2015 Q2 Form 10-Q Financial Statement

#000005849215000014 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.127B $1.049B
YoY Change 7.46% 0.73%
Cost Of Revenue $766.6M $755.4M
YoY Change 1.48% -0.57%
Gross Profit $230.7M $200.7M
YoY Change 14.95% 8.31%
Gross Profit Margin 20.47% 19.13%
Selling, General & Admin $106.6M $94.10M
YoY Change 13.28% -4.76%
% of Gross Profit 46.21% 46.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.90M $29.50M
YoY Change -8.81% -5.14%
% of Gross Profit 11.66% 14.7%
Operating Expenses $106.6M $94.10M
YoY Change 13.28% -4.76%
Operating Profit $124.1M $106.6M
YoY Change 16.42% 23.24%
Interest Expense $11.20M $10.40M
YoY Change 7.69% -4.59%
% of Operating Profit 9.02% 9.76%
Other Income/Expense, Net
YoY Change
Pretax Income $109.0M $93.20M
YoY Change 16.95% 13.11%
Income Tax $32.30M $23.60M
% Of Pretax Income 29.63% 25.32%
Net Earnings $77.70M -$23.90M
YoY Change -425.1% -133.52%
Net Earnings / Revenue 6.89% -2.28%
Basic Earnings Per Share $0.55 -$0.17
Diluted Earnings Per Share $0.54 -$0.17
COMMON SHARES
Basic Shares Outstanding 141.4M shares 141.4M shares
Diluted Shares Outstanding 143.4M shares 143.1M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.1M $304.2M
YoY Change -9.57% 8.53%
Cash & Equivalents $275.1M $304.2M
Short-Term Investments
Other Short-Term Assets $100.7M $54.80M
YoY Change 83.76% 25.98%
Inventory $510.8M $527.1M
Prepaid Expenses
Receivables $486.6M $553.5M
Other Receivables $63.00M $49.90M
Total Short-Term Assets $1.436B $1.490B
YoY Change -3.58% 7.37%
LONG-TERM ASSETS
Property, Plant & Equipment $538.6M $582.6M
YoY Change -7.55% 3.65%
Goodwill $822.7M $842.1M
YoY Change -2.3% -14.32%
Intangibles $207.0M $203.5M
YoY Change 1.72% -2.91%
Long-Term Investments
YoY Change
Other Assets $139.2M $125.7M
YoY Change 10.74% -8.18%
Total Long-Term Assets $1.708B $1.754B
YoY Change -2.65% -7.27%
TOTAL ASSETS
Total Short-Term Assets $1.436B $1.490B
Total Long-Term Assets $1.708B $1.754B
Total Assets $3.144B $3.243B
YoY Change -3.07% -1.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $358.6M $376.7M
YoY Change -4.8% 11.35%
Accrued Expenses $316.1M $223.2M
YoY Change 41.62% 4.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $201.7M $181.3M
YoY Change 11.25% 9972.22%
Total Short-Term Liabilities $964.0M $864.8M
YoY Change 11.47% 37.12%
LONG-TERM LIABILITIES
Long-Term Debt $831.7M $926.0M
YoY Change -10.18% -4.92%
Other Long-Term Liabilities $187.3M $133.6M
YoY Change 40.19% -15.71%
Total Long-Term Liabilities $1.070B $1.116B
YoY Change -4.17% -8.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $964.0M $864.8M
Total Long-Term Liabilities $1.070B $1.116B
Total Liabilities $2.034B $1.981B
YoY Change 2.66% 7.37%
SHAREHOLDERS EQUITY
Retained Earnings $2.123B $2.081B
YoY Change 2.04% -3.07%
Common Stock $513.8M $484.3M
YoY Change 6.09% 3.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.503B $1.406B
YoY Change 6.86% 13.58%
Treasury Stock Shares
Shareholders Equity $1.100B $1.253B
YoY Change
Total Liabilities & Shareholders Equity $3.144B $3.243B
YoY Change -3.07% -1.08%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $77.70M -$23.90M
YoY Change -425.1% -133.52%
Depreciation, Depletion And Amortization $26.90M $29.50M
YoY Change -8.81% -5.14%
Cash From Operating Activities $94.80M $103.1M
YoY Change -8.05% 3.93%
INVESTING ACTIVITIES
Capital Expenditures -$29.60M -$23.30M
YoY Change 27.04% 5.43%
Acquisitions
YoY Change
Other Investing Activities $8.800M -$56.80M
YoY Change -115.49% -4469.23%
Cash From Investing Activities -$20.80M -$80.10M
YoY Change -74.03% 285.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.70M 12.70M
YoY Change -593.7% -105.11%
NET CHANGE
Cash From Operating Activities 94.80M 103.1M
Cash From Investing Activities -20.80M -80.10M
Cash From Financing Activities -62.70M 12.70M
Net Change In Cash 11.30M 35.70M
YoY Change -68.35% -120.99%
FREE CASH FLOW
Cash From Operating Activities $94.80M $103.1M
Capital Expenditures -$29.60M -$23.30M
Free Cash Flow $124.4M $126.4M
YoY Change -1.58% 4.2%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INTERIM PRESENTATION</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The interim financial statements of Leggett&#160;&amp; Platt, Incorporated (&#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair presentation of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year.</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The December&#160;31, 2014 financial position data included herein was derived from the audited consolidated financial statements included in Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). For further information, refer to the financial statements and footnotes included in our annual report on Form 10-K for the year ended December&#160;31, 2014.</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior year's information in the Consolidated Condensed Financial Statements and related notes to conform to the second quarter 2015 presentation as a result of changes in our management organizational structure and all related internal reporting (See Note 4 - Segment Information), and for a balance sheet reclassification between Machinery and Equipment and Goodwill associated with a measurement period adjustment related to an acquisition.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NEW ACCOUNTING GUIDANCE</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires those costs to be presented in the balance sheet as a direct deduction from the associated debt liability. We will adopt this guidance on January 1, 2016, and we do not believe it will have a material impact on our future financial statements.</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued new authoritative literature, Revenue from Contracts with Customers, which supersedes much of the existing authoritative literature for revenue recognition. This guidance will be effective January 1, 2018. We are currently evaluating the newly issued guidance and the impact on our future financial statements.</font></div></div>

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