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)
|
PAGE
|
|||
PART I – FINANCIAL
INFORMATION
|
|||
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
5.
|
Other
Information
|
33
|
|
Item
6.
|
Exhibits
|
33
|
|
Signatures
|
34
|
CURTISS-WRIGHT
CORPORATION and SUBSIDIARIES
|
||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
||||||||||||||||
(UNAUDITED)
|
||||||||||||||||
(In
thousands except per share data)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
$ | 435,750 | $ | 435,699 | $ | 1,306,913 | $ | 1,322,542 | ||||||||
Cost
of sales
|
293,435 | 287,908 | 884,256 | 879,048 | ||||||||||||
Gross profit
|
142,315 | 147,791 | 422,657 | 443,494 | ||||||||||||
Research
and development costs
|
13,824 | 10,955 | 40,148 | 36,808 | ||||||||||||
Selling
expenses
|
25,407 | 25,839 | 78,685 | 80,021 | ||||||||||||
General
and administrative expenses
|
66,866 | 62,807 | 192,700 | 188,076 | ||||||||||||
Operating income
|
36,218 | 48,190 | 111,124 | 138,589 | ||||||||||||
Other
income, net
|
309 | 371 | 657 | 1,069 | ||||||||||||
Interest
expense
|
(5,923 | ) | (6,611 | ) | (19,405 | ) | (21,370 | ) | ||||||||
Earnings
before income taxes
|
30,604 | 41,950 | 92,376 | 118,288 | ||||||||||||
Provision
for income taxes
|
10,489 | 14,427 | 32,002 | 41,909 | ||||||||||||
Net
earnings
|
$ | 20,115 | $ | 27,523 | $ | 60,374 | $ | 76,379 | ||||||||
Basic
earnings per share
|
$ | 0.44 | $ | 0.61 | $ | 1.34 | $ | 1.71 | ||||||||
Diluted
earnings per share
|
$ | 0.44 | $ | 0.60 | $ | 1.32 | $ | 1.68 | ||||||||
Dividends
per share
|
$ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.24 | ||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
45,356 | 44,779 | 45,165 | 44,672 | ||||||||||||
Diluted
|
45,828 | 45,505 | 45,617 | 45,369 | ||||||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
(UNAUDITED)
|
||||||||
(In
thousands)
|
||||||||
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Assets
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 72,499 | $ | 60,705 | ||||
Receivables,
net
|
399,547 | 395,659 | ||||||
Inventories,
net
|
308,181 | 281,508 | ||||||
Deferred
tax assets, net
|
38,385 | 37,314 | ||||||
Other
current assets
|
41,663 | 26,833 | ||||||
Total
current assets
|
860,275 | 802,019 | ||||||
Property,
plant, and equipment, net
|
400,271 | 364,032 | ||||||
Goodwill
|
639,375 | 608,898 | ||||||
Other
intangible assets, net
|
239,232 | 234,596 | ||||||
Deferred
tax assets, net
|
16,355 | 23,128 | ||||||
Other
assets
|
10,372 | 9,357 | ||||||
Total
Assets
|
$ | 2,165,880 | $ | 2,042,030 | ||||
Liabilities
|
||||||||
Current
Liabilities:
|
||||||||
Short-term
debt
|
$ | 77,649 | $ | 3,249 | ||||
Accounts
payable
|
109,147 | 140,954 | ||||||
Dividends
payable
|
3,653 | - | ||||||
Accrued
expenses
|
92,304 | 103,973 | ||||||
Income
taxes payable
|
4,515 | 8,213 | ||||||
Deferred
revenue
|
162,925 | 138,753 | ||||||
Other
current liabilities
|
40,404 | 56,542 | ||||||
Total current
liabilities
|
490,597 | 451,684 | ||||||
Long-term
debt
|
470,645 | 513,460 | ||||||
Deferred
tax liabilities, net
|
27,866 | 26,850 | ||||||
Accrued
pension and other postretirement benefit costs
|
141,533 | 125,762 | ||||||
Long-term
portion of environmental reserves
|
18,971 | 20,377 | ||||||
Other
liabilities
|
45,372 | 37,135 | ||||||
Total
Liabilities
|
1,194,984 | 1,175,268 | ||||||
Contingencies
and Commitments (Note 14)
|
||||||||
Stockholders'
Equity
|
||||||||
Common
stock, $1 par value
|
48,214 | 47,903 | ||||||
Additional
paid-in capital
|
106,788 | 94,500 | ||||||
Retained
earnings
|
949,388 | 899,928 | ||||||
Accumulated
other comprehensive loss
|
(38,135 | ) | (72,551 | ) | ||||
1,066,255 | 969,780 | |||||||
Less: Cost
of treasury stock
|
(95,359 | ) | (103,018 | ) | ||||
Total
Stockholders' Equity
|
970,896 | 866,762 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 2,165,880 | $ | 2,042,030 | ||||
Nine
Months Ended
September
30,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net earnings
|
$ | 60,374 | $ | 76,379 | ||||
Adjustments to reconcile net
earnings to net cash
provided by operating
activities:
|
||||||||
Depreciation and
amortization
|
57,276 | 56,071 | ||||||
Net loss on sales and disposals
of long lived assets
|
882 | 259 | ||||||
Gain on bargain
purchase
|
(1,937 | ) | - | |||||
Deferred income
taxes
|
808 | (381 | ) | |||||
Share-based
compensation
|
9,334 | 8,284 | ||||||
Changes in operating assets and
liabilities, net of
businesses
acquired:
|
||||||||
Decrease (increase) in
receivables
|
16,563 | (12,289 | ) | |||||
Increase in
inventories
|
(8,412 | ) | (51,995 | ) | ||||
(Decrease) increase in progress
payments
|
(12,750 | ) | 10,021 | |||||
Decrease in accounts payable and
accrued expenses
|
(49,087 | ) | (35,258 | ) | ||||
Increase in deferred
revenue
|
23,625 | 24,458 | ||||||
Decrease in income taxes
payable
|
(16,409 | ) | (13,630 | ) | ||||
Increase in net pension and
postretirement liabilities
|
16,245 | 8,906 | ||||||
(Increase) decrease in other
current and long-termassets
|
(166 | ) | 1,750 | |||||
(Decrease) increase in other
current and long-termliabilities
|
(15,307 | ) | 2,200 | |||||
Total adjustments
|
20,665 | (1,604 | ) | |||||
Net cash provided by operating
activities
|
81,039 | 74,775 | ||||||
Cash
flows from investing activities:
|
||||||||
Proceeds from sales and disposals
of long lived assets
|
2,933 | 8,000 | ||||||
Acquisitions of intangible
assets
|
(321 | ) | (192 | ) | ||||
Additions to property, plant, and
equipment
|
(61,026 | ) | (70,511 | ) | ||||
Acquisition of new
businesses
|
(50,764 | ) | (7,731 | ) | ||||
Net cash used for investing
activities
|
(109,178 | ) | (70,434 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Borrowings of
debt
|
585,210 | 314,500 | ||||||
Principal payments on
debt
|
(553,734 | ) | (307,046 | ) | ||||
Proceeds from exercise of stock
options
|
10,450 | 9,842 | ||||||
Dividends paid
|
(7,261 | ) | (7,180 | ) | ||||
Excess tax benefits from share
based compensation
|
264 | 1,507 | ||||||
Net cash provided by financing
activities
|
34,929 | 11,623 | ||||||
Effect
of exchange-rate changes on cash
|
5,004 | (5,210 | ) | |||||
Net
increase in cash and cash equivalents
|
11,794 | 10,754 | ||||||
Cash
and cash equivalents at beginning of period
|
60,705 | 66,520 | ||||||
Cash
and cash equivalents at end of period
|
$ | 72,499 | $ | 77,274 | ||||
Supplemental
disclosure of investing activities:
|
||||||||
Fair value of assets acquired in
current year acquisitions
|
$ | 56,749 | $ | 10,764 | ||||
Additional consideration paid
(received) on prior year acquisitions
|
80 | (1,474 | ) | |||||
Liabilities assumed from current
year acquisitions
|
(4,125 | ) | (1,559 | ) | ||||
Gain on bargain
purchase
|
(1,937 | ) | - | |||||
Cash acquired
|
(3 | ) | - | |||||
$ | 50,764 | $ | 7,731 | |||||
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 pension and postretirement 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
|
– | – | 60,374 | – | – | |||||||||||||||
Pension
and postretirement
adjustments,
net
|
– | – | – | 576 | – | |||||||||||||||
Foreign
currency translation
adjustments,
net
|
– | – | – | 33,840 | – | |||||||||||||||
Dividends
declared
|
– | – | (10,914 | ) | – | – | ||||||||||||||
Stock
options exercised, net
|
311 | 6,704 | – | – | 3,400 | |||||||||||||||
Share-based
compensation
|
– | 5,893 | – | – | 3,950 | |||||||||||||||
Other
|
(309 | ) | 309 | |||||||||||||||||
September
30, 2009
|
$ | 48,214 | $ | 106,788 | $ | 949,388 | $ | (38,135 | ) | $ | (95,359 | ) | ||||||||
(In
thousands)
|
||||
Accounts
receivable
|
$ | 3,369 | ||
Inventory
|
4,119 | |||
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
|
25,937 | |||
Purchase
price
|
40,000 | |||
Goodwill
|
$ | 14,063 |
(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)
|
||||||||
September
30,
2009
|
December
31, 2008
|
|||||||
Billed
Receivables:
|
||||||||
Trade
and other receivables
|
$ | 264,700 | $ | 286,123 | ||||
Less: Allowance for doubtful
accounts
|
(3,768 | ) | (4,824 | ) | ||||
Net
billed receivables
|
260,932 | 281,299 | ||||||
Unbilled
Receivables:
|
||||||||
Recoverable
costs and estimated earnings not billed
|
151,570 | 135,511 | ||||||
Less: Progress payments
applied
|
(12,955 | ) | (21,151 | ) | ||||
Net
unbilled receivables
|
138,615 | 114,360 | ||||||
Receivables,
net
|
$ | 399,547 | $ | 395,659 |
|
(In
thousands)
|
|||||||
September
30,
2009
|
December
31, 2008
|
|||||||
Raw
material
|
$ | 144,571 | $ | 126,799 | ||||
Work-in-process
|
77,649 | 63,195 | ||||||
Finished
goods and component parts
|
77,069 | 82,652 | ||||||
Inventoried
costs related to U.S. Government and other long-term
contracts
|
58,632 | 60,721 | ||||||
Gross
inventories
|
357,921 | 333,367 | ||||||
Less:
Inventory reserves
|
(36,717 | ) | (34,283 | ) | ||||
Progress payments applied,
principally related to long-term contracts
|
(13,023 | ) | (17,576 | ) | ||||
Inventories,
net
|
$ | 308,181 | $ | 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
|
16,479 | − | − | 16,479 | ||||||||||||
Change
in estimate to fair value of net assets acquired in prior
year
|
(36 | ) | (169 | ) | − | (205 | ) | |||||||||
Additional
consideration of prior years’ acquisitions
|
946 | − | 3 | 949 | ||||||||||||
Other
adjustments
|
(457 | ) | − | − | (457 | ) | ||||||||||
Currency
translation adjustment
|
5,543 | 7,778 | 390 | 13,711 | ||||||||||||
September
30, 2009
|
$ | 308,068 | $ | 302,444 | $ | 28,863 | $ | 639,375 |
(In
thousands)
|
||||||||||||
September 30, 2009
|
Gross
|
Accumulated
Amortization
|
Net
|
|||||||||
Technology
|
$ | 128,227 | $ | (40,994 | ) | $ | 87,233 | |||||
Customer
related intangibles
|
169,335 | (50,183 | ) | 119,152 | ||||||||
Other
intangible assets
|
42,301 | (9,454 | ) | 32,847 | ||||||||
Total
|
$ | 339,863 | $ | (100,631 | ) | $ | 239,232 |
(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
|
(6,293 | ) | (10,536 | ) | (3,195 | ) | (20,024 | ) | |||||||||
Change
in estimate to fair value of net assets acquired in prior
year
|
(159 | ) | 1,308 | (1,055 | ) | 94 | |||||||||||
Net
currency translation adjustment
|
2,204 | 2,607 | 205 | 5,016 | |||||||||||||
September
30, 2009
|
$ | 87,233 | $ | 119,152 | $ | 32,847 | $ | 239,232 |
Fair
Values of Derivative Instruments
|
||||||||||
(In
thousands)
|
||||||||||
Asset
Derivatives
|
Liability
Derivatives
|
|||||||||
September
30, 2009
|
September
30, 2009
|
|||||||||
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet Location
|
Fair
Value
|
|||||||
Foreign
exchange contracts:
|
||||||||||
Transactional
|
Other
Current Liabilities
|
$ | - |
Other
Current Liabilities
|
$ | 155 | ||||
Forecasted
|
Other
Current Liabilities
|
209 |
Other
Current Liabilities
|
- | ||||||
Total
|
$ | 209 | $ | 155 |
(In
thousands)
|
|||||
Derivatives
Not Designated as Hedging Instruments
|
Location
of Gain (Loss) Recognized in Income on Derivatives
|
Amount
of Gain (Loss) Recognized in Income on Derivatives
|
|||
Three
Months Ended September 30, 2009
|
|||||
Foreign
exchange contracts:
|
|||||
Transactional
|
General
and Administrative Expenses
|
$ | (2,232 | ) | |
Forecasted
|
General
and Administrative Expenses
|
925 | |||
Total
|
$ | (1,307 | ) |
Nine
Months Ended September 30, 2009
|
|||||
Foreign
exchange contracts:
|
|||||
Transactional
|
General
and Administrative Expenses
|
$ | 320 | ||
Forecasted
|
General
and Administrative Expenses
|
1,287 | |||
Total
|
$ | 1,607 |
(In
thousands)
|
||||||||
2009
|
2008
|
|||||||
Warranty
reserves at January 1,
|
$ | 10,775 | $ | 10,774 | ||||
Provision
for current year sales
|
5,850 | 5,232 | ||||||
Increase
due to acquisitions
|
127 | - | ||||||
Current
year claims
|
(2,983 | ) | (3,190 | ) | ||||
Change
in estimates to pre-existing warranties
|
(1,477 | ) | (1,705 | ) | ||||
Foreign
currency translation adjustment
|
393 | (305 | ) | |||||
Warranty
reserves at September 30,
|
$ | 12,685 | $ | 10,806 |
Severance
and Benefits
|
Facility
Closing Costs
|
Relocation
Costs
|
Total
|
|||||||||||||
Flow Control
|
||||||||||||||||
December
31, 2008
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Provisions
|
860 | 100 | 306 | 1,266 | ||||||||||||
Payments
|
(635 | ) | (100 | ) | (306 | ) | (1,041 | ) | ||||||||
Net
currency translation adjustment
|
– | – | – | – | ||||||||||||
September
30, 2009
|
$ | 225 | $ | – | $ | – | $ | 225 | ||||||||
Total
expected and incurred to date
|
$ | 860 | $ | 100 | $ | 656 | $ | 1,616 | ||||||||
Motion Control
|
||||||||||||||||
December
31, 2008
|
$ | 3,616 | $ | 1,901 | $ | 628 | $ | 6,145 | ||||||||
Provisions
|
3,167 | (144 | ) | 50 | 3,073 | |||||||||||
Payments
|
(3,836 | ) | (992 | ) | (114 | ) | (4,942 | ) | ||||||||
Net
currency translation adjustment
|
(26 | ) | 18 | – | (8 | ) | ||||||||||
September
30, 2009
|
$ | 2,921 | $ | 783 | $ | 564 | $ | 4,268 | ||||||||
Total
expected and incurred to date
|
$ | 7,893 | $ | 2,071 | $ | 678 | $ | 10,642 | ||||||||
Metal Treatment
|
||||||||||||||||
December
31, 2008
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Provisions
|
282 | – | – | 282 | ||||||||||||
Payments
|
(282 | ) | – | – | (282 | ) | ||||||||||
Net
currency translation adjustment
|
– | – | – | – | ||||||||||||
September
30, 2009
|
$ | – | $ | – | $ | – | $ | – | ||||||||
Total
expected and incurred to date
|
$ | 282 | $ | – | $ | – | $ | 282 | ||||||||
Total Curtiss-Wright
|
||||||||||||||||
December
31, 2008
|
$ | 3,616 | $ | 1,901 | $ | 628 | $ | 6,145 | ||||||||
Provisions
|
4,309 | (44 | ) | 356 | 4,621 | |||||||||||
Payments
|
(4,753 | ) | (1,092 | ) | (420 | ) | (6,265 | ) | ||||||||
Net
currency translation adjustment
|
(26 | ) | 18 | – | (8 | ) | ||||||||||
September
30, 2009
|
$ | 3,146 | $ | 783 | $ | 564 | $ | 4,493 | ||||||||
Total
expected and incurred to date
|
$ | 9,035 | $ | 2,171 | $ | 1,334 | $ | 12,540 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Service
cost
|
$ | 8,510 | $ | 5,990 | $ | 20,452 | $ | 17,480 | ||||||||
Interest
cost
|
6,863 | 5,108 | 18,262 | 15,774 | ||||||||||||
Expected
return on plan assets
|
(7,280 | ) | (7,549 | ) | (21,731 | ) | (22,667 | ) | ||||||||
Amortization
of:
|
||||||||||||||||
Prior service
cost
|
164 | 217 | 484 | 477 | ||||||||||||
Unrecognized actuarial
loss
|
1,326 | 246 | 1,785 | 544 | ||||||||||||
Net
periodic benefit cost
|
$ | 9,583 | $ | 4,012 | $ | 19,252 | $ | 11,608 | ||||||||
Curtailment/Settlement
loss
|
- | - | 83 | - | ||||||||||||
Total
periodic benefit cost
|
$ | 9,583 | $ | 4,012 | $ | 19,335 | $ | 11,608 | ||||||||
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Service
cost
|
$ | 178 | $ | 175 | $ | 488 | $ | 513 | ||||||||
Interest
cost
|
382 | 429 | 1,219 | 1,333 | ||||||||||||
Amortization
of unrecognized actuarial gain
|
(235 | ) | (172 | ) | (617 | ) | (431 | ) | ||||||||
Net
periodic benefit cost
|
$ | 325 | $ | 432 | $ | 1,090 | $ | 1,415 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic
weighted-average shares outstanding
|
45,356 | 44,779 | 45,165 | 44,672 | ||||||||||||
Dilutive
effect of share-based compensation awards and deferred stock
compensation
|
472 | 726 | 452 | 697 | ||||||||||||
Diluted
weighted-average shares outstanding
|
45,828 | 45,505 | 45,617 | 45,369 |
|
(In
thousands)
Three Months Ended September 30,
2009
|
|||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 237,931 | $ | 148,303 | $ | 49,516 | $ | 435,750 | $ | − | $ | 435,750 | ||||||||||||
Intersegment
revenues
|
7 | 997 | 193 | 1,197 | (1,197 | ) | − | |||||||||||||||||
Operating
income (expense)
|
22,274 | 16,512 | 4,354 | 43,140 | (6,922 | ) | 36,218 |
|
(In
thousands)
Three Months Ended September 30,
2008
|
|||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 226,951 | $ | 143,148 | $ | 65,600 | $ | 435,699 | $ | − | $ | 435,699 | ||||||||||||
Intersegment
revenues
|
− | 1,572 | 255 | 1,827 | (1,827 | ) | − | |||||||||||||||||
Operating
income (expense)
|
24,260 | 15,002 | 13,407 | 52,669 | (4,479 | ) | 48,190 |
|
(In
thousands)
Nine Months Ended September 30,
2009
|
|||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 710,717 | $ | 444,760 | $ | 151,436 | $ | 1,306,913 | $ | − | $ | 1,306,913 | ||||||||||||
Intersegment
revenues
|
29 | 2,805 | 1,156 | 3,990 | (3,990 | ) | − | |||||||||||||||||
Operating
income (expense)
|
57,333 | 50,291 | 15,426 | 123,050 | (11,926 | ) | 111,124 |
|
(In
thousands)
Nine Months Ended September 30,
2008
|
|||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other (1)
|
Consolidated
|
|||||||||||||||||||
Revenue
from external customers
|
$ | 684,403 | $ | 434,813 | $ | 203,326 | $ | 1,322,542 | $ | − | $ | 1,322,542 | ||||||||||||
Intersegment
revenues
|
32 | 3,332 | 722 | 4,086 | (4,086 | ) | − | |||||||||||||||||
Operating
income (expense)
|
60,386 | 44,084 | 41,436 | 145,906 | (7,317 | ) | 138,589 |
(In
thousands)
Identifiable Assets
|
||||||||||||||||||||||||
Flow
Control
|
Motion
Control
|
Metal
Treatment
|
Segment
Total
|
Corporate
& Other
|
Consolidated
|
|||||||||||||||||||
September
30, 2009
|
$ | 1,118,043 | $ | 761,041 | $ | 227,397 | $ | 2,106,481 | $ | 59,399 | $ | 2,165,880 | ||||||||||||
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
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Total
segment operating income
|
$ | 43,140 | $ | 52,669 | $ | 123,050 | $ | 145,906 | ||||||||
Corporate
and other
|
(6,922 | ) | (4,479 | ) | (11,926 | ) | (7,317 | ) | ||||||||
Other
income, net
|
309 | 371 | 657 | 1,069 | ||||||||||||
Interest
expense
|
(5,923 | ) | (6,611 | ) | (19,405 | ) | (21,370 | ) | ||||||||
Earnings
before income taxes
|
$ | 30,604 | $ | 41,950 | $ | 92,376 | $ | 118,288 |
(In
thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
earnings
|
$ | 20,115 | $ | 27,523 | $ | 60,374 | $ | 76,379 | ||||||||
Equity
adjustment from foreign currency translations, net
|
9,479 | (31,410 | ) | 33,840 | (29,905 | ) | ||||||||||
Defined
benefit pension and post-retirement plan, net
|
723 | 420 | 576 | 635 | ||||||||||||
Total
comprehensive income
|
$ | 30,317 | $ | (3,467 | ) | $ | 94,790 | $ | 47,109 |