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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
BLOUNT INTERNATIONAL, INC. |
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Registered Office : |
4909 SE International Way, Portland, OR 97222 |
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Country : |
United States |
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Financials (as on) : |
30.09.2014 (Consolidated) |
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Year of Establishment : |
1949 |
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Legal Form : |
Public Company |
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Line of Business : |
Designs, manufactures, and markets equipment, replacement and component
parts, and accessories to forestry, lawn and garden, farm, ranch,
agriculture, and construction sectors primarily in the United States and
Europe. |
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No. of Employees : |
4,200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 $49,800. 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. Crude 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 climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn 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.
In 2012 the federal government reduced the growth of spending and the deficit
shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in
national resources from civilian to military purposes and contributed to the
growth of the budget deficit and public debt. Through 2011, the direct costs of
the wars totaled nearly $900 billion, according to US government figures. US
revenues from taxes and other sources are lower, as a percentage of GDP, than
those of most other countries. In March 2010, President OBAMA signed into law
the Patient Protection and Affordable Care Act, a health insurance reform that
was designed to 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. In December 2012, the Federal Reserve
Board (Fed) announced plans to purchase $85 billion per month of
mortgage-backed and Treasury securities in an effort to hold down long-term
interest rates, and to keep short term rates near zero until unemployment drops
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and
inflation had not crossed the previously stated thresholds. Long-term problems
include stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits.
|
Source
: CIA |
Company name: BLOUNT INTERNATIONAL, INC.
Address: 4909 SE International Way, Portland,
OR 97222 - USA
Telephone: +1
503-653-8881
Fax: +1 503-653-4612
Website: www.blount.com
Corporate ID#: 0880120
State: Delaware
Judicial form: Public Company (NYSE = BLT)
Date incorporated: October
5, 1979
Date founded: 1949
Stock Value:
As of October 31,
2014 there were 49,415,215 shares outstanding of $0.01 par value common stock
Name of manager: Joshua
L. COLLINS
Business:
Blount International, Inc., together with its subsidiaries, designs,
manufactures, and markets equipment, replacement and component parts, and accessories
to forestry, lawn and garden, farm, ranch, agriculture, and construction
sectors primarily in the United States and Europe.
It operates in two segments, the Forestry, Lawn, and Garden; and Farm,
Ranch, and Agriculture. The company offers forestry products, including cutting
chain, chain saw guide bars, and cutting chain drive sprockets used on portable
gasoline and electric chain saws, and on mechanical timber harvesting
equipment; and purchases and markets chain saw engine replacement parts, safety
equipment and clothing, lubricants, maintenance tools, hand tools, and other
accessories, as well as markets a line of battery powered electric chain saws.
The company also offers lawn and garden products comprising lawnmower and edger
cutting blades for machines and cutting conditions; and purchases and markets
cutting line for line trimmers, air filters, spark plugs, lubricants, wheels,
belts, grass bags, maintenance tools, hand tools, and accessories, as well as
markets a line of cordless electric tools.
In addition, it provides attachments for tractors in various
applications; log splitters, post-hole diggers, self-propelled lawnmowers, snow
blowers, and attachments for off-highway construction equipment applications;
original equipment manufacturer and aftermarket parts comprising attachment
cutting blade component parts for inclusion in original equipment, and as
replacement parts, as well as sells tractor linkage, electrical, and engine and
hydraulic replacement parts and accessories. Additionally, it provides concrete
cutting and finishing products, such as diamond-segmented chain used on
gasoline and hydraulic powered concrete saws and equipment; and distributes
gasoline and hydraulic powered concrete cutting chain saws.
The company was founded in 1946 and is headquartered in Portland,
Oregon.
Suppliers
include:
QINGDAO WONTIDE CO., LTD.
B-8C, JINFU PLAZA, NO.22 SHANDONG ROAD, QINGDAO, SHANDONG CHINA
EIN: 63-0780521
Staff: 4,200
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office.
Shareholders:
The Company is listed with the NYSE under symbol BLT.
As of 09-30-2014, 98% of the stock is held by institutional and mutual
funds, including:
|
P2
Capital Partners, LLC |
14.92% |
|
12
West Capital Management, LP |
7.07% |
|
FMR,
LLC |
6.60% |
|
Vanguard
Group, Inc. (The) |
6.45% |
|
Ariel
Investments, LLC |
6.04% |
Management:
Joshua L. COLLINS, Josh has been Chairman of the Board and Chief Executive
Officer of Blount International Inc. since May 27, 2010. Mr. Collins has been
the President and Chief Operating Officer of Blount, Inc. since 2009.
Mr. Collins is a Co-Founder and Partner at Collins Willmott & Co.
LLC and Collins Willmott Partners, L.P. He served as Managing Director and
Principal of Trilantic Capital Management LLC. He served as the President and
Chief Operating Officer of Blount International Inc. from October 15, 2009 to
March 15, 2011. He served as a Managing Director and Principal at Lehman
Brothers Merchant Banking. Mr. Collins had joined Lehman Brothers in 1996.
He served as an Infantry Officer and Captain in the U.S. Marine Corps.
He serves as Chairman of Blount, Inc. and has been its Director January
2005. Mr. Collins serves as a Director at Phoenix Brands LLC, Enduring
Resources, LLC, Evergreen Copyright Acquisitions, LLC, Eagle Energy Partners I,
LP, Cross Group, and Superior Highwall Holding Inc. and an Observer on the
Board of Directors of Antero Resources. He serves as a Member of Advisory Board
at EDF Trading North America, LLC. He has been Independent Director of Blount
International Inc. since January 2, 2010. He served as a Director of Pacific
Energy Management LLC - General Partner of Pacific Energy GP LP - GP of Pacific
Energy Partners LP since March 2005.
He holds an M.B.A. degree from Harvard Business School and a B.A. degree
from the University of Pennsylvania.
David A. WILLMOTT has been President and Chief Operating Officer of
Blount International, Inc. since March 15, 2011. Mr. Willmott served as the
Senior Vice President of Corporate Development and Strategy at Blount, Inc.
Mr. Willmott served as Senior Vice President of Corporate Development
and Strategy at Blount International, Inc. from December 14, 2009 to March 15,
2011. Mr. Willmott joined Blount on January 18, 2009. He is a Co-Founder of
Collins Willmott Partners,
L.P., and serves as its Partner. Previously, he was a Co-Founder of Collins
Willmott & Co. LLC and was its Partner.
Previously, he was a Principal at Trilantic Capital Management LLC (Also
called as Lehman Brothers Merchant Banking). Mr. Willmott joined Collins in
1997 and also served as a Managing Director at Lehman Brothers.
He served as Managing Director and Partner at Lehman Brothers, Private
Equity Division, where he worked for eleven years. Prior to this, he worked in
investment banking at Merrill Lynch in the Corporate Finance group based in
Chicago. Mr. Willmott also served in the High Yield Finance group of Merrill Lynch
based in New York. He serves as the Chairman of Hunter Fan Company.
He serves as a Director of CP Kelco ApS. He served as a Director of The
Cross Group, Inc. and Superior Highwall Miners (also called as Terex SHM) and
Evergreen Copyright Acquisitions, LLC. He serves as a Director of Blount
International, Inc. He is an Observer on the Board of Directors of Flagstone
Reinsurance Holdings, Ltd. and Delos Insurance Company.
Mr. Willmott holds an M.B.A. degree from the J.L. Kellogg School of
Management of Northwestern University and a B.A. degree from Williams College.
Calvin E. JENNESS is the CFO.
Subsidiaries and
partnership:
|
BI Holdings, C.V. |
Netherlands |
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Blount, Inc. |
Delaware |
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Blount Canada Ltd. |
Canada |
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Blount Europe, S.A. |
Belgium |
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Blount Holdings Ltd. |
Canada |
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Blount Industrial Ltda. |
Brazil |
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Blount Industries Company Ltd. |
China |
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Blount Netherlands B.V. |
Netherlands |
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Finalame SA |
France |
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KOX GmbH |
Germany |
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PBL SAS |
France |
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SP Companies, Inc. |
Delaware |
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SpeeCo, Inc. |
Delaware |
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Woods Equipment Company |
Delaware |
On attachment:
- 10K 2013
- 3rd 10Q 2014
On November 5, 2014, Blount International Inc. announced unaudited consolidated
earnings results for the third quarter and nine months ended September 30,
2014.
For the quarter, the company reported sales of $245,224,000 compared to
$230,628,000 a year ago. Operating income was $23,535,000 compared to
$15,610,000 a year ago. Income before income taxes was $22,423,000 compared to
$9,516,000 a year ago. Net income was $16,128,000 or $0.15 per diluted share
compared to $7,696,000 or $0.32 per diluted share a year ago. Net cash provided
by operating activities was $49,791,000 compared to $62,834,000 a year ago. Net
purchases of property, plant, and equipment were $11,931,000 compared to
$6,695,000 a year ago. Free cash flow was $37,860,000 compared to $56,139,000 a
year ago. Adjusted EBITDA was $38,193,000 compared to $34,902,000 a year ago.
For the nine months, the company reported sales of $683,649,000 compared
to $712,607,000 a year ago. Operating income was $54,025,000 compared to
$66,675,000 a year ago. Income before income taxes was $38,896,000 compared to
$56,855,000 a year ago. Net income was $26,366,000 or $0.53 per diluted share
compared to $39,003,000 or $0.78 per diluted share a year ago. Net cash
provided by operating activities was $78,529,000 compared to $80,562,000 a year
ago. Net purchases of property, plant, and equipment were $26,664,000 compared
to $20,761,000 a year ago. Free cash flow was $51,865,000 compared to
$59,801,000 a year ago. Adjusted EBITDA was $107,516,000 compared to
$98,963,000 a year ago.
For the year ending December 31, 2014, sales are expected to range
between $940 million and $950 million, adjusted EBITDA between $135 million and
$140 million, and operating income between $81 million and $86 million.
Expectation for sales assumes growth in FLAG segment sales of between four
and five percent and growth in FRAG segment sales of between 5% and 6%, both
compared to full year 2013 levels. In 2014, operating income is expected to
experience benefit from foreign currency exchange rates of between $2 million
and $3 million, and steel costs are expected to have a $3 million to $4 million
unfavorable impact for the year compared to 2013. The 2014 operating income
outlook includes non-cash charges of approximately $13 million related to
acquisition accounting. Free cash flow in 2014 is expected to range between $42
million and $48 million, after approximately $40 million to $42 million of
capital expenditures. Net interest expense is expected to be between $17
million and $18 million in 2014, and the effective income tax rate is expected
to be between 31% and 34% in 2014.
Banks: US Bank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
None