Black & Decker 2011 Annual Report Download - page 115

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103
SELECTED QUARTERLY FINANCIAL DATA (unaudited)
Quarter
(Millions of Dollars, except per share amounts)
First
Second
Third
F
ourth
Year
2011
Net sales
................................................................
........................
$ 2,361.5
$ 2,603.3
$ 2,619.7
$ 2,791.9
$ 10,376.4
Gross profit ................................................................
...................
877.4
962.8
968.4
984.9
3,793.5
Selling, general and administrative expenses
................................
601.7
630.2
639.7
680.3
2,551.9
Net
earnings from continuing operations ................................
......
157.1
197.6
162.2
174.3
691.2
Less: (Loss) earnings from non-controlling interest
.....................
(0.3) —
0.7
(0.5) (0.1)
Net earnings from continuing operations attributable to Stanley
Black & Decker, Inc. ................................
................................
157.4
197.6
161.5
174.8
691.3
Net earnings (loss) from discontinued operations
.........................
1.3
(0.3) (6.9) (10.8) (16.7)
Net earnings attributable to Stanley Black
& Decker, Inc.
...........
$ 158.7
$ 197.3
$ 154.6
$ 164.0
$ 674.6
Basic earnings (loss) per common share:
Continuing operations ................................................................
...
$ 0.94
$ 1.17
$ 0.98
$ 1.07
$ 4.16
Discontinued operations ................................
................................
0.01
—
(0.05) (0.07) (0.10)
Total basic earnings per common share ................................
........
$ 0.95
$ 1.17
$ 0.93
$ 1.00
$ 4.06
Diluted earnings (loss) per common share:
Continuing operations ................................................................
...
$ 0.92
$ 1.14
$ 0.96
$ 1.05
$ 4.06
Discontinued operations ................................
................................
0.01
—
(0.05) (0.07) (0.10)
Total diluted earnings per common share ................................
.....
$ 0.92
$ 1.14
$ 0.91
$ 0.98
$ 3.97
2010
Net sales
................................................................
........................
$ 1,247.1
$ 2,348.9
$ 2,353.5
$ 2,394.4
$ 8,343.9
Gross profit ................................................................
...................
451.6
764.8
851.9
866.5
2,934.8
Selling, general and administrative expenses
................................
378.8
580.4
578.9
615.3
2,153.4
Net (loss) earnings from continuing operations
............................
(108.7) 46.3
124.6
139.9
202.1
Less: Earnings (loss) from non-controlling interest
......................
0.1
0.5
(0.1) (0.5) —
Net (loss) earnings from continuing operations attributable to
Stanley Black & Decker, Inc. ................................
...................
(108.8) 45.8
124.7
140.4
202.1
Net earnings (loss) from discontinued operations
.........................
0.2
—
(1.5) (2.6) (3.9)
Net (loss)
earnings attributable to Stanley Black & Decker, Inc.
....
$ (108.6) $ 45.8
$ 123.2
$ 137.8
$ 198.2
Basic (loss) earnings per common share:
Continuing operations ................................................................
...
$ (1.11) $ 0.28
$ 0.75
$ 0.84
$ 1.37
Discontinued operations ................................
................................
—
—
(0.01) (0.02) (0.03)
Total basic (loss) earnings per common share
..............................
$ (1.11) $ 0.28
$ 0.74
$ 0.83
$ 1.34
Diluted (loss) earnings per common share:
Continuing operations ................................................................
...
$ (1.11) $ 0.28
$ 0.74
$ 0.83
$ 1.35
Discontinued operations ................................
................................
—
—
(0.01) (0.02) (0.03)
Total diluted (loss) earnings per common share
...........................
$ (1.11) $ 0.28
$ 0.73
$ 0.81
$ 1.32
During 2011, the Company recognized $256 million ($200 million after tax), or $1.18 per diluted share, in charges primarily related to
the Merger which included facility closure-related charges, integration-related administrative costs and consulting fees, transaction
costs and severance. The impact of these merger and acquisition-related charges and effect on diluted earnings per share by quarter
was as follows:
Merger and Acquisition
-
Related Charge
Diluted EPS Impact
• Q1 2011 — $37 million ($28 million after-tax) ................................................................
...........................
$0.16 per diluted share
• Q2 2011 — $50 million ($56 million after-tax) ................................................................
...........................
$0.32 per diluted share
• Q3 2011— $85 million ($62 million after-tax) ................................................................
............................
$0.37 per diluted share
• Q4 2011 — $84 million ($54 million after-tax) ................................................................
...........................
$0.33 per diluted share
In the first and second quarter of 2011, the Company recognized an income tax benefit attributable to the settlement of certain tax
contingencies of $21 million, or $0.12 per diluted share, and $49 million, or $0.29 per diluted share, respectively.