2013-02-19 13:03:48 -
Key Highlights
* Fourth quarter operating income from continuing operations of $42 million,
up 77% over the fourth quarter of 2011
* Fourth quarter adjusted EBITDA from continuing operations of $72 million, up
37% over the fourth quarter of 2011
* Achieved full year 2012 as reported operating margins of 10.4% and full year
adjusted EBITDA margins of 15.3%, both the highest since emergence
* Management issues 2013 guidance
LANCASTER, Pa., February 19, 2013 --Armstrong World Industries, Inc. (NYSE:
AWI), a global leader in the design and manufacture of floors and ceilings,
today reported fourth quarter and full year 2012 results and issued 2013
guidance.
Fourth Quarter Results from continuing operations
(Amounts in millions except per share Three Months Ended December
data) 31,
2012 2011 Change
-------- -------------------- -------
Net sales $612.8 $623.0 (1.6)%
Operating income 42.3 23.9 77.0%
Net income 9.2 9.8 (6.1)%
Diluted earnings per share $0.15 $0.16 (6.3)%
Consolidated net sales for the fourth quarter decreased by approximately $10
million, or 2%, compared to the prior year period. Excluding approximately $4
million of unfavorable foreign exchange impact for the quarter, sales declined
approximately 1% compared to the prior year period. Improvements in price
offset volume declines and unfavorable mix. The sale of the Patriot wood
flooring distribution business which occurred in the third quarter of 2012,
negatively impacted sales for the fourth quarter of 2012 by approximately $7
million when compared to the same period in 2011.
Operating income increased in spite of lower sales volumes, primarily due to
cost reduction actions taken under the company's cost savings program, which
resulted in lower manufacturing and core SG&A expenses when compared to the same
period last year. Net income and diluted earnings per share were impacted by a
higher effective tax rate in the fourth quarter of 2012 primarily due to foreign
tax credit benefits recorded in the fourth quarter of 2011.
"I'm pleased to announce that adjusted EBITDA for the fourth quarter was up 37%
over the prior year as we delivered results in line with our previously issued
guidance, despite a choppy market environment," said Matt Espe, President and
CEO. "We also made significant progress throughout 2012 on our strategic
initiatives, including the design and construction of our emerging markets
plants and the divestiture of non-core assets. For the full year, we also
achieved record safety results and the highest adjusted EBITDA margins, at
15.3%, since emergence from bankruptcy."
Additional (non-GAAP*) Financial Metrics from continuing operations
Three Months
Ended December
(Amounts in millions except per share data) 31,
-----------------
2012 2011 Change
------- --------- -------
Adjusted operating income $46 $29 62%
Adjusted net income 20 11 91%
Adjusted diluted earnings per share $0.34 $0.18 89%
Free cash flow $25 $90 (72)%
Three Months
Ended
(Amounts in millions) December 31,
----------------
2012 2011 Change
------ --------- --------------------------------
Adjusted EBITDA
Building Products $68 $48 42%
Resilient Flooring 6 6 13%
Wood Flooring 11 12 (8)%
Unallocated Corporate (13) (13) (2)%
------ --------- --------------------------------
Consolidated Adjusted
EBITDA $72 $53 37%
*The Company uses the above non-GAAP adjusted measures, as well as other non-
GAAP measures mentioned below, in managing the business and believes the
adjustments provide meaningful comparisons of operating performance between
periods. Adjusted operating income, adjusted EBITDA, adjusted net income, and
adjusted EPS exclude the impact of foreign exchange, restructuring charges and
related costs, impairments, and certain other nonrecurring gains and losses.
Free cash flow is defined as cash from operations and dividends received from
the WAVE joint venture, less expenditures for property and equipment, less
restricted cash, and is adjusted to remove the impact of cash used or proceeds
received for acquisitions and divestitures. The company believes free cash
flow is useful because it provides insight into the amount of cash that the
Company has available for discretionary uses, after expenditures for capital
commitments and adjustments for acquisitions/divestitures. Adjusted figures
are reported in comparable dollars using the budgeted exchange rate for 2012,
and are reconciled to the most comparable GAAP measures in tables at the end
of this release.
In spite of sales declining 1% on a constant foreign exchange basis, adjusted
operating income and EBITDA improved by 62% and 37%, respectively, in the fourth
quarter of 2012 when compared to the prior year period. These improvements were
driven primarily by reductions in manufacturing costs and SG&A expenses, coupled
with the impact of better pricing. Adjusted net income and earnings per share
also benefited from a reduction in the adjusted effective tax rate from 42% to
40%. Free cash flow declined over the prior year as the special dividend
received from WAVE in the fourth quarter of 2011 did not recur and there was
less improvement in working capital when compared to the prior year, as the
working capital program initiated in 2011 drove one time gains. Increased
capital expenditures associated with emerging market investments also negatively
impacted free cash flow, even though cash earnings increased.
Fourth Quarter Segment Highlights
Building Products
Three Months Ended
December 31,
---------------------------
2012 2011 Change
---------- ---------- ---------
Total segment net sales $292.8 $289.6 1.1%
Operating income $52.5 $35.1 49.6%
Net sales improved by approximately 1% when compared to the prior year as higher
volumes in the North American commercial business and improvements in price and
mix were able to offset volume declines in Europe. Operating income improved
primarily due to reductions in manufacturing costs and SG&A expenses and
favorable pricing.
Resilient Flooring
Three Months Ended
December 31,
---------------------------
2012 2011 Change
---------- ---------- ---------
Total segment net sales $212.2 $221.9 (4.4)%
Operating (loss) ($1.0) ($4.9) 79.6%
The decline in net sales was driven by lower volumes in Europe and in North
America, where continued softness in commercial sectors tied to public spending
and lower sales in the home center channel negatively impacted volumes.
Operating income improved as more favorable mix and reductions in manufacturing
costs were able to offset volume declines and start up costs associated with the
ramp up of the flooring plant in China.
Wood Flooring
Three Months Ended
December 31,
---------------------------
2012 2011 Change
---------- ---------- ----------
Total segment net sales $107.8 $111.5 (3.3)%
Operating income $7.5 $9.1 (17.6)%
Net sales declined in the fourth quarter primarily due the divestiture of the
Patriot distribution business which occurred in the third quarter of 2012.
Overall volumes improved, driven by strong sales in the builder channel which
negatively impacted mix. Operating income declined in the fourth quarter as
lumber costs increased and higher sales into the builder channel drove increased
volumes but less favorable mix, which were only partially offset by reduced
manufacturing costs.
Corporate
Unallocated corporate expense of $16.7 million increased from $15.4 million in
the prior year due to a $3.5 million lower pension credit, which more than
offset reductions in core SG&A expenses.
Full Year Results from continuing operations
Year Ended December
(Amounts in millions except per share data) 31,
---------------------
2012 2011 Change
---------- ---------- -------
Net sales (as reported) $2,618.9 $2,723.1 (3.8)%
Operating income (as reported) 271.2 239.8 13.1%
Adjusted EBITDA 400 374 7%
Free cash flow 89 170 (48)%
Excluding approximately $48 million of unfavorable foreign exchange impact,
sales declined approximately 2% compared to the prior year period. On a
consolidated level, improvements in price and mix were unable to offset volume
declines. Volumes were negatively impacted by continued softness in commercial
markets, particularly in sectors tied to public spending, lower sales into the
U.S. home center channel, continued softness in European markets and the sale of
the Patriot distribution business.
The improvement in operating income and adjusted EBITDA was driven primarily by
reductions in manufacturing and SG&A expenses and improvements in price, which
more than offset the impact of lower volumes. As reported operating income was
impacted by approximately $25 million of charges associated with the closure of
the Mobile, AL building products facility and headcount reductions in European
Building Products in 2012, approximately $13 million of costs primarily
associated with the closure of the Beaver Falls, PA building products facility
in 2011, and approximately $21 million of severance and restructuring related
costs in European Flooring in 2011.
The reduction in free cash flow was driven by higher capital expenditures, a
reduction in dividends from WAVE as the special dividend received in 2011 did
not recur, and less improvement in working capital as the company initiated
working capital improvement plans last year which drove one-time gains. These
reductions offset increased cash earnings for the year.
Discontinued Operations
In September 2012, the Company announced an agreement to sell its Cabinets
business to American Industrial Partners. The sale was completed in October
2012. The transaction was subject to customary working capital adjustments,
which are expected to be completed in the first quarter of 2013. The financial
results of the cabinets business, which have previously been shown as a separate
reporting segment, have been reclassified as discontinued operations for all
periods presented.
Market Outlook and 2013 Guidance ((1) )
For 2013, the Company expects U.S. GDP of approximately 2%, which translates
into a flat to slightly down commercial opportunity, with continued weakness in
education and, to a lesser extent, healthcare. New residential construction
should continue to improve and new home starts are expected to be approximately
950,000 in 2013. The Company remains cautious on the outlook for residential
repair and remodel activity and expects it to be flat to up slightly despite
pent up demand, as consumers seem willing to defer action until they are more
confident rather than trade down. In Europe, GDP is expected to show slight
positive growth in the U.K., and be flat to down slightly in the Eurozone. This
type of operating environment translates into lower sales in those regions, but
expected growth in Eastern Europe, particularly in Russia, should
disproportionally benefit the ceilings business. In the Pacific Rim, Australia
is expected to continue to be a challenge and down year on year, but solid
growth is expected in China.
The Company expects 2013 full year sales to be in the $2.7 to $2.8 billion
range, up from 2012, and adjusted EBITDA to be in the $390 to $420 million
range, or roughly flat with 2012. 2013 adjusted EPS is expected to be $2.30 to
$2.60 per diluted share and free cash flow is anticipated to be between $75 and
$125 million.
"Given the macro-economic backdrop and the lag between starts and when our
products get installed in the cycle, our outlook for 2013 remains tempered, but
I'm confident we've built a competitive cost structure and our strategic
investments in emerging markets, like China and Russia, will position Armstrong
to capitalize on improving economic conditions as world economies begin to
recover," said Tom Mangas, Senior Vice President and CFO."
For the first quarter of 2013, sales are expected to be between $600 and $650
million and adjusted EBITDA to be in the range of $68 to $83 million.
As a result of improving conditions in the debt capital markets the Company is
about to launch a process to refinance its existing credit agreement. The
Company anticipates achieving lower interest expense, longer maturities and
several minor technical improvements versus the current credit agreement. The
Company does not anticipate this transaction will materially change debt levels
or liquidity, as the anticipated amount of the refinancing will be $1.025
billion.
((1)) Sales guidance includes the impact of foreign exchange. Guidance metrics,
other than sales, are presented using 2013 budgeted foreign exchange rates.
Adjusted EPS guidance for 2013 is calculated based on an adjusted effective tax
rate of 39%.
Earnings Webcast
Management will host a live Internet broadcast beginning at 1:00 p.m. Eastern
time today, during which fourth quarter and full year results will be discussed.
This event will be broadcast live on the Company's Web site. To access the call
and accompanying slide presentation, go to www.armstrong.com and click "For
Investors". The replay of this event will also be available on the Company's
Web site for up to one year after the date of the call.
Uncertainties Affecting Forward-Looking Statements
Disclosures in this release, including without limitation, those relating to
future financial results guidance, and in our other public documents and
comments contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements provide our future
expectations or forecasts and can be identified by our use of words such as
"anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe,"
"outlook," "target," "predict," "may,"
"will," "would," "could," "should,"
"seek," and other words or phrases of similar meaning in connection with any
discussion of future operating or financial performance. Forward-looking
statements, by their nature, address matters that are uncertain and involve
risks because they relate to events and depend on circumstances that may or may
not occur in the future. As a result, our actual results may differ materially
from our expected results and from those expressed in our forward-looking
statements. A more detailed discussion of the risks and uncertainties that
could cause our actual results to differ materially from those projected,
anticipated or implied is included in the "Risk Factors" and "Management's
Discussion and Analysis" sections of our reports on Forms 10-K and 10-Q filed
with the U.S. Securities and Exchange Commission ("SEC"). Forward- looking
statements speak only as of the date they are made. We undertake no obligation
to update any forward-looking statements beyond what is required under
applicable securities law.
About Armstrong and Additional Information
The Company expects to file its Annual Report on Form 10-K with the SEC on or
about February 25, 2013.
Armstrong World Industries, Inc. is a global leader in the design and
manufacture of floors and ceilings. In 2012, Armstrong's consolidated net sales
from continuing operations totaled approximately $2.6 billion. As of December
31, 2012, Armstrong operated 32 plants in eight countries and had approximately
8,500 employees worldwide.
Additional forward looking non-GAAP metrics are available on our web site at
www.armstrong.com/ under the Investor Relations tab. Our website is not
part of this release and references to our website address in this release are
intended to be inactive textual references only.
As Reported Financial
Highlights
FINANCIAL HIGHLIGHTS
Armstrong World Industries, Inc. and Subsidiaries
(amounts in millions, except for per-share amounts)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------------------ --------------------
2012 2011 2012 2011
--------- -------------------- ---------- ---------
Net Sales $612.8 $623.0 $2,618.9 $2,723.1
Costs of goods sold 477.1 497.3 1,985.7 2,075.2
Selling, general and 105.7 111.3 418.3 454.0
administrative expenses
Restructuring charges, net (0.4) 1.0 (0.4) 9.0
Equity (earnings) from
joint venture (11.9) (10.5) (55.9) (54.9)
--------- -------------------- ---------- ---------
Operating income 42.3 23.9 271.2 239.8
Interest expense 14.0 10.9 53.7 48.5
Other non-operating expense 0.0 0.1 0.5 1.3
Other non-operating
(income) (1.4) (0.7) (3.5) (3.8)
--------- -------------------- ---------- ---------
Earnings from continuing
operations before income
taxes 29.7 13.6 220.5 193.8
Income tax expense 20.5 3.8 76.1 81.0
--------- -------------------- ---------- ---------
Net income from
continuing operations $9.2 $9.8 $144.4 $112.8
--------- -------------------- ---------- ---------
Net income (loss) from
discontinued operations,
net of tax (benefit)
expense of $0.1, ($1.0),
($7.1) and ($0.2) 0.1 (1.3) (12.2) (0.4)
--------- -------------------- ---------- ---------
Loss on sale of
discontinued business, net
of tax benefit of ($0.6), $
-, ($0.6), $- (0.9) - (0.9) -
--------- -------------------- ---------- ---------
Net (loss) from
discontinued operations (0.8) (1.3) (13.1) (0.4)
--------- ------------------------------- ---------
Net income $8.4 $8.5 $131.3 $112.4
--------- -------------------- ---------- ---------
Other comprehensive income
(loss), net of tax:
Foreign currency
translation adjustments (0.1) (3.7) 7.0 (1.6)
Derivative income (loss) 2.0 (1.9) (5.2) (9.0)
Pension and
postretirement
adjustments (65.8) (88.0) (58.2) (78.7)
--------- -------------------- ---------- ---------
Total other comprehensive
income (loss) (63.9) (93.6) (56.4) (89.3)
--------- -------------------- ---------- ---------
Total comprehensive (loss)
income ($55.5) ($85.1) $74.9 $23.1
--------- -------------------- ---------- ---------
Earnings per share of
common stock, continuing
operations
Basic $0.15 $0.16 $2.43 $1.92
Diluted $0.15 $0.16 $2.41 $1.91
(Loss) per share of common
stock, discontinued
operations
Basic ($0.01) ($0.02) ($0.22) ($0.01)
Diluted ($0.01) ($0.02) ($0.22) ($0.01)
Net earnings per share of
common stock:
Basic $0.14 $0.14 $2.21 $1.91
Diluted $0.14 $0.14 $2.19 $1.90
Average number of common
shares outstanding
Basic 59.0 58.4 58.9 58.3
Diluted 59.6 58.8 59.5 58.8
Dividends declared per
common share $- $- $8.55 $-
Segment Results
Armstrong World Industries, Inc. and Subsidiaries
(amounts in millions)
(Unaudited)
Three Months Ended Year Ended December
December 31, 31,
--------------------------- ----------------------
Net Sales 2012 2011 2012 2011
-------- ---------------- ---------- ---------
Building Products $292.8 $289.6 $1,218.9 $1,237.5
Resilient Flooring 212.2 221.9 939.4 1,002.3
Wood Flooring 107.8 111.5 460.6 483.3
-------- ---------------- ---------- ---------
Total net sales $612.8 $623.0 $2,618.9 $2,723.1
-------- ---------------- ---------- ---------
Operating Income (loss)
Building Products $52.5 $35.1 $230.4 $226.1
Resilient Flooring (1.0) (4.9) 56.9 15.7
Wood Flooring 7.5 9.1 37.3 43.4
Unallocated Corporate
(expense) (16.7) (15.4) (53.4) (45.4)
-------- ---------------- ---------- ---------
Total Operating Income $42.3 $23.9 $271.2 $239.8
-------- ---------------- ---------- ---------
Selected Balance Sheet Information
(amounts in millions)
(Unaudited)
Assets December 31, 2012 December 31, 2011
------------------- ------------------
Current assets $1,019.9 $1,209.3
Property, plant and
equipment, net 1,005.0 887.9
Other noncurrent
assets 829.4 897.5
------------------- ------------------
Total assets $2,854.3 $2,994.7
------------------- ------------------
Liabilities and
shareholders' equity
Current liabilities $384.7 $386.2
Noncurrent
liabilities 1,750.5 1,478.3
Equity 719.1 1,130.2
------------------- ------------------
Total liabilities and
shareholders' equity $2,854.3 $2,994.7
-------------------- ------------------
Selected Cash Flow Information((1))
(amounts in millions)
(Unaudited)
Year Ended
December 31,
-------------------
2012 2011
--------- -------
Net income $131.3 $112.4
Other adjustments to reconcile net income to net cash
provided by operating activities 106.7 99.0
Changes in operating assets and liabilities, net (18.0) (11.7)
--------- -------
Net cash provided by operating activities 220.0 199.7
Net cash (used for) investing activities (91.9) (9.5)
Net cash (used for) financing activities (273.7) (28.8)
Effect of exchange rate changes on cash and cash
equivalents 1.4 3.4
--------- -------
Net (decrease) increase in cash and cash equivalents (144.2) 164.8
Cash and cash equivalents, beginning of period 480.6 315.8
--------- -------
Cash and cash equivalents, end of period $336.4 $480.6
--------- -------
1. Cash flow information includes cash flows attributable to Cabinets.
Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)
(Amounts in millions, except per share data)
To supplement its consolidated financial statements presented in accordance with
accounting principles generally accepted in the United States (GAAP), the
Company provides additional measures of performance adjusted to exclude the
impact of foreign exchange, restructuring charges and related costs,
impairments, and certain other gains and losses. Adjusted figures are reported
in comparable dollars using the budgeted exchange rate for 2012. The Company
uses these adjusted performance measures in managing the business, including
communications with its Board of Directors and employees, and believes that they
provide users of this financial information with meaningful comparisons of
operating performance between current results and results in prior periods. The
Company believes that these non-GAAP financial measures are appropriate to
enhance understanding of its past performance, as well as prospects for its
future performance. A reconciliation of these adjustments to the most directly
comparable GAAP measures is included in this release and on the Company's
website. These non-GAAP measures should not be considered in isolation or as a
substitute for the most comparable GAAP measures. Non-GAAP financial measures
utilized by the Company may not be comparable to non-GAAP financial measures
used by other companies.
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
Year Ended
Three Months Ended
December 31, December 31,
------------------------ -------------------------
2012 2011 2012 2011
------ --------------- ------- ---------------
Adjusted EBITDA $72 $53 $400 $374
D&A/Fx* (26) (24) (100) (102)
------ --------------- ------- ---------------
Operating Income, $46 $29 $300 $272
Adjusted
Cost reduction 4 3 25 24
initiatives expenses
Restructuring - 1 - 9
Impairment 1 1 6 3
Foreign exchange (1) - (2) (4)
impact
------ --------------- ------- ---------------
Operating Income,
Reported $42 $24 $271 $240
------ --------------- ------- ---------------
*Excludes accelerated depreciation associated with cost reduction initiatives
reflected below. Actual D&A as reported is $27.0 million for the three months
ended December 31, 2012, $25.0 million for the three months ended December
31, 2011, $112.7 million for the year ended December 31, 2012, and $113.8
million for the year ended December 31, 2011.
BUILDING PRODUCTS
Three Months Ended Year Ended
December 31, December 31,
--------------------------- --------------
2012 2011 2012 2011
------ ------------------ ------ -----
Adjusted EBITDA $68 $48 $306 $288
D&A/Fx (14) (13) (52) (51)
------ ------------------ ------ -----
Operating Income, Adjusted $54 $35 $254 $237
Cost reduction initiatives 2 - 20 11
expenses
Restructuring - - - 1
Impairment - - 5 -
Foreign exchange impact - - (1) (1)
------ ------------------ ------ -----
Operating Income, Reported $52 $35 $230 $226
------ ------------------ ------ -----
RESILIENT FLOORING
Three Months Ended Year Ended
December 31, December 31,
--------------------------- --------------
2012 2011 2012 2011
------ ------------------ ------ -----
Adjusted EBITDA $6 $6 $87 $66
D&A/Fx (7) (7) (28) (29)
------ ------------------ ------ -----
Operating (Loss) Income, ($1) ($1) $59 $37
Adjusted
Cost reduction initiatives - 3 2 14
expenses
Restructuring - 1 - 7
Impairment - - - 2
Foreign exchange impact - - - (2)
------ ------------------ ------ -----
Operating (Loss) Income,
Reported ($1) ($5) $57 $16
------ ------------------ ------ -----
WOOD FLOORING
Three Months Ended Year Ended
December 31, December 31,
--------------------------- --------------
2012 2011 2012 2011
------ ------------------ ------ -----
Adjusted EBITDA $11 $12 $49 $54
D&A/Fx (2) (2) (11) (11)
------ ------------------ ------ -----
Operating Income, Adjusted $9 $10 $38 $43
Cost reduction initiatives
(income) - - 1 (1)
Impairment 1 1 1 1
Foreign exchange impact - - (1) -
------ ------------------ ------ -----
Operating Income, Reported $8 $9 $37 $43
------ ------------------ ------ -----
UNALLOCATED CORPORATE
Three Months Ended Year Ended
December 31, December 31,
--------------------------- ----------------
2012 2011 2012 2011
------- ----------------- ------- ------
Adjusted EBITDA ($13) ($13) ($42) ($34)
D&A/Fx (3) (2) (9) (11)
------- ----------------- ------- ------
Operating (Loss), Adjusted ($16) ($15) ($51) ($45)
Cost reduction initiatives 2 - 2 -
expenses
Restructuring - - - 1
Foreign exchange impact (1) - - (1)
------- ----------------- ------- ------
Operating (Loss), Reported ($17) ($15) ($53) ($45)
------- ----------------- ------- ------
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
Three Months Ended
December 31, Year Ended December 31,
------------------------------- ------------------------------
2012 2011 2012 2011
--------------- --------------- --------------- --------------
Per Per Per Per
Total Share Total Share Total Share Total Share
------- ------- ------- ------- ------- ------- ------- ------
Adjusted
EBITDA $72 $53 $400 $374
D&A as
reported (27) (25) (113) (114)
Accelerated
Deprecation/Fx 1 1 13 12
------- ------- ------- -------
Operating
Income,
Adjusted $46 $29 $300 $272
Other non-
operating
(expense) (12) (11) (51) (45)
------- ------- ------- -------
Earnings
Before Taxes,
Adjusted 34 18 249 227
Adjusted tax
(expense) @
40% for 2012
and 42% for
2011 (14) (7) (100) (96)
------- ------- ------- ------- ------- ------- ------- ------
Net Earnings,
Adjusted $20 $0.34 $11 $0.18 $149 $2.51 $131 $2.24
Pre-tax
adjustment
items (4) (5) (29) (32)
Reversal of
adjusted tax
expense @ 40%
for 2012 and
42% for 2011 14 7 100 96
Ordinary tax (10) (4) (70) (72)
Unbenefitted
foreign losses (7) (7) (15) (15)
Foreign tax
credits - 5 16 5
Tax adjustment
items (4) 3 (7) -
------- ------- ------- ------- ------- ------- ------- ------
Net Earnings,
Reported $9 $0.15 $10 $0.16 $144 $2.41 $113 $1.91
------- ------- ------- ------- ------- ------- ------- ------
Three Months Year Ended
Ended December
CASH FLOW ((1)) December 31, 31,
--------------- ------------
2012 2011 2012 2011
------ ------ ------ -----
Net Cash From Operations $89 $80 $220 $200
Less: net cash (used for) provided by investing (41) 24 (92) (9)
Add back (subtract) adjustments to reconcile to
free cash flow
Other 2 2 2 3
Restricted Cash - (20) (2) (28)
Acquisition (Divestiture) (25) 4 (39) 4
------ ------ ------ -----
Free Cash Flow $25 $90 $89 $170
1. Cash flow information includes cash flows attributable to Cabinets.
Supplemental Schedule of Geographic Sales from Continuing Operations (unaudited)
(Amounts in millions)
As reported Three Months
net sales by Ended Year Ended
geography December 31, December 31,
----------------- Change --------------------- Change
2012 2011 Change ex Fx 2012 2011 Change
ex Fx
-------- -------- --------- --------- ---------- ---------- --------- --------
CONSOLIDATED
Americas $432.9 $434.1 (0.3)% (0.5)% $1,873.9 $1,903.9 (1.6)%
(1.4)%
Europe 120.1 131.8 (8.9)% (5.9)% 523.9 597.3 (12.3)%
(6.1)%
Asia 59.8 57.1 4.7% 5.6% 221.1 221.9 (0.4)%
2.4%
-------- -------- --------- --------- ---------- ---------- --------- --------
Total
consolidated
net sales $612.8 $623.0 (1.6)% (1.1)% $2,618.9 $2,723.1 (3.8)%
(2.1)%
BUILDING
PRODUCTS
Americas $180.4 $174.2 3.6% 3.3% $757.1 $749.3 1.0%
1.2%
Europe 77.5 81.3 (4.7)% (2.9)% 333.6 356.8 (6.5)%
(1.1)%
Asia 34.9 34.1 2.3% 3.3% 128.2 131.4 (2.4)%
0.7%
-------- -------- --------- --------- ---------- ---------- --------- --------
Total
segment net
sales $292.8 $289.6 1.1% 1.6% $1,218.9 $1,237.5 (1.5)%
0.5%
RESILIENT
FLOORING
Americas $144.7 $148.4 (2.5)% (2.8)% $656.2 $671.3 (2.2)%
(2.1)%
Europe 42.6 50.5 (15.6)% (10.7)% 190.3 240.5 (20.9)%
(13.6)%
Asia 24.9 23.0 8.3% 9.2% 92.9 90.5 2.7%
4.9%
-------- -------- --------- --------- ---------- ---------- --------- --------
Total
segment net
sales $212.2 $221.9 (4.4)% (3.4)% $939.4 $1,002.3 (6.3)%
(4.1)%
AWI reports Q4 and Full Year 2012 results:
hugin.info/151178/R/1679145/548281.pdf
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originality of the information contained therein.
Source: Armstrong World Industries, Inc. via Thomson Reuters ONE
[HUG#1679145]
