Toro 2011 Annual Report Download - page 30

ITEM 6. SELECTED FINANCIAL DATA
The following table presents our selected financial data for each of the fiscal years in the five-year period ended October 31, 2011. The table
should be read in conjunction with Item 7, ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations,’’ and
Item 8, ‘‘Financial Statements and Supplementary Data,’’ of this Annual Report on Form 10-K.
(Dollars in thousands, except per share data)
Fiscal years ended October 31 2011 2010 2009 2008 2007
OPERATING RESULTS:
Net sales $1,883,953 $1,690,378 $1,523,447 $1,878,184 $1,876,904
Net sales growth (decline) from prior year 11.5% 11.0% (18.9)% 0.1% 2.2%
Gross profit as a percentage of net sales 33.8% 34.1% 33.5% 34.8% 36.1%
Selling, general, and administrative expense as a percentage of net sales 24.0% 25.1% 26.0% 24.2% 24.2%
Operating earnings $ 184,487 $ 151,266 $ 115,197 $ 198,409 $ 223,649
As a percentage of net sales 9.8% 9.0% 7.5% 10.6% 11.9%
Net earnings $ 117,658 $ 93,237 $ 62,837 $ 119,651 $ 142,436
As a percentage of net sales 6.2% 5.5% 4.1% 6.4% 7.6%
Basic net earnings per share $ 3.76 $ 2.83 $ 1.76 $ 3.17 $ 3.50
Diluted net earnings per share 3.70 2.79 1.73 3.10 3.40
Return on average stockholders’ equity 43.4% 31.6% 18.5% 32.6% 37.4%
SUMMARY OF FINANCIAL POSITION:
Total assets $ 870,663 $ 885,622 $ 872,682 $ 932,260 $ 950,837
Average net working capital as a percentage of net sales
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15.0% 13.9% 26.2% 27.5% 29.4%
Long-term debt, including current portion $ 227,156 $ 225,548 $ 228,811 $ 230,791 $ 229,209
Stockholders’ equity 266,767 275,810 315,212 364,675 370,438
Debt-to-capitalization ratio 46.0% 45.1% 42.5% 39.0% 38.3%
CASH FLOW DATA:
Cash provided by operating activities $ 113,877 $ 193,507 $ 251,470 $ 215,722 $ 183,574
Repurchases of Toro common stock 129,955 135,777 115,283 110,355 182,843
Cash dividends per share of Toro common stock 0.80 0.72 0.60 0.60 0.48
OTHER STATISTICAL DATA:
Market price range –
High sales price $ 68.43 $ 58.50 $ 42.03 $ 59.16 $ 63.69
Low sales price 45.05 36.47 20.26 27.16 42.06
Average number of employees 4,797 4,607 4,612 5,133 5,320
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Average net working capital is defined as monthly average accounts receivable plus inventory less trade payables.
irrigation systems, landscaping equipment and lighting, and residen-
ITEM 7. MANAGEMENT’S DISCUSSION AND
tial yard and snow removal products worldwide. We sell our prod-
ANALYSIS OF FINANCIAL CONDITION
ucts worldwide through a network of distributors, dealers, hardware
AND RESULTS OF OPERATIONS
retailers, home centers, mass retailers, and over the Internet. Our
businesses are organized into three reportable business segments:
This Management’s Discussion and Analysis (‘‘MD&A’’) provides
Professional, Residential, and Distribution. Our Distribution segment,
material historical and prospective disclosures intended to enable
which consists of our company-owned domestic distributorships, has
investors and other readers to assess our financial condition and
been combined with our corporate activities and is shown as
results of operations. Statements that are not historical are for-
‘‘Other.’’ Our emphasis is to provide innovative, well-built, and
ward-looking and involve risks and uncertainties, including those
dependable products supported by an extensive service network. A
discussed in Part I, Item 1A, ‘‘Risk Factors’’ and elsewhere in this
significant portion of our revenues have historically been, and we
report. These risks could cause our actual results to differ materi-
expect they will continue to be, attributable to new and enhanced
ally from any future performance suggested below.
products. We define new products as those introduced in the current
and previous two fiscal years.
OVERVIEW
We design, manufacture, and market professional turf maintenance
equipment and services, turf irrigation systems, agricultural micro-
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