SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 9, 2013
WATTS WATER TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE |
|
001-11499 |
|
04-2916536 |
(State or Other Jurisdiction |
|
(Commission File Number) |
|
(IRS Employer |
of Incorporation) |
|
|
|
Identification No.) |
815 Chestnut Street, North Andover, Massachusetts 01845
(Address of Principal Executive Offices) (Zip Code)
(978) 688-1811
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
In the fourth quarter of 2012, Watts Water Technologies, Inc. (the Company) completed the sale of all the outstanding shares of Flomatic Corporation (Flomatic), as discussed in more detail in Note 3 of Notes to Consolidated Financial Statements in the Companys Annual Report on Form 10-K for the year ended December 31, 2012. In accordance with GAAP, the operations of Flomatic were eliminated from continuing operations of the Company and classified as discontinued operations for all periods presented, which included the years ended December 31, 2012 and 2011.
Exhibit 99.1 attached hereto contains a retrospective revision of the quarterly operating results of the Company for 2012 and 2011 and is incorporated herein by reference. Exhibit 99.1 is unaudited and is being furnished by the Company as of April 9, 2013 as supplementary information to investors about the reclassification of Flomatics results to discontinued operations.
The information in Item 2.02 of this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. See Exhibit Index attached hereto.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 9, 2013 |
WATTS WATER TECHNOLOGIES, INC. | |
|
|
|
|
By: |
/s/ Kenneth R. Lepage |
|
|
Kenneth R. Lepage General Counsel |
Exhibit 99.1
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
First Quarter Ended April 3, 2011 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
329.9 |
|
$ |
|
|
$ |
329.9 |
|
Cost of goods sold |
|
208.9 |
|
|
|
208.9 |
| |||
GROSS PROFIT |
|
121.0 |
|
|
|
121.0 |
| |||
Selling, general & administrative expenses |
|
97.0 |
|
|
|
97.0 |
| |||
Restructuring and other charges, net |
|
1.1 |
|
|
|
1.1 |
| |||
OPERATING INCOME |
|
22.9 |
|
|
|
22.9 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.3 |
) |
|
|
(0.3 |
) | |||
Interest expense |
|
5.9 |
|
|
|
5.9 |
| |||
Other expense, net |
|
0.1 |
|
|
|
0.1 |
| |||
Total other expense |
|
5.7 |
|
|
|
5.7 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
17.2 |
|
|
|
17.2 |
| |||
Provision for income taxes |
|
6.1 |
|
|
|
6.1 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
11.1 |
|
|
|
11.1 |
| |||
Income from discontinued operations, net of taxes |
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
11.1 |
|
$ |
|
|
$ |
11.1 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.30 |
|
$ |
|
|
$ |
0.30 |
|
Discontinued operations |
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
0.30 |
|
$ |
|
|
$ |
0.30 |
|
Weighted average number of shares |
|
37.5 |
|
37.5 |
|
37.5 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.29 |
|
$ |
|
|
$ |
0.29 |
|
Discontinued operations |
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
0.29 |
|
$ |
|
|
$ |
0.29 |
|
Weighted average number of shares |
|
37.7 |
|
37.7 |
|
37.7 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q1 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
SECOND QUARTER ENDED JULY 3, 2011 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
375.7 |
|
$ |
2.5 |
|
$ |
373.2 |
|
Cost of goods sold |
|
245.4 |
|
1.6 |
|
243.8 |
| |||
GROSS PROFIT |
|
130.3 |
|
0.9 |
|
129.4 |
| |||
Selling, general & administrative expenses |
|
98.2 |
|
0.6 |
|
97.6 |
| |||
Restructuring and other charges, net |
|
5.5 |
|
|
|
5.5 |
| |||
OPERATING INCOME |
|
26.6 |
|
0.3 |
|
26.3 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.2 |
) |
|
|
(0.2 |
) | |||
Interest expense |
|
6.7 |
|
|
|
6.7 |
| |||
Other expense, net |
|
0.6 |
|
|
|
0.6 |
| |||
Total other expense |
|
7.1 |
|
|
|
7.1 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
19.5 |
|
0.3 |
|
19.2 |
| |||
Provision for income taxes |
|
6.6 |
|
0.1 |
|
6.5 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
12.9 |
|
0.2 |
|
12.7 |
| |||
Income from discontinued operations, net of taxes |
|
1.7 |
|
0.2 |
|
1.9 |
| |||
NET INCOME |
|
$ |
14.6 |
|
$ |
|
|
$ |
14.6 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.34 |
|
$ |
|
|
$ |
0.34 |
|
Discontinued operations |
|
0.05 |
|
|
|
0.05 |
| |||
NET INCOME |
|
$ |
0.39 |
|
$ |
|
|
$ |
0.39 |
|
Weighted average number of shares |
|
37.6 |
|
37.6 |
|
37.6 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.34 |
|
$ |
|
|
$ |
0.34 |
|
Discontinued operations |
|
0.05 |
|
|
|
0.05 |
| |||
NET INCOME |
|
$ |
0.39 |
|
$ |
|
|
$ |
0.39 |
|
Weighted average number of shares |
|
37.8 |
|
37.8 |
|
37.8 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q2 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
THIRD QUARTER ENDED OCTOBER 2, 2011 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
370.8 |
|
$ |
3.3 |
|
$ |
367.5 |
|
Cost of goods sold |
|
235.1 |
|
2.1 |
|
233.0 |
| |||
GROSS PROFIT |
|
135.7 |
|
1.2 |
|
134.5 |
| |||
Selling, general & administrative expenses |
|
92.6 |
|
0.9 |
|
91.7 |
| |||
Restructuring and other charges, net |
|
1.9 |
|
|
|
1.9 |
| |||
OPERATING INCOME |
|
41.2 |
|
0.3 |
|
40.9 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.2 |
) |
|
|
(0.2 |
) | |||
Interest expense |
|
6.5 |
|
|
|
6.5 |
| |||
Other income, net |
|
(0.3 |
) |
|
|
(0.3 |
) | |||
Total other expense |
|
6.0 |
|
|
|
6.0 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
35.2 |
|
0.3 |
|
34.9 |
| |||
Provision for income taxes |
|
11.6 |
|
0.1 |
|
11.5 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
23.6 |
|
0.2 |
|
23.4 |
| |||
Income from discontinued operations, net of taxes |
|
0.1 |
|
0.2 |
|
0.3 |
| |||
NET INCOME |
|
$ |
23.7 |
|
$ |
|
|
$ |
23.7 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.63 |
|
$ |
(0.01 |
) |
$ |
0.63 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.63 |
|
$ |
|
|
$ |
0.63 |
|
Weighted average number of shares |
|
37.4 |
|
37.4 |
|
37.4 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.63 |
|
$ |
(0.01 |
) |
$ |
0.62 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.63 |
|
$ |
|
|
$ |
0.63 |
|
Weighted average number of shares |
|
37.5 |
|
37.5 |
|
37.5 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q3 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
FOURTH QUARTER ENDED DECEMBER 31, 2011 |
|
YEAR ENDED DECEMBER 31, 2011 |
| ||||||||||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
|
Originally |
|
Discontinued |
|
As Reported (3) |
| ||||||
Net sales |
|
$ |
360.2 |
|
$ |
2.7 |
|
$ |
357.5 |
|
$ |
1,436.6 |
|
$ |
8.5 |
|
$ |
1,428.1 |
|
Cost of goods sold |
|
231.7 |
|
2.1 |
|
229.6 |
|
921.1 |
|
5.8 |
|
915.3 |
| ||||||
GROSS PROFIT |
|
128.5 |
|
0.6 |
|
127.9 |
|
515.5 |
|
2.7 |
|
512.8 |
| ||||||
Selling, general & administrative expenses |
|
92.1 |
|
0.8 |
|
91.3 |
|
379.9 |
|
2.3 |
|
377.6 |
| ||||||
Restructuring and other charges, net |
|
0.6 |
|
|
|
0.6 |
|
8.8 |
|
|
|
8.8 |
| ||||||
Goodwill and other long-lived asset impairment charges |
|
17.1 |
|
|
|
17.1 |
|
17.4 |
|
|
|
17.4 |
| ||||||
Gain on disposal of business |
|
(7.7 |
) |
|
|
(7.7 |
) |
(7.7 |
) |
|
|
(7.7 |
) | ||||||
OPERATING INCOME |
|
26.4 |
|
(0.2 |
) |
26.6 |
|
117.1 |
|
0.4 |
|
116.7 |
| ||||||
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest income |
|
(0.3 |
) |
|
|
(0.3 |
) |
(1.0 |
) |
|
|
(1.0 |
) | ||||||
Interest expense |
|
6.7 |
|
|
|
6.7 |
|
25.8 |
|
|
|
25.8 |
| ||||||
Other expense, net |
|
0.4 |
|
|
|
0.4 |
|
0.8 |
|
|
|
0.8 |
| ||||||
Total other expense |
|
6.8 |
|
|
|
6.8 |
|
25.6 |
|
|
|
25.6 |
| ||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
19.6 |
|
(0.2 |
) |
19.8 |
|
91.5 |
|
0.4 |
|
91.1 |
| ||||||
Provision for income taxes |
|
2.5 |
|
(0.1 |
) |
2.6 |
|
26.8 |
|
0.1 |
|
26.7 |
| ||||||
NET INCOME FROM CONTINUING OPERATIONS |
|
17.1 |
|
(0.1 |
) |
17.2 |
|
64.7 |
|
0.3 |
|
64.4 |
| ||||||
Income (loss) from discontinued operations, net of taxes |
|
(0.1 |
) |
(0.1 |
) |
(0.2 |
) |
1.7 |
|
0.3 |
|
2.0 |
| ||||||
NET INCOME |
|
$ |
17.0 |
|
$ |
|
|
$ |
17.0 |
|
$ |
66.4 |
|
$ |
|
|
$ |
66.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
BASIC EPS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Continuing operations |
|
$ |
0.47 |
|
$ |
|
|
$ |
0.47 |
|
$ |
1.73 |
|
$ |
(0.01 |
) |
$ |
1.73 |
|
Discontinued operations |
|
|
|
|
|
|
|
0.05 |
|
0.01 |
|
0.05 |
| ||||||
NET INCOME |
|
$ |
0.46 |
|
$ |
|
|
$ |
0.47 |
|
$ |
1.78 |
|
$ |
|
|
$ |
1.78 |
|
Weighted average number of shares |
|
36.8 |
|
36.8 |
|
36.8 |
|
37.3 |
|
37.3 |
|
37.3 |
| ||||||
DILUTED EPS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Continuing operations |
|
$ |
0.46 |
|
$ |
|
|
$ |
0.47 |
|
$ |
1.73 |
|
$ |
(0.01 |
) |
$ |
1.72 |
|
Discontinued operations |
|
|
|
|
|
|
|
0.05 |
|
0.01 |
|
0.05 |
| ||||||
NET INCOME |
|
$ |
0.46 |
|
$ |
|
|
$ |
0.47 |
|
$ |
1.78 |
|
$ |
|
|
$ |
1.78 |
|
Weighted average number of shares |
|
36.8 |
|
36.8 |
|
36.8 |
|
37.5 |
|
37.5 |
|
37.5 |
| ||||||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
$ |
0.44 |
|
|
|
$ |
0.44 |
|
(1) As originally reported in 2011 10K
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
First Quarter Ended April 1, 2012 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
364.2 |
|
$ |
3.0 |
|
$ |
361.2 |
|
Cost of goods sold |
|
234.6 |
|
1.9 |
|
232.7 |
| |||
GROSS PROFIT |
|
129.6 |
|
1.1 |
|
128.5 |
| |||
Selling, general & administrative expenses |
|
101.0 |
|
0.8 |
|
100.2 |
| |||
Restructuring and other charges, net |
|
1.7 |
|
|
|
1.7 |
| |||
OPERATING INCOME |
|
26.9 |
|
0.3 |
|
26.6 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.2 |
) |
|
|
(0.2 |
) | |||
Interest expense |
|
6.2 |
|
|
|
6.2 |
| |||
Other income, net |
|
(0.9 |
) |
|
|
(0.9 |
) | |||
Total other expense |
|
5.1 |
|
|
|
5.1 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
21.8 |
|
0.3 |
|
21.5 |
| |||
Provision for income taxes |
|
6.1 |
|
0.1 |
|
6.0 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
15.7 |
|
0.2 |
|
15.5 |
| |||
Income from discontinued operations, net of taxes |
|
|
|
0.2 |
|
0.2 |
| |||
NET INCOME |
|
$ |
15.7 |
|
$ |
|
|
$ |
15.7 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.42 |
|
$ |
|
|
$ |
0.42 |
|
Discontinued operations |
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
0.42 |
|
$ |
|
|
$ |
0.42 |
|
Weighted average number of shares |
|
36.9 |
|
36.9 |
|
36.9 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.42 |
|
$ |
|
|
$ |
0.42 |
|
Discontinued operations |
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
0.42 |
|
$ |
|
|
$ |
0.42 |
|
Weighted average number of shares |
|
37.0 |
|
37.0 |
|
37.0 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q1 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
SECOND QUARTER ENDED JULY 1, 2012 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
371.1 |
|
$ |
3.7 |
|
$ |
367.4 |
|
Cost of goods sold |
|
239.3 |
|
2.3 |
|
237.0 |
| |||
GROSS PROFIT |
|
131.8 |
|
1.4 |
|
130.4 |
| |||
Selling, general & administrative expenses |
|
96.9 |
|
0.9 |
|
96.0 |
| |||
Restructuring and other charges, net |
|
1.2 |
|
|
|
1.2 |
| |||
OPERATING INCOME |
|
33.7 |
|
0.5 |
|
33.2 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.2 |
) |
|
|
(0.2 |
) | |||
Interest expense |
|
6.1 |
|
|
|
6.1 |
| |||
Total other expense |
|
5.9 |
|
|
|
5.9 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
27.8 |
|
0.5 |
|
27.3 |
| |||
Provision for income taxes |
|
9.3 |
|
0.2 |
|
9.1 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
18.5 |
|
0.3 |
|
18.2 |
| |||
Income from discontinued operations, net of taxes |
|
|
|
0.3 |
|
0.3 |
| |||
NET INCOME |
|
$ |
18.5 |
|
$ |
|
|
$ |
18.5 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.51 |
|
$ |
(0.01 |
) |
$ |
0.50 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.51 |
|
$ |
|
|
$ |
0.51 |
|
Weighted average number of shares |
|
36.5 |
|
36.5 |
|
36.5 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.51 |
|
$ |
(0.01 |
) |
$ |
0.50 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.51 |
|
$ |
|
|
$ |
0.51 |
|
Weighted average number of shares |
|
36.6 |
|
36.6 |
|
36.6 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q2 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
THIRD QUARTER ENDED SEPTEMBER 30, 2012 |
| |||||||
|
|
Originally |
|
Discontinued |
|
As Reported (3) |
| |||
Net sales |
|
$ |
361.2 |
|
$ |
3.4 |
|
$ |
357.8 |
|
Cost of goods sold |
|
231.0 |
|
2.1 |
|
228.9 |
| |||
GROSS PROFIT |
|
130.2 |
|
1.3 |
|
128.9 |
| |||
Selling, general & administrative expenses |
|
93.5 |
|
0.9 |
|
92.6 |
| |||
Restructuring and other charges, net |
|
1.2 |
|
|
|
1.2 |
| |||
Goodwill and other long-lived asset impairment charges |
|
2.4 |
|
|
|
2.4 |
| |||
OPERATING INCOME |
|
33.1 |
|
0.4 |
|
32.7 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.1 |
) |
|
|
(0.1 |
) | |||
Interest expense |
|
6.1 |
|
|
|
6.1 |
| |||
Other expense, net |
|
(0.6 |
) |
|
|
(0.6 |
) | |||
Total other expense |
|
5.4 |
|
|
|
5.4 |
| |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
27.7 |
|
0.4 |
|
27.3 |
| |||
Provision for income taxes |
|
9.0 |
|
0.2 |
|
8.8 |
| |||
NET INCOME FROM CONTINUING OPERATIONS |
|
18.7 |
|
0.2 |
|
18.5 |
| |||
Income from discontinued operations, net of taxes |
|
|
|
0.2 |
|
0.2 |
| |||
NET INCOME |
|
$ |
18.7 |
|
$ |
|
|
$ |
18.7 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.53 |
|
$ |
(0.01 |
) |
$ |
0.53 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.53 |
|
$ |
|
|
$ |
0.53 |
|
Weighted average number of shares |
|
35.1 |
|
35.1 |
|
35.1 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.53 |
|
$ |
(0.01 |
) |
$ |
0.52 |
|
Discontinued operations |
|
|
|
0.01 |
|
0.01 |
| |||
NET INCOME |
|
$ |
0.53 |
|
$ |
|
|
$ |
0.53 |
|
Weighted average number of shares |
|
35.2 |
|
35.2 |
|
35.2 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|
(1) As originally reported in Q3 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)
|
|
FOURTH QUARTER ENDED DECEMBER 31, 2012 |
| |||||||
|
|
Continuing |
|
Disc Ops |
|
As Reported |
| |||
Net sales |
|
$ |
362.0 |
|
$ |
2.8 |
|
$ |
359.2 |
|
Cost of goods sold |
|
231.2 |
|
1.7 |
|
229.5 |
| |||
GROSS PROFIT |
|
130.8 |
|
1.1 |
|
129.7 |
| |||
Selling, general & administrative expenses |
|
95.9 |
|
(0.1 |
) |
96.0 |
| |||
Restructuring and other charges, net |
|
2.4 |
|
|
|
2.4 |
| |||
Goodwill and other long-lived asset impairment charges |
|
0.4 |
|
|
|
0.4 |
| |||
(Gain on) adjustment on disposal of business |
|
|
|
|
|
|
| |||
OPERATING INCOME |
|
32.1 |
|
1.2 |
|
30.9 |
| |||
Other (income) expense: |
|
|
|
|
|
|
| |||
Interest income |
|
(0.2 |
) |
|
|
(0.2 |
) | |||
Interest expense |
|
6.2 |
|
|
|
6.2 |
| |||
Other expense (income), net |
|
4.2 |
|
3.5 |
|
0.7 |
| |||
Total other expense |
|
10.2 |
|
3.5 |
|
6.7 |
| |||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
21.9 |
|
(2.3 |
) |
24.2 |
| |||
Provision for income taxes |
|
6.4 |
|
0.6 |
|
5.8 |
| |||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
15.5 |
|
(2.9 |
) |
18.4 |
| |||
Income (loss) from discontinued operations, net of taxes |
|
|
|
(2.9 |
) |
(2.9 |
) | |||
NET INCOME |
|
$ |
15.5 |
|
$ |
|
|
$ |
15.5 |
|
|
|
|
|
|
|
|
| |||
BASIC EPS |
|
|
|
|
|
|
| |||
Net income (loss) per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.52 |
|
$ |
|
|
$ |
0.52 |
|
Discontinued operations |
|
|
|
(0.08 |
) |
(0.08 |
) | |||
NET INCOME |
|
$ |
0.52 |
|
$ |
|
|
$ |
0.44 |
|
Weighted average number of shares |
|
35.4 |
|
35.4 |
|
35.4 |
| |||
DILUTED EPS |
|
|
|
|
|
|
| |||
Net income (loss) per share: |
|
|
|
|
|
|
| |||
Continuing operations |
|
$ |
0.52 |
|
$ |
|
|
$ |
0.52 |
|
Discontinued operations |
|
|
|
(0.08 |
) |
(0.08 |
) | |||
NET INCOME |
|
$ |
0.52 |
|
$ |
|
|
$ |
0.44 |
|
Weighted average number of shares |
|
35.5 |
|
35.5 |
|
35.5 |
| |||
Dividends per share |
|
$ |
0.11 |
|
|
|
$ |
0.11 |
|