Exhibit 99.1
Financial Supplement
2008, 2009 and 2010 (Full Year)
2011 and 2012 (Quarters and Full Year)
Financial Results Adjusted for Discontinued Operations
and Segment Realignment
(Unaudited)
April 22, 2013
Barnes Group Inc.
Financial Supplement
2008, 2009 and 2010 (Full Year) and 2011 and 2012 (Quarters and Full Year) Financial Results Adjusted for Discontinued Operations and Segment Realignment
During the first quarter of 2013, the Company announced that it had entered into a definitive agreement to sell its Barnes Distribution North America business ("BDNA") and that it would realign the remaining business within the Distribution segment, Associated Spring Raymond, into the Company's Industrial segment resulting in two reportable segments: Aerospace and Industrial.
The BDNA results will be segregated and presented as discontinued operations in the consolidated financial statements on a retrospective basis beginning with the Company's first quarter 2013 Form 10-Q. In addition, segment information will be reported under the realigned structure on a retrospective basis beginning with the Company's first quarter 2013 Form 10-Q.
The attached schedules detail the retrospective adjustments of the 2008, 2009 and 2010 financial results and segment information on a full year basis as well as the 2011 and 2012 financial results and segment information on a quarterly and full year basis. In addition, Non-GAAP financial measures previously provided for the third and fourth quarters as well as the full year 2012 have been adjusted herein and presented together with revised reconciliations to GAAP measures as retrospectively adjusted.
This document is supplemental to related information previously included in (i) the Company’s financial statements set forth in its annual and quarterly periodic reports filed by the Company with the Securities and Exchange Commission ("SEC") for periods commencing and subsequent to January 1, 2008; (ii) prior earnings releases issued for periods commencing and subsequent to January 1, 2008 (and which were included in the Company’s Current Reports on Form 8-K); and (iii) the previously released Financial Supplement dated April 20, 2012 (which was included in the Company's Current Report on Form 8-K filed on April 20, 2012); and, accordingly, should be read in conjunction with the Company’s 2008, 2009, 2010, 2011 and 2012 Forms 10-K and the 2011 and 2012 Forms 10-Q filed with the SEC.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| | Unaudited | | | | | | | | | | | | | | | | | |
| | Dollars in thousands, except per share data | | | | | | | | | | | | | | |
| | | | 2008 | | 2009 | | 2010 |
| | Income Statement | As Presented (1) | | Adjustments | | As Adjusted (2) | | As Reported | | Adjustments | | As Adjusted (2) | | As Reported | | Adjustments | | As Adjusted (2) |
| | Net sales | $ | 1,232,196 |
| | $ | (360,302 | ) | | $ | 871,894 |
| | $ | 923,353 |
| | $ | (273,709 | ) | | $ | 649,644 |
| | $ | 1,028,617 |
| | $ | (286,876 | ) | | $ | 741,741 |
|
| | Cost of sales | 788,964 |
| | (182,531 | ) | | 606,433 |
| | 621,609 |
| | (142,269 | ) | | 479,340 |
| | 678,186 |
| | (151,846 | ) | | 526,340 |
|
| | Selling and administrative expenses | 289,562 |
| | (138,599 | ) | | 150,963 |
| | 238,269 |
| | (119,133 | ) | | 119,136 |
| | 264,033 |
| | (125,078 | ) | | 138,955 |
|
| | | | 1,078,526 |
| | (321,130 | ) | | 757,396 |
| | 859,878 |
| | (261,402 | ) | | 598,476 |
| | 942,219 |
| | (276,924 | ) | | 665,295 |
|
| | Operating income | 153,670 |
| | (39,172 | ) | | 114,498 |
| | 63,475 |
| | (12,307 | ) | | 51,168 |
| | 86,398 |
| | (9,952 | ) | | 76,446 |
|
| | Operating margin | 12.5 | % | | | | 13.1 | % | | 6.9 | % | | | | 7.9 | % | | 8.4 | % | | | | 10.3 | % |
| | Interest expense | 26,360 |
| | (5 | ) | | 26,355 |
| | 22,468 |
| | (37 | ) | | 22,431 |
| | 19,984 |
| | (20 | ) | | 19,964 |
|
| | Other expense (income), net | 2,683 |
| | (266 | ) | | 2,417 |
| | (1,953 | ) | | 161 |
| | (1,792 | ) | | 2,609 |
| | 57 |
| | 2,666 |
|
| | Income from continuing operations before income taxes | 124,627 |
| | (38,901 | ) | | 85,726 |
| | 42,960 |
| | (12,431 | ) | | 30,529 |
| | 63,805 |
| | (9,989 | ) | | 53,816 |
|
| | Income taxes | 24,891 |
| | (14,151 | ) | | 10,740 |
| | 130 |
| | (5,363 | ) | | (5,233 | ) | | 9,827 |
| | (3,795 | ) | | 6,032 |
|
| | Income from continuing operations | 99,736 |
| | (24,750 | ) | | 74,986 |
| | 42,830 |
| | (7,068 | ) | | 35,762 |
| | 53,978 |
| | (6,194 | ) | | 47,784 |
|
| | Income (loss) from discontinued operations, net of income taxes | (17,158 | ) | | 24,750 |
| | 7,592 |
| | (3,829 | ) | | 7,068 |
| | 3,239 |
| | (700 | ) | | 6,194 |
| | 5,494 |
|
| | Net income | $ | 82,578 |
| | $ | — |
| | $ | 82,578 |
| | $ | 39,001 |
| | $ | — |
| | $ | 39,001 |
| | $ | 53,278 |
| | $ | — |
| | $ | 53,278 |
|
| | | | | | | | | | | | | | | | | | | | |
| | Income per common share from continuing operations - diluted | $ | 1.79 |
| | $ | (0.44 | ) | | $ | 1.34 |
| | $ | 0.79 |
| | $ | (0.13 | ) | | $ | 0.66 |
| | $ | 0.96 |
| | $ | (0.11 | ) | | $ | 0.85 |
|
| | Income (loss) per common share from discontinued operations - diluted | (0.31 | ) | | 0.44 |
| | 0.14 |
| | (0.07 | ) | | 0.13 |
| | 0.06 |
| | (0.01 | ) | | 0.11 |
| | 0.10 |
|
| | Net income per common share - diluted | $ | 1.48 |
| | $ | — |
| | $ | 1.48 |
| | $ | 0.72 |
| | $ | — |
| | $ | 0.72 |
| | $ | 0.95 |
| | $ | — |
| | $ | 0.95 |
|
| | Weighted average common shares outstanding - diluted | | | 55,812,666 |
| | | | | | 54,206,426 |
| | | | | | 55,925,187 |
| | |
| | Notes: | | | | | | | | | | | | | | | | | |
| | (1) Represents previously reported financial information which was adjusted on a retrospective basis to reflect the results of the Barnes Distribution Europe businesses ("BDE") as discontinued operations as a result of the sale of BDE in the fourth quarter of 2011. Certain line items presented herein were previously reported in the Company's 2011 and 2012 Forms 10-K. |
| |
| | | | | | | | | | | | | | | | | | | | |
| | (2) Represents "As Presented" or "As Reported" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations. |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| Unaudited | | | | | | | | | |
| Dollars in thousands | | | | | | | | | |
| | 2008 | | 2009 | | 2010 |
| Segment Information | As Presented (1) | | As Adjusted (2) | | As Presented (1) | | As Adjusted (2) | | As Reported | | As Adjusted (2) |
| Net sales | | | | | | | | | | | |
| Aerospace | $ | 408,186 |
| | | | $ | 344,427 |
| | | | $ | 334,180 |
| | |
| Industrial | 421,284 |
| | | | 277,629 |
| | | | 374,068 |
| | |
| Distribution | 412,249 |
| | | | 305,834 |
| | | | 329,518 |
| | |
| | Aerospace | | | $ | 408,186 |
| | | | $ | 344,427 |
| | | | $ | 334,180 |
|
| | Industrial | | | 463,730 |
| | | | 305,231 |
| | | | 407,567 |
|
| Intersegment sales | (9,523 | ) | | (22 | ) | | (4,537 | ) | | (14 | ) | | (9,149 | ) | | (6 | ) |
| Total net sales | $ | 1,232,196 |
| | $ | 871,894 |
| | $ | 923,353 |
| | $ | 649,644 |
| | $ | 1,028,617 |
| | $ | 741,741 |
|
| | | | | | | | | | | | |
| Operating profit | | | | | | | | | | | |
| Aerospace | $ | 78,586 |
| | | | $ | 63,615 |
| | | | $ | 52,415 |
| | |
| Industrial | 35,070 |
| | | | (7,786 | ) | | | | 29,366 |
| | |
| Distribution | 39,686 |
| | | | 7,646 |
| | | | 4,617 |
| | |
| | Aerospace | | | $ | 70,703 |
| | | | $ | 57,712 |
| | | | $ | 44,897 |
|
| | Industrial | | | 43,467 |
| | | | (6,544 | ) | | | | 31,549 |
|
| Total operating profit | $ | 153,342 |
| | $ | 114,170 |
| | $ | 63,475 |
| | $ | 51,168 |
| | $ | 86,398 |
| | $ | 76,446 |
|
| | | | | | | | | | | | |
| Operating margin | | | | | | | | | | | |
| Aerospace | 19.3 | % | | | | 18.5 | % | | | | 15.7 | % | | |
| Industrial | 8.3 | % | | | | -2.8 | % | | | | 7.9 | % | | |
| Distribution | 9.6 | % | |
| | 2.5 | % | |
| | 1.4 | % | |
|
| | Aerospace | | | 17.3 | % | | | | 16.8 | % | | | | 13.4 | % |
| | Industrial | | | 9.4 | % | | | | -2.1 | % | | | | 7.7 | % |
| Total operating margin | 12.5 | % | | 13.1 | % | | 6.9 | % | | 7.9 | % | | 8.4 | % | | 10.3 | % |
| | | | | | | | | | | | | |
| Notes: | | | | | | | | | | | |
| (1) Represents financial information which was previously presented in the Company's Financial Supplement dated April 20, 2012. |
| | | | | | | | | | | | | |
| (2) Represents "As Presented" or "As Reported" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| Unaudited | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dollars in thousands, except per share data | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Q1 2011 | | Q2 2011 | | Q3 2011 | | Q4 2011 | | 2011 Full Year |
| Income Statement | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) |
| Net sales | $ | 289,590 |
| | $ | (77,283 | ) | | $ | 212,307 |
| | $ | 297,837 |
| | $ | (77,598 | ) | | $ | 220,239 |
| | $ | 298,643 |
| | $ | (77,783 | ) | | $ | 220,860 |
| | $ | 283,286 |
| | $ | (71,612 | ) | | $ | 211,674 |
| | $ | 1,169,355 |
| | $ | (304,277 | ) | | $ | 865,078 |
|
| Cost of sales | 190,910 |
| | (39,001 | ) | | 151,909 |
| | 194,564 |
| | (39,559 | ) | | 155,005 |
| | 198,776 |
| | (40,279 | ) | | 158,497 |
| | 188,147 |
| | (38,229 | ) | | 149,918 |
| | 772,398 |
| | (157,067 | ) | | 615,331 |
|
| Selling and administrative expenses | 67,963 |
| | (32,285 | ) | | 35,678 |
| | 69,499 |
| | (30,268 | ) | | 39,231 |
| | 65,679 |
| | (29,753 | ) | | 35,926 |
| | 66,262 |
| | (28,926 | ) | | 37,336 |
| | 269,402 |
| | (121,234 | ) | | 148,168 |
|
| | | 258,873 |
| | (71,286 | ) | | 187,587 |
| | 264,063 |
| | (69,827 | ) | | 194,236 |
| | 264,455 |
| | (70,032 | ) | | 194,423 |
| | 254,409 |
| | (67,155 | ) | | 187,254 |
| | 1,041,800 |
| | (278,301 | ) | | 763,499 |
|
| Operating income | 30,717 |
| | (5,997 | ) | | 24,720 |
| | 33,774 |
| | (7,771 | ) | | 26,003 |
| | 34,188 |
| | (7,751 | ) | | 26,437 |
| | 28,877 |
| | (4,457 | ) | | 24,420 |
| | 127,555 |
| | (25,976 | ) | | 101,579 |
|
| Operating margin | 10.6 | % | | | | 11.6 | % | | 11.3 | % | | | | 11.8 | % | | 11.4 | % | | | | 12.0 | % | | 10.2 | % | | | | 11.5 | % | | 10.9 | % | | | | 11.7 | % |
| Interest expense | 3,655 |
| | — |
| | 3,655 |
| | 2,350 |
| | — |
| | 2,350 |
| | 1,902 |
| | — |
| | 1,902 |
| | 2,365 |
| | — |
| | 2,365 |
| | 10,271 |
| | — |
| | 10,271 |
|
| Other expense (income), net | 408 |
| | 7 |
| | 415 |
| | 321 |
| | 8 |
| | 329 |
| | (501 | ) | | (18 | ) | | (519 | ) | | 167 |
| | (59 | ) | | 108 |
| | 395 |
| | (62 | ) | | 333 |
|
| Income from continuing operations before income taxes | 26,654 |
| | (6,004 | ) | | 20,650 |
| | 31,103 |
| | (7,779 | ) | | 23,324 |
| | 32,787 |
| | (7,733 | ) | | 25,054 |
| | 26,345 |
| | (4,398 | ) | | 21,947 |
| | 116,889 |
| | (25,914 | ) | | 90,975 |
|
| Income taxes | 6,457 |
| | (2,344 | ) | | 4,113 |
| | 8,377 |
| | (2,612 | ) | | 5,765 |
| | 7,896 |
| | (2,743 | ) | | 5,153 |
| | 2,586 |
| | (1,596 | ) | | 990 |
| | 25,316 |
| | (9,296 | ) | | 16,020 |
|
| Income from continuing operations | 20,197 |
| | (3,660 | ) | | 16,537 |
| | 22,726 |
| | (5,167 | ) | | 17,559 |
| | 24,891 |
| | (4,990 | ) | | 19,901 |
| | 23,759 |
| | (2,802 | ) | | 20,957 |
| | 91,573 |
| | (16,618 | ) | | 74,955 |
|
| Income (loss) from discontinued operations, net of income taxes | (1,125 | ) | | 3,660 |
| | 2,535 |
| | (394 | ) | | 5,167 |
| | 4,773 |
| | (1,646 | ) | | 4,990 |
| | 3,344 |
| | (23,693 | ) | | 2,802 |
| | (20,891 | ) | | (26,858 | ) | | 16,618 |
| | (10,240 | ) |
| Net income | $ | 19,072 |
| | $ | — |
| | $ | 19,072 |
| | $ | 22,332 |
| | $ | — |
| | $ | 22,332 |
| | $ | 23,245 |
| | $ | — |
| | $ | 23,245 |
| | $ | 66 |
| | $ | — |
| | $ | 66 |
| | $ | 64,715 |
| | $ | — |
| | $ | 64,715 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income per common share from continuing operations - diluted | $ | 0.36 |
| | $ | (0.07 | ) | | $ | 0.29 |
| | $ | 0.41 |
| | $ | (0.09 | ) | | $ | 0.32 |
| | $ | 0.44 |
| | $ | (0.09 | ) | | $ | 0.35 |
| | $ | 0.43 |
| | $ | (0.05 | ) | | $ | 0.38 |
| | $ | 1.64 |
| | $ | (0.30 | ) | | $ | 1.34 |
|
| Income (loss) per common share from discontinued operations - diluted | (0.02 | ) | | 0.07 |
| | 0.05 |
| | (0.01 | ) | | 0.09 |
| | 0.08 |
| | (0.03 | ) | | 0.09 |
| | 0.06 |
| | (0.43 | ) | | 0.05 |
| | (0.38 | ) | | (0.48 | ) | | 0.30 |
| | (0.18 | ) |
| Net income per common share - diluted | $ | 0.34 |
| | $ | — |
| | $ | 0.34 |
| | $ | 0.40 |
| | $ | — |
| | $ | 0.40 |
| | $ | 0.41 |
| | $ | — |
| | $ | 0.41 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1.16 |
| | $ | — |
| | $ | 1.16 |
|
| Weighted average common shares outstanding - diluted |
|
| | 55,603,892 |
| |
| |
|
| | 56,288,447 |
| |
| |
|
| | 56,380,585 |
| |
| |
|
| | 55,451,632 |
| |
| |
|
| | 55,931,882 |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) Represents "As Reported" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| Unaudited | | | | | | | | | | | | | | | | | |
| Dollars in thousands | | | | | | | | | | | | | | | | | |
| | Q1 2011 | | Q2 2011 | | Q3 2011 | | Q4 2011 | | 2011 Full Year |
| Segment Information | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) |
| Net sales | | | | | | | | | | | | | | | | | | | |
| Aerospace | $ | 90,560 |
| | | | $ | 94,729 |
| | | | $ | 98,125 |
| | | | $ | 99,091 |
| | | | $ | 382,506 |
| | |
| Industrial | 111,430 |
| | | | 114,004 |
| | | | 112,476 |
| | | | 102,572 |
| | | | 440,482 |
| | |
| Distribution | 89,912 |
| | | | 91,731 |
| | | | 90,260 |
| | | | 83,359 |
| | | | 355,262 |
| | |
| | Aerospace | | | $ | 90,560 |
| | | | $ | 94,729 |
| | | | $ | 98,125 |
| | | | $ | 99,091 |
| | | | $ | 382,506 |
|
| | Industrial | | | 121,749 |
| | | | 125,511 |
| | | | 122,735 |
| | | | 112,589 |
| | | | 482,582 |
|
| Intersegment sales | (2,312 | ) | | (2 | ) | | (2,627 | ) | | (1 | ) | | (2,218 | ) | | — |
| | (1,736 | ) | | (6 | ) | | (8,895 | ) | | (10 | ) |
| Total net sales | $ | 289,590 |
| | $ | 212,307 |
| | $ | 297,837 |
| | $ | 220,239 |
| | $ | 298,643 |
| | $ | 220,860 |
| | $ | 283,286 |
| | $ | 211,674 |
| | $ | 1,169,355 |
| | $ | 865,078 |
|
| | | | | | | | | | | | | | | | | | | | |
| Operating profit | | | | | | | | | | | | | | | | | | | |
| Aerospace | $ | 13,683 |
| | | | $ | 14,794 |
| | | | $ | 16,071 |
| | | | $ | 18,099 |
| | | | $ | 62,647 |
| | |
| Industrial | 10,958 |
| | | | 10,977 |
| | | | 10,340 |
| | | | 6,819 |
| | | | 39,094 |
| | |
| Distribution | 6,076 |
| | | | 8,003 |
| | | | 7,777 |
| | | | 3,959 |
| | | | 25,814 |
| | |
| | Aerospace | | | $ | 12,001 |
| | | | $ | 13,005 |
| | | | $ | 14,410 |
| | | | $ | 16,325 |
| | | | $ | 55,740 |
|
| | Industrial | | | 12,719 |
| | | | 12,998 |
| | | | 12,027 |
| | | | 8,095 |
| | | | 45,839 |
|
| Total operating profit | $ | 30,717 |
| | $ | 24,720 |
| | $ | 33,774 |
| | $ | 26,003 |
| | $ | 34,188 |
| | $ | 26,437 |
| | $ | 28,877 |
| | $ | 24,420 |
| | $ | 127,555 |
| | $ | 101,579 |
|
| | | | | | | | | | | | | | | | | | | | |
| Operating margin | | | | | | | | | | | | | | | | | | | |
| Aerospace | 15.1 | % | | | | 15.6 | % | | | | 16.4 | % | | | | 18.3 | % | | | | 16.4 | % | | |
| Industrial | 9.8 | % | | | | 9.6 | % | | | | 9.2 | % | | | | 6.6 | % | | | | 8.9 | % | | |
| Distribution | 6.8 | % | | | | 8.7 | % | | | | 8.6 | % | | | | 4.7 | % | | | | 7.3 | % | | |
| | Aerospace | | | 13.3 | % | | | | 13.7 | % | | | | 14.7 | % | | | | 16.5 | % | | | | 14.6 | % |
| | Industrial | | | 10.4 | % | | | | 10.4 | % | | | | 9.8 | % | | | | 7.2 | % | | | | 9.5 | % |
| Total operating margin | 10.6 | % | | 11.6 | % | | 11.3 | % | | 11.8 | % | | 11.4 | % | | 12.0 | % | | 10.2 | % | | 11.5 | % | | 10.9 | % | | 11.7 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Notes: | | | | | | | | | | | | | | | | | | | |
| (1) Represents "As Reported" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| Unaudited | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dollars in thousands, except per share data | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012 Full Year |
| Income Statement | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) |
| Net sales | $ | 303,096 |
| | $ | (80,301 | ) | | $ | 222,795 |
| | $ | 293,422 |
| | $ | (78,112 | ) | | $ | 215,310 |
| | $ | 306,059 |
| | $ | (73,583 | ) | | $ | 232,476 |
| | $ | 327,382 |
| | $ | (69,183 | ) | | $ | 258,199 |
| | $ | 1,229,959 |
| | $ | (301,179 | ) | | $ | 928,780 |
|
| Cost of sales | 201,781 |
| | (41,360 | ) | | 160,421 |
| | 193,088 |
| | (40,721 | ) | | 152,367 |
| | 208,571 |
| | (38,222 | ) | | 170,349 |
| | 208,751 |
| | (36,236 | ) | | 172,515 |
| | 812,192 |
| | (156,539 | ) | | 655,653 |
|
| Selling and administrative expenses | 68,302 |
| | (30,546 | ) | | 37,756 |
| | 66,208 |
| | (29,025 | ) | | 37,183 |
| | 67,817 |
| | (28,176 | ) | | 39,641 |
| | 78,885 |
| | (27,468 | ) | | 51,417 |
| | 281,211 |
| | (115,215 | ) | | 165,996 |
|
| | | 270,083 |
| | (71,906 | ) | | 198,177 |
| | 259,296 |
| | (69,746 | ) | | 189,550 |
| | 276,388 |
| | (66,398 | ) | | 209,990 |
| | 287,636 |
| | (63,704 | ) | | 223,932 |
| | 1,093,403 |
| | (271,754 | ) | | 821,649 |
|
| Operating income | 33,013 |
| | (8,395 | ) | | 24,618 |
| | 34,126 |
| | (8,366 | ) | | 25,760 |
| | 29,671 |
| | (7,185 | ) | | 22,486 |
| | 39,746 |
| | (5,479 | ) | | 34,267 |
| | 136,556 |
| | (29,425 | ) | | 107,131 |
|
| Operating margin | 10.9 | % | | | | 11.0 | % | | 11.6 | % | | | | 12.0 | % | | 9.7 | % | | | | 9.7 | % | | 12.1 | % | | | | 13.3 | % | | 11.1 | % | | | | 11.5 | % |
| Interest expense | 2,368 |
| | — |
| | 2,368 |
| | 2,435 |
| | — |
| | 2,435 |
| | 3,243 |
| | — |
| | 3,243 |
| | 4,192 |
| | — |
| | 4,192 |
| | 12,238 |
| | — |
| | 12,238 |
|
| Other expense (income), net | 853 |
| | 6 |
| | 859 |
| | 95 |
| | (40 | ) | | 55 |
| | 851 |
| | 22 |
| | 873 |
| | 873 |
| | (29 | ) | | 844 |
| | 2,671 |
| | (41 | ) | | 2,630 |
|
| Income from continuing operations before income taxes | 29,792 |
| | (8,401 | ) | | 21,391 |
| | 31,596 |
| | (8,326 | ) | | 23,270 |
| | 25,577 |
| | (7,207 | ) | | 18,370 |
| | 34,681 |
| | (5,450 | ) | | 29,231 |
| | 121,647 |
| | (29,384 | ) | | 92,263 |
|
| Income taxes | 6,818 |
| | (3,017 | ) | | 3,801 |
| | 6,798 |
| | (3,015 | ) | | 3,783 |
| | 4,847 |
| | (2,505 | ) | | 2,342 |
| | 4,887 |
| | (2,380 | ) | | 2,507 |
| | 23,350 |
| | (10,918 | ) | | 12,432 |
|
| Income from continuing operations | 22,974 |
| | (5,384 | ) | | 17,590 |
| | 24,798 |
| | (5,311 | ) | | 19,487 |
| | 20,730 |
| | (4,702 | ) | | 16,028 |
| | 29,794 |
| | (3,070 | ) | | 26,724 |
| | 98,297 |
| | (18,466 | ) | | 79,831 |
|
| Income (loss) from discontinued operations, net of income taxes | (767 | ) | | 5,384 |
| | 4,617 |
| | 33 |
| | 5,311 |
| | 5,344 |
| | (2,249 | ) | | 4,702 |
| | 2,453 |
| | (63 | ) | | 3,070 |
| | 3,007 |
| | (3,048 | ) | | 18,466 |
| | 15,418 |
|
| Net income | $ | 22,207 |
| | $ | — |
| | $ | 22,207 |
| | $ | 24,831 |
| | $ | — |
| | $ | 24,831 |
| | $ | 18,481 |
| | $ | — |
| | $ | 18,481 |
| | $ | 29,731 |
| | $ | — |
| | $ | 29,731 |
| | $ | 95,249 |
| | $ | — |
| | $ | 95,249 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income per common share from continuing operations - diluted | $ | 0.41 |
| | $ | (0.10 | ) | | $ | 0.32 |
| | $ | 0.45 |
| | $ | (0.10 | ) | | $ | 0.35 |
| | $ | 0.38 |
| | $ | (0.09 | ) | | $ | 0.30 |
| | $ | 0.54 |
| | $ | (0.06 | ) | | $ | 0.49 |
| | $ | 1.78 |
| | $ | (0.33 | ) | | $ | 1.44 |
|
| Income (loss) per common share from discontinued operations - diluted | (0.01 | ) | | 0.10 |
| | 0.08 |
| | — |
| | 0.10 |
| | 0.10 |
| | (0.04 | ) | | 0.09 |
| | 0.04 |
| | — |
| | 0.06 |
| | 0.05 |
| | (0.06 | ) | | 0.33 |
| | 0.28 |
|
| Net income per common share - diluted | $ | 0.40 |
| | $ | — |
| | $ | 0.40 |
| | $ | 0.45 |
| | $ | — |
| | $ | 0.45 |
| | $ | 0.34 |
| | $ | — |
| | $ | 0.34 |
| | $ | 0.54 |
| | $ | — |
| | $ | 0.54 |
| | $ | 1.72 |
| | $ | — |
| | $ | 1.72 |
|
| Weighted average common shares outstanding - diluted |
|
| | 55,455,579 |
| |
| |
|
| | 55,150,806 |
| |
| |
|
| | 55,098,263 |
| |
| |
|
| | 55,194,226 |
| |
| |
|
| | 55,224,457 |
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-GAAP Financial Measure Reconciliation | | Q3 2012 | | Q4 2012 | | 2012 Full Year |
| | | | | | | | | | | | | | As Presented | | Adjustments | | As Adjusted (1) | | As Presented | | Adjustments | | As Adjusted (1) | | As Reported | | Adjustments | | As Adjusted (1) |
| Operating income (GAAP) | | | | | | | | $ | 29,671 |
| | $ | (7,185 | ) | | $ | 22,486 |
| | $ | 39,746 |
| | $ | (5,479 | ) | | $ | 34,267 |
| | $ | 136,556 |
| | $ | (29,425 | ) | | $ | 107,131 |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Synventive short-term purchase accounting adjustments | | | | | | 4,212 |
| | — |
| | 4,212 |
| | 775 |
| | — |
| | 775 |
| | 4,987 |
| | — |
| | 4,987 |
|
| Synventive acquisition transaction costs | | | | | | | | 909 |
| | — |
| | 909 |
| | 3 |
| | — |
| | 3 |
| | 912 |
| | — |
| | 912 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income as adjusted (Non-GAAP)(2) | | | | | | | | $ | 34,792 |
| | $ | (7,185 | ) | | $ | 27,607 |
| | $ | 40,524 |
| | $ | (5,479 | ) | | $ | 35,045 |
| | $ | 142,455 |
| | $ | (29,425 | ) | | $ | 113,030 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating margin (GAAP) | | | | | | | | 9.7 | % | |
| | 9.7 | % | | 12.1 | % | | | | 13.3 | % | | 11.1 | % | | | | 11.5 | % |
Operating margin as adjusted (Non-GAAP) (2) | | | | | | | | 11.4 | % | |
| | 11.9 | % | | 12.4 | % | | | | 13.6 | % | | 11.6 | % | | | | 12.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Diluted income from continuing operations per share (GAAP) | | | | $ | 0.38 |
| | $ | (0.09 | ) | | $ | 0.30 |
| | $ | 0.54 |
| | $ | (0.06 | ) | | $ | 0.49 |
| | $ | 1.78 |
| | $ | (0.33 | ) | | $ | 1.44 |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Synventive short-term purchase accounting adjustments | | | | | | 0.05 |
| | — |
| | 0.05 |
| | 0.01 |
| | — |
| | 0.01 |
| | 0.07 |
| | — |
| | 0.07 |
|
| Synventive acquisition transaction costs | | | | | | | | 0.01 |
| | — |
| | 0.01 |
| | — |
| | — |
| | — |
| | 0.01 |
| | — |
| | 0.01 |
|
| | | | | | | | | | | | | | | | | | | |
Diluted income from continuing operations per share as adjusted (Non-GAAP) (2) | | $ | 0.44 |
| | $ | (0.09 | ) | | $ | 0.36 |
| | $ | 0.55 |
| | $ | (0.06 | ) | | $ | 0.50 |
| | $ | 1.86 |
| | $ | (0.33 | ) | | $ | 1.52 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Notes: | | | | | | | | | | | | | | | |
| (1) Represents "As Reported" or "As Presented" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (2) The Company has excluded short-term purchase accounting adjustments and transaction costs related to its Synventive acquisition from its "as adjusted" financial measurements. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment |
| Unaudited | | | | | | | | | | | | | | | | | |
| Dollars in thousands | | | | | | | | | | | | | | | | | |
| | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012 Full Year |
| Segment Information | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) | | As Reported | | As Adjusted (1) |
| Net sales | | | | | | | | | | | | | | | | | | | |
| Aerospace | $ | 97,250 |
| | | | $ | 93,770 |
| | | | $ | 98,370 |
| | | | $ | 101,092 |
| | | | $ | 390,483 |
| | |
| Industrial | 115,348 |
| | | | 110,244 |
| | | | 123,812 |
| | | | 147,638 |
| | | | 497,043 |
| | |
| Distribution | 93,425 |
| | | | 91,855 |
| | | | 85,719 |
| | | | 79,740 |
| | | | 350,739 |
| | |
| | Aerospace | | | $ | 97,250 |
| | | | $ | 93,770 |
| | | | $ | 98,370 |
| | | | $ | 101,092 |
| | | | $ | 390,483 |
|
| | Industrial | | | 125,545 |
| | | | 121,540 |
| | | | 134,107 |
| | | | 157,114 |
| | | | 538,305 |
|
| Intersegment sales | (2,927 | ) | | — |
| | (2,447 | ) | | — |
| | (1,842 | ) | | (1 | ) | | (1,088 | ) | | (7 | ) | | (8,306 | ) | | (8 | ) |
| Total net sales | $ | 303,096 |
| | $ | 222,795 |
| | $ | 293,422 |
| | $ | 215,310 |
| | $ | 306,059 |
| | $ | 232,476 |
| | $ | 327,382 |
| | $ | 258,199 |
| | $ | 1,229,959 |
| | $ | 928,780 |
|
| | | | | | | | | | | | | | | | | | | | |
| Operating profit | | | | | | | | | | | | | | | | | | | |
| Aerospace | $ | 14,218 |
| | | | $ | 14,706 |
| | | | $ | 15,345 |
| | | | $ | 18,982 |
| | | | $ | 63,251 |
| | |
| Industrial | 10,105 |
| | | | 11,217 |
| | | | 7,406 |
| | | | 15,187 |
| | | | 43,914 |
| | |
| Distribution | 8,690 |
| | | | 8,203 |
| | | | 6,920 |
| | | | 5,577 |
| | | | 29,391 |
| | |
| | Aerospace | | | $ | 12,654 |
| | | | $ | 13,023 |
| | | | $ | 14,122 |
| | | | $ | 18,080 |
| | | | $ | 57,878 |
|
| | Industrial | | | 11,964 |
| | | | 12,737 |
| | | | 8,364 |
| | | | 16,187 |
| | | | 49,253 |
|
| Total operating profit | $ | 33,013 |
| | $ | 24,618 |
| | $ | 34,126 |
| | $ | 25,760 |
| | $ | 29,671 |
| | $ | 22,486 |
| | $ | 39,746 |
| | $ | 34,267 |
| | $ | 136,556 |
| | $ | 107,131 |
|
| | | | | | | | | | | | | | | | | | | | |
| Operating margin | | | | | | | | | | | | | | | | | | | |
| Aerospace | 14.6 | % | | | | 15.7 | % | | | | 15.6 | % | | | | 18.8 | % | | | | 16.2 | % | | |
| Industrial | 8.8 | % | | | | 10.2 | % | | | | 6.0 | % | | | | 10.3 | % | | | | 8.8 | % | | |
| Distribution | 9.3 | % | | | | 8.9 | % | | | | 8.1 | % | | | | 7.0 | % | | | | 8.4 | % | | |
| | Aerospace | | | 13.0 | % | | | | 13.9 | % | | | | 14.4 | % | | | | 17.9 | % | | | | 14.8 | % |
| | Industrial | | | 9.5 | % | | | | 10.5 | % | | | | 6.2 | % | | | | 10.3 | % | | | | 9.1 | % |
| Total operating margin | 10.9 | % | | 11.0 | % | | 11.6 | % | | 12.0 | % | | 9.7 | % | | 9.7 | % | | 12.1 | % | | 13.3 | % | | 11.1 | % | | 11.5 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Non-GAAP Financial Measure Reconciliation | | Q3 2012 | | Q4 2012 | | 2012 Full Year |
| | | | | | | | | | As Presented | | As Adjusted (1) | | As Presented | | As Adjusted (1) | | As Reported | | As Adjusted (1) |
| Operating profit - Industrial Segment (GAAP) | | | | $ | 7,406 |
| | $ | 8,364 |
| | $ | 15,187 |
| | $ | 16,187 |
| | $ | 43,914 |
| | $ | 49,253 |
|
| | | | | | | | | | | | | |
| Synventive short-term purchase accounting adjustments | | 4,212 |
| | 4,212 |
| | 775 |
| | 775 |
| | 4,987 |
| | 4,987 |
|
| Synventive acquisition transaction costs | | | | 909 |
| | 909 |
| | 3 |
| | 3 |
| | 912 |
| | 912 |
|
| | | | | | | | | | | | | | | | | | | | |
Operating profit - Industrial Segment as adjusted (Non-GAAP)(2) | | $ | 12,527 |
| | $ | 13,485 |
| | $ | 15,965 |
| | $ | 16,965 |
| | $ | 49,813 |
| | $ | 55,152 |
|
| | | | | | | | | | | | | | | | | | | | |
| Operating margin - Industrial Segment (GAAP) | | | | 6.0 | % | | 6.2 | % | | 10.3 | % | | 10.3 | % | | 8.8 | % | | 9.1 | % |
Operating margin - Industrial Segment as adjusted (Non-GAAP) (2) | | 10.1 | % | | 10.1 | % | | 10.8 | % | | 10.8 | % | | 10.0 | % | | 10.2 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Notes: | | | | | | | | | | | | | | | | | | | |
| (1) Represents "As Reported" or "As Presented" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment. |
| |
(2) The Company has excluded short-term purchase accounting adjustments and transaction costs related to its Synventive acquisition from its "as adjusted" financial measurements. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use. |
