BARNES GROUP INC, 8-K filed on 12/20/2007
Current report filing
Statement of Financial Position
|
Income Statement
|
Statement of Cash Flows -...
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Statement of Stockholders' Equity
|
Statement of Cash Flows
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
0
(391)
0
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
0
8,892
0
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
0
(391)
0
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
0
18,600
0
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