EX-99 2 form8k04192006b.htm EXHIBIT 99.1 FILED APRIL 19, 2006

Exhibit 99.1

THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
(Dollars in Millions Except Per Share Amounts)

Year Ended December 31, 2005   2004 2003 2002 2001

SALES     $ 6,523. 7 $ 5,398. 4 $ 4,482. 7 $ 4,291. 8 $ 4,139. 9
   Cost of goods sold    4,206. 6  3,432. 9  2,887. 1  2,805. 6  2,776. 6
   Selling, general, and administrative expenses    1,522. 2  1,352. 3  1,160. 9  1,100. 0  1,050. 1
   Restructuring and exit costs            31. 6  46. 6  99. 7

OPERATING INCOME    794. 9  613. 2  403. 1  339. 6  213. 5
   Interest expense (net of interest income of  
    $36.5 for 2005, $35.8 for 2004, $25.5 for  
    2003, $26.5 for 2002, and $34.7 for 2001)     45. 4  22. 1  35. 2  57. 8  84. 3
   Other (income) expense    (51. 6)  2. 8  2. 6  4. 8  8. 2

EARNINGS FROM CONTINUING OPERATIONS  
  BEFORE INCOME TAXES    801. 1  588. 3  365. 3  277. 0  121. 0
   Income taxes    268. 9  157. 6  94. 8  67. 0  35. 6

NET EARNINGS FROM CONTINUING OPERATIONS    532. 2  430. 7  270. 5  210. 0  85. 4

DISCONTINUED OPERATIONS (NET OF INCOME TAXES):  
   Earnings of discontinued operations (net of  
     income taxes of $.5 for 2005, $1.0 for 2004,  
     $3.5 for 2003, $.8 for 2002, and $3.0 for 2001)        2. 2  5. 8  1. 2  6. 5
   (Loss) gain on sale of discontinued operations  
     (net of impairment charge of $24.4 in 2004)    (. 1)  12. 7            

NET (LOSS) EARNINGS FROM DISCONTINUED OPERATIONS    (. 1)  14. 9  5. 8  1. 2  6. 5

NET EARNINGS   $ 532. 1 $ 445. 6 $ 276. 3 $ 211. 2 $ 91. 9

BASIC EARNINGS PER COMMON SHARE  
   Continuing operations   $ 6.7 2 $ 5.4 0 $3.4 7 $2.6 2 $1.0 6
   Discontinued operations        .1 9  .0 8  .0 1  .0 8

NET EARNINGS PER COMMON SHARE - BASIC   $ 6.7 2 $ 5.5 9 $3.5 5 $2.6 3 $1.1 4

Shares Used in Computing Basic Earnings Per  
   Share (in Millions)    79. 2  79. 8  77. 9  80. 4  80. 7

DILUTED EARNINGS PER COMMON SHARE  
   Continuing operations   $ 6.5 4 $ 5.3 1 $3.4 7 $2.6 1 $1.0 5
   Discontinued operations        .1 8  .0 8  .0 1  .0 8

NET EARNINGS PER COMMON SHARE - ASSUMING DILUTION   $ 6.5 4 $ 5.4 9 $3.5 5 $2.6 2 $1.1 3

Shares Used in Computing Diluted Earnings Per  
   Share (in Millions)    81. 4  81. 1  77. 9  80. 5  81. 1


THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
(Dollars in Millions Except Per Share Amounts)


              Three Months Ended
April 3,  
2005   
July 3, 
 2005
October 2,  
2005   
December 31,  
2005  

SALES     $ 1,519. 3 $ 1,698. 8 $ 1,575. 6 $ 1,730. 0
   Cost of goods sold    983. 8  1,099. 3  1,013. 5  1,110. 0
   Selling, general, and administrative expenses    377. 2  382. 2  362. 4  400. 4

OPERATING INCOME    158. 3  217. 3  199. 7  219. 6
   Interest expense (net of interest income)    9. 2  9. 8  12. 6  13. 8
   Other (income) expense    (53. 5)  1. 3  (. 7)  1. 3

EARNINGS FROM CONTINUING OPERATIONS  
  BEFORE INCOME TAXES    202. 6  206. 2  187. 8  204. 5
   Income taxes    58. 6  55. 3  50. 3  104. 7

NET EARNINGS FROM CONTINUING OPERATIONS    144. 0  150. 9  137. 5  99. 8

DISCONTINUED OPERATIONS (NET OF INCOME TAXES):  
   Earnings (loss) of discontinued operations    . 8      . 3  (1. 1)
   Loss on sale of discontinued operations                (. 1)

NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS    . 8      . 3  (1. 2)

NET EARNINGS   $ 144. 8 $ 150. 9 $137. 8 $ 98. 6

BASIC EARNINGS PER COMMON SHARE  
   Continuing operations   $ 1.7 9 $ 1.8 9 $1.7 3 $ 1.2 9
   Discontinued operations    .0 1      .0 1  (.0 2)

NET EARNINGS PER COMMON SHARE - BASIC   $ 1.8 0 $ 1.8 9 $1.7 4 $ 1.2 7

Shares Used in Computing Basic Earnings Per  
   Share (in Millions)    80. 5  79. 8  79. 1  77. 4

DILUTED EARNINGS PER COMMON SHARE  
   Continuing operations   $ 1.7 4 $ 1.8 4 $1.6 9 $ 1.2 6
   Discontinued operations    .0 1      .0 1  (.0 2)

NET EARNINGS PER COMMON SHARE - ASSUMING DILUTION   $ 1.7 5 $ 1.8 4 $1.7 0 $ 1.2 4

Shares Used in Computing Diluted Earnings Per  
   Share (in Millions)    82. 8  82. 1  81. 3  79. 5