Exhibit 99.1
[LOGO] Tupperware(R)
World Headquarters
14901 S. Orange Blossom Trail
Orlando, FL 32837
Mailing Address:
Post Office Box 2353
Orlando, FL 32802-2353 News Release
CONTACT: Jane Garrard (407) 826-4522
TUPPERWARE ANNOUNCES 2003 FOURTH QUARTER
AND FULL-YEAR RESULTS
ORLANDO, FLA, January 28, 2004 -- Tupperware Corporation (NYSE:TUP)
announced today sales for the fourth quarter ended December 27, 2003, increased
seven percent to $344 million compared with $321 million in the prior year.
Excluding the impact of foreign currency and the new business model in North
America, sales declined five percent from last year.
Net income for the fourth quarter was $27.4 million, or 47 cents per
diluted share, which included $1.8 million after tax of one-time items net of
gains on land development. This compares with $34.5 million or 59 cents per
diluted share in the prior year, including $5.1 million after tax of gains on
land development and sale of a facility, net of one-time charges.
Excluding nonrecurring items, net income from core operations was flat in
the fourth quarter of 2003 compared with 2002 at $29 million.
"Europe and BeautiControl performed better than expected in the fourth
quarter, while Latin America and Asia Pacific showed the improvement we
anticipated," said Rick Goings, Chairman and Chief Executive Officer. "Results
continued to be weak in the United States largely due to a smaller average
active sales force. However, strong recruiting in the fourth quarter bodes well
for improving sequential trends, " Goings continued.
Sales for the year ended December 27, 2003 were $1.2 billion or six
percent higher than $1.1 billion last year. Excluding the impact of foreign
currency and the new business model in North America, sales declined four
percent.
Net income in 2003 was $47.9 million or 82 cents per diluted share,
including $0.9 million after tax of one-time costs net of gains on land
development. This compares with $90.1 million or $1.54 per diluted share in
2002, which included $13.9 million after tax from net gains on land development
and sales of manufacturing facilities, partially offset by one-time charges.
(more)
The profit impact of changes in the exchange rates for the major
currencies was mostly eliminated by a translation hedging program, which ended
at the close of 2003.
The balance sheet improved as of the end of 2003 to a net
debt-to-total-capital ratio of 50 percent, which was the lowest point in five
years. This compares with 59 percent at the end of 2002. Additionally, cash flow
before financing activities exceeded our $55-60 million target, partially as a
result of improvements in receivables and inventory.
Tupperware will conduct a conference call on Wednesday, January 28, 2003,
at 10:00 am Eastern time. The conference call will be simulcast and archived,
along with a copy of this news release, at www.Tupperware.com.
Fourth Quarter Segment Highlights
Europe
Sales were $165.6 million, up 21 percent over last year. Excluding the
impact of foreign currency, sales were up one percent or $1.7 million due to a
sales force size advantage of 16 percent and an increase in the average active
sales force of 12 percent over the fourth quarter of prior year. Most markets
contributed to the increase with significant improvement in the emerging
markets. Sales comparisons are affected by the lower party average in these
markets.
Fourth quarter sales comparisons were also negatively impacted by prior
year business-to-business transactions in Austria and Germany and elimination of
UK sales.
Profit was $44.1 million compared with $32.9 million last year. Excluding
a $7.3 million positive foreign currency impact on the comparison, profit
improved $3.9 million or 10 percent.
North America
Sales were $60.8 million, down 25 percent or $20 million from last year.
Excluding the favorable impacts of $6.7 million from the new business model and
$1.0 million from foreign currency, sales were down 38 percent due to a decline
in the sales force size.
Although the sales decline was slightly worse than the third quarter, this
was due to lower showcase sales and the exit from the Target partnership. Core
party sales, which comprise the majority of sales, followed the same trend as
active sellers, which were down 32 percent in the third quarter and improved to
down 24 percent in the fourth quarter. The sales decline and lower capacity
utilization resulted in a loss of $3.4 million.
Recruiting results were up significantly in the fourth quarter from prior
year; however, it is anticipated that it will take until the fourth quarter of
2004 to achieve positive comparisons in average active sales force and sales
trends.
(more)
Asia Pacific
Sales were $68.0 million, up eight percent or $5.3 million from last year.
Excluding the impact of foreign currency, sales declined two percent from prior
year.
Profit was $7.2 million, down $11.7 million from last year. Excluding the
positive impact of foreign currency, profit was down $13.1 million primarily due
to an $11.0 million one-time benefit related to disposition of a manufacturing
facility in the prior year. An unfavorable shift in product mix in Japan to
lower margin items and lower capacity utilization impacted profits as well.
Latin America
Latin America had sequential improvement, as expected, with positive
quarterly comparisons for the first time in 2003. Sales were $25.5 million, up
18 percent or $4.0 million compared with the prior year. Excluding the negative
impact of foreign currency, sales were up 27 percent or $5.5 million primarily
due to an increase in sales per average active sales force.
Profit was $2.0 million, up $6.9 million from prior year. Profit increased
more than sales due to lower promotional and distribution expenses.
BeautiControl North America
Sales were $24.2 million, up 27 percent from last year due to total sales
force growth of 13 percent and average active sales force growth of 18 percent
compared with prior year.
Profit and return on sales improved as anticipated to $3.1 million, up
$2.1 million from last year.
Outlook
The full-year 2004 outlook for the total company is for a low single-digit
increase in sales driven primarily by an expected increase in average active
sales force and a slight increase in productivity in Europe, BeautiControl and
Asia Pacific. These sales improvements are expected to result in segment profit
growth, which along with cost rationalization in North America will drive
segment profit increases.
However, these profit increases are anticipated to be offset by
investments of approximately $15 million to drive growth strategies including
additional spending on public relations for the new party experience in North
America, France and Germany, along with building a merchandising infrastructure
in Latin America to expand the beauty business more rapidly.
A portion of the investment will be related to rationalizing worldwide
manufacturing operations consistent with the strategy of moving to more
third-party sourcing of both core and non-core products.
(more)
Although these investments are expected to ultimately result in additional
sales and return on sales, this is not forecast in 2004. Unallocated expenses
are expected to be higher due to the decision to expense stock options and
higher audit fees associated with meeting the requirements of Sarbanes-Oxley.
Full-year 2004 earnings expectations are $1.20 to $1.30 per diluted share,
including 12 cents positive impact from foreign currency at 2003 year-end rates,
18 cents from lower hedging costs and six to eight cents from gains on sales of
land development.
Quarterly flow of earnings in 2004 is expected to be similar to 2003 with
a modest shift from the first and second quarter to the third and fourth
quarter.
The first quarter operating profits will be down significantly, primarily
from a shortfall in North America on lower sales; however, net income and
earnings per share are expected to outpace prior year due to stronger foreign
currencies and lower hedging costs.
Tupperware Corporation, a $1.2 billion multinational company, is one of
the world's leading direct sellers, supplying premium food storage, preparation
and serving items to consumers in more than 100 countries through its Tupperware
brand. In partnership with one million independent sales consultants worldwide,
Tupperware reaches consumers through informative and entertaining home parties;
retail access points in malls and other convenient venues; corporate and sales
force Internet web sites; and television shopping. Additionally, premium beauty
and skin care products are brought to customers through its BeautiControl brand
in North America, Latin America and Asia Pacific. Consumers can access the
brands' web sites at www.tupperware.com and www.beauticontrol.com.
Tupperware stock is listed on the New York Stock Exchange (NYSE: TUP).
Statements contained in this release which are not historical fact and use
predictive words such as "outlook" or "target" are forward-looking statements.
These statements involve risks and uncertainties which include recruiting and
activity of the Company's independent sales forces, the success of new product
introductions and promotional programs, the ability to obtain all government
approvals on land development, the success of buyers in attracting tenants for
commercial developments, the effects of economic and political conditions
generally and foreign exchange risk in particular and other risks detailed in
the Company's report on Form 8-K dated April 10, 2001, as filed with the
Securities and Exchange Commission.
###
TUPPERWARE CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
13 Weeks Ended 52 Weeks Ended
Dec 27, Dec 28, Dec 27, Dec 28,
(In millions, except per share data) 2003 2002 2003 2002
--------- --------- --------- ---------
Net sales $ 344.1 $ 321.2 $ 1,174.8 $ 1,103.5
Cost of products sold 121.6 105.3 408.0 362.6
--------- --------- --------- ---------
Gross margin 222.5 215.9 766.8 740.9
Delivery, sales and administrative expense 176.8 174.2 677.4 625.2
Re-engineering and impairment charge 6.8 3.1 6.8 20.8
Gains on disposal of assets 2.5 18.1 3.7 49.4
--------- --------- --------- ---------
Operating income 41.4 56.7 86.3 144.3
Interest income 0.4 0.5 1.8 2.2
Other income -- -- 0.6 --
Interest expense 4.0 6.4 15.6 24.0
Other expense 6.5 3.4 16.5 5.1
--------- --------- --------- ---------
Income before income taxes 31.3 47.4 56.6 117.4
Provision for income taxes 3.9 12.9 8.7 27.3
--------- --------- --------- ---------
Net income $ 27.4 $ 34.5 $ 47.9 $ 90.1
========= ========= ========= =========
Net income per common share:
Basic $ 0.47 $ 0.59 $ 0.82 $ 1.55
========= ========= ========= =========
Diluted $ 0.47 $ 0.59 $ 0.82 $ 1.54
========= ========= ========= =========
TUPPERWARE CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
(Dollars in millions, except per share)
13 Weeks Ended Reported Restated Foreign 52 Weeks Ended Reported Restated Foreign
Dec 27, Dec 28, % % Exchange Dec 27, Dec 28, % % Exchange
2003 2002 Inc (Dec) Inc (Dec) Impact 2003 2002 Inc (Dec) Inc (Dec) Impact
------- ------- --------- --------- --------- --------- --------- --------- --------- --------
SALES
Europe $ 165.6 $ 137.3 21 1 $ 26.6 $ 538.5 $ 420.8 28 7 $82.4
Asia Pacific 68.0 62.7 8 (2) 6.9 220.2 209.5 5 (2) 16.2
Latin America 25.5 21.5 18 27 (1.5) 102.6 130.9 (22) (13) (13.6)
North America 60.8 80.7 (25) (25) 1.0 222.6 268.4 (17) (18) 2.1
BeautiControl 24.2 19.0 27 27 -- 90.9 73.9 23 23 --
------- ------- --------- --------- --------- -----
$ 344.1 $ 321.2 7 (3) $ 33.0 $ 1,174.8 $ 1,103.5 6 (1) $87.1
======= ======= ========= ========= ========= =====
SEGMENT PROFIT (LOSS)
Europe $ 44.1 $ 32.9 34 10 $ 7.3 $ 110.0 $ 88.3 25 6 $15.8
Asia Pacific 7.2 18.9 (62) (65) 1.4 17.6 35.7 (51) (55) 3.5
Latin America 2.0 (4.9) + + -- 3.1 6.2 (50) (30) (1.8)
North America (3.4) 13.2 -- -- 0.2 (22.4) 30.4 -- -- 0.3
BeautiControl 3.1 1.0 + + -- 5.1 5.9 (14) (14) --
------- ------- --------- --------- --------- -----
53.0 61.1 (13) (24) 8.9 113.4 166.5 (32) (38) 17.8
------- ------- ========= --------- --------- =====
Unallocated expenses (7.7) (6.5) 18 (24.7) (15.9) 55
Translation hedge (6.1) (3.2) 91 (15.8) (5.0) +
Other income 2.5 5.0 (50) 4.3 14.4 (70)
Re-engineering and
impairment charges (6.8) (3.1) + (6.8) (20.8) (67)
Interest expense, net (3.6) (5.9) (38) (13.8) (21.8) (37)
------- ------- ------ ---------
Income before taxes 31.3 47.4 (34) 56.6 117.4 (52)
Provision for income taxes 3.9 12.9 (70) 8.7 27.3 (68)
------- ------- ------ ---------
Net income $ 27.4 $ 34.5 (21) $ 47.9 $ 90.1 (47)
======= ======= ====== =========
======= ======= ====== =========
Net income per common
share (diluted) $ 0.47 $ 0.59 (21) $ 0.82 $ 1.54 (47)
======= ======= ====== =========
======= ======= ====== =========
Average number of shares 58.5 58.4 58.4 58.7
======= ======= ====== =========
TUPPERWARE CORPORATION
RECONCILIATION
13 Weeks Ended December 27, 2003 13 Weeks Ended December 28, 2002
Excluding Excluding
Reported Adjustments Adjustments Reported Adjustments Adjustments
-------- ----------- ----------- -------- ----------- -----------
Segment profit(loss)
Europe $ 44.1 $ 44.1 $ 32.9 $ 0.8(f) $ 33.7
Asia Pacific 7.2 7.2 18.9 (11.0)(g) 7.9
Latin America 2.0 0.1(a) 2.1 (4.9) (4.9)
North America (3.4) (3.4) 13.2 13.2
BeautiControl 3.1 3.1 1.0 1.0
------ ------ ------ ------ ------ ------
53.0 0.1 53.1 61.1 (10.2) 50.9
====== ====== ====== ====== ====== ======
Unallocated expenses (7.7) 0.1(b) (7.6) (6.5) 1.3(b) (5.2)
Translation Hedges (6.1) (6.1) (3.2) (3.2)
Other income 2.5 (2.5)(c) -- 5.0 (5.0)(c) --
Re-engineering and impairment charges (6.8) 6.8(d) -- (3.1) 3.1(h) --
Interest Expense, net (3.6) (3.6) (5.9) (5.9)
------ ------ ------ ------ ------ ------
Income(loss) before taxes 31.3 4.5 35.8 47.4 (10.8) 36.6
Provision for income taxes 3.9 2.7(e) 6.6 12.9 (5.7)(e) 7.2
------ ------ ------ ------ ------ ------
Net income $ 27.4 $ 1.8 $ 29.2 $ 34.5 $ (5.1) $ 29.4
====== ====== ====== ====== ====== ======
52 Weeks Ended December 27, 2003 52 Weeks Ended December 28, 2002
Excluding Excluding
Reported Adjustments Adjustments Reported Adjustments Adjustments
-------- ----------- ----------- -------- ----------- -----------
Segment profit(loss)
Europe $110.0 $110.0 $ 88.3 $(20.3)(f) $ 68.0
Asia Pacific 17.6 17.6 35.7 (10.4)(g) 25.3
Latin America 3.1 0.1(a) 3.2 6.2 0.1(a) 6.3
North America (22.4) (22.4) 30.4 30.4
BeautiControl 5.1 5.1 5.9 5.9
------ ------ ------ ------ ------ ------
113.4 0.1 113.5 166.5 (30.6) 135.9
====== ====== ====== ====== ====== ======
Unallocated expenses (24.7) 0.1(b) (24.6) (15.9) 1.4(b) (14.5)
Translation Hedges (15.8) (15.8) (5.0) (5.0)
Other income 4.3 (3.7)(c) 0.6 14.4 (14.4)(c) --
Re-engineering and impairment charges (6.8) 6.8(d) -- (20.8) 20.8(h) --
Interest Expense, net (13.8) (13.8) (21.8) (21.8)
------ ------ ------ ------ ------ ------
Income(loss) before taxes 56.6 3.3 59.9 117.4 (22.8) 94.6
Provision for income taxes 8.7 2.4(e) 11.1 27.3 (8.9)(e) 18.4
------ ------ ------ ------ ------ ------
Net income $ 47.9 $ 0.9 $ 48.8 $ 90.1 $(13.9) $ 76.2
====== ====== ====== ====== ====== ======
Non-GAAP Financial Measures
This supplemental schedule provides, on a historical basis, adjusted non-GAAP
financial information and a quantitative reconciliation of the differences
between the non-GAAP financial measures with the financial measures calculated
and presented in accordance with GAAP. This information is provided to assist in
investors' understanding of the company's results of operations. These items are
unusual in nature and materially impact the comparability of the company's
results of operations. The adjusted information is intended to be more
indicative of Tupperware's ongoing operations, and is intended to assist
investors in evaluating performance and analyzing trends across periods.
(a) In the fourth quarter and full year 2003, $0.1 million was recorded as a
reduction of Latin America segment profit due to a write down of accounts
receivable as a result of a restructure of operations in Brazil. In 2002, $0.1
million was recorded as a reduction of Latin America segment profit due to a
write down of accounts receivable as a result of a restructure of BeautiControl
operations in Mexico.
(b) In 2002, the company began a program to sell land held for development near
its Orlando, Florida headquarters. Internal costs to facilitate these sales were
$0.1 million in the fourth quarter and full year 2003 and $1.3 million and $1.4
million in the fourth quarter and full year 2002 and were recorded in
Unallocated expenses.
(c) During the fourth quarter and full year 2003, pretax gains from the sale of
land held for development near the company's Orlando, Florida headquarters were
$2.5 million and $3.7 million, respectively. During the fourth quarter and full
year 2002, pretax gains from these sales were $5.0 million and $10.0 million,
respectively, and were recorded in Other income. In addition, in 2002, the
Company sold its Convention Center complex in Orlando, Florida generating a
pretax gain of $4.4 million which was recorded in Other income.
(d) Re-engineering and impairment charges of approximately $2.0 million
primarily related to severance costs incurred to reduce headcount in the
company's Brazilian and North American operations. Additionally, impairment
charges of $4.8 million primarily related to the company's decision to liquidate
its Argentine legal entity and a write-down of the company's former Halls,
Tennessee manufacturing facility.
(e) Provision for income taxes represent the net tax impact of adjusted amounts.
(f) In the fourth quarter and full year 2002, $0.8 million and $1.6 million,
respectively, was recorded as a reduction of Europe segment profit related to
the write down of inventory and receivables as a result of restructuring the
business model of the company's United Kingdom operations. The company also sold
its former Spanish manufacturing facility generating a pretax gain of $21.9
million in 2002.
(g) In the fourth quarter and full year 2002, Asia Pacific segment profit was
reduced by $2.1 million and $2.7 million, respectively, related to costs
associated with the closure of one of the company's Japanese
manufacturing/distribution facilities. A pretax gain of $13.1 million was also
recorded in the fourth quarter of 2002, as a result of the sale of this
manufacturing facility.
(h) Re-engineering and impairment charges in the fourth quarter 2002 provided
for severance associated with streamlining manufacturing and distribution
operations in Europe and Latin America and restructuring the business model in
the company's United Kingdom operations. In 2002, Re-engineering and Impairment
charges of $20.8 million include $11.8 million in Europe for severance
associated with the consolidation of operations related to finance, marketing
and information technology and the establishment of regional areas, $5.1 million
in Asia Pacific primarily for other costs related to the downsizing of the
Japanese marketing and manufacturing operations, $1.7 million in Latin America
for a smaller downsizing of operations primarily in Mexico and Brazil and $1.0
million for other costs related to the consolidation of BeautiControl
distribution. The remaining charge amounts relate to ongoing restructuring of
administrative functions and the maintenance of previously closed facilities in
Europe and North America.
TUPPERWARE CORPORATION
CONSOLIDATED BALANCE SHEET
ASSETS
(UNAUDITED)
Dec 27, Dec. 28,
(In millions) 2003 2002
-------- --------
Cash and cash equivalents $ 45.0 $ 32.6
Accounts receivable 127.3 139.8
Less allowances for doubtful accounts (25.2) (36.6)
-------- --------
102.1 103.2
Inventories 160.5 148.2
Deferred income tax benefits 51.7 44.1
Prepaid expenses and other assets 44.5 32.0
-------- --------
Total current assets 403.8 360.1
-------- --------
Deferred income tax benefits 139.0 124.8
Property, plant and equipment 1,059.3 981.1
Less accumulated depreciation (837.9) (752.2)
-------- --------
221.4 228.9
Long-term receivables, net of allowance of
$26.8 million at December 27, 2003 and
$12.4 million at December 28, 2002 45.4 39.6
Goodwill, net of accumulated amortization of
$1.6 million at December 27, 2003 and
December 28, 2002 56.2 56.2
Other assets 18.7 21.0
-------- --------
Total assets $ 884.5 $ 830.6
======== ========
TUPPERWARE CORPORATION
CONSOLIDATED BALANCE SHEET
LIABILITIES AND SHAREHOLDERS' EQUITY
(UNAUDITED)
Dec 27, Dec. 28,
(Dollars in millions, except per share amounts) 2003 2002
------- -------
Accounts payable $ 86.0 $ 89.3
Short-term borrowings and current
portion of long-term debt 5.6 21.2
Accrued liabilities 179.0 172.5
------- -------
Total current liabilities 270.6 283.0
------- -------
Long-term debt 263.5 265.1
Accrued post-retirement benefit cost 36.4 35.7
Other liabilities 85.8 69.3
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 200,000,000
shares authorized; none issued -- --
Common stock, $0.01 par value, 600,000,000
shares authorized; 62,367,289 shares issued 0.6 0.6
Paid-in Capital 23.1 22.8
Subscription receivable (20.8) (21.2)
Retained earnings 529.2 535.3
Treasury Stock, 3,850,343 shares at
December 27, 2003 and 4,006,381 shares at
December 28, 2002 at cost (105.5) (110.2)
Unearned portion of restricted stock issued
for future service (1.6) (0.1)
Accumulated other comprehensive loss (196.8) (249.7)
------- -------
Total shareholders' equity 228.2 177.5
------- -------
Total liabilities and shareholders' equity $ 884.5 $ 830.6
======= =======
TUPPERWARE CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
52 weeks ended
December 27, December 28,
(In millions) 2003 2002
------------ ------------
OPERATING ACTIVITIES
Net income $ 47.9 $ 90.1
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 52.6 48.8
Net gain on sale of assets (3.7) (46.9)
Non-cash impact of re-engineering and
impairment charge 1.4 1.6
Changes in assets and liabilities:
Decrease in accounts receivable 13.3 34.0
Decrease (increase) in inventories 3.5 (6.6)
Decrease in accounts payable and
accrued liabilities (0.6) (7.7)
Decrease in income taxes payable (8.5) (3.8)
(Increase) decrease in net deferred income taxes (19.0) 7.3
Net cash impact from fair value hedge activity 25.2 0.5
Other, net (6.3) 10.9
------ ------
Net cash provided by operating activities 105.8 128.2
------ ------
INVESTING ACTIVITIES
Capital expenditures (40.0) (46.9)
Proceeds from disposal of property, plant &
equipment 9.4 61.3
------ ------
Net cash (used in) provided by investing
activities (30.6) 14.4
------ ------
FINANCING ACTIVITIES
Dividend payments to shareholders (51.4) (51.2)
Proceeds from exercise of stock options 0.9 4.6
Proceeds from payments of subscriptions receivable 0.4 1.3
Net increase (decrease) in short-term debt 0.2 (86.8)
Payment of long-term debt (15.0) --
------ ------
Net cash used in financing activities (64.9) (132.1)
------ ------
Effect of exchange rate changes on cash and
cash equivalents 2.1 3.7
------ ------
Net increase in cash and cash equivalents 12.4 14.2
Cash and cash equivalents at beginning of period 32.6 18.4
------ ------
Cash and cash equivalents at end of period $ 45.0 $ 32.6
====== ======
TUPPERWARE CORPORATION
SUPPLEMENTAL INFORMATION
Fourth Quarter Ended December 2003
Sales Force Statistics (a):
Segment DIST. % CHG. AVG. ACTIVE % CHG. TOTAL % CHG.
- ------------------------------------------------------------------------------------------------
Europe 698 (1) 60,746 12 222,833 16
Asia Pacific (b) 664 (4) 39,098 1 324,244 (2)
Latin America 187 (14) 58,229 (12) 256,695 (22)
North America 362 1 17,582 (24) 110,506 (19)
----- ------- -------
Tupperware 1,911 175,655 914,278
BeautiControl N.A. n/a n/a 25,012 18 65,829 13
----- ------- -------
Total (b) 1,911 (3) 200,667 (1) 980,107 (6)
===== ======= =======
(a) As collected by the Company and provided by distributors.
(b) Sales force statistics in Asia Pacific had evolved to include individuals
that are more customers than sellers. These customer members have been
reclassified to improve the sales force to sales trends relationship.
There is no impact on sales. Prior year amounts reclassified:
From To
-----------------------
Asia Pacific
Sales Force 449,300 331,753
Average Active 41,573 38,733
Total
Sales Force 1,165,065 1,047,518
Average Active 205,774 202,934
UNAUDITED SELECTED FINANCIAL DATA FOURTH QUARTER 2003
(In millions)
Cash 45.0 Net Debt to Capital Ratio 50%
Net Current Receivables 104.3 Equity 228.2
Net Inventory 160.5 Capital Expenditures 13.1
Short-Term Debt 5.6 Depreciation and Amortization 12.9
Long-Term Debt 263.5