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EXHIBIT 13.1
TEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA
Dollars in thousands,
except per-share and share amounts 2005(e) 2004(e) 2003 2002(b)(f) 2001
- ---------------------------------- --------- --------- --------- ---------- ---------
OPERATING RESULTS:
Net sales $ 568,133 $ 544,767 $ 513,632 $ 433,761 $ 419,594
Gross profit(e) $ 86,542 $ 100,462 $ 108,206 $ 107,928 $ 114,424
Gross profit margin 15.2% 18.4% 21.1% 24.9% 27.3%
Selling, general and administrative expenses $ 71,535 $ 68,574 $ 68,479 $ 56,631 $ 55,716
Impairment of goodwill and other intangible assets $ 9,179
Income (loss) from operations (IFO)(e) $ (8,917) $ 23,895 $ 39,727 $ 51,297 $ 58,708
IFO margin -1.6% 4.4% 7.7% 11.8% 14.0%
Equity (loss) earnings - pretax $ (4,100) $ (1,435) $ 4,429 $ 6,379 $ 6,384
Other income (expense)(f) $ 2,567 $ 2,369 $ 3,484 $ (12,740) $ 3,500
Earnings (loss) before interest and income
taxes (EBIT)(e)(f) $ (10,450) $ 24,829 $ 47,640 $ 44,936 $ 68,592
EBIT margin -1.8% 4.6% 9.3% 10.4% 16.3%
Interest expense $ 15,255 $ 13,049 $ 13,436 $ 8,263 $ 9,360
(Loss) income before income taxes(e)(f) $ (25,705) $ 11,780 $ 34,204 $ 36,673 $ 59,232
Provision for income taxes $ (6,384) $ 3,528 $ 5,131 $ 8,618 $ 19,840
Effective tax rate 24.8% 30.0% 15.0% 23.5% 33.5%
--------- --------- --------- --------- ---------
Net (loss) income(b)(e)(f) $ (19,355) $ 8,252 $ 29,073 $ 28,055 $ 39,392
========= ========= ========= ========= =========
Net income margin -3.4% 1.5% 5.7% 6.5% 9.4%
PER-SHARE AMOUNTS:
Diluted net (loss) income(b)(e)(f) $ (1.39) $ 0.60 $ 2.11 $ 1.82 $ 2.53
Dividends paid $ 0.40 $ 0.40 $ 0.40 $ 0.30 $ 0.30
OTHER INFORMATION:
EBIT $ (10,450) $ 24,829 $ 47,640 $ 44,936 $ 68,592
Depreciation & amortization(b) $ 32,481 $ 29,505 $ 28,109 $ 19,143 $ 18,843
--------- --------- --------- --------- ---------
EBITDA(c)(e)(f) $ 22,031 $ 54,334 $ 75,749 $ 64,079 $ 87,435
========= ========= ========= ========= =========
EBITDA margin 3.9% 10.0% 14.7% 14.8% 20.8%
Employees (annual average) 3,665 3,808 3,838 3,510 3,218
BALANCE SHEET DATA:
Total assets $ 595,784 $ 578,204 $ 551,116 $ 524,527 $ 468,082
Total liabilities $ 476,179 $ 434,641 $ 411,259 $ 384,309 $ 302,717
Working capital(a) $ 154,594 $ 151,007 $ 142,538 $ 127,945 $ 107,877
% of net sales 27.2% 27.7% 27.8% 29.5% 25.7%
Total debt $ 261,679 $ 225,372 $ 230,933 $ 191,178 $ 148,032
CASH FLOW DATA:
Net cash provided by operating activities $ 38,113 $ 42,750 $ 29,210 $ 55,001 $ 52,930
Capital expenditures 44,270 40,482 25,718 17,535 36,863
Acquisitions and related costs 28,948 - - 62,046 -
Proceeds from asset sales and other 212 16,623 897 3,523 (1,563)
Dividends received from equity investments - 980 4,900 4,659 4,918
--------- --------- --------- --------- ---------
Free cash flow(d) $ (34,893) $ 19,871 $ 9,289 $ (16,398) $ 19,422
========= ========= ========= ========= =========
Shares repurchased $ - $ - $ 38,918 $ 26,837 $ 1,229
Dividends paid $ 5,536 $ 5,481 $ 5,506 $ 4,574 $ 4,588
Dollars in thousands,
except per-share and share amounts 2000 1999(e) 1998(e) 1997 1996
- ---------------------------------- --------- --------- --------- ---------- ---------
OPERATING RESULTS:
Net sales $ 441,828 $ 460,592 $ 436,522 $ 411,966 $ 397,656
Gross profit(e) $ 138,099 $ 138,959 $ 114,573 $ 116,957 $ 109,118
Gross profit margin 31.3% 30.2% 26.2% 28.4% 27.4%
Selling, general and administrative expenses $ 61,185 $ 64,131 $ 54,191 $ 49,585 $ 44,620
Impairment of goodwill and other intangible assets
Income (loss) from operations (IFO)(e) $ 76,914 $ 73,837 $ 40,336 $ 67,372 $ 64,498
IFO margin 17.4% 16.0% 9.2% 16.4% 16.2%
Equity (loss) earnings - pretax $ 12,016 $ 8,857 $ 12,300 $ 5,843 $ -
Other income (expense)(f) $ 3,765 $ 4,410 $ 4,519 $ 2,355 $ 4,000
Earnings (loss) before interest and income
taxes (EBIT)(e)(f) $ 92,695 $ 87,104 $ 57,155 $ 75,570 $ 68,498
EBIT margin 21.0% 18.9% 13.1% 18.3% 17.2%
Interest expense $ 12,216 $ 12,501 $ 12,674 $ 14,840 $ 14,962
(Loss) income before income taxes(e)(f) $ 80,479 $ 74,603 $ 44,481 $ 60,730 $ 53,536
Provision for income taxes $ 33,613 $ 31,175 $ 19,038 $ 24,604 $ 20,986
Effective tax rate 41.8% 41.8% 42.8% 40.5% 39.2%
--------- --------- --------- --------- ---------
Net (loss) income(b)(e)(f) $ 46,866 $ 43,428 $ 25,443 $ 36,126 $ 32,550
========= ========= ========= ========= =========
Net income margin 10.6% 9.4% 5.8% 8.8% 8.2%
PER-SHARE AMOUNTS:
Diluted net (loss) income(b)(e)(f) $ 3.01 $ 2.64 $ 1.42 $ 2.27 $ 2.12
Dividends paid $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30
OTHER INFORMATION:
EBIT $ 92,695 $ 87,104 $ 57,155 $ 75,570 $ 68,498
Depreciation & amortization(b) $ 18,352 $ 18,753 $ 19,506 $ 19,896 $ 21,485
--------- --------- --------- --------- ---------
EBITDA(c) $ 111,047 $ 105,857 $ 76,661 $ 95,466 $ 89,983
========= ========= ========= ========= =========
EBITDA margin 25.1% 23.0% 17.6% 23.2% 22.6%
Employees (annual average) 3,270 3,552 3,969 4,136 4,110
BALANCE SHEET DATA:
Total assets $ 446,707 $ 434,395 $ 439,671 $ 449,600 $ 315,733
Total liabilities $ 313,436 $ 342,552 $ 324,882 $ 349,611 $ 334,180
Trade working capital(a) $ 126,384 $ 123,092 $ 118,554 $ 123,783 $ 95,929
% of net sales 28.6% 26.7% 27.2% 30.0% 24.1%
Total debt $ 161,404 $ 184,626 $ 191,232 $ 213,946 $ 209,233
CASH FLOW DATA:
Net cash provided by operating activities $ 37,423 $ 70,597 $ 54,325 $ 39,793 $ 64,639
Capital expenditures 18,621 11,069 19,579 19,585 19,812
Acquisitions and related costs - - - - -
Proceeds from asset sales and other (63) 94 1,639 654 170
Dividends received from equity investments 2,940 517 14,232 - -
--------- --------- --------- --------- ---------
Free cash flow(d) $ 21,679 $ 60,139 $ 50,617 $ 20,862 $ 44,997
========= ========= ========= ========= =========
Shares repurchased $ 4,053 $ 42,828 $ 27,258 $ - $ -
Dividends paid $ 4,569 $ 4,821 $ 5,253 $ 4,550 $ 4,511
(a) Defined as inventory plus accounts receivable less accounts payable.
(b) Effective January 1, 2002, we adopted SFAS 142, "Goodwill and Other
Intangible Assets."
(c) We believe that EBITDA (earnings before interest, taxes, depreciation and
amortization), a non-GAAP financial measure, is a useful metric for
evaluating our financial performance as it is a measure in which we
internally assess performance.
(d) We believe that Free Cash Flow (net cash provided by operating activities,
less capital expenditures and acquisition & related costs, plus proceeds
from asset sales and other and dividends received from equity investments)
is a useful metric for evaluating our financial performance as it is the
measure in which we internally assess performance.
(e) Includes special charges of $27,236 and $14,579 in 2005 and 2004
respectively and is disclosed in note 10 to the Consolidated Financial
Statements. We incurred $991 in 1999 and $20,046 in 1998 for the closure
of our Canadian facility.
(f) 2002, includes $13,634 of expenses related to an abandoned acquisition.