Exhibit 99.2
As further discussed in Note 20 to the Company’s consolidated financial statements (located in Exhibit 99.4 of this Current Report on Form 8-K), the selected financial data for the periods presented have been adjusted for the retrospective application of Financial Staff Position Emerging Issue Task Force No. 03-06-1,Determining Whether Instruments Granted in Share Based Payment Transactions Are Participating Securities, (FSP EITF No. 03-06-1). Each period presented in this Exhibit 99.2 to the Current Report on Form 8-K is affected by the retrospective application of FSP EITF 03-06-1, except for the year ended December 31, 2008 and the four months ended December 31, 2005, which were not affected given the net losses for the periods.
Item 6. | Selected Financial Data |
The table that follows presents selected financial data for each of the last five fiscal years and four months ended December 31, 2005 from the Company’s consolidated financial statements and should be read in conjunction with Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 - Financial Statements and Supplementary Data included elsewhere in the Exhibits to this Current Report on Form 8-K.
On December 13, 2005, the Company’s board of directors approved a change in fiscal year end from a 52-week or 53-week fiscal year period ending on the last Saturday of August to December 31, effective as of December 31, 2005.
(In thousands, except per share amounts) | Year ended December 31, 2008 | Year ended December 31, 2007 | Year ended December 31, 2006 | Four months ended December 31, 2005 | Year ended August 27, 2005 | Year ended August 28, 2004 | ||||||||||||||||||
Operating Results | ||||||||||||||||||||||||
Net sales | $ | 554,699 | $ | 626,238 | $ | 672,882 | $ | 199,644 | $ | 347,345 | $ | 329,006 | ||||||||||||
Gross profit | 211,515 | 266,237 | 305,078 | 70,207 | 138,183 | 149,857 | ||||||||||||||||||
Selling, general and administrative expenses | 147,531 | 163,918 | 170,702 | 71,297 | 105,281 | 87,771 | ||||||||||||||||||
Engineering, research and development expenses | 40,086 | 39,727 | 38,074 | 13,904 | 18,188 | 18,066 | ||||||||||||||||||
Amortization of intangible assets | 19,585 | 18,874 | 17,609 | 5,956 | 5,060 | 3,891 | ||||||||||||||||||
Impairment of goodwill | 473,799 | — | — | — | — | — | ||||||||||||||||||
Restructuring charges | 10,423 | — | — | — | — | — | ||||||||||||||||||
Operating (loss) profit | (479,909 | ) | 43,718 | 78,693 | (20,950 | ) | 9,654 | 40,129 | ||||||||||||||||
(Loss) income before income taxes and equity in affiliate earnings | (496,413 | ) | 56,619 | 89,556 | (18,572 | ) | 14,307 | 41,478 | ||||||||||||||||
Income tax expense (benefit) | 19,201 | 10,356 | 26,936 | (8,713 | ) | 1,154 | 13,223 | |||||||||||||||||
(Loss) income from continuing operations | (515,897 | ) | 46,356 | 63,151 | (9,789 | ) | 12,906 | 28,242 | ||||||||||||||||
Net (loss) income | $ | (517,002 | ) | $ | 44,359 | $ | 63,466 | $ | (18,324 | ) | $ | 9,393 | $ | 24,770 | ||||||||||
Earnings Per Share Data | ||||||||||||||||||||||||
Diluted (loss) earnings per share – continuing operations – As adjusted | $ | (4.58 | ) | $ | 0.37 | $ | 0.45 | $ | (0.07 | ) | $ | 0.16 | $ | 0.37 | ||||||||||
Weighted average shares outstanding – diluted – As adjusted | 112,653 | 126,258 | 138,872 | 135,437 | 79,453 | 76,292 | ||||||||||||||||||
Operating Ratios – % of net sales | ||||||||||||||||||||||||
Gross profit | 38.1 | % | 42.5 | % | 45.3 | % | 35.2 | % | 39.8 | % | 45.5 | % | ||||||||||||
Selling, general and administrative expenses | 26.6 | 26.2 | 25.4 | 35.7 | 30.3 | 26.7 | ||||||||||||||||||
Engineering, research and development expenses | 7.2 | 6.3 | 5.7 | 7.0 | 5.2 | 5.5 | ||||||||||||||||||
Amortization of intangible assets | 3.5 | 3.0 | 2.6 | 3.0 | 1.5 | 1.2 | ||||||||||||||||||
Impairment of goodwill | 85.4 | — | — | — | — | — | ||||||||||||||||||
Restructuring charges | 1.9 | — | — | — | — | — | ||||||||||||||||||
Operating (loss) profit | (86.5 | ) | 7.0 | 11.7 | (10.5 | ) | 2.8 | 12.2 | ||||||||||||||||
(Loss) income before income taxes and equity in affiliate earnings | (89.5 | ) | 9.0 | 13.3 | (9.3 | ) | 4.1 | 12.6 | ||||||||||||||||
Effective tax rate | (3.9 | ) | 18.3 | 30.1 | 46.9 | 8.1 | 31.9 | |||||||||||||||||
Net (loss) income | (93.2 | ) | 7.1 | 9.4 | (9.2 | ) | 2.7 | 7.5 | ||||||||||||||||
Cash Flow Statement Data | ||||||||||||||||||||||||
Depreciation and amortization | $ | 46,343 | $ | 43,776 | $ | 42,905 | $ | 13,754 | $ | 23,599 | $ | 23,575 |
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Capital expenditures | 26,987 | 26,919 | 30,860 | 10,311 | 19,472 | 19,633 | |||||||||||||||||
Net cash provided by operating activities | 66,260 | 132,017 | 96,076 | 22,598 | 52,323 | 52,658 | |||||||||||||||||
Net cash (used in) provided by investing activities | (199,921 | ) | 50,800 | (17,370 | ) | (13,116 | ) | 58,807 | (86,880 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 82,681 | (183,061 | ) | (80,037 | ) | (15,432 | ) | 3,066 | 1,835 | ||||||||||||||
Balance Sheet and Other Data | |||||||||||||||||||||||
Current assets | $ | 313,128 | $ | 382,621 | $ | 556,321 | $ | 516,364 | $ | 546,502 | $ | 276,482 | |||||||||||
Current liabilities | 79,356 | 125,749 | 92,699 | 111,017 | 124,856 | 63,895 | |||||||||||||||||
Working capital | 233,772 | 256,872 | 463,622 | 405,347 | 421,646 | 212,587 | |||||||||||||||||
Current ratio | 3.95 | 3.04 | 6.00 | 4.65 | 4.38 | 4.33 | |||||||||||||||||
Long-term debt | 150,516 | 20,373 | 2,995 | 3,383 | 21,800 | 18,898 | |||||||||||||||||
Shareholders’ equity | 336,170 | 852,309 | 1,015,980 | 1,012,819 | 1,023,414 | 372,185 | |||||||||||||||||
Total assets | 597,824 | 1,035,241 | 1,157,618 | 1,142,790 | 1,185,620 | 467,046 | |||||||||||||||||
Return on average shareholders’ equity – % | (87.0 | ) | 4.7 | 6.3 | (1.8 | ) | 1.3 | 7.0 | |||||||||||||||
Shares outstanding at end of period | 113,102 | 115,356 | 132,771 | 136,044 | 135,299 | 73,380 | |||||||||||||||||
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