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 |
| |||||||
|
| As Reported |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 329.9 |
| $ | 4.5 |
| $ | 325.4 |
|
Cost of goods sold |
| 208.9 |
| 3.6 |
| 205.3 |
| |||
GROSS PROFIT |
| 121.0 |
| 0.9 |
| 120.1 |
| |||
Selling, general & administrative expenses |
| 97.0 |
| 1.6 |
| 95.4 |
| |||
Restructuring and other charges, net |
| 1.1 |
| — |
| 1.1 |
| |||
Goodwill and other long-lived asset impairment charges |
| — |
| — |
| — |
| |||
OPERATING INCOME |
| 22.9 |
| (0.7 | ) | 23.6 |
| |||
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 |
| (0.7 | ) | 17.9 |
| |||
Provision for income taxes |
| 6.1 |
| (0.2 | ) | 6.3 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 11.1 |
| (0.5 | ) | 11.6 |
| |||
Income from discontinued operations, net of taxes |
| — |
| (0.5 | ) | (0.5 | ) | |||
NET INCOME |
| $ | 11.1 |
| $ | — |
| $ | 11.1 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.30 |
| $ | 0.01 |
| $ | 0.31 |
|
Discontinued operations |
| — |
| (0.01 | ) | (0.01 | ) | |||
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 |
| $ | 0.01 |
| $ | 0.30 |
|
Discontinued operations |
| — |
| (0.01 | ) | (0.01 | ) | |||
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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| |||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 373.2 |
| $ | 5.6 |
| $ | 367.6 |
|
Cost of goods sold |
| 243.8 |
| 4.4 |
| 239.4 |
| |||
GROSS PROFIT |
| 129.4 |
| 1.2 |
| 128.2 |
| |||
Selling, general & administrative expenses |
| 97.6 |
| 1.7 |
| 95.9 |
| |||
Restructuring and other charges, net |
| 5.2 |
| — |
| 5.2 |
| |||
Goodwill and other long-lived asset impairment charges |
| 0.3 |
| 0.3 |
| — |
| |||
OPERATING INCOME |
| 26.3 |
| (0.8 | ) | 27.1 |
| |||
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 |
| 19.2 |
| (0.8 | ) | 20.0 |
| |||
Provision for income taxes |
| 6.5 |
| (0.1 | ) | 6.6 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 12.7 |
| (0.7 | ) | 13.4 |
| |||
Income from discontinued operations, net of taxes |
| 1.9 |
| (0.7 | ) | 1.2 |
| |||
NET INCOME |
| $ | 14.6 |
| $ | — |
| $ | 14.6 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.34 |
| $ | 0.02 |
| $ | 0.36 |
|
Discontinued operations |
| 0.05 |
| (0.02 | ) | 0.03 |
| |||
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 |
| $ | 0.02 |
| $ | 0.35 |
|
Discontinued operations |
| 0.05 |
| (0.02 | ) | 0.03 |
| |||
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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| |||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 367.5 |
| $ | 6.0 |
| $ | 361.5 |
|
Cost of goods sold |
| 233.0 |
| 4.4 |
| 228.6 |
| |||
GROSS PROFIT |
| 134.5 |
| 1.6 |
| 132.9 |
| |||
Selling, general & administrative expenses |
| 91.7 |
| 1.6 |
| 90.1 |
| |||
Restructuring and other charges, net |
| 1.9 |
| — |
| 1.9 |
| |||
Goodwill and other long-lived asset impairment charges |
| — |
| — |
| — |
| |||
OPERATING INCOME |
| 40.9 |
| — |
| 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 |
| 34.9 |
| — |
| 34.9 |
| |||
Provision for income taxes |
| 11.5 |
| (0.1 | ) | 11.6 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 23.4 |
| 0.1 |
| 23.3 |
| |||
Income from discontinued operations, net of taxes |
| 0.3 |
| 0.1 |
| 0.4 |
| |||
NET INCOME |
| $ | 23.7 |
| $ | — |
| $ | 23.7 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.63 |
| $ | — |
| $ | 0.62 |
|
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 |
| $ | 0.62 |
| $ | — |
| $ | 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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| ||||||||||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| As Reported (1) |
| Discontinued |
| As Restated |
| ||||||
Net sales |
| $ | 357.5 |
| $ | 4.6 |
| $ | 352.9 |
| $ | 1,428.1 |
| $ | 20.7 |
| $ | 1,407.4 |
|
Cost of goods sold |
| 229.6 |
| 3.9 |
| 225.7 |
| 915.3 |
| 16.3 |
| 899.0 |
| ||||||
GROSS PROFIT |
| 127.9 |
| 0.7 |
| 127.2 |
| 512.8 |
| 4.4 |
| 508.4 |
| ||||||
Selling, general & administrative expenses |
| 91.3 |
| 1.2 |
| 90.1 |
| 377.6 |
| 6.1 |
| 371.5 |
| ||||||
Restructuring and other charges, net |
| 0.6 |
| — |
| 0.6 |
| 8.8 |
| — |
| 8.8 |
| ||||||
Goodwill and other long-lived asset impairment charges |
| 17.1 |
| 14.8 |
| 2.3 |
| 17.4 |
| 15.1 |
| 2.3 |
| ||||||
Gain on disposal of business |
| (7.7 | ) | — |
| (7.7 | ) | (7.7 | ) | — |
| (7.7 | ) | ||||||
OPERATING INCOME |
| 26.6 |
| (15.3 | ) | 41.9 |
| 116.7 |
| (16.8 | ) | 133.5 |
| ||||||
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 |
| 19.8 |
| (15.3 | ) | 35.1 |
| 91.1 |
| (16.8 | ) | 107.9 |
| ||||||
Provision for income taxes |
| 2.6 |
| (3.6 | ) | 6.2 |
| 26.7 |
| (4.0 | ) | 30.7 |
| ||||||
NET INCOME FROM CONTINUING OPERATIONS |
| 17.2 |
| (11.7 | ) | 28.9 |
| 64.4 |
| (12.8 | ) | 77.2 |
| ||||||
Income (loss) from discontinued operations, net of taxes |
| (0.2 | ) | (11.7 | ) | (11.9 | ) | 2.0 |
| (12.8 | ) | (10.8 | ) | ||||||
NET INCOME |
| $ | 17.0 |
| $ | — |
| $ | 17.0 |
| $ | 66.4 |
| $ | — |
| $ | 66.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
BASIC EPS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Continuing operations |
| $ | 0.47 |
| $ | 0.32 |
| $ | 0.79 |
| $ | 1.73 |
| $ | 0.34 |
| $ | 2.07 |
|
Discontinued operations |
| — |
| (0.32 | ) | (0.32 | ) | 0.05 |
| (0.34 | ) | (0.29 | ) | ||||||
NET INCOME |
| $ | 0.47 |
| $ | — |
| $ | 0.46 |
| $ | 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 |
| $ | 0.47 |
| $ | 0.32 |
| $ | 0.79 |
| $ | 1.72 |
| $ | 0.34 |
| $ | 2.06 |
|
Discontinued operations |
| — |
| (0.32 | ) | (0.32 | ) | 0.05 |
| (0.34 | ) | (0.28 | ) | ||||||
NET INCOME |
| $ | 0.47 |
| $ | — |
| $ | 0.46 |
| $ | 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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| |||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 361.2 |
| $ | 3.6 |
| $ | 357.6 |
|
Cost of goods sold |
| 232.7 |
| 2.9 |
| 229.8 |
| |||
GROSS PROFIT |
| 128.5 |
| 0.7 |
| 127.8 |
| |||
Selling, general & administrative expenses |
| 100.2 |
| 1.0 |
| 99.2 |
| |||
Restructuring and other charges, net |
| 1.2 |
| — |
| 1.2 |
| |||
Goodwill and other long-lived asset impairment charges |
| 0.5 |
| — |
| 0.5 |
| |||
OPERATING INCOME |
| 26.6 |
| (0.3 | ) | 26.9 |
| |||
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 |
| 21.5 |
| (0.3 | ) | 21.8 |
| |||
Provision for income taxes |
| 6.0 |
| (0.1 | ) | 6.1 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 15.5 |
| (0.2 | ) | 15.7 |
| |||
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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| |||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 367.4 |
| $ | 4.9 |
| $ | 362.5 |
|
Cost of goods sold |
| 237.0 |
| 3.9 |
| 233.1 |
| |||
GROSS PROFIT |
| 130.4 |
| 1.0 |
| 129.4 |
| |||
Selling, general & administrative expenses |
| 96.0 |
| 1.0 |
| 95.0 |
| |||
Restructuring and other charges, net |
| 1.1 |
| — |
| 1.1 |
| |||
Goodwill and other long-lived asset impairment charges |
| 0.1 |
| — |
| 0.1 |
| |||
OPERATING INCOME |
| 33.2 |
| — |
| 33.2 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
| (0.2 | ) | — |
| (0.2 | ) | |||
Interest expense |
| 6.1 |
| — |
| 6.1 |
| |||
Other expense (income), net |
| — |
| — |
| — |
| |||
Total other expense |
| 5.9 |
| — |
| 5.9 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 27.3 |
| — |
| 27.3 |
| |||
Provision for income taxes |
| 9.1 |
| — |
| 9.1 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 18.2 |
| — |
| 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 |
| $ | 0.50 |
| $ | — |
| $ | 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 |
| $ | 0.50 |
| $ | — |
| $ | 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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| |||||||
|
| As Reported (1) |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 357.8 |
| $ | 5.0 |
| $ | 352.8 |
|
Cost of goods sold |
| 228.9 |
| 3.8 |
| 225.1 |
| |||
GROSS PROFIT |
| 128.9 |
| 1.2 |
| 127.7 |
| |||
Selling, general & administrative expenses |
| 92.6 |
| 0.9 |
| 91.7 |
| |||
Restructuring and other charges, net |
| (0.4 | ) | 0.1 |
| (0.5 | ) | |||
Gain on disposal of business |
| 1.6 |
| — |
| 1.6 |
| |||
Goodwill and other long-lived asset impairment charges |
| 2.4 |
| — |
| 2.4 |
| |||
OPERATING INCOME |
| 32.7 |
| 0.2 |
| 32.5 |
| |||
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 |
| 27.3 |
| 0.2 |
| 27.1 |
| |||
Provision for income taxes |
| 8.8 |
| — |
| 8.8 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 18.5 |
| 0.2 |
| 18.3 |
| |||
Income from discontinued operations, net of taxes |
| 0.2 |
| 0.2 |
| 0.4 |
| |||
NET INCOME |
| $ | 18.7 |
| $ | — |
| $ | 18.7 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.53 |
| $ | (0.01 | ) | $ | 0.52 |
|
Discontinued operations |
| 0.01 |
| 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 |
| $ | 0.52 |
| $ | — |
| $ | 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 reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
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 |
| Year Ended December 31, 2012 |
| ||||||||||||||
|
| As Reported (1) |
| Disc Ops (2) |
| As Restated |
| As Reported |
| Discontinued |
| As Restated |
| ||||||
Net sales |
| $ | 359.2 |
| $ | 4.7 |
| $ | 354.5 |
| $ | 1,445.6 |
| $ | 18.2 |
| $ | 1,427.4 |
|
Cost of goods sold |
| 229.5 |
| 3.6 |
| 225.9 |
| 928.1 |
| 14.2 |
| 913.9 |
| ||||||
GROSS PROFIT |
| 129.7 |
| 1.1 |
| 128.6 |
| 517.5 |
| 4.0 |
| 513.5 |
| ||||||
Selling, general & administrative expenses |
| 96.0 |
| 0.9 |
| 95.1 |
| 384.8 |
| 3.8 |
| 381.0 |
| ||||||
Restructuring and other charges, net |
| 2.4 |
| — |
| 2.4 |
| 4.3 |
| 0.1 |
| 4.2 |
| ||||||
Goodwill and other long-lived asset impairment charges |
| 0.4 |
| — |
| 0.4 |
| 3.4 |
| — |
| 3.4 |
| ||||||
(Gain on) adjustment to disposal of business |
| — |
| — |
| — |
| 1.6 |
| — |
| 1.6 |
| ||||||
OPERATING INCOME |
| 30.9 |
| 0.2 |
| 30.7 |
| 123.4 |
| 0.1 |
| 123.3 |
| ||||||
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest income |
| (0.2 | ) | — |
| (0.2 | ) | (0.7 | ) | — |
| (0.7 | ) | ||||||
Interest expense |
| 6.2 |
| — |
| 6.2 |
| 24.6 |
| — |
| 24.6 |
| ||||||
Other expense (income), net |
| 0.7 |
| — |
| 0.7 |
| (0.8 | ) | — |
| (0.8 | ) | ||||||
Total other expense |
| 6.7 |
| — |
| 6.7 |
| 23.1 |
| — |
| 23.1 |
| ||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 24.2 |
| 0.2 |
| 24.0 |
| 100.3 |
| 0.1 |
| 100.2 |
| ||||||
Provision for income taxes |
| 5.8 |
| — |
| 5.8 |
| 29.7 |
| (0.1 | ) | 29.8 |
| ||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS |
| 18.4 |
| 0.2 |
| 18.2 |
| 70.6 |
| 0.2 |
| 70.4 |
| ||||||
Income (loss) from discontinued operations, net of taxes |
| (2.9 | ) | 0.2 |
| (2.7 | ) | (2.2 | ) | 0.2 |
| (2.0 | ) | ||||||
NET INCOME |
| $ | 15.5 |
| $ | — |
| $ | 15.5 |
| $ | 68.4 |
| $ | — |
| $ | 68.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
BASIC EPS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Continuing operations |
| $ | 0.52 |
| $ | (0.01 | ) | $ | 0.51 |
| 1.96 |
| $ | (0.01 | ) | $ | 1.96 |
| |
Discontinued operations |
| (0.08 | ) | 0.01 |
| (0.08 | ) | (0.06 | ) | 0.01 |
| (0.06 | ) | ||||||
NET INCOME |
| $ | 0.44 |
| $ | — |
| $ | 0.44 |
| 1.90 |
| $ | — |
| $ | 1.90 |
| |
Weighted average number of shares |
| 35.4 |
| 35.4 |
| 35.4 |
| 36.0 |
| 36.0 |
| 36.0 |
| ||||||
DILUTED EPS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Continuing operations |
| $ | 0.52 |
| $ | (0.01 | ) | $ | 0.51 |
| 1.96 |
| $ | (0.01 | ) | $ | 1.95 |
| |
Discontinued operations |
| (0.08 | ) | 0.01 |
| (0.08 | ) | (0.06 | ) | 0.01 |
| (0.05 | ) | ||||||
NET INCOME |
| $ | 0.44 |
| $ | — |
| $ | 0.44 |
| 1.90 |
| $ | — |
| $ | 1.90 |
| |
Weighted average number of shares |
| 35.5 |
| 35.5 |
| 35.5 |
| 36.1 |
| 36.1 |
| 36.1 |
| ||||||
Dividends per share |
| $ | 0.11 |
|
|
| $ | 0.11 |
| 0.44 |
|
|
| $ | 0.44 |
|
(1) As reported in Form 8-K filed April 9, 2013
(2) Austroflex results recast in Q3 2013
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
| First Quarter Ended March 31, 2013 |
| |||||||
|
| Originally |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 362.1 |
| $ | 3.2 |
| $ | 358.9 |
|
Cost of goods sold |
| 232.6 |
| 2.6 |
| 230.0 |
| |||
GROSS PROFIT |
| 129.5 |
| 0.6 |
| 128.9 |
| |||
Selling, general & administrative expenses |
| 99.0 |
| 0.9 |
| 98.1 |
| |||
Restructuring and other charges, net |
| 2.2 |
| — |
| 2.2 |
| |||
OPERATING INCOME |
| 28.3 |
| (0.3 | ) | 28.6 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
| (0.1 | ) | — |
| (0.1 | ) | |||
Interest expense |
| 6.0 |
| — |
| 6.0 |
| |||
Other income, net |
| — |
| — |
| — |
| |||
Total other expense |
| 5.9 |
| — |
| 5.9 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 22.4 |
| (0.3 | ) | 22.7 |
| |||
Provision for income taxes |
| 6.3 |
| (0.1 | ) | 6.4 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 16.1 |
| (0.2 | ) | 16.3 |
| |||
Income from discontinued operations, net of taxes |
| — |
| (0.2 | ) | (0.2 | ) | |||
NET INCOME |
| $ | 16.1 |
| $ | — |
| $ | 16.1 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.45 |
| $ | 0.01 |
| $ | 0.46 |
|
Discontinued operations |
| — |
| (0.01 | ) | (0.01 | ) | |||
NET INCOME |
| $ | 0.45 |
| $ | — |
| $ | 0.45 |
|
Weighted average number of shares |
| 35.5 |
| 35.5 |
| 35.5 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.45 |
| $ | 0.01 |
| $ | 0.46 |
|
Discontinued operations |
| — |
| (0.01 | ) | (0.01 | ) | |||
NET INCOME |
| $ | 0.45 |
| $ | — |
| $ | 0.45 |
|
Weighted average number of shares |
| 35.6 |
| 35.6 |
| 35.6 |
| |||
Dividends per share |
| $ | 0.11 |
|
|
| $ | 0.11 |
|
(1) As originally reported in Q1 2013 Form 10-Q
(2) Austroflex results recast in Q3 2013
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
| Second Quarter Ended June 30, 2013 |
| |||||||
|
| Originally |
| Discontinued |
| As Restated |
| |||
Net sales |
| $ | 371.3 |
| $ | 4.5 |
| $ | 366.8 |
|
Cost of goods sold |
| 237.6 |
| 3.6 |
| 234.0 |
| |||
GROSS PROFIT |
| 133.7 |
| 0.9 |
| 132.8 |
| |||
Selling, general & administrative expenses |
| 96.1 |
| 0.9 |
| 95.2 |
| |||
Restructuring and other charges, net |
| 2.0 |
| — |
| 2.0 |
| |||
OPERATING INCOME |
| 35.6 |
| — |
| 35.6 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
| (0.2 | ) | — |
| (0.2 | ) | |||
Interest expense |
| 5.5 |
| — |
| 5.5 |
| |||
Other income, net |
| 1.4 |
| — |
| 1.4 |
| |||
Total other expense |
| 6.7 |
| — |
| 6.7 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 28.9 |
| — |
| 28.9 |
| |||
Provision for income taxes |
| 10.0 |
| — |
| 10.0 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
| 18.9 |
| — |
| 18.9 |
| |||
Income from discontinued operations, net of taxes |
| — |
| — |
| — |
| |||
NET INCOME |
| $ | 18.9 |
| $ | — |
| $ | 18.9 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.53 |
| $ | — |
| $ | 0.53 |
|
Discontinued operations |
| — |
| — |
| — |
| |||
NET INCOME |
| $ | 0.53 |
| $ | — |
| $ | 0.53 |
|
Weighted average number of shares |
| 35.5 |
| 35.5 |
| 35.5 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
| $ | 0.53 |
| $ | — |
| $ | 0.53 |
|
Discontinued operations |
| — |
| — |
| — |
| |||
NET INCOME |
| $ | 0.53 |
| $ | — |
| $ | 0.53 |
|
Weighted average number of shares |
| 35.6 |
| 35.6 |
| 35.6 |
| |||
Dividends per share |
| $ | 0.13 |
|
|
| $ | 0.13 |
|
(1) As originally reported in Q2 2013 Form 10-Q
(2) Austroflex results recast in Q3 2013