Tecumseh Products 2014 Annual Report Download - page 19

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17
(c) S&P Composite Industry Index comprises the S&P Household Appliances Index (50%), the S&P Industrial Machinery Index
(25%) and the S&P Electrical Components and Equipment Index (25%).
ITEM 6. SELECTED FINANCIAL DATA
The following is a summary of certain of our financial information.
Years Ended December 31,
(In millions, except share and per share data) 2014 (a) 2013 2012 2011 (b) 2010 (b)(c)
Net sales $ 724.4 $ 823.6 $ 854.7 $ 864.4 $ 933.8
Cost of sales (653.7)(745.5)(790.0)(826.5)(849.5)
Gross profit 70.7 78.1 64.7 37.9 84.3
Selling and administrative expenses (92.2)(104.9)(107.7)(108.1)(114.1)
Other income (expense), net 9.3 21.4 22.3 14.7 14.3
Impairments, restructuring charges, and other items (8.8)(13.6) 40.6 (8.5)(50.3)
Operating (loss) income (21.0)(19.0) 19.9 (64.0)(65.8)
Interest expense (10.0)(9.2)(10.2)(10.5)(10.6)
Interest income 3.2 1.5 3.2 2.3 1.2
(Loss) income from continuing operations before taxes (27.8)(26.7) 12.9 (72.2)(75.2)
Tax (expense) benefit (0.5)(7.7) 10.2 0.9 16.6
(Loss) income from continuing operations (28.3)(34.4) 23.1 (71.3)(58.6)
(Loss) from discontinued operations, net of tax (4.4)(3.1)(0.5)(1.9) 1.8
Net (loss) income $(32.7)$ (37.5) $ 22.6 $ (73.2)$ (56.8)
Basic and diluted (loss) income per share:
(Loss) income from continuing operations $(1.53)$ (1.86) $ 1.25 $ (3.86)$ (3.17)
(Loss) income from discontinued operations (0.24)(0.17)(0.03)(0.10) 0.10
Net (loss) income per share $(1.77)$ (2.03) $ 1.22 $ (3.96)$ (3.07)
Weighted average shares, basic and diluted (in thousands) 18,480 18,480 18,480 18,480 18,480
Cash dividends declared per share $ — $ — $ — $ — $ —
Cash and cash equivalents $ 42.7 $ 55.0 $ 55.3 $ 49.6 $ 65.9
Working capital $ 76.0 $ 100.3 $ 105.0 $ 107.4 $ 185.2
Property, plant and equipment, net $ 103.7 $ 122.8 $ 157.0 $ 189.4 $ 234.9
Total assets $ 396.3 $ 487.4 $ 527.9 $ 563.7 $ 761.8
Long-term borrowings $ 19.8 $ 17.5 $ 5.8 $ 4.8 $ 13.2
Total stockholders’ equity $ 150.3 $ 210.3 $ 258.4 $ 285.9 $ 434.9
Capital expenditures $ 13.6 $ 11.8 $ 13.8 $ 17.7 $ 9.2
Depreciation and amortization $ 25.0 $ 33.5 $ 36.4 $ 40.5 $ 40.4
(a) In 2014, we granted restricted stock units ("RSUs") to our non-employee directors and our Chief Executive Officer and
we granted non-qualified stock options to our officers in 2014. These RSUs and options are not included in diluted earnings
per share, as the effect would be antidilutive.
(b) In 2007, we issued a warrant to a lender to purchase 1,390,944 shares of our Class A Common Stock, at $6.05 per share,
which was equivalent to 7% of our then-outstanding fully diluted common stock (including both Class A and Class B
shares). This warrant was not included in diluted earnings per share, as the effect would be antidilutive. This warrant
expired on April 9, 2012 without the purchase or issuance of additional shares.
(c) Certain reclassifications have been made to prior results to conform to classifications used at December 31, 2011. These
classifications have no impact on net income.