Exhibit 99.1
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data below has been recast in all years for the adoption of FSP APB 14-1, SFAS 160 and FSP EITF 03-6-1 as further detailed in Note A of Item 8. The Company made significant acquisitions during the five-year period presented below that affect comparability of results. Refer to Note F, Acquisitions, of the Notes to Consolidated Financial Statements in Item 8 for further information. Additionally, as detailed in Note U, Discontinued Operations, and prior year 10-K filings, results in all years have been recast to remove the effects of certain discontinued operations for comparability (in millions, except per share amounts):
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Continuing Operations: | ||||||||||||||||||||
Net sales | $ | 4,426 | $ | 4,360 | $ | 3,897 | $ | 3,183 | $ | 2,930 | ||||||||||
Net earnings attributable to The Stanley Works | $ | 219 | $ | 321 | $ | 279 | $ | 262 | $ | 229 | ||||||||||
Basic earnings per share: | ||||||||||||||||||||
Continuing operations | $ | 2.77 | $ | 3.89 | $ | 3.40 | $ | 3.14 | $ | 2.79 | ||||||||||
Discontinued operations | $ | 1.11 | $ | 0.14 | $ | 0.13 | $ | 0.09 | $ | 1.68 | ||||||||||
Total basic earnings per share | $ | 3.88 | $ | 4.03 | $ | 3.53 | $ | 3.23 | $ | 4.47 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Continuing operations | $ | 2.74 | $ | 3.82 | $ | 3.33 | $ | 3.07 | $ | 2.72 | ||||||||||
Discontinued operations | $ | 1.10 | $ | 0.13 | $ | 0.13 | $ | 0.08 | $ | 1.64 | ||||||||||
Total diluted earnings per share | $ | 3.84 | $ | 3.95 | $ | 3.46 | $ | 3.16 | $ | 4.36 | ||||||||||
Percent of net sales: | ||||||||||||||||||||
Cost of sales | 62.2 | % | 62.1 | % | 63.7 | % | 64.1 | % | 63.3 | % | ||||||||||
Selling, general and administrative* | 25.0 | % | 23.8 | % | 23.9 | % | 22.5 | % | 23.2 | % | ||||||||||
Interest, net | 1.9 | % | 2.0 | % | 1.7 | % | 1.1 | % | 1.2 | % | ||||||||||
Other, net | 2.3 | % | 1.9 | % | 1.3 | % | 1.4 | % | 1.4 | % | ||||||||||
Earnings before income taxes | 6.6 | % | 9.8 | % | 9.0 | % | 10.8 | % | 10.7 | % | ||||||||||
Net earnings attributable to The Stanley Works | 4.9 | % | 7.4 | % | 7.2 | % | 8.2 | % | 7.8 | % | ||||||||||
Balance sheet data: | ||||||||||||||||||||
Total assets** | $ | 4,867 | $ | 4,741 | $ | 3,926 | $ | 3,545 | $ | 2,851 | ||||||||||
Long-term debt | $ | 1,384 | $ | 1,165 | $ | 679 | $ | 895 | $ | 482 | ||||||||||
The Stanley Works Shareowners’ Equity*** | $ | 1,706 | $ | 1,754 | $ | 1,548 | $ | 1,437 | $ | 1,229 | ||||||||||
Ratios: | ||||||||||||||||||||
Current ratio | 1.3 | 1.4 | 1.4 | 2.2 | 1.7 | |||||||||||||||
Total debt to total capital | 48.6 | % | 45.4 | % | 39.2 | % | 42.6 | % | 32.2 | % | ||||||||||
Income tax rate — continuing operations | 24.7 | % | 24.9 | % | 19.8 | % | 23.4 | % | 26.4 | % | ||||||||||
Return on average equity — continuing operations | 12.8 | % | 19.5 | % | 18.9 | % | 19.8 | % | 21.7 | % | ||||||||||
Common stock data: | ||||||||||||||||||||
Dividends per share | $ | 1.26 | $ | 1.22 | $ | 1.18 | $ | 1.14 | $ | 1.08 | ||||||||||
Equity per share at year-end | $ | 21.63 | $ | 21.82 | $ | 18.92 | $ | 17.15 | $ | 14.92 | ||||||||||
Market price per share — high | $ | 52.18 | $ | 64.25 | $ | 54.59 | $ | 51.75 | $ | 49.33 | ||||||||||
Market price per share — low | $ | 24.19 | $ | 47.01 | $ | 41.60 | $ | 41.51 | $ | 36.42 | ||||||||||
Average shares outstanding (in 000’s): | ||||||||||||||||||||
Basic | 78,897 | 82,313 | 81,866 | 83,347 | 82,058 | |||||||||||||||
Diluted | 79,874 | 84,046 | 83,704 | 85,406 | 84,244 | |||||||||||||||
Other information: | ||||||||||||||||||||
Average number of employees | 17,862 | 17,344 | 16,699 | 13,605 | 12,817 | |||||||||||||||
Shareowners of record at end of year | 12,593 | 12,482 | 12,755 | 13,137 | 13,238 |
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* | SG&A is inclusive of the Provision for Doubtful Accounts | |
** | Item includes discontinued operations in all years. | |
*** | Shareowners’ equity was reduced by $14 million in fiscal 2007 for the adoption of FIN 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of SFAS No. 109”. Shareowners’ equity as of December 30, 2006 decreased $61 million from the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans-an amendment of FASB Statements NO. 87, 88, 106 and 132(R)”. |
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