EX-99.2 3 a5456326ex99-2.txt EXHIBIT 99.2 Exhibit 99.2 HEXCEL Investor Information Hexcel Corporation, 281 Tresser Boulevard, Stamford, CT 06901 (203) 969-0666 July 23, 2007 Reclassifed 2006 Historical Statements of Operations Hexcel Corporation has reclassified its historical statements of operations for the quarterly periods of 2006 and 2007. The reclassified statements reflect the first quarter 2007 sale of its Architectural business in France and its second quarter 2007 agreement to sell the assets of its U.S. Electronics, Ballistics & General Industrial reinforcement product lines ("EBGI") as discontinued operations. The attached supplemental schedule presents the reclassified results from Hexcel's continuing operations for the four quarters of 2006 and the first quarter of 2007. 1
Hexcel Corporation Statement of Continuing Operations Quarterly Summary ( $ in millions ) ================================================================================================================================= Year-to- Quarter-to-Date Year-to-Date Quarter-to-Date Date ------------------------------------ --------------------------- ------------------ --------- March 31, June 30, Sept. 30, Dec. 31, June 30, Sept. 30, Dec. 31, March 31, June 30, June 30, 2006 2006 2006 2006 2006 2006 2006 2007 2007 2007 ------------------------------------ --------------------------- ------------------ --------- Net sales $ 260.3 $ 274.0 $ 252.3 $ 262.9 $ 534.3 $ 786.6 $1,049.5 $ 282.6 $ 289.8 $ 572.4 Cost of sales 195.7 206.5 197.0 203.8 402.2 599.2 803.0 211.1 219.4 430.5 ------------------------------------ --------------------------- ------------------ --------- Gross margin 64.6 67.5 55.3 59.1 132.1 187.4 246.5 71.5 70.4 141.9 % Gross margin 24.8% 24.6% 21.9% 22.5% 24.7% 23.8% 23.5% 25.3% 24.3% 24.8% Selling, general and administrative 28.1 25.9 24.1 25.4 54.0 78.1 103.5 31.0 27.4 58.4 Research and technology expenses 7.5 7.4 6.8 8.0 14.9 21.7 29.7 9.5 8.5 18.0 Business consolidation and restructuring expenses 0.9 0.3 0.5 8.2 1.2 1.7 9.9 1.1 0.5 1.6 ------------------------------------ --------------------------- ------------------ --------- Operating income 28.1 33.9 23.9 17.5 62.0 85.9 103.4 29.9 34.0 63.9 % Operating margin 10.8% 12.4% 9.5% 6.7% 11.6% 10.9% 9.9% 10.6% 11.7% 11.2% Interest expense, net 6.7 6.1 5.7 5.1 12.8 18.5 23.6 5.7 6.0 11.7 Non-operating (income) expense, net - - - (15.6) - - (15.6) 0.4 - 0.4 ------------------------------------ --------------------------- ------------------ --------- Income from continuing operations before income taxes, equity in earnings and discontinued operations 21.4 27.8 18.2 28.0 49.2 67.4 95.4 23.8 28.0 51.8 Provision for income taxes 8.5 10.9 4.0 11.3 19.4 23.4 34.7 10.0 11.9 21.9 Income from continuing operations before equity in earnings and discontinued operations 12.9 16.9 14.2 16.7 29.8 44.0 60.7 13.8 16.1 29.9 Equity in earnings of investments in affiliated companies 1.1 1.1 1.0 1.0 2.2 3.2 4.2 1.0 1.4 2.4 ------------------------------------ --------------------------- ------------------ --------- Net income from continuing operations 14.0 18.0 15.2 17.7 32.0 47.2 64.9 14.8 17.5 32.3 Income from discontinued operations, net of tax 0.5 (0.4) 0.5 0.4 0.1 0.6 1.0 8.7 (8.7) - Net income $ 14.5 $ 17.6 $ 15.7 $ 18.1 $ 32.1 $ 47.8 $ 65.9 $ 23.5 $ 8.8 $ 32.3 ==================================== =========================== ================== ========= --------------------------------------------------------------------------------------------------------------------------------- Depreciation and amortization $ 9.2 $ 9.3 $ 9.0 $ 10.0 $ 18.5 $ 27.5 $ 37.5 $ 9.7 $ 9.9 $ 19.6 Stock-based compensation 3.0 2.3 1.6 1.4 5.3 6.9 8.3 4.8 1.9 6.7 Capital expenditures & deposits for property purchases 24.1 26.2 31.5 36.1 50.3 81.8 117.9 15.6 30.5 46.1 -------------------------------------------------------------------------------------------------------------------------------- Basic net income per common share: Continuing Operations $ 0.15 $ 0.19 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.70 $ 0.16 $ 0.18 $ 0.34 Discontinued Operations 0.01 - 0.01 - - 0.01 0.01 0.09 (0.09) - ------------------------------------ --------------------------- ------------------ --------- Net income $ 0.16 $ 0.19 $ 0.17 $ 0.19 $ 0.34 $ 0.51 $ 0.71 $ 0.25 $ 0.09 $ 0.34 Diluted net income per common share: Continuing Operations $ 0.15 $ 0.19 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.68 $ 0.15 $ 0.18 $ 0.33 Discontinued Operations - (0.01) - - - - 0.01 0.09 (0.09) - ------------------------------------ --------------------------- ------------------ --------- Net income $ 0.15 $ 0.18 $ 0.16 $ 0.19 $ 0.34 $ 0.50 $ 0.69 $ 0.24 $ 0.09 $ 0.33 Weighted average common shares outstanding: Basic 92.9 93.4 93.7 93.7 93.2 93.3 93.4 94.0 94.4 94.4 Diluted 95.1 95.5 95.2 95.6 95.4 95.4 95.5 96.1 96.3 96.3 ---------------------------------------------------------------------------------------------------------------------------------
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