Exhibit 99.1
Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30 | September 30 | |||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||
Net sales | $ | 2,205 | $ | 2,282 | $ | 5,992 | $ | 6,021 | ||||||||||||
Cost of products sold | 1,788 | 1,868 | 4,902 | 4,936 | ||||||||||||||||
Depreciation and amortization | 40 | 49 | 128 | 142 | ||||||||||||||||
Gross profit (1) | 377 | 365 | 962 | 943 | ||||||||||||||||
Selling and administrative expense | 82 | 95 | 256 | 274 | ||||||||||||||||
Provision for asbestos | 15 | 15 | ||||||||||||||||||
Provision for restructuring | 17 | 40 | 41 | 42 | ||||||||||||||||
Asset sales and impairments | (11) | (1) | (18) | (2) | ||||||||||||||||
Loss from early extinguishments of debt | 16 | 27 | 16 | 27 | ||||||||||||||||
Interest expense | 55 | 66 | 147 | 189 | ||||||||||||||||
Interest income | (3) | (1) | (6) | (4) | ||||||||||||||||
Translation and foreign exchange adjustments | (2) | (5) | (4) | (1) | ||||||||||||||||
Income before income taxes | 208 | 144 | 515 | 418 | ||||||||||||||||
Provision for income taxes | 47 | 3 | 143 | 71 | ||||||||||||||||
Equity loss in affiliates | (4) | |||||||||||||||||||
Net income | 161 | 141 | 372 | 343 | ||||||||||||||||
Net income attributable to noncontrolling interests | (35) | (33) | (93) | (90) | ||||||||||||||||
Net income attributable to Crown Holdings | $ | 126 | $ | 108 | $ | 279 | $ | 253 | ||||||||||||
Earnings per share attributable to Crown Holdings common shareholders: | ||||||||||||||||||||
Basic | $ | 0.79 | $ | 0.68 | $ | 1.74 | $ | 1.59 | ||||||||||||
Diluted | $ | 0.78 | $ | 0.67 | $ | 1.71 | $ | 1.56 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 159,181,133 | 159,208,879 | 160,280,362 | 158,876,444 | ||||||||||||||||
Diluted | 161,674,329 | 162,120,722 | 162,683,432 | 161,714,586 | ||||||||||||||||
Actual common shares outstanding | 159,087,919 | 160,605,953 | 159,087,919 | 160,605,953 |
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Consolidated Balance Sheets (Condensed & Unaudited) | |||||||||
(in millions) | |||||||||
September 30, | 2010 | 2009 | |||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 415 | $ | 438 | |||||
Receivables, net (1) | 1,274 | 1,054 | |||||||
Inventories | 1,068 | 1,077 | |||||||
Prepaid expenses and other current assets | 122 | 104 | |||||||
Total current assets | 2,879 | 2,673 | |||||||
Goodwill | 1,998 | 2,060 | |||||||
Property, plant and equipment, net | 1,524 | 1,496 | |||||||
Other non-current assets | 745 | 949 | |||||||
Total | $ | 7,146 | $ | 7,178 | |||||
Liabilities and equity | |||||||||
Current liabilities | |||||||||
Short-term debt (1) | $ | 299 | $ | 52 | |||||
Current maturities of long-term debt | 156 | 25 | |||||||
Accounts payable and accrued liabilities | 1,974 | 1,929 | |||||||
Total current liabilities | 2,429 | 2,006 | |||||||
Long-term debt, excluding current maturities | 2,774 | 3,148 | |||||||
Other non-current liabilities | 1,476 | 1,497 | |||||||
Noncontrolling interests | 328 | 394 | |||||||
Crown Holdings shareholders' equity | 139 | 133 | |||||||
Total equity | 467 | 527 | |||||||
Total | $ | 7,146 | $ | 7,178 | |||||
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Consolidated Statements of Cash Flows (Condensed & Unaudited) | |||||||||
(in millions) | |||||||||
Nine months ended September 30, | 2010 | 2009 | |||||||
Cash flows from operating activities | |||||||||
Net income | $ | 372 | $ | 343 | |||||
Depreciation and amortization | 128 | 142 | |||||||
Provision for restructuring | 41 | 42 | |||||||
Asset sales and impairments | (18) | (2) | |||||||
Loss from early extinguishments of debt | 16 | 27 | |||||||
Pension expense | 83 | 94 | |||||||
Pension contributions | (43) | (42) | |||||||
Stock-based compensation | 17 | 14 | |||||||
Working capital (1) | (636) | (440) | |||||||
Deferred taxes and other | 79 | 2 | |||||||
Net cash provided by operating activities (A) | 39 | 180 | |||||||
Cash flows from investing activities | |||||||||
Capital expenditures | (187) | (108) | |||||||
Proceeds from sale of assets | 20 | 2 | |||||||
Other | 3 | (4) | |||||||
Net cash used for investing activities | (164) | (110) | |||||||
Cash flows from financing activities | |||||||||
Net change in debt (1) | 452 | (171) | |||||||
Purchase of noncontrolling interests | (168) | ||||||||
Common stock repurchased | (105) | (4) | |||||||
Dividends paid to noncontrolling interests | (77) | (53) | |||||||
Other, net | (16) | (8) | |||||||
Net cash provided by/(used for) financing activities | 86 | (236) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (5) | 8 | |||||||
Net change in cash and cash equivalents | (44) | (158) | |||||||
Cash and cash equivalents at January 1 | 459 | 596 | |||||||
Cash and cash equivalents at September 30 | $ | 415 | $ | 438 | |||||
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