2012 Q4 Form 10-Q Financial Statement

#000119312512448824 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $527.5M $547.5M $515.9M
YoY Change 8.94% 6.13% -113.3%
Cost Of Revenue $362.7M $381.3M $360.7M
YoY Change 7.15% 5.71% -112.73%
Gross Profit $164.8M $166.2M $155.2M
YoY Change 13.11% 7.09% -114.85%
Gross Profit Margin 31.24% 30.36% 30.08%
Selling, General & Admin $97.80M $101.6M $71.60M
YoY Change 18.69% 41.9% -114.49%
% of Gross Profit 59.34% 61.13% 46.13%
Research & Development $13.20M $15.10M $15.80M
YoY Change -7.04% -4.43% -120.0%
% of Gross Profit 8.01% 9.09% 10.18%
Depreciation & Amortization $21.10M $13.80M $14.20M
YoY Change 17.22% -2.82% -80.81%
% of Gross Profit 12.8% 8.3% 9.15%
Operating Expenses $111.0M $116.7M $87.40M
YoY Change 17.21% 33.52% -115.25%
Operating Profit $53.80M $36.70M -$11.30M
YoY Change 5.49% -424.78% -97.61%
Interest Expense -$5.100M $5.000M -$20.50M
YoY Change -81.18% -124.39% -29.31%
% of Operating Profit -9.48% 13.62%
Other Income/Expense, Net $2.600M -$2.000M
YoY Change -88.29% -125.0%
Pretax Income $17.90M $41.70M -$33.80M
YoY Change -106.5% -223.37% -95.82%
Income Tax -$3.900M -$19.00M -$4.300M
% Of Pretax Income -21.79% -45.56%
Net Earnings $32.40M $73.00M $108.5M
YoY Change -106.12% -32.72% -25.68%
Net Earnings / Revenue 6.14% 13.33% 21.03%
Basic Earnings Per Share $0.79 $1.17
Diluted Earnings Per Share $346.5K $0.78 $1.17
COMMON SHARES
Basic Shares Outstanding 92.70M shares 92.50M shares 92.70M shares
Diluted Shares Outstanding 93.50M shares 92.70M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $583.0M $762.0M $2.686B
YoY Change -15.51% -71.63% 194.52%
Cash & Equivalents $544.5M $762.0M $2.686B
Short-Term Investments $38.00M
Other Short-Term Assets $251.4M $225.6M $652.0M
YoY Change -41.98% -65.4% 32.25%
Inventory $304.2M $268.7M $1.011B
Prepaid Expenses
Receivables $390.0M $409.0M $2.155B
Other Receivables $50.00M $49.00M $43.00M
Total Short-Term Assets $1.540B $1.715B $6.547B
YoY Change -12.56% -73.81% 53.76%
LONG-TERM ASSETS
Property, Plant & Equipment $373.1M $323.9M $1.214B
YoY Change 16.09% -73.32% 5.66%
Goodwill $651.4M $513.3M
YoY Change 30.93%
Intangibles $123.3M $78.40M
YoY Change 60.97%
Long-Term Investments $8.600M
YoY Change 138.89%
Other Assets $151.2M $147.7M $1.955B
YoY Change -21.66% -92.45% 4.83%
Total Long-Term Assets $1.846B $1.600B -$2.876B
YoY Change -3.36% -155.65% -135.06%
TOTAL ASSETS
Total Short-Term Assets $1.540B $1.715B $6.547B
Total Long-Term Assets $1.846B $1.600B -$2.876B
Total Assets $3.386B $3.315B $3.672B
YoY Change -7.77% -9.72% -70.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $347.0M $331.9M $1.116B
YoY Change -3.9% -70.26% -12.06%
Accrued Expenses $458.3M $409.2M $521.0M
YoY Change -3.09% -21.46% -51.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.305B
YoY Change -100.0% 367.74%
Long-Term Debt Due $3.600M
YoY Change 1100.0%
Total Short-Term Liabilities $805.3M $741.1M $4.176B
YoY Change -3.44% -82.25% 49.57%
LONG-TERM LIABILITIES
Long-Term Debt $8.500M $0.00 $1.868B
YoY Change 112.5% -100.0% 36.95%
Other Long-Term Liabilities $292.3M $267.6M $4.549B
YoY Change -1.98% -94.12% 25.01%
Total Long-Term Liabilities $1.878B $1.804B $6.417B
YoY Change -12.37% -71.89% 28.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $805.3M $741.1M $4.176B
Total Long-Term Liabilities $1.878B $1.804B $6.417B
Total Liabilities $2.683B $2.545B $10.84B
YoY Change -9.87% -76.53% 33.35%
SHAREHOLDERS EQUITY
Retained Earnings $898.8M $913.3M
YoY Change 5.42%
Common Stock $91.90M $92.50M
YoY Change -1.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 11.90M shares
Shareholders Equity $703.2M $770.0M $4.245B
YoY Change
Total Liabilities & Shareholders Equity $3.386B $3.315B $15.09B
YoY Change -7.77% -78.03% 21.09%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $32.40M $73.00M $108.5M
YoY Change -106.12% -32.72% -25.68%
Depreciation, Depletion And Amortization $21.10M $13.80M $14.20M
YoY Change 17.22% -2.82% -80.81%
Cash From Operating Activities $69.70M $70.60M $258.1M
YoY Change -131.77% -72.65% -11.31%
INVESTING ACTIVITIES
Capital Expenditures -$40.10M -$14.10M -$16.10M
YoY Change -18.33% -12.42% -76.32%
Acquisitions
YoY Change
Other Investing Activities -$192.1M $200.0K -$346.4M
YoY Change 214.4% -100.06% 0.41%
Cash From Investing Activities -$232.2M -$13.90M -$362.5M
YoY Change 110.71% -96.17% -12.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -59.70M -35.30M 1.709B
YoY Change -95.29% -102.07% 1194.62%
NET CHANGE
Cash From Operating Activities 69.70M 70.60M 258.1M
Cash From Investing Activities -232.2M -13.90M -362.5M
Cash From Financing Activities -59.70M -35.30M 1.709B
Net Change In Cash -222.2M 21.40M 1.604B
YoY Change -86.1% -98.67% 15945.0%
FREE CASH FLOW
Cash From Operating Activities $69.70M $70.60M $258.1M
Capital Expenditures -$40.10M -$14.10M -$16.10M
Free Cash Flow $109.8M $84.70M $274.2M
YoY Change -164.47% -69.11% -23.62%

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DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
0.2
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3600000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2900000 shares
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
15800000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2012Q3 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
200000 shares
CY2012Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-1800000
CY2012Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
6.1
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
387100000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.66
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
12200000
CY2012Q3 itt Operating Margin
OperatingMargin
0.066 pure
CY2012Q3 itt Compensation Costs Benefits On Liability Based Awards
CompensationCostsBenefitsOnLiabilityBasedAwards
800000
CY2012Q3 itt Asbestos Related Costs Before Tax
AsbestosRelatedCostsBeforeTax
7200000
CY2012Q3 itt Asbestos Related Costs Net Of Tax
AsbestosRelatedCostsNetOfTax
4500000
CY2012Q3 itt Asset Related To Insurance Policy Of Continuing Operations
AssetRelatedToInsurancePolicyOfContinuingOperations
6700000
CY2012Q3 itt Asset Related To Insurance Policy Of Discontinuing Operations
AssetRelatedToInsurancePolicyOfDiscontinuingOperations
1500000
CY2012Q3 itt Interest And Non Operating Expenses Net
InterestAndNonOperatingExpensesNet
-5100000
CY2012Q3 itt Income Loss From Discontinued Operations Including Gain Loss Net Of Tax
IncomeLossFromDiscontinuedOperationsIncludingGainLossNetOfTax
12200000
CY2012Q3 itt Income Tax Expense Benefit On Transformation Cost
IncomeTaxExpenseBenefitOnTransformationCost
-500000
CY2012Q3 itt It Costs
ItCosts
300000
CY2012Q3 itt Employee Retention And Other Compensation Costs
EmployeeRetentionAndOtherCompensationCosts
200000
CY2012Q3 itt Tax Expense Benefit Of Amortization Of Net Actuarial Loss
TaxExpenseBenefitOfAmortizationOfNetActuarialLoss
353300000
CY2012Q3 itt Transformation Costs Net Of Tax Impact
TransformationCostsNetOfTaxImpact
1700000
CY2012Q3 itt Transformation Cost Excluded From Segment Operating Income
TransformationCostExcludedFromSegmentOperatingIncome
800000
CY2012Q3 itt Transformation Costs Before Income Tax Expense
TransformationCostsBeforeIncomeTaxExpense
2200000
CY2012Q3 itt Transformation Costs From Continuing Operations
TransformationCostsFromContinuingOperations
2600000
CY2012Q3 itt Other Transformation Cost
OtherTransformationCost
600000
CY2012Q3 itt Reduction In Asbestos Related Asset
ReductionInAsbestosRelatedAsset
2500000
CY2012Q3 itt Reduction To Net Asbestos Charge
ReductionToNetAsbestosCharge
5800000
CY2012Q3 itt Pre Tax Compensation Cost
PreTaxCompensationCost
4400000
CY2012Q3 itt Average Exercise Price Of Anti Dilutive Stock Options
AverageExercisePriceOfAntiDilutiveStockOptions
21050000
CY2012Q3 itt Decrease In Estimated Undiscounted Asbestos Related Assets
DecreaseInEstimatedUndiscountedAsbestosRelatedAssets
78700000
CY2012Q3 itt Reduction In Environmental Insurance Related Asset
ReductionInEnvironmentalInsuranceRelatedAsset
300000

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