Attached files
| file | filename |
|---|---|
| 8-K/A - TWIN DISC, INC. 8K-A - TWIN DISC INC | td8ka08172012.htm |
Exhibit 99.1
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE (LOSS) INCOME
(In thousands, except per-share data, unaudited)
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||||||||||||||||
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Three Months Ended
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Twelve Months Ended
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|||||||||||||||
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June 30,
2012
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June 30,
2011
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June 30,
2012
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June 30,
2011
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|||||||||||||
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Net sales
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$ | 96,109 | $ | 97,367 | $ | 355,870 | $ | 310,393 | ||||||||
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Cost of goods sold
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67,863 | 61,246 | 234,238 | 202,710 | ||||||||||||
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Gross profit
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28,246 | 36,121 | 121,632 | 107,683 | ||||||||||||
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Marketing, engineering and
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administrative expenses
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19,339 | 22,497 | 73,091 | 72,967 | ||||||||||||
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Impairment charge
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3,670 | 0 | 3,670 | 0 | ||||||||||||
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Earnings from operations
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5,237 | 13,624 | 44,871 | 34,716 | ||||||||||||
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Interest expense
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346 | 410 | 1,475 | 1,719 | ||||||||||||
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Other (income) expense, net
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(887 | ) | 132 | (1,360 | ) | 968 | ||||||||||
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Earnings before income
taxes and noncontrolling interest
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5,778 | 13,082 | 44,756 | 32,029 | ||||||||||||
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Income taxes
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4,407 | 5,416 | 18,446 | 13,064 | ||||||||||||
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Net earnings
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1,371 | 7,666 | 26,310 | 18,965 | ||||||||||||
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Less: Net earnings attributable to
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||||||||||||||||
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noncontrolling interest, net of tax
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(90 | ) | (74 | ) | (198 | ) | (135 | ) | ||||||||
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Net earnings attributable to Twin Disc
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$ | 1,281 | $ | 7,592 | $ | 26,112 | $ | 18,830 | ||||||||
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Earnings per share data:
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Basic earnings per share attributable to
Twin Disc common shareholders
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$ | 0.11 | $ | 0.67 | $ | 2.29 | $ | 1.66 | ||||||||
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Diluted earnings per share attributable to
Twin Disc common shareholders
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$ | 0.11 | $ | 0.66 | $ | 2.26 | $ | 1.64 | ||||||||
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Weighted average shares outstanding data:
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||||||||||||||||
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Basic shares outstanding
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11,384 | 11,355 | 11,410 | 11,319 | ||||||||||||
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Diluted shares outstanding
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11,534 | 11,510 | 11,556 | 11,463 | ||||||||||||
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Dividends per share
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$ | 0.09 | $ | 0.08 | $ | 0.34 | $ | 0.30 | ||||||||
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Comprehensive income (loss):
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Net earnings
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$ | 1,371 | $ | 7,666 | $ | 26,310 | $ | 18,965 | ||||||||
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Foreign currency translation adjustment
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(5,446 | ) | 4,496 | (11,738 | ) | 19,272 | ||||||||||
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Benefit plan adjustments, net
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(12,993 | ) | 9,841 | (11,690 | ) | 11,506 | ||||||||||
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Comprehensive income (loss)
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(17,068 | ) | 22,003 | 2,882 | 49,743 | |||||||||||
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Comprehensive earnings attributable to
noncontrolling interest
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(90 | ) | (74 | ) | (198 | ) | (135 | ) | ||||||||
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Comprehensive income (loss) attributable to
Twin Disc
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$ | (17,158 | ) | $ | 21,929 | $ | 2,684 | $ | 49,608 | |||||||
Exhibit 99.1
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RECONCILIATION OF CONSOLIDATED NET EARNINGS TO EBITDA
(In thousands, unaudited)
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Three Months Ended
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Twelve Months Ended
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|||||||||||||||
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June 30,
2012
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June 30,
2011
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June 30,
2012
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June 30,
2011
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|||||||||||||
|
Net earnings attributable to Twin Disc
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$ | 1,281 | $ | 7,592 | $ | 26,112 | $ | 18,830 | ||||||||
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Interest expense
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346 | 410 | 1,475 | 1,719 | ||||||||||||
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Income taxes
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4,407 | 5,416 | 18,446 | 13,064 | ||||||||||||
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Depreciation and amortization
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2,746 | 2,921 | 10,756 | 9,904 | ||||||||||||
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Earnings before interest, taxes,
depreciation and amortization
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$ | 8,780 | $ | 16,339 | $ | 56,789 | $ | 43,517 | ||||||||
Exhibit 99.1
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands, unaudited)
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June 30,
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June 30,
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|||||||
|
2012
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2011
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ASSETS
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Current assets:
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Cash
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$ | 15,701 | $ | 20,167 | ||||
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Trade accounts receivable, net
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63,438 | 61,007 | ||||||
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Inventories, net
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103,178 | 99,139 | ||||||
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Deferred income taxes
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3,745 | 3,346 | ||||||
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Other
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11,099 | 11,509 | ||||||
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Total current assets
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197,161 | 195,168 | ||||||
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Property, plant and equipment, net
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66,356 | 65,791 | ||||||
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Goodwill, net
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13,116 | 17,871 | ||||||
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Deferred income taxes
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14,335 | 16,480 | ||||||
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Intangible assets, net
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4,996 | 6,439 | ||||||
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Other assets
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7,868 | 7,371 | ||||||
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TOTAL ASSETS
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$ | 303,832 | $ | 309,120 | ||||
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LIABILITIES AND EQUITY
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Current liabilities:
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Short-term borrowings and current maturities of long-term debt
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$ | 3,744 | $ | 3,915 | ||||
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Accounts payable
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23,550 | 38,372 | ||||||
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Accrued liabilities
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39,331 | 41,673 | ||||||
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Total current liabilities
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66,625 | 83,960 | ||||||
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Long-term debt
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28,401 | 25,784 | ||||||
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Accrued retirement benefits
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64,009 | 50,063 | ||||||
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Deferred income taxes
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3,340 | 4,170 | ||||||
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Other long-term liabilities
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4,171 | 7,089 | ||||||
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Total liabilities
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166,546 | 171,066 | ||||||
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Twin Disc shareholders’ equity:
Common shares authorized: 30,000,000;
Issued: 13,099,468; no par value
|
12,759 | 10,863 | ||||||
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Retained earnings
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185,083 | 162,857 | ||||||
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Accumulated other comprehensive loss
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(34,797 | ) | (11,383 | ) | ||||
| 163,045 | 162,337 | |||||||
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Less treasury stock, at cost
(1,794,981 and 1,739,574 shares, respectively)
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26,781 | 25,252 | ||||||
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Total Twin Disc shareholders' equity
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136,264 | 137,085 | ||||||
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Noncontrolling interest
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1,022 | 969 | ||||||
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Total equity
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137,286 | 138,054 | ||||||
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TOTAL LIABILITIES AND EQUITY
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$ | 303,832 | $ | 309,120 | ||||
Exhibit 99.1
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
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Twelve Months Ended
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||||||||
|
June 30,
2012
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June 30,
2011
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net earnings
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$ | 26,310 | $ | 18,965 | ||||
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Adjustments to reconcile net earnings to net cash provided
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by operating activities:
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Depreciation and amortization
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10,756 | 9,904 | ||||||
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Loss on sale of plant assets
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315 | 120 | ||||||
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Impairment charge
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3,670 | - | ||||||
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Stock compensation expense
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1,642 | 6,148 | ||||||
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Provision for deferred income taxes
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7,486 | 1,354 | ||||||
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Changes in operating assets and liabilities:
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Trade accounts receivable, net
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(5,982 | ) | (13,605 | ) | ||||
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Inventories, net
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(9,563 | ) | (17,258 | ) | ||||
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Other assets
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(915 | ) | (1,736 | ) | ||||
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Accounts payable
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(13,279 | ) | 11,839 | |||||
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Accrued liabilities
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(2,273 | ) | 6,713 | |||||
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Accrued/prepaid retirement benefits
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(3,723 | ) | (8,584 | ) | ||||
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Net cash provided by operating activities
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14,444 | 13,860 | ||||||
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Proceeds from sale of plant assets
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116 | 296 | ||||||
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Acquisitions of plant assets
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(13,733 | ) | (12,028 | ) | ||||
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Other, net
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(293 | ) | (293 | ) | ||||
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Net cash used by investing activities
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(13,910 | ) | (12,025 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from notes payable
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3 | 84 | ||||||
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Payments of notes payable
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(145 | ) | (83 | ) | ||||
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Proceeds from (payments of) long-term debt
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2,590 | (1,405 | ) | |||||
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Proceeds from exercise of stock options
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169 | 322 | ||||||
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Acquisition of treasury stock
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(2,425 | ) | - | |||||
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Dividends paid to shareholders
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(3,886 | ) | (3,411 | ) | ||||
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Dividends paid to noncontrolling interest
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(131 | ) | (138 | ) | ||||
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Excess tax benefits from stock compensation
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535 | 317 | ||||||
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Other
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(184 | ) | 136 | |||||
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Net cash used by financing activities
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(3,474 | ) | (4,178 | ) | ||||
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Effect of exchange rate changes on cash
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(1,526 | ) | 3,488 | |||||
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Net change in cash
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(4,466 | ) | 1,145 | |||||
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Cash:
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Beginning of year
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20,167 | 19,022 | ||||||
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End of year
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$ | 15,701 | $ | 20,167 | ||||
####