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
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. Actual
results may differ materially from these expectations due to changes in
global economic, business, competitive, market and regulatory factors.
More detailed information about these factors is contained in the
Company’s filing with the Securities and Exchange Commission. The
Company undertakes no duty to update forward-looking statements.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a global diversified company that
designs, manufactures and markets a wide range of products that serve a
broad range of niche markets including commercial roofing, energy,
agriculture, 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 $3.6 billion in net sales in 2012, are focused on continuously
improving the value of the Carlisle brand by developing the best
products, ensuring the highest quality and providing unequaled customer
service in the many industries we serve. Learn more about Carlisle at www.carlisle.com.
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Carlisle Companies Incorporated
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Consolidated Statements of Earnings
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Twelve Months Ended
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Quarter Ended December 31,
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December 31,
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(Dollars in millions, except per share amounts)
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2012
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2011
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2012
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2011
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Net sales
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$
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845.3
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$
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789.6
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$
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3,629.4
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$
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3,224.5
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Cost and expenses:
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Cost of goods sold
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640.1
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630.8
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2,731.7
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2,547.4
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Selling and administrative expenses
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113.1
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98.8
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427.7
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376.6
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Research and development expenses
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8.6
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7.3
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33.0
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28.7
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Other (income) expense, net
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6.3
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-
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12.7
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(3.3
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)
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Earnings before interest and income taxes
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77.2
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52.7
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424.3
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275.1
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Interest expense, net
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6.3
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5.7
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25.5
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21.2
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Earnings before income taxes from continuing operations
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70.9
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47.0
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398.8
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253.9
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Income tax expense
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22.7
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7.5
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131.5
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72.0
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Income from continuing operations
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48.2
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39.5
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267.3
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181.9
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Discontinued operations
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Income (loss) from discontinued operations
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(0.5
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)
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(1.2
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)
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2.9
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(2.5
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)
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Income tax (benefit) expense
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(0.2
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(0.3
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-
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(0.9
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)
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Income (loss) from discontinued operations
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(0.3
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)
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(0.9
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)
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2.9
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(1.6
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)
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$
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47.9
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$
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38.6
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$
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270.2
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$
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180.3
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Basic earnings (loss) per share attributable to common shares
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Income from continuing operations
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$
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0.76
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$
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0.64
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$
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4.25
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$
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2.93
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Income (loss) from discontinued operations
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(0.01
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)
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(0.02
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)
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0.05
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(0.02
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)
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Basic Earnings per share
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$
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0.75
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$
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0.62
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$
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4.30
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$
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2.91
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Diluted earnings (loss) per share attributable to common shares
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Income from continuing operations
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$
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0.74
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$
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0.63
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$
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4.18
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$
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2.88
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Income (loss) from discontinued operations
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-
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(0.02
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)
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0.04
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(0.02
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)
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Diluted earnings per share
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$
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0.74
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$
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0.61
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$
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4.22
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$
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2.86
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Average shares outstanding - in thousands
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Basic
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63,001
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61,632
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62,513
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61,457
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Diluted
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64,227
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62,682
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63,610
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62,495
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Dividends declared and paid
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$
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12.9
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$
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11.2
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$
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48.0
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$
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43.5
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Dividends declared and paid per share
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$
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0.20
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$
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0.18
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$
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0.76
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$
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0.70
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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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47.8
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$
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39.3
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$
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265.8
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$
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180.2
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Net income
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$
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47.5
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$
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38.2
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$
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268.6
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$
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178.6
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Carlisle Companies Incorporated
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Segment Information
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(In millions,
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Quarter Ended
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Increase
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Twelve Months Ended
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Increase
|
except percentages)
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December 31,
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(Decrease)
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December 31,
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(Decrease)
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2012
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2011
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Amount
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Percent
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2012
|
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2011
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Amount
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Percent
|
Net Sales
|
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Carlisle Construction Materials
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$
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415.2
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$
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378.5
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$
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36.7
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9.7
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%
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|
|
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$
|
1,695.8
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$
|
1,484.0
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$
|
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