EX-99.1 2 a13-9743_1ex99d1.htm EX-99.1

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

As Reported (3)

 

Originally
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Filed (1)

 

Discontinued
Operations (2)

 

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
Ops

 

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