CHARLOTTE, N.C.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) reported net sales from
continuing operations of $709.3 million for the quarter ended March 31,
2015, a 9.1% increase from $650.4 million in the first quarter 2014.
Organic net sales (defined as net sales excluding sales from acquisition
and divestitures within the last twelve months, as well as the impact of
changes in foreign exchange rates) growth was 7.4%. The acquisition of
LHi Technology (LHi) in the Carlisle Interconnect Technologies (CIT)
segment contributed 3.9% to net sales in the first quarter. Fluctuations
from foreign exchange had a negative impact to net sales of 2.2%.
Income from continuing operations in the first quarter 2015 increased
8.2% to $39.5 million, compared with $36.5 million in the first quarter
2014, reflecting higher sales volume and savings from the Carlisle
Operating System, partially offset by the negative impact of unfavorable
changes in sales mix, fluctuations in foreign exchange and lower
earnings at Carlisle FoodService Products (CFS). On a per share basis,
income from continuing operations in the first quarter 2015 increased
5.4% to $0.59 per diluted share, from $0.56 per diluted share in the
prior year.
All financial and percentage comparisons in our first quarter reporting
are made to the same quarter of the previous year, unless otherwise
stated.
Comment
David A. Roberts
, Chairman and Chief Executive Officer, said, “We
achieved strong organic sales growth of 7.4% in the first quarter led by
excellent sales performance at CIT and Carlisle Construction Materials
(CCM). Our EBIT (earnings before interest and income taxes) for the
quarter improved 5.4%.
“In addition to expected continued strong organic performance, we remain
very positive about the outlook for our strategic acquisitions of LHi on
October 1, 2014, and Finishing Brands on April 1, 2015. Through the
acquisition of LHi, CIT is now a leader in the growing and highly
specialized market of medical interconnect technology. The results of
Finishing Brands will be reported as a new Carlisle segment, Carlisle
Fluid Technologies (CFT). The addition of this fifth pillar to Carlisle
provides us with exposure to the growing end markets for industrial
paints and coatings. We expect CFT to be accretive to our net earnings
beginning in the third quarter of 2015.
“Despite challenging weather conditions in the United States, sales at
CCM in the first quarter 2015 grew 6.9%, reflecting organic sales growth
of 9.3%, offset by the negative impact of foreign exchange of 2.4%. CCM
leveraged its sales growth into EBIT growth of 15% and EBIT margin rose
70 basis points for the quarter. We remain positive about our outlook
for CCM in 2015 on the strength of the commercial roofing market and
demand for new construction in the U.S. as well as favorable raw
material conditions.
“CIT’s sales in the first quarter grew 29%, reflecting double digit
organic sales growth of 12% on strong aerospace demand and acquisition
growth of 17%. CIT’s EBIT margin of 17.7% was lower than last year due
to the dilutive impact of the LHi acquisition. Excluding the
contribution from LHi, CIT’s EBIT margin in the first quarter was close
to 20%. We had successful start-up of operations at our new facility in
Nogales, Mexico and the LHi integration is on track. We are expecting
another record year in 2015 for CIT.
“Carlisle Brake & Friction’s (CBF) sales in the first quarter declined
6.3%, almost all of which was attributable to the foreign exchange
impact of the strong U.S. dollar, as CBF has significant international
operations. CBF maintained an EBIT margin of close to 10% due to prior
cost reductions taken in response to the expected current demand
environment. Including the impact of foreign exchange, we expect CBF’s
sales to be flat to slightly negative in 2015 due to continued softness
in the global agriculture and mining markets. Foreign exchange is
expected to be a continued headwind on CBF’s net sales and EBIT in 2015.
“CFS’ sales declined 4.5% during the first quarter and EBIT declined a
disappointing 24%. CFS’ sales results were negatively impacted by lower
sales in its healthcare market due to a nonrecurring large equipment
order in the prior year. CFS’ EBIT margin was negatively impacted by the
sale of higher cost inventory that was produced in the fourth quarter of
2014.
“We had $744 million of cash on hand as of March 31, 2015, of which $590
million was used to acquire CFT on April 1, 2015. We began our
systematic share repurchase program in February, 2015. With $600 million
of availability on our credit facility and strong cash flow generation,
we will continue to pursue further growth prospects and opportunities to
return capital to our shareholders.”
Roberts concluded by stating, “For the full year 2015, we are planning
for mid-to-high single digit organic sales growth, plus contribution
from the acquisitions of LHi and Finishing Brands. Both the LHi and
Finishing Brands acquisitions are expected to be accretive to our net
earnings in 2015. We are planning for another record year with EBIT and
EBIT margin improvement primarily from leverage on organic sales growth
and favorable raw material conditions for CCM. Capital expenditures will
be approximately $100 million in 2015. We are very excited about the
strategic changes we’ve made in our portfolio that now serve as
additional platforms for further growth and value to our shareholders.”
Segment Results for First Quarter 2015
Carlisle Construction Materials (CCM): Net sales in the first
quarter 2015 grew 6.9% to $371.3 million, reflecting organic sales
growth of 9.3% primarily on higher demand for new commercial
construction, partially offset by a 2.4% negative impact from foreign
exchange fluctuations in the stronger U.S. dollar versus the Canadian
dollar and Euro. CCM’s EBIT margin rose 70 basis points to 9.9%,
primarily reflecting higher sales volume, lower raw material costs,
savings from the Carlisle Operating System and the non-recurrence of
plant startup expenses of $1.8 million in the prior year. These positive
impacts were partially offset by the negative impact of foreign exchange
fluctuations on EBIT of $1.6 million.
Carlisle Interconnect Technologies (CIT): Net sales in the first
quarter 2015 grew 29% to $194.4 million, reflecting organic growth of
12% and acquisition growth of 17%. Sales in CIT’s aerospace market were
up 12%. Sales to the military and test and measurement markets were up
12% and 53%, respectively. Sales to the industrial market were down 8%.
The acquisition of LHi contributed $25.4 million in net sales and $2.1
million in EBIT. CIT’s EBIT margin declined 260 bps to 17.7%, primarily
reflecting the impact of lower selling price from contractual reductions
and the dilutive impact of LHi. Also included in CIT’s EBIT in 2014 was
a $0.9 million gain on final settlement of the Thermax acquisition.
These negative impacts were partially offset by higher organic sales
volume and savings from the Carlisle Operating System.
Carlisle Brake
& Friction (CBF): Net sales in the first
quarter of 2015 declined 6.3% to $86.4 million, comprised of 0.4% lower
organic sales and a 5.9% negative impact on sales from foreign exchange
rate fluctuations. Sales in the agriculture market declined by 26%.
Sales into the construction and mining markets were relatively flat.
CBF’s EBIT margin during the first quarter decreased 50 bps to 9.5%,
primarily due to negative foreign exchange impact from the stronger U.S.
dollar of $1.0 million and unfavorable mix changes. CBF incurred $0.4
million in expense for the closure of its Akron, Ohio facility. These
negative impacts were significantly offset by savings from cost
reduction actions taken during the fourth quarter of 2014.
Carlisle FoodService Products (CFS): Net sales in the first
quarter 2015 decreased by 4.5% to $57.2 million. Sales into the
healthcare market declined by 12% primarily due to the non-recurrence of
rethermalization equipment orders from the prior year. Sales into the
foodservice market declined by 2% reflecting lower international sales.
CFS’ EBIT margin during the first quarter 2015 declined 250 basis points
to 9.4%, primarily reflecting lower sales volume and higher unit
production costs from inventory manufactured in the fourth quarter of
2014.
Cash Flow
Cash flow provided from operations of $49.5 million for the three months
ended March 31, 2015 compared to cash provided of $51.3 million for the
prior year period. For the first quarter 2015, average working capital
(defined as the average of the quarter-end balances, excluding current
year acquisitions, of receivables, plus inventory less accounts payable)
as a percentage of annualized sales (defined as year-to-date net sales
from continuing operations, excluding current year acquisitions,
calculated on an annualized basis) increased to 20.4%, as compared to
19.7% for the prior year, in part reflecting higher inventory to meet
expected demand. In addition, average accounts payable as a percentage
of annualized sales was lower in the first quarter of 2015 versus the
prior year.
Free cash flow (defined as cash provided by operating activities less
capital expenditures, and comprised of continuing and discontinued
operations), was $30.4 million for the first quarter 2015, an increase
of $3.2 million versus the prior year. The increase in free cash flow
was primarily attributable to $5.0 million in lower capital expenditures
in the first quarter 2015 versus the prior year.
During the first quarter 2015, we repurchased 95,200 shares under our
open market share repurchase program.
Conference Call and Webcast
The Company will discuss first quarter 2015 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. 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 and
industry 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,
automotive, 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 $3.2 billion in net sales in 2014, is
focused on continuously improving the value of the Carlisle brand by
developing the best products, ensuring the highest quality and providing
unequaled customer service in the many industries we serve. Learn more
about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
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Unaudited Condensed Consolidated Statements of Earnings
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Three Months Ended March 31,
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(in millions except share and per share amounts)
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2015
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2014
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Net Sales
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$
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709.3
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$
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650.4
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Cost and expenses:
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Cost of goods sold
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536.3
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488.3
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Selling and administrative expenses
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98.1
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92.2
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Research and development expenses
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8.8
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8.0
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Other income, net
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(0.3)
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(1.1)
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Earnings before interest and income taxes
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66.4
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63.0
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Interest expense, net
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8.4
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8.0
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Earnings before income taxes from continuing operations
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58.0
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55.0
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Income tax expense
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18.5
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18.5
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Income from continuing operations
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39.5
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36.5
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Discontinued operations
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Loss before taxes
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(0.2)
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(1.1)
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Income tax benefit
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(0.1)
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(0.4)
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Loss from discontinued operations
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(0.1)
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(0.7)
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Net income
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$
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39.4
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$
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35.8
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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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0.60
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$
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0.57
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Loss from discontinued operations
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-
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(0.01)
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Basic Earnings per share
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$
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0.60
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$
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0.56
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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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0.59
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$
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0.56
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Loss from discontinued operations
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-
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(0.01)
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Diluted earnings per share
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$
|
0.59
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$
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0.55
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Average shares outstanding - in thousands
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Basic
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64,876
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63,878
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Diluted
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65,896
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65,089
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Dividends declared and paid
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|
$
|
16.7
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$
|
14.2
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Dividends declared and paid per share
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|
$
|
0.25
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$
|
0.22
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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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38.9
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$
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36.3
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|
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Net income
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$
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38.8
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$
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35.6
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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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March 31,
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(Decrease)
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(in millions, except percentages)
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2015
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2014
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Amount
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Percent
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Net Sales
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|
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|
|
|
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Carlisle Construction Materials
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$
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371.3
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$
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347.4
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$
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23.9
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6.9
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%
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Carlisle Interconnect Technologies
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194.4
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150.9
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43.5
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28.8
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Carlisle Brake & Friction
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86.4
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92.2
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(5.8)
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(6.3)
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Carlisle FoodService Products
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57.2
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59.9
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(2.7)
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(4.5)
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Total
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$
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709.3
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$
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650.4
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$
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58.9
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9.1
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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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36.7
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$
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31.9
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$
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4.8
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15.0
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%
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Carlisle Interconnect Technologies
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34.5
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30.7
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3.8
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12.4
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Carlisle Brake & Friction
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8.2
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9.2
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(1.0)
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(10.9)
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Carlisle FoodService Products
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5.4
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7.1
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(1.7)
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(23.9)
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Corporate
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(18.4)
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(15.9)
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(2.5)
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|
(15.7)
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Total
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$
|
66.4
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|
$
|
63.0
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|
$
|
3.4
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5.4
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%
|
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EBIT Margins
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Carlisle Construction Materials
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9.9
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%
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9.2
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%
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Carlisle Interconnect Technologies
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17.7
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20.3
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Carlisle Brake & Friction
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9.5
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10.0
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Carlisle FoodService Products
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|
9.4
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|
|
11.9
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Corporate
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(2.6)
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(2.4)
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Total
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|
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9.4
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%
|
9.7
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%
|
|
|
|
|
|
|
|
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|
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|
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|
Carlisle Companies Incorporated
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Condensed Consolidated Balance Sheets
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|
|
March 31,
|
|
December 31,
|
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(in millions except share and per share amounts)
|
|
2015
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
744.4
|
|
$
|
730.8
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|
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Receivables, net of allowance of $4.2 in 2015 and $4.8 in 2014
|
|
|
447.7
|
|
|
439.2
|
|
|
Inventories
|
|
|
357.5
|
|
|
339.1
|
|
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Deferred income taxes
|
|
|
35.3
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|
|
35.4
|
|
|
Prepaid expenses and other current assets
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|
|
45.8
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|
|
67.0
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|
|
|
Total current assets
|
|
|
1,630.7
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|
|
1,611.5
|
|
|
|
|
|
|
|
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Property, plant, and equipment, net of accumulated depreciation
|
|
|
543.6
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|
|
547.3
|
|
|
|
|
|
|
|
|
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Other assets:
|
|
|
|
|
|
|
|
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Goodwill, net
|
|
|
959.5
|
|
|
964.5
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|
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Other intangible assets, net
|
|
|
593.8
|
|
|
611.7
|
|
|
Other long-term assets
|
|
|
23.4
|
|
|
23.7
|
|
|
|
Total other assets
|
|
|
1,576.7
|
|
|
1,599.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
3,751.0
|
|
$
|
3,758.7
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
230.0
|
|
$
|
198.0
|
|
|
Accrued expenses
|
|
|
129.9
|
|
|
176.3
|
|
|
Deferred revenue
|
|
|
17.9
|
|
|
17.9
|
|
|
|
Total current liabilities
|
|
|
377.8
|
|
|
392.2
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
749.9
|
|
|
749.8
|
|
|
Deferred revenue
|
|
|
151.4
|
|
|
151.1
|
|
|
Other long-term liabilities
|
|
|
259.0
|
|
|
260.6
|
|
|
|
Total long-term liabilities
|
|
|
1,160.3
|
|
|
1,161.5
|
|
|
|
|
|
|
|
|
|
|
|
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; 64,892,146 outstanding in 2015 and
64,691,059
|
|
|
|
|
|
|
|
|
|
outstanding in 2014
|
|
|
78.7
|
|
|
78.7
|
|
|
Additional paid-in capital
|
|
|
258.9
|
|
|
247.8
|
|
|
Deferred Compensation - Equity
|
|
|
8.4
|
|
|
6.0
|
|
|
Cost of shares in treasury - 13,541,505 shares in 2015 and 13,723,201
|
|
|
|
|
|
|
|
|
|
shares in 2014
|
|
|
(208.4)
|
|
|
(200.1)
|
|
|
Accumulated other comprehensive loss
|
|
|
(81.8)
|
|
|
(61.8)
|
|
|
Retained earnings
|
|
|
2,157.1
|
|
|
2,134.4
|
|
|
|
Total shareholders' equity
|
|
|
2,212.9
|
|
|
2,205.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
3,751.0
|
|
$
|
3,758.7
|
|
|
|
|
|
|
|
|
|
|
|
Carlisle Companies Incorporated
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
(in millions)
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
39.4
|
|
$
|
35.8
|
|
|
Reconciliation of net income to cash flows provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
17.6
|
|
|
15.5
|
|
|
|
Amortization
|
|
|
10.7
|
|
|
10.1
|
|
|
|
Non-cash compensation, net of tax benefit
|
|
|
2.5
|
|
|
4.2
|
|
|
|
Gain on sale of property and equipment, net
|
|
|
-
|
|
|
(0.6)
|
|
|
|
Deferred taxes
|
|
|
(0.8)
|
|
|
2.1
|
|
|
|
Foreign exchange (gain) loss
|
|
|
(0.2)
|
|
|
0.5
|
|
|
|
Changes in assets and liabilities, excluding effects of acquisitions
and divestitures:
|
|
|
|
|
|
|
|
Receivables
|
|
|
(12.2)
|
|
|
(12.2)
|
|
|
|
|
Inventories
|
|
|
(21.4)
|
|
|
(25.3)
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
8.2
|
|
|
11.7
|
|
|
|
|
Accounts payable
|
|
|
33.1
|
|
|
36.6
|
|
|
|
|
Accrued expenses and deferred revenues
|
|
|
(26.5)
|
|
|
(28.8)
|
|
|
|
|
Long-term liabilities
|
|
|
0.7
|
|
|
0.5
|
|
|
|
Other operating activities
|
|
|
(1.6)
|
|
|
1.2
|
|
|
|
Net cash provided by operating activities
|
|
|
49.5
|
|
|
51.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(19.1)
|
|
|
(24.1)
|
|
|
Proceeds from sale of property and equipment
|
|
|
0.1
|
|
|
1.0
|
|
|
|
Net cash used in investing activities
|
|
|
(19.0)
|
|
|
(23.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(16.7)
|
|
|
(14.2)
|
|
|
Proceeds from issuance of treasury shares and stock options
|
|
|
9.1
|
|
|
11.2
|
|
|
Repurchase of common stock
|
|
|
(8.8)
|
|
|
-
|
|
|
|
Net cash used in financing activities
|
|
|
(16.4)
|
|
|
(3.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
|
(0.5)
|
|
|
-
|
|
Change in cash and cash equivalents
|
|
|
13.6
|
|
|
25.2
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
730.8
|
|
|
754.5
|
|
|
End of period
|
|
$
|
744.4
|
|
$
|
779.7
|
|
|
|
|
|
|
|
|
|
Source: Carlisle Companies Incorporated