EX-99.1 2 a13-23757_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

 

 

 

As Reported
(1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

329.9

 

$

4.5

 

$

325.4

 

Cost of goods sold

 

208.9

 

3.6

 

205.3

 

GROSS PROFIT

 

121.0

 

0.9

 

120.1

 

Selling, general & administrative expenses

 

97.0

 

1.6

 

95.4

 

Restructuring and other charges, net

 

1.1

 

 

1.1

 

Goodwill and other long-lived asset impairment charges

 

 

 

 

OPERATING INCOME

 

22.9

 

(0.7

)

23.6

 

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

 

(0.7

)

17.9

 

Provision for income taxes

 

6.1

 

(0.2

)

6.3

 

NET INCOME FROM CONTINUING OPERATIONS

 

11.1

 

(0.5

)

11.6

 

Income from discontinued operations, net of taxes

 

 

(0.5

)

(0.5

)

NET INCOME

 

$

11.1

 

$

 

$

11.1

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.30

 

$

0.01

 

$

0.31

 

Discontinued operations

 

 

(0.01

)

(0.01

)

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

 

$

0.01

 

$

0.30

 

Discontinued operations

 

 

(0.01

)

(0.01

)

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

373.2

 

$

5.6

 

$

367.6

 

Cost of goods sold

 

243.8

 

4.4

 

239.4

 

GROSS PROFIT

 

129.4

 

1.2

 

128.2

 

Selling, general & administrative expenses

 

97.6

 

1.7

 

95.9

 

Restructuring and other charges, net

 

5.2

 

 

5.2

 

Goodwill and other long-lived asset impairment charges

 

0.3

 

0.3

 

 

OPERATING INCOME

 

26.3

 

(0.8

)

27.1

 

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

 

19.2

 

(0.8

)

20.0

 

Provision for income taxes

 

6.5

 

(0.1

)

6.6

 

NET INCOME FROM CONTINUING OPERATIONS

 

12.7

 

(0.7

)

13.4

 

Income from discontinued operations, net of taxes

 

1.9

 

(0.7

)

1.2

 

NET INCOME

 

$

14.6

 

$

 

$

14.6

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.34

 

$

0.02

 

$

0.36

 

Discontinued operations

 

0.05

 

(0.02

)

0.03

 

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

 

$

0.02

 

$

0.35

 

Discontinued operations

 

0.05

 

(0.02

)

0.03

 

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

367.5

 

$

6.0

 

$

361.5

 

Cost of goods sold

 

233.0

 

4.4

 

228.6

 

GROSS PROFIT

 

134.5

 

1.6

 

132.9

 

Selling, general & administrative expenses

 

91.7

 

1.6

 

90.1

 

Restructuring and other charges, net

 

1.9

 

 

1.9

 

Goodwill and other long-lived asset impairment charges

 

 

 

 

OPERATING INCOME

 

40.9

 

 

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

 

34.9

 

 

34.9

 

Provision for income taxes

 

11.5

 

(0.1

)

11.6

 

NET INCOME FROM CONTINUING OPERATIONS

 

23.4

 

0.1

 

23.3

 

Income from discontinued operations, net of taxes

 

0.3

 

0.1

 

0.4

 

NET INCOME

 

$

23.7

 

$

 

$

23.7

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.63

 

$

 

$

0.62

 

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

 

$

0.62

 

$

 

$

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

357.5

 

$

4.6

 

$

352.9

 

$

1,428.1

 

$

20.7

 

$

1,407.4

 

Cost of goods sold

 

229.6

 

3.9

 

225.7

 

915.3

 

16.3

 

899.0

 

GROSS PROFIT

 

127.9

 

0.7

 

127.2

 

512.8

 

4.4

 

508.4

 

Selling, general & administrative expenses

 

91.3

 

1.2

 

90.1

 

377.6

 

6.1

 

371.5

 

Restructuring and other charges, net

 

0.6

 

 

0.6

 

8.8

 

 

8.8

 

Goodwill and other long-lived asset impairment charges

 

17.1

 

14.8

 

2.3

 

17.4

 

15.1

 

2.3

 

Gain on disposal of business

 

(7.7

)

 

(7.7

)

(7.7

)

 

(7.7

)

OPERATING INCOME

 

26.6

 

(15.3

)

41.9

 

116.7

 

(16.8

)

133.5

 

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

 

19.8

 

(15.3

)

35.1

 

91.1

 

(16.8

)

107.9

 

Provision for income taxes

 

2.6

 

(3.6

)

6.2

 

26.7

 

(4.0

)

30.7

 

NET INCOME FROM CONTINUING OPERATIONS

 

17.2

 

(11.7

)

28.9

 

64.4

 

(12.8

)

77.2

 

Income (loss) from discontinued operations, net of taxes

 

(0.2

)

(11.7

)

(11.9

)

2.0

 

(12.8

)

(10.8

)

NET INCOME

 

$

17.0

 

$

 

$

17.0

 

$

66.4

 

$

 

$

66.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.47

 

$

0.32

 

$

0.79

 

$

1.73

 

$

0.34

 

$

2.07

 

Discontinued operations

 

 

(0.32

)

(0.32

)

0.05

 

(0.34

)

(0.29

)

NET INCOME

 

$

0.47

 

$

 

$

0.46

 

$

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

 

$

0.47

 

$

0.32

 

$

0.79

 

$

1.72

 

$

0.34

 

$

2.06

 

Discontinued operations

 

 

(0.32

)

(0.32

)

0.05

 

(0.34

)

(0.28

)

NET INCOME

 

$

0.47

 

$

 

$

0.46

 

$

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

361.2

 

$

3.6

 

$

357.6

 

Cost of goods sold

 

232.7

 

2.9

 

229.8

 

GROSS PROFIT

 

128.5

 

0.7

 

127.8

 

Selling, general & administrative expenses

 

100.2

 

1.0

 

99.2

 

Restructuring and other charges, net

 

1.2

 

 

1.2

 

Goodwill and other long-lived asset impairment charges

 

0.5

 

 

0.5

 

OPERATING INCOME

 

26.6

 

(0.3

)

26.9

 

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

 

21.5

 

(0.3

)

21.8

 

Provision for income taxes

 

6.0

 

(0.1

)

6.1

 

NET INCOME FROM CONTINUING OPERATIONS

 

15.5

 

(0.2

)

15.7

 

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

367.4

 

$

4.9

 

$

362.5

 

Cost of goods sold

 

237.0

 

3.9

 

233.1

 

GROSS PROFIT

 

130.4

 

1.0

 

129.4

 

Selling, general & administrative expenses

 

96.0

 

1.0

 

95.0

 

Restructuring and other charges, net

 

1.1

 

 

1.1

 

Goodwill and other long-lived asset impairment charges

 

0.1

 

 

0.1

 

OPERATING INCOME

 

33.2

 

 

33.2

 

Other (income) expense:

 

 

 

 

 

 

 

Interest income

 

(0.2

)

 

(0.2

)

Interest expense

 

6.1

 

 

6.1

 

Other expense (income), net

 

 

 

 

Total other expense

 

5.9

 

 

5.9

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

27.3

 

 

27.3

 

Provision for income taxes

 

9.1

 

 

9.1

 

NET INCOME FROM CONTINUING OPERATIONS

 

18.2

 

 

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

 

$

0.50

 

$

 

$

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

 

$

0.50

 

$

 

$

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

 

 

As Reported (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

357.8

 

$

5.0

 

$

352.8

 

Cost of goods sold

 

228.9

 

3.8

 

225.1

 

GROSS PROFIT

 

128.9

 

1.2

 

127.7

 

Selling, general & administrative expenses

 

92.6

 

0.9

 

91.7

 

Restructuring and other charges, net

 

(0.4

)

0.1

 

(0.5

)

Gain on disposal of business

 

1.6

 

 

1.6

 

Goodwill and other long-lived asset impairment charges

 

2.4

 

 

2.4

 

OPERATING INCOME

 

32.7

 

0.2

 

32.5

 

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

 

27.3

 

0.2

 

27.1

 

Provision for income taxes

 

8.8

 

 

8.8

 

NET INCOME FROM CONTINUING OPERATIONS

 

18.5

 

0.2

 

18.3

 

Income from discontinued operations, net of taxes

 

0.2

 

0.2

 

0.4

 

NET INCOME

 

$

18.7

 

$

 

$

18.7

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.53

 

$

(0.01

)

$

0.52

 

Discontinued operations

 

0.01

 

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

 

$

0.52

 

$

 

$

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 reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

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

 

Year Ended December 31, 2012

 

 

 

As Reported (1)

 

Disc Ops (2)

 

As Restated

 

As Reported
(1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

359.2

 

$

4.7

 

$

354.5

 

$

1,445.6

 

$

18.2

 

$

1,427.4

 

Cost of goods sold

 

229.5

 

3.6

 

225.9

 

928.1

 

14.2

 

913.9

 

GROSS PROFIT

 

129.7

 

1.1

 

128.6

 

517.5

 

4.0

 

513.5

 

Selling, general & administrative expenses

 

96.0

 

0.9

 

95.1

 

384.8

 

3.8

 

381.0

 

Restructuring and other charges, net

 

2.4

 

 

2.4

 

4.3

 

0.1

 

4.2

 

Goodwill and other long-lived asset impairment charges

 

0.4

 

 

0.4

 

3.4

 

 

3.4

 

(Gain on) adjustment to disposal of business

 

 

 

 

1.6

 

 

1.6

 

OPERATING INCOME

 

30.9

 

0.2

 

30.7

 

123.4

 

0.1

 

123.3

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(0.2

)

 

(0.2

)

(0.7

)

 

(0.7

)

Interest expense

 

6.2

 

 

6.2

 

24.6

 

 

24.6

 

Other expense (income), net

 

0.7

 

 

0.7

 

(0.8

)

 

(0.8

)

Total other expense

 

6.7

 

 

6.7

 

23.1

 

 

23.1

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

24.2

 

0.2

 

24.0

 

100.3

 

0.1

 

100.2

 

Provision for income taxes

 

5.8

 

 

5.8

 

29.7

 

(0.1

)

29.8

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

18.4

 

0.2

 

18.2

 

70.6

 

0.2

 

70.4

 

Income (loss) from discontinued operations, net of taxes

 

(2.9

)

0.2

 

(2.7

)

(2.2

)

0.2

 

(2.0

)

NET INCOME

 

$

15.5

 

$

 

$

15.5

 

$

68.4

 

$

 

$

68.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.52

 

$

(0.01

)

$

0.51

 

1.96

 

$

(0.01

)

$

1.96

 

Discontinued operations

 

(0.08

)

0.01

 

(0.08

)

(0.06

)

0.01

 

(0.06

)

NET INCOME

 

$

0.44

 

$

 

$

0.44

 

1.90

 

$

 

$

1.90

 

Weighted average number of shares

 

35.4

 

35.4

 

35.4

 

36.0

 

36.0

 

36.0

 

DILUTED EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.52

 

$

(0.01

)

$

0.51

 

1.96

 

$

(0.01

)

$

1.95

 

Discontinued operations

 

(0.08

)

0.01

 

(0.08

)

(0.06

)

0.01

 

(0.05

)

NET INCOME

 

$

0.44

 

$

 

$

0.44

 

1.90

 

$

 

$

1.90

 

Weighted average number of shares

 

35.5

 

35.5

 

35.5

 

36.1

 

36.1

 

36.1

 

Dividends per share

 

$

0.11

 

 

 

$

0.11

 

0.44

 

 

 

$

0.44

 

 


(1) As reported in Form 8-K filed April 9, 2013

(2) Austroflex results recast in Q3 2013

 



 

WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Income Statement

Retrospective Revision

(Amounts in millions, except per share information)

(Unaudited)

 

 

 

First Quarter Ended March 31, 2013

 

 

 

Originally
Filed (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

362.1

 

$

3.2

 

$

358.9

 

Cost of goods sold

 

232.6

 

2.6

 

230.0

 

GROSS PROFIT

 

129.5

 

0.6

 

128.9

 

Selling, general & administrative expenses

 

99.0

 

0.9

 

98.1

 

Restructuring and other charges, net

 

2.2

 

 

2.2

 

OPERATING INCOME

 

28.3

 

(0.3

)

28.6

 

Other (income) expense:

 

 

 

 

 

 

 

Interest income

 

(0.1

)

 

(0.1

)

Interest expense

 

6.0

 

 

6.0

 

Other income, net

 

 

 

 

Total other expense

 

5.9

 

 

5.9

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

22.4

 

(0.3

)

22.7

 

Provision for income taxes

 

6.3

 

(0.1

)

6.4

 

NET INCOME FROM CONTINUING OPERATIONS

 

16.1

 

(0.2

)

16.3

 

Income from discontinued operations, net of taxes

 

 

(0.2

)

(0.2

)

NET INCOME

 

$

16.1

 

$

 

$

16.1

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.45

 

$

0.01

 

$

0.46

 

Discontinued operations

 

 

(0.01

)

(0.01

)

NET INCOME

 

$

0.45

 

$

 

$

0.45

 

Weighted average number of shares

 

35.5

 

35.5

 

35.5

 

DILUTED EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.45

 

$

0.01

 

$

0.46

 

Discontinued operations

 

 

(0.01

)

(0.01

)

NET INCOME

 

$

0.45

 

$

 

$

0.45

 

Weighted average number of shares

 

35.6

 

35.6

 

35.6

 

Dividends per share

 

$

0.11

 

 

 

$

0.11

 

 


(1) As originally reported in Q1 2013 Form 10-Q

(2) Austroflex results recast in Q3 2013

 



 

WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Income Statement

Retrospective Revision

(Amounts in millions, except per share information)

(Unaudited)

 

 

 

Second Quarter Ended June 30, 2013

 

 

 

Originally
Filed (1)

 

Discontinued
Operations (2)

 

As Restated

 

Net sales

 

$

371.3

 

$

4.5

 

$

366.8

 

Cost of goods sold

 

237.6

 

3.6

 

234.0

 

GROSS PROFIT

 

133.7

 

0.9

 

132.8

 

Selling, general & administrative expenses

 

96.1

 

0.9

 

95.2

 

Restructuring and other charges, net

 

2.0

 

 

2.0

 

OPERATING INCOME

 

35.6

 

 

35.6

 

Other (income) expense:

 

 

 

 

 

 

 

Interest income

 

(0.2

)

 

(0.2

)

Interest expense

 

5.5

 

 

5.5

 

Other income, net

 

1.4

 

 

1.4

 

Total other expense

 

6.7

 

 

6.7

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

28.9

 

 

28.9

 

Provision for income taxes

 

10.0

 

 

10.0

 

NET INCOME FROM CONTINUING OPERATIONS

 

18.9

 

 

18.9

 

Income from discontinued operations, net of taxes

 

 

 

 

NET INCOME

 

$

18.9

 

$

 

$

18.9

 

 

 

 

 

 

 

 

 

BASIC EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.53

 

$

 

$

0.53

 

Discontinued operations

 

 

 

 

NET INCOME

 

$

0.53

 

$

 

$

0.53

 

Weighted average number of shares

 

35.5

 

35.5

 

35.5

 

DILUTED EPS

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Continuing operations

 

$

0.53

 

$

 

$

0.53

 

Discontinued operations

 

 

 

 

NET INCOME

 

$

0.53

 

$

 

$

0.53

 

Weighted average number of shares

 

35.6

 

35.6

 

35.6

 

Dividends per share

 

$

0.13

 

 

 

$

0.13

 

 


(1) As originally reported in Q2 2013 Form 10-Q

(2) Austroflex results recast in Q3 2013