Carlisle Companies Reports $0.74 Earnings Per Share From Continuing Operations For The Fourth Quarter; Earnings Per Share Includes Charges Of $0.08 For Pension And Business Development

Cash Flow

Cash flow provided from operations of $485.9 million for the year ended December 31, 2012 rose 154% on higher net income of $89.9 million and a $196.5 million improvement in the amount of cash provided from working capital as compared to cash used for working capital in 2011.

Free cash flow for 2012 (defined as cash provided by operating activities less capital expenditures) increased by $233.9 million, or 210%, compared to 2011. Capital expenditures for 2012 increased 76% to $140.4 million compared to last year and included significant projects to construct new manufacturing facilities at CCM and expand facilities at CIT and CBF. During the year, the Company utilized $314 million for the acquisitions of Hertalan and Thermax.

During 2012, the Company repaid $357 million in short-term borrowings. In November 2012, the Company issued $350 million in 3.75% senior notes due 2022. As of December 31, 2012, the Company had $600 million of borrowing availability under its credit facility.

Conference Call and Webcast

The Company will discuss fourth quarter 2012 results on a conference call at 8:00 a.m. ET today. The call may be accessed live by going to the Investor Relations section of the Carlisle website ( http://www.carlisle.com/investor-relations/events-and-webcasts/default.aspx ), or the taped call may be listened to shortly following the live call at the same website location. A PowerPoint presentation will accompany the call and can be found on the Carlisle website as well.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about these factors is contained in the Company’s filing with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements.

About Carlisle Companies Incorporated

Carlisle Companies Incorporated is a global diversified company that designs, manufactures and markets a wide range of products that serve a broad range of niche markets including commercial roofing, energy, agriculture, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. Through our group of decentralized operating companies led by entrepreneurial management teams we bring innovative product solutions to solve the challenges our customers face. Our employees worldwide, who generated $3.6 billion in net sales in 2012, are focused on continuously improving the value of the Carlisle brand by developing the best products, ensuring the highest quality and providing unequaled customer service in the many industries we serve. Learn more about Carlisle at www.carlisle.com .

Carlisle Companies Incorporated
Consolidated Statements of Earnings
																	Twelve Months Ended
						Quarter Ended December 31,											December 31,
(Dollars in millions, except per share amounts)						2012					2011						2012				2011
Net sales						$	845.3				$	789.6					$	3,629.4			$	3,224.5
Cost and expenses:
Cost of goods sold							640.1					630.8						2,731.7				2,547.4
Selling and administrative expenses							113.1					98.8						427.7				376.6
Research and development expenses							8.6					7.3						33.0				28.7
Other (income) expense, net							6.3					-						12.7				(3.3	)
Earnings before interest and income taxes							77.2					52.7						424.3				275.1
Interest expense, net							6.3					5.7						25.5				21.2
Earnings before income taxes from continuing operations							70.9					47.0						398.8				253.9
Income tax expense							22.7					7.5						131.5				72.0
Income from continuing operations							48.2					39.5						267.3				181.9
Discontinued operations
Income (loss) from discontinued operations							(0.5	)				(1.2	)					2.9				(2.5	)
Income tax (benefit) expense							(0.2	)				(0.3	)					-				(0.9	)
Income (loss) from discontinued operations							(0.3	)				(0.9	)					2.9				(1.6	)
						$	47.9				$	38.6					$	270.2			$	180.3
Basic earnings (loss) per share attributable to common shares
Income from continuing operations						$	0.76				$	0.64					$	4.25			$	2.93
Income (loss) from discontinued operations							(0.01	)				(0.02	)					0.05				(0.02	)
Basic Earnings per share						$	0.75				$	0.62					$	4.30			$	2.91
Diluted earnings (loss) per share attributable to common shares
Income from continuing operations						$	0.74				$	0.63					$	4.18			$	2.88
Income (loss) from discontinued operations							-					(0.02	)					0.04				(0.02	)
Diluted earnings per share						$	0.74				$	0.61					$	4.22			$	2.86
Average shares outstanding - in thousands
Basic							63,001					61,632						62,513				61,457
Diluted							64,227					62,682						63,610				62,495
Dividends declared and paid						$	12.9				$	11.2					$	48.0			$	43.5
Dividends declared and paid per share						$	0.20				$	0.18					$	0.76			$	0.70
(1) Numerator for basic and diluted EPS calculated based on "two-class" method of computing earnings per share:
Income from continuing operations						$	47.8				$	39.3					$	265.8			$	180.2
Net income						$	47.5				$	38.2					$	268.6			$	178.6

Carlisle Companies Incorporated
Segment Information
(In millions,					Quarter Ended										Increase										Twelve Months Ended										Increase
except percentages)					December 31,										(Decrease)										December 31,										(Decrease)
						2012					2011				Amount					Percent						2012					2011				Amount					Percent
Net Sales
Carlisle Construction Materials					$	415.2				$	378.5				$	36.7				9.7	%				$	1,695.8				$	1,484.0				$	211.8				14.3	%
Carlisle Transportation Products						161.7					154.1					7.6				4.9	%					778.2					732.1					46.1				6.3	%
Carlisle Brake & Friction						87.7					116.2					(28.5	)			-24.5	%					449.0					473.0					(24.0	)			-5.1	%
Carlisle Interconnect Technologies						122.7					86.5					36.2				41.8	%					463.1					299.6					163.5				54.6	%
Carlisle FoodService Products						58.0					54.3					3.7				6.8	%					243.3					235.8					7.5				3.2	%
					$	845.3				$	789.6				$	55.7				7.1	%				$	3,629.4				$	3,224.5				$	404.9				12.6	%
Earnings Before Interest and Income Taxes
Carlisle Construction Materials					$	66.3				$	45.5				$	20.8				46	%				$	273.4				$	177.9				$	95.5				54	%
Carlisle Transportation Products						4.7					(3.8	)				8.5				224	%					52.4					9.1					43.3				476	%
Carlisle Brake & Friction						8.9					15.4					(6.5	)			-42	%					75.6					77.2					(1.6	)			-2	%
Carlisle Interconnect Technologies						16.3					10.4					5.9				57	%					69.1					41.9					27.2				65	%
Carlisle FoodService Products						2.3					(2.1	)				4.4				210	%					12.3					13.2					(0.9	)			-7	%
Corporate						(21.3	)				(12.7	)				(8.6	)			-68	%					(58.5	)				(44.2	)				(14.3	)			-32	%
Total					$	77.2				$	52.7				$	24.5				46	%				$	424.3				$	275.1				$	149.2				54	%
EBIT Margins
Carlisle Construction Materials						16.0	%				12.0	%														16.1	%				12.0	%
Carlisle Transportation Products						2.9	%				-2.5	%														6.7	%				1.2	%
Carlisle Brake & Friction						10.1	%				13.3	%														16.8	%				16.3	%
Carlisle Interconnect Technologies						13.3	%				12.0	%														14.9	%				14.0	%
Carlisle FoodService Products						4.0	%				-3.9	%														5.1	%				5.6	%
Corporate						-2.5	%				-1.6	%														-1.6	%				-1.5	%
Total						9.1	%				6.7	%														11.7	%				8.5	%

Carlisle Companies Incorporated
Consolidated Balance Sheets
							December 31,						December 31,
(Dollars in millions, except share amounts)							2012						2011
Assets
Current assets:
	Cash and cash equivalents						$	112.5					$	74.7
	Receivables, less allowance of $6.0 in 2012 and $6.4 in 2011							482.7						486.4
	Inventories							538.0						539.0
	Deferred income taxes							43.1						51.3
	Prepaid expenses and other current assets							29.0						60.1
	Current assets held for sale							-						2.6
	Total current assets							1,205.3						1,214.1
Property, plant and equipment, net of accumulated depreciation
								637.1						560.3
Other assets:
	Goodwill, net							958.8						845.2
	Other intangible assets, net							617.5						479.2
	Other long-term assets							38.6						19.0
	Non-current assets held for sale							-						20.1
	Total other assets							1,614.9						1,363.5
	TOTAL ASSETS						$	3,457.3					$	3,137.9
Liabilities and Shareholders' Equity
Current liabilities:
	Short-term debt, including current maturities						$	-					$	158.1
	Accounts payable							259.7						260.8
	Accrued expenses							193.3						161.7
	Deferred revenue							17.6						16.3
	Total current liabilities							470.6						596.9
Long-term liabilities:
	Long-term debt							752.5						604.3
	Deferred revenue							135.4						129.7
	Other long-term liabilities							310.7						306.9
	Total long-term liabilities							1,198.6						1,040.9
Shareholders' equity:
	Preferred stock, $1 par value per share. Authorized and unissued 5,000,000 shares							-						-
	Common stock, $1 par value per share. Authorized 100,000,000 shares;
		78,661,248 shares issued; 63,127,299 outstanding in 2012 and
		61,664,813 outstanding in 2011						78.7						78.7
	Additional paid-in capital							171.4						120.2
	Deferred compensation equity							0.6						-
	Cost of shares of treasury - 15,249,714 shares in 2012 and 16,467,760
		shares in 2011						(215.4	)					(219.9	)
	Accumulated other comprehensive loss							(35.5	)					(45.0	)
	Retained earnings							1,788.3						1,566.1
	Total shareholders' equity							1,788.1						1,500.1
	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	3,457.3					$	3,137.9

Carlisle Companies Incorporated
Consolidated Statements of Cash Flows
	For the Years ended December 31,
(Dollars in millions)	2012					2011
Operating activities
Net income	$	270.2				$	180.3
Reconciliation of net income to cash flows from operating activities:
Depreciation		74.6					68.1
Amortization		30.3					19.9
Non-cash compensation, net of tax benefit		8.5					12.5
Non-cash pension settlement		5.6					-
Gain on sale of businesses		(3.7	)				-
(Gain) loss on sale of property and equipment, net		2.1					1.8
Impairment of assets		6.4					-
Deferred taxes		(13.8	)				1.8
Foreign exchange (gain) loss		0.1					(2.1	)
Changes in assets and liabilities, excluding effects of acquisitions and divestitures:
Receivables		21.0					(71.4	)
Inventories		26.5					(75.8	)
Prepaid expenses and other assets		48.8					7.3
Accounts payable		(15.7	)				50.9
Accrued expenses and deferred revenues		14.9					(11.0	)
Long-term liabilities		9.9					8.9
Other operating activities		0.2					-
Net cash provided by operating activities		485.9					191.2
Investing activities
Capital expenditures		(140.4	)				(79.6	)
Acquisitions, net of cash		(314.3	)				(392.9	)
Proceeds from sale of property and equipment		-					3.5
Proceeds from sale of businesses		25.8					5.3
Proceeds from hedging activities		0.4					-
Other investing activities		-					0.2
Net cash used in investing activities		(428.5	)				(463.5	)
Financing activities
Net change in short-term borrowings and revolving credit lines		(357.4	)				346.9
Proceeds from long-term debt		348.9					-
Debt issuance costs		(2.9	)				(1.8	)
Redemption of Hawk bonds		-					(59.0	)
Dividends		(48.0	)				(43.5	)
Stock options and treasury shares, net		38.8					13.8
Net cash provided by (used in) financing activities		(20.6	)				256.4
Effect of exchange rate changes on cash		1.0					1.2
Change in cash and cash equivalents		37.8					(14.7	)
Cash and cash equivalents
Beginning of period		74.7					89.4
End of period	$	112.5				$	74.7

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