EXHIBIT 99.1
Crown Holdings, Inc.
Consolidated Statements of Operations (Unaudited)
(modified)
(modified)
(in millions except share and per share data)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Net sales | $ | 1,871 | $ | 1,676 | $ | 7,727 | $ | 6,982 | ||||||||
Cost of products sold | 1,596 | 1,420 | 6,471 | 5,863 | ||||||||||||
Depreciation and amortization | 61 | 57 | 229 | 227 | ||||||||||||
Gross profit | 214 | 199 | 1,027 | 892 | ||||||||||||
Selling and administrative expense | 100 | 84 | 385 | 316 | ||||||||||||
Provision for asbestos | 29 | 10 | 29 | 10 | ||||||||||||
Provision for restructuring | 6 | 1 | 20 | 15 | ||||||||||||
Provision for asset impairments and (gain)/loss on sale of assets | 114 | ( | 62 | ) | 100 | ( | 64 | ) | ||||||||
Interest expense | 86 | 76 | 318 | 286 | ||||||||||||
Interest income | ( | 5 | ) | ( | 4 | ) | ( | 14 | ) | ( | 12 | ) | ||||
Translation and foreign exchange adjustments | 1 | 16 | ( | 12 | ) | 6 | ||||||||||
(Loss)/income before income taxes, minority interests and equity earnings | ( | 117 | ) | 78 | 201 | 335 | ||||||||||
Benefit from income taxes | ( | 462 | ) | ( | 104 | ) | ( | 400 | ) | ( | 62 | ) | ||||
Minority interests and equity earnings | ( | 19 | ) | ( | 14 | ) | ( | 73 | ) | ( | 55 | ) | ||||
Income from continuing operations | 326 | 168 | 528 | 342 | ||||||||||||
Loss from discontinued operations | ||||||||||||||||
Loss from operations | ( | 6 | ) | |||||||||||||
Loss on disposal | ( | 6 | ) | ( | 27 | ) | ||||||||||
Net income | $ | 326 | $ | 162 | $ | 528 | $ | 309 | ||||||||
Basic earnings/(loss) per average common share: | ||||||||||||||||
Continuing operations | $ | 2.05 | $ | 1.04 | $ | 3.27 | $ | 2.07 | ||||||||
Discontinued operations | ( | 0.04 | ) | ( | 0.20 | ) | ||||||||||
Net income | $ | 2.05 | $ | 1.00 | $ | 3.27 | $ | 1.87 | ||||||||
Diluted earnings/(loss) per average common share: | ||||||||||||||||
Continuing operations | $ | 2.00 | $ | 1.01 | $ | 3.19 | $ | 2.01 | ||||||||
Discontinued operations | ( | 0.04 | ) | ( | 0.19 | ) | ||||||||||
Net income | $ | 2.00 | $ | 0.97 | $ | 3.19 | $ | 1.82 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 158,876,567 | 162,286,149 | 161,331,007 | 165,527,147 | ||||||||||||
Diluted | 162,741,499 | 166,666,073 | 165,464,273 | 169,750,763 | ||||||||||||
Actual common shares outstanding | 159,777,628 | 162,711,471 | 159,777,628 | 162,711,471 | ||||||||||||
1
Crown Holdings, Inc.
Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
(in millions)
(modified)
December 31, | 2007 | 2006 | ||||||
---|---|---|---|---|---|---|---|---|
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 457 | $ | 407 | ||||
Receivables, net | 673 | 689 | ||||||
Inventories | 1,030 | 957 | ||||||
Prepaid expenses and other current assets | 74 | 60 | ||||||
Total current assets | 2,234 | 2,113 | ||||||
Goodwill | 2,199 | 2,185 | ||||||
Property, plant and equipment, net | 1,604 | 1,608 | ||||||
Other non-current assets | 942 | 503 | ||||||
Total | $ | 6,979 | $ | 6,409 | ||||
Liabilities and shareholders’ equity/(deficit) | ||||||||
Current liabilities | ||||||||
Short-term debt | $ | 45 | $ | 78 | ||||
Current maturities of long-term debt | 38 | 43 | ||||||
Other current liabilities | 2,000 | 1,835 | ||||||
Total current liabilities | 2,083 | 1,956 | ||||||
Long-term debt, excluding current maturities | 3,354 | 3,420 | ||||||
Other non-current liabilities and minority interests | 1,527 | 1,527 | ||||||
Shareholders’ equity/(deficit) | 15 | ( | 494 | ) | ||||
Total | $ | 6,979 | $ | 6,409 | ||||
2