-----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, J7NUJfe/J/ZlQO+c+cPel95f0E3cYJTKO62p0udtOQN8e0pk3X8fHeyEHTkUzQ/M XVLps3vIQmcjopiha1YrKQ== 0000893838-07-000021.txt : 20070205 0000893838-07-000021.hdr.sgml : 20070205 20070205140426 ACCESSION NUMBER: 0000893838-07-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070131 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070205 DATE AS OF CHANGE: 20070205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCKWELL AUTOMATION INC CENTRAL INDEX KEY: 0001024478 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 251797617 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12383 FILM NUMBER: 07579640 BUSINESS ADDRESS: STREET 1: 1201 SOUTH 2ND STREET CITY: MILWAUKEE STATE: WI ZIP: 53204 BUSINESS PHONE: 414-382-2000 MAIL ADDRESS: STREET 1: 1201 SOUTH 2ND STREET CITY: MILWAUKEE STATE: WI ZIP: 53204 FORMER COMPANY: FORMER CONFORMED NAME: ROCKWELL AUTOMATION INC DATE OF NAME CHANGE: 20020507 FORMER COMPANY: FORMER CONFORMED NAME: ROCKWELL INTERNATIONAL CORP DATE OF NAME CHANGE: 19970106 FORMER COMPANY: FORMER CONFORMED NAME: NEW ROCKWELL INTERNATIONAL CORP DATE OF NAME CHANGE: 19961009 8-K 1 r8kfeb2007.htm FORM 8-K Form 8-K




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): February 5, 2007 (January 31, 2007)


Rockwell Automation, Inc.
(Exact Name of Registrant as Specified in Charter)


Delaware
(State or Other Jurisdiction
of Incorporation)
1-12383
(Commission
File Number)
25-1797617
(IRS Employer
Identification No.)


1201 South Second Street
Milwaukee, Wisconsin 53204

(Address of Principal Executive Offices) (Zip Code)


(414) 382-2000
(Registrant’s telephone number, including area code)


    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:


    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))





INFORMATION TO BE INCLUDED IN THE REPORT   


Item 2.01. Completion of Acquisition or Disposition of Assets.

            On January 31, 2007, Rockwell Automation, Inc. (“Registrant”) completed the divestiture (the “Divestiture”) of its former Dodge mechanical and Reliance Electric motors and motor repair services businesses to Baldor Electric Company (“Baldor”) for $1.8 billion, comprised of $1.75 billion in cash and 1,579,280 shares of Baldor common stock. These were the principal businesses of Registrant’s former Power Systems operating segment.


Item 9.01. Financial Statements and Exhibits.

(b) Pro Forma Financial Information.

Unaudited Pro Forma Condensed Consolidated Financial Information of Registrant reflecting the Divestiture.

(Page 2 of 9 Pages)


SIGNATURE

            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.


  ROCKWELL AUTOMATION, INC.
                   (Registrant)


  By /s/ Douglas M. Hagerman
   
    Douglas M. Hagerman
Senior Vice President, General Counsel
     and Secretary

Date: February 5, 2007



(Page 3 of 9 Pages)


ROCKWELL AUTOMATION, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The following unaudited pro forma condensed consolidated balance sheet as of December 31, 2006 and the unaudited pro forma condensed consolidated statement of operations for the three months ended December 31, 2006 and the years ended September 30, 2006, 2005 and 2004 give effect to the Divestiture. The pro forma condensed consolidated financial information should be read in conjunction with the historical financial statements and the related notes thereto of Registrant contained in its Annual Report on Form 10-K for the fiscal year ended September 30, 2006 and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2006.

The pro forma information is presented for information purposes only and is not necessarily indicative of Registrant’s financial results had the Divestiture actually occurred on the dates assumed nor is it necessarily indicative of the future results of operations.


(Page 4 of 9 Pages)


Rockwell Automation, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet


December 31, 2006

Company Historical Pro Forma Adjustments Company Pro Forma



(in millions)
Assets  
Current Assets:                          
      Cash and cash equivalents     $ 433.5     $ 1,750.0   (a) $ 2,183.5  
      Receivables    788.3      –         788.3  
      Inventories    450.9      –         450.9  
      Other current assets    490.0    (214.3 ) (c)  325.7  
               50.0   (a)     
      Assets available for sale    341.3      (341.3 ) (a)  –     



               Total current assets    2,504.0      1,244.4      3,748.4  
Property, net    468.1      –         468.1  
Goodwill and other intangible assets, net    824.8      –         824.8  
Prepaid pension    599.0      –         599.0  
Other assets    112.5      –         112.5  
Assets available for sale    553.1      (553.1 ) (a)  –     



      Total    $ 5,061.5     $ 691.3     $ 5,752.8  



Liabilities and Shareowners’ Equity  
Current Liabilities:                         
      Short-term debt   $ 533.2     $ –        $ 533.2  
      Accounts payable and other accrued liabilities    881.3      35.0   (b)  916.3  
      Income taxes payable    106.1      (214.3 ) (c)  275.8  
            384.0   (d)     
      Liabilities associated with assets available for sale    103.5      (103.5 ) (a)  –     



               Total current liabilities     1,624.1       101.2       1,725.3  
Long-term debt    749.5      –         749.5  
Retirement benefits    323.5      (55.0 ) (e)  268.5  
Other liabilities    314.8      –         314.8  
Liabilities associated with assets available for sale    61.3      (61.3 ) (a)  –     
Shareowners’ equity    1,988.3      1,070.4   (a)  2,694.7  
           (35.0 ) (b)     
           (384.0 ) (d)     
            55.0   (e)     



      Total    $ 5,061.5     $ 691.3     $ 5,752.8  




(a) To reflect receipt of the proceeds from Baldor in connection with the Divestiture (comprised of $1.75 billion in cash and approximately $50 million in Baldor common stock) and the removal of assets available for sale and liabilities associated with assets available for sale. A portion of the cash proceeds were utilized to repay all of our outstanding commercial paper borrowings. Commercial paper borrowings outstanding on December 31, 2006 approximated $530.0 million.

(b) To reflect the liabilities for expenses incurred in connection with the closing of the Divestiture.

(c) To reclassify the income tax benefit associated with the Divestiture.

(d) To record tax provision on the gain associated with the Divestiture.

(e) To record the pension and post-retirement obligation curtailment gain associated with the Divestiture.

(Page 5 of 9 Pages)


Rockwell Automation, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations


Three Months Ended December 31, 2006

Company Historical Pro Forma Adjustments (a) Company Pro Forma



(in millions, except per share data)
 
Sales     $ 1,146.3   $ –      $ 1,146.3  
Cost of sales    (648.7 )  –       (648.7 )



            Gross profit    497.6    –       497.6  
Selling, general and administrative expenses    (293.1 )  –       (293.1 )
Other income (expense)    0.8    –       0.8  
Interest expense    (18.4 )  –       (18.4 )



Income before income taxes    186.9    –       186.9  
Income tax provision    (56.0 )  –       (56.0 )



Income from continuing operations   $ 130.9    –      $ 130.9  



Earnings per share from continuing operations:  
            Basic   $ 0.78   $ –      $ 0.78  



            Diluted   $ 0.76   $–      $ 0.76  



Average outstanding shares:  
            Basic    168.6    168.6    168.6  



            Diluted    171.4    171.4    171.4  




(a) The Divestiture has been reflected as a discontinued operation within our Condensed Consolidated Statement of Operations in our Quarterly Report on Form 10-Q for the quarter ended December 31, 2006.

(Page 6 of 9 Pages)


Rockwell Automation, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations


Year Ended September 30, 2006

Company Historical Pro Forma Adjustments Company Pro Forma



(in millions, except per share data)
 
Sales     $ 5,561.4     $ (989.2 ) (a) $ 4,572.2  
Cost of sales     (3,367.0 )    695.8   (a)  (2,671.2 )

 
 
            Gross profit    2,194.4      (293.4 )    1,901.0  
Selling, general and administrative expenses    (1,275.3 )    133.1   (a)  (1,142.2 )
Other income (expense)    30.7      0.3   (a)  31.0  
Interest expense    (58.4 )    1.8   (a)  (56.6 )

 
 
Income before income taxes    891.4      (158.2 )    733.2  
Income tax provision    (263.3 )    57.7   (a)  (205.6 )

 
 
Income from continuing operations   $ 628.1     $ (100.5 )   $ 527.6  

 
 
Earnings per share from continuing operations:  
            Basic   $ 3.55     $ (0.57 ) (a) $2.99  

 
 
            Diluted   $ 3.49     $ (0.56 ) (a) $2.93  

 
 
Average outstanding shares:  
            Basic    176.6      176.6      176.6  

 
 
            Diluted    179.9      179.9      179.9  

 
 

(a) To remove revenues and expenses of our Dodge mechanical and Reliance Electric motors and motor repair services businesses.

(Page 7 of 9 Pages)


Rockwell Automation, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations


Year Ended September 30, 2005

Company Historical Pro Forma Adjustments Company Pro Forma



(in millions, except per share data)
 
Sales     $ 5,003.2     $ (860.7 ) (a) $ 4,142.5  
Cost of sales     (3,109.1 )    632.2   (a)  (2,476.9 )

 
 
            Gross profit    1,894.1      (228.5 )    1,665.6  
Selling, general and administrative expenses    (1,120.8 )    121.1   (a)  (999.7 )
Other income (expense)    9.5      0.3   (a)  9.8  
Interest expense    (45.8 )    –         (45.8 )

 
 
Income before income taxes    737.0      (107.1 )    629.9  
Income tax provision    (218.6 )    36.3   (a)  (182.3 )

 
 
Income from continuing operations   $ 518.4     $ (70.8 )   $ 447.6  

 
 
Earnings per share from continuing operations:  
            Basic   $ 2.83     $ (0.39 ) (a) $2.44  

 
 
            Diluted   $ 2.77     $ (0.38 ) (a) $2.39  

 
 
Average outstanding shares:  
            Basic    183.1      183.1      183.1  

 
 
            Diluted    187.2      187.2      187.2  

 
 

(a) To remove revenues and expenses of our Dodge mechanical and Reliance Electric motors and motor repair services businesses.

(Page 8 of 9 Pages)


Rockwell Automation, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations


Year Ended September 30, 2004

Company Historical Pro Forma Adjustments Company Pro Forma



(in millions, except per share data)
 
Sales     $ 4,411.1     $ (734.6 ) (a) $ 3,676.5  
Cost of sales     (2,848.3 )    559.2   (a)  (2,289.1 )

 
 
            Gross profit    1,562.8      (175.4 )    1,387.4  
Selling, general and administrative expenses    (1,058.6 )    116.9   (a)  (941.7 )
Other income (expense)    (24.4 )    0.9   (a)  (23.5 )
Interest expense    (41.7 )    –         (41.7 )

 
 
Income before income taxes    438.1      (57.6 )    380.5  
Income tax provision    (84.0 )    19.9   (a)  (64.1 )

 
 
Income from continuing operations   $ 354.1     $ (37.7 )   $ 316.4  

 
 
Earnings per share from continuing operations:  
            Basic   $ 1.91     $ (0.20 ) (a) $1.71  

 
 
            Diluted   $ 1.85     $ (0.20 ) (a) $1.66  

 
 
Average outstanding shares:  
            Basic    185.5      185.5      185.5  

 
 
            Diluted    191.1      191.1      191.1  

 
 

(a) To remove revenues and expenses of our Dodge mechanical and Reliance Electric motors and motor repair services businesses.

(Page 9 of 9 Pages)


GRAPHIC 2 ballot.jpg GRAPHIC begin 644 ballot.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#U."#5-9UW M7U'B/4K&"SO4MX8+6*V*A3;0R$DR0LQ):1N_I6KX5OKC4_!^B7]W()+FZL() MI7``W.T:EC@<#DGI3+GPKI=S>W5V6U"&:Z=9)C;:G
-----END PRIVACY-ENHANCED MESSAGE-----