Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - FEDERAL SIGNAL CORP /DE/ | c65197e10vq.htm |
| EX-31.2 - EX-31.2 - FEDERAL SIGNAL CORP /DE/ | c65197exv31w2.htm |
| EX-10.2 - EX-10.2 - FEDERAL SIGNAL CORP /DE/ | c65197exv10w2.htm |
| EX-10.3 - EX-10.3 - FEDERAL SIGNAL CORP /DE/ | c65197exv10w3.htm |
| EX-32.2 - EX-32.2 - FEDERAL SIGNAL CORP /DE/ | c65197exv32w2.htm |
| EX-31.1 - EX-31.1 - FEDERAL SIGNAL CORP /DE/ | c65197exv31w1.htm |
| EX-10.1 - EX-10.1 - FEDERAL SIGNAL CORP /DE/ | c65197exv10w1.htm |
| EX-32.1 - EX-32.1 - FEDERAL SIGNAL CORP /DE/ | c65197exv32w1.htm |
| EXCEL - IDEA: XBRL DOCUMENT - FEDERAL SIGNAL CORP /DE/ | Financial_Report.xls |
Exhibit 99.1
News From
REGENCY TOWERS, 1415 W. 22ND ST., OAK BROOK, ILLINOIS 60523
FOR IMMEDIATE RELEASE
Federal Signal Corporation Announces 2011 Second Quarter Results
—Highlights—
| • | Q2 Orders increased 29% versus Q2 2010 |
| • | Q2 Backlog is $293 million versus $217 million at year end 2010 |
| • | Q2 Operating Income of $8.9 million versus $2.5 million in Q2 2010 |
| • | Earnings per share from continuing operations of $0.09 |
|
| • | Net Debt reduced $10 million during Q2 |
Oak Brook, Ill., August 4, 2011 — Federal Signal Corporation (NYSE: FSS), a leader in
environmental, safety and transportation solutions, announced today earnings per share from
continuing operations of $0.09 for the second quarter and income from continuing operations of $5.7
million on net sales of $204.5 million. For the same period of 2010, the Company reported a loss
per share from continuing operations of $(0.01) and a loss from continuing operations of $(0.5)
million on net sales of $195.6 million.
Year to date, the Company reported earnings per share of $0.01 from continuing operations on net
sales of $378.1 million compared to a loss per share from continuing operations for the same period
of 2010 of $(0.09) on net sales of $360.2 million. The year over year favorable increase is
primarily related to an increase in net sales of $17.9 million and the absence of restructuring
charges of $4.0 million and acquisition and integration costs of $3.7 million which were incurred
in 2010.
For the second quarter of 2011, the Company recorded a tax benefit of $0.4 million on income
before income taxes of $5.3 million compared to a tax benefit of $0.7 million on a loss before
income tax of $1.2 million in the same period in prior year. The 2011 tax benefit was primarily
related to the tax valuation allowance adjustments originally recorded in the fourth quarter of
2010.
The Company recorded net income of $6.0 million in the second quarter of 2011 compared to net loss
of $(2.7) million, including a loss from discontinued operations, net of income tax benefit, of
$(2.2) million in the same prior year period. Year to date, net income is $0.7 million compared to
a net loss of $(7.7) million in 2010.
Dennis J. Martin, President and Chief Executive Officer, stated, “I am pleased to report that we
experienced continued improvement in our businesses in the second quarter. Revenues and profits
increased significantly versus Q1, and both were above year-ago levels. In addition, the positive
trend in orders is an encouraging sign for continued improvement in the second half of 2011 and
into 2012. Orders were up 29% in second quarter 2011 compared to the same period last year, and
have increased sequentially from $170 million in Q3 of last year to $241 million in the current
quarter.”
Mr. Martin continued, “We are making good progress toward our goals of driving margin and cash flow
improvement across all of the businesses in our portfolio. We achieved double-digit operating
margins in our ESG and SSG divisions in the quarter, and we expect Bronto’s strong order backlog
and production efficiency efforts to generate double-digit margins in the second half of the year.
We are beginning to see traction at our FSTech business, with significant recent contract wins
both domestically and internationally. Our focus on cash flow enabled us to reduce our net debt by
$10 million in the quarter. While we still have work to do, I feel confident that we are definitely
on the right track.”
GROUP RESULTS
Safety and Security Systems
The following table summarizes the Safety and Security Systems Group’s operating results for the
three and six months ended June 30, 2011 and 2010, respectively:
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
| ($ in millions) | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
Orders |
$ | 59.9 | $ | 54.5 | $ | 5.4 | $ | 113.5 | $ | 115.0 | $ | (1.5 | ) | |||||||||||
Net sales |
56.3 | 56.8 | (0.5 | ) | 109.0 | 108.9 | 0.1 | |||||||||||||||||
Operating income |
6.3 | 5.8 | 0.5 | 11.5 | 10.5 | 1.0 | ||||||||||||||||||
Operating margin |
11 | % | 10 | % | 1 | % | 11 | % | 10 | % | 1 | % | ||||||||||||
Depreciation and amortization |
$ | 1.1 | $ | 0.9 | $ | 0.2 | $ | 2.2 | $ | 1.9 | 0.3 | |||||||||||||
| • | Orders of $59.9 million for the quarter were up over the prior year by 10% and year to
date orders of $113.5 million were down slightly. U.S. orders for the quarter were down
due to weakening in the municipal police markets. Year to date, U.S. orders are down 3%. Non-U.S.
orders were up for the quarter as a result of industrial demand and favorable currency
impacts. Year to date non-U.S. orders were down slightly, offset by favorable currency
rates. |
| • | Net sales of $56.3 million for the quarter were down slightly from the prior year and
year to date net sales were flat relative to the prior year. U.S. sales were favorable
during the quarter and year to date as a result of favorable product mix and increased
demand for industrial products. Non-U.S. sales were down for the quarter and year to date
due to weak municipal market demand, partially offset by strong industrial exports and
favorable currency impacts. |
| • | For the second quarter, operating income increased from the prior year by $0.5 million.
A reduction in sales volume was offset by favorable restructuring costs between the quarter
comparisons. Year to date, operating income increased by $1.0 million due to the absence
of restructuring costs in 2011. |
Fire Rescue
The following table summarizes the Fire Rescue Group’s operating results for the three and six
months ended June 30, 2011 and 2010, respectively:
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
| ($ in millions) | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
Orders |
$ | 30.6 | $ | 19.7 | $ | 10.9 | $ | 66.8 | $ | 51.4 | $ | 15.4 | ||||||||||||
Net sales |
24.7 | 29.6 | (4.9 | ) | 45.9 | 54.4 | (8.5 | ) | ||||||||||||||||
Operating income |
0.7 | 2.8 | (2.1 | ) | 1.5 | 3.6 | (2.1 | ) | ||||||||||||||||
Operating margin |
3 | % | 9 | % | (6 | %) | 3 | % | 7 | % | (4 | %) | ||||||||||||
Depreciation and amortization |
$ | 0.6 | $ | 0.5 | $ | 0.1 | $ | 1.2 | $ | 1.0 | $ | 0.2 | ||||||||||||
| • | Orders for the second quarter increased $10.9 million, or 55% with strong order growth
in the industrial market. European fire-lift market orders increased 48% over second
quarter 2010. Industrial orders in the U.S. are up $1.7 million over the same quarter for
the prior year. Year to date orders are up $15.4 million, or 30%, due to improvement in
the fire-lift markets. In addition, the industrial market has begun to recover from the
previous global economic recession. |
||
| • | Net sales declined in the current quarter by 17% over the previous year as a result of a
low order backlog due to slower demand in Western Europe, offset by increases in the
industrial market. Year to date, net sales were down 16% as result of weak backlog from
previous quarters in Western Europe, offset by $2.7 million increase in the U.S. industrial
market. |
||
| • | Operating income for the second quarter and year to date was down $2.1 million from the
same three month and six month period in 2010 primarily as a result of lower sales volumes.
Unit margins were unfavorably impacted by mix changes between the fire-lift product and
industrial sales. |
Environmental Solutions
The following table summarizes the Environmental Solutions Group’s operating results for the three
and six month periods ended June 30, 2011 and 2010, respectively:
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
| ($ in millions) | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
Orders |
$ | 117.0 | $ | 77.0 | $ | 40.0 | $ | 216.8 | $ | 164.6 | $ | 52.2 | ||||||||||||
Net sales |
94.6 | 84.5 | 10.1 | 171.0 | 154.5 | 16.5 | ||||||||||||||||||
Operating income |
9.2 | 7.4 | 1.8 | 10.1 | 11.2 | (1.1 | ) | |||||||||||||||||
Operating margin |
10 | % | 9 | % | 1 | % | 6 | % | 7 | % | (1 | %) | ||||||||||||
Depreciation and amortization |
$ | 1.3 | $ | 1.1 | $ | 0.2 | $ | 2.5 | $ | 2.3 | $ | 0.2 | ||||||||||||
| • | Orders of $117.0 million in the second quarter were up 52% compared to the same quarter
in 2010. U.S. orders have increased $34.4 million from the prior year period with
municipal sewer cleaners up $9.9 million, street sweepers up $9.1 million, industrial
vacuum trucks up $10.5 million, and waterblasting orders up $3.5 million. Non-U.S. orders
were up $5.6 million from the prior year period. Year to date orders of $216.8 million
were up from the previous year by $52.2 million, or 32%. U.S. orders were up 29%, or $38.7
million, from the prior year primarily as a result of increases in industrial vacuum
cleaners of $27.7 million, municipal sewer cleaners of $5.5 million, and street sweepers of
$2.9 million. Non-U.S. orders were up 40%, or $13.5 million, from the prior year. |
||
| • | Net sales in the second quarter were up 12% over the prior period. Unit shipments for
sewer cleaners, vacuum trucks, and waterblasters were favorable from the prior year as a
result of increased new orders and improved mix between industrial and municipal. Year to
date net sales are up from the prior year by 11% primarily due to sewer cleaners, vacuum
trucks and waterblasting units offset by less sweeper units. |
||
| • | Operating income for the second quarter was up 24% primarily due to increased sales
volumes and benefits from 2010 cost reduction activities. The result was an improved
operating margin of 9.7% compared 8.8% reported in the same quarter for 2010. Year to date
operating income is down $1.1 million due to increased costs with the final deployment of a
common Enterprise Resource Planning (“ERP”) system in the first quarter of 2011. In the
second quarter, the Company has begun to recover from the disruption in productivity and
profitability pertaining to the deployment of the ERP system, as evidenced by the improved
operating margins. |
Federal Signal Technologies
The following table summarizes the Federal Signal Technology Group’s operating results for the
three and six months ended June 30, 2011 and 2010, respectively:
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
| ($ in millions) | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
Orders |
$ | 33.4 | $ | 35.8 | $ | (2.4 | ) | $ | 53.5 | $ | 54.7 | $ | (1.2 | ) | ||||||||||
Net sales |
28.9 | 24.7 | 4.2 | 52.2 | 42.4 | 9.8 | ||||||||||||||||||
Operating loss |
(1.5 | ) | (3.4 | ) | 1.9 | (5.0 | ) | (6.0 | ) | 1.0 | ||||||||||||||
Operating margin |
(5 | %) | (14 | %) | 9 | % | (10 | %) | (14 | %) | 4 | % | ||||||||||||
Depreciation and amortization |
$ | 2.5 | $ | 2.1 | $ | 0.4 | $ | 5.1 | $ | 3.6 | $ | 1.5 | ||||||||||||
| • | Orders were down $2.4 million in the three months ended June 30, 2011 compared to the
prior year. U.S. orders were down $4.2 million primarily related to the absence of a large
parking system project in 2010. Non-U.S. orders were up 24%, or $1.8 million, in the
quarter. Year to date orders of $53.5 million are down 2% from the prior year. U.S.
orders were down $1.8 million from the prior year primarily due to the absence of the
2010 parking system project, partially offset by the recently acquired businesses. Non-U.S.
orders were up $0.6 million as a result of the recently acquired businesses, offset with a
decline in ALPR camera orders. |
| • | Net sales increased 17%, or $4.2 million, in the quarter primarily resulting from
increased revenue from radio frequency identification systems, partially offset by the
reduction of parking system sales. Year to date net sales were favorable to the prior year
revenue by 23%, or $9.8 million, resulting from additional revenue from the recently
acquired businesses and second quarter favorability in the radio frequency identification
systems. |
||
| • | Operating losses of $1.5 million were recognized in the second quarter which was an
improvement over the same quarter last year by $1.9 million. This improvement was primarily
related to improved net sales volumes and the absence of one-time facility restructuring
charges incurred in 2010. Year to date operating loss of $5.0 million is favorable to
prior year losses of $6.0 million. Improvements in operating activities were a result of
improved sales volume and one time 2010 expenses related to facility restructuring. |
CORPORATE EXPENSES
| • | Corporate expenses decreased to $5.8 million for the second quarter of 2011 compared to
$10.1 million in the second quarter of 2010. The decrease was due to $4.3 million in lower
expenses associated with legal and trial costs pertaining to the Company’s firefighter
hearing loss litigation and an absence of $1.1 million expenses associated with the
acquisitions of Sirit and VESystems and the related integration activities at Federal
Signal Technologies in 2010, partially offset by an increase in insurance costs of $0.9
million. |
||
| • | Corporate expenses for the six months ended June 30, 2011 were $10.4 million and $18.3
million for the comparable period in 2010. The decrease was attributable to $5.1 million
lower expenses associated with legal and trial costs from the Company’s firefighter
hearing loss litigation and an absence of $3.7 million expenses associated with the
acquisitions of Sirit and VESystems and integration activities at Federal Signal
Technologies in 2010, offset by an increase in insurance costs of $1.0 million. |
||
| • | Corporate expenses included depreciation and amortization expense of $0.2 million and
$0.4 million for the three and six months ended June 30, 2011, respectively, and $0.2
million and $0.4 million for the comparable periods in 2010, respectively. |
CURRENT MATURITY OF LONG TERM DEBT
| • | At June 30, 2011, the $190.0 million of debt outstanding under the Company’s Revolving
Credit Facility has been classified as current liability based on the April 2012 maturity
date. It is the Company’s intention to refinance the debt under the Revolving Credit
Facility into senior secured long term notes combined with an asset-based lending facility
before December 31, 2011. |
CONFERENCE CALL
Federal Signal will host its second quarter conference call on Thursday, August 4, 2011 at 10:00
a.m. Eastern Time. The call will last approximately one hour. The call may be accessed over the
internet through Federal Signal’s website at http://www.federalsignal.com. A replay will be
available on Federal Signal’s website shortly after the call.
About Federal Signal
Federal Signal Corporation (NYSE: FSS) enhances the safety, security and well-being of communities
and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and
manufacturer of products and total solutions that serve municipal, governmental, industrial and
institutional customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide,
the Company operates four groups: Safety and Security Systems, Environmental Solutions, Federal
Signal Technologies, and Fire Rescue. For more information on Federal Signal, visit:
http://www.federalsignal.com.
This release contains unaudited financial information and various forward-looking statements as of
the date hereof and we undertake no obligation to update these forward-looking statements
regardless of new developments or otherwise. Statements in this release that are not historical are
forward-looking statements. Such statements are subject to various risks and uncertainties that
could cause actual results to vary materially from those stated. Such risks and uncertainties
include but are not limited to: economic conditions in various regions, product and price
competition, supplier and raw material prices, foreign currency exchange rate changes, interest
rate changes, increased legal expenses and litigation results, legal and regulatory developments
and other risks and uncertainties described in filings with the Securities and Exchange Commission.
Contact: William Barker +1-630-954-2000, wbarker@federalsignal.com
# # #
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (in millions, except per share data) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net sales |
$ | 204.5 | $ | 195.6 | $ | 378.1 | $ | 360.2 | ||||||||
Costs and expenses |
||||||||||||||||
Cost of sales |
152.8 | 144.4 | 284.9 | 268.7 | ||||||||||||
Selling, engineering, general and administrative |
42.8 | 43.9 | 87.1 | 82.8 | ||||||||||||
Goodwill impairment |
— | — | (1.6 | ) | — | |||||||||||
Acquisition and integration related costs |
— | 1.1 | — | 3.7 | ||||||||||||
Restructuring charges |
— | 3.7 | — | 4.0 | ||||||||||||
Operating income |
8.9 | 2.5 | 7.7 | 1.0 | ||||||||||||
Interest expense |
3.8 | 3.2 | 7.0 | 6.1 | ||||||||||||
Other (income) expense, net |
(0.2 | ) | 0.5 | — | 1.4 | |||||||||||
Income (loss) before income taxes |
5.3 | (1.2 | ) | 0.7 | (6.5 | ) | ||||||||||
Income tax benefit (expense) |
0.4 | 0.7 | (0.3 | ) | 2.0 | |||||||||||
Income (loss) from continuing operations |
5.7 | (0.5 | ) | 0.4 | (4.5 | ) | ||||||||||
Income (loss) from discontinued operations and disposal,
net of income tax benefit (expense) of $0.0, $1.0, ($0.1),
and $1.2, respectively |
0.3 | (2.2 | ) | 0.3 | (3.2 | ) | ||||||||||
Net income (loss) |
$ | 6.0 | $ | (2.7 | ) | $ | 0.7 | $ | (7.7 | ) | ||||||
COMMON STOCK DATA: |
||||||||||||||||
Basic and diluted earnings (loss) per share: |
||||||||||||||||
Earnings (loss) from continuing operations |
$ | 0.09 | $ | (0.01 | ) | $ | 0.01 | $ | (0.09 | ) | ||||||
Earnings (loss) from discontinued operations and disposal |
0.01 | (0.04 | ) | — | (0.06 | ) | ||||||||||
Earnings (loss) per share |
$ | 0.10 | $ | (0.05 | ) | $ | 0.01 | $ | (0.15 | ) | ||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
62.2 | 57.1 | 62.2 | 53.0 | ||||||||||||
Diluted |
62.2 | 57.2 | 62.2 | 53.1 | ||||||||||||
Cash dividends per share of common stock |
$ | — | $ | 0.06 | $ | — | $ | 0.12 | ||||||||
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
| June 30, | December 31, | |||||||
| (in millions, except per share data) | 2011 | 2010 | ||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 14.3 | $ | 62.1 | ||||
Accounts receivable, net of allowances for doubtful accounts of $3.5
million and $2.8 million, respectively |
113.1 | 100.4 | ||||||
Inventories, net |
123.5 | 119.6 | ||||||
Other current assets |
19.0 | 17.9 | ||||||
Total current assets |
269.9 | 300.0 | ||||||
Properties and equipment, net |
63.6 | 63.2 | ||||||
Other assets |
||||||||
Goodwill |
316.3 | 310.4 | ||||||
Intangible assets |
83.1 | 84.4 | ||||||
Deferred charges and other assets |
2.9 | 3.4 | ||||||
Total assets of continuing operations |
735.8 | 761.4 | ||||||
Assets of discontinued operations, net |
3.0 | 3.1 | ||||||
Total assets |
$ | 738.8 | $ | 764.5 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
$ | 9.5 | $ | 1.8 | ||||
Current portion of long-term borrowings and capital lease obligations |
190.3 | 76.2 | ||||||
Accounts payable |
58.0 | 53.5 | ||||||
Accrued liabilities |
||||||||
Compensation and withholding taxes |
17.4 | 21.2 | ||||||
Customer deposits |
11.0 | 10.2 | ||||||
Deferred revenue |
11.1 | 12.4 | ||||||
Other |
29.4 | 39.3 | ||||||
Total current liabilities |
326.7 | 214.6 | ||||||
Long-term borrowings and capital lease obligations, less current portion |
34.1 | 184.4 | ||||||
Long-term pension liabilities |
40.0 | 41.3 | ||||||
Deferred gain |
22.5 | 23.5 | ||||||
Deferred tax liabilities |
50.9 | 45.8 | ||||||
Other long-term liabilities |
16.0 | 15.8 | ||||||
Total liabilities of continuing operations |
490.2 | 525.4 | ||||||
Liabilities of discontinued operations |
14.3 | 18.2 | ||||||
Total liabilities |
504.5 | 543.6 | ||||||
Shareholders’ equity |
||||||||
Common stock, $1 par value per share, 90.0 million shares authorized,
63.1 million and 63.0 million shares issued, respectively |
63.1 | 63.0 | ||||||
Capital in excess of par value |
166.6 | 164.7 | ||||||
Retained earnings |
51.3 | 50.6 | ||||||
Treasury stock, 0.9 million and 0.9 million shares, respectively, at cost |
(16.1 | ) | (15.8 | ) | ||||
Accumulated other comprehensive loss |
(30.6 | ) | (41.6 | ) | ||||
Total shareholders’ equity |
234.3 | 220.9 | ||||||
Total liabilities and shareholders’ equity |
$ | 738.8 | $ | 764.5 | ||||
FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| Six months ended | ||||||||
| June 30, | ||||||||
| (in millions) | 2011 | 2010 | ||||||
Operating activities |
||||||||
Net income (loss) |
$ | 0.7 | $ | (7.7 | ) | |||
Adjustments to reconcile net income (loss) to net cash used for operating activities: |
||||||||
(Gain) loss on discontinued operations and disposal |
(0.3 | ) | 3.2 | |||||
Depreciation and amortization |
11.4 | 9.2 | ||||||
Stock-based compensation expense |
1.3 | 2.2 | ||||||
Goodwill impairment |
(1.6 | ) | — | |||||
Changes in operating assets and liabilities, net of effects from acquisitions and
dispositions of companies |
(15.3 | ) | (13.1 | ) | ||||
Net cash used for continuing operating activities |
(3.8 | ) | (6.2 | ) | ||||
Net cash used for discontinued operating activities |
(1.7 | ) | (1.7 | ) | ||||
Net cash used for operating activities |
(5.5 | ) | (7.9 | ) | ||||
Investing activities |
||||||||
Purchases of properties and equipment |
(7.3 | ) | (6.5 | ) | ||||
Proceeds from sales of properties, plant and equipment |
0.9 | 1.2 | ||||||
Payments for acquisitions, net of cash acquired |
— | (97.3 | ) | |||||
Net cash used for continuing investing activities |
(6.4 | ) | (102.6 | ) | ||||
Net cash used for investing activities |
(6.4 | ) | (102.6 | ) | ||||
Financing activities |
||||||||
(Reduction) increase in debt outstanding under revolving credit facilities |
(24.6 | ) | 61.1 | |||||
Proceeds on short-term borrowings |
33.0 | 7.6 | ||||||
Payments on short-term borrowings |
(25.4 | ) | — | |||||
Payments on long-term borrowings |
(11.4 | ) | (35.0 | ) | ||||
Payments of debt amendment fees |
(2.1 | ) | — | |||||
Cash dividends paid to shareholders |
(3.7 | ) | (6.7 | ) | ||||
Proceeds from equity offering, net of fees |
— | 71.0 | ||||||
Other, net |
(0.2 | ) | 0.3 | |||||
Net cash (used for) provided by continuing financing activities |
(34.4 | ) | 98.3 | |||||
Net cash (used for) discontinued financing activities |
— | (0.4 | ) | |||||
Net cash (used for) provided by financing activities |
(34.4 | ) | 97.9 | |||||
Effects of foreign exchange rate changes on cash and cash equivalents |
(1.5 | ) | 4.7 | |||||
Decrease in cash and cash equivalents |
(47.8 | ) | (7.9 | ) | ||||
Cash and cash equivalents at beginning of period |
62.1 | 21.1 | ||||||
Cash and cash equivalents at end of period |
$ | 14.3 | $ | 13.2 | ||||