EXHIBIT 99
FOR IMMEDIATE RELEASE
Media Contact: Lynne Dragomier
Maytag Corporate Communications
(641) 787-7711
ldragomier@maytag.com
MAYTAG ANNOUNCES SECOND QUARTER RESULTS
| | • | Second quarter sales declined slightly from the same period last year due to continuing weakness at Hoover. |
| | • | Rising material costs and unabsorbed factory burden impacted operating income. |
| | • | Charges for legal contingencies, restructuring, goodwill impairment and a work stoppage at the Newton Laundry Products plant significantly impacted the quarter. |
| | • | As a result of the items noted above, Maytag reported 52 cents per share net loss for the quarter. |
| | • | Maytag International and Maytag Services growth trend continues. |
| | • | Galesburg plant closing and recently announced ‘One Company’ restructuring are on course for year-end completion and to achieve expected results going forward. |
NEWTON, IOWA—(July 23, 2004)—Maytag (NYSE: MYG) today reported second quarter consolidated sales of $1.15 billion, down 1 percent from $1.16 billion in the same period of 2003.
Lower Hoover floor care sales as well as higher material costs and lower burden absorption negatively affected reported results compared with prior year. Also impacting second quarter results were contingent liabilities recorded for pending litigation, restructuring charges, and a goodwill impairment charge. Reported net loss for the second quarter of 2004 was $41.1 million, or 52 cents per share, as compared with net income of $25.2 million or 32 cents per share in 2003.
Contingent liabilities for pending litigation recorded in the second quarter include an increased reserve for early generation front-load washer litigation and for an adverse judgment involving the termination of a commercial distributorship for Amana products that occurred prior to Maytag’s acquisition of the Amana business.
The second quarter earnings (loss) per share for 2004 and 2003 included the following items:
| | | | | | | |
| | | Three Months Ended
|
| | | July 3
2004
| | | June 28
2003
|
Diluted Earnings (Loss) Per Share | | $ | (0.52 | ) | | $ | 0.32 |
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Included in diluted earnings (loss) per share (net of tax) were the following charges: | | | | | | | |
Restructuring and related charges—Galesburg | | | 0.13 | | | | 0.10 |
Restructuring and related charges—reorganization | | | 0.11 | | | | 0.14 |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — |
Front-load washer litigation | | | 0.16 | | | | — |
Adverse judgment on pre-acquisition distributor lawsuit | | | 0.09 | | | | — |
Commenting on the second quarter, Maytag chairman and CEO Ralph Hake stated, “Our operational performance was disappointing. The Housewares segment loss had the largest impact because we anticipated a recovery at Hoover floor care. Within our Major Appliances segment, Maytag Appliances underperformed because of material costs, under-absorbed burden and the strike at our Newton, Iowa, facility. However, several major risks have been addressed, including the Newton work stoppage and costs related to early generation front-load washer litigation. Our ‘One Company’ cost savings plans, which will lower our cost structure dramatically, are on track.”
Sales decreased in the Commercial Products segment, primarily due to a decline in the vending industry. In addition, continued performance issues at Jade resulted in a goodwill impairment charge.
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Maytag Appliances sales increased in the second quarter but less than industry unit growth of 9.7 percent. “In the second quarter we gave back our first quarter branded market share gains, and some OEM share. We expect sales to improve in the last half of the year as we introduce new products, which customers are anticipating,” Hake commented.
Hake noted that the new contract ratified by union employees of Maytag’s Newton Laundry Products operations, which followed a three-week work stoppage, provides an improved cost structure and a continuation of supply. The financial impact of the work stoppage to the second quarter exceeded $5 million in direct costs. A contract with union employees at Maytag’s Amana, Iowa, Refrigeration Products plant will expire in September. Maytag’s Galesburg, Illinois, Refrigeration Products plant is scheduled to cease production in September, and the company’s new Reynosa, Mexico, refrigeration plant is operational.
“In refrigeration, there is strong demand for the new Jenn-Air French door bottom-freezer model, and new Amana and Maytag French door bottom-freezer models are being launched in the second half. In laundry, Neptune top-load laundry is selling well; the Neptune Drying Center is seeing a sales lift with our recent incentives, and we expect the new Maytag under-counter laundry products, sourced from Samsung, to be well-received when they are launched this fall. In cooking, new Jenn-Air and Maytag double oven ranges and other refreshed models are planned to be in the marketplace in the third quarter,” Hake said.
In addition to the new product launch schedule, Hake said other positive trends include Maytag International’s good performance as it expands its customer base in key markets, and Maytag Services’ continuing growth with its all-brand service and parts programs.
In June, Maytag announced a comprehensive restructuring expected to yield $150 million in annual cost savings. The restructuring, which will consolidate the Hoover floor care business, Maytag Appliances business and corporate headquarters organizations, is expected to lower the company’s cost structure and increase marketplace competitiveness. The restructuring is on track for completion by year-end.
Hoover continues to be challenged by loss of market share. “Our strategy is to introduce innovative products and reduce cost structure. Hoover has launched nine of the 15 new products
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expected this year. We should be better positioned at the high end of the floor care pricing spectrum with new products scheduled for early 2005,” Hake said.
Six Month Performance
Maytag’s sales in the first six months of 2004 amounted to $2.37 billion, up 3.1 percent from sales of $2.30 billion in the first six months of 2003. Operating income was $30.2 million, down 74.8 percent from $119.6 million in the year-earlier period.
Reported net loss for the first six months of 2004 was $2.4 million, or 3 cents per share. In the first six months of 2003, Maytag’s reported net income was $59.7 million, or 76 cents per share. The earnings (loss) per share for the first six months of 2004 and 2003 included the following items:
| | | | | | | |
| | | Six Months Ended
|
| | | July 3
2004
| | | June 28
2003
|
Diluted Earnings (Loss) Per Share | | $ | (0.03 | ) | | $ | 0.76 |
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Included in diluted earnings (loss) per share (net of tax) were the following charges: | | | | | | | |
Restructuring and related charges—Galesburg | | | 0.20 | | | | 0.18 |
Restructuring and related charges—reorganization | | | 0.11 | | | | 0.14 |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — |
Front-load washer litigation | | | 0.16 | | | | — |
Adverse judgment on pre-acquisition distributor lawsuit | | | 0.09 | | | | — |
Loss from discontinued operations | | | — | | | | 0.01 |
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Full-Year Expectations
Free cash flow (cash flow from operations less capital expenditures) is expected to be $125 to $150 million for the year. In addition, the company made a $20 million contribution to the pension plan in the second quarter, completing the $90 million in voluntary contributions planned for the year.
Commenting on earnings expectations for the full year 2004, Hake said that additional increases in steel costs beginning in July and actions to reduce inventory levels will negatively impact second half results.
These items will be partially offset by savings from the company’s restructuring activities and by lower pension and postretirement medical costs associated with the Newton contract. The restructuring benefits will have more impact in the fourth quarter than in the third.
As a result, the company now expects full-year reported earnings per share in the range of 20 to 30 cents. The 2004 full-year guidance includes restructuring charges of approximately 80 cents per share.
Maytag Corporation is a leading producer of home and commercial appliances. Its products are sold to customers throughout North America and in international markets. The corporation’s principal brands include Maytag®, Hoover®, Jenn-Air®, Amana®, Dixie-Narco® and Jade®
Quarterly Conference Call
The corporation has scheduled a conference call today to discuss its performance with members of the financial community. During the call, Maytag’s CEO Ralph F. Hake and CFO George Moore will comment on various aspects of the results and answer questions.
The conference call will be at8:30 a.m. CT on Friday, July 23. Persons wishing to participate in the call should telephone888-722-1090 at 8:20 a.m. CT (international participants should dial 303-957-1251.) Connections
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will be made as quickly as possible, but a wait of 10 minutes is not uncommon. For those who are unable to participate in the 8:30 a.m. call, the conference call will be recorded and available by telephone from 10:30 a.m. CT July 23 until 10:30 a.m. CT July 26. Persons interested in listening to the conference call tape should call 800-633-8284 (or internationally 402-977-9140) and use access code number 21200683.
Additionally, Maytag’s conference call will be distributed live over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center atwww.fulldisclosure.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected event management site, StreetEvents (www.streetevents.com). The audio webcast can also be accessed through Maytag’s Web site,www.maytagcorp.com, by clicking on the “Corporate News Center” and then “Conference Calls.” To listen to the live call, persons should go to the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary computer audio software. For persons unable to listen to the live Internet broadcast, replays will be available on both the Maytag and CCBN Web sites.
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Forward-Looking Statements: Certain statements in this news release, including any discussion of management expectations for future periods, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the future results expressed or implied by those statements. For a description of such factors, refer to “Forward-Looking Statements” in the Management’s Discussion and Analysis section of Maytag’s Annual Report on Form 10-K for the year ended January 3, 2004, and each quarter’s 10-Q.
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SECOND QUARTER SALES AND EARNINGS COMPARISON (UNAUDITED)
NET SALES (in thousands)
| | | | | | | | | |
| | | 2004
| | 2003
| | % Change
| |
Major Appliances | | $ | 906,165 | | $ | 885,138 | | 2.4 | |
Housewares | | | 143,964 | | | 166,511 | | (13.5 | ) |
Commercial Products | | | 102,100 | | | 111,244 | | (8.2 | ) |
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Consolidated | | $ | 1,152,229 | | $ | 1,162,893 | | (0.9 | ) |
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OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | |
| | | 2004
| | | 2003
| | | % Change
| |
Major Appliances | | $ | (4,593 | ) | | $ | 54,495 | | | (108.4 | ) |
Housewares | | | (13,499 | ) | | | (1,266 | ) | | (966.3 | ) |
Commercial Products | | | (5,947 | ) | | | 12,062 | | | (149.3 | ) |
General Corporate & Other | | | (9,399 | ) | | | (13,883 | ) | | 32.3 | |
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Reported | | $ | (33,438 | ) | | $ | 51,408 | | | (165.0 | ) |
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Included in operating income (loss) | | | | | | | | | | | |
Restructuring and related charges-Major Appliances | | $ | 23,482 | | | $ | 17,141 | | | | |
Front-load washer litigation-Major Appliances | | | 18,500 | | | | — | | | | |
Restructuring and related charges-Housewares | | | 3,423 | | | | 9,516 | | | | |
Restructuring and related charges-Commercial Products | | | 69 | | | | 132 | | | | |
Goodwill impairment-Commercial Products | | | 9,600 | | | | — | | | | |
Restructuring and related charges-General Corporate & Other | | | 878 | | | | 1,139 | | | | |
NET INCOME (LOSS) (in thousands)
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (41,084 | ) | | $ | 25,234 | | (262.8 | ) |
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| | | |
Included in net income (loss) (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 18,879 | | | $ | 18,806 | | | |
Goodwill impairment-commercial products | | | 9,600 | | | | — | | | |
Front-load washer litigation | | | 12,488 | | | | — | | | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 7,091 | | | | — | | | |
Loss from discontinued operations | | | — | | | | 286 | | | |
BASIC EARNINGS (LOSS) PER SHARE
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (0.52 | ) | | $ | 0.32 | | (261.8 | ) |
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Included in basic earnings (loss) per share (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 0.24 | | | $ | 0.24 | | | |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — | | | |
Front-load washer litigation | | | 0.16 | | | | — | | | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 0.09 | | | | — | | | |
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Basic weighted-average shares outstanding (thousands) | | | 79,012 | | | | 78,467 | | | |
DILUTED EARNINGS (LOSS) PER SHARE
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (0.52 | ) | | $ | 0.32 | | (262.1 | ) |
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Included in diluted earnings (loss) per share (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 0.24 | | | $ | 0.24 | | | |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — | | | |
Front-load washer litigation | | | 0.16 | | | | — | | | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 0.09 | | | | — | | | |
Diluted weighted average shares outstanding (thousands) | | | 79,012 | | | | 78,622 | | | |
FIRST HALF SALES AND EARNINGS COMPARISON (UNAUDITED)
NET SALES (in thousands)
| | | | | | | | | |
| | | 2004
| | 2003
| | % Change
| |
Major Appliances | | $ | 1,853,438 | | $ | 1,716,006 | | 8.0 | |
Housewares | | | 322,744 | | | 380,481 | | (15.2 | ) |
Commercial Products | | | 194,991 | | | 202,412 | | (3.7 | ) |
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Consolidated | | $ | 2,371,173 | | $ | 2,298,899 | | 3.1 | |
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OPERATING INCOME (LOSS) (in thousands)
| | | | | | | | | | | |
| | | 2004
| | | 2003
| | | % Change
| |
Major Appliances | | $ | 50,386 | | | $ | 99,631 | | | (49.4 | ) |
Housewares | | | 5,496 | | | | 28,302 | | | (80.6 | ) |
Commercial Products | | | (2,044 | ) | | | 17,312 | | | (111.8 | ) |
General Corporate & Other | | | (23,644 | ) | | | (25,647 | ) | | 7.8 | |
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Reported | | $ | 30,194 | | | $ | 119,598 | | | (74.8 | ) |
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Included in operating income (loss) | | | | | | | | | | | |
Restructuring and related charges-Major Appliances | | $ | 31,477 | | | $ | 26,528 | | | | |
Front-load washer litigation-Major Appliances | | | 18,500 | | | | — | | | | |
Restructuring and related charges-Housewares | | | 3,423 | | | | 9,516 | | | | |
Restructuring and related charges-Commercial Products | | | 69 | | | | 132 | | | | |
Goodwill impairment-Commercial Products | | | 9,600 | | | | — | | | | |
Restructuring and related charges-General Corporate & Other | | | 878 | | | | 1,139 | | | | |
NET INCOME (LOSS) (in thousands)
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (2,360 | ) | | $ | 59,714 | | (104.0 | ) |
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Included in net income (loss) (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 24,196 | | | $ | 25,001 | | | |
Goodwill impairment-Commercial Products | | | 9,600 | | | | — | | | |
Front-load washer litigation | | | 12,488 | | | | — | | | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 7,091 | | | | — | | | |
Loss from discontinued operations | | | — | | | | 404 | | | |
BASIC EARNINGS (LOSS) PER SHARE
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (0.03 | ) | | $ | 0.76 | | (103.9 | ) |
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Included in basic earnings (loss) per share (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 0.31 | | | $ | 0.32 | | | |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — | | | |
Front-load washer litigation | | | 0.16 | | | | — | | | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 0.09 | | | | — | | | |
Loss from discontinued operations | | | — | | | | 0.01 | | | |
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Basic weighted-average shares outstanding (thousands) | | | 78,929 | | | | 78,416 | | | |
DILUTED EARNINGS (LOSS) PER SHARE
| | | | | | | | | | |
| | | 2004
| | | 2003
| | % Change
| |
Reported | | $ | (0.03 | ) | | $ | 0.76 | | (104.2 | ) |
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Included in diluted earnings (loss) per share (net of tax) | | | | | | | | | | |
Restructuring and related charges | | $ | 0.31 | | | $ | 0.32 | | | |
Goodwill impairment-Commercial Products | | | 0.12 | | | | — | | | |
Front-load washer litigation | | | 0.16 | | | | — | | | |
Diluted weighted average shares outstanding (thousands) | | | 78,929 | | | | 78,597 | | | |
MAYTAG CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)
(In thousands, except per share data)
| | | | | | | | |
| | | Second Quarter Ended
| |
| | | July 3 2004
| | | June 28 2003
| |
Net sales | | $ | 1,152,229 | | | $ | 1,162,893 | |
Cost of sales | | | 1,003,726 | | | | 948,880 | |
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Gross profit | | | 148,503 | | | | 214,013 | |
Selling, general and administrative expenses | | | 125,989 | | | | 134,677 | |
Restructuring and related charges | | | 27,852 | | | | 27,928 | |
Goodwill impairment-Commercial Products | | | 9,600 | | | | — | |
Front-load washer litigation | | | 18,500 | | | | — | |
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Operating income (loss) | | | (33,438 | ) | | | 51,408 | |
Interest expense | | | (13,215 | ) | | | (14,279 | ) |
Adverse judgment on pre-acquisition distributor lawsuit | | | (10,505 | ) | | | — | |
Other income (loss) | | | 55 | | | | 177 | |
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Income (loss) from continuing operations before income taxes | | | (57,103 | ) | | | 37,306 | |
Income taxes | | | (16,019 | ) | | | 11,786 | |
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Income (loss) from continuing operations | | | (41,084 | ) | | | 25,520 | |
Loss from discontinued operations, net of tax | | | — | | | | (286 | ) |
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Net income (loss) | | $ | (41,084 | ) | | $ | 25,234 | |
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Basic earnings (loss) per common share: | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.52 | ) | | $ | 0.33 | |
Discontinued operations | | | — | | | | — | |
Net income (loss) | | $ | (0.52 | ) | | $ | 0.32 | |
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Basic weighted-average shares outstanding | | | 79,012 | | | | 78,467 | |
| | |
Diluted earnings (loss) per common share: | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.52 | ) | | $ | 0.32 | |
Discontinued operations | | | — | | | | — | |
Net income (loss) | | $ | (0.52 | ) | | $ | 0.32 | |
| | |
Diluted weighted-average shares outstanding | | | 79,012 | | | | 78,622 | |
Earnings per share totals may not be additive due to rounding
MAYTAG CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| | | | | | | | | |
| | | July 3 2004
| | January 3
2004
| | June 28 2003
|
| | | (Unaudited) | | | | (Unaudited) |
ASSETS | | | | | | | | | |
| | | |
Current assets | | | | | | | | | |
Cash and cash equivalents | | $ | 7,492 | | $ | 6,756 | | $ | 5,581 |
Accounts receivable - net | | | 636,929 | | | 596,832 | | | 665,123 |
Inventories | | | 591,588 | | | 468,345 | | | 521,977 |
Deferred income taxes | | | 61,335 | | | 63,185 | | | 69,307 |
Other current assets | | | 89,329 | | | 94,030 | | | 48,819 |
Discontinued current assets | | | 69,941 | | | 75,175 | | | 76,177 |
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| |
|
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Total current assets | | | 1,456,614 | | | 1,304,323 | | | 1,386,984 |
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Noncurrent assets | | | 574,949 | | | 612,546 | | | 629,413 |
Discontinued noncurrent assets | | | 61,069 | | | 60,336 | | | 61,907 |
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Total noncurrent assets | | | 636,018 | | | 672,882 | | | 691,320 |
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Property, plant and equipment | | | 991,443 | | | 1,046,935 | | | 1,056,845 |
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Total assets | | $ | 3,084,075 | | $ | 3,024,140 | | $ | 3,135,149 |
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LIABILITIES AND SHAREOWNERS’ EQUITY | | | | | | | | | |
| | | |
Current liabilities | | | | | | | | | |
Accounts payable | | $ | 423,950 | | $ | 466,734 | | $ | 355,929 |
Accrued liabilities | | | 334,507 | | | 315,323 | | | 335,800 |
Notes payable and current portion of long-term debt | | | 223,982 | | | 95,994 | | | 209,785 |
Discontinued current liabilities | | | 100,962 | | | 105,739 | | | 101,939 |
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Total current liabilities | | | 1,083,401 | | | 983,790 | | | 1,003,453 |
| | | |
Long-term debt, less current portion | | | 870,546 | | | 874,832 | | | 908,957 |
| | | |
Postretirement benefit liability | | | 541,380 | | | 538,105 | | | 530,545 |
| | | |
Accrued pension cost | | | 337,407 | | | 398,495 | | | 458,765 |
| | | |
Other noncurrent liabilities | | | 188,888 | | | 144,341 | | | 122,531 |
| | | |
Total discontinued noncurrent liabilities | | | 18,766 | | | 18,766 | | | 21,817 |
| | | |
Shareowners’ equity | | | 43,687 | | | 65,811 | | | 89,081 |
| | |
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|
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Total liabilities and shareowners’ equity | | $ | 3,084,075 | | $ | 3,024,140 | | $ | 3,135,149 |
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MAYTAG CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
| | | | | | | | |
| | | Six Months Ended
| |
| | | July 3 2004
| | | June 28 2003
| |
Operating activities | | | | | | | | |
Net income (loss) | | $ | (2,360 | ) | | $ | 59,714 | |
Net loss from discontinued operations | | | — | | | | 404 | |
Depreciation and amortization | | | 84,066 | | | | 81,006 | |
Deferred income taxes | | | 21,903 | | | | 22,103 | |
Restructuring and related charges, net of cash | | | 29,032 | | | | 29,801 | |
Goodwill impairment-Commercial Products | | | 9,600 | | | | — | |
Front-load washer litigation | | | 18,500 | | | | — | |
Adverse judgment on pre-acquisition distributor lawsuit | | | 10,505 | | | | — | |
Change in working capital | | | (207,738 | ) | | | (127,956 | ) |
Pension expense | | | 31,866 | | | | 33,300 | |
Pension contributions | | | (92,744 | ) | | | (66,757 | ) |
Postretirement benefit liability | | | 3,275 | | | | 13,035 | |
Other | | | 45,133 | | | | 60,801 | |
| | |
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| |
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Net cash (used in) provided by continuing operating activities | | | (48,962 | ) | | | 105,451 | |
| | |
Investing activities | | | | | | | | |
Capital expenditures-continuing operations | | | (48,872 | ) | | | (85,626 | ) |
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Financing activities | | | | | | | | |
Net proceeds in financing obligations | | | 125,464 | | | | 7,239 | |
Dividends | | | (28,395 | ) | | | (28,213 | ) |
Stock repurchase | | | — | | | | (1,021 | ) |
Other | | | 1,699 | | | | (441 | ) |
| | |
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| |
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Financing activities-continuing operations | | | 98,768 | | | | (22,436 | ) |
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Effect of exchange rates | | | (198 | ) | | | 86 | |
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Increase (decrease) in cash and cash equivalents | | | 736 | | | | (2,525 | ) |
Cash and cash equivalents at beginning of period | | | 6,756 | | | | 8,106 | |
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Cash and cash equivalents at end of period | | $ | 7,492 | | | $ | 5,581 | |
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