Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mueller Water Products, Inc. | form8-kxforward.htm |
| EX-2.3 - EXHIBIT 2.3 - Mueller Water Products, Inc. | exhibit23.htm |
| EX-99.2 - EXHIBIT 99.2 - Mueller Water Products, Inc. | exhibit992.htm |
| EX-99.1 - EXHIBIT 99.1 - Mueller Water Products, Inc. | exhibit991.htm |
Mueller Water Products, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Reclassified Balance Sheets - Unaudited | |||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash | $ | 39.6 | $ | 61.2 | $ | 45.8 | $ | 43.8 | $ | 71.9 | $ | 83.7 | |||||||||||
Receivables, net | 122.1 | 147.4 | 152.8 | 139.6 | 107.7 | 133.9 | |||||||||||||||||
Inventories | 190.1 | 175.9 | 195.8 | 201.4 | 199.3 | 201.9 | |||||||||||||||||
Deferred income taxes | 29.3 | 28.7 | 30.9 | 31.6 | 31.0 | 30.3 | |||||||||||||||||
Assets/liabilities held for sale | 143.5 | 141.8 | 145.9 | 140.3 | 128.2 | 141.8 | |||||||||||||||||
Other current assets | 49.4 | 43.8 | 50.6 | 55.7 | 50.0 | 44.8 | |||||||||||||||||
Total current assets | 574.0 | 598.8 | 621.8 | 612.4 | 588.1 | 636.4 | |||||||||||||||||
Property, plant and equipment | 143.4 | 145.9 | 147.9 | 150.7 | 154.0 | 157.2 | |||||||||||||||||
Identifiable intangible assets | 595.1 | 602.4 | 608.8 | 615.9 | 623.1 | 622.9 | |||||||||||||||||
Assets/liabilities held for sale | 105.2 | 107.5 | 110.4 | 113.1 | 115.1 | 118.4 | |||||||||||||||||
Other noncurrent assets | 29.3 | 30.4 | 32.0 | 33.1 | 33.3 | 33.3 | |||||||||||||||||
Total assets | $ | 1,447.0 | $ | 1,485.0 | $ | 1,520.9 | $ | 1,525.2 | $ | 1,513.6 | $ | 1,568.2 | |||||||||||
Liabilities and stockholders' equity: | |||||||||||||||||||||||
Current portion of long-term debt | $ | 0.9 | $ | 0.9 | $ | 0.9 | $ | 0.7 | $ | 0.8 | $ | 0.7 | |||||||||||
Accounts payable | 65.2 | 59.1 | 69.4 | 69.3 | 49.9 | 63.3 | |||||||||||||||||
Assets/liabilities held for sale | 38.3 | 57.4 | 54.7 | 43.6 | 28.5 | 41.9 | |||||||||||||||||
Other current liabilities | 68.5 | 77.4 | 65.1 | 67.6 | 64.7 | 77.8 | |||||||||||||||||
Total current liabilities | 172.9 | 194.8 | 190.1 | 181.2 | 143.9 | 183.7 | |||||||||||||||||
Long-term debt | 677.6 | 677.4 | 692.1 | 691.8 | 691.7 | 691.5 | |||||||||||||||||
Deferred income taxes | 146.4 | 146.8 | 160.5 | 166.8 | 156.7 | 157.6 | |||||||||||||||||
Assets/liabilities held for sale | 6.8 | 7.4 | 7.5 | 7.9 | 7.6 | 8.0 | |||||||||||||||||
Other noncurrent liabilities | 75.8 | 79.6 | 68.3 | 72.7 | 117.9 | 122.1 | |||||||||||||||||
Total liabilities | 1,079.5 | 1,106.0 | 1,118.5 | 1,120.4 | 1,117.8 | 1,162.9 | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||
Common stock | 1.6 | 1.6 | 1.6 | 1.6 | 1.5 | 1.5 | |||||||||||||||||
Additional paid-in capital | 1,591.8 | 1,593.2 | 1,595.5 | 1,596.4 | 1,596.8 | 1,597.5 | |||||||||||||||||
Accumulated deficit | (1,173.5 | ) | (1,161.6 | ) | (1,152.0 | ) | (1,149.3 | ) | (1,135.6 | ) | (1,123.5 | ) | |||||||||||
Accumulated other comprehensive loss | (52.4 | ) | (54.2 | ) | (42.7 | ) | (43.9 | ) | (66.9 | ) | (70.2 | ) | |||||||||||
Total stockholders' equity | 367.5 | 379.0 | 402.4 | 404.8 | 395.8 | 405.3 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,447.0 | $ | 1,485.0 | $ | 1,520.9 | $ | 1,525.2 | $ | 1,513.6 | $ | 1,568.2 | |||||||||||
Note: These financial statements reclassify U.S. Pipe information as either assets/liabilities held for sale or discontinued operations. | |||||||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | |||||||||||||||||||
Condensed Consolidated Reclassified Statements of Operations - Unaudited | |||||||||||||||||||
Three | Twelve | Nine | Six | Three | |||||||||||||||
months ended | months ended | months ended | months ended | months ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||
Net sales | $ | 215.4 | $ | 964.6 | $ | 708.3 | $ | 448.7 | $ | 213.2 | |||||||||
Cost of sales | 162.6 | 716.5 | 525.2 | 338.6 | 161.2 | ||||||||||||||
Gross profit | 52.8 | 248.1 | 183.1 | 110.1 | 52.0 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | 46.3 | 190.9 | 139.3 | 91.1 | 44.4 | ||||||||||||||
Restructuring | 0.4 | 3.6 | 2.4 | 2.1 | 1.0 | ||||||||||||||
Total operating expenses | 46.7 | 194.5 | 141.7 | 93.2 | 45.4 | ||||||||||||||
Operating income from | |||||||||||||||||||
continuing operations | 6.1 | 53.6 | 41.4 | 16.9 | 6.6 | ||||||||||||||
Interest expense, net | 15.6 | 65.7 | 49.1 | 32.2 | 15.9 | ||||||||||||||
Loss from continuing operations before | |||||||||||||||||||
income taxes | (9.5 | ) | (12.1 | ) | (7.7 | ) | (15.3 | ) | (9.3 | ) | |||||||||
Income tax benefit | (4.0 | ) | (2.7 | ) | (4.0 | ) | (4.8 | ) | (3.9 | ) | |||||||||
Loss from continuing operations | (5.5 | ) | (9.4 | ) | (3.7 | ) | (10.5 | ) | (5.4 | ) | |||||||||
Loss from discontinued operations | (6.4 | ) | (28.7 | ) | (24.8 | ) | (15.3 | ) | (6.7 | ) | |||||||||
Net loss | $ | (11.9 | ) | $ | (38.1 | ) | $ | (28.5 | ) | $ | (25.8 | ) | $ | (12.1 | ) | ||||
Weighted average shares outstanding - | |||||||||||||||||||
basic and diluted | 156.0 | 155.3 | 155.2 | 155.1 | 154.9 | ||||||||||||||
Loss per share - basic and diluted: | |||||||||||||||||||
Loss from continuing operations | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.03 | ) | ||||
Loss from discontinued operations | (0.04 | ) | (0.19 | ) | (0.16 | ) | (0.10 | ) | (0.05 | ) | |||||||||
Net loss | $ | (0.08 | ) | $ | (0.25 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.08 | ) | ||||
Note: These financial statements reclassify U.S. Pipe information as either assets/liabilities held for sale or discontinued operations. | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | |||||||||||||||||||
Condensed Consolidated Reclassified Statements of Operations - Unaudited | |||||||||||||||||||
Reconciliations of Non-GAAP Financial Measures from GAAP Financial Measures | |||||||||||||||||||
Three | Twelve | Nine | Six | Three | |||||||||||||||
months ended | months ended | months ended | months ended | months ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||
Operating income from continuing | |||||||||||||||||||
operations | $ | 6.1 | $ | 53.6 | $ | 41.4 | $ | 16.9 | $ | 6.6 | |||||||||
Restructuring | 0.4 | 3.6 | 2.4 | 2.1 | 1.0 | ||||||||||||||
Adjusted operating income from | |||||||||||||||||||
continuing operations | 6.5 | 57.2 | 43.8 | 19.0 | 7.6 | ||||||||||||||
Depreciation | 7.6 | 33.9 | 25.3 | 17.0 | 8.4 | ||||||||||||||
Amortization | 7.4 | 29.1 | 21.9 | 14.5 | 7.2 | ||||||||||||||
Adjusted EBITDA from continuing | |||||||||||||||||||
operations | $ | 21.5 | $ | 120.2 | $ | 91.0 | $ | 50.5 | $ | 23.2 | |||||||||
Loss from continuing operations | $ | (5.5 | ) | $ | (9.4 | ) | $ | (3.7 | ) | $ | (10.5 | ) | $ | (5.4 | ) | ||||
Adjustments, net of tax: | |||||||||||||||||||
Restructuring | 0.2 | 2.1 | 1.4 | 1.3 | 0.6 | ||||||||||||||
Interest rate swap contracts | 0.8 | 4.9 | 3.7 | 2.4 | 1.2 | ||||||||||||||
Adjusted income (loss) from | |||||||||||||||||||
continuing operations | $ | (4.5 | ) | $ | (2.4 | ) | $ | 1.4 | $ | (6.8 | ) | $ | (3.6 | ) | |||||
Adjusted income (loss) from continuing | |||||||||||||||||||
operations per share - basic and diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.01 | $ | (0.04 | ) | $ | (0.02 | ) | |||||
Note: These financial statements reclassify U.S. Pipe information as either assets/liabilities held for sale or discontinued operations. | |||||||||||||||||||
Mueller Water Products, Inc. and Subsidiaries | |||||||||||||||||||
Condensed Consolidated Reclassified Statements of Cash Flows - Unaudited | |||||||||||||||||||
Three | Twelve | Nine | Six | Three | |||||||||||||||
months ended | months ended | months ended | months ended | months ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||
(in millions) | |||||||||||||||||||
Operating activities from continuing operations: | |||||||||||||||||||
Net loss | $ | (11.9 | ) | $ | (38.1 | ) | $ | (28.5 | ) | $ | (25.8 | ) | $ | (12.1 | ) | ||||
Adjustments to reconcile net loss to net cash provided | |||||||||||||||||||
by operating activities from continuing operations: | |||||||||||||||||||
Loss from discontinued operations | 6.4 | 28.7 | 24.8 | 15.3 | 6.7 | ||||||||||||||
Depreciation | 7.6 | 33.9 | 25.3 | 17.0 | 8.4 | ||||||||||||||
Amortization | 7.4 | 29.1 | 21.9 | 14.5 | 7.2 | ||||||||||||||
Deferred income taxes | 0.2 | (4.4 | ) | (1.0 | ) | 5.2 | 1.0 | ||||||||||||
Stock-based compensation | 1.4 | 5.0 | 5.0 | 3.6 | 1.6 | ||||||||||||||
Retirement plans | 0.7 | 4.5 | 4.5 | 4.1 | 2.1 | ||||||||||||||
Interest rate swap contracts | 1.4 | 8.0 | 6.0 | 3.9 | 1.9 | ||||||||||||||
Other | 0.7 | 4.3 | 1.3 | 0.4 | — | ||||||||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||||||||||
Receivables | 25.9 | (13.6 | ) | (18.0 | ) | (4.6 | ) | 26.9 | |||||||||||
Inventories | (14.1 | ) | 24.5 | 7.0 | 1.4 | 3.0 | |||||||||||||
Other current assets and other noncurrent assets | (1.0 | ) | 4.7 | 0.3 | 0.5 | (5.2 | ) | ||||||||||||
Accounts payable and other liabilities | (11.2 | ) | (33.2 | ) | (34.5 | ) | (34.4 | ) | (29.9 | ) | |||||||||
Net cash provided by operating activities from | |||||||||||||||||||
continuing operations | 13.5 | 53.4 | 14.1 | 1.1 | 11.6 | ||||||||||||||
Investing activities from continuing operations: | |||||||||||||||||||
Capital expenditures | (5.3 | ) | (23.1 | ) | (15.9 | ) | (10.0 | ) | (5.0 | ) | |||||||||
Acquisitions | — | (9.2 | ) | (7.9 | ) | (7.9 | ) | (7.9 | ) | ||||||||||
Proceeds from sales of assets | 0.1 | 1.4 | 0.9 | 0.8 | 0.6 | ||||||||||||||
Net cash used in investing activities from continuing | |||||||||||||||||||
operations | (5.2 | ) | (30.9 | ) | (22.9 | ) | (17.1 | ) | (12.3 | ) | |||||||||
Financing activities from continuing operations: | |||||||||||||||||||
Increase (decrease) in outstanding checks | 0.6 | 1.7 | — | 0.2 | (1.4 | ) | |||||||||||||
Debt borrowings | 0.1 | 0.7 | 0.5 | 0.1 | 0.2 | ||||||||||||||
Debt paid or repurchased | — | (15.0 | ) | — | — | — | |||||||||||||
Common stock issued | — | 1.0 | 0.6 | 0.3 | 0.1 | ||||||||||||||
Payment of deferred financing fees | — | (0.4 | ) | (0.4 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Dividends paid | (2.7 | ) | (10.9 | ) | (8.1 | ) | (5.4 | ) | (2.7 | ) | |||||||||
Net cash used in financing activities from continuing | |||||||||||||||||||
operations | (2.0 | ) | (22.9 | ) | (7.4 | ) | (5.1 | ) | (4.1 | ) | |||||||||
Net cash flows from discontinued operations: | |||||||||||||||||||
Operating activities | (25.4 | ) | (13.3 | ) | (16.8 | ) | (15.9 | ) | (6.4 | ) | |||||||||
Investing activities | (2.9 | ) | (8.4 | ) | (6.0 | ) | (4.2 | ) | (1.4 | ) | |||||||||
Net cash used from discontinued operations | (28.3 | ) | (21.7 | ) | (22.8 | ) | (20.1 | ) | (7.8 | ) | |||||||||
Effect of currency exchange rate changes on cash | 0.4 | (0.4 | ) | 1.1 | 1.3 | 0.8 | |||||||||||||
Cash and cash equivalents at beginning of period | 61.2 | 83.7 | 83.7 | 83.7 | 83.7 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 39.6 | $ | 61.2 | $ | 45.8 | $ | 43.8 | $ | 71.9 | |||||||||
Note: These financial statements reclassify U.S. Pipe information as either assets/liabilities held for sale or discontinued operations. | |||||||||||||||||||