BARNES GROUP INC, 8-K filed on 12/20/2007
Current report filing
Statement of Financial Position (USD $)
In Thousands
Dec. 31, 2006
Dec. 31, 2005
Statement of Financial Position
 
 
Assets
 
 
Assets - Current
 
 
Cash, Cash Equivalents and Short-Term Investments
 
 
Cash and Cash Equivalents
 
 
Cash and cash equivalents
$ 35,360 
$ 28,112 
Receivables, Net
 
 
Accounts and Notes Receivable, Net
 
 
Accounts Receivable Trade, Net
 
 
Accounts receivable, less allowances (2006 - $3,589; 2005 - $3,063)
190,775 
155,595 
Inventories, Net
 
 
Inventories
198,960 
159,238 
Deferred income taxes
24,923 
24,563 
Prepaid Expenses - Current
 
 
Prepaid expenses
11,196 
11,157 
Total current assets
461,214 
378,665 
Assets - Noncurrent
 
 
Property, Plant and Equipment, Net
 
 
Property, plant and equipment, net
209,645 
157,056 
Intangible Assets
 
 
Goodwill
358,600 
235,299 
Intangible Assets (Excluding Goodwill)
 
 
Other intangible assets, net
236,561 
163,849 
Deferred Long-Term Asset Charges
 
 
Deferred income taxes
23,544 
22,478 
Other assets
46,887 
48,513 
Total assets
1,336,451 
1,005,860 
Liabilities and Stockholders' Equity
 
 
Liabilities
 
 
Current Liabilities
 
 
Accounts Payable and Accrued Expenses
 
 
Accrued Expenses
 
 
Accrued liabilities
102,951 
93,615 
Accounts payable
141,345 
120,158 
Debt and Capital Lease Obligations - Current
 
 
Current Portion of Long-Term Debt
 
 
Long-term debt - current
45,164 
40,084 
Notes and Loans Payable - Current
 
 
Notes payable
5,600 
4,000 
Total current liabilities
295,060 
257,857 
Liabilities - Noncurrent
 
 
Debt and Capital Lease Obligations - Long-Term
 
 
Long-Term Debt
 
 
Long-term debt
376,318 
241,941 
Pensions and Other Postemployment Benefits
 
 
Accrued retirement benefits
114,757 
88,036 
Other liabilities
30,521 
16,869 
Stockholder's Equity
 
 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes
 
 
Common stock - par value $0.01 per share Authorized: (2006 - 150,000,000 shares; 2005 - 60,000,000 shares) Issued (2006 - 52,639,594; 2005 - 48,839,388)
526 
488 
Additional paid-in capital
194,210 
136,962 
Retained Earnings
 
 
Retained earnings
352,823 
304,274 
Treasury Stock Value - All Types and Classes
 
 
Treasury stock, at cost (2006 - 230,741 shares; 2005 - 831,820 shares)
4,608 
14,590 
Other Accumulated Comprehensive Income
 
 
Accumulated other non-owner changes to equity
(23,156)
(25,977)
Total stockholders' equity
519,795 
401,157 
Total liabilities and stockholders' equity
$ 1,336,451 
$ 1,005,860 
Income Statement (USD $)
In Thousands, except Share data
Year Ended
Dec. 31,
2006
2005
2004
Income Statement
 
 
 
Revenue
 
 
 
Sales Revenue
 
 
 
Net sales
$ 1,259,656 
$ 1,102,174 
$ 994,709 
Cost of Goods and Services Sold
 
 
 
Cost of sales
797,472 
705,488 
652,904 
Operating Expenses
 
 
 
Selling, General and Administrative Expenses
 
 
 
Selling and administrative expenses
345,148 
320,301 
291,373 
1,142,620 
1,025,789 
944,277 
Operating income
117,036 
76,385 
50,432 
Nonoperating Income/(Expense)
 
 
 
Interest Income/(Expense)
 
 
 
Interest Expense
 
 
 
Interest expense
23,691 
17,551 
15,390 
Nonoperating Income/(Expense) - Other
 
 
 
Other income
1,181 
10,449 
2,145 
Other expenses
1,284 
1,132 
1,310 
Income before income taxes and cumulative effect of a change in accounting principle
93,242 
68,151 
35,877 
Provision for Income Taxes
 
 
 
Income taxes
19,397 
13,609 
5,851 
Income before cumulative effect of a change in accounting principle
73,845 
54,542 
30,026 
Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect
 
 
 
Cumulative effect of a change in accounting principle, net of income taxes of $190
(391)
Net income
73,845 
54,151 
30,026 
Basic Earnings Per Share Details
 
 
 
Income before cumulative effect of change in accounting principle
1.46 
1.16 
0.65 
Cumulative effect of change in accounting principle, net of tax
0.00 
(0.01)
0.00 
Net income
1.46 
1.15 
0.65 
Basic
50,702,992 
47,197,650 
46,211,706 
Diluted Earnings Per Share Details
 
 
 
Income before cumulative effect of change in accounting principle
1.39 
1.11 
0.63 
Cumulative effect of change in accounting principle, net of tax
0.00 
(0.01)
0.00 
Net income
1.39 
1.10 
0.63 
Diluted
52,943,494 
49,018,382 
47,935,268 
Dividends
0.485 
0.42 
0.40 
Statement of Cash Flows - Indirect Method (USD $)
In Thousands
Year Ended
Dec. 31,
2006
2005
2004
Statement of Cash Flows
 
 
 
Net Cash Flows Provided By/(Used In) Operating Activities, Indirect
 
 
 
Net income
$ 73,845 
$ 54,151 
$ 30,026 
Depreciation and amortization
42,226 
34,858 
34,177 
Gain on the sale of NASCO
8,892 
Gain on disposition of property, plant and equipment
986 
287 
96 
Adjustment Employee Compensation
 
 
 
Non-cash stock compensation expense
7,929 
16,914 
10,935 
Cumulative effect of change in accounting principle
(391)
Increase/(Decrease) in Working Capital
 
 
 
Increase/(Decrease) in Current Assets
 
 
 
Accounts receivable
7,942 
15,749 
11,566 
Inventories
24,658 
22,978 
8,559 
Prepaid expenses
(1,127)
(997)
1,385 
Increase/(Decrease) in Current Liabilities
 
 
 
Increase/(Decrease) in Accounts Payable and Accrued Expenses
 
 
 
Accounts payable
14,407 
5,209 
2,043 
Increase/(Decrease) in Accrued Expenses
 
 
 
Accrued liabilities
(1,275)
6,382 
5,717 
Increase/(Decrease) in Employee Related Liabilities
 
 
 
Long-term retirement benefits
4,263 
(1,342)
(2,935)
Deferred income taxes
(2,763)
(2,300)
3,080 
Other
(2,622)
2,302 
2,560 
Net cash provided by operating activities
114,321 
69,652 
52,717 
Net Cash Flows Provided By/(Used In) Investing Activities
 
 
 
Capital expenditures
41,712 
26,097 
28,509 
Purchases and Payments for Investments
 
 
 
Purchase of Investments
 
 
 
Revenue sharing program payments
56,800 
56,750 
32,000 
Acquisition/(Divestiture) of Business Activities, Net
 
 
 
Acquisition of Businesses, Net of Cash Acquired
 
 
 
Business acquisitions, net of cash acquired
147,896 
20,591 
17,720 
Disposal of Investments
 
 
 
Proceeds from the sale of NASCO
18,600 
Proceeds from disposition of property, plant and equipment
4,975 
1,867 
4,970 
Other
5,912 
2,486 
2,305 
Net cash used by investing activities
(247,345)
(85,457)
(75,564)
Net Cash Flows Provided By/(Used In) Financing Activities
 
 
 
Increase/(Decrease) in Debt
 
 
 
Increase/(Decrease) in Long-Term Debt and Capital Securities
 
 
 
Proceeds from Issuance of Long-Term Debt and Capital Securities
 
 
 
Proceeds from the issuance of long-term debt
291,852 
164,029 
58,000 
Repayments of Long-Term Debt and Capital Securities
 
 
 
Payments on long-term debt
156,181 
146,366 
20,804 
Net change in other borrowings
3,815 
4,138 
(11,976)
Increase/(Decrease) in Equity
 
 
 
Proceeds from Issuance of Equity
 
 
 
Proceeds from the issuance of common stock
28,193 
7,101 
4,534 
Payment for Repurchases of Equity
 
 
 
Repurchase of Preferred and Common Stock
 
 
 
Common stock repurchases
712 
149 
3,498 
Payment of Dividends
 
 
 
Payment of Dividends - Common and Preferred Stock
 
 
 
Dividends paid
24,803 
19,879 
18,509 
Other
(1,252)
(926)
(40)
Net cash provided by financing activities
140,912 
7,948 
7,707 
Effect of exchange rate changes on cash flows
(640)
(366)
1,687 
Increase (decrease) in cash and cash equivalents
7,248 
(8,223)
(13,453)
Cash and cash equivalents at beginning of year
28,112 
36,335 
49,788 
Cash and cash equivalents at end of year
$ 35,360 
$ 28,112 
$ 36,335 
Statement of Stockholders' Equity (USD $)
In Thousands
Year Ended
Dec. 31,
2006
2005
2004
Statement of Stockholders' Equity
 
 
 
Increase/(Decrease) in Common Stock
 
 
 
Increase/(Decrease) in Common Stock - Value (Excluding Additional Paid in Capital)
 
 
 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes - Beginning Balance
$ 488 
$ 488 
$ 488 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes - Increase/(Decrease)
 
 
 
Common Stock Issued - Value (Excluding Additional Paid in Capital)
 
 
 
Common Stock Issued - Employee Stock Option Plan - Value (Excluding Additional Paid in Capital)
22 
 
 
Common Stock Issued - Pursuant to Acquisitions - Value (Excluding Additional Paid in Capital)
16 
 
 
Common Stock Value (Excluding Additional Paid in Capital) - All Classes - Ending Balance
526 
488 
488 
Increase/(Decrease) in Treasury Stock
 
 
 
Increase/(Decrease) in Treasury Stock - Value
 
 
 
Treasury Stock Value - All Types and Classes - Beginning Balance
(14,590)
(31,541)
(34,652)
Treasury Stock - Value - Increase/(Decrease)
 
 
 
Common Stock Purchased and Retired - Treasury Stock - Value
 
 
 
Common Stock Purchased - Treasury Stock - Value
(712)
(149)
(3,498)
Treasury Stock - Employee Stock Option Plan - Value (Excluding Additional Paid in Capital)
10,694 
17,100 
6,609 
Treasury Stock Value - All Types and Classes - Ending Balance
(4,608)
14,590 
(31,541)
Increase/(Decrease) in Additional Paid in Capital
 
 
 
Additional Paid in Capital - Beginning Balance
136,962 
 
 
Additional Paid in Capital - Ending Balance
194,210 
136,962 
 
Additional Paid in Capital - Beginning Balance
136,962 
130,353 
124,096 
Increase/(Decrease) in Additional Paid in Capital
 
 
 
Common Stock Issued - Additional Paid in Capital
 
 
 
Common Stock Issued - Pursuant to Acquisitions - Additional Paid in Capital
30,666 
 
 
Employee Stock Option Plan - Additional Paid in Capital
26,582 
6,609 
6,257 
Additional Paid in Capital - Ending Balance
194,210 
136,962 
130,353 
Increase/(Decrease) in Retained Earnings
 
 
 
Retained Earnings - Beginning Balance
304,274 
 
 
Retained Earnings - Ending Balance
352,823 
304,274 
 
Retained Earnings - Beginning Balance
304,274 
270,785 
259,977 
Increase/(Decrease) in Retained Earnings
 
 
 
Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings
 
 
 
Net Income - Retained Earnings
73,845 
54,151 
30,026 
Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Retained Earnings
73,845 
54,151 
30,026 
Cash Dividend - Common Stock
(24,803)
(19,879)
(18,509)
Common Stock Issued - Retained Earnings
 
 
 
Common Stock Issued - Employee Stock Option Plan - Retained Earnings
(493)
(783)
(709)
Retained Earnings - Ending Balance
352,823 
304,274 
270,785 
Increase/(Decrease) in Other Accumulated Comprehensive Income
 
 
 
Accumulated Other Comprehensive Income/(Loss) - Beginning Balance
(25,977)
(13,709)
(14,475)
Other Accumulated Comprehensive Income - Increase/(Decrease)
 
 
 
Increase/(Decrease) in Accumulated Comprehensive Income - Total
29,156 
(12,268)
766 
Increase/(Decrease) in Comprehensive Income, Net of Tax Effect - Accumulated Other
 
 
 
Increase/(Decrease) in Additional Minimum Pension Liability, Net of Tax Effect
9,791 
(5,494)
(8,902)
Increase/(Decrease) in Cumulative Translation Adjustment, Net of Tax Effect
19,323 
(7,353)
9,637 
Increase/(Decrease) in Deferred Hedging Gain/(Loss), Net of Tax Effect
42 
579 
31 
Adoption of SFAS No. 158
(26,335)
 
 
Increase/(Decrease) in Accumulated Comprehensive Income
29,156 
(12,268)
766 
Accumulated Other Comprehensive Income/(Loss) - Ending Balance
(23,156)
(25,977)
(13,709)
Increase/(Decrease) in Total Stockholders' Equity
 
 
 
Stockholders' Equity - Beginning Balance
401,157 
 
 
Stockholders' Equity - Ending Balance
519,795 
401,157 
 
Stockholders' Equity - Beginning Balance
401,157 
356,376 
335,434 
Stockholder's Equity - Increase/(Decrease)
 
 
 
Comprehensive Net Income
 
 
 
Net Income/(Loss)
73,845 
54,151 
30,026 
Pension and other postretirement plans adjustments
9,791 
(5,494)
(8,902)
Increase/(Decrease) in Comprehensive Income Cumulative Translation Adjustment, Net of Tax Effect
19,323 
(7,353)
9,637 
Increase/(Decrease) in Comprehensive Income Deferred Hedging Gain/(Loss), Net of Tax Effect
42 
579 
31 
Comprehensive Net Income
103,001 
41,883 
30,792 
Stock Issued Pursuant to Acquisitions - Total Value
30,682 
 
 
Common Stock Purchased and Retired
 
 
 
Common Stock Purchased and Retired
(712)
(149)
(3,498)
Dividends Paid
 
 
 
Common Dividends Paid - Cash
(24,803)
(19,879)
(18,509)
Adoption of SFAS No. 158
(26,335)
 
 
Total Employee Stock Option Plan
36,805 
22,926 
12,157 
Stockholders' Equity - Ending Balance
$ 519,795 
$ 401,157 
$ 356,376 
Statement of Cash Flows (USD $)
In Thousands
Dec. 31, 2006
Dec. 31, 2005
Statement of Cash Flows - Direct Method
 
 
Cash and Cash Equivalents - Beginning Balance
 
 
Cash and Cash Equivalents - Ending Balance
$ 35,360 
$ 28,112