Exhibit 99.1
TUPPERWARE BRANDS REPORTS SECOND QUARTER EARNINGS AND
REALIGNMENT OF GROUP PRESIDENT RESPONSIBILITIES
ORLANDO, Fla., July 24 /PRNewswire-FirstCall/ -- Tupperware Brands
(NYSE: TUP) today reported second quarter earnings as follows:
Second Quarter Summary
* Sales up 37% as reported and in local currency
- Tupperware/BeautiControl sales down 2% in local currency
- International Beauty acquired units contributed $125.7 million
* EPS at 41 cents, down 11% from last year
- No impact from foreign exchange v. 2005
- Expected land gain of 5 cents realized in July
* EPS after adjustments up 9% to 49 cents (see detail in the Non-GAAP
Financial Measures Reconciliation Schedule)
YTD Summary
* Sales up 33% as reported and 36% in local currency
- Tupperware/BeautiControl sales down 3% in local currency
- International Beauty acquired units contributed $245.8 million
* EPS at 67 cents, down 22% from last year
- Last year included 3 cents from land gains
- 4 cents negative impact from foreign exchange v. 2005
* EPS after adjustments down 3% to 85 cents (see detail in the Non-GAAP
Financial Measures Reconciliation Schedule)
"Our Tupperware Brand businesses had various puts and calls, with our
emerging and a number of important developed markets growing strongly while
sales were down in Germany and North America," said Rick Goings, Chairman and
CEO. "We made progress transitioning International Beauty this quarter with
strong sales in our biggest unit, Fuller Mexico, as well as signs of traction
from programs we have implemented in most of the other markets," Goings
continued.
Tupperware will conduct a conference call tomorrow, Tuesday, July 25, at
10:00 am Eastern time. The conference call will be webcast and archived,
along with a copy of this news release, at http://www.tupperware.com .
Second Quarter Segment Highlights
Tupperware Brand Segments
Europe
Sales decreased $4.1 million or 3% as reported and in local currency.
This decline was primarily due to approximately $3 million less business-to-
business sales and a smaller sales force size in Germany. Sales in the
emerging markets of Russia, Turkey and Poland were up 55% in local currency.
Profit was down $7.0 million or 23% as reported and in local currency.
This decline was a result of lower sales and an unfavorable sales mix, along
with higher operating expenses.
Asia Pacific and Mexico
Sales were up 5% as reported and 7% in local currency driven primarily by
Japan and China. The key emerging markets of China, India and Indonesia were
up 24%.
Profit was up $4.5 million as reported and in local currency, due to
higher sales and lower operating expenses, primarily in Japan. Additionally,
the comparison was positively impacted by a $1.4 million promotional accrual
last year in Japan.
North America
Sales were down $4.8 million or 10%, due to a decline in the average
active sales force size. The sales decline this quarter reflected sequential
improvement over last quarter.
The second quarter loss was $0.9 million, compared with $0.6 million
profit in 2005. The 2005 results included $3.1 million of income associated
with a lower LIFO inventory reserve requirement in connection with the
Company's shift in capacity to international facilities last year. Other
elements of gross margin improved in 2006 compared with 2005, and operating
expenses were lower.
Beauty Segments
International Beauty
Sales during the quarter were $135.4 million. The acquired units
contributed $125.7 million, which was flat compared with their 2005 results.
Fuller Mexico had very strong results, which were offset by lower sales in the
Philippines and South Africa. The sales led to a profit contribution of
$12.6 million or a return on sales of 9%, including $6.1 million of intangible
asset amortization.
BeautiControl North America
Sales were down 5%, in spite of an active sales force advantage of 9%, due
to lower sales to new recruits as this year's spring recruiting promotion did
not match last year's record number. In spite of the sales decrease, profit
was up 13%, reflecting a higher gross margin and lower operating expenses
compared with last year.
Group President Realignment
Effective August 1, 2006, the Company will realign the responsibilities of
its three group presidents. In order to take advantage of opportunities for
growth in its beauty businesses, in addition to International Beauty,
BeautiControl North America will report to Simon Hemus. Glenn Drake will
continue to be responsible for Europe, Africa and the Middle East and will
relocate to Europe in order to provide even greater focus on the Company's
most profitable segment. In addition to retaining responsibility for
Tupperware Asia Pacific and Mexico, David Halversen will also manage
Tupperware North America.
2006 Outlook
Third Quarter
* Sales at $390-$400 million
- Tupperware/BeautiControl sales up slightly as reported and in local
currency
- International Beauty contributing $120-$125 million - about 5%
organic sales growth
* EPS of 7-9 cents
- 10 cents from land sales
- 3 cents re-engineering
- 7 cents for intangible asset amortization
* EPS after adjustments 8-10 cents, (see detail in the Non-GAAP Financial
Measures Outlook Reconciliation Schedule)
Full Year
* Sales at $1.70 to $1.75 billion
- Tupperware/BeautiControl sales down slightly as reported and in
local currency
- International Beauty organic sales growth of about 3%
* EPS range lowered 13 cents to $1.40-$1.50
- 5 cents lower due to less sales and profit in Germany and
International Beauty v. prior outlook
- Full-year effective tax rate lowered to 22% from 24%
- No net impact from foreign exchange v. 2005
- 4 cents lower from land sales v. prior outlook
- 4 cents lower due to change in estimated re-engineering costs v.
prior outlook
* EPS after adjustments lowered 5 cents to $1.67-$1.77, a 12-19% increase
from the prior year (see detail in the Non-GAAP Financial Measures
Outlook Reconciliation schedule)
Tupperware Brands Corporation is a global direct seller of premium,
innovative products across multiple brands and categories through an
independent sales force of 1.9 million. Product brands and categories include
design-centric preparation, storage and serving solutions for the kitchen and
home through the Tupperware brand and beauty and personal care products
through its Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo
and Swissgarde brands.
The Company's 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 integration of its
acquired businesses, the success of new product introductions and promotional
programs, the ability to obtain all government approvals on land sales, 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 most recent
periodic report as filed in accordance with the Securities Exchange Act of
1934. The Company does not intend to regularly update forward-looking
information.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this release,
which are provided to assist in investors' understanding of the Company's
results of operations. The adjustment items materially impact the
comparability of the Company's results of operations. The adjusted information
is intended to be more indicative of Tupperware's primary operations, and to
assist investors in evaluating performance and analyzing trends across
periods.
The non-GAAP financial measures exclude gains on land sales and re-
engineering costs. While the Company is engaged in a multi-year program to
sell land, this activity is not part of the Company's primary business
operation. Additionally, the gains recognized in any given period are not
necessarily indicative of gains which may be recognized in any particular
future period. For this reason, these gains are excluded as indicated. Also,
the Company periodically records exit costs as defined under Statement of
Financial Accounting Standards No. 146, "Accounting for Costs Associated with
Exit or Disposal Activities" and other amounts related to rationalizing
manufacturing and other re-engineering activities, and believes these amounts
are similarly volatile and impact the comparability of earnings across
quarters. Therefore, they are also excluded from indicated financial
information to provide what the Company believes represents a more useful
measure for analysis and predictive purposes.
The Company has also elected to present financial measures excluding
amortization of certain definite-lived intangible assets, primarily for the
value of the independent sales forces acquired, and the purchase accounting
write-up of the carrying value of other depreciable assets. The amortization
expense of these assets will continue for several years; however, based on the
Company's current estimates, this amortization will decline significantly as
the years progress. As such, the Company believes that this non-cash charge
will not be representative in any single year of amounts recorded in prior
years or expected to be recorded in future years. Therefore, they are
excluded from indicated financial information to also provide a more useful
measure for analysis and predictive purposes.
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
13 Weeks 13 Weeks 26 Weeks 27 Weeks
Ended Ended Ended Ended
July 1, July 2, July 1, July 2,
(In millions, except per share data) 2006 2005 2006 2005
- ---------------------------------------- ---------- ---------- ---------- ----------
Net sales $ 438.6 $ 320.4 $ 862.3 $ 646.8
Cost of products sold 152.4 109.7 300.6 224.2
Gross margin 286.2 210.7 561.7 422.6
Delivery, sales and administrative
expense 242.0 174.9 483.2 350.5
Re-engineering and impairment charges 0.6 1.2 2.7 7.2
Gains on disposal of assets -- -- -- 3.4
Operating income 43.6 34.6 75.8 68.3
Interest income 2.3 0.9 4.6 1.5
Other income -- 0.2 -- 0.3
Interest expense 14.6 4.3 27.8 8.6
Other expense (0.3) (0.3) 0.2 --
Income before income taxes 31.6 31.7 52.4 61.5
Provision for income taxes 6.4 4.0 11.2 9.9
Net income $ 25.2 $ 27.7 $ 41.2 $ 51.6
Net income per common share:
Basic $ 0.41 $ 0.46 $ 0.68 $ 0.87
Diluted $ 0.41 $ 0.46 $ 0.67 $ 0.86
TUPPERWARE BRANDS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
13 13
Weeks Weeks Reported Restated
Ended Ended % % Foreign
July 1, July 2, Inc Inc Exchange
(Amounts in millions, except per share) 2006 2005 (Dec) (Dec) Impact
- ---------------------------------------- ---------- ---------- ---------- ---------- ----------
SALES
Europe $ 141.3 $ 145.4 (3) (3) $ 0.5
Asia Pacific and Mexico 80.3 76.2 5 7 (1.3)
North America 42.5 47.3 (10) (11) 0.5
BeautiControl North America 39.1 41.1 (5) (5) --
International Beauty 135.4 10.4 + + 0.5
$ 438.6 $ 320.4 37 37 $ 0.2
SEGMENT PROFIT (LOSS)
Europe $ 23.4 $ 30.4 (23) (23) $ --
Asia Pacific and Mexico 13.0 8.5 52 51 0.1
North America (0.9) 0.6 -- -- --
BeautiControl North America 4.1 3.6 13 13 --
International Beauty 12.6 0.7 -- -- --
52.2 43.8 19 19 $ 0.1
Unallocated expenses (7.7) (7.5) 3
Other income -- -- --
Re-engineering and impairment
charges (0.6) (1.2) (58)
Interest expense, net (12.3) (3.4) +
Income before taxes 31.6 31.7 --
Provision for income taxes 6.4 4.0 61
Net income $ 25.2 $ 27.7 (9)
Net income per common share
(diluted) $ 0.41 $ 0.46 (11)
Average number of diluted shares 61.2 60.5
26 27
Weeks Weeks Reported Restated
Ended Ended % % Foreign
July 1, July 2, Inc Inc Exchange
2006 2005 (Dec) (Dec) Impact
---------- ---------- ---------- ---------- ----------
SALES
Europe $ 301.4 $ 324.7 (7) (4) $ (11.4)
Asia Pacific and Mexico 144.7 139.7 4 5 (1.6)
North America 77.2 86.5 (11) (12) 0.7
BeautiControl North America 74.6 75.7 (1) (2) 0.1
International Beauty 264.4 20.2 + + 1.1
$ 862.3 $ 646.8 33 36 $ (11.1)
SEGMENT PROFIT (LOSS)
Europe $ 53.7 $ 68.9 (22) (19) $ (2.5)
Asia Pacific and Mexico 17.4 11.4 52 49 0.3
North America (3.9) (3.2) (24) (21) (0.1)
BeautiControl North America 7.9 6.4 24 23 --
International Beauty 18.6 0.9 + + (0.1)
93.7 84.4 11 14 $ (2.4)
Unallocated expenses (15.4) (12.0) (29)
Other income -- 3.4 (--)
Re-engineering and impairment
charges (2.7) (7.2) (63)
Interest expense, net (23.2) (7.1) +
Income before taxes 52.4 61.5 (15)
Provision for income taxes 11.2 9.9 13
Net income $ 41.2 $ 51.6 (20)
Net income per common share
(diluted) $ 0.67 $ 0.86 (22)
Average number of diluted shares 61.2 60.1
TUPPERWARE BRANDS CORPORATION
RECONCILIATION
13 Weeks Ended 13 Weeks Ended
July 1, 2006 July 2, 2005
-------------------------------------- --------------------------------------
(In millions except Excl Excl
per share data) Reported Adj's Adj's Reported Adj's Adj's
- ------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Segment profit (loss)
Europe $ 23.4 $ 23.4 $ 30.4 0.1a $ 30.5
Asia Pacific and
Mexico 13.0 13.0 8.5 0.5a 9.0
North America (0.9) (0.9) 0.6 (3.1)b (2.5)
BeautiControl
North America 4.1 4.1 3.6 3.6
International Beauty 12.6 6.2c 18.8 0.7 0.7
52.2 6.2 58.4 43.8 (2.5) 41.3
Unallocated expenses (7.7) (7.7) (7.5) (7.5)
Re-eng and impairment
chgs (0.6) 0.6d -- (1.2) 1.2d --
Interest expense, net (12.3) (12.3) (3.4) (3.4)
Income before taxes 31.6 6.8 38.4 31.7 (1.3) 30.4
Provision for income
taxes 6.4 1.9f 8.3 4.0 (0.7)f 3.3
Net income $ 25.2 $ 4.9 $ 30.1 $ 27.7 $ (0.6) $ 27.1
Net income per common
share (diluted) $ 0.41 $ 0.08 $ 0.49 $ 0.46 $ (0.01) $ 0.45
26 Weeks Ended 27 Weeks Ended
July 1, 2006 July 2, 2005
-------------------------------------- --------------------------------------
Excl Excl
Reported Adj's Adj's Reported Adj's Adj's
---------- ---------- ---------- ---------- ---------- ----------
Segment profit (loss)
Europe $ 53.7 $ 53.7 $ 68.9 0.1a $ 69.0
Asia Pacific and
Mexico 17.4 17.4 11.4 0.5a 11.9
North America (3.9) (3.9) (3.2) (3.0)b (6.2)
BeautiControl
North America 7.9 7.9 6.4 6.4
International Beauty 18.6 12.3c 30.9 0.9 0.9
93.7 12.3 106.0 84.4 (2.4) 82.0
Unallocated expenses (15.4) (15.4) (12.0) (12.0)
Other income -- -- 3.4 (3.4)e --
Re-eng and impairment
chgs (2.7) 2.7d -- (7.2) 7.2d --
Interest expense, net (23.2) (23.2) (7.1) (7.1)
Income before taxes 52.4 15.0 67.4 61.5 1.4 62.9
Provision for income
taxes 11.2 4.0f 15.2 9.9 0.4f 10.3
Net income $ 41.2 $ 11.0 $ 52.2 $ 51.6 $ 1.0 $ 52.6
Net income per common
share (diluted) $ 0.67 $ 0.18 $ 0.85 $ 0.86 $ 0.02 $ 0.88
(a) Machinery relocation costs incurred in connection with shift of capacity
from Hemingway, South Carolina to other manufacturing facilities.
(b) $3.7 million reduction of LIFO inventory reserve requirements from shift of
capacity from Hemingway, South Carolina to other manufacturing facilities
which report inventory on the FIFO basis of accounting. Offsetting this
amount is $0.6 million in Q2 and $0.7 million YTD costs related to transfer
of machinery and equipment to the other manufacturing facilities.
(c) Amortization of International Beauty intangibles and depreciation of $6.2
million for the second quarter of 2006 and $12.3 million YTD.
(d) The 2006 YTD pre-tax re-engineering and impairment charges of $2.7 million
included $2.4 million primarily related to severance costs incurred to
reduce headcount in the Company's Canada, Belgium and Philippines
operations, of which $0.3 million was incurred in the second quarter. In
addition, $0.3 million related to assets impairment in the Philippines
manufacturing operation, all of which was recorded in the second quarter.
In 2005, re-engineering and impairment charges of $1.2 million for the
quarter and $7.2 million YTD were primarily related to severance costs
incurred to reduce headcount in the Company's Hemingway, South Carolina
manufacturing facility.
(e) Pre-tax gain from the sale of land held for development near the Company's
Orlando, Florida headquarters was $3.4 million in the first quarter of
2005.
(f) Provision for income taxes represents the net tax impact of adjusted
amounts.
See information regarding non-GAAP financial measures in the accompanying press
release.
TUPPERWARE BRANDS CORPORATION
NON-GAAP FINANCIAL MEASURES OUTLOOK RECONCILIATION SCHEDULE
July 24, 2006
2006 Outlook Range
-------------------------
($ in millions, except per share amounts) 2005 Actual Low High
- ----------------------------------------- ----------- ---------- ----------
Income before income taxes $ 64.5 $ 110.1 $ 117.8
% change from prior year 71% 83%
Income tax $ (20.9) $ 24.2 $ 25.9
Effective Rate -33% 22% 22%
Net Income (GAAP) $ 85.4 $ 85.9 $ 91.8
% change from prior year 1% 8%
Adjustments(1):
Land gains (4.0) (11.5) (11.5)
Re-engineering costs 14.3 9.0 9.0
Acquisition Financing
costs/Purchase Accounting 30.8 24.7 24.7
Cumulative effect of
accounting change (net of
taxes) 0.8 -- --
Income tax (2) (36.9) (5.9) (5.9)
Net Income (Adjusted) $ 90.4 $ 102.2 $ 108.1
% change from prior year 13% 20%
Exchange rate impact (3) (0.2) -- --
Net Income (Adjusted and 2005
Restated for currency changes) $ 90.2 $ 102.2 $ 108.1
% change from prior year 13% 20%
Net income (GAAP) per common share
(diluted) $ 1.41 $ 1.40 $ 1.50
Net Income (Adjusted) per common
share (diluted) $ 1.49 $ 1.67 $ 1.77
Average number of diluted shares
(millions) 60.6 61.2 61.2
(1) Refer to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items
(2) Represents income tax impact of adjustments
(3) 2005 restated at current currency exchange rates
TUPPERWARE BRANDS CORPORATION
NON-GAAP FINANCIAL MEASURES OUTLOOK RECONCILIATION SCHEDULE
July 24, 2006
Third Quarter
Third 2006 Outlook Range
Quarter -------------------------
($ in millions, except per share amounts) 2005 Actual Low High
- ----------------------------------------- ----------- ---------- ----------
Income before income taxes $ 1.6 $ 6.5 $ 8.3
% change from prior year 306% 419%
Income tax $ (1.0) $ 2.0 $ 2.5
Effective Rate -63% 30% 30%
Net Income (GAAP) $ 2.6 $ 4.6 $ 5.8
% change from prior year 75% 123%
Adjustments(1):
Land gains -- (9.5) (9.5)
Re-engineering costs 0.2 2.5 2.5
Acquisition Financing
costs/Purchase Accounting 3.1 6.2 6.2
Income tax (2) (1.2) 1.0 1.0
Net Income (Adjusted) $ 4.7 $ 4.8 $ 6.0
% change from prior year 1% 28%
Exchange rate impact (3) 0.1 -- --
Net Income (Adjusted and 2005
Restated for currency changes) $ 4.8 $ 4.8 $ 6.0
% change from prior year -1% 25%
Net income (GAAP) per common share
(diluted) $ 0.04 $ 0.07 $ 0.09
Net Income (Adjusted) per common
share (diluted) $ 0.08 $ 0.08 $ 0.10
Average number of diluted shares
(millions) 60.9 61.2 61.2
(1) Refer to Non-GAAP Financial Measures section of attached release for
description of the general nature of adjustment items
(2) Represents income tax impact of adjustments
(3) 2005 restated at current currency exchange rates
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
July 1, Dec. 31,
(In millions) 2006 2005
- -------------------------------------- ---------- ----------
Assets
Cash and cash equivalents $ 51.1 $ 181.5
Accounts receivable, net of
allowances of $19.4 million at
July 1, 2006 and $17.2 million
at December 31, 2005 142.1 125.8
Inventories 240.4 235.1
Deferred income tax benefits, net 63.7 66.8
Non-trade amounts receivable 36.0 32.9
Prepaid expenses 28.1 24.5
Total current assets 561.4 666.6
Deferred income tax benefits, net 179.1 168.4
Property, plant and equipment 1,173.7 1,149.8
Less accumulated depreciation (924.4) (895.3)
249.3 254.5
Long-term receivables, net of
allowances of $18.8 million at
July 1, 2006 and $17.9 million
at December 31, 2005 36.5 37.3
Other Intangible Assets 238.3 261.3
Goodwill 298.8 309.9
Other assets 34.6 36.1
Total assets $ 1,598.0 $ 1,734.1
Liabilities and Shareholders' Equity
Accounts payable $ 102.3 $ 105.7
Short-term borrowings and current
portion of long-term debt 0.6 1.1
Accrued liabilities 227.9 341.8
Total current liabilities 330.8 448.6
Long-term debt 720.2 750.5
Accrued post-retirement benefit cost 36.0 35.3
Other liabilities 165.4 164.2
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 29.7 28.4
Subscription receivable (12.1) (12.7)
Retained earnings 589.6 577.4
Treasury Stock, 1,675,604 shares
at July 1, 2006 and
1,935,746 shares at December 31,
2005 at cost (44.7) (51.7)
Unearned portion of restricted
stock issued for future
service (5.7) (6.4)
Accumulated other comprehensive
loss (211.8) (200.1)
Total shareholders' equity 345.6 335.5
Total liabilities and
shareholders' equity $ 1,598.0 $ 1,734.1
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
26 weeks 27 weeks
ended ended
July 1, July 2,
(In millions) 2006 2005
- -------------------------------------- ---------- ----------
OPERATING ACTIVITIES
Net income $ 41.2 $ 51.6
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 38.0 24.4
Amortization of restricted
stock compensation 0.7 --
Amortization of debt issuance
costs 1.8 --
Net loss (gain) on disposal of
assets 1.6 (3.2)
Provision for bad debts 2.2 2.2
Net impact of writedown of
inventories and change in LIFO
reserve 1.9 (4.2)
Increase in net deferred
income taxes (8.8) (1.1)
Stock option expense 1.3 1.4
Changes in assets and liabilities:
Accounts receivable (18.2) 2.6
Inventories (6.5) (8.7)
Non-trade amounts receivable (1.3) 2.0
Prepaid expenses (2.0) (7.4)
Other assets 1.7 (1.3)
Accounts payable and accrued
liabilities 6.7 (27.4)
Income taxes payable (9.8) 9.1
Other liabilities 1.9 1.0
Net cash impact from hedging
activity (2.2) 1.9
Other 0.4 0.1
Net cash provided by operating
activities 50.6 43.0
INVESTING ACTIVITIES
Capital expenditures (24.9) (18.3)
Purchase of International Beauty,
net of acquired cash (103.5) --
Proceeds from disposal of
property, plant & equipment 1.7 7.1
Net cash used in investing
activities (126.7) (11.2)
FINANCING ACTIVITIES
Dividend payments to shareholders (26.6) (26.0)
Proceeds from exercise of stock
options 4.2 21.0
Proceeds from payments of
subscriptions receivable 0.3 0.4
Repayment of long-term debt (30.0) --
Net change in short-term debt (1.0) (0.5)
Excess tax benefit recognized upon
exercise of stock options 0.1 0.5
Net cash used in financing
activities (53.0) (4.6)
Effect of exchange rate changes on
cash and cash equivalents (1.3) (4.4)
Net change in cash and cash
equivalents (130.4) 22.8
Cash and cash equivalents at
beginning of year 181.5 90.9
Cash and cash equivalents at end of
year $ 51.1 $ 113.7
Supplemental disclosure:
Loans settled with common stock $ 0.3 $ 2.7
TUPPERWARE BRANDS CORPORATION
SUPPLEMENTAL INFORMATION
Second Quarter Ended July 1, 2006
Sales Force Statistics (a):
AVG.
Segment DIST. % CHG. ACTIVE % CHG. TOTAL % CHG.
- ------------------------ ---------- ---------- ---------- ---------- ---------- ----------
Europe 770 6 71,787 6 294,752 16
Asia Pacific and Mexico 674 (7) 73,209 (1) 413,404 8
North America n/a --(b) 21,905 (18) 74,692 (22)
Tupperware 1,444 -- 166,901 (1) 782,848 7
BeautiControl
North America n/a n/a 40,881 9 120,495 6
International Beauty 123 (12) 540,414 + 952,819 +
Total 1,567 (1) 748,196 + 1,856,162 +
(a) As collected by the Company and provided by distributors and sales force.
(b) North America distributor counts are no longer applicable due to the
implementation of a new compensation plan.
UNAUDITED SELECTED FINANCIAL DATA SECOND QUARTER 2006
($ in millions)
Cash $ 51.1 Total Debt to Capital Ratio (c) 68%
Net Current Receivables 142.1 Equity $ 345.6
Net Inventory 240.4 Capital Expenditures 24.9
Short-Term Debt 0.6 Depreciation and Amortization 38.0
Long-Term Debt 720.2
(c) Capital is defined as total debt plus shareholders' equity.
SOURCE Tupperware Brands Corporation
-0- 07/24/2006
/CONTACT: Jane Garrard, Tupperware Brands Corporation, +1-407-826-4522/
/Web site: http://www.tupperware.com /