Exhibit 99.1
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | First Quarter Ended April 3, 2011 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 329.9 | | $ | — | | $ | 329.9 | |
Cost of goods sold | | 208.9 | | — | | 208.9 | |
GROSS PROFIT | | 121.0 | | — | | 121.0 | |
Selling, general & administrative expenses | | 97.0 | | — | | 97.0 | |
Restructuring and other charges, net | | 1.1 | | — | | 1.1 | |
OPERATING INCOME | | 22.9 | | — | | 22.9 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.3 | ) | — | | (0.3 | ) |
Interest expense | | 5.9 | | — | | 5.9 | |
Other expense, net | | 0.1 | | — | | 0.1 | |
Total other expense | | 5.7 | | — | | 5.7 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 17.2 | | — | | 17.2 | |
Provision for income taxes | | 6.1 | | — | | 6.1 | |
NET INCOME FROM CONTINUING OPERATIONS | | 11.1 | | — | | 11.1 | |
Income from discontinued operations, net of taxes | | — | | — | | — | |
NET INCOME | | $ | 11.1 | | $ | — | | $ | 11.1 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.30 | | $ | — | | $ | 0.30 | |
Discontinued operations | | — | | — | | — | |
NET INCOME | | $ | 0.30 | | $ | — | | $ | 0.30 | |
Weighted average number of shares | | 37.5 | | 37.5 | | 37.5 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.29 | | $ | — | | $ | 0.29 | |
Discontinued operations | | — | | — | | — | |
NET INCOME | | $ | 0.29 | | $ | — | | $ | 0.29 | |
Weighted average number of shares | | 37.7 | | 37.7 | | 37.7 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q1 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | SECOND QUARTER ENDED JULY 3, 2011 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 375.7 | | $ | 2.5 | | $ | 373.2 | |
Cost of goods sold | | 245.4 | | 1.6 | | 243.8 | |
GROSS PROFIT | | 130.3 | | 0.9 | | 129.4 | |
Selling, general & administrative expenses | | 98.2 | | 0.6 | | 97.6 | |
Restructuring and other charges, net | | 5.5 | | — | | 5.5 | |
OPERATING INCOME | | 26.6 | | 0.3 | | 26.3 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.2 | ) | — | | (0.2 | ) |
Interest expense | | 6.7 | | — | | 6.7 | |
Other expense, net | | 0.6 | | — | | 0.6 | |
Total other expense | | 7.1 | | — | | 7.1 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 19.5 | | 0.3 | | 19.2 | |
Provision for income taxes | | 6.6 | | 0.1 | | 6.5 | |
NET INCOME FROM CONTINUING OPERATIONS | | 12.9 | | 0.2 | | 12.7 | |
Income from discontinued operations, net of taxes | | 1.7 | | 0.2 | | 1.9 | |
NET INCOME | | $ | 14.6 | | $ | — | | $ | 14.6 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.34 | | $ | — | | $ | 0.34 | |
Discontinued operations | | 0.05 | | — | | 0.05 | |
NET INCOME | | $ | 0.39 | | $ | — | | $ | 0.39 | |
Weighted average number of shares | | 37.6 | | 37.6 | | 37.6 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.34 | | $ | — | | $ | 0.34 | |
Discontinued operations | | 0.05 | | — | | 0.05 | |
NET INCOME | | $ | 0.39 | | $ | — | | $ | 0.39 | |
Weighted average number of shares | | 37.8 | | 37.8 | | 37.8 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q2 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | THIRD QUARTER ENDED OCTOBER 2, 2011 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 370.8 | | $ | 3.3 | | $ | 367.5 | |
Cost of goods sold | | 235.1 | | 2.1 | | 233.0 | |
GROSS PROFIT | | 135.7 | | 1.2 | | 134.5 | |
Selling, general & administrative expenses | | 92.6 | | 0.9 | | 91.7 | |
Restructuring and other charges, net | | 1.9 | | — | | 1.9 | |
OPERATING INCOME | | 41.2 | | 0.3 | | 40.9 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.2 | ) | — | | (0.2 | ) |
Interest expense | | 6.5 | | — | | 6.5 | |
Other income, net | | (0.3 | ) | — | | (0.3 | ) |
Total other expense | | 6.0 | | — | | 6.0 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 35.2 | | 0.3 | | 34.9 | |
Provision for income taxes | | 11.6 | | 0.1 | | 11.5 | |
NET INCOME FROM CONTINUING OPERATIONS | | 23.6 | | 0.2 | | 23.4 | |
Income from discontinued operations, net of taxes | | 0.1 | | 0.2 | | 0.3 | |
NET INCOME | | $ | 23.7 | | $ | — | | $ | 23.7 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.63 | | $ | (0.01 | ) | $ | 0.63 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.63 | | $ | — | | $ | 0.63 | |
Weighted average number of shares | | 37.4 | | 37.4 | | 37.4 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.63 | | $ | (0.01 | ) | $ | 0.62 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.63 | | $ | — | | $ | 0.63 | |
Weighted average number of shares | | 37.5 | | 37.5 | | 37.5 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q3 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | FOURTH QUARTER ENDED DECEMBER 31, 2011 | | YEAR ENDED DECEMBER 31, 2011 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 360.2 | | $ | 2.7 | | $ | 357.5 | | $ | 1,436.6 | | $ | 8.5 | | $ | 1,428.1 | |
Cost of goods sold | | 231.7 | | 2.1 | | 229.6 | | 921.1 | | 5.8 | | 915.3 | |
GROSS PROFIT | | 128.5 | | 0.6 | | 127.9 | | 515.5 | | 2.7 | | 512.8 | |
Selling, general & administrative expenses | | 92.1 | | 0.8 | | 91.3 | | 379.9 | | 2.3 | | 377.6 | |
Restructuring and other charges, net | | 0.6 | | — | | 0.6 | | 8.8 | | — | | 8.8 | |
Goodwill and other long-lived asset impairment charges | | 17.1 | | — | | 17.1 | | 17.4 | | — | | 17.4 | |
Gain on disposal of business | | (7.7 | ) | — | | (7.7 | ) | (7.7 | ) | — | | (7.7 | ) |
OPERATING INCOME | | 26.4 | | (0.2 | ) | 26.6 | | 117.1 | | 0.4 | | 116.7 | |
Other (income) expense: | | | | | | | | | | | | | |
Interest income | | (0.3 | ) | — | | (0.3 | ) | (1.0 | ) | — | | (1.0 | ) |
Interest expense | | 6.7 | | — | | 6.7 | | 25.8 | | — | | 25.8 | |
Other expense, net | | 0.4 | | — | | 0.4 | | 0.8 | | — | | 0.8 | |
Total other expense | | 6.8 | | — | | 6.8 | | 25.6 | | — | | 25.6 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 19.6 | | (0.2 | ) | 19.8 | | 91.5 | | 0.4 | | 91.1 | |
Provision for income taxes | | 2.5 | | (0.1 | ) | 2.6 | | 26.8 | | 0.1 | | 26.7 | |
NET INCOME FROM CONTINUING OPERATIONS | | 17.1 | | (0.1 | ) | 17.2 | | 64.7 | | 0.3 | | 64.4 | |
Income (loss) from discontinued operations, net of taxes | | (0.1 | ) | (0.1 | ) | (0.2 | ) | 1.7 | | 0.3 | | 2.0 | |
NET INCOME | | $ | 17.0 | | $ | — | | $ | 17.0 | | $ | 66.4 | | $ | — | | $ | 66.4 | |
| | | | | | | | | | | | | |
BASIC EPS | | | | | | | | | | | | | |
Net income per share: | | | | | | | | | | | | | |
Continuing operations | | $ | 0.47 | | $ | — | | $ | 0.47 | | $ | 1.73 | | $ | (0.01 | ) | $ | 1.73 | |
Discontinued operations | | — | | — | | — | | 0.05 | | 0.01 | | 0.05 | |
NET INCOME | | $ | 0.46 | | $ | — | | $ | 0.47 | | $ | 1.78 | | $ | — | | $ | 1.78 | |
Weighted average number of shares | | 36.8 | | 36.8 | | 36.8 | | 37.3 | | 37.3 | | 37.3 | |
DILUTED EPS | | | | | | | | | | | | | |
Net income per share: | | | | | | | | | | | | | |
Continuing operations | | $ | 0.46 | | $ | — | | $ | 0.47 | | $ | 1.73 | | $ | (0.01 | ) | $ | 1.72 | |
Discontinued operations | | — | | — | | — | | 0.05 | | 0.01 | | 0.05 | |
NET INCOME | | $ | 0.46 | | $ | — | | $ | 0.47 | | $ | 1.78 | | $ | — | | $ | 1.78 | |
Weighted average number of shares | | 36.8 | | 36.8 | | 36.8 | | 37.5 | | 37.5 | | 37.5 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | | $ | 0.44 | | | | $ | 0.44 | |
(1) As originally reported in 2011 10K
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | First Quarter Ended April 1, 2012 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 364.2 | | $ | 3.0 | | $ | 361.2 | |
Cost of goods sold | �� | 234.6 | | 1.9 | | 232.7 | |
GROSS PROFIT | | 129.6 | | 1.1 | | 128.5 | |
Selling, general & administrative expenses | | 101.0 | | 0.8 | | 100.2 | |
Restructuring and other charges, net | | 1.7 | | — | | 1.7 | |
OPERATING INCOME | | 26.9 | | 0.3 | | 26.6 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.2 | ) | — | | (0.2 | ) |
Interest expense | | 6.2 | | — | | 6.2 | |
Other income, net | | (0.9 | ) | — | | (0.9 | ) |
Total other expense | | 5.1 | | — | | 5.1 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 21.8 | | 0.3 | | 21.5 | |
Provision for income taxes | | 6.1 | | 0.1 | | 6.0 | |
NET INCOME FROM CONTINUING OPERATIONS | | 15.7 | | 0.2 | | 15.5 | |
Income from discontinued operations, net of taxes | | — | | 0.2 | | 0.2 | |
NET INCOME | | $ | 15.7 | | $ | — | | $ | 15.7 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.42 | | $ | — | | $ | 0.42 | |
Discontinued operations | | — | | — | | — | |
NET INCOME | | $ | 0.42 | | $ | — | | $ | 0.42 | |
Weighted average number of shares | | 36.9 | | 36.9 | | 36.9 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.42 | | $ | — | | $ | 0.42 | |
Discontinued operations | | — | | — | | — | |
NET INCOME | | $ | 0.42 | | $ | — | | $ | 0.42 | |
Weighted average number of shares | | 37.0 | | 37.0 | | 37.0 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q1 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | SECOND QUARTER ENDED JULY 1, 2012 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 371.1 | | $ | 3.7 | | $ | 367.4 | |
Cost of goods sold | | 239.3 | | 2.3 | | 237.0 | |
GROSS PROFIT | | 131.8 | | 1.4 | | 130.4 | |
Selling, general & administrative expenses | | 96.9 | | 0.9 | | 96.0 | |
Restructuring and other charges, net | | 1.2 | | — | | 1.2 | |
OPERATING INCOME | | 33.7 | | 0.5 | | 33.2 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.2 | ) | — | | (0.2 | ) |
Interest expense | | 6.1 | | — | | 6.1 | |
Total other expense | | 5.9 | | — | | 5.9 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 27.8 | | 0.5 | | 27.3 | |
Provision for income taxes | | 9.3 | | 0.2 | | 9.1 | |
NET INCOME FROM CONTINUING OPERATIONS | | 18.5 | | 0.3 | | 18.2 | |
Income from discontinued operations, net of taxes | | — | | 0.3 | | 0.3 | |
NET INCOME | | $ | 18.5 | | $ | — | | $ | 18.5 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.51 | | $ | (0.01 | ) | $ | 0.50 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.51 | | $ | — | | $ | 0.51 | |
Weighted average number of shares | | 36.5 | | 36.5 | | 36.5 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.51 | | $ | (0.01 | ) | $ | 0.50 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.51 | | $ | — | | $ | 0.51 | |
Weighted average number of shares | | 36.6 | | 36.6 | | 36.6 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q2 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | THIRD QUARTER ENDED SEPTEMBER 30, 2012 | |
| | Originally
Filed (1) | | Discontinued
Operations (2) | | As Reported (3) | |
Net sales | | $ | 361.2 | | $ | 3.4 | | $ | 357.8 | |
Cost of goods sold | | 231.0 | | 2.1 | | 228.9 | |
GROSS PROFIT | | 130.2 | | 1.3 | | 128.9 | |
Selling, general & administrative expenses | | 93.5 | | 0.9 | | 92.6 | |
Restructuring and other charges, net | | 1.2 | | — | | 1.2 | |
Goodwill and other long-lived asset impairment charges | | 2.4 | | — | | 2.4 | |
OPERATING INCOME | | 33.1 | | 0.4 | | 32.7 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.1 | ) | — | | (0.1 | ) |
Interest expense | | 6.1 | | — | | 6.1 | |
Other expense, net | | (0.6 | ) | — | | (0.6 | ) |
Total other expense | | 5.4 | | — | | 5.4 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 27.7 | | 0.4 | | 27.3 | |
Provision for income taxes | | 9.0 | | 0.2 | | 8.8 | |
NET INCOME FROM CONTINUING OPERATIONS | | 18.7 | | 0.2 | | 18.5 | |
Income from discontinued operations, net of taxes | | — | | 0.2 | | 0.2 | |
NET INCOME | | $ | 18.7 | | $ | — | | $ | 18.7 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.53 | | $ | (0.01 | ) | $ | 0.53 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.53 | | $ | — | | $ | 0.53 | |
Weighted average number of shares | | 35.1 | | 35.1 | | 35.1 | |
DILUTED EPS | | | | | | | |
Net income per share: | | | | | | | |
Continuing operations | | $ | 0.53 | | $ | (0.01 | ) | $ | 0.52 | |
Discontinued operations | | — | | 0.01 | | 0.01 | |
NET INCOME | | $ | 0.53 | | $ | — | | $ | 0.53 | |
Weighted average number of shares | | 35.2 | | 35.2 | | 35.2 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
(1) As originally reported in Q3 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
| | FOURTH QUARTER ENDED DECEMBER 31, 2012 | |
| | Continuing
Ops | | Disc Ops | | As Reported | |
Net sales | | $ | 362.0 | | $ | 2.8 | | $ | 359.2 | |
Cost of goods sold | | 231.2 | | 1.7 | | 229.5 | |
GROSS PROFIT | | 130.8 | | 1.1 | | 129.7 | |
Selling, general & administrative expenses | | 95.9 | | (0.1 | ) | 96.0 | |
Restructuring and other charges, net | | 2.4 | | — | | 2.4 | |
Goodwill and other long-lived asset impairment charges | | 0.4 | | — | | 0.4 | |
(Gain on) adjustment on disposal of business | | — | | | | — | |
OPERATING INCOME | | 32.1 | | 1.2 | | 30.9 | |
Other (income) expense: | | | | | | | |
Interest income | | (0.2 | ) | — | | (0.2 | ) |
Interest expense | | 6.2 | | — | | 6.2 | |
Other expense (income), net | | 4.2 | | 3.5 | | 0.7 | |
Total other expense | | 10.2 | | 3.5 | | 6.7 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 21.9 | | (2.3 | ) | 24.2 | |
Provision for income taxes | | 6.4 | | 0.6 | | 5.8 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | | 15.5 | | (2.9 | ) | 18.4 | |
Income (loss) from discontinued operations, net of taxes | | — | | (2.9 | ) | (2.9 | ) |
NET INCOME | | $ | 15.5 | | $ | — | | $ | 15.5 | |
| | | | | | | |
BASIC EPS | | | | | | | |
Net income (loss) per share: | | | | | | | |
Continuing operations | | $ | 0.52 | | $ | — | | $ | 0.52 | |
Discontinued operations | | — | | (0.08 | ) | (0.08 | ) |
NET INCOME | | $ | 0.52 | | $ | — | | $ | 0.44 | |
Weighted average number of shares | | 35.4 | | 35.4 | | 35.4 | |
DILUTED EPS | | | | | | | |
Net income (loss) per share: | | | | | | | |
Continuing operations | | $ | 0.52 | | $ | — | | $ | 0.52 | |
Discontinued operations | | — | | (0.08 | ) | (0.08 | ) |
NET INCOME | | $ | 0.52 | | $ | — | | $ | 0.44 | |
Weighted average number of shares | | 35.5 | | 35.5 | | 35.5 | |
Dividends per share | | $ | 0.11 | | | | $ | 0.11 | |
