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 |
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FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004 |
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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 . |
Commission file number 1-9278
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter)
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Delaware |
31-1168055 |
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(State
or other jurisdiction of |
(I.R.S. Employer Identification No.) |
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13925 Ballantyne Corporate Place, Suite 400, Charlotte, NC 28277 |
704-501-1100 |
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(Address of principal executive office, including zip code) |
(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 Noo
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, 2004: 31,119,736
Carlisle Companies Incorporated
Condensed Consolidated Statements of Earnings and Comprehensive Income
Three and Nine Months ended September 30, 2004 and 2003
(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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2004 |
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2003* |
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2004 |
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2003* |
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Net Sales |
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$ |
631,323 |
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$ |
541,473 |
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$ |
1,825,434 |
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$ |
1,554,267 |
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Cost and expenses: |
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Cost of goods sold |
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521,722 |
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445,364 |
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1,487,282 |
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1,267,093 |
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Selling and administrative expenses |
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56,665 |
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54,228 |
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171,158 |
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159,277 |
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Research and development expenses |
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4,951 |
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4,861 |
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15,144 |
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14,485 |
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Other income, net |
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(2,804 |
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(2,325 |
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(1,862 |
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(2,868 |
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Earnings before interest and income taxes |
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50,789 |
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39,345 |
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153,712 |
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116,280 |
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Interest expense, net |
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3,713 |
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3,635 |
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11,559 |
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11,505 |
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Earnings before income taxes |
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47,076 |
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35,710 |
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142,153 |
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104,775 |
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Income taxes |
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14,945 |
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10,916 |
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45,845 |
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34,053 |
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Income from continuing operations |
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32,131 |
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24,794 |
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96,308 |
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70,722 |
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Discontinued operations: |
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Loss from operations of discontinued businesses |
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(4,641 |
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(384 |
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(9,220 |
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(798 |
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Income tax benefit |
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1,485 |
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121 |
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2,973 |
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260 |
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Loss from discontinued operations, net of tax |
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(3,156 |
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(263 |
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(6,247 |
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(538 |
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Net income |
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$ |
28,975 |
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$ |
24,531 |
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$ |
90,061 |
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$ |
70,184 |
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Other comprehensive income (loss) |
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Foreign currency translation, net of tax |
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2,462 |
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328 |
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2,664 |
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3,540 |
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Gain (loss) on hedging activities, net of tax |
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(42 |
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— |
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(116 |
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508 |
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Other comprehensive income |
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2,420 |
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328 |
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2,548 |
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4,048 |
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Comprehensive income |
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$ |
31,395 |
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$ |
24,859 |
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$ |
92,609 |
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$ |
74,232 |
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Earnings per share - basic |
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Income from continuing operations |
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$ |
1.03 |
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$ |
0.81 |
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$ |
3.10 |
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$ |
2.31 |
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Loss from discontinued operations, net of tax |
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(0.10 |
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(0.01 |
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(0.20 |
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(0.02 |
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Earnings per share - basic |
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$ |
0.93 |
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$ |
0.80 |
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$ |
2.90 |
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$ |
2.29 |
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