EX-99.1 3 y01905exv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data below has been recast in all years for the adoption of FSP APB 14-1, SFAS 160 and FSP EITF 03-6-1 as further detailed in Note A of Item 8. The Company made significant acquisitions during the five-year period presented below that affect comparability of results. Refer to Note F, Acquisitions, of the Notes to Consolidated Financial Statements in Item 8 for further information. Additionally, as detailed in Note U, Discontinued Operations, and prior year 10-K filings, results in all years have been recast to remove the effects of certain discontinued operations for comparability (in millions, except per share amounts):
                                         
    2008     2007     2006     2005     2004  
 
                                        
Continuing Operations:
                                        
Net sales
   $ 4,426     $ 4,360     $ 3,897     $ 3,183     $ 2,930  
Net earnings attributable to The Stanley Works
   $ 219     $ 321     $ 279     $ 262     $ 229  
Basic earnings per share:
                                        
Continuing operations
   $ 2.77     $ 3.89     $ 3.40     $ 3.14     $ 2.79  
Discontinued operations
   $ 1.11     $ 0.14     $ 0.13     $ 0.09     $ 1.68  
 
                              
Total basic earnings per share
   $ 3.88     $ 4.03     $ 3.53     $ 3.23     $ 4.47  
Diluted earnings per share:
                                        
Continuing operations
   $ 2.74     $ 3.82     $ 3.33     $ 3.07     $ 2.72  
Discontinued operations
   $ 1.10     $ 0.13     $ 0.13     $ 0.08     $ 1.64  
 
                              
Total diluted earnings per share
   $ 3.84     $ 3.95     $ 3.46     $ 3.16     $ 4.36  
Percent of net sales:
                                        
Cost of sales
     62.2 %     62.1 %     63.7 %     64.1 %     63.3 %
Selling, general and administrative*
     25.0 %     23.8 %     23.9 %     22.5 %     23.2 %
Interest, net
     1.9 %     2.0 %     1.7 %     1.1 %     1.2 %
Other, net
     2.3 %     1.9 %     1.3 %     1.4 %     1.4 %
Earnings before income taxes
     6.6 %     9.8 %     9.0 %     10.8 %     10.7 %
Net earnings attributable to The Stanley Works
     4.9 %     7.4 %     7.2 %     8.2 %     7.8 %
Balance sheet data:
                                        
Total assets**
   $ 4,867     $ 4,741     $ 3,926     $ 3,545     $ 2,851  
Long-term debt
   $ 1,384     $ 1,165     $ 679     $ 895     $ 482  
The Stanley Works Shareowners’ Equity***
   $ 1,706     $ 1,754     $ 1,548     $ 1,437     $ 1,229  
Ratios:
                                        
Current ratio
     1.3       1.4       1.4       2.2       1.7  
Total debt to total capital
     48.6 %     45.4 %     39.2 %     42.6 %     32.2 %
Income tax rate — continuing operations
     24.7 %     24.9 %     19.8 %     23.4 %     26.4 %
Return on average equity — continuing operations
     12.8 %     19.5 %     18.9 %     19.8 %     21.7 %
Common stock data:
                                        
Dividends per share
   $ 1.26     $ 1.22     $ 1.18     $ 1.14     $ 1.08  
Equity per share at year-end
   $ 21.63     $ 21.82     $ 18.92     $ 17.15     $ 14.92  
Market price per share — high
   $ 52.18     $ 64.25     $ 54.59     $ 51.75     $ 49.33  
Market price per share — low
   $ 24.19     $ 47.01     $ 41.60     $ 41.51     $ 36.42  
Average shares outstanding (in 000’s):
                                        
Basic
     78,897       82,313       81,866       83,347       82,058  
Diluted
     79,874       84,046       83,704       85,406       84,244  
Other information:
                                        
Average number of employees
     17,862       17,344       16,699       13,605       12,817  
Shareowners of record at end of year
     12,593       12,482       12,755       13,137       13,238  

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*   SG&A is inclusive of the Provision for Doubtful Accounts
 
**   Item includes discontinued operations in all years.
 
***   Shareowners’ equity was reduced by $14 million in fiscal 2007 for the adoption of FIN 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of SFAS No. 109”. Shareowners’ equity as of December 30, 2006 decreased $61 million from the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans-an amendment of FASB Statements NO. 87, 88, 106 and 132(R)”.

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