Carlisle Press Releases

Carlisle Companies to Honor U.S. Marine Corps at NASCAR Sprint Cup Series Race at Charlotte Motor Speedway

Fri, 24 May 2013 11:08:00 -0400

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) will once again host a group of active duty U.S. Marines and their guests at a NASCAR event at this weekend’s Coca-Cola 600 at Charlotte Motor Speedway. Carlisle is a sponsor of Penske Racing and Brad Keselowski , driver of the No. 2 Miller Lite Ford Fusion in the NASCAR Sprint Cup Series.

Keselowski is the current Sprint Cup Series champion and he currently sits seventh in the 2013 Sprint Cup Series standings. Carlisle supplies components for the wiring harnesses and clutch friction material for the No. 2 Ford. The Carlisle logo, which is prominently displayed on Keselowski’s car, will be replaced this weekend with the Marine logo to honor Marines worldwide.
Carlisle has arranged for the Marines to arrive on Saturday May 25^th and spend two nights in the Charlotte area as they enjoy the Memorial Day weekend experience. Race day activities include a private meet and greet with Keselowski, attendance at the drivers’ meeting and driver introductions as Carlisle’s guests of honor during the weekend.

David Roberts , Chairman, President and CEO of Carlisle and a United States Marine Corps veteran, is looking forward to this weekend’s events.

“The Marines we are hosting this weekend embody the spirit of the Marine Corps Worldwide,” said Roberts. “These brave young men and women have recently returned from a combat theatre and inviting them to join us at the Coca-Cola 600 is just our way of thanking them for their sacrifices in defending the freedom we enjoy in the United States of America. Giving them the opportunity to experience this unique event is the least we can do to welcome them home.”

About Carlisle

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.

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

www.carlisle.com

Carlisle Companies Declares Regular Quarterly Dividend

Wed, 08 May 2013 10:52:00 -0400

CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Board of Directors of Carlisle Companies Incorporated (NYSE:CSL) has declared a regular quarterly dividend of $0.20 per share, payable on June 1, 2013 to shareholders of record at the close of business on May 20, 2013.

About Carlisle Companies Incorporated

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford

Vice President & Chief Financial Officer

704-501-1100

http://www.carlisle.com

Carlisle Companies Reports $0.85 Earnings Per Share from Continuing Operations for the First Quarter 2013, Including Tax Benefit

Wed, 24 Apr 2013 06:00:00 -0400

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 Unaudited Condensed Consolidated Statements of Earnings

	Three Months Ended March 31,
(in millions except share amounts)	2013			2012

Net Sales	$	857.0		$	889.3

Cost and expenses:
Cost of goods sold		669.4			678.1
Selling and administrative expenses		108.8			107.5
Research and development expenses		9.4			7.8
Other income, net		(0.7	)		(0.3	)

Earnings before interest and income taxes		70.1			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

Discontinued operations
Income from discontinued operations		(0.1	)		-
Income tax expense		-			-
Income from discontinued operations		(0.1	)		-
Net income	$	55.2		$	60.0

Basic earnings per share attributable to common shares(1)
Income from continuing operations	$	0.87		$	0.96
Income from discontinued operations		-			-
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
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


Carlisle Companies Incorporated
Unaudited Segment Information

		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	)	(5.3	)
	Carlisle Brake & Friction		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

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

www.carlisle.com

Carlisle Companies to Announce 1st Quarter Earnings on April 24, 2013

Mon, 01 Apr 2013 09:00:00 -0400

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) will release first quarter 2013 earnings on Wednesday, April 24, 2013 before the market opens. A conference call to discuss the quarter’s results will be held the same day at 8:00 a.m. Eastern. This conference call will be webcast live in a listen-only mode via Carlisle’s website at www.carlisle.com. The replay of the webcast will be available on the Company’s website shortly after the completion of the live call.

About Carlisle Companies Incorporated

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

http://www.carlisle.com

Carlisle Companies Reports $0.74 Earnings Per Share from Continuing Operations for the Fourth Quarter; Earnings Per Share Includes Charges of $0.08 for Pension and Business Development

Fri, 08 Feb 2013 06:00:00 -0500

Reports Record Income from Continuing Operations for the Full Year 2012 of $267.3 Million on Record Full Year Sales of $3.63 Billion

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) reported net sales from continuing operations of $845.3 million for the quarter ended December 31, 2012, a 7.1% increase from $789.6 million in the fourth quarter 2011. Organic sales growth was 3.6%. Acquisitions in the Interconnect Technologies and Construction Materials segments contributed 3.7% to sales in the fourth quarter. The negative impact on net sales from fluctuations in foreign exchange was less than 1%.

Income from continuing operations in the fourth quarter 2012 rose 22% to $48.2 million, or $0.74 per diluted share, compared with $39.5 million, or $0.63 per diluted share, in the fourth quarter 2011. Income in the fourth quarter 2012 was positively impacted by organic sales growth, savings from the Carlisle Operating System and operational improvements, particularly at Transportation Products. Negatively impacting fourth quarter 2012 results were $5.3 million, or $0.08 per diluted share, of after-tax charges for pension settlement and business development expense incurred at Corporate. Our effective tax rate of 32.0% in the fourth quarter of 2012 compared to a rate of 16.0% in the prior year quarter, which had been favorably impacted by tax benefits from excess foreign tax credits resulting from restructuring.

For the full year 2012, Carlisle reported record net sales from continuing operations of $3.63 billion, a 12.6% increase from net sales of $3.22 billion for the prior year. Organic sales growth of 8.0% reflected strong selling price execution at Construction Materials, Transportation Products and FoodService Products as well as increased sales volume led by Interconnect Technologies and Construction Materials. Sales from acquisitions contributed $158.9 million, or a 4.9% increase to net sales over the same prior year period.

Carlisle also reported record income from continuing operations for the year ended December 31, 2012 of $267.3 million, or $4.18 per diluted share, a 47% increase over income of $181.9 million, or $2.88 per diluted share, for the year ended December 31, 2011. Income for the full year 2012 was positively impacted by strong selling price realization, higher sales volume, savings from the Carlisle Operating System, operational improvements at Transportation Products and contribution from acquisitions. Negatively impacting 2012 results were after-tax charges for pension settlement and business development of $5.6 million for the full year, or $0.09 per diluted share.

Comment

David A. Roberts , Chairman, President and CEO, said, “2012 was an excellent year for Carlisle. We achieved record results for sales, EBIT (earnings before interest and taxes), income from continuing operations and cash flow from operations. Our EBIT margin for the year improved by 320 basis points to 11.7%, representing significant progress towards our long-term goal of achieving 15% operating margins.

“Carlisle Construction Materials (CCM) had a record year during 2012, with full year sales of $1.70 billion and EBIT of $273.4 million, increases over 2011 of 14% and 54%, respectively. CCM’s EBIT margin improved 410 basis points to 16.1% on strong selling price execution and solid operational performance throughout the year. CCM successfully integrated its acquisitions of PDT in Germany and Hertalan in The Netherlands and is now the leading supplier in the growing EPDM (rubber) single-ply roofing market in Europe.

“Carlisle Interconnect Technologies (CIT) also had a record year in 2012 with sales of $463.1 million, and EBIT of $69.1 million, increases over 2011 of 55% and 65%, respectively. The strong performance was driven by the successful integration of the Tri-Star acquisition and 23% organic sales growth. CIT completed its record year with the acquisition of Thermax and Raydex (collectively “Thermax”) in December 2012 for $266 million. The Thermax acquisition strengthens CIT’s product and service capabilities in the aerospace market and adds presence in higher margin industrial applications.

“Carlisle Transportation Products (CTP) achieved significant margin and operating improvements during 2012. CTP’s EBIT improved almost 500% from $9.1 million in 2011 to $52.4 million in 2012 through continued execution of its performance improvement plan and solid selling price realization. With the relocation of its Chinese belt production back to the United States in late 2012, CTP’s restructuring is now complete. The belt consolidation is expected to provide further earnings improvement in 2013.

“Despite a 5% sales decline, Carlisle Brake & Friction (CBF) impressively improved its EBIT margin by 50 basis points to 16.8%. Sales in CBF’s markets declined significantly during the second half of the year as its global OEM customers adjusted their inventory levels. We expect continued softness in this segment through the first half of 2013 with some recovery later in the year.

“Carlisle FoodService Products (CFS) continued to execute on its improvement plan by completing restructuring activities to close two of its distribution centers and relocate all of its Chinese manufacturing back to the United States. Savings from these restructuring activities are expected to result in higher margins in 2013.

“We also generated record cash flow from operations of $486 million in 2012, a result of our continued focus on earnings growth and working capital management allowing us to fund investments in our businesses of $140 million and the acquisitions of Hertalan (CCM) and Thermax (CIT).

“In November 2012, we opportunistically issued $350 million of 10-year senior notes at a coupon rate of 3.75% and completed the year with a debt-to-capital ratio of 30%. We enter 2013 with $600 million of borrowing availability on our credit facility and $112.5 million of cash on hand, leaving us well positioned to pursue future growth opportunities to move us closer to our long-term goals of $5 billion in revenue, 30% global sales, 15% operating margin, 15% ROIC and 15% working capital as a percent of sales.”

Roberts concluded by stating, “As noted earlier, 2012 was a year of setting records and positioning for future sales and earnings growth. Despite continued economic uncertainty, we expect further growth in sales and earnings in 2013 through our focus on our long-term strategy. For 2013, we are planning for sales growth, including acquisitions, to total in the mid-to-high single digit percent range. We expect continued margin improvement from plant restructuring activities, organic sales growth and savings from the Carlisle Operating System. We remain positive about our outlook in 2013 and our continued progress towards our long-term goals.”

Segment Results for Fourth Quarter 2012

Carlisle Construction Materials (CCM): Net sales in the fourth quarter 2012 increased 9.7% to $415.2 million, reflecting organic growth of 7.8% and acquisition growth of 2.2%. The acquisition of Hertalan added $8.5 million to net sales during the fourth quarter of 2012. Organic growth of 7.8% primarily reflected higher sales volumes from increased roofing membrane demand along with strong sales of insulation products. Overall EBIT margin at CCM rose 400 basis points to 16.0% in the fourth quarter primarily due to higher sales volume, higher selling price and operational expense savings.

Carlisle Transportation Products (CTP): Net sales in the fourth quarter 2012 increased by 4.9% to $161.7 million, primarily reflecting higher sales volume. Sales in the high-speed trailer and power transmission belt markets grew by 21% and 14%, respectively. Sales in the outdoor power equipment and agriculture/construction markets were relatively level to the prior year period. EBIT margin improved significantly from negative 2.5% in the prior year period to positive 2.9% in the current quarter due to savings from plant restructuring activities, savings from the Carlisle Operating System and higher sales volume. EBIT in the fourth quarter of 2012 included $1.0 million of restructuring costs for the relocation of transmission belt manufacturing from Buji, China to Springfield, MO and Fort Scott, KS.

Carlisle Brake & Friction (CBF): Net sales in the fourth quarter 2012 decreased 25% to $87.7 million, due primarily to lower volumes as OEM’s reduced orders to adjust inventory levels. Sales for CBF’s off-highway braking applications to the construction, mining and agriculture markets declined by 41%, 19%, and 8%, respectively. CBF’s EBIT margin during the fourth quarter decreased 320 basis points to 10.1%, primarily due to lower sales volumes, partially offset by cost reduction measures and lower raw material costs.

Carlisle Interconnect Technologies (CIT): Net sales in the fourth quarter 2012 grew 42% to $122.7 million on organic sales growth of 18% and acquisition growth of 24%. CIT’s sales to the commercial aerospace market increased by 24%. This increase was partially offset by lower sales in the military and test and measurement markets of 1% and 19%, respectively. The acquisition of Tri-Star in December 2011 and Thermax in December 2012 contributed $20.6 million to net sales during the fourth quarter 2012. CIT’s margin improvement of 130 basis points to 13.3% reflected leverage on higher sales volume. Included in EBIT in the fourth quarter 2012 was $1.4 million in charges for acquisition costs and expense recognized in the period for fair valuation of acquired inventory for the Thermax acquisition. By comparison, EBIT in the fourth quarter 2011 included $2.1 million in acquisition related expense.

Carlisle FoodService Products (CFS): Net sales in the fourth quarter 2012 increased by 6.8% to $58.0 million, primarily reflecting higher selling prices and lower customer rebates compared to the prior year period. CFS incurred restructuring charges of $0.9 million during the fourth quarter to consolidate distribution and manufacturing operations to Oklahoma City, OK. By comparison, CFS’ EBIT during the fourth quarter 2011 included $1.6 million in severance costs. CFS’ EBIT margin during the fourth quarter 2012 increased to 4.0%, inclusive of restructuring costs, from a loss of 3.9% in the same prior year period on higher selling price, lower rebate allowances and lower operating expense.

Corporate Expense

The increase in corporate expense for the fourth quarter 2012 to $21.3 million from $12.7 million in the prior year period included $5.6 million in non-cash charges related to the settlement of pension obligations. During the quarter, the Company offered certain former employees who participate in the Company’s core pension plan the option to receive a one-time lump sum payment equal to the present value of the participant’s pension benefit. A total of $15 million in lump sum distributions were paid out under this offer, which ended during the fourth quarter of 2012. Also included in corporate expense for the fourth quarter 2012 were $2.9 million in expenses related to acquisition pursuits and business development activity.

Cash Flow

Cash flow provided from operations of $485.9 million for the year ended December 31, 2012 rose 154% on higher net income of $89.9 million and a $196.5 million improvement in the amount of cash provided from working capital as compared to cash used for working capital in 2011.

Free cash flow for 2012 (defined as cash provided by operating activities less capital expenditures) increased by $233.9 million, or 210%, compared to 2011. Capital expenditures for 2012 increased 76% to $140.4 million compared to last year and included significant projects to construct new manufacturing facilities at CCM and expand facilities at CIT and CBF. During the year, the Company utilized $314 million for the acquisitions of Hertalan and Thermax.

During 2012, the Company repaid $357 million in short-term borrowings. In November 2012, the Company issued $350 million in 3.75% senior notes due 2022. As of December 31, 2012, the Company had $600 million of borrowing availability under its credit facility.

Conference Call and Webcast

The Company will discuss fourth quarter 2012 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

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, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. 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 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.



Carlisle Companies Incorporated
Consolidated Statements of Earnings
							Twelve Months Ended
	Quarter Ended December 31,						December 31,
(Dollars in millions, except per share amounts)	2012			2011			2012		2011

Net sales	$	845.3		$	789.6		$	3,629.4	$	3,224.5

Cost and expenses:
Cost of goods sold		640.1			630.8			2,731.7		2,547.4
Selling and administrative expenses		113.1			98.8			427.7		376.6
Research and development expenses		8.6			7.3			33.0		28.7
Other (income) expense, net		6.3			-			12.7		(3.3	)

Earnings before interest and income taxes		77.2			52.7			424.3		275.1

Interest expense, net		6.3			5.7			25.5		21.2
Earnings before income taxes from continuing operations		70.9			47.0			398.8		253.9

Income tax expense		22.7			7.5			131.5		72.0
Income from continuing operations		48.2			39.5			267.3		181.9

Discontinued operations
Income (loss) from discontinued operations		(0.5	)		(1.2	)		2.9		(2.5	)
Income tax (benefit) expense		(0.2	)		(0.3	)		-		(0.9	)
Income (loss) from discontinued operations		(0.3	)		(0.9	)		2.9		(1.6	)
	$	47.9		$	38.6		$	270.2	$	180.3

Basic earnings (loss) per share attributable to common shares
Income from continuing operations	$	0.76		$	0.64		$	4.25	$	2.93
Income (loss) from discontinued operations		(0.01	)		(0.02	)		0.05		(0.02	)
Basic Earnings per share	$	0.75		$	0.62		$	4.30	$	2.91

Diluted earnings (loss) per share attributable to common shares
Income from continuing operations	$	0.74		$	0.63		$	4.18	$	2.88
Income (loss) from discontinued operations		-			(0.02	)		0.04		(0.02	)
Diluted earnings per share	$	0.74		$	0.61		$	4.22	$	2.86


Average shares outstanding - in thousands
Basic		63,001			61,632			62,513		61,457
Diluted		64,227			62,682			63,610		62,495

Dividends declared and paid	$	12.9		$	11.2		$	48.0	$	43.5
Dividends declared and paid per share	$	0.20		$	0.18		$	0.76	$	0.70

(1) Numerator for basic and diluted EPS calculated based on "two-class" method of computing earnings per share:

Income from continuing operations	$	47.8		$	39.3		$	265.8	$	180.2
Net income	$	47.5		$	38.2		$	268.6	$	178.6



Carlisle Companies Incorporated
Segment Information

(In millions,	Quarter Ended						Increase					Twelve Months Ended						Increase
except percentages)	December 31,						(Decrease)					December 31,						(Decrease)
		2012			2011		Amount			Percent			2012			2011		Amount			Percent
Net Sales
Carlisle Construction Materials	$	415.2		$	378.5		$	36.7		9.7	%	$	1,695.8		$	1,484.0		$	211.8		14.3	%
Carlisle Transportation Products		161.7			154.1			7.6		4.9	%		778.2			732.1			46.1		6.3	%
Carlisle Brake & Friction		87.7			116.2			(28.5	)	-24.5	%		449.0			473.0			(24.0	)	-5.1	%
Carlisle Interconnect Technologies		122.7			86.5			36.2		41.8	%		463.1			299.6			163.5		54.6	%
Carlisle FoodService Products		58.0			54.3			3.7		6.8	%		243.3			235.8			7.5		3.2	%
	$	845.3		$	789.6		$	55.7		7.1	%	$	3,629.4		$	3,224.5		$	404.9		12.6	%


Earnings Before Interest and Income Taxes
Carlisle Construction Materials	$	66.3		$	45.5		$	20.8		46	%	$	273.4		$	177.9		$	95.5		54	%
Carlisle Transportation Products		4.7			(3.8	)		8.5		224	%		52.4			9.1			43.3		476	%
Carlisle Brake & Friction		8.9			15.4			(6.5	)	-42	%		75.6			77.2			(1.6	)	-2	%
Carlisle Interconnect Technologies		16.3			10.4			5.9		57	%		69.1			41.9			27.2		65	%
Carlisle FoodService Products		2.3			(2.1	)		4.4		210	%		12.3			13.2			(0.9	)	-7	%
Corporate		(21.3	)		(12.7	)		(8.6	)	-68	%		(58.5	)		(44.2	)		(14.3	)	-32	%
Total	$	77.2		$	52.7		$	24.5		46	%	$	424.3		$	275.1		$	149.2		54	%


EBIT Margins
Carlisle Construction Materials		16.0	%		12.0	%							16.1	%		12.0	%
Carlisle Transportation Products		2.9	%		-2.5	%							6.7	%		1.2	%
Carlisle Brake & Friction		10.1	%		13.3	%							16.8	%		16.3	%
Carlisle Interconnect Technologies		13.3	%		12.0	%							14.9	%		14.0	%
Carlisle FoodService Products		4.0	%		-3.9	%							5.1	%		5.6	%
Corporate		-2.5	%		-1.6	%							-1.6	%		-1.5	%
Total		9.1	%		6.7	%							11.7	%		8.5	%

Carlisle Companies Incorporated

Consolidated Balance Sheets

December 31,

December 31,

(Dollars in millions, except share amounts)

2012

2011

Assets

Current assets:

Cash and cash equivalents

112.5

74.7

Receivables, less allowance of $6.0 in 2012 and $6.4 in 2011

482.7

486.4

Inventories

538.0

539.0

Deferred income taxes

43.1

51.3

Prepaid expenses and other current assets

29.0

60.1

Current assets held for sale

2.6

Total current assets

1,205.3

1,214.1

Property, plant and equipment, net of accumulated depreciation

637.1

560.3

Other assets:

Goodwill, net

958.8

845.2

Other intangible assets, net

617.5

479.2

Other long-term assets

38.6

19.0

Non-current assets held for sale

20.1

Total other assets

1,614.9

1,363.5

TOTAL ASSETS

3,457.3

3,137.9

Liabilities and Shareholders' Equity

Current liabilities:

Short-term debt, including current maturities

158.1

Accounts payable

259.7

260.8

Accrued expenses

193.3

161.7

Deferred revenue

17.6

16.3

Total current liabilities

470.6

596.9

Long-term liabilities:

Long-term debt

752.5

604.3

Deferred revenue

135.4

129.7

Other long-term liabilities

310.7

306.9

Total long-term liabilities

1,198.6

1,040.9

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; 63,127,299 outstanding in 2012 and

61,664,813 outstanding in 2011

78.7

78.7

Additional paid-in capital

171.4

120.2

Deferred compensation equity

0.6

Cost of shares of treasury - 15,249,714 shares in 2012 and 16,467,760

shares in 2011

(215.4

)

(219.9

)

Accumulated other comprehensive loss

(35.5

)

(45.0

)

Retained earnings

1,788.3

1,566.1

Total shareholders' equity

1,788.1

1,500.1

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

3,457.3

3,137.9



Carlisle Companies Incorporated
Consolidated Statements of Cash Flows

	For the Years ended December 31,
(Dollars in millions)	2012			2011

Operating activities
Net income	$	270.2		$	180.3
Reconciliation of net income to cash flows from operating activities:
Depreciation		74.6			68.1
Amortization		30.3			19.9
Non-cash compensation, net of tax benefit		8.5			12.5
Non-cash pension settlement		5.6			-
Gain on sale of businesses		(3.7	)		-
(Gain) loss on sale of property and equipment, net		2.1			1.8
Impairment of assets		6.4			-
Deferred taxes		(13.8	)		1.8
Foreign exchange (gain) loss		0.1			(2.1	)
Changes in assets and liabilities, excluding effects of acquisitions and divestitures:
Receivables		21.0			(71.4	)
Inventories		26.5			(75.8	)
Prepaid expenses and other assets		48.8			7.3
Accounts payable		(15.7	)		50.9
Accrued expenses and deferred revenues		14.9			(11.0	)
Long-term liabilities		9.9			8.9
Other operating activities		0.2			-
Net cash provided by operating activities		485.9			191.2

Investing activities
Capital expenditures		(140.4	)		(79.6	)
Acquisitions, net of cash		(314.3	)		(392.9	)
Proceeds from sale of property and equipment		-			3.5
Proceeds from sale of businesses		25.8			5.3
Proceeds from hedging activities		0.4			-
Other investing activities		-			0.2
Net cash used in investing activities		(428.5	)		(463.5	)

Financing activities
Net change in short-term borrowings and revolving credit lines		(357.4	)		346.9
Proceeds from long-term debt		348.9			-
Debt issuance costs		(2.9	)		(1.8	)
Redemption of Hawk bonds		-			(59.0	)
Dividends		(48.0	)		(43.5	)
Stock options and treasury shares, net		38.8			13.8
Net cash provided by (used in) financing activities		(20.6	)		256.4

Effect of exchange rate changes on cash		1.0			1.2
Change in cash and cash equivalents		37.8			(14.7	)
Cash and cash equivalents
Beginning of period		74.7			89.4
End of period	$	112.5		$	74.7

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

www.carlisle.com

Carlisle Companies Declares Regular Quarterly Dividend – Revised Record Date of 2-19-2013

Wed, 06 Feb 2013 13:16:00 -0500

CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Board of Directors of Carlisle Companies Incorporated (NYSE:CSL) has declared a regular quarterly dividend of $0.20 per share, payable on March 1, 2013 to shareholders of record at the close of business on February 19, 2013.

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, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. 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 employees worldwide, who generated $3.2 billion in net sales in 2011, 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.

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

http://www.carlisle.com

Carlisle Companies to Announce 4th Quarter Earnings on February 8, 2013

Tue, 15 Jan 2013 08:59:00 -0500

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) will release fourth quarter 2012 earnings on Friday, February 8, 2013 before the market opens. A conference call to discuss the quarter’s results will be held the same day at 8:00 a.m. Eastern. This conference call will be webcast live in a listen-only mode via Carlisle’s website at www.carlisle.com. The replay of the webcast will be available on the Company’s website shortly after the completion of the live call.

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, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. 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 employees worldwide, who generated $3.2 billion in net sales in 2011, 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.

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

http://www.carlisle.com

Carlisle Completes Purchase of Thermax-Raydex Business

Mon, 17 Dec 2012 13:46:00 -0500

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE: CSL) announced today that it has completed the purchase of the Thermax-Raydex business from Belden, Inc. Thermax-Raydex is a leading global supplier of high-performance hook-up, data and coaxial wire and cable for mission-critical applications for commercial aerospace, defense and industrial customers and will operate within Carlisle’s Interconnect Technologies segment.

Forward-Looking Statements

About Carlisle Companies

Carlisle Companies Inc. 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, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. 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 employees worldwide, who generated $3.2 billion in net sales in 2011, 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.

Source: Carlisle Companies Incorporated

Steven J. Ford

Vice President & Chief Financial Officer

Carlisle Companies Incorporated

(704) 501-1100

http://www.carlisle.com

Carlisle to Acquire Thermax- Raydex Business

Thu, 29 Nov 2012 07:30:00 -0500

Maker of mission-critical, high-performance wire and cable will bolster Carlisle’s leadership in aerospace and industrial sectors

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Carlisle Companies Incorporated (NYSE:CSL) today announced the signing of a definitive agreement to acquire the Thermax-Raydex business, a leading global supplier of high-performance hook-up, data and coaxial wire and cable for mission-critical applications for commercial aerospace, defense and industrial customers. The Thermax-Raydex business is a unit of Belden, Inc. of St. Louis, Missouri. The transaction is structured as a purchase of the assets of Thermax and the stock of Raydex/CDT Limited, a wholly-owned subsidiary of Belden, both for a combined enterprise value of $265 million. The transaction is subject to customary closing conditions, including regulatory clearance, and is expected to close by December 31, 2012. The acquisition is expected to be accretive to Carlisle in the first year.

With annual sales of approximately $112 million, Thermax-Raydex has manufacturing facilities in Nogales, Mexico, Littleborough, UK and Fountain Valley, California. The company is a supplier to the world’s leading aerospace, avionics and electronics companies. Thermax-Raydex designs, manufactures and sells customized, high-reliability wire and cable for transmission of data and power on aircraft and defense platforms, as well as in high-end industrial equipment. The business will operate as part of Carlisle Interconnect Technologies, a global provider of specialty wire and cable and interconnect components for commercial and military aircraft, avionics systems, in-flight entertainment and communications systems.

David A. Roberts , Carlisle’s Chairman, President and CEO, said: “We are excited about the acquisition of Thermax-Raydex, as the company adds capabilities and technology to strengthen our interconnect products business in very attractive aerospace and industrial sectors. Thermax-Raydex expands our product, technology and service ranges to our customers. This acquisition is consistent with our focus on higher margin, highly engineered products and is an excellent fit with Carlisle.”

Forward-Looking Statements

About Carlisle Companies

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

www.carlisle.com

Carlisle Companies Declares Regular Quarterly Dividend

Tue, 06 Nov 2012 10:33:00 -0500

CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Board of Directors of Carlisle Companies Incorporated (NYSE: CSL) has declared a regular quarterly dividend of $0.20 per share, payable on December 1, 2012 to shareholders of record at the close of business on November 19, 2012.

About Carlisle Companies

Source: Carlisle Companies Incorporated

Carlisle Companies Incorporated

Steven J. Ford, 704-501-1100

Vice President & Chief Financial Officer

http://www.carlisle.com