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TheStreet Open House

Snap-on Announces Fourth Quarter And Full Year 2012 Results

Conference Call and Webcast February 7, 2013, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 7, 2013, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast and supporting materials, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on web site.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release contains statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
       
 
 
 
Fourth Quarter Full Year
2012 2011 2012 2011
 
Net sales $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
Cost of goods sold   (401.2 )   (400.8 )   (1,547.9 )   (1,516.3 )
Gross profit 352.0 335.8 1,390.0 1,337.9
Operating expenses   (240.6 )   (232.0 )   (980.3 )   (953.7 )
Operating earnings before financial services 111.4 103.8 409.7 384.2
 
Financial services revenue 42.9 35.5 161.3 124.3
Financial services expenses   (13.6 )   (13.4 )   (54.6 )   (51.4 )
Operating earnings from financial services
before arbitration settlement 29.3 22.1 106.7 72.9
Arbitration settlement   -     -     -     18.0  
Operating earnings from financial services   29.3     22.1     106.7     90.9  
 
Operating earnings 140.7 125.9 516.4 475.1
Interest expense (14.4 ) (13.5 ) (55.8 ) (61.2 )
Other income (expense) – net   0.1     (1.0 )   (0.4 )   (1.0 )
Earnings before income taxes and equity earnings 126.4 111.4 460.2 412.9
Income tax expense   (39.8 )   (36.2 )   (148.2 )   (133.7 )
Earnings before equity earnings 86.6 75.2 312.0 279.2
Equity earnings, net of tax   0.1     0.9     2.6     4.6  
Net earnings 86.7 76.1 314.6 283.8
Net earnings attributable to noncontrolling interests   (2.1 )   (1.8 )   (8.5 )   (7.5 )
Net earnings attributable to Snap-on Inc. $ 84.6   $ 74.3   $ 306.1   $ 276.3  
 
 
Net earnings per share attributable to Snap-on Inc.:
Basic $ 1.45 $ 1.28 $ 5.26 $ 4.75
Diluted 1.43 1.27 5.20 4.71
 
Weighted-average shares outstanding:
Basic 58.2 58.2 58.2 58.2
Effect of dilutive options   0.8     0.5     0.7     0.5  
Diluted   59.0     58.7     58.9     58.7  

         
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
 
 
 
Fourth Quarter Full Year
2012 2011 2012 2011
 
Net sales:
Commercial & Industrial Group $ 275.6 $ 295.4 $ 1,125.9 $ 1,125.8
Snap-on Tools Group 321.6 292.8 1,272.0 1,153.4
Repair Systems & Information Group   241.6     236.5     917.1     920.6  
Segment net sales 838.8

 

824.7 3,315.0 3,199.8
Intersegment eliminations   (85.6 )   (88.1 )   (377.1 )   (345.6 )
Total net sales $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
Financial Services revenue   42.9     35.5     161.3     124.3  
Total revenues $ 796.1   $ 772.1   $ 3,099.2   $ 2,978.5  
 
Operating earnings:
Commercial & Industrial Group $ 31.9 $ 33.0 $ 127.3 $ 123.4
Snap-on Tools Group 45.6 39.6 176.4 158.5
Repair Systems & Information Group 55.4 49.2 205.7 184.7
Financial Services*   29.3     22.1     106.7     90.9  
Segment operating earnings 162.2

 

143.9 616.1 557.5
Corporate   (21.5 )   (18.0 )   (99.7 )   (82.4 )
Operating earnings $ 140.7 $ 125.9 $ 516.4 $ 475.1
Interest expense (14.4 ) (13.5 ) (55.8 ) (61.2 )
Other income (expense) – net   0.1     (1.0 )   (0.4 )   (1.0 )
Earnings before income taxes
and equity earnings $ 126.4   $ 111.4   $ 460.2   $ 412.9  
 
 

*

Financial Services' operating earnings for the full year 2011 includes an $18.0 million pretax arbitration settlement gain from a second quarter 2011 arbitration settlement.

 
SNAP-ON INCORPORATED
Reconciliation of Non-GAAP Financial Measures
(Amounts in millions, except per share data)
(unaudited)
         
 
 
 
Fourth Quarter Full Year
2012 2011 2012 2011

AS REPORTED

Net sales $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
Financial services revenue   42.9     35.5     161.3     124.3  
Total revenues $ 796.1   $ 772.1   $ 3,099.2   $ 2,978.5  
 

PRO FORMA INFORMATION

 
1) Operating earnings
As reported $ 140.7 $ 125.9 $ 516.4 $ 475.1
Less: Arbitration settlement gain   -     -     -     (18.0 )
Excluding arbitration settlement gain $ 140.7   $ 125.9   $ 516.4   $ 457.1  
 
Operating earnings as a percentage of total revenues
As reported 17.7 % 16.3 % 16.7 % 16.0 %
Excluding arbitration settlement gain 17.7 % 16.3 % 16.7 % 15.3 %
 
 
2) Arbitration settlement gain
As reported $ - $ - $ - $ 18.0
Income tax expense   -     -     -     (6.9 )
Arbitration settlement gain, net of tax $ -   $ -   $ -   $ 11.1  
 
Weighted-average shares outstanding - Diluted 59.0 58.7 58.9 58.7
 
Diluted EPS - Arbitration settlement gain $ -   $ -   $ -   $ 0.19  
 
 
3) Net earnings attributable to Snap-on Incorporated
As reported $ 84.6 $ 74.3 $ 306.1 $ 276.3
Less: Arbitration settlement gain, net of tax   -     -     -     (11.1 )
Excluding arbitration settlement gain $ 84.6   $ 74.3   $ 306.1   $ 265.2  
 
 
4) Diluted EPS
As reported $ 1.43 $ 1.27 $ 5.20 $ 4.71
Less: Diluted EPS - Arbitration settlement gain   -     -     -     (0.19 )
Excluding arbitration settlement gain $ 1.43   $ 1.27   $ 5.20   $ 4.52  
 
 
Snap-on is providing the above reconciliations of non-GAAP financial measures (excluding last year's $18.0 million pretax arbitration settlement gain recorded in the second quarter of 2011) as management believes that these non-GAAP measures provide a more meaningful year-over-year comparison of the company's operating performance.

   
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
 
 
Fiscal Year End
2012 2011
 
Assets
Cash and cash equivalents $ 214.5 $ 185.6
Trade and other accounts receivable – net 497.9 463.5
Finance receivables – net 323.1 277.2
Contract receivables – net 62.7 49.7
Inventories – net 404.2 386.4
Deferred income tax assets 81.8 92.6
Prepaid expenses and other assets   84.8     75.7  
Total current assets 1,669.0 1,530.7
 
Property and equipment – net 375.2 352.9
Deferred income tax assets 110.4 125.2
Long-term finance receivables – net 494.6 431.8
Long-term contract receivables – net 194.4 165.1
Goodwill 807.4 795.8
Other intangibles – net 187.2 188.3
Other assets   64.1     83.1  
Total assets $ 3,902.3   $ 3,672.9  
 
Liabilities and Equity
Notes payable $ 5.2 $ 16.2
Accounts payable 142.5 124.6
Accrued benefits 50.6 48.8
Accrued compensation 88.3 91.0
Franchisee deposits 54.7 47.3
Other accrued liabilities   247.9     255.9  

Total current liabilities

589.2 583.8
 
Long-term debt 970.4 967.9
Deferred income tax liabilities 127.1 108.1
Retiree health care benefits 48.4 52.8
Pension liabilities 260.7 317.7
Other long-term liabilities   87.5     95.3  
Total liabilities   2,083.3     2,125.6  
 
Equity
Shareholders' equity attributable to Snap-on Inc.
Common stock 67.4 67.3
Additional paid-in capital 204.6 181.4
Retained earnings 2,067.0 1,843.7
Accumulated other comprehensive loss (124.2 ) (174.6 )
Treasury stock at cost   (412.7 )   (386.9 )
Total shareholders' equity attributable to Snap-on Inc. 1,802.1 1,530.9
Noncontrolling interests   16.9     16.4  
Total equity   1,819.0     1,547.3  
Total liabilities and equity $ 3,902.3   $ 3,672.9  

   
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
 
Fourth Quarter
2012 2011
 
Operating activities:
Net earnings $ 86.7 $ 76.1
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation 12.6 12.5
Amortization of other intangibles 6.9 6.7
Provision for losses on finance receivables 4.9 4.6
Provision for losses on non-finance receivables 5.0 0.3
Stock-based compensation expense 7.1 7.9
Excess tax benefits from stock-based compensation (3.2 ) (0.6 )
Deferred income tax provision 25.7 14.3
Gain on sale of assets - (0.1 )
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable (24.5 ) (21.5 )
Increase in contract receivables (3.2 ) (8.2 )
Decrease in inventories 14.0 8.3
Decrease (increase) in prepaid and other assets 7.2 (1.7 )
Decrease in accounts payable (7.2 ) (7.5 )
Decrease in accruals and other liabilities   (29.1 )   (18.8 )
Net cash provided by operating activities 102.9 72.3
 
Investing activities:
Additions to finance receivables (143.5 ) (132.6 )
Collections of finance receivables 116.6 97.2
Capital expenditures (19.9 ) (14.6 )
Disposal of property and equipment 0.2 0.7
Proceeds from sale of equity investment 27.0 -
Other   0.1     (0.1 )
Net cash used by investing activities (19.5 ) (49.4 )
 
Financing activities:
Proceeds from short-term borrowings 4.8 4.5
Repayments of short-term borrowings (16.2 ) (1.6 )
Net decrease in other short-term borrowings (2.3 ) (0.8 )
Cash dividends paid (22.1 ) (20.2 )
Purchase of treasury stock (16.3 ) -
Proceeds from stock purchase and option plans 6.5 0.6
Excess tax benefits from stock-based compensation 3.2 0.6
Other   (2.5 )   (5.2 )
Net cash used by financing activities (44.9 ) (22.1 )
 
Effect of exchange rate changes on cash and cash equivalents   (0.1 )   (0.9 )
Increase (decrease) in cash and cash equivalents 38.4 (0.1 )
 
Cash and cash equivalents at beginning of period   176.1     185.7  
Cash and cash equivalents at end of year $ 214.5   $ 185.6  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (1.8 ) $ (0.4 )
Net cash paid for income taxes (33.7 ) (20.0 )

 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
   
Full Year
2012 2011
 
Operating activities:
Net earnings $ 314.6 $ 283.8
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation 50.2 49.3
Amortization of other intangibles 26.5 25.3
Provision for losses on finance receivables 18.7 13.3
Provision for losses on non-finance receivables 12.6 12.9
Stock-based compensation expense 32.1 20.3
Excess tax benefits from stock-based compensation (8.2 ) (2.8 )
Deferred income tax provision 29.3 5.1
Gain on sale of assets (0.9 ) (0.1 )
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable (43.4 ) (36.8 )
Increase in contract receivables (41.1 ) (51.5 )
Increase in inventories (13.4 ) (60.9 )
Increase in prepaid and other assets (24.8 ) (35.7 )
Increase (decrease) in accounts payable 16.6 (21.5 )
Decrease in accruals and other liabilities   (39.5 )   (72.2 )
Net cash provided by operating activities 329.3 128.5
 
Investing activities:
Additions to finance receivables (569.6 ) (519.1 )
Collections of finance receivables 445.5 356.9
Capital expenditures (79.4 ) (61.2 )
Disposal of property and equipment 2.6 3.7
Proceeds from sale of equity investment 27.0 -
Other   0.8     0.1  
Net cash used by investing activities (173.1 ) (219.6 )
 
Financing activities:
Repayment of long-term debt - (200.0 )
Proceeds from short-term borrowings 16.0 19.7
Repayments of short-term borrowings (30.3 ) (17.9 )

Net increase (decrease) in other short-term borrowings

3.1 (1.2 )
Cash dividends paid (81.5 ) (76.7 )
Purchase of treasury stock (78.1 ) (37.4 )
Proceeds from stock purchase and option plans 46.8 25.7
Excess tax benefits from stock-based compensation 8.2 2.8
Other   (11.2 )   (8.7 )
Net cash used by financing activities (127.0 ) (293.7 )
 
Effect of exchange rate changes on cash and cash equivalents   (0.3 )   (1.8 )
Increase (decrease) in cash and cash equivalents 28.9 (386.6 )
 
Cash and cash equivalents at beginning of year   185.6     572.2  
Cash and cash equivalents at end of year $ 214.5   $ 185.6  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (55.6 ) $ (59.3 )
Net cash paid for income taxes (93.6 ) (128.8 )

 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
       
 
Operations* Financial Services
Fourth Quarter Fourth Quarter
2012 2011 2012 2011
 
Net sales $ 753.2 $ 736.6 $ - $ -
Cost of goods sold   (401.2 )   (400.8 )   -     -  
Gross profit 352.0 335.8 - -
Operating expenses   (240.6 )   (232.0 )   -     -  
Operating earnings before financial services 111.4 103.8 - -
 
Financial services revenue - - 42.9 35.5
Financial services expenses   -     -     (13.6 )   (13.4 )
Operating earnings from financial services   -     -     29.3     22.1  
 
Operating earnings 111.4 103.8 29.3 22.1
Interest expense (13.5 ) (13.3 ) (0.9 ) (0.2 )
Intersegment interest income (expense) – net 11.1 9.6 (11.1 ) (9.6 )
Other income (expense) – net   -     (1.0 )   0.1     -  
Earnings before income taxes and equity earnings 109.0 99.1 17.4 12.3
Income tax expense   (33.5 )   (31.7 )   (6.3 )   (4.5 )
Earnings before equity earnings 75.5 67.4 11.1 7.8
Financial services – net earnings
attributable to Snap-on Inc. 11.1 7.8 - -
Equity earnings, net of tax   0.1     0.9     -     -  
Net earnings 86.7 76.1 11.1 7.8
Net earnings attributable to noncontrolling interests   (2.1 )   (1.8 )   -     -  
Net earnings attributable to Snap-on Inc. $ 84.6   $ 74.3   $ 11.1   $ 7.8  
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
       
 
Operations* Financial Services
Full Year Full Year
2012 2011 2012 2011
 
Net sales $ 2,937.9 $ 2,854.2 $ - $ -
Cost of goods sold   (1,547.9 )   (1,516.3 )   -     -  
Gross profit 1,390.0 1,337.9 - -
Operating expenses   (980.3 )   (953.7 )   -     -  
Operating earnings before financial services 409.7 384.2 - -
 
Financial services revenue - - 161.3 124.3
Financial services expenses   -     -     (54.6 )   (51.4 )
Operating earnings from financial services
before arbitration settlement - - 106.7 72.9
Arbitration settlement   -     -     -     18.0  
Operating earnings from financial services   -     -     106.7     90.9  
 
Operating earnings 409.7 384.2 106.7 90.9
Interest expense (54.0 ) (60.0 ) (1.8 ) (1.2 )
Intersegment interest income (expense) – net 42.4 35.8 (42.4 ) (35.8 )
Other income (expense) – net   (0.4 )   (1.0 )   -     -  
Earnings before income taxes and equity earnings 397.7 359.0 62.5 53.9
Income tax expense   (125.3 )   (113.9 )   (22.9 )   (19.8 )
Earnings before equity earnings 272.4 245.1 39.6 34.1
Financial services – net earnings
attributable to Snap-on Inc. 39.6 34.1 - -
Equity earnings, net of tax   2.6     4.6     -     -  
Net earnings 314.6 283.8 39.6 34.1
Net earnings attributable to noncontrolling interests   (8.5 )   (7.5 )   -     -  
Net earnings attributable to Snap-on Inc. $ 306.1   $ 276.3   $ 39.6   $ 34.1  
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

       
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
 
 
Operations* Financial Services
Fiscal Year End Fiscal Year End
2012 2011 2012 2011
 
Assets
Cash and cash equivalents $ 211.2 $ 181.1 $ 3.3 $ 4.5
Intersegment receivables 14.1 10.8 - -
Trade and other accounts receivable – net 497.5 463.3 0.4 0.2
Finance receivables – net - - 323.1 277.2
Contract receivables – net 7.4 6.5 55.3 43.2
Inventories – net 404.2 386.4 - -
Deferred income tax assets 68.8 90.0 13.0 2.6
Prepaid expenses and other assets   88.3   78.1   1.0   0.9
Total current assets 1,291.5 1,216.2 396.1 328.6
 
Property and equipment – net 373.2 351.9 2.0 1.0
Investment in Financial Services 165.3 142.0 - -
Deferred income tax assets 110.2 119.8 0.2 5.4
Long-term finance receivables – net - - 494.6 431.8
Long-term contract receivables – net 12.1 9.1 182.3 156.0
Goodwill 807.4 795.8 - -
Other intangibles – net 187.2 188.3 - -
Other assets   65.3   83.7   1.1   1.0
Total assets $ 3,012.2 $ 2,906.8 $ 1,076.3 $ 923.8
 
Liabilities and Equity
Notes payable $ 5.2 $ 16.2 $ - $ -
Accounts payable 142.1 124.0 0.4 0.6
Intersegment payables - - 14.1 10.8
Accrued benefits 50.6 48.8 - -
Accrued compensation 84.9 87.1 3.4 3.9
Franchisee deposits 54.7 47.3 - -
Other accrued liabilities   207.8   229.7   46.9   31.1
Total current liabilities 545.3 553.1 64.8 46.4
 
Long-term debt and intersegment long-term debt 143.2 257.6 827.2 710.3
Deferred income tax liabilities 125.7 108.0 1.4 0.1
Retiree health care benefits 48.4 52.8 - -
Pension liabilities 260.7 317.7 - -
Other long-term liabilities   69.9   70.3   17.6   25.0
Total liabilities   1,193.2   1,359.5   911.0   781.8
 
Total shareholders' equity attributable to Snap-on Inc. 1,802.1 1,530.9 165.3 142.0
Noncontrolling interests   16.9   16.4   -   -
Total equity   1,819.0   1,547.3   165.3   142.0
Total liabilities and equity $ 3,012.2 $ 2,906.8 $ 1,076.3 $ 923.8
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.




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