- Achieves sales, margin and profit improvement targets for 2nd consecutive
year
- Eclipses gross margin milestone of 35 percent one year earlier than
expected
- Reaffirms 2008 EPS guidance while continuing brand building reinvestment;
adjusts 2008 sales outlook in light of tougher economic environment
ATLANTA, Jan. 31, 2008 /PRNewswire-FirstCall/ -- Newell Rubbermaid
(NYSE: NWL) today announced its fourth quarter and full year 2007 results.
Full Year Financial Highlights
Net sales grew 3.3 percent to $6.41 billion, compared to $6.20 billion
in the prior year. Foreign exchange contributed 2.0 percent to sales
growth. Growth was led by a high single-digit increase in the Home & Family
segment and a mid single-digit increase in the Cleaning, Organization &
Decor segment.
"For the second consecutive year, we made strong progress on our multi-
year journey to become a best-in-class global consumer products company,"
said Mark Ketchum, president and chief executive officer of Newell
Rubbermaid. "Our employees worked extremely hard to drive our key
organizational initiatives, including successfully launching SAP in our
North American Office Products business, executing numerous restructuring
projects, making the necessary investments to become a more
consumer-centric and global branded marketing organization, and embracing
cultural change, all while delivering on our full year financial
commitments."
Gross margin was 35.2 percent, a 185 basis point improvement over the
prior year. The expansion reflects ongoing productivity initiatives,
savings from Project Acceleration and favorable mix.
Excluding Project Acceleration restructuring costs of $86.0 million in
2007 and $66.4 million in 2006, operating income improved $103.3 million to
$826.3 million, a 14 percent increase over the prior year, and as a percent
of sales, improved from 11.7 to 12.9 percent.
Normalized earnings, which exclude Project Acceleration restructuring
costs and one-time tax items, were $1.82 per diluted share, a 20 percent
increase over the prior year's result of $1.52 per diluted share.
Income from continuing operations, as reported, was $479.2 million, or
$1.72 per diluted share, compared to $470.7 million, or $1.71 per diluted
share, in the prior year.
Excluding Project Acceleration restructuring costs, income from
continuing operations was $548.8 million, or $1.97 per diluted share,
compared to the prior year's result of $518.9 million, or $1.88 per diluted
share. Income from continuing operations in 2007 included one-time tax
benefits of $41.3 million, or $0.15 per diluted share, versus $0.36 per
diluted share in the prior year. A reconciliation of the results "as
reported" to results "excluding charges" is attached to this press release.
Operating cash flow was $655.3 million, compared to $643.4 million for
the prior year. Capital expenditures were $157.3 million, compared to
$138.3 million for the prior year.
Free cash flow, defined as operating cash flow less capital
expenditures, as a percentage of net earnings was 107 percent. The company
returned $234.7 million to shareholders through cash dividends.
A reconciliation of the full year 2007 and last year's results is as
follows:
FY 2007 FY 2006
Diluted earnings per share from
continuing operations (as reported): $1.72 $1.71
Project Acceleration restructuring costs $0.25 $0.17
Diluted earnings per share from continuing
operations (excluding charges): $1.97 $1.88
Tax benefits ($0.15) ($0.36)
"Normalized" EPS: $1.82 $1.52
Quarterly Financial Highlights
Net sales increased 0.3 percent in the fourth quarter, consistent with
the guidance communicated in late November. Mid single-digit sales growth
in the Cleaning, Organization & Decor and Home & Family segments was
partially offset by a high single-digit decline in the Office Products
segment, reflecting the recent slowdown in the North American office
products retail environment and commensurate inventory reductions taken at
key retailers.
Gross margin improved to 35.1 percent, a 212 basis point improvement
over the prior year, marking the 11th consecutive quarter of gross margin
expansion for the company. The expansion was driven primarily by favorable
mix and productivity improvements, including the impact of Project
Acceleration.
Excluding Project Acceleration restructuring costs of $32.3 million in
2007 and $16.1 million in 2006, operating income improved $22.2 million to
$205.2 million, a 12 percent increase over the prior year.
Normalized earnings, which exclude Project Acceleration restructuring
costs and one-time tax items, were $0.47 per diluted share, an 11 percent
increase over the prior year's result of $0.42 per diluted share.
Income from continuing operations, as reported, was $101.0 million, or
$0.36 per diluted share, compared to $92.3 million, or $0.33 per diluted
share, in the prior year.
Excluding Project Acceleration restructuring costs, income from
continuing operations was $131.2 million, or $0.47 per diluted share,
compared to the prior year's result of $104.2 million, or $0.38 per diluted
share. Income from continuing operations in the fourth quarter 2006
included the reversal of one-time tax benefits totaling $13.0 million, or
$0.05 per diluted share. A reconciliation of the results "as reported" to
results "excluding charges" is attached to this press release.
A reconciliation of the fourth quarter 2007 and last year's results is
as follows:
Q4 2007 Q4 2006
Diluted earnings per share from
continuing operations (as reported): $0.36 $0.33
Project Acceleration restructuring costs $0.11 $0.05
Diluted earnings per share from continuing
operations (excluding charges): $0.47 $0.38
Reversal of tax benefits $0.00 $0.05
"Normalized" EPS: $0.47 $0.42
2008 Full Year Guidance
The company now expects sales growth of 2 to 3 percent, compared to
management's previous expectation of 3 to 5 percent, reflecting the
worsening economic conditions in North America which the company does not
expect to improve in 2008.
Savings from Project Acceleration, combined with ongoing productivity
initiatives and favorable product mix, are expected to drive gross margin
expansion in excess of 100 basis points. Despite the weakening economy, the
company continues to expect to reinvest approximately half of this
expansion in strategic brand building and corporate initiatives.
The company continues to expect sales growth and gross margin expansion
to drive normalized earnings to a range of $1.95 to $2.00 per diluted
share.
Operating cash flow is expected to be between $600 and $650 million,
including approximately $100 million in restructuring cash payments.
Capital expenditures are anticipated to range from $160 to $180 million.
2008 First Quarter Guidance
The company expects sales to increase 2 to 4 percent, driven by strong
growth in the Home & Family segment and Rubbermaid Commercial business.
The company anticipates normalized earnings will be $0.27 per diluted
share, approximately flat to last year.
A reconciliation of the first quarter and full year 2008 earnings
outlook is as follows:
Q1 2008 FY 2008
Diluted earnings per share from
continuing operations (as reported): $0.15-$0.17 $1.50-$1.55
Project Acceleration restructuring costs $0.10-$0.12 $0.44-$0.47
Diluted earnings per share from continuing
operations (excluding charges): $0.27 $1.95-$2.00
Tax benefits $0.00 $0.00
"Normalized" EPS: $0.27 $1.95-$2.00
Conference Call
The company's fourth quarter 2007 earnings conference call is scheduled
for today, January 31, 2008, at 9:00 a.m. ET. To listen to the webcast, use
the link provided under Events & Presentations in the Investor Relations
section of Newell Rubbermaid's Web site at http://www.newellrubbermaid.com. The
webcast will be available for replay for two weeks. A brief supporting
slide presentation will be available prior to the call under Quarterly
Earnings in the Investor Relations section on the company's Web site.
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature
constitute forward-looking statements. These forward-looking statements
relate to information or assumptions about the effects of Project
Acceleration, sales, income/(loss), earnings per share, operating income or
gross margin improvements, capital and other expenditures, cash flow,
dividends, restructuring costs, costs and cost savings, debt ratings, and
management's plans, projections and objectives for future operations and
performance. These statements are accompanied by words such as
"anticipate," "expect," "project," "will," "believes," "estimate" and
similar expressions. Actual results could differ materially from those
expressed or implied in the forward-looking statements. Important factors
that could cause actual results to differ materially from those suggested
by the forward-looking statements include, but are not limited to, our
dependence on the strength of retail economies; competition with other
manufacturers and distributors of consumer products; major retailers'
strong bargaining power; changes in the prices of raw materials; our
ability to develop innovative new products and to develop, maintain and
strengthen our end-user brands; our ability to expeditiously close
facilities and move operations while managing foreign regulations and other
impediments; our ability to implement successfully information technology
solutions throughout our organization; our ability to improve productivity
and streamline operations; the risks inherent in our foreign operations and
those factors listed in the company's most recent quarterly report on Form
10-Q, and Exhibit 99.1 thereto, filed with the Securities and Exchange
Commission. Changes in such assumptions or factors could produce
significantly different results. The information contained in this news
release is as of the date indicated. The company assumes no obligation to
update any forward-looking statements contained in this news release as a
result of new information or future events or developments.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of
Regulation G promulgated by the Securities and Exchange Commission.
Included in this release is a reconciliation of these non-GAAP financial
measures to the most directly comparable financial measures calculated in
accordance with GAAP.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of
consumer and commercial products with sales of over $6 billion and a strong
portfolio of brands, including Rubbermaid(R), Sharpie(R), Graco(R),
Calphalon(R), Irwin(R), Lenox(R), Levolor(R), Paper Mate(R), DYMO(R),
Waterman(R), Parker(R), Goody(R), BernzOmatic(R) and Amerock(R). The
company is headquartered in Atlanta, Ga., and has approximately 22,500
employees worldwide.
This press release and additional information about Newell Rubbermaid
are available on the company's Web site, http://www.newellrubbermaid.com.
NWL-EA
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results "As Reported" to Results
"Excluding Charges"
Three Months Ended December 31,
2007
As Excl.
Reported Charges(1) Charges
Net sales $1,642.5 $- $1,642.5
Cost of products sold 1,066.6 - 1,066.6
GROSS MARGIN 575.9 - 575.9
% of sales 35.1% 35.1%
Selling, general &
administrative expenses 370.7 - 370.7
% of sales 22.6% 22.6%
Restructuring costs 32.3 (32.3) -
OPERATING INCOME 172.9 32.3 205.2
% of sales 10.5% 12.5%
Nonoperating expenses:
Interest expense, net 21.2 - 21.2
Other expense, net 2.9 - 2.9
24.1 - 24.1
INCOME BEFORE INCOME TAXES 148.8 32.3 181.1
% of sales 9.1% 11.0%
Income taxes 47.8 2.1 49.9
Effective rate 32.1% 27.6%
INCOME FROM CONTINUING
OPERATIONS 101.0 30.2 131.2
% of sales 6.1% 8.0%
Discontinued operations, net of tax:
Net gain/(loss) 4.4 (4.4) -
NET INCOME $105.4 $25.8 $131.2
% of sales 6.4% 8.0%
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $0.37 $0.11 $0.48
Diluted $0.36 $0.11 $0.47
GAIN/(LOSS) PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $0.02 $(0.02) $-
Diluted $0.02 $(0.02) $-
EARNINGS PER SHARE:
Basic $0.38 $0.09 $0.48
Diluted $0.38 $0.09 $0.47
AVERAGE SHARES OUTSTANDING:
Basic 276.1 276.1
Diluted 277.8 286.1
Three Months Ended December 31,
2006
As Excl. YOY
Reported Charges(2) Charges % Change
Net sales $1,638.2 $- $1,638.2 0.3%
Cost of products sold 1,098.5 - 1,098.5
GROSS MARGIN 539.7 - 539.7 6.7%
% of sales 32.9% 32.9%
Selling, general &
administrative expenses 356.7 - 356.7 3.9%
% of sales 21.8% 21.8%
Restructuring costs 16.1 (16.1) -
OPERATING INCOME 166.9 16.1 183.0 12.1%
% of sales 10.2% 11.2%
Nonoperating expenses:
Interest expense, net 29.8 - 29.8
Other expense, net 2.0 - 2.0
31.8 - 31.8 (24.2)%
INCOME BEFORE INCOME TAXES 135.1 16.1 151.2 19.8%
% of sales 8.2% 9.2%
Income taxes 42.8 4.2 47.0 6.2%
Effective rate 31.7% 31.1%
INCOME FROM CONTINUING
OPERATIONS 92.3 11.9 104.2 25.9%
% of sales 5.6% 6.4%
Discontinued operations, net of tax:
Net gain/(loss) 9.9 (9.9) -
NET INCOME $102.2 $2.0 $104.2 25.9%
% of sales 6.2% 6.4%
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $0.34 $0.04 $0.38
Diluted $0.33 $0.04 $0.38
GAIN/(LOSS) PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $0.04 $(0.04) $-
Diluted $0.04 $(0.04) $-
EARNINGS PER SHARE:
Basic $0.37 $0.01 $0.38
Diluted $0.37 $0.01 $0.38
AVERAGE SHARES OUTSTANDING:
Basic 274.8 274.8
Diluted 275.9 275.9
(1) Charges excluded from "as reported" results for 2007 consist of $32.3
million of Project Acceleration restructuring costs and the associated
tax effects and a $4.4 million net gain related to discontinued
operations.
(2) Charges excluded from "as reported" results for 2006 consist of $16.1
million of Project Acceleration restructuring costs and the associated
tax effects and a $9.9 million net gain related to discontinued
operations.
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results "As Reported" to Results
"Excluding Charges"
Twelve Months Ended December 31,
2007
As Excl.
Reported Charges(1) Charges
Net sales $6,407.3 $- $6,407.3
Cost of products sold 4,150.1 - 4,150.1
GROSS MARGIN 2,257.2 - 2,257.2
% of sales 35.2% 35.2%
Selling, general &
administrative expenses 1,430.9 - 1,430.9
% of sales 22.3% 22.3%
Restructuring costs 86.0 (86.0) -
OPERATING INCOME 740.3 86.0 826.3
% of sales 11.6% 12.9%
Nonoperating expenses:
Interest expense, net 104.1 - 104.1
Other expense, net 7.3 - 7.3
111.4 - 111.4
INCOME BEFORE INCOME TAXES 628.9 86.0 714.9
% of sales 9.8% 11.2%
Income taxes 149.7 16.4 166.1
Effective rate 23.8% 23.2%
INCOME FROM CONTINUING
OPERATIONS 479.2 69.6 548.8
% of sales 7.5% 8.6%
Discontinued operations, net of tax:
Net loss (12.1) 12.1 -
NET INCOME $467.1 $81.7 $548.8
% of sales 7.3% 8.6%
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $1.74 $0.25 $1.99
Diluted $1.72 $0.25 $1.97
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $(0.04) $0.04 $-
Diluted $(0.04) $0.04 $-
EARNINGS PER SHARE:
Basic $1.69 $0.30 $1.99
Diluted $1.68 $0.29 $1.97
AVERAGE SHARES OUTSTANDING:
Basic 276.0 276.0
Diluted 286.1 286.1
Twelve Months Ended December 31,
2006
As Excl. YOY
Reported Charges(2) Charges % Change
Net sales $6,201.0 $- $6,201.0 3.3%
Cost of products sold 4,131.0 - 4,131.0
GROSS MARGIN 2,070.0 - 2,070.0 9.0%
% of sales 33.4% 33.4%
Selling, general &
administrative expenses 1,347.0 - 1,347.0 6.2%
% of sales 21.7% 21.7%
Restructuring costs 66.4 (66.4) -
OPERATING INCOME 656.6 66.4 723.0 14.3%
% of sales 10.6% 11.7%
Nonoperating expenses:
Interest expense, net 132.0 - 132.0
Other expense, net 9.7 - 9.7
141.7 - 141.7 (21.4)%
INCOME BEFORE INCOME TAXES 514.9 66.4 581.3 23.0%
% of sales 8.3% 9.4%
Income taxes 44.2 18.2 62.4 166.2%
Effective rate 8.6% 10.7%
INCOME FROM CONTINUING
OPERATIONS 470.7 48.2 518.9 5.8%
% of sales 7.6% 8.4%
Discontinued operations, net of tax:
Net loss (85.7) 85.7 -
NET INCOME $385.0 $133.9 $518.9 5.8%
% of sales 6.2% 8.4%
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $1.71 $0.18 $1.89
Diluted $1.71 $0.17 $1.88
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $(0.31) $0.31 $-
Diluted $(0.31) $0.31 $-
EARNINGS PER SHARE:
Basic $1.40 $0.49 $1.89
Diluted $1.40 $0.48 $1.88
AVERAGE SHARES OUTSTANDING:
Basic 274.6 274.6
Diluted 275.5 283.8
(1) Charges excluded from "as reported" results for 2007 consist of $86.0
million of Project Acceleration restructuring costs and the associated
tax effects and a $12.1 million net loss related to discontinued
operations.
(2) Charges excluded from "as reported" results for 2006 consist of $66.4
million of Project Acceleration restructuring costs and the associated
tax effects and a $85.7 million net loss related to discontinued
operations.
Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
December 31, December 31,
Assets: 2007 2006
Cash and cash equivalents $329.2 $201.0
Accounts receivable, net 1,166.4 1,113.6
Inventories, net 940.4 850.6
Deferred income taxes 102.0 110.1
Prepaid expenses and other 113.7 133.5
Current assets of discontinued
operations - 68.1
Total Current Assets 2,651.7 2,476.9
Property, plant and equipment, net 688.6 746.9
Deferred income taxes 29.4 1.3
Goodwill 2,608.7 2,435.7
Other intangible assets, net 501.8 458.8
Other assets 202.7 190.9
Total Assets $6,682.9 $6,310.5
Liabilities and Stockholders' Equity:
Accounts payable $616.9 $549.9
Accrued compensation 170.7 177.9
Other accrued liabilities 744.7 710.9
Income taxes payable 44.0 144.3
Notes payable 15.3 23.9
Current portion of long-term debt 972.2 253.6
Current liabilities of discontinued
operations - 36.1
Total Current Liabilities 2,563.8 1,896.6
Long-term debt 1,197.4 1,972.3
Other non-current liabilities 674.4 551.4
Stockholders' Equity 2,247.3 1,890.2
Total Liabilities and
Stockholders' Equity $6,682.9 $6,310.5
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
Twelve Months Ended December 31,
2007 2006
Operating Activities:
Net income $467.1 $385.0
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 177.0 193.3
Deferred income taxes (0.9) (5.0)
Impairment charges - 50.9
Non-cash restructuring costs 27.7 27.2
Gain on sale of assets - (4.5)
Stock-based compensation
expense 36.4 44.0
Loss/(gain) on disposal of
discontinued operations 11.9 (0.7)
Non-cash income tax benefits (41.3) (102.8)
Other (3.4) (12.9)
Changes in operating assets and
liabilities, excluding the effects
of acquisitions:
Accounts receivable (7.9) 25.1
Inventories (53.6) (32.2)
Accounts payable 54.0 (51.0)
Accrued liabilities and other (11.7) 96.9
Discontinued operations - 30.1
Net cash provided by operating
activities $655.3 $643.4
Investing Activities:
Acquisitions, net of cash acquired $(106.0) $(60.6)
Capital expenditures (157.3) (138.3)
Disposals of non-current assets
and sales of businesses (2.3) 187.0
Net cash used in investing
activities $(265.6) $(11.9)
Financing Activities:
Proceeds from issuance of debt $420.8 $177.0
Payments on notes payable and debt (478.3) (511.0)
Cash dividends (234.7) (232.8)
Proceeds from exercised stock
options and other 25.4 16.7
Net cash used in financing
activities $(266.8) $(550.1)
Currency rate effect on cash and
cash equivalents $5.3 $4.1
Increase in cash and cash
equivalents $128.2 $85.5
Cash and cash equivalents at
beginning of year 201.0 115.5
Cash and cash equivalents at end
of year $329.2 $201.0
Newell Rubbermaid Inc.
Calculation of Free Cash Flow(1)
Three Months Ended December 31,
Free Cash Flow (in millions): 2007 2006
Net cash provided by operating
activities $199.1 $239.1
Capital expenditures (47.3) (44.2)
Free Cash Flow $151.8 $194.9
Twelve Months Ended December 31,
Free Cash Flow (in millions): 2007 2006
Net cash provided by operating
activities $655.3 $643.4
Capital expenditures (157.3) (138.3)
Free Cash Flow $498.0 $505.1
(1) Free Cash Flow is defined as cash flow provided by operating
activities less capital expenditures.
Newell Rubbermaid Inc.
Financial Worksheet
(In Millions)
2007
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q1:
Cleaning, Organization & Decor $457.4 $57.2 $- $57.2 12.5%
Office Products 406.3 35.2 - 35.2 8.7%
Tools & Hardware 293.9 34.2 - 34.2 11.6%
Home & Family 226.8 30.4 - 30.4 13.4%
Restructuring Costs (15.5) 15.5 -
Corporate (20.7) - (20.7)
Total $1,384.4 $120.8 $15.5 $136.3 9.8%
2007
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q2:
Cleaning, Organization & Decor $544.4 $81.2 $- $81.2 14.9%
Office Products 587.5 109.0 - 109.0 18.6%
Tools & Hardware 324.6 47.7 - 47.7 14.7%
Home & Family 236.6 31.3 - 31.3 13.2%
Restructuring Costs (15.5) 15.5 -
Corporate (20.9) - (20.9)
Total $1,693.1 $232.8 $15.5 $248.3 14.7%
2007
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q3:
Cleaning, Organization & Decor $547.2 $83.7 $- $83.7 15.3%
Office Products 544.9 84.2 - 84.2 15.5%
Tools & Hardware 335.9 51.3 - 51.3 15.3%
Home & Family 259.3 37.2 - 37.2 14.3%
Restructuring Costs (22.7) 22.7 -
Corporate (19.9) - (19.9)
Total $1,687.3 $213.8 $22.7 $236.5 14.0%
2007
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q4:
Cleaning, Organization & Decor $547.4 $51.2 $51.2 9.4%
Office Products 503.6 89.5 89.5 17.8%
Tools & Hardware 334.3 48.3 48.3 14.4%
Home & Family 257.2 36.7 36.7 14.3%
Restructuring Costs (32.3) 32.3 -
Corporate (20.5) (20.5)
Total $1,642.5 $172.9 $32.3 $205.2 12.5%
2007
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
YTD:
Cleaning, Organization & Decor $2,096.4 $273.3 $- $273.3 13.0%
Office Products 2,042.3 317.9 - 317.9 15.6%
Tools & Hardware 1,288.7 181.5 - 181.5 14.1%
Home & Family 979.9 135.6 - 135.6 13.8%
Restructuring Costs (86.0) 86.0 -
Corporate (82.0) - (82.0)
Total $6,407.3 $740.3 $86.0 $826.3 12.9%
2006
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q1:
Cleaning, Organization & Decor $449.7 $38.4 $- $38.4 8.5%
Office Products 390.8 32.3 - 32.3 8.3%
Tools & Hardware 276.8 33.1 - 33.1 12.0%
Home & Family 225.3 32.7 - 32.7 14.5%
Restructuring Costs (9.1) 9.1 -
Corporate (17.6) - (17.6)
Total $1,342.6 $109.8 $9.1 $118.9 8.9%
2006
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q2:
Cleaning, Organization & Decor $509.9 $57.3 $- $57.3 11.2%
Office Products 579.1 99.9 - 99.9 17.3%
Tools & Hardware 328.8 53.8 - 53.8 16.4%
Home & Family 216.3 29.8 - 29.8 13.8%
Restructuring Costs (19.1) 19.1 -
Corporate (20.0) - (20.0)
Total $1,634.1 $201.7 $19.1 $220.8 13.5%
2006
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q3:
Cleaning, Organization & Decor $519.3 $67.8 $- $67.8 13.1%
Office Products 517.5 75.7 - 75.7 14.6%
Tools & Hardware 324.4 46.2 - 46.2 14.2%
Home & Family 224.9 28.9 - 28.9 12.9%
Restructuring Costs (22.1) 22.1 -
Corporate (18.3) - (18.3)
Total $1,586.1 $178.2 $22.1 $200.3 12.6%
2006
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
Q4:
Cleaning, Organization & Decor $516.8 $45.6 $45.6 8.8%
Office Products 544.2 79.1 79.1 14.5%
Tools & Hardware 332.2 51.9 51.9 15.6%
Home & Family 245.0 26.5 26.5 10.8%
Restructuring Costs (16.1) 16.1 -
Corporate (20.1) (20.1)
Total $1,638.2 $166.9 $16.1 $183.0 11.2%
2006
Excluding Charges Reconciliation(1)
Ex
Reported Excluded Charges Operating
Net Sales OI Charges OI Margin
YTD:
Cleaning, Organization & Decor $1,995.7 $209.1 $- $209.1 10.5%
Office Products 2,031.6 287.0 - 287.0 14.1%
Tools & Hardware 1,262.2 185.0 - 185.0 14.7%
Home & Family 911.5 117.9 - 117.9 12.9%
Restructuring Costs (66.4) 66.4 -
Corporate (76.0) - (76.0)
Total $6,201.0 $656.6 $66.4 $723.0 11.7%
Year-over-year changes
Net Sales Operating Income(2)
$ % $ %
Q1:
Cleaning, Organization & Decor $7.7 1.7% $18.8 49.0%
Office Products 15.5 4.0% 2.9 9.0%
Tools & Hardware 17.1 6.2% 1.1 3.3%
Home & Family 1.5 0.7% (2.3) (7.0)%
Restructuring Costs -
Corporate (3.1)
Total $41.8 3.1% $17.4 14.6%
Year-over-year changes
Net Sales Operating Income(2)
$ % $ %
Q2:
Cleaning, Organization & Decor $34.5 6.8% $23.9 41.7%
Office Products 8.4 1.5% 9.1 9.1%
Tools & Hardware (4.2) (1.3)% (6.1) (11.3)%
Home & Family 20.3 9.4% 1.5 5.0%
Restructuring Costs -
Corporate (0.9)
Total $59.0 3.6% $27.5 12.5%
Year-over-year changes
Net Sales Operating Income(2)
$ % $ %
Q3:
Cleaning, Organization & Decor $28.0 5.4% $15.9 23.5%
Office Products 27.4 5.3% 8.5 11.2%
Tools & Hardware 11.5 3.5% 5.1 11.0%
Home & Family 34.4 15.3% 8.3 28.7%
Restructuring Costs -
Corporate (1.6)
Total $101.3 6.4% $36.2 18.1%
Year-over-year changes
Net Sales Operating Income(2)
$ % $ %
Q4:
Cleaning, Organization & Decor $30.6 5.9% $5.6 12.3%
Office Products (40.6) (7.5)% 10.4 13.1%
Tools & Hardware 2.1 0.6% (3.6) (6.9)%
Home & Family 12.2 5.0% 10.2 38.5%
Restructuring Costs -
Corporate (0.4)
Total $4.3 0.3% $22.2 12.1%
Year-over-year changes
Net Sales Operating Income(2)
$ % $ %
YTD:
Cleaning, Organization & Decor $100.7 5.0% $64.2 30.7%
Office Products 10.7 0.5% 30.9 10.8%
Tools & Hardware 26.5 2.1% (3.5) (1.9)%
Home & Family 68.4 7.5% 17.7 15.0%
Restructuring Costs -
Corporate (6.0)
Total $206.3 3.3% $103.3 14.3%
(1) Charges are related to restructuring.
(2) Excluding restructuring charges.
Newell Rubbermaid Inc.
Three Months Ended December 31, 2007
In Millions
Currency Analysis
By Segment 2007 2006
Sales Sales
as Currency Adjusted as
Reported Impact Sales Reported
Cleaning, Organization & Decor $547.4 $(11.0) $536.4 $516.8
Office Products 503.6 (23.7) 479.9 544.2
Tools & Hardware 334.3 (12.4) 321.9 332.2
Home & Family 257.2 (5.0) 252.2 245.0
Total Company $1,642.5 $(52.1) $1,590.4 $1,638.2
By Geography
United States $1,143.8 $- $1,143.8 $1,188.2
Canada 117.5 (16.1) 101.4 100.6
North America 1,261.3 (16.1) 1,245.2 1,288.8
Europe 244.4 (23.8) 220.6 223.4
Central & South America 66.8 (5.7) 61.1 68.7
All Other 70.0 (6.5) 63.5 57.3
Total Company $1,642.5 $(52.1) $1,590.4 $1,638.2
By Segment Year-over-year
Increase (Decrease)
Excluding Including Currency
Currency Currency Impact
Cleaning, Organization & Decor 3.8% 5.9% 2.1%
Office Products (11.8)% (7.5)% 4.4%
Tools & Hardware (3.1)% 0.6% 3.7%
Home & Family 2.9% 5.0% 2.0%
Total Company (2.9)% 0.3% 3.2%
By Geography
United States (3.7)% (3.7)% 0.0%
Canada 0.8% 16.8% 16.0%
North America (3.4)% (2.1)% 1.2%
Europe (1.3)% 9.4% 10.7%
Central & South America (11.1)% (2.8)% 8.3%
All Other 10.8% 22.2% 11.3%
Total Company (2.9)% 0.3% 3.2%
Newell Rubbermaid Inc.
Twelve Months Ended December 31, 2007
In Millions
Currency Analysis
By Segment 2007 2006
Sales Sales
as Currency Adjusted as
Reported Impact Sales Reported
Cleaning, Organization & Decor $2,096.4 $(18.5) $2,077.9 $1,995.7
Office Products 2,042.3 (60.8) 1,981.5 2,031.6
Tools & Hardware 1,288.7 (31.6) 1,257.1 1,262.2
Home & Family 979.9 (14.1) 965.8 911.5
Total Company $6,407.3 $(125.0) $6,282.3 $6,201.0
By Geography
United States $4,624.3 $- $4,624.3 $4,603.4
Canada 425.7 (24.1) 401.6 387.9
North America 5,050.0 (24.1) 5,025.9 4,991.3
Europe 879.5 (74.1) 805.4 781.0
Central & South America 250.2 (11.1) 239.1 239.3
All Other 227.6 (15.7) 211.9 189.4
Total Company $6,407.3 $(125.0) $6,282.3 $6,201.0
By Segment Year-over-year
Increase (Decrease)
Excluding Including Currency
Currency Currency Impact
Cleaning, Organization & Decor 4.1% 5.0% 0.9%
Office Products (2.5)% 0.5% 3.0%
Tools & Hardware (0.4)% 2.1% 2.5%
Home & Family 6.0% 7.5% 1.5%
Total Company 1.3% 3.3% 2.0%
By Geography
United States 0.5% 0.5% 0.0%
Canada 3.5% 9.7% 6.2%
North America 0.7% 1.2% 0.5%
Europe 3.1% 12.6% 9.5%
Central & South America (0.1)% 4.6% 4.6%
All Other 11.9% 20.2% 8.3%
Total Company 1.3% 3.3% 2.0%
SOURCE Newell Rubbermaid Inc.
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Related links:
http://www.newellrubbermaid.com
http://www.prnewswire.com/comp/138728.html /
CONTACT:
Ron Hardnock, Vice President, Investor
Relations, +1-770-407-3994, or David Doolittle, Vice President,
Corporate Communications, +1-770-407-3613, both of Newell
Rubbermaid Inc.
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