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 | |
| | | | | | | |
Operating costs and expenses: | | | | | | | |
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 | |
| | | | | | | |
Operating income | | 10.4 | | 12.0 | | 18.2 | |
| | | | | | | |
Non-operating expense (income): | | | | | | | |
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 | |
| | | | | | | |
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 | |
| | | | | | | |
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 | ) |
| | | | | | | |
Per Share: | | | | | | | |
Basic earnings (loss) per share: | | | | | | | |
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 | ) |
| | | | | | | |
Diluted earnings (loss) per share: | | | | | | | |
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 | ) |
| | | | | | | |
Weighted average number of shares outstanding: | | | | | | | |
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 | |
| | | | | | | | | | | |
Operating costs and expenses: | | | | | | | | | | | |
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 | |
| | | | | | | | | | | |
Operating income | | 12.6 | | 20.7 | | 27.2 | | 47.3 | | 107.8 | |
| | | | | | | | | | | |
Non-operating expense (income): | | | | | | | | | | | |
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 | ) |
| | | | | | | | | | | |
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 | |
| | | | | | | | | | | |
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 | ) |
| | | | | | | | | | | |
Per Share: | | | | | | | | | | | |
Basic earnings (loss) per share: | | | | | | | | | | | |
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 | ) |
| | | | | | | | | | | |
Diluted earnings (loss) per share: | | | | | | | | | | | |
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 | ) |
| | | | | | | | | | | |
Weighted average number of shares outstanding: | | | | | | | | | | | |
Basic | | 53.9 | | 54.0 | | 54.0 | | 54.1 | | 54.0 | |
Diluted | | 53.9 | | 55.1 | | 55.0 | | 54.8 | | 55.0 | |