CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported $904.1 million in
net sales from continuing operations for the third quarter 2014, an
increase of 13% versus the prior year. We achieved sales growth in all
of our segments led by 16% organic sales growth at Carlisle Construction
Materials (CCM) and 11% organic sales growth at Carlisle Interconnect
Technologies (CIT). The positive impact on net sales from fluctuations
in foreign exchange was less than 0.1%.
Income from continuing operations in the third quarter 2014 rose 30% to
$86.3 million, or $1.31 per diluted share. Income growth was primarily
driven by higher sales volume in all segments and savings from the
Carlisle Operating System.
For the nine months ended September 30, 2014, net sales from continuing
operations of $2.41 billion grew 8.8% over the prior year period,
reflecting organic growth of 8.5% and the positive impact of
fluctuations in foreign exchange of 0.3%. Income from continuing
operations for the nine months ended September 30, 2014 rose 13% to
$198.4 million, or $3.01 per diluted share. Income from continuing
operations for the nine month period ended September 30, 2013 included a
discrete tax benefit of $11.8 million, or $0.18 per diluted share, from
the release of a deferred tax liability in connection with a tax
election in a foreign jurisdiction.
All financial and percentage comparisons are made to the same quarter of
the previous year, unless otherwise stated.
Comment
David A. Roberts
, Chairman and Chief Executive Officer, said, “We had a
very strong third quarter with 13% sales growth and 22% growth in EBIT
(earnings before interest and income taxes). Sales were up in all of our
segments with exceptional organic sales growth at CCM and CIT. The
double digit growth at both CCM and CIT demonstrate healthy market
demand as well as solid execution on selling initiatives. We also
increased EBIT margin in all of our segments and our consolidated EBIT
margin rose 100 basis points to 14.8% reflecting favorable leverage of
our sales growth.
“In addition to our outstanding operating performance, we recently
announced two important strategic acquisitions that will move us closer
to our long term objectives. On October 1, 2014, we completed the
acquisition of LHi Technologies (“LHi”), a leading manufacturer of
medical cabling and interconnect applications based in Shenzhen, China
that will operate within CIT. Our acquisition of LHi will significantly
expand our offerings in the high growth market for medical technology as
well as further diversify our business.
“On October 8, 2014, we announced the signing of a definitive agreement
to purchase Graco Inc.’s liquid finishing brands business (Liquid
Finishing Brands) for $590 million in cash. Liquid Finishing Brands, a
global manufacturer and supplier of liquid finishing equipment and
systems serving diverse end markets for paints and coatings, will
operate as a new segment named Carlisle Fluid Technologies (CFT). From
our years at Graco, both
Chris Koch
and I are intimately familiar with
the products and end markets in which Liquid Finishing Brands operates.
The acquisition of Liquid Finishing Brands meets our strategic criteria
to invest in a manufacturer of high margin, highly engineered products
with a solid aftermarket, making it a strong fit for Carlisle. The
acquisition is subject to regulatory approvals and is estimated to close
on or about year end. We expect this acquisition to be accretive to our
net earnings in 2015.
“For the third quarter, CCM achieved double digit sales growth on robust
demand in commercial construction. EBIT margin was excellent at 16.5%.
With the investments we’ve made in new Polyiso, PVC and TPO
manufacturing facilities, we now have the capacity to meet growing
market demand. We maintain our positive outlook and expect low double
digit sales growth for the full year 2014 at CCM.
“CIT continued its strong performance with double digit sales growth
generated by strong demand in the aerospace market. CIT’s EBIT margin
rose 380 basis points to 20.6% as we continue to achieve excellent sales
leverage. The acquisition of LHi will further complement CIT’s medical
cable and cable assembly product line. We expect the acquisition of LHi
to be accretive to CIT’s EBIT in the first year of acquisition.
“Sales at Carlisle FoodService Products (CFS) grew at a healthy 5.5%
with solid performance in both its foodservice and healthcare markets on
improvements in selling initiatives. EBIT margin improved 20 basis
points to 12.1%.
“Sales at Carlisle Brake & Friction (CBF) also grew moderately. We are
seeing positive signs of recovery in the construction market. However,
demand in the agriculture market has been declining and is expected to
remain weak in the near term due to lower crop prices. Demand in the
mining market remains soft.
“As of September 30, 2014 our cash on hand was $805 million. On October
1, 2014, we acquired LHi for an enterprise value of $195 million using
cash on hand. We also plan to fund the acquisition of Liquid Finishing
Brands with cash on hand and expected cash flow generation in the fourth
quarter.”
Roberts concluded by stating, “We maintain our favorable outlook for the
remainder of 2014 driven primarily by continued growth at CCM and CIT.
We continue to plan for high single-digit percentage sales growth for
2014 as well as higher EBIT and EBIT margin expansion. In addition, the
two acquisitions we announced are excellent strategic fits and align
with our long term growth and margin profiles. Both acquisitions are
being funded from cash on hand leaving us with ample liquidity to
further pursue our long-term growth objectives and return capital to our
shareholders.”
Segment Results for Third Quarter 2014
Carlisle Construction Materials (CCM): Net sales in the third
quarter of 2014 of $589.1 million rose 16.5% reflecting higher sales
volume of roofing systems and polyiso applications, slightly offset by
lower selling price. CCM’s EBIT margin of 16.5% increased slightly from
the prior year, reflecting increased margin from higher sales volume
partially offset by higher freight costs and lower selling price.
Startup costs for its PVC plant and new TPO manufacturing facility were
$2.0 million during the third quarter of 2014, compared with plant
startup costs of $3.4 million in the prior year period.
Carlisle Interconnect Technologies (CIT): Net sales in the third
quarter of 2014 of $164.4 million rose 11% compared to the prior year.
Sales in CIT’s aerospace, and test and measurement markets were up 13%
and 11%, respectively. Sales to the military market were up by 3%. Sales
to the industrial market were down 3%. CIT’s EBIT margin improved 380
basis points to 20.6%, primarily due to higher sales volume and savings
from the Carlisle Operating System. Included in CIT’s EBIT for the third
quarter 2014 was $1.1 million in transaction costs related to the
acquisition of LHi.
Carlisle Brake & Friction (CBF): Net sales in the third
quarter of 2014 increased 4.8% to $89.3 million, reflecting 4.2% organic
sales growth on higher volume and a 0.6% positive impact on sales from
foreign exchange rate fluctuations. Sales into the construction market
increased 26% but were partially offset by lower sales to the
agriculture and mining markets of 15% and 2%, respectively. CBF’s EBIT
margin during the third quarter increased 70 basis points to 6.8%,
primarily due to higher sales volume.
Carlisle FoodService Products (CFS): Net sales in the third
quarter of 2014 grew 5.5% to $61.3 million primarily reflecting higher
sales volume and selling price realization. Sales into the foodservice
and healthcare markets increased 7% and 5%, respectively. Sales into the
janitorial/sanitation market were relatively level. CFS’ EBIT margin
during the third quarter increased 20 basis points to 12.1%. Included in
CFS’ EBIT during the prior year third quarter was a gain of $1.0 million
on the sale of an exited distribution facility in Reno, NV.
Cash Flow
Cash flow provided from operations of $164.7 million for the nine months
ended September 30, 2014 was $150.8 million lower than the prior year
period primarily due to the greater usage of cash for working capital in
2014 versus the prior year primarily reflecting higher receivables and
inventory related to organic sales growth and the disposition of the
Transportation Products business on December 31, 2013.
For the third quarter 2014, average working capital (defined as the
average of the quarter end balances, excluding current year
acquisitions, for 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)
declined to 17.7%, from 18.9% in the prior year.
The Company’s free cash flow (cash provided by operations less capital
expenditures) for the first nine months of 2014 was $71.6 million,
versus free cash flow of $237.8 in the prior year. Capital expenditures
during the first nine months 2014 were $93.1 million versus $77.7
million in the prior year. Capital expenditures in 2014 include
construction for CIT’s new 190,000 sq. ft. facility in Nogales, Mexico.
The Company expects full year capital expenditures will be approximately
$120 million. During the first nine months of 2014, the Company received
$9.7 million in settlement of the finalized working capital adjustment
from the Transportation Products divestiture.
Conference Call and Webcast
The Company will discuss third quarter 2014 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 also be found on the Carlisle website.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally use words such as “expect,” “foresee,”
“anticipate,” “believe,” “project,” “should,” “estimate,” “will,”
“plans”, “forecast” and similar expressions, and reflect our
expectations concerning the future. It is possible that our
future performance may differ materially from current expectations
expressed in these forward-looking statements, due to a variety of
factors such as: increasing price and product/service competition by
foreign and domestic competitors, including new entrants; technological
developments and changes; the ability to continue to introduce
competitive new products and services on a timely, cost-effective basis;
our mix of products/services; increases in raw material costs which
cannot be recovered in product pricing; domestic and foreign
governmental and public policy changes including environmental
regulations; threats associated with and efforts to combat terrorism;
protection and validity of patent and other intellectual property
rights; the successful integration and identification of our strategic
acquisitions; the cyclical nature of our businesses; and the outcome of
pending and future litigation and governmental proceedings. In addition,
such statements could be affected by general industry and market
conditions and growth rates, the condition of the financial and credit
markets, and general domestic and international economic conditions
including interest rate and currency exchange rate fluctuations. Further,
any conflict in the international arena may adversely affect general
market conditions and our future performance. We refer you to the
documents we file from time to time with the Securities and Exchange
Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K,
for a discussion of these and other risks and uncertainties that could
cause our actual results to differ materially from our current
expectations and from the forward-looking statements contained in this
press release. We undertake no obligation to update any
forward-looking statement.
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, mining, construction, aerospace and defense electronics,
medical technology, 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 facing our customers. Our worldwide team of
employees, who generated $2.9 billion in net sales in 2013, is focused
on continuously improving the value of the Carlisle brand by developing
the best products, ensuring the highest quality and providing unequaled
customer service in the many industries we serve. Learn more about
Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
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Unaudited Condensed Consolidated Statements of Earnings
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Three Months Ended September 30,
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Nine Months Ended September 30,
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(in millions except share and per share amounts)
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2014
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2013
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2014
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2013
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Net Sales
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$
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904.1
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$
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796.8
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$
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2,414.0
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$
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2,219.0
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Cost and expenses:
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Cost of goods sold
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667.0
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596.5
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1,790.2
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1,659.2
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Selling and administrative expenses
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94.4
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87.1
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282.0
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265.5
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Research and development expenses
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8.6
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7.0
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25.0
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21.7
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Other (income) expense, net
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0.1
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(3.4)
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(2.5)
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(1.8)
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Earnings before interest and income taxes
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134.0
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109.6
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319.3
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274.4
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Interest expense, net
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7.7
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8.5
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23.8
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25.4
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Earnings before income taxes from continuing operations
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126.3
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101.1
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295.5
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249.0
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Income tax expense
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40.0
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34.7
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97.1
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74.0
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Income from continuing operations
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86.3
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66.4
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198.4
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175.0
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Discontinued operations
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Income (loss) before taxes
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(0.6)
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13.9
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(1.7)
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(58.5)
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Income tax (benefit) expense
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(1.6)
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3.7
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(1.7)
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(23.5)
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Income (loss) from discontinued operations
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1.0
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10.2
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-
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(35.0)
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Net income
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$
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87.3
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$
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76.6
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$
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198.4
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$
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140.0
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Basic earnings (loss) per share attributable to common shares(1)
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Income from continuing operations
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$
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1.34
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$
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1.04
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$
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3.07
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$
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2.74
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Income (loss) from discontinued operations
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0.01
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0.16
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-
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(0.54)
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Basic Earnings per share
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$
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1.35
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$
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1.20
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$
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3.07
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$
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2.20
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Diluted earnings (loss) per share attributable to common shares(1)
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Income from continuing operations
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$
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1.31
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$
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1.02
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$
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3.01
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$
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2.69
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Income (loss) from discontinued operations
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0.01
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0.15
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-
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(0.53)
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Diluted earnings per share
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$
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1.32
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$
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1.17
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$
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3.01
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$
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2.16
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Average shares outstanding - in thousands
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Basic
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64,149
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63,567
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64,043
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63,429
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Diluted
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65,447
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64,890
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65,315
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64,714
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Dividends declared and paid
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$
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16.2
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$
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14.1
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$
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45.0
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$
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39.7
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Dividends declared and paid per share
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$
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0.25
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$
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0.22
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$
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0.69
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$
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0.62
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(1) Numerator for basic and diluted EPS calculated based on
"two-class" method of computing earnings per share:
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Income from continuing operations
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$
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85.7
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$
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66.0
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$
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196.8
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$
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174.1
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Net income
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$
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86.7
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$
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76.2
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$
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196.8
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$
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139.3
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Carlisle Companies Incorporated
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Unaudited Segment Information
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Three Months Ended
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Increase
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Nine Months Ended
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Increase
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September 30,
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(Decrease)
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September 30,
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(Decrease)
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(in millions, except percentages)
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2014
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2013
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Amount
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Percent
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2014
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2013
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Amount
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Percent
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Net Sales
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Carlisle Construction Materials
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$
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589.1
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$
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505.7
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$
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83.4
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16.5
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%
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$
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1,472.2
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$
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1,335.8
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$
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136.4
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10.2
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%
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Carlisle Interconnect Technologies
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164.4
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147.8
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16.6
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11.2
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477.5
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434.7
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42.8
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9.8
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Carlisle Brake & Friction
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89.3
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85.2
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4.1
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4.8
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279.1
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269.6
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9.5
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3.5
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Carlisle FoodService Products
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61.3
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58.1
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3.2
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5.5
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185.2
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178.9
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6.3
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3.5
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Total
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$
|
904.1
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$
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796.8
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$
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107.3
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13.5
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%
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$
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2,414.0
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$
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2,219.0
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$
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195.0
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8.8
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%
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Earnings Before Interest and Income Taxes
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Carlisle Construction Materials
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$
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97.0
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$
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83.0
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$
|
14.0
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16.9
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%
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$
|
210.0
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$
|
197.0
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$
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13.0
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6.6
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%
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Carlisle Interconnect Technologies
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33.9
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24.8
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9.1
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36.7
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|
|
98.7
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|
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65.5
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33.2
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|
50.7
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Carlisle Brake & Friction
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6.1
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5.2
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|
0.9
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17.3
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|
|
26.1
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|
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28.6
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|
(2.5)
|
|
(8.7)
|
|
|
Carlisle FoodService Products
|
|
|
7.4
|
|
|
6.9
|
|
|
0.5
|
|
7.2
|
|
|
|
22.9
|
|
|
19.3
|
|
|
3.6
|
|
18.7
|
|
|
Corporate
|
|
|
(10.4)
|
|
|
(10.3)
|
|
|
(0.1)
|
|
(1.0)
|
|
|
|
(38.4)
|
|
|
(36.0)
|
|
|
(2.4)
|
|
(6.7)
|
|
|
Total
|
|
$
|
134.0
|
|
$
|
109.6
|
|
$
|
24.4
|
|
22.3
|
%
|
|
$
|
319.3
|
|
$
|
274.4
|
|
$
|
44.9
|
|
16.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Construction Materials
|
|
|
16.5
|
%
|
16.4
|
%
|
|
|
|
|
|
|
|
14.3
|
%
|
14.7
|
%
|
|
|
|
|
|
|
Carlisle Interconnect Technologies
|
|
|
20.6
|
|
|
16.8
|
|
|
|
|
|
|
|
|
20.7
|
|
|
15.1
|
|
|
|
|
|
|
|
Carlisle Brake & Friction
|
|
|
6.8
|
|
|
6.1
|
|
|
|
|
|
|
|
|
9.4
|
|
|
10.6
|
|
|
|
|
|
|
|
Carlisle FoodService Products
|
|
|
12.1
|
|
|
11.9
|
|
|
|
|
|
|
|
|
12.4
|
|
|
10.8
|
|
|
|
|
|
|
|
Corporate
|
|
|
(1.2)
|
|
|
(1.3)
|
|
|
|
|
|
|
|
|
(1.6)
|
|
|
(1.6)
|
|
|
|
|
|
|
|
Total
|
|
|
14.8
|
%
|
13.8
|
%
|
|
|
|
|
|
|
|
13.2
|
%
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
(in millions except share and per share amounts)
|
|
2014
|
|
2013
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
805.1
|
|
$
|
754.5
|
|
Receivables, net of allowance of $3.5 in 2014 and $3.3 in 2013
|
|
|
548.7
|
|
|
399.6
|
|
Inventories
|
|
|
334.3
|
|
|
298.8
|
|
Deferred income taxes
|
|
|
35.6
|
|
|
35.7
|
|
Prepaid expenses and other current assets
|
|
|
37.4
|
|
|
46.4
|
|
Total current assets
|
|
|
1,761.1
|
|
|
1,535.0
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation
|
|
|
537.6
|
|
|
497.2
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
Goodwill, net
|
|
|
854.8
|
|
|
858.7
|
|
Other intangible assets, net
|
|
|
545.3
|
|
|
579.8
|
|
Other long-term assets
|
|
|
19.6
|
|
|
22.3
|
|
Total other assets
|
|
|
1,419.7
|
|
|
1,460.8
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
3,718.4
|
|
$
|
3,493.0
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
242.8
|
|
$
|
187.0
|
|
Accrued expenses
|
|
|
176.8
|
|
|
172.0
|
|
Deferred revenue
|
|
|
17.7
|
|
|
17.4
|
|
Total current liabilities
|
|
|
437.3
|
|
|
376.4
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
751.3
|
|
|
751.0
|
|
Deferred revenue
|
|
|
148.0
|
|
|
143.6
|
|
Other long-term liabilities
|
|
|
231.2
|
|
|
235.9
|
|
Total long-term liabilities
|
|
|
1,130.5
|
|
|
1,130.5
|
|
|
|
|
|
|
|
|
|
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; 64,163,328 outstanding in 2014 and
|
|
|
|
|
|
|
|
63,658,777 outstanding in 2013
|
|
|
78.7
|
|
|
78.7
|
|
Additional paid-in capital
|
|
|
222.6
|
|
|
201.1
|
|
Deferred Compensation - Equity
|
|
|
6.1
|
|
|
3.0
|
|
Cost of shares in treasury - 14,249,807 shares in 2014 and 14,761,481
|
|
|
|
|
|
|
|
shares in 2013
|
|
|
(207.6)
|
|
|
(209.5)
|
|
Accumulated other comprehensive loss
|
|
|
(46.9)
|
|
|
(31.5)
|
|
Retained earnings
|
|
|
2,097.7
|
|
|
1,944.3
|
|
Total shareholders' equity
|
|
|
2,150.6
|
|
|
1,986.1
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
3,718.4
|
|
$
|
3,493.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
Nine Months Ended September 30,
|
(in millions)
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
198.4
|
|
$
|
140.0
|
Reconciliation of net income to cash flows from operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
47.4
|
|
|
59.1
|
Amortization
|
|
|
28.4
|
|
|
30.8
|
Non-cash compensation, net of tax benefit
|
|
|
10.3
|
|
|
10.2
|
(Gain) loss on sale of property and equipment, net
|
|
|
(1.9)
|
|
|
0.4
|
Impairment of assets
|
|
|
-
|
|
|
100.0
|
Deferred taxes
|
|
|
(0.7)
|
|
|
(39.6)
|
Foreign exchange gain
|
|
|
(0.3)
|
|
|
(0.2)
|
Changes in assets and liabilities, excluding effects of acquisitions
and divestitures:
|
|
|
|
|
|
|
Receivables
|
|
|
(152.5)
|
|
|
(90.4)
|
Inventories
|
|
|
(38.1)
|
|
|
56.2
|
Prepaid expenses and other assets
|
|
|
(2.4)
|
|
|
0.8
|
Accounts payable
|
|
|
57.8
|
|
|
14.6
|
Accrued expenses and deferred revenues
|
|
|
16.0
|
|
|
33.8
|
Long-term liabilities
|
|
|
3.1
|
|
|
(0.9)
|
Other operating activities
|
|
|
(0.8)
|
|
|
0.7
|
Net cash provided by operating activities
|
|
|
164.7
|
|
|
315.5
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(93.1)
|
|
|
(77.7)
|
Proceeds from sale of property and equipment
|
|
|
2.7
|
|
|
6.7
|
Proceeds from sale of businesses
|
|
|
9.7
|
|
|
-
|
Net cash used in investing activities
|
|
|
(80.7)
|
|
|
(71.0)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Net change in short-term borrowings and revolving credit lines
|
|
|
-
|
|
|
(0.2)
|
Dividends
|
|
|
(45.0)
|
|
|
(39.7)
|
Proceeds from issuance of treasury shares and stock options, net
|
|
|
12.7
|
|
|
15.5
|
Net cash used in financing activities
|
|
|
(32.3)
|
|
|
(24.4)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(1.1)
|
|
|
(0.2)
|
Change in cash and cash equivalents
|
|
|
50.6
|
|
|
219.9
|
Cash and cash equivalents
|
|
|
|
|
|
|
Beginning of period
|
|
|
754.5
|
|
|
112.5
|
End of period
|
|
$
|
805.1
|
|
$
|
332.4
|
|
|
|
|
|
|
|
Source: Carlisle Companies Incorporated