-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DDy04vaAk1lsbHyJ4mqWe/W/OXFXHGfFeGrSyge9M3tISJ8oXMjhYCQXLZ2egqjS gZ6IwqdpLlc9/55nMdFojA== 0001275287-05-000206.txt : 20050125 0001275287-05-000206.hdr.sgml : 20050125 20050125091741 ACCESSION NUMBER: 0001275287-05-000206 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050125 DATE AS OF CHANGE: 20050125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TUPPERWARE CORP CENTRAL INDEX KEY: 0001008654 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 364062333 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11657 FILM NUMBER: 05545941 BUSINESS ADDRESS: STREET 1: 14901 S ORANGE BLOSSOM TRAIL CITY: ORLANDO STATE: FL ZIP: 32837-6600 BUSINESS PHONE: (407) 826-5050 MAIL ADDRESS: STREET 1: P O BOX 2353 CITY: ORLANDO STATE: FL ZIP: 32802-2353 8-K 1 tc1866.txt ================================================================================ EFFECTIVE AUGUST 23RD, 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) January 24, 2005 TUPPERWARE CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-11657 36-4062333 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) P.O. Box 2353, Orlando, Florida 32802 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (407) 826-5050 -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 This information set forth under "Item 2.02. Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8400. Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. On January 24, 2005, Tupperware Corporation issued an earnings release. A copy of the release is attached as Exhibit 99.1 ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99.1 Press release of Tupperware Corporation dated January 24, 2005 Tupperware Reports Fourth Quarter Earnings Per Share Up 29 Percent Including 13 Percent Profit Improvement from Segments SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TUPPERWARE CORPORATION ------------------------------ (Registrant) January 24, 2005 By: /s/ Thomas M. Roehlk ------------------------------ Thomas M. Roehlk Senior Vice President, General Counsel and Secretary EX-99.1 2 tc1866ex991.txt Exhibit 99.1 TUPPERWARE REPORTS FOURTH QUARTER EARNINGS PER SHARE UP 29 PERCENT INCLUDING 13 PERCENT PROFIT IMPROVEMENT FROM SEGMENTS ORLANDO, Fla., Jan. 24 /PRNewswire-FirstCall/ -- Tupperware Corporation (NYSE: TUP) announced today that fourth quarter 2004 earnings per diluted share improved 29 percent to 61 cents on net income of $35.8 million. This compared with 47 cents per diluted share or $27.4 million last year, and represented the fourth quarter in a row that earnings per share improved over the previous year's quarter. Earnings per share increased 28 percent to 64 cents in 2004 from 50 cents in 2003, excluding from the fourth quarter of each year, five cents of re- engineering costs and two cents of gains related to the disposition of property. This increase is primarily the result of a 13 percent improvement in profit from the Company's segments, lower hedging costs and a lower effective tax rate compared with prior year. Sales in the fourth quarter were up two percent to $357.7 million. Excluding the positive impact of foreign currency on the comparison, sales were down two percent due to declines in Tupperware North America and Japan. Included in the 2004 quarter was a $6.2 million reduction of sales related to a product recall in Japan. Excluding this item and the positive impact of foreign currency, total company sales in the fourth quarter were about flat compared with the prior year. "We were pleased with progress on our strategic growth initiatives during the year, which we expect to bring top-line growth in the long term; however, it was not enough to offset a couple of our businesses that are in transition. In the meantime, we had continued improvement in full-year operating margin achieved through higher return on sales in four out of five of our segments compared with last year," said Rick Goings, Chairman and Chief Executive Officer. "Particularly noteworthy was the continuation of very strong trends in our BeautiControl business in North America, and the markets we have entered in Latin America and Asia Pacific. We'll be accelerating our investment in beauty internationally during 2005," Goings continued. Net income for the year improved 81 percent to $86.9 million or $1.48 per diluted share, including 12 cents from gains on land development and two cents from a hurricane insurance recovery, partially offset by seven cents of re- engineering costs. Additionally, the year included a 35-cent positive impact from stronger foreign currencies and lower hedging costs. This compares with net income in 2003 of $47.9 million or 82 cents per diluted share, which included five cents of re-engineering costs partially offset by three cents of gains on land development. Excluding these items, net income was up 69 percent due to a 25 percent improvement in profit from the segments, lower hedging costs and a lower effective tax rate. Sales for the year ended December 25, 2004 were $1.2 billion or three percent higher than last year. Excluding the impact of foreign currency, sales declined two percent. The Company successfully managed working capital during 2004, achieving $94.4 million of cash flow before financing activities, which was $7.5 million above net income. About $6 million of 2004's cash flow was from land sales net of re-engineering. Tupperware will conduct a conference call on Tuesday, January 25, 2005, at 10:00 a.m. Eastern time. The conference call will be simulcast and archived, along with a copy of this news release, at http://www.Tupperware.com . Fourth Quarter Segment Highlights Europe Sales were $181.8 million, up eight percent over last year. Excluding the impact of foreign currency, sales were flat. The fourth quarter sales comparison was negatively impacted by 2 percentage points due to a planned reduction in business to business sales of $2.9 million. The total sales force size was eight percent higher than the end of 2003, and the fourth quarter average active sales force size was seven percent higher than last year. Primary contributors to the improved sales force statistics and sales were Russia, South Africa and the Nordics. Profit was $50.4 million compared with $44.1 million last year. Excluding a $3.5 million positive foreign currency impact on the comparison, profit improved $2.8 million or six percent. This segment continued to benefit from prior re-engineering actions and expense management, leading to the improvement in segment profit ahead of the sales increase. Asia Pacific Sales were $60.5 million, down 12 percent or $8.1 million from last year. Excluding the impact of foreign currency, sales declined 15 percent from prior year. The fourth quarter sales comparison was negatively impacted by the recall of $6.2 million of third-party sourced product in Japan. There was no negative profit impact related to the recall as the manufacturer has taken responsibility for all of the associated costs. Profit was $8.7 million, up 22 percent or $1.5 million from last year. Excluding the positive impact of foreign currency, profit was up $1.3 million. The higher profit was primarily due to cost structure improvements in Korea and the Philippines, along with higher sales in the Philippines. Latin America Sales were $27.8 million, up 9 percent compared with $25.5 million in the prior year. Excluding the negative impact of foreign currency, sales were up 11 percent or $2.6 million as sales improved in all three of the main markets in the region, Mexico, Venezuela and Brazil. Profit was $3.2 million, up $1.2 million from prior year. Excluding the negative impact of foreign currency, profit was up $1.3 million. North America Sales were $53.6 million, down 15 percent or $9.0 million from last year due to a decline in the average active sales force size of 23 percent. This sales decline resulted in a loss of $5.8 million. The company continues to make changes to the U.S. value chain to align costs with sales as the strategies for refreshing its party format and putting in a new compensation plan are implemented. These actions are expected to result in a lower loss during 2005 than in 2004. BeautiControl North America Sales were $34.0 million, up 37 percent from last year in the fourth quarter due to strong recruiting, which generated total sales force growth of 30 percent versus the end of 2003. Full-year sales were up 27 percent to $118.2 million, which was a record high. This sales force and sales growth was the result of capitalizing on the "Spa Escapes" in home day spa party format that is now supported by unique spa products. Additionally, BeautiControl offers an earnings opportunity that builds successful business women that has led to growth in the sales force size. Profit for the quarter was $3.8 million, an increase of $0.7 million from prior year. Operating margin was slightly lower than last year due to costs associated with the strong recruiting. Outlook For 2005, the Company's outlook range remains at $1.45 - $1.55 diluted earnings per share. Sales are expected to increase in the mid-single digits in percentage terms and be about flat in local currency. The earnings range includes eight cents of gains from contracts related to land development and four cents of costs related to rationalizing manufacturing facilities. Versus 2004, the range also includes a 12-cent per share positive impact from stronger foreign currencies. Earnings per share are expected to be $1.41 - $1.51 excluding land sales and costs related to rationalizing manufacturing. (See Non-GAAP Financial Measures reconciliation schedule). This compares with $1.41 in 2004. This outlook includes a low- to mid-single digit increase in local currency profit from the segments and lower unallocated costs offset by a nine percentage point increase in the effective tax rate to about 22 percent. Sales are expected to increase in all segments, except Tupperware North America, with the strongest growth expected by BeautiControl North America. The segment profit return on sales in Europe is expected to remain above 20 percent, although it is foreseen to decrease from 2004 in light of higher resin costs and promotional and strategic investments. The outlook continues to be for an improvement in return on sales by BeautiControl and Tupperware North America, while the return on sales in Asia Pacific is now expected to decrease slightly as a result of the impact of the recent tsunami on the company's business in Indonesia. The return on sales in Latin America is also expected to decline modestly, reflecting investments to be made in growing the beauty business. First quarter 2005 net income is expected to be 16-20 cents per share reflecting a downside of nine cents from re-engineering and manufacturing rationalization costs associated with shifting a portion of the company's manufacturing capacity from its South Carolina plant to other plants. The 2005 first quarter outlook also includes three cents per share from stronger foreign currencies compared with the first quarter of 2004. First quarter 2005 earnings per diluted share in local currency is expected to be about flat with 2004's earnings per share of 23 cents, after excluding the nine cents of re-engineering and manufacturing rationalization costs from the 2005 quarter and a two cent gain from a land sale in the first quarter of 2004. The 2004 quarter also included $2.5 million of expenses in BeautiControl for an accrual related to legal matters and executive retirement costs. First quarter 2005 sales are expected to decrease slightly, in local currency, compared with 2004 due to current trends in North America and Japan. Tupperware Corporation, a $1.2 billion multinational company, is one of the world's leading direct sellers, supplying premium food storage, preparation and serving items to consumers in almost 100 countries through its Tupperware brand. In partnership with one million independent sales consultants worldwide, Tupperware reaches consumers through informative and entertaining home parties; retail access points in malls and other convenient venues; corporate and sales force Internet web sites; and television shopping. Additionally, premium beauty and skin care products are brought to customers through its BeautiControl brand in North America, Latin America and Asia Pacific. Consumers can access the brands' web sites at http://www.tupperware.com and http://www.beauticontrol.com. Tupperware stock is listed on the New York Stock Exchange (NYSE: TUP). Statements contained in this release which are not historical fact and use predictive words such as "outlook" or "target" are forward-looking statements. These statements involve risks and uncertainties which include recruiting and activity of the Company's independent sales forces, the success of new product introductions and promotional programs, the ability to obtain all government approvals on land development, the success of buyers in attracting tenants for commercial developments, the effects of economic and political conditions generally and foreign exchange risk in particular and other risks detailed in the Company's report on Form 8-K dated April 10, 2001, as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures The Company has utilized non-GAAP financial measures in this release, which are provided to assist in investors' understanding of the Company's results of operations. The adjustment items materially impact the comparability of the Company's results of operations. The adjusted information is intended to be more indicative of Tupperware's primary operations, and is intended to assist investors in evaluating performance and analyzing trends across periods. The non-GAAP financial measures exclude gains on land development and gains related to hurricane insurance recovery. While the Company is engaged in a multi-year program to sell land for development, this activity is not part of the Company's primary business operation. Additionally, the gains recognized in any given period are not necessarily indicative of gains which may be recognized in any particular future period. For this reason, these gains are excluded from indicated earnings per share amounts. Also, the Company periodically records exit costs as defined under Statement of Financial Accounting Standards No. 146, "Accounting for Costs Associated with Exit or Disposal Activities" and other items related to rationalizing manufacturing and other restructuring activities, and believes these amounts are similarly volatile and impact the comparability of earnings across quarters. Therefore, they are also excluded from indicated financial information to provide what the Company believes represents a more useful measure for analysis and predictive purposes. TUPPERWARE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
13 Weeks Ended 52 Weeks Ended --------------------- --------------------- Dec. 25 Dec. 27 Dec. 25 Dec. 27 (In millions, except per share data) 2004 2003* 2004 2003* - ------------------------------------- --------- --------- --------- --------- Net sales $ 357.7 $ 349.9 $ 1,224.3 $ 1,194.0 Cost of products sold 128.3 126.1 425.4 422.7 Gross margin 229.4 223.8 798.9 771.3 Delivery, sales and administrative expense 182.2 178.1 688.8 681.9 Re-engineering and impairment charges 4.5 6.8 7.0 6.8 Gains on disposal of assets 1.5 2.5 13.1 3.7 Operating income 44.2 41.4 116.2 86.3 Interest income 0.5 0.4 1.9 1.8 Other income 0.7 -- 1.0 0.6 Interest expense 4.3 4.0 14.9 15.6 Other expense 0.4 6.5 2.2 16.5 Income before income taxes 40.7 31.3 102.0 56.6 Provision for income taxes 4.9 3.9 15.1 8.7 Net income $ 35.8 $ 27.4 $ 86.9 $ 47.9 Net income per common share: Basic $ 0.61 $ 0.47 $ 1.49 $ 0.82 Diluted $ 0.61 $ 0.47 $ 1.48 $ 0.82
* Certain prior year amounts have been reclassified on the consolidated statements of income to conform with current year classifications. TUPPERWARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Amounts in millions, except per share)
13 Weeks Ended --------------------- Reported Restated Foreign Dec 25, Dec 27, % % Exchange 2004 2003* Inc(Dec) Inc(Dec) Impact --------- --------- --------- -------- --------- SALES Europe $ 181.8 $ 168.4 8 -- $ 13.4 Asia Pacific 60.5 68.6 (12) (15) 2.2 Latin America 27.8 25.5 9 11 (0.3) North America 53.6 62.6 (15) (15) 0.3 BeautiControl North America 34.0 24.8 37 37 -- $ 357.7 $ 349.9 2 (2) $ 15.6 SEGMENT PROFIT (LOSS) Europe $ 50.4 $ 44.1 14 6 $ 3.5 Asia Pacific 8.7 7.2 22 17 0.2 Latin America 3.2 2.0 49 55 (0.1) North America (5.8) (3.4) (76) (79) -- BeautiControl North America 3.8 3.1 20 20 -- 60.3 53.0 13 6 3.6 Unallocated expenses (12.7) (7.7) 65 Hedge costs (0.1) (6.1) (98) Other income 1.5 2.5 (40) Re-engineering and impairment charges (4.5) (6.8) (34) Interest expense, net (3.8) (3.6) 3 Income before taxes 40.7 31.3 30 Provision for income taxes 4.9 3.9 (29) Net income $ 35.8 $ 27.4 30 Net income per common share (diluted) $ 0.61 $ 0.47 29 Average number of diluted shares 58.9 58.5
* Certain prior year amounts have been reclassified on the consolidated statements of income to conform with current year classifications. TUPPERWARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Amounts in millions, except per share)
52 Weeks Ended --------------------- Reported Restated Foreign Dec 25, Dec 27, % % Exchange 2004 2003* Inc(Dec) Inc(Dec) Impact --------- --------- --------- --------- --------- SALES Europe $ 597.0 $ 546.0 9 -- $ 49.0 Asia Pacific 208.6 222.5 (6) (11) 10.9 Latin America 105.5 102.6 3 8 (4.5) North America 195.0 230.2 (15) (16) 1.0 BeautiControl North America 118.2 92.7 27 27 -- $ 1,224.3 $ 1,194.0 3 (2) $ 56.4 SEGMENT PROFIT (LOSS) Europe $ 133.4 $ 110.0 21 12 $ 9.6 Asia Pacific 20.8 17.6 19 11 1.2 Latin America 10.4 3.1 + + (0.7) North America (31.0) (22.4) (39) (39) -- BeautiControl North America 8.0 5.1 55 56 -- 141.6 113.4 25 14 10.1 Unallocated expenses (30.9) (24.7) 25 Hedge costs (1.8) (15.8) (89) Other income 13.1 4.3 + Re-engineering and impairment charges (7.0) (6.8) 3 Interest expense, net (13.0) (13.8) (6) Income before taxes 102.0 56.6 80 Provision for income taxes 15.1 8.7 74 Net income $ 86.9 $ 47.9 81 Net income per common share (diluted) $ 1.48 $ 0.82 80 Average number of diluted shares 58.8 58.4
* Certain prior year amounts have been reclassified on the consolidated statements of income to conform with current year classifications. TUPPERWARE CORPORATION RECONCILIATION (In millions except per share data)
13 Weeks Ended Dec 25, 13 Weeks Ended Dec 27, 2004 2003* ---------------------------- ---------------------------- Excl Excl Reported Adj's Adj's Reported Adj's Adj's -------- ------ ------ -------- ------ ------ Segment profit (loss) Europe $ 50.4 $ 50.4 $ 44.1 $ 44.1 Asia Pacific 8.7 8.7 7.2 7.2 Latin America 3.2 3.2 2.0 0.1d 2.1 North America (5.8) (5.8) (3.4) (3.4) BeautiControl North America 3.8 3.8 3.1 3.1 60.3 -- 60.3 53.0 0.1 53.1 Unallocated expenses (12.7) (12.7) (7.7) 0.1e (7.6) Hedge costs (0.1) (0.1) (6.1) (6.1) Other income 1.5 (1.5)a -- 2.5 (2.5)a -- Re-eng and impairment chgs (4.5) 4.5b -- (6.8) 6.8f -- Interest expense, net (3.8) (3.8) (3.6) (3.6) Income before taxes 40.7 3.0 43.7 31.3 4.5 35.8 Provision for income taxes 4.9 1.0c 5.9 3.9 2.7c 6.6 Net income $ 35.8 $ 2.0 $ 37.8 $ 27.4 $ 1.8 $ 29.2 Net income per common share (diluted) $ 0.61 $ 0.03 $ 0.64 $ 0.47 $ 0.03 $ 0.50
52 Weeks Ended Dec 25, 52 Weeks Ended Dec 27, 2004 2003* ---------------------------- ---------------------------- Excl Excl Reported Adj's Adj's Reported Adj's Adj's -------- ------ ------ -------- ------ ------ Segment profit (loss) Europe $ 133.4 $133.4 $ 110.0 $110.0 Asia Pacific 20.8 20.8 17.6 17.6 Latin America 10.4 10.4 3.1 0.1d 3.2 North America (31.0) (31.0) (22.4) (22.4) BeautiControl North America 8.0 8.0 5.1 5.1 141.6 -- 141.6 113.4 0.1 113.5 Unallocated expenses (30.9) (30.9) (24.7) 0.1e (24.6) Hedge costs (1.8) (1.8) (15.8) (15.8) Other income 13.1 (13.1)a -- 4.3 (3.7)a 0.6 Re-eng and impairment chgs (7.0) 7.0 b -- (6.8) 6.8f -- Interest expense, net (13.0) (13.0) (13.8) (13.8) Income before taxes 102.0 (6.1) 95.9 56.6 3.3 59.9 Provision for income taxes 15.1 (2.5)c 12.6 8.7 2.4c 11.1 Net income $ 86.9 $ (3.6) $ 83.3 $ 47.9 $ 0.9 $ 48.8 Net income per common share (diluted) $ 1.48 $(0.07) $ 1.41 $ 0.82 $ 0.02 $ 0.84
(a) During 2004, pretax gains from the sale of land held for development near the company's Orlando, Florida headquarters were $11.6 million and were recorded in other income. In addition to gains from the sale of land in 2004, gains related to insurance recoveries for hurricane damage were $1.5 million for the fourth quarter and December YTD 2004. During the fourth quarter and December YTD 2003, pretax gains from these sales were $2.5 million and $3.7 million, respectively, and were recorded in other income. (b) Pre-tax re-engineering and impairment charges for 2004 of approximately $7.0 million YTD include $2.6 million primarily related to severance costs incurred to reduce headcount in the Company's United States, Philippine, Japanese, Korean, New Zealand and Mexican operations, of which $0.9 million was recorded in the fourth quarter. In addition, $0.8 million related to asset impairments in the Philippine Mfg operation were recorded for December YTD 2004 and $0.4 million related to asset impairments in the United States were recorded in the fourth quarter and December YTD 2004. The charges also include $3.2 million related to the liquidation of a foreign finance subsidiary in the fourth quarter. (c) Provision for income taxes represent the net tax impact of adjusted amounts. (d) In the fourth quarter and December YTD 2003, $0.1 million was recorded as a reduction of Latin America segment profit due to a write down of accounts receivable as a result of a restructure of operations in Brazil. (e) In the fourth quarter and December YTD 2003, internal costs to facilitate the sale of land held for development near the company's Orlando, Florida headquarters were $0.1 million and were recorded in Unallocated expenses. (f) Pretax re-engineering and impairment charges for 2003 of $2.0 million were primarily related to severance costs incurred to reduce headcount in the company's Brazilian and North American operations. Additionally, impairment charges of $4.8 million were primarily related to the Company's decision to liquidate its Argentine legal entity and a write-down of the Company's former Halls, Tennessee manufacturing facility. See note regarding non-GAAP financial measures in the attached press release. * Certain prior year amounts have been reclassified on the reconciliation to conform with current year classifications. Tupperware Corporation Outlook Reconciliation Schedule January 24, 2005 ($ in millions, except per share amounts) Full year ended Dec 25, 2004
Adjustments ----------------------------- Land and Re-engineering hurricane and Adjusted Exchange insurance manufacturing before rate impact GAAP gains rationalization FX impact (a) Adjusted -------- ---------- --------------- ---------- ---------- ----------- Income (loss) before income taxes $ 102.0 $ (13.1) $ 7.0 $ 95.9 $ 8.1 $ 104.0 % vs prior year Income tax impact 15.1 (5.1) 2.6 12.6 1.2 13.8 Net income 86.9 (8.0) 4.4 83.3 6.9 90.2 Net income per common share (diluted) $ 1.48 $ (0.14) $ 0.07 $ 1.41 $ 0.12 $ 1.53 Average number of diluted shares (millions) 58.9
Full year ended Dec 31, 2005 - Outlook
Adjustments ------------------------------ Re-engineering GAAP Range and Adjusted Range -------------------- manufacturing ------------------- Low High Land gains rationalization Low High -------- -------- ---------- --------------- -------- -------- Income (loss) before income taxes $ 110.5 $ 118.1 $ (7.7) $ 3.8 $ 106.6 $ 114.2 % vs prior year 8% 16% 3% 10% Income tax impact 24.9 26.6 (3.0) 1.5 23.3 25.1 Net income 85.6 91.5 (4.7) 2.3 83.3 89.1 Net income per common share (diluted) $ 1.45 $ 1.55 $ (0.08) $ 0.04 $ 1.41 $ 1.51 Average number of diluted shares (millions) 59.2 % vs prior year -2% 5%
(a) Impact of current exchange rates; 2004 restated at rates used for the 2005 outlook see more regarding utilization of Non-GAAP financial measures in the attached press release. TUPPERWARE CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS (UNAUDITED) Dec. 25, Dec. 27, (In millions) 2004 2003* - ---------------------------------- --------- --------- Cash and cash equivalents $ 90.9 $ 45.0 Accounts receivable 119.0 127.3 Less allowances for doubtful accounts (13.9) (25.2) 105.1 102.1 Inventories 163.0 160.5 Deferred income tax benefits, net 61.8 59.2 Non-trade amounts receivable 35.8 28.6 Prepaid expenses 12.9 16.0 Total current assets 469.5 411.4 Deferred income tax benefits, net 149.8 136.8 Property, plant and equipment 1,131.2 1,059.3 Less accumulated depreciation (915.2) (837.9) 216.0 221.4 Long-term receivables, net of allowances of $26.8 million at December 25, 2004 and December 27, 2003 41.4 45.4 Goodwill, net of accumulated amortization of $1.6 million at December 25, 2004 and December 27, 2003 56.2 56.2 Other assets 27.8 28.5 Total assets $ 960.7 $ 899.7 * Certain prior year amounts have been reclassified on the consolidated balance sheet to conform with current year classifications. TUPPERWARE CORPORATION CONSOLIDATED BALANCE SHEETS LIABILITIES AND SHAREHOLDERS' EQUITY (UNAUDITED) (Dollars in millions, except per Dec. 25, Dec. 27, share amounts) 2004 2003* - ------------------------------------ --------- --------- Accounts payable $ 91.0 $ 86.0 Short-term borrowings and current portion of long-term debt 1.2 5.6 Accrued liabilities 176.0 182.6 Total current liabilities 268.2 274.2 Long-term debt 247.8 263.5 Accrued post-retirement benefit cost 35.3 36.4 Other liabilities 117.5 97.4 Commitments and contingencies Shareholders' equity: Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued -- -- Common stock, $0.01 par value, 600,000,000 shares authorized; 62,367,289 shares issued 0.6 0.6 Paid-in Capital 25.6 23.1 Subscription receivable (18.7) (20.6) Retained earnings 560.9 529.0 Treasury Stock, 3,542,135 shares at December 25, 2004 and 3,850,343 shares at December 27, 2003 at cost (96.8) (105.5) Unearned portion of restricted stock issued for future service (2.9) (1.6) Accumulated other comprehensive loss (176.8) (196.8) Total shareholders' equity 291.9 228.2 Total liabilities and shareholders' equity $ 960.7 $ 899.7 * Certain prior year amounts have been reclassified on the consolidated balance sheet to conform with current year classifications. TUPPERWARE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 52 weeks ended ---------------------- Dec 25, Dec 27, (In millions) 2004 2003 - ----------------------------------------------------- -------- -------- OPERATING ACTIVITIES Net income 86.9 47.9 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 50.8 52.6 Net gain on disposal of assets (12.8) (3.7) Non-cash impact of re- engineering and impairment charges 2.8 1.4 Changes in assets and liabilities: Decrease in accounts receivable 9.3 13.3 Decrease in inventories 6.8 3.5 Increase (decrease) in accounts accrued liabilities 13.9 (0.6) Decrease in income taxes payable (17.7) (5.1) Increase in net deferred income taxes (14.6) (22.4) Net cash impact from hedge activity (11.0) 25.2 Other, net 7.0 (6.5) Net cash provided by operating activities 121.4 105.6 INVESTING ACTIVITIES Capital expenditures (43.6) (40.0) Proceeds from disposal of property, plant & equipment 16.6 9.4 Net cash used in investing activities (27.0) (30.6) FINANCING ACTIVITIES Dividend payments to shareholders (51.5) (51.4) Proceeds from exercise of stock options 4.1 0.9 Proceeds from payments of subscriptions receivable 1.5 0.6 Net (decrease) increase in short- term debt (4.2) 0.2 Payment of long-term debt -- (15.0) Net cash used in financing activities (50.1) (64.7) Effect of exchange rate changes on cash and cash equivalents 1.6 2.1 Net increase in cash and cash equivalents 45.9 12.4 Cash and cash equivalents at beginning of period 45.0 32.6 Cash and cash equivalents at end of period 90.9 45.0 TUPPERWARE CORPORATION SUPPLEMENTAL INFORMATION Fourth Quarter Ended December 25, 2004 Sales Force Statistics (a): AVG. Segment DIST. % CHG. ACTIVE % CHG. TOTAL % CHG. - ------------------- ----- ------ ------- ------ ------- ------ Europe 713 2 64,877 7 240,639 8 Asia Pacific 690 4 41,623 6 304,433 (6) Latin America 186 (1) 54,727 (6) 237,319 (8) North America 331 (9) 13,593 (23) 103,829 (6) Tupperware 1,920 -- 174,820 -- 886,220 (3) BeautiControl N.A. n/a n/a 31,920 28 85,758 30 Total 1,920 -- 206,740 3 971,978 (1) (a) As collected by the Company and provided by distributors and sales force. UNAUDITED SELECTED FINANCIAL DATA FOURTH QUARTER 2004 ($ in millions) Cash $ 90.9 Net Debt to Capital Ratio (b) 35% Net Current Receivables 105.1 Equity $ 291.9 Net Inventory 163.0 Capital Expenditures 43.6 Short-Term Debt 1.2 Depreciation and Amortization 50.8 Long-Term Debt 247.8 (b) Net debt is defined as total debt less cash on hand. Capital is defined as total debt less cash on hand plus shareholders' equity. SOURCE Tupperware Corporation -0- 01/24/2005 /CONTACT: Jane Garrard of Tupperware Corporation, +1-407-826-4522/ /Web site: http://www.tupperware.com http://www.beauticontrol.com / - - -----END PRIVACY-ENHANCED MESSAGE-----