EX-99 1 exhibit99.htm EX-99
Exhibit Index
EXHIBIT NO. (99) Condensed Consolidated Statements of Cash Flows as of April 2, 2011 and April 3, 2010.
EXHIBIT 99
ADDITIONAL EXHIBITS
Condensed Consolidated Statements of Cash Flows as of April 2, 2011 and April 3, 2010.
EXHIBIT 99.1
| FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| (Unaudited) | |
| | | First Quarter Ended | |
| (In thousands) | | April 2, | | | April 3, | |
| | | 2011 | | | 2010 | |
| Cash flows from operating activities: | | | | | | |
| Net income | | $ | 10,902 | | | $ | 7,550 | * |
| Adjustments to reconcile net income to net | | | | | | | | |
| cash flows from operating activities: | | | | | | | | |
| Depreciation and amortization | | | 5,840 | | | | 6,379 | |
| Share-based compensation | | | 1,174 | | | | 1,139 | |
| Deferred income taxes | | | 803 | | | | 1,610 | |
| (Gain)/loss on disposals of plant and equipment | | | 372 | | | | (1,204 | ) |
| Foreign exchange expense | | | 421 | | | | - | |
| Excess tax from share-based payment arrangements | | | 104 | | | | (226 | ) |
| Changes in assets and liabilities: | | | | | | | | |
| Receivables | | | (26,720 | ) | | | (29,119 | ) |
| Inventory | | | (13,712 | ) | | | (8,020 | ) * |
| Accounts payable and accrued expenses | | | (1,229 | ) | | | 17,178 | |
| Income taxes | | | 2,339 | | | | (2,330 | ) * |
| Employee benefit plans | | | (8,337 | ) | | | (5,597 | ) |
| Other | | | (2,876 | ) | | | 7 | |
| | | | | | | | | |
| Net cash flows from operating activities | | | (30,919 | ) | | | (12,633 | ) |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Additions to property, plant, and equipment | | | (3,242 | ) | | | (1,746 | ) |
| Proceeds from sale of property, plant, and equipment | | | - | | | | 1,338 | |
| | | | | | | | | |
| Net cash flows from investing activities | | | (3,242 | ) | | | (408 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Repayment of long-term debt | | | (43 | ) | | | (96 | ) |
| Proceeds from issuance of common stock | | | 1,082 | | | | 214 | |
| Excess tax from share-based payment arrangements | | | (104 | ) | | | 226 | |
| Purchases of common stock | | | (4,068 | ) | | | - | |
| Dividends paid | | | (3,024 | ) | | | (2,892 | ) |
| | | | | | | | | |
| Net cash flows from financing activities | | | (6,157 | ) | | | (2,548 | ) |
| | | | | | | | | |
| Effect of exchange rate changes on cash | | | 3,038 | | | | (1,586 | ) |
| Net change in cash and equivalents | | | (37,280 | ) | | | (17,175 | ) |
| Cash and equivalents at beginning of period | | | 140,070 | | | | 86,875 | |
| Cash and equivalents at end of period | | $ | 102,790 | | | $ | 69,700 | |
| | | | | | | | | |
| *Prior year amounts have been restated for the change in accounting method from LIFO to FIFO. | |
| | | | | | | | | |
