|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ATMI INC |
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|
|
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Registered Office : |
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|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
Date of Incorporation : |
09.04.1997 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
· Supplier of materials, materials packaging and materials delivery systems ·
Manufacture of microelectronics devices |
|
|
|
|
No. of Employees : |
817 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC
OVERVIEW
The
Source
: CIA
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ATMI INC |
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ATMI, Inc. (ATMI) is a supplier of materials, materials packaging and materials delivery systems used globally in the manufacture of microelectronics devices. The Company’s products consist of front-end semiconductor performance materials, sub-atmospheric pressure gas delivery systems for safe handling and delivery of toxic and hazardous gases to semiconductor process equipment, and materials packaging and dispensing systems. ATMI’s customers include semiconductor manufacturers in the world who target technologies. ATMI’s semiconductor business tracks semiconductor wafer starts. For the six months ended 30 June 2013, ATMI Inc revenues increased 1% to $201.4M. Net income increased 17% to $17.9M. Revenues reflect Microelectronics segment increase of 88% to $177.5M, Life Sciences segment increase from $11.2M to $23.2M, Corporate/Other segment increase from $227K to $665K. Net income benefited from Microelectronics segment income increase of 72% to $52.2M. |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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US SIC 1987: |
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ABI Number: 477537682
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Partnerships |
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, has entered into a process development (PD) agreement
with ATMI, Inc.Pursuant to the PD agreement, ATMI will supply Orgenesis with
a complete disposable manufacturing process for the expansion of a patient's
liver cells outside of the body, an important step in enabling the company's
therapeutic technology dedicated to converting a patient's own liver cells
into functioning insulin-producing cells as a treatment for diabetes. Sav
DiPasquale, CEO of Orgenesis, said, "We believe the groundbreaking
Integrity® Xpansion® technology from ATMI will allow us to produce a
sufficient amount of AIP (Autologous Insulin Producing) cells for
transplantation back to the patient’s liver in a highly efficient and
cost-effective manner. We look forward to building a successful relationship
with ATMI, another very strong collaboration partner for Orgenesis as we
continue to work towards initiating clinical trials of our technology."
Under its integrity product line, ATMI developed the Xpansion bioreactor - a
compact, fully controlled and single-use system based on stacked plates, made
from the same plastic material as multiple-tray stacks. Keeping the same
environment for the cells enables easy and straightforward transfer from
multiple-tray stacks process to Xpansion bioreactor.
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Chris Lantman, director
of commercial business development at SRI Physical Sciences Division, said,
"SRI International and ATMI have validated a new approach to CO2
capture. It offers significant advantages compared to current systems. SRI
International believes its collaboration with ATMI will bring an important
solution to the marketplace." Laboratory, pilot and field tests
conducted under the direction of Gopala Krishnan, associate director of SRI
International's Materials Research Laboratory, revealed that BrightBlack
carbon microbead adsorbents display exceptional physical adsorption
characteristics for CO2, with high capacity and low regeneration energy. They
also possess better chemical and mechanical stability in an SRI International
process that features a recirculating adsorbent system with integrated CO2
adsorption and steam-stripping sections. |
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Credit.net, a division
of infoUSA, has developed a sophisticated computer model to assign credit
ratings to most of the 14 million businesses in infoUSA's database. infoUSA's
proven model considers information such as the number of employees, years in
business, industry stability, census data and other factors to arrive at
credit ratings that are sound indicators of ability to pay. It does not
factor payment histories as many big companies intentionally "slow
pay". |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
|
|
Semiconductor and Other Electronic Component Manufacturing |
407.4 |
817 |
|
|
Subsidiary |
Hoegaarden |
|
Medical Equipment and Supplies |
|
125 |
|
|
Subsidiary |
|
|
Machinery and Equipment Manufacturing |
|
100 |
|
|
Branch |
Burnet, TX |
|
Semiconductor and Other Electronic Component Manufacturing |
77.6 |
80 |
|
|
Subsidiary |
Hsin-chu |
|
Computer and Peripheral Equipment Manufacturing |
|
60 |
|
|
Branch |
|
|
Electronics Wholesale |
64.4 |
50 |
|
|
Subsidiary |
|
|
Computer and Peripheral Equipment Manufacturing |
|
40 |
|
|
Subsidiary |
|
|
Computer and Peripheral Equipment Manufacturing |
|
17 |
|
|
Subsidiary |
|
|
Computer and Peripheral Equipment Manufacturing |
|
13 |
|
|
Branch |
Round Rock, TX |
|
Electronics Wholesale |
9.6 |
7 |
|
|
Subsidiary |
Unterhaching, Bayern |
|
Computer and Peripheral Equipment Manufacturing |
|
5 |
|
|
Subsidiary |
|
|
Investment Services |
|
|
|
|
Subsidiary |
|
|
Investment Services |
|
|
|
|
Subsidiary |
|
|
Computer and Peripheral Equipment Manufacturing |
|
|
|
|
Subsidiary |
Burnet, TX |
|
Machinery and Equipment Manufacturing |
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|
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
407.4 |
390.1 |
367.3 |
254.7 |
339.1 |
|
Revenue |
407.4 |
390.1 |
367.3 |
254.7 |
339.1 |
|
Total Revenue |
407.4 |
390.1 |
367.3 |
254.7 |
339.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
206.5 |
206.0 |
191.2 |
152.5 |
172.6 |
|
Cost of Revenue, Total |
206.5 |
206.0 |
191.2 |
152.5 |
172.6 |
|
Gross Profit |
200.9 |
184.1 |
176.0 |
102.2 |
166.5 |
|
|
|
|
|
|
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|
Selling/General/Administrative Expense |
72.0 |
83.2 |
83.2 |
73.3 |
88.8 |
|
Labor & Related Expense |
7.3 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
79.3 |
83.2 |
83.2 |
73.3 |
88.8 |
|
Research & Development |
46.8 |
53.7 |
48.6 |
37.2 |
37.8 |
|
Depreciation |
12.4 |
- |
- |
- |
- |
|
Amortization of Intangibles |
4.4 |
- |
- |
- |
- |
|
Depreciation/Amortization |
16.8 |
- |
- |
- |
- |
|
Impairment-Assets Held for Use |
0.0 |
1.1 |
2.2 |
5.0 |
3.4 |
|
Other Unusual Expense (Income) |
1.6 |
84.6 |
0.0 |
0.6 |
- |
|
Unusual Expense (Income) |
1.6 |
85.7 |
2.2 |
5.6 |
3.4 |
|
Other, Net |
-2.7 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
-2.7 |
- |
- |
- |
- |
|
Total Operating Expense |
348.4 |
428.6 |
325.3 |
268.5 |
302.6 |
|
|
|
|
|
|
|
|
Operating Income |
59.1 |
-38.5 |
41.9 |
-13.8 |
36.5 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
- |
- |
- |
0.0 |
-0.2 |
|
Interest Expense, Net Non-Operating |
- |
- |
- |
0.0 |
-0.2 |
|
Interest Income - Non-Operating |
1.3 |
1.2 |
0.9 |
1.2 |
3.1 |
|
Investment Income - Non-Operating |
-0.5 |
- |
- |
- |
- |
|
Interest/Investment Income - Non-Operating |
0.8 |
1.2 |
0.9 |
1.2 |
3.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.8 |
1.2 |
0.9 |
1.2 |
3.0 |
|
Other Non-Operating Income (Expense) |
0.3 |
-1.8 |
7.7 |
-1.0 |
0.7 |
|
Other, Net |
0.3 |
-1.8 |
7.7 |
-1.0 |
0.7 |
|
Income Before Tax |
60.1 |
-39.1 |
50.6 |
-13.7 |
40.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
17.8 |
-19.1 |
11.1 |
-7.0 |
6.8 |
|
Income After Tax |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Net Income |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
31.9 |
31.7 |
31.4 |
31.4 |
32.1 |
|
Basic EPS Excl Extraord Items |
1.33 |
-0.63 |
1.26 |
-0.21 |
1.04 |
|
Basic/Primary EPS Incl Extraord Items |
1.33 |
-0.63 |
1.26 |
-0.21 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
- |
|
Diluted Net Income |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Diluted Weighted Average Shares |
32.7 |
31.7 |
31.9 |
31.4 |
32.1 |
|
Diluted EPS Excl Extraord Items |
1.30 |
-0.63 |
1.24 |
-0.21 |
1.04 |
|
Diluted EPS Incl Extraord Items |
1.30 |
-0.63 |
1.24 |
-0.21 |
1.04 |
|
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 |
0.2 |
|
Depreciation, Supplemental |
27.6 |
23.3 |
22.8 |
22.3 |
20.1 |
|
Total Special Items |
1.6 |
85.7 |
2.2 |
5.6 |
3.4 |
|
Normalized Income Before Tax |
61.7 |
46.5 |
52.8 |
-8.1 |
43.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.5 |
30.0 |
0.5 |
2.0 |
0.6 |
|
Inc Tax Ex Impact of Sp Items |
18.3 |
10.9 |
11.6 |
-5.0 |
7.4 |
|
Normalized Income After Tax |
43.5 |
35.7 |
41.2 |
-3.0 |
36.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
43.5 |
35.7 |
41.2 |
-3.0 |
36.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.36 |
1.12 |
1.31 |
-0.10 |
1.13 |
|
Diluted Normalized EPS |
1.33 |
1.12 |
1.29 |
-0.10 |
1.13 |
|
Amort of Intangibles, Supplemental |
4.7 |
3.8 |
4.0 |
4.5 |
4.1 |
|
Rental Expenses |
3.8 |
3.7 |
3.4 |
4.3 |
3.6 |
|
Research & Development Exp, Supplemental |
55.2 |
53.7 |
48.6 |
37.2 |
37.8 |
|
Normalized EBIT |
60.7 |
47.2 |
44.1 |
-8.2 |
39.9 |
|
Normalized EBITDA |
92.9 |
74.3 |
70.9 |
18.6 |
64.1 |
|
Current Tax - Domestic |
12.7 |
7.3 |
4.1 |
-7.3 |
2.4 |
|
Current Tax - Foreign |
1.7 |
2.7 |
2.3 |
2.2 |
0.8 |
|
Current Tax - Local |
0.4 |
0.3 |
0.1 |
0.1 |
1.6 |
|
Current Tax - Total |
14.7 |
10.3 |
6.5 |
-5.1 |
4.8 |
|
Deferred Tax - Domestic |
2.6 |
-27.0 |
4.2 |
-0.1 |
3.3 |
|
Deferred Tax - Foreign |
0.0 |
-0.3 |
-0.3 |
-1.4 |
-0.1 |
|
Deferred Tax - Local |
0.4 |
-2.1 |
0.7 |
-0.4 |
-1.1 |
|
Deferred Tax - Total |
3.0 |
-29.4 |
4.6 |
-1.9 |
2.0 |
|
Income Tax - Total |
17.8 |
-19.1 |
11.1 |
-7.0 |
6.8 |
|
Defined Contribution Expense - Domestic |
1.8 |
1.8 |
1.5 |
1.1 |
1.8 |
|
Total Pension Expense |
1.8 |
1.8 |
1.5 |
1.1 |
1.8 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
86.1 |
34.5 |
68.6 |
64.7 |
54.6 |
|
Short Term Investments |
70.4 |
75.6 |
58.5 |
32.7 |
37.7 |
|
Cash and Short Term Investments |
156.4 |
110.2 |
127.1 |
97.4 |
92.4 |
|
Accounts Receivable - Trade, Gross |
61.7 |
52.3 |
55.3 |
46.5 |
43.2 |
|
Provision for Doubtful Accounts |
-0.9 |
-0.8 |
-0.8 |
-2.3 |
-1.0 |
|
Trade Accounts Receivable - Net |
60.8 |
51.6 |
54.5 |
44.2 |
42.2 |
|
Other Receivables |
0.0 |
3.7 |
4.6 |
10.8 |
4.8 |
|
Total Receivables, Net |
60.8 |
55.3 |
59.1 |
55.0 |
47.1 |
|
Inventories - Finished Goods |
62.0 |
54.0 |
46.6 |
38.9 |
41.6 |
|
Inventories - Work In Progress |
2.1 |
1.7 |
2.1 |
2.4 |
1.2 |
|
Inventories - Raw Materials |
26.9 |
20.5 |
16.5 |
15.0 |
15.6 |
|
Inventories - Other |
-3.4 |
-2.6 |
-2.4 |
-2.6 |
-2.4 |
|
Total Inventory |
87.6 |
73.6 |
62.8 |
53.8 |
56.0 |
|
Prepaid Expenses |
12.2 |
14.4 |
14.4 |
19.4 |
15.6 |
|
Deferred Income Tax - Current Asset |
4.5 |
4.4 |
6.8 |
8.0 |
6.9 |
|
Other Current Assets |
9.0 |
13.3 |
12.7 |
- |
- |
|
Other Current Assets, Total |
13.5 |
17.7 |
19.5 |
8.0 |
6.9 |
|
Total Current Assets |
330.5 |
271.2 |
283.0 |
233.6 |
218.0 |
|
|
|
|
|
|
|
|
Buildings |
48.9 |
51.0 |
52.2 |
47.0 |
46.6 |
|
Land/Improvements |
1.2 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Machinery/Equipment |
226.1 |
214.1 |
210.5 |
197.8 |
176.6 |
|
Construction in Progress |
14.3 |
6.5 |
2.1 |
6.3 |
15.4 |
|
Other Property/Plant/Equipment |
2.3 |
3.0 |
2.8 |
2.6 |
2.7 |
|
Property/Plant/Equipment - Gross |
292.7 |
275.7 |
268.7 |
254.7 |
242.3 |
|
Accumulated Depreciation |
-167.6 |
-159.4 |
-149.6 |
-130.1 |
-105.9 |
|
Property/Plant/Equipment - Net |
125.1 |
116.3 |
119.1 |
124.6 |
136.4 |
|
Goodwill - Gross |
46.8 |
46.5 |
47.0 |
33.4 |
33.4 |
|
Accumulated Goodwill Amortization |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Goodwill, Net |
46.8 |
46.5 |
47.0 |
33.4 |
33.4 |
|
Intangibles - Gross |
77.7 |
62.6 |
51.3 |
47.5 |
47.0 |
|
Accumulated Intangible Amortization |
-30.8 |
-26.0 |
-22.3 |
-24.3 |
-19.8 |
|
Intangibles, Net |
46.9 |
36.6 |
28.9 |
23.2 |
27.2 |
|
LT Investments - Other |
12.1 |
3.3 |
25.4 |
10.6 |
3.7 |
|
Long Term Investments |
12.1 |
3.3 |
25.4 |
10.6 |
3.7 |
|
Deferred Income Tax - Long Term Asset |
15.1 |
19.1 |
2.1 |
2.7 |
1.6 |
|
Other Long Term Assets |
22.6 |
20.6 |
28.1 |
31.5 |
32.9 |
|
Other Long Term Assets, Total |
37.7 |
39.8 |
30.2 |
34.2 |
34.5 |
|
Total Assets |
599.2 |
513.7 |
533.6 |
459.6 |
453.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
38.6 |
20.8 |
21.0 |
14.8 |
12.9 |
|
Accrued Expenses |
14.0 |
18.4 |
18.1 |
9.3 |
11.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
- |
0.5 |
1.1 |
|
Income Taxes Payable |
16.3 |
1.2 |
3.7 |
1.8 |
0.6 |
|
Other Current Liabilities |
6.1 |
4.5 |
3.9 |
3.3 |
1.5 |
|
Other Current liabilities, Total |
22.3 |
5.8 |
7.6 |
5.1 |
2.2 |
|
Total Current Liabilities |
74.9 |
45.0 |
46.7 |
29.7 |
27.9 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.5 |
1.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.2 |
0.2 |
10.2 |
6.9 |
5.5 |
|
Deferred Income Tax |
0.2 |
0.2 |
10.2 |
6.9 |
5.5 |
|
Other Long Term Liabilities |
16.8 |
18.2 |
18.2 |
11.5 |
10.8 |
|
Other Liabilities, Total |
16.8 |
18.2 |
18.2 |
11.5 |
10.8 |
|
Total Liabilities |
91.9 |
63.4 |
75.2 |
48.1 |
44.2 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
0.0 |
0.0 |
- |
- |
- |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
- |
- |
- |
|
Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Additional Paid-In Capital |
457.7 |
444.6 |
435.8 |
426.4 |
421.0 |
|
Retained Earnings (Accumulated Deficit) |
270.7 |
228.4 |
248.4 |
208.9 |
214.3 |
|
Treasury Stock - Common |
-237.2 |
-231.2 |
-230.3 |
-227.7 |
-227.1 |
|
Unrealized Gain (Loss) |
9.3 |
7.0 |
- |
- |
- |
|
Translation Adjustment |
6.3 |
1.1 |
- |
- |
- |
|
Other Comprehensive Income |
- |
- |
4.0 |
3.4 |
0.3 |
|
Other Equity, Total |
6.3 |
1.1 |
4.0 |
3.4 |
0.3 |
|
Total Equity |
507.3 |
450.3 |
458.4 |
411.5 |
408.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
599.2 |
513.7 |
533.6 |
459.6 |
453.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
32.0 |
31.7 |
31.5 |
31.4 |
31.3 |
|
Total Common Shares Outstanding |
32.0 |
31.7 |
31.5 |
31.4 |
31.3 |
|
Treasury Shares - Common Stock Primary Issue |
8.5 |
8.2 |
8.1 |
8.0 |
7.9 |
|
Employees |
817 |
- |
773 |
693 |
761 |
|
Number of Common Shareholders |
148 |
- |
157 |
159 |
163 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
30.8 |
26.0 |
22.3 |
24.3 |
19.8 |
|
Total Capital Leases, Supplemental |
0.2 |
- |
0.1 |
0.1 |
0.2 |
|
Capital Lease Payments Due in Year 1 |
0.0 |
- |
0.0 |
0.1 |
0.1 |
|
Capital Lease Payments Due in Year 2 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 3 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
0.1 |
- |
0.0 |
0.0 |
0.1 |
|
Capital Lease Payments Due in 4-5 Years |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
13.3 |
- |
15.6 |
8.3 |
8.4 |
|
Operating Lease Payments Due in Year 1 |
3.6 |
- |
3.9 |
3.8 |
3.6 |
|
Operating Lease Payments Due in Year 2 |
2.3 |
- |
3.7 |
3.1 |
2.3 |
|
Operating Lease Payments Due in Year 3 |
2.1 |
- |
1.5 |
1.0 |
1.7 |
|
Operating Lease Payments Due in Year 4 |
1.7 |
- |
1.0 |
0.3 |
0.6 |
|
Operating Lease Payments Due in Year 5 |
0.6 |
- |
1.9 |
0.0 |
0.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
4.4 |
- |
5.1 |
4.1 |
4.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
2.3 |
- |
2.9 |
0.3 |
0.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
3.1 |
- |
3.7 |
0.0 |
0.0 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Depreciation |
27.6 |
27.2 |
26.7 |
26.8 |
24.1 |
|
Depreciation/Depletion |
27.6 |
27.2 |
26.7 |
26.8 |
24.1 |
|
Deferred Taxes |
3.0 |
-29.4 |
4.6 |
-1.9 |
2.0 |
|
Unusual Items |
-1.9 |
-0.4 |
-5.4 |
9.8 |
1.6 |
|
Equity in Net Earnings (Loss) |
- |
- |
- |
1.2 |
0.6 |
|
Other Non-Cash Items |
7.6 |
9.9 |
6.6 |
8.9 |
8.6 |
|
Non-Cash Items |
5.7 |
9.5 |
1.3 |
19.9 |
10.9 |
|
Accounts Receivable |
-9.2 |
4.0 |
-9.0 |
-2.8 |
20.6 |
|
Inventories |
-14.9 |
-12.4 |
-9.2 |
0.4 |
-9.5 |
|
Other Assets |
4.0 |
-8.2 |
-4.7 |
-3.8 |
2.6 |
|
Accounts Payable |
17.2 |
-0.2 |
5.2 |
1.8 |
-8.7 |
|
Accrued Expenses |
15.2 |
-1.4 |
11.6 |
-2.4 |
-7.8 |
|
Taxes Payable |
- |
- |
- |
-5.0 |
-5.8 |
|
Other Liabilities |
- |
- |
- |
2.4 |
-1.2 |
|
Changes in Working Capital |
12.3 |
-18.2 |
-6.1 |
-9.4 |
-9.8 |
|
Cash from Operating Activities |
91.0 |
-31.0 |
66.0 |
28.8 |
60.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-29.3 |
-20.7 |
-16.2 |
-17.3 |
-50.6 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-10.4 |
0.0 |
0.0 |
- |
|
Capital Expenditures |
-29.3 |
-31.1 |
-16.2 |
-17.3 |
-50.6 |
|
Acquisition of Business |
0.0 |
0.0 |
-3.9 |
0.0 |
-33.1 |
|
Sale of Fixed Assets |
- |
- |
- |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
106.5 |
121.8 |
65.6 |
65.2 |
85.9 |
|
Purchase of Investments |
-118.3 |
-93.2 |
-104.4 |
-66.5 |
-54.9 |
|
Other Investing Cash Flow |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Other Investing Cash Flow Items, Total |
-11.6 |
28.6 |
-42.6 |
-1.3 |
-2.0 |
|
Cash from Investing Activities |
-41.0 |
-2.5 |
-58.8 |
-18.6 |
-52.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.5 |
0.0 |
-2.9 |
0.0 |
-0.1 |
|
Financing Cash Flow Items |
0.5 |
0.0 |
-2.9 |
0.0 |
-0.1 |
|
Repurchase/Retirement of Common |
-6.0 |
-0.9 |
-2.6 |
-0.6 |
-59.2 |
|
Common Stock, Net |
-6.0 |
-0.9 |
-2.6 |
-0.6 |
-59.2 |
|
Options Exercised |
4.6 |
1.3 |
1.8 |
0.2 |
1.6 |
|
Issuance (Retirement) of Stock, Net |
-1.4 |
0.4 |
-0.8 |
-0.3 |
-57.6 |
|
Short Term Debt Issued |
- |
- |
- |
5.7 |
13.9 |
|
Short Term Debt Reduction |
- |
- |
- |
-6.3 |
-12.8 |
|
Short Term Debt, Net |
- |
- |
- |
-0.6 |
1.1 |
|
Issuance (Retirement) of Debt, Net |
- |
- |
- |
-0.6 |
1.1 |
|
Cash from Financing Activities |
-0.8 |
0.4 |
-3.7 |
-1.0 |
-56.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.4 |
-1.1 |
0.4 |
0.9 |
-1.6 |
|
Net Change in Cash |
51.5 |
-34.1 |
3.9 |
10.1 |
-50.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.5 |
68.6 |
64.7 |
54.6 |
104.8 |
|
Net Cash - Ending Balance |
86.1 |
34.5 |
68.6 |
64.7 |
54.6 |
|
Cash Interest Paid |
0.1 |
0.0 |
0.1 |
0.2 |
0.2 |
|
Cash Taxes Paid |
5.7 |
11.3 |
12.2 |
1.6 |
14.1 |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
407.4 |
390.1 |
367.3 |
254.7 |
339.1 |
|
Total Revenue |
407.4 |
390.1 |
367.3 |
254.7 |
339.1 |
|
|
|
|
|
|
|
|
Depreciation in R&D |
8.2 |
- |
- |
- |
- |
|
Depreciation in SGA |
4.2 |
- |
- |
- |
- |
|
Amortization in R&D |
0.1 |
- |
- |
- |
- |
|
Amortization in SGA |
4.3 |
- |
- |
- |
- |
|
Contingent considerations |
-2.7 |
- |
- |
- |
- |
|
Stock-based Compensation in SGA |
7.3 |
- |
- |
- |
- |
|
Selling general administrative |
72.0 |
- |
- |
- |
- |
|
Depreciation/Amortization in COR/COGS |
10.5 |
- |
- |
- |
- |
|
Amortization in COR/COGS |
0.3 |
- |
- |
- |
- |
|
Stock-based Compensation in COR/COGS |
0.3 |
- |
- |
- |
- |
|
Other Cost of Revenue |
195.4 |
- |
- |
- |
- |
|
Cost of Revenue |
- |
206.0 |
191.2 |
152.5 |
172.6 |
|
Other Research and development |
46.8 |
- |
- |
- |
- |
|
Research/Development |
- |
53.7 |
48.6 |
37.2 |
37.8 |
|
Severance charges |
1.6 |
- |
- |
- |
- |
|
Contract termination |
0.0 |
84.6 |
0.0 |
0.0 |
- |
|
Selling, general, and administrative |
- |
83.2 |
83.2 |
73.3 |
88.8 |
|
Asset Impairments |
- |
0.3 |
2.2 |
2.5 |
- |
|
Severance |
- |
- |
- |
0.6 |
- |
|
Impairment of Investments |
0.0 |
0.8 |
0.0 |
2.5 |
3.4 |
|
Total Operating Expense |
348.4 |
428.6 |
325.3 |
268.5 |
302.6 |
|
|
|
|
|
|
|
|
G/L on Invest. HFS, Maturity & Trading |
-0.5 |
- |
- |
- |
- |
|
Interest Income |
1.3 |
1.2 |
0.9 |
1.2 |
3.1 |
|
Interest Expense |
- |
- |
- |
0.0 |
-0.2 |
|
Other Other income (expense), net) |
0.3 |
- |
- |
- |
- |
|
Other income (expense), net |
- |
-1.8 |
7.7 |
-1.0 |
0.7 |
|
Net Income Before Taxes |
60.1 |
-39.1 |
50.6 |
-13.7 |
40.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
17.8 |
-19.1 |
11.1 |
-7.0 |
6.8 |
|
Net Income After Taxes |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Net Income |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
31.9 |
31.7 |
31.4 |
31.4 |
32.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.33 |
-0.63 |
1.26 |
-0.21 |
1.04 |
|
Basic EPS Including ExtraOrdinary Items |
1.33 |
-0.63 |
1.26 |
-0.21 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
- |
|
Diluted Net Income |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Diluted Weighted Average Shares |
32.7 |
31.7 |
31.9 |
31.4 |
32.1 |
|
Diluted EPS Excluding ExtraOrd Items |
1.30 |
-0.63 |
1.24 |
-0.21 |
1.04 |
|
Diluted EPS Including ExtraOrd Items |
1.30 |
-0.63 |
1.24 |
-0.21 |
1.04 |
|
DPS-Ordinary Shares |
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 |
61.7 |
46.5 |
52.8 |
-8.1 |
43.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
18.3 |
10.9 |
11.6 |
-5.0 |
7.4 |
|
Normalized Income After Taxes |
43.5 |
35.7 |
41.2 |
-3.0 |
36.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
43.5 |
35.7 |
41.2 |
-3.0 |
36.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.36 |
1.12 |
1.31 |
-0.10 |
1.13 |
|
Diluted Normalized EPS |
1.33 |
1.12 |
1.29 |
-0.10 |
1.13 |
|
Depreciation in R&D |
8.2 |
- |
- |
- |
- |
|
Amortization in R&D |
0.1 |
- |
- |
- |
- |
|
Research & Development Exp |
46.8 |
53.7 |
48.6 |
37.2 |
37.8 |
|
Interest Expense |
- |
- |
- |
0.0 |
0.2 |
|
Amort of Intangibles |
4.7 |
3.8 |
4.0 |
4.5 |
4.1 |
|
Rental Expense |
3.8 |
3.7 |
3.4 |
4.3 |
3.6 |
|
BC - Depreciation of Fixed Assets |
27.6 |
- |
- |
- |
- |
|
Depreciation |
- |
23.3 |
22.8 |
22.3 |
20.1 |
|
Current Tax - Federal |
12.7 |
- |
- |
- |
- |
|
Current tax Domestic |
- |
7.3 |
4.1 |
-7.3 |
2.4 |
|
Current Tax - Local |
0.4 |
- |
- |
- |
- |
|
Current tax Local |
- |
0.3 |
0.1 |
0.1 |
1.6 |
|
Current Tax - Foreign |
1.7 |
- |
- |
- |
- |
|
Current tax Foreign |
- |
2.7 |
2.3 |
2.2 |
0.8 |
|
Current Tax - Total |
14.7 |
10.3 |
6.5 |
-5.1 |
4.8 |
|
Deferred Tax - Federal |
2.6 |
- |
- |
- |
- |
|
Deferred Tax Domestic |
- |
-27.0 |
4.2 |
-0.1 |
3.3 |
|
Deferred Tax - Local |
0.4 |
- |
- |
- |
- |
|
Deferred Tax Local |
- |
-2.1 |
0.7 |
-0.4 |
-1.1 |
|
Deferred Tax - Foreign |
0.0 |
- |
- |
- |
- |
|
Deferred Tax Foreign |
- |
-0.3 |
-0.3 |
-1.4 |
-0.1 |
|
Deferred Tax - Total |
3.0 |
-29.4 |
4.6 |
-1.9 |
2.0 |
|
Income Tax - Total |
17.8 |
-19.1 |
11.1 |
-7.0 |
6.8 |
|
401(k) Profit Sharing Plan |
1.8 |
1.8 |
1.5 |
1.1 |
1.8 |
|
Total Pension Expense |
1.8 |
1.8 |
1.5 |
1.1 |
1.8 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
86.1 |
34.5 |
68.6 |
64.7 |
54.6 |
|
Marketable securities, current portion |
70.4 |
75.6 |
58.5 |
32.7 |
37.7 |
|
Accounts Rcvbl. |
61.7 |
52.3 |
55.3 |
46.5 |
43.2 |
|
Doubtful Account |
-0.9 |
-0.8 |
-0.8 |
-2.3 |
-1.0 |
|
Raw Materials |
26.9 |
20.5 |
16.5 |
15.0 |
15.6 |
|
Work in Progress |
2.1 |
1.7 |
2.1 |
2.4 |
1.2 |
|
Finished Goods |
62.0 |
54.0 |
46.6 |
38.9 |
41.6 |
|
Excess & Obsolescence Reserve |
-3.4 |
-2.6 |
-2.4 |
-2.6 |
-2.4 |
|
Deferred income taxes |
4.5 |
4.4 |
6.8 |
8.0 |
6.9 |
|
Income taxes receivable |
0.0 |
3.7 |
4.6 |
10.8 |
4.8 |
|
Other Current Assets(1) |
9.0 |
13.3 |
12.7 |
- |
- |
|
Prepaid/Other |
12.2 |
14.4 |
14.4 |
19.4 |
15.6 |
|
Total Current Assets |
330.5 |
271.2 |
283.0 |
233.6 |
218.0 |
|
|
|
|
|
|
|
|
Land |
1.2 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Buildings |
27.1 |
26.1 |
25.7 |
25.5 |
24.9 |
|
Machinery and Equipment |
142.4 |
138.7 |
138.7 |
123.3 |
106.4 |
|
Software |
26.0 |
25.0 |
28.3 |
37.3 |
35.5 |
|
Cylinders and canisters |
57.7 |
50.5 |
43.5 |
37.2 |
34.7 |
|
Furniture and Fixtures |
2.3 |
3.0 |
2.8 |
2.6 |
2.7 |
|
Leasehold Improvements |
21.8 |
24.8 |
26.5 |
21.5 |
21.7 |
|
Construction in Progress |
14.3 |
6.5 |
2.1 |
6.3 |
15.4 |
|
Accumulated Depreciation |
-167.6 |
-159.4 |
-149.6 |
-130.1 |
-105.9 |
|
Deferred income taxes, non-current |
15.1 |
19.1 |
2.1 |
2.7 |
1.6 |
|
Goodwill, Gross |
46.8 |
- |
- |
- |
- |
|
Goodwill |
- |
46.5 |
47.0 |
33.4 |
33.4 |
|
Acc Amort Goodwill |
0.0 |
- |
- |
- |
- |
|
Accumulated Amort |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other intangibles |
- |
- |
51.3 |
47.5 |
47.0 |
|
Acc Amort patents & Trademarks |
-29.0 |
-25.3 |
- |
- |
- |
|
Acc Amort Other Intangibles |
-1.8 |
-0.7 |
- |
- |
- |
|
Amortization |
- |
- |
-22.3 |
-24.3 |
-19.8 |
|
Other non-current assets |
22.6 |
20.6 |
28.1 |
31.5 |
32.9 |
|
Marketable securities, non-current |
12.1 |
3.3 |
25.4 |
10.6 |
3.7 |
|
Patents & Trademarks |
66.5 |
49.4 |
- |
- |
- |
|
Other |
11.2 |
13.2 |
- |
- |
- |
|
Total Assets |
599.2 |
513.7 |
533.6 |
459.6 |
453.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
38.6 |
20.8 |
21.0 |
14.8 |
12.9 |
|
Accrued liabilities |
8.0 |
7.9 |
5.9 |
4.8 |
5.3 |
|
Accrued Salaries |
6.0 |
10.5 |
12.2 |
4.5 |
6.4 |
|
Loans and notes payable, current |
- |
- |
- |
0.5 |
1.1 |
|
Income taxes payable |
16.3 |
1.2 |
3.7 |
1.8 |
0.6 |
|
Other current liabilities |
6.1 |
4.5 |
3.9 |
3.3 |
1.5 |
|
Total Current Liabilities |
74.9 |
45.0 |
46.7 |
29.7 |
27.9 |
|
|
|
|
|
|
|
|
Deferred income taxes, non-current |
0.2 |
0.2 |
10.2 |
6.9 |
5.5 |
|
Other non-current liabilities |
16.8 |
18.2 |
18.2 |
11.5 |
10.8 |
|
Total Liabilities |
91.9 |
63.4 |
75.2 |
48.1 |
44.2 |
|
|
|
|
|
|
|
|
Currency Translation Adjustments |
6.3 |
1.1 |
- |
- |
- |
|
Preferred stock, par value $.01 per shar |
0.0 |
0.0 |
- |
- |
- |
|
Unrealized Gain/Loss on Investments |
8.2 |
7.0 |
- |
- |
- |
|
Unrealized Gain/Loss on Investment |
1.1 |
0.0 |
- |
- |
- |
|
Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Additional paid-in capital |
457.7 |
444.6 |
435.8 |
426.4 |
421.0 |
|
Treasury Stock |
-237.2 |
-231.2 |
-230.3 |
-227.7 |
-227.1 |
|
Retained earnings |
270.7 |
228.4 |
248.4 |
208.9 |
214.3 |
|
Accumul. Other |
- |
- |
4.0 |
3.4 |
0.3 |
|
Total Equity |
507.3 |
450.3 |
458.4 |
411.5 |
408.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
599.2 |
513.7 |
533.6 |
459.6 |
453.1 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
32.0 |
31.7 |
31.5 |
31.4 |
31.3 |
|
Total Common Shares Outstanding |
32.0 |
31.7 |
31.5 |
31.4 |
31.3 |
|
T/S-Ordinary Shares |
8.5 |
8.2 |
8.1 |
8.0 |
7.9 |
|
Amortization of Goodwill |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Acc Amort patents & Trademarks |
29.0 |
25.3 |
- |
- |
- |
|
Acc Amort Other Intangibles |
1.8 |
0.7 |
- |
- |
- |
|
Amortization of Intangible |
- |
- |
22.3 |
24.3 |
19.8 |
|
Full-Time Employees |
817 |
- |
773 |
693 |
761 |
|
Number of Common Shareholders |
148 |
- |
157 |
159 |
163 |
|
Capital Lease- Less Than 1 Year |
0.0 |
- |
0.0 |
0.1 |
0.1 |
|
Capital Lease- 1-3 Years |
0.1 |
- |
0.0 |
0.0 |
0.1 |
|
Capital Lease- 3-5 Years |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Capital Lease- Thereafter |
0.0 |
- |
0.0 |
0.0 |
- |
|
Total Capital Leases, Supplemental |
0.2 |
- |
0.1 |
0.1 |
0.2 |
|
Operating Lease Due Within 1 Year |
3.6 |
- |
3.9 |
3.8 |
3.6 |
|
Operating Lease Due Within 2 Years |
2.3 |
- |
3.7 |
3.1 |
2.3 |
|
Operating Lease Due Within 3 Years |
2.1 |
- |
1.5 |
1.0 |
1.7 |
|
Operating Lease Due Within 4 Years |
1.7 |
- |
1.0 |
0.3 |
0.6 |
|
Operating Lease Due Within 5 Years |
0.6 |
- |
1.9 |
0.0 |
0.3 |
|
Operating Lease - Remaining |
3.1 |
- |
3.7 |
- |
0.0 |
|
Total Operating Leases, Supplemental |
13.3 |
- |
15.6 |
8.3 |
8.4 |
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate (Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
42.3 |
-20.0 |
39.5 |
-6.7 |
33.3 |
|
Depreciation |
27.6 |
27.2 |
26.7 |
26.8 |
24.1 |
|
Provision for bad debts |
- |
- |
- |
1.4 |
0.3 |
|
Provision for inventory obsolescence |
1.9 |
1.0 |
0.6 |
2.1 |
1.5 |
|
Deferred income taxes |
3.0 |
-29.4 |
4.6 |
-1.9 |
2.0 |
|
Non-cash royalty |
-2.6 |
0.0 |
0.0 |
- |
- |
|
Tax Benefits Options |
- |
- |
- |
-0.6 |
0.3 |
|
Excess tax benefit from share-based paym |
- |
- |
- |
0.0 |
-0.2 |
|
Realized gain on sale of marketable secu |
- |
- |
- |
0.0 |
-2.0 |
|
Gain on remeasurement of contingent cons |
-2.7 |
-1.7 |
0.0 |
0.0 |
- |
|
Stock-based compensation expense |
8.4 |
7.5 |
7.7 |
5.7 |
6.7 |
|
Long-lived asset impairments |
0.8 |
0.6 |
0.5 |
7.3 |
0.2 |
|
Gain on remeasurement of non-controlling |
0.0 |
0.0 |
-5.9 |
0.0 |
- |
|
Impairment of investments |
0.0 |
0.8 |
0.0 |
2.5 |
3.4 |
|
Loss from equity method investee |
- |
- |
- |
1.2 |
0.6 |
|
Other |
-0.2 |
1.4 |
-1.7 |
0.3 |
0.0 |
|
Accounts Receivable |
-9.2 |
4.0 |
-9.0 |
-2.8 |
20.6 |
|
Inventories |
-14.9 |
-12.4 |
-9.2 |
0.4 |
-9.5 |
|
Other Assets |
4.0 |
-8.2 |
-4.7 |
-3.8 |
2.6 |
|
Accounts Payable |
17.2 |
-0.2 |
5.2 |
1.8 |
-8.7 |
|
Accrued expenses, income taxes and other |
15.2 |
-1.4 |
11.6 |
-2.4 |
-7.8 |
|
Income Taxes |
- |
- |
- |
-5.0 |
-5.8 |
|
Other Liabilities |
- |
- |
- |
2.4 |
-1.2 |
|
Cash from Operating Activities |
91.0 |
-31.0 |
66.0 |
28.8 |
60.6 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-29.3 |
-20.7 |
-16.2 |
-17.3 |
-50.6 |
|
Sale of Assets |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from sale of a cost basis inves |
- |
- |
- |
- |
0.0 |
|
Acquisitions of assets and investments |
-11.1 |
-6.7 |
-3.1 |
- |
- |
|
Intangible rights acquired due to contra |
0.0 |
-10.4 |
0.0 |
0.0 |
- |
|
Acquisitions, net of cash acquired |
0.0 |
0.0 |
-3.9 |
0.0 |
-33.1 |
|
Acquisitions of cost-basis and equity-ba |
- |
- |
- |
0.0 |
-10.0 |
|
Purchases of marketable securities |
-107.1 |
-86.4 |
-101.2 |
-66.5 |
-44.9 |
|
Proceeds from sale of cost and equity-ba |
0.0 |
0.0 |
5.2 |
- |
- |
|
Proceeds from sales or maturities of mar |
106.5 |
121.8 |
60.4 |
65.2 |
85.9 |
|
Other |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Cash from Investing Activities |
-41.0 |
-2.5 |
-58.8 |
-18.6 |
-52.7 |
|
|
|
|
|
|
|
|
Other |
0.0 |
0.0 |
-2.9 |
0.0 |
-0.3 |
|
Purchases of treasury stock |
-6.0 |
-0.9 |
-2.6 |
-0.6 |
-59.2 |
|
Credit line repayments |
- |
- |
- |
-6.3 |
-12.8 |
|
Credit line borrowings |
- |
- |
- |
5.7 |
13.9 |
|
Proceeds from exercise of stock options |
4.6 |
1.3 |
1.8 |
0.2 |
1.6 |
|
Excess tax benefit from share-based paym |
0.6 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Cash from Financing Activities |
-0.8 |
0.4 |
-3.7 |
-1.0 |
-56.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.4 |
-1.1 |
0.4 |
0.9 |
-1.6 |
|
Net Change in Cash |
51.5 |
-34.1 |
3.9 |
10.1 |
-50.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.5 |
68.6 |
64.7 |
54.6 |
104.8 |
|
Net Cash - Ending Balance |
86.1 |
34.5 |
68.6 |
64.7 |
54.6 |
|
Cash Interest Paid |
0.1 |
0.0 |
0.1 |
0.2 |
0.2 |
|
Cash Taxes Paid |
5.7 |
11.3 |
12.2 |
1.6 |
14.1 |
|
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Standard & Poor’s
|
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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.