Exhibit 99.1
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
|
| Quarter |
| Quarter |
| Quarter |
| |||
|
| Ended |
| Ended |
| Ended |
| |||
|
| March 31, |
| June 30, |
| September 30, |
| |||
|
| 2008 |
| 2008 |
| 2008 |
| |||
Net Sales |
| $ | 400.0 |
| $ | 414.0 |
| $ | 410.8 |
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| |||
Operating costs and expenses: |
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|
|
|
| |||
Cost of products sold |
| 279.1 |
| 289.2 |
| 285.0 |
| |||
Advertising, selling, general and administrative expenses |
| 103.0 |
| 95.1 |
| 89.7 |
| |||
Amortization of intangibles |
| 1.9 |
| 2.0 |
| 1.8 |
| |||
Restructuring charges |
| 5.6 |
| 1.6 |
| 4.8 |
| |||
Goodwill and asset impairment charges |
| — |
| 14.1 |
| 11.3 |
| |||
Total operating costs and expenses |
| 389.6 |
| 402.0 |
| 392.6 |
| |||
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| |||
Operating income |
| 10.4 |
| 12.0 |
| 18.2 |
| |||
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Non-operating expense (income): |
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| |||
Interest expense, net |
| 16.1 |
| 15.8 |
| 16.8 |
| |||
Equity in (earnings) of joint ventures |
| (1.7 | ) | (1.8 | ) | (1.9 | ) | |||
Other (income) expense, net |
| (0.9 | ) | 2.4 |
| 0.5 |
| |||
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| |||
Income (loss) from continuing operations before income taxes and minority interest |
| (3.1 | ) | (4.4 | ) | 2.8 |
| |||
Income tax expense (benefit) |
| (1.0 | ) | 1.0 |
| 17.6 |
| |||
Minority interest, net of tax |
| — |
| 0.4 |
| 0.2 |
| |||
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Loss from continuing operations |
| (2.1 | ) | (5.8 | ) | (15.0 | ) | |||
Income (loss) from discontinued operations, net of income taxes |
| 0.3 |
| (40.9 | ) | (17.7 | ) | |||
Net loss |
| $ | (1.8 | ) | $ | (46.7 | ) | $ | (32.7 | ) |
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| |||
Per Share: |
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Basic earnings (loss) per share: |
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| |||
Loss from continuing operations |
| $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.28 | ) |
Income (loss) from discontinued operations |
| 0.01 |
| (0.75 | ) | (0.33 | ) | |||
Basic earnings (loss) per share |
| $ | (0.03 | ) | $ | (0.86 | ) | $ | (0.60 | ) |
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Diluted earnings (loss) per share: |
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| |||
Loss from continuing operations |
| $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.28 | ) |
Income (loss) from discontinued operations |
| 0.01 |
| (0.75 | ) | (0.33 | ) | |||
Diluted earnings (loss) per share |
| $ | (0.03 | ) | $ | (0.86 | ) | $ | (0.60 | ) |
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Weighted average number of shares outstanding: |
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| |||
Basic |
| 54.1 |
| 54.2 |
| 54.2 |
| |||
Diluted |
| 54.1 |
| 54.2 |
| 54.2 |
|
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Year |
| |||||
|
| Ended |
| Ended |
| Ended |
| Ended |
| Ended |
| |||||
|
| March 31, |
| June 30, |
| September 30, |
| December 31, |
| December 31, |
| |||||
|
| 2007 |
| 2007 |
| 2007 |
| 2007 |
| 2007 |
| |||||
Net Sales |
| $ | 420.8 |
| $ | 439.0 |
| $ | 468.1 |
| $ | 506.9 |
| $ | 1,834.8 |
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Operating costs and expenses: |
|
|
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Cost of products sold |
| 296.3 |
| 304.6 |
| 324.4 |
| 337.0 |
| 1,262.3 |
| |||||
Advertising, selling, general and administrative expenses |
| 109.2 |
| 109.3 |
| 103.2 |
| 111.8 |
| 433.5 |
| |||||
Amortization of intangibles |
| 2.0 |
| 2.0 |
| 2.0 |
| 1.9 |
| 7.9 |
| |||||
Restructuring charges |
| 0.7 |
| 2.4 |
| 11.3 |
| 6.6 |
| 21.0 |
| |||||
Goodwill and asset impairment charges |
| — |
| — |
| — |
| 2.3 |
| 2.3 |
| |||||
Total operating costs and expenses |
| 408.2 |
| 418.3 |
| 440.9 |
| 459.6 |
| 1,727.0 |
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Operating income |
| 12.6 |
| 20.7 |
| 27.2 |
| 47.3 |
| 107.8 |
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Non-operating expense (income): |
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Interest expense, net |
| 14.9 |
| 16.0 |
| 16.5 |
| 16.7 |
| 64.1 |
| |||||
Equity in (earnings) of joint ventures |
| (1.1 | ) | (1.3 | ) | (2.0 | ) | (2.4 | ) | (6.8 | ) | |||||
Other (income) expense, net |
| 0.2 |
| (0.3 | ) | (1.1 | ) | 0.5 |
| (0.7 | ) | |||||
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Income (loss) from continuing operations before income taxes and minority interest |
| (1.4 | ) | 6.3 |
| 13.8 |
| 32.5 |
| 51.2 |
| |||||
Income tax expense (benefit) |
| (1.4 | ) | 1.4 |
| 4.7 |
| 11.9 |
| 16.6 |
| |||||
Minority interest, net of tax |
| 0.1 |
| 0.2 |
| 0.2 |
| 0.1 |
| 0.6 |
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Income (loss) from continuing operations |
| (0.1 | ) | 4.7 |
| 8.9 |
| 20.5 |
| 34.0 |
| |||||
Income (loss) from discontinued operations, net of income taxes |
| 0.3 |
| (0.2 | ) | (0.2 | ) | (34.8 | ) | (34.9 | ) | |||||
Net income (loss) |
| $ | 0.2 |
| $ | 4.5 |
| $ | 8.7 |
| $ | (14.3 | ) | $ | (0.9 | ) |
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Per Share: |
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Basic earnings (loss) per share: |
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Income (loss) from continuing operations |
| $ | — |
| $ | 0.09 |
| $ | 0.16 |
| $ | 0.38 |
| $ | 0.63 |
|
Income (loss) from discontinued operations |
| 0.01 |
| — |
| — |
| (0.64 | ) | (0.65 | ) | |||||
Basic earnings (loss) per share |
| $ | — |
| $ | 0.08 |
| $ | 0.16 |
| $ | (0.26 | ) | $ | (0.02 | ) |
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Diluted earnings (loss) per share: |
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Income (loss) from continuing operations |
| $ | — |
| $ | 0.09 |
| $ | 0.16 |
| $ | 0.37 |
| $ | 0.62 |
|
Income (loss) from discontinued operations |
| 0.01 |
| — |
| — |
| (0.64 | ) | (0.63 | ) | |||||
Diluted earnings (loss) per share |
| $ | — |
| $ | 0.08 |
| $ | 0.16 |
| $ | (0.26 | ) | $ | (0.02 | ) |
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Weighted average number of shares outstanding: |
|
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| |||||
Basic |
| 53.9 |
| 54.0 |
| 54.0 |
| 54.1 |
| 54.0 |
| |||||
Diluted |
| 53.9 |
| 55.1 |
| 55.0 |
| 54.8 |
| 55.0 |
|