MIRA
INFORM REPORT
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Report Date : |
10.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CALGON CARBON CORPORATION |
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Registered Office : |
P.O. Box 717, Pittsburgh PA 15230 |
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Country : |
United States |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1967 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of other inorganic basic chemicals |
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No. of Employees : |
1,145 |
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RATING & COMMENTS
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MIRAs 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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United States |
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 |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and
most technologically powerful economy in the world, with a per capita GDP of $48,100.
In this market-oriented economy, private individuals and business firms make
most of the decisions, and the federal and state governments buy needed goods
and services predominantly in the private marketplace. US business firms enjoy
greater flexibility than their counterparts in Western Europe and Japan in
decisions to expand capital plant, to lay off surplus workers, and to develop
new products. At the same time, they face higher barriers to enter their
rivals' home markets than foreign firms face entering US markets. US firms are
at or near the forefront in technological advances, especially in computers and
in medical, aerospace, and military equipment; their advantage has narrowed
since the end of World War II. The onrush of technology largely explains the
gradual development of a "two-tier labor market" in which those at
the bottom lack the education and the professional/technical skills of those at
the top and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. Since 1975, practically all the gains in
household income have gone to the top 20% of households. Since 1996, dividends
and capital gains have grown faster than wages or any other category of
after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil
prices doubled between 2001 and 2006, the year home prices peaked; higher
gasoline prices ate into consumers' budgets and many individuals fell behind in
their mortgage payments. Oil prices increased another 50% between 2006 and
2008. In 2008, soaring oil prices threatened inflation and caused a
deterioration in the US merchandise trade deficit, which peaked at $840
billion. In 2009, with the global recession deepening, oil prices dropped 40%
and the US trade deficit shrank, as US domestic demand declined, but in 2011
the trade deficit ramped back up to $803 billion, as oil prices climbed once
more. The global economic downturn, the sub-prime mortgage crisis, investment
bank failures, falling home prices, and tight credit pushed the United States
into a recession by mid-2008. GDP contracted until the third quarter of 2009,
making this the deepest and longest downturn since the Great Depression. To
help stabilize financial markets, in October 2008 the US Congress established a
$700 billion Troubled Asset Relief Program (TARP). The government used some of
these funds to purchase equity in US banks and industrial corporations, much of
which had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP; total government revenues from taxes and other sources are
lower, as a percentage of GDP, than that of most other developed countries. The
wars in Iraq and Afghanistan required major shifts in national resources from
civilian to military purposes and contributed to the growth of the US budget
deficit and public debt - through 2011, the direct costs of the wars totaled
nearly $900 billion, according to US government figures. In March 2010,
President OBAMA signed into law the Patient Protection and Affordable Care Act,
a health insurance reform bill that will extend coverage to an additional 32
million American citizens by 2016, through private health insurance for the
general population and Medicaid for the impoverished. Total spending on health
care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In
July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting
consumers from financial abuses, ending taxpayer bailouts of financial firms,
dealing with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. Long-term problems include
inadequate investment in deteriorating infrastructure, rapidly rising medical
and pension costs of an aging population, sizable current account and budget
deficits - including significant budget shortages for state governments -
energy shortages, and stagnation of wages for lower-income families.
Source
: CIA
Company name and address
Calgon Carbon Corporation
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Business
Description
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Calgon Carbon Corporation is a provider of products, services, and
solutions for purifying water and air. The Company operates in three
reportable segments: the Activated Carbon and Service segment manufactures
granular and powdered activated carbon for use in applications to primarily
remove organic compounds from water, air and other liquids and gases. The
service aspect of the segment consists of reactivation and the leasing,
monitoring and maintenance of carbon adsorption equipment; the Equipment
segment provides solutions to customers’ air and water purification
problems through the design, fabrication, installation, and sale of equipment
systems that utilize a combination of the Company’s enabling technologies:
carbon adsorption, ultraviolet light, Ballast Water Treatment, and advanced
ion exchange separation, and the Consumer segment primarily consists of the
manufacture and sale of carbon cloth. On March 31, 2011 the Company completed
the acquisition of Calgon Carbon Japan KK. For the three months ended 31
March 2012, Calgon Carbon Corporation revenues increased 10% to $136.6M. Net
income decreased 9% to $7.7M. Revenues reflect Equipment segment increase of
77% to $16.1M, Activated Carbon and Service segment increase of 4% to
$117.2M, Consumer Health segment increase of 37% to $3.3M. Net income was
offset by Activated Carbon and Service segment income decrease of 9% to
$17.3M. |
Industry
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Industry |
Chemical Manufacturing |
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ANZSIC 2006: |
1813 - Basic Inorganic Chemical
Manufacturing |
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NACE 2002: |
2413 - Manufacture of other inorganic
basic chemicals |
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NAICS 2002: |
325998 - All Other Miscellaneous Chemical
Product and Preparation Manufacturing |
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UK SIC 2003: |
2413 - Manufacture of other inorganic
basic chemicals |
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UK SIC 2007: |
2013 - Manufacture of other inorganic
basic chemicals |
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US SIC 1987: |
2819 - Industrial Inorganic Chemicals, Not
Elsewhere Classified |
Key Executives (Emails Available)
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Calgon Carbon
Corporation The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More
about Strategic Initiatives
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Key Organizational Changes |
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The China service facility also experienced an issue with the
furnace’s refractory that will delay the start up of this facility until the
second quarter of 2012. The site at North Tonawanda, New York is currently
scheduled to begin operating during the first half of 2012. In addition to
these initiatives, the Company plans to continue increasing its presence
throughout the world. The acquisition of CCJ increases the Company’s
capabilities in the world’s second largest geographical market by country
for activated carbon. In Europe, the Company acquired Zwicky Denmark and
Sweden in 2010, long-term distributors of the Company’s activated carbon
products and provider of services associated with the reactivation of
activated carbon (Refer to Note 2 to the Consolidated Financial Statements
included in Item 8). |
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The site at North Tonawanda, New York is currently scheduled to begin
operating during the first half of 2012. In addition to these initiatives, the
Company plans to continue increasing its presence throughout the world. The
acquisition of CCJ increases the Company’s capabilities in the world’s
second largest geographical market by country for activated carbon. In
Europe, the Company acquired Zwicky Denmark and Sweden in 2010, long-term
distributors of the Company’s activated carbon products and provider of
services associated with the reactivation of activated carbon (Refer to Note
2 to the Consolidated Financial Statements included in Item 8). This
acquisition is consistent with the Company’s strategic initiatives to
accelerate growth in Denmark, Norway, and Sweden and to expand its service
capabilities in Europe outside of the geographic markets it has traditionally
served. |
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The acquisition of CCJ increases the Company’s capabilities in the world’s
second largest geographical market by country for activated carbon. In
Europe, the Company acquired Zwicky Denmark and Sweden in 2010, long-term
distributors of the Company’s activated carbon products and provider of
services associated with the reactivation of activated carbon (Refer to Note
2 to the Consolidated Financial Statements included in Item 8). This
acquisition is consistent with the Company’s strategic initiatives to
accelerate growth in Denmark, Norway, and Sweden and to expand its service
capabilities in Europe outside of the geographic markets it has traditionally
served. We also recently completed a $2.7 million asset acquisition of an
idled reactivation facility in the United Kingdom. This plant, having an
annual capacity of approximately 12 million pounds, will begin undergoing
equipment modifications during the second half of 2012. |
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In January 2012, the company launched New FLUEPAC line of products for
controlling the increasing environmental concern, mercury emissions in the coal-fired
electric power generation market. These products have an ability to minimize
the carbon injection rates by 50 to 70% below that of standard products,
while exceeding the mercury removal requirements. Such new products helps the
company in enhancing its operations.Strategic AcquisitionsIn March 2011, the
company completed the acquisition of Calgon Carbon Japan KK (CCJ), a joint
venture between Calgon Carbon and Mitsubishi Chemical Corporation (MCC). The
ownership of CCJ increases the company’s sales revenue in Asia and adds to
its workforce and infrastructure in Japan. Further, during 2010, the company
has made several strategic acquisitions. |
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The $12.0 million charge from litigation and other contingencies in
2010 includes $6.7 million and $3.3 million related to legal settlements with
ADA-ES and FYEO, respectively, as well as environmental contingencies of $2.0
million (Refer to additional discussion in Note 16 of the Company’s
consolidated financial statements contained in Item 8 of this Annual Report).
Interest income and expense were comparable in 2011 versus 2010. As a result
of the acquisition of Hyde and CCJ, which are more fully described within
Note 2 to the consolidated financial statements included in Item 8, the
Company recorded a gain of $2.7 million in 2010. Other expense – net was
comparable in 2011 versus 2010. The provision for income taxes for 2011 was
$17.2 million as compared to $13.2 million in 2010. |
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Planning |
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In Europe, the Company acquired Zwicky Denmark and Sweden in 2010,
long-term distributors of the Company’s activated carbon products and provider
of services associated with the reactivation of activated carbon (Refer to
Note 2 to the Consolidated Financial Statements included in Item 8). This
acquisition is consistent with the Company’s strategic initiatives to
accelerate growth in Denmark, Norway, and Sweden and to expand its service
capabilities in Europe outside of the geographic markets it has traditionally
served. We also recently completed a $2.7 million asset acquisition of an
idled reactivation facility in the United Kingdom. This plant, having an
annual capacity of approximately 12 million pounds, will begin undergoing
equipment modifications during the second half of 2012. We expect to bring
the plant into operation in 2013. |
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Resource Management |
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In 2009, Phoenix awarded Calgon Carbon a $14.3m contract to provide
the initial virgin carbon for its drinking water plants. John Stanik,
president and CEO of Calgon Carbon, said, “We are very pleased that Calgon
Carbon was selected to move forward with this project. We look forward to
continuing our successful relationship with the city of Phoenix and the other
communities that participated in the selection process. Stanik said,
“The adoption of reactivated carbon to treat drinking water in the US is a
key component of our long-term growth strategy. The city of Phoenix’s
decision to reactivate its carbon confirms the use of custom reactivation as
a safe, cost-effective alternative for municipalities that currently use
virgin GAC.23/05/2011Hyde
Marine Receives Three Contracts For Hyde GUARDIAN Ballast Water Management
SystemsCalgon Carbon Corporation's wholly–owned subsidiary, Hyde Marine,
Inc. (Hyde Marine), has been awarded three contracts to supply a total of 13
Hyde GUARDIAN ballast water treatment (BWT) aystems for use on various
vessels. |
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Overview
Calgon Carbon Corporation (Calgon Carbon) is involved in the manufacture
and supply of activated carbon and innovative treatment systems. It provides
purification systems for drinking water, wastewater, odor control, pollution
abatement and a wide range of industrial and commercial manufacturing
processes. The company’s operations spread across the US, Europe, Asia,
Middle East, Africa, and Latin America. However, the profits of the company
were affected by legal expenses. The company is facing stiff competition from
the other larger players in the industry. Introduction of new products and
strategic acquisitions would increase the opportunity for the company.
Strengths
The company offers a broad range of product, services, and equipment to
its customers through its three business segments namely, Activated Carbon and
Service segment, Equipment segment and Consumer segment. Through Activated
Carbon and Service segment, the company manufactures granular and powdered
activated carbon for usage in the removal of organic compounds from water, air,
and other liquids and gases. It also offers specialty products like Activated
Carbon Cloth (ACC) that are used in filtration, adsorption and separation
applications within the industrial, medical and domestic markets. In addition,
it is also involved in leasing, monitoring and maintenance of carbon adsorption
equipment. The Equipment segment provides a complete line of standardized,
pre-engineered and adsorption systems for air and water purification problems.
In addition, it also customizes design systems for activated carbon, ion
exchange resins or ultraviolet (UV) technologies for the purification,
separation and concentration of liquids or gases. Further, the Consumer segment
consists of the manufacture and sale of carbon cloth, and new consumer products
based on the Calgon’s technologies. Through its diverse offerings, the
company serves various markets including potable water, industrial process,
food, medical, military, environmental water and air, and specialty markets.
The diversified revenue streams reduce the group’s business risks and provide
cross selling opportunities. In addition, it enables the company to tap
opportunities in new as well as within the existing market.
Calgon Carbon has a considerable appetite of technical knowledge and
trade secrets. The company owns 65 US patent applications and patents as well
as 187 patent applications and patents in other countries. The issued US and
foreign patents are set to expire in various years from 2012 through 2032. The
company’s technologies include powdered activated carbon technology for
mercury removal from coal-fired power plant flue gas. Its granular activated
carbon is an established technology in removing disinfection byproducts from
drinking water. This application is capable of producing 700 new activated
carbon potable water treatment systems nationwide. Further, the company’s
Sentinel UV Disinfection Systems provide an effective and cost-efficient
obstruction against Cryptosporidium and other waterborne pathogens without
generating any disinfection byproducts. The proprietary ISEP, continuous ion
exchange units are used for the purification and recovery of many products in
the food, pharmaceutical, and biotechnology industries. Such patents and proven
technologies give the company a position of a technological leader in solving
customers' problems with its products, services and equipments.
The company has a strong International presence with its operations
spread across several continents. The company operates in the US, Europe, Asia,
Middle East, Africa, Latin America, the Far East, Australia and New Zealand
through its well developed network of offices, agents and distributors. It has
a direct sales force in the US with offices in Pittsburgh, Pennsylvania; Santa
Fe Springs, California; and Marlton, New Jersey. The company offers the
activated carbon related products in Canada, Brazil, and Mexico through distributor
relationships and maintains offices in Sao Paulo, Brazil and Mexico City,
Mexico. Calgon Carbon also has offices in Singapore; Beijing and Shanghai,
China; Taipei, Taiwan; and Tokyo, Japan to manage sales of the Asia Pacific
Region. In Europe, the company has sales offices in Feluy, Belgium; Ashton and
Houghton Le Spring, United Kingdom; Paris, France; Gothenburg, Sweden;
Copenhagen, Denmark and Beverungen, Germany. In other parts of the world, the
company operates through a network of agents and distributors. Global presence
reduces the company’s dependency on limited geography and gives a better
platform to progress.
Weaknesses
The company is subject to various legal proceedings, lawsuits and
claims, including employment, product warranty and environmental matters of the
nature considered normal to its business. For instance, For Your Ease Only
(FYEO) filed suit against the company regarding patent covering anti-tarnish
jewelry boxes in the U.S. District Court for the Northern District of Illinois.
The case was resolved recently where Calgon Carbon has to pay $4.3m in exchange
of FYEO’s withdrawing lawsuit against the company. Further, on July 2010, the
company received an adverse verdict against ADA-ES, Inc. from the United States
district court for the Western district of Pennsylvania. Litigation concerned
ADA-ES's claim that the company had earned a commission, for the contract based
on a memorandum of understanding with a major US power generator for the supply
of powdered activated carbon for the removal of mercury from flue gas. ADA-ES's
claim was awarded a $12m consisting of $3m for past and $9m for future damages
as per the district court. ADA-ES cash reached a settlement under which Calgon
Carbon has to pay $7.2m to ADA-ES. Such adverse outcome from lawsuits has a
material impact on the results of operations and financial position of the
company.
Opportunities
Growing Global Demand for Power
In the activated carbon and service segment, the company manufactures
and sells granular activated carbon that can be used in applications to remove
organic compounds from water, air, and other liquids and gases by a process
known as adsorption. According to 2011 Energy Information Administration (EIA)
report, world demand for electricity is expected to increase 2.3% per year
during the forecast period 2008 to 2035. To meet the rising demand, world net
electricity generation is expected to increase 84% during the forecast period
2008-2035, growing from 19.1 trillion kilo watt hours (kWh) in 2008 to 35.2
trillion kWh in 2035. Global economic recession slowed the rate of growth in
electricity use in 2008 and 2009, however, worldwide electricity demand
increased by around 5.4% in 2010, and non-OECD countries electricity demand
increased by around 9.5% in the same year. In 2008, non-OECD nations consumed
around 47% of the world’s total electricity, and their share of world
consumption would grow during the projection period and by 2035, non-OECD
nations would account for almost 60% of world electricity use. According to
EIA, total net electricity generation in non-OECD nations is expected to
increase by around 3.3% annually, which would be supported by 4% annual
increase in electricity generation in non-OECD Asia (including China and India)
during the forecast period. During the forecast period, total net generation in
the OECD nations is expected to grow by around 1.2% per year. Such growth
figures provide growth opportunities for the company particularly in non-OECD
nations to develop its market share.
The company provides services and solutions for making water and air
safer and cleaner. In January 2012, the company launched New FLUEPAC line of
products for controlling the increasing environmental concern, mercury emissions
in the coal-fired electric power generation market. These products have an
ability to minimize the carbon injection rates by 50 to 70% below that of
standard products, while exceeding the mercury removal requirements. Such new
products helps the company in enhancing its operations.
In March 2011, the company completed the acquisition of Calgon Carbon
Japan KK (CCJ), a joint venture between Calgon Carbon and Mitsubishi Chemical
Corporation (MCC). The ownership of CCJ increases the company’s sales revenue
in Asia and adds to its workforce and infrastructure in Japan. Further, during
2010, the company has made several strategic acquisitions. The company in
cooperation with Chemviron Carbon, acquired Zwicky Denmark and Sweden, a
long-term distributors of activated carbon products and providers of services
associated with the reactivation of activated carbon for Chemviron Carbon. This
acquisition is expected to boost the sales growth in Denmark, Norway and
Sweden, and would expand its service capabilities within the Europe. In January
2010, the company also acquired Hyde Marine, a manufacturer of systems that
utilize ultraviolet light technology to treat marine ballast water. Such
strategic acquisitions give an opportunity for the company to expand its
operations and improve its financial performance.
Threats
Stringent Government Regulations
The company is exposed to various government regulations related to its
business operations. The industry is regulated by different government and
other regulators including NGO, independent organization and research
institutions. The water treatment systems of the company require meeting
various standards set forward by different regulators. Further, the company has
operations across the world, which also increase the level of regulatory
pressures as it has to follow different standards across all countries. The
company may have to restructure its operations if it is unable to stand up to
the regulations. The company’s business may be affected if it is unable to
meet any of the regulations across different geographical regions.
Apart from the fierce competition from various national and
international companies, it also faces competition from imported products from foreign
countries. In the recent years there has been a sharp rise in the imports of
activated carbon products in the U.S. and European countries from Chinese or
other foreign manufacturer. Most of these imports are at low prices which are
readily accepted by the consumers as they have been sold at less than fair
value in the market. The increase in low cost imports puts immense pressure on
the company to reduce their prices, which may not be possible in lieu of
increase in raw material costs. If the imports of the low cost carbons continue
then it may decline the total sales of the company, which in turn will affect
the profitability of the company.
The company faces immense competition for its products in the worldwide
market. Some of its principal competitors with respect to activated
carbon-related products include Norit, N.V., Mead/Westvaco Corporation and
Siemens Water Technologies. Its other competitors in this category include
Chinese producers of coal-based activated carbon and East Asian producers of
coconut-based activated carbon. These competitors sell principally through
numerous resellers and operate through out the globe. The company’s activated
carbon business also competes with alternative technologies for purification,
filtration, and extraction processes that do not use activated carbons. With
respect to other products of the company such as reactivation services and
carbon equipment, the company faces competition from several small regional
companies in the US and Europe. Its UV technologies product line faces
competition from Trojan Technologies and Wedeco Ideal Horizons. Most of the
company’s competitors in each of its products categories are major
manufacturers and diversified companies with stronger financial resources as
compared to the company. As a result of having fewer resources than these
competitors, the company may lose its customers to these competitors.
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Corporate Structure News
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Calgon Carbon
Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Pittsburgh, PA |
United States |
Chemical Manufacturing |
541.5 |
1,145 |
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Subsidiary |
Feluy |
Belgium |
Chemical Manufacturing |
40.0 |
220 |
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Branch |
Catlettsburg, KY |
United States |
Chemical Manufacturing |
96.1 |
175 |
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Subsidiary |
Grays |
United Kingdom |
Chemical Manufacturing |
43.8 |
100 |
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UK Branch/Trading address |
Wigan |
United Kingdom |
Chemical Manufacturing |
43.8 |
80 |
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Subsidiary |
Houghton Le Spring |
United Kingdom |
Nonclassifiable Industries |
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35 |
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Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Wigan |
United Kingdom |
Chemical Manufacturing |
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Subsidiary |
London |
United Kingdom |
Miscellaneous Fabricated Products |
0.2 |
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Subsidiary |
London |
United Kingdom |
Chemical Manufacturing |
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Subsidiary |
London |
United Kingdom |
Personal Services |
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UK Branch/Trading address |
Wigan |
United Kingdom |
Personal Services |
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Subsidiary |
London |
United Kingdom |
Personal Services |
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Subsidiary |
London |
United Kingdom |
Textiles - Non Apparel |
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Branch |
Pittsburgh, PA |
United States |
Chemical Manufacturing |
33.2 |
68 |
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Branch |
Bay St Louis, MS |
United States |
Chemical Manufacturing |
30.7 |
56 |
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Joint Venture |
Tokyo |
Japan |
Electronic Instruments and Controls |
67.0 |
50 |
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Subsidiary |
Columbus, OH |
United States |
Chemical Manufacturing |
26.9 |
49 |
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Branch |
Santa Fe Springs, CA |
United States |
Biotechnology and Drugs |
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20 |
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Branch |
Marlton, NJ |
United States |
Chemical Manufacturing |
8.2 |
15 |
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Branch |
Blue Lake, CA |
United States |
Chemical Manufacturing |
6.3 |
13 |
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Division |
Vero Beach, FL |
United States |
Chemical Manufacturing |
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13 |
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Branch |
Rockdale, IL |
United States |
Business Services |
1.6 |
12 |
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Branch |
Downingtown, PA |
United States |
Biotechnology and Drugs |
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6 |
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Branch |
Stockton, CA |
United States |
Chemical Manufacturing |
5.0 |
5 |
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Branch |
Bend, OR |
United States |
Chemical Manufacturing |
5.0 |
5 |
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Branch |
Vacaville, CA |
United States |
Business Services |
0.4 |
3 |
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Branch |
Mt Laurel, NJ |
United States |
Retail (Specialty) |
0.2 |
1 |
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Subsidiary |
Coraopolis, PA |
United States |
Water Transportation |
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Executives Report
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Significant Developments
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|
|
Annual Income
Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
541.5 |
482.3 |
411.9 |
400.3 |
351.1 |
|
Revenue |
541.5 |
482.3 |
411.9 |
400.3 |
351.1 |
|
Total Revenue |
541.5 |
482.3 |
411.9 |
400.3 |
351.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
364.4 |
316.9 |
266.6 |
266.9 |
242.3 |
|
Cost of Revenue, Total |
364.4 |
316.9 |
266.6 |
266.9 |
242.3 |
|
Gross Profit |
177.1 |
165.5 |
145.3 |
133.4 |
108.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
87.9 |
77.6 |
67.3 |
63.9 |
61.3 |
|
Total Selling/General/Administrative Expenses |
87.9 |
77.6 |
67.3 |
63.9 |
61.3 |
|
Research & Development |
7.9 |
7.5 |
5.5 |
4.1 |
3.7 |
|
Depreciation |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Depreciation/Amortization |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Litigation |
-0.3 |
12.0 |
1.0 |
0.3 |
- |
|
Other Unusual Expense (Income) |
0.0 |
-2.7 |
0.9 |
-0.3 |
0.0 |
|
Unusual Expense (Income) |
-0.3 |
9.3 |
1.9 |
-0.1 |
0.0 |
|
Total Operating Expense |
484.2 |
433.4 |
359.4 |
351.5 |
324.6 |
|
|
|
|
|
|
|
|
Operating Income |
57.2 |
49.0 |
52.5 |
48.8 |
26.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
0.0 |
0.0 |
-0.3 |
-6.0 |
-8.7 |
|
Interest Capitalized -
Non-Operating |
- |
- |
- |
- |
0.2 |
|
Interest Expense, Net Non-Operating |
0.0 |
0.0 |
-0.3 |
-6.0 |
-8.5 |
|
Interest Income - Non-Operating |
0.5 |
0.4 |
0.5 |
1.5 |
1.7 |
|
Interest/Investment Income - Non-Operating |
0.5 |
0.4 |
0.5 |
1.5 |
1.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.5 |
0.3 |
0.2 |
-4.5 |
-6.8 |
|
Other Non-Operating Income (Expense) |
-1.3 |
-1.4 |
-3.1 |
-2.2 |
-1.4 |
|
Other, Net |
-1.3 |
-1.4 |
-3.1 |
-2.2 |
-1.4 |
|
Income Before Tax |
56.4 |
47.9 |
49.6 |
42.0 |
18.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
17.2 |
13.2 |
11.8 |
14.0 |
6.6 |
|
Income After Tax |
39.2 |
34.7 |
37.9 |
28.0 |
11.6 |
|
|
|
|
|
|
|
|
Equity In Affiliates |
0.0 |
0.1 |
1.3 |
0.9 |
2.0 |
|
Net Income Before Extraord Items |
39.2 |
34.9 |
39.2 |
28.8 |
13.6 |
|
Discontinued Operations |
- |
0.0 |
0.0 |
2.8 |
-0.2 |
|
Total Extraord Items |
- |
0.0 |
0.0 |
2.8 |
-0.2 |
|
Net Income |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
39.2 |
34.9 |
39.2 |
28.8 |
13.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
56.2 |
55.9 |
54.8 |
44.7 |
39.8 |
|
Basic EPS Excl Extraord Items |
0.70 |
0.62 |
0.72 |
0.65 |
0.34 |
|
Basic/Primary EPS Incl Extraord Items |
0.70 |
0.62 |
0.72 |
0.71 |
0.34 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
Diluted Weighted Average Shares |
57.0 |
56.7 |
56.5 |
53.4 |
50.6 |
|
Diluted EPS Excl Extraord Items |
0.69 |
0.61 |
0.69 |
0.54 |
0.27 |
|
Diluted EPS Incl Extraord Items |
0.69 |
0.61 |
0.69 |
0.59 |
0.27 |
|
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 |
0.3 |
6.0 |
8.5 |
|
Interest Capitalized, Supplemental |
-1.0 |
-0.4 |
-0.4 |
-0.4 |
-0.2 |
|
Depreciation, Supplemental |
22.6 |
20.1 |
16.9 |
15.1 |
15.5 |
|
Total Special Items |
-0.3 |
9.3 |
1.9 |
-0.1 |
0.0 |
|
Normalized Income Before Tax |
56.1 |
57.2 |
51.5 |
41.9 |
18.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.1 |
2.6 |
0.4 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
17.1 |
15.7 |
12.2 |
14.0 |
6.6 |
|
Normalized Income After Tax |
39.0 |
41.5 |
39.3 |
27.9 |
11.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
39.0 |
41.6 |
40.6 |
28.8 |
13.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.69 |
0.75 |
0.74 |
0.64 |
0.34 |
|
Diluted Normalized EPS |
0.68 |
0.73 |
0.72 |
0.54 |
0.27 |
|
Amort of Intangibles, Supplemental |
1.8 |
2.0 |
1.3 |
1.5 |
1.8 |
|
Rental Expenses |
9.1 |
8.9 |
8.1 |
7.3 |
5.7 |
|
Research & Development Exp, Supplemental |
7.9 |
7.5 |
5.5 |
4.1 |
3.7 |
|
Normalized EBIT |
56.9 |
58.3 |
54.4 |
48.7 |
26.6 |
|
Normalized EBITDA |
81.3 |
80.4 |
72.6 |
65.3 |
43.9 |
|
Current Tax - Domestic |
3.3 |
4.9 |
6.0 |
11.8 |
1.1 |
|
Current Tax - Foreign |
0.0 |
2.5 |
2.4 |
3.7 |
3.4 |
|
Current Tax - Local |
0.5 |
0.9 |
0.9 |
0.8 |
0.0 |
|
Current Tax - Total |
3.8 |
8.3 |
9.4 |
16.3 |
4.5 |
|
Deferred Tax - Domestic |
13.0 |
4.2 |
1.9 |
-2.3 |
-0.5 |
|
Deferred Tax - Foreign |
-0.3 |
0.3 |
0.1 |
-0.4 |
2.3 |
|
Deferred Tax - Local |
0.6 |
0.3 |
0.3 |
0.4 |
0.3 |
|
Deferred Tax - Total |
13.4 |
4.8 |
2.4 |
-2.3 |
2.1 |
|
Income Tax - Total |
17.2 |
13.2 |
11.8 |
14.0 |
6.6 |
|
Interest Cost - Domestic |
4.9 |
4.9 |
4.8 |
4.8 |
4.7 |
|
Service Cost - Domestic |
1.0 |
0.9 |
0.8 |
1.0 |
1.1 |
|
Prior Service Cost - Domestic |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Expected Return on Assets - Domestic |
-6.7 |
-5.6 |
-3.8 |
-5.4 |
-5.0 |
|
Curtailments & Settlements - Domestic |
- |
0.0 |
0.0 |
-0.5 |
-0.4 |
|
Other Pension, Net - Domestic |
1.7 |
1.4 |
1.9 |
0.4 |
0.4 |
|
Domestic Pension Plan Expense |
1.1 |
1.7 |
3.9 |
0.5 |
1.0 |
|
Interest Cost - Foreign |
1.9 |
1.8 |
1.9 |
2.1 |
1.9 |
|
Service Cost - Foreign |
0.2 |
0.5 |
0.5 |
0.8 |
0.8 |
|
Expected Return on Assets - Foreign |
-1.4 |
-1.3 |
-1.2 |
-1.5 |
-1.4 |
|
Other Pension, Net - Foreign |
0.3 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Foreign Pension Plan Expense |
0.9 |
1.1 |
1.3 |
1.5 |
1.4 |
|
Defined Contribution Expense - Domestic |
1.8 |
1.8 |
1.8 |
2.0 |
1.9 |
|
Total Pension Expense |
3.8 |
4.6 |
7.0 |
4.0 |
4.3 |
|
Discount Rate - Domestic |
5.26% |
5.75% |
6.06% |
6.23% |
5.93% |
|
Discount Rate - Foreign |
5.35% |
5.51% |
5.51% |
5.63% |
4.89% |
|
Expected Rate of Return - Domestic |
8.00% |
8.00% |
8.00% |
8.00% |
8.00% |
|
Expected Rate of Return - Foreign |
6.03% |
6.32% |
6.30% |
6.25% |
6.45% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate - Foreign |
3.50% |
4.22% |
3.97% |
4.08% |
3.90% |
|
Total Plan Interest Cost |
6.9 |
6.7 |
6.7 |
6.9 |
6.5 |
|
Total Plan Service Cost |
1.2 |
1.4 |
1.3 |
1.8 |
1.9 |
|
Total Plan Expected Return |
-8.1 |
-6.9 |
-5.0 |
-6.9 |
-6.4 |
|
Total Plan Other Expense |
2.0 |
1.6 |
2.1 |
0.5 |
0.5 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
13.6 |
34.0 |
38.0 |
16.8 |
30.3 |
|
Cash and Short Term Investments |
13.6 |
34.0 |
38.0 |
16.8 |
30.3 |
|
Accounts Receivable -
Trade, Gross |
103.7 |
96.1 |
63.7 |
63.9 |
58.0 |
|
Provision for Doubtful
Accounts |
-1.2 |
-1.7 |
-2.0 |
-1.6 |
-2.8 |
|
Trade Accounts Receivable - Net |
102.5 |
94.4 |
64.3 |
64.5 |
57.5 |
|
Total Receivables, Net |
102.5 |
94.4 |
64.3 |
64.5 |
57.5 |
|
Inventories - Finished Goods |
89.7 |
77.5 |
61.9 |
66.5 |
59.0 |
|
Inventories - Raw Materials |
28.6 |
24.2 |
22.7 |
27.2 |
22.3 |
|
Total Inventory |
118.3 |
101.7 |
84.6 |
93.7 |
81.3 |
|
Restricted Cash - Current |
1.2 |
1.2 |
5.6 |
0.0 |
- |
|
Deferred Income Tax - Current Asset |
19.2 |
19.7 |
15.9 |
8.9 |
9.2 |
|
Other Current Assets |
23.1 |
21.2 |
13.4 |
16.7 |
11.3 |
|
Other Current Assets, Total |
43.5 |
42.0 |
34.9 |
25.6 |
20.5 |
|
Total Current Assets |
277.9 |
272.0 |
221.8 |
200.6 |
189.7 |
|
|
|
|
|
|
|
|
Buildings |
45.4 |
40.7 |
33.4 |
29.8 |
29.4 |
|
Land/Improvements |
21.9 |
21.6 |
13.0 |
12.8 |
13.4 |
|
Machinery/Equipment |
426.3 |
395.6 |
395.1 |
338.8 |
341.6 |
|
Construction in
Progress |
61.7 |
35.0 |
15.8 |
25.7 |
10.0 |
|
Property/Plant/Equipment - Gross |
555.3 |
492.9 |
457.3 |
407.1 |
394.4 |
|
Accumulated Depreciation |
-320.7 |
-306.1 |
-302.2 |
-284.2 |
-288.9 |
|
Property/Plant/Equipment - Net |
234.5 |
186.8 |
155.1 |
123.0 |
105.5 |
|
Goodwill, Net |
26.8 |
26.9 |
26.9 |
26.3 |
27.8 |
|
Intangibles - Gross |
21.6 |
20.9 |
15.1 |
15.5 |
15.8 |
|
Accumulated Intangible Amortization |
-14.0 |
-12.3 |
-10.3 |
-9.6 |
-8.0 |
|
Intangibles, Net |
7.6 |
8.6 |
4.7 |
5.9 |
7.8 |
|
LT Investment - Affiliate Companies |
- |
0.2 |
11.0 |
11.7 |
8.6 |
|
Long Term Investments |
- |
0.2 |
11.0 |
11.7 |
8.6 |
|
Deferred Income Tax - Long Term Asset |
2.8 |
2.4 |
2.6 |
13.1 |
6.4 |
|
Other Long Term Assets |
3.3 |
4.6 |
3.5 |
6.6 |
2.3 |
|
Other Long Term Assets, Total |
6.1 |
6.9 |
6.1 |
19.7 |
8.8 |
|
Total Assets |
553.0 |
501.6 |
425.7 |
387.3 |
348.1 |
|
|
|
|
|
|
|
|
Payable/Accrued |
72.4 |
65.9 |
44.8 |
39.6 |
39.4 |
|
Accrued Expenses |
12.2 |
11.0 |
9.5 |
10.7 |
10.6 |
|
Notes Payable/Short Term Debt |
22.9 |
21.4 |
0.0 |
1.6 |
1.5 |
|
Current Portion - Long Term Debt/Capital Leases |
3.4 |
3.2 |
0.0 |
7.9 |
62.5 |
|
Income Taxes Payable |
0.9 |
0.7 |
3.2 |
1.1 |
1.9 |
|
Other Current Liabilities |
4.2 |
3.0 |
4.5 |
4.6 |
3.7 |
|
Other Current liabilities, Total |
5.1 |
3.6 |
7.7 |
5.7 |
5.7 |
|
Total Current Liabilities |
116.0 |
105.2 |
62.0 |
65.5 |
119.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
1.1 |
3.7 |
0.0 |
0.0 |
12.9 |
|
Total Long Term Debt |
1.1 |
3.7 |
0.0 |
0.0 |
12.9 |
|
Total Debt |
27.4 |
28.4 |
0.0 |
9.5 |
76.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
14.8 |
7.0 |
0.2 |
0.2 |
1.4 |
|
Deferred Income Tax |
14.8 |
7.0 |
0.2 |
0.2 |
1.4 |
|
Minority Interest |
0.0 |
0.3 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
44.0 |
42.5 |
56.4 |
68.2 |
41.8 |
|
Other Liabilities, Total |
44.0 |
42.5 |
56.4 |
68.2 |
41.8 |
|
Total Liabilities |
175.9 |
158.6 |
118.6 |
134.0 |
175.9 |
|
|
|
|
|
|
|
|
Common Stock |
0.6 |
0.6 |
0.6 |
0.6 |
0.4 |
|
Common Stock |
0.6 |
0.6 |
0.6 |
0.6 |
0.4 |
|
Additional Paid-In Capital |
174.1 |
169.3 |
164.2 |
153.8 |
77.3 |
|
Retained Earnings (Accumulated Deficit) |
247.2 |
208.0 |
173.2 |
134.0 |
104.9 |
|
Treasury Stock - Common |
-31.3 |
-30.9 |
-29.9 |
-28.6 |
-27.4 |
|
Translation Adjustment |
15.9 |
17.0 |
20.6 |
17.1 |
21.8 |
|
Minimum Pension Liability Adjustment |
-28.7 |
-19.6 |
-19.5 |
-22.7 |
-4.8 |
|
Other Comprehensive Income |
-0.8 |
-1.5 |
-2.1 |
-0.8 |
-0.1 |
|
Other Equity, Total |
-13.5 |
-4.1 |
-1.0 |
-6.5 |
17.0 |
|
Total Equity |
377.1 |
343.0 |
307.1 |
253.3 |
172.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
553.0 |
501.6 |
425.7 |
387.3 |
348.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
56.3 |
55.9 |
55.5 |
54.1 |
40.2 |
|
Total Common Shares Outstanding |
56.3 |
55.9 |
55.5 |
54.1 |
40.2 |
|
Treasury Shares - Common Stock Primary Issue |
3.1 |
3.1 |
3.0 |
2.9 |
2.8 |
|
Employees |
1,145 |
1,070 |
953 |
943 |
868 |
|
Number of Common Shareholders |
1,435 |
1,262 |
1,297 |
1,325 |
1,345 |
|
Accumulated Intangible Amort, Suppl. |
14.0 |
12.3 |
10.3 |
9.6 |
8.0 |
|
Total Long Term Debt, Supplemental |
4.5 |
6.9 |
8.6 |
8.8 |
12.9 |
|
Long Term Debt Maturing within 1 Year |
3.4 |
3.2 |
2.1 |
2.9 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
0.8 |
3.0 |
2.9 |
0.0 |
2.9 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
0.8 |
2.9 |
5.9 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
0.0 |
0.7 |
0.0 |
10.0 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
0.9 |
3.7 |
5.7 |
5.9 |
2.9 |
|
Long Term Debt Maturing in 4-5 Years |
0.1 |
0.0 |
0.7 |
0.0 |
10.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
27.2 |
29.3 |
30.9 |
31.1 |
17.6 |
|
Operating Lease Payments Due in Year 1 |
6.9 |
7.6 |
6.3 |
5.7 |
3.7 |
|
Operating Lease Payments Due in Year 2 |
5.7 |
6.3 |
5.7 |
5.1 |
3.0 |
|
Operating Lease Payments Due in Year 3 |
5.0 |
5.3 |
5.1 |
4.5 |
2.4 |
|
Operating Lease Payments Due in Year 4 |
3.1 |
4.7 |
4.8 |
4.2 |
1.9 |
|
Operating Lease Payments Due in Year 5 |
2.0 |
2.5 |
4.4 |
3.8 |
1.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
10.7 |
11.7 |
10.8 |
9.6 |
5.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
5.2 |
7.2 |
9.2 |
8.0 |
3.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
4.4 |
2.8 |
4.7 |
7.8 |
4.7 |
|
Pension Obligation - Domestic |
106.1 |
95.5 |
87.1 |
81.3 |
76.8 |
|
Pension Obligation - Foreign |
33.5 |
34.8 |
36.2 |
30.9 |
36.4 |
|
Plan Assets - Domestic |
83.0 |
83.5 |
65.7 |
47.2 |
65.8 |
|
Plan Assets - Foreign |
24.4 |
22.8 |
21.8 |
17.3 |
23.1 |
|
Funded Status - Domestic |
-23.2 |
-11.9 |
-21.4 |
-34.1 |
-11.0 |
|
Funded Status - Foreign |
-9.1 |
-11.9 |
-14.4 |
-13.7 |
-13.2 |
|
Accumulated Obligation - Domestic |
101.5 |
90.3 |
82.3 |
77.2 |
72.0 |
|
Accumulated Obligation - Foreign |
32.7 |
34.0 |
33.3 |
28.3 |
32.5 |
|
Total Funded Status |
-32.2 |
-23.8 |
-35.8 |
-47.8 |
-24.2 |
|
Discount Rate - Domestic |
4.67% |
5.26% |
5.79% |
6.06% |
6.15% |
|
Discount Rate - Foreign |
5.00% |
5.35% |
5.48% |
5.69% |
5.68% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate - Foreign |
3.50% |
3.50% |
4.34% |
4.03% |
4.29% |
|
Accrued Liabilities - Domestic |
-23.2 |
-11.9 |
-21.4 |
-34.1 |
-11.0 |
|
Accrued Liabilities - Foreign |
-9.1 |
-11.9 |
-14.4 |
-13.7 |
-13.2 |
|
Other Assets, Net - Domestic |
43.6 |
27.3 |
25.9 |
32.0 |
5.4 |
|
Other Assets, Net - Foreign |
1.5 |
3.2 |
4.4 |
3.7 |
1.2 |
|
Net Assets Recognized on Balance Sheet |
12.9 |
6.7 |
-5.5 |
-12.2 |
-17.7 |
|
Equity % - Domestic |
64.21% |
66.60% |
68.55% |
69.90% |
74.30% |
|
Equity % - Foreign |
24.83% |
29.71% |
36.45% |
33.50% |
41.70% |
|
Debt Securities % - Domestic |
33.00% |
32.19% |
29.80% |
30.10% |
25.10% |
|
Debt Securities % - Foreign |
61.78% |
56.14% |
49.58% |
50.70% |
42.20% |
|
Real Estate % - Foreign |
7.14% |
7.17% |
7.16% |
- |
- |
|
Other Investments % - Domestic |
2.79% |
1.21% |
1.65% |
- |
0.60% |
|
Other Investments % - Foreign |
- |
- |
6.81% |
15.80% |
16.10% |
|
Total Plan Obligations |
139.6 |
130.2 |
123.3 |
112.3 |
113.1 |
|
Total Plan Assets |
107.4 |
106.4 |
87.5 |
64.5 |
88.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
Depreciation |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Depreciation/Depletion |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Deferred Taxes |
13.4 |
4.8 |
2.4 |
-0.7 |
2.0 |
|
Unusual Items |
0.0 |
-2.7 |
1.5 |
4.1 |
0.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
-0.1 |
-1.3 |
-0.9 |
-2.0 |
|
Other Non-Cash Items |
4.7 |
4.7 |
8.2 |
5.8 |
10.4 |
|
Non-Cash Items |
4.7 |
1.9 |
8.4 |
9.1 |
8.4 |
|
Accounts Receivable |
-6.4 |
-9.5 |
2.2 |
-10.0 |
-1.1 |
|
Inventories |
-15.0 |
-3.2 |
10.7 |
-14.9 |
-9.6 |
|
Other Assets |
-2.3 |
-6.9 |
6.0 |
-2.1 |
0.3 |
|
Payable/Accrued |
7.7 |
2.9 |
3.1 |
2.6 |
5.4 |
|
Other Liabilities |
-8.1 |
-14.3 |
-12.3 |
-6.2 |
-7.8 |
|
Other Operating Cash Flow |
-4.5 |
1.2 |
1.3 |
-0.5 |
1.1 |
|
Changes in Working Capital |
-28.6 |
-29.9 |
11.0 |
-31.1 |
-11.7 |
|
Cash from Operating Activities |
53.0 |
33.8 |
79.1 |
25.6 |
29.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-72.1 |
-47.2 |
-48.3 |
-33.0 |
-11.8 |
|
Capital Expenditures |
-72.1 |
-47.2 |
-48.3 |
-33.0 |
-11.8 |
|
Acquisition of Business |
0.0 |
-2.1 |
0.0 |
- |
- |
|
Sale of Fixed Assets |
0.0 |
0.5 |
0.0 |
0.9 |
0.5 |
|
Other Investing Cash Flow |
2.2 |
4.4 |
-5.6 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
2.2 |
2.8 |
-5.6 |
0.9 |
0.5 |
|
Cash from Investing Activities |
-69.9 |
-44.4 |
-53.8 |
-32.1 |
-11.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
0.6 |
-0.3 |
2.1 |
0.9 |
|
Financing Cash Flow Items |
-0.1 |
0.6 |
-0.3 |
2.1 |
0.9 |
|
Sale/Issuance of
Common |
2.1 |
2.0 |
1.0 |
5.1 |
3.1 |
|
Repurchase/Retirement
of Common |
-0.4 |
-1.0 |
-1.3 |
-1.2 |
-0.2 |
|
Common Stock, Net |
1.7 |
1.1 |
-0.3 |
3.9 |
2.9 |
|
Issuance (Retirement) of Stock, Net |
1.7 |
1.1 |
-0.3 |
3.9 |
2.9 |
|
Long Term Debt Issued |
179.9 |
58.3 |
37.5 |
0.0 |
1.5 |
|
Long Term Debt
Reduction |
-181.9 |
-55.2 |
-42.0 |
-11.0 |
0.0 |
|
Long Term Debt, Net |
-2.0 |
3.1 |
-4.5 |
-11.0 |
1.5 |
|
Issuance (Retirement) of Debt, Net |
-2.0 |
3.1 |
-4.5 |
-11.0 |
1.5 |
|
Cash from Financing Activities |
-0.5 |
4.7 |
-5.1 |
-4.9 |
5.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.0 |
1.9 |
1.2 |
-2.1 |
1.2 |
|
Net Change in Cash |
-20.4 |
-4.0 |
21.3 |
-13.6 |
24.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.0 |
38.0 |
16.8 |
30.3 |
5.6 |
|
Net Cash - Ending Balance |
13.6 |
34.0 |
38.0 |
16.8 |
30.3 |
|
Cash Interest Paid |
0.8 |
0.4 |
0.5 |
4.8 |
5.3 |
|
Cash Taxes Paid |
11.1 |
16.0 |
3.8 |
15.3 |
1.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
541.5 |
478.9 |
398.4 |
390.1 |
341.5 |
|
Net sales to related parties |
0.0 |
3.4 |
13.5 |
10.2 |
9.6 |
|
Total Revenue |
541.5 |
482.3 |
411.9 |
400.3 |
351.1 |
|
|
|
|
|
|
|
|
Cost of Products Sold |
364.4 |
316.9 |
266.6 |
266.9 |
242.3 |
|
Depreciation |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Selling, Administrative & Research |
87.9 |
77.6 |
67.3 |
63.9 |
61.3 |
|
Research/Devel. |
7.9 |
7.5 |
5.5 |
4.1 |
3.7 |
|
Litigation & Other Cointigencies |
-0.3 |
12.0 |
1.0 |
0.3 |
- |
|
Gain on AST settlement (Note 16) |
- |
0.0 |
0.0 |
-9.3 |
0.0 |
|
Gain on acquisitions |
0.0 |
-2.7 |
0.0 |
- |
- |
|
Loss on debt extinguishment |
0.0 |
0.0 |
0.9 |
8.9 |
0.0 |
|
Total Operating Expense |
484.2 |
433.4 |
359.4 |
351.5 |
324.6 |
|
|
|
|
|
|
|
|
Interest Income |
0.5 |
0.4 |
0.5 |
1.5 |
1.7 |
|
Interest expense |
0.0 |
0.0 |
-0.3 |
-6.0 |
-8.7 |
|
Other expense - Net |
-1.3 |
-1.4 |
-3.1 |
-2.2 |
-1.4 |
|
Interest capitalised |
- |
- |
- |
- |
0.2 |
|
Net Income Before Taxes |
56.4 |
47.9 |
49.6 |
42.0 |
18.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
17.2 |
13.2 |
11.8 |
14.0 |
6.6 |
|
Net Income After Taxes |
39.2 |
34.7 |
37.9 |
28.0 |
11.6 |
|
|
|
|
|
|
|
|
Equity in Income from Equity Investments |
0.0 |
0.1 |
1.3 |
0.9 |
2.0 |
|
Net Income Before Extra. Items |
39.2 |
34.9 |
39.2 |
28.8 |
13.6 |
|
Income from discontinued operations, net |
- |
0.0 |
0.0 |
2.8 |
-0.2 |
|
Net Income |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
39.2 |
34.9 |
39.2 |
28.8 |
13.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
56.2 |
55.9 |
54.8 |
44.7 |
39.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.70 |
0.62 |
0.72 |
0.65 |
0.34 |
|
Basic EPS Including ExtraOrdinary Item |
0.70 |
0.62 |
0.72 |
0.71 |
0.34 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
Diluted Weighted Average Shares |
57.0 |
56.7 |
56.5 |
53.4 |
50.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.69 |
0.61 |
0.69 |
0.54 |
0.27 |
|
Diluted EPS Including ExtraOrd Items |
0.69 |
0.61 |
0.69 |
0.59 |
0.27 |
|
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 |
56.1 |
57.2 |
51.5 |
41.9 |
18.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
17.1 |
15.7 |
12.2 |
14.0 |
6.6 |
|
Normalized Income After Taxes |
39.0 |
41.5 |
39.3 |
27.9 |
11.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
39.0 |
41.6 |
40.6 |
28.8 |
13.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.69 |
0.74 |
0.74 |
0.64 |
0.34 |
|
Diluted Normalized EPS |
0.68 |
0.73 |
0.72 |
0.54 |
0.27 |
|
Research & Development Exp |
7.9 |
7.5 |
5.5 |
4.1 |
3.7 |
|
Amortization Expense |
1.8 |
2.0 |
1.3 |
1.5 |
1.8 |
|
Interest Expense |
0.0 |
0.0 |
0.3 |
6.0 |
8.5 |
|
Interest capitalised |
-1.0 |
-0.4 |
-0.4 |
-0.4 |
-0.2 |
|
Rental Expense |
9.1 |
8.9 |
8.1 |
7.3 |
5.7 |
|
Depreciation |
22.6 |
20.1 |
16.9 |
15.1 |
15.5 |
|
Federal |
3.3 |
4.9 |
6.0 |
11.8 |
1.1 |
|
State and local |
0.5 |
0.9 |
0.9 |
0.8 |
0.0 |
|
Foreign |
0.0 |
2.5 |
2.4 |
3.7 |
3.4 |
|
Current Tax - Total |
3.8 |
8.3 |
9.4 |
16.3 |
4.5 |
|
Federal |
13.0 |
4.2 |
1.9 |
-2.3 |
-0.5 |
|
State and local |
0.6 |
0.3 |
0.3 |
0.4 |
0.3 |
|
Foreign |
-0.3 |
0.3 |
0.1 |
-0.4 |
2.3 |
|
Deferred Tax - Total |
13.4 |
4.8 |
2.4 |
-2.3 |
2.1 |
|
Income Tax - Total |
17.2 |
13.2 |
11.8 |
14.0 |
6.6 |
|
Service Cost - U.S. |
1.0 |
0.9 |
0.8 |
1.0 |
1.1 |
|
Interest Cost - U.S. |
4.9 |
4.9 |
4.8 |
4.8 |
4.7 |
|
Expected Return on Assets - U.S. |
-6.7 |
-5.6 |
-3.8 |
-5.4 |
-5.0 |
|
Prior Service Cost - U.S. |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Net Amortization - U.S. |
1.7 |
1.4 |
1.9 |
0.4 |
0.4 |
|
Settlement - U.S. |
- |
- |
- |
0.0 |
-0.1 |
|
Curtailment Losses - U.S. |
- |
0.0 |
0.0 |
-0.5 |
-0.3 |
|
Domestic Pension Plan Expense |
1.1 |
1.7 |
3.9 |
0.5 |
1.0 |
|
Service Cost - Europ |
0.2 |
0.5 |
0.5 |
0.8 |
0.8 |
|
Interest Cost - Europ |
1.9 |
1.8 |
1.9 |
2.1 |
1.9 |
|
Expected Return on Assets - Europ |
-1.4 |
-1.3 |
-1.2 |
-1.5 |
-1.4 |
|
Net Amortization - Europ |
0.1 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Special termination benefits |
0.2 |
0.0 |
0.0 |
- |
- |
|
Foreign Pension Plan Expense |
0.9 |
1.1 |
1.3 |
1.5 |
1.4 |
|
Defined Contribution Plans - U.S. |
1.8 |
1.8 |
1.8 |
2.0 |
1.9 |
|
Total Pension Expense |
3.8 |
4.6 |
7.0 |
4.0 |
4.3 |
|
Discount Rate - U.S. |
5.26% |
5.75% |
6.06% |
6.23% |
5.93% |
|
Expected Rate of Return - U.S. |
8.00% |
8.00% |
8.00% |
8.00% |
8.00% |
|
Compensation Rate - U.S. |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Discount Rate - Europ |
5.35% |
5.51% |
5.51% |
5.63% |
4.89% |
|
Expected Rate of Return - Europ |
6.03% |
6.32% |
6.30% |
6.25% |
6.45% |
|
Compensation Rate - Europ |
3.50% |
4.22% |
3.97% |
4.08% |
3.90% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Cash/Equivalents |
13.6 |
34.0 |
38.0 |
16.8 |
30.3 |
|
Restricted cash |
1.2 |
1.2 |
5.6 |
0.0 |
- |
|
Receivables from related parties |
- |
0.0 |
2.6 |
2.2 |
2.4 |
|
Receivables |
103.7 |
96.1 |
63.7 |
63.9 |
58.0 |
|
Doubtful Account |
-1.2 |
-1.7 |
-2.0 |
-1.6 |
-2.8 |
|
Rev-Excs Billing |
9.9 |
7.5 |
6.0 |
8.9 |
7.7 |
|
Raw Materials |
28.6 |
24.2 |
22.7 |
27.2 |
22.3 |
|
Finished Goods |
89.7 |
77.5 |
61.9 |
66.5 |
59.0 |
|
Deferred income taxes |
19.2 |
19.7 |
15.9 |
8.9 |
9.2 |
|
Other current assets |
13.2 |
13.7 |
7.5 |
7.8 |
3.6 |
|
Total Current Assets |
277.9 |
272.0 |
221.8 |
200.6 |
189.7 |
|
|
|
|
|
|
|
|
Land and improvements |
21.9 |
21.6 |
13.0 |
12.8 |
13.4 |
|
Buildings |
45.4 |
40.7 |
33.4 |
29.8 |
29.4 |
|
Mach./Equip. |
396.1 |
368.0 |
368.7 |
314.0 |
314.5 |
|
Computer & Soft. |
21.1 |
19.0 |
18.4 |
17.1 |
18.9 |
|
Furn./Vehicles |
9.1 |
8.6 |
8.0 |
7.7 |
8.3 |
|
Construction |
61.7 |
35.0 |
15.8 |
25.7 |
10.0 |
|
Depreciation |
-320.7 |
-306.1 |
-302.2 |
-284.2 |
-288.9 |
|
Equity investments |
- |
0.2 |
11.0 |
11.7 |
8.6 |
|
Goodwill |
26.8 |
26.9 |
26.9 |
26.3 |
27.8 |
|
Deferred income taxes - long-term |
2.8 |
2.4 |
2.6 |
13.1 |
6.4 |
|
Other assets |
3.3 |
4.6 |
3.5 |
6.6 |
2.3 |
|
Patents |
1.4 |
1.4 |
1.4 |
1.4 |
1.4 |
|
Customer Relationships |
10.5 |
10.5 |
9.3 |
9.1 |
9.4 |
|
Product Certification |
6.0 |
5.3 |
1.7 |
1.7 |
1.7 |
|
Unpatented Technology |
2.9 |
2.9 |
2.9 |
2.9 |
2.9 |
|
License Agreement |
1.0 |
1.0 |
- |
0.5 |
0.5 |
|
Foreign Exchange |
-0.1 |
-0.1 |
-0.2 |
- |
- |
|
Accumulated Amortization |
-14.0 |
-12.3 |
-10.3 |
-9.6 |
-8.0 |
|
Total Assets |
553.0 |
501.6 |
425.7 |
387.3 |
348.1 |
|
|
|
|
|
|
|
|
Payable/Accrued |
72.4 |
65.9 |
44.8 |
39.6 |
39.4 |
|
Accrued interest |
- |
- |
0.0 |
0.1 |
1.5 |
|
Billings in Excess of Cost |
4.2 |
3.0 |
4.5 |
4.6 |
3.7 |
|
Payroll/Benefits |
12.2 |
11.0 |
9.5 |
10.5 |
9.2 |
|
Accrued Taxes |
0.9 |
0.7 |
3.2 |
1.1 |
1.9 |
|
Short term debt |
22.9 |
21.4 |
0.0 |
1.6 |
1.5 |
|
Current portion of long-term debt |
3.4 |
3.2 |
0.0 |
7.9 |
62.5 |
|
Total Current Liabilities |
116.0 |
105.2 |
62.0 |
65.5 |
119.8 |
|
|
|
|
|
|
|
|
Long term debt |
1.1 |
3.7 |
0.0 |
0.0 |
12.9 |
|
Total Long Term Debt |
1.1 |
3.7 |
0.0 |
0.0 |
12.9 |
|
|
|
|
|
|
|
|
Deferred Tax |
14.8 |
7.0 |
0.2 |
0.2 |
1.4 |
|
Accrued pension and other liabilities |
44.0 |
42.5 |
56.4 |
68.2 |
41.8 |
|
Minority Int. |
0.0 |
0.3 |
0.0 |
- |
- |
|
Total Liabilities |
175.9 |
158.6 |
118.6 |
134.0 |
175.9 |
|
|
|
|
|
|
|
|
Common Stock |
0.6 |
0.6 |
0.6 |
0.6 |
0.4 |
|
Additional paid-in capital |
174.1 |
169.3 |
164.2 |
153.8 |
77.3 |
|
Retained Earnings |
247.2 |
208.0 |
173.2 |
134.0 |
104.9 |
|
Currency translation adjustment |
15.9 |
17.0 |
20.6 |
17.1 |
21.8 |
|
Pension benefit adjustments |
-28.7 |
-19.6 |
-19.5 |
-22.7 |
-4.8 |
|
Derivatives & other |
-0.8 |
-1.5 |
-2.1 |
-0.8 |
-0.1 |
|
Treasury Stock |
-31.3 |
-30.9 |
-29.9 |
-28.6 |
-27.4 |
|
Total Equity |
377.1 |
343.0 |
307.1 |
253.3 |
172.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
553.0 |
501.6 |
425.7 |
387.3 |
348.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
56.3 |
55.9 |
55.5 |
54.1 |
40.2 |
|
Total Common Shares Outstanding |
56.3 |
55.9 |
55.5 |
54.1 |
40.2 |
|
T/S-Common Stock |
3.1 |
3.1 |
3.0 |
2.9 |
2.8 |
|
Accumulated Amortization |
14.0 |
12.3 |
10.3 |
9.6 |
8.0 |
|
Full-Time Employees |
1,145 |
1,070 |
953 |
943 |
868 |
|
Number of Common Shareholders |
1,435 |
1,262 |
1,297 |
1,325 |
1,345 |
|
Long Term Debt Maturing Within 1 Year |
3.4 |
3.2 |
2.1 |
2.9 |
0.0 |
|
Long Term Debt Maturing Within 2 Years |
0.8 |
3.0 |
2.9 |
0.0 |
2.9 |
|
Long Term Debt Maturing Within 3 Years |
0.0 |
0.8 |
2.9 |
5.9 |
0.0 |
|
Long Term Debt Maturing Within 4 Years |
0.0 |
0.0 |
0.7 |
0.0 |
10.0 |
|
Long Term Debt Maturing Within 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Remaining Maturities |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
4.5 |
6.9 |
8.6 |
8.8 |
12.9 |
|
Operating Lease Maturing Within 1 Year |
6.9 |
7.6 |
6.3 |
5.7 |
3.7 |
|
Operating Lease Maturing Within 2 Years |
5.7 |
6.3 |
5.7 |
5.1 |
3.0 |
|
Operating Lease Maturing Within 3 Years |
5.0 |
5.3 |
5.1 |
4.5 |
2.4 |
|
Operating Lease Maturing Within 4 Years |
3.1 |
4.7 |
4.8 |
4.2 |
1.9 |
|
Operating Lease Maturing Within 5 Years |
2.0 |
2.5 |
4.4 |
3.8 |
1.8 |
|
Operating Lease Remaining Maturities |
4.4 |
2.8 |
4.7 |
7.8 |
4.7 |
|
Total Operating Leases |
27.2 |
29.3 |
30.9 |
31.1 |
17.6 |
|
Projected Benefit Obligation - U.S. |
106.1 |
95.5 |
87.1 |
81.3 |
76.8 |
|
FV of Plan Assets - U.S. |
83.0 |
83.5 |
65.7 |
47.2 |
65.8 |
|
Funded Status - U.S. |
-23.2 |
-11.9 |
-21.4 |
-34.1 |
-11.0 |
|
Accumulated Benefit Obligation - U.S. |
101.5 |
90.3 |
82.3 |
77.2 |
72.0 |
|
Projected Benefit Obligation - Europ |
33.5 |
34.8 |
36.2 |
30.9 |
36.4 |
|
FV of Plan Assets - Europ |
24.4 |
22.8 |
21.8 |
17.3 |
23.1 |
|
Funded Status - Europ |
-9.1 |
-11.9 |
-14.4 |
-13.7 |
-13.2 |
|
Accumulated Benefit Obligation - Europe |
32.7 |
34.0 |
33.3 |
28.3 |
32.5 |
|
Total Funded Status |
-32.2 |
-23.8 |
-35.8 |
-47.8 |
-24.2 |
|
Discount Rate - U.S. |
4.67% |
5.26% |
5.79% |
6.06% |
6.15% |
|
Compensation Rate - U.S. |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Discount Rate - Europ |
5.00% |
5.35% |
5.48% |
5.69% |
5.68% |
|
Compensation Rate - Europ |
3.50% |
3.50% |
4.34% |
4.03% |
4.29% |
|
Current liability - U.S |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Noncurrent liability - U.S |
-23.1 |
-11.8 |
-21.3 |
-34.0 |
-10.9 |
|
AOCI-Prior Service Cost - U.S. |
0.2 |
0.3 |
0.4 |
0.6 |
1.1 |
|
AOCI-Net Actuarial Loss - U.S. |
43.4 |
27.0 |
25.5 |
31.3 |
4.2 |
|
Current liability - Europe |
-0.5 |
-0.5 |
-0.6 |
-0.5 |
-0.5 |
|
Noncurrent liability - Europe |
-8.5 |
-11.4 |
-13.8 |
-13.2 |
-12.7 |
|
AOCI-Net Actuarial Loss - Europ |
1.5 |
3.2 |
4.4 |
3.6 |
1.1 |
|
AOCI-Transition Obligation - Europ |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Net Assets Recognized on Balance Sheet |
12.9 |
6.7 |
-5.5 |
-12.2 |
-17.7 |
|
Cash % - U.S. |
2.79% |
1.21% |
1.65% |
- |
0.60% |
|
Equity Securities % - U.S. |
64.21% |
66.60% |
68.55% |
69.90% |
74.30% |
|
Debt Securities % - U.S. |
33.00% |
32.19% |
29.80% |
30.10% |
25.10% |
|
Cash % Europ |
1.15% |
1.88% |
6.81% |
15.80% |
16.10% |
|
Equity Securities % - Europ |
24.83% |
29.71% |
36.45% |
33.50% |
41.70% |
|
Debt Securities % - Europ |
61.78% |
56.14% |
49.58% |
50.70% |
42.20% |
|
Real Estate % - Europ |
7.14% |
7.17% |
7.16% |
- |
- |
|
Insurance Reserves % - Europ |
5.10% |
5.10% |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
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 with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
39.2 |
34.9 |
39.2 |
31.6 |
13.4 |
|
Depreciation |
24.3 |
22.1 |
18.1 |
16.7 |
17.2 |
|
Gain from divestiture |
- |
0.0 |
0.0 |
-4.4 |
0.0 |
|
Gain on acquisitions (Note 2) |
0.0 |
-2.7 |
0.0 |
0.0 |
- |
|
Equity Loss |
0.0 |
-0.1 |
-1.3 |
-0.9 |
-2.0 |
|
Distribution Received from Equity Invest |
0.0 |
0.0 |
1.4 |
0.5 |
0.7 |
|
Employee Plan |
2.0 |
2.8 |
5.1 |
2.1 |
3.1 |
|
Write-off of prior credit facility fees |
0.0 |
0.0 |
0.8 |
0.0 |
0.0 |
|
Amortization of convertible notes discou |
0.0 |
0.0 |
0.2 |
2.9 |
3.7 |
|
Loss on extinguishment of convertible no |
0.0 |
0.0 |
0.7 |
8.5 |
0.0 |
|
Stock based Compensation |
2.6 |
2.5 |
2.4 |
2.9 |
2.9 |
|
Excess tax (expense) benefit from stock- |
0.1 |
-0.6 |
-0.9 |
-2.6 |
0.0 |
|
Deferred Taxes |
13.4 |
4.8 |
2.4 |
-0.7 |
2.0 |
|
Receivables |
-6.4 |
-9.5 |
2.2 |
-10.0 |
-1.1 |
|
Inventories |
-15.0 |
-3.2 |
10.7 |
-14.9 |
-9.6 |
|
Other Cur. Assets |
-2.3 |
-6.9 |
6.0 |
-2.1 |
0.3 |
|
Payable/Accrued |
7.7 |
2.9 |
3.1 |
2.6 |
5.4 |
|
Pension contributions |
-8.1 |
-14.3 |
-12.3 |
-6.2 |
-7.8 |
|
Other items net |
-4.5 |
1.2 |
1.3 |
-0.5 |
1.1 |
|
Cash from Operating Activities |
53.0 |
33.8 |
79.1 |
25.6 |
29.4 |
|
|
|
|
|
|
|
|
Purchase of businesses |
0.0 |
-2.1 |
0.0 |
- |
- |
|
Capital Expenditures |
-72.1 |
-47.2 |
-48.3 |
-33.0 |
-11.8 |
|
Cash released from collateral |
0.0 |
5.3 |
7.5 |
0.0 |
0.0 |
|
Government grants received |
2.2 |
0.0 |
0.0 |
- |
- |
|
Cash pledged for collateral |
0.0 |
-0.9 |
-13.1 |
0.0 |
0.0 |
|
Disposals of property, plant and equipme |
0.0 |
0.5 |
0.0 |
0.9 |
0.5 |
|
Cash from Investing Activities |
-69.9 |
-44.4 |
-53.8 |
-32.1 |
-11.3 |
|
|
|
|
|
|
|
|
Revolving credit facility borrowings |
179.6 |
58.3 |
37.5 |
0.0 |
0.0 |
|
Revolving credit facility repayments |
-178.9 |
-53.3 |
-37.5 |
0.0 |
0.0 |
|
Proceeds of debt obligations |
0.4 |
- |
0.0 |
0.0 |
1.5 |
|
Reductions of debt obligations |
-3.0 |
-2.0 |
-4.5 |
-11.0 |
0.0 |
|
Treasury stock purchased |
-0.4 |
-1.0 |
-1.3 |
-1.2 |
-0.2 |
|
Common stock issued |
2.1 |
2.0 |
1.0 |
5.1 |
3.1 |
|
Excess tax (expense) benefit from stock- |
-0.1 |
0.6 |
0.9 |
2.6 |
0.9 |
|
Other |
0.0 |
0.0 |
-1.2 |
-0.5 |
0.0 |
|
Cash from Financing Activities |
-0.5 |
4.7 |
-5.1 |
-4.9 |
5.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.0 |
1.9 |
1.2 |
-2.1 |
1.2 |
|
Net Change in Cash |
-20.4 |
-4.0 |
21.3 |
-13.6 |
24.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.0 |
38.0 |
16.8 |
30.3 |
5.6 |
|
Net Cash - Ending Balance |
13.6 |
34.0 |
38.0 |
16.8 |
30.3 |
|
Cash Interest Paid |
0.8 |
0.4 |
0.5 |
4.8 |
5.3 |
|
Cash Taxes Paid |
11.1 |
16.0 |
3.8 |
15.3 |
1.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
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.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term
rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
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 U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
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 U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
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 U.S.'s
finances on a sustainable footing.
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 U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
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 U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
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 U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the Administration.
Consequently, we continue to view this risk as being highly remote.
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.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 SCs 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.