UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005
OR
o 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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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 May 1, 2005: 31,139,939
Carlisle Companies Incorporated
Condensed Consolidated Statements of Earnings and Comprehensive Income
For the Three Months ended March 31, 2005 and 2004
(dollars in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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2005 |
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2004* |
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Net Sales |
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$ |
592,328 |
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$ |
503,206 |
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Cost and expenses: |
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Cost of goods sold |
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474,605 |
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402,739 |
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Selling and administrative expenses |
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59,823 |
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54,641 |
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Research and development expenses |
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4,202 |
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4,132 |
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Other expense, net |
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5,106 |
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3,516 |
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Earnings before interest and income taxes |
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48,592 |
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38,178 |
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Interest expense, net |
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4,204 |
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3,601 |
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Earnings before income taxes |
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44,388 |
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34,577 |
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Income tax expense |
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14,316 |
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11,251 |
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Income from continuing operations, net of tax |
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30,072 |
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23,326 |
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Discontinued operations: |
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(Loss) income from operations of discontinued operations |
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(2,883 |
) |
576 |
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Income tax (benefit) expense |
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(1,066 |
) |
175 |
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(Loss) income from discontinued operations, net of tax |
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(1,817 |
) |
401 |
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Net Income |
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28,255 |
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23,727 |
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Other comprehensive loss |
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Foreign currency translation, net of tax |
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(7,165 |
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(264 |
) |
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Loss on hedging activities, net of tax |
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(66 |
) |
(202 |
) |
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Other comprehensive loss |
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(7,231 |
) |
(466 |
) |
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Comprehensive income |
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$ |
21,024 |
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$ |
23,261 |
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Earnings per share - basic |
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Income from continuing operations |
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$ |
0.97 |
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$ |
0.75 |
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(Loss) income from discontinued operations, net of tax |
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(0.06 |
) |
0.02 |
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Earnings per share - basic |
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$ |
0.91 |
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$ |
0.77 |
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Earnings per share - diluted |
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Income from continuing operations |
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$ |
0.96 |
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$ |
0.75 |
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(Loss) income from discontinued operations, net of tax |
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(0.06 |
) |
0.01 |
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Earnings per share - diluted |
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$ |
0.90 |
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$ |
0.76 |
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Weighted average common shares outstanding |
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Basic |
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30,943 |
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30,971 |
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Effect of dilutive stock options and restricted stock |
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388 |
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297 |
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Diluted |
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31,331 |
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31,268 |
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Dividends declared and paid per share |
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$ |
0.230 |
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$ |
0.220 |
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* 2004 figures have been revised to reflect discontinued operations. See notes 2 and 6.
See accompanying notes to Unaudited Condensed Consolidated Financial Statements
2
Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets
March 31, 2005 and December 31, 2004
(Dollars in thousands)
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March 31 |
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December 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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$ |
26,507 |
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$ |
25,018 |
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Receivables, less allowance of $6,720 in 2005 and $6,249 in 2004 |
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235,087 |
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227,423 |
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Inventories |
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366,018 |
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315,528 |
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Deferred income taxes |
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29,917 |
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28,765 |
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Prepaid expenses and other current assets |
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32,340 |
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39,080 |
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Current assets held for sale |
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60,193 |
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16,455 |
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Total current assets |
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750,062 |
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652,269 |
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Property, plant and equipment, net of accumulated depreciation of $449,110 in 2005 and $437,503 in 2004 |
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419,275 |
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409,704 |
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Other assets: |
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Goodwill, net |
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290,663 |
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291,271 |
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Patents and other intangible assets, net |
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7,145 |
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7,349 |
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Investments and advances to affiliates |
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73,812 |
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85,804 |
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Notes receivable and other assets |
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3,913 |
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4,310 |
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Non-current assets held for sale |
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53,227 |
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50,534 |
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Total other assets |
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428,760 |
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439,268 |
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TOTAL ASSETS |
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$ |
1,598,097 |
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$ |
1,501,241 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Short-term debt, including current maturities |
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$ |
126,803 |
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$ |
59,990 |
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Accounts payable |
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175,295 |
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167,950 |
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Accrued expenses |
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120,882 |
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117,590 |
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Deferred revenue |
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12,735 |
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12,783 |
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Current liabilities associated with assets held for sale |
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26,095 |
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