Date of Report (Date of earliest event reported):
|
January 31, 2013
|
Delaware
___________________
(State or other
jurisdiction of
incorporation)
|
1-13884
_________________
(Commission
File Number)
|
76-0451843
___________________
(I.R.S. Employer
Identification No.)
|
1333 West Loop South, Suite 1700,
Houston, Texas
________________________________________
|
77027
_______________
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(713) 513-3300
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit
Number
|
Exhibit Title or Description
|
|
Exhibit 99.1
|
Press Release of Cameron International Corporation, dated January 31, 2013 – Cameron Fourth Quarter Results.
|
CAMERON INTERNATIONAL CORPORATION
|
|
By: /s/ Charles M. Sledge
|
|
Charles M. Sledge
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit
Number
|
Exhibit Title or Description
|
|
Exhibit 99.1
|
Press Release of Cameron International Corporation, dated January 31, 2013 – Cameron Fourth Quarter Results.
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Drilling & Production Systems
|
$ | 1,393.7 | $ | 1,216.0 | $ | 4,871.3 | $ | 4,061.5 | ||||||||
Valves & Measurement
|
556.7 | 462.2 | 2,142.2 | 1,663.0 | ||||||||||||
Process & Compression Systems
|
475.4 | 352.5 | 1,488.6 | 1,234.5 | ||||||||||||
Total revenues
|
2,425.8 | 2,030.7 | 8,502.1 | 6,959.0 | ||||||||||||
Costs and Expenses:
|
||||||||||||||||
Costs of sales (exclusive of depreciation and amortization shown separately below)
|
1,726.8 | 1,430.5 | 6,024.3 | 4,838.4 | ||||||||||||
Selling and administrative expenses
|
318.6 | 277.7 | 1,161.2 | 1,001.5 | ||||||||||||
Depreciation and amortization
|
64.8 | 61.2 | 254.7 | 206.6 | ||||||||||||
Interest, net
|
20.5 | 21.2 | 90.4 | 84.0 | ||||||||||||
Other costs
|
21.7 | 114.2 | 33.5 | 177.4 | ||||||||||||
Total costs and expenses
|
2,152.4 | 1,904.8 | 7,564.1 | 6,307.9 | ||||||||||||
Income before income taxes
|
273.4 | 125.9 | 938.0 | 651.1 | ||||||||||||
Income tax provision
|
(55.1 | ) | (26.0 | ) | (187.5 | ) | (129.2 | ) | ||||||||
Net income
|
$ | 218.3 | $ | 99.9 | $ | 750.5 | $ | 521.9 | ||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.88 | $ | 0.41 | $ | 3.05 | $ | 2.13 | ||||||||
Diluted
|
$ | 0.88 | $ | 0.40 | $ | 3.02 | $ | 2.09 | ||||||||
Shares used in computing earnings per common share:
|
||||||||||||||||
Basic
|
246.7 | 245.3 | 246.4 | 245.0 | ||||||||||||
Diluted
|
248.4 | 247.4 | 248.1 | 249.2 | ||||||||||||
EBITDA, excluding other costs:
|
||||||||||||||||
Drilling & Production Systems
|
$ | 238.7 | $ | 246.0 | $ | 862.2 | $ | 797.0 | ||||||||
Valves & Measurement
|
126.8 | 92.3 | 467.2 | 334.4 | ||||||||||||
Process & Compression Systems
|
77.5 | 38.0 | 184.0 | 153.9 | ||||||||||||
Corporate and other(1)
|
(62.6 | ) | (53.8 | ) | (196.8 | ) | (166.2 | ) | ||||||||
Total
|
$ | 380.4 | $ | 322.5 | $ | 1,316.6 | $ | 1,119.1 |
(1)
|
Corporate EBITDA amounts exclude $21.7 and $114.2 million of other costs for the three-month periods ended December 31, 2012 and 2011, respectively; and $33.5 and $177.4 million for the years ended December 31, 2012 and 2011, respectively.
|
December 31, 2012
|
December 31, 2011
|
|||||||
(unaudited)
|
||||||||
Assets:
|
||||||||
Cash and cash equivalents
|
$ | 1,185.8 | $ | 898.9 | ||||
Short-term investments
|
517.0 | 423.5 | ||||||
Receivables, net
|
1,966.7 | 1,757.3 | ||||||
Inventories, net
|
2,741.2 | 2,399.9 | ||||||
Other
|
499.9 | 349.0 | ||||||
Total current assets
|
6,910.6 | 5,828.6 | ||||||
Plant and equipment, net
|
1,765.1 | 1,500.1 | ||||||
Goodwill
|
1,923.9 | 1,615.3 | ||||||
Other assets
|
558.6 | 417.7 | ||||||
Total Assets
|
$ | 11,158.2 | $ | 9,361.7 | ||||
Liabilities and Stockholders’ Equity:
|
||||||||
Short-term debt
|
$ | 29.2 | $ | 10.6 | ||||
Accounts payable and accrued liabilities
|
3,045.7 | 2,669.7 | ||||||
Accrued income taxes
|
94.1 | – | ||||||
Total current liabilities
|
3,169.0 | 2,680.3 | ||||||
Long-term debt
|
2,047.0 | 1,574.2 | ||||||
Deferred income taxes
|
131.7 | 184.5 | ||||||
Other long-term liabilities
|
244.4 | 215.3 | ||||||
Total liabilities
|
5,592.1 | 4,654.3 | ||||||
Commitments and contingencies
|
– | – | ||||||
Stockholders’ equity:
|
||||||||
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at December 31, 2012 and 2011
|
2.6 | 2.6 | ||||||
Preferred stock, par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
|
– | – | ||||||
Capital in excess of par value
|
2,094.6 | 2,072.4 | ||||||
Retained earnings
|
4,120.7 | 3,370.2 | ||||||
Accumulated other elements of comprehensive income (loss)
|
(30.0 | ) | (90.8 | ) | ||||
Less: Treasury stock at cost, 16,415,336 shares at December 31, 2012 and 17,579,397 shares at December 31, 2011
|
(621.8 | ) | (647.0 | ) | ||||
Total stockholders’ equity
|
5,566.1 | 4,707.4 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 11,158.2 | $ | 9,361.7 |
Three Months
Ended December 31,
|
Twelve Months
Ended December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
$ | 218.3 | $ | 99.9 | $ | 750.5 | $ | 521.9 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation
|
58.8 | 45.2 | 211.8 | 160.2 | ||||||||||||
Amortization
|
6.0 | 16.0 | 42.9 | 46.4 | ||||||||||||
Non-cash stock compensation expense
|
13.4 | 10.0 | 44.7 | 36.7 | ||||||||||||
Deferred income taxes and tax benefit of employee stock compensation plan transactions
|
(25.5 | ) | (34.6 | ) | (85.1 | ) | (22.0 | ) | ||||||||
Changes in assets and liabilities, net of translation, acquisitions and non-cash items:
|
||||||||||||||||
Receivables
|
(94.8 | ) | (100.7 | ) | (144.0 | ) | (461.1 | ) | ||||||||
Inventories
|
70.5 | 34.3 | (368.9 | ) | (397.1 | ) | ||||||||||
Accounts payable and accrued liabilities
|
307.1 | 176.1 | 213.0 | 200.8 | ||||||||||||
Other assets and liabilities, net
|
(9.1 | ) | 82.8 | 18.0 | 122.7 | |||||||||||
Net cash provided by operating activities
|
544.7 | 329.0 | 682.9 | 208.5 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Proceeds from sales and maturities of short-term investments
|
256.8 | 15.2 | 1,031.7 | 15.2 | ||||||||||||
Purchases of short-term investments
|
(409.8 | ) | (438.0 | ) | (1,125.4 | ) | (438.0 | ) | ||||||||
Capital expenditures
|
(146.9 | ) | (159.6 | ) | (427.2 | ) | (388.1 | ) | ||||||||
Acquisitions, net of cash acquired
|
(39.6 | ) | (378.8 | ) | (349.3 | ) | (421.3 | ) | ||||||||
Proceeds from sales of plant and equipment
|
1.8 | 2.0 | 27.6 | 19.6 | ||||||||||||
Net cash used for investing activities
|
(337.7 | ) | (959.2 | ) | (842.6 | ) | (1,212.6 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||||||
Short-term loan borrowings (repayments), net
|
(4.0 | ) | (4.0 | ) | (41.9 | ) | 45.7 | |||||||||
Issuance of senior debt
|
– | – | 499.3 | 747.8 | ||||||||||||
Debt issuance costs
|
– | – | (3.4 | ) | (4.7 | ) | ||||||||||
Redemption of convertible debentures
|
– | – | – | (705.7 | ) | |||||||||||
Purchase of equity call options, net
|
– | – | – | (12.2 | ) | |||||||||||
Purchase of treasury stock
|
(8.8 | ) | (2.4 | ) | (21.3 | ) | (2.4 | ) | ||||||||
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions
|
1.9 | 1.5 | 12.3 | 21.5 | ||||||||||||
Excess tax benefits from stock compensation plan transactions
|
1.6 | 3.7 | 11.1 | 9.0 | ||||||||||||
Principal payments on capital leases
|
(3.1 | ) | (2.2 | ) | (11.3 | ) | (8.2 | ) | ||||||||
Net cash provided by (used for) financing activities
|
(12.4 | ) | (3.4 | ) | 444.8 | 90.8 | ||||||||||
Effect of translation on cash
|
0.5 | (4.0 | ) | 1.8 | (20.3 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents
|
195.1 | (637.6 | ) | 286.9 | (933.6 | ) | ||||||||||
Cash and cash equivalents, beginning of period
|
990.7 | 1,536.5 | 898.9 | 1,832.5 | ||||||||||||
Cash and cash equivalents, end of period
|
$ | 1,185.8 | $ | 898.9 | $ | 1,185.8 | $ | 898.9 |
Three Months
Ended December 31,
|
Twelve Months
Ended December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Drilling & Production Systems
|
$ | 2,544.5 | $ | 933.4 | $ | 7,326.8 | $ | 4,343.4 | ||||||||
Valves & Measurement
|
540.7 | 538.2 | 2,104.3 | 2,000.7 | ||||||||||||
Process & Compression Systems
|
358.0 | 443.2 | 1,455.6 | 1,483.5 | ||||||||||||
Total
|
$ | 3,443.2 | $ | 1,914.8 | $ | 10,886.7 | $ | 7,827.6 |
December 31,
2012
|
December 31,
2011
|
|||||||
Drilling & Production Systems
|
$ | 6,576.4 | $ | 3,811.1 | ||||
Valves & Measurement
|
1,051.0 | 1,144.9 | ||||||
Process & Compression Systems
|
969.8 | 1,013.1 | ||||||
Total
|
$ | 8,597.2 | $ | 5,969.1 |
Three Months Ended December 31, 2012
|
||||||||||||||||||||
Drilling &
Production
Systems
|
Valves &
Measurements
|
Process &
Compression Systems
|
Corporate
|
Total
|
||||||||||||||||
Income (loss) before income taxes
|
$ | 202.1 | $ | 116.5 | $ | 67.9 | $ | (113.1 | ) | $ | 273.4 | |||||||||
Depreciation & amortization
|
36.6 | 10.3 | 9.6 | 8.3 | 64.8 | |||||||||||||||
Interest, net
|
– | – | – | 20.5 | 20.5 | |||||||||||||||
Other costs
|
– | – | – | 21.7 | 21.7 | |||||||||||||||
EBITDA, excluding other costs
|
$ | 238.7 | $ | 126.8 | $ | 77.5 | $ | (62.6 | ) | $ | 380.4 |
Three Months Ended December 31, 2011
|
||||||||||||||||||||
Drilling &
Production
Systems
|
Valves &
Measurements
|
Process &
Compression
Systems
|
Corporate
|
Total
|
||||||||||||||||
Income (loss) before income taxes
|
$ | 211.3 | $ | 81.9 | $ | 27.4 | $ | (194.7 | ) | $ | 125.9 | |||||||||
Depreciation & amortization
|
34.7 | 10.4 | 10.6 | 5.5 | 61.2 | |||||||||||||||
Interest, net
|
– | – | – | 21.2 | 21.2 | |||||||||||||||
Other costs
|
– | – | – | 114.2 | 114.2 | |||||||||||||||
EBITDA, excluding other costs
|
$ | 246.0 | $ | 92.3 | $ | 38.0 | $ | (53.8 | ) | $ | 322.5 |
Twelve Months Ended December 31, 2012
|
||||||||||||||||||||
Drilling &
Production
Systems
|
Valves &
Measurements
|
Process &
Compression
Systems
|
Corporate
|
Total
|
||||||||||||||||
Income (loss) before income taxes
|
$ | 712.3 | $ | 425.8 | $ | 147.1 | $ | (347.2 | ) | $ | 938.0 | |||||||||
Depreciation & amortization
|
149.9 | 41.4 | 36.9 | 26.5 | 254.7 | |||||||||||||||
Interest, net
|
– | – | – | 90.4 | 90.4 | |||||||||||||||
Other costs
|
– | – | – | 33.5 | 33.5 | |||||||||||||||
EBITDA, excluding other costs
|
$ | 862.2 | $ | 467.2 | $ | 184.0 | $ | (196.8 | ) | $ | 1,316.6 |
Twelve Months Ended December 31, 2011
|
||||||||||||||||||||
Drilling &
Production
Systems
|
Valves &
Measurements
|
Process &
Compression
Systems
|
Corporate
|
Total
|
||||||||||||||||
Income (loss) before income taxes
|
$ | 685.6 | $ | 294.1 | $ | 116.0 | $ | (444.6 | ) | $ | 651.1 | |||||||||
Depreciation & amortization
|
111.4 | 40.3 | 37.9 | 17.0 | 206.6 | |||||||||||||||
Interest, net
|
– | – | – | 84.0 | 84.0 | |||||||||||||||
Other costs
|
– | – | – | 177.4 | 177.4 | |||||||||||||||
EBITDA, excluding other costs
|
$ | 797.0 | $ | 334.4 | $ | 153.9 | $ | (166.2 | ) | $ | 1,119.1 |
Three Months Ended December 31, 2012
|
||||||||
After Tax(1)
|
Diluted EPS(2)
|
|||||||
Net income, as reported
|
$ | 218.3 | $ | 0.88 | ||||
Adjustments:
|
||||||||
Impairment of intangibles
|
14.0 | |||||||
International pension settlement costs
|
0.4 | |||||||
Acquisition integration costs
|
2.5 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges
|
(1.9 | ) | ||||||
Joint venture formation costs
|
2.2 | |||||||
Severance, restructuring and other costs
|
0.1 | |||||||
Net income, excluding charges
|
$ | 235.6 | $ | 0.95 |
(1)
|
Individual adjustments assume a 20.2% effective tax rate
|
(2)
|
Based on 248.4 million diluted shares
|
Three Months Ended December 31, 2011
|
||||||||
After Tax(1)
|
Diluted EPS(2)
|
|||||||
Net income, as reported
|
$ | 99.9 | $ | 0.40 | ||||
Adjustments:
|
||||||||
Costs associated with the Deepwater Horizon matter and BOP litigation
|
85.4 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges
|
2.3 | |||||||
Severance, restructuring and other costs
|
2.8 | |||||||
Net income, excluding charges
|
$ | 190.4 | $ | 0.77 |
(1)
|
Individual adjustments assume a 20.7% effective tax rate
|
(2)
|
Based on 247.4 million diluted shares
|
Year Ended December 31, 2012
|
||||||||
After Tax(1)
|
Diluted EPS(2)
|
|||||||
Net income, as reported
|
$ | 750.5 | $ | 3.02 | ||||
Adjustments:
|
||||||||
Impairment of intangibles
|
14.0 | |||||||
International pension settlement costs
|
5.3 | |||||||
BOP litigation costs
|
2.0 | |||||||
Acquisition integration costs
|
10.6 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges
|
(12.6 | ) | ||||||
Joint venture formation costs
|
2.2 | |||||||
Severance, restructuring and other costs
|
5.3 | |||||||
Net income, excluding charges
|
$ | 777.3 | $ | 3.13 |
(1)
|
Individual adjustments assume a 20.0% effective tax rate
|
(2)
|
Based on 248.1 million diluted shares
|
Year Ended December 31, 2011
|
||||||||
After Tax(1)
|
Diluted EPS(2)
|
|||||||
Net income, as reported
|
$ | 521.9 | $ | 2.09 | ||||
Adjustments:
|
||||||||
Costs associated with the Deepwater Horizon matter and BOP litigation
|
114.8 | |||||||
Mark-to-market impact on currency derivatives not designated as accounting hedges
|
7.5 | |||||||
Cost associated with retiring the 2.5% convertible debentures
|
11.6 | |||||||
Severance, restructuring and other costs
|
8.3 | |||||||
Net income, excluding charges
|
$ | 664.1 | $ | 2.67 |
(1)
|
Individual adjustments assume a 19.8% effective tax rate
|
(2)
|
Based on 249.2 million diluted shares
|