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 February 21, 2018 |
Exhibit Number | Exhibit | |
Press Release dated February 21, 2018 |
ENPRO INDUSTRIES, INC. | ||
By: | /s/ Robert S. McLean | |
Robert S. McLean | ||
Executive Vice President, General Counsel and Secretary |
Investor Contact: | Chris O'Neal | EnPro Industries |
Senior Vice President, Strategy, Corporate | 5605 Carnegie Boulevard | |
Development and Investor Relations | Charlotte, North Carolina 28209-4674 | |
Phone: | 704-731-1527 | Phone: 704-731-1500 |
Email: | investor.relations@enproindustries.com | Fax: 704-731-1511 |
www.enproindustries.com |
Consolidated Statements of Operations (Unaudited) | |||||||||
(in $ millions, except per share amounts) | Prior | Change | Revised | ||||||
Fourth Quarter Ended December 31, 2017 | |||||||||
Income before income taxes | $ | 16.2 | $ | — | $ | 16.2 | |||
Income tax benefit (expense) | 7.2 | 10.8 | 18.0 | ||||||
Net income | 23.4 | 10.8 | 34.2 | ||||||
Basic earnings per share | 1.10 | 0.50 | 1.60 | ||||||
Diluted earnings per share | 1.07 | 0.50 | 1.57 | ||||||
Year Ended December 31, 2017 | |||||||||
Income before income taxes | $ | 577.5 | $ | — | $ | 577.5 | |||
Income tax benefit (expense) | (48.5 | ) | 10.8 | (37.7 | ) | ||||
Net income | 529.0 | 10.8 | 539.8 | ||||||
Basic earnings per share | 24.77 | 0.51 | 25.28 | ||||||
Diluted earnings per share | 24.27 | 0.49 | 24.76 | ||||||
Consolidated Balance Sheet (Unaudited) | |||||||||
As of December 31, 2017 | Prior | Change | Revised | ||||||
(in US $ millions) | |||||||||
Income tax receivable | $ | 122.8 | $ | (9.6 | ) | $ | 113.2 | ||
Deferred income taxes and income tax receivable | 20.1 | 4.7 | 24.8 | ||||||
Total assets | 1,891.0 | (4.9 | ) | 1,886.1 | |||||
Accrued expenses | 137.5 | (0.9 | ) | 136.6 | |||||
Other liabilities | 111.7 | (14.8 | ) | 96.9 | |||||
Retained earnings | 593.6 | 10.8 | 604.4 | ||||||
Shareholders' equity | 892.0 | 10.8 | 902.8 | ||||||
Total liabilities and equity | 1,891.0 | (4.9 | ) | 1,886.1 | |||||
Consolidated Statements of Cash Flows (Unaudited) | |||||||||
Year Ended December 31, 2017 | Prior | Change | Revised | ||||||
(in US $ millions) | |||||||||
Net income | $ | 529.0 | $ | 10.8 | $ | 539.8 | |||
Deferred income taxes | 56.3 | (20.4 | ) | 35.9 | |||||
Change in other current assets and liabilities | (10.7 | ) | 9.6 | (1.1 | ) | ||||
Net cash provided by operating activities | 46.6 | — | 46.6 |
Quarters Ended | Years Ended | ||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||
Net sales | $ | 362.5 | $ | 286.9 | $ | 1,309.6 | $ | 1,187.7 | |||||
Cost of sales | 239.4 | 196.3 | 865.2 | 793.0 | |||||||||
Gross profit | 123.1 | 90.6 | 444.4 | 394.7 | |||||||||
Operating expenses: | |||||||||||||
Selling, general and administrative | 93.6 | 72.1 | 326.3 | 303.8 | |||||||||
Asbestos settlement | — | — | — | 80.0 | |||||||||
Other | 1.5 | 5.2 | 16.9 | 15.6 | |||||||||
Total operating expenses | 95.1 | 77.3 | 343.2 | 399.4 | |||||||||
Operating income (loss) | 28.0 | 13.3 | 101.2 | (4.7 | ) | ||||||||
Interest expense | (8.7 | ) | (14.2 | ) | (50.9 | ) | (55.9 | ) | |||||
Interest income | 0.5 | 0.1 | 1.5 | 0.8 | |||||||||
Gain on reconsolidation of GST and OldCo | — | — | 534.4 | — | |||||||||
Other expense | (3.6 | ) | (3.5 | ) | (8.7 | ) | (8.9 | ) | |||||
Income (loss) before income taxes | 16.2 | (4.3 | ) | 577.5 | (68.7 | ) | |||||||
Income tax benefit (expense) | 18.0 | 1.4 | (37.7 | ) | 28.6 | ||||||||
Net income (loss) | $ | 34.2 | $ | (2.9 | ) | $ | 539.8 | $ | (40.1 | ) | |||
Basic earnings (loss) per share | $ | 1.60 | $ | (0.14 | ) | $ | 25.28 | $ | (1.86 | ) | |||
Average common shares outstanding (millions) | 21.4 | 21.4 | 21.3 | 21.6 | |||||||||
Diluted earnings (loss) per share | $ | 1.57 | $ | (0.14 | ) | $ | 24.76 | $ | (1.86 | ) | |||
Average common shares outstanding (millions) | 21.8 | 21.4 | 21.8 | 21.6 |
2017 | 2016 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | 539.8 | $ | (40.1 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation | 32.7 | 30.4 | ||||||
Amortization | 31.1 | 26.7 | ||||||
Gain on reconsolidation of GST and OldCo | (534.4 | ) | — | |||||
Asset impairments | 12.1 | — | ||||||
Asbestos settlement | — | 80.0 | ||||||
Deferred income taxes | 35.9 | (30.0 | ) | |||||
Stock-based compensation | 9.5 | 5.1 | ||||||
Other non-cash adjustments | 2.9 | 1.1 | ||||||
Change in assets and liabilities, net of effects of acquisition, deconsolidation and reconsolidation of businesses: | ||||||||
Asbestos liabilities, net of insurance receivables | (68.9 | ) | — | |||||
Accounts receivable, net | (35.7 | ) | 3.0 | |||||
Inventories | 7.9 | 2.4 | ||||||
Accounts payable | 20.5 | (2.9 | ) | |||||
Other current assets and liabilities | (1.1 | ) | 8.4 | |||||
Other non-current assets and liabilities | (5.7 | ) | (19.6 | ) | ||||
Net cash provided by operating activities | 46.6 | 64.5 | ||||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (41.0 | ) | (35.8 | ) | ||||
Payments for capitalized internal-use software | (3.7 | ) | (4.1 | ) | ||||
Proceeds from sale of business | — | 6.6 | ||||||
Acquisitions, net of cash acquired | (44.6 | ) | (28.5 | ) | ||||
Reconsolidation of GST and OldCo | 41.1 | — | ||||||
Deconsolidation of OldCo | (4.8 | ) | — | |||||
Capital contribution to OldCo | (45.2 | ) | — | |||||
Other | 0.5 | 0.4 | ||||||
Net cash used in investing activities | (97.7 | ) | (61.4 | ) | ||||
Financing activities | ||||||||
Proceeds from debt | 635.7 | 350.8 | ||||||
Repayments of debt | (484.3 | ) | (278.1 | ) | ||||
Repurchase of common stock | (11.5 | ) | (30.4 | ) | ||||
Dividends paid | (19.0 | ) | (18.1 | ) | ||||
Other | (2.4 | ) | (2.2 | ) | ||||
Net cash provided by financing activities | 118.5 | 22.0 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 10.4 | (17.0 | ) | |||||
Net increase in cash and cash equivalents | 77.8 | 8.1 | ||||||
Cash and cash equivalents at beginning of period | 111.5 | 103.4 | ||||||
Cash and cash equivalents at end of period | $ | 189.3 | $ | 111.5 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 46.4 | $ | 41.0 | ||||
Income taxes | $ | 5.3 | $ | 19.6 |
2017 | 2016 | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 189.3 | $ | 111.5 | |||
Accounts receivable | 261.7 | 208.1 | |||||
Inventories | 204.1 | 175.4 | |||||
Income tax receivable | 113.2 | 6.5 | |||||
Other current assets | 51.3 | 23.4 | |||||
Total current assets | 819.6 | 524.9 | |||||
Property, plant and equipment | 296.9 | 215.4 | |||||
Goodwill | 336.1 | 201.5 | |||||
Other intangible assets | 347.0 | 176.9 | |||||
Investment in GST | — | 236.9 | |||||
Deferred income taxes and income tax receivable | 24.8 | 152.6 | |||||
Other assets | 61.7 | 38.2 | |||||
Total assets | $ | 1,886.1 | $ | 1,546.4 | |||
Current liabilities: | |||||||
Short-term borrowings from GST | $ | — | $ | 26.2 | |||
Notes payable to GST | — | 12.7 | |||||
Current maturities of long-term debt | 0.2 | 0.2 | |||||
Accounts payable | 130.7 | 102.9 | |||||
Asbestos liability - current | 0.6 | 30.0 | |||||
Accrued expenses | 136.6 | 131.0 | |||||
Total current liabilities | 268.1 | 303.0 | |||||
Long-term debt | 618.3 | 424.8 | |||||
Notes payable to GST | — | 283.2 | |||||
Asbestos liability | — | 80.0 | |||||
Other liabilities | 96.9 | 96.9 | |||||
Total liabilities | 983.3 | 1,187.9 | |||||
Shareholders' equity: | |||||||
Common stock | 0.2 | 0.2 | |||||
Additional paid-in capital | 347.9 | 346.5 | |||||
Retained earnings | 604.4 | 84.0 | |||||
Accumulated other comprehensive loss | (48.4 | ) | (70.9 | ) | |||
Common stock held in treasury, at cost | (1.3 | ) | (1.3 | ) | |||
Total shareholders' equity | 902.8 | 358.5 | |||||
Total liabilities and equity | $ | 1,886.1 | $ | 1,546.4 |
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