Exhibit 99.1
Financial Supplement
2007, 2008, 2009, 2010 (Quarter and Year to Date)
and 2011 (Q1-Q3 Quarter and Year to Date)
Adjusted Financial Results
Adjustments for Discontinued Operations
February 14, 2012
Barnes Group Inc.
Financial Supplement
2007, 2008, 2009, 2010 (Quarter and Year to Date) and 2011 Q1-Q3 (Quarter and Year to Date) Adjusted Financial Results
During the fourth quarter of 2011, the Company completed the sale of its Barnes Distribution Europe businesses (the "BDE" business). The BDE business was comprised of the Company's European KENT, Toolcom and BD France businesses that were reported within the Company's Logistics and Manufacturing Services segment. The results of these operations will be segregated and presented as discontinued operations in the consolidated financial statements on a retrospective basis beginning in the fourth quarter of 2011.
The attached schedules detail the adjustments of the 2007, 2008 and 2009 results on a full year basis as well as the 2010 results on a quarterly and full year basis and the 2011 Q1, Q2 and Q3 results on a quarterly and year to date basis.
This document is supplemental to the Company’s prior earnings releases and should be read in conjunction with them and in conjunction with the Company’s 2007, 2008, 2009 and 2010 Forms 10-K and the 2010 and 2011 Forms 10-Q filed with the Securities and Exchange Commission.
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| Barnes Group Inc. Adjusted Financials for BDE Sale | | | | | | | | |
| Dollars in thousands, except per share data | | | | | | | | | |
| Unaudited | | | | | | | | | | | |
| | | 2007 | | 2008 | | 2009 |
| Income Statement | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) |
| Revenues | | | | | | | | | | | |
| | Precision Components | $ | 728,450 |
| — |
| $ | 728,450 |
| | $ | 682,991 |
| — |
| $ | 682,991 |
| | $ | 501,467 |
| — |
| $ | 501,467 |
|
| | Logistics & Manufacturing Services | 703,033 |
| (125,799 | ) | 577,234 |
| | 691,769 |
| (129,895 | ) | 561,874 |
| | 539,139 |
| (110,806 | ) | 428,333 |
|
| | Intersegment Sales | (13,332 | ) | — |
| (13,332 | ) | | (12,669 | ) | — |
| (12,669 | ) | | (6,447 | ) | — |
| (6,447 | ) |
| Total Revenues | 1,418,151 |
| (125,799 | ) | 1,292,352 |
| | 1,362,091 |
| (129,895 | ) | 1,232,196 |
| | 1,034,159 |
| (110,806 | ) | 923,353 |
|
| Operating Profit | | | | | | | | | | | |
| | Precision Components | 84,944 |
| (1,976 | ) | 82,968 |
| | 68,456 |
| (1,256 | ) | 67,200 |
| | 16,563 |
| (1,811 | ) | 14,752 |
|
| | Logistics & Manufacturing Services | 70,457 |
| 1,856 |
| 72,313 |
| | 79,137 |
| 7,005 |
| 86,142 |
| | 43,952 |
| 4,771 |
| 48,723 |
|
| Total Operating Profit | 155,401 |
| (120 | ) | 155,281 |
| | 147,593 |
| 5,749 |
| 153,342 |
| | 60,515 |
| 2,960 |
| 63,475 |
|
| | Interest Expense | 31,159 |
| (248 | ) | 30,911 |
| | 26,606 |
| (246 | ) | 26,360 |
| | 22,596 |
| (128 | ) | 22,468 |
|
| | Other Expense (Income), Net | 279 |
| 70 |
| 349 |
| | 1,980 |
| 375 |
| 2,355 |
| | (2,027 | ) | 74 |
| (1,953 | ) |
| Income from Cont. Ops. Before Income Taxes | 123,963 |
| 58 |
| 124,021 |
| | 119,007 |
| 5,620 |
| 124,627 |
| | 39,946 |
| 3,014 |
| 42,960 |
|
| | | | | | | | | | | | | |
| | Income Taxes | 24,046 |
| 56 |
| 24,102 |
| | 26,326 |
| (1,435 | ) | 24,891 |
| | 945 |
| (815 | ) | 130 |
|
| Income from Continuing Operations | 99,917 |
| 2 |
| 99,919 |
| | 92,681 |
| 7,055 |
| 99,736 |
| | 39,001 |
| 3,829 |
| 42,830 |
|
| | | | | | | | | | | | | |
| | Discontinued Operations (Net of Tax) | (2,305 | ) | (2 | ) | (2,307 | ) | | (10,103 | ) | (7,055 | ) | (17,158 | ) | | — |
| (3,829 | ) | (3,829 | ) |
| Net Income | $ | 97,612 |
| — |
| $ | 97,612 |
| | $ | 82,578 |
| — |
| $ | 82,578 |
| | $ | 39,001 |
| — |
| $ | 39,001 |
|
| Per Share Amounts - Diluted: | | | | | | | | | | | |
| | Income from Cont. Ops. | $ | 1.74 |
| — |
| $ | 1.74 |
| | $ | 1.66 |
| 0.13 |
| $ | 1.79 |
| | $ | 0.72 |
| 0.07 |
| $ | 0.79 |
|
| | Discontinued Operations | (0.04 | ) | — |
| (0.04 | ) | | (0.18 | ) | (0.13 | ) | (0.31 | ) | | — |
| (0.07 | ) | (0.07 | ) |
| Net Income | $ | 1.70 |
| — |
| $ | 1.70 |
| | $ | 1.48 |
| — |
| $ | 1.48 |
| | $ | 0.72 |
| — |
| $ | 0.72 |
|
| | | | | | | | | | | | |
| Weighted Average Shares Outstanding: | | | | | | | | | | | |
| | Diluted | 57,525,832 |
| | | | 55,812,666 |
| | | | 54,206,426 |
| | |
| Notes: | | | | | | | | | | | | |
| (1 | ) | Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses. |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Adjusted Financials for BDE Sale | | | | | | | | | | | | | | | | |
| Dollars in thousands, except per share data | | | | | | | | | | | | | | | | |
| Unaudited | | | | | | | | | | | | | | | | | | | |
| | | Q1 2010 | | Q2 2010 | | Q3 2010 | | Q4 2010 | | Q4 2010 - YTD |
| Income Statement | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) |
| Revenues | | | | | | | | | | | | | | | | | | | |
| | Precision Components | $ | 145,781 |
| — |
| $ | 145,781 |
| | $ | 146,604 |
| — |
| $ | 146,604 |
| | $ | 154,012 |
| — |
| $ | 154,012 |
| | $ | 149,514 |
| — |
| $ | 149,514 |
| | $ | 595,911 |
| — |
| $ | 595,911 |
|
| | Logistics & Manufacturing Services | 135,282 |
| (28,095 | ) | 107,187 |
| | 138,460 |
| (26,080 | ) | 112,380 |
| | 138,937 |
| (25,308 | ) | 113,629 |
| | 135,844 |
| (25,099 | ) | 110,745 |
| | 548,523 |
| (104,582 | ) | 443,941 |
|
| | Intersegment Sales | (2,926 | ) | — |
| (2,926 | ) | | (3,172 | ) | — |
| (3,172 | ) | | (3,048 | ) | — |
| (3,048 | ) | | (2,089 | ) | — |
| (2,089 | ) | | (11,235 | ) | — |
| (11,235 | ) |
| Total Revenues | 278,137 |
| (28,095 | ) | 250,042 |
| | 281,892 |
| (26,080 | ) | 255,812 |
| | 289,901 |
| (25,308 | ) | 264,593 |
| | 283,269 |
| (25,099 | ) | 258,170 |
| | 1,133,199 |
| (104,582 | ) | 1,028,617 |
|
| Operating Profit | | | | | | | | | | | | | | | | | | | |
| | Precision Components | 11,343 |
| (681 | ) | 10,662 |
| | 13,509 |
| (495 | ) | 13,014 |
| | 14,034 |
| (757 | ) | 13,277 |
| | 10,727 |
| (422 | ) | 10,305 |
| | 49,613 |
| (2,355 | ) | 47,258 |
|
| | Logistics & Manufacturing Services | 8,324 |
| 8 |
| 8,332 |
| | 10,173 |
| (485 | ) | 9,688 |
| | 10,799 |
| 781 |
| 11,580 |
| | 7,621 |
| 1,919 |
| 9,540 |
| | 36,917 |
| 2,223 |
| 39,140 |
|
| Total Operating Profit | 19,667 |
| (673 | ) | 18,994 |
| | 23,682 |
| (980 | ) | 22,702 |
| | 24,833 |
| 24 |
| 24,857 |
| | 18,348 |
| 1,497 |
| 19,845 |
| | 86,530 |
| (132 | ) | 86,398 |
|
| | Interest Expense | 5,118 |
| (6 | ) | 5,112 |
| | 4,978 |
| (13 | ) | 4,965 |
| | 5,177 |
| (3 | ) | 5,174 |
| | 4,740 |
| (8 | ) | 4,732 |
| | 20,014 |
| (30 | ) | 19,984 |
|
| | Other Expense (Income), Net | 324 |
| (18 | ) | 306 |
| | 1,065 |
| (57 | ) | 1,008 |
| | 773 |
| 62 |
| 835 |
| | 319 |
| 141 |
| 460 |
| | 2,480 |
| 129 |
| 2,609 |
|
| Income from Cont. Ops. Before Income Taxes | 14,225 |
| (649 | ) | 13,576 |
| | 17,639 |
| (910 | ) | 16,729 |
| | 18,883 |
| (35 | ) | 18,848 |
| | 13,289 |
| 1,364 |
| 14,653 |
| | 64,036 |
| (231 | ) | 63,805 |
|
| | | | | | | | | | | | | | | | | | | | | |
| | Income Taxes | 2,396 |
| (272 | ) | 2,124 |
| | 2,815 |
| (744 | ) | 2,071 |
| | 3,779 |
| 3 |
| 3,782 |
| | 1,767 |
| 83 |
| 1,850 |
| | 10,758 |
| (931 | ) | 9,827 |
|
| Income from Continuing Operations | 11,829 |
| (377 | ) | 11,452 |
| | 14,824 |
| (166 | ) | 14,658 |
| | 15,104 |
| (38 | ) | 15,066 |
| | 11,522 |
| 1,281 |
| 12,803 |
| | 53,278 |
| 700 |
| 53,978 |
|
| | | | | | | | | | | | | | | | | | | | | |
| | Discontinued Operations (Net of Tax) | — |
| 377 |
| 377 |
| | — |
| 166 |
| 166 |
| | — |
| 38 |
| 38 |
| | — |
| (1,281 | ) | (1,281 | ) | | — |
| (700 | ) | (700 | ) |
| Net Income | $ | 11,829 |
| — |
| $ | 11,829 |
| | $ | 14,824 |
| — |
| $ | 14,824 |
| | $ | 15,104 |
| — |
| $ | 15,104 |
| | $ | 11,522 |
| — |
| $ | 11,522 |
| | $ | 53,278 |
| — |
| $ | 53,278 |
|
| Per Share Amounts - Diluted: | | | | | | | | | | | | | | | | | | | |
| | Income from Cont. Ops. | $ | 0.21 |
| (0.01 | ) | $ | 0.20 |
| | $ | 0.26 |
| — |
| $ | 0.26 |
| | $ | 0.27 |
| — |
| $ | 0.27 |
| | $ | 0.21 |
| 0.02 |
| $ | 0.23 |
| | $ | 0.95 |
| 0.01 |
| $ | 0.96 |
|
| | Discontinued Operations | — |
| 0.01 |
| 0.01 |
| | — |
| — |
| — |
| | — |
| — |
| — |
| | — |
| (0.02 | ) | (0.02 | ) | | — |
| (0.01 | ) | (0.01 | ) |
| Net Income | $ | 0.21 |
| — |
| $ | 0.21 |
| | $ | 0.26 |
| — |
| $ | 0.26 |
| | $ | 0.27 |
| — |
| $ | 0.27 |
| | $ | 0.21 |
| — |
| $ | 0.21 |
| | $ | 0.95 |
| — |
| $ | 0.95 |
|
| | | | | | | | | | | | | | | | | | | | |
| Weighted Average Shares Outstanding: | | | | | | | | | | | | | | | | | | | |
| | Diluted | 55,965,287 |
| | | | 56,339,770 |
| | | | 55,839,970 |
| | | | 55,561,753 |
| | | | 55,925,187 |
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| Notes: | | | | | | | | | | | | | | | | | | | |
| (1 | ) | Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses. |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Adjusted Financials for BDE Sale | | | | | | | | | | | | |
| Dollars in thousands, except per share data | | | | | | | | | | | | |
| Unaudited | | | | | | | | | | | | | | | |
| | | Q1 2011 | | Q2 2011 | | Q3 2011 | | Q3 2011 - YTD |
| Income Statement | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) | | As Reported | Adjs. | As Adjusted (1) |
| Revenues | | | | | | | | | | | | | | | |
| | Precision Components | $ | 171,573 |
| — |
| $ | 171,573 |
| | $ | 175,804 |
| — |
| $ | 175,804 |
| | $ | 176,598 |
| — |
| $ | 176,598 |
| | $ | 523,974 |
| — |
| $ | 523,974 |
|
| | Logistics & Manufacturing Services | 150,019 |
| (29,164 | ) | 120,855 |
| | 155,291 |
| (26,080 | ) | 125,178 |
| | 151,600 |
| (26,751 | ) | 124,849 |
| | 456,910 |
| (86,029 | ) | 370,881 |
|
| | Intersegment Sales | (2,838 | ) | — |
| (2,838 | ) | | (3,145 | ) | — |
| (3,145 | ) | | (2,804 | ) | — |
| (2,804 | ) | | (8,786 | ) | — |
| (8,786 | ) |
| Total Revenues | 318,754 |
| (29,164 | ) | 289,590 |
| | 327,950 |
| (26,080 | ) | 297,837 |
| | 325,394 |
| (26,751 | ) | 298,643 |
| | 972,098 |
| (86,029 | ) | 886,069 |
|
| Operating Profit | | | | | | | | | | | | | | | |
| | Precision Components | 16,439 |
| (323 | ) | 16,116 |
| | 16,729 |
| (292 | ) | 16,437 |
| | 16,910 |
| 153 |
| 17,063 |
| | 50,078 |
| (462 | ) | 49,616 |
|
| | Logistics & Manufacturing Services | 13,010 |
| 1,591 |
| 14,601 |
| | 16,793 |
| 544 |
| 17,337 |
| | 16,034 |
| 1,091 |
| 17,125 |
| | 45,837 |
| 3,225 |
| 49,062 |
|
| Total Operating Profit | 29,449 |
| 1,268 |
| 30,717 |
| | 33,522 |
| 252 |
| 33,774 |
| | 32,944 |
| 1,244 |
| 34,188 |
| | 95,915 |
| 2,763 |
| 98,678 |
|
| | Interest Expense | 3,668 |
| (13 | ) | 3,655 |
| | 2,364 |
| (14 | ) | 2,350 |
| | 1,917 |
| (15 | ) | 1,902 |
| | 7,950 |
| (44 | ) | 7,906 |
|
| | Other Expense (Income), Net | 505 |
| (97 | ) | 408 |
| | 298 |
| 23 |
| 321 |
| | (425 | ) | (76 | ) | (501 | ) | | 378 |
| (150 | ) | 228 |
|
| Income from Cont. Ops. Before Income Taxes | 25,276 |
| 1,378 |
| 26,654 |
| | 30,860 |
| 243 |
| 31,103 |
| | 31,452 |
| 1,335 |
| 32,787 |
| | 87,587 |
| 2,957 |
| 90,544 |
|
| | | | | | | | | | | | | | | | | |
| | Income Taxes | 6,204 |
| 253 |
| 6,457 |
| | 8,528 |
| (151 | ) | 8,377 |
| | 8,207 |
| (311 | ) | 7,896 |
| | 22,938 |
| (208 | ) | 22,730 |
|
| Income from Continuing Operations | 19,072 |
| 1,125 |
| 20,197 |
| | 22,332 |
| 394 |
| 22,726 |
| | 23,245 |
| 1,646 |
| 24,891 |
| | 64,649 |
| 3,165 |
| 67,814 |
|
| | | | | | | | | | | | | | | | | |
| | Discontinued Operations (Net of Tax) | — |
| (1,125 | ) | (1,125 | ) | | — |
| (394 | ) | (394 | ) | | — |
| (1,646 | ) | (1,646 | ) | | — |
| (3,165 | ) | (3,165 | ) |
| Net Income | $ | 19,072 |
| — |
| $ | 19,072 |
| | $ | 22,332 |
| — |
| $ | 22,332 |
| | $ | 23,245 |
| — |
| $ | 23,245 |
| | $ | 64,649 |
| — |
| $ | 64,649 |
|
| Per Share Amounts - Diluted: | | | | | | | | | | | | | | | |
| | Income from Cont. Ops. | $ | 0.34 |
| 0.02 |
| $ | 0.36 |
| | $ | 0.40 |
| 0.01 |
| $ | 0.41 |
| | $ | 0.41 |
| 0.03 |
| $ | 0.44 |
| | $ | 1.15 |
| 0.06 |
| $ | 1.21 |
|
| | Discontinued Operations | — |
| (0.02 | ) | (0.02 | ) | | — |
| (0.01 | ) | (0.01 | ) | | — |
| (0.03 | ) | (0.03 | ) | | — |
| (0.06 | ) | (0.06 | ) |
| Net Income | $ | 0.34 |
| — |
| $ | 0.34 |
| | $ | 0.40 |
| — |
| $ | 0.40 |
| | $ | 0.41 |
| — |
| $ | 0.41 |
| | $ | 1.15 |
| — |
| $ | 1.15 |
|
| | | | | | | | | | | | | | | | |
| Weighted Average Shares Outstanding: | | | | | | | | | | | | | | | |
| | Diluted | 55,603,892 |
| | | | 56,288,447 |
| | | | 56,380,585 |
| | | | 56,095,069 |
| | |
| Notes: | | | | | | | | | | | | | | | |
| (1 | ) | Adjusted financial information presents previously reported financial information adjusted on a retrospective basis to reflect the BDE discontinued operations. Segment results have been adjusted for the impact of the discontinued operations including a reallocation of corporate overhead expenses. |
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