UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO .
Commission file number 1-9278
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter)
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Delaware |
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31-1168055 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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incorporation or organization) |
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13925 Ballantyne Corporate Place, Suite 400, Charlotte, NC 28277 |
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704-501-1100 |
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(Address of principal executive office, including zip code) |
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(Telephone Number) |
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Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Shares of common stock outstanding at August 1, 2002: 30,409,877
Carlisle Companies Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings and Comprehensive Income
Three and Six Months ended June 30, 2002 and 2001
(dollars in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Net sales |
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$ |
552,283 |
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$ |
490,433 |
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$ |
1,007,383 |
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$ |
953,591 |
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Cost and expenses: |
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Cost of goods sold |
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451,011 |
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402,091 |
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822,731 |
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785,520 |
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Selling and administrative expenses |
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53,577 |
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50,220 |
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105,421 |
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101,733 |
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Research and development expenses |
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5,290 |
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4,467 |
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10,449 |
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8,472 |
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Restructuring charges |
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— |
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— |
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— |
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32,811 |
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Other (income) and expense, net |
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536 |
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(246 |
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2,173 |
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(1,090 |
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Earnings before interest and income taxes |
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41,869 |
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33,901 |
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66,609 |
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26,145 |
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Interest expense, net |
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4,096 |
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7,898 |
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9,244 |
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16,112 |
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Earnings before income taxes |
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37,773 |
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26,003 |
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57,365 |
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10,033 |
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Income taxes |
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13,032 |
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9,411 |
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19,791 |
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3,630 |
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Net earnings |
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$ |
24,741 |
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$ |
16,592 |
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$ |
37,574 |
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$ |
6,403 |
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Other comprehensive income (loss) |
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) |
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Foreign currency translation |
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6,869 |
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(691 |
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5,496 |
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(3,803 |
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Loss on hedging activities, net of tax |
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(825 |
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— |
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(574 |
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— |
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Other comprehensive income (loss) |
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6,044 |
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(691 |
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4,922 |
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(3,803 |
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Comprehensive income |
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$ |
30,785 |
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$ |
15,901 |
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$ |
42,495 |
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$ |
2,600 |
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Average shares outstanding - basic |
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30,380 |
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30,262 |
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30,337 |
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30,259 |
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Basic earnings per share |
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$ |
0.81 |
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$ |
0.55 |
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$ |
1.24 |
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$ |
0.21 |
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Average shares outstanding - diluted |
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30,521 |
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30,494 |
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30,483 |
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30,499 |
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Diluted earnings per share |
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$ |
0.81 |
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$ |
0.54 |
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$ |
1.23 |
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$ |
0.21 |
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Dividends declared and paid per share |
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$ |
0.21 |
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$ |
0.20 |
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$ |
0.42 |
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$ |
0.40 |
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See accompanying notes to interim financial statements.
2
Carlisle Companies Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets
June 30, 2002 and December 31, 2001
(Dollars in thousands)
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June 30, |
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Dec. 31, |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,631 |
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$ |
15,606 |
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Receivables, less allowances of $9,978 in 2002 and $9,330 in 2001 |
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251,766 |
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181,570 |
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Inventories |
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240,191 |
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246,173 |
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Deferred income taxes |
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21,918 |
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