EXHIBIT 13.1
Selected Financial Information included in Registrant’s 2007 Annual Report to Shareholders
Dollars in thousands, except per-share amounts
Dollars in thousands, except per-share amounts
Year end December, 31 | 2007 | 2006(e) (h) | 2005(e) | 2004(e) | 2003 | 2002(b) (f) | 2001 | 2000 | 1999(e) | 1998(e) | ||||||||||||||||||||||||||||||
Operating Results: | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 814,160 | $ | 689,480 | $ | 568,133 | $ | 544,767 | $ | 513,632 | $ | 433,761 | $ | 419,594 | $ | 441,828 | $ | 460,592 | $ | 436,522 | ||||||||||||||||||||
Gross profit(e) | $ | 157,669 | $ | 123,164 | $ | 86,542 | $ | 100,462 | $ | 108,206 | $ | 107,928 | $ | 114,424 | $ | 138,099 | $ | 138,959 | $ | 114,573 | ||||||||||||||||||||
Gross profit margin | 19.4 | % | 17.9 | % | 15.2 | % | 18.4 | % | 21.1 | % | 24.9 | % | 27.3 | % | 31.3 | % | 30.2 | % | 26.2 | % | ||||||||||||||||||||
Selling, general and administrative expenses | $ | 91,568 | $ | 87,566 | $ | 71,535 | $ | 68,574 | $ | 68,479 | $ | 56,631 | $ | 55,716 | $ | 61,185 | $ | 64,131 | $ | 54,191 | ||||||||||||||||||||
Impairment of goodwill and other intangible assets | $ | — | $ | — | $ | 9,179 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Income (loss) from operations (IFO) (e) | $ | 66,101 | $ | 19,264 | $ | (8,917 | ) | $ | 23,895 | $ | 39,727 | $ | 51,297 | $ | 58,708 | $ | 76,914 | $ | 73,837 | $ | 40,336 | |||||||||||||||||||
IFO margin | 8.1 | % | 2.8 | % | -1.6 | % | 4.4 | % | 7.7 | % | 11.8 | % | 14.0 | % | 17.4 | % | 16.0 | % | 9.2 | % | ||||||||||||||||||||
Equity earnings (loss) — pretax | $ | — | $ | 1,986 | $ | (4,100 | ) | $ | (1,435 | ) | $ | 4,429 | $ | 6,379 | $ | 6,384 | $ | 12,016 | $ | 8,857 | $ | 12,300 | ||||||||||||||||||
Other income (expense)(f) | $ | 8,778 | $ | (3,236 | ) | $ | 2,567 | $ | 2,369 | $ | 3,484 | $ | (12,740 | ) | $ | 3,500 | $ | 3,765 | $ | 4,410 | $ | 4,519 | ||||||||||||||||||
Earnings (loss) before interest and income taxes after minority interest (EBIT)(e) (f) | $ | 74,879 | $ | 17,948 | $ | (10,484 | ) | $ | 24,829 | $ | 47,640 | $ | 44,936 | $ | 68,592 | $ | 92,695 | $ | 87,104 | $ | 57,155 | |||||||||||||||||||
EBIT margin | 9.2 | % | 2.6 | % | -1.8 | % | 4.6 | % | 9.3 | % | 10.4 | % | 16.3 | % | 21.0 | % | 18.9 | % | 13.1 | % | ||||||||||||||||||||
Interest expense(h) | $ | 65,888 | $ | 46,594 | $ | 15,255 | $ | 13,049 | $ | 13,436 | $ | 8,263 | $ | 9,360 | $ | 12,216 | $ | 12,501 | $ | 12,674 | ||||||||||||||||||||
Income (loss) before income taxes(e) (f) (h) | $ | 8,991 | $ | (28,580 | ) | $ | (25,705 | ) | $ | 11,780 | $ | 34,204 | $ | 36,673 | $ | 59,232 | $ | 80,479 | $ | 74,603 | $ | 44,481 | ||||||||||||||||||
Provision (benefit) for income taxes | $ | 11,298 | $ | (7,747 | ) | $ | (6,384 | ) | $ | 3,528 | $ | 5,131 | $ | 8,618 | $ | 19,840 | $ | 33,613 | $ | 31,175 | $ | 19,038 | ||||||||||||||||||
Effective tax rate | 125.7 | % | 27.1 | % | 24.8 | % | 30.0 | % | 15.0 | % | 23.5 | % | 33.5 | % | 41.8 | % | 41.8 | % | 42.8 | % | ||||||||||||||||||||
Net (loss) income(b) (e) (f) (h) | $ | (2,307 | ) | $ | (20,899 | ) | $ | (19,355 | ) | $ | 8,252 | $ | 29,073 | $ | 28,055 | $ | 39,392 | $ | 46,866 | $ | 43,428 | $ | 25,443 | |||||||||||||||||
Net income margin | -0.3 | % | -3.0 | % | -3.4 | % | 1.5 | % | 5.7 | % | 6.5 | % | 9.4 | % | 10.6 | % | 9.4 | % | 5.8 | % | ||||||||||||||||||||
Per-Share Amounts: | ||||||||||||||||||||||||||||||||||||||||
Diluted net (loss) income(b) (e) (f) (h) | $ | (0.16 | ) | $ | (1.47 | ) | $ | (1.39 | ) | $ | 0.60 | $ | 2.11 | $ | 1.82 | $ | 2.53 | $ | 3.01 | $ | 2.64 | $ | 1.42 | |||||||||||||||||
Dividends paid | $ | 0.10 | $ | 0.10 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||||||||||||||
EBIT | $ | 74,879 | $ | 17,948 | $ | (10,484 | ) | $ | 24,829 | $ | 47,640 | $ | 44,936 | $ | 68,592 | $ | 92,695 | $ | 87,104 | $ | 57,155 | |||||||||||||||||||
Depreciation & amortization(b) | $ | 41,572 | $ | 35,556 | $ | 32,217 | $ | 29,505 | $ | 28,109 | $ | 19,143 | $ | 18,843 | $ | 18,352 | $ | 18,753 | $ | 19,506 | ||||||||||||||||||||
EBITDA(c) (e) (f) | $ | 116,451 | $ | 53,504 | $ | 21,733 | $ | 54,334 | $ | 75,749 | $ | 64,079 | $ | 87,435 | $ | 111,047 | $ | 105,857 | $ | 76,661 | ||||||||||||||||||||
EBITDA margin | 14.3 | % | 7.8 | % | 3.8 | % | 10.0 | % | 14.7 | % | 14.8 | % | 20.8 | % | 25.1 | % | 23.0 | % | 17.6 | % | ||||||||||||||||||||
Employees | 7,442 | 7,156 | 3,563 | 3,808 | 3,838 | 3,837 | 3,218 | 3,270 | 3,552 | 3,969 | ||||||||||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 899,112 | $ | 878,131 | $ | 595,784 | $ | 578,204 | $ | 551,116 | $ | 524,527 | $ | 468,082 | $ | 446,707 | $ | 434,395 | $ | 439,671 | ||||||||||||||||||||
Total liabilities | $ | 805,997 | $ | 790,281 | $ | 476,179 | $ | 434,641 | $ | 411,259 | $ | 384,309 | $ | 302,717 | $ | 313,436 | $ | 342,552 | $ | 324,882 | ||||||||||||||||||||
Working capital(a) | $ | 200,888 | $ | 188,413 | $ | 154,049 | $ | 151,007 | $ | 142,538 | $ | 127,945 | $ | 107,877 | $ | 126,384 | $ | 123,092 | $ | 118,554 | ||||||||||||||||||||
% of net sales(g) | 24.7 | % | 24.7 | % | 27.1 | % | 27.7 | % | 27.8 | % | 29.5 | % | 25.7 | % | 28.6 | % | 26.7 | % | 27.2 | % |
Year end December, 31 | 2007 | 2006(e) (h) | 2005(e) | 2004(e) | 2003 | 2002(b) (f) | 2001 | 2000 | 1999(e) | 1998(e) | ||||||||||||||||||||||||||||||
Total debt | $ | 496,634 | $ | 491,232 | $ | 261,679 | $ | 225,372 | $ | 230,933 | $ | 191,178 | $ | 148,032 | $ | 161,404 | $ | 184,626 | $ | 191,232 | ||||||||||||||||||||
Cash Flow Data: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 51,457 | $ | 54,858 | $ | 38,113 | $ | 42,750 | $ | 29,210 | $ | 55,001 | $ | 52,930 | $ | 37,423 | $ | 70,597 | $ | 54,325 | ||||||||||||||||||||
Capital expenditures | $ | 43,121 | $ | 73,598 | $ | 44,270 | $ | 40,482 | $ | 25,718 | $ | 17,535 | $ | 36,863 | $ | 18,621 | $ | 11,069 | $ | 19,579 | ||||||||||||||||||||
Acquisitions and related costs | $ | — | $ | 78,434 | $ | 28,948 | $ | — | $ | — | $ | 62,046 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Proceeds from asset sales and other | $ | 8,213 | $ | — | $ | 212 | $ | 16,623 | $ | 897 | $ | 3,523 | $ | (1,563 | ) | $ | (63 | ) | $ | 94 | $ | 1,639 | ||||||||||||||||||
Dividends received from equity investments | $ | — | $ | — | $ | — | $ | 980 | $ | 4,900 | $ | 4,659 | $ | 4,918 | $ | 2,940 | $ | 517 | $ | 14,232 | ||||||||||||||||||||
Free cash flow(d) | $ | 16,549 | $ | (97,174 | ) | $ | (34,893 | ) | $ | 19,871 | $ | 9,289 | $ | (16,398 | ) | $ | 19,422 | $ | 21,679 | $ | 60,139 | $ | 50,617 | |||||||||||||||||
Shares repurchased | $ | — | $ | — | $ | — | $ | — | $ | 38,918 | $ | 26,837 | $ | 1,229 | $ | 4,053 | $ | 42,828 | $ | 27,258 | ||||||||||||||||||||
Dividends paid | $ | 1,446 | $ | 1,417 | $ | 5,536 | $ | 5,481 | $ | 5,506 | $ | 4,574 | $ | 4,588 | $ | 4,569 | $ | 4,821 | $ | 5,253 |
(a) | Defined as inventory plus accounts receivable less accounts payable. | |
(b) | Effective January 1, 2002, we adopted SFAS 142, “Goodwill and Other Intangible Assets.” | |
(c) | We believe that EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP financial measure, is a useful metric for evaluating our financial performance, as it is a measure that we use internally to assess performance. | |
(d) | We believe that Free Cash Flow (net, and cash provided by operating activities, less capital expenditures and acquisition & related costs, plus proceeds from asset sales and other dividends received from equity investments), is a useful metric for evaluating our financial performance, as it is the measure that we use internally to assess performance. | |
(e) | Includes special charges of $18,492 and $27,236 in 2006 and 2005, respectively and is disclosed in note 10 to the Consolidated Financial Statements. We incurred $14,519 in 2004 for our capacity realignment and closure of our City of Industry, California facility. We incurred $991 in 1999 and $20,046 in 1998 for the closure of our Canadian facility. | |
(f) | 2002, includes $13,634 of expenses related to an abandoned acquisition. | |
(g) | The 2006 calculations include Crisa pro forma net sales for 2006. | |
(h) | Includes special charge of $4,906 and is disclosed in note 10 to the Consolidated Financial Statements. |