Delaware
|
13-0612970
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
10
Waterview Boulevard
|
||
Parsippany,
New Jersey
|
07054
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PART I – FINANCIAL
INFORMATION
|
PAGE
|
||
Item
1.
|
Unaudited
Financial Statements:
|
||
Condensed
Consolidated Statements of Earnings
|
3
|
||
Condensed
Consolidated Balance Sheets
|
4
|
||
Condensed
Consolidated Statements of Cash Flows
|
5
|
||
Condensed
Consolidated Statements of Stockholders’ Equity
|
6
|
||
Notes
to Condensed Consolidated Financial Statements
|
7 -
21
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
22
- 31
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
32
|
|
Item
4.
|
Controls
and Procedures
|
32
|
|
PART II – OTHER INFORMATION
|
|||
Item
1.
|
Legal
Proceedings
|
33
|
|
Item
1A.
|
Risk
Factors
|
33
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
33
|
|
Item
5.
|
Other
Information
|
34
|
|
Item
6.
|
Exhibits
|
34
|
|
Signatures
|
35
|
CURTISS-WRIGHT
CORPORATION and SUBSIDIARIES
|
||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
(In
thousands except per share data)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
$ | 447,371 | $ | 453,464 | $ | 871,163 | $ | 886,843 | ||||||||
Cost
of sales
|
302,789 | 296,230 | 590,821 | 591,140 | ||||||||||||
Gross profit
|
144,582 | 157,234 | 280,342 | 295,703 | ||||||||||||
Research
and development costs
|
13,200 | 13,017 | 26,324 | 25,853 | ||||||||||||
Selling
expenses
|
27,415 | 28,842 | 53,278 | 54,182 | ||||||||||||
General
and administrative expenses
|
60,204 | 65,703 | 125,834 | 125,269 | ||||||||||||
Operating income
|
43,763 | 49,672 | 74,906 | 90,399 | ||||||||||||
Other
income, net
|
47 | 224 | 348 | 698 | ||||||||||||
Interest
expense
|
(6,542 | ) | (7,176 | ) | (13,482 | ) | (14,759 | ) | ||||||||
Earnings
before income taxes
|
37,268 | 42,720 | 61,772 | 76,338 | ||||||||||||
Provision
for income taxes
|
12,814 | 15,643 | 21,513 | 27,482 | ||||||||||||
Net
earnings
|
$ | 24,454 | $ | 27,077 | $ | 40,259 | $ | 48,856 | ||||||||
Basic
earnings per share
|
$ | 0.54 | $ | 0.61 | $ | 0.89 | $ | 1.10 | ||||||||
Diluted
earnings per share
|
$ | 0.54 | $ | 0.60 | $ | 0.88 | $ | 1.08 | ||||||||
Dividends
per share
|
$ | 0.08 | $ | 0.08 | $ | 0.16 | $ | 0.16 | ||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
45,127 | 44,631 | 45,063 | 44,607 | ||||||||||||
Diluted
|
45,537 | 45,355 | 45,504 | 45,290 | ||||||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
(UNAUDITED)
|
||||||||
(In
thousands)
|
||||||||
June
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Assets
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 59,209 | $ | 60,705 | ||||
Receivables,
net
|
397,535 | 395,659 | ||||||
Inventories,
net
|
305,394 | 281,508 | ||||||
Deferred
tax assets, net
|
37,341 | 37,314 | ||||||
Other
current assets
|
35,655 | 26,833 | ||||||
Total
current assets
|
835,134 | 802,019 | ||||||
Property,
plant, and equipment, net
|
389,927 | 364,032 | ||||||
Goodwill
|
632,609 | 608,898 | ||||||
Other
intangible assets, net
|
243,929 | 234,596 | ||||||
Deferred
tax assets, net
|
16,998 | 23,128 | ||||||
Other
assets
|
10,177 | 9,357 | ||||||
Total
Assets
|
$ | 2,128,774 | $ | 2,042,030 | ||||
Liabilities
|
||||||||
Current
Liabilities:
|
||||||||
Short-term
debt
|
$ | 1,951 | $ | 3,249 | ||||
Accounts
payable
|
107,327 | 140,954 | ||||||
Dividends
payable
|
3,636 | - | ||||||
Accrued
expenses
|
84,140 | 103,973 | ||||||
Income
taxes payable
|
3,498 | 8,213 | ||||||
Deferred
revenue
|
162,236 | 138,753 | ||||||
Other
current liabilities
|
44,426 | 56,542 | ||||||
Total current
liabilities
|
407,214 | 451,684 | ||||||
Long-term
debt
|
559,449 | 513,460 | ||||||
Deferred
tax liabilities, net
|
26,173 | 26,850 | ||||||
Accrued
pension and other postretirement benefit costs
|
134,392 | 125,762 | ||||||
Long-term
portion of environmental reserves
|
20,189 | 20,377 | ||||||
Other
liabilities
|
45,381 | 37,135 | ||||||
Total
Liabilities
|
1,192,798 | 1,175,268 | ||||||
Contingencies
and Commitments (Note 14)
|
||||||||
Stockholders'
Equity
|
||||||||
Common
stock, $1 par value
|
48,042 | 47,903 | ||||||
Additional
paid-in capital
|
99,830 | 94,500 | ||||||
Retained
earnings
|
932,934 | 899,928 | ||||||
Accumulated
other comprehensive loss
|
(48,337 | ) | (72,551 | ) | ||||
1,032,469 | 969,780 | |||||||
Less: Cost
of treasury stock
|
(96,493 | ) | (103,018 | ) | ||||
Total
Stockholders' Equity
|
935,976 | 866,762 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 2,128,774 | $ | 2,042,030 | ||||
Six
Months Ended
June
30,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net earnings
|
$ | 40,259 | $ | 48,856 | ||||
Adjustments to reconcile net
earnings to net cash
provided by operating
activities:
|
||||||||
Depreciation and
amortization
|
38,045 | 37,510 | ||||||
Net loss on sales and disposals
of long lived assets
|
644 | 285 | ||||||
Gain on bargain
purchase
|
(1,937 | ) | - | |||||
Deferred income
taxes
|
2,246 | 127 | ||||||
Share-based
compensation
|
6,574 | 5,550 | ||||||
Changes in operating assets and
liabilities, net of
businesses
acquired:
|
||||||||
Decrease in
receivables
|
13,148 | 7,168 | ||||||
Increase in
inventories
|
(13,000 | ) | (35,830 | ) | ||||
(Decrease) increase in progress
payments
|
(5,302 | ) | 4,755 | |||||
Decrease in accounts payable
andaccrued expenses
|
(57,894 | ) | (28,589 | ) | ||||
Increase in deferred
revenue
|
22,936 | 25,954 | ||||||
Decrease in income taxes
payable
|
(9,750 | ) | (15,715 | ) | ||||
Increase in net pension and
postretirement liabilities
|
7,917 | 6,261 | ||||||
(Increase) decrease in other
current and long-termassets
|
(1,287 | ) | 2,075 | |||||
(Decrease) increase in other
current and long-termliabilities
|
(8,334 | ) | 782 | |||||
Total adjustments
|
(5,994 | ) | 10,333 | |||||
Net cash provided by operating
activities
|
34,265 | 59,189 | ||||||
Cash
flows from investing activities:
|
||||||||
Proceeds from sales and disposals
of long lived assets
|
2,640 | 7,906 | ||||||
Acquisitions of intangible
assets
|
(321 | ) | (175 | ) | ||||
Additions to property, plant, and
equipment
|
(37,528 | ) | (46,596 | ) | ||||
Acquisition of new
businesses
|
(49,726 | ) | (886 | ) | ||||
Net cash used for investing
activities
|
(84,935 | ) | (39,751 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings of
debt
|
437,880 | 205,500 | ||||||
Principal payments on
debt
|
(393,218 | ) | (207,531 | ) | ||||
Proceeds from exercise of stock
options
|
5,315 | 4,039 | ||||||
Dividends paid
|
(3,617 | ) | (3,589 | ) | ||||
Excess tax benefits from share
based compensation
|
74 | 360 | ||||||
Net cash provided by (used for)
financing activities
|
46,434 | (1,221 | ) | |||||
Effect
of exchange-rate changes on cash
|
2,740 | 427 | ||||||
Net
(decrease) increase in cash and cash equivalents
|
(1,496 | ) | 18,644 | |||||
Cash
and cash equivalents at beginning of period
|
60,705 | 66,520 | ||||||
Cash
and cash equivalents at end of period
|
$ | 59,209 | $ | 85,164 | ||||
Supplemental
disclosure of investing activities:
|
||||||||
Fair value of assets acquired in
current year acquisitions
|
$ | 55,504 | $ | 3,128 | ||||
Additional consideration received
on prior year acquisitions
|
(870 | ) | (1,467 | ) | ||||
Liabilities assumed from current
year acquisitions
|
(2,969 | ) | (775 | ) | ||||
Gain on bargain
purchase
|
(1,937 | ) | - | |||||
Cash acquired
|
(2 | ) | - | |||||
$ | 49,726 | $ | 886 | |||||
See
notes to condensed consolidated financial statements
|
CURTISS-WRIGHT
CORPORATION and SUBSIDIARIES
|
||||||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
||||||||||||||||
December
31, 2007
|
$ | 47,715 | $ | 79,550 | $ | 807,413 | $ | 93,327 | $ | (113,220 | ) | |||||||||
Net
earnings
|
– | – | 109,390 | – | – | |||||||||||||||
Pension
and postretirement adjustment, net
|
– | – | – | (87,313 | ) | – | ||||||||||||||
Foreign
currency translation
adjustments,
net
|
– | – | – | (78,743 | ) | – | ||||||||||||||
Adjustment
for SFAS No. 158 measurement date change, net
|
– | – | (2,494 | ) | 178 | – | ||||||||||||||
Dividends
paid
|
– | – | (14,381 | ) | – | – | ||||||||||||||
Stock
options exercised, net
|
188 | 6,050 | – | – | 5,439 | |||||||||||||||
Share-based
compensation
|
– | 9,278 | – | – | 4,385 | |||||||||||||||
Other
|
– | (378 | ) | – | – | 378 | ||||||||||||||
December
31, 2008
|
47,903 | 94,500 | 899,928 | (72,551 | ) | (103,018 | ) | |||||||||||||
Net
earnings
|
– | – | 40,259 | – | – | |||||||||||||||
Pension
and postretirement
adjustments,
net
|
– | – | – | (147 | ) | – | ||||||||||||||
Foreign
currency translation
adjustments,
net
|
– | – | – | 24,361 | – | |||||||||||||||
Dividends
declared
|
– | – | (7,253 | ) | – | – | ||||||||||||||
Stock
options exercised, net
|
139 | 2,947 | – | – | 2,280 | |||||||||||||||
Share-based
compensation
|
– | 2,692 | – | – | 3,936 | |||||||||||||||
Other
|
(309 | ) | 309 | |||||||||||||||||
June
30, 2009
|
$ | 48,042 | $ | 99,830 | $ | 932,934 | $ | (48,337 | ) | $ | (96,493 | ) | ||||||||
(In
thousands)
|
||||
Accounts
receivable
|
$ | 3,369 | ||
Inventory
|
4,126 | |||
Property,
plant, and equipment
|
7,332 | |||
Other
current assets
|
1,168 | |||
Intangible
assets
|
12,500 | |||
Other
assets
|
227 | |||
Current
and non-current liabilities
|
(2,778 | ) | ||
Net
tangible and intangible assets
|
25,944 | |||
Purchase
price
|
40,000 | |||
Goodwill
|
$ | 14,056 |
(In
thousands)
|
||||
Accounts
receivable
|
$ | 853 | ||
Inventory
|
4,329 | |||
Property,
plant, and equipment
|
161 | |||
Other
current assets
|
47 | |||
Intangible
assets
|
2,900 | |||
Current
and non-current liabilities
|
(1,021 | ) | ||
Net
tangible and intangible assets
|
7,269 | |||
Purchase
price
|
5,332 | |||
Gain
on Bargain Purchase
|
$ | 1,937 |
(In
thousands)
|
||||||||
June
30,
2009
|
December
31, 2008
|
|||||||
Billed
Receivables:
|
||||||||
Trade
and other receivables
|
$ | 271,664 | $ | 286,123 | ||||
Less: Allowance for doubtful
accounts
|
(3,892 | ) | (4,824 | ) | ||||
Net
billed receivables
|
267,772 | 281,299 | ||||||
Unbilled
Receivables:
|
||||||||
Recoverable
costs and estimated earnings not billed
|
145,382 | 135,511 | ||||||
Less: Progress payments
applied
|
(15,619 | ) | (21,151 | ) | ||||
Net
unbilled receivables
|
129,763 | 114,360 | ||||||
Receivables,
net
|
$ | 397,535 | $ | 395,659 |
(In
thousands)
|
||||||||
June
30,
2009
|
December
31, 2008
|
|||||||
Raw
material
|
$ | 142,024 | $ | 126,799 | ||||
Work-in-process
|
72,354 | 63,195 | ||||||
Finished
goods and component parts
|
80,805 | 82,652 | ||||||
Inventoried
costs related to U.S. Government and other long-term
contracts
|
63,267 | 60,721 | ||||||
Gross
inventories
|
358,450 | 333,367 | ||||||
Less:
Inventory reserves
|
(35,249 | ) | (34,283 | ) | ||||
Progress payments applied,
principally related to long-term contracts
|
(17,807 | ) | (17,576 | ) | ||||
Inventories,
net
|
$ | 305,394 | $ | 281,508 |
(In
thousands)
|
||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Consolidated
|
|||||||||||||
December
31, 2008
|
$ | 285,593 | $ | 294,835 | $ | 28,470 | $ | 608,898 | ||||||||
Goodwill
from 2009 acquisitions
|
15,232 | − | − | 15,232 | ||||||||||||
Change
in estimate to fair value of net assets acquired in prior
year
|
− | 349 | − | 349 | ||||||||||||
Additional
consideration of prior years’ acquisitions
|
− | − | 3 | 3 | ||||||||||||
Other
adjustments
|
(457 | ) | − | − | (457 | ) | ||||||||||
Currency
translation adjustment
|
2,534 | 5,796 | 254 | 8,584 | ||||||||||||
June
30, 2009
|
$ | 302,902 | $ | 300,980 | $ | 28,727 | $ | 632,609 |
(In
thousands)
|
||||||||||||
June 30, 2009
|
Gross
|
Accumulated
Amortization
|
Net
|
|||||||||
Technology
|
$ | 127,386 | $ | (38,824 | ) | $ | 88,562 | |||||
Customer
related intangibles
|
167,973 | (46,609 | ) | 121,364 | ||||||||
Other
intangible assets
|
42,176 | (8,173 | ) | 34,003 | ||||||||
Total
|
$ | 337,535 | $ | (93,606 | ) | $ | 243,929 |
(In
thousands)
|
||||||||||||
December 31, 2008
|
Gross
|
Accumulated
Amortization
|
Net
|
|||||||||
Technology
|
$ | 121,948 | $ | (33,867 | ) | $ | 88,081 | |||||
Customer
related intangibles
|
153,113 | (38,440 | ) | 114,673 | ||||||||
Other
intangible assets
|
37,965 | (6,123 | ) | 31,842 | ||||||||
Total
|
$ | 313,026 | $ | (78,430 | ) | $ | 234,596 |
(In
thousands)
|
|||||||||||||||||
Technology,
net
|
Customer
Related Intangibles, net
|
Other
Intangible Assets, net
|
Total
|
||||||||||||||
December
31, 2008
|
$ | 88,081 | $ | 114,673 | $ | 31,842 | $ | 234,596 | |||||||||
Acquired
during 2009
|
3,400 | 11,100 | 5,050 | 19,550 | |||||||||||||
Amortization
expense
|
(4,295 | ) | (7,393 | ) | (1,954 | ) | (13,642 | ) | |||||||||
Change
in estimate to fair value of net assets acquired in prior
year
|
(164 | ) | 1,308 | (1,055 | ) | 89 | |||||||||||
Net
currency translation adjustment
|
1,540 | 1,676 | 120 | 3,336 | |||||||||||||
June
30, 2009
|
$ | 88,562 | $ | 121,364 | $ | 34,003 | $ | 243,929 |
Fair
Values of Derivative Instruments
|
||||||||||
(In
thousands)
|
||||||||||
Asset
Derivatives
|
Liability
Derivatives
|
|||||||||
June
30, 2009
|
June
30, 2009
|
|||||||||
Balance
Sheet Location
|
Fair
Value
|
Balance
Sheet Location
|
Fair
Value
|
|||||||
Foreign
exchange contracts:
|
||||||||||
Transactional
|
Other
Current Liabilities
|
$ | – |
Other
Current Liabilities
|
$ | 357 | ||||
Forecasted
|
Other
Current Liabilities
|
– |
Other
Current Liabilities
|
258 | ||||||
Total
|
$ | – | $ | 615 |
(In
thousands)
|
|||||
Derivatives
Not Designated as Hedging Instruments under SFAS 133
|
Location
of Gain Recognized in Income on Derivatives
|
Amount
of Gain Recognized in Income on Derivatives
|
|||
Three
Months Ended June 30, 2009
|
|||||
Foreign
exchange contracts:
|
|||||
Transactional
|
General
and Administrative Expenses
|
$ | 4,658 | ||
Forecasted
|
General
and Administrative Expenses
|
1,015 | |||
Total
|
$ | 5,673 |
Six
Months Ended June 30, 2009
|
|||||
Foreign
exchange contracts:
|
|||||
Transactional
|
General
and Administrative Expenses
|
$ | 2,552 | ||
Forecasted
|
General
and Administrative Expenses
|
362 | |||
Total
|
$ | 2,914 |
(In
thousands)
|
||||||||
2009
|
2008
|
|||||||
Warranty
reserves at January 1,
|
$ | 10,775 | $ | 10,774 | ||||
Provision
for current year sales
|
4,634 | 3,816 | ||||||
Increase
due to acquisitions
|
127 | – | ||||||
Current
year claims
|
(2,004 | ) | (1,665 | ) | ||||
Change
in estimates to pre-existing warranties
|
(1,224 | ) | (1,451 | ) | ||||
Foreign
currency translation adjustment
|
207 | 78 | ||||||
Warranty
reserves at June 30,
|
$ | 12,515 | $ | 11,552 |
Severance
and Benefits
|
Facility
Closing Costs
|
Relocation
Costs
|
Total
|
|||||||||||||
Flow Control
|
||||||||||||||||
December
31, 2008
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Provisions
|
740 | 100 | – | 840 | ||||||||||||
Payments
|
(402 | ) | (97 | ) | – | (499 | ) | |||||||||
Net
currency translation adjustment
|
– | – | – | – | ||||||||||||
June
30, 2009
|
$ | 338 | $ | 3 | $ | – | $ | 341 | ||||||||
Total
expected and incurred to date
|
$ | 795 | $ | 100 | $ | 400 | $ | 1,295 | ||||||||
Motion Control
|
||||||||||||||||
December
31, 2008
|
$ | 3,616 | $ | 1,902 | $ | 628 | $ | 6,146 | ||||||||
Provisions
|
2,981 | (2 | ) | 133 | 3,112 | |||||||||||
Payments
|
(2,395 | ) | (395 | ) | (52 | ) | (2,842 | ) | ||||||||
Net
currency translation adjustment
|
43 | 71 | – | 114 | ||||||||||||
June
30, 2009
|
$ | 4,245 | $ | 1,576 | $ | 709 | $ | 6,530 | ||||||||
Total
expected and incurred to date
|
$ | 8,329 | $ | 2,036 | $ | 761 | $ | 11,126 | ||||||||
Metal Treatment
|
||||||||||||||||
December
31, 2008
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Provisions
|
186 | – | – | 186 | ||||||||||||
Payments
|
(186 | ) | – | – | (186 | ) | ||||||||||
Net
currency translation adjustment
|
– | – | – | – | ||||||||||||
June
30, 2009
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Total
expected and incurred to date
|
$ | 186 | $ | – | $ | – | $ | 186 | ||||||||
Total Curtiss-Wright
|
||||||||||||||||
December
31, 2008
|
$ | 3,616 | $ | 1,902 | $ | 628 | $ | 6,146 | ||||||||
Provisions
|
3,907 | 98 | 133 | 4,138 | ||||||||||||
Payments
|
(2,983 | ) | (492 | ) | (52 | ) | (3,527 | ) | ||||||||
Net
currency translation adjustment
|
43 | 71 | – | 114 | ||||||||||||
June
30, 2009
|
$ | 4,583 | $ | 1,579 | $ | 709 | $ | 6,871 | ||||||||
Total
expected and incurred to date
|
$ | 9,310 | $ | 2,136 | $ | 1,161 | $ | 12,607 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Service
cost
|
$ | 6,196 | $ | 5,746 | $ | 11,942 | $ | 11,490 | ||||||||
Interest
cost
|
5,881 | 5,334 | 11,399 | 10,666 | ||||||||||||
Expected
return on plan assets
|
(7,193 | ) | (7,560 | ) | (14,451 | ) | (15,118 | ) | ||||||||
Amortization
of:
|
||||||||||||||||
Prior service
cost
|
162 | 130 | 320 | 260 | ||||||||||||
Unrecognized actuarial
loss
|
331 | 149 | 459 | 298 | ||||||||||||
Net
periodic benefit cost
|
$ | 5,377 | $ | 3,799 | $ | 9,669 | $ | 7,596 | ||||||||
Curtailment/Settlement
loss
|
- | - | 83 | - | ||||||||||||
Total
periodic benefit cost
|
$ | 5,377 | $ | 3,799 | $ | 9,752 | $ | 7,596 | ||||||||
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Service
cost
|
$ | 155 | $ | 169 | $ | 310 | $ | 338 | ||||||||
Interest
cost
|
419 | 452 | 837 | 904 | ||||||||||||
Amortization
of unrecognized actuarial gain
|
(191 | ) | (130 | ) | (382 | ) | (259 | ) | ||||||||
Net
periodic benefit cost
|
$ | 383 | $ | 491 | $ | 765 | $ | 983 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic
weighted-average shares outstanding
|
45,127 | 44,631 | 45,063 | 44,607 | ||||||||||||
Dilutive
effect of share-based compensation awards and deferred stock
compensation
|
410 | 724 | 441 | 683 | ||||||||||||
Diluted
weighted-average shares outstanding
|
45,537 | 45,355 | 45,504 | 45,290 |
(In
thousands)
Three Months Ended June 30,
2009
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 242,414 | $ | 155,748 | $ | 49,209 | $ | 447,371 | $ | − | $ | 447,371 | ||||||||||||
Intersegment
revenues
|
− | 226 | 590 | 816 | (816 | ) | − | |||||||||||||||||
Operating
income (expense)
|
21,728 | 19,513 | 4,458 | 45,699 | (1,936 | ) | 43,763 |
(In
thousands)
Three Months Ended June 30,
2008
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 237,133 | $ | 146,190 | $ | 70,141 | $ | 453,464 | $ | − | $ | 453,464 | ||||||||||||
Intersegment
revenues
|
− | 1,660 | 226 | 1,886 | (1,886 | ) | − | |||||||||||||||||
Operating
income (expense)
|
21,904 | 15,375 | 14,929 | 52,208 | (2,536 | ) | 49,672 |
(In
thousands)
Six Months Ended June 30,
2009
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 472,786 | $ | 296,457 | $ | 101,920 | $ | 871,163 | $ | − | $ | 871,163 | ||||||||||||
Intersegment
revenues
|
22 | 1,808 | 963 | 2,793 | (2,793 | ) | − | |||||||||||||||||
Operating
income (expense)
|
35,059 | 33,779 | 11,072 | 79,910 | (5,004 | ) | 74,906 |
(In
thousands)
Six Months Ended June 30,
2008
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 457,452 | $ | 291,665 | $ | 137,726 | $ | 886,843 | $ | − | $ | 886,843 | ||||||||||||
Intersegment
revenues
|
32 | 1,761 | 466 | 2,259 | (2,259 | ) | − | |||||||||||||||||
Operating
income (expense)
|
36,126 | 29,082 | 28,029 | 93,237 | (2,838 | ) | 90,399 |
(In
thousands)
Identifiable Assets
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other
|
Consolidated
|
|||||||||||||||||||
June
30, 2009
|
$ | 1,080,524 | $ | 771,430 | $ | 227,505 | $ | 2,079,459 | $ | 49,315 | $ | 2,128,774 | ||||||||||||
December
31, 2008
|
979,097 | 778,331 | 235,413 | 1,992,841 | 49,189 | 2,042,030 |
|
(1) Operating expense
for Corporate and Other includes pension expense, environmental
remediation and administrative, legal, and other
expenses.
|
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Total
segment operating income
|
$ | 45,699 | $ | 52,208 | $ | 79,910 | $ | 93,237 | ||||||||
Corporate
and other
|
(1,936 | ) | (2,536 | ) | (5,004 | ) | (2,838 | ) | ||||||||
Other
income, net
|
47 | 224 | 348 | 698 | ||||||||||||
Interest
expense
|
(6,542 | ) | (7,176 | ) | (13,482 | ) | (14,759 | ) | ||||||||
Earnings
before income taxes
|
$ | 37,268 | $ | 42,720 | $ | 61,772 | $ | 76,338 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
earnings
|
$ | 24,454 | $ | 27,077 | $ | 40,259 | $ | 48,856 | ||||||||
Equity
adjustment from foreign currency translations, net
|
37,337 | 716 | 24,361 | 1,505 | ||||||||||||
Defined
benefit pension and post-retirement plan, net
|
(324 | ) | 88 | (147 | ) | 215 | ||||||||||
Total
comprehensive income
|
$ | 61,467 | $ |