MIRA
INFORM REPORT
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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
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Name : |
Coherent Inc |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
26.05.1966 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
supplier of
photonics based solutions in a range of commercial and scientific research
applications |
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No. of Employees : |
2,309 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Coherent, Inc.
Tel: 408-764-4000
Fax: 408-764-4800
Toll Free: 800-392-4637
Web: www.coherent.com
Synthesis
Employees: 2,309
Company Type: Public Parent
Corporate Family: 35
Companies
Traded: NASDAQ: COHR
Incorporation Date:
26-May-1966
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
01-Oct-2011
Reporting Currency: US
Dollar
Annual Sales: 802.8
1
Net Income: 93.2
Total Assets: 843.3
2
Market Value: 1,077.7
(25-May-2012)
Business Description
Coherent, Inc. is a supplier of photonics based solutions in a range of commercial and scientific research applications. The Company designs, manufactures, services and markets lasers and related accessories. The Company is organized into two operating segments: Commercial Lasers and Components (CLC), and Specialty Lasers and Systems (SLS). CLC's primary markets include materials processing and original equipment manufacturer (OEM) components and instrumentation. SLS develops and manufactures configurable, performance products largely serving the microelectronics, OEM components and instrumentation and scientific research and government programs markets. On April 29, 2010, the Company acquired Beam Dynamics, Inc. On October 13, 2009, it acquired all the assets and certain liabilities of StockerYale, Inc. For the twentysix weeks ended 02 April 2011, Coherent, Inc.'s revenues increased 41% to $384M. Net income totaled $42.8M, up from $12.7M. Revenues reflect higher income generated from Commercial Lasers & Components and an increase in income from Specialty Laser Systems business segments. Net income also reflects an improvement in the gross & operating profit margins, higher interest & dividend income and a lower interest expenses.
Industry
Industry Scientific and Technical
Instruments
ANZSIC 2006: 2419 - Other
Professional and Scientific Equipment Manufacturing
NACE 2002: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
NAICS 2002: 334413 -
Semiconductor and Related Device Manufacturing
UK SIC 2003: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating and
other purposes, except industrial process control equipment
US SIC 1987: 3826 - Laboratory
Analytical Instruments
Key Executives
(Emails Available)
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Name |
Title |
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John R. Ambroseo |
President, Chief Executive Officer, Director |
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Helene Simonet |
Chief Financial Officer, Executive Vice President |
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Paul F. Sechrist |
Executive Vice President - Worldwide Sales, Service and Marketing |
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Bret M. DiMarco |
Executive Vice President, General Counsel, Corporate Secretary |
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Mark S. Sobey |
Executive Vice President, General Manager - Specialty Laser Systems |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Negative Earnings Pre-Announcement |
2 |
Coherent, Inc. Issues Q3 2012 Revenue Guidance Below Analysts'
Estimates-Conference Call |
26-Apr-2012 |
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Positive Earnings Pre-Announcement |
2 |
Coherent, Inc. Issues Q1 2012 Revenue Guidance Above Analysts'
Estimates-Conference Call |
3-Nov-2011 |
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Share Repurchases |
1 |
Coherent, Inc. Announces Common Stock Repurchase Program |
25-Aug-2011 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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A Forward Look, The Year Ahead - Featured
Research on Affymetrix, Inc. and Coherent, Inc. |
21-May-2012 |
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Coherent, Inc. to Present at the 13th
Annual B. Riley & Co. Investor Conference |
15-May-2012 |
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Q2 2012 Coherent Earnings Conference Call
- Final |
10-May-2012 |
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Event Brief of Q2 2012 Coherent Earnings
Conference Call - Final |
10-May-2012 |
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Surging Demand for Medical Fiber Optic
Systems Drives the Global Medical Fiber Optics Market, According to a New
Report by Global Industry Analysts, Inc. |
3-May-2012 |
Financial Summary
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Stock Snapshot
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ABI Number: 007508286
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Tel: 408-764-4000
Fax: 408-764-4800
Toll Free Tel: 800-392-4637
Web: www.coherent.com
Quote Symbol - Exchange
COHR - NASDAQ
Sales USD(mil): 802.8
Assets USD(mil): 843.3
Employees: 2,309
Fiscal Year End: 01-Oct-2011
Industry: Scientific
and Technical Instruments
Incorporation Date: 26-May-1966
Company Type: Public
Parent
Quoted Status: Quoted
President, Chief
Executive Officer, Director: John
R. Ambroseo
Company Web Links
Corporate History/Profile
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Product Codes
Brand/Trade Names
Financial Data
Market Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
2419 - Other Professional and Scientific Equipment Manufacturing
2412 - Medical and Surgical Equipment Manufacturing
NACE 2002 Codes:
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
3210 - Manufacture of electronic valves and tubes and other
electronic components
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
NAICS 2002 Codes:
334413 - Semiconductor and Related Device Manufacturing
334510 - Electromedical and Electrotherapeutic Apparatus
Manufacturing
US SIC 1987:
3674 - Semiconductors and Related Devices
3845 - Electromedical and Electrotherapeutic Apparatus
3826 - Laboratory Analytical Instruments
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
3210 - Manufacture of electronic valves and tubes and other
electronic components
Business
Description
Coherent, Inc.,
incorporated on May 26, 1966, is a supplier of photonics based solutions in a
range of commercial and scientific research applications. The Company designs,
manufactures, services and markets lasers and related accessories. The Company
is organized into two operating segments: Commercial Lasers and Components
(CLC), and Specialty Lasers and Systems (SLS). CLC's primary markets include
materials processing and original equipment manufacturer (OEM) components and
instrumentation. SLS develops and manufactures configurable, performance
products largely serving the microelectronics, OEM components and
instrumentation and scientific research and government programs markets. Its
products address a range of applications, such as microelectronics, scientific
research and government programs, OEM components and instrumentation, and
materials processing. On April 29, 2010, the Company acquired Beam Dynamics,
Inc. On October 13, 2009, the Company acquired all the assets and certain
liabilities of StockerYale, Inc.
Microelectronics
The Company
supports four markets in the microelectronics industry: semiconductor
front-end, advanced packaging and interconnects, flat panel display
manufacturing, and solar cell production and other emerging processes. The
Company’s Azure, Paladin, Sapphire and Excimer lasers are used to detect and
characterize defects in semiconductor chips. Its AVIA and Matrix lasers are
providing economic methods of cutting and scribing these wafers, while
delivering higher yields than traditional mechanical methods. Its DIAMOND
carbon dioxide (CO2) lasers are used for singulating packages and printed
circuit boards into individual components for final assembly.
The Company’s
Talisker lasers are used in a range of applications requiring high-precision
and low heat damage, such as in thin wafer cutting and drilling. The
high-volume consumer market is driving the production of flat panel displays
(FPDs) in applications, such as mobile telephones, tablets, laptop computers,
television monitors, digital cameras, personal digital assistants (PDAs) and
car navigation systems. Its AVIA and DIAMOND lasers are also used in other
production processes for FPDs. These processes include drilling, cutting,
patterning, marking and yield improvement. Its lasers are used in the back-end
processing of high-brightness (HB)-LEDs.
Scientific
Research and Government Programs
The Company’s
Scientific Research and Government Programs include ultrafast lasers, DPSS
lasers, continuous-wave (CW) systems, excimer gas lasers and water-cooled ion
gas lasers. Its portfolio of lasers that address the scientific research market
is broad and includes its Chameleon, COMPexPro, Evolution, Legend, Libra, MBD,
MBR, Micra, Mira and Verdi lasers. The Company has an installed base of
scientific lasers, which are used in a range of applications in every branch of
science and engineering. These applications include biology and life science,
engineering, physical chemistry and physics.
OEM Components and
Instrumentation
Instrumentation is
a commercial application. Representative applications within this market
include bio-instrumentation, graphic arts and display, machine vision and
medical OEMs. It also supports the laser-based instrumentation market with a
range of laser-related components, including diode lasers for optical pumping.
Some of its OEM component business includes sales to other, less integrated
laser manufacturers participating in OEM markets, such as materials processing,
scientific, and medical.
Bio-instrumentation
applications for lasers include bio-agent detection for point source and
standoff detection of pathogens or other bio-toxins; confocal microscopy for
biological imaging that allows researchers and clinicians to visualize cellular
and subcellular structures and processes with an incredible amount of detail;
DNA sequencing that provides automation and data acquisition rates that would
be impossible by any other method; drug discovery, such as genomic and
proteomic analyses that enable drug discovery to proceed at high throughput
rates, and flow cytometry for analyzing single cells or populations of cells in
a heterogeneous mixture, including blood samples. Its Sapphire, Compass and
Coherent CUBE lasers are used in several bio-instrumentation applications.
The Company sells
a variety of components and lasers to medical laser companies in end-user
applications, such as ophthalmology, aesthetic, surgical, therapeutic and
dentistry. Its DIAMOND series CO2 lasers are used in ophthalmic, aesthetic and
surgical markets. It’s Compass and Sapphire series of lasers are used in the
retinal scanning market in diagnostic imaging systems, as well as new ground
breaking in-vivo imaging applications. The ability of its optically pumped
semiconductor lasers (OPSL) technology to match a wavelength to an application
has led to the development of a high-power yellow (577 nanometer (nm)) laser
for the treatment of eye related diseases, such as Age Related Macular
Degeneration and retinal diseases associated with diabetes. The 577nm
wavelength was designed to match the peak in absorption of oxygenated
hemoglobin thereby allowing treatment to occur at a lower power level, and thus
reducing stress and heat-load placed on the eye with traditional green-based
(530nm) solid state lasers.
Materials
Processing
The Company
supplies high-power lasers for metal processing, and low-to-medium power lasers
for laser marking, nonmetals processing and precision micromachining. Its high
power Industrial laser systems are used for cladding and hardening of metals,
joining materials, and other materials processing applications. Other
applications include welding of plastics and direct metal welding. The Nuvonyx
products, integrated within its Semiconductor business, provide high-power
arrays with powers in excess of 50 Kilowatts through its cooling and stacking
technologies. Its HighLight product is a direct diode system for metal
processing based on the Nuvonyx technology. It also participate in the low to
medium power area, including such applications as the cutting and joining of
plastics using both its DIAMOND CO2 lasers and Highlight FAP semiconductor lasers;
the cutting, perforating and scoring of paper and packaging materials, and
various cutting and patterning applications in the textile industry.
The Company
competes with CVI Melles Griot, Cymer, Inc., GSI Group, Inc., IPG Photonics
Corporation, JDS Uniphase Corporation, Newport Corporation, Rofin-Sinar
Technologies, Inc., and Trumpf GmbH
More Business
Descriptions
Coherent, Inc. is
a supplier of photonics based solutions in a range of commercial and scientific
research applications. The Company designs, manufactures, services and markets
lasers and related accessories. The Company is organized into two operating
segments: Commercial Lasers and Components (CLC), and Specialty Lasers and
Systems (SLS). CLC's primary markets include materials processing and original
equipment manufacturer (OEM) components and instrumentation. SLS develops and
manufactures configurable, performance products largely serving the
microelectronics, OEM components and instrumentation and scientific research
and government programs markets. On April 29, 2010, the Company acquired Beam
Dynamics, Inc. On October 13, 2009, it acquired all the assets and certain
liabilities of StockerYale, Inc. For the twentysix weeks ended 02 April 2011,
Coherent, Inc.'s revenues increased 41% to $384M. Net income totaled $42.8M, up
from $12.7M. Revenues reflect higher income generated from Commercial Lasers
& Components and an increase in income from Specialty Laser Systems
business segments. Net income also reflects an improvement in the gross &
operating profit margins, higher interest & dividend income and a lower
interest expenses.
Photonics
Solutions to Commercial & Scientific Research
Establishments
primarily engaged in the wholesale distribution of professional equipment and
supplies, not elsewhere classified, such as drafting instruments, laboratory
equipment, and scientific instruments.
Coherent is a
manufacturer and distributor of lasers, laser-based systems, precision optics
and related accessories. The company has about 20 subsidiaries.Coherent
generates revenue through two operating segments, namely, Commercial Lasers and
Components (CLC) and Specialty Lasers and Systems (SLS).The CLC segment’s
principal markets include OEM components and instrumentation and materials
processing. The company develops OEM components and instrumentation for
applications such as flow cytometry, DNA sequencing, Drug Discovery-Genomics
and Proteomics, Bio-agent detection, Forensics and Medical OEM. For Material
processing, the products developed cater to four specialized areas, namely,
Light manufacturing and cutting, Laser marking and coding, Heavy manufacturing
and Excimer-based processes. Revenue generated form this segment accounted for
28.8% of total product revenue for fiscal year 2009.SLS covers applications for
Microelectronics, Scientific Research and Government Programs and Graphic Arts
and Display markets. In the Microelectronics market, it serves semiconductor
front-end manufacturing, semiconductor assembly, testing and advanced
packaging, flat panel display manufacturing, solar cell production and other
emerging processes. In the area of scientific research, it offers multiphoton
excitation microscopy, ultrafast research, Optical pumping, Spectroscopy and
Infrared and far-infrared research. Graphic arts and display offers Compass,
Diamond K and G series lasers, CUBE and Innova. Revenue generated form this
segment accounted for 71.2% of the total product revenue for fiscal year
2009.Coherent’s products are manufactured at its manufacturing facilities
based in the
Coherent, Inc.
(Coherent) is engaged in the supply of photonics-based solutions. It also
designs, manufactures and distributes lasers, laser-based systems, precision
optics and related accessories. Its serves range of commercial and scientific
research customers. The company operates in two business segments, namely,
Commercial Lasers and Components (CLC) and Specialty Lasers and Systems (SLS).
CLC develops product architectures for substantially all product service and
repairs based upon advanced replacement and depot repair. The segment principally
focuses on materials processing and OEM components and instrumentation markets.
SLS develops and manufactures configurable, advanced-performance products
serving the microelectronics and scientific research markets. Coherent operates
in
Founded in 1966,
Coherent is a world leader in providing superior laser reliability and
performance. Coherent provides laser-based solutions, laser measurement
instruments, and optical components to a broad base of commercial and
scientific research customers. Coherent owns a diverse portfolio of
technologies and the company offers one of the widest ranges of commercial and
scientific research products and solutions in more than 80 countries throughout
the world. Many of the company's customers are Fortune 500 manufacturers and
scientific researchers from numerous universities and institutes across the
Parent/holding
company with high-tech operating units involved in the manufacturing of lasers
for electro-optical and research applications. The company is also a
manufacturer of optical components and provider of optical services. Products
include beam expanders, brewster angle windows, etalons and etalon filters,
interference filters, flat optics, fourier optics, optical glass, thin film
coated mirrors, polarizers, prisms, optical lenses and windows, laser beam
propagation analyzers, NDT equipment, micro-positioning equipment, reflective
coatings, vibration isolation equipment, filters, lenses, light radiation
detectors and test and measurement equipment including energy meters and power
meters and spectrum analyzers. Provider of optical fabrication services such as
coating, cutting and grinding, engineering and design, polishing and testing.
Products and services are sold to multiple industries.
Product Codes
Product Code Product Description
AUT-AT-F NDT equipment
MAN-SV-PL Polishing services
MAN-SV-PR Grinding services
MAT-CE-GS Optical glass
PHO-FO-PSM Micro-positioning equipment
PHO-LA-AZ CO2 laser optical components
PHO-LA-LGH Frequency stabilized HeNe lasers
PHO-OP-CR Reflective optical coatings
PHO-OP-EM Power meters
PHO-OP-EPV Vibration isolation equipment
PHO-OP-FA Heat absorbing filters
PHO-OP-FI Interference filters
PHO-OP-FN Neutral density optical filters
PHO-OP-FW Infrared filters
PHO-OP-IE Beam expanders
PHO-OP-LB Ball lenses
PHO-OP-LC Complex lenses
PHO-OP-LD Aspheric lenses
PHO-OP-LE Achromatic lenses
PHO-OP-LG Cylindrical lenses
PHO-OP-LN Condensing lenses
PHO-OP-LV Visible optical lenses
PHO-OP-LY Laser lenses
PHO-OP-PAF Fourier optics
PHO-OP-PAG Flat optics
PHO-OP-PAP Polarizers
PHO-OP-PMZ Thin film coated mirrors
PHO-OP-PP Prisms
PHO-OP-PW Brewster angle
windows
PHO-OP-PW Optical windows
PHO-OP-PZ Etalons
PHO-SV-D Design services
PHO-SV-D Optics fabrication
engineering services
PHO-SV-T Thin film coating
engineering services
TAM-AN-OZ Laser beam
propagation analyzers
TAM-DE Light radiation
detectors
TAM-ME-MR Light radiation
detectors
TAM-SV Testing services
ZZZ-HC Parent/Holding company
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Strategic Initiatives
Key Organizational
Changes
Furthermore, the company completed the acquisition of Beam Dynamics, a producer of industry leading laser machining centers, for a cash consideration of $6.25m on May 3, 2010. Beam Dynamics has a strong market position through the development of industrial-grade laser machine tools. The acquisition of Beam Dynamics helps the company to further expand its presence in the materials processing market, achieve closer alignment with customer processes and applications, and drive the development of new tools more effectively to meet the needs of the laser machining market.Global Economic ScenarioThe global economic slowdown and vague recovery scenario are likely to create challenges for the company over the next few years. Though economic recovery continued during the first half of 2010, the global economy was affected by the turmoil in sovereign debt markets during the second quarter of 2010. Weak capital and credit markets, decline in consumer confidence, negative economic conditions, weak corporate profits and reduction in capital spending could negatively impact demand of company’s products.
These acquisitions
are intended to supplement Coherent’s core growth and assure expansion of its
business, including new technologies, additional products, and geographical
reach. The company in 2011, acquired Hypertronics Pte Ltd for $14.5m in cash, a
company involved in the design and manufacturing of laser-and vision-based
tools for flat panel, storage, semiconductor and solar applications at
facilities in
The company in
2011, acquired Hypertronics Pte Ltd for $14.5m in cash, a company involved in
the design and manufacturing of laser-and vision-based tools for flat panel,
storage, semiconductor and solar applications at facilities in
Resource
Management
In addition, the
company recently introduced a new line of all solid-state optically pumped
semiconductor laser (OPSL) with output at 552 nm, named as the new Sapphire 552
LP lasers, which finds applications in life sciences domain. The
recently-launched products provide enough opportunities for the company to
improve its market share.Inorganic Growth DriversInorganic growth strategies
generally help companies enhance value for their shareholders. The company
continues to view acquisitions as a key part of its growth strategy. These
acquisitions are intended to supplement Coherent’s core growth and assure
expansion of its business, including new technologies, additional products, and
geographical reach. The company in 2011, acquired Hypertronics Pte Ltd for
$14.5m in cash, a company involved in the design and manufacturing of laser-and
vision-based tools for flat panel, storage, semiconductor and solar
applications at facilities in
Sales and
Distribution
During fiscal
2010, net sales increased by $169.2 million, or 39%, compared to fiscal 2009,
including an increase of $6.1 million due to the impact of foreign currency
exchange rates, with sales increasing in all four markets. Microelectronics
sales increased $98.6 million, or 75%, primarily due to higher sales in
advanced packaging, flat panel display, semiconductor and solar applications. The
increase in the OEM components and instrumentation market of $31.5 million, or
26%, during fiscal 2010 was primarily due to higher shipments for flow
cytometry applications and for machine vision applications due to the
acquisition of certain product lines from StockerYale in the first quarter of
fiscal 2010. Materials processing sales increased $21.1 million, or 35%, during
fiscal 2010 primarily due to higher shipments for marking applications. The
increase in scientific and government program market sales of $18.0 million, or
15%, during fiscal 2010 was due to higher demand for advanced research
applications used by university and government research groups in part due to
Federal stimulus money.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Coherent, Inc.
(Coherent) is one of the world’s leading providers of photonics-based
solutions used in a wide range of commercial and scientific research
applications. The company is engaged in the design, manufacture, service and
marketing of lasers and related accessories catering to a diverse customer
base. Diversity across industries enables Coherent to protect itself against
demand fluctuations in certain industry segments and withstand any market
specific downturn. However, the demand for its products depends on the
competitive atmosphere, including the timely development and introduction of
new and competitive products and the company’s response to downward pricing
to sustain competition.
Strengths
Geographical Landscape
Coherent is among
the world’s leading providers of photonics-based solutions used in a wide
range of commercial and scientific research applications. The company’s
commercial customers include the world’s leading Fortune 500 firms, while its
scientific research customers include scientists and researchers from the most
prominent universities across the world. Its products are marketed through a
direct sales force in the
Sound
Profitability Indicators
The company
reported sound profitability in 2011, which reflects its healthy financial
position. The company’s revenues increased from $605.07m in 2010 to $802.83m
in 2011, its operating income increased from $56.88m in 2010 to $118.52m in
2011, and the net income increased from $36.92m in 2010 to $93.24m in 2011.
This is due to the strong sales performance of the company in all the markets
it, as its Microelectronics market sales increased approximately 64% during
fiscal 2011 compared to 2010, mainly due to increment in sales in flat panel
display, advanced packaging, semiconductor and solar applications; OEM
components and instrumentation market witnessed an increment of 9% due to high
shipments for bio-instrumentation, medical and machine vision applications;
Materials processing sales witnessed an increment of 27% during 2011, due to
the increment in shipment for marking, cutting and drilling applications; and
Scientific and government program market sales witnessed an increment of 11%,
during fiscal 2011, due to increment in demand for advanced research
applications used by university and government research groups. As a result,
the gross margin of the company increased from 43.10% in 2010 to 43.69% in
2011, operating margin increased from 9.40% in 2010 to 14.76% in 2011, net
profit margin increased from 6.10% in 2010 to 11.61% in 2011, return on equity
incremented from 6.24% in 2010 to 15.08% in 2011, return on capital employed
increased from 8.47% in 2010 to 17.40% in 2011, return on assets increased from
4.59% in 2010 to 11.05% in 2011, and return on working capital increased from
13.85% in 2010 to 28.33% in 2011.
Core Technologies
Based on its core
knowledge in laser and optical technology, the company aims to develop
innovative products and solutions to meet the diverse needs of its customers.
Leveraging on its core technology platform, Coherent develops, manufactures and
markets a broad range of precision optics and related accessories. It invests
usually in core technologies that distinguish its products in the marketplace.
The company’s key technologies include Continuous Wave (CW) tunable lasers,
Diode-pumped solid-state (DPSS) lasers, Fiber lasers, Gas lasers, Optically
Pumped Semiconductor lasers (OPSL), Semiconductor lasers, and Ultrafast (UF)
lasers. CW tunable lasers produce laser light, which can be tuned between 700
and 1050 nm, covering the near-Infrared region of the spectrum. The company
produces several types of DPSS lasers for multiple applications such as
semiconductor inspection; laser pumping; advanced packaging and interconnects;
spectroscopy; DNA sequencing; bio-agent detection; drug discovery;
entertainment lighting; forensics; flow cytometry; computer-to-plate printing;
medical; rapid prototyping and marking, welding, engraving, cutting and
drilling. It developed its first product, Talisker, incorporating fiber laser
technology. Fiber laser technology continues to be a significant investment and
product development area and it expects to develop more products, incorporating
fiber as the active gain medium. Its gas laser portfolio includes CO2, excimer
and ion technologies. Coherent’s OPSL technology platform is a surface
emitting semiconductor laser for use in a broad range of applications, which
includes bio-instrumentation and graphic arts and display markets. Its
semiconductor lasers are used as pump lasers in DPSS, fiber and OPSL products
that are produced by the company. Also, semiconductor lasers are used in a
variety of markets such as medical, OEM, military and industrial applications,
including aesthetic, graphic art, counter measures, rangefinders, target
designators, and plastic welding. Its UF lasers are mainly used for scientific
research and also in sophisticated materials processing applications. Such an
enhanced portfolio of technologies helped the company to curve out its space in
the laser technology market domain.
Diversified
Markets and Applications
Coherent has
diversified its operations by serving different industries and markets. The
company principally develops and markets lasers for a diverse group of
customers. Its products are used in a wide range of applications, which are
grouped into markets, including Microelectronics, Scientific Research and
Government Programs, Original Equipment Manufacturer (OEM) Components and
Instrumentation and Materials Processing. The company offers solutions for four
major domains within the Microelectronics industry, consisting of flat panel
display manufacturing, advanced packaging and interconnects, semiconductor
front-end, and solar cell production and other emerging processes. The Scientific
Research and Government Programs market acts as a test market for company’s
innovations, as its technologies finds applications in various scientific
research projects and applications. Key domain served under the OEM Components
and Instrumentation market includes bio-Instrumentation, graphic arts and
display, and medical therapy (OEM). Domains served under materials processing
market include metal cutting, joining, surface treatment, laser marking and
coding, and non-metal cutting, drilling. Coherent operates through two business
segments, namely, Commercial Lasers and Components (CLC) and Specialty Lasers
and Systems (SLS). The CLC segment specializes in providing higher volume
products in set configurations. CLC’s products cater to the following markets:
materials processing and OEM components and instrumentation. The SLS segment
focuses on the development and manufacture of configurable, advanced
performance products serving markets such as microelectronics, OEM components
and instrumentation and scientific research and government programs. In the
fiscal year ended October 2011, the company generated 47% of its total revenue
from Microelectronics applications, followed by 19.5% from Scientific and
Government Programs, 20.5% from OEM Components and Instrumentation and 13% from
Materials Processing. The company expects to maintain a balanced, diversified
portfolio in terms of markets and industries served. In addition, the company
generated 35.5% of its revenues from Commercial Lasers and Components (CLC)
segment and the remaining 64.7% from its Specialty Lasers and Systems (SLS).
This diversity across industries enables Coherent to protect itself against
demand fluctuations in specific industry segments and withstand any market
specific downturn.
Weaknesses
Dependence on Limited
Suppliers
Coherent depends
upon sole source or limited source suppliers to develop and manufacture certain
of its core products and components. Any interruption in supply of a
sole-sourced component or raw material would have an adverse effect until a new
source of supply is found or alternative manufacturing processes are employed.
These additional supplier arrangements on commercially reasonable terms would
affect on the company raw material cost. Furthermore, some of the key suppliers
of the company are small private companies, whose business operations are
susceptible to prevailing economic conditions, and some of them are susceptible
to natural calamities such as the earthquake, tsunami and resulting nuclear
disaster in Japan; and the recent flooding in Thailand, which could adversely
affect the supply of key component from these supplies, which in turn could
affect company’s business. Failure to obtain required amount of raw materials
and high dependence on limited source suppliers could adversely impact its
ability to produce sufficient quantities of products, which in turn would
affect on Coherent's business operations.
Opportunities
New Product
Launches
In the rapidly
changing and highly competitive markets, successful new product launches would
be a key to the company’s business growth and profitability. In 2011, the
company launched various new products including single-frequency versions of
Genesis MX lasers; new product line of diode-laser based line generators; new
Verdi G lasers to offer single longitudinal mode (SLM) output; Legend Duo HE+,
a part of Legend ultrafast amplifiers; new series of Sapphire lasers; higher
power Paladin laser designed for high-throughput Laser Direct Imaging (LDI);
Talisker 500; Vitara-S, an integrated ultrafast oscillator; VYPER, a novel
excimer laser annealing (ELA) system; a new family of highly integrated lasers
featuring true plug- and-play simplicity; and others. In addition, the company
recently introduced a new line of all solid-state optically pumped
semiconductor laser (OPSL) with output at 552 nm, named as the new Sapphire 552
LP lasers, which finds applications in life sciences domain. The
recently-launched products provide enough opportunities for the company to
improve its market share.
Inorganic Growth
Drivers
Inorganic growth
strategies generally help companies enhance value for their shareholders. The
company continues to view acquisitions as a key part of its growth strategy.
These acquisitions are intended to supplement Coherent’s core growth and
assure expansion of its business, including new technologies, additional
products, and geographical reach. The company in 2011, acquired Hypertronics
Pte Ltd for $14.5m in cash, a company involved in the design and manufacturing
of laser-and vision-based tools for flat panel, storage, semiconductor and
solar applications at facilities in
Market Prospects:
Semiconductor Market
In the
microelectronics industry the company serves to the key market of flat panel
display manufacturing; advanced packaging and interconnects; semiconductor
front-end; and solar cell production and other emerging processes. The micro
electronics market is witnessing an upsurge as the markets of smart phones,
tablets, ultrabooks, personal computers (PCs) and televisions (TVs) are driving
advances in displays, integrated circuits and printed circuit boards (PCB's).
As a key provider to these domains company could look forward to the emerging
opportunities to fuel its business growth. Positive outlook for the $233.2
billion semiconductor market could provide greater opportunities for the
company. According to industry experts, the market for semiconductors is
projected to reach $385.2 billion by 2014 from $233.2 billion in 2010, at a
compound annual growth rate (CAGR) of 13.4%. Sale of PCs in the developing
countries is expected to be higher than their replacement sales in the
saturated markets of North America and
Strategic
Alliances
Coherent entered
into a number of strategic alliances related to product development,
distribution and joint marketing. Maintaining and expanding these alliances
will provide a great growth opportunity for the company by diversifying its
product lines and reaching out to wider geographical locations. In July 2011,
Coherent entered into agreements with Hoganas (
Threats
Competitive Landscape
As a key player in
the photonics domain, the company faces significant competition from various
domestic and international players offering similar solutions and serving
similar industry domain. The company serves the market domain of
Microelectronics, Scientific Research and Government Programs, Original
Equipment Manufacturer (OEM) Components and Instrumentation and Materials
Processing. Key competitors of the company include CVI Melles Griot, Cymer,
Inc., GSI Group, Inc., IPG Photonics Corporation, JDS Uniphase Corporation,
Newport Corporation, Rofin-Sinar Technologies, Inc., and Trumpf GmbH. The
company’s competitors have substantial financial, technical and marketing
resources than it does. The demand for its products depends on the competitive
atmosphere, including the timely development and introduction of new and
competitive products and the company’s response to downward pricing to
sustain competition. Factors including changes in customer order patterns,
changing incentive programs or competitors’ new products can impact the
company’s competitive ability.
Rapid
Technological Changes
Coherent operates
in a rapidly changing technological environment, and to compete successfully,
it should continually develop, manufacture and market innovative products that
achieve market acceptance. The photonics market is subject to rapid
technological changes, evolving industry standards, changing market conditions
and frequent new product introductions and enhancements. Hence, in order to
meet its customer’s demands, the company must continuously design new, and
update existing products and develop new technologies. The launch of new
products and technologies by the company involves a significant commitment to
its research and development. Upon investing in these new technologies, the
company’s sales and profits may suffer if they are not accepted in the
marketplace as anticipated.
Global Economic
Scenario
The global economic
slowdown and vague recovery scenario are likely to create challenges for the
company over the next few years. Though economic recovery continued during the
first half of 2010, the global economy was affected by the turmoil in sovereign
debt markets during the second quarter of 2010. Weak capital and credit
markets, decline in consumer confidence, negative economic conditions, weak
corporate profits and reduction in capital spending could negatively impact
demand of company’s products. In accordance with the recent FED releases in
the
Credit Report as of 11/01/2011
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Location |
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County: |
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MSA: |
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Phone: |
408-764-4000 |
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Fax: |
408-764-4800 |
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Toll Free: |
800-392-4637 |
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URL: |
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ABI©: |
007508286 |
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Annual Sales: |
$802,834,000 (USD) |
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Employees: |
2,309 |
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Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Public |
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Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NASDAQ |
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Primary Line of Business: |
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SIC: |
5049-08 - Lasers (Whls) |
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NAICS: |
423490 - Other Professional Equip Merchant Whols |
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Secondary Lines of Business: |
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NAICS: |
334510 - Electromedical Apparatus Mfg |
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334516 - Analytical Laboratory Instrument Mfg |
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541710 - Physical, Engineering, & Biological Research |
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339112 - Surgical & Medical Instrument Mfg |
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423990 - All Other Durable Goods Merchant Whols |
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541613 - Marketing Consulting Svcs |
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SICs: |
3826-98 - Laboratory Analytical Instruments (Mfrs) |
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3841-04 - Physicians & Surgeons Equip & Supls-Mfrs |
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3845-02 - Laser Medical (Mfrs) |
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5099-05 - Importers (Whls) |
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8731-25 - Lasers-Communication Research & Dev |
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8742-13 - Marketing Programs & Services |
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9999-66 - Federal Government Contractors |
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Corporate
Family |
Corporate
Structure News: |
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Coherent, Inc. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
|
|
Scientific and Technical Instruments |
802.8 |
2,309 |
|
|
Division |
|
|
Electronic Instruments and Controls |
|
2,189 |
|
|
Division |
|
|
Scientific and Technical Instruments |
|
1,494 |
|
|
Subsidiary |
Göttingen, Niedersachsen |
|
Medical Equipment and Supplies |
157.6 |
200 |
|
|
Subsidiary |
|
|
Electronic Instruments and Controls |
|
65 |
|
|
Subsidiary |
|
|
Medical Equipment and Supplies |
|
30 |
|
|
Division |
|
|
Electronic Instruments and Controls |
|
200 |
|
|
Subsidiary |
|
|
Scientific and Technical Instruments |
|
200 |
|
|
Division |
|
|
Semiconductors |
|
160 |
|
|
Subsidiary |
|
|
Miscellaneous Capital Goods |
54.0 |
107 |
|
|
Subsidiary |
|
|
Scientific and Technical Instruments |
1.0 |
100 |
|
|
Subsidiary |
|
|
Medical Equipment and Supplies |
|
70 |
|
|
Subsidiary |
Dieburg, Hessen |
|
Medical Equipment and Supplies |
17.4 |
65 |
|
|
Branch |
München |
|
Electronic Instruments and Controls |
|
90 |
|
|
Division |
|
|
Electronic Instruments and Controls |
|
65 |
|
|
Subsidiary |
|
|
Medical Equipment and Supplies |
41.8 |
64 |
|
|
Unit |
|
|
Scientific and Technical Instruments |
|
50 |
|
|
Subsidiary |
|
|
Scientific and Technical Instruments |
|
50 |
|
|
Subsidiary |
|
|
Scientific and Technical Instruments |
|
34 |
|
|
Subsidiary |
|
|
Scientific and Technical Instruments |
5.5 |
20 |
|
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Subsidiary |
|
|
Electronic Instruments and Controls |
|
20 |
|
|
Branch |
|
|
Medical Equipment and Supplies |
6.2 |
15 |
|
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Subsidiary |
Ely |
|
Personal Services |
1.5 |
13 |
|
|
Subsidiary |
Orsay |
|
Medical Equipment and Supplies |
|
12 |
|
|
Branch |
|
|
Medical Equipment and Supplies |
5.3 |
7 |
|
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Subsidiary |
Vanves |
|
Scientific and Technical Instruments |
4.5 |
4 |
|
|
Unit |
Landsberg am |
|
Scientific and Technical Instruments |
1.0 |
6 |
|
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Branch |
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Scientific and Technical Instruments |
2.6 |
4 |
|
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Branch |
|
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Scientific and Technical Instruments |
2.6 |
4 |
|
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Subsidiary |
|
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Semiconductors |
1.0 |
4 |
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Branch |
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Recreational Activities |
0.3 |
3 |
|
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Subsidiary |
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Investment Services |
0.6 |
2 |
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Subsidiary |
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Electronic Instruments and Controls |
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Subsidiary |
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Scientific and Technical Instruments |
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Subsidiary |
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Electronic Instruments and Controls |
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Competitors Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Bruker Corporation |
|
6,000 |
Public |
|
Cymer, Inc. |
|
1,000 |
Public |
|
Excel Technology, Inc. |
East |
719 |
Private |
|
Fanuc Corp |
|
5,060 |
Public |
|
Gigaphoton, Inc. |
|
300 |
Private |
|
GSI Group Inc. ( |
|
1,539 |
Public |
|
II-VI, Inc. |
|
6,195 |
Public |
|
IPG Photonics Corporation |
|
2,137 |
Public |
|
Isomet Corporation |
|
51 |
Public |
|
JDS Uniphase Corporation |
|
5,000 |
Public |
|
Jenoptik AG |
|
3,143 |
Public |
|
JMAR, LLC |
|
16 |
Private |
|
Komatsu Ltd |
|
41,059 |
Public |
|
New Focus |
|
300 |
Private |
|
Newport Corporation |
|
2,550 |
Public |
|
Presstek, Inc. |
|
503 |
Public |
|
Rofin-Lasag AG |
|
10 |
Private |
|
Rofin-Sinar Technologies |
|
2,143 |
Public |
|
Roper Industries, Inc. |
|
8,570 |
Public |
|
Schmitt Industries, Inc. |
|
47 |
Public |
|
Spectris plc |
|
6,447 |
Public |
|
Trio-Tech International |
|
501 |
Public |
|
TRUMPF GmbH & Co KG |
Ditzingen, Baden-Württemberg, |
8,546 |
Partnership |
|
USHIO INC. |
|
5,269 |
Public |
|
Varian, Inc. |
|
3,500 |
Private |
Executive report
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Board of
Directors |
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Independent Chairman of the Board |
Chairman |
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President, Chief Executive Officer,
Director |
Director/Board Member |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Executives |
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President, Chief Executive Officer, Director |
Chief Executive Officer |
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Executive Vice President, General Manager
- Specialty Laser Systems |
Division Head Executive |
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Senior Vice President of Operations |
Operations Executive |
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Director of Engineering and Operations |
Operations Executive |
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Director of Operations |
Operations Executive |
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Vice President, Operations |
Operations Executive |
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Director Telecommunications Operations |
Operations Executive |
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Director - Operations |
Operations Executive |
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Senior Vice President, Global Operations |
Operations Executive |
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Director of Operations |
Operations Executive |
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Senior Admin Support |
Administration Executive |
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Executive Vice President, General Counsel, Corporate Secretary |
Company Secretary |
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Finance |
Finance Executive |
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Chief Financial Officer, Executive Vice
President |
Finance Executive |
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Senior Accountant |
Accounting Executive |
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Executive Manager |
Accounting Executive |
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Director Internal Audit |
Accounting Executive |
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Marketing Director |
Corporate Tax Executive |
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Vice President-Tax |
Corporate Tax Executive |
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Treasurer, Vice President |
Treasurer |
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Corporate Controller |
Controller |
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Business Unit Controller, Dpss Sc, Ion |
Controller |
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Compensation, Hrms Analyst |
Benefits & Compensation Executive |
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Human Resources Manager |
Human Resources Executive |
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Senior Vice President of Human Resources |
Human Resources Executive |
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Human Resources Manager |
Human Resources Executive |
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Head of World Wide Customer Care |
Customer Service Executive |
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Sales Manager |
Sales Executive |
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Advanced Techl Sls |
Sales Executive |
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Sales and Marketing Group |
Sales Executive |
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Sales Manager |
Sales Executive |
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Advanced Techl Sls |
Sales Executive |
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Senior Sales Engineer |
Sales Executive |
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Executive Vice President - Worldwide Sales, Service and Marketing |
Sales Executive |
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Manager of Sales |
Sales Executive |
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Account Manager |
Sales Executive |
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Director Worldwide Communications |
International Executive |
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Marketing |
Marketing Executive |
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Director Strategic Marketing |
Marketing Executive |
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Marketing |
Marketing Executive |
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Director of Marketing for the Scientific Market |
Marketing Executive |
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Marketing |
Marketing Executive |
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Director of Marketing |
Marketing Executive |
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Marketing |
Marketing Executive |
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Marketing Executive |
Marketing Executive |
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Marketing Communications Manager |
Marketing Executive |
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Tech Marketing Director |
Marketing Executive |
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Information Technology |
Information Executive |
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Senior Manager World Wide Systems Engineering |
Information Executive |
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Information Technology |
Information Executive |
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Senior Data Analyst |
Information Executive |
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Staff Information Technology |
Information Executive |
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Information Technology Engineer |
Information Executive |
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Senior Staff Business Systems Analyst, IT Project Manager |
Information Executive |
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Programmer, Analyst |
Information Executive |
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Chief Information Officer / Chief Technology Officer |
Information Executive |
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Chief Technology Officer |
Information Executive |
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Senior Information Technology Manager |
Information Executive |
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Analyst Information Technology |
Information Executive |
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Information Technology Manager |
Information Executive |
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System Administrator |
Network Management Executive |
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Engineer |
Engineering/Technical Executive |
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Engineering Senior Manager |
Engineering/Technical Executive |
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Staff Mechanical Engineer |
Engineering/Technical Executive |
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|
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Staff Reliability Engineer |
Engineering/Technical Executive |
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Senior Development Engineer |
Engineering/Technical Executive |
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Senior Engineering Manager |
Engineering/Technical Executive |
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Development Engineer |
Engineering/Technical Executive |
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Manufacturing Engineer |
Engineering/Technical Executive |
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Development Engineer |
Engineering/Technical Executive |
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Electronic Engineering |
Engineering/Technical Executive |
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H, W Design Engineering |
Engineering/Technical Executive |
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Staff Manufacturing Engineer |
Engineering/Technical Executive |
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Process Engineer |
Engineering/Technical Executive |
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Vice President for Technology |
Engineering/Technical Executive |
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Laser Engineer |
Engineering/Technical Executive |
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Manufacturing Engineer |
Engineering/Technical Executive |
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Staff Mechanical Engineer |
Engineering/Technical Executive |
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Staff Development Engineer |
Engineering/Technical Executive |
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Engineer |
Engineering/Technical Executive |
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Senior Development Engineer |
Engineering/Technical Executive |
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Senior Development Engineer |
Engineering/Technical Executive |
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Senior Manufacturing Engineer |
Engineering/Technical Executive |
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Engineering Manager |
Engineering/Technical Executive |
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Manager, Engineering |
Engineering/Technical Executive |
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Senior Product Support Engineer |
Engineering/Technical Executive |
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Development Engineer |
Engineering/Technical Executive |
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Staff Engineer |
Engineering/Technical Executive |
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Senior Firmware Development Engineer |
Engineering/Technical Executive |
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Engineer |
Engineering/Technical Executive |
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Mechanical Engineer |
Engineering/Technical Executive |
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Director of Engineering |
Engineering/Technical Executive |
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Research and Development Engineer |
Engineering/Technical Executive |
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Senior Manager Product Engineering |
Engineering/Technical Executive |
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|
|||||||||||
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Senior Process Engineer |
Engineering/Technical Executive |
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|
|||||||||||
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Executive Vice President and Chief Technology Officer |
Engineering/Technical Executive |
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Manager Manufacturing Engineering |
Engineering/Technical Executive |
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|
Product Support Engineer |
Engineering/Technical Executive |
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|
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Engineering Director |
Engineering/Technical Executive |
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Senior Network Engineer |
Engineering/Technical Executive |
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Engineer |
Engineering/Technical Executive |
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Engineering Manager |
Engineering/Technical Executive |
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Media Researcher |
Research & Development Executive |
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Senior Product Line Manager |
Product Management Executive |
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Production Manager |
Product Management Executive |
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Product Line Manager |
Product Management Executive |
|
|
|||||||||||
|
Production Manager |
Product Management Executive |
|
|
|||||||||||
|
Staff Business Analyst |
Business Development Executive |
|
|
|||||||||||
|
Senior Business Development Manager |
Business Development Executive |
|
|
|||||||||||
|
Manufacturing Manager |
Manufacturing Executive |
|
|
|||||||||||
|
Logistics Program Manager |
Logistics Executive |
|
|
|||||||||||
|
Manager Quality |
Quality Executive |
|
|
|||||||||||
|
Team Lead, IT Risk and Compliance |
Other |
|
|
|||||||||||
|
Director Patents |
Other |
|
|
|||||||||||
|
Market Development Manager |
Other |
|
|
|||||||||||
|
Senior Manager |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Master Scheduler |
Other |
|
|
|||||||||||
|
Senior Sec Analyst |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Contact |
Other |
|
|
|||||||||||
|
Vice President |
Other |
|
|
|||||||||||
|
Coherent Na Excimer Service Manager |
Other |
|
|
|||||||||||
|
Director Comp and Hrms |
Other |
|
|
|||||||||||
|
Director |
Other |
|
|
|||||||||||
|
Application Manager |
Other |
|
|
|||||||||||
|
Coherent |
Other |
|
|
|||||||||||
Significant Developments
Coherent, Inc. Issues Q3 2012 Revenue Guidance Below Analysts' Estimates-Conference Call Apr 26, 2012
Coherent, Inc. announced that for third quarter of 2012, it expects revenue to be in the range of $193-$195 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $197 million for third quarter of 2012.
Coherent, Inc. Issues Q2 2012 Revenue Guidance Below Analysts' Estimates-Conference Call Jan 26, 2012
Coherent, Inc. announced that for second quarter of 2012, it expects revenue to be in the range of $191-$198 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $206 million for second quarter of 2012.
Coherent, Inc. Issues Q1 2012 Revenue Guidance Above Analysts' Estimates-Conference Call Nov 03, 2011
Coherent, Inc. announced that for first quarter of 2012, it expects sales to decline 5% to 9% sequentially. The Company reported revenue of $207.96 million in fourth quarter of 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $211 million for first quarter of 2012.
Coherent, Inc. Announces Common Stock Repurchase Program Aug 25, 2011
Coherent, Inc.
announced that it has completed in full its previously announced $75 million
stock buyback program and has been authorized by its Board of Directors to
begin a new program to repurchase up to $50 million of its Common Stock in the
open market from time to time.
Coherent, Inc.
Issues Q4 2011 Revenue Guidance In Line With Analysts' Estimates; Raises FY
2011 Revenue Guidance-Conference Call Jul 27, 2011
Coherent, Inc.
announced that for the fourth quarter of 2011, it expects revenue to be in the
range of $205-$212 million. The Company raised its fiscal 2011 revenue guidance
to be in the range of $800-$807 million compared to prior guidance of $790-$805
million. According to I/B/E/S Estimates, analysts were expecting the Company to
report revenues of $212 million for the fourth quarter of 2011; revenues of
$803 million for fiscal 2011.
©1983-2012
Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc.,Jun, 2012
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Total Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Cost of Revenue, Total |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Gross Profit |
350.8 |
260.8 |
161.1 |
251.9 |
250.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Total Selling/General/Administrative Expenses |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Research & Development |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Amortization of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Depreciation/Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Purchased R&D Written-Off |
- |
- |
0.0 |
0.0 |
2.2 |
|
Restructuring Charge |
0.0 |
3.6 |
6.1 |
1.8 |
-0.1 |
|
Litigation |
- |
2.2 |
1.1 |
9.1 |
- |
|
Impairment-Assets Held for Use |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
-6.5 |
- |
- |
0.0 |
0.3 |
|
Unusual Expense (Income) |
-6.5 |
5.8 |
26.6 |
10.9 |
2.4 |
|
Total Operating Expense |
684.3 |
548.2 |
471.0 |
576.7 |
590.0 |
|
|
|
|
|
|
|
|
Operating Income |
118.5 |
56.9 |
-35.2 |
22.6 |
11.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Interest Expense, Net Non-Operating |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Interest Income -
Non-Operating |
0.9 |
1.9 |
2.5 |
10.9 |
23.1 |
|
Investment Income -
Non-Operating |
4.6 |
-0.7 |
-5.4 |
1.9 |
4.1 |
|
Interest/Investment Income - Non-Operating |
5.5 |
1.2 |
-2.9 |
12.7 |
27.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
5.4 |
1.0 |
-3.1 |
12.6 |
16.4 |
|
Gain (Loss) on |
- |
- |
- |
0.0 |
1.0 |
|
Other Non-Operating Income (Expense) |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Other, Net |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Income Before Tax |
123.8 |
58.0 |
-35.9 |
37.3 |
28.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Income After Tax |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
24.9 |
24.7 |
24.3 |
27.5 |
31.4 |
|
Basic EPS Excl Extraord Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Basic/Primary EPS Incl Extraord Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Diluted Weighted Average Shares |
25.5 |
25.1 |
24.3 |
28.1 |
32.0 |
|
Diluted EPS Excl Extraord Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Diluted EPS Incl Extraord Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.1 |
0.3 |
0.2 |
0.2 |
10.8 |
|
Depreciation, Supplemental |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Total Special Items |
437.4 |
10.8 |
36.1 |
14.9 |
1.5 |
|
Normalized Income Before Tax |
561.2 |
68.8 |
0.2 |
52.2 |
30.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
108.0 |
3.9 |
12.6 |
5.5 |
-0.3 |
|
Inc Tax Ex Impact of Sp Items |
138.6 |
25.0 |
12.1 |
19.4 |
12.6 |
|
Normalized Income After Tax |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
16.95 |
1.77 |
-0.49 |
1.19 |
0.57 |
|
Diluted Normalized EPS |
16.59 |
1.75 |
-0.49 |
1.17 |
0.55 |
|
Amort of Intangibles, Supplemental |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Rental Expenses |
10.1 |
10.1 |
11.8 |
10.5 |
9.5 |
|
Advertising Expense, Supplemental |
4.1 |
2.6 |
2.2 |
2.3 |
2.6 |
|
Research & Development Exp, Supplemental |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Normalized EBIT |
555.9 |
67.7 |
0.9 |
37.5 |
13.6 |
|
Normalized EBITDA |
584.5 |
97.3 |
27.6 |
69.5 |
47.5 |
|
Current Tax - Domestic |
-14.4 |
-7.8 |
0.7 |
6.0 |
3.4 |
|
Current Tax - Foreign |
31.1 |
18.0 |
10.2 |
11.0 |
8.0 |
|
Current Tax - Local |
0.7 |
-0.6 |
0.1 |
0.3 |
0.5 |
|
Current Tax - Total |
17.4 |
9.6 |
11.0 |
17.2 |
12.0 |
|
Deferred Tax - Domestic |
10.3 |
10.9 |
-10.1 |
-7.1 |
-3.6 |
|
Deferred Tax - Foreign |
0.5 |
-0.9 |
-0.9 |
2.5 |
7.6 |
|
Deferred Tax - Local |
2.4 |
1.4 |
-0.5 |
1.2 |
-3.0 |
|
Deferred Tax - Total |
13.2 |
11.4 |
-11.5 |
-3.3 |
1.0 |
|
Income Tax - Total |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Defined Contribution Expense - Domestic |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
|
Total Pension Expense |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Short Term Investments |
53.1 |
17.4 |
43.7 |
4.3 |
45.9 |
|
Cash and Short Term Investments |
220.2 |
262.8 |
243.6 |
218.1 |
361.8 |
|
Accounts Receivable -
Trade, Gross |
142.5 |
111.9 |
76.4 |
99.1 |
105.2 |
|
Provision for Doubtful
Accounts |
-1.4 |
-1.7 |
-2.1 |
-2.5 |
-2.9 |
|
Trade Accounts Receivable - Net |
141.0 |
110.2 |
74.2 |
96.6 |
102.3 |
|
Total Receivables, Net |
141.0 |
110.2 |
74.2 |
96.6 |
102.3 |
|
Inventories - Finished Goods |
55.1 |
35.4 |
36.1 |
37.5 |
38.7 |
|
Inventories - Work In Progress |
52.5 |
40.0 |
30.7 |
46.1 |
44.4 |
|
Inventories - Raw Materials |
44.8 |
38.4 |
30.9 |
36.9 |
29.8 |
|
Total Inventory |
152.4 |
113.9 |
97.8 |
120.5 |
112.9 |
|
Prepaid Expenses |
45.0 |
35.0 |
39.0 |
41.8 |
50.2 |
|
Restricted Cash - Current |
0.0 |
0.6 |
0.0 |
2.6 |
2.5 |
|
Deferred Income Tax - Current Asset |
22.1 |
20.1 |
28.2 |
30.1 |
35.8 |
|
Other Current Assets, Total |
22.1 |
20.7 |
28.2 |
32.8 |
38.3 |
|
Total Current Assets |
580.6 |
542.5 |
482.8 |
509.8 |
665.6 |
|
|
|
|
|
|
|
|
Buildings |
87.1 |
78.8 |
87.7 |
82.6 |
80.8 |
|
Land/Improvements |
6.3 |
6.1 |
6.3 |
6.3 |
6.3 |
|
Machinery/Equipment |
194.6 |
187.2 |
184.3 |
199.1 |
191.1 |
|
Property/Plant/Equipment - Gross |
287.9 |
272.1 |
278.2 |
288.0 |
278.1 |
|
Accumulated Depreciation |
-183.4 |
-181.8 |
-179.5 |
-187.0 |
-173.8 |
|
Property/Plant/Equipment - Net |
104.5 |
90.3 |
98.8 |
101.0 |
104.3 |
|
Goodwill, Net |
76.0 |
70.8 |
67.0 |
86.8 |
83.4 |
|
Intangibles - Gross |
75.9 |
87.2 |
80.8 |
81.9 |
82.1 |
|
Accumulated Intangible Amortization |
-57.9 |
-67.2 |
-61.0 |
-54.4 |
-46.5 |
|
Intangibles, Net |
18.0 |
19.9 |
19.7 |
27.6 |
35.6 |
|
Deferred Charges |
22.7 |
21.4 |
21.6 |
28.1 |
30.7 |
|
Deferred Income Tax - Long Term Asset |
37.2 |
53.2 |
60.8 |
50.2 |
25.2 |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
4.3 |
4.9 |
2.9 |
2.9 |
2.9 |
|
Other Long Term Assets, Total |
64.2 |
79.5 |
85.3 |
81.2 |
58.8 |
|
Total Assets |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
39.8 |
39.7 |
21.6 |
26.3 |
27.8 |
|
Accrued Expenses |
27.8 |
47.9 |
31.5 |
46.6 |
47.2 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Income Taxes Payable |
23.9 |
4.3 |
2.0 |
7.8 |
17.8 |
|
Other Current Liabilities |
52.7 |
23.6 |
14.6 |
18.1 |
23.5 |
|
Other Current liabilities, Total |
94.8 |
44.3 |
33.2 |
40.3 |
53.7 |
|
Total Current Liabilities |
162.4 |
131.9 |
86.3 |
113.3 |
128.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
- |
- |
0.0 |
0.0 |
|
Capital Lease Obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Deferred Income Tax |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Reserves |
1.9 |
1.4 |
1.3 |
1.5 |
1.3 |
|
Other Long Term Liabilities |
58.8 |
72.0 |
80.7 |
79.4 |
36.2 |
|
Other Liabilities, Total |
60.6 |
73.5 |
82.0 |
80.9 |
37.4 |
|
Total Liabilities |
225.3 |
211.6 |
178.0 |
207.9 |
176.6 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional Paid-In Capital |
130.3 |
186.1 |
188.9 |
177.6 |
380.5 |
|
Retained Earnings (Accumulated Deficit) |
436.3 |
343.1 |
306.1 |
341.5 |
319.5 |
|
Other Equity |
- |
- |
- |
- |
0.0 |
|
Other Comprehensive Income |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Other Equity, Total |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Total Equity |
618.0 |
591.5 |
575.6 |
598.4 |
771.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Total Common Shares Outstanding |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Employees |
2,309 |
2,006 |
1,712 |
2,149 |
2,339 |
|
Number of Common Shareholders |
1,010 |
1,190 |
1,195 |
1,238 |
1,372 |
|
Accumulated Intangible Amort, Suppl. |
57.9 |
67.2 |
61.0 |
54.4 |
46.5 |
|
Deferred Revenue - Current |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Deferred Revenue - Long Term |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Operating Leases, Supplemental |
43.8 |
42.2 |
31.7 |
32.6 |
28.3 |
|
Operating Lease Payments Due in Year 1 |
8.5 |
8.3 |
7.7 |
8.4 |
8.8 |
|
Operating Lease Payments Due in Year 2 |
7.0 |
6.6 |
6.3 |
6.2 |
6.1 |
|
Operating Lease Payments Due in Year 3 |
5.5 |
4.5 |
4.5 |
4.9 |
3.6 |
|
Operating Lease Payments Due in Year 4 |
4.6 |
3.7 |
3.7 |
3.7 |
2.7 |
|
Operating Lease Payments Due in Year 5 |
4.4 |
3.6 |
3.4 |
2.9 |
2.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
12.6 |
11.1 |
10.8 |
11.1 |
9.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
9.0 |
7.3 |
7.1 |
6.6 |
5.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
13.8 |
15.5 |
6.2 |
6.4 |
4.6 |
|
Prepaid Benefits - Domestic |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
|
Net Assets Recognized on Balance Sheet |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Depreciation/Depletion |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Amortization of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Deferred Taxes |
22.1 |
13.3 |
-12.2 |
-1.6 |
2.0 |
|
Unusual Items |
-6.2 |
4.6 |
19.5 |
3.5 |
10.6 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
2.2 |
|
Equity in Net Earnings (Loss) |
- |
- |
- |
0.0 |
0.0 |
|
Other Non-Cash Items |
7.9 |
7.5 |
7.5 |
8.9 |
14.0 |
|
Non-Cash Items |
1.7 |
12.1 |
27.1 |
12.5 |
26.8 |
|
Accounts Receivable |
-26.2 |
-33.7 |
24.9 |
9.0 |
12.2 |
|
Inventories |
-38.6 |
-14.6 |
21.4 |
-6.5 |
-8.4 |
|
Prepaid Expenses |
-8.1 |
-9.2 |
2.3 |
7.0 |
-9.8 |
|
Other Assets |
-1.2 |
0.1 |
6.2 |
2.9 |
-5.2 |
|
Accounts Payable |
-0.2 |
15.1 |
-4.2 |
-1.1 |
-1.7 |
|
Taxes Payable |
4.0 |
6.5 |
1.5 |
1.7 |
-3.3 |
|
Other Liabilities |
11.3 |
22.7 |
-19.2 |
-10.9 |
4.0 |
|
Changes in Working Capital |
-59.0 |
-13.2 |
32.9 |
2.2 |
-12.2 |
|
Cash from Operating Activities |
86.7 |
78.8 |
39.0 |
68.4 |
66.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Capital Expenditures |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Acquisition of Business |
-14.1 |
-20.7 |
0.0 |
0.0 |
-14.2 |
|
|
- |
0.0 |
0.0 |
6.5 |
0.0 |
|
|
0.4 |
2.1 |
1.6 |
12.9 |
24.6 |
|
Sale/Maturity of Investment |
195.6 |
133.1 |
67.4 |
151.4 |
834.6 |
|
Investment, Net |
- |
- |
- |
- |
0.0 |
|
Purchase of Investments |
-231.0 |
-110.7 |
-106.9 |
-109.8 |
-831.8 |
|
Other Investing Cash Flow |
0.6 |
-0.6 |
2.5 |
-0.1 |
-2.8 |
|
Other Investing Cash Flow Items, Total |
-48.6 |
3.2 |
-35.3 |
60.8 |
10.5 |
|
Cash from Investing Activities |
-85.7 |
-11.9 |
-56.9 |
38.2 |
-11.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
5.1 |
0.9 |
0.0 |
0.7 |
0.4 |
|
Financing Cash Flow Items |
5.1 |
0.9 |
0.0 |
0.7 |
0.4 |
|
Repurchase/Retirement
of Common |
-100.6 |
-43.3 |
0.0 |
-228.2 |
0.0 |
|
Common Stock, Net |
-103.9 |
-44.5 |
0.0 |
-228.2 |
0.0 |
|
Options Exercised |
34.7 |
33.4 |
4.7 |
16.5 |
3.8 |
|
Issuance (Retirement) of Stock, Net |
-69.2 |
-11.1 |
4.7 |
-211.7 |
3.8 |
|
Short Term Debt Issued |
2.3 |
0.0 |
0.0 |
0.4 |
0.0 |
|
Short Term Debt
Reduction |
-2.3 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Short Term Debt, Net |
0.0 |
0.0 |
-0.5 |
-0.9 |
-1.9 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
0.0 |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
0.0 |
-200.0 |
|
Long Term Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-200.2 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
0.0 |
-0.5 |
-0.9 |
-202.1 |
|
Cash from Financing Activities |
-64.1 |
-10.2 |
4.2 |
-211.8 |
-197.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.2 |
-11.3 |
-0.2 |
3.2 |
13.2 |
|
Net Change in Cash |
-78.3 |
45.4 |
-13.9 |
-102.1 |
-129.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
245.4 |
200.0 |
213.8 |
315.9 |
445.2 |
|
Net Cash - Ending Balance |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.6 |
6.4 |
|
Cash Taxes Paid |
12.0 |
3.4 |
11.7 |
18.8 |
17.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Total Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Selling, general & administrative |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Research & development |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Impairment of goodwill |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Amortization/Intang. |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
In process research and development |
- |
- |
0.0 |
0.0 |
2.2 |
|
Restructuring/General/Admin. |
0.0 |
2.6 |
3.5 |
1.1 |
- |
|
Restructuring in research and developmen |
0.0 |
1.0 |
2.6 |
0.7 |
- |
|
Translation adjustment related to dissol |
-6.5 |
- |
- |
- |
- |
|
Litigation Expenses |
- |
2.2 |
1.1 |
9.1 |
- |
|
Restructuring |
- |
- |
- |
0.0 |
-0.1 |
|
Acquisition related expenses |
- |
- |
- |
0.0 |
0.3 |
|
Total Operating Expense |
684.3 |
548.2 |
471.0 |
576.7 |
590.0 |
|
|
|
|
|
|
|
|
Interest and dividend income |
0.9 |
1.9 |
2.5 |
10.9 |
23.1 |
|
Interest expense |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Foreign Exchange |
1.5 |
-1.4 |
-1.1 |
2.0 |
1.3 |
|
Equity In Affiliates |
- |
- |
- |
- |
0.0 |
|
Investment Income |
3.1 |
0.8 |
-4.3 |
-0.1 |
2.9 |
|
Other income (expense), net |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Gain on |
- |
- |
- |
0.0 |
1.0 |
|
Net Income Before Taxes |
123.8 |
58.0 |
-35.9 |
37.3 |
28.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Net Income After Taxes |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
24.9 |
24.7 |
24.3 |
27.5 |
31.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Basic EPS Including ExtraOrdinary Item |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Diluted Weighted Average Shares |
25.5 |
25.1 |
24.3 |
28.1 |
32.0 |
|
Diluted EPS Excluding ExtraOrd Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Diluted EPS Including ExtraOrd Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
561.2 |
68.8 |
0.2 |
52.2 |
30.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
138.6 |
25.0 |
12.1 |
19.4 |
12.6 |
|
Normalized Income After Taxes |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
16.95 |
1.77 |
-0.49 |
1.19 |
0.57 |
|
Diluted Normalized EPS |
16.59 |
1.75 |
-0.49 |
1.17 |
0.55 |
|
Research & Development Exp |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Interest Expense |
0.1 |
0.3 |
0.2 |
0.2 |
10.8 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Amort of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Rental Expense |
10.1 |
10.1 |
11.8 |
10.5 |
9.5 |
|
Advertising Expenses |
4.1 |
2.6 |
2.2 |
2.3 |
2.6 |
|
Federal |
-14.4 |
-7.8 |
0.7 |
6.0 |
3.4 |
|
State |
0.7 |
-0.6 |
0.1 |
0.3 |
0.5 |
|
Foreign |
31.1 |
18.0 |
10.2 |
11.0 |
8.0 |
|
Current Tax - Total |
17.4 |
9.6 |
11.0 |
17.2 |
12.0 |
|
Federal |
10.3 |
10.9 |
-10.1 |
-7.1 |
-3.6 |
|
State |
2.4 |
1.4 |
-0.5 |
1.2 |
-3.0 |
|
Foreign |
0.5 |
-0.9 |
-0.9 |
2.5 |
7.6 |
|
Deferred Tax - Total |
13.2 |
11.4 |
-11.5 |
-3.3 |
1.0 |
|
Income Tax - Total |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Retirement and Investment Plan |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
|
Total Pension Expense |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term in |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Restricted cash |
0.0 |
0.6 |
0.0 |
2.6 |
2.5 |
|
Short term investments |
53.1 |
17.4 |
43.7 |
4.3 |
45.9 |
|
Gross Rcvbl. |
142.5 |
111.9 |
76.4 |
99.1 |
105.2 |
|
Doubtful Account |
-1.4 |
-1.7 |
-2.1 |
-2.5 |
-2.9 |
|
Purchased Parts & Assemblies |
44.8 |
38.4 |
30.9 |
36.9 |
29.8 |
|
Work-in-Process |
52.5 |
40.0 |
30.7 |
46.1 |
44.4 |
|
Finished Goods |
55.1 |
35.4 |
36.1 |
37.5 |
38.7 |
|
Prepaid expenses and other assets |
45.0 |
35.0 |
39.0 |
41.8 |
50.2 |
|
Deferred tax assets |
22.1 |
20.1 |
28.2 |
30.1 |
35.8 |
|
Total Current Assets |
580.6 |
542.5 |
482.8 |
509.8 |
665.6 |
|
|
|
|
|
|
|
|
Land |
6.3 |
6.1 |
6.3 |
6.3 |
6.3 |
|
Buildings and improvements |
62.3 |
60.4 |
71.2 |
68.1 |
67.2 |
|
Equipment, furniture and fixtures |
194.6 |
187.2 |
184.3 |
199.1 |
191.1 |
|
Leasehold improvements |
24.8 |
18.4 |
16.5 |
14.5 |
13.6 |
|
Accumulated Depreciation |
-183.4 |
-181.8 |
-179.5 |
-187.0 |
-173.8 |
|
Restricted Cash |
- |
- |
- |
- |
0.0 |
|
Goodwill |
76.0 |
70.8 |
67.0 |
86.8 |
83.4 |
|
Intangibles |
75.9 |
87.2 |
80.8 |
81.9 |
82.1 |
|
Amortisation |
-57.9 |
-67.2 |
-61.0 |
-54.4 |
-46.5 |
|
Deferred Tax |
37.2 |
53.2 |
60.8 |
50.2 |
25.2 |
|
Deferred compensation |
22.7 |
21.4 |
21.6 |
28.1 |
30.7 |
|
Other |
4.3 |
4.9 |
2.9 |
2.9 |
2.9 |
|
Total Assets |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Cur.Port.LT Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
39.8 |
39.7 |
21.6 |
26.3 |
27.8 |
|
Income taxes payable |
23.9 |
4.3 |
2.0 |
7.8 |
17.8 |
|
Current Liabs. |
52.7 |
23.6 |
14.6 |
18.1 |
23.5 |
|
Accrued Expense |
27.8 |
47.9 |
31.5 |
46.6 |
47.2 |
|
Deferred Income/Customer Deposit |
14.9 |
13.5 |
14.4 |
14.4 |
12.4 |
|
Customer Deposits |
3.2 |
2.9 |
2.2 |
- |
- |
|
Total Current Liabilities |
162.4 |
131.9 |
86.3 |
113.3 |
128.7 |
|
|
|
|
|
|
|
|
Convertible subordinated notes |
- |
- |
- |
0.0 |
0.0 |
|
Lease obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Other long-term liabilities |
56.1 |
70.3 |
78.6 |
77.6 |
34.6 |
|
Deferred tax liabilities |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Deferred income |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Asset retirement liability |
1.9 |
1.4 |
1.3 |
1.5 |
1.3 |
|
Total Liabilities |
225.3 |
211.6 |
178.0 |
207.9 |
176.6 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional paid in capital |
130.3 |
186.1 |
188.9 |
177.6 |
380.5 |
|
Rcvbls./Gains |
- |
- |
- |
- |
0.0 |
|
Accumulated other comprehensive income |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Retained earnings |
436.3 |
343.1 |
306.1 |
341.5 |
319.5 |
|
Total Equity |
618.0 |
591.5 |
575.6 |
598.4 |
771.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Total Common Shares Outstanding |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Deferred Income - Current |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Deferred Income - LT |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Amortisation Intangible Amortization |
57.9 |
67.2 |
61.0 |
54.4 |
46.5 |
|
Full-Time Employees |
2,309 |
2,006 |
1,712 |
2,149 |
2,339 |
|
Number of Common Shareholders |
1,010 |
1,190 |
1,195 |
1,238 |
1,372 |
|
Borrowings Within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Borrowings 1- 3 Years |
- |
- |
- |
0.0 |
- |
|
Borrowings 3-5 Years |
- |
- |
- |
0.0 |
- |
|
Borrowings Remaining Maturities |
- |
- |
- |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Maturing Within 1 Year |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Maturing 1- 3 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Maturing Within3-5 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Remaining Maturities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Capital Leases |
0.0 |
0.1 |
0.0 |
- |
- |
|
Lease Maturing Within 1 Year |
8.5 |
8.3 |
7.7 |
8.4 |
8.8 |
|
Lease Maturing Within 2 Years |
7.0 |
6.6 |
6.3 |
6.2 |
6.1 |
|
Lease Maturing Within 3 Years |
5.5 |
4.5 |
4.5 |
4.9 |
3.6 |
|
Lease Maturing Within 4 Years |
4.6 |
3.7 |
3.7 |
3.7 |
2.7 |
|
Lease Maturing Within 5 Years |
4.4 |
3.6 |
3.4 |
2.9 |
2.5 |
|
Lease Maturing Thereafter |
13.8 |
15.5 |
6.2 |
6.4 |
4.6 |
|
Total Operating Leases |
43.8 |
42.2 |
31.7 |
32.6 |
28.3 |
|
Non-current Asset - Deferred Comp. Plan |
22.7 |
21.9 |
22.7 |
28.1 |
30.7 |
|
Current Asset - Deferred Comp. Plan |
2.8 |
2.3 |
2.2 |
2.0 |
2.3 |
|
Net Assets Recognized on Balance Sheet |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Non-cash restructuring and other charges |
- |
4.3 |
-0.4 |
3.1 |
-0.1 |
|
Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Impairment of goodwill |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Stock Based Compen. |
13.0 |
8.3 |
7.4 |
8.8 |
9.9 |
|
Non-cash gain on |
-6.5 |
0.0 |
0.0 |
- |
- |
|
Excess tax benefit from stock-based comp |
-5.1 |
-0.9 |
0.0 |
-0.7 |
-0.1 |
|
Tax Benefit/Option |
0.3 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Deferred Taxes |
22.1 |
13.3 |
-12.2 |
-1.6 |
2.0 |
|
Loss on disposal of property and equip. |
0.3 |
0.3 |
0.6 |
0.4 |
10.7 |
|
Other non cash expense (income) |
-0.2 |
0.2 |
0.1 |
0.2 |
0.5 |
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Equity in J.V. |
- |
- |
- |
0.0 |
0.0 |
|
Accounts Rcvbl. |
-26.2 |
-33.7 |
24.9 |
9.0 |
12.2 |
|
Inventories |
-38.6 |
-14.6 |
21.4 |
-6.5 |
-8.4 |
|
Prepaid/Other |
-8.1 |
-9.2 |
2.3 |
7.0 |
-9.8 |
|
Other Assets |
-1.2 |
0.1 |
6.2 |
2.9 |
-5.2 |
|
Accounts Payable |
-0.2 |
15.1 |
-4.2 |
-1.1 |
-1.7 |
|
Tax Payable |
4.0 |
6.5 |
1.5 |
1.7 |
-3.3 |
|
Current Liabs. |
8.7 |
22.8 |
-13.8 |
-8.8 |
3.4 |
|
Other LT Liabilities |
2.5 |
-0.1 |
-5.4 |
-2.1 |
0.6 |
|
Amortization of bond issue costs |
- |
- |
0.0 |
0.0 |
5.1 |
|
Non-cash write-off of Excel acquisition |
- |
- |
0.0 |
0.0 |
0.5 |
|
Non-cash impact of sale of CIOL |
- |
- |
0.0 |
0.0 |
-2.0 |
|
|
- |
- |
- |
- |
0.0 |
|
Purchased in-process research and develo |
- |
- |
0.0 |
0.0 |
2.2 |
|
Cash from Operating Activities |
86.7 |
78.8 |
39.0 |
68.4 |
66.6 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Prop./Equip. Dispos. |
0.4 |
2.1 |
1.6 |
12.9 |
24.6 |
|
Purchase of Invests. |
-231.0 |
-108.7 |
-106.9 |
-109.8 |
-831.8 |
|
|
195.6 |
133.1 |
67.4 |
151.4 |
834.6 |
|
Investment in SiOnyx |
0.0 |
-2.0 |
0.0 |
0.0 |
- |
|
Acquisition of businesses, net of cash a |
-14.1 |
-20.7 |
0.0 |
0.0 |
-14.2 |
|
Restricted Cash |
0.6 |
-0.6 |
2.5 |
-0.1 |
0.0 |
|
Proceeds from sale of CIOL |
- |
0.0 |
0.0 |
6.5 |
0.0 |
|
Premiums paid for life insurance |
- |
- |
0.0 |
0.0 |
-2.8 |
|
Distributions from Dfrd. Comp. Plan |
- |
- |
- |
- |
0.0 |
|
Investment in Joint Venture |
- |
- |
- |
- |
0.0 |
|
Other-net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-85.7 |
-11.9 |
-56.9 |
38.2 |
-11.2 |
|
|
|
|
|
|
|
|
Long-term debt borrowings |
- |
- |
0.0 |
0.0 |
-0.2 |
|
Long-term debt repayments |
- |
- |
0.0 |
0.0 |
-200.0 |
|
Short-term borrowings |
2.3 |
0.0 |
0.0 |
0.4 |
0.0 |
|
Short-term repayments |
-2.3 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Cash Overdrafts |
0.0 |
0.0 |
-0.5 |
-0.9 |
-1.9 |
|
Debt issuance costs |
- |
- |
- |
0.0 |
0.0 |
|
Repurchase of common stock |
-100.6 |
-43.3 |
0.0 |
-228.2 |
0.0 |
|
Proceeds received from issuance of conve |
- |
- |
- |
0.0 |
0.0 |
|
Issuance of common stock under employee |
34.7 |
33.4 |
4.7 |
16.5 |
3.8 |
|
Capital Lease Rpmt. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net settlement of restricted common stoc |
-3.3 |
-1.2 |
0.0 |
0.0 |
- |
|
Excess tax benefits from stock-based com |
5.1 |
0.9 |
0.0 |
0.7 |
0.1 |
|
Notes Rcvbl. Collect |
- |
- |
0.0 |
0.0 |
0.3 |
|
Cash from Financing Activities |
-64.1 |
-10.2 |
4.2 |
-211.8 |
-197.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.2 |
-11.3 |
-0.2 |
3.2 |
13.2 |
|
Net Change in Cash |
-78.3 |
45.4 |
-13.9 |
-102.1 |
-129.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
245.4 |
200.0 |
213.8 |
315.9 |
445.2 |
|
Net Cash - Ending Balance |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.6 |
6.4 |
|
Cash Taxes Paid |
12.0 |
3.4 |
11.7 |
18.8 |
17.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio comparison
|
Traded: NASDAQ: COHR |
Financials in: USD (actual units) |
|
Industry: Semiconductors |
As of
25-May-2012 |
|
Sector: Technology |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
13.49 |
19.99 |
22.09 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
64.40 |
36.86 |
42.91 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
11.73 |
12.99 |
12.36 |
10.71 |
|
Beta |
1.13 |
1.28 |
1.19 |
1.00 |
|
Price/Revenue (TTM) |
1.34 |
3.44 |
4.07 |
2.57 |
|
Price/Book (MRQ) |
1.69 |
3.87 |
4.73 |
3.67 |
|
Price to Tangible Book (MRQ) |
1.97 |
4.36 |
6.85 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
9.54 |
15.83 |
17.48 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
24.99 |
26.54 |
23.00 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
- |
2.44% |
1.65% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.00 |
1.35 |
0.71 |
1.99 |
|
Dividend 5 Yr Growth |
- |
21.22% |
7.13% |
0.08% |
|
Payout Ratio (TTM) |
0.00% |
18.90% |
10.38% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
-3.78% |
32.22% |
28.50% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
11.97% |
40.54% |
18.25% |
17.69% |
|
Revenue 5 Yr Growth |
6.55% |
11.04% |
16.94% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-26.69% |
50.47% |
41.24% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
28.27% |
130.87% |
49.53% |
32.55% |
|
EPS 5 Yr Growth |
20.55% |
7.09% |
20.44% |
9.86% |
|
Capital Spending 5 Yr Growth |
16.60% |
-26.65% |
9.78% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
2.75 |
3.02 |
1.98 |
1.24 |
|
Current Ratio (MRQ) |
3.78 |
3.90 |
2.38 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.00 |
0.19 |
0.31 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.00 |
0.21 |
0.36 |
0.73 |
|
Interest Coverage (TTM) |
- |
11.34 |
11.30 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
42.13% |
54.52% |
55.32% |
45.21% |
|
Gross Margin - 5 Yr Avg |
41.87% |
49.69% |
53.24% |
44.91% |
|
EBITD Margin (TTM) |
16.81% |
27.82% |
25.78% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
10.67% |
18.02% |
21.39% |
22.84% |
|
Operating Margin (TTM) |
13.16% |
24.80% |
22.29% |
20.63% |
|
Operating Margin - 5 Yr Avg |
5.71% |
13.57% |
17.62% |
18.28% |
|
Pretax Margin (TTM) |
13.56% |
24.89% |
22.54% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
6.97% |
14.88% |
18.75% |
17.10% |
|
Net Profit Margin (TTM) |
10.41% |
19.30% |
17.35% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
4.41% |
10.91% |
12.72% |
12.10% |
|
Effective Tax Rate (TTM) |
23.19% |
21.71% |
23.73% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
36.75% |
23.58% |
24.82% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
9.63% |
15.21% |
12.89% |
8.54% |
|
Return on Assets - 5 Yr Avg |
3.14% |
8.48% |
10.70% |
8.40% |
|
Return on Investment (TTM) |
11.86% |
15.22% |
13.09% |
7.90% |
|
Return on Investment - 5 Yr Avg |
3.66% |
8.60% |
11.50% |
8.27% |
|
Return on Equity (TTM) |
13.13% |
21.72% |
25.23% |
19.72% |
|
Return on Equity - 5 Yr Avg |
4.19% |
11.50% |
21.05% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
347,723.70 |
514,699.51 |
617,868.03 |
927,613.77 |
|
Net Income/Employee (TTM) |
36,209.61 |
106,063.20 |
132,630.14 |
116,121.92 |
|
Receivables Turnover (TTM) |
6.16 |
10.12 |
8.08 |
13.25 |
|
Inventory Turnover (TTM) |
3.14 |
5.67 |
19.61 |
14.53 |
|
Asset Turnover (TTM) |
0.93 |
0.82 |
0.75 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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Stock Snapshot
|
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Stock History
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Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Total Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Cost of Revenue, Total |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Gross Profit |
350.8 |
260.8 |
161.1 |
251.9 |
250.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Total Selling/General/Administrative Expenses |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Research & Development |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Amortization of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Depreciation/Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Purchased R&D Written-Off |
- |
- |
0.0 |
0.0 |
2.2 |
|
Restructuring Charge |
0.0 |
3.6 |
6.1 |
1.8 |
-0.1 |
|
Litigation |
- |
2.2 |
1.1 |
9.1 |
- |
|
Impairment-Assets Held for Use |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
-6.5 |
- |
- |
0.0 |
0.3 |
|
Unusual Expense (Income) |
-6.5 |
5.8 |
26.6 |
10.9 |
2.4 |
|
Total Operating Expense |
684.3 |
548.2 |
471.0 |
576.7 |
590.0 |
|
|
|
|
|
|
|
|
Operating Income |
118.5 |
56.9 |
-35.2 |
22.6 |
11.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Interest Expense, Net Non-Operating |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Interest Income -
Non-Operating |
0.9 |
1.9 |
2.5 |
10.9 |
23.1 |
|
Investment Income -
Non-Operating |
4.6 |
-0.7 |
-5.4 |
1.9 |
4.1 |
|
Interest/Investment Income - Non-Operating |
5.5 |
1.2 |
-2.9 |
12.7 |
27.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
5.4 |
1.0 |
-3.1 |
12.6 |
16.4 |
|
Gain (Loss) on |
- |
- |
- |
0.0 |
1.0 |
|
Other Non-Operating Income (Expense) |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Other, Net |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Income Before Tax |
123.8 |
58.0 |
-35.9 |
37.3 |
28.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Income After Tax |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
24.9 |
24.7 |
24.3 |
27.5 |
31.4 |
|
Basic EPS Excl Extraord Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Basic/Primary EPS Incl Extraord Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Diluted Weighted Average Shares |
25.5 |
25.1 |
24.3 |
28.1 |
32.0 |
|
Diluted EPS Excl Extraord Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Diluted EPS Incl Extraord Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.1 |
0.3 |
0.2 |
0.2 |
10.8 |
|
Depreciation, Supplemental |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Total Special Items |
437.4 |
10.8 |
36.1 |
14.9 |
1.5 |
|
Normalized Income Before Tax |
561.2 |
68.8 |
0.2 |
52.2 |
30.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
108.0 |
3.9 |
12.6 |
5.5 |
-0.3 |
|
Inc Tax Ex Impact of Sp Items |
138.6 |
25.0 |
12.1 |
19.4 |
12.6 |
|
Normalized Income After Tax |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
16.95 |
1.77 |
-0.49 |
1.19 |
0.57 |
|
Diluted Normalized EPS |
16.59 |
1.75 |
-0.49 |
1.17 |
0.55 |
|
Amort of Intangibles, Supplemental |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Rental Expenses |
10.1 |
10.1 |
11.8 |
10.5 |
9.5 |
|
Advertising Expense, Supplemental |
4.1 |
2.6 |
2.2 |
2.3 |
2.6 |
|
Research & Development Exp, Supplemental |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Normalized EBIT |
555.9 |
67.7 |
0.9 |
37.5 |
13.6 |
|
Normalized EBITDA |
584.5 |
97.3 |
27.6 |
69.5 |
47.5 |
|
Current Tax - Domestic |
-14.4 |
-7.8 |
0.7 |
6.0 |
3.4 |
|
Current Tax - Foreign |
31.1 |
18.0 |
10.2 |
11.0 |
8.0 |
|
Current Tax - Local |
0.7 |
-0.6 |
0.1 |
0.3 |
0.5 |
|
Current Tax - Total |
17.4 |
9.6 |
11.0 |
17.2 |
12.0 |
|
Deferred Tax - Domestic |
10.3 |
10.9 |
-10.1 |
-7.1 |
-3.6 |
|
Deferred Tax - Foreign |
0.5 |
-0.9 |
-0.9 |
2.5 |
7.6 |
|
Deferred Tax - Local |
2.4 |
1.4 |
-0.5 |
1.2 |
-3.0 |
|
Deferred Tax - Total |
13.2 |
11.4 |
-11.5 |
-3.3 |
1.0 |
|
Income Tax - Total |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Defined Contribution Expense - Domestic |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
|
Total Pension Expense |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
Interim Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
193.3 |
190.8 |
208.0 |
210.9 |
200.9 |
|
Revenue |
193.3 |
190.8 |
208.0 |
210.9 |
200.9 |
|
Total Revenue |
193.3 |
190.8 |
208.0 |
210.9 |
200.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
115.0 |
110.4 |
118.5 |
120.7 |
112.1 |
|
Cost of Revenue, Total |
115.0 |
110.4 |
118.5 |
120.7 |
112.1 |
|
Gross Profit |
78.2 |
80.4 |
89.5 |
90.2 |
88.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
32.1 |
31.4 |
36.5 |
38.0 |
36.5 |
|
Labor & Related Expense |
3.3 |
3.3 |
- |
- |
2.5 |
|
Total Selling/General/Administrative Expenses |
35.4 |
34.6 |
36.5 |
38.0 |
39.0 |
|
Research & Development |
20.3 |
18.8 |
19.7 |
21.7 |
21.2 |
|
Amortization of Intangibles |
1.6 |
1.6 |
1.9 |
1.9 |
2.3 |
|
Depreciation/Amortization |
1.6 |
1.6 |
1.9 |
1.9 |
2.3 |
|
Restructuring Charge |
- |
- |
- |
0.0 |
- |
|
Loss (Gain) on |
0.6 |
0.0 |
- |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
- |
0.0 |
- |
-6.5 |
|
Unusual Expense (Income) |
0.6 |
0.0 |
0.0 |
0.0 |
-6.5 |
|
Total Operating Expense |
172.9 |
165.5 |
176.5 |
182.3 |
168.1 |
|
|
|
|
|
|
|
|
Operating Income |
20.3 |
25.3 |
31.4 |
28.6 |
32.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Interest Expense, Net Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Interest Income -
Non-Operating |
0.0 |
0.2 |
0.3 |
0.3 |
0.2 |
|
Investment Income -
Non-Operating |
1.5 |
0.3 |
-0.3 |
0.7 |
2.7 |
|
Interest/Investment Income - Non-Operating |
1.6 |
0.5 |
0.0 |
0.9 |
2.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.6 |
0.5 |
0.0 |
0.9 |
2.8 |
|
Other Non-Operating Income (Expense) |
0.4 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Other, Net |
0.4 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Income Before Tax |
22.2 |
25.8 |
31.4 |
29.4 |
35.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
6.1 |
8.8 |
0.0 |
10.3 |
11.9 |
|
Income After Tax |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
Net Income |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
23.5 |
23.5 |
24.7 |
25.1 |
25.2 |
|
Basic EPS Excl Extraord Items |
0.69 |
0.73 |
1.27 |
0.76 |
0.94 |
|
Basic/Primary EPS Incl Extraord Items |
0.69 |
0.73 |
1.27 |
0.76 |
0.94 |
|
Diluted Net Income |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
Diluted Weighted Average Shares |
24.0 |
24.0 |
25.2 |
25.6 |
25.8 |
|
Diluted EPS Excl Extraord Items |
0.67 |
0.71 |
1.25 |
0.74 |
0.92 |
|
Diluted EPS Incl Extraord Items |
0.67 |
0.71 |
1.25 |
0.74 |
0.92 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Depreciation, Supplemental |
5.7 |
5.8 |
5.7 |
5.1 |
5.0 |
|
Total Special Items |
-1.1 |
0.0 |
-9.7 |
0.0 |
-5.0 |
|
Normalized Income Before Tax |
21.2 |
25.8 |
21.7 |
29.4 |
30.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.3 |
0.0 |
0.0 |
0.0 |
-1.7 |
|
Inc Tax Ex Impact of Sp Items |
5.8 |
8.8 |
0.0 |
10.3 |
10.2 |
|
Normalized Income After Tax |
15.4 |
17.1 |
21.7 |
19.0 |
20.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
15.4 |
17.1 |
21.7 |
19.0 |
20.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.65 |
0.73 |
0.88 |
0.76 |
0.81 |
|
Diluted Normalized EPS |
0.64 |
0.71 |
0.86 |
0.74 |
0.79 |
|
Amort of Intangibles, Supplemental |
1.6 |
1.6 |
1.9 |
1.9 |
2.3 |
|
Research & Development Exp, Supplemental |
20.3 |
18.8 |
19.7 |
21.7 |
21.2 |
|
Reported Gross Profit |
77.6 |
- |
89.5 |
90.2 |
88.8 |
|
Reported Operating Profit |
20.3 |
- |
31.4 |
28.6 |
26.3 |
|
Normalized EBIT |
19.3 |
25.3 |
21.8 |
28.6 |
27.8 |
|
Normalized EBITDA |
26.6 |
32.8 |
29.3 |
35.6 |
35.0 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Short Term Investments |
53.1 |
17.4 |
43.7 |
4.3 |
45.9 |
|
Cash and Short Term Investments |
220.2 |
262.8 |
243.6 |
218.1 |
361.8 |
|
Accounts Receivable -
Trade, Gross |
142.5 |
111.9 |
76.4 |
99.1 |
105.2 |
|
Provision for Doubtful
Accounts |
-1.4 |
-1.7 |
-2.1 |
-2.5 |
-2.9 |
|
Trade Accounts Receivable - Net |
141.0 |
110.2 |
74.2 |
96.6 |
102.3 |
|
Total Receivables, Net |
141.0 |
110.2 |
74.2 |
96.6 |
102.3 |
|
Inventories - Finished Goods |
55.1 |
35.4 |
36.1 |
37.5 |
38.7 |
|
Inventories - Work In Progress |
52.5 |
40.0 |
30.7 |
46.1 |
44.4 |
|
Inventories - Raw Materials |
44.8 |
38.4 |
30.9 |
36.9 |
29.8 |
|
Total Inventory |
152.4 |
113.9 |
97.8 |
120.5 |
112.9 |
|
Prepaid Expenses |
45.0 |
35.0 |
39.0 |
41.8 |
50.2 |
|
Restricted Cash - Current |
0.0 |
0.6 |
0.0 |
2.6 |
2.5 |
|
Deferred Income Tax - Current Asset |
22.1 |
20.1 |
28.2 |
30.1 |
35.8 |
|
Other Current Assets, Total |
22.1 |
20.7 |
28.2 |
32.8 |
38.3 |
|
Total Current Assets |
580.6 |
542.5 |
482.8 |
509.8 |
665.6 |
|
|
|
|
|
|
|
|
Buildings |
87.1 |
78.8 |
87.7 |
82.6 |
80.8 |
|
Land/Improvements |
6.3 |
6.1 |
6.3 |
6.3 |
6.3 |
|
Machinery/Equipment |
194.6 |
187.2 |
184.3 |
199.1 |
191.1 |
|
Property/Plant/Equipment - Gross |
287.9 |
272.1 |
278.2 |
288.0 |
278.1 |
|
Accumulated Depreciation |
-183.4 |
-181.8 |
-179.5 |
-187.0 |
-173.8 |
|
Property/Plant/Equipment - Net |
104.5 |
90.3 |
98.8 |
101.0 |
104.3 |
|
Goodwill, Net |
76.0 |
70.8 |
67.0 |
86.8 |
83.4 |
|
Intangibles - Gross |
75.9 |
87.2 |
80.8 |
81.9 |
82.1 |
|
Accumulated Intangible Amortization |
-57.9 |
-67.2 |
-61.0 |
-54.4 |
-46.5 |
|
Intangibles, Net |
18.0 |
19.9 |
19.7 |
27.6 |
35.6 |
|
Deferred Charges |
22.7 |
21.4 |
21.6 |
28.1 |
30.7 |
|
Deferred Income Tax - Long Term Asset |
37.2 |
53.2 |
60.8 |
50.2 |
25.2 |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
4.3 |
4.9 |
2.9 |
2.9 |
2.9 |
|
Other Long Term Assets, Total |
64.2 |
79.5 |
85.3 |
81.2 |
58.8 |
|
Total Assets |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
39.8 |
39.7 |
21.6 |
26.3 |
27.8 |
|
Accrued Expenses |
27.8 |
47.9 |
31.5 |
46.6 |
47.2 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Income Taxes Payable |
23.9 |
4.3 |
2.0 |
7.8 |
17.8 |
|
Other Current Liabilities |
52.7 |
23.6 |
14.6 |
18.1 |
23.5 |
|
Other Current liabilities, Total |
94.8 |
44.3 |
33.2 |
40.3 |
53.7 |
|
Total Current Liabilities |
162.4 |
131.9 |
86.3 |
113.3 |
128.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
- |
- |
0.0 |
0.0 |
|
Capital Lease Obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Deferred Income Tax |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Reserves |
1.9 |
1.4 |
1.3 |
1.5 |
1.3 |
|
Other Long Term Liabilities |
58.8 |
72.0 |
80.7 |
79.4 |
36.2 |
|
Other Liabilities, Total |
60.6 |
73.5 |
82.0 |
80.9 |
37.4 |
|
Total Liabilities |
225.3 |
211.6 |
178.0 |
207.9 |
176.6 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional Paid-In Capital |
130.3 |
186.1 |
188.9 |
177.6 |
380.5 |
|
Retained Earnings (Accumulated Deficit) |
436.3 |
343.1 |
306.1 |
341.5 |
319.5 |
|
Other Equity |
- |
- |
- |
- |
0.0 |
|
Other Comprehensive Income |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Other Equity, Total |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Total Equity |
618.0 |
591.5 |
575.6 |
598.4 |
771.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Total Common Shares Outstanding |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Employees |
2,309 |
2,006 |
1,712 |
2,149 |
2,339 |
|
Number of Common Shareholders |
1,010 |
1,190 |
1,195 |
1,238 |
1,372 |
|
Accumulated Intangible Amort, Suppl. |
57.9 |
67.2 |
61.0 |
54.4 |
46.5 |
|
Deferred Revenue - Current |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Deferred Revenue - Long Term |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
0.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
0.0 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Operating Leases, Supplemental |
43.8 |
42.2 |
31.7 |
32.6 |
28.3 |
|
Operating Lease Payments Due in Year 1 |
8.5 |
8.3 |
7.7 |
8.4 |
8.8 |
|
Operating Lease Payments Due in Year 2 |
7.0 |
6.6 |
6.3 |
6.2 |
6.1 |
|
Operating Lease Payments Due in Year 3 |
5.5 |
4.5 |
4.5 |
4.9 |
3.6 |
|
Operating Lease Payments Due in Year 4 |
4.6 |
3.7 |
3.7 |
3.7 |
2.7 |
|
Operating Lease Payments Due in Year 5 |
4.4 |
3.6 |
3.4 |
2.9 |
2.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
12.6 |
11.1 |
10.8 |
11.1 |
9.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
9.0 |
7.3 |
7.1 |
6.6 |
5.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
13.8 |
15.5 |
6.2 |
6.4 |
4.6 |
|
Prepaid Benefits - Domestic |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
|
Net Assets Recognized on Balance Sheet |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
Interim Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
86.1 |
167.7 |
167.1 |
199.7 |
200.1 |
|
Short Term Investments |
129.1 |
35.4 |
53.1 |
67.8 |
70.5 |
|
Cash and Short Term Investments |
215.2 |
203.1 |
220.2 |
267.4 |
270.6 |
|
Accounts Receivable -
Trade, Gross |
128.2 |
132.1 |
142.5 |
144.9 |
135.8 |
|
Provision for Doubtful
Accounts |
-1.6 |
-1.5 |
-1.4 |
-1.5 |
-1.7 |
|
Trade Accounts Receivable - Net |
126.6 |
130.6 |
141.0 |
143.4 |
134.1 |
|
Other Receivables |
30.0 |
- |
- |
- |
- |
|
Total Receivables, Net |
156.6 |
130.6 |
141.0 |
143.4 |
134.1 |
|
Inventories - Finished Goods |
50.9 |
51.6 |
55.1 |
51.0 |
43.6 |
|
Inventories - Work In Progress |
61.6 |
54.6 |
52.5 |
50.0 |
49.3 |
|
Inventories - Raw Materials |
44.6 |
41.8 |
44.8 |
48.4 |
46.4 |
|
Total Inventory |
157.1 |
148.0 |
152.4 |
149.5 |
139.2 |
|
Prepaid Expenses |
29.1 |
52.3 |
45.0 |
63.2 |
54.0 |
|
Restricted Cash - Current |
- |
- |
0.0 |
0.0 |
0.6 |
|
Deferred Income Tax - Current Asset |
22.0 |
23.3 |
22.1 |
21.2 |
20.8 |
|
Other Current Assets, Total |
22.0 |
23.3 |
22.1 |
21.2 |
21.4 |
|
Total Current Assets |
580.0 |
557.3 |
580.6 |
644.8 |
619.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
114.4 |
106.0 |
104.5 |
103.2 |
98.1 |
|
Goodwill, Net |
75.8 |
74.8 |
76.0 |
79.8 |
78.6 |
|
Intangibles - Gross |
75.7 |
75.2 |
75.9 |
94.6 |
93.4 |
|
Accumulated Intangible Amortization |
-60.9 |
-58.8 |
-57.9 |
-74.4 |
-71.6 |
|
Intangibles, Net |
14.7 |
16.4 |
18.0 |
20.2 |
21.8 |
|
Deferred Charges |
22.0 |
23.1 |
22.7 |
24.6 |
23.8 |
|
Deferred Income Tax - Long Term Asset |
36.7 |
36.1 |
37.2 |
42.4 |
40.6 |
|
Other Long Term Assets |
4.4 |
4.4 |
4.3 |
5.4 |
5.6 |
|
Other Long Term Assets, Total |
63.1 |
63.7 |
64.2 |
72.4 |
70.0 |
|
Total Assets |
848.0 |
818.1 |
843.3 |
920.4 |
887.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
40.8 |
35.4 |
39.8 |
45.3 |
47.1 |
|
Accrued Expenses |
64.6 |
59.3 |
63.8 |
77.2 |
75.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
18.0 |
19.3 |
18.1 |
19.6 |
19.9 |
|
Income Taxes Payable |
13.3 |
15.3 |
23.9 |
17.9 |
14.4 |
|
Other Current Liabilities |
16.8 |
16.0 |
16.7 |
15.8 |
15.3 |
|
Other Current liabilities, Total |
48.1 |
50.6 |
58.7 |
53.3 |
49.6 |
|
Total Current Liabilities |
153.6 |
145.2 |
162.4 |
175.9 |
172.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.9 |
2.0 |
2.2 |
4.5 |
3.4 |
|
Deferred Income Tax |
1.9 |
2.0 |
2.2 |
4.5 |
3.4 |
|
Reserves |
2.0 |
1.9 |
1.9 |
1.6 |
1.5 |
|
Other Long Term Liabilities |
53.8 |
59.7 |
58.8 |
76.0 |
73.6 |
|
Other Liabilities, Total |
55.7 |
61.6 |
60.6 |
77.6 |
75.1 |
|
Total Liabilities |
211.2 |
208.8 |
225.3 |
258.0 |
251.1 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional Paid-In Capital |
122.7 |
114.8 |
130.3 |
183.2 |
187.9 |
|
Retained Earnings (Accumulated Deficit) |
469.5 |
453.3 |
436.3 |
404.9 |
385.9 |
|
Translation Adjustment |
44.5 |
- |
- |
- |
- |
|
Other Comprehensive Income |
-0.1 |
40.9 |
51.2 |
74.0 |
62.7 |
|
Other Equity, Total |
44.4 |
40.9 |
51.2 |
74.0 |
62.7 |
|
Total Equity |
636.8 |
609.3 |
618.0 |
662.4 |
636.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
848.0 |
818.1 |
843.3 |
920.4 |
887.8 |
|
Shares Outstanding - Common Stock Primary
Issue |
23.7 |
23.5 |
23.7 |
25.0 |
25.1 |
|
Total Common Shares Outstanding |
23.7 |
23.5 |
23.7 |
25.0 |
25.1 |
|
Accumulated Intangible Amort, Suppl. |
60.9 |
58.8 |
57.9 |
74.4 |
71.6 |
|
Deferred Revenue - Current |
18.0 |
19.3 |
18.1 |
19.7 |
19.9 |
|
Deferred Revenue - Long Term |
2.4 |
2.5 |
2.6 |
2.8 |
2.4 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
- |
0.0 |
Annual Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Depreciation/Depletion |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Amortization of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Deferred Taxes |
22.1 |
13.3 |
-12.2 |
-1.6 |
2.0 |
|
Unusual Items |
-6.2 |
4.6 |
19.5 |
3.5 |
10.6 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
2.2 |
|
Equity in Net Earnings (Loss) |
- |
- |
- |
0.0 |
0.0 |
|
Other Non-Cash Items |
7.9 |
7.5 |
7.5 |
8.9 |
14.0 |
|
Non-Cash Items |
1.7 |
12.1 |
27.1 |
12.5 |
26.8 |
|
Accounts Receivable |
-26.2 |
-33.7 |
24.9 |
9.0 |
12.2 |
|
Inventories |
-38.6 |
-14.6 |
21.4 |
-6.5 |
-8.4 |
|
Prepaid Expenses |
-8.1 |
-9.2 |
2.3 |
7.0 |
-9.8 |
|
Other Assets |
-1.2 |
0.1 |
6.2 |
2.9 |
-5.2 |
|
Accounts Payable |
-0.2 |
15.1 |
-4.2 |
-1.1 |
-1.7 |
|
Taxes Payable |
4.0 |
6.5 |
1.5 |
1.7 |
-3.3 |
|
Other Liabilities |
11.3 |
22.7 |
-19.2 |
-10.9 |
4.0 |
|
Changes in Working Capital |
-59.0 |
-13.2 |
32.9 |
2.2 |
-12.2 |
|
Cash from Operating Activities |
86.7 |
78.8 |
39.0 |
68.4 |
66.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Capital Expenditures |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Acquisition of Business |
-14.1 |
-20.7 |
0.0 |
0.0 |
-14.2 |
|
|
- |
0.0 |
0.0 |
6.5 |
0.0 |
|
|
0.4 |
2.1 |
1.6 |
12.9 |
24.6 |
|
Sale/Maturity of Investment |
195.6 |
133.1 |
67.4 |
151.4 |
834.6 |
|
Investment, Net |
- |
- |
- |
- |
0.0 |
|
Purchase of Investments |
-231.0 |
-110.7 |
-106.9 |
-109.8 |
-831.8 |
|
Other Investing Cash Flow |
0.6 |
-0.6 |
2.5 |
-0.1 |
-2.8 |
|
Other Investing Cash Flow Items, Total |
-48.6 |
3.2 |
-35.3 |
60.8 |
10.5 |
|
Cash from Investing Activities |
-85.7 |
-11.9 |
-56.9 |
38.2 |
-11.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
5.1 |
0.9 |
0.0 |
0.7 |
0.4 |
|
Financing Cash Flow Items |
5.1 |
0.9 |
0.0 |
0.7 |
0.4 |
|
Repurchase/Retirement
of Common |
-100.6 |
-43.3 |
0.0 |
-228.2 |
0.0 |
|
Common Stock, Net |
-103.9 |
-44.5 |
0.0 |
-228.2 |
0.0 |
|
Options Exercised |
34.7 |
33.4 |
4.7 |
16.5 |
3.8 |
|
Issuance (Retirement) of Stock, Net |
-69.2 |
-11.1 |
4.7 |
-211.7 |
3.8 |
|
Short Term Debt Issued |
2.3 |
0.0 |
0.0 |
0.4 |
0.0 |
|
Short Term Debt
Reduction |
-2.3 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Short Term Debt, Net |
0.0 |
0.0 |
-0.5 |
-0.9 |
-1.9 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
0.0 |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
0.0 |
-200.0 |
|
Long Term Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-200.2 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
0.0 |
-0.5 |
-0.9 |
-202.1 |
|
Cash from Financing Activities |
-64.1 |
-10.2 |
4.2 |
-211.8 |
-197.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.2 |
-11.3 |
-0.2 |
3.2 |
13.2 |
|
Net Change in Cash |
-78.3 |
45.4 |
-13.9 |
-102.1 |
-129.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
245.4 |
200.0 |
213.8 |
315.9 |
445.2 |
|
Net Cash - Ending Balance |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.6 |
6.4 |
|
Cash Taxes Paid |
12.0 |
3.4 |
11.7 |
18.8 |
17.0 |
Interim Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
26 Weeks |
13 Weeks |
52 Weeks |
39 Weeks |
26 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
33.2 |
17.1 |
93.2 |
61.9 |
42.8 |
|
Depreciation |
11.5 |
5.8 |
20.5 |
14.9 |
9.7 |
|
Depreciation/Depletion |
11.5 |
5.8 |
20.5 |
14.9 |
9.7 |
|
Amortization of Intangibles |
3.2 |
1.6 |
8.1 |
6.2 |
4.4 |
|
Amortization |
3.2 |
1.6 |
8.1 |
6.2 |
4.4 |
|
Deferred Taxes |
0.1 |
-0.5 |
22.1 |
17.2 |
8.2 |
|
Unusual Items |
0.2 |
0.0 |
-6.2 |
-6.3 |
-5.9 |
|
Other Non-Cash Items |
7.0 |
3.5 |
7.9 |
5.3 |
3.1 |
|
Non-Cash Items |
7.2 |
3.5 |
1.7 |
-0.9 |
-2.9 |
|
Accounts Receivable |
11.7 |
9.2 |
-26.2 |
-27.6 |
-20.9 |
|
Inventories |
-5.0 |
2.7 |
-38.6 |
-30.8 |
-21.9 |
|
Prepaid Expenses |
-10.1 |
-7.3 |
-8.1 |
-23.4 |
-14.5 |
|
Other Assets |
0.7 |
-0.5 |
-1.2 |
-4.1 |
-3.5 |
|
Accounts Payable |
-1.3 |
-4.7 |
-0.2 |
4.8 |
5.1 |
|
Taxes Payable |
-19.9 |
-8.2 |
4.0 |
10.7 |
6.0 |
|
Other Liabilities |
1.4 |
-2.4 |
11.3 |
25.3 |
23.3 |
|
Changes in Working Capital |
-22.5 |
-11.3 |
-59.0 |
-45.0 |
-26.4 |
|
Cash from Operating Activities |
32.7 |
16.1 |
86.7 |
54.3 |
35.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-19.6 |
-8.1 |
-37.1 |
-27.4 |
-16.2 |
|
Capital Expenditures |
-19.6 |
-8.1 |
-37.1 |
-27.4 |
-16.2 |
|
Acquisition of Business |
0.0 |
- |
-14.1 |
-14.6 |
-14.6 |
|
|
0.0 |
0.0 |
0.4 |
0.3 |
0.0 |
|
Sale/Maturity of Investment |
70.9 |
30.2 |
195.6 |
122.5 |
48.3 |
|
Purchase of Investments |
-146.5 |
-12.6 |
-231.0 |
-172.7 |
-101.4 |
|
Other Investing Cash Flow |
- |
0.0 |
0.6 |
0.6 |
- |
|
Other Investing Cash Flow Items, Total |
-75.6 |
17.6 |
-48.6 |
-63.8 |
-67.6 |
|
Cash from Investing Activities |
-95.2 |
9.5 |
-85.7 |
-91.3 |
-83.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
2.6 |
1.7 |
5.1 |
4.4 |
3.2 |
|
Financing Cash Flow Items |
2.6 |
1.7 |
5.1 |
4.4 |
3.2 |
|
Repurchase/Retirement
of Common |
-20.7 |
-20.7 |
-100.6 |
-41.9 |
-27.4 |
|
Common Stock, Net |
-25.1 |
-25.1 |
-103.9 |
-45.2 |
-30.6 |
|
Options Exercised |
7.7 |
4.6 |
34.7 |
32.4 |
26.0 |
|
Issuance (Retirement) of Stock, Net |
-17.4 |
-20.5 |
-69.2 |
-12.8 |
-4.6 |
|
Short Term Debt Issued |
9.3 |
4.8 |
2.3 |
1.6 |
0.9 |
|
Short Term Debt
Reduction |
-9.3 |
-4.8 |
-2.3 |
-1.6 |
-0.9 |
|
Short Term Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-14.8 |
-18.8 |
-64.1 |
-8.4 |
-1.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.7 |
-6.2 |
-15.2 |
-0.3 |
4.1 |
|
Net Change in Cash |
-81.0 |
0.6 |
-78.3 |
-45.7 |
-45.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
167.1 |
167.1 |
245.4 |
245.4 |
245.4 |
|
Net Cash - Ending Balance |
86.1 |
167.7 |
167.1 |
199.7 |
200.1 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Cash Taxes Paid |
32.7 |
16.2 |
12.0 |
10.6 |
6.0 |
Annual Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
Total Revenue |
802.8 |
605.1 |
435.9 |
599.3 |
601.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
452.0 |
344.3 |
274.8 |
347.4 |
351.1 |
|
Selling, general & administrative |
149.5 |
118.8 |
103.4 |
136.2 |
153.7 |
|
Research & development |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Impairment of goodwill |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Amortization/Intang. |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
In process research and development |
- |
- |
0.0 |
0.0 |
2.2 |
|
Restructuring/General/Admin. |
0.0 |
2.6 |
3.5 |
1.1 |
- |
|
Restructuring in research and developmen |
0.0 |
1.0 |
2.6 |
0.7 |
- |
|
Translation adjustment related to dissol |
-6.5 |
- |
- |
- |
- |
|
Litigation Expenses |
- |
2.2 |
1.1 |
9.1 |
- |
|
Restructuring |
- |
- |
- |
0.0 |
-0.1 |
|
Acquisition related expenses |
- |
- |
- |
0.0 |
0.3 |
|
Total Operating Expense |
684.3 |
548.2 |
471.0 |
576.7 |
590.0 |
|
|
|
|
|
|
|
|
Interest and dividend income |
0.9 |
1.9 |
2.5 |
10.9 |
23.1 |
|
Interest expense |
-0.1 |
-0.3 |
-0.2 |
-0.2 |
-10.8 |
|
Foreign Exchange |
1.5 |
-1.4 |
-1.1 |
2.0 |
1.3 |
|
Equity In Affiliates |
- |
- |
- |
- |
0.0 |
|
Investment Income |
3.1 |
0.8 |
-4.3 |
-0.1 |
2.9 |
|
Other income (expense), net |
-0.1 |
0.1 |
2.5 |
2.1 |
0.4 |
|
Gain on |
- |
- |
- |
0.0 |
1.0 |
|
Net Income Before Taxes |
123.8 |
58.0 |
-35.9 |
37.3 |
28.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Net Income After Taxes |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
24.9 |
24.7 |
24.3 |
27.5 |
31.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Basic EPS Including ExtraOrdinary Item |
3.74 |
1.49 |
-1.45 |
0.85 |
0.51 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Diluted Weighted Average Shares |
25.5 |
25.1 |
24.3 |
28.1 |
32.0 |
|
Diluted EPS Excluding ExtraOrd Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
Diluted EPS Including ExtraOrd Items |
3.66 |
1.47 |
-1.45 |
0.83 |
0.50 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
561.2 |
68.8 |
0.2 |
52.2 |
30.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
138.6 |
25.0 |
12.1 |
19.4 |
12.6 |
|
Normalized Income After Taxes |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
422.6 |
43.8 |
-11.9 |
32.8 |
17.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
16.95 |
1.77 |
-0.49 |
1.19 |
0.57 |
|
Diluted Normalized EPS |
16.59 |
1.75 |
-0.49 |
1.17 |
0.55 |
|
Research & Development Exp |
81.2 |
71.4 |
58.8 |
73.6 |
74.6 |
|
Interest Expense |
0.1 |
0.3 |
0.2 |
0.2 |
10.8 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Amort of Intangibles |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Rental Expense |
10.1 |
10.1 |
11.8 |
10.5 |
9.5 |
|
Advertising Expenses |
4.1 |
2.6 |
2.2 |
2.3 |
2.6 |
|
Federal |
-14.4 |
-7.8 |
0.7 |
6.0 |
3.4 |
|
State |
0.7 |
-0.6 |
0.1 |
0.3 |
0.5 |
|
Foreign |
31.1 |
18.0 |
10.2 |
11.0 |
8.0 |
|
Current Tax - Total |
17.4 |
9.6 |
11.0 |
17.2 |
12.0 |
|
Federal |
10.3 |
10.9 |
-10.1 |
-7.1 |
-3.6 |
|
State |
2.4 |
1.4 |
-0.5 |
1.2 |
-3.0 |
|
Foreign |
0.5 |
-0.9 |
-0.9 |
2.5 |
7.6 |
|
Deferred Tax - Total |
13.2 |
11.4 |
-11.5 |
-3.3 |
1.0 |
|
Income Tax - Total |
30.6 |
21.1 |
-0.5 |
13.9 |
13.0 |
|
Retirement and Investment Plan |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
|
Total Pension Expense |
3.0 |
2.6 |
3.4 |
4.8 |
4.1 |
Interim Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
13 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net sales |
193.3 |
190.8 |
208.0 |
210.9 |
200.9 |
|
Total Revenue |
193.3 |
190.8 |
208.0 |
210.9 |
200.9 |
|
|
|
|
|
|
|
|
Cost of sales |
115.0 |
110.4 |
118.5 |
120.7 |
112.1 |
|
Gain on |
0.6 |
0.0 |
- |
- |
- |
|
Restructuring costs- Research & developm |
- |
- |
- |
0.0 |
- |
|
Research & development |
20.3 |
18.8 |
19.7 |
21.7 |
21.2 |
|
Restructuring costs- Selling, general & |
- |
- |
- |
0.0 |
- |
|
Selling, general & administrative |
32.1 |
31.4 |
36.5 |
38.0 |
36.5 |
|
Stock-related compensation expense |
3.3 |
3.3 |
- |
- |
2.5 |
|
Amortization of intangible assets |
1.6 |
1.6 |
1.9 |
1.9 |
2.3 |
|
Translation adjustment related to dissol |
0.0 |
- |
0.0 |
- |
-6.5 |
|
Total Operating Expense |
172.9 |
165.5 |
176.5 |
182.3 |
168.1 |
|
|
|
|
|
|
|
|
Interest/Dividends |
0.0 |
0.2 |
0.3 |
0.3 |
0.2 |
|
Interest expense |
0.0 |
0.0 |
-0.1 |
-0.1 |
0.0 |
|
Exchange Loss |
0.0 |
0.3 |
1.5 |
0.4 |
-0.5 |
|
Gain (loss) on investments, net |
1.5 |
0.0 |
-1.7 |
0.2 |
3.1 |
|
Other income (expense) |
0.4 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Net Income Before Taxes |
22.2 |
25.8 |
31.4 |
29.4 |
35.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
6.1 |
8.8 |
0.0 |
10.3 |
11.9 |
|
Net Income After Taxes |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
Net Income |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
23.5 |
23.5 |
24.7 |
25.1 |
25.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.69 |
0.73 |
1.27 |
0.76 |
0.94 |
|
Basic EPS Including ExtraOrdinary Item |
0.69 |
0.73 |
1.27 |
0.76 |
0.94 |
|
Diluted Net Income |
16.2 |
17.1 |
31.4 |
19.0 |
23.7 |
|
Diluted Weighted Average Shares |
24.0 |
24.0 |
25.2 |
25.6 |
25.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.67 |
0.71 |
1.25 |
0.74 |
0.92 |
|
Diluted EPS Including ExtraOrd Items |
0.67 |
0.71 |
1.25 |
0.74 |
0.92 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
21.2 |
25.8 |
21.7 |
29.4 |
30.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
5.8 |
8.8 |
0.0 |
10.3 |
10.2 |
|
Normalized Income After Taxes |
15.4 |
17.1 |
21.7 |
19.0 |
20.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
15.4 |
17.1 |
21.7 |
19.0 |
20.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.65 |
0.73 |
0.88 |
0.76 |
0.81 |
|
Diluted Normalized EPS |
0.64 |
0.71 |
0.86 |
0.74 |
0.79 |
|
Research and development |
20.3 |
18.8 |
19.7 |
21.7 |
21.2 |
|
Interest Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Amort of Intangibles |
1.6 |
1.6 |
1.9 |
1.9 |
2.3 |
|
Depreciation |
5.7 |
5.8 |
5.7 |
5.1 |
5.0 |
|
Gross profit |
77.6 |
- |
89.5 |
90.2 |
88.8 |
|
Income from operations |
20.3 |
- |
31.4 |
28.6 |
26.3 |
Annual Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term in |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Restricted cash |
0.0 |
0.6 |
0.0 |
2.6 |
2.5 |
|
Short term investments |
53.1 |
17.4 |
43.7 |
4.3 |
45.9 |
|
Gross Rcvbl. |
142.5 |
111.9 |
76.4 |
99.1 |
105.2 |
|
Doubtful Account |
-1.4 |
-1.7 |
-2.1 |
-2.5 |
-2.9 |
|
Purchased Parts & Assemblies |
44.8 |
38.4 |
30.9 |
36.9 |
29.8 |
|
Work-in-Process |
52.5 |
40.0 |
30.7 |
46.1 |
44.4 |
|
Finished Goods |
55.1 |
35.4 |
36.1 |
37.5 |
38.7 |
|
Prepaid expenses and other assets |
45.0 |
35.0 |
39.0 |
41.8 |
50.2 |
|
Deferred tax assets |
22.1 |
20.1 |
28.2 |
30.1 |
35.8 |
|
Total Current Assets |
580.6 |
542.5 |
482.8 |
509.8 |
665.6 |
|
|
|
|
|
|
|
|
Land |
6.3 |
6.1 |
6.3 |
6.3 |
6.3 |
|
Buildings and improvements |
62.3 |
60.4 |
71.2 |
68.1 |
67.2 |
|
Equipment, furniture and fixtures |
194.6 |
187.2 |
184.3 |
199.1 |
191.1 |
|
Leasehold improvements |
24.8 |
18.4 |
16.5 |
14.5 |
13.6 |
|
Accumulated Depreciation |
-183.4 |
-181.8 |
-179.5 |
-187.0 |
-173.8 |
|
Restricted Cash |
- |
- |
- |
- |
0.0 |
|
Goodwill |
76.0 |
70.8 |
67.0 |
86.8 |
83.4 |
|
Intangibles |
75.9 |
87.2 |
80.8 |
81.9 |
82.1 |
|
Amortisation |
-57.9 |
-67.2 |
-61.0 |
-54.4 |
-46.5 |
|
Deferred Tax |
37.2 |
53.2 |
60.8 |
50.2 |
25.2 |
|
Deferred compensation |
22.7 |
21.4 |
21.6 |
28.1 |
30.7 |
|
Other |
4.3 |
4.9 |
2.9 |
2.9 |
2.9 |
|
Total Assets |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
Cur.Port.LT Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
39.8 |
39.7 |
21.6 |
26.3 |
27.8 |
|
Income taxes payable |
23.9 |
4.3 |
2.0 |
7.8 |
17.8 |
|
Current Liabs. |
52.7 |
23.6 |
14.6 |
18.1 |
23.5 |
|
Accrued Expense |
27.8 |
47.9 |
31.5 |
46.6 |
47.2 |
|
Deferred Income/Customer Deposit |
14.9 |
13.5 |
14.4 |
14.4 |
12.4 |
|
Customer Deposits |
3.2 |
2.9 |
2.2 |
- |
- |
|
Total Current Liabilities |
162.4 |
131.9 |
86.3 |
113.3 |
128.7 |
|
|
|
|
|
|
|
|
Convertible subordinated notes |
- |
- |
- |
0.0 |
0.0 |
|
Lease obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Other long-term liabilities |
56.1 |
70.3 |
78.6 |
77.6 |
34.6 |
|
Deferred tax liabilities |
2.2 |
6.2 |
9.7 |
13.7 |
10.4 |
|
Deferred income |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Asset retirement liability |
1.9 |
1.4 |
1.3 |
1.5 |
1.3 |
|
Total Liabilities |
225.3 |
211.6 |
178.0 |
207.9 |
176.6 |
|
|
|
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional paid in capital |
130.3 |
186.1 |
188.9 |
177.6 |
380.5 |
|
Rcvbls./Gains |
- |
- |
- |
- |
0.0 |
|
Accumulated other comprehensive income |
51.2 |
62.1 |
80.3 |
79.1 |
70.7 |
|
Retained earnings |
436.3 |
343.1 |
306.1 |
341.5 |
319.5 |
|
Total Equity |
618.0 |
591.5 |
575.6 |
598.4 |
771.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
843.3 |
803.1 |
753.6 |
806.4 |
947.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Total Common Shares Outstanding |
23.7 |
24.6 |
24.5 |
24.2 |
31.6 |
|
Deferred Income - Current |
18.1 |
16.4 |
16.6 |
14.4 |
12.4 |
|
Deferred Income - LT |
2.6 |
1.8 |
2.1 |
1.8 |
1.6 |
|
Amortisation Intangible Amortization |
57.9 |
67.2 |
61.0 |
54.4 |
46.5 |
|
Full-Time Employees |
2,309 |
2,006 |
1,712 |
2,149 |
2,339 |
|
Number of Common Shareholders |
1,010 |
1,190 |
1,195 |
1,238 |
1,372 |
|
Borrowings Within 1 Year |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Borrowings 1- 3 Years |
- |
- |
- |
0.0 |
- |
|
Borrowings 3-5 Years |
- |
- |
- |
0.0 |
- |
|
Borrowings Remaining Maturities |
- |
- |
- |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Lease Maturing Within 1 Year |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Maturing 1- 3 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Maturing Within3-5 Years |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Lease Remaining Maturities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Capital Leases |
0.0 |
0.1 |
0.0 |
- |
- |
|
Lease Maturing Within 1 Year |
8.5 |
8.3 |
7.7 |
8.4 |
8.8 |
|
Lease Maturing Within 2 Years |
7.0 |
6.6 |
6.3 |
6.2 |
6.1 |
|
Lease Maturing Within 3 Years |
5.5 |
4.5 |
4.5 |
4.9 |
3.6 |
|
Lease Maturing Within 4 Years |
4.6 |
3.7 |
3.7 |
3.7 |
2.7 |
|
Lease Maturing Within 5 Years |
4.4 |
3.6 |
3.4 |
2.9 |
2.5 |
|
Lease Maturing Thereafter |
13.8 |
15.5 |
6.2 |
6.4 |
4.6 |
|
Total Operating Leases |
43.8 |
42.2 |
31.7 |
32.6 |
28.3 |
|
Non-current Asset - Deferred Comp. Plan |
22.7 |
21.9 |
22.7 |
28.1 |
30.7 |
|
Current Asset - Deferred Comp. Plan |
2.8 |
2.3 |
2.2 |
2.0 |
2.3 |
|
Net Assets Recognized on Balance Sheet |
25.5 |
24.3 |
24.9 |
30.1 |
33.0 |
Interim Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term in |
86.1 |
167.7 |
167.1 |
199.7 |
200.1 |
|
Short-term investments |
129.1 |
35.4 |
53.1 |
67.8 |
70.5 |
|
Restricted cash |
- |
- |
0.0 |
0.0 |
0.6 |
|
Accounts Receivable |
128.2 |
132.1 |
142.5 |
144.9 |
135.8 |
|
Doubuful Accounts |
-1.6 |
-1.5 |
-1.4 |
-1.5 |
-1.7 |
|
Purchased parts and assemblies |
44.6 |
41.8 |
44.8 |
48.4 |
46.4 |
|
Work-in-process |
61.6 |
54.6 |
52.5 |
50.0 |
49.3 |
|
Finished goods |
50.9 |
51.6 |
55.1 |
51.0 |
43.6 |
|
Prepaid and refundable income taxes |
13.8 |
9.5 |
9.2 |
11.8 |
12.1 |
|
Other taxes receivable |
30.0 |
- |
- |
- |
- |
|
Prepaid expenses and other assets |
15.3 |
42.8 |
35.8 |
51.4 |
41.9 |
|
Deferred Taxes |
22.0 |
23.3 |
22.1 |
21.2 |
20.8 |
|
Total Current Assets |
580.0 |
557.3 |
580.6 |
644.8 |
619.4 |
|
|
|
|
|
|
|
|
Property and equipment, net |
114.4 |
106.0 |
104.5 |
103.2 |
98.1 |
|
Goodwill |
75.8 |
74.8 |
76.0 |
79.8 |
78.6 |
|
Existing technology |
52.3 |
52.0 |
52.3 |
60.5 |
59.9 |
|
Patents |
7.2 |
7.0 |
7.2 |
9.3 |
9.0 |
|
Order backlog |
- |
- |
0.0 |
5.6 |
5.5 |
|
Customer lists |
9.9 |
9.7 |
9.8 |
10.9 |
10.8 |
|
Trade name |
3.6 |
3.5 |
3.6 |
4.4 |
4.3 |
|
Non-compete agreement |
0.8 |
0.8 |
0.8 |
1.7 |
1.7 |
|
Production know-how |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
In-process research & development |
1.1 |
1.2 |
1.2 |
1.3 |
1.2 |
|
Accumulated Amortization of Intangibles |
-60.9 |
-58.8 |
-57.9 |
-74.4 |
-71.6 |
|
Assets related to deferred compensation |
22.0 |
23.1 |
22.7 |
24.6 |
23.8 |
|
Deferred Tax |
36.7 |
36.1 |
37.2 |
42.4 |
40.6 |
|
Other assets |
4.4 |
4.4 |
4.3 |
5.4 |
5.6 |
|
Total Assets |
848.0 |
818.1 |
843.3 |
920.4 |
887.8 |
|
|
|
|
|
|
|
|
Cur.Port.LT Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
40.8 |
35.4 |
39.8 |
45.3 |
47.1 |
|
Taxes Payable |
13.3 |
15.3 |
23.9 |
17.9 |
14.4 |
|
Accrued payroll and benefits |
27.2 |
26.7 |
39.6 |
34.1 |
38.6 |
|
Deferred Income |
15.6 |
15.3 |
14.9 |
15.7 |
15.2 |
|
Reserve for warranty |
16.8 |
16.0 |
16.7 |
15.8 |
15.3 |
|
Accrued expenses and other |
11.9 |
13.6 |
12.5 |
11.8 |
13.7 |
|
Other taxes payable |
25.6 |
18.3 |
11.1 |
30.2 |
21.5 |
|
Accrued restructuring charges |
0.0 |
0.6 |
0.6 |
1.1 |
2.1 |
|
Customer Deposit |
2.4 |
4.0 |
3.2 |
3.9 |
4.7 |
|
Total Current Liabilities |
153.6 |
145.2 |
162.4 |
175.9 |
172.5 |
|
|
|
|
|
|
|
|
Long-term obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
1.9 |
2.0 |
2.2 |
4.5 |
3.4 |
|
Deferred income |
2.4 |
2.5 |
2.6 |
2.8 |
2.4 |
|
Asset retirement liability |
2.0 |
1.9 |
1.9 |
1.6 |
1.5 |
|
Other long-term liabilities |
51.3 |
57.2 |
56.1 |
73.2 |
71.2 |
|
Total Liabilities |
211.2 |
208.8 |
225.3 |
258.0 |
251.1 |
|
|
|
|
|
|
|
|
Outstanding |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Additional paid-in capital |
122.7 |
114.8 |
130.3 |
183.2 |
187.9 |
|
Other Comprehensive |
-0.1 |
40.9 |
51.2 |
74.0 |
62.7 |
|
Translation Adjust. |
44.5 |
- |
- |
- |
- |
|
Retained Earnings |
469.5 |
453.3 |
436.3 |
404.9 |
385.9 |
|
Total Equity |
636.8 |
609.3 |
618.0 |
662.4 |
636.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
848.0 |
818.1 |
843.3 |
920.4 |
887.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
23.7 |
23.5 |
23.7 |
25.0 |
25.1 |
|
Total Common Shares Outstanding |
23.7 |
23.5 |
23.7 |
25.0 |
25.1 |
|
Accumulated Amortization of Intangibles |
60.9 |
58.8 |
57.9 |
74.4 |
71.6 |
|
Deferred Income - Current |
18.0 |
19.3 |
18.1 |
19.7 |
19.9 |
|
Deferred Income - LT |
2.4 |
2.5 |
2.6 |
2.8 |
2.4 |
|
Current maturities |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
- |
0.0 |
Annual Cash Flows
As Reported
|
Financials in:
USD (mil) Except for share
items (millions) and per share items (actual units) |
|
|
01-Oct-2011 |
02-Oct-2010 |
03-Oct-2009 |
27-Sep-2008 |
29-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
93.2 |
36.9 |
-35.3 |
23.4 |
16.0 |
|
Depreciation |
20.5 |
21.7 |
19.2 |
23.3 |
25.8 |
|
Non-cash restructuring and other charges |
- |
4.3 |
-0.4 |
3.1 |
-0.1 |
|
Amortization |
8.1 |
8.0 |
7.5 |
8.7 |
8.2 |
|
Impairment of goodwill |
0.0 |
0.0 |
19.3 |
0.0 |
0.0 |
|
Stock Based Compen. |
13.0 |
8.3 |
7.4 |
8.8 |
9.9 |
|
Non-cash gain on |
-6.5 |
0.0 |
0.0 |
- |
- |
|
Excess tax benefit from stock-based comp |
-5.1 |
-0.9 |
0.0 |
-0.7 |
-0.1 |
|
Tax Benefit/Option |
0.3 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Deferred Taxes |
22.1 |
13.3 |
-12.2 |
-1.6 |
2.0 |
|
Loss on disposal of property and equip. |
0.3 |
0.3 |
0.6 |
0.4 |
10.7 |
|
Other non cash expense (income) |
-0.2 |
0.2 |
0.1 |
0.2 |
0.5 |
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Equity in J.V. |
- |
- |
- |
0.0 |
0.0 |
|
Accounts Rcvbl. |
-26.2 |
-33.7 |
24.9 |
9.0 |
12.2 |
|
Inventories |
-38.6 |
-14.6 |
21.4 |
-6.5 |
-8.4 |
|
Prepaid/Other |
-8.1 |
-9.2 |
2.3 |
7.0 |
-9.8 |
|
Other Assets |
-1.2 |
0.1 |
6.2 |
2.9 |
-5.2 |
|
Accounts Payable |
-0.2 |
15.1 |
-4.2 |
-1.1 |
-1.7 |
|
Tax Payable |
4.0 |
6.5 |
1.5 |
1.7 |
-3.3 |
|
Current Liabs. |
8.7 |
22.8 |
-13.8 |
-8.8 |
3.4 |
|
Other LT Liabilities |
2.5 |
-0.1 |
-5.4 |
-2.1 |
0.6 |
|
Amortization of bond issue costs |
- |
- |
0.0 |
0.0 |
5.1 |
|
Non-cash write-off of Excel acquisition |
- |
- |
0.0 |
0.0 |
0.5 |
|
Non-cash impact of sale of CIOL |
- |
- |
0.0 |
0.0 |
-2.0 |
|
|
- |
- |
- |
- |
0.0 |
|
Purchased in-process research and develo |
- |
- |
0.0 |
0.0 |
2.2 |
|
Cash from Operating Activities |
86.7 |
78.8 |
39.0 |
68.4 |
66.6 |
|
Capital Expenditure |
-37.1 |
-15.1 |
-21.6 |
-22.6 |
-21.7 |
|
Prop./Equip. Dispos. |
0.4 |
2.1 |
1.6 |
12.9 |
24.6 |
|
Purchase of Invests. |
-231.0 |
-108.7 |
-106.9 |
-109.8 |
-831.8 |
|
|
195.6 |
133.1 |
67.4 |
151.4 |
834.6 |
|
Investment in SiOnyx |
0.0 |
-2.0 |
0.0 |
0.0 |
- |
|
Acquisition of businesses, net of cash a |
-14.1 |
-20.7 |
0.0 |
0.0 |
-14.2 |
|
Restricted Cash |
0.6 |
-0.6 |
2.5 |
-0.1 |
0.0 |
|
Proceeds from sale of CIOL |
- |
0.0 |
0.0 |
6.5 |
0.0 |
|
Premiums paid for life insurance |
- |
- |
0.0 |
0.0 |
-2.8 |
|
Distributions from Dfrd. Comp. Plan |
- |
- |
- |
- |
0.0 |
|
Investment in Joint Venture |
- |
- |
- |
- |
0.0 |
|
Other-net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-85.7 |
-11.9 |
-56.9 |
38.2 |
-11.2 |
|
Long-term debt borrowings |
- |
- |
0.0 |
0.0 |
-0.2 |
|
Long-term debt repayments |
- |
- |
0.0 |
0.0 |
-200.0 |
|
Short-term borrowings |
2.3 |
0.0 |
0.0 |
0.4 |
0.0 |
|
Short-term repayments |
-2.3 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Cash Overdrafts |
0.0 |
0.0 |
-0.5 |
-0.9 |
-1.9 |
|
Debt issuance costs |
- |
- |
- |
0.0 |
0.0 |
|
Repurchase of common stock |
-100.6 |
-43.3 |
0.0 |
-228.2 |
0.0 |
|
Proceeds received from issuance of conve |
- |
- |
- |
0.0 |
0.0 |
|
Issuance of common stock under employee |
34.7 |
33.4 |
4.7 |
16.5 |
3.8 |
|
Capital Lease Rpmt. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net settlement of restricted common stoc |
-3.3 |
-1.2 |
0.0 |
0.0 |
- |
|
Excess tax benefits from stock-based com |
5.1 |
0.9 |
0.0 |
0.7 |
0.1 |
|
Notes Rcvbl. Collect |
- |
- |
0.0 |
0.0 |
0.3 |
|
Cash from Financing Activities |
-64.1 |
-10.2 |
4.2 |
-211.8 |
-197.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.2 |
-11.3 |
-0.2 |
3.2 |
13.2 |
|
Net Change in Cash |
-78.3 |
45.4 |
-13.9 |
-102.1 |
-129.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
245.4 |
200.0 |
213.8 |
315.9 |
445.2 |
|
Net Cash - Ending Balance |
167.1 |
245.4 |
200.0 |
213.8 |
315.9 |
|
Cash Interest Paid |
0.1 |
0.2 |
0.2 |
0.6 |
6.4 |
|
Cash Taxes Paid |
12.0 |
3.4 |
11.7 |
18.8 |
17.0 |
Interim Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
01-Oct-2011 |
02-Jul-2011 |
02-Apr-2011 |
|
Period Length |
26 Weeks |
13 Weeks |
52 Weeks |
39 Weeks |
26 Weeks |
|
UpdateType/Date |
Updated |
Updated |
Updated |
Updated |
Updated |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
33.2 |
17.1 |
93.2 |
61.9 |
42.8 |
|
Depreciation |
11.5 |
5.8 |
20.5 |
14.9 |
9.7 |
|
Amortization |
3.2 |
1.6 |
8.1 |
6.2 |
4.4 |
|
Impairment of goodwill |
- |
- |
0.0 |
- |
- |
|
Stock Based Compensation |
8.2 |
4.0 |
13.0 |
9.5 |
6.1 |
|
Non-cash gain on |
0.0 |
- |
-6.5 |
-6.5 |
-6.5 |
|
Excess Tax Benefit |
-2.6 |
-1.7 |
-5.1 |
-4.4 |
-3.2 |
|
Tax Benefit |
1.5 |
1.0 |
0.3 |
0.3 |
0.2 |
|
Deferred Taxes |
0.1 |
-0.5 |
22.1 |
17.2 |
8.2 |
|
(Gain) loss on disposal of property |
0.2 |
0.0 |
0.3 |
0.2 |
0.6 |
|
Other non-cash expense |
-0.1 |
0.2 |
-0.2 |
-0.1 |
0.0 |
|
Other Adjustment |
- |
- |
- |
0.0 |
- |
|
Accounts Receivable |
11.7 |
9.2 |
-26.2 |
-27.6 |
-20.9 |
|
Inventories |
-5.0 |
2.7 |
-38.6 |
-30.8 |
-21.9 |
|
Prepaid Expenses & Other Assets |
-10.1 |
-7.3 |
-8.1 |
-23.4 |
-14.5 |
|
Other Assets |
0.7 |
-0.5 |
-1.2 |
-4.1 |
-3.5 |
|
Accounts Payable |
-1.3 |
-4.7 |
-0.2 |
4.8 |
5.1 |
|
Income taxes payable/receivable |
-19.9 |
-8.2 |
4.0 |
10.7 |
6.0 |
|
Other Current Liabilities |
1.5 |
-3.1 |
8.7 |
21.1 |
20.9 |
|
Other LT Liabilities |
-0.1 |
0.7 |
2.5 |
4.2 |
2.4 |
|
Cash from Operating Activities |
32.7 |
16.1 |
86.7 |
54.3 |
35.8 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-19.6 |
-8.1 |
-37.1 |
-27.4 |
-16.2 |
|
Prop./Equip./Disp. |
0.0 |
0.0 |
0.4 |
0.3 |
0.0 |
|
Purchase of Invest. |
-146.5 |
-12.6 |
-231.0 |
-172.7 |
-101.4 |
|
Investment in SiOnyx |
- |
- |
0.0 |
0.0 |
- |
|
|
70.9 |
30.2 |
195.6 |
122.5 |
48.3 |
|
Acquisition of businesses, net of cash a |
0.0 |
- |
- |
- |
-14.6 |
|
Restricted Cash |
- |
- |
0.6 |
0.6 |
- |
|
Acquisition of businesses, net of cash a |
- |
- |
-14.1 |
-14.6 |
- |
|
Other-net |
- |
0.0 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-95.2 |
9.5 |
-85.7 |
-91.3 |
-83.9 |
|
|
|
|
|
|
|
|
Repayment of capital lease obligations |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Cash Overdraft |
- |
- |
0.0 |
- |
- |
|
Issuance of common stock under employee |
7.7 |
4.6 |
34.7 |
32.4 |
26.0 |
|
Retirement of restricted common stock |
-4.4 |
-4.4 |
-3.3 |
-3.3 |
-3.2 |
|
Excess Tax Benefit from Stock Based |
2.6 |
1.7 |
5.1 |
4.4 |
3.2 |
|
Short-term repayments |
9.3 |
4.8 |
2.3 |
1.6 |
0.9 |
|
Repayments of short-term borrowing |
-9.3 |
-4.8 |
-2.3 |
-1.6 |
-0.9 |
|
Capital Lse. Repmt. |
- |
- |
0.0 |
- |
- |
|
Repurchase of common stock |
-20.7 |
-20.7 |
-100.6 |
-41.9 |
-27.4 |
|
Cash from Financing Activities |
-14.8 |
-18.8 |
-64.1 |
-8.4 |
-1.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.7 |
-6.2 |
-15.2 |
-0.3 |
4.1 |
|
Net Change in Cash |
-81.0 |
0.6 |
-78.3 |
-45.7 |
-45.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
167.1 |
167.1 |
245.4 |
245.4 |
245.4 |
|
Net Cash - Ending Balance |
86.1 |
167.7 |
167.1 |
199.7 |
200.1 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Cash Taxes Paid |
32.7 |
16.2 |
12.0 |
10.6 |
6.0 |
Geographic Segments
Financials in: As Reported (mil)
|
Annual |
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Business Segments
Financials in: As Reported (mil)
|
Annual |
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Business Segments
Financials in: As Reported (mil)
|
Interim |
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Standard
& Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the
short- and long-term ratings from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal consolidation plan
that Congress and the Administration recently agreed to falls short of what, in
our view, would be necessary to stabilize the government's medium-term debt
dynamics.
·
More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic challenges
to a degree more than we envisioned when we assigned a negative outlook to the
rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in bridging
the gulf between the political parties over fiscal policy, which makes us
pessimistic about the capacity of Congress and the Administration to be able to
leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could lower the
long-term rating to 'AA' within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
The transfer and convertibility
(T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The political brinksmanship of
recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021.
These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In general,
the CBO's "Alternate Fiscal Scenario" assumes a continuation of
recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the
Standard & Poor's
transfer T&C assessment of the
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.