BARNES GROUP INC - FORM 8-K - EX-99.1 - FINANCIAL SUPPLEMENT DATED FEBRUARY 14, 2012 - February 14, 2012

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8-K - FORM 8-K BDE SUPPLEMENTAL INFORMATION - BARNES GROUP INCform8-kbdewebsupplement022.htm


Exhibit 99.1



Financial Supplement
2007, 2008, 2009, 2010 (Quarter and Year to Date)
and 2011 (Q1-Q3 Quarter and Year to Date)
Adjusted Financial Results

Adjustments for Discontinued Operations



February 14, 2012













Barnes Group Inc.
Financial Supplement
2007, 2008, 2009, 2010 (Quarter and Year to Date) and 2011 Q1-Q3 (Quarter and Year to Date) Adjusted Financial Results



During the fourth quarter of 2011, the Company completed the sale of its Barnes Distribution Europe businesses (the "BDE" business). The BDE business was comprised of the Company's European KENT, Toolcom and BD France businesses that were reported within the Company's Logistics and Manufacturing Services segment. The results of these operations will be segregated and presented as discontinued operations in the consolidated financial statements on a retrospective basis beginning in the fourth quarter of 2011.



The attached schedules detail the adjustments of the 2007, 2008 and 2009 results on a full year basis as well as the 2010 results on a quarterly and full year basis and the 2011 Q1, Q2 and Q3 results on a quarterly and year to date basis.





















 
 
 
 
 
This document is supplemental to the Company’s prior earnings releases and should be read in conjunction with them and in conjunction with the Company’s 2007, 2008, 2009 and 2010 Forms 10-K and the 2010 and 2011 Forms 10-Q filed with the Securities and Exchange Commission.




Barnes Group Inc. Adjusted Financials for BDE Sale
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
2007
 
2008
 
2009
Income Statement
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
$
728,450

—

$
728,450

 
$
682,991

—

$
682,991

 
$
501,467

—

$
501,467

 
Logistics & Manufacturing Services
703,033

(125,799
)
577,234

 
691,769

(129,895
)
561,874

 
539,139

(110,806
)
428,333

 
Intersegment Sales
(13,332
)
—

(13,332
)
 
(12,669
)
—

(12,669
)
 
(6,447
)
—

(6,447
)
Total Revenues
1,418,151

(125,799
)
1,292,352

 
1,362,091

(129,895
)
1,232,196

 
1,034,159

(110,806
)
923,353

Operating Profit
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
84,944

(1,976
)
82,968

 
68,456

(1,256
)
67,200

 
16,563

(1,811
)
14,752

 
Logistics & Manufacturing Services
70,457

1,856

72,313

 
79,137

7,005

86,142

 
43,952

4,771

48,723

Total Operating Profit
155,401

(120
)
155,281

 
147,593

5,749

153,342

 
60,515

2,960

63,475

 
Interest Expense
31,159

(248
)
30,911

 
26,606

(246
)
26,360

 
22,596

(128
)
22,468

 
Other Expense (Income), Net
279

70

349

 
1,980

375

2,355

 
(2,027
)
74

(1,953
)
Income from Cont. Ops. Before Income Taxes
123,963

58

124,021

 
119,007

5,620

124,627

 
39,946

3,014

42,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes
24,046

56

24,102

 
26,326

(1,435
)
24,891

 
945

(815
)
130

Income from Continuing Operations
99,917

2

99,919

 
92,681

7,055

99,736

 
39,001

3,829

42,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations (Net of Tax)
(2,305
)
(2
)
(2,307
)
 
(10,103
)
(7,055
)
(17,158
)
 
—

(3,829
)
(3,829
)
Net Income
$
97,612

—

$
97,612

 
$
82,578

—

$
82,578

 
$
39,001

—

$
39,001

Per Share Amounts - Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
Income from Cont. Ops.
$
1.74

—

$
1.74

 
$
1.66

0.13

$
1.79

 
$
0.72

0.07

$
0.79

 
Discontinued Operations
(0.04
)
—

(0.04
)
 
(0.18
)
(0.13
)
(0.31
)
 
—

(0.07
)
(0.07
)
Net Income
$
1.70

—

$
1.70

 
$
1.48

—

$
1.48

 
$
0.72

—

$
0.72

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
57,525,832

 
 
 
55,812,666

 
 
 
54,206,426

 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses.
 





Barnes Group Inc. Adjusted Financials for BDE Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2010
 
Q2 2010
 
Q3 2010
 
Q4 2010
 
Q4 2010 - YTD
Income Statement
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
$
145,781

—

$
145,781

 
$
146,604

—

$
146,604

 
$
154,012

—

$
154,012

 
$
149,514

—

$
149,514

 
$
595,911

—

$
595,911

 
Logistics & Manufacturing Services
135,282

(28,095
)
107,187

 
138,460

(26,080
)
112,380

 
138,937

(25,308
)
113,629

 
135,844

(25,099
)
110,745

 
548,523

(104,582
)
443,941

 
Intersegment Sales
(2,926
)
—

(2,926
)
 
(3,172
)
—

(3,172
)
 
(3,048
)
—

(3,048
)
 
(2,089
)
—

(2,089
)
 
(11,235
)
—

(11,235
)
Total Revenues
278,137

(28,095
)
250,042

 
281,892

(26,080
)
255,812

 
289,901

(25,308
)
264,593

 
283,269

(25,099
)
258,170

 
1,133,199

(104,582
)
1,028,617

Operating Profit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
11,343

(681
)
10,662

 
13,509

(495
)
13,014

 
14,034

(757
)
13,277

 
10,727

(422
)
10,305

 
49,613

(2,355
)
47,258

 
Logistics & Manufacturing Services
8,324

8

8,332

 
10,173

(485
)
9,688

 
10,799

781

11,580

 
7,621

1,919

9,540

 
36,917

2,223

39,140

Total Operating Profit
19,667

(673
)
18,994

 
23,682

(980
)
22,702

 
24,833

24

24,857

 
18,348

1,497

19,845

 
86,530

(132
)
86,398

 
Interest Expense
5,118

(6
)
5,112

 
4,978

(13
)
4,965

 
5,177

(3
)
5,174

 
4,740

(8
)
4,732

 
20,014

(30
)
19,984

 
Other Expense (Income), Net
324

(18
)
306

 
1,065

(57
)
1,008

 
773

62

835

 
319

141

460

 
2,480

129

2,609

Income from Cont. Ops. Before Income Taxes
14,225

(649
)
13,576

 
17,639

(910
)
16,729

 
18,883

(35
)
18,848

 
13,289

1,364

14,653

 
64,036

(231
)
63,805

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes
2,396

(272
)
2,124

 
2,815

(744
)
2,071

 
3,779

3

3,782

 
1,767

83

1,850

 
10,758

(931
)
9,827

Income from Continuing Operations
11,829

(377
)
11,452

 
14,824

(166
)
14,658

 
15,104

(38
)
15,066

 
11,522

1,281

12,803

 
53,278

700

53,978

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations (Net of Tax)
—

377

377

 
—

166

166

 
—

38

38

 
—

(1,281
)
(1,281
)
 
—

(700
)
(700
)
Net Income
$
11,829

—

$
11,829

 
$
14,824

—

$
14,824

 
$
15,104

—

$
15,104

 
$
11,522

—

$
11,522

 
$
53,278

—

$
53,278

Per Share Amounts - Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from Cont. Ops.
$
0.21

(0.01
)
$
0.20

 
$
0.26

—

$
0.26

 
$
0.27

—

$
0.27

 
$
0.21

0.02

$
0.23

 
$
0.95

0.01

$
0.96

 
Discontinued Operations
—

0.01

0.01

 
—

—

—

 
—

—

—

 
—

(0.02
)
(0.02
)
 
—

(0.01
)
(0.01
)
Net Income
$
0.21

—

$
0.21

 
$
0.26

—

$
0.26

 
$
0.27

—

$
0.27

 
$
0.21

—

$
0.21

 
$
0.95

—

$
0.95

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
55,965,287

 
 
 
56,339,770

 
 
 
55,839,970

 
 
 
55,561,753

 
 
 
55,925,187

 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses.
 







Barnes Group Inc. Adjusted Financials for BDE Sale
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
 
 
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2011
 
Q2 2011
 
Q3 2011
 
Q3 2011 - YTD
Income Statement
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
 
As Reported
Adjs.
As Adjusted (1)
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
$
171,573

—

$
171,573

 
$
175,804

—

$
175,804

 
$
176,598

—

$
176,598

 
$
523,974

—

$
523,974

 
Logistics & Manufacturing Services
150,019

(29,164
)
120,855

 
155,291

(26,080
)
125,178

 
151,600

(26,751
)
124,849

 
456,910

(86,029
)
370,881

 
Intersegment Sales
(2,838
)
—

(2,838
)
 
(3,145
)
—

(3,145
)
 
(2,804
)
—

(2,804
)
 
(8,786
)
—

(8,786
)
Total Revenues
318,754

(29,164
)
289,590

 
327,950

(26,080
)
297,837

 
325,394

(26,751
)
298,643

 
972,098

(86,029
)
886,069

Operating Profit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Precision Components
16,439

(323
)
16,116

 
16,729

(292
)
16,437

 
16,910

153

17,063

 
50,078

(462
)
49,616

 
Logistics & Manufacturing Services
13,010

1,591

14,601

 
16,793

544

17,337

 
16,034

1,091

17,125

 
45,837

3,225

49,062

Total Operating Profit
29,449

1,268

30,717

 
33,522

252

33,774

 
32,944

1,244

34,188

 
95,915

2,763

98,678

 
Interest Expense
3,668

(13
)
3,655

 
2,364

(14
)
2,350

 
1,917

(15
)
1,902

 
7,950

(44
)
7,906

 
Other Expense (Income), Net
505

(97
)
408

 
298

23

321

 
(425
)
(76
)
(501
)
 
378

(150
)
228

Income from Cont. Ops. Before Income Taxes
25,276

1,378

26,654

 
30,860

243

31,103

 
31,452

1,335

32,787

 
87,587

2,957

90,544

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes
6,204

253

6,457

 
8,528

(151
)
8,377

 
8,207

(311
)
7,896

 
22,938

(208
)
22,730

Income from Continuing Operations
19,072

1,125

20,197

 
22,332

394

22,726

 
23,245

1,646

24,891

 
64,649

3,165

67,814

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations (Net of Tax)
—

(1,125
)
(1,125
)
 
—

(394
)
(394
)
 
—

(1,646
)
(1,646
)
 
—

(3,165
)
(3,165
)
Net Income
$
19,072

—

$
19,072

 
$
22,332

—

$
22,332

 
$
23,245

—

$
23,245

 
$
64,649

—

$
64,649

Per Share Amounts - Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from Cont. Ops.
$
0.34

0.02

$
0.36

 
$
0.40

0.01

$
0.41

 
$
0.41

0.03

$
0.44

 
$
1.15

0.06

$
1.21

 
Discontinued Operations
—

(0.02
)
(0.02
)
 
—

(0.01
)
(0.01
)
 
—

(0.03
)
(0.03
)
 
—

(0.06
)
(0.06
)
Net Income
$
0.34

—

$
0.34

 
$
0.40

—

$
0.40

 
$
0.41

—

$
0.41

 
$
1.15

—

$
1.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
55,603,892

 
 
 
56,288,447

 
 
 
56,380,585

 
 
 
56,095,069

 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses.
 



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