UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(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, 2003 |
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OR |
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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 . |
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Commission file number 1-9278 |
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CARLISLE COMPANIES INCORPORATED |
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(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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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, 2003: 30,675,640
Carlisle Companies Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings and Comprehensive Income
Three and Six Months ended June 30, 2003 and 2002
(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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2003 |
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2002 |
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2003 |
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2002 |
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(Restated*) |
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Net sales |
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$ |
554,413 |
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$ |
552,283 |
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$ |
1,030,101 |
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$ |
1,007,383 |
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Cost and expenses: |
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Cost of goods sold |
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453,353 |
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451,011 |
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838,872 |
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822,731 |
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Selling and administrative expenses |
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53,686 |
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53,577 |
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105,627 |
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105,421 |
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Research and development expenses |
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4,819 |
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5,290 |
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9,624 |
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10,449 |
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Other (income) and expense, net |
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(3,631 |
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536 |
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(543 |
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2,173 |
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Earnings before interest and income taxes and cumulative effect of change in accounting principle |
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46,186 |
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41,869 |
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76,521 |
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66,609 |
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Interest expense, net |
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3,239 |
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4,096 |
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7,869 |
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9,244 |
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Earnings before income taxes and cumulative effect of change in accounting principle |
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42,947 |
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37,773 |
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68,652 |
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57,365 |
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Income taxes |
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14,387 |
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13,032 |
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22,998 |
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19,791 |
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Income before cumulative effect of change in accounting principle |
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28,560 |
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24,741 |
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45,654 |
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37,574 |
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Cumulative effect of change in accounting principle net of taxes of $12,072 |
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— |
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— |
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(43,753 |
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Net income (loss) |
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$ |
28,560 |
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$ |
24,741 |
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$ |
45,654 |
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$ |
(6,179 |
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Other comprehensive income (loss) |
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Foreign currency translation, net of tax |
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1,640 |
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6,869 |
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3,212 |
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5,496 |
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Gain (loss) on hedging activities, net of tax |
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254 |
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(825 |
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508 |
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(574 |
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Other comprehensive income |
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1,894 |
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6,044 |
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3,720 |
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4,922 |
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Comprehensive income (loss) |
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$ |
30,454 |
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$ |
30,785 |
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$ |
49,374 |
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$ |
(1,257 |
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Earnings per share - basic |
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Income before cumulative effect of change in accounting principle |
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$ |
0.93 |
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$ |
0.81 |
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$ |
1.49 |
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$ |
1.24 |
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Cumulative effect of change in accounting principle |
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— |
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— |
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— |
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(1.44 |
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Net income (loss) |
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$ |
0.93 |
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$ |
0.81 |
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$ |
1.49 |
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$ |
(0.20 |
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Earnings per share - diluted |
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Income before cumulative effect of change in accounting principle |
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$ |
0.93 |
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$ |
0.81 |
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$ |
1.49 |
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$ |
1.23 |
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Cumulative effect of change in accounting principle |
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— |
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— |
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— |
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(1.43 |
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Net income (loss) |
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$ |
0.93 |
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$ |
0.81 |
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$ |
1.49 |
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$ |
(0.20 |
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Weighted average common shares outstanding |
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Basic |
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30,647 |
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30,380 |
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30,628 |
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30,337 |
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Effect of dilutive stock options |
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115 |
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141 |
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104 |
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146 |
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Diluted |
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30,762 |
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