Sunbeam 2001 Annual Report Download - page 20

tions, produces injection molded plastic prod-
ucts used in medical, pharmaceutical and
consumer products, and manufactures indus-
trial thermoformed plastic parts for appliances.
This segment also included through Novem-
ber 26, 2001, the plastic thermoforming opera-
tions of Triangle, TriEnda and Synergy World
(see Note 2) which produced industrial thermo-
formed plastic parts for manufactured housing,
recreational vehicles, heavy trucking, agricul-
ture equipment, portable restrooms, recre-
ational and construction products.
Net sales, operating earnings, assets em-
ployed in operations, capital expenditures, and
depreciation and amortization by segment are
summarized as follows:
(in thousands) 2001 2000 1999
Net sales:
Consumer products . . . $ 120,644 $120,381 $133,074
Materials based
group(1)(3)(4)...... 185,437 238,047 225,584
Intercompany ....... (1,103) (1,072) (627)
Totalnetsales...... $304,978 $357,356 $358,031
Operating earnings (loss):
Consumer products . . . $ 13,291 $ 10,362 $ 17,091
Materials based group . 1,801 9,928 21,467
Intercompany ....... 13 39 (69)
Unallocated corporate
expenses ......... (6,146) (1,347) (7)
Gain (loss) on
divestitures of assets
and product
lines(1)(4) ........ (122,887) — 19,678
Earnings (loss) before
interest, taxes and
minority interest . . (113,928) 18,982 58,160
Interest expense, net .... (11,791) (11,917) (8,395)
Income (loss) before
taxes and minority
interest.............. $(125,719) $ 7,065 $ 49,765
Assets employed in
operations:
Consumer products . . . $ 51,301 $ 60,713 $ 71,625
Materials based
group(1).......... 55,152 231,956 232,619
Total assets
employed in
operations....... 106,453 292,669 304,244
Corporate(2)........ 54,850 16,070 34,507
Total assets ........ $161,303 $308,739 $338,751
Capital expenditures:
Consumer products . . . $ 633 $ 1,314 $ 5,477
Materials based group . 9,067 12,036 10,893
Corporate.......... 7 287 258
Total capital
expenditures ..... $ 9,707 $ 13,637 $ 16,628
(in thousands) 2001 2000 1999
Depreciation and
amortization:
Consumer products . . . $ 3,202 $ 3,264 $ 2,505
Materials based group . 15,395 17,813 14,372
Corporate .......... 200 234 820
Total depreciation
and amortization. . $18,797 $21,311 $17,697
(1) Effective November 26, 2001, the Company sold the
assets of its Triangle, TriEnda and Synergy World plas-
tic thermoforming operations.
(2) Corporate assets primarily include cash and cash
equivalents, amounts relating to benefit plans, de-
ferred tax assets and corporate facilities and equip-
ment.
(3) Includes the net sales of Triangle Plastics effective
April 25, 1999.
(4) Effective May 24, 1999, the Company sold its plastic
packaging product line.
The Company’s major customers are lo-
cated within the United States and Canada. Net
sales of the Company’s products in Canada,
including home food preservation products,
coinage and thermoformed plastic parts were
$26.8 million, $35.3 million and $35.7 million
in 2001, 2000 and 1999, respectively. Long-
lived assets located outside the United States
and net sales outside of the United States and
Canada are not material.
5. Inventories
Inventories were comprised of the follow-
ing at December 31:
(in thousands) 2001 2000
Raw materials and supplies.... $ 5,563 $14,311
Work in process .............. 4,746 10,253
Finished goods ............... 16,685 27,984
Total inventories ......... $26,994 $52,548
6. Debt and Interest
In November 2001, the Company entered
into an agreement with its lenders to amend
certain provisions of its term loan and revolv-
ing credit facilities. The amendment reduced
the revolving credit facility from $50 million to
$40 million, shortened the facility termination
date by one year, accelerated the required prin-
cipal payments to conform with the shortened
term of the facility, modified certain financial
covenants, and required that the proceeds from
the sale of the thermoforming assets and
$15 million from the recovery of income taxes
Alltrista
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