Delaware | 001-08454 | 36-2704017 |
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Four Corporate Drive Lake Zurich, IL 60047 | 60047 | |
(Address of principal executive offices) | (Zip Code) |
[ ] | 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) | Exhibits |
ACCO Brands Corporation (Registrant) | ||||
Date: | April 26, 2013 | By: | /s/ Neal V. Fenwick | |
Name: Neal V. Fenwick | ||||
Title: Executive Vice President | ||||
and Chief Financial Officer |
March 31, 2013 | December 31, 2012 | ||||||
(in millions of dollars) | (unaudited) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 102.1 | $ | 50.0 | |||
Accounts receivable, net | 307.2 | 498.7 | |||||
Inventories | 288.1 | 265.5 | |||||
Deferred income taxes | 27.7 | 31.1 | |||||
Other current assets | 50.8 | 29.0 | |||||
Total current assets | 775.9 | 874.3 | |||||
Total property, plant and equipment | 592.2 | 591.4 | |||||
Less accumulated depreciation | (322.4 | ) | (317.8 | ) | |||
Property, plant and equipment, net | 269.8 | 273.6 | |||||
Deferred income taxes | 42.4 | 36.4 | |||||
Goodwill | 590.6 | 589.4 | |||||
Identifiable intangibles, net | 639.9 | 646.6 | |||||
Other assets | 82.3 | 87.4 | |||||
Total assets | $ | 2,400.9 | $ | 2,507.7 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Notes payable to banks | $ | 0.6 | $ | 1.2 | |||
Current portion of long-term debt | 0.1 | 0.1 | |||||
Accounts payable | 148.0 | 152.4 | |||||
Accrued compensation | 26.6 | 38.0 | |||||
Accrued customer program liabilities | 83.2 | 119.0 | |||||
Accrued interest | 15.5 | 6.3 | |||||
Other current liabilities | 84.1 | 112.4 | |||||
Total current liabilities | 358.1 | 429.4 | |||||
Long-term debt | 1,050.3 | 1,070.8 | |||||
Deferred income taxes | 167.4 | 165.0 | |||||
Pension and post-retirement benefit obligations | 110.6 | 119.8 | |||||
Other non-current liabilities | 81.4 | 83.5 | |||||
Total liabilities | 1,767.8 | 1,868.5 | |||||
Stockholders' equity: | |||||||
Common stock | 1.1 | 1.1 | |||||
Treasury stock | (3.4 | ) | (2.5 | ) | |||
Paid-in capital | 2,020.8 | 2,018.5 | |||||
Accumulated other comprehensive loss | (154.6 | ) | (156.1 | ) | |||
Accumulated deficit | (1,230.8 | ) | (1,221.8 | ) | |||
Total stockholders' equity | 633.1 | 639.2 | |||||
Total liabilities and stockholders' equity | $ | 2,400.9 | $ | 2,507.7 |
Three Months Ended March 31, | |||||||
(in millions of dollars) | 2013 | 2012 | |||||
Operating activities | |||||||
Net loss | $ | (9.0 | ) | $ | (17.4 | ) | |
Loss on disposal of assets | 0.1 | 0.1 | |||||
Release of tax valuation allowance | (7.0 | ) | — | ||||
Depreciation | 9.9 | 6.1 | |||||
Amortization of debt issuance costs and bond discount | 1.9 | 1.5 | |||||
Amortization of intangibles | 6.6 | 1.5 | |||||
Stock-based compensation | 2.3 | 1.7 | |||||
Changes in balance sheet items: | |||||||
Accounts receivable | 188.8 | 39.6 | |||||
Inventories | (24.6 | ) | (3.8 | ) | |||
Other assets | (10.4 | ) | (9.7 | ) | |||
Accounts payable | (1.2 | ) | (30.8 | ) | |||
Accrued expenses and other liabilities | (50.9 | ) | (40.2 | ) | |||
Accrued income taxes | (24.3 | ) | (3.1 | ) | |||
Equity in earnings of joint ventures, net of dividends received | 3.5 | 9.5 | |||||
Net cash provided (used) by operating activities | 85.7 | (45.0 | ) | ||||
Investing activities | |||||||
Additions to property, plant and equipment | (7.3 | ) | (2.0 | ) | |||
Payments from the sale of discontinued operations | (1.3 | ) | (0.1 | ) | |||
Net cash used by investing activities | (8.6 | ) | (2.1 | ) | |||
Financing activities | |||||||
Repayments of long-term debt | (20.0 | ) | (0.1 | ) | |||
Repayments of short-term debt, net | (0.7 | ) | — | ||||
Payments for debt issuance costs | — | (0.9 | ) | ||||
Net payments from exercise of stock options | (0.9 | ) | (0.4 | ) | |||
Net cash used by financing activities | (21.6 | ) | (1.4 | ) | |||
Effect of foreign exchange rate changes on cash | (3.4 | ) | 1.5 | ||||
Net increase (decrease) in cash and cash equivalents | 52.1 | (47.0 | ) | ||||
Cash and cash equivalents | |||||||
Beginning of period | 50.0 | 121.2 | |||||
End of period | $ | 102.1 | $ | 74.2 |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||||||||||||||||||||
Adjusted | Adjusted | % Change | % Change | ||||||||||||||||||||||||||
Reported | Items (A) | Adjusted | Reported | Items (A) | Adjusted | Reported | Adjusted | ||||||||||||||||||||||
Net sales | $ | 352.0 | $ | — | $ | 352.0 | $ | 288.9 | $ | — | $ | 288.9 | 22 | % | 22 | % | |||||||||||||
Cost of products sold | 255.3 | — | 255.3 | 209.1 | — | 209.1 | 22 | % | 22 | % | |||||||||||||||||||
Gross profit | 96.7 | — | 96.7 | 79.8 | — | 79.8 | 21 | % | 21 | % | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||
Advertising, selling, general and administrative expenses | 89.6 | (1.2 | ) | (A.1) | 88.4 | 68.2 | (1.8 | ) | (A.1) | 66.4 | 31 | % | 33 | % | |||||||||||||||
Amortization of intangibles | 6.6 | — | 6.6 | 1.5 | — | 1.5 | 340 | % | 340 | % | |||||||||||||||||||
Restructuring charges | 9.7 | (9.7 | ) | (A.2) | — | 6.1 | (6.1 | ) | (A.2) | — | 59 | % | NM | ||||||||||||||||
Total operating costs and expenses | 105.9 | (10.9 | ) | 95.0 | 75.8 | (7.9 | ) | 67.9 | 40 | % | 40 | % | |||||||||||||||||
Operating income (loss) | (9.2 | ) | 10.9 | 1.7 | 4.0 | 7.9 | 11.9 | NM | (86 | )% | |||||||||||||||||||
Non-operating expense (income): | |||||||||||||||||||||||||||||
Interest expense, net | 15.7 | (0.5 | ) | (A.3) | 15.2 | 19.1 | (1.2 | ) | (A.3) | 17.9 | (18 | )% | (15 | )% | |||||||||||||||
Equity in earnings of joint ventures | (1.3 | ) | — | (1.3 | ) | (1.5 | ) | — | (1.5 | ) | (13 | )% | (13 | )% | |||||||||||||||
Other income, net | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | — | (0.2 | ) | (50 | )% | (50 | )% | |||||||||||||||
Loss from continuing operations before income tax | (23.5 | ) | 11.4 | (12.1 | ) | (13.4 | ) | 9.1 | (4.3 | ) | (75 | )% | NM | ||||||||||||||||
Income tax expense (benefit) | (14.6 | ) | 10.4 | (A.4) | (4.2 | ) | 3.9 | (5.2 | ) | (A.4) | (1.3 | ) | NM | NM | |||||||||||||||
Loss from continuing operations | (8.9 | ) | 1.0 | (7.9 | ) | (17.3 | ) | 14.3 | (3.0 | ) | 49 | % | NM | ||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | % | — | % | |||||||||||||||
Net loss | $ | (9.0 | ) | $ | 1.0 | $ | (8.0 | ) | $ | (17.4 | ) | $ | 14.3 | $ | (3.1 | ) | 48 | % | NM | ||||||||||
Per share: | |||||||||||||||||||||||||||||
Basic loss per share: | |||||||||||||||||||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | (0.05 | ) | 74 | % | (40 | )% | |||||||||||||
Loss from discontinued operations | — | — | — | — | NM | NM | |||||||||||||||||||||||
Basic loss per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | (0.06 | ) | 74 | % | (17 | )% | |||||||||||||
Diluted loss per share: | |||||||||||||||||||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | (0.05 | ) | 74 | % | (40 | )% | |||||||||||||
Loss from discontinued operations | — | — | $ | — | — | NM | NM | ||||||||||||||||||||||
Diluted loss per share | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | (0.06 | ) | 74 | % | (17 | )% | |||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||||
Basic | 113.3 | 113.3 | 55.5 | 55.5 | |||||||||||||||||||||||||
Diluted | 113.3 | 113.3 | 55.5 | 55.5 |
Statistics (as a % of Net sales, except Income tax rate) | |||||||||||
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||
Reported | Adjusted | Reported | Adjusted | ||||||||
Gross profit (Net sales, less Cost of products sold) | 27.5 | % | 27.6 | % | |||||||
Advertising, selling, general and administrative | 25.5 | % | 25.1 | % | 23.6 | % | 23.0 | % | |||
Operating income (loss) | (2.6 | )% | 0.5 | % | 1.4 | % | 4.1 | % | |||
Loss from continuing operations before income tax | (6.7 | )% | (3.4 | )% | (4.6 | )% | (1.5 | )% | |||
Net loss | (2.6 | )% | (2.3 | )% | (6.0 | )% | (1.1 | )% | |||
Income tax rate | 62.1 | % | 35.0 | % | (29.1 | )% | 30.0 | % |
A. | “Adjusted” results exclude all unusual tax items, restructuring charges and transaction-related integration expenses associated with the acquisition of Mead C&OP in order to provide a comparison of underlying results of operations. |
1. | Represents the adjustment related to transaction and integration costs. |
2. | Represents restructuring costs. |
3. | Represents the adjustment related to accelerated debt origination amortization costs resulting from bank debt repayments in the current year quarter. In the prior-year quarter the adjustment is related to expenses for the committed financing required for the Merger. |
4. | The company had incurred significant operating losses in several jurisdictions in prior periods. In accordance with GAAP, tax valuation allowances had been recorded on certain of the company's deferred tax assets. As a result, the operating results in these locations have recorded no tax benefit or expense, which results in a high effective tax rate for the prior-year period. Assuming all the locations become profitable in the future and valuation allowances were reversed, the Company's effective tax rate would approximate 30% in 2012 and 35% in 2013. This estimated long-term rate will be subject to variations from the mix of earnings in the Company's operating jurisdictions. |
Pro Forma | ||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | |||||||||||||||||||||||||
Adjusted | Adjusted | % Change | ||||||||||||||||||||||||
Reported | Items (B) | Adjusted | Pro Forma (A) | Items (B) | Adjusted | Adjusted | ||||||||||||||||||||
Net sales | $ | 352.0 | $ | — | $ | 352.0 | $ | 397.2 | $ | — | $ | 397.2 | (11 | )% | ||||||||||||
Cost of products sold | 255.3 | — | 255.3 | 284.7 | — | 284.7 | (10 | )% | ||||||||||||||||||
Gross profit | 96.7 | — | 96.7 | 112.5 | — | 112.5 | (14 | )% | ||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Advertising, selling, general and administrative expenses | 89.6 | (1.2 | ) | (B.1) | 88.4 | 98.2 | (4.7 | ) | (B.1) | 93.5 | (5 | )% | ||||||||||||||
Amortization of intangibles | 6.6 | — | 6.6 | 6.5 | — | 6.5 | 2 | % | ||||||||||||||||||
Restructuring charges | 9.7 | (9.7 | ) | (B.2) | — | 6.6 | (6.6 | ) | (B.2) | — | NM | |||||||||||||||
Total operating costs and expenses | 105.9 | (10.9 | ) | 95.0 | 111.3 | (11.3 | ) | 100.0 | (5 | )% | ||||||||||||||||
Operating income (loss) | (9.2 | ) | 10.9 | 1.7 | 1.2 | 11.3 | 12.5 | (86 | )% | |||||||||||||||||
Non-operating expense (income): | ||||||||||||||||||||||||||
Interest expense, net | 15.7 | (0.5 | ) | (B.3) | 15.2 | 20.6 | (2.4 | ) | (B.3) | 18.2 | (16 | )% | ||||||||||||||
Equity in earnings of joint ventures | (1.3 | ) | — | (1.3 | ) | (1.5 | ) | — | (1.5 | ) | (13 | )% | ||||||||||||||
Other income, net | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | — | (0.2 | ) | (50 | )% | ||||||||||||||
Loss from continuing operations before income tax | (23.5 | ) | 11.4 | (12.1 | ) | (17.7 | ) | 13.7 | (4.0 | ) | NM | |||||||||||||||
Income tax expense (benefit) | (14.6 | ) | 10.4 | (B.4) | (4.2 | ) | (0.4 | ) | (0.8 | ) | (B.4) | (1.2 | ) | NM | ||||||||||||
Loss from continuing operations | $ | (8.9 | ) | $ | 1.0 | $ | (7.9 | ) | $ | (17.3 | ) | $ | 14.5 | $ | (2.8 | ) | NM | |||||||||
Per share: | ||||||||||||||||||||||||||
Basic loss per share: | ||||||||||||||||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.02 | ) | NM | |||||||||||||
Diluted loss per share: | ||||||||||||||||||||||||||
Loss from continuing operations | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.02 | ) | NM | |||||||||||||
Weighted average number of shares outstanding: | ||||||||||||||||||||||||||
Basic | 113.3 | 113.3 | 112.1 | 112.1 | ||||||||||||||||||||||
Diluted | 113.3 | 113.3 | 112.1 | 112.1 |
Statistics (as a % of Net sales, except Income tax rate) | Pro Forma | ||||||||||
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||
Reported | Adjusted | Pro Forma | Adjusted | ||||||||
Gross profit (Net sales, less Cost of products sold) | 27.5 | % | 28.3 | % | |||||||
Advertising, selling, general and administrative | 25.5 | % | 25.1 | % | 24.7 | % | 23.5 | % | |||
Operating income (loss) | (2.6 | )% | 0.5 | % | 0.3 | % | 3.1 | % | |||
Loss from continuing operations before income tax | (6.7 | )% | (3.4 | )% | (4.5 | )% | (1.0 | )% | |||
Income tax rate | 62.1 | % | 35.0 | % | 2.3 | % | 30.0 | % |
Three Months Ended March 31, | |||||||||||
Reported | Pro Forma | ||||||||||
2013 | 2012 | % Change | |||||||||
Reported operating income (loss) | $ | (9.2 | ) | $ | 4.0 | NM | |||||
Mead C&OP pre-acquisition operating income (loss) (C) | — | (1.8 | ) | 100 | % | ||||||
Pro forma adjustments (C) | — | (1.0 | ) | 100 | % | ||||||
Pro forma operating income (loss) | (9.2 | ) | 1.2 | NM | |||||||
Mead C&OP parent allocation expenses, net | — | 4.7 | (100 | )% | |||||||
Integration charges | 1.2 | — | NM | ||||||||
Restructuring charges | 9.7 | 6.6 | 47 | % | |||||||
Adjusted operating income from continuing operations | 1.7 | 12.5 | (86 | )% | |||||||
Depreciation | 9.9 | 10.4 | (5 | )% | |||||||
Amortization of intangibles | 6.6 | 6.5 | 2 | % | |||||||
Stock-based compensation expense | 2.3 | 2.5 | (8 | )% | |||||||
Joint venture income | 1.3 | 1.5 | (13 | )% | |||||||
Adjusted supplemental EBITDA from continuing operations | 21.8 | 33.4 | (35 | )% | |||||||
Adjusted supplemental EBITDA from continuing operations as a % of Net Sales | 6.2 | % | 8.4 | % |
A. | The unaudited pro forma financial information presents the combined results of the Company and the Mead C&OP business for the periods presented as though the companies had been combined as of January 1, 2011, but the Company cautions that the unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved if the transaction had taken place at the beginning of 2011 and do not purport to project the future operating results of the combined company. Refer to the 8-K furnished to the SEC on August 9, 2012 for a reconciliation of pro forma results to GAAP for the periods of January 1, 2011 through June 30, 2012. |
B. | “Adjusted” results exclude all unusual tax items, restructuring, integration and transaction charges and Mead C&OP parent allocations, net, including interest, which will not continue as part of the combined ACCO Brands in order to provide a comparison of underlying results of operations. |
1. | Represents the adjustment related to Mead C&OP parent allocations, net, and integration and transaction charges. |
2. | Represents restructuring costs. |
3. | Represents the adjustments related to Mead C&OP net interest expense and accelerated debt origination amortization costs resulting from bank debt repayments. |
4. | The company had incurred significant operating losses in several jurisdictions in prior periods. In accordance with GAAP, tax valuation allowances had been recorded on certain of the company's deferred tax assets. As a result, the operating results in these locations have recorded no tax benefit or expense, which results in a high effective tax rate for the prior-year period. Assuming all the locations become profitable in the future and valuation allowances were reversed, the Company's effective tax rate would approximate 30% in 2012 and 35% in 2013. This estimated long-term rate will be subject to variations from the mix of earnings in the Company's operating jurisdictions. |
C. | Refer to the Form 8-K furnished to the SEC on August 9, 2012 for details on Mead C&OP pre-acquisition operating income and pro forma adjustments for the periods of January 1, 2011 through June 30, 2012. |
2013 | 2012 | Changes | |||||||||||||||||||||||||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||
Adjusted | Pro Forma | Adjusted | |||||||||||||||||||||||||||||||||||||||||||
Reported | Adjusted | Operating | Pro Forma | Adjusted | Operating | Adjusted | Adjusted | ||||||||||||||||||||||||||||||||||||||
Operating | Adjusted | Operating | Income | Pro Forma | Operating | Adjusted | Operating | Income | Net Sales | Net Sales | Operating | Operating | Margin | ||||||||||||||||||||||||||||||||
Net Sales | Income | Charges | Income (A) | Margin (A) | Net Sales | Income | Charges | Income (A) | Margin (A) | $ | % | Income $ | Income % | Points | |||||||||||||||||||||||||||||||
Q1: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 189.0 | $ | (8.2 | ) | $ | 5.7 | $ | (2.5 | ) | (1.3)% | $ | 215.5 | $ | (2.1 | ) | $ | 3.8 | $ | 1.7 | 0.8% | $ | (26.5 | ) | (12)% | $ | (4.2 | ) | NM | (210) | |||||||||||||||
ACCO Brands International | 126.2 | 4.0 | 4.6 | 8.6 | 6.8% | 140.1 | 7.4 | 2.8 | 10.2 | 7.3% | (13.9 | ) | (10)% | (1.6 | ) | (16)% | (50) | ||||||||||||||||||||||||||||
Computer Products | 36.8 | 2.8 | 0.6 | 3.4 | 9.2% | 41.6 | 7.5 | — | 7.5 | 18.0% | (4.8 | ) | (12)% | (4.1 | ) | (55)% | (880) | ||||||||||||||||||||||||||||
Corporate | — | (7.8 | ) | — | (7.8 | ) | — | (11.6 | ) | 4.7 | (6.9 | ) | — | (0.9 | ) | ||||||||||||||||||||||||||||||
Total | $ | 352.0 | $ | (9.2 | ) | $ | 10.9 | $ | 1.7 | 0.5% | $ | 397.2 | $ | 1.2 | $ | 11.3 | $ | 12.5 | 3.1% | $ | (45.2 | ) | (11)% | $ | (10.8 | ) | (86)% | (260) | |||||||||||||||||
$ | 303.7 | $ | 19.9 | $ | 14.8 | $ | 34.7 | 11.4% | |||||||||||||||||||||||||||||||||||||
118.2 | 7.4 | 0.6 | 8.0 | 6.8% | |||||||||||||||||||||||||||||||||||||||||
45.0 | 10.0 | — | 10.0 | 22.2% | |||||||||||||||||||||||||||||||||||||||||
— | (8.9 | ) | 1.6 | (7.3 | ) | ||||||||||||||||||||||||||||||||||||||||
$ | 466.9 | $ | 28.4 | $ | 17.0 | $ | 45.4 | 9.7% | |||||||||||||||||||||||||||||||||||||
$ | 321.4 | $ | 40.0 | $ | 2.6 | $ | 42.6 | 13.3% | |||||||||||||||||||||||||||||||||||||
139.4 | 14.7 | 0.9 | 15.6 | 11.2% | |||||||||||||||||||||||||||||||||||||||||
40.4 | 7.7 | 0.3 | 8.0 | 19.8% | |||||||||||||||||||||||||||||||||||||||||
— | (6.0 | ) | 1.6 | (4.4 | ) | ||||||||||||||||||||||||||||||||||||||||
$ | 501.2 | $ | 56.4 | $ | 5.4 | $ | 61.8 | 12.3% | |||||||||||||||||||||||||||||||||||||
$ | 290.3 | $ | 36.1 | $ | 6.1 | $ | 42.2 | 14.5% | |||||||||||||||||||||||||||||||||||||
187.3 | 30.1 | 0.1 | 30.2 | 16.1% | |||||||||||||||||||||||||||||||||||||||||
52.1 | 10.7 | — | 10.7 | 20.5% | |||||||||||||||||||||||||||||||||||||||||
— | (9.6 | ) | 1.0 | (8.6 | ) | ||||||||||||||||||||||||||||||||||||||||
$ | 529.7 | $ | 67.3 | $ | 7.2 | $ | 74.5 | 14.1% | |||||||||||||||||||||||||||||||||||||
Full Year: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 189.0 | $ | (8.2 | ) | $ | 5.7 | $ | (2.5 | ) | (1.3)% | $ | 1,130.9 | $ | 93.9 | $ | 27.3 | $ | 121.2 | 10.7% | |||||||||||||||||||||||||
ACCO Brands International | 126.2 | 4.0 | 4.6 | 8.6 | 6.8% | 585.0 | 59.6 | 4.4 | 64.0 | 10.9% | |||||||||||||||||||||||||||||||||||
Computer Products | 36.8 | 2.8 | 0.6 | 3.4 | 9.2% | 179.1 | 35.9 | 0.3 | 36.2 | 20.2% | |||||||||||||||||||||||||||||||||||
Corporate | — | (7.8 | ) | — | (7.8 | ) | — | (36.1 | ) | 8.9 | (27.2 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 352.0 | $ | (9.2 | ) | $ | 10.9 | $ | 1.7 | 0.5% | $ | 1,895.0 | $ | 153.3 | $ | 40.9 | $ | 194.2 | 10.2% | ||||||||||||||||||||||||||
(A) Adjusted results exclude restructuring charges and transaction and integration expenses, MWV parent allocations (which will not continue in the ongoing entity and include LIFO expense in cost of products sold and corporate costs. |
ACCO Brands Corporation | ||||||||||
Pro Forma Supplemental Net Sales Growth Analysis | ||||||||||
(Unaudited) | ||||||||||
Percent Change - Sales | ||||||||||
Net | Comparable | |||||||||
Sales | Currency | Sales | ||||||||
Growth | Translation | Growth | Price | Volume/Mix | ||||||
Q1 2013: | ||||||||||
ACCO Brands North America | (12.3)% | (0.1)% | (12.2)% | 1.2% | (13.4)% | |||||
ACCO Brands International | (9.9)% | (4.1)% | (5.8)% | 0.5% | (6.3)% | |||||
Computer Products | (11.5)% | —% | (11.5)% | (3.6)% | (7.9)% | |||||
Total | (11.4)% | (1.5)% | (9.9)% | 0.5% | (10.4)% | |||||
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