Attached files
| file | filename |
|---|---|
| 8-K - 8-K - SCOTTS MIRACLE-GRO CO | proseeddoform8-kandleadinp.htm |
Exhibit 99.1
THE SCOTTS MIRACLE-GRO COMPANY
INDEX TO UNAUDITED CONDENSED CONSOLIDATED SELECTED FINANCIAL DATA
PAGE | ||
Results of Operations and Reconciliation of Non-GAAP Disclosure Items for the: | ||
-i-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the fiscal year ended September 30, 2012 | ||||||||||||||||||
Footnotes | As Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Adjusted(5) | ||||||||||||||
Net sales | $ | 2,826.1 | $ | — | $ | — | $ | 2,826.1 | ||||||||||
Gross profit | 961.3 | (0.4 | ) | — | 961.7 | |||||||||||||
% of sales | 34.0 | % | 34.0 | % | ||||||||||||||
Income from operations | 243.6 | (8.2 | ) | (7.1 | ) | 258.9 | ||||||||||||
% of sales | 8.6 | % | 9.2 | % | ||||||||||||||
Interest expense | 61.8 | — | — | 61.8 | ||||||||||||||
Income from continuing operations before income taxes | 181.8 | (8.2 | ) | (7.1 | ) | 197.1 | ||||||||||||
Income tax expense | 68.6 | (0.8 | ) | (2.8 | ) | 72.2 | ||||||||||||
Income from continuing operations | 113.2 | $ | (7.4 | ) | $ | (4.3 | ) | $ | 124.9 | |||||||||
Loss from discontinued operations, net of tax | (2) | (6.7 | ) | |||||||||||||||
Net income | $ | 106.5 | ||||||||||||||||
Basic income (loss) per common share: | (3) | |||||||||||||||||
Income from continuing operations | $ | 1.86 | $ | (0.12 | ) | $ | (0.07 | ) | $ | 2.05 | ||||||||
Loss from discontinued operations | (0.11 | ) | ||||||||||||||||
Net income | $ | 1.75 | ||||||||||||||||
Diluted income (loss) per common share: | (4) | |||||||||||||||||
Income from continuing operations | $ | 1.82 | $ | (0.12 | ) | $ | (0.07 | ) | $ | 2.01 | ||||||||
Loss from discontinued operations | (0.11 | ) | ||||||||||||||||
Net income | $ | 1.71 | ||||||||||||||||
Common shares used in basic income (loss) per share calculation | 61.0 | 61.0 | 61.0 | 61.0 | ||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 62.1 | 62.1 | 62.1 | 62.1 | ||||||||||||||
-1-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the fiscal year ended September 30, 2011 | ||||||||||||||||||
Footnotes | As Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Adjusted(5) | ||||||||||||||
Net sales | $ | 2,799.7 | $ | — | $ | — | $ | 2,799.7 | ||||||||||
Gross profit | 1,009.2 | (3.2 | ) | (18.3 | ) | 1,030.7 | ||||||||||||
% of sales | 36.0 | % | 36.8 | % | ||||||||||||||
Income from operations | 274.8 | (14.6 | ) | (55.9 | ) | 345.3 | ||||||||||||
% of sales | 9.8 | % | 12.3 | % | ||||||||||||||
Costs related to refinancing | 1.2 | — | — | 1.2 | ||||||||||||||
Interest expense | 51.0 | — | — | 51.0 | ||||||||||||||
Income from continuing operations before income taxes | 222.6 | (14.6 | ) | (55.9 | ) | 293.1 | ||||||||||||
Income tax expense | 82.7 | (2.6 | ) | (20.6 | ) | 105.9 | ||||||||||||
Income from continuing operations | 139.9 | $ | (12.0 | ) | $ | (35.3 | ) | $ | 187.2 | |||||||||
Income from discontinued operations, net of tax | (2) | 28.0 | ||||||||||||||||
Net income | $ | 167.9 | ||||||||||||||||
Basic income per common share: | (3) | |||||||||||||||||
Income from continuing operations | $ | 2.16 | $ | (0.18 | ) | $ | (0.55 | ) | $ | 2.89 | ||||||||
Income from discontinued operations | 0.44 | |||||||||||||||||
Net income | $ | 2.60 | ||||||||||||||||
Diluted income per common share: | (4) | |||||||||||||||||
Income from continuing operations | $ | 2.11 | $ | (0.19 | ) | $ | (0.53 | ) | $ | 2.83 | ||||||||
Income from discontinued operations | 0.43 | |||||||||||||||||
Net income | $ | 2.54 | ||||||||||||||||
Common shares used in basic income per share calculation | 64.7 | 64.7 | 64.7 | 64.7 | ||||||||||||||
Common shares and potential common shares used in diluted income per share calculation | 66.2 | 66.2 | 66.2 | 66.2 | ||||||||||||||
-2-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the fiscal year ended September 30, 2010 | ||||||||||||||||||
Footnotes | As Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Adjusted(5) | ||||||||||||||
Net sales | $ | 2,873.0 | $ | — | $ | — | $ | 2,873.0 | ||||||||||
Gross profit | 1,085.6 | (3.0 | ) | — | 1,088.6 | |||||||||||||
% of sales | 37.8 | % | 37.9 | % | ||||||||||||||
Income from operations | 374.4 | (8.7 | ) | (18.5 | ) | 401.6 | ||||||||||||
% of sales | 13.0 | % | 14.0 | % | ||||||||||||||
Interest expense | 43.2 | — | — | 43.2 | ||||||||||||||
Income from continuing operations before income taxes | 331.2 | (8.7 | ) | (18.5 | ) | 358.4 | ||||||||||||
Income tax expense | 123.5 | (3.1 | ) | (5.8 | ) | 132.4 | ||||||||||||
Income from continuing operations | 207.7 | $ | (5.6 | ) | $ | (12.7 | ) | $ | 226.0 | |||||||||
Loss from discontinued operations, net of tax | (2) | (3.6 | ) | |||||||||||||||
Net income | $ | 204.1 | ||||||||||||||||
Basic income (loss) per common share: | (3) | |||||||||||||||||
Income from continuing operations | $ | 3.13 | $ | (0.08 | ) | $ | (0.19 | ) | $ | 3.40 | ||||||||
Loss from discontinued operations | (0.05 | ) | ||||||||||||||||
Net income | $ | 3.08 | ||||||||||||||||
Diluted income (loss) per common share: | (4) | |||||||||||||||||
Income from continuing operations | $ | 3.07 | $ | (0.08 | ) | $ | (0.19 | ) | $ | 3.34 | ||||||||
Loss from discontinued operations | (0.05 | ) | ||||||||||||||||
Net income | $ | 3.02 | ||||||||||||||||
Common shares used in basic income (loss) per share calculation | 66.3 | 66.3 | 66.3 | 66.3 | ||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 67.6 | 67.6 | 67.6 | 67.6 | ||||||||||||||
-3-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the fiscal year ended September 30, 2009 | ||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Adjusted(5) | ||||||||||||||
Net sales | $ | 2,746.4 | $ | 2,715.3 | $ | (0.3 | ) | $ | 2,715.6 | |||||||||
Gross profit | 977.7 | 986.7 | (11.8 | ) | 998.5 | |||||||||||||
% of sales | 35.6 | % | 36.3 | % | 36.8 | % | ||||||||||||
Income from operations | 260.5 | 273.4 | (28.6 | ) | 302.0 | |||||||||||||
% of sales | 9.5 | % | 10.1 | % | 11.1 | % | ||||||||||||
Interest expense | 52.4 | 52.4 | — | 52.4 | ||||||||||||||
Income from continuing operations before income taxes | 208.1 | 221.0 | (28.6 | ) | 249.6 | |||||||||||||
Income tax expense | 75.5 | 80.1 | (10.5 | ) | 90.6 | |||||||||||||
Income from continuing operations | 132.6 | 140.9 | $ | (18.1 | ) | $ | 159.0 | |||||||||||
Income from discontinued operations, net of tax | (2) | 20.7 | 12.4 | |||||||||||||||
Net income | $ | 153.3 | $ | 153.3 | ||||||||||||||
Basic income per common share: | (3) | |||||||||||||||||
Income from continuing operations | $ | 2.04 | $ | 2.17 | $ | (0.28 | ) | $ | 2.45 | |||||||||
Income from discontinued operations | 0.32 | 0.19 | ||||||||||||||||
Net income | $ | 2.36 | $ | 2.36 | ||||||||||||||
Diluted income per common share: | (4) | |||||||||||||||||
Income from continuing operations | $ | 2.01 | $ | 2.13 | $ | (0.27 | ) | $ | 2.40 | |||||||||
Income from discontinued operations | 0.31 | 0.19 | ||||||||||||||||
Net income | $ | 2.32 | $ | 2.32 | ||||||||||||||
Common shares used in basic income per share calculation | 65.0 | 65.0 | 65.0 | 65.0 | ||||||||||||||
Common shares and potential common shares used in diluted income per share calculation | 66.1 | 66.1 | 66.1 | 66.1 | ||||||||||||||
-4-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the fiscal year ended September 30, 2008 | ||||||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Adjusted(5) | |||||||||||||||||
Net sales | $ | 2,552.0 | $ | 2,506.8 | $ | (22.3 | ) | $ | — | $ | 2,529.1 | |||||||||||
Gross profit | 831.1 | 826.4 | (38.4 | ) | (1.3 | ) | 866.1 | |||||||||||||||
% of sales | 32.6 | % | 33.0 | % | 34.2 | % | ||||||||||||||||
Income from operations | 125.2 | 139.2 | (51.1 | ) | (76.2 | ) | 266.5 | |||||||||||||||
% of sales | 4.9 | % | 5.6 | % | 10.5 | % | ||||||||||||||||
Interest expense | 77.6 | 77.6 | — | — | 77.6 | |||||||||||||||||
Income from continuing operations before income taxes | 47.6 | 61.6 | (51.1 | ) | (76.2 | ) | 188.9 | |||||||||||||||
Income tax expense | 15.6 | 20.7 | (17.8 | ) | (27.4 | ) | 65.9 | |||||||||||||||
Income from continuing operations | 32.0 | 40.9 | $ | (33.3 | ) | $ | (48.8 | ) | $ | 123.0 | ||||||||||||
Loss from discontinued operations, net of tax | (2) | (42.9 | ) | (51.8 | ) | |||||||||||||||||
Net loss | $ | (10.9 | ) | $ | (10.9 | ) | ||||||||||||||||
Basic income (loss) per common share: | (3) | |||||||||||||||||||||
Income from continuing operations | $ | 0.50 | $ | 0.63 | $ | (0.52 | ) | $ | (0.75 | ) | $ | 1.91 | ||||||||||
Loss from discontinued operations | (0.67 | ) | (0.80 | ) | ||||||||||||||||||
Net loss | $ | (0.17 | ) | $ | (0.17 | ) | ||||||||||||||||
Diluted income (loss) per common share: | (4) | |||||||||||||||||||||
Income from continuing operations | $ | 0.49 | $ | 0.63 | $ | (0.51 | ) | $ | (0.75 | ) | $ | 1.89 | ||||||||||
Loss from discontinued operations | (0.66 | ) | (0.80 | ) | ||||||||||||||||||
Net loss | $ | (0.17 | ) | $ | (0.17 | ) | ||||||||||||||||
Common shares used in basic income (loss) per share calculation | 64.5 | 64.5 | 64.5 | 64.5 | 64.5 | |||||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | |||||||||||||||||
-5-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended December 31, 2011 | ||||||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Revised Adjusted(5) | |||||||||||||||||
Net sales | $ | 211.2 | $ | 199.6 | $ | — | $ | — | $ | 199.6 | ||||||||||||
Gross profit | 24.8 | 25.6 | — | — | 25.6 | |||||||||||||||||
% of sales | 11.7 | % | 12.8 | % | 12.8 | % | ||||||||||||||||
Loss from operations | (100.2 | ) | (99.0 | ) | (0.3 | ) | (2.4 | ) | (96.3 | ) | ||||||||||||
% of sales | (47.4 | )% | (49.6 | )% | (48.2 | )% | ||||||||||||||||
Interest expense | 15.3 | 15.3 | — | — | 15.3 | |||||||||||||||||
Loss from continuing operations before income taxes | (115.5 | ) | (114.3 | ) | (0.3 | ) | (2.4 | ) | (111.6 | ) | ||||||||||||
Income tax benefit | (41.6 | ) | (41.2 | ) | (0.1 | ) | (0.9 | ) | (40.2 | ) | ||||||||||||
Loss from continuing operations | (73.9 | ) | (73.1 | ) | $ | (0.2 | ) | $ | (1.5 | ) | $ | (71.4 | ) | |||||||||
Loss from discontinued operations, net of tax | (2) | — | (0.8 | ) | ||||||||||||||||||
Net loss | $ | (73.9 | ) | $ | (73.9 | ) | ||||||||||||||||
Basic loss per common share: | (3) | |||||||||||||||||||||
Loss from continuing operations | $ | (1.21 | ) | $ | (1.20 | ) | $ | — | $ | (0.02 | ) | $ | (1.17 | ) | ||||||||
Loss from discontinued operations | — | (0.01 | ) | |||||||||||||||||||
Net loss | $ | (1.21 | ) | $ | (1.21 | ) | ||||||||||||||||
Diluted loss per common share: | (4) | |||||||||||||||||||||
Loss from continuing operations | $ | (1.21 | ) | $ | (1.20 | ) | $ | — | $ | (0.02 | ) | $ | (1.17 | ) | ||||||||
Loss from discontinued operations | — | (0.01 | ) | |||||||||||||||||||
Net loss | $ | (1.21 | ) | $ | (1.21 | ) | ||||||||||||||||
Common shares used in basic loss per share calculation | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | |||||||||||||||||
Common shares and potential common shares used in diluted loss per share calculation | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | |||||||||||||||||
-6-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended March 31, 2012 | ||||||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Revised Adjusted(5) | |||||||||||||||||
Net sales | $ | 1,173.5 | $ | 1,170.4 | $ | — | $ | — | $ | 1,170.4 | ||||||||||||
Gross profit | 462.8 | 461.7 | (0.2 | ) | — | 461.9 | ||||||||||||||||
% of sales | 39.4 | % | 39.4 | % | 39.5 | % | ||||||||||||||||
Income from operations | 218.2 | 217.1 | (3.5 | ) | (5.1 | ) | 225.7 | |||||||||||||||
% of sales | 18.6 | % | 18.5 | % | 19.3 | % | ||||||||||||||||
Interest expense | 17.9 | 17.9 | — | — | 17.9 | |||||||||||||||||
Income from continuing operations before income taxes | 200.3 | 199.2 | (3.5 | ) | (5.1 | ) | 207.8 | |||||||||||||||
Income tax expense | 73.1 | 72.7 | (0.6 | ) | (2.2 | ) | 75.5 | |||||||||||||||
Income from continuing operations | 127.2 | 126.5 | $ | (2.9 | ) | $ | (2.9 | ) | $ | 132.3 | ||||||||||||
Income from discontinued operations, net of tax | (2) | — | 0.7 | |||||||||||||||||||
Net income | $ | 127.2 | $ | 127.2 | ||||||||||||||||||
Basic income per common share: | (3) | |||||||||||||||||||||
Income from continuing operations | $ | 2.09 | $ | 2.08 | $ | (0.05 | ) | $ | (0.05 | ) | $ | 2.17 | ||||||||||
Income from discontinued operations | — | 0.01 | ||||||||||||||||||||
Net income | $ | 2.09 | $ | 2.09 | ||||||||||||||||||
Diluted income per common share: | (4) | |||||||||||||||||||||
Income from continuing operations | $ | 2.05 | $ | 2.04 | $ | (0.05 | ) | $ | (0.05 | ) | $ | 2.13 | ||||||||||
Income from discontinued operations | — | 0.01 | ||||||||||||||||||||
Net income | $ | 2.05 | $ | 2.05 | ||||||||||||||||||
Common shares used in basic income per share calculation | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | |||||||||||||||||
Common shares and potential common shares used in diluted income per share calculation | 62.0 | 62.0 | 62.0 | 62.0 | 62.0 | |||||||||||||||||
-7-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended June 30, 2012 | ||||||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Revised Adjusted(5) | |||||||||||||||||
Net sales | $ | 1,062.2 | $ | 1,054.9 | $ | — | $ | — | $ | 1,054.9 | ||||||||||||
Gross profit | 366.5 | 369.0 | (0.2 | ) | — | 369.2 | ||||||||||||||||
% of sales | 34.5 | % | 35.0 | % | 35.0 | % | ||||||||||||||||
Income from operations | 168.0 | 170.2 | (4.0 | ) | 0.4 | 173.8 | ||||||||||||||||
% of sales | 15.8 | % | 16.1 | % | 16.5 | % | ||||||||||||||||
Interest expense | 16.6 | 16.6 | — | — | 16.6 | |||||||||||||||||
Income from continuing operations before income taxes | 151.4 | 153.6 | (4.0 | ) | 0.4 | 157.2 | ||||||||||||||||
Income tax expense | 56.4 | 57.2 | 0.1 | 0.7 | 56.4 | |||||||||||||||||
Income from continuing operations | 95.0 | 96.4 | $ | (4.1 | ) | $ | (0.3 | ) | $ | 100.8 | ||||||||||||
Loss from discontinued operations, net of tax | (2) | (1.7 | ) | (3.1 | ) | |||||||||||||||||
Net income | $ | 93.3 | $ | 93.3 | ||||||||||||||||||
Basic income (loss) per common share: | (3) | |||||||||||||||||||||
Income from continuing operations | $ | 1.55 | $ | 1.58 | $ | (0.07 | ) | $ | (0.01 | ) | $ | 1.65 | ||||||||||
Loss from discontinued operations | (0.02 | ) | (0.05 | ) | ||||||||||||||||||
Net income | $ | 1.53 | $ | 1.53 | ||||||||||||||||||
Diluted income (loss) per common share: | (4) | |||||||||||||||||||||
Income from continuing operations | $ | 1.53 | $ | 1.55 | $ | (0.07 | ) | $ | — | $ | 1.62 | |||||||||||
Loss from discontinued operations | (0.03 | ) | (0.05 | ) | ||||||||||||||||||
Net income | $ | 1.50 | $ | 1.50 | ||||||||||||||||||
Common shares used in basic income (loss) per share calculation | 61.1 | 61.1 | 61.1 | 61.1 | 61.1 | |||||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 62.2 | 62.2 | 62.2 | 62.2 | 62.2 | |||||||||||||||||
-8-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended September 30, 2012 | ||||||||||||||
Footnotes | As Reported(1) | Product Registration and Recall Matters | Adjusted(5) | |||||||||||
Net sales | $ | 401.2 | $ | — | $ | 401.2 | ||||||||
Gross profit | 105.0 | — | 105.0 | |||||||||||
% of sales | 26.2 | % | 26.2 | % | ||||||||||
Loss from operations | (44.7 | ) | (0.4 | ) | (44.3 | ) | ||||||||
% of sales | (11.1 | )% | (11.0 | )% | ||||||||||
Interest expense | 12.0 | — | 12.0 | |||||||||||
Loss from continuing operations before income taxes | (56.7 | ) | (0.4 | ) | (56.3 | ) | ||||||||
Income tax benefit | (20.1 | ) | (0.2 | ) | (19.9 | ) | ||||||||
Loss from continuing operations | (36.6 | ) | $ | (0.2 | ) | $ | (36.4 | ) | ||||||
Loss from discontinued operations, net of tax | (2) | (3.5 | ) | |||||||||||
Net loss | $ | (40.1 | ) | |||||||||||
Basic loss per common share: | (3) | |||||||||||||
Loss from continuing operations | $ | (0.60 | ) | $ | (0.01 | ) | $ | (0.59 | ) | |||||
Loss from discontinued operations | (0.06 | ) | ||||||||||||
Net loss | $ | (0.66 | ) | |||||||||||
Diluted loss per common share: | (4) | |||||||||||||
Loss from continuing operations | $ | (0.60 | ) | $ | (0.01 | ) | $ | (0.59 | ) | |||||
Loss from discontinued operations | (0.06 | ) | ||||||||||||
Net loss | $ | (0.66 | ) | |||||||||||
Common shares used in basic loss per share calculation | 61.2 | 61.2 | 61.2 | |||||||||||
Common shares and potential common shares used in diluted loss per share calculation | 61.2 | 61.2 | 61.2 | |||||||||||
-9-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended January 1, 2011 | ||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Revised Adjusted(5) | ||||||||||||||
Net sales | $ | 230.2 | $ | 225.7 | $ | — | $ | 225.7 | ||||||||||
Gross profit | 49.1 | 49.8 | (0.8 | ) | 50.6 | |||||||||||||
% of sales | 21.3 | % | 22.1 | % | 22.4 | % | ||||||||||||
Loss from operations | (94.5 | ) | (93.2 | ) | (1.7 | ) | (91.5 | ) | ||||||||||
% of sales | (41.1 | )% | (41.3 | )% | (40.5 | )% | ||||||||||||
Interest expense | 9.5 | 9.5 | — | 9.5 | ||||||||||||||
Loss from continuing operations before income taxes | (104.0 | ) | (102.7 | ) | (1.7 | ) | (101.0 | ) | ||||||||||
Income tax benefit | (37.3 | ) | (36.8 | ) | (0.6 | ) | (36.2 | ) | ||||||||||
Loss from continuing operations | (66.7 | ) | (65.9 | ) | $ | (1.1 | ) | $ | (64.8 | ) | ||||||||
Loss from discontinued operations, net of tax | (2) | (1.2 | ) | (2.0 | ) | |||||||||||||
Net loss | $ | (67.9 | ) | $ | (67.9 | ) | ||||||||||||
Basic loss per common share: | (3) | |||||||||||||||||
Loss from continuing operations | $ | (1.00 | ) | $ | (0.99 | ) | $ | (0.01 | ) | $ | (0.98 | ) | ||||||
Loss from discontinued operations | (0.02 | ) | (0.03 | ) | ||||||||||||||
Net loss | $ | (1.02 | ) | $ | (1.02 | ) | ||||||||||||
Diluted loss per common share: | (4) | |||||||||||||||||
Loss from continuing operations | $ | (1.00 | ) | $ | (0.99 | ) | $ | (0.01 | ) | $ | (0.98 | ) | ||||||
Loss from discontinued operations | (0.02 | ) | (0.03 | ) | ||||||||||||||
Net loss | $ | (1.02 | ) | $ | (1.02 | ) | ||||||||||||
Common shares used in basic loss per share calculation | 66.3 | 66.3 | 66.3 | 66.3 | ||||||||||||||
Common shares and potential common shares used in diluted loss per share calculation | 66.3 | 66.3 | 66.3 | 66.3 | ||||||||||||||
-10-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended April 2, 2011 | ||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Revised Adjusted(5) | ||||||||||||||
Net sales | $ | 1,129.6 | $ | 1,122.9 | $ | — | $ | 1,122.9 | ||||||||||
Gross profit | 462.7 | 463.8 | (1.3 | ) | 465.1 | |||||||||||||
% of sales | 41.0 | % | 41.3 | % | 41.4 | % | ||||||||||||
Income from operations | 245.6 | 246.7 | (2.5 | ) | 249.2 | |||||||||||||
% of sales | 21.7 | % | 22.0 | % | 22.2 | % | ||||||||||||
Interest expense | 13.8 | 13.8 | — | 13.8 | ||||||||||||||
Income from continuing operations before income taxes | 231.8 | 232.9 | (2.5 | ) | 235.4 | |||||||||||||
Income tax expense | 83.2 | 83.5 | (0.8 | ) | 84.3 | |||||||||||||
Income from continuing operations | 148.6 | 149.4 | $ | (1.7 | ) | $ | 151.1 | |||||||||||
Income from discontinued operations, net of tax | (2) | 29.0 | 28.2 | |||||||||||||||
Net income | $ | 177.6 | $ | 177.6 | ||||||||||||||
Basic income per common share: | (3) | |||||||||||||||||
Income from continuing operations | $ | 2.26 | $ | 2.27 | $ | (0.02 | ) | $ | 2.29 | |||||||||
Income from discontinued operations | 0.44 | 0.43 | ||||||||||||||||
Net income | $ | 2.70 | $ | 2.70 | ||||||||||||||
Diluted income per common share: | (4) | |||||||||||||||||
Income from continuing operations | $ | 2.20 | $ | 2.21 | $ | (0.02 | ) | $ | 2.23 | |||||||||
Income from discontinued operations | 0.43 | 0.42 | ||||||||||||||||
Net income | $ | 2.63 | $ | 2.63 | ||||||||||||||
Common shares used in basic income per share calculation | 65.8 | 65.8 | 65.8 | 65.8 | ||||||||||||||
Common shares and potential common shares used in diluted income per share calculation | 67.6 | 67.6 | 67.6 | 67.6 | ||||||||||||||
-11-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended July 2, 2011 | ||||||||||||||||||||||
Footnotes | Previously Reported(1) | Revised Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Revised Adjusted(5) | |||||||||||||||||
Net sales | $ | 1,058.7 | $ | 1,048.0 | $ | — | $ | — | $ | 1,048.0 | ||||||||||||
Gross profit | 400.1 | 400.1 | (1.1 | ) | — | 401.2 | ||||||||||||||||
% of sales | 37.8 | % | 38.2 | % | 38.3 | % | ||||||||||||||||
Income from operations | 192.4 | 202.8 | (6.8 | ) | (3.6 | ) | 213.2 | |||||||||||||||
% of sales | 18.2 | % | 19.4 | % | 20.3 | % | ||||||||||||||||
Cost related to financing | 1.2 | 1.2 | — | — | 1.2 | |||||||||||||||||
Interest expense | 14.0 | 14.0 | — | — | 14.0 | |||||||||||||||||
Income from continuing operations before income taxes | 177.2 | 187.6 | (6.8 | ) | (3.6 | ) | 198.0 | |||||||||||||||
Income tax expense | 65.5 | 69.2 | (0.8 | ) | (1.1 | ) | 71.1 | |||||||||||||||
Income from continuing operations | 111.7 | 118.4 | $ | (6.0 | ) | $ | (2.5 | ) | $ | 126.9 | ||||||||||||
Loss from discontinued operations, net of tax | (2) | (0.1 | ) | (6.8 | ) | |||||||||||||||||
Net income | $ | 111.6 | $ | 111.6 | ||||||||||||||||||
Basic income (loss) per common share: | (3) | |||||||||||||||||||||
Income from continuing operations | $ | 1.73 | $ | 1.85 | $ | (0.09 | ) | $ | (0.04 | ) | $ | 1.97 | ||||||||||
Loss from discontinued operations | — | (0.11 | ) | |||||||||||||||||||
Net income | $ | 1.73 | $ | 1.73 | ||||||||||||||||||
Diluted income (loss) per common share: | (4) | |||||||||||||||||||||
Income from continuing operations | $ | 1.69 | $ | 1.79 | $ | (0.09 | ) | $ | (0.04 | ) | $ | 1.93 | ||||||||||
Loss from discontinued operations | — | (0.10 | ) | |||||||||||||||||||
Net income | $ | 1.69 | $ | 1.70 | ||||||||||||||||||
Common shares used in basic income (loss) per share calculation | 64.5 | 64.5 | 64.5 | 64.5 | 64.5 | |||||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 66.2 | 66.2 | 66.2 | 66.2 | 66.2 | |||||||||||||||||
-12-
THE SCOTTS MIRACLE-GRO COMPANY
Results of Operations and Reconciliation of Non-GAAP Disclosure Items
(Unaudited) (In millions, except per share data)
Note: See Accompanying Footnotes on Page 15
For the three months ended September 30, 2011 | ||||||||||||||||||
Footnotes | As Reported(1) | Product Registration and Recall Matters | Impairment, Restructuring and Other Charges | Adjusted(5) | ||||||||||||||
Net sales | $ | 403.1 | $ | — | $ | — | $ | 403.1 | ||||||||||
Gross profit | 95.5 | — | (18.3 | ) | 113.8 | |||||||||||||
% of sales | 23.7 | % | 28.2 | % | ||||||||||||||
Loss from operations | (81.5 | ) | (3.6 | ) | (52.3 | ) | (25.6 | ) | ||||||||||
% of sales | (20.2 | )% | (6.4 | )% | ||||||||||||||
Interest expense | 13.7 | — | — | 13.7 | ||||||||||||||
Loss from continuing operations before income taxes | (95.2 | ) | (3.6 | ) | (52.3 | ) | (39.3 | ) | ||||||||||
Income tax benefit | (33.2 | ) | (0.2 | ) | (19.4 | ) | (13.6 | ) | ||||||||||
Loss from continuing operations | (62.0 | ) | $ | (3.4 | ) | $ | (32.9 | ) | $ | (25.7 | ) | |||||||
Income from discontinued operations, net of tax | (2) | 8.6 | ||||||||||||||||
Net loss | $ | (53.4 | ) | |||||||||||||||
Basic loss per common share: | (3) | |||||||||||||||||
Loss from continuing operations | $ | (1.00 | ) | $ | (0.06 | ) | $ | (0.53 | ) | $ | (0.41 | ) | ||||||
Income from discontinued operations | 0.14 | |||||||||||||||||
Net loss | $ | (0.86 | ) | |||||||||||||||
Diluted loss per common share: | (4) | |||||||||||||||||
Loss from continuing operations | $ | (1.00 | ) | $ | (0.06 | ) | $ | (0.53 | ) | $ | (0.41 | ) | ||||||
Income from discontinued operations | 0.14 | |||||||||||||||||
Net loss | $ | (0.86 | ) | |||||||||||||||
Common shares used in basic income (loss) per share calculation | 62.0 | 62.0 | 62.0 | 62.0 | ||||||||||||||
Common shares and potential common shares used in diluted income (loss) per share calculation | 62.0 | 62.0 | 62.0 | 62.0 | ||||||||||||||
-13-
THE SCOTTS MIRACLE-GRO COMPANY
Net Sales and Income (Loss) from Continuing Operations before Income Taxes by Segment
(Unaudited) (In millions)
Note: See Accompanying Footnote 6 on Page 15
Fiscal year ended September 30, 2012 | ||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||
Net Sales: | ||||||||||||||||||||
Global Consumer | $ | 149.1 | $ | 1,119.6 | $ | 960.7 | $ | 309.8 | $ | 2,539.2 | ||||||||||
Scotts LawnService® | 37.6 | 35.9 | 87.8 | 84.5 | 245.8 | |||||||||||||||
Segment total | 186.7 | 1,155.5 | 1,048.5 | 394.3 | 2,785.0 | |||||||||||||||
Corporate & Other | 12.9 | 14.9 | 6.4 | 6.9 | 41.1 | |||||||||||||||
Consolidated | $ | 199.6 | $ | 1,170.4 | $ | 1,054.9 | $ | 401.2 | $ | 2,826.1 | ||||||||||
Income (loss) from Continuing Operations before Income Taxes: | ||||||||||||||||||||
Global Consumer | $ | (69.5 | ) | $ | 275.2 | $ | 171.7 | $ | (39.1 | ) | $ | 338.3 | ||||||||
Scotts LawnService® | (4.6 | ) | (12.9 | ) | 22.4 | 22.1 | 27.0 | |||||||||||||
Segment total | (74.1 | ) | 262.3 | 194.1 | (17.0 | ) | 365.3 | |||||||||||||
Corporate & Other | (19.7 | ) | (34.6 | ) | (18.1 | ) | (23.9 | ) | (96.3 | ) | ||||||||||
Intangible asset amortization | (2.5 | ) | (2.0 | ) | (2.2 | ) | (3.4 | ) | (10.1 | ) | ||||||||||
Product registration and recall matters | (0.3 | ) | (3.5 | ) | (4.0 | ) | (0.4 | ) | (8.2 | ) | ||||||||||
Impairment, restructuring and other charges | (2.4 | ) | (5.1 | ) | 0.4 | — | (7.1 | ) | ||||||||||||
Interest expense | (15.3 | ) | (17.9 | ) | (16.6 | ) | (12.0 | ) | (61.8 | ) | ||||||||||
Consolidated | $ | (114.3 | ) | $ | 199.2 | $ | 153.6 | $ | (56.7 | ) | $ | 181.8 | ||||||||
Fiscal year ended September 30, 2011 | ||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||
Net Sales: | ||||||||||||||||||||
Global Consumer | $ | 188.8 | $ | 1,084.8 | $ | 951.6 | $ | 308.0 | $ | 2,533.2 | ||||||||||
Scotts LawnService® | 37.1 | 32.7 | 82.4 | 83.4 | 235.6 | |||||||||||||||
Segment total | 225.9 | 1,117.5 | 1,034.0 | 391.4 | 2,768.8 | |||||||||||||||
Corporate & Other | (0.2 | ) | 5.4 | 14.0 | 11.7 | 30.9 | ||||||||||||||
Consolidated | $ | 225.7 | $ | 1,122.9 | $ | 1,048.0 | $ | 403.1 | $ | 2,799.7 | ||||||||||
Income (loss) from Continuing Operations before Income Taxes: | ||||||||||||||||||||
Global Consumer | $ | (55.1 | ) | $ | 298.8 | $ | 209.6 | $ | (28.3 | ) | $ | 425.0 | ||||||||
Scotts LawnService® | (4.5 | ) | (15.2 | ) | 22.4 | 23.2 | 25.9 | |||||||||||||
Segment total | (59.6 | ) | 283.6 | 232.0 | (5.1 | ) | 450.9 | |||||||||||||
Corporate & Other | (29.6 | ) | (31.7 | ) | (15.7 | ) | (18.0 | ) | (95.0 | ) | ||||||||||
Intangible asset amortization | (2.3 | ) | (2.7 | ) | (3.1 | ) | (2.5 | ) | (10.6 | ) | ||||||||||
Product registration and recall matters | (1.7 | ) | (2.5 | ) | (6.8 | ) | (3.6 | ) | (14.6 | ) | ||||||||||
Impairment, restructuring and other charges | — | — | (3.6 | ) | (52.3 | ) | (55.9 | ) | ||||||||||||
Costs related to refinancing | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||
Interest expense | (9.5 | ) | (13.8 | ) | (14.0 | ) | (13.7 | ) | (51.0 | ) | ||||||||||
Consolidated | $ | (102.7 | ) | $ | 232.9 | $ | 187.6 | $ | (95.2 | ) | $ | 222.6 | ||||||||
-14-
THE SCOTTS MIRACLE-GRO COMPANY
Footnotes to Condensed, Consolidated Selected Financial Data
(1) | Reported results of operations reflect the Company’s consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), as disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012. Revised reported results of operations are derived from the Company’s historical consolidated financial statements, as recast to retrospectively reflect the Company’s professional seed business as discontinued operations in accordance with GAAP. See Footnote 2 below. | |
(2) | In the fourth quarter of fiscal 2012, the Company completed the wind down of the Company's professional seed business. As a result, effective in its fourth quarter of fiscal 2012, the Company classified its results of operations for fiscal 2012, 2011 and 2010 to reflect the professional seed business as a discontinued operation. On February 28, 2011, the Company completed the sale of a significant majority of the assets of its global professional business (excluding the non-European professional seed business, “Global Pro”). As a result of the then-pending sale, effective in the Company's first quarter of fiscal 2011, the Company reclassified the assets and liabilities of Global Pro to assets and liabilities held for sale and included the results of operations of Global Pro in discontinued operations for all periods presented. During the first quarter of fiscal 2010, the Company completed the closure of its Smith & Hawken business. As a result, beginning in the first quarter of fiscal 2010 the Company included the results of operations of Smith & Hawken in discontinued operations for all periods presented. | |
(3) | Basic income (loss) per common share amounts are calculated by dividing income (loss) from continuing operations, income (loss) from discontinued operations and net income (loss) by average common shares outstanding during the period. | |
(4) | Diluted income (loss) per common share amounts are calculated by dividing income (loss) from continuing operations, income (loss) from discontinued operations and net income (loss) by the average common shares and dilutive potential common shares (common stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units) outstanding during the period. When there is a loss for the period, dilutive potential common shares are not included in the calculations because to do so would be anti-dilutive. | |
(5) | The Reconciliation of Non-GAAP Disclosure Items includes the following non-GAAP financial measures: | |
Adjusted income (loss) from continuing operations and adjusted basic and diluted income (loss) per share from continuing operations — These measures exclude charges or credits relating to impairments, restructurings, product registration and recall matters, discontinued operations and other unusual items such as costs or gains related to discrete projects or transactions that are apart from and not indicative of the results of the operations of the business. | ||
The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparison between current results and results in prior operating periods. The Company believes that these non-GAAP financial measures are the most indicative of the Company's ongoing earnings capabilities and that disclosure of these non-GAAP financial measures therefore provides useful information to investors and other users of its financial statements, such as lenders. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. | ||
(6) | The Company divides its business into the following segments—Global Consumer and Scotts LawnService®. This division of reportable segments is consistent with how the segments report to and are managed by the our Cheif Executive Officer (the chief operating decision maker of the Company). The Company has made reclassifications to prior period segment amounts as a result of the change in internal organization structure associated with the disposal of the Company's professional seed business, which is now reported in discontinued operations. | |
Segment performance is evaluated based on operating profit which excludes several factors, including income from continuing operations before amortization, product registration and recall costs, and impairment, restructuring and other charges, which are not GAAP measures. Senior management of the Company uses this measure of operating profit to evaluate segment performance because the Company believes this measure is the most indicative of performance trends and the overall earnings potential of each segment. | ||
Corporate & Other consists of the Company’s revenues and expenses associated with the Company’s supply agreements with ICL and the amortization related to the Roundup® Marketing Agreement, as well as corporate, general and administrative expenses and certain other income/expense items not allocated to the business segments. | ||
-15-