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1Q-2006-NR-financial-tables-4-25-06

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1Q-2006-NR-financial-tables-4-25-06 Document Transcript

  • 1. A-1 AVERY DENNISON PRELIMINARY CONSOLIDATED STATEMENT OF INCOME (In millions, except per share amounts) (UNAUDITED) Three Months Ended Apr. 01, 2006 Apr. 02, 2005 Net sales $ 1,337.2 $ 1,342.8 Cost of products sold 982.0 990.9 Gross profit 355.2 351.9 Marketing, general & administrative expense 244.8 254.4 Interest expense 14.5 14.5 7.6 3.3 Other expense, net (1) Income from continuing operations before taxes 88.3 79.7 Taxes on income 19.4 20.6 Income from continuing operations 68.9 59.1 Loss from discontinued operations, net of taxes (0.2) (1.4) Net Income $ 68.7 $ 57.7 Per share amounts: Income (Loss) per common share, assuming dilution Continuing operations $ 0.69 $ 0.58 Discontinued operations --- (0.01) Net Income $ 0.69 $ 0.57 Average common shares outstanding, assuming dilution 100.1 100.7 Common shares outstanding at period end 99.8 100.2 Certain prior year amounts have been reclassified to conform with the 2006 financial statement presentation. (1) Other expense for the first quarter of 2006 includes $7.2 of restructuring costs and asset impairment charges and $.4 for legal accrual related to a patent lawsuit. Other expense, net, for the first quarter of 2005 includes $6.7 of restructuring costs and asset impairment charges, partially offset by gain on sale of assets of ($3.4). -more- 03/27/2009 07:21:19
  • 2. A-2 Reconciliation of Non-GAAP Financial Measures in Accordance with SEC Regulation G Avery Dennison reports financial results in accordance with U.S. GAAP, and herein provides some non- GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. Avery Dennison uses the non-GAAP measures presented to evaluate and manage the Company's operations internally. Avery Dennison is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulations G and S-K and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures. -more-
  • 3. AVERY DENNISON A-3 PRELIMINARY RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts) (UNAUDITED) Three Months Ended Apr. 01, 2006 Apr. 02, 2005 Reconciliation of GAAP to Non-GAAP Operating Margin: Net sales $ 1,337.2 $ 1,342.8 Income from continuing operations before taxes $ 88.3 $ 79.7 GAAP Operating Margin 6.6% 5.9% Income from continuing operations before taxes $ 88.3 $ 79.7 Non-GAAP adjustments: Restructuring and transition costs (1) 5.4 4.8 Asset impairment charges 1.8 2.7 Other (2) 0.4 (3.4) Interest expense 14.5 14.5 Adjusted non-GAAP operating income before taxes and interest expense $ 110.4 $ 98.3 Adjusted Non-GAAP Operating Margin 8.3% 7.3% Reconciliation of GAAP to Non-GAAP Net Income: As reported net income $ 68.7 $ 57.7 Non-GAAP adjustments, net of taxes: Restructuring and transition costs 4.2 3.6 Asset impairment charges 1.4 2.0 Other 0.3 (2.5) Loss from discontinued operations 0.2 1.4 Adjusted Non-GAAP Net Income $ 74.8 $ 62.2 Reconciliation of GAAP to Non-GAAP Earnings Per Share: As reported income (loss) per common share, assuming dilution $ 0.69 $ 0.57 Non-GAAP adjustments per share, net of taxes: Restructuring and transition costs 0.04 0.04 Asset impairment charges 0.02 0.02 Other --- (0.02) Loss from discontinued operations --- 0.01 Adjusted Non-GAAP income per common share, assuming dilution $ 0.75 $ 0.62 Average common shares outstanding, assuming dilution 100.1 100.7 Certain prior year amounts have been reclassified to conform with the 2006 financial statement presentation. 2006 includes restructuring costs of $5.4. (1) 2005 includes restructuring and transition costs of $4 and $.8, respectively, related to a plant closure. 2006 includes legal accrual related to a patent lawsuit of $.4. (2) 2005 includes gain on sale of assets of ($3.4). -more-
  • 4. AVERY DENNISON A-4 PRELIMINARY SUPPLEMENTARY INFORMATION (In millions) (UNAUDITED) First Quarter Ended NET SALES OPERATING INCOME OPERATING MARGINS 2006 2005 2006 (1) 2005 (2) 2006 2005 Pressure-sensitive Materials $787.2 $785.4 $65.9 $71.3 8.4% 9.1% Office and Consumer Products 239.9 258.7 35.8 27.7 14.9% 10.7% Retail Information Services 165.3 157.4 9.0 5.8 5.4% 3.7% Other specialty converting businesses 144.8 141.3 4.8 3.7 3.3% 2.6% Corporate Expense N/A N/A (12.7) (14.3) N/A N/A Interest Expense N/A N/A (14.5) (14.5) N/A N/A TOTAL FROM CONTINUING OPERATIONS $1,337.2 $1,342.8 $88.3 $79.7 6.6% 5.9% (1) Operating income for the first quarter of 2006 includes $7.2 of restructuring costs and asset impairment charges and $.4 for legal accrual related to a patent lawsuit, of which the Pressure-sensitive Materials segment recorded $4, the Office and Consumer Products segment recorded $.8, the Retail Information Services segment recorded $2.3, and Corporate recorded $.5. (2) Operating income for the first quarter of 2005 includes $7.5 of restructuring and transition costs and asset impairment charges, partially offset by gain on sale of assets of ($3.4), of which the Pressure-sensitive Materials segment recorded ($.7) and the Office and Consumer Products segment recorded $4.8. Certain prior year amounts have been reclassified to conform with the 2006 financial statement presentation. RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTARY INFORMATION First Quarter Ended OPERATING INCOME OPERATING MARGINS 2006 2005 2006 2005 Pressure-sensitive Materials Operating income, as reported $65.9 $71.3 8.4% 9.1% Non-GAAP adjustments: Legal accrual related to a patent lawsuit 0.4 --- 0.1% --- Restructuring costs 2.6 --- 0.3% --- Asset impairment charges 1.0 2.7 0.1% 0.3% Gain on sale of assets --- (3.4) --- (0.4%) $69.9 $70.6 8.9% 9.0% Adjusted non-GAAP operating income Office and Consumer Products Operating income, as reported $35.8 $27.7 14.9% 10.7% Non-GAAP adjustments: Restructuring and transition costs (1) 0.8 4.8 0.4% 1.9% $36.6 $32.5 15.3% 12.6% Adjusted non-GAAP operating income Retail Information Services Operating income, as reported $9.0 $5.8 5.4% 3.7% Non-GAAP adjustments: Restructuring costs 2.0 --- 1.2% --- Asset impairment charges 0.2% 0.3 --- --- $11.3 $5.8 6.8% 3.7% Adjusted non-GAAP operating income 03/27/2009 07:21:20
  • 5. A-4 For 2006, amount includes restructuring costs of $.8. (1) For 2005, amount includes restructuring and transition costs of $4 and $.8, respectively, related to a plant closure. -more- 03/27/2009 07:21:20
  • 6. A-5 AVERY DENNISON PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEET (In millions) (UNAUDITED) Apr. 01, 2006 Apr. 02, 2005 ASSETS Current assets: Cash and cash equivalents $ 39.1 $ 53.0 Trade accounts receivable, net 836.7 830.8 Inventories, net 460.5 472.9 Other current assets 169.8 145.7 Total current assets 1,506.1 1,502.4 Property, plant and equipment, net 1,280.9 1,339.8 Goodwill 676.6 693.1 Intangibles resulting from business acquisitions, net 96.8 110.9 Other assets 582.1 650.0 $ 4,142.5 $ 4,296.2 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term and current portion of long-term debt $ 376.4 $ 231.9 Accounts payable 606.2 599.6 Other current liabilities 454.1 471.5 Total current liabilities 1,436.7 1,303.0 Long-term debt 720.8 994.7 Other long-term liabilities 420.5 461.0 Shareholders' equity: Common stock 124.1 124.1 Capital in excess of par value 772.7 788.8 Retained earnings 1,971.2 1,903.4 Accumulated other comprehensive loss (80.6) (36.4) Cost of unallocated ESOP shares (7.7) (9.7) Employee stock benefit trusts (577.0) (635.1) Treasury stock at cost (638.2) (597.6) Total shareholders' equity 1,564.5 1,537.5 $ 4,142.5 $ 4,296.2 -more- 03/27/2009 07:21:20
  • 7. A-6 AVERY DENNISON PRELIMINARY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) (UNAUDITED) Three Months Ended Apr. 01, 2006 Apr. 02, 2005 Operating Activities: Net income $ 68.7 $ 57.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 39.0 38.2 Amortization 10.7 11.6 0.1 (0.6) Deferred taxes 1.2 0.3 Asset impairment and net (gain) loss on sale of assets 3.6 (4.5) Other non-cash items, net 123.3 102.7 Changes in assets and liabilities (101.6) (105.4) Net cash provided by (used in) operating activities 21.7 (2.7) Investing Activities: Purchase of property, plant and equipment (51.5) (43.9) Purchase of software and other deferred charges (8.8) (4.9) Proceeds from sale of assets 5.2 5.2 Other (1.0) 5.8 Net cash used in investing activities (56.1) (37.8) Financing Activities: Net increase in borrowings (maturities of 90 days or less) 8.5 103.6 Additional borrowings (maturities longer than 90 days) --- 0.3 Payments of debt (maturities longer than 90 days) (1.1) (60.2) Dividends paid (42.8) (41.9) Proceeds from exercise of stock options, net 5.8 2.7 Other 4.0 4.0 Net cash (used in) provided by financing activities (25.6) 8.5 Effect of foreign currency translation on cash balances 0.6 0.2 Decrease in cash and cash equivalents (59.4) (31.8) Cash and cash equivalents, beginning of period 98.5 84.8 Cash and cash equivalents, end of period $ 39.1 $ 53.0 #### 03/27/2009 07:21:20