Thomas & Betts Corporation (NYSE:TNB) today reported a 13.4%
increase in net sales and a 31% increase in net earnings from
continuing operations for the fourth quarter 2011.
Sales in the quarter were $603.6 million, up 13.4% compared to
fourth quarter 2010. Organic sales growth accounted for
approximately 11% of the increase while acquisitions contributed
2.7%. The impact of foreign currency was negligible.
Net earnings from continuing operations increased 31.2% in the
fourth quarter to $52.8 million. Earnings per diluted share
increased 30% to $1.00.
Full year 2011 net sales increased 14.6% to $2.3 billion.
Organic sales growth accounted for approximately 9% of the
increase; acquisitions contributed 4.0%; and favorable foreign
currency impacted sales by approximately 2%.
Full year 2011 net earnings from continuing operations increased
29% to $187.5 million. Earnings per share increased 29% to $3.55
per diluted share.
“Thomas & Betts finished 2011 on a strong note. Sales
increased approximately 14% for both the fourth quarter and full
year, while earnings per share grew 30% and 29%, respectively. In a
year filled with continued economic challenges, our strong
performance demonstrates the fundamental strength of our businesses
and the effectiveness of our strategies,” said Dominic J. Pileggi,
chairman and chief executive officer. “Our ability to execute
against our plans and rapidly adapt to changing market dynamics
helped us deliver organic sales growth of nearly 9% and expand
segment margins to over 19% for the full year.”
SEGMENT HIGHLIGHTS:
Consolidated segment earnings increased 23.1%, to $119.3
million, compared to the fourth quarter of 2010. As a percent of
sales, segment earnings were 19.8%, a 160 basis point improvement
over the prior year. The earnings improvement was driven by
improved mix and operating leverage in the Electrical segment and
improved competitive dynamics in utility transmission markets
served by the Steel Structures segment.
For the full year 2011, consolidated segment earnings increased
16.9% to $440.0 million. As a percent of sales, segment earnings
improved 40 basis points to 19.2%, driven largely by strong
performance in the Electrical segment.
Electrical:
Electrical segment sales increased 7.8% year-over-year to $477.2
million in the fourth quarter. Organic sales growth accounted for
substantially all of the increase. The impact of foreign currency
on sales was negligible.
Electrical segment earnings were $96.9 million or 20.3% of sales
in the quarter, compared to $82.6 million, or 18.6% of sales last
year. The 170 basis point expansion in the segment margin was
driven by favorable product mix, improved operating leverage and
benefits resulting from facility consolidation activities.
For the full year 2011, Electrical segment sales increased 13.5%
to $1.9 billion. Organic sales growth accounted for approximately
8% of the increase; acquisitions contributed 3.2% and favorable
foreign currency contributed 2.3%.
Electrical segment earnings increased 19.6% to $387.0 million
for the full year 2011. As a percent of sales, Electrical segment
earnings increased 100 basis points to 20.3% compared to 19.3% of
sales in 2010. The earnings improvement reflects favorable product
mix, enhanced operating leverage and benefits resulting from
facility consolidation activities.
Steel Structures:
Fourth quarter Steel Structures segment sales increased 39.6% to
$74.2 million, driven by higher demand and improved pricing as
utilities have increased spending on electrical transmission
projects. Segment earnings were $11.6 million or 15.6% of
sales, in line with expectations and significantly higher than
the prior year as a result of the improved competitive
environment.
Full year 2011 Steel Structures sales were $250.8 million, up
14% from 2010, largely as a result of higher demand and pricing in
the second half of the year as utilities refocused on improving the
reliability of and expanding the transmission grid. Segment
earnings for the full year were $30.7 million or 12.2% of sales
compared to $34.9 million or 15.9% of sales in 2010. The decline
reflects the highly price-competitive environment for steel
transmission structure orders in mid to late 2010.
HVAC:
HVAC segment sales were $52.2 million in the fourth quarter, up
43.1% year over year largely as a result of an acquisition in the
third quarter. Excluding the acquisition, HVAC sales increased
3.0%, largely as a result of improved volumes.
HVAC segment earnings were $10.8 million or 20.8% of sales for
the fourth quarter. This compares to $8.4 million or 23.1% of sales
last year.
For the full year, HVAC segment sales increased 33.7% to $141.5
million, including organic sales growth of over 9%. The previously
noted acquisition contributed $24.9 million to full year sales.
Full year segment earnings were $22.3 million or 15.8% of sales
compared to $17.9 million or 16.9% of sales in 2010. Routine
acquisition-related purchase accounting requirements negatively
impacted the full year margin.
BALANCE SHEET / LIQUIDITY HIGHLIGHTS:
Thomas & Betts ended the year with $552.3 million in cash
and cash equivalents and over $500 million of availability under
its credit facilities. Free cash flow for the year was $188.2
million or 8.2% of net sales. The primary uses of free cash flow
during 2011 included: approximately $46 million for the repurchase
of one million shares of common stock (including 500,000 shares in
the fourth quarter); $45 million in capital expenditures; $39
million for voluntary pension plan contributions; and £18 million
or approximately $30 million cash for the acquisition of AmbiRad in
the HVAC segment.
Working capital was 13.4% of sales and total debt to total
capitalization was 26.4% at year end.
GAAP EARNINGS AND UNUSUAL ITEMS:
Fourth quarter 2011 net earnings and earnings per diluted share
increased 42% compared to the prior year period. Net earnings were
$56.8 million compared to $40.0 million in 2010. On a per diluted
share basis, earnings were $1.08 and $0.76 for the fourth quarter
2011 and 2010, respectively. 2011 earnings include a $4.0 million
($0.08 per share) benefit from a reduction in the annual effective
tax rate resulting from routine income tax estimate revisions for
2010 tax returns. 2010 earnings include $5.9 million pre-tax ($3.7
million net of tax or $0.07 per share) in facility consolidation
charges; and $3.4 million ($0.06 per share) in earnings from
discontinued operations.
Full year 2011 net earnings and earnings per diluted share
increased 31% and 30% respectively compared to 2010. 2011 net
earnings were $190.2 million versus $145.6 million in 2010. On a
per diluted share basis, 2011 earnings were $3.60 compared to $2.76
in 2010. 2011 included $6.3 million pre-tax ($4.3 million net of
tax or $0.08 per share) for facility consolidation charges; a $4.8
million pre-tax ($3.0 million net of tax or $0.05 per share)
benefit for legal settlements; and a $4.0 million ($0.08 per share)
benefit from the reduction in the annual effective tax rate noted
earlier.
Full year 2010 net earnings include $9.1 million pre-tax ($5.8
million net of tax or $0.11 per share) for facility consolidation
charges; a $5.3 million pre-tax ($3.3 million net of tax or $0.06
per share) charge for environmental remediation; a $1.5 million
($0.03 per share) benefit related to the release of tax reserves;
and $0.15 per share from discontinued operations.
FULL YEAR 2012 GUIDANCE:
“We entered 2012 with solid momentum driven by the unique value
proposition we provide our customers,” commented Pileggi. “However,
there continues to be overhanging macro concern about the strength
of the global economy, particularly the stability of the Eurozone
and the potential for slowing growth in key emerging markets.
Compared to 2011, the stronger U.S. dollar and moderating commodity
costs will be headwinds to growth in 2012. With this in mind, we
expect growth in North America to remain constrained with slowing
growth in industrial markets; modest but choppy growth in
construction markets; and continuing growth in utility markets led
by spending on transmission projects.
“Based on this outlook, we expect full year 2012 consolidated
sales to grow in the mid-single digit range and diluted earnings
per share (operating basis) to be in the range of $3.90 to
$4.20.”
CORPORATE OVERVIEW:
Thomas & Betts Corporation (NYSE:TNB) is a global leader in
the design, manufacture and marketing of essential components used
to manage the connection, distribution, transmission and
reliability of electrical power in industrial, construction and
utility applications. With a portfolio of over 200,000 products
marketed under more than 45 premium brand names, Thomas & Betts
products are found wherever electricity is used. Headquartered in
Memphis, Tenn., Thomas & Betts has operations in more than 20
countries and approximately 9,400 employees. For more information,
please visit www.tnb.com.
FORWARD-LOOKING STATEMENTS:
This document includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical facts and are subject
to risks and uncertainties in our operations, business, economic
and political environment. Forward-looking statements may be
identified by the use of words such as “achieve,” “should,”
“could,” “may,” ‘anticipates,” “expects,” “might,” “believes,”
“intends,” “predict,” “will” and other similar expressions. These
statements are based on the current expectations and beliefs of
Thomas & Betts, and involve a number of risks and uncertainties
that could cause actual results to differ materially from those
stated or implied by the forward-looking statements. Those risks
and uncertainties include, but are not limited to: 1) the
possibility that the companies may be unable to obtain shareholder
or regulatory approvals required for the merger; 2) the risk that a
condition to closing of the proposed transaction may not be
satisfied; 3) the Company’s and ABB’s ability to consummate the
proposed merger, including the financing thereof; 4) the businesses
may suffer as a result of uncertainties surrounding the merger; 5)
the ability of the Company to retain and hire key personnel and
maintain relationships with providers or other business partners;
and 6) the industry may be subject to future regulatory or
legislative actions and other risks that are described in SEC
reports filed or furnished by Thomas & Betts and ABB. In
addition, any statements regarding Thomas & Betts’ projected
2012 sales and earnings; the future demand for Thomas & Betts’
products and services, including the present spending trends by our
customers; and Thomas & Betts’ future performance as delineated
in our forward-looking guidance, and particularly our expectations
with respect to sales and foreign exchange impact, constitute
forward-looking statements. Such forward-looking statements are
based on Thomas & Betts’ current expectations and beliefs and
involve a number of risks and uncertainties that are difficult to
predict and that may cause actual results to differ materially from
those stated or implied by the forward-looking statements. Those
risks and uncertainties include, but are not limited to: the
availability and cost of raw materials; changes in customer demand;
loss of key personnel; changes in customer credit; changes in laws
or governmental policies; interest rate and foreign currency
exchange rate fluctuations; changes in tax regulations and laws;
changes in generally accepted accounting principles; and changes in
business, political or economic conditions due to the threat of
future terrorist activity or acts of war in the U.S. or other parts
of the world. A further description of these risks, uncertainties,
and other matters can be found in the Risk Factors detailed in
Thomas & Betts’ Annual Report on Form 10-K for the fiscal year
ended December 31, 2010 filed with the SEC on February 16, 2011, as
well as other filings the Company makes with the SEC.
Because forward-looking statements involve risks and
uncertainties, actual results and events may differ materially from
results and events currently expected by Thomas & Betts. Thomas
& Betts assumes no obligation and expressly disclaims any duty
to update information contained in this filing except as required
by law.
ADDITIONAL INFORMATION AND WHERE TO FIND IT:
This document may be deemed to be solicitation material in
respect of the proposed merger between Thomas & Betts
Corporation and a subsidiary of ABB Ltd. In connection with the
proposed merger, Thomas & Betts will file a preliminary proxy
statement and a definitive proxy statement with the SEC. The
information contained in the preliminary filing will not be
complete and may be changed. Before making any voting or investment
decisions, investors and security holders are urged to read the
definitive proxy statement when it becomes available and any other
relevant documents filed with the SEC because they will contain
important information about the proposed merger. The definitive
proxy statement will be mailed to the shareholders of Thomas &
Betts seeking their approval of the proposed merger. Thomas &
Betts’ shareholders will also be able to obtain a copy of the
definitive proxy statement free of charge by directing a request
to: Thomas & Betts Corporation, 8155 T&B Boulevard,
Memphis, TN, 38125, Attention: General Counsel. In addition, the
preliminary proxy statement and definitive proxy statement will be
available free of charge at the SEC’s website, www.sec.gov, or
shareholders may access copies of the documentation filed with the
SEC by Thomas & Betts on its website at www.tnb.com.
Thomas & Betts and its directors, executive officers and
certain other employees may be deemed to be participants in the
solicitation of proxies of Thomas & Betts shareholders in
connection with the proposed merger. Investors and security holders
may obtain more detailed information regarding the names,
affiliations and interests of Thomas & Betts directors and
executive officers by reading Thomas & Betts’ proxy statement
for its 2011 annual meeting of shareholders, which was filed with
the SEC on March 11, 2011. Additional information regarding
potential participants in such proxy solicitation and a description
of their direct and indirect interests, by security holdings or
otherwise, will be included in the proxy statement and other
relevant materials filed by Thomas & Betts with the SEC in
connection with the proposed merger when they become available.
ACQUISITION CONFERENCE CALL / REPLAY INFORMATION:
Management from Thomas & Betts and ABB will host a
conference call for European investors and media beginning at 9:00
a.m. Central European Time (CET). The dial in numbers are:
- UK: +44 203 059 5862
- Sweden: +46(0) 85 051 0031
- All other European countries: +41 91
610 5600.
- An audio replay of the call will be
available approximately one hour after the call’s conclusion and
will be available for 24 hours: To access the replay, dial: +44 207
108 6233 (UK), +41 91 612 4330 (rest of Europe) or +1 866 416 2558
(U.S./Canada). The access code is 17475 followed by the # key. A
podcast of the call will be available on www.abb.com/news.
A second conference call for North American investors and media
is scheduled to begin today at 8:30 a.m. ET (7:30 a.m. CT). The
dial-in numbers are:
- U.S. / Canada: (1) 866 291 4166
- Europe and rest of world: +41 91 610
5600
- An audio replay of the call will be
available approximately one hour after the call’s conclusion and be
available for 24 hours. Replay numbers: 1 866 416 2558
(U.S./Canada) or 41 91 612 4330 (Europe and the rest of the world).
The access code is 19163, followed by the # key. A podcast of the
call will be available on www.abb.com/news.
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations (In thousands, except
per share data) (Unaudited)
Quarter
Ended Year to Date
December 31, December 31, December 31,
December 31, 2011 2010 2011 2010
Net sales $ 603,628 $ 532,524 $ 2,297,531 $
2,004,366 Cost of sales 410,133 374,024
1,579,011 1,387,334 Gross profit
193,495 158,500 718,520 617,032 Gross profit - % of net sales 32.1
% 29.8 % 31.3 % 30.8 % Selling, general and administrative
115,070 106,389 428,726 396,269 Selling, general and administrative
- % of net sales 19.1 % 20.0 % 18.7 %
19.8 %
Earnings from operations 78,425 52,111 289,794
220,763 Earnings from operations - % of net sales 13.0 % 9.8 % 12.6
% 11.0 % Interest expense, net (7,812 ) (8,809 ) (32,012 )
(35,124 ) Other (expense) income, net 1,057
(389 ) 742 (299 ) Earnings before
income taxes 71,670 42,913 258,524 185,340 Income tax
provision 14,833 6,280 68,371 47,604 Effective tax rate 20.7
% 14.6 % 26.4 % 25.7 %
Net earnings
from continuing operations, net 56,837 36,633 190,153 137,736
Earnings from discontinued operations -
3,350 - 7,904
Net
earnings $ 56,837 $ 39,983 $ 190,153 $
145,640
Basic earnings per share: Continuing
operations $ 1.11 $ 0.71 $ 3.68 $ 2.66 Discontinued operations
- 0.07 - 0.16
Net earnings $ 1.11 $ 0.78 $ 3.68 $
2.82
Diluted earnings per share: Continuing
operations $ 1.08 $ 0.70 $ 3.60 $ 2.61 Discontinued operations
- 0.06 - 0.15
Net earnings $ 1.08 $ 0.76 $ 3.60 $
2.76
Average shares outstanding: Basic 51,378
51,236 51,670 51,717 Diluted 52,444 52,514 52,783 52,777
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Segment Information (In thousands) (Unaudited)
Quarter Ended Year to Date
December 31, December 31,
December 31, December 31, 2011 2010
2011 2010 Net sales: Electrical
$ 477,229 $ 442,886 $ 1,905,221 $ 1,678,645 Steel Structures 74,181
53,144 250,785 219,897 HVAC 52,218 36,494
141,525 105,824
Total
net sales $ 603,628 $ 532,524 $ 2,297,531
$ 2,004,366
Segment earnings:
Electrical $ 96,888 $ 78,415 $ 382,169 $ 316,201 Steel Structures
11,579 5,908 30,657 34,935 HVAC 10,839 6,679
20,886 16,145
Total
reportable segment earnings $ 119,306 $ 91,002 $
433,712 $ 367,281 Corporate expense (12,723 )
(12,113 ) (43,147 ) (52,318 ) Depreciation and amortization expense
(20,960 ) (20,821 ) (84,346 ) (79,596 ) Share-based compensation
expense (7,198 ) (5,957 ) (16,425 ) (14,604 ) Interest expense, net
(7,812 ) (8,809 ) (32,012 ) (35,124 ) Other (expense) income, net
1,057 (389 ) 742 (299 )
Earnings before income taxes $ 71,670 $ 42,913
$ 258,524 $ 185,340
Segment
earnings - % of net sales: Electrical 20.3 % 17.7 % 20.1 % 18.8
% Steel Structures 15.6 % 11.1 % 12.2 % 15.9 % HVAC 20.8 % 18.3 %
14.8 % 15.3 % Total 19.8 % 17.1 % 18.9 % 18.3 %
THOMAS
& BETTS CORPORATION AND SUBSIDIARIES Consolidated
Balance Sheets (In thousands) (Unaudited)
December 31, December 31, 2011
2010 ASSETS Current assets: Cash
and cash equivalents $ 552,256 $ 455,198 Receivables, net 284,855
230,203 Inventories 236,409 220,250 Other current assets
70,413 51,444
Total current assets 1,143,933 957,095
Property, plant and equipment, net 299,218 305,796 Goodwill
974,287 967,889 Other intangible assets, net 324,564 340,544 Other
assets 81,719 61,069
Total assets $
2,823,721 $ 2,632,393
LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Current
maturities of long-term debt $ 339 $ 322 Accounts payable 213,052
190,839 Accrued liabilities 123,266 126,241 Income taxes payable
10,230 26,263
Total current liabilities
346,887 343,665 Long-term debt, net of current maturities
574,416 574,090 Other long-term liabilities 300,131 247,856
Shareholders' equity 1,602,287 1,466,782
Total liabilities and shareholders' equity $ 2,823,721 $
2,632,393
THOMAS & BETTS CORPORATION AND
SUBSIDIARIES Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Year to Date
December 31, December 31, 2011
2010 CASH FLOWS FROM OPERATING ACTIVITIES: Net
earnings $ 190,153 $ 145,640 Adjustments: Depreciation and
amortization 84,346 81,060 Share-based compensation expense 16,425
14,875 Deferred income taxes 11,722 (1,536 ) Incremental tax
benefits from share-based payment arrangements (6,437 ) (2,870 )
Loss (gain) on sale of divested business - (3,338 ) Changes in
operating assets and liabilities, net (a): Receivables (48,085 )
(15,051 ) Inventories (11,125 ) (6,013 ) Accounts payable 18,680
32,209 Accrued liabilities (1,223 ) 7,319 Income taxes payable
(15,250 ) 4,348 Pension and other postretirement benefits 2,920
14,698 Funding to qualified pension plans (42,599 ) (2,386 ) Other
(5,219 ) 6,757 Net cash provided by (used in)
operating activities 194,308 275,712
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of
businesses, net of cash acquired (29,184 ) (175,503 ) Purchases of
property, plant and equipment (45,453 ) (33,397 ) Proceeds from
sale of business - 78,000 Other 2,067 2,779
Net cash provided by (used in) investing activities
(72,570 ) (128,121 )
CASH FLOWS FROM FINANCING
ACTIVITIES: Stock options exercised 27,421 19,706 Repurchase of
common shares (46,445 ) (66,461 ) Revolving credit facility
proceeds (repayments), net - (65,000 ) Debt issuance costs (2,231 )
- Repayment of debt and other borrowings (437 ) (70,781 )
Incremental tax benefits from share-based payment arrangements
6,437 2,870 Net cash provided by (used
in) financing activities (15,255 ) (179,666 )
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
(9,425 ) 8,660 Net increase (decrease) in cash
and cash equivalents 97,058 (23,415 ) Cash and cash equivalents at
beginning of period 455,198 478,613
Cash and cash equivalents at end of period $ 552,256 $
455,198 Cash payments for interest $ 33,365 $ 36,489
Cash payments for income taxes $ 78,797 $ 46,659 (a) Net of
foreign exchange and acquisition effects
THOMAS
& BETTS CORPORATION AND SUBSIDIARIES Selected
Information (In millions, except E.P.S.) (Unaudited)
Reconciliation of Unusual Items
Quarter Ended
December 31, 2011 December 31, 2010 Net-of-Tax
E.P.S. Net-of-Tax E.P.S.
Reported net earnings from continuing
operations
$ 56.8 $ 1.08 $ 36.6 $ 0.70
Excluded
Items:
Income tax adjustments (4.0 ) (0.08 ) - - Facility consolidations
- - 3.7 0.07
Total excluded items (4.0 ) (0.08 ) 3.7
0.07
Net earnings from continuing operations
excluding unusual items
$ 52.8 $ 1.00 $ 40.3 $ 0.77
Year Ended December 31, 2011 December 31,
2010 Net-of-Tax E.P.S. Net-of-Tax
E.P.S.
Reported net earnings from continuing
operations
$ 190.2 $ 3.60 $ 137.7 $ 2.61
Unusual
Items:
Income tax adjustments (4.0 ) (0.08 ) - - Facility consolidations
4.3 0.08 5.8 0.11 Legal settlements (a) (3.0 ) (0.05 ) - -
Environmental site remediation (a) - - 3.3 0.06 Release of a tax
reserve - - (1.5 ) (0.03
) Total unusual items (2.7 ) (0.05 ) 7.6
0.14
Net earnings from continuing operations
excluding unusual items
$ 187.5 $ 3.55 $ 145.3 $ 2.75
(a) Benefit and charges are reflected in Segment Information in
Corporate expense.
Note: The Selected Information above is
not calculated in accordance with Generally Accepted Accounting
Principles (GAAP) and should not be considered a substitute for or
superior to financial measures in accordance with GAAP. Management
believes these non-GAAP financial measures provide investors and
our management with additional useful information to measure and
forecast our liquidity and operating results and to compare our
liquidity and operating results on a more consistent basis against
that of other companies in the markets that we serve.
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Selected Information (continued) (In millions) (Unaudited)
Reconciliation of Unusual Items - Segment
Earnings Quarter Ended
December 31, 2011 December 31, 2010
Electrical Steel
HVAC Total Electrical
Steel HVAC
Total Reported segment earnings $ 96.9 $ 11.6
$ 10.8 $ 119.3 $ 78.4 $ 5.9 $ 6.7 $ 91.0
Unusual
Items:
Facility consolidations - - -
- 4.2 - 1.7
5.9 Total unusual items -
- - - 4.2 -
1.7 5.9
Segment earnings excluding unusual
items
$ 96.9 $ 11.6 $ 10.8 $ 119.3 $ 82.6
$ 5.9 $ 8.4 $ 96.9
Segment earnings - % of net sales
20.3 % 15.6 % 20.8 % 19.8 % 18.6 % 11.1 % 23.1 % 18.2 %
Year Ended December 31, 2011 December 31,
2010 Electrical Steel HVAC Total
Electrical Steel HVAC Total
Reported segment earnings $ 382.2 $ 30.7 $ 20.8 $ 433.7 $
316.2 $ 34.9 $ 16.2 $ 367.3
Unusual
Items:
Facility consolidations 4.8 -
1.5 6.3 7.4 -
1.7 9.1 Total unusual items 4.8
- 1.5 6.3
7.4 - 1.7 9.1
Segment earnings excluding unusual
items
$ 387.0 $ 30.7 $ 22.3 $ 440.0 $ 323.6
$ 34.9 $ 17.9 $ 376.4
Segment earnings - % of net sales
20.3 % 12.2 % 15.8 % 19.2 % 19.3 % 15.9 % 16.9 % 18.8 %
Note: The Selected Information above is
not calculated in accordance with Generally Accepted Accounting
Principles (GAAP) and should not be considered a substitute for or
superior to financial measures in accordance with GAAP. Management
believes these non-GAAP financial measures provide investors and
our management with additional useful information to measure and
forecast our liquidity and operating results and to compare our
liquidity and operating results on a more consistent basis against
that of other companies in the markets that we serve.
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Selected Information (continued) (In thousands, except
ratios) (Unaudited)
Reconciliation of Free Cash Flow Year to Date
December 31, December 31, 2011
2010 Net cash provided by (used in) operating
activities $ 194,308 $ 275,712 Add: Voluntary pension
contributions 39,339 - Less: Purchases of property, plant
and equipment (45,453 ) (33,397 ) Free Cash
Flow $ 188,194 $ 242,315
Reconciliation of Working Capital as a Percentage of Sales
December 31, December 31, 2011
2010 Receivables, net $ 284,855 $ 230,203
Inventories 236,409 220,250 Accounts payable (213,052 )
(190,839 ) Working capital $ 308,212 $ 259,614
Net sales - rolling 4 quarters $ 2,297,531 $
2,004,366 Working capital as a percentage of sales
13.4 % 13.0 %
Reconciliation of Total
Debt-to-Total Capitalization December 31,
December 31, 2011 2010 Current
maturities of long-term debt $ 339 $ 322 Long-term debt, net of
current maturities 574,416 574,090
Total debt 574,755 574,412 Shareholders' equity
1,602,287 1,466,782 Total
capitalization $ 2,177,042 $ 2,041,194 Total
debt-to-total capitalization 26.4 % 28.1 %
Note: The Selected Information above is
not calculated in accordance with Generally Accepted Accounting
Principles (GAAP) and should not be considered a substitute for or
superior to financial measures in accordance with GAAP. Management
believes these non-GAAP financial measures provide investors and
our management with additional useful information to measure and
forecast our liquidity and operating results and to compare our
liquidity and operating results on a more consistent basis against
that of other companies in the markets that we serve.
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