CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported $857.0 million in
net sales from continuing operations for the first quarter of 2013, a
decrease of 3.6% versus the prior year. Acquisitions in the Carlisle
Interconnect Technologies and Carlisle Construction Materials segments
contributed 3.3% to sales in the first quarter. Organic sales declined
by 6.8% versus the prior year, reflecting lower demand primarily at
Carlisle Brake & Friction. The decline was partially offset by organic
growth at Carlisle Interconnect Technologies.
Income from continuing operations was $55.3 million, or $0.85 per
diluted share, in the first quarter 2013, a 7.8% decline from income of
$60.0 million, or $0.94 per diluted share, in the first quarter 2012,
primarily due to lower sales volume and resulting lower manufacturing
cost absorption as compared to higher demand experienced in the first
quarter of 2012. Partially offsetting these negative impacts was a tax
benefit of $13.0 million, or $0.20 per diluted share, from the release
of a deferred tax liability due to an increase in the tax basis of an
international operation.
All financial and percentage comparisons are made to the same quarter of
the previous year, unless otherwise stated.
Comment
David A. Roberts
, Chairman, President and Chief Executive Officer, said,
“We knew the comparison of last year’s results with our 2013 first
quarter performance was going to be challenging. As you may recall, in
the first quarter of 2012 we achieved 28% sales growth with nearly all
of our markets experiencing solid growth in demand. For the first
quarter of 2013, our sales were challenged by the significant decline in
the global off-highway equipment market, as compared to a strong first
quarter last year, as well as weather related headwinds in some of our
key markets. Lower sales and production volumes had a negative impact on
EBIT (earnings before interest and taxes), which declined by 27% during
the first quarter of 2013. Despite the challenges experienced in the
first quarter, we remain optimistic that we will achieve overall sales
growth and earnings improvement in 2013.
“Significantly impacting our sales and earnings results for the first
quarter of 2013 was the 28% sales decline at Carlisle Brake & Friction
(CBF). While EBIT for this segment was down 54%, CBF maintained a
favorable margin of 12.1%. As anticipated, demand in the construction
and mining markets for off-highway equipment continued to be impacted by
inventory overcapacity at global OEMs. We expect demand from these
markets to remain at current levels through the remainder of 2013 until
the OEMs work through their inventory and demand strengthens in our key
global industrial markets.
“First quarter sales at Carlisle Construction Materials (CCM) were down
4.0% compared to the prior year and EBIT declined 15%. Harsher than
normal weather conditions negatively impacted first quarter results,
especially when compared to the first quarter of 2012, which benefited
from unseasonably warm and dry weather. We anticipate sales and EBIT
will improve in upcoming quarters attributable to re-roofing demand from
a wet winter season and improving economic conditions in the
non-residential construction market, recovering some of the
weather-related shortfalls we experienced in the first quarter.
“Sales at our Carlisle Transportation Products segment (CTP) were down
by 5.3% and EBIT declined 31%. Sales were lower in part due to
unfavorable weather conditions that resulted in excess channel inventory
in the outdoor power equipment market. CTP was diligent in managing its
production in response to this softness and reduced inventory by 15%
from the start of the year.
“Sales at our Carlisle Interconnect Technologies segment (CIT) grew by
28% and EBIT grew by 10%. CIT’s organic sales growth in the first
quarter was 4.6%. Sales in the aerospace market were negatively impacted
by production ramp-up delays attributable to the Boeing 787 battery
issue. Our sales volume and EBIT margin improved throughout the quarter
and we remain positive regarding the growth prospects for this segment.
The integration of the Thermax acquisition is on schedule and adds
further diversification into the industrial applications market.
“Carlisle Foodservice Products (CFS) was impacted by softness in the
foodservice market. We also incurred carryover expense related to the
restructurings conducted in 2012. We are, however, seeing the
anticipated savings from last year’s restructuring activities and expect
margins to improve in this segment over the course of the year.
Roberts concluded by stating, “As stated before, our first quarter 2013
results were a difficult comparison to the record first quarter results
we achieved in 2012. That being said, we expect strengthening sales,
primarily in our construction materials and interconnect businesses, and
overall earnings improvement in subsequent quarters. We are planning for
total sales growth in 2013 to be in the mid-single digit percentage rate
accompanied by full year earnings improvement for 2013. We anticipate
EBIT margin will be similar to 2012. Our ability to improve EBIT margin
over last year will be a challenge due to weakness in some of our
markets and a potentially less favorable environment for some of CCM’s
key raw materials.
“Capital expenditures for the year are expected to be in the $120
million range, driven in part by CCM with two new polyiso plants coming
on line and construction of our PVC plant. Our balance sheet continues
to be strong and we are solidly positioned to pursue our long-term
growth objectives.”
Segment Results for First Quarter 2013
Carlisle Construction Materials (CCM): Net sales in the first
quarter of 2013 of $339.6 million declined by 4.0%, primarily reflecting
lower volume as a result of unfavorable weather conditions in the first
quarter of 2013 compared to the prior period. EBIT margin of 10.5% in
the first quarter of 2013 declined by 140 basis points primarily
reflecting lower sales volume. During the first quarter of 2013, selling
price relative to raw material cost changes remained relatively level
compared to the prior year. Included in EBIT in the first quarter of
2012 were $3.1 million in expenses related to the acquisition of
Hertalan in March 2012.
Carlisle Transportation Products (CTP): Net sales in the first
quarter of 2013 decreased 5.3% to $227.4 million as compared to the
prior year primarily reflecting 15% lower sales to the outdoor power
equipment market and 5% lower sales to the agriculture/construction
market, partially offset by a 9% increase in sales of CTP’s high speed
trailer products. EBIT margin declined by 230 basis points to 6.4% in
the first quarter of 2013 due to lower sales and lower production
volumes as part of inventory reduction efforts.
Carlisle Brake & Friction (CBF): Net sales in the first
quarter of 2013 declined 28% to $90.8 million versus the prior year.
Sales for CBF’s off-highway braking applications to the construction,
mining and agriculture markets declined by 27%, 42%, and 5%,
respectively. CBF’s EBIT margin during the first quarter decreased 700
basis points to 12.1%, primarily due to lower sales volumes and lower
overhead absorption, partially offset by cost reduction efforts.
Carlisle Interconnect Technologies (CIT): Net sales in the first
quarter of 2013 increased 28% to $141.2 million on organic sales growth
of 4.6% and acquisition growth of 23% versus the prior year. Sales in
CIT’s aerospace market were up 8%, partially offset by a 16% decline in
the test and measurement market and a 7% decline in sales to the
military and defense market. The acquisition of Thermax and Raydex
(collectively ”Thermax”) contributed $25.5 million to net sales and $2.3
million to EBIT in the first quarter of 2013. EBIT for Thermax in the
first quarter of 2013 includes $1.1 million of acquisition costs related
to the fair valuation of acquired inventory. By comparison, CIT’s EBIT
in the first quarter of 2012 included $1.5 million of costs related to
its acquisition of Tri-Star. Overall EBIT margin for CIT declined 210
basis points to 13.0%, primarily due to lower selling price and
unfavorable mix changes, partially offset by higher sales volume.
Carlisle FoodService Products (CFS): Net sales in the first
quarter of 2013 declined 2.2% to $58.0 million compared to the prior
year, primarily reflecting lower sales volume partially offset by
selling price increases implemented at the beginning of 2013. Restaurant
traffic began to decline in February partially impacted by the payroll
tax increase. EBIT margin declined during the first quarter of 2013 from
9.3% in the prior year to 8.8% primarily due to lower sales volume and
carryover expenses related to the 2012 restructuring initiatives.
Corporate Expense
Corporate expense of $14.7 million for the first quarter of 2013
increased 14% versus the prior year primarily reflecting higher
stock-based compensation expense from the immediate recognition of
certain equity awards based upon vesting eligibility.
Income Tax Expense
The Company’s effective income tax rate of 10.5% during the first
quarter 2013 includes a tax benefit of $13.0 million pursuant to a tax
election made in a foreign jurisdiction that resulted in an increase in
the tax basis of certain assets with a corresponding elimination of a
deferred tax liability. In addition, a tax benefit of $1.4 million was
recognized as result of tax legislation passed in January 2013.
Cash Flow
Cash flow provided from operations of $38.0 million for the three months
ended March 31, 2013 declined by $10.3 million on reduced earnings from
operations. For both the first quarters of 2013 and 2012, average
working capital (defined as the average of the quarter end balances,
excluding current year acquisitions, receivables, plus inventory less
accounts payable) as a percentage of annualized sales (defined as
year-to-date net sales, excluding current year acquisitions, calculated
on an annualized basis) was 22.3%.
Capital expenditures during the first quarter of 2013 increased by 22%
to $26.8 million. The Company expects full year capital expenditures
will be approximately $120 million.
As of March 31, 2013, the Company had $600 million of borrowing
availability under its credit facility.
Conference Call and Webcast
The Company will discuss first quarter 2013 results on a conference call
at 8:00 a.m. ET today. The call may be accessed live by going to the
Investor Relations section of the Carlisle website (http://www.carlisle.com/investor-relations/events-and-webcasts/default.aspx),
or the taped call may be listened to shortly following the live call at
the same website location. A PowerPoint presentation will accompany the
call and can be found on the Carlisle website as well.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. Actual
results may differ materially from these expectations due to changes in
global economic, business, competitive, market and regulatory factors.
More detailed information about these factors is contained in the
Company’s filing with the Securities and Exchange Commission. The
Company undertakes no duty to update forward-looking statements.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a global diversified company that
designs, manufactures and markets a wide range of products that serve a
broad range of niche markets including commercial roofing, energy,
agriculture, outdoor power equipment, mining, construction, aerospace
and defense electronics, foodservice, healthcare and sanitary
maintenance. Through our group of decentralized operating companies led
by entrepreneurial management teams, we bring innovative product
solutions to solve the challenges our customers face. Our nearly 12,000
employees worldwide, who generated $3.6 billion in net sales in 2012,
are focused on continuously improving the value of the Carlisle brand by
developing the best products, ensuring the highest quality and providing
unequaled customer service in the many industries we serve. Learn more
about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
Unaudited Condensed Consolidated Statements of Earnings
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Three Months Ended March 31,
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(in millions except share amounts)
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2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
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Net Sales
|
|
|
|
|
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$
|
857.0
|
|
|
$
|
889.3
|
|
|
|
|
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Cost and expenses:
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Cost of goods sold
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|
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669.4
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|
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678.1
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Selling and administrative expenses
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|
|
|
|
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108.8
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|
|
|
107.5
|
|
Research and development expenses
|
|
|
|
|
|
|
9.4
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|
|
|
7.8
|
|
Other income, net
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|
|
|
|
|
|
(0.7
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)
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|
|
(0.3
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)
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|
|
|
|
|
|
|
|
|
|
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Earnings before interest and income taxes
|
|
|
|
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70.1
|
|
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|
96.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
|
|
|
8.3
|
|
|
|
6.5
|
|
Earnings before income taxes from continuing operations
|
|
|
|
|
|
|
61.8
|
|
|
|
89.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
6.5
|
|
|
|
29.7
|
|
Income from continuing operations
|
|
|
|
|
|
|
55.3
|
|
|
|
60.0
|
|
|
|
|
|
|
|
|
|
|
|
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Discontinued operations
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Income from discontinued operations
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|
|
|
|
|
|
(0.1
|
)
|
|
|
-
|
|
Income tax expense
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|
|
|
|
|
|
-
|
|
|
|
-
|
|
Income from discontinued operations
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|
|
|
|
|
|
(0.1
|
)
|
|
|
-
|
|
Net income
|
|
|
|
|
|
$
|
55.2
|
|
|
$
|
60.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares(1)
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|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
$
|
0.87
|
|
|
$
|
0.96
|
|
Income from discontinued operations
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|
|
|
|
|
|
-
|
|
|
|
-
|
|
Basic Earnings per share
|
|
|
|
|
|
$
|
0.87
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common shares(1)
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
$
|
0.85
|
|
|
$
|
0.94
|
|
Income from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Diluted earnings per share
|
|
|
|
|
|
$
|
0.85
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - in thousands
|
|
|
|
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|
|
|
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Basic
|
|
|
|
|
|
|
63,253
|
|
|
|
61,913
|
|
Diluted
|
|
|
|
|
|
|
64,719
|
|
|
|
63,229
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid
|
|
|
|
|
|
$
|
12.8
|
|
|
$
|
11.2
|
|
Dividends declared and paid per share
|
|
|
|
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Numerator for basic and diluted EPS calculated based on
"two-class" method of computing earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
$
|
55.0
|
|
|
$
|
59.6
|
|
Net income
|
|
|
|
|
|
$
|
54.9
|
|
|
$
|
59.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Carlisle Companies Incorporated
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Unaudited Segment Information
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|
|
|
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|
|
|
|
|
|
|
|
|
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|
Three Months Ended
|
|
|
Increase
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
(Decrease)
|
|
Dollars in millions, except percentages
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
$
|
339.6
|
|
|
|
$
|
353.9
|
|
|
|
$
|
(14.3
|
)
|
|
|
(4.0
|
)
|
%
|
|
Carlisle Transportation Products
|
|
|
|
|
|
|
|
227.4
|
|
|
|
|
240.0
|
|
|
|
|
(12.6
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)
|
|
|
(5.3
|
)
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
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|
90.8
|
|
|
|
|
125.4
|
|
|
|
|
(34.6
|
)
|
|
|
(27.6
|
)
|
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
141.2
|
|
|
|
|
110.7
|
|
|
|
|
30.5
|
|
|
|
27.6
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
58.0
|
|
|
|
|
59.3
|
|
|
|
|
(1.3
|
)
|
|
|
(2.2
|
)
|
|
|
Total
|
|
|
|
|
|
|
$
|
857.0
|
|
|
|
$
|
889.3
|
|
|
|
$
|
(32.3
|
)
|
|
|
(3.6
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest and Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
$
|
35.8
|
|
|
|
$
|
42.0
|
|
|
|
$
|
(6.2
|
)
|
|
|
(14.8
|
)
|
%
|
|
Carlisle Transportation Products
|
|
|
|
|
|
|
|
14.5
|
|
|
|
|
20.9
|
|
|
|
|
(6.4
|
)
|
|
|
(30.6
|
)
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
11.0
|
|
|
|
|
24.0
|
|
|
|
|
(13.0
|
)
|
|
|
(54.2
|
)
|
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
18.4
|
|
|
|
|
16.7
|
|
|
|
|
1.7
|
|
|
|
10.2
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
5.1
|
|
|
|
|
5.5
|
|
|
|
|
(0.4
|
)
|
|
|
(7.3
|
)
|
|
|
Corporate
|
|
|
|
|
|
|
|
(14.7
|
)
|
|
|
|
(12.9
|
)
|
|
|
|
(1.8
|
)
|
|
|
(14.0
|
)
|
|
|
Total
|
|
|
|
|
|
|
$
|
70.1
|
|
|
|
$
|
96.2
|
|
|
|
$
|
(26.1
|
)
|
|
|
(27.1
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
|
|
|
|
|
10.5
|
|
%
|
|
|
11.9
|
|
%
|
|
|
|
|
|
|
|
|
Carlisle Transportation Products
|
|
|
|
|
|
|
|
6.4
|
|
|
|
|
8.7
|
|
|
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
19.1
|
|
|
|
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
|
|
|
|
|
13.0
|
|
|
|
|
15.1
|
|
|
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
|
|
|
|
|
8.8
|
|
|
|
|
9.3
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
8.2
|
|
%
|
|
|
10.8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
(Dollars in millions except share amounts)
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
116.0
|
|
|
|
$
|
112.5
|
|
|
|
Receivables, less allowance of $6.9 in 2013 and $6.0 in 2012
|
|
|
|
|
515.0
|
|
|
|
|
482.7
|
|
|
|
Inventories
|
|
|
|
|
513.9
|
|
|
|
|
538.0
|
|
|
|
Deferred income taxes
|
|
|
|
|
42.9
|
|
|
|
|
43.1
|
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
27.3
|
|
|
|
|
29.0
|
|
|
|
Total current assets
|
|
|
|
|
1,215.1
|
|
|
|
|
1,205.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation
|
|
|
|
|
641.5
|
|
|
|
|
637.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill, net
|
|
|
|
|
957.4
|
|
|
|
|
958.8
|
|
|
|
Other intangible assets, net
|
|
|
|
|
604.9
|
|
|
|
|
617.5
|
|
|
|
Other long-term assets
|
|
|
|
|
39.4
|
|
|
|
|
38.6
|
|
|
|
Total other assets
|
|
|
|
|
1,601.7
|
|
|
|
|
1,614.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
3,458.3
|
|
|
|
$
|
3,457.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt, including current maturities
|
|
|
|
$
|
0.8
|
|
|
|
$
|
-
|
|
|
|
Accounts payable
|
|
|
|
|
263.6
|
|
|
|
|
259.7
|
|
|
|
Accrued expenses
|
|
|
|
|
152.2
|
|
|
|
|
193.3
|
|
|
|
Deferred revenue
|
|
|
|
|
16.8
|
|
|
|
|
17.6
|
|
|
|
Total current liabilities
|
|
|
|
|
433.4
|
|
|
|
|
470.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
752.5
|
|
|
|
|
752.5
|
|
|
|
Deferred revenue
|
|
|
|
|
136.6
|
|
|
|
|
135.4
|
|
|
|
Other long-term liabilities
|
|
|
|
|
300.9
|
|
|
|
|
310.7
|
|
|
|
Total long-term liabilities
|
|
|
|
|
1,190.0
|
|
|
|
|
1,198.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1 par value per share. Authorized and unissued
5,000,000 shares
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Common stock, $1 par value per share. Authorized 100,000,000 shares;
|
|
|
|
|
|
|
|
|
|
|
|
78,661,248 shares issued; 63,344,826 outstanding in 2013 and
|
|
|
|
|
|
|
|
|
|
|
|
63,127,299 outstanding in 2012
|
|
|
|
|
78.7
|
|
|
|
|
78.7
|
|
|
|
Additional paid-in capital
|
|
|
|
|
179.9
|
|
|
|
|
171.4
|
|
|
|
Deferred compensation equity
|
|
|
|
|
3.3
|
|
|
|
|
0.6
|
|
|
|
Cost of shares in treasury - 15,072,192 shares in 2013 and
15,249,714
|
|
|
|
|
|
|
|
|
|
|
|
shares in 2012
|
|
|
|
|
(213.2
|
)
|
|
|
|
(215.4
|
)
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(44.5
|
)
|
|
|
|
(35.5
|
)
|
|
|
Retained earnings
|
|
|
|
|
1,830.7
|
|
|
|
|
1,788.3
|
|
|
|
Total shareholders' equity
|
|
|
|
|
1,834.9
|
|
|
|
|
1,788.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
$
|
3,458.3
|
|
|
|
$
|
3,457.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
(Dollars in millions)
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
55.2
|
|
|
$
|
60.0
|
|
|
|
Reconciliation of net income to cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
20.2
|
|
|
|
18.3
|
|
|
|
Amortization
|
|
|
|
|
9.5
|
|
|
|
8.6
|
|
|
|
Non-cash compensation, net of tax benefit
|
|
|
|
|
6.4
|
|
|
|
3.0
|
|
|
|
(Gain) loss on sale of property and equipment, net
|
|
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
Deferred taxes
|
|
|
|
|
(13.2
|
)
|
|
|
(3.6
|
)
|
|
|
Foreign exchange (gain) loss
|
|
|
|
|
(0.4
|
)
|
|
|
(0.6
|
)
|
|
|
Changes in assets and liabilities, excluding effects of
acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
(34.8
|
)
|
|
|
(95.6
|
)
|
|
|
Inventories
|
|
|
|
|
22.2
|
|
|
|
7.8
|
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
3.6
|
|
|
|
15.1
|
|
|
|
Accounts payable
|
|
|
|
|
4.9
|
|
|
|
39.1
|
|
|
|
Accrued expenses and deferred revenues
|
|
|
|
|
(40.9
|
)
|
|
|
(8.2
|
)
|
|
|
Long-term liabilities
|
|
|
|
|
4.0
|
|
|
|
4.4
|
|
|
|
Other operating activities
|
|
|
|
|
0.7
|
|
|
|
(0.5
|
)
|
|
|
Net cash provided by operating activities
|
|
|
|
|
38.0
|
|
|
|
48.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(26.8
|
)
|
|
|
(22.0
|
)
|
|
|
Acquisitions, net of cash
|
|
|
|
|
-
|
|
|
|
(49.6
|
)
|
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
Proceeds from sale of businesses
|
|
|
|
|
-
|
|
|
|
22.1
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
(26.5
|
)
|
|
|
(49.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
|
|
|
0.6
|
|
|
|
2.5
|
|
|
|
Dividends
|
|
|
|
|
(12.8
|
)
|
|
|
(11.2
|
)
|
|
|
Stock options and treasury shares, net
|
|
|
|
|
4.7
|
|
|
|
2.8
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
(7.5
|
)
|
|
|
(5.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
(0.5
|
)
|
|
|
1.3
|
|
Change in cash and cash equivalents
|
|
|
|
|
3.5
|
|
|
|
(5.8
|
)
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
|
112.5
|
|
|
|
74.7
|
|
|
|
End of period
|
|
|
|
$
|
116.0
|
|
|
$
|
68.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Carlisle Companies Incorporated