ - $ 37.1
% of Net Sales 8.2% 11.3% 0.8% 8.8%
SG&A $ 33.9 $ 23.1 $ 1.3 $ 3.5 $ 61.8
% of Net Sales 11.4% 20.3% 9.8% 14.7%
Operating
Profit $ 38.5 $ 29.8 $ 1.4 $ - $ 69.7
% of Net Sales 13.0% 26.1% 10.6% 16.6%
** Adjustments include: elimination of intercompany sales,
reclassification of the administrative costs of production planning
and logistics functions that are not directly attributable to the
manufacturing process, from cost of sales to SG&A.
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