Financial Summary

 

 

Five Year Financial Summary Close window

Financial Summary 2002-2006
($ in millions, except per share data)
 
Fiscal years ending on October 31,  
2006
20051,2
20041
20031
20021
  
 
Operating Results
         
Net sales2  
$2,032.6
$1,969.0
$1,437.9
$878.4
$831.6
      
Operating income3  
251.4
292.8
99.0
64.9
79.4
      
Income from continuing operations4
160.3
177.2
57.4
43.6
53.3
      

Income (loss) from discontinued operations, net of tax5
(.1)
(22.1)
(3.0)
(.8)
2.2
      
Net income (loss)3, 4, 5
$160.2
$155.2
$54.5
$42.9
$55.5
      
Percent of net sales
7.9%
7.9%
3.8%
4.9%
6.7%
      
Diluted Earnings per share data                    
 
Income from continuing operations
  
$4.09
$4.50
$1.53
$1.18
$1.50
      

Net income

 
$4.08
$3.95
$1.45
$1.16
$1.56
  
 

 

                    
 

Financial Position - Year End
 
     
Total assets  
$1,202.2
$1,114.8
$940.0
$697.2
$728.6
 
Asset turnover  
1.8
1.9
1.8
1.2
1.1
 
Working capital  
242.2
143.0
144.1
95.2
104.3
 
Current ratio  
2.2 to 1
1.7 to 1
1.7 to 1
1.7 to 1
1.8 to 1
 
                     
 
Total debt  
$133.4
$135.9
$128.9
$17.5
$73.1.4
  
 
Stockholders' equity  
758.5
656.7
500.7
445.2
421.4
  
 
Total capitalization  
891.9
792.7
629.6
462.7
494.5
  
 
Total debt as a percent of capitalization  
15.0%
17.1%
20.5%
3.8%
14.8%
  
 

 
     
Return on investment - percent  
19.4%
22.6%
10.6%
9.3%
12.9%
      
Return on common stockholders' equity - percent  
22.6%
26.8%
11.5%
9.9%
15.8%
      
Cash provided by operating activities  
$190.3
$249.1
$124.2
$102.8
$81.1
      
Depreciation and amortization  
71.6
66.0
49.9
40.6
38.6
      
Capital expenditures  
72.3
50.8
18.7
24.4
30.4
      
                         
Other Data                        
Average number of employees  
4,356
4,124
2,975
2,408
2,351
      
Net sales per employee  
$467
$477
  
$483
$365
$354
      
Backlog for shipment in next 12 months  
$298
$330
$489
$162
$169
      

1During the fourth quarter of 2005, the Company committed to a plan to sell its Temroc business. In the first quarter of 2005, the Company sold its Piper Impact business and in the fourth quarter of 2004 sold its Nichols Aluminum — Golden business. Accordingly, the assets and liabilities of Temroc, Piper Impact and Nichols Aluminum—Golden are reported as discontinued operations in the Consolidated Balance Sheets for all periods presented, and their operating results are reported as discontinued operations in the Consolidated Statements of Income for all periods presented. For more information, see note 18 to the consolidated financial statements in Item 8 of the Company’s 2006 Form 10-K.

2 In December 2004, the Company acquired Mikron and accounted for the acquisition under the purchase method of accounting. Accordingly, Mikron’s estimated fair value of assets acquired and liabilities assumed in the acquisition and the results of operations are included in the Company’s consolidated financial statements as of the effective date of the acquisition. For more information see Note 2 of the consolidated financial statements in Item 8 of the Company’s 2006 Form 10-K.

3 Included in operating income are gains on sale of land of $0.5 million and $0.4 million in fiscal 2004 and 2003, respectively.

4 Fiscal 2003 and 2002 include gains associated with retired executive life insurance proceeds of $2.2 million and $9.0 million, respectively. This represents the excess of life insurance proceeds over (a) the cash surrender value and (b) liabilities to beneficiaries of deceased executives, on whom the Company held life insurance policies.

5Includes effects in fiscal 2005 of Temroc’s $13.1 million (pretax and after-tax) asset impairment charge in accordance with Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets” (SFAS 142) and SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” (SFAS 144).

Reconciliation of Free Cash Flow ($ in millions)

 
Fiscal years ending on October 31,
2002
2003
  
2004
2005
2006
 
Cash provided by operating activities (GAAP)
$81.1
$102.8
  
$124.2
$249.1
$190.3
 

Less: Capital expenditures
(30.4)
(24.4)
  
(18.7)
(50.8)
(72.3)
 
Free cash flow from operations (Non-GAAP)
50.7
78.4
  
105.5
198.3
118.0
 


* The Company utilizes this non- GAAP financial measure to gauge its quarterly and annual performance considering its short-term investment in working capital and its long-term investment in Plant, Property and Equipment (PP&E).

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