$FBIN
Fortune Brands Innovations, Inc.

2012 Q4 Form 10-Q Financial Statement

#000119312512451817 Filed on November 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $947.9M $909.1M $848.0M
YoY Change 8.2% 7.21% 4.29%
Cost Of Revenue $645.4M $606.8M $592.2M
YoY Change 1.32% 2.47% 10.51%
Gross Profit $303.5M $302.3M $255.8M
YoY Change 26.93% 18.18% -7.72%
Gross Profit Margin 32.02% 33.25% 30.17%
Selling, General & Admin $275.3M $236.2M $228.0M
YoY Change 9.16% 3.6% 15.44%
% of Gross Profit 90.71% 78.13% 89.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.30M $31.50M $26.20M
YoY Change -37.18% 20.23% -67.65%
% of Gross Profit 7.35% 10.42% 10.24%
Operating Expenses $277.8M $236.2M $228.0M
YoY Change 8.69% 3.6% 13.32%
Operating Profit $7.500M $60.60M $20.80M
YoY Change -106.86% 191.35% -72.63%
Interest Expense -$2.100M $2.000M -$100.0K
YoY Change -30.0% -2100.0% -95.45%
% of Operating Profit -28.0% 3.3% -0.48%
Other Income/Expense, Net $400.0K $800.0K -$1.800M
YoY Change 33.33% -144.44% -325.0%
Pretax Income $5.800M $59.40M $18.90M
YoY Change -105.17% 214.29% -60.46%
Income Tax -$12.80M $19.20M $16.40M
% Of Pretax Income -220.69% 32.32% 86.77%
Net Earnings $18.40M $40.00M $2.200M
YoY Change -125.92% 1718.18% -93.6%
Net Earnings / Revenue 1.94% 4.4% 0.26%
Basic Earnings Per Share $0.11 $0.25 $0.01
Diluted Earnings Per Share $0.11 $0.24 $0.01
COMMON SHARES
Basic Shares Outstanding 162.8M shares 161.2M shares 155.1M shares
Diluted Shares Outstanding 167.0M shares 155.1M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.0M $216.1M $127.6M
YoY Change 178.15% 69.36%
Cash & Equivalents $336.0M $216.1M $127.6M
Short-Term Investments
Other Short-Term Assets $153.0M $122.9M $114.1M
YoY Change 1.8% 7.71%
Inventory $357.2M $392.3M $368.8M
Prepaid Expenses
Receivables $381.7M $407.1M $391.8M
Other Receivables $0.00 $0.00 $12.80M
Total Short-Term Assets $1.228B $1.138B $1.015B
YoY Change 28.78% 12.15%
LONG-TERM ASSETS
Property, Plant & Equipment $445.7M $497.8M $538.1M
YoY Change -15.23% -7.49%
Goodwill $1.295B $1.368B
YoY Change -5.22%
Intangibles $683.6M $698.1M
YoY Change -2.75%
Long-Term Investments
YoY Change
Other Assets $71.60M $81.80M $129.0M
YoY Change -19.64% -36.59%
Total Long-Term Assets $2.646B $2.646B $2.826B
YoY Change -1.43% -6.36%
TOTAL ASSETS
Total Short-Term Assets $1.228B $1.138B $1.015B
Total Long-Term Assets $2.646B $2.646B $2.826B
Total Assets $3.874B $3.785B $3.841B
YoY Change 6.49% -1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.0M $253.5M $258.4M
YoY Change 10.09% -1.9%
Accrued Expenses $317.4M $339.0M $279.2M
YoY Change 0.51% 21.42%
Deferred Revenue
YoY Change
Short-Term Debt $5.500M $5.300M $3.300M
YoY Change 44.74% 60.61%
Long-Term Debt Due $22.50M $0.00 $56.40M
YoY Change 28.57% -100.0%
Total Short-Term Liabilities $632.4M $597.8M $1.146B
YoY Change 5.79% -47.85%
LONG-TERM LIABILITIES
Long-Term Debt $297.5M $339.3M $16.80M
YoY Change -23.58% 1919.64%
Other Long-Term Liabilities $82.60M $78.20M $291.3M
YoY Change 11.62% -73.15%
Total Long-Term Liabilities $380.1M $417.5M $308.1M
YoY Change -17.96% 35.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $632.4M $597.8M $1.146B
Total Long-Term Liabilities $380.1M $417.5M $308.1M
Total Liabilities $1.489B $1.450B $1.716B
YoY Change -1.6% -15.49%
SHAREHOLDERS EQUITY
Retained Earnings $41.00M $22.60M
YoY Change -152.77%
Common Stock $1.600M $1.600M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.90M $7.200M
YoY Change 16800.0%
Treasury Stock Shares 700.1K shares
Shareholders Equity $2.381B $2.331B $2.125B
YoY Change
Total Liabilities & Shareholders Equity $3.874B $3.785B $3.841B
YoY Change 6.49% -1.47%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $18.40M $40.00M $2.200M
YoY Change -125.92% 1718.18% -93.6%
Depreciation, Depletion And Amortization $22.30M $31.50M $26.20M
YoY Change -37.18% 20.23% -67.65%
Cash From Operating Activities $163.4M $66.90M $32.70M
YoY Change 7.22% 104.59% -41.71%
INVESTING ACTIVITIES
Capital Expenditures -$29.00M -$17.80M -$13.80M
YoY Change 7.01% 28.99% -51.06%
Acquisitions
YoY Change
Other Investing Activities -$19.30M $9.400M -$5.800M
YoY Change -19400.0% -262.07% -744.44%
Cash From Investing Activities -$48.30M -$8.400M -$19.60M
YoY Change 78.89% -57.14% -28.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.500M 8.300M 43.60M
YoY Change -103.4% -80.96% -249.83%
NET CHANGE
Cash From Operating Activities 163.4M 66.90M 32.70M
Cash From Investing Activities -48.30M -8.400M -19.60M
Cash From Financing Activities 4.500M 8.300M 43.60M
Net Change In Cash 119.6M 66.80M 56.70M
YoY Change -1808.57% 17.81% -19000.0%
FREE CASH FLOW
Cash From Operating Activities $163.4M $66.90M $32.70M
Capital Expenditures -$29.00M -$17.80M -$13.80M
Free Cash Flow $192.4M $84.70M $46.50M
YoY Change 7.19% 82.15% -44.84%

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dei Trading Symbol
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dei Entity Registrant Name
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FORTUNE BRANDS HOME & SECURITY, INC.
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>14.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Contingencies</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Litigation</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">We are defendants in lawsuits associated with the normal conduct of our businesses and operations. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. We believe that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Environmental</b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Compliance with federal, state and local laws regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, did not have a material effect on capital expenditures, earnings or the competitive position of Home&#xA0;&amp; Security in the nine months ended September&#xA0;30, 2012 and 2011. We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures.</font></p> </div>
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