EX-99 2 ex99.txt Exhibit 99 Watts Water Technologies, Inc. Quarterly Segment Information Years ended December 31, 2004 and 2003 (Amounts in thousands)
------------------------------------------------------------------------------------------------- Year ended First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2004 ------------------------------------------------------------------------------------------------- Sales: North America $ 120,982 $ 138,782 $ 140,403 $ 144,972 $ 545,139 Europe 60,033 60,981 62,386 69,834 253,234 China 4,993 7,191 7,401 6,600 26,185 Corporate -- -- -- -- -- ------------------------------------------------------------------------------------------------- NET SALES $ 186,008 $ 206,954 $ 210,190 $ 221,406 $ 824,558 ================================================================================================= Operating income (loss): North America $ 15,158 $ 21,077 $ 18,565 $ 13,758 $ 68,558 Europe 7,445 7,992 8,023 8,137 31,597 China (458) 457 1,277 581 1,857 Corporate (2,367) (4,819) (4,975) (6,251) (18,412) ------------------------------------------------------------------------------------------------- OPERATING INCOME $ 19,778 $ 24,707 $ 22,890 $ 16,225 $ 83,600 ================================================================================================= ------------------------------------------------------------------------------------------------- Year ended First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2003 ------------------------------------------------------------------------------------------------- Sales: North America $ 112,955 $ 118,162 $ 121,001 $ 120,400 $ 472,518 Europe 48,669 50,229 50,211 61,505 210,614 China 4,068 5,121 4,297 5,241 18,727 Corporate -- -- -- -- ------------------------------------------------------------------------------------------------- NET SALES $ 165,692 $ 173,512 $ 175,509 $ 187,146 $ 701,859 ================================================================================================= Operating income (loss): North America $ 14,168 $ 15,815 $ 17,001 $ 17,391 $ 64,375 Europe 4,860 4,310 6,453 6,969 22,592 China (483) (641) (1,730) (980) (3,834) Corporate (2,635) (3,144) (3,747) (3,606) (13,132) ------------------------------------------------------------------------------------------------- OPERATING INCOME $ 15,910 $ 16,340 $ 17,977 $ 19,774 $ 70,001 =================================================================================================
Watts Water Technologies, Inc. Quarterly Statements of Operations Year ended December 31, 2004 (Amounts in thousands, except share and per share information)
-------------------------------------------------------------------------------------- Year ended First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2004 -------------------------------------------------------------------------------------- Net sales $ 186,008 $ 206,954 $ 210,190 $ 221,406 $ 824,558 Cost of goods sold 121,096 131,327 135,822 145,752 533,997 -------------------------------------------------------------------------------------- GROSS PROFIT 64,912 75,627 74,368 75,654 290,561 Selling, general and administrative expenses 45,134 50,920 51,478 59,334 206,866 Restructuring and other charges -- -- -- 95 95 -------------------------------------------------------------------------------------- OPERATING INCOME 19,778 24,707 22,890 16,225 83,600 -------------------------------------------------------------------------------------- Other (income) expense: Interest income (302) (261) (229) (343) (1,135) Interest expense 2,544 2,758 2,628 2,634 10,564 Minority interest 175 340 380 308 1,203 Other (164) (92) (239) 791 296 -------------------------------------------------------------------------------------- 2,253 2,745 2,540 3,390 10,928 -------------------------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 17,525 21,962 20,350 12,835 72,672 Provision for income taxes 6,530 7,903 6,515 2,986 23,934 -------------------------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS 10,995 14,059 13,835 9,849 48,738 Income (loss) from discontinued operations, net of taxes 6 (106) (130) (1,688) (1,918) -------------------------------------------------------------------------------------- NET INCOME $ 11,001 $ 13,953 $ 13,705 $ 8,161 $ 46,820 ====================================================================================== Basic EPS Income (loss) per share: Continuing operations $ 0.34 $ 0.44 $ 0.43 $ 0.30 $ 1.51 Discontinued operations -- -- -- (0.05) (0.06) -------------------------------------------------------------------------------------- NET INCOME $ 0.34 $ 0.43 $ 0.42 $ 0.25 $ 1.45 ====================================================================================== Diluted EPS Income (loss) per share: Continuing operations $ 0.34 $ 0.43 $ 0.42 $ 0.30 $ 1.49 Discontinued operations -- -- -- (0.05) (0.06) -------------------------------------------------------------------------------------- NET INCOME $ 0.34 $ 0.43 $ 0.42 $ 0.25 $ 1.43 ====================================================================================== Weighted average number of common shares Basic 32,135,544 32,264,768 32,319,532 32,369,384 32,276,434 Diluted 32,548,679 32,726,269 32,791,765 32,900,922 32,719,308
Watts Water Technologies, Inc. Quarterly Statements of Operations Year ended December 31, 2003 (Amounts in thousands, except share and per share information)
----------------------------------------------------------------------------------- Year ended First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2003 ----------------------------------------------------------------------------------- Net sales $ 165,692 $ 173,512 $ 175,509 $ 187,146 $ 701,859 Cost of goods sold 109,928 114,947 116,136 120,983 461,994 ----------------------------------------------------------------------------------- GROSS PROFIT 55,764 58,565 59,373 66,163 239,865 Selling, general and administrative expenses 39,854 42,111 41,396 46,077 169,438 Restructuring and other charges -- 114 -- 312 426 ----------------------------------------------------------------------------------- OPERATING INCOME 15,910 16,340 17,977 19,774 70,001 ----------------------------------------------------------------------------------- Other (income) expense: Interest income (115) (267) (362) (299) (1,043) Interest expense 2,084 2,820 3,659 3,545 12,108 Minority interest (21) (17) (410) (106) (554) Other (62) (90) 23 877 748 ----------------------------------------------------------------------------------- 1,886 2,446 2,910 4,017 11,259 ----------------------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 14,024 13,894 15,067 15,757 58,742 Provision for income taxes 5,088 5,214 6,048 5,973 22,323 ----------------------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS 8,936 8,680 9,019 9,784 36,419 Income (loss) from discontinued operations, net of taxes (2,326) (574) (114) (43) (3,057) ----------------------------------------------------------------------------------- NET INCOME $ 6,610 $ 8,106 $ 8,905 $ 9,741 $ 33,362 =================================================================================== Basic EPS Income (loss) per share: Continuing operations $ 0.33 $ 0.32 $ 0.33 $ 0.35 $ 1.33 Discontinued operations (0.09) (0.02) -- -- (0.11) ----------------------------------------------------------------------------------- NET INCOME $ 0.24 $ 0.30 $ 0.33 $ 0.35 $ 1.22 =================================================================================== Diluted EPS Income (loss) per share: Continuing operations $ 0.33 $ 0.32 $ 0.33 $ 0.34 $ 1.32 Discontinued operations (0.09) (0.02) (0.01) -- (0.11) ----------------------------------------------------------------------------------- NET INCOME $ 0.24 $ 0.30 $ 0.32 $ 0.34 $ 1.21 =================================================================================== Weighted average number of common shares Basic 27,065,478 27,209,813 27,305,856 28,183,808 27,454,552 Diluted 27,264,259 27,472,319 27,631,599 28,524,122 27,692,114