Exhibit 99.1
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
2010 Consolidated Statements of Operations
Restated For Sale of Divested Business
(In thousands, except per share data)
(Unaudited)
2010 Consolidated Statements of Operations
Restated For Sale of Divested Business
(In thousands, except per share data)
(Unaudited)
| Quarter Ended | ||||||||||||
| March 31, | June 30, | September 30, | ||||||||||
| 2010 | 2010 | 2010 | ||||||||||
| Restated | Restated | Restated | ||||||||||
Net sales | $ | 453,629 | $ | 499,980 | $ | 518,233 | ||||||
| Cost of sales | 319,029 | 342,185 | 352,096 | |||||||||
| Gross profit | 134,600 | 157,795 | 166,137 | |||||||||
| Gross profit — % of net sales | 29.7 | % | 31.6 | % | 32.1 | % | ||||||
| Selling, general and administrative | 88,479 | 103,931 | 97,470 | |||||||||
| Selling, general and administrative — % of net sales | 19.5 | % | 20.8 | % | 18.8 | % | ||||||
Earnings from operations | 46,121 | 53,864 | 68,667 | |||||||||
| Earnings from operations — % of net sales | 10.2 | % | 10.8 | % | 13.3 | % | ||||||
| Interest expense, net | (8,371 | ) | (8,902 | ) | (9,042 | ) | ||||||
| Other (expense) income, net | 130 | 935 | (975 | ) | ||||||||
| Earnings before income taxes | 37,880 | 45,897 | 58,650 | |||||||||
| Income tax provision | 11,565 | 13,703 | 16,056 | |||||||||
| Effective tax rate | 30.5 | % | 29.9 | % | 27.4 | % | ||||||
Net earnings from continuing operations | 26,315 | 32,194 | 42,594 | |||||||||
| Earnings from discontinued operations, net | 1,637 | 1,407 | 1,510 | |||||||||
Net earnings | $ | 27,952 | $ | 33,601 | $ | 44,104 | ||||||
Basic earnings (loss) per share: | ||||||||||||
| Continuing operations | $ | 0.51 | $ | 0.62 | $ | 0.83 | ||||||
| Discontinued operations | 0.03 | 0.03 | 0.02 | |||||||||
| Net earnings | $ | 0.54 | $ | 0.65 | $ | 0.85 | ||||||
Diluted earnings (loss) per share: | ||||||||||||
| Continuing operations | $ | 0.50 | $ | 0.61 | $ | 0.81 | ||||||
| Discontinued operations | 0.03 | 0.02 | 0.03 | |||||||||
| Net earnings | $ | 0.53 | $ | 0.63 | $ | 0.84 | ||||||
Average shares outstanding: | ||||||||||||
| Basic | 52,067 | 51,965 | 51,602 | |||||||||
| Diluted | 53,005 | 53,041 | 52,641 | |||||||||
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
2010 Segment Information
Restated For Sale of Divested Business
(In thousands)
(Unaudited)
2010 Segment Information
Restated For Sale of Divested Business
(In thousands)
(Unaudited)
| Quarter Ended | ||||||||||||
| March 31, | June 30, | September 30, | ||||||||||
| 2010 | 2010 | 2010 | ||||||||||
| Restated | Restated | Restated | ||||||||||
Net sales: | ||||||||||||
| Electrical | $ | 367,246 | $ | 429,341 | $ | 439,172 | ||||||
| Steel Structures | 59,897 | 49,624 | 57,232 | |||||||||
| HVAC | 26,486 | 21,015 | 21,829 | |||||||||
Total net sales | $ | 453,629 | $ | 499,980 | $ | 518,233 | ||||||
Segment earnings: | ||||||||||||
| Electrical | $ | 63,888 | $ | 84,310 | $ | 89,588 | ||||||
| Steel Structures | 9,890 | 8,045 | 11,092 | |||||||||
| HVAC | 4,291 | 2,307 | 2,868 | |||||||||
Total reportable segment earnings | $ | 78,069 | $ | 94,662 | $ | 103,548 | ||||||
| Corporate expense | (9,887 | ) | (17,703 | ) | (12,615 | ) | ||||||
| Depreciation and amortization expense | (18,460 | ) | (20,261 | ) | (20,054 | ) | ||||||
| Share-based compensation expense | (3,601 | ) | (2,834 | ) | (2,212 | ) | ||||||
| Interest expense, net | (8,371 | ) | (8,902 | ) | (9,042 | ) | ||||||
| Other (expense) income, net | 130 | 935 | (975 | ) | ||||||||
| Earnings before income taxes | $ | 37,880 | $ | 45,897 | $ | 58,650 | ||||||
Segment earnings — % of net sales: | ||||||||||||
| Electrical | 17.4 | % | 19.6 | % | 20.4 | % | ||||||
| Steel Structures | 16.5 | % | 16.2 | % | 19.4 | % | ||||||
| HVAC | 16.2 | % | 11.0 | % | 13.1 | % | ||||||
| Total | 17.2 | % | 18.9 | % | 20.0 | % | ||||||
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
2009 Consolidated Statements of Operations
Restated For Sale of Divested Business
(In thousands, except per share data)
(Unaudited)
2009 Consolidated Statements of Operations
Restated For Sale of Divested Business
(In thousands, except per share data)
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
| 2009 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
| Restated | Restated | Restated | Restated | Restated | ||||||||||||||||
Net sales | $ | 443,606 | $ | 443,360 | $ | 468,097 | $ | 477,645 | $ | 1,832,708 | ||||||||||
| Cost of sales | 308,848 | 316,162 | 326,058 | 328,406 | 1,279,474 | |||||||||||||||
| Gross profit | 134,758 | 127,198 | 142,039 | 149,239 | 553,234 | |||||||||||||||
| Gross profit — % of net sales | 30.4 | % | 28.7 | % | 30.3 | % | 31.2 | % | 30.2 | % | ||||||||||
| Selling, general and administrative | 91,091 | 91,327 | 90,656 | 93,948 | 367,022 | |||||||||||||||
| Selling, general and administrative — % of net sales | 20.6 | % | 20.6 | % | 19.3 | % | 19.7 | % | 20.0 | % | ||||||||||
| Intangible asset impairment | — | — | — | 5,794 | 5,794 | |||||||||||||||
Earnings from operations | 43,667 | 35,871 | 51,383 | 49,497 | 180,418 | |||||||||||||||
| Earnings from operations — % of net sales | 9.8 | % | 8.1 | % | 11.0 | % | 10.4 | % | 9.8 | % | ||||||||||
| Interest expense, net | (9,461 | ) | (8,378 | ) | (8,478 | ) | (9,166 | ) | (35,483 | ) | ||||||||||
| Loss on extinguishment of debt | — | — | — | (6,391 | ) | (6,391 | ) | |||||||||||||
| Other (expense) income, net | 1,905 | 1,845 | (2,101 | ) | 197 | 1,846 | ||||||||||||||
| Earnings before income taxes | 36,111 | 29,338 | 40,804 | 34,137 | 140,390 | |||||||||||||||
| Income tax provision | 10,803 | 8,598 | 11,424 | 8,630 | 39,455 | |||||||||||||||
| Effective tax rate | 29.9 | % | 29.3 | % | 28.0 | % | 25.3 | % | 28.1 | % | ||||||||||
Net earnings from continuing operations | 25,308 | 20,740 | 29,380 | 25,507 | 100,935 | |||||||||||||||
| Earnings from discontinued operations, net | 761 | 1,921 | 2,731 | 1,562 | 6,975 | |||||||||||||||
Net earnings | $ | 26,069 | $ | 22,661 | $ | 32,111 | $ | 27,069 | $ | 107,910 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||
| Continuing operations | $ | 0.48 | $ | 0.40 | $ | 0.56 | $ | 0.49 | $ | 1.93 | ||||||||||
| Discontinued operations | 0.02 | 0.03 | 0.06 | 0.03 | 0.14 | |||||||||||||||
| Net earnings | $ | 0.50 | $ | 0.43 | $ | 0.62 | $ | 0.52 | $ | 2.07 | ||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||
| Continuing operations | $ | 0.48 | $ | 0.39 | $ | 0.56 | $ | 0.48 | $ | 1.91 | ||||||||||
| Discontinued operations | 0.01 | 0.04 | 0.05 | 0.03 | 0.13 | |||||||||||||||
| Net earnings | $ | 0.49 | $ | 0.43 | $ | 0.61 | $ | 0.51 | $ | 2.04 | ||||||||||
Average shares outstanding: | ||||||||||||||||||||
| Basic | 52,569 | 52,283 | 52,178 | 51,856 | 52,244 | |||||||||||||||
| Diluted | 52,952 | 53,019 | 52,858 | 52,861 | 52,958 | |||||||||||||||
THOMAS & BETTS CORPORATION AND SUBSIDIARIES
2009 Segment Information
Restated For Sale of Divested Business
(In thousands)
(Unaudited)
2009 Segment Information
Restated For Sale of Divested Business
(In thousands)
(Unaudited)
| Quarter Ended | Year Ended | |||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
| 2009 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
| Restated | Restated | Restated | Restated | Restated | ||||||||||||||||
Net sales: | ||||||||||||||||||||
| Electrical | $ | 352,603 | $ | 365,722 | $ | 393,894 | $ | 376,115 | $ | 1,488,334 | ||||||||||
| Steel Structures | 61,945 | 54,950 | 50,922 | 66,645 | 234,462 | |||||||||||||||
| HVAC | 29,058 | 22,688 | 23,281 | 34,885 | 109,912 | |||||||||||||||
Total net sales | $ | 443,606 | $ | 443,360 | $ | 468,097 | $ | 477,645 | $ | 1,832,708 | ||||||||||
Segment earnings: | ||||||||||||||||||||
| Electrical | $ | 55,816 | $ | 55,224 | $ | 73,565 | $ | 72,842 | $ | 257,447 | ||||||||||
| Steel Structures | 14,430 | 12,118 | 10,082 | 10,803 | 47,433 | |||||||||||||||
| HVAC | 5,722 | 2,562 | 3,221 | 6,708 | 18,213 | |||||||||||||||
Total reportable segment earnings | $ | 75,968 | $ | 69,904 | $ | 86,868 | $ | 90,353 | $ | 323,093 | ||||||||||
| Corporate expense | (11,198 | ) | (11,810 | ) | (14,908 | ) | (9,507 | ) | (47,423 | ) | ||||||||||
| Depreciation and amortization expense | (18,315 | ) | (18,722 | ) | (17,998 | ) | (18,261 | ) | (73,296 | ) | ||||||||||
| Share-based compensation expense | (2,788 | ) | (3,501 | ) | (2,579 | ) | (7,294 | ) | (16,162 | ) | ||||||||||
| Intangible asset impairment | — | — | — | (5,794 | ) | (5,794 | ) | |||||||||||||
| Interest expense, net | (9,461 | ) | (8,378 | ) | (8,478 | ) | (9,166 | ) | (35,483 | ) | ||||||||||
| Loss on extinguishment of debt | — | — | — | (6,391 | ) | (6,391 | ) | |||||||||||||
| Other (expense) income, net | 1,905 | 1,845 | (2,101 | ) | 197 | 1,846 | ||||||||||||||
| Earnings before income taxes | $ | 36,111 | $ | 29,338 | $ | 40,804 | $ | 34,137 | $ | 140,390 | ||||||||||
Segment earnings — % of net sales: | ||||||||||||||||||||
| Electrical | 15.8 | % | 15.1 | % | 18.7 | % | 19.4 | % | 17.3 | % | ||||||||||
| Steel Structures | 23.3 | % | 22.1 | % | 19.8 | % | 16.2 | % | 20.2 | % | ||||||||||
| HVAC | 19.7 | % | 11.3 | % | 13.8 | % | 19.2 | % | 16.6 | % | ||||||||||
| Total | 17.1 | % | 15.8 | % | 18.6 | % | 18.9 | % | 17.6 | % | ||||||||||