$FBIN
Fortune Brands Innovations, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515360384 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $1.225B $1.239B $1.058B
YoY Change 17.8% 17.12% 5.39%
Cost Of Revenue $805.7M $804.3M $689.7M
YoY Change 29.14% 16.62% 0.52%
Gross Profit $420.1M $434.5M $368.0M
YoY Change 22.91% 18.07% 5.6%
Gross Profit Margin 34.3% 35.07% 34.79%
Selling, General & Admin $269.5M $265.7M $234.9M
YoY Change 10.5% 13.11% -0.34%
% of Gross Profit 64.15% 61.15% 63.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.30M $31.60M $25.60M
YoY Change 30.08% 23.44% 9.4%
% of Gross Profit 7.93% 7.27% 6.96%
Operating Expenses $275.8M $265.7M $234.9M
YoY Change 11.48% 13.11% -0.34%
Operating Profit $140.3M $160.3M $129.5M
YoY Change 77.15% 23.78% 45.02%
Interest Expense -$2.500M $11.10M $3.200M
YoY Change -34.21% 246.88% 52.38%
% of Operating Profit -1.78% 6.92% 2.47%
Other Income/Expense, Net -$2.900M -$500.0K $500.0K
YoY Change -245.0% -200.0% 0.0%
Pretax Income $128.3M $148.7M $126.8M
YoY Change 108.28% 17.27% 32.08%
Income Tax $40.70M $48.70M $42.30M
% Of Pretax Income 31.72% 32.75% 33.36%
Net Earnings $88.00M $107.5M -$21.10M
YoY Change 93.83% -609.48% -132.87%
Net Earnings / Revenue 7.19% 8.68% -1.99%
Basic Earnings Per Share $0.55 $0.67 -$0.13
Diluted Earnings Per Share $0.54 $0.66 -$0.13
COMMON SHARES
Basic Shares Outstanding 159.7M shares 160.0M shares 158.7M shares
Diluted Shares Outstanding 163.4M shares 163.2M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.5M $350.6M $175.1M
YoY Change 24.28% 100.23% 11.53%
Cash & Equivalents $238.5M $350.6M $175.1M
Short-Term Investments
Other Short-Term Assets $121.3M $175.4M $132.4M
YoY Change -1.22% 32.48% -2.5%
Inventory $555.6M $540.4M $520.9M
Prepaid Expenses
Receivables $502.6M $557.0M $534.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.418B $1.623B $1.363B
YoY Change 9.15% 19.11% 7.01%
LONG-TERM ASSETS
Property, Plant & Equipment $627.9M $606.3M $533.3M
YoY Change 16.32% 13.69% 3.86%
Goodwill $1.755B $1.801B $1.456B
YoY Change 19.59% 23.72% -4.31%
Intangibles $996.7M $982.2M $665.9M
YoY Change 51.82% 47.5% -12.46%
Long-Term Investments
YoY Change
Other Assets $77.80M $69.50M $63.50M
YoY Change 7.46% 9.45% 25.99%
Total Long-Term Assets $3.458B $3.459B $2.718B
YoY Change 25.62% 27.24% -4.48%
TOTAL ASSETS
Total Short-Term Assets $1.418B $1.623B $1.363B
Total Long-Term Assets $3.458B $3.459B $2.718B
Total Assets $4.876B $5.082B $4.081B
YoY Change 20.34% 24.53% -0.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $344.2M $353.6M $341.4M
YoY Change 3.12% 3.57% -0.87%
Accrued Expenses $412.9M
YoY Change 28.23%
Deferred Revenue
YoY Change
Short-Term Debt $800.0K $0.00 $3.500M
YoY Change -100.0% -37.5%
Long-Term Debt Due $0.00 $3.800M $26.20M
YoY Change -100.0% -85.5%
Total Short-Term Liabilities $757.9M $777.7M $710.2M
YoY Change 8.33% 9.5% 0.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.169B $1.338B $653.8M
YoY Change 81.56% 104.59% 86.8%
Other Long-Term Liabilities $75.20M $296.6M $178.4M
YoY Change -0.53% 66.26% 107.93%
Total Long-Term Liabilities $1.244B $1.634B $832.2M
YoY Change 72.93% 96.37% 90.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $757.9M $777.7M $710.2M
Total Long-Term Liabilities $1.244B $1.634B $832.2M
Total Liabilities $2.422B $2.678B $1.741B
YoY Change 35.32% 53.85% 11.2%
SHAREHOLDERS EQUITY
Retained Earnings $501.6M $439.4M $256.5M
YoY Change 79.46% 71.31% 63.69%
Common Stock $2.604B $2.583B $1.700M
YoY Change 3.37% 151864.71% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $602.1M $582.1M $500.0M
YoY Change 13.11% 16.42% 659.88%
Treasury Stock Shares 15.29M shares
Shareholders Equity $2.451B $2.402B $2.337B
YoY Change
Total Liabilities & Shareholders Equity $4.876B $5.082B $4.081B
YoY Change 20.3% 24.53% -0.92%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $88.00M $107.5M -$21.10M
YoY Change 93.83% -609.48% -132.87%
Depreciation, Depletion And Amortization $33.30M $31.60M $25.60M
YoY Change 30.08% 23.44% 9.4%
Cash From Operating Activities $151.4M $222.4M $140.9M
YoY Change -2.95% 57.84% 17.12%
INVESTING ACTIVITIES
Capital Expenditures -$41.60M -$32.30M -$34.70M
YoY Change -7.96% -6.92% 44.58%
Acquisitions
YoY Change
Other Investing Activities $0.00 $14.00M $4.600M
YoY Change -100.0% 204.35% -560.0%
Cash From Investing Activities -$41.60M -$18.30M -$30.10M
YoY Change -43.4% -39.2% 20.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -218.0M -70.50M -80.20M
YoY Change 247.69% -12.09% 29.15%
NET CHANGE
Cash From Operating Activities 151.4M 222.4M 140.9M
Cash From Investing Activities -41.60M -18.30M -30.10M
Cash From Financing Activities -218.0M -70.50M -80.20M
Net Change In Cash -108.2M 133.6M 30.60M
YoY Change -646.46% 336.6% -7.83%
FREE CASH FLOW
Cash From Operating Activities $151.4M $222.4M $140.9M
Capital Expenditures -$41.60M -$32.30M -$34.70M
Free Cash Flow $193.0M $254.7M $175.6M
YoY Change -4.08% 45.05% 21.69%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>17.</b></td> <td align="left" valign="top"><b>Contingencies</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Litigation</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. The Company believes 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.</p> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Environmental</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 Fortune Brands during the nine months ended September&#xA0;30, 2015 and 2014. 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. We believe compliance with current environmental protection laws (before taking into account estimated recoveries from third parties) will not have a material adverse effect upon our results of operations, cash flows or financial condition. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures.</p> </div>
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