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TheStreet Open House

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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