MEDINA, Ohio, Jan. 7, 2015
/PRNewswire/ -- RPM International Inc. (NYSE: RPM) today
reported a 10% increase in net income and an 8% increase in
earnings per diluted share on flat sales for its fiscal 2015 second
quarter ended November 30, 2014.
Second-Quarter Results
Net sales of $1.07 billion were
flat compared to last year. Consolidated EBIT (earnings before
interest and taxes) increased 3.2%, to $120.1 million from $116.4
million in the fiscal 2014 second quarter. Fiscal 2015
second-quarter net income was up 9.8% to $69.8 million from $63.6
million in the fiscal 2014 second quarter. Earnings per
diluted share increased 8.3% to $0.52
from $0.48 a year ago.
"Second-quarter operating performance was mixed, with stronger
sales in our businesses serving the U.S. commercial construction
market offset by weaker results in Europe, a continued unfavorable year-over-year
trend from our Kirker nail enamels business and the negative impact
of foreign currency," stated Frank C.
Sullivan, chairman and chief executive officer.
Second-Quarter Segment Sales and Earnings
During the fiscal 2015 second quarter, industrial segment sales
grew 1.4% to $718.3 million from
$708.7 million in the fiscal
2014 second quarter. Organic sales improved 0.7%, including 3.3% in
foreign exchange translation losses, while acquisition growth added
0.7%. Industrial segment EBIT declined 5.9% to $79.0 million from $83.9
million in the same period a year ago.
"Most of our European businesses are experiencing a challenging
economic climate, negatively impacting our results. Additionally,
the strong dollar has negatively impacted all of our international
results upon translation. However, we had strong positive
performance by our concrete admixture and commercial sealants
companies, which serve the U.S. commercial construction market, and
our line of remediation equipment for water and smoke damage.
Additionally, our South American businesses are generating good
results in their local currencies," Sullivan stated.
RPM's fiscal 2015 second-quarter consumer segment sales declined
2.8% to $352.8 million from
$362.8 million a year ago.
Organic sales declined 4.2%, including foreign exchange losses of
1.3%, while acquisition growth added 1.4%. Consumer segment EBIT
improved 19.1%, to $61.6 million from
$51.7 million a year ago.
The improvement in EBIT for RPM's consumer segment is
primarily due to the reversal of a $17
million "earn-out" accrual relating to the Kirker
acquisition.
"As stated in the first quarter, Kirker continues to be
challenged by a comparison to extremely strong prior-year
performance. In anticipation of potential volatility in Kirker's
earnings, our acquisition deal structure allows for
performance-related payments to offset any shortfall in earnings.
As a result, we reversed the $17
million earn-out accrual into income when it became clear
that Kirker would not be able to meet its performance objectives
this year," stated Sullivan. "Additionally, our large retail
customers made aggressive inventory adjustments due to the harsh
weather faced in early November. This was in reaction to last
year's severe winter when they were caught off-guard and held
excess inventory. We expect to benefit from a return to more normal
inventory levels by our retail customers in the second half of the
fiscal year."
Unusual non-operating costs in this year's second quarter
totaled $2.8 million pre-tax, and
were related primarily to legal expenses incurred in conjunction
with a Securities and Exchange Commission investigation of timing
of expense accruals in the 2013 fiscal year, which did not affect
full-year earnings, along with the Specialty Products Holding Corp.
(SPHC) settlement, and a voluntary self-disclosure agreement with
the state of Delaware for
unclaimed property.
Cash Flow and Financial Position
For the first half of fiscal 2015, cash from operations was
$55.3 million compared to
$21.8 million a year ago. During
last year's first quarter, the company made a contingent payment to
the General Services Administration of approximately $45 million after-tax. Capital expenditures
of $26.5 million compare to
$34.6 million during the first half
of last year. Total debt at November 30,
2014 was $1.43 billion,
compared to $1.37 billion at
November 30, 2013 and $1.35
billion at May 31, 2014. RPM's
net (of cash) debt-to-total capitalization ratio was 44.8%,
compared to 46.4% at November 30,
2013. At November 30, 2014,
liquidity stood at $1.01 billion, including cash of
$297 million and $718 million in long-term committed available
credit.
First-Half Sales and Earnings
Fiscal 2015 first-half net sales improved 1.7% to $2.28 billion from $2.24
billion during the first six months of fiscal 2014.
Consolidated EBIT increased 1.2% to $283.7
million from $280.4 million during the first six months
of fiscal 2014. Net income was up 1.3% to $168.8 million from $166.7 million in the fiscal 2014 first half.
Diluted earnings per share were $1.24, compared to $1.25 a year ago.
First-Half Segment Sales and Earnings
RPM's industrial segment fiscal 2015 first-half sales improved
3.6%, to $1.49 billion from
$1.44 billion in the fiscal 2014
first half. Organic sales increased 2.6%, including net foreign
exchange translation losses of 1.6%, while acquisition growth added
1.0%. Industrial segment EBIT was flat to last year at $184.1 million.
First-half sales for the consumer segment declined 1.7% to
$782.8 million from $796.2 million a year ago. Organic sales
decreased 3.0%, including net foreign exchange losses of 0.5%, and
acquisition growth added 1.3%. Consumer segment EBIT increased 2.9%
to $138.2 million from $134.4 million in the first half of fiscal
2014.
SPHC Reconsolidation
The financial results of the company's SPHC subsidiary and its
business units will be reconsolidated with RPM's results starting
in the third quarter of fiscal 2015. The reconsolidation occurred
as a result of the consummation of a plan of reorganization, which
resulted in the formation of a trust under Section 524(g) of the
United States Bankruptcy Code for the benefit of current and future
asbestos personal injury claimants, as previously disclosed.
The trust assumes all liability and responsibility for current and
future asbestos claims against the entities emerging from
bankruptcy.
SPHC originally filed for bankruptcy protection on May 31, 2010 to permanently resolve asbestos
claims against its Bondex International Inc. subsidiary. While RPM
has continued to own SPHC and its subsidiaries during the
bankruptcy process, their financial results were not consolidated
with RPM's during that time.
The trust was funded with an initial contribution of
$450.0 million in cash from the
Company's revolving line of credit. Payments to the trust,
including this initial $450.0
million, will total $797.5 million in pre-tax contributions over
the next four years and have a present value, after tax, of
$485.0 million.
The reconsolidated SPHC operating subsidiaries include:
- Chemical Specialties Manufacturing Corp., a producer of
commercial cleaning products;
- Day-Glo Color Corp., a leading manufacturer of fluorescent
colorants and pigments;
- Dryvit Systems, Inc., a leading manufacturer of exterior
insulation finish systems;
- Kop-Coat, Inc., a leading producer of wood treatments for
lumber and coatings for the marine market;
- RPM Wood Finishes Group (Mohawk Finishing Products, CCI and
Guardian Protection Products, Inc.), a primary supplier of wood
coatings to the furniture industry;
- TCI, Inc., a leading producer of powdered metal coatings;
and
- ValvTect Petroleum Products, a producer of fuel additives.
Business Outlook
"For the second half of our fiscal year, we expect our consumer
segment to benefit from a return to more normal inventory levels at
our retail customers with continued growth in consumer DIY
spending, and anticipate that the decline in nail polish enamel
sales will be much less severe. In our industrial segment, we do
not see a near-term turnaround in the European economies and expect
continued strengthening of the U.S. dollar to continue negatively
impacting results on translation," stated Sullivan.
"Based on these factors, for the second half of fiscal 2015, we
expect to generate 6% sales growth in our consumer segment, driving
an EBIT increase of 10% to 12%, and 2% to 3% sales growth in our
industrial segment, driving an EBIT increase of 4% to 5%.
Additionally, we will benefit from the reconsolidation of our SPHC
businesses, which should add approximately $170 million in sales and $0.05 per diluted share to our fiscal 2015
second-half results."
"Taking all of these elements into consideration, we have
reduced our diluted EPS guidance for the year to $2.25 to $2.30. From a longer-term perspective,
we are optimistic given the return of our SPHC businesses and the
elimination of their asbestos liability. We can now accelerate
growth investments in our businesses and more aggressively return
capital to shareholders when appropriate," stated Sullivan.
"Looking forward to fiscal 2016, our consolidated EPS guidance is a
range of $2.70 to $2.80 per
share."
Webcast and Conference Call Information
Management will host a conference call to further discuss these
results beginning at 10:00 a.m. EST today. The call can be
accessed by dialing 888-771-4371 or 847-585-4405 for international
callers. Participants are asked to call the assigned number
approximately 10 minutes before the conference call begins. The
call, which will last approximately one hour, will be open to the
public, but only financial analysts will be permitted to ask
questions. The media and all other participants will be in a
listen-only mode.
For those unable to listen to the live call, a replay will be
available from approximately 1 p.m.
EST today until 11:59 p.m. EST
on January 14, 2015. The replay can
be accessed by dialing 888-843-7419 or 630-652-3042 for
international callers. The access code is 38349283. The call also
will be available both live and for replay, and as a written
transcript, via the RPM web site at www.RPMinc.com.
About RPM
RPM International Inc., a holding company, owns subsidiaries
that are world leaders in specialty coatings, sealants, building
materials and related services serving both industrial and consumer
markets. RPM's industrial products include roofing systems,
sealants, corrosion control coatings, flooring coatings and
specialty chemicals. Industrial brands include Stonhard, Tremco,
illbruck, Carboline, Flowcrete, Day-Glo, Dryvit and Euco. RPM's
consumer products are used by professionals and do-it-yourselfers
for home maintenance and improvement and by hobbyists. Consumer
brands include Rust-Oleum, DAP, Zinsser, Varathane and Testors.
Additional details can be found at www.RPMinc.com and by
following RPM on Twitter at www.twitter.com/RPMintl.
For more information, contact Barry M.
Slifstein, vice president – investor relations and planning,
at 330-273-5090 or bslifstein@rpminc.com.
This press release contains "forward-looking statements"
relating to our business. These forward-looking statements, or
other statements made by us, are made based on our expectations and
beliefs concerning future events impacting us, and are subject to
uncertainties and factors (including those specified below) which
are difficult to predict and, in many instances, are beyond our
control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking
statements. These uncertainties and factors include (a) global
markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability
of capital and the effect of changes in interest rates, and the
viability of banks and other financial institutions; (b) the
prices, supply and capacity of raw materials, including assorted
pigments, resins, solvents and other natural gas- and oil-based
materials; packaging, including plastic containers; and
transportation services, including fuel surcharges; (c) continued
growth in demand for our products; (d) legal, environmental and
litigation risks inherent in our construction and chemicals
businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest
rates; (f) the effect of fluctuations in currency exchange rates
upon our foreign operations; (g) the effect of non-currency risks
of investing in and conducting operations in foreign countries,
including those relating to domestic and international political,
social, economic and regulatory factors; (h) risks and
uncertainties associated with our ongoing acquisition and
divestiture activities; (i) risks related to the adequacy of our
contingent liability reserves; and (j) other risks detailed
in our filings with the Securities and Exchange Commission,
including the risk factors set forth in our Annual Report on Form
10-K for the year ended May 31, 2014, as the same may be
updated from time to time. We do not undertake any obligation to
publicly update or revise any forward-looking statements to reflect
future events, information or circumstances that arise after the
date of this release.
CONSOLIDATED
STATEMENTS OF INCOME
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IN THOUSANDS, EXCEPT
PER SHARE DATA
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(Unaudited)
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Three Months
Ended
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Six Months
Ended
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November
30,
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November
30,
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|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
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|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
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|
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|
Net
Sales
|
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|
$
1,071,128
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$ 1,071,487
|
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$ 2,275,024
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|
$ 2,236,161
|
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Cost of
sales
|
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|
617,185
|
|
613,542
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1,312,688
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|
1,279,144
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|
Gross
profit
|
|
|
|
|
453,943
|
|
457,945
|
|
|
962,336
|
|
957,017
|
|
Selling, general
& administrative expenses
|
|
|
|
|
334,889
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|
343,048
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|
|
681,414
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|
678,507
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|
Interest
expense
|
|
|
|
|
19,404
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|
20,809
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|
|
38,819
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|
41,534
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Investment (income),
net
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|
(5,058)
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|
(2,005)
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(8,861)
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|
(5,899)
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Other (income),
net
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|
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|
(1,042)
|
|
(1,491)
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|
|
(2,864)
|
|
(1,925)
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Income before income
taxes
|
|
|
|
|
105,750
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|
97,584
|
|
|
253,828
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|
244,800
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Provision for income
taxes
|
|
|
|
|
31,894
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|
29,170
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|
75,133
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|
69,497
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|
Net
income
|
|
|
|
|
73,856
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|
68,414
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|
178,695
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|
175,303
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Less: Net
income attributable to noncontrolling interests
|
|
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|
4,090
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|
4,852
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|
9,850
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|
8,643
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Net income
attributable to RPM International Inc. Stockholders
|
$
69,766
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$
63,562
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$
168,845
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$
166,660
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Earnings per share
of common stock attributable to
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RPM International
Inc. Stockholders:
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Basic
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$
0.52
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|
$
0.48
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$
1.27
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|
$
1.26
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Diluted
|
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$
0.52
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|
$
0.48
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$
1.24
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|
$
1.25
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Average shares of
common stock outstanding - basic
|
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|
130,028
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|
129,426
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|
|
130,061
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129,385
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Average shares of
common stock outstanding - diluted
|
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134,966
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|
130,418
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135,000
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130,359
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SUPPLEMENTAL
SEGMENT INFORMATION
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IN
THOUSANDS
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(Unaudited)
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Three Months
Ended
|
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Six Months
Ended
|
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|
|
|
|
|
|
November
30,
|
|
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November
30,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
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2014
|
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2013
|
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Net
Sales:
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Industrial
Segment
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$
718,347
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$
708,713
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$ 1,492,233
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$ 1,439,939
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Consumer
Segment
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352,781
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362,774
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782,791
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796,222
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Total
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|
$
1,071,128
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|
$ 1,071,487
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$ 2,275,024
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$ 2,236,161
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Income Before
Income Taxes (a):
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Industrial
Segment
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Income Before Income Taxes
(a)
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$
77,109
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|
$
81,394
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|
|
$
179,573
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|
$
178,975
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Interest (Expense), Net
(b)
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(1,898)
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(2,528)
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(4,531)
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|
(5,062)
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EBIT (c)
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$
79,007
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|
$
83,922
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$
184,104
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|
$
184,037
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|
|
Consumer
Segment
|
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|
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|
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Income Before Income Taxes
(a)
|
|
|
|
|
$
61,562
|
|
$
51,720
|
|
|
$
138,231
|
|
$
134,437
|
|
|
Interest (Expense), Net
(b)
|
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|
|
(4)
|
|
26
|
|
|
(12)
|
|
65
|
|
|
EBIT (c)
|
|
|
|
|
$
61,566
|
|
$
51,694
|
|
|
$
138,243
|
|
$
134,372
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Corporate/Other
|
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|
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|
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|
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(Expense) Before Income
Taxes (a)
|
|
|
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|
$
(32,921)
|
|
$
(35,530)
|
|
|
$
(63,976)
|
|
$
(68,612)
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Interest (Expense), Net
(b)
|
|
|
|
|
(12,444)
|
|
(16,302)
|
|
|
(25,415)
|
|
(30,638)
|
|
|
EBIT (c)
|
|
|
|
|
$
(20,477)
|
|
$
(19,228)
|
|
|
$
(38,561)
|
|
$
(37,974)
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Income Before Income Taxes (a)
|
|
|
|
|
$
105,750
|
|
$
97,584
|
|
|
$
253,828
|
|
$
244,800
|
|
|
Interest (Expense), Net (b)
|
|
|
|
|
(14,346)
|
|
(18,804)
|
|
|
(29,958)
|
|
(35,635)
|
|
|
EBIT (c)
|
|
|
|
|
$
120,096
|
|
$
116,388
|
|
|
$
283,786
|
|
$
280,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(a)
|
The presentation
includes a reconciliation of Income (Loss) Before Income Taxes, a
measure defined by Generally Accepted Accounting Principles in the
United States (GAAP), to EBIT.
|
|
(b)
|
Interest (expense),
net includes the combination of interest (expense) and investment
income/(expense), net.
|
|
(c)
|
EBIT is defined as
earnings (loss) before interest and taxes. We evaluate the
profit performance of our segments based on income before income
taxes, but also look to EBIT as a performance evaluation
measure because interest
expense is essentially related to corporate acquisitions, as
opposed to segment operations. For that reason, we believe
EBIT is also useful to investors as a metric in their
investment decisions.
EBIT should not be considered an alternative to, or more meaningful
than, operating income as determined in accordance with GAAP, since
EBIT omits the impact of interest and taxes in determining
operating performance, which represent
items necessary to our continued operations, given our level of
indebtedness and ongoing tax obligations. Nonetheless, EBIT
is a key measure expected by and useful to
our fixed income investors,
rating agencies and the banking community all of whom believe, and
we concur, that this measure is critical to the capital markets'
analysis of our segments' core operating performance.
We also evaluate EBIT because
it is clear that movements in EBIT impact our ability to attract
financing. Our underwriters and bankers consistently require
inclusion of this measure in offering memoranda in
conjunction with any debt
underwriting or bank financing. EBIT may not be indicative of
our historical operating results, nor is it meant to be predictive
of potential future results.
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
IN
THOUSANDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30,
2014
|
|
November 30,
2013
|
|
May 31,
2014
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
296,527
|
|
$
224,172
|
|
$
332,868
|
|
Trade accounts
receivable
|
|
833,378
|
|
802,453
|
|
901,587
|
|
Allowance for
doubtful accounts
|
|
(26,605)
|
|
(30,024)
|
|
(27,641)
|
|
Net trade accounts
receivable
|
|
806,773
|
|
772,429
|
|
873,946
|
|
Inventories
|
|
637,932
|
|
597,660
|
|
613,644
|
|
Deferred income
taxes
|
|
20,280
|
|
38,146
|
|
22,281
|
|
Prepaid expenses and
other current assets
|
|
198,301
|
|
181,220
|
|
219,556
|
|
Total current
assets
|
|
1,959,813
|
|
1,813,627
|
|
2,062,295
|
|
|
|
|
|
|
|
|
Property, Plant
and Equipment, at Cost
|
|
1,172,307
|
|
1,144,947
|
|
1,191,676
|
|
Allowance for
depreciation and amortization
|
|
(662,329)
|
|
(645,594)
|
|
(658,871)
|
|
Property, plant
and equipment, net
|
|
509,978
|
|
499,353
|
|
532,805
|
Other
Assets
|
|
|
|
|
|
|
|
Goodwill
|
|
1,118,444
|
|
1,125,460
|
|
1,147,374
|
|
Other intangible
assets, net of amortization
|
|
441,556
|
|
461,555
|
|
459,536
|
|
Deferred income
taxes, non-current
|
|
7,582
|
|
5,623
|
|
7,943
|
|
Other
|
|
159,880
|
|
170,526
|
|
168,412
|
|
Total other
assets
|
|
1,727,462
|
|
1,763,164
|
|
1,783,265
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
4,197,253
|
|
$
4,076,144
|
|
$
4,378,365
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
379,874
|
|
$
370,993
|
|
$
525,680
|
|
Current portion of
long-term debt
|
|
151,358
|
|
4,835
|
|
5,662
|
|
Accrued compensation
and benefits
|
|
111,032
|
|
127,150
|
|
173,846
|
|
Accrued loss
reserves
|
|
18,537
|
|
22,120
|
|
27,487
|
|
Other accrued
liabilities
|
|
208,701
|
|
208,983
|
|
204,411
|
|
Total current
liabilities
|
|
869,502
|
|
734,081
|
|
937,086
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
Long-term debt, less
current maturities
|
|
1,275,875
|
|
1,365,115
|
|
1,345,965
|
|
Other long-term
liabilities
|
|
411,922
|
|
436,335
|
|
466,659
|
|
Deferred income
taxes
|
|
48,476
|
|
46,753
|
|
50,061
|
|
Total long-term
liabilities
|
|
1,736,273
|
|
1,848,203
|
|
1,862,685
|
|
Total
liabilities
|
|
2,605,775
|
|
2,582,284
|
|
2,799,771
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Preferred stock; none
issued
|
|
|
|
|
|
|
|
Common stock
(outstanding 133,748; 133,174; 133,273)
|
1,337
|
|
1,332
|
|
1,333
|
|
Paid-in
capital
|
|
806,898
|
|
776,363
|
|
790,102
|
|
Treasury stock, at
cost
|
|
(94,354)
|
|
(80,370)
|
|
(85,400)
|
|
Accumulated other
comprehensive (loss)
|
|
(259,267)
|
|
(147,740)
|
|
(156,882)
|
|
Retained
earnings
|
|
935,773
|
|
772,637
|
|
833,691
|
|
Total RPM International
Inc. stockholders' equity
|
1,390,387
|
|
1,322,222
|
|
1,382,844
|
|
Noncontrolling
interest
|
|
201,091
|
|
171,638
|
|
195,750
|
|
Total
equity
|
|
1,591,478
|
|
1,493,860
|
|
1,578,594
|
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
4,197,253
|
|
$
4,076,144
|
|
$
4,378,365
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
IN
THOUSANDS
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
November
30,
|
|
November
30,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Net
income
|
|
|
$
178,695
|
|
$
175,303
|
Adjustments to
reconcile net income to net
|
|
|
|
|
cash provided by operating activities:
|
|
|
|
|
Depreciation
|
|
|
30,132
|
|
29,128
|
Amortization
|
|
|
16,015
|
|
15,776
|
Reversal of contingent consideration obligations
|
(18,080)
|
|
|
Deferred income taxes
|
|
2,170
|
|
(8,500)
|
Stock-based compensation expense
|
|
15,706
|
|
9,622
|
Other
|
|
|
(1,222)
|
|
(1,229)
|
Changes in
assets and liabilities, net of effect
|
|
|
|
|
from purchases and sales of businesses:
|
|
|
|
|
Decrease in receivables
|
|
44,564
|
|
21,971
|
(Increase) in inventory
|
|
(41,392)
|
|
(44,020)
|
Decrease (increase) in prepaid expenses and other
|
|
|
|
current and long-term assets
|
|
1,306
|
|
(750)
|
(Decrease) in accounts payable
|
|
(133,960)
|
|
(111,598)
|
(Decrease) in accrued compensation and benefits
|
(57,837)
|
|
(28,152)
|
(Decrease) in accrued loss reserves
|
|
(8,471)
|
|
(5,488)
|
(Decrease) in contingent payment
|
|
|
|
(61,894)
|
Increase in other accrued liabilities
|
|
37,229
|
|
38,304
|
Other
|
|
|
(9,599)
|
|
(6,641)
|
Cash Provided By Operating Activities
|
|
55,256
|
|
21,832
|
Cash Flows From
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
|
|
(26,498)
|
|
(34,603)
|
Acquisition of businesses,
net of cash acquired
|
|
(33,355)
|
|
(20,827)
|
Purchase of marketable
securities
|
|
(14,308)
|
|
(33,770)
|
Proceeds from sales of
marketable securities
|
|
19,205
|
|
19,672
|
Other
|
|
|
|
6,515
|
|
1,546
|
Cash (Used For) Investing Activities
|
|
(48,441)
|
|
(67,982)
|
Cash Flows From
Financing Activities:
|
|
|
|
|
Additions to long-term and
short-term debt
|
|
83,312
|
|
2,776
|
Reductions of long-term and
short-term debt
|
|
(6,501)
|
|
(6,071)
|
Cash dividends
|
|
|
(66,763)
|
|
(61,796)
|
Repurchase of
stock
|
|
|
(8,954)
|
|
(7,877)
|
Payments of acquisition
related contingent consideration
|
(24,750)
|
|
(5,000)
|
Other
|
|
|
|
1,048
|
|
3,670
|
Cash (Used For) Financing Activities
|
|
(22,608)
|
|
(74,298)
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and
|
|
|
|
Cash
Equivalents
|
(20,548)
|
|
1,066
|
|
|
|
|
|
|
|
Net Change in Cash
and Cash Equivalents
|
(36,341)
|
|
(119,382)
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
332,868
|
|
343,554
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at End of Period
|
$
296,527
|
|
$
224,172
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rpm-reports-fiscal-2015-second-quarter-results-300016863.html
SOURCE RPM International Inc.