UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 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 |
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FOR THE TRANSITION PERIOD FROM TO . |
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Commission file number 1-9278 |
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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 incorporation or organization) |
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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) |
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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
Shares of common stock outstanding at November 1, 2003: 30,862,286
Carlisle Companies Incorporated
Condensed Consolidated Statements of Earnings and Comprehensive Income
Three and Nine Months ended September 30, 2003 and 2002
(dollars in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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Nine 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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$ |
549,524 |
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$ |
499,972 |
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$ |
1,579,625 |
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$ |
1,507,355 |
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Cost and expenses: |
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Cost of goods sold |
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453,451 |
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408,023 |
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1,292,323 |
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1,230,754 |
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Selling and administrative expenses |
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54,576 |
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53,844 |
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160,203 |
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159,264 |
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Research and development expenses |
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4,861 |
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4,803 |
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14,485 |
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15,252 |
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Other (income) and expense, net |
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(2,325 |
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(672 |
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(2,868 |
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1,503 |
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Earnings before interest and income taxes and cumulative effect of change in accounting principle |
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38,961 |
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33,974 |
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115,482 |
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100,582 |
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Interest expense, net |
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3,635 |
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3,532 |
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11,505 |
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12,776 |
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Earnings before income taxes and cumulative effect of change in accounting principle |
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35,326 |
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30,442 |
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103,977 |
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87,806 |
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Income taxes |
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10,795 |
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10,502 |
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33,793 |
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30,293 |
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Income before cumulative effect of change in accounting principle |
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24,531 |
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19,940 |
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70,184 |
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57,513 |
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Cumulative effect of change in accounting principle net of taxes of $12,072 |
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— |
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— |
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(43,753 |
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Net income |
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$ |
24,531 |
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$ |
19,940 |
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$ |
70,184 |
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$ |
13,760 |
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Other comprehensive income (loss) |
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Foreign currency translation, net of tax |
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328 |
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291 |
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3,540 |
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5,787 |
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Gain (loss) on hedging activities, net of tax |
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— |
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(22 |
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508 |
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(596 |
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Other comprehensive income |
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328 |
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269 |
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4,048 |
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5,191 |
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Comprehensive income |
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$ |
24,859 |
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$ |
20,209 |
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$ |
74,232 |
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$ |
18,951 |
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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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$ |
0.80 |
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$ |
0.65 |
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$ |
2.29 |
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$ |
1.89 |
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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 |
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$ |
0.80 |
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$ |
0.65 |
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$ |
2.29 |
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$ |
0.45 |
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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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$ |
0.80 |
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$ |
0.65 |
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$ |
2.28 |
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$ |
1.88 |
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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 |
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$ |
0.80 |
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$ |
0.65 |
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$ |
2.28 |
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$ |
0.45 |
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Weighted average common shares outstanding |
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Basic |
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30,680 |
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30,495 |
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30,646 |
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30,390 |
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Effect of dilutive stock options |
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118 |
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135 |
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109 |
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162 |
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Diluted |
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30,798 |
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