MIRA INFORM REPORT
|
Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
LEGGETT & PLATT, INCORPORATED |
|
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Registered Office : |
One Leggett Road, Carthage Missouri, 64836 United States |
|
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Date of Incorporation : |
1883 |
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Legal Form : |
Corporation - Public |
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Line of Business : |
Engaged as a manufacturer of a wide
range of engineered products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company
Name: LEGGETT & PLATT,
INCORPORATED
Address: One
Leggett Road
City: CARTHAGE
State/Province: MISSOURI
Zip
Code: 64836
Country: UNITED
STATES
Telephone: 417
358-8131
Facsimile: 417
358-8449
Legal
Form: Corporation - Public
Website: www.leggett.com
Maj.
Shareholder: Capital Group International, Inc.
@rating
Opinion:
Founded
(D/M/Y): / /1883
As
of: 31/12/2005
Sales /
Revenue: 5,299,300
Net
Income: 251,300
Total
Equity: 2,249,000
Number
of Employees: 33,000
Business
Activity:
LEGGETT
& PLATT, INCORPORATED is engaged as
a manufacturer of a wide
range of
engineered products.
NOTE TO CLIENT
NOTE: The requested name; L AND P GLOBAL
SERVICES, is an operating
division
of LEGGETT & PLATT, INCORPORATED,
for which a report follows.
LEGAL
Legal
Form: Corporation - Public
Since
(D/M/Y): 23/02/1901
State/Province
of Incorporation: MI
Status:
ACTIVE
Previous
Legal Form:
Company
is NOT required to publish an annual financial report.
Name Name Type
LEGGETT
& PLATT, INCORPORATED Legal
LEGGETT
AND PLATT SPRING BED
AND
MANUFACTURING COMPANY Prev
Legal
Charter
Number: 00012304
Status:
Good Standing
Entity
Creation Date: 2/23/1901
State of
Business.: MO
Expiration
Date: Perpetual
Last
Annual Report Filed Date: 5/3/2005
Last
Annual Report Filed: 2005
Annual
Report Month: January
Registered
Agent
Agent
Name: ERNEST C. JETT
Office
Address: NO. 1 LEGGETT ROAD
CARTHAGE
MO 64836
IRS
Employer Identification Number: 44-0324630
The
Subject is traded publicly on the New York Stock Exchange under the symbol LEG.
The recent trading price of the stock is $26.80 with 52 week range between
$18.19 and $28.60. There are 182,308,000 shares outstanding.
Managers/Key Personnel
Mr.
Felix E. Wright Chairman & Chief Executive Officer
Mr.
David S. Haffner President & Chief Operating Officer
Mr. Karl
G. Glassman Executive Vice President
Mr.
Joseph D. Downes Senior Vice President
Mr. Jack
D. Crusa Senior Vice President
OWNERS
Capital
Group International, Inc.
6.60% Majority
Subsidiaries of Company
Name Place of Incorporation
--------------------------------------------------------------------------------
Administradora
Soal S.A. de C.V.
Mexico
Askona
Block LLC Russia
Bergen
Cable Technology, LLC Delaware
Block
Russian Holdings, Inc. Delaware
Cable
Bergen de Mexico, S.A. de C.V. Mexico
Carreiro
S.A. de C.V. Mexico
Changsha
Pangeo Cable Industries, Ltd. China
Collier-Keyworth,
LLC
North Carolina
Consorcio
Industrial Serrano, S.A. de C.V. Mexico
Craftmatic/Contour
Industries, Inc.
Delaware
Crest-Foam
Corp. New Jersey
D.T.A.
Comercializaciones, S.A. de C.V. Mexico
De Todo
en Alambre de Aguascalientes, S.A. de C.V.
Mexico
DisplayPlan
Limited United Kingdom
Dresher,
Inc. Delaware
Duro
Metal Manufacturing, Inc. Texas
Edmund
Bell & Co., Limited United Kingdom
Edron
Fixture Corp. Florida
Fides
s.r.l. Italy
Flex-O-Lators,
Incorporated Missouri
Foothills
Manufacturing Company North
Carolina
Fremont
Wire Company Indiana
Gateway
(Textiles) Limited United Kingdom
Gateway
Holdings Limited United Kingdom
Gateway
Iberica S.r.l. Spain
GS
Technologies Corporation Delaware
Guangdong
Zhaoqing L& V Co. Ltd.
China
Hanes
Acquisition Company – 4, LLC Delaware
Hanes
CNC Services Co. North Carolina
Hanes
Companies - New Jersey, LLC Delaware
Hanes
Companies Foundation North
Carolina
Hanes
Companies, Inc. North Carolina
Hanes
International UK Limited United
Kingdom
Hong
Kong Veilon Limited Hong Kong
Innovatech
International S.A. Greece
Inter-Spring
Limited United Kingdom
J.A.
Wilson Display Ltd./Les Etalages J.A. Wilson Ltee Canada
Japenamelac
Corp. Massachusetts
Jentschmann
AG Switzerland
John
Pring & Son Limited United Kingdom
Kelmax
Lopez Manufacturing, S.A. de C.V. Mexico
Kovrov
Russian Holdings, Inc. Delaware
L and G
Acquisition Company, LLC Delaware
L and P
Mexico, S.A. de C.V. Mexico
L& P
(Australia) Acquisition Co. No. 1 Pty Ltd Australia
L& P
(Germany) Property Management GmbH
& Co. KG Germany
L& P
Automotive Europe GmbH Germany
L& P
Automotive Europe Headquarters GmbH
Germany
L& P
Central Asia Trading Company Delaware
L& P
Central Asia Trading Company – Moscow Russia
L& P
Denmark ApS Denmark
L& P
Europe Limited United Kingdom
L& P
Europe SCS Luxembourg
L& P
Fahrzeug - Und Matratzenkomponenten
Geschaftsfuhrung
GmbH Germany
L& P
Fahrzeug - Und Matratzenkomponenten
GmbH
& Co. KG Germany
L& P
Financial Services Co. Delaware
L& P
Holdings LLC Delaware
L& P
Hungary Ltd. Hungary
L& P
International Holdings Company Delaware
L& P
Manufacturing, Inc. Delaware
L& P
Materials Manufacturing, Inc. Delaware
L& P
Netherlands Holdings B.V. Netherlands
L& P
Partners Holding Company, Inc. Delaware
L& P
Property Foremost Industrial Park LLC Michigan
L& P
Property Management Company Delaware
L& P
Springs (Kovrov) LLC Russia
L& P
Springs Denmark A/S Denmark
L& P
Springs Deutschland GmbH Germany
L& P
Springs Espana, S.L. Spain
L& P
Springs Italia S.r.l. Italy
L& P
Swiss Holding Company Switzerland
L& P
tehnologije d.o.o. Croatia
L& P
TexPro, LLC Delaware
L& P
Transportation Co. Delaware
L& P
Underlay Products, Inc. Delaware
Leaving
Taos, Inc. Delaware
Leggett
& Platt (Alberta) Ltd. Canada
Leggett
& Platt (Australia) Pty Ltd Australia
Leggett
& Platt (Barbados) Ltd. Barbados
Leggett
& Platt (Beijing) Bedding Components
and
Machinery Co. Ltd. China
Leggett
& Platt (Chengdu) Co. Ltd. China
Leggett
& Platt (Gibraltar) Finance
Limited Gibraltar
Leggett
& Platt (Gibraltar) Holdings
Limited Gibraltar
Leggett
& Platt (Guang Zhou) Co. Ltd. China
Leggett
& Platt (Jiaxing) Co. Ltd. China
Leggett
& Platt (Ningbo) Mattress Machinery
Co., Ltd. China
Leggett
& Platt (Shanghai) Bedding
Machinery Co. Ltd. China
Leggett
& Platt (Shanghai) Co. Ltd. China
Leggett
& Platt (Shanghai) Consulting Co.
Ltd. China
Leggett
& Platt (Southeast Asia) Pte
Ltd. Singapore
Leggett
& Platt Administradora S.A. de
C.V. Mexico
Leggett
& Platt Asia Marketing, Inc. Delaware
Leggett
& Platt Canada Co./Societe Leggett
&
Platt
Canada Canada
Leggett
& Platt Canada Finance Ltd. Canada
Leggett
& Platt Components (Australia) Pty
Ltd Australia
Leggett
& Platt Components Company,
Inc. Delaware
Leggett
& Platt de Mexico, S.A. de
C.V. Mexico
Leggett
& Platt do Brasil Ltda. Brazil
Leggett
& Platt Eastern Europe LLC Russia
Leggett
& Platt Europe Finance SCS Luxembourg
Leggett
& Platt France S.A. France
Leggett
& Platt International Development
Co. Delaware
Leggett
& Platt International Service
Corporation Delaware
Leggett
& Platt Korea, Ltd. South Korea
Leggett
& Platt Kwang Jin Automotive
Products
Co., Ltd. South Korea
Leggett
& Platt Luxembourg Finance Company
Sarl Luxembourg
Leggett
& Platt Luxembourg Holdings
Sarl Luxembourg
Leggett
& Platt Luxembourg Sarl Luxembourg
Leggett
& Platt Middle East,
Incorporated Delaware
Legett
& Platt Office Components
S.r.l. Italy
Leggett
& Platt Polska Sp. Z. o o. Poland
Leggett
& Platt Servicios Comerciales, S.A.
de C.V. Mexico
Leggett
& Platt Servicios de Manufactura
S.A. de C.V. Mexico
Leggett
& Platt Servicios Ejecutivos, S.A.
de C.V. Mexico
Leggett
& Platt Servicios Productivos S.A.
de C.V. Mexico
Leggett
& Platt Servicios, S.A. de
C.V. Mexico
Leggett
& Platt Tax Partnership Missouri
Leggett
& Platt Turkey, Inc. Delaware
Leggett
& Platt U.K. Limited United
Kingdom
Leggett
Partners, L.P. Texas
Masterack
International Limited United
Kingdom
Masterack
Latinoamerica, S.A. de C.V. Mexico
Met
Displays, Inc. Illinois
Metal
Bed Rail Company, Inc. North
Carolina
Metrock
Steel & Wire Company, Inc. Alabama
MF
Knitting Co. Limited
United Kingdom
Middletown
Manufacturing Company
Kentucky
Modern
Industries, LLC Delaware
MPI (A
Leggett & Platt Company), Inc. Texas
MPI,
Inc. Mississippi
MZM Wire
S.A. de C.V. Mexico
MZM,
S.A. de C.V. Mexico
Nagle
Industries, Inc. Michigan
Nahtec
L& P GmbH Germany
National
Fibers Company Tennessee
Northeastern
Components (International) Ltd.
United Kingdom
Omni
First Corp. Delaware
Pace
Industries de Chihuahua, S.A. de C.V.
Mexico
Pace
Industries de Mexico, S.A. de C.V. Mexico
Pace
Industries of Mexico, L.L.C. Delaware
Pace
Industries, Inc. Arkansas
Pangeo
Cable Industries, Ltd. Canada
Parthenon
Metal Works, Inc. Tennessee
Pullmaflex
AB Sweden
Pullmaflex
Benelux N.V. Belgium
Pullmaflex
International B.V. Netherlands
Pullmaflex
International Limited United
Kingdom
Pullmaflex
Japan KK Japan
Pullmaflex
Southern Africa (Proprietary) Limited South
Africa
Pullmaflex
U.K. Limited United Kingdom
Schukra
Acquisition Co. Inc. Canada
Schukra
Berndorf Ges.m.b.H. Austria
Schukra
of North America Ltd. Canada
Schukra
USA, Inc. Michigan
SCHUKRA-Geratebau
AG
Austria
Solon
Specialty Wire Co. Delaware
Southwest
Carpet Pad, Inc. California
Spuhl
AG
Switzerland
Sterling
Steel Company, LLC Delaware
Talbot
Industries, Inc. Missouri
Technical
Plastics Corporation Missouri
Unique
Molded Products, Inc. Delaware
Vantage
Industries, Inc. Georgia
Wichita
Wire, Inc. Kansas
Wuxi
Leggett & Platt-Huaguang Automobile
Parts
Co. Ltd. China
Wyn
Products Pty Ltd Australia
BANKS
Telephone:
Facsimile:
Account
Number:
Account
Manager:
The
Company has $300 million fully available under a commercial paper program
backed by $342 million in revolving credit. To further facilitate
the
issuance of debt capital and other securities, $500 million is available under
a shelf registration.
PAYMENT HISTORY
BUSINESS DATE
LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY REPTD SALE
TERMS $ $
% 30 60 90 91+ COMMENTS
----------
----- ----- ------- -------- -------- --- --- --- --- --- --------
ADVERTISNG
06-02 00-00 VARIED 900 0
0 0 0 0 0
AIR
TRANS 06-02 00-00 UNK 29000
29000 100 0 0 0
0 CUST 27 YR
AUTOMOTIVE
06-02 05-05 NET 30 0 0 0 0 0
0 0
BLDG
MATRL 06-03 06-03 VARIED 400 0
0 0 0 0 0
BLDG
MATRL 06-03 05-05 VARIED 0 0 0 0 0
0 0 CUST 11 YR
CELLUL/PAG
06-02 06-01 NET 30 0 0 0 0 0
0 0 WRITE-OFF
CHEMICALS 06-01 05-12 NET 30 35200 34000 79
21 0 0 0
CHEMICALS 06-04 00-00 NET 30 100 100 0
100 0 0 0
COMPUTERS 06-05 06-04 0000000 24000 3200
0 22 78 0 0
CONSTRUCTN
06-02 00-00 N15PRXO 1800 0 0
0 0 0 0
CONSTRUCTN
06-04 00-09 NET 30 0 0 0 0 0
0 0
ELEC
EQUIP 06-03 03-10 NET 30 3400 0
0 0 0 0 0
CUST 15 YR
FACTOR 06-03 04-11 NET 30 0
0 0 0
0 0 0
FACTOR 06-02 00-00 VARIED 0
0 0 0
0 0 0
FACTOR 06-04 06-03 NET 30 25600
25600 58 42
0 0 0
FACTOR 06-04 04-02 VARIED 0
0 0 0
0 0 0
FACTOR 06-03 06-01 NET 30 47200
0 0 0
0 0 0 CUST 8 YR
FACTOR 06-04 00-00 NET 30 67200
4800 100 0 0
0 0
FACTOR 06-04 05-09 NET 30 8200
0 0 0
0 0 0
FACTOR 06-03 06-03 NET 60 457800
212200 81 19 0 0 0
FACTOR 06-05 05-12 NET 4700 0 0
0 0 0 0 CUST
6 YR
FINANCE 06-03 00-00 NET 30 0
0 0 0
0 0 0
FINCL
SVCS 06-04 00-00 COD 17600 17600
0 54 30 16 0
FINCL
SVCS 06-05 99-02 0000000 1200 0 0
0 0 0 0
FINCL
SVCS 06-03 05-08 NET 2000 200
100 0 0 0
0 CUST 2 YR
FOOD
DISTR 06-02 06-02 UNK 21000 10500
100 0 0 0
0 CUST 14 YR
FREIGHT 06-04 06-04 VARIED 13200
4300 37 20
43 0 0
FRGHT
FWRD 06-01 00-00 NET 30 9300 1300
22 0 0 0 78
FRGHT
FWRD 06-04 06-02 NET 30 0 0 0 0 0
0 0
FRGHT
FWRD 06-03 06-03 VARIED 2500 1900
10 0 3 0 87
FRGHT
FWRD 06-02 05-12 NET 15 19800 1400
0 0 100 0 0
FURNTR&
FIX 06-05 05-05 CIA 100 0
0 0 0 0 0
ACCTCLOSED
GENERAL 06-03 00-00 CONTRCT 0 0 0 0 0
0 0
GENL
MERCH 06-03 05-02 CREDIT 5000 0
0 0 0 0 0
GLASS 06-04 06-03 0000000 9400 6200
57 38 1 4 0
CUST 6 YR
HARDWARE 06-03 05-12 CREDIT 4000
0 0 0
0 0 0
INDUS
SUPL 06-04 06-04 NET 30 12300 1800
81 19 0 0 0
CUST 17 YR
IRON&
STEEL 06-04 00-00 NET 30 32000 15500
100 0 0 0 0
MACH
DISTR 06-04 02-12 1/10N30 0
0 0 0
0 0 0 CUST 8 YR
MACH
DISTR 06-03 06-03 VARIED 1900 1100
100 0 0 0
0
MED
SUPPLY 06-03 00-00 VARIED 4700 0
0 0 0 0 0
NEWSPAPERS
06-04 05-08 NET 15 400 0
0 0 0 0 0
OFFC
SUPPL 06-04 06-03 NET 200000 251100
77 19 3 1 0
CUST 1 YR
OFFC
SUPPL 06-03 04-07 CREDIT 2100 0
0 0 0 0 0
ACCTCLOSED
PACKAGING 06-04 00-00 NET 30 3200 3200 100 0
0 0 0 CUST 15 YR
PAPER
PROD 06-03 00-00 UNK 0 0 0 0 0
0 0
PETROLEUM 06-04 00-00 SPECIAL 200000 200000
100 0 0 0
0
PETROLEUM 06-04 02-06 VARIED 0 0 0
0 0 0 0 ACCTCLOSED
PRNTG&
PUBL 06-04 00-00 VARIED 0 0 0 0 0
0 0
RETL
TRADE 06-04 06-04 VARIED 5500 100
100 0 0 0
0 ACCTCLOSED
RETL
TRADE 06-04 06-03 VARIED 500 300
100 0 0 0
0 CUST 1 YR
SAFTY
PROD 06-03 00-00 NET 30 5700 2600
92 0 8 0 0
CUST 6 YR
SAFTY
PROD 06-05 02-02 NET 30 0 0 0 0 0
0 0 CUST 14 YR
SOAP 06-03 00-00 1/10N30 5200 4400
46 54 0 0 0
TEMP
HELP 06-02 00-00 NET 7 1500
0 0 0
0 0 0
TRANSPORTN
06-04 00-00 VARIED 0 0 0 0 0
0 0 CUST 6 YR
TRANSPORTN
06-03 02-03 NET 20 0 0 0 0 0
0 0
TRNS
EQUIP 06-04 00-00 VARIED 73400 100
100 0 0 0
0 CUST 6 YR
TRUCK
DLR 06-05 00-00 CONTRCT 53700 23900
87 13 0 0 0
WAREHOUSE 06-04 05-12 VARIED 700 0 0
0 0 0 0 ACCTCLOSED
WAREHOUSE 06-04 06-03 VARIED 3200 500 100 0
0 0 0 PROMPT
AGRI
SUPPL 04-03 00-00 VARIED 0 0 0 0 0
0 0 CUST 3 YR
AIR
TRANS 05-12 00-00 NET 30 742200
742200 63 23
8 4 2 CUST 14 YR
AIR
TRANS 03-06 00-00 NET 7 0
0 0 0
0 0 0
AUTO
ACCES 03-05 00-00 VARIED 7100 7100
100 0 0 0
0
BLDG
MATRL 04-09 04-04 VARIED 0 0 0 0 0
0 0
BUS
SERVCS 05-04 05-04 NET 30 0 0 0 0 0
0 0
CELLUL/PAG
03-07 00-00 NET 30 300 200
100 0 0 0
0 CUST 4 YR
CHEMICALS 03-09 03-09 NET 30 12700 3600 100 0
0 0 0 EXLENT ACC
COMMUN
SVC 05-01 00-00 NET 20 0 0 0 0 0
0 0
COMPUTERS 05-05 00-00 CREDIT 0 0 0
0 0 0 0 CUST 37 YR
COMPUTERS 03-09 00-00 NET 30 14000 3500 0
0 0 0 100
COMPUTERS 04-02 00-00 NET 30 3700
900 0 45
55 0 0
CRED
CARD 05-09 00-00 NET 800
0 0 0
0 0 0
CRED
CARD 03-07 00-00 NET 400
0 0 0
0 0 0 CUST 16 YR
CRED
CARD 06-04 00-00 NET 30 400
0 0 0
0 0 0 CUST 19 YR
DAIRY
PROD 04-02 00-00 NET 10 0 0 0 0 0
0 0
DISTRIBUTR
05-11 05-09 NET30 2300 900
100 0 0 0
0
DP
EQUIP 04-04 00-00 NET 30 0
0 0 0
0 0 0
ELEC
MFG 04-03 03-12 NET 30 8500
6200 55 0 45
0 0
ELEC
SUPLR 04-08 04-08 2/10N30 11100
2200 48 52
0 0 0
ELEC
SUPLR 05-04 00-00 VARIED 5700 0
0 0 0 0 0
FAB
METALS 05-11 05-09 .5/10PX 3713400
1032500 100 0 0
0 0 CUST 1 YR
FACTOR 04-06 99-12 VARIED 0
0 0 0
0 0 0
FACTOR 05-05 04-03 VARIED 600
0 0 0
0 0 0
FINCL
SVCS 03-09 03-09 VARIED 36800 100
100 0 0 0
0 CUST 17 YR
FOOD
DISTR 05-01 00-00 NET 30 0 0 0 0 0
0 0 CUST 1 YR
FREIGHT 05-05 00-00 NET30 10300
5900 11 89
0 0 0 CUST 10 YR
FREIGHT 04-01 03-12 NET 30 3700
400 100 0 0
0 0
FRGHT
FWRD 03-06 03-06 CONTRCT 1700
1700 100 0 0
0 0
GENERAL 05-12 00-00 NET 30 3800
3800 10 90 0 0
0
GENERAL 05-02 98-08 NET 30 0
0 0 0
0 0 0 CUST 19 YR
HEATNG&
A/C 05-12 00-00 2/10N30 800
100 4 3
3 3 87 CUST 5 YR
LEASING 04-10 04-10 N30 20300 20300 0
3 47 49 1 CUST
4 YR
LEASING 04-01 03-11 N30 15900 12000 0
0 0 0 100 CUST 8 YR
LEASING 04-10 00-00 VARIED 382500
164100 0 92
4 4 0
MANUFCTRNG
04-02 00-00 NET 30 0 0 0 0 0
0 0
MATRL
HNDL 03-10 00-00 NET 15 0 0 0 0 0
0 0
METAL 03-07 97-10 VARIED 0
0 0 0
0 0 0 CUST 15 YR
METAL 04-08 00-00 VARIED 700
700 100 0 0
0 0
METAL
DIST 04-04 04-04 NET EOM 800
800 31 69 0 0
0
METAL
DIST 04-12 04-08 5/10N30 300 0 0
0 0 0 0
METL
FNSHG 05-10 96-01 NET 30 9900 3300
100 0 0 0
0
MOTR
TRANS 05-12 05-01 NET 30 16400 0
0 0 0 0 0
OFFC
SUPPL 05-11 01-03 CREDIT 0 0
0 0 0 0
0 CUST 7 YR
OFFC
SUPPL 04-03 04-03 NET 30 100 100
100 0 0 0
0 CUST 6 YR
OFFC
EQUIP 03-11 03-10 N30 600 100
0 0 100 0 0 CUST
6 YR
PACKAGING 05-12 99-01 NET 30 0 0 0
0 0 0 0
PAINTS 04-12 00-00 VARIED 11200
7700 96 4
0 0 0
PRNTG&
PUBL 04-10 04-10 NET 10 1200 0
0 0 0 0 0
PRNTG&
PUBL 03-06 03-06 CONTRCT 4000
4000 100 0 0
0 0 CUST 15 YR
RENTALS 05-09 00-00 NET 30 1300
1300 100 0 0
0 0
TELECOM 05-12 00-00 NET 30 3000
400 100 0 0
0 0
TELECOM 05-12 00-00 NET 30 0
0 0 0
0 0 0
TRANSPORTN
04-09 04-08 NET 30 73000 1000
0 100 0 0
0
TRANSPORTN
04-11 00-00 VARIED 86600 0
0 0 0 0 0
UTILITY 04-03 04-02 NET 15 261200
1600 100 0 0
0 0
WHLSE
TRAD 04-04 00-00 VARIED 10200 3900
98 2 0 0 0
WHLSE
TRAD 04-01 03-12 2/10N30 0 0 0
0 0 0 0
ADMIN 05-05 00-00 CREDIT 0
0 0 0
0 0 0 CUST 37 YR
CURRENT
QUARTER 1416600 856900
83 14 2 1 0
Payment
Trends
INDUSTRY BUSINESS BALANCE CUR 1- 31- 61-
DATE CUR
DBT DBT $ % 30 60
90 91+
-------- ---
--- --- -------- --- --- --- --- ---
20060400 0
7 6 824600 75 21 3
0 1
20060300 0
7 7 764000 71 23 3
2 1
20060200 0
8 11 781600 48 45
4 2 1
20060100 0
11 6 885100 71 25 3
1 0
20051200 0
12 6 507800 71 25 3
0 1
20051100 0
9 3 358400 85 13 1
0 1
Payment
History - Quarterly Averages
BALANCE CUR 1-
31- 61-
QUARTER YEAR DBT
$ % 30
60 90 91+
--------
------ --- -------- --- --- --- --- ---
First 2006 8
789700 66 29
3 1 1
Fourth 2005 5
575500 75 22 2 0
1
Third 2005 6
264500 71 26
2 0 1
Second 2005 8
86100 70 22
5 2 1
First 2005 2
123900 89 9
2 0 0
FINANCIAL INFORMATION
FINANCIAL
FIGURES
Year-End
(D/M/Y): 31/03/2006 31/12/2005 31/12/2004
Quarterly Consolidated Consolidated
Sales
/ Revenues 1,377,700 5,299,300 5,085,500
Interest
Income - -30,800 23,400
Gross
Margin 240,100 912,800 915,800
Operating
Income (Loss) 103,700 433,700 445,100
Interest
on Loans 12,900 46,700
45,900
Other
Expenses 66,700 66,300 82,300
RESULTS
Income
before Taxes 92,300 356,200 422,600
Income
Tax 30,200 104,900 137,200
Net
Income
62,100 251,300 285,400
ASSETS
Cash
and Equivalents
130,300 64,900 491,300
Inventory 771,600 767,100 705,700
Accounts
Receivables 867,500 847,600 790,700
Other
Current Assets 93,300 83,700 77,100
Total
Current Assets 1,862,700 1,763,300 2,064,800
Property
Plant & Equip 962,700 971,100
960,700
Other
Fixed Assets 81,000 82,200 35,000
Total
Fixed Assets 2,285,300 2,289,300 2,132,400
Intangibles 1,241,600 1,236,000 1,136,700
Total
Assets 4,148,000 4,052,600 4,197,200
LIABILITIES
Trade
Creditors 588,800 562,800 450,300
Other
Current Liab 116,300 76,600 108,000
Total
Current Liab 803,800 738,000 959,600
Long
Term Debt
920,900 921,600 779,400
Other
Long Term Liab 144,100 144,000 145,100
Total
Long Term Liab 1,065,000 1,065,600 924,500
Total
Liabilities 1,868,800 1,803,600 1,884,100
EQUITY
Retained
Earnings 2,125,600 2,093,100 1,961,500
Total
Equity 2,279,200 2,249,000 2,313,100
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
31/03/2006 31/12/2005 31/03/2006 31/12/2005
Cash
and Equivalents 130,300 64,900 3.14 1.60
Inventory 771,600 767,100 18.60 18.93
Other
Current Assets 93,300 83,700 2.25 2.07
Total
Current Assets 1,862,700 1,763,300 44.91 43.51
Intangibles 1,241,600 1,236,000 29.93 30.50
Total
Assets 4,148,000 4,052,600 100.00 100.00
Total
Current Liab 803,800 738,000 19.38 18.21
Long
Term Debt 920,900 921,600 22.20 22.74
Other
Long Term Liab 144,100 144,000 3.47 3.55
Total
Liabilities 1,868,800 1,803,600 45.05 44.50
Total
Equity 2,279,200 2,249,000 54.95 55.50
Financials
are shown in thousands of US$ above.
HISTORY
The Company was incorporated
in 1901 as the successor to a partnership
formed in 1883 at Carthage,
Missouri. That partnership was a pioneer in the
manufacture and sale of steel
coil bedsprings.
The Company acquired
twenty-nine businesses during the year ended December 31, 1999 representing
annualized sales of approximately $480 million. These acquired businesses
expanded annualized sales within its business segments as follows: Commercial
Furnishings--$250 million, Residential Furnishings-- $190 million, Specialized
Products--$30 million, and Industrial Materials-- $10 million.
The Company acquired
twenty-one businesses during the year ended December 31, 2000 representing
annualized sales of approximately $450 million. These acquired businesses
expanded annualized sales within the Company's business segments as follows:
Residential Furnishings--$75 million, Commercial Furnishings--$175 million,
Aluminum Products--$10 million, Industrial Materials--$45 million and
Specialized Products--$145 million.
In July 2003, the Company
completed its fourth largest acquisition in the history of the Company,
purchasing the assets of RHC Spacemaster, one of its
store fixture competitors.
Felix E. Wright serves as
Chairman of the Company’s Board of Directors and as
Chief Executive Officer. Mr.
Wright served as Vice Chairman of the Board from
1999 to 2002 and as Chief
Operating Officer from 1979 to 1999. He has served
in various other capacities
since 1959.
David S. Haffner was elected
President of the Company in 2002 and has served
as the Company’s Chief
Operating Officer since 1999. He previously served the
Company as Executive Vice
President from 1995 to 2002 and has served the
Company in other capacities
since 1983. Mr. Haffner is also head of
Commercial Fixturing
& Components.
CURRENT OPERATIONS
NAICS Code: 337127 Institutional Furniture Manufacturing
SIC Code: 3999
Number of Employees: 33,000
Business Activity:
LEGGETT & PLATT, INCORPORATED is engaged as a
manufacturer of a wide
range of engineered products.
The Company is a is a
diversified manufacturer that conceives, designs and
produces a wide range of
engineered components and products that can be found in homes, offices, retail
stores and automobiles.
The headquarters is at the
above-noted address.
Its most important physical
properties are its production plants. At
December 31, 2004, the
Company had approximately 275 production plants
worldwide. About one-half of
the production plants are in the Residential
Furnishings segment.
Facilities manufacturing, assembling or distributing
products in Residential
Furnishings are located in 28 U.S. states as well as
Asia, Australia, Brazil,
Canada, Europe and Mexico. Commercial Fixturing &
Components manufacturing
plants and distribution facilities are located in
19 U.S. states, Canada,
Italy, Mexico and the United Kingdom. The Aluminum
Products segment has
facilities in ten U.S. states and Mexico. The Industrial
Material facilities are
located in 19 U.S. states, and the United Kingdom.
Specialized Products are
produced and distributed in facilities in eight
U.S. states and other
significant operations in Canada, China, Europe,
Mexico and South Korea.
A majority of its major
production facilities are owned by the Company.
The Company also conducts
certain operations in leased premises. Terms of
the leases, including
purchase options, renewals and maintenance costs, vary
by lease.
Properties of the Company
include facilities that, in the opinion of management, are suitable and
adequate for the manufacture, assembly and
distribution of its products.
These properties are located to allow quick and efficient deliveries and
necessary service to its diverse customer base.
PUBLIC RECORD
The Company is involved in
various legal proceedings including matters which
involve claims against the
Company under employment, intellectual property,
environmental and other laws.
When it appears probable in management’s
judgement that the Company
will incur monetary damages or other costs in
connection with claims and
proceedings, and the costs can be reasonably
estimated, appropriate
liabilities are recorded in the financial statements
and charges are made against
earnings. No claim or proceeding has resulted
in a material charge against
earnings, nor are the total liabilities
recorded material to the
Company’s financial position for any of the periods
presented. While the results
of any ultimate resolution cannot be
predicted, management
believes the possibility of a material adverse effect
on the Company’s consolidated
financial position, results of operations and
cash flows from currently
known claims and proceedings is remote.
GENERAL COMMENTS
LEGGETT & PLATT, INCORPORATED is well established with
annual sales in the US$ 5.2 billion. The payment history of the Company is
satisfactory, and operating record clear. The Company is considered responsible
for normal business transactions.
AS PER WEBSITE DETAIL
CONTACT
Leggett & Platt, Home Office
Post Office Box 757
Number 1 Leggett Road
Carthage, Missouri 64836
HISTORY
J.P. Leggett and C.B. Platt were both residents of Carthage, a county seat in southwest Missouri, when they formed their business partnership in 1883.
J.P. Leggett was an inventor and had several patents to his credit. When he developed the idea for a spiral steel coil bedspring, he went to his brother-in-law, C.B. Platt, for his manufacturing capability and expertise.
Together they produced the L&P bedspring, patented in 1885, which offered the best night's sleep yet available.
Their partnership prospered and the business was incorporated in 1901. The company has operated continuously since then, and began its fourth decade of public ownership in 1997.
The modern growth era for the company began in the 1960's, when current executive management assumed leadership. Being substantially invested in Leggett stock, then and now, management developed a plan to enhance the potential for long-term growth. The strategy is a proven success, resulting in leading manufacturing, marketing and distribution capabilities.
Today, we are serving more customers, with more products and
growth opportunities than ever before.
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |