Sunbeam 2007 Annual Report Download - page 116

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19. Condensed Consolidating Financial Statements
The Company’s Senior Notes (see Note 9) are fully guaranteed, jointly and severally, by certain of the
Company’s domestic subsidiaries (“Guarantor Subsidiaries”). The Company’s non-United States subsidiaries and
those domestic subsidiaries who are not guarantors (“Non-Guarantor Subsidiaries”) are not guaranteeing these
Senior Notes. Presented below are the condensed consolidating financial statements of the Company (“Parent”),
the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis as of and for the years
ended December 31, 2007, 2006 and 2005.
Condensed Consolidating Statements of Income (in millions)
Year Ended December 31, 2007
Parent
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Net sales .............................. $ — $3,209.6 $1,614.5 $(164.0) $4,660.1
Costs and expenses ...................... 106.5 3,038.2 1,447.4 (164.0) 4,428.1
Operating (loss) earnings .................. (106.5) 171.4 167.1 — 232.0
Other expense, net ....................... (24.7) 178.0 50.6 — 203.9
Equity in the income of subsidiaries ......... 109.9 112.8 — (222.7) —
Net income ............................ $ 28.1 $ 106.2 $ 116.5 $(222.7) $ 28.1
Year Ended December 31, 2006
Parent
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Net sales .............................. $ — $2,918.4 $1,114.7 $(186.8) $3,846.3
Costs and expenses ...................... 64.4 2,656.8 1,011.3 (186.8) 3,545.7
Operating (loss) earnings .................. (64.4) 261.6 103.4 — 300.6
Other expense, net ....................... 41.5 112.6 40.5 — 194.6
Equity in the income of subsidiaries ......... 211.9 63.7 — (275.6) —
Net income ............................ $106.0 $ 212.7 $ 62.9 $(275.6) $ 106.0
Year Ended December 31, 2005
Parent
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Net sales .............................. $ — $2,668.9 $ 942.8 $(422.6) $3,189.1
Costs and expenses ...................... 113.4 2,438.8 873.5 (422.6) 3,003.1
Operating (loss) earnings .................. (113.4) 230.1 69.3 — 186.0
Other expense, net ....................... 79.0 21.9 24.4 — 125.3
Equity in the income of subsidiaries ......... 253.1 48.2 — (301.3) —
Net income ............................ $ 60.7 $ 256.4 $ 44.9 $(301.3) $ 60.7
104