ENPRO INDUSTRIES, INC. |
(Exact name of Registrant, as specified in its charter) |
North Carolina | 001-31225 | 01-0573945 | ||
(State or other jurisdiction | (Commission file number) | (I.R.S. Employer | ||
of incorporation | Identification No.) |
5605 Carnegie Boulevard, Suite 500 |
Charlotte, North Carolina 28209 |
(Address of principal executive offices, including zip code) |
(704) 731-1500 |
(Registrant’s telephone number, including area code) |
Not Applicable |
(Former name or address, if changed since last report) |
¨ | 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)) |
(d) | Exhibit 99.1 – Press Release of EnPro Industries, Inc. dated May 1, 2014 |
ENPRO INDUSTRIES, INC. | ||
By: | /s/ Robert S. McLean | |
Robert S. McLean | ||
Vice President, General Counsel and Secretary |
Exhibit Number | Exhibit | |
99.1 | Press Release dated May 1, 2014 |
Investor Contact: | Don Washington | EnPro Industries |
Director, Investor Relations and | 5605 Carnegie Boulevard | |
Corporate Communications | Charlotte, North Carolina 28209-4674 | |
Phone: | 704-731-1527 | Phone: 704-731-1500 |
Email: | don.washington@enproindustries.com | Fax: 704-731-1511 |
www.enproindustries.com |
• | Sales of $287.2 million were approximately the same as the first quarter of 2013 as increases in Sealing Products sales were offset by lower engine-related parts and service revenue. |
• | Segment profit margins were 10.1% compared to 11.1% in the first quarter of 2013 primarily due to a less profitable mix and higher SG&A spending. |
• | EPS of $0.05 in the first quarter compares to $0.39 in the first quarter of 2013; in addition to reduced operating profit, a non-cash loss on the exchange of a portion of the company’s convertible debentures contributed to the decrease. |
• | EnPro’s adjusted net income in the first quarter was $9.8 million, or $0.39 a share compared to $0.56 a year ago. |
• | GST reported operating margins of 22.3% and adjusted net income of $8.2 million in the quarter on sales of $52.8 million. |
($ Millions) | Quarter Ended | Change | |
3/31/2014 | 3/31/2013 | ||
Sales | $155.0 | $146.6 | 6% |
EBITDA | $24.7 | $29.1 | -15% |
EBITDA Margin | 15.9% | 19.8% | |
Segment Profit | $17.1 | $21.3 | -20% |
Segment Margin | 11.0% | 14.5% |
($ Millions) | Quarter Ended | Change | |
3/31/2014 | 3/31/2013 | ||
Sales | $91.8 | $91.8 | 0% |
EBITDA | $14.3 | $11.3 | 27% |
EBITDA Margin | 15.6% | 12.3% | |
Segment Profit | $8.7 | $5.8 | 50% |
Segment Margin | 9.5% | 6.3% |
($ Millions) | Quarter Ended | Change | |
3/31/2014 | 3/31/2013 | ||
Sales | $41.1 | $49.4 | -17% |
EBITDA | $4.2 | $5.6 | -25% |
EBITDA Margin | 10.2% | 11.3% | |
Segment Profit | $3.3 | $4.8 | -31% |
Segment Margin | 8.0% | 9.7% |
($ Millions) | Quarter Ended | Change | |
3/31/2014 | 3/31/2013 | ||
Third Party Sales | $52.8 | $56.5 | -7% |
EBITDA-A | $13.5 | $14.2 | -5% |
EBITDA-A Margin | 25.6% | 25.1% | |
Operating Profit | $11.8 | $12.7 | -7% |
Operating Profit Margin | 22.3% | 22.5% | |
Adjusted Net Income | $8.2 | $8.6 | -5% |
2014 | 2013 | |||||||
Net sales | $ | 287.2 | $ | 286.9 | ||||
Cost of sales | 190.7 | 192.7 | ||||||
Gross profit | 96.5 | 94.2 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 78.9 | 72.6 | ||||||
Other | 0.2 | 0.9 | ||||||
Total operating expenses | 79.1 | 73.5 | ||||||
Operating income | 17.4 | 20.7 | ||||||
Interest expense | (11.1 | ) | (11.1 | ) | ||||
Interest income | 0.2 | 0.1 | ||||||
Other expense | (4.2 | ) | — | |||||
Income before income taxes | 2.3 | 9.7 | ||||||
Income tax expense | (1.0 | ) | (1.1 | ) | ||||
Net income | $ | 1.3 | $ | 8.6 | ||||
Basic earnings per share | $ | 0.06 | $ | 0.41 | ||||
Average common shares outstanding (millions) | 21.3 | 20.7 | ||||||
Diluted earnings per share | $ | 0.05 | $ | 0.39 | ||||
Average common shares outstanding (millions) | 25.1 | 22.3 |
2014 | 2013 | |||||||
Operating activities | ||||||||
Net income | $ | 1.3 | $ | 8.6 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Depreciation | 7.5 | 7.4 | ||||||
Amortization | 6.7 | 6.7 | ||||||
Accretion of debt discount | 1.8 | 1.8 | ||||||
Loss on exchange of debt | 3.6 | — | ||||||
Deferred income taxes | (12.3 | ) | (4.3 | ) | ||||
Stock-based compensation | 2.2 | (1.8 | ) | |||||
Excess tax benefits from stock-based compensation | (0.6 | ) | (2.0 | ) | ||||
Change in assets and liabilities, net of effects of acquisitions of businesses: | ||||||||
Accounts receivable | (21.0 | ) | (19.5 | ) | ||||
Inventories | (9.3 | ) | (2.3 | ) | ||||
Accounts payable | 2.8 | 4.2 | ||||||
Other current assets and liabilities | (10.5 | ) | (8.3 | ) | ||||
Other non-current assets and liabilities | 2.8 | (8.3 | ) | |||||
Net cash used in operating activities | (25.0 | ) | (17.8 | ) | ||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (6.7 | ) | (9.8 | ) | ||||
Payments for capitalized internal-use software | (2.8 | ) | (3.5 | ) | ||||
Acquisitions, net of cash acquired | (1.9 | ) | (2.2 | ) | ||||
Other | 0.1 | 0.1 | ||||||
Net cash used in investing activities | (11.3 | ) | (15.4 | ) | ||||
Financing activities | ||||||||
Net proceeds from short-term borrowings | 0.7 | 7.4 | ||||||
Proceeds from debt | 70.3 | 63.3 | ||||||
Repayments of debt | (34.5 | ) | (42.5 | ) | ||||
Other | (4.7 | ) | 2.0 | |||||
Net cash provided by financing activities | 31.8 | 30.2 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (0.1 | ) | (2.4 | ) | ||||
Net decrease in cash and cash equivalents | (4.6 | ) | (5.4 | ) | ||||
Cash and cash equivalents at beginning of period | 64.4 | 53.9 | ||||||
Cash and cash equivalents at end of period | $ | 59.8 | $ | 48.5 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 18.1 | $ | 16.7 | ||||
Income taxes | $ | 13.3 | $ | 5.4 |
March 31, 2014 | December 31, 2013 | ||||||
Current assets | |||||||
Cash and cash equivalents | $ | 59.8 | $ | 64.4 | |||
Accounts receivable | 215.7 | 193.1 | |||||
Inventories | 160.6 | 149.1 | |||||
Other current assets | 47.5 | 41.0 | |||||
Total current assets | 483.6 | 447.6 | |||||
Property, plant and equipment | 186.0 | 187.5 | |||||
Goodwill | 219.6 | 220.2 | |||||
Other intangible assets | 198.4 | 200.1 | |||||
Investment in GST | 236.9 | 236.9 | |||||
Other assets | 104.0 | 100.4 | |||||
Total assets | $ | 1,428.5 | $ | 1,392.7 | |||
Current liabilities | |||||||
Short-term borrowings from GST | $ | 23.1 | $ | 22.0 | |||
Notes payable to GST | 11.7 | 11.2 | |||||
Current maturities of long-term debt | 107.1 | 156.6 | |||||
Accounts payable | 90.4 | 86.8 | |||||
Accrued expenses | 121.7 | 140.9 | |||||
Total current liabilities | 354.0 | 417.5 | |||||
Long-term debt | 44.3 | 8.5 | |||||
Notes payable to GST | 259.3 | 248.1 | |||||
Pension liability | 42.9 | 47.4 | |||||
Other liabilities | 61.1 | 57.8 | |||||
Total liabilities | 761.6 | 779.3 | |||||
Temporary equity | 9.4 | 15.9 | |||||
Shareholders' equity | |||||||
Common stock | 0.2 | 0.2 | |||||
Additional paid-in capital | 470.6 | 410.9 | |||||
Retained earnings | 174.6 | 173.3 | |||||
Accumulated other comprehensive income | 13.4 | 14.4 | |||||
Common stock held in treasury, at cost | (1.3 | ) | (1.3 | ) | |||
Total shareholders' equity | 657.5 | 597.5 | |||||
Total liabilities and equity | $ | 1,428.5 | $ | 1,392.7 |
Sales | ||||||||
2014 | 2013 | |||||||
Sealing Products | $ | 155.0 | $ | 146.6 | ||||
Engineered Products | 91.8 | 91.8 | ||||||
Power Systems | 41.1 | 49.4 | ||||||
287.9 | 287.8 | |||||||
Less intersegment sales | (0.7 | ) | (0.9 | ) | ||||
$ | 287.2 | $ | 286.9 |
Segment Profit | ||||||||
2014 | 2013 | |||||||
Sealing Products | $ | 17.1 | $ | 21.3 | ||||
Engineered Products | 8.7 | 5.8 | ||||||
Power Systems | 3.3 | 4.8 | ||||||
$ | 29.1 | $ | 31.9 |
Segment Margin | ||||||
2014 | 2013 | |||||
Sealing Products | 11.0 | % | 14.5 | % | ||
Engineered Products | 9.5 | % | 6.3 | % | ||
Power Systems | 8.0 | % | 9.7 | % | ||
10.1 | % | 11.1 | % |
Reconciliation of Segment Profit to Net Income | ||||||||
2014 | 2013 | |||||||
Segment profit | $ | 29.1 | $ | 31.9 | ||||
Corporate expenses | (10.1 | ) | (9.1 | ) | ||||
Interest expense, net | (10.9 | ) | (11.0 | ) | ||||
Other expense, net | (5.8 | ) | (2.1 | ) | ||||
Income before income taxes | 2.3 | 9.7 | ||||||
Income tax expense | (1.0 | ) | (1.1 | ) | ||||
Net income | $ | 1.3 | $ | 8.6 |
2014 | 2013 | ||||||||||||||
$ | Per share | $ | Per share | ||||||||||||
Income before selected items | $ | 9.8 | $ | 0.39 | $ | 12.5 | $ | 0.56 | |||||||
Adjustments (net of tax): | |||||||||||||||
Restructuring costs | (0.1 | ) | — | (0.6 | ) | (0.02 | ) | ||||||||
Loss on exchange of debt | (2.3 | ) | (0.09 | ) | — | — | |||||||||
Interest expense and royalties with GST | (4.8 | ) | (0.19 | ) | (4.7 | ) | (0.21 | ) | |||||||
Other | (0.4 | ) | (0.02 | ) | — | — | |||||||||
Tax accrual adjustments | (0.9 | ) | (0.04 | ) | 1.4 | 0.06 | |||||||||
Impact | (8.5 | ) | (0.34 | ) | (3.9 | ) | (0.17 | ) | |||||||
Net income | $ | 1.3 | $ | 0.05 | $ | 8.6 | $ | 0.39 |
Quarter Ended March 31, 2014 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Earnings before interest, income taxes, depreciation | |||||||||||||
and amortization (EBITDA) | $ | 24.7 | $ | 14.3 | $ | 4.2 | $ | 43.2 | |||||
Deduct depreciation and amortization expense | (7.6 | ) | (5.6 | ) | (0.9 | ) | (14.1 | ) | |||||
Segment profit | $ | 17.1 | $ | 8.7 | $ | 3.3 | $ | 29.1 | |||||
EBITDA margin | 15.9 | % | 15.6 | % | 10.2 | % | 15.0 | % |
Quarter Ended March 31, 2013 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Earnings before interest, income taxes, depreciation | |||||||||||||
and amortization (EBITDA) | $ | 29.1 | $ | 11.3 | $ | 5.6 | $ | 46.0 | |||||
Deduct depreciation and amortization expense | (7.8 | ) | (5.5 | ) | (0.8 | ) | (14.1 | ) | |||||
Segment profit | $ | 21.3 | $ | 5.8 | $ | 4.8 | $ | 31.9 | |||||
EBITDA margin | 19.8 | % | 12.3 | % | 11.3 | % | 16.0 | % |
2014 | 2013 | ||||||
Earnings before interest, income taxes, depreciation, | |||||||
amortization, and other selected items (adjusted EBITDA) | $ | 32.2 | $ | 36.2 | |||
Adjustments: | |||||||
Interest expense, net | (10.9 | ) | (11.0 | ) | |||
Income tax expense | (1.0 | ) | (1.1 | ) | |||
Depreciation and amortization expense | (14.2 | ) | (14.1 | ) | |||
Restructuring costs | (0.1 | ) | (0.9 | ) | |||
Environmental reserve adjustment | (0.6 | ) | — | ||||
Loss on debt exchange | (3.6 | ) | — | ||||
Other | (0.5 | ) | (0.5 | ) | |||
Impact | (30.9 | ) | (27.6 | ) | |||
Net income | $ | 1.3 | $ | 8.6 |
Quarter Ended | Quarter Ended | |||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||
EnPro | GST | EnPro | GST | |||||||||||
Adjusted net sales * | $ | 280.3 | $ | 52.8 | $ | 280.8 | $ | 56.5 | ||||||
Segment profit/operating profit | $ | 29.1 | $ | 11.8 | $ | 31.9 | $ | 12.7 | ||||||
Adjusted EBITDA | $ | 32.2 | $ | 13.5 | $ | 36.2 | $ | 14.2 | ||||||
Income before selected items | $ | 9.8 | $ | 8.2 | $ | 12.5 | $ | 8.6 |
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