Fortune Brands Home & Security Reports Strong First Quarter Results, Raises Full-Year Outlook
Highlights:
-
Q1 2012 net sales increase 12 percent year-over-year to
$799 million ; results driven by stronger-than-expected U.S. home products market and continued share gains -
Diluted EPS
$0.08 , diluted EPS before charges/gains$0.08 vs.$0.00 in prior-year quarter - Company raises full-year 2012 outlook for net sales to high-single-digit growth rate with assumption of mid-single-digit growth rate in the market for its U.S. home products
-
Company raises full-year 2012 outlook for diluted EPS before
charges/gains to a range of
$0.77 - $0.87
Net sales were
Operating income was
"We are pleased with our performance in the first quarter. We grew sales
and profit more than expected, and we believe we continued to gain share
while benefiting from a stronger-than-anticipated market," said
For each segment in the first quarter 2012, compared to the prior-year quarter:
-
Plumbing & Accessories net sales were up 20 percent, with strength in
the U.S. wholesale business and international markets, especially
China . - Security & Storage net sales were up 18 percent, on strength in retail padlocks as well as safety and tool storage products.
- Advanced Material Windows & Door Systems net sales were up 11 percent, on strength from new business and new construction market growth.
- Kitchen & Bath Cabinetry net sales were up 4 percent, driven by dealer channel strength and sales to builders.
"Our Plumbing, Security & Storage and Windows & Door segments all had robust double-digit sales increases as our innovative products continued to be well received and we maintained the momentum in our market expansion activities. Our Cabinets segment met our expectations, even as cabinet industry growth predictably continued to lag the overall market for our products," Klein said.
"Our results this quarter are a testament to our strong brands, compelling product innovation and efficient supply chains. We look forward to building on ongoing market growth, but whether industry momentum continues or subsides, we believe we remain poised for lasting success and market outperformance. We have maintained our strong capital structure, and our companies are continuing their steady cadence of introducing innovative new products," Klein added.
"Our balance sheet remains solid," said
Updated Outlook for 2012
The Company is updating its outlook for 2012. For the full year, the
Company's assumption for the growth rate of the market for its U.S. home
products is now mid-single digits. Based on this assumption, the Company
now expects its full-year 2012 net sales to increase at a
high-single-digit rate. The Company now expects diluted EPS before
charges/gains to be in the range of
"We raised our full-year outlook based on our Q1 performance and an assumption that the current momentum of our U.S. home products market will continue," Klein said. "However, forecasting the balance of the year remains challenging, given the variables affecting the market and the overall economy."
The Company increased its free cash flow outlook for 2012 to be in the
range of
About
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements"
regarding business strategies, market potential, future financial
performance and other matters. Statements preceded by, followed by or
that otherwise include the words "believes," "expects," "anticipates,"
"intends," "projects," "estimates," "plans," "outlook," and similar
expressions or future or conditional verbs such as "will," "should,"
"would," "may" and "could" are generally forward-looking in nature and
not historical facts. Where, in any forward-looking statement, we
express an expectation or belief as to future results or events, such
expectation or belief is based on the current plans and expectations of
our management. Although we believe that these statements are based on
reasonable assumptions, they are subject to numerous factors, risks and
uncertainties that could cause actual outcomes and results to be
materially different from those indicated in such statements. These
factors include those in Item 1A of our Annual Report on Form 10-K,
filed with the
Use of non-GAAP financial information
This press release includes measures not derived in accordance with generally accepted accounting principles ("GAAP"), such as diluted earnings per share before charges/gains, net debt-to-EBITDA ratio, operating income before charges/gains, and free cash flow. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the most closely comparable GAAP measures, and reasons for the Company's use of these measures, are presented in the attached pages.
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||||||||||||
| (In millions, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2012 | 2011 | % Change | ||||||||||
| Net Sales (GAAP) | ||||||||||||
| Kitchen & Bath Cabinetry | $ | 311.5 | $ | 299.8 | 3.9 | |||||||
| Plumbing & Accessories | 244.5 | 203.8 | 20.0 | |||||||||
| Advanced Material Windows & Door Systems | 113.4 | 102.0 | 11.2 | |||||||||
| Security & Storage | 129.4 | 109.2 | 18.5 | |||||||||
| Total Net Sales | $ | 798.8 | $ | 714.8 | 11.8 | |||||||
| Operating Income (Loss) Before Charges/Gains(a) | ||||||||||||
| Kitchen & Bath Cabinetry | $ | (3.9 | ) | $ | (1.7 | ) | (129.4 | ) | ||||
| Plumbing & Accessories | 36.2 | 25.6 | 41.4 | |||||||||
| Advanced Material Windows & Door Systems | (10.3 | ) | (13.6 | ) | 24.3 | |||||||
| Security & Storage | 11.8 | 6.2 | 90.3 | |||||||||
| Corporate expense | (12.9 | ) | (13.2 | ) | 2.3 | |||||||
| Total Operating Income Before Charges/Gains | $ | 20.9 | $ | 3.3 | 533.3 | |||||||
| Earnings Per Share Before Charges/Gains(b) | ||||||||||||
| Diluted | $ | 0.08 | $ | - | - | |||||||
| EBITDA Before Charges/Gains(c) | $ | 45.4 | $ | 28.1 | 61.6 | |||||||
| (a) Operating income (loss) before charges/gains is operating income derived in accordance with GAAP including estimated incremental standalone corporate expenses and excluding restructuring and other charges, and income from a contingent acquisition consideration adjustment. Operating income (loss) before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to determine the returns generated by FBHS and to evaluate and identify cost-reduction initiatives. Management believes this measure provides investors with helpful supplemental information regarding the underlying performance of the company from year to year. This measure may be inconsistent with similar measures presented by other companies. A GAAP reconciliation is included in subsequent tables. | |
|
(b) Diluted EPS before charges/gains is net income (loss) calculated
on a diluted per-share basis adjusted to reflect the borrowing
arrangements and debt levels that actually existed immediately after
the separation from |
|
| (c) EBITDA before charges/gains is net income (loss) derived in accordance with GAAP including estimated incremental standalone corporate expenses and excluding restructuring and other charges, income from a contingent acquisition consideration adjustment, depreciation, amortization of intangible assets, related party interest expense, net, external interest expense, and income taxes. EBITDA before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to assess returns generated by FBHS. Management believes this measure provides investors with helpful supplemental information about the company's ability to fund internal growth, make acquisitions and repay debt and related interest. This measure may be inconsistent with similar measures presented by other companies. A GAAP reconciliation is included in subsequent tables. | |
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| CONDENSED CONSOLIDATED BALANCE SHEET (GAAP) | |||||||
| (In millions) | |||||||
| (Unaudited) | |||||||
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December 31, | ||||||
| 2012 | 2011 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 120.6 | $ | 120.8 | |||
| Accounts receivable, net | 379.3 | 346.1 | |||||
| Inventory | 350.7 | 336.3 | |||||
| Other current assets | 123.3 | 150.3 | |||||
| Total current assets | 973.9 | 953.5 | |||||
| Property, plant and equipment, net | 515.0 | 525.8 | |||||
| Goodwill resulting from business acquisitions | 1,367.4 | 1,366.6 | |||||
| Other intangible assets, net of accumulated amortization | 701.4 | 702.9 | |||||
| Other assets | 89.8 | 89.1 | |||||
| Total assets | $ | 3,647.5 | $ | 3,637.9 | |||
| Liabilities and Equity | |||||||
| Current liabilities | |||||||
| Notes payable to banks | $ | 4.3 | $ | 3.8 | |||
| Current portion of long-term debt | 17.5 | 17.5 | |||||
| Accounts payable | 254.7 | 260.7 | |||||
| Other current liabilities | 240.4 | 315.8 | |||||
| Total current liabilities | 516.9 | 597.8 | |||||
| Long-term debt | 409.3 | 389.3 | |||||
| Deferred income taxes | 213.4 | 204.1 | |||||
| Accrued defined benefit plans | 250.0 | 248.2 | |||||
| Other long-term liabilities | 74.4 | 74.0 | |||||
| Total liabilities | 1,464.0 | 1,513.4 | |||||
| Stockholders' equity | 2,180.5 | 2,120.8 | |||||
| Noncontrolling interests | 3.0 | 3.7 | |||||
| Total equity | 2,183.5 | 2,124.5 | |||||
| Total liabilities and equity | $ | 3,647.5 | $ | 3,637.9 | |||
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| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (In millions) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2012 | 2011 | |||||||||||
| Operating Activities | ||||||||||||
| Net Income (Loss) | $ | 13.0 | $ | (10.3 | ) | |||||||
| Depreciation and amortization | 24.5 | 24.8 | ||||||||||
| Deferred income taxes |
8.1 |
0.6 | ||||||||||
| Other noncash items | 6.0 | 2.7 | ||||||||||
| Changes in assets and liabilities, net | (95.5 | ) | (85.7 | ) | ||||||||
| Net cash provided by operating activities | $ | (43.9 | ) | $ | (67.9 | ) | ||||||
| Investing Activities | ||||||||||||
| Capital expenditures, net of proceeds from asset sales | $ | (9.8 | ) | $ | (9.9 | ) | ||||||
| Other investing activities | (3.6 | ) | - | |||||||||
| Net cash used in investing activities | $ | (13.4 | ) | $ | (9.9 | ) | ||||||
| Financing Activities | $ | 56.7 | $ | 84.9 | ||||||||
| Effect of changes in foreign currency exchange rates on cash | $ | 0.4 | $ | 0.1 | ||||||||
| Net (decrease)/increase in cash and cash equivalents | $ | (0.2 | ) | $ | 7.2 | |||||||
| Cash and cash equivalents at beginning of year | 120.8 | 60.7 | ||||||||||
| Cash and cash equivalents at end of period | $ | 120.6 | $ | 67.9 | ||||||||
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FREE |
Three Months Ended |
2012 Full Year | ||||||||||
| 2012 | 2011 |
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Free |
$ | (12.5 | ) | $ | (77.8 | ) | $ | 200 - 225 | ||||
| Add: | ||||||||||||
| Capital Expenditures |
11.2 |
10.0 | 80 | |||||||||
| Less: | ||||||||||||
| Proceeds from the sale of assets |
1.4 |
0.1 | 5 - 10 | |||||||||
| Proceeds from the exercise of stock options |
41.2 |
- | 50 - 60 | |||||||||
| Cash Flow From Operations (GAAP) | $ | (43.9 | ) | $ | (67.9 | ) | $ | 225 - 235 | ||||
| (a) Free cash flow is cash flow from operations calculated in accordance with GAAP less net capital expenditures (capital expenditures less proceeds from the sale of assets including property, plant and equipment) plus proceeds from the exercise of stock options. Free cash flow is a measure not derived in accordance with GAAP. Management believes that free cash flow provides investors with helpful supplemental information about the company's ability to fund internal growth, make acquisitions, repay debt and related interest, pay dividends, and repurchase common stock. This measure may be inconsistent with similar measures presented by other companies. |
|
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| CONSOLIDATED STATEMENT OF INCOME (GAAP) | ||||||||||||
| (In millions, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2012 | 2011 | % Change | ||||||||||
| Net Sales | $ | 798.8 | $ | 714.8 | 11.8 | |||||||
| Cost of products sold | 552.0 | 504.5 | 9.4 | |||||||||
| Selling, general | ||||||||||||
| and administrative expenses | 221.1 | 198.5 | 11.4 | |||||||||
| Amortization of intangible assets | 3.4 | 3.7 | (8.1 | ) | ||||||||
| Restructuring charges | 1.0 | 0.3 | 233.3 | |||||||||
| Operating Income | 21.3 | 7.8 | 173.1 | |||||||||
| Related party interest expense, net | - | 22.7 | (100.0 | ) | ||||||||
| External interest expense | 2.5 | 0.1 | - | |||||||||
| Other income, net | (0.5 | ) | - | - | ||||||||
| Income (Loss) before income taxes | 19.3 | (15.0 | ) | 228.7 | ||||||||
| Income taxes | 6.3 | (4.7 | ) | 234.0 | ||||||||
| Net Income (Loss) | $ | 13.0 | $ | (10.3 | ) | 226.2 | ||||||
| Less: Noncontrolling interests | 0.5 | 0.2 | 150.0 | |||||||||
| Net Income (Loss) attributable to | ||||||||||||
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$ | 12.5 | $ | (10.5 | ) | 219.0 | ||||||
| Earnings (Loss) Per Common Share, Diluted(a): | ||||||||||||
| Net Income | $ | 0.08 | $ | (0.07 | ) | 213.3 | ||||||
| Diluted Average Shares Outstanding(a) | 163.0 | 155.1 | 5.1 | |||||||||
|
(a) Diluted earnings per common share and the average number of
shares of common stock outstanding in the first quarter of 2011 were
retrospectively restated adjusting the number of shares of |
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| (In millions, except per share amounts) | ||||||||||||
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(Unaudited) |
|||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2012 | 2011 | % Change | ||||||||||
| Net Sales (GAAP) | ||||||||||||
| Kitchen & Bath Cabinetry | $ | 311.5 | $ | 299.8 | 3.9 | |||||||
| Plumbing & Accessories | 244.5 | 203.8 | 20.0 | |||||||||
| Advanced Material Windows & Door Systems | 113.4 | 102.0 | 11.2 | |||||||||
| Security & Storage | 129.4 | 109.2 | 18.5 | |||||||||
| Total Net Sales | $ | 798.8 | $ | 714.8 | 11.8 | |||||||
| Operating Income (Loss) | ||||||||||||
| Kitchen & Bath Cabinetry | $ | (5.3 | ) | $ | (2.0 | ) | (165.0 | ) | ||||
| Plumbing & Accessories | 36.2 | 25.7 | 40.9 | |||||||||
| Advanced Material Windows & Door Systems | (8.5 | ) | (13.9 | ) | 38.8 | |||||||
| Security & Storage | 11.8 | 6.2 | 90.3 | |||||||||
| Corporate Expenses(a) | (12.9 | ) | (8.2 | ) | (57.3 | ) | ||||||
| Total Operating Income - GAAP | $ | 21.3 | $ | 7.8 | 173.1 | |||||||
|
OPERATING INCOME BEFORE CHARGES/GAINS RECONCILIATION |
||||||||||||
| Operating Income (Loss) Before Charges/Gains(b) | ||||||||||||
| Kitchen & Bath Cabinetry | $ | (3.9 | ) | $ | (1.7 | ) | (129.4 | ) | ||||
| Plumbing & Accessories | 36.2 | 25.6 | 41.4 | |||||||||
| Advanced Material Windows & Door Systems | (10.3 | ) | (13.6 | ) | 24.3 | |||||||
| Security & Storage | 11.8 | 6.2 | 90.3 | |||||||||
| Corporate expenses | (12.9 | ) | (13.2 | ) | 2.3 | |||||||
| Total Operating Income Before Charges/Gains | 20.9 | 3.3 | 533.3 | |||||||||
| Restructuring and other charges(c) | (1.6 | ) | (0.5 | ) | (220.0 | ) | ||||||
| Contingent acquisition consideration adjustment(d) | 2.0 | - | - | |||||||||
| Standalone corporate costs(e) | - | 5.0 | (100.0 | ) | ||||||||
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||||||||||||
| Total Operating Income - GAAP | $ | 21.3 | $ | 7.8 | 173.1 | |||||||
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(a) For 2011, corporate expenses include allocations of certain
|
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| (b) Operating income (loss) before charges/gains is operating income derived in accordance with GAAP including estimated incremental standalone corporate expenses and excluding restructuring and other charges, and income from a contingent acquisition consideration adjustment. Operating income (loss) before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to determine the returns generated by FBHS and to evaluate and identify cost-reduction initiatives. Management believes this measure provides investors with helpful supplemental information regarding the underlying performance of the company from year to year. This measure may be inconsistent with similar measures presented by other companies. | ||
| (c) Restructuring charges are costs incurred to implement significant cost reduction initiatives and include workforce reduction costs and asset write-downs; "other charges" represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines and accelerated depreciation resulting from the closure of facilities. | ||
| (d) Represents gain attributable to reduction of estimated liability for contingent consideration associated with a business acquisition. | ||
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(e) The Company estimates that it would have incurred |
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DILUTED EPS BEFORE CHARGES/GAINS RECONCILIATION |
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|
Diluted EPS before charges/gains is net income (loss) calculated on
a diluted per-share basis adjusted to reflect the borrowing
arrangements and debt levels that actually existed immediately after
the separation from |
|
|
For the first quarter of 2012, diluted EPS before charges/gains is
net income calculated on a per-share basis excluding |
|
|
For the first quarter of 2011, diluted EPS before charges/gains is
net income calculated on a per-share basis excluding |
|
| Diluted EPS before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to evaluate the overall performance of the company and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the company from period to period. This measure may be inconsistent with similar measures presented by other companies. | |
| Three Months Ended March 31, | |||||||||||
| 2012 | 2011 | % Change | |||||||||
| Earnings Per Common Share - Diluted | |||||||||||
| EPS Before Charges/Gains | $ | 0.08 | $ | - | - | ||||||
| Restructuring and other charges | (0.01 | ) | - | - | |||||||
| Contingent acquisition consideration adjustment | 0.01 | - | - | ||||||||
| Standalone corporate costs | - | 0.02 | (100.0 | ) | |||||||
| Capital structure change | - | (0.08 | ) | 100.0 | |||||||
| Adjusted pro forma tax rate adjustment | - | (0.01 | ) | 100.0 | |||||||
| Diluted EPS (GAAP) | $ | 0.08 | $ | (0.07 | ) | 214.3 | |||||
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RECONCILIATION OF FULL YEAR 2012 EARNINGS GUIDANCE TO GAAP |
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For the full year, the company is targeting diluted EPS before
charges/gains to be in the range of |
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| (In millions, except per share amounts) |
| (Unaudited) |
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2011 DILUTED EPS BEFORE CHARGES/GAINS RECONCILIATION |
|
2011 Diluted EPS before charges/gains is net income (loss)
calculated on a diluted per-share basis adjusted to reflect the
borrowing arrangements and debt levels that actually existed
immediately after the separation from |
|
For the year ended |
| 2011 Diluted EPS before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to evaluate its underlying 2012 EPS growth rate and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the company from period to period. This measure may be inconsistent with similar measures presented by other companies. |
| Twelve months ended | |||||||||||
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| Earnings Per Common Share - Diluted | |||||||||||
| EPS Before Charges/Gains |
$ |
0.60 |
|||||||||
| Restructuring and other charges | (0.08 | ) | |||||||||
| Standalone corporate costs | 0.05 | ||||||||||
| Capital structure change | (0.06 | ) | |||||||||
| Business separation costs | (0.01 | ) | |||||||||
| Adjusted pro forma tax rate adjustment | (0.07 | ) | |||||||||
| Asset impairment charges | (0.35 | ) | |||||||||
| Defined benefit plan accounting change(a) | (0.31 | ) | |||||||||
| Diluted EPS (GAAP) |
$ |
(0.23 |
) | ||||||||
|
(a) Represents the impact of expense from actuarial losses
totaling approximately |
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RECONCILIATION OF EBITDA BEFORE CHARGES/GAINS TO GAAP NET INCOME (LOSS) |
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| Three Months Ended March 31, | |||||||||||
| 2012 | 2011 | % Change | |||||||||
| EBITDA BEFORE CHARGES/GAINS | $ | 45.4 | $ | 28.1 | 61.6 | ||||||
| Depreciation (b) | $ | (20.6 | ) | $ | (21.1 | ) | 2.4 | ||||
| Amortization of intangible assets | (3.4 | ) | (3.7 | ) | 8.1 | ||||||
| Restructuring and other charges | (1.6 | ) | (0.5 | ) | (220.0 | ) | |||||
| Contingent acquisition consideration adjustment | 2.0 | - | - | ||||||||
| Related party interest expense, net | - | (22.7 | ) | - | |||||||
| External interest expense | (2.5 | ) | (0.1 | ) | - | ||||||
| Standalone corporate expenses | - | 5.0 | - | ||||||||
| Income tax (provision) benefit | (6.3 | ) | 4.7 | - | |||||||
| Net Income (Loss) | $ | 13.0 | $ | (10.3 | ) | 226.2 | |||||
| Noncontrolling interests | (0.5 | ) | (0.2 | ) | (150.0 | ) | |||||
| Net income (loss) attributable to Home & Security | $ | 12.5 | $ | (10.5 | ) | 219.0 | |||||
| EBITDA before charges/gains is net income (loss) derived in accordance with GAAP including estimated incremental standalone corporate expenses and excluding restructuring and other charges, income from a contingent acquisition consideration adjustment, depreciation, amortization of intangible assets, related party interest expense, net, external interest expense, and income taxes. EBITDA before charges/gains is a measure not derived in accordance with GAAP. Management uses this measure to assess returns generated by FBHS. Management believes this measure provides investors with helpful supplemental information about the company's ability to fund internal growth, make acquisitions and repay debt and related interest. This measure may be inconsistent with similar measures presented by other companies. | |
|
(b) Depreciation excludes accelerated depreciation of |
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| Reconciliation of Income Statement - GAAP to Before Charges/Gains Information | |||||||||||||||||||||||||
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Three Months Ended |
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| $ in millions, except per share amounts | |||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Before Charges/Gains adjustments | |||||||||||||||||||||||||
| Contingent | |||||||||||||||||||||||||
| Restructuring | acquisition | Standalone | Capital | Pro forma | |||||||||||||||||||||
| GAAP | and other | consideration | corporate | structure | tax rate | Before | |||||||||||||||||||
| (unaudited) | charges | adjustment | costs | change | adjustment | Charges/Gains | |||||||||||||||||||
| 2012 | FIRST QUARTER | ||||||||||||||||||||||||
| Net Sales | $ | 798.8 | - | - | - | - | - | ||||||||||||||||||
| Cost of products sold | 552.0 | (0.6 | ) | - | - | - | - | ||||||||||||||||||
| Selling, general & administrative expenses | 221.1 | - | 2.0 | - | - | - | |||||||||||||||||||
| Amortization of intangible assets | 3.4 | - | - | - | - | - | |||||||||||||||||||
| Restructuring charges | 1.0 | (1.0 | ) | - | - | - | - | ||||||||||||||||||
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||||||||||||||||||||||||
| Operating Income | 21.3 | 1.6 | (2.0 | ) | - | - | - | 20.9 | |||||||||||||||||
| Related party interest expense, net | - | - | - | - | - | - | |||||||||||||||||||
| External interest expense | 2.5 | - | - | - | - | - | |||||||||||||||||||
| Other income, net | (0.5 | ) | - | - | - | - | - | ||||||||||||||||||
| Income before income taxes | 19.3 | 1.6 | (2.0 | ) | - | - | - | 18.9 | |||||||||||||||||
| Income taxes | 6.3 | 0.5 | (0.7 | ) | - | - | - | ||||||||||||||||||
| Net Income | $ | 13.0 | 1.1 | (1.3 | ) | - | - | - | $ | 12.8 | |||||||||||||||
| Less: Noncontrolling interests | 0.5 | - | - | - | - | - | |||||||||||||||||||
|
Net Income attributable to |
$ | 12.5 | 1.1 | (1.3 | ) | - | - | - | $ | 12.3 | |||||||||||||||
| Average Diluted Shares Outstanding | 163.0 | 163.0 | |||||||||||||||||||||||
| Diluted EPS | 0.08 | 0.08 | |||||||||||||||||||||||
| 2011 | |||||||||||||||||||||||||
| Net Sales | $ | 714.8 | - | - | - | - | - | ||||||||||||||||||
| Cost of products sold | 504.5 | (0.2 | ) | - | - | - | - | ||||||||||||||||||
| Selling, general & administrative expenses | 198.5 | - | - | 5.0 | - | - | |||||||||||||||||||
| Amortization of intangible assets | 3.7 | - | - | - | - | - | |||||||||||||||||||
| Restructuring charges | 0.3 | (0.3 | ) | - | - | - | - | ||||||||||||||||||
| Operating Income | 7.8 | 0.5 | - | (5.0 | ) | - | - | 3.3 | |||||||||||||||||
| Related party interest expense, net | 22.7 | - | - | - | (19.8 | ) | - | ||||||||||||||||||
| External interest expense | 0.1 | - | - | - | - | - | |||||||||||||||||||
| Other income, net | - | - | - | - | - | - | |||||||||||||||||||
| Income (loss) before income taxes | (15.0 | ) | 0.5 | - | (5.0 | ) | 19.8 | - | 0.3 | ||||||||||||||||
| Income taxes | (4.7 | ) | 0.2 | - | (1.9 | ) | 7.5 | (1.0 | ) | ||||||||||||||||
| Net Income (loss) | $ | (10.3 | ) | 0.3 | - | (3.1 | ) | 12.3 | 1.0 | $ | 0.2 | ||||||||||||||
| Less: Noncontrolling interests | 0.2 | - | - | - | - | - | |||||||||||||||||||
|
Net Income (loss) attributable to |
$ | (10.5 | ) | 0.3 | - | (3.1 | ) | 12.3 | 1.0 | $ | (0.0 | ) | |||||||||||||
| Average Diluted Shares Outstanding | 155.1 | 158.4 | |||||||||||||||||||||||
| Diluted EPS | (0.07 | ) | (0.00 | ) | |||||||||||||||||||||
Media Contact:
gary.ross@FBHS.com
or
Investor
Contact:
brian.lantz@FBHS.com
Source:
News Provided by Acquire Media