Exhibit 99.1
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
| | | | |
| | Quarter Ended March 31, 2011 | |
Net sales | | $ | 298.4 | |
Cost of products sold | | | 209.2 | |
| | | | |
Gross profit | | | 89.2 | |
| |
Operating costs and expenses: | | | | |
Advertising, selling, general and administrative expenses | | | 74.3 | |
Amortization of intangibles | | | 1.7 | |
Restructuring income | | | (0.1 | ) |
| | | | |
Total operating costs and expenses | | | 75.9 | |
| | | | |
| |
Operating income | | | 13.3 | |
| |
Non-operating expense (income): | | | | |
Interest expense | | | 19.2 | |
Equity in earnings of joint ventures | | | (1.2 | ) |
Other income, net | | | (0.2 | ) |
| | | | |
| |
Loss from continuing operations before income tax | | | (4.5 | ) |
Income tax expense | | | 4.5 | |
| | | | |
Loss from continuing operations | | | (9.0 | ) |
Income from discontinued operations, net of income taxes | | | 0.9 | |
| | | | |
Net loss | | $ | (8.1 | ) |
| | | | |
| |
Per share: | | | | |
Basic loss per share: | | | | |
Loss from continuing operations | | $ | (0.16 | ) |
Income from discontinued operations | | | 0.02 | |
Basic loss per share | | $ | (0.15 | ) |
| |
Diluted loss per share: | | | | |
Loss from continuing operations | | $ | (0.16 | ) |
Income from discontinued operations | | | 0.02 | |
Diluted loss per share | | $ | (0.15 | ) |
| |
Weighted average number of shares outstanding: | | | | |
Basic | | | 55.0 | |
Diluted | | | 55.0 | |
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | Quarter Ended March 31, 2010 | | | Quarter Ended June 30, 2010 | | | Quarter Ended September 30, 2010 | | | Quarter Ended December 31, 2010 | | | Year Ended December 31, 2010 | |
Net sales | | $ | 300.5 | | | $ | 305.2 | | | $ | 319.4 | | | $ | 359.5 | | | $ | 1,284.6 | |
Cost of products sold | | | 209.5 | | | | 210.7 | | | | 221.6 | | | | 245.7 | | | | 887.5 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 91.0 | | | | 94.5 | | | | 97.8 | | | | 113.8 | | | | 397.1 | |
| | | | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | |
Advertising, selling, general and administrative expenses | | | 68.8 | | | | 68.6 | | | | 66.1 | | | | 77.7 | | | | 281.2 | |
Amortization of intangibles | | | 1.8 | | | | 1.6 | | | | 1.7 | | | | 1.6 | | | | 6.7 | |
Restructuring charges (income) | | | (0.1 | ) | | | (0.7 | ) | | | — | | | | 0.3 | | | | (0.5 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | 70.5 | | | | 69.5 | | | | 67.8 | | | | 79.6 | | | | 287.4 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Operating income | | | 20.5 | | | | 25.0 | | | | 30.0 | | | | 34.2 | | | | 109.7 | |
| | | | | |
Non-operating expense (income): | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | 19.5 | | | | 19.7 | | | | 19.7 | | | | 19.4 | | | | 78.3 | |
Equity in earnings of joint ventures | | | (1.2 | ) | | | (1.1 | ) | | | (2.3 | ) | | | (3.7 | ) | | | (8.3 | ) |
Other expense, net | | | 0.9 | | | | 0.2 | | | | 0.1 | | | | — | | | | 1.2 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from continuing operations before income tax | | | 1.3 | | | | 6.2 | | | | 12.5 | | | | 18.5 | | | | 38.5 | |
Income tax expense | | | 6.5 | | | | 1.9 | | | | 8.1 | | | | 14.2 | | | | 30.7 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | (5.2 | ) | | | 4.3 | | | | 4.4 | | | | 4.3 | | | | 7.8 | |
Income from discontinued operations, net of income taxes | | | 0.5 | | | | 0.6 | | | | 1.0 | | | | 2.5 | | | | 4.6 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (4.7 | ) | | $ | 4.9 | | | $ | 5.4 | | | $ | 6.8 | | | $ | 12.4 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Per share: | | | | | | | | | | | | | | | | | | | | |
Basic earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.10 | ) | | $ | 0.08 | | | $ | 0.08 | | | $ | 0.08 | | | $ | 0.14 | |
Income from discontinued operations | | | 0.01 | | | | 0.01 | | | | 0.02 | | | | 0.05 | | | | 0.08 | |
Basic earnings (loss) per share | | $ | (0.09 | ) | | $ | 0.09 | | | $ | 0.10 | | | $ | 0.12 | | | $ | 0.23 | |
| | | | | |
Diluted earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | $ | (0.10 | ) | | $ | 0.08 | | | $ | 0.08 | | | $ | 0.07 | | | $ | 0.14 | |
Income from discontinued operations | | | 0.01 | | | | 0.01 | | | | 0.02 | | | | 0.04 | | | | 0.08 | |
Diluted earnings (loss) per share | | $ | (0.09 | ) | | $ | 0.09 | | | $ | 0.09 | | | $ | 0.12 | | | $ | 0.22 | |
| | | | | |
Weighted average number of shares outstanding: | | | | | | | | | | | | | | | | | | | | |
Basic | | | 54.6 | | | | 54.8 | | | | 54.9 | | | | 54.9 | | | | 54.8 | |
Diluted | | | 54.6 | | | | 57.2 | | | | 57.1 | | | | 57.2 | | | | 57.2 | |