EX-99 2 financialinformation-8k.htm UPDATED FINANCIAL INFORMATION - SEPTEMBER 30, 2010 Unassociated Document
Exhibit 99.1
 
 
 
 
 
Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
 
 
   
Three Months Ended
     
Nine Months Ended
 
   
September 30
     
September 30
 
     
2010
     
2009
       
2010
     
2009
 
Net sales
 
$
2,205 
   
$
2,282 
     
$
5,992 
   
$
6,021 
 
                                   
Cost of products sold
   
1,788 
     
1,868 
       
4,902 
     
4,936 
 
Depreciation and amortization
   
40 
     
49 
       
128 
     
142 
 
Gross profit  (1)
   
377
     
365 
       
962 
     
943 
 
                                       
Selling and administrative expense
   
82 
     
95 
       
256 
     
274 
 
Provision for asbestos      15                  15           
Provision for restructuring
   
17 
     
40 
       
41 
     
42 
 
Asset sales and impairments 
 
 
(11)
 
 
 
(1)
 
 
 
 
(18)
 
 
 
(2)
 
Loss from early extinguishments of debt      16        27          16        27   
Interest expense
   
55 
     
66 
       
147 
     
189 
 
Interest income
 
 
(3)
 
 
 
(1)
 
 
 
 
(6)
 
 
 
(4)
 
Translation and foreign exchange adjustments
 
 
(2)
 
 
 
(5)
 
     
(4)
 
 
 
(1)
 
Income before income taxes
   
208 
     
144 
       
515 
     
418 
 
Provision for income taxes
   
47 
     
       
143 
     
71 
 
Equity loss in affiliates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4)
 
Net income
 
 
161 
   
 
141 
     
 
372 
   
 
343 
 
Net income attributable to noncontrolling interests     (35)       (33)         (93)       (90)  
Net income attributable to Crown Holdings
  $ 126      $ 108        $ 279      $ 253   
Earnings per share attributable to Crown Holdings common shareholders: 
                                 
Basic
 
$
0.79 
   
$
0.68 
     
$
1.74 
   
$
1.59 
 
Diluted
 
$
0.78 
   
$
0.67 
      
$
1.71 
   
$
1.56 
 
                                   
                                   
Weighted average common shares outstanding:
                                 
Basic
159,181,133 
 
159,208,879 
   
160,280,362 
 
158,876,444 
 
Diluted
161,674,329 
 
162,120,722 
   
162,683,432 
 
161,714,586 
 
Actual common shares outstanding
159,087,919 
 
160,605,953 
   
159,087,919 
 
160,605,953 
 
 

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Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
                   
September 30,
   
2010
       
2009
 
Assets
                 
Current assets
                 
Cash and cash equivalents
 
$
415 
     
$
438 
 
Receivables, net (1)
   
1,274 
       
1,054 
 
Inventories
   
1,068 
       
1,077 
 
Prepaid expenses and other current assets
   
122 
       
104 
 
Total current assets
   
2,879 
       
2,673 
 
                   
Goodwill
   
1,998 
       
2,060 
 
Property, plant and equipment, net
   
1,524 
       
1,496 
 
Other non-current assets
   
745 
       
949 
 
Total
 
$
7,146
     
$
7,178 
 
                   
Liabilities and equity
                 
Current liabilities
                 
Short-term debt (1)
 
$
299 
     
$
52 
 
Current maturities of long-term debt
   
156 
       
25 
 
Accounts payable and accrued liabilities
   
1,974 
       
1,929 
 
Total current liabilities
   
2,429 
       
2,006 
 
                   
Long-term debt, excluding current maturities
   
2,774 
       
3,148 
 
Other non-current liabilities
   
1,476 
       
1,497 
 
                   
Noncontrolling interests
   
328 
   
 
 
394 
 
Crown Holdings shareholders' equity      139          133   
Total  equity    
467 
       
  527 
 
Total
 
$
7,146 
     
$
7,178 
 
                   
 
 
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Consolidated Statements of Cash Flows (Condensed & Unaudited)
(in millions)
                   
Nine months ended September 30,
   
2010
       
2009
 
                   
Cash flows from operating activities
                 
Net income
 
$
372 
     
$
343 
 
Depreciation and amortization
   
128 
       
142 
 
      Provision for restructuring     41          42   
      Asset sales and impairments     (18)         (2)  
      Loss from early extinguishments of debt     16          27   
      Pension expense     83          94   
      Pension contributions     (43)         (42)  
      Stock-based compensation     17          14   
      Working capital  (1)      (636)         (440)  
Deferred taxes and other
   
79 
       
 
Net cash provided by operating activities (A)
   
39 
       
180
 
                   
Cash flows from investing activities
             
 
 
Capital expenditures
   
(187)
       
(108)
 
     Proceeds from sale of assets     20           
Other
   
       
(4)
 
Net cash used for investing activities
 
 
(164)
     
 
(110)
 
                   
Cash flows from financing activities
                 
Net change in debt  (1) 
 
 
452 
     
 
(171)
 
      Purchase of noncontrolling interests     (168)            
      Common stock repurchased     (105)         (4)  
      Dividends paid to noncontrolling interests     (77)         (53)  
Other, net
   
(16)
       
(8)
 
Net cash provided by/(used for) financing activities
   
86 
       
(236)
 
                   
Effect of exchange rate changes on cash and cash equivalents
   
(5)
       
 
 
   
 
       
 
 
Net change in cash and cash equivalents      (44)         (158)  
                   
Cash and cash equivalents at January 1
   
459 
   
 
 
596 
 
                   
Cash and cash equivalents at September 30
 
$
415 
     
$
438 
 
                   
                   
 
 

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