Exhibit 99.2
HEXCEL
Investor Information
Hexcel Corporation, 281 Tresser Boulevard, Stamford, CT 06901 (203) 969-0666
July 23, 2007
Reclassifed 2006 Historical Statements of Operations
Hexcel Corporation has reclassified its historical statements of operations for
the quarterly periods of 2006 and 2007. The reclassified statements reflect the
first quarter 2007 sale of its Architectural business in France and its second
quarter 2007 agreement to sell the assets of its U.S. Electronics, Ballistics &
General Industrial reinforcement product lines ("EBGI") as discontinued
operations. The attached supplemental schedule presents the reclassified results
from Hexcel's continuing operations for the four quarters of 2006 and the first
quarter of 2007.
1
Hexcel Corporation
Statement of Continuing Operations
Quarterly Summary
( $ in millions )
=================================================================================================================================
Year-to-
Quarter-to-Date Year-to-Date Quarter-to-Date Date
------------------------------------ --------------------------- ------------------ ---------
March 31, June 30, Sept. 30, Dec. 31, June 30, Sept. 30, Dec. 31, March 31, June 30, June 30,
2006 2006 2006 2006 2006 2006 2006 2007 2007 2007
------------------------------------ --------------------------- ------------------ ---------
Net sales $ 260.3 $ 274.0 $ 252.3 $ 262.9 $ 534.3 $ 786.6 $1,049.5 $ 282.6 $ 289.8 $ 572.4
Cost of sales 195.7 206.5 197.0 203.8 402.2 599.2 803.0 211.1 219.4 430.5
------------------------------------ --------------------------- ------------------ ---------
Gross margin 64.6 67.5 55.3 59.1 132.1 187.4 246.5 71.5 70.4 141.9
% Gross margin 24.8% 24.6% 21.9% 22.5% 24.7% 23.8% 23.5% 25.3% 24.3% 24.8%
Selling, general and administrative 28.1 25.9 24.1 25.4 54.0 78.1 103.5 31.0 27.4 58.4
Research and technology expenses 7.5 7.4 6.8 8.0 14.9 21.7 29.7 9.5 8.5 18.0
Business consolidation and
restructuring expenses 0.9 0.3 0.5 8.2 1.2 1.7 9.9 1.1 0.5 1.6
------------------------------------ --------------------------- ------------------ ---------
Operating income 28.1 33.9 23.9 17.5 62.0 85.9 103.4 29.9 34.0 63.9
% Operating margin 10.8% 12.4% 9.5% 6.7% 11.6% 10.9% 9.9% 10.6% 11.7% 11.2%
Interest expense, net 6.7 6.1 5.7 5.1 12.8 18.5 23.6 5.7 6.0 11.7
Non-operating (income) expense,
net - - - (15.6) - - (15.6) 0.4 - 0.4
------------------------------------ --------------------------- ------------------ ---------
Income from continuing operations
before income taxes, equity in
earnings and discontinued
operations 21.4 27.8 18.2 28.0 49.2 67.4 95.4 23.8 28.0 51.8
Provision for income taxes 8.5 10.9 4.0 11.3 19.4 23.4 34.7 10.0 11.9 21.9
Income from continuing operations
before equity in earnings and
discontinued operations 12.9 16.9 14.2 16.7 29.8 44.0 60.7 13.8 16.1 29.9
Equity in earnings of investments
in affiliated companies 1.1 1.1 1.0 1.0 2.2 3.2 4.2 1.0 1.4 2.4
------------------------------------ --------------------------- ------------------ ---------
Net income from continuing
operations 14.0 18.0 15.2 17.7 32.0 47.2 64.9 14.8 17.5 32.3
Income from discontinued
operations, net of tax 0.5 (0.4) 0.5 0.4 0.1 0.6 1.0 8.7 (8.7) -
Net income $ 14.5 $ 17.6 $ 15.7 $ 18.1 $ 32.1 $ 47.8 $ 65.9 $ 23.5 $ 8.8 $ 32.3
==================================== =========================== ================== =========
- ---------------------------------------------------------------------------------------------------------------------------------
Depreciation and amortization $ 9.2 $ 9.3 $ 9.0 $ 10.0 $ 18.5 $ 27.5 $ 37.5 $ 9.7 $ 9.9 $ 19.6
Stock-based compensation 3.0 2.3 1.6 1.4 5.3 6.9 8.3 4.8 1.9 6.7
Capital expenditures & deposits
for property purchases 24.1 26.2 31.5 36.1 50.3 81.8 117.9 15.6 30.5 46.1
- --------------------------------------------------------------------------------------------------------------------------------
Basic net income per common share:
Continuing Operations $ 0.15 $ 0.19 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.70 $ 0.16 $ 0.18 $ 0.34
Discontinued Operations 0.01 - 0.01 - - 0.01 0.01 0.09 (0.09) -
------------------------------------ --------------------------- ------------------ ---------
Net income $ 0.16 $ 0.19 $ 0.17 $ 0.19 $ 0.34 $ 0.51 $ 0.71 $ 0.25 $ 0.09 $ 0.34
Diluted net income per common
share:
Continuing Operations $ 0.15 $ 0.19 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.68 $ 0.15 $ 0.18 $ 0.33
Discontinued Operations - (0.01) - - - - 0.01 0.09 (0.09) -
------------------------------------ --------------------------- ------------------ ---------
Net income $ 0.15 $ 0.18 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.69 $ 0.24 $ 0.09 $ 0.33
Weighted average common shares
outstanding:
Basic 92.9 93.4 93.7 93.7 93.2 93.3 93.4 94.0 94.4 94.4
Diluted 95.1 95.5 95.2 95.6 95.4 95.4 95.5 96.1 96.3 96.3
- ---------------------------------------------------------------------------------------------------------------------------------
2