This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006, transitioned to new leadership, and completed a restructuring program. Sales increased 4% to $5.5 billion and earnings per share increased to a record $1.61.
2) The company updated its growth targets, aiming for 8-10% annual sales growth and 11% EBIT margins by 2009. It also created new positions to increase business development and product innovation.
3) Looking ahead five years, Leggett expects its portfolio to include 30% new products, all businesses to be profitable, and to
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
VF Corporation posted record sales and earnings in 2005 and is strongly positioned for another outstanding year in 2006. The company achieved growth across most of its businesses, including its Mass Market, Specialty, Latin America, Mexico and Canada jeanswear divisions. One area of challenge was the Lee® brand in the U.S. The company is taking steps to restore growth to its North American jeans business through innovative new products and leveraging the strength of flagship brands in new categories and markets.
El Paso Corporation reported strong second quarter earnings, with Exploration and Production ahead of target. The company's pipeline group also performed well above the second quarter of last year, supported by increased throughput. El Paso continues to advance its portfolio of committed growth projects across its pipeline network. Overall, the company is on track to achieve its financial and operational targets for 2007.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
This document is a statistical supplement from Unum Group for the second quarter of 2008. It includes financial highlights and consolidated financial statements for Unum for quarters, six month periods, and full years 2005-2007. It also includes sales data by segment (Unum US, Unum UK, Colonial Life, etc.) and notes on non-GAAP measures and items affecting results for specific periods. The document provides an overview of Unum's financial and operating results over several years through tables, charts, and explanatory notes.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
VF Corporation posted record sales and earnings in 2005 and is strongly positioned for another outstanding year in 2006. The company achieved growth across most of its businesses, including its Mass Market, Specialty, Latin America, Mexico and Canada jeanswear divisions. One area of challenge was the Lee® brand in the U.S. The company is taking steps to restore growth to its North American jeans business through innovative new products and leveraging the strength of flagship brands in new categories and markets.
El Paso Corporation reported strong second quarter earnings, with Exploration and Production ahead of target. The company's pipeline group also performed well above the second quarter of last year, supported by increased throughput. El Paso continues to advance its portfolio of committed growth projects across its pipeline network. Overall, the company is on track to achieve its financial and operational targets for 2007.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
This document is a statistical supplement from Unum Group for the second quarter of 2008. It includes financial highlights and consolidated financial statements for Unum for quarters, six month periods, and full years 2005-2007. It also includes sales data by segment (Unum US, Unum UK, Colonial Life, etc.) and notes on non-GAAP measures and items affecting results for specific periods. The document provides an overview of Unum's financial and operating results over several years through tables, charts, and explanatory notes.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
unum group 1Q 08_Statistical_Supplement_Notesfinance26
The document is Unum Group's statistical supplement for the first quarter of 2008. It includes financial highlights showing metrics such as premium income, revenues, income, assets and equity. It also includes segment operating results, quarterly historical results by segment, financial results and statistics by business segment (Unum US, Unum UK, Colonial Life, etc.), reserves data, investment information and statutory basis financial information. The supplement provides detailed quarterly and annual financial information about Unum Group to analyze performance by business segment.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
Fidelity National Information Services reported strong financial results for 2007, with revenue increasing 15.1% to a record $4.8 billion and adjusted earnings per share growing 16.2% to $2.44. The company's Transaction Processing Services and Lender Processing Services divisions both experienced double-digit revenue growth. International revenues increased over 40% driven by expansions in Europe, Asia, and Brazil. Successful implementations of new systems and platforms contributed to organic revenue growth of 11%, exceeding projections.
This document provides financial highlights and statistical data for Unum Group for quarters 3 and 9 months ended September 30, 2008 and 2007 and years ended December 31, 2007, 2006 and 2005. It includes information on premium income, revenues, benefits expenses, net income, earnings per share, sales data by segment and quarterly performance. Key figures shown are total revenue of $2.4 billion for Q3 2008, net income of $108 million for Q3 2008, and group long-term disability sales increasing 31.4% for Unum US segment in Q3 2008 compared to prior year.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the three and six months ended June 30, 2007. It includes an unaudited balance sheet, statement of income, statement of cash flows, and notes. The financial statements show total revenues of $1.5 billion for Q2 2007 and $2.9 billion for the first half of 2007. Net income was $24 million for Q2 and $28 million for the first six months. Cash flows from operations were positive, with $793 million provided in the first half of 2007. Management discussion and analysis provides commentary on results and risks including competition in the vehicle rental industry.
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
UnumProvident Statistical Supplement Third Quarter 2005
- Provides financial highlights and statistics for UnumProvident for Q3 2005, the first three quarters of 2005, and full years 2004-2002.
- Premium income was $1.952 billion for Q3 2005. Net income was $52.6 million which included charges related to a settlement agreement and income tax benefits.
- Assets were $51.147 billion as of Q3 2005 and stockholders' equity was $7.238 billion.
- Sales of fully insured products in the U.S. Brokerage segment increased 4.3% in Q3 2005 compared to Q3 2004, while ASO products sales increased significantly.
unum group 4Q 07_Statistical_Supplement_and_Notesfinance26
The document is Unum Group's statistical supplement for the fourth quarter of 2007. It includes financial highlights, income statements, sales data, and balance sheets. Some key details are:
- Net income for Q4 2007 was $160.5 million compared to $276.1 million in Q4 2006.
- Premium income for 2007 was $7.901.1 billion compared to $7.948.2 billion in 2006.
- Total sales decreased 4.3% to $379 million in Q4 2007 from $396.2 million in Q4 2006.
- Total assets as of December 31, 2007 were $52.432.7 billion.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the third quarter of 2007. It includes statements of income, balance sheets, cash flows, and stockholders' equity. Key highlights include total revenues of $1.7 billion for the quarter and $4.6 billion for the nine months. Net income was $65 million for the quarter and $94 million for the nine months. Total assets were $13.8 billion as of September 30, 2007, with $4.7 billion in assets excluding vehicle programs and $9.2 billion in assets for vehicle programs.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
This document is DaVita Inc.'s annual report filed with the SEC for the fiscal year ended December 31, 2006. It summarizes that DaVita is a leading provider of dialysis services in the US, operating or providing administrative services to approximately 1,300 dialysis centers serving over 103,000 patients. It provides details on the types of dialysis services offered, sources of revenue including concentrations in government programs like Medicare, and measures taken to ensure quality of care.
This annual report summarizes the company's financial performance and operations in 2005. It discusses the acquisition of DVA Renal Healthcare, which expanded the company's network significantly. It also discusses key metrics like treatment growth, revenue per treatment, expenses, cash flows, earnings, and clinical outcomes. The report expresses confidence in the company's performance and strategy while noting ongoing risks from government policy and reimbursement pressures.
This annual report summarizes the company's financial performance and operations in 2005. It discusses the acquisition of DVA Renal Healthcare, which expanded the company's network significantly. It also discusses key metrics like treatment growth, revenue per treatment, expenses, cash flows, earnings, and clinical outcomes. The report expresses confidence in the company's performance and strategic initiatives to adapt to an environment of increasing reimbursement pressures.
The 2002 annual report provides financial information for a company. It includes a table of contents and sections on management discussion/analysis, independent auditors report, consolidated financial statements, risk factors, and selected financial data. The management discussion notes that operating results for the year were in line with projections. Continental US revenues were $1.8 billion while expenses were $1.46 billion. Prior year Medicare lab revenue recognition allowed higher revenue recognition in 2002.
The 2004 annual report summarizes DaVita's strong financial and operating performance for the year. Key highlights include achieving the best clinical outcomes in the company's history, generating the highest cash flows ever of $361 million from operations, and growing non-acquired treatment volumes by 6% for the quarter and 5% for the full year through opening new dialysis centers. The report also discusses DaVita's plans to acquire Gambro Healthcare to expand its national dialysis clinic network and patient base.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through ideas generation and acquisitions to devote more cash flow to growth.
This document provides supplemental financial information for Bank of America for the first quarter of 2007, including:
- Consolidated financial highlights such as net income, revenue, assets and equity.
- Segment results and key metrics for the Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management segments.
- Additional financial details like loans and leases, credit quality, and net interest income.
- Financial statements including the consolidated statement of income and consolidated balance sheet for the quarter.
The information is preliminary and based on company data available at the time. Forward-looking statements are subject to risks described in Bank of America's SEC filings.
unum group 1Q 08_Statistical_Supplement_Notesfinance26
The document is Unum Group's statistical supplement for the first quarter of 2008. It includes financial highlights showing metrics such as premium income, revenues, income, assets and equity. It also includes segment operating results, quarterly historical results by segment, financial results and statistics by business segment (Unum US, Unum UK, Colonial Life, etc.), reserves data, investment information and statutory basis financial information. The supplement provides detailed quarterly and annual financial information about Unum Group to analyze performance by business segment.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
Fidelity National Information Services reported strong financial results for 2007, with revenue increasing 15.1% to a record $4.8 billion and adjusted earnings per share growing 16.2% to $2.44. The company's Transaction Processing Services and Lender Processing Services divisions both experienced double-digit revenue growth. International revenues increased over 40% driven by expansions in Europe, Asia, and Brazil. Successful implementations of new systems and platforms contributed to organic revenue growth of 11%, exceeding projections.
This document provides financial highlights and statistical data for Unum Group for quarters 3 and 9 months ended September 30, 2008 and 2007 and years ended December 31, 2007, 2006 and 2005. It includes information on premium income, revenues, benefits expenses, net income, earnings per share, sales data by segment and quarterly performance. Key figures shown are total revenue of $2.4 billion for Q3 2008, net income of $108 million for Q3 2008, and group long-term disability sales increasing 31.4% for Unum US segment in Q3 2008 compared to prior year.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the three and six months ended June 30, 2007. It includes an unaudited balance sheet, statement of income, statement of cash flows, and notes. The financial statements show total revenues of $1.5 billion for Q2 2007 and $2.9 billion for the first half of 2007. Net income was $24 million for Q2 and $28 million for the first six months. Cash flows from operations were positive, with $793 million provided in the first half of 2007. Management discussion and analysis provides commentary on results and risks including competition in the vehicle rental industry.
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
UnumProvident Statistical Supplement Third Quarter 2005
- Provides financial highlights and statistics for UnumProvident for Q3 2005, the first three quarters of 2005, and full years 2004-2002.
- Premium income was $1.952 billion for Q3 2005. Net income was $52.6 million which included charges related to a settlement agreement and income tax benefits.
- Assets were $51.147 billion as of Q3 2005 and stockholders' equity was $7.238 billion.
- Sales of fully insured products in the U.S. Brokerage segment increased 4.3% in Q3 2005 compared to Q3 2004, while ASO products sales increased significantly.
unum group 4Q 07_Statistical_Supplement_and_Notesfinance26
The document is Unum Group's statistical supplement for the fourth quarter of 2007. It includes financial highlights, income statements, sales data, and balance sheets. Some key details are:
- Net income for Q4 2007 was $160.5 million compared to $276.1 million in Q4 2006.
- Premium income for 2007 was $7.901.1 billion compared to $7.948.2 billion in 2006.
- Total sales decreased 4.3% to $379 million in Q4 2007 from $396.2 million in Q4 2006.
- Total assets as of December 31, 2007 were $52.432.7 billion.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
This document provides condensed financial statements and management discussion and analysis for Avis Budget Car Rental for the third quarter of 2007. It includes statements of income, balance sheets, cash flows, and stockholders' equity. Key highlights include total revenues of $1.7 billion for the quarter and $4.6 billion for the nine months. Net income was $65 million for the quarter and $94 million for the nine months. Total assets were $13.8 billion as of September 30, 2007, with $4.7 billion in assets excluding vehicle programs and $9.2 billion in assets for vehicle programs.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
This document is DaVita Inc.'s annual report filed with the SEC for the fiscal year ended December 31, 2006. It summarizes that DaVita is a leading provider of dialysis services in the US, operating or providing administrative services to approximately 1,300 dialysis centers serving over 103,000 patients. It provides details on the types of dialysis services offered, sources of revenue including concentrations in government programs like Medicare, and measures taken to ensure quality of care.
This annual report summarizes the company's financial performance and operations in 2005. It discusses the acquisition of DVA Renal Healthcare, which expanded the company's network significantly. It also discusses key metrics like treatment growth, revenue per treatment, expenses, cash flows, earnings, and clinical outcomes. The report expresses confidence in the company's performance and strategy while noting ongoing risks from government policy and reimbursement pressures.
This annual report summarizes the company's financial performance and operations in 2005. It discusses the acquisition of DVA Renal Healthcare, which expanded the company's network significantly. It also discusses key metrics like treatment growth, revenue per treatment, expenses, cash flows, earnings, and clinical outcomes. The report expresses confidence in the company's performance and strategic initiatives to adapt to an environment of increasing reimbursement pressures.
The 2002 annual report provides financial information for a company. It includes a table of contents and sections on management discussion/analysis, independent auditors report, consolidated financial statements, risk factors, and selected financial data. The management discussion notes that operating results for the year were in line with projections. Continental US revenues were $1.8 billion while expenses were $1.46 billion. Prior year Medicare lab revenue recognition allowed higher revenue recognition in 2002.
The 2004 annual report summarizes DaVita's strong financial and operating performance for the year. Key highlights include achieving the best clinical outcomes in the company's history, generating the highest cash flows ever of $361 million from operations, and growing non-acquired treatment volumes by 6% for the quarter and 5% for the full year through opening new dialysis centers. The report also discusses DaVita's plans to acquire Gambro Healthcare to expand its national dialysis clinic network and patient base.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through ideas generation and acquisitions to devote more cash flow to growth.
This document provides supplemental financial information for Bank of America for the first quarter of 2007, including:
- Consolidated financial highlights such as net income, revenue, assets and equity.
- Segment results and key metrics for the Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management segments.
- Additional financial details like loans and leases, credit quality, and net interest income.
- Financial statements including the consolidated statement of income and consolidated balance sheet for the quarter.
The information is preliminary and based on company data available at the time. Forward-looking statements are subject to risks described in Bank of America's SEC filings.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around the Drive and Progressive Direct brands, expanded claims service centers, and technology projects were progressing well in the first half of the year.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the production program was on budget.
This document is Lincoln Financial Group's statistical report for the fourth quarter of 2007. It provides financial highlights and key metrics for Lincoln's individual and employer markets segments, investment management business, and international operations in the UK. The report includes income statements, balance sheets, sales and account value data to analyze Lincoln's financial performance.
The document is W.R. Berkley Corporation's 2003 Annual Report. It summarizes the company's strong financial performance in 2003, including record net income of $337 million, return on equity of 25.3%, and growth in net premiums written and cash flow from operations. It highlights the company's decentralized business model, focus on risk-adjusted returns, and people-oriented strategy of developing talent internally. Financial data tables show key metrics from 1999-2003.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had a $1 billion year-over-year swing in profits.
- Pipelines saw a 22% increase in earnings from 2005 and set a record. Exploration and production replaced 108% of production.
- For the fourth quarter, earnings were adjusted upwards by $122 million due to an alliance capacity buyout.
- For the full year, earnings were adjusted upwards by $122 million due to the buyout but adjusted downwards by $159 million due to income tax settlements and $172 million due to production hed
This document is Gannett Co., Inc.'s 2005 annual report. It includes the company's financial summary for 2005, a letter to shareholders from the chairman and CEO, and information about the company's operations. The letter discusses leadership changes at Gannett in 2005, the company's financial performance for the year which saw increased revenues and operating cash flow despite challenges, and strategic acquisitions and investments made to expand Gannett's digital offerings and ability to reach audiences across multiple platforms.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
1) Lincoln Financial Group reported total income from operations of $322.4 million for the first quarter of 2008, down 12.2% from $367 million in the first quarter of 2007.
2) Individual life insurance income decreased 12.7% to $145.5 million, while individual annuities income increased 1% to $117.8 million.
3) Other operations lost $42.3 million in the first quarter of 2008 compared to a $28 million loss in the prior year period.
This document is Lincoln Financial Group's statistical report for the first quarter of 2008. It provides financial highlights and details for Lincoln's individual and employer markets segments, as well as investment management, Lincoln UK, and other operations. The report includes income statements, balance sheets, account value roll forwards, assets under management, and other key metrics. This revised report solely corrects a line item for variable annuity expenses and makes no other changes to the financial information presented.
The document provides an investor presentation for a company in August 2010. It cautions that the presentation contains forward-looking statements regarding the company's financial condition and results of operations that are subject to risks and uncertainties. It then provides an overview of the company's business segments, financial highlights from 2009, management team, global presence, and competitive positioning in its industry. Supplemental slides provide more details on financial performance, balance sheet, sales trends, backlog, capital expenditures, and adjusted EBITDA.
Citigroup reported a net loss of $5.1 billion for the first quarter of 2008, compared to net income of $5 billion for the first quarter of 2007. Revenues declined 48% to $13.2 billion for the quarter. The global consumer business reported a net income of $1.4 billion, down 45% from the prior year, with the U.S. consumer business reporting net income of $279 million, down 84%. Markets and Banking reported a net loss of $5.7 billion for the quarter compared to net income of $2.7 billion in the prior year.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
Green Mountain Coffee Roasters started as a small coffee roaster and cafe but has grown significantly since partnering with Keurig in 1998 to manufacture single-cup K-Cup coffee pods. GMCR's business has evolved into a razor/razor blade model where it sells Keurig brewing machines near cost and earns high margins on K-Cup pod sales. Since acquiring Keurig in 2006, GMCR's revenues have grown at a 57% compound annual rate through focus on the fast growing single-cup pod market. However, GMCR now faces questions around its accounting practices and competition in the single-cup coffee brewing market.
Arrow Electronics had a record year in 2007, with sales of $16 billion, an 18% increase over 2006. Productivity among employees also rose 11%. The company continues to invest in growing both its Global Components and Enterprise Computing Solutions businesses. It aims to drive industry-leading performance while also investing for long-term growth. Arrow is transforming its systems to operate more efficiently on a global scale through an ERP initiative.
Similar to leggett & platt 2006_Annual_Full_Version (20)
1) Constellation Brands is a leading producer and marketer of beverage alcohol brands in North America and the UK.
2) In 2002, Constellation Brands reported gross sales of $3.6 billion, net sales of $2.8 billion, operating income of $342 million, and net income of $136 million.
3) As the second largest supplier of wine, beer, and distilled spirits in the US, Constellation Brands has a broad portfolio of brands that provides opportunities to satisfy consumer preferences across multiple categories of beverage alcohol.
Constellation Brands had strong financial performance in fiscal year 2003. Net sales increased 5% to $2.7 billion and net income grew 22% to $192 million. Earnings per share also increased 16% to $2.07. The company has a broad portfolio of over 200 wine, beer, and spirits brands that makes it unique among global beverage alcohol companies. Its acquisition of BRL Hardy in 2003 is expected to further accelerate sales and earnings growth going forward.
Constellation Brands experienced strong growth in fiscal year 2004. Net sales increased 30% to $3.5 billion and net income grew 39% to $266 million. Operating profit margins improved by 80 basis points. The acquisition of BRL Hardy expanded Constellation's portfolio of wines, particularly Australian wines, and strengthened its global distribution network. Constellation reorganized its global wine operations into six regional companies to better leverage its broader portfolio and drive financial results.
Constellation Brands is a leading international producer and marketer of beverage alcohol brands across wine, spirits, and imported beer. In FY2005, Constellation Brands achieved record sales, net income, earnings per share and other financial metrics. Net sales surpassed $4 billion for the first time, representing a 15% increase over the prior year. Net income grew 25% compared to the prior year. The last three quarters of FY2005 each exceeded $1 billion in net sales. The company's strategy focuses on using its broad product portfolio, geographic diversity, and operational scale to deliver long-term value and growth for shareholders.
Constellation Brands is a leading international marketer of beverage alcohol brands with a broad portfolio across wine, spirits and imported beer categories. It has a portfolio of more than 200 well-known and iconic brands. It has 10,000 employees located across various locations globally including its corporate offices near Rochester, New York. It leverages innovation, dedication, insight and vision to strengthen its brands and business through product development, partnerships, consumer insights and strategic focus.
Constellation Brands had a dynamic fiscal 2007 with strategic changes including acquiring Vincor, forming a joint venture with Grupo Modelo, and announcing the acquisition of SVEDKA vodka. While most business segments performed as expected, growth in the UK was slowed by an Australian wine surplus. Constellation revised its long-term organic growth targets due to changes in accounting and potential higher interest and tax rates. The company believes opportunities remain to create shareholder value through efficiency gains, product development, infrastructure investment, and small acquisitions.
Constellation Brands has cultivated its business over 63 years, evolving into one of the world's leading producers and marketers of beverage alcohol. In fiscal 2008, Constellation enhanced its portfolio focus on higher-growth premium categories through acquisitions like SVEDKA vodka and the Clos du Bois wine portfolio. Constellation also realigned business units and sold lower-margin brands to improve its competitive position and financial performance.
Expeditors International of Washington, Inc. announced a 20% increase in their semi-annual cash dividend from $0.10 per share to $0.12 per share. The increased dividend will be payable on June 17, 2002 to shareholders of record as of June 3, 2002. Expeditors is a global logistics company headquartered in Seattle, Washington that employs professionals in 167 offices worldwide to provide freight forwarding, customs clearance, and other international logistics services.
Expeditors International of Washington, Inc. announced a 38% increase in their semi-annual cash dividend from $0.08 per share to $0.11 per share. The increased dividend will be payable on June 15, 2004 to shareholders of record as of June 1, 2004. Expeditors is a global logistics company headquartered in Seattle, Washington that employs trained professionals in offices and international service centers around the world to provide freight forwarding, customs clearance, and other value added logistics services.
Expeditors International of Washington, Inc. announced a semi-annual cash dividend of $0.11 per share payable on December 15, 2004 to shareholders of record as of December 1, 2004. Expeditors is a global logistics company headquartered in Seattle, Washington that employs trained professionals in 170 offices and 12 international service centers located on six continents linked through an integrated information management system to provide air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
Expeditors International of Washington, Inc. announced a 36% increase in their semi-annual cash dividend from $0.11 per share to $0.15 per share. The increased dividend will be payable on June 15, 2005 to shareholders of record as of June 1, 2005. Expeditors is a global logistics company headquartered in Seattle, Washington that employs trained professionals in 159 offices worldwide to provide freight forwarding, customs clearance, and other international logistics services.
Expeditors International of Washington, Inc. announced a 46% increase in their semi-annual cash dividend from $0.15 per share to $0.22 per share. The increased dividend will be payable on June 15, 2006 to shareholders of record as of June 1, 2006. Expeditors is a global logistics company headquartered in Seattle, Washington that employs trained professionals in offices worldwide to provide freight forwarding, customs clearance, and other international logistics services.
Glenn M. Alger, President and Chief Operating Officer of Expeditors International of Washington, Inc., a global logistics company, announced his plans to retire in 2007 after 25 years with the company. Alger expressed pride in helping grow Expeditors from 20 employees to over 11,000 worldwide. Peter J. Rose, Chairman and CEO, thanked Alger for his dedication and integral role in the company's success, though noted regional presidents and other leaders are prepared to continue Expeditors' operations and standards without disruption.
Expeditors International of Washington, Inc. announced a 27% increase in their semi-annual cash dividend from $0.11 per share to $0.14 per share. The increased dividend will be payable on June 15, 2007 to shareholders of record as of June 1, 2007. Expeditors is a global logistics company headquartered in Seattle, Washington with over 172 offices worldwide providing freight forwarding, customs clearance, and other international logistics services.
Expeditors International has been named as a defendant along with seven other global logistics companies in a federal antitrust class action lawsuit filed in New York. The lawsuit alleges that the defendants engaged in anti-competitive practices. Expeditors believes the allegations have no merit and will vigorously defend itself against the claims.
Expeditors International of Washington, Inc. appoints Bradley S. Powell as their new Chief Financial Officer. Powell has over 20 years of finance experience including roles as CFO at two other publicly-traded companies. Expeditors' President and COO Jordan Gates says Powell was the right person for the role given his demonstrated experience and attitude. Powell will start on October 1st and focus on training in Expeditors' operations and financial departments to understand their business practices and culture.
The Board of Directors of Expeditors International of Washington, Inc. voted to modify the company's Equal Employment Opportunity (EEO) policy statement to expressly include the words "sexual orientation". This change was in response to a shareholder proposal requesting this modification in the company's proxy statement for the last three years. After reviewing voting results from their most recent proxy statement in light of a recent bylaw change, the Board determined the proposal had passed and unanimously approved the requested change to the EEO statement.
Expeditors International of Washington, 1st97qerfinance39
The document summarizes Expeditors International's financial results for the first quarter of 1997. Net earnings increased 48% to $5.6 million compared to $3.8 million in the first quarter of 1996. Net revenues increased 42% to $57.7 million. Operating income rose 55% to $8.6 million. Same store net revenues and operating income increased 30% and 50% respectively.
Expeditors International of Washington, 05/14/97divfinance39
Expeditors International announced a 25% increase in their semi-annual cash dividend to $0.05 per share. For the first quarter of 1997, the company's net earnings increased 48% compared to the previous year and net earnings per share increased 47%. Expeditors is a global logistics company headquartered in Seattle that saw revenues of $730 million and net earnings of $24 million for the year 1996.
Expeditors International of Washington, 2nd97qerfinance39
Expeditors International of Washington, Inc. announced record financial results for the second quarter and first half of 1997, with significant increases in key metrics compared to the same periods in 1996. Net earnings increased 52% for the quarter and 50% year-to-date, driven by 45% and 43% increases in net revenues, respectively. The company opened new offices in Ireland and India during the quarter and saw continued growth across all business segments and regions. Chairman and CEO Peter Rose attributed the strong results to the company's global network and ability to gain market share while maintaining profitability and cost control.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
5 Tips for Creating Standard Financial ReportsEasyReports
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. Financial Highlights
Leggett & Platt, Incorporated
(Dollar amounts in millions, except per share data)
Year ended December 31 2006 2005 % Change
Net sales $5,505 $5,299 3.9%
Earnings before interest and income taxes (EBIT) 482 396 21.7
Net earnings 300 251 19.5
Net cash provided by operating activities 479 448 6.9
Earnings per share – diluted 1.61 1.30 23.8
Cash dividends declared per share .67 .63 6.3
Book value per share 13.21 12.32 7.2
Cash and cash equivalents 132 65 103.1
Total assets 4,265 4,072 4.7
Long-term debt 1,060 922 15.0
Shareholders’ equity 2,351 2,249 4.5
Stock price range – High $27.04 $29.61
Low $21.93 $18.19
P/E range – High 17 23
Low 14 14
Average diluted shares outstanding (in millions) 186.8 193.6
EBIT margin 8.8% 7.5%
Net earnings margin 5.5 4.7
Net debt to net capital 28.0 28.4
Return on average total capital 9.8 8.7
Return on average shareholders’ equity 13.1 11.0
Leggett & Platt (NYSE: LEG), a pioneer in the development Leggett & Platt serves a broad suite of customers as
of steel coil bedsprings, was founded as a partnership in North America’s leading independent manufacturer of:
Carthage, Missouri in 1883 and incorporated in 1901. • Components for residential furniture and bedding;
Our stock was first publicly traded in 1967, and listed on • Retail store fixtures and point of purchase displays;
The New York Stock Exchange in 1979. Today, Leggett is • Components for office furniture;
a diversified manufacturer that conceives, designs and • Non-automotive aluminum die castings;
produces a wide range of engineered components and • Drawn steel wire;
products that can be found in most homes, offices, and • Automotive seat support and lumbar systems;
automobiles, and also in many retail stores. • Carpet underlay;
Our 124-year-old firm is composed of 29 business units, • Adjustable beds; and
33,000 employee-partners, and more than 300 facilities • Bedding industry machinery for wire forming,
located in over 20 countries. sewing and quilting.
3. “We spent a lot of time this past year thinking about Leggett & Platt’s future. In the next
few pages of this annual report, we’d like to share our thoughts with you. We have
organized this material into three key themes:
1 Where we are headed. We briefly discuss the company’s growth and margin goals.
2 What we are doing to get there. We identify the key changes and activities required
to attain our goals.
3 What we expect to look like when we arrive. We list the main attributes we believe
will describe Leggett five years down the road.
Even though we don’t have every detail worked out, we wanted to share what we are
planning to achieve, and what we believe it will take to reach our goals.”
— David S. Haffner, President and Chief Executive Officer
Contents
2 The Road Ahead
11 Letter to Shareholders
15 Segment Overview
20 11-Year Financial Data
22 MD&A
37 Financial Statements
41 Notes to Financial Statements
57 Additional Financial Information
60 Stock Market and Ownership Data
62 Directors and Officers
64 Glossary
Corporate Information (inside back cover)
Leggett at a Glance (back cover)
1
5. Annual sales growth of 8%-10%.
Leggett has long been a successful, growing company, but for a variety
of reasons our sales growth has averaged only 5%-6% in recent years.
We are changing that. We expect, over the long term, to achieve
3%-5% annual internal sales growth, and plan for acquisitions to
add about 5% annually to our sales.
11% EBIT margin by 2009. 12
We intend to increase EBIT margin to 11% by 2009
(from its recent average of about 8.5%) by
introducing new products, increasing sales, 10
entering new markets and improving efficiency.
8
6
4
2
0
01 02 03 04 05 06 07E 08E 09E
We must uncover more growth opportunities.
This is our #1 priority. Leggett generates a lot of
cash. In recent years, after funding our growth
projects, we’ve had cash left over (which we have
used to pay the dividend and buy back stock).
Going forward, we want to devote a larger
percentage of cash flow to growth. To do so, we
must generate more ideas and uncover a higher
number of profitable growth opportunities.
3
7. Reinvigorate product development.
Frankly, we haven’t brought enough new products to market in recent years. About
a year ago we began to reemphasize the importance of product development. To augment
and coordinate the company’s many technology efforts, last June we created a new executive
position, reporting directly to the COO, with responsibility for company-wide engineering and
innovation efforts. In the latter part of the year we conducted our first “technology summit”
and purchased third-party “knowledge management” software (to enhance collaboration and
research). During 2007, we will move into our new R&D facility and establish a council of
senior researchers (to promote, review and implement product development ideas).
Develop new
market opportunities.
Product development alone will not be sufficient; we must also create new market
opportunities. Authors call these opportunities by different names: blue oceans, disruptive
technologies, and new growth platforms. We must look afresh at markets within our core
businesses, uncover opportunities in growing markets Leggett does not yet serve (or that do
not yet exist), and determine how to meet current and potential customers’ unmet needs.
5
8. What we are doing to get there.
Actively manage our
portfolio of businesses.
We intend to exit underperforming and non-strategic businesses,
while extending or initiating positions in markets with long-term
attractiveness. We will continually evaluate the strategy and
competitive positions of our individual businesses, and plan to
participate only in markets in which we can be a market leader
and generate an attractive cash flow return on investment.
Our relatively new investments in both Geo Components and
Commercial Vehicle Products reflect this portfolio approach.
Gain additional consumer insight.
We must become more knowledgeable about markets, customers, and consumer trends and desires as we strive to
develop new, innovative products and business models. We have tended to rely on our customers (who are primarily
manufacturers and retailers) to provide us with insight into consumer trends. Going forward, we will augment that
information with our own study of, and direct involvement with, consumers.
6
9. Change some
business models.
What is it we do, specifically, that enables
us to earn a profit? We are focusing on this
question in each of our businesses. We are
assessing how much of our profit comes from
product design, plant efficiency, purchasing
leverage, customer service, distribution
methods, or other factors. We also plan to
evaluate our stance regarding branding, private
label goods, finished consumer items, service-
related markets, retailing, and distribution.
In short, we expect to change some business
models after thorough analysis of these and
other issues.
Dedicate more people
solely to growth.
We expect every manager to contribute to our growth; however, we
realize that urgent, daily, tactical issues often distract from this priority.
Therefore, we are creating additional positions so that a group of
executives can dedicate 100% of their time to profitable growth.
Last summer we filled a new VP of Engineering and Technology position;
in the fall we added five business development positions. We are also
currently staffing a small, new corporate function with
responsibility for new growth platforms
and market research.
Vincent Lyons, VP of Engineering and Technology,
is flanked by our five segment Business
Development personnel. Left to right:
Joe Harris, Residential
Steffan Sarkin, Aluminum
Vincent Lyons
David Brown, Industrial
Mitch Dolloff, Specialized
Jay Thompson, Commercial
7
11. 30% of sales from new products.
Our product mix will be different. Our efforts at business development,
new growth platform discovery, and product development should add
a substantial suite of new products and business lines to our mix.
Not everything will have changed, but much will be new.
Uniformly profitable.
Unprofitable businesses will be gone. Most of our current businesses
are profitable and growing, but some are not. We plan to improve or
divest any business with inadequate returns. Down the road, we should
be more uniformly profitable and growing across our lines of business.
Market leader.
We aim to be the world’s leading provider of innovative
products and services to the markets in which we participate.
As a result of our service, quality, creativity and pricing, we
plan to be the provider that customers think of first.
Beacon of integrity.
Integrity will always be essential to us.
We fervently guard our reputation for
high quality earnings, solid governance,
and conservative accounting. We strive
to reply candidly to questions, admit our
mistakes, and use everyday language in
Record sales and earnings. our communications. Those attributes
will not change.
Approximately $8 billion in sales and $3 of EPS. That’s where we
should be in 5 years, given our sales growth and margin targets.
We anticipate long-term average EPS growth of 10% per year, and
future return on equity (ROE) of 16-17%.
9
13. Fellow Shareholders,
Leggett & Platt accomplished much during 2006. We attained record sales and earnings, transitioned to a
new CEO and a new COO, and completed the restructuring we began in 2005. We also updated our growth
and margin targets, filled several newly-created business development and product development positions,
increased the dividend for the 35th consecutive year, and bought back 3% of our stock.
Record Sales and EPS. Full year sales increased 4% to a record of $5.5 billion. Acquisitions added 5% to
our revenues, but divestitures associated with our restructuring activity reduced sales by 2% (as anticipated).
Internal sales grew less than 1%, with gains in sales of foam and carpet underlay offset by weak market
demand for bedding, wire, automotive, and certain other components.
Full year EPS increased from $1.30 in 2005 to a record $1.61 in 2006. The earnings increase primarily
reflects reduced restructuring-related expenses, lower workers’ compensation costs, operational benefits
from restructuring activity, reimbursement of Canadian lumber duty, a full year of earnings from recent
acquisitions, and reduced share count.
TARGETS
Our cash flow and balance sheet remain strong. During the year we
• 8-10% Sales Growth
generated $479 million in cash from operations, a 7% increase over
• Margins: 7% Net, 11% EBIT
2005. We continue to produce significantly more cash flow than is
• 10% EPS Growth
required to fund internal growth and dividends; extra cash is being
• 16-17% Return on Equity
used for acquisitions and stock repurchases.
• Annual Dividend Increases
Promotions, Restructuring, and New Targets. For only the fourth time
in the last 70 years, Leggett named a new CEO. In a seamless and long-planned transition, Felix Wright
handed the CEO baton to Dave Haffner. Felix joined the company in 1959, has long been one of Leggett’s
key executives, and served as CEO from 1999 to 2006. He continues to provide counsel as an active
employee Chairman of the Board and internal advisor to Leggett’s senior management. As also anticipated,
Karl Glassman succeeded Dave Haffner as Chief Operating Officer. Dave and Karl have been with Leggett for
23 and 25 years, respectively. They have co-authored these annual Shareholder Letters for the last five years,
and should be familiar to investors.
The restructuring we announced in the fall of 2005 is now complete. Through that process we closed, consoli-
dated or divested 36 operations. Collectively, these operations had revenue of approximately $400 million;
most of that volume was moved to remaining facilities. Net expenses associated with restructuring-related
activities in 2005 and 2006 totaled $67 million. The ongoing annual benefit from this activity is expected to
be about $30-35 million in EBIT, or about 10-12 cents of per share earnings.
In September we updated Leggett’s growth and margin targets. We aim for 8% – 10% annual sales growth,
from a combination of internal expansion and external acquisitions. By 2009 we expect to achieve 7% net
Left to right, David S. Haffner, President and Chief Executive Officer, Karl G. Glassman,
Executive Vice President and Chief Operating Officer and Felix E. Wright, Chairman of the Board
11
14. Return on Equity Net Margin Net Sales Sales Growth
Percent Percent Millions of dollars Percent
14.0 6.0 6000 18
10.5 4.5 4500 12
7.0 3.0 3000 6
3.5 1.5 1500 0
0 0 0 -6
01 02 03 04 05 06 01 02 03 04 05 06 01 02 03 04 05 06 01 02 03 04 05 06
Cash from Operations Net Debt to Net Cap EPS Dividends per Share
Millions of dollars Percent Dollars Cents
600 32 2.0 80
450 24 1.5 60
300 16 1.0 40
150 8 0.5 20
0 0 0 0
01 02 03 04 05 06 01 02 03 04 05 06 01 02 03 04 05 06 01 02 03 04 05 06
margin and 11% EBIT margin. We expect higher sales, improved margins and possible reductions in share
count to result in average EPS growth of 10% per year.
Dividend Growth Continues. In May, the Board of Directors increased the quarterly dividend from $.16 to
$.17 per share. At an indicated annual rate of $.68 per share, 2007 marks 36 consecutive years of dividend
increase, each year since 1971. Compound dividend growth has averaged nearly 14% since 1971 (and 11%
for the last decade). Only one other S&P 500 company can match that 36-year growth record.
In 2007, Leggett was again named to Standard & Poor’s list of “Dividend Aristocrats.” Mergent’s Dividend
Achievers lists Leggett among the top 110 companies for 10-year growth in dividends. And Fortune magazine
continues to rank Leggett among the top third of the companies it deems as “America’s Most Admired.”
We continue to target dividend payout (over the long run) at approximately one-third of the average earnings of
the preceding three years. Leggett is proud of its dividend growth record, and we expect to extend that record
far into the future.
Significant Stock Repurchase. In 2006, we used $150 million to purchase 6.2 million shares of Leggett
stock. We paid, on average, about $24 per share. Over the last two years the number of outstanding shares
declined by 7%, to 178 million shares on December 31.
The Board of Directors has authorized the purchase of up to 10 million shares of Leggett stock in 2007;
however, we have established no specific repurchase schedule. We look at many factors when deciding how
much stock to buy, including the current stock price and the amount of cash we expect to have available.
Stock Performance. Though Leggett accomplished much during 2006, the stock price improved only
modestly, well below our expectations. Long-term stock price appreciation is of acute interest to us, in part
12
15. because most of our personal wealth is tied to Leggett stock. We are keenly aware of the responsibility (for
investment growth) with which many small shareholders, employee-partners, and institutional investors have
entrusted us.
Operating performance over the last few years has been strongly influenced by external factors, including
reduced market demand for certain products, increased foreign competition, significantly higher costs for
steel, energy, and oil-based materials, and adverse changes in currency rates. If we want the stock price to
increase, we must overcome these external challenges and achieve consistent, profitable growth over the
long term. This is our intent.
Sales Growth. Leggett’s recent sales growth, averaging 5% – 6% per year, has come primarily from our acquisition
program. Our internal (or organic) sales growth has been modest. As mentioned above, we are aiming for future
annual sales growth of 8% – 10%. Acquisitions should continue to add about 5% to yearly sales growth, and
we believe we can improve internal growth to the 3% – 5% range. To enhance internal growth, we determined
which factors have been constraining us, and then started making changes to alleviate those constraints.
In our discussions, we noted two things: (i) the majority of the markets in which we participate have been
growing slower than GDP, and (ii) urgent, daily, tactical duties can be so consuming that operating executives
have little time to address strategic objectives (such as growth). As a result, we haven’t been generating as
many growth ideas as we would like. In response, we created new positions, enabling a group of executives to
dedicate 100% of their time toward profitable growth, and holding them accountable to achieve it.
More Resources Dedicated to Growth. In June we created a new, senior-level position, reporting directly to
the COO, with responsibility for company-wide engineering and innovation efforts. We wanted to augment and
coordinate the company’s many technology efforts by providing our innovators a single focal point and senior
representative on the executive team. We staffed that position with a highly talented engineer and business
leader who accumulated R&D and engineering experience while at GM, Lear, Visteon, and Maytag.
In September we established five new business development positions, each reporting directly to one of our
five segment presidents. By year end we staffed those positions with an impressive group of individuals, all
of whom possess significant M&A or business development experience. They bring transactional knowledge
from previous roles as investment bankers and legal advisors, as well as experience within Leggett’s and other
corporations’ M&A departments. Collectively they hold 8 advanced degrees in business and law. All five were
promoted from within, enabling us to reduce risk by staffing these new positions with known, highly successful
candidates who are already familiar with our executives, objectives, practices and culture.
We are also establishing a new corporate function with responsibility to uncover new growth platforms. This
unit, reporting directly to the CEO, will uncover opportunities in growing markets that Leggett does not yet
serve (or that do not yet exist), investigate current and potential customers’ unmet needs, and provide insight
and trend analysis regarding markets, customers and consumers. As a result of these efforts, we anticipate
eventually moving into some new, faster-growth markets. We are in the process of finding the right executive
to lead this effort.
13
16. These appointments help us reenergize the company’s focus on innovation, product development, and growth.
We expect to see greater idea generation, improved accountability for growth, movement into faster-growing
markets, and a renewed corporate-wide understanding of the urgency and importance of innovation and growth.
Margin Improvement. In addition to our growth efforts, we are also commit-
ted to improving margins over the next few years. For the full year 2009, we Margin Improvement
Percent
expect EBIT margin to be about 11% (equivalent to a net margin of about 12
7%), or about 220 basis points (bp) higher than in 2006. EBIT margin
9
improvement should come from four areas, as follows:
• 50 – 100 bp from higher volume 6
• 50 – 100 bp from new products 3
• about 60 bp from our restructuring efforts
0
01 02 03 04 05 06 07 08 09
• about 40 bp from continuous improvement
EBIT Margin Net Margin
Strong Cash Flow. We have a strong balance sheet, and plenty of cash to
fund the growth we contemplate. Over the past 5 years, we generated over $2 billion of cash from operating
activity. After paying the dividend and funding maintenance capital, over $1.1 billion was available for growth
projects (i.e. expansion or acquisition). Though we used roughly $600 million of that cash to purchase our
stock, it was available to fund growth, had we found attractive opportunities. We also possess significant debt
capacity, should we need it. For the near future, we expect to have $350 – 450 million of cash available
annually for investment in growth initiatives.
We are convinced that our plans to grow sales and improve margins will help us attain our EPS growth goal
of 10% per year, on average. As that occurs, we expect return on equity (ROE) to increase to the 16% – 17%
range. We take very seriously our responsibility to deliver on these plans, and to keep you informed of our
progress.
Sincerely,
Felix E. Wright David S. Haffner Karl G. Glassman
Chairman of the Board President and Executive Vice President and
Chief Executive Officer Chief Operating Officer
February 27, 2007
An introduction to each of our five business segments, including their
strategies and recent performance, will be found on the following pages.
14
17. Residential Furnishings
Leggett’s beginnings stem from our 1885 patent of the steel coil Return on Assets EBIT Margin
bedspring. Today, we are the leading worldwide supplier of a wide Percent Percent
range of components used by bedding and upholstered furniture 20 12
manufacturers in the assembly of their finished products. We also
15 9
design and produce select lines of consumer products that we sell
primarily to retailers and distributors. 10 6
Competitive Advantages 5 3
Ongoing research and development and design expertise make us
0 0
leaders in product innovation. In some cases, we also develop and 01 02 03 04 05 06 01 02 03 04 05 06
build the machines used to make these new products. We gain
Organic Sales Growth Total Sales
cost advantage due to internal production of key raw materials, Percent Millions of dollars
high volume manufacturing, superior technology, and a culture of
12 3000
continuous improvement. In addition, a global presence allows us to
participate in worldwide economic growth and to continue supplying 6 2250
customers when they move production to lower-cost regions of the
world. These advantages, along with unequalled customer service, 0 1500
have resulted in long-term relationships with many customers.
-6 750
Key Strategies -12 0
01 02 03 04 05 06 01 02 03 04 05 06
Our ability to develop new, proprietary products provides an ongoing
opportunity to increase business with customers, including those EBIT Average Assets
who continue to make some of their own components. Many of our Millions of dollars Millions of dollars
capabilities, including product innovation, are being successfully 300 1600
employed as we move into new regions of the world. Internationally,
225 1200
we locate our operations where demand for components is growing.
We continue to look for acquisitions that expand our customer base, 150 800
add new product lines or capabilities, or help establish a presence
in new geographic regions. 75 400
0 0
Major Product Groups 01 02 03 04 05 06 01 02 03 04 05 06
• Bedding components
* Return on Assets = EBIT / Average Assets
• Furniture components
* EBIT Margin = EBIT / Total Sales
• Adjustable beds
• Ornamental beds
• Fabrics
• Carpet cushion
• Geo components
15
18. Commercial Fixturing & Components
Our Commercial Fixturing & Components segment encompasses three Return on Assets EBIT Margin
Percent Percent
areas. We are the market leader in the design and production of store
fixtures, point-of-purchase displays, and storage products used by 8 8
retailers. In addition, we are the leading independent producer of chair
6 6
controls, bases and other components for office furniture manufacturers.
We also produce injection molded plastic components used in a wide 4 4
variety of end products.
2 2
Competitive Advantages
0 0
Our Fixture & Display group is the industry’s only one-stop supplier, 01 02 03 04 05 06 01 02 03 04 05 06
with broad capabilities that include design, production, installation,
Organic Sales Growth Total Sales
and project management. We are by far the largest producer in the Percent Millions of dollars
industry, with internal production of key raw materials and flexibility 6 1200
in sourcing through our own nationwide network of facilities and
established relationships with foreign manufacturers. Our financial 0 900
stability ensures customers that we can weather economic downturns
-6 600
and will be there for them in the future.
-12 300
Technical and design capabilities allow us to develop new, innovative
products in our businesses that supply office furniture components. Other -18 0
01 02 03 04 05 06 01 02 03 04 05 06
advantages include a broad product line, low-cost production capability,
longstanding customer relationships, and a leading market position. EBIT Average Assets
Millions of dollars Millions of dollars
In our plastics businesses, we are a leader in manufacturing technology 64 1000
with full service capability; we can fulfill our customers’ requirements
48 750
from tool design and mold building to production and part finishing.
32 500
Key Strategies
Our Fixture & Display business strategy is to be the industry’s premier, 16 250
most financially stable, and most customer-oriented one-stop supplier
0 0
of fixture and display products. Our focus is to increase volume within 01 02 03 04 05 06 01 02 03 04 05 06
current markets and also to look for opportunities to expand into new,
* Return on Assets = EBIT / Average Assets
related markets.
* EBIT Margin = EBIT / Total Sales
In our businesses serving office furniture manufacturers, we will
continue to develop new products and pursue opportunities to supply
more components to customers. We will also continue to make
strategic acquisitions that add new products or expand operations
into new regions of the world.
Principal growth strategies for our plastics operations include expanding
our position in key markets, cross-selling to customers of other Leggett
divisions, and supplying more of Leggett’s internal requirements.
Major Product Groups
• Shelving, racks, and display cases
• Point-of-purchase displays
• Chair controls and bases
• Plastic components
16
19. Aluminum Products
Leggett’s Aluminum group is the leading independent producer of Return on Assets EBIT Margin
Percent Percent
non-automotive die castings in North America. Our components are
used in a wide range of products across many industries. Major 14.0 10.0
customers include manufacturers of motorcycles, small engines,
10.5 7.5
electric motors, outdoor lighting, appliances, gas barbeque grills,
power tools, consumer electronics, telecommunications, and other 7.0 5.0
products that use aluminum, zinc and magnesium die cast components.
In addition to die casting, we offer additional processes such as 3.5 2.5
machining, finishing, and assembly of components and sub-systems.
0 0 0
We also provide full service tool and die manufacturing to support 01 02 03 04 05 06 01 02 03 04 05 06
our customers’ tooling needs.
Organic Sales Growth Total Sales
Percent Millions of dollars
Competitive Advantages 18 600
As the market leader in technological and manufacturing capabilities,
we are a one-stop shop for die cast components. We work with 9 450
customers from design concept to market introduction and then
0 300
through the product lifecycle to continually refine functionality and
reduce cost. We are focused on offering the best value and are
-9 150
committed to excellence in customer service. Finally, our financial
stability reassures customers that we will be there for them in the future. -18 0
01 02 03 04 05 06 01 02 03 04 05 06
Key Strategies EBIT Average Assets
Market share growth is a major focus. We pursue large users of Millions of dollars Millions of dollars
castings, target customers who currently make their own aluminum 48 500
components, and look for opportunities to expand into new markets
36 375
where die cast components are used. We continue to develop
technology that allows opportunities for growth in new markets. 24 250
Finally, we are committed to establishing a global presence, enabling
us to supply customers in instances when they move their production 12 125
overseas. Acquisitions may play a part in accomplishing these plans.
0 0
01 02 03 04 05 06 01 02 03 04 05 06
Major Product Groups
* Return on Assets = EBIT / Average Assets
• Aluminum die castings
* EBIT Margin = EBIT / Total Sales
• Magnesium and zinc die castings
• Tooling and dies
17
20. Industrial Materials
We are North America’s leading supplier of drawn steel wire and Return on Assets EBIT Margin
Percent Percent
a major producer of welded steel tubing. About half of the wire we
produce and roughly one-quarter of our tubing is used by other 44 16
Leggett businesses. Other customers include bedding and furniture
33 12
makers, mechanical spring producers, and automotive seat
manufacturers. Our businesses also produce specialty wire products 22 8
(things like cotton bale ties, and boxed and shaped wire), and
equipment used for baling agricultural products and recyclable waste. 11 4
We also cut, form, and paint steel tubing used for automotive seat
0 0
and ATV frames, components, and recreational vehicle accessories. 01 02 03 04 05 06 01 02 03 04 05 06
Organic Sales Growth Total Sales
Competitive Advantages Percent Millions of dollars
High quality products and service, and low cost make us the leading 45 900
producer in the markets we serve. Cost advantages result from our
internal production of steel rod (the material used to make wire), 30 675
high volume purchasing and manufacturing, efficient facilities, use
15 450
of automation, and low labor content. Consistently delivering one
of the industry’s highest levels of product acceptance, coupled with
0 225
our focus on customer service, allows us to meet and exceed
customer expectations. -15 0
01 02 03 04 05 06 01 02 03 04 05 06
Key Strategies EBIT Average Assets
The core strategy of our wire and tubing businesses is to efficiently Millions of dollars Millions of dollars
supply consistent, high-quality raw material to other Leggett 140 360
businesses. We also provide that benefit to our external (trade)
105 270
customers. Growth will occur as our internal requirements increase,
both domestically and abroad. Additionally, we will pursue further 70 180
opportunities in current and new markets. We will also expand our
capabilities to add value through the forming, shaping, and welding 35 90
of our wire and tube. This may occur through start-up operations or
0 0
acquisitions. 01 02 03 04 05 06 01 02 03 04 05 06
* Return on Assets = EBIT / Average Assets
Major Product Groups
* EBIT Margin = EBIT / Total Sales
• Steel wire
• Specialty wire products
• Welded steel tubing
• Fabricated tube components
18
21. Specialized Products
This segment is comprised of three groups that design and produce: Return on Assets EBIT Margin
Percent Percent
• Lumbar systems and wire seating components sold primarily to
automotive seating manufacturers 16 14.0
• Van interiors (racks, shelving and cabinets installed in service vans)
12 10.5
and truck bodies (for cargo vans, flatbed trucks, service trucks, and
dump trucks) used in light-to-medium duty commercial trucks, and 8 7.0
sold primarily to truck manufacturers and dealers, fleet owners
(typically utility, telecom, and other service and delivery companies), 4 3.5
and other commercial end-users
0 0
• Wire forming equipment, industrial quilting and sewing machinery, 01 02 03 04 05 06 01 02 03 04 05 06
and other automation equipment, both for our own use and for
Organic Sales Growth Total Sales
external customers (primarily bedding manufacturers) Percent Millions of dollars
10 800
Competitive Advantages
Our automotive businesses are innovation leaders, focused on product 5 600
development and cost reduction. We are the low-cost producer due to
0 400
our continuous improvement programs, worldwide supply sources, and
internal production of certain materials and components.
-5 200
In our commercial vehicle products business, we benefit from a wide -10 0
01 02 03 04 05 06 01 02 03 04 05 06
range of products and service locations, special delivery relationships
with some customers, design and product development capabilities, EBIT Average Assets
purchasing leverage, and internal production of key raw materials. Millions of dollars Millions of dollars
60 800
Our machinery operations, with an extensive network of offices and
45 600
agents providing sales and service support worldwide, are recognized
as the industry’s technical and design leader. 30 400
Key Strategies 15 200
In our automotive operations, we will continue the focus on research
0 0
and development, looking for ways to improve the function and cost 01 02 03 04 05 06 01 02 03 04 05 06
of our products. The introduction of new products allows us to expand
* Return on Assets = EBIT / Average Assets
into new markets. Growing our global presence (to serve developing
* EBIT Margin = EBIT / Total Sales
markets and to expand our sourcing options) will remain a priority.
Geographic expansion and product innovation (to improve product
functionality, quality, and cost) are key growth strategies of our
commercial vehicle products business.
Providing proprietary machinery to support product development in our
bedding operations is a critical function of our machinery businesses.
We will continue to develop technology to improve efficiency in our
own plants and our customers’ operations.
Major Product Groups
• Lumbar systems and other automotive seating components
• Service van interiors and truck bodies
• Wire forming, quilting, and automation machinery
19
22. Financial Data 2006 – 1996
Leggett & Platt, Incorporated
10-Year
(Dollar amounts in millions, except per share data) CAGR(7) 2006 2005 2004 2003(1)
Summary of Operations
Net sales 8.4% $5,505 $5,299 $5,086 $4,388
% change 3.9% 4.2% 15.9% 2.7%
Gross profit 6.7% 998 913 916 772
Earnings before interest and taxes (EBIT) 6.5% 482 396 462 355
Interest expense, net 47 40 39 40
Income taxes 135 105 137 109
Tax rate 30.9% 29.5% 32.5% 34.7%
Net earnings 300 251 285 206
% change 19.5% (11.9)% 38.6% (11.7)%
Adjusted to exclude goodwill amortization 7.4% 300 251 285 206
Gross margin 18.1% 17.2% 18.0% 17.6%
EBIT margin 8.8% 7.5% 9.1% 8.1%
Net earnings margin 5.5% 4.7% 5.6% 4.7%
Common Stock Data
Earnings per share – diluted $ 1.61 $ 1.30 $ 1.45 $ 1.05
Adjusted to exclude goodwill amortization 7.2% 1.61 1.30 1.45 1.05
Cash dividends declared per share 11.3% .67 .63 .58 .54
Dividend payout ratio(3) 46.1% 49.7% 47.4% 51.3%
Book value per share 10.0% 13.21 12.32 12.12 11.00
Stock price range–High 27.04 29.61 30.68 23.69
Low 21.93 18.19 21.19 17.16
P/E range(4) 14 – 17 14 – 23 15 – 21 16 – 23
Average diluted shares
outstanding (millions) 0.2% 186.8 193.6 196.9 197.0
Year-End Financial Position
Cash and cash equivalents $ 132 $ 65 $ 491 $ 444
Total assets 9.6% 4,265 4,072 4,197 3,890
Long-term debt 10.6% 1,060 922 779 1,012
Shareholders’ equity 9.6% 2,351 2,249 2,313 2,114
Total capital(5) 9.7% 3,574 3,327 3,238 3,264
Cash Flow Components
Net cash provided by operating activities 7.2% $ 479 $ 448 $ 339 $ 393
Capital expenditures 5.6% 166 164 157 137
Acquisitions, net of cash acquired (0.7)% 83 181 46 120
Dividends paid 14.9% 121 118 110 103
Stock repurchases, net 39.2% 140 227 74 79
Depreciation and amortization 6.6% 175 171 175 167
Percentages
Net debt to net capital 28.0% 28.4% 21.9% 23.4%
Return on average total capital(6) 9.8 8.7 9.7 7.7
Return on average shareholders’ equity 13.1 11.0 12.9 10.1
(1)As discussed in Note A of the Notes to Consolidated Financial Statements, the Company began recognizing stock option expense under SFAS 123 in 2003 for any options granted after
January 1, 2003.
(2)1996 amounts include merger related costs of $26.6 and a $20.2 charge for early extinguishment of debt. The net earnings impact was $28.9, or $.16 per basic and diluted share. The
charge for early extinguishment of debt was previously reported as an extraordinary item, which accounting was changed by FASB Statement No. 145.
(3)Dividend payout ratio is computed by dividing current year dividends by the three-year average net earnings per diluted share.
20
24. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Leggett & Platt, Incorporated
2006 HIGHLIGHTS Commercial 2006 Sales
We posted record sales and earnings in 2006. Sales Fixturing & Commercial 17%
increased primarily from acquisitions. Inflation, offset by unit Components:
volume declines in certain businesses, resulted in modest Operations in this Aluminum 10%
internal sales growth. Full year earnings benefited from the segment produce:
net impact of several unusual items. a) store fixtures, Residential
The restructuring plan launched in the third quarter of point-of-purchase 47% Industrial 13%
2005 was completed in 2006. We began realizing the displays, and
anticipated earnings benefits in the last half of 2006, and storage products Specialized 13%
should see the full impact in 2007 and subsequent years. used by retailers;
Our use of cash in 2006 was consistent with our b) chair controls, bases, and other components for office
stated priorities: furniture manufacturers; and c) injection molded plastic
• We funded capital expenditures at levels in line with components used in a variety of end products.
those of 2005. Aluminum Products: This segment provides die cast
• We spent $83 million on acquisitions. aluminum components for customers that manufacture many
• We raised our dividend for the 35th consecutive year. products including motorcycles, diesel and small engines,
• As planned, excess cash (after funding growth and outdoor lighting fixtures, appliances, power tools, and
dividends) was used for share repurchases. consumer electronics.
Cash from operations, our primary source of funds, Industrial Materials: These operations primarily supply
increased versus 2005. In addition, our debt remained steel rod, drawn steel wire, and welded steel tubing to other
slightly below the lower end of our long-term, targeted range. Leggett operations and to external customers. Our wire and
These topics are discussed in more detail in the sections tubing is used to make bedding, furniture, automotive seats,
that follow. retail store fixtures and displays, mechanical springs, and
many other end products.
INTRODUCTION Specialized Products: From this segment we supply lumbar
What We Do systems and wire components used by automotive seating
Leggett & Platt is a FORTUNE 500 diversified manufacturers. We design, produce, and sell van interiors (the
manufacturer that conceives, designs, and produces a wide racks, shelving, and cabinets installed in service vans) and
range of engineered components and products found in many truck bodies (for cargo vans, flatbed trucks, service trucks,
homes, retail stores, offices, and automobiles. We make and dump trucks) used in light-to-medium duty commercial
components that are often hidden within, but integral to, our trucks. We also design and produce machinery, both for our
customers’ products. own use and for others, including bedding manufacturers.
We are North America’s leading independent manufacturer
of: components for residential furniture and bedding, Customers
adjustable beds, carpet underlay, retail store fixtures and We serve a broad suite of customers, with no single one
point-of-purchase displays, components for office furniture, representing even 5% of our sales. Many are companies whose
non-automotive aluminum die castings, drawn steel wire, names are widely recognized; they include most manufacturers
automotive seat support and lumbar systems, and machinery of furniture and bedding, a variety of other manufacturers, and
used by the bedding industry for wire forming, sewing, many major retailers.
and quilting. We primarily sell our products through our own sales
employees, although we also use independent sales
Our Segments representatives and distributors in some of our businesses.
Our 124-year-old company is composed of 29 business
units under five reportable segments, with approximately Major Factors That Impact Our Business
33,000 employee-partners, and more than 300 facilities Many factors impact our business, but those that generally
located in over 20 countries around the world. Our five have the greatest impact are: market demand for our products,
segments are Residential Furnishings, Commercial Fixturing raw material cost trends, energy costs, and competition.
& Components, Aluminum Products, Industrial Materials, and
Specialized Products. Market Demand
Residential Furnishings: This segment supplies a variety Market demand (including product mix) is impacted by
of components mainly used by bedding and upholstered several economic factors, with consumer confidence being
furniture manufacturers in the assembly of their finished most significant. Other important factors include disposable
products. We also sell adjustable beds, bed frames, income levels, employment levels, housing turnover, and
ornamental beds, carpet cushion, geo components (includes interest rates. All these factors influence consumer spending
synthetic fabrics and various other products used in ground on durable goods, and therefore affect demand for our
stabilization, drainage protection, and erosion and weed components and products. Some of these factors also
control, as well as silt fencing, chemicals, seed, and influence business spending on facilities and equipment,
fertilizer), and other finished products. which impacts approximately one-quarter of our sales.
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25. Despite generally favorable economic conditions in recent manufacturing operations are heavy users of natural gas and
years, demand in some of our markets has been weak. In electricity. Our ability to respond to these cost increases by
2006, a decrease in bedding market demand led to lower raising selling prices affects our operating results.
volume in our businesses serving that industry. In addition, We continuously monitor natural gas price trends and have
North American automotive production declined in 2006, and locked in prices on a portion of our natural gas requirements
this also had an adverse affect on some of our operations. for the next three years. The details of those arrangements
are discussed in Note P to the financial statements on
Raw Material Costs page 56.
In many of our businesses, we enjoy a cost advantage from Higher energy prices can also impact consumer demand in
buying large quantities of raw materials. This purchasing certain markets. As consumers pay more for fuel and utilities,
leverage is a benefit that many of our competitors do not they have less disposable income to purchase products that
have. Still, our costs can vary significantly as market prices contain our components. We believe consumers purchased
for raw materials (many of which are commodities) fluctuate. fewer mattresses during 2006 in part due to the impact
Purchasing arrangements vary considerably across the higher energy prices had on disposable income.
company. We typically have short-term commitments from our
suppliers; accordingly our raw material costs generally move Competition
with the market. In certain of our businesses, we have longer- Many of our markets are highly competitive, with the
term purchase contracts with pricing terms that provide number of competitors varying by product line. In general,
stability under reasonable market conditions. However, when our competitors tend to be smaller, private companies.
commodities experience extreme inflation, vendors do not We believe we gain competitive advantage in our global
always honor those contracts. markets through low cost operations, significant internal
Our ability to recover higher costs (through selling price production of key raw materials, superior manufacturing
increases) is crucial. We have few long-term, fixed-pricing expertise and product innovation, higher quality products,
contracts with customers. When we experience significant extensive customer service capabilities, long-lived
increases in raw material costs, we typically implement price relationships with customers, and greater financial strength.
increases to recover the higher costs. Although we are Many of our competitors, both domestic and foreign, compete
generally able to pass through most cost increases, we primarily on the basis of price. Our success has stemmed
encounter greater difficulty (i) in businesses where we have from the ability to remain price competitive, while delivering
a smaller market share, and (ii) in products that are of a product quality, innovation, and customer service.
commodity nature. Inability to recover cost increases (or a We face increasing pressure from foreign competitors as
delay in the recovery time) can impact our earnings. some of our customers source a portion of their components
Steel is our most significant raw material. During 2004, and finished products from Asia. When prices for key materials
the price of certain types of steel nearly doubled, but we were (such as steel, aluminum, and chemicals) are comparable
able to recover most of these higher costs through selling throughout the world, it is generally cheaper to produce our
price increases. Steel costs were more stable (at high levels) components in the U.S. because of our products’ low
in 2005 and 2006, although there were some quarter-to- labor content. However, in instances where our customers
quarter fluctuations in those years. Unusual market move production of their finished products overseas, our
conditions in 2004 and early 2005 resulted in unsustainably operations must be located nearby to supply them efficiently.
high profit margins on our steel rod production. In 2006, the Accordingly, at the end of 2006, Leggett operated 12 facilities
market began returning to more normal levels. in China.
In 2005, we experienced significant inflation in In recent years, we have experienced increased price
chemicals, fibers, and resins (generally driven by changes in competition in the U.S. from Chinese bedding component
oil prices). These costs remained relatively flat (at high levels) manufacturers. This has primarily occurred with lower-end
in 2006, and the majority of the 2005 cost increases are now commodity products in geographic markets easily served by
reflected in our selling prices. major ocean ports. We reacted to this competition in 2006
In addition to steel and oil-based materials, we also use by selectively adjusting prices, and also by developing
significant amounts of aluminum, but we are generally less new proprietary products that help reduce our customers’
exposed to cost changes in this commodity because of the total costs.
pricing arrangements we have with our customers. The increased price competition for bedding components
When we raise our prices to recover higher raw material is partially due to lower wire costs in China. Asian
costs, this sometimes causes customers to modify their manufacturers currently benefit from lower costs for
product designs and replace higher cost components with commodities such as steel and chemicals. We believe these
lower cost components. We experienced this de-contenting commodities are subsidized at times by Asian governments.
effect during 2005 and 2006, as our customers changed the When there is a cost imbalance in global commodities, this
quantity and mix of components in their finished goods to can impact pricing and demand for our products. Asian
address the significant steel and chemical inflation from manufacturers also benefit from lenient attitudes toward
recent years. Our profit margins were negatively impacted as safety and environmental matters, as well as currency rates
a result of this de-contenting. that are pegged to the U.S. dollar rather than free floating.
However, when exporting to the U.S., they must overcome
Energy Costs higher transportation costs, increased working capital needs,
Higher prices for natural gas, electricity, and fuel increase and difficulty matching U.S. manufacturers’ levels of service,
our production and delivery costs. Many of our large flexibility, and logistics.
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26. Restructuring and Asset Impairments process improvements, and are evaluating others aimed at
In the third quarter of 2005, we launched a significant reducing operating costs and increasing speed to market.
broad-based restructuring project to reduce excess capacity We expect our renewed emphasis on innovation and product
and improve performance in a number of our businesses. development to result in new product introductions that will
That restructuring was completed in 2006 (except for some allow us to expand our customer base, as well as increase
remaining asset sales). sales to existing customers. In addition, we are continuing
As part of the restructuring Net Restructuring- our efforts to maximize capacity utilization and will
plan, we identified 36 Related charges consolidate or close additional operations if necessary.
underutilized or underperforming Millions of dollars
facilities that were subsequently RESULTS OF OPERATIONS – 2006 VS. 2005
55
closed, consolidated, or sold (the During 2006, we attained record sales and earnings.
2005 Closure and Consolidation Sales grew 4% for the year, primarily from acquisitions.
Initiative). We also took a Earnings increased due to several factors, including lower
more critical look at other restructuring-related expenses, absence of 2005’s higher
underperforming operations; as a workers’ compensation costs, and reimbursement of
result, we modified or accelerated 12 Canadian lumber duties. We also realized benefits from
9
restructuring activities that were the restructuring, as expected, in the later part of the year.
previously underway, and
0 Further details about these items and our consolidated and
identified other operations with 04 05 06 segment results are discussed below.
impaired assets.
Net costs associated with all 2005 and 2006 restructuring- Consolidated Results
related activities were approximately $67 million, of which The following table shows the changes in sales and
$55 million were recognized in 2005 and $12 million were earnings from 2005 to 2006, and identifies the major factors
recognized in 2006. These charges include the cost of plant contributing to the changes:
closures (building cleanup and repair), equipment relocation,
employee severance pay, asset impairment, inventory (Dollar amounts in millions
obsolescence, and similar items, partially offset by gains from except per share data) Amount %
asset sales. Of these net costs, about two-thirds were non-cash Net sales:
Year ended December 31, 2005 $5,299
items. We estimate future gains from asset sales in the range
Acquisition sales growth 279 5.3%
of $10 million to $20 million, but the timing of these gains
Restructuring-related closures & divestitures (92) (1.7)%
is uncertain and actual amounts could fall outside this Internal sales growth 19 0.3%
estimated range. Year ended December 31, 2006 $5,505 3.9%
Of the 36 facilities under the Closure and Consolidation
Net earnings:
Initiative, about half were in Residential Furnishings, one- Year ended December 31, 2005 $ 251
quarter were in Commercial Fixturing & Components, and Lower restructuring-related charges 29
the remainder were in Industrial Materials and Specialized Lower workers’ compensation expense 14
Products. These operations had total revenue of roughly Reimbursement of Canadian Lumer Duty 10
$400 million per year. Most of this volume shifted to other Other offsetting factors including restructuring
facilities, but as anticipated, we reduced sales by $92 million benefits, income from recent acquisitions,
per year as we divested small, non-core operations and product mix, price competition, and
walked away from unprofitable business. The majority of higher interest expense (4)
Year ended December 31, 2006 $ 300
this volume reduction occurred in the Residential and
Commercial segments. Earnings Per Share December 31, 2005 $ 1.30
We expect an ongoing annual pre-tax earnings benefit from Earnings Per Share December 31, 2006 $ 1.61
the restructuring plan of approximately $30-$35 million. We
realized about half of these benefits in 2006, and should see Acquisitions contributed most of the full year sales gains,
the full impact in 2007 and subsequent years. The benefits but this increase was partially offset by declines, as expected,
result primarily from the elimination of fixed costs associated from restructuring and divestitures. The restructuring-related
with closed facilities, and a reduction in the number of sales decrease occurred as we chose to walk away from
employees. We provide additional details about restructuring business that was marginally profitable, or in some instances,
and asset impairment in Note N to the financial statements unprofitable. Internal sales (i.e., excluding acquisitions and
on page 55. divestitures) were roughly flat for the year. Lower volume in
certain businesses offset inflation-related sales growth (from
Fixture & Display Performance price increases we implemented to recover higher raw material
Sales volume in our Fixture & Display business declined costs). The price increases related primarily to higher costs for
slightly in 2006. While overall demand in this business has chemicals and other oil-based raw materials early in the year
been difficult to predict, we are not expecting a significant (versus lower levels in early 2005) and higher aluminum costs.
near-term change in the market. In the North American bedding market, volume was weak
Although we are realizing the expected restructuring for most of the year and softened further beginning in
benefits, margins for this business are still not at desired September. Automotive demand, and to a lesser extent,
levels. Efforts to improve performance are continuing on a custom store fixture demand was also soft for most of the year.
number of fronts. We are implementing certain production In contrast, our residential furniture components, office
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27. furniture components, machinery, and foam businesses Residential Furnishings sales increased in 2006, primarily
performed very well. These trends are discussed in the from acquisitions. Internal sales grew slightly during the year,
segment results below. mainly due to inflation in our foam businesses and unit growth
Net earnings and earnings per share increased versus 2005 in upholstered furniture components. However, weak demand
primarily due to: and price competition in the U.S. bedding market, in addition
• Lower restructuring-related charges: Costs associated with to de-contenting by some of our customers (those who have
the restructuring plan, discussed on page 55, decreased chosen to replace higher cost components with lower cost
in 2006. components) has offset much of the internal sales gains.
• Lower workers’ compensation expense: In 2005, we EBIT and EBIT margins increased versus 2005 due to
significantly increased our reserves for workers’ several factors:
compensation to reflect higher costs of medical care and • Lower restructuring-related charges, net of gains from
longer durations of claims. Workers’ compensation costs asset sales ($16 million)
returned to normal levels in 2006. • Reimbursement of Canadian lumber duty ($14 million)
• Reimbursement of Canadian lumber duty: In late 2006, • Lower workers’ compensation expense ($11 million)
we received a refund of duties that we had paid to the • Operational benefits from the restructuring
U.S. Customs Department over the previous four years on • Improved market conditions in our foam and fiber
imports of softwood lumber from Canada. businesses
Earnings benefited as expected from restructuring-related • Income from recent acquisitions
operating improvements during the last half of 2006. These improvements were partially offset by lower bedding
Acquisitions completed over the past several months volume, increased price competition, and higher energy and
(including those completed in late 2005) also contributed to transportation costs.
the 2006 earnings increase. In addition, a lower share count We aggressively protected our bedding market share during
drove a portion of the increase in earnings per share. These 2006 as we dealt with price competition and de-contenting
earnings improvements were partially offset by: by our customers. Product development plays a key role
• Product mix: Higher raw material costs in recent years in improving margins and increasing market share in our
have led some customers to modify their product design bedding component business. New product designs for both
and replace higher cost components with lower cost (and innersprings and box springs have recently been introduced
lower margin) components. and are being well received by the market.
• Price competition: In 2006, we experienced price
competition in certain markets, and we responded by Commercial Fixturing & Components
selectively reducing prices of certain of our products. EBIT
• Higher net interest expense ($5 million) (Dollar amounts in millions) Sales EBIT Margins
Year ended December 31, 2006 $1,033 $64 6.2%
Year ended December 31, 2005 1,069 40 3.7%
Segment Results
Increase (decrease) $ (36) $24
In the following section we discuss 2006 sales and
% increase (decrease) (3)% 60%
earnings before interest and taxes (EBIT) for each of our
Internal sales growth (2)%
segments. Reported amounts for 2004 and 2005 in the
Acquisitions (net of restructuring
Commercial Fixturing & Components segment and the & divestitures) (1)%
Specialized Products segment have been restated for an
organizational change effective January 1, 2006. This change Sales decreased in 2006 from a combination of lower unit
moved Commercial Vehicle Products operations from volume and the impact, as expected, of restructuring activity.
Commercial Fixturing & Components to Specialized Products, Demand for custom fixtures and displays softened in the
and also moved a small office components operation from latter part of the year, but this decrease was partially offset
Specialized Products to Commercial Fixturing & Components. by continued growth in our businesses supplying office
We provide additional detail on our restated segment results furniture components.
and a reconciliation of segment EBIT to consolidated EBIT in Despite lower sales, EBIT and EBIT margins increased
Note L to the financial statements on page 52. versus 2005 primarily due to:
• Lower restructuring-related charges, net of gains from
Residential Furnishings asset sales ($14 million)
EBIT
• Lower workers’ compensation expense ($5 million)
(Dollar amounts in millions) Sales EBIT Margins
Year ended December 31, 2006 $2,768 $277 10.0%
• Operational benefits from the restructuring
Year ended December 31, 2005 2,622 170 6.5% Segment margins improved during 2006, but are still
Increase (decrease) $ 146 $107 below targeted levels. Further margin gains should come from
% increase (decrease) 6% 63% the restructuring benefits and additional volume, but other
Internal sales growth 1% operating initiatives (that are underway) should contribute
Acquisitions (net of restructuring about two-thirds of the remaining improvement needed to
& divestitures) 5% reach targeted levels.
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