Attached files
Exhibit 99.1
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
| Quarter Ended March 31, 2011 |
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| Net sales |
$ | 298.4 | ||
| Cost of products sold |
209.2 | |||
| Gross profit |
89.2 | |||
| Operating costs and expenses: |
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| Advertising, selling, general and administrative expenses |
74.3 | |||
| Amortization of intangibles |
1.7 | |||
| Restructuring income |
(0.1 | ) | ||
| Total operating costs and expenses |
75.9 | |||
| Operating income |
13.3 | |||
| Non-operating expense (income): |
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| Interest expense |
19.2 | |||
| Equity in earnings of joint ventures |
(1.2 | ) | ||
| Other income, net |
(0.2 | ) | ||
| Loss from continuing operations before income tax |
(4.5 | ) | ||
| Income tax expense |
4.5 | |||
| Loss from continuing operations |
(9.0 | ) | ||
| Income from discontinued operations, net of income taxes |
0.9 | |||
| Net loss |
$ | (8.1 | ) | |
| Per share: |
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| Basic loss per share: |
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| Loss from continuing operations |
$ | (0.16 | ) | |
| Income from discontinued operations |
0.02 | |||
| Basic loss per share |
$ | (0.15 | ) | |
| Diluted loss per share: |
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| Loss from continuing operations |
$ | (0.16 | ) | |
| Income from discontinued operations |
0.02 | |||
| Diluted loss per share |
$ | (0.15 | ) | |
| Weighted average number of shares outstanding: |
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| Basic |
55.0 | |||
| Diluted |
55.0 | |||
ACCO Brands Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
| Quarter Ended March 31, 2010 |
Quarter Ended June 30, 2010 |
Quarter Ended September 30, 2010 |
Quarter Ended December 31, 2010 |
Year Ended December 31, 2010 |
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| Net sales |
$ | 300.5 | $ | 305.2 | $ | 319.4 | $ | 359.5 | $ | 1,284.6 | ||||||||||
| Cost of products sold |
209.5 | 210.7 | 221.6 | 245.7 | 887.5 | |||||||||||||||
| Gross profit |
91.0 | 94.5 | 97.8 | 113.8 | 397.1 | |||||||||||||||
| Operating costs and expenses: |
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| Advertising, selling, general and administrative expenses |
68.8 | 68.6 | 66.1 | 77.7 | 281.2 | |||||||||||||||
| Amortization of intangibles |
1.8 | 1.6 | 1.7 | 1.6 | 6.7 | |||||||||||||||
| Restructuring charges (income) |
(0.1 | ) | (0.7 | ) | — | 0.3 | (0.5 | ) | ||||||||||||
| Total operating costs and expenses |
70.5 | 69.5 | 67.8 | 79.6 | 287.4 | |||||||||||||||
| Operating income |
20.5 | 25.0 | 30.0 | 34.2 | 109.7 | |||||||||||||||
| Non-operating expense (income): |
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| Interest expense |
19.5 | 19.7 | 19.7 | 19.4 | 78.3 | |||||||||||||||
| Equity in earnings of joint ventures |
(1.2 | ) | (1.1 | ) | (2.3 | ) | (3.7 | ) | (8.3 | ) | ||||||||||
| Other expense, net |
0.9 | 0.2 | 0.1 | — | 1.2 | |||||||||||||||
| Income from continuing operations before income tax |
1.3 | 6.2 | 12.5 | 18.5 | 38.5 | |||||||||||||||
| Income tax expense |
6.5 | 1.9 | 8.1 | 14.2 | 30.7 | |||||||||||||||
| Income (loss) from continuing operations |
(5.2 | ) | 4.3 | 4.4 | 4.3 | 7.8 | ||||||||||||||
| Income from discontinued operations, net of income taxes |
0.5 | 0.6 | 1.0 | 2.5 | 4.6 | |||||||||||||||
| Net income (loss) |
$ | (4.7 | ) | $ | 4.9 | $ | 5.4 | $ | 6.8 | $ | 12.4 | |||||||||
| Per share: |
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| Basic earnings (loss) per share: |
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| Income (loss) from continuing operations |
$ | (0.10 | ) | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.14 | |||||||||
| Income from discontinued operations |
0.01 | 0.01 | 0.02 | 0.05 | 0.08 | |||||||||||||||
| Basic earnings (loss) per share |
$ | (0.09 | ) | $ | 0.09 | $ | 0.10 | $ | 0.12 | $ | 0.23 | |||||||||
| Diluted earnings (loss) per share: |
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| Income (loss) from continuing operations |
$ | (0.10 | ) | $ | 0.08 | $ | 0.08 | $ | 0.07 | $ | 0.14 | |||||||||
| Income from discontinued operations |
0.01 | 0.01 | 0.02 | 0.04 | 0.08 | |||||||||||||||
| Diluted earnings (loss) per share |
$ | (0.09 | ) | $ | 0.09 | $ | 0.09 | $ | 0.12 | $ | 0.22 | |||||||||
| Weighted average number of shares outstanding: |
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| Basic |
54.6 | 54.8 | 54.9 | 54.9 | 54.8 | |||||||||||||||
| Diluted |
54.6 | 57.2 | 57.1 | 57.2 | 57.2 | |||||||||||||||