SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 9, 2013

 
WATTS WATER TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)

DELAWARE	 	001-11499	 	04-2916536	
(State or Other Jurisdiction	 	(Commission File Number)	 	(IRS Employer	
of Incorporation)	 	 	 	Identification No.)	
 
815 Chestnut Street, North Andover, Massachusetts 01845
(Address of Principal Executive Offices) (Zip Code)
 
(978) 688-1811
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
Item 2.02.             Results of Operations and Financial Condition.
 
In the fourth quarter of 2012, Watts Water Technologies, Inc. (the “Company”) completed the sale of all the outstanding shares of Flomatic Corporation (“Flomatic”), as discussed in more detail in Note 3 of Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.  In accordance with GAAP, the operations of Flomatic were eliminated from continuing operations of the Company and classified as discontinued operations for all periods presented, which included the years ended December 31, 2012 and 2011.
 
Exhibit 99.1 attached hereto contains a retrospective revision of the quarterly operating results of the Company for 2012 and 2011 and is incorporated herein by reference.  Exhibit 99.1 is unaudited and is being furnished by the Company as of April 9, 2013 as supplementary information to investors about the reclassification of Flomatic’s results to discontinued operations.
 
The information in Item 2.02 of this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01.             Financial Statements and Exhibits
 
(d) Exhibits.          See Exhibit Index attached hereto.
 
2 

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 9, 2013	WATTS WATER TECHNOLOGIES, INC.	
 	 	 	
 	By:	/s/ Kenneth R. Lepage	
 	 	Kenneth R. Lepage
General Counsel	
 
3 

 
EXHIBIT INDEX

Exhibit No.	 	Title	
 	 	 	
99.1	 	Supplementary Financial Information	
 
4 

Exhibit 99.1
 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	First Quarter Ended April 3, 2011	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	329.9	 	$	—	 	$	329.9	 	
Cost of goods sold	 	208.9	 	—	 	208.9	 	
GROSS PROFIT	 	121.0	 	—	 	121.0	 	
Selling, general & administrative expenses	 	97.0	 	—	 	97.0	 	
Restructuring and other charges, net	 	1.1	 	—	 	1.1	 	
OPERATING INCOME	 	22.9	 	—	 	22.9	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.3	)	—	 	(0.3	)	
Interest expense	 	5.9	 	—	 	5.9	 	
Other expense, net	 	0.1	 	—	 	0.1	 	
Total other expense	 	5.7	 	—	 	5.7	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	17.2	 	—	 	17.2	 	
Provision for income taxes	 	6.1	 	—	 	6.1	 	
NET INCOME FROM CONTINUING OPERATIONS	 	11.1	 	—	 	11.1	 	
Income from discontinued operations, net of taxes	 	—	 	—	 	—	 	
NET INCOME	 	$	11.1	 	$	—	 	$	11.1	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.30	 	$	—	 	$	0.30	 	
Discontinued operations	 	—	 	—	 	—	 	
NET INCOME	 	$	0.30	 	$	—	 	$	0.30	 	
Weighted average number of shares	 	37.5	 	37.5	 	37.5	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.29	 	$	—	 	$	0.29	 	
Discontinued operations	 	—	 	—	 	—	 	
NET INCOME	 	$	0.29	 	$	—	 	$	0.29	 	
Weighted average number of shares	 	37.7	 	37.7	 	37.7	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q1 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	SECOND QUARTER ENDED JULY 3, 2011	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	375.7	 	$	2.5	 	$	373.2	 	
Cost of goods sold	 	245.4	 	1.6	 	243.8	 	
GROSS PROFIT	 	130.3	 	0.9	 	129.4	 	
Selling, general & administrative expenses	 	98.2	 	0.6	 	97.6	 	
Restructuring and other charges, net	 	5.5	 	—	 	5.5	 	
OPERATING INCOME	 	26.6	 	0.3	 	26.3	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.2	)	—	 	(0.2	)	
Interest expense	 	6.7	 	—	 	6.7	 	
Other expense, net	 	0.6	 	—	 	0.6	 	
Total other expense	 	7.1	 	—	 	7.1	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	19.5	 	0.3	 	19.2	 	
Provision for income taxes	 	6.6	 	0.1	 	6.5	 	
NET INCOME FROM CONTINUING OPERATIONS	 	12.9	 	0.2	 	12.7	 	
Income from discontinued operations, net of taxes	 	1.7	 	0.2	 	1.9	 	
NET INCOME	 	$	14.6	 	$	—	 	$	14.6	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.34	 	$	—	 	$	0.34	 	
Discontinued operations	 	0.05	 	—	 	0.05	 	
NET INCOME	 	$	0.39	 	$	—	 	$	0.39	 	
Weighted average number of shares	 	37.6	 	37.6	 	37.6	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.34	 	$	—	 	$	0.34	 	
Discontinued operations	 	0.05	 	—	 	0.05	 	
NET INCOME	 	$	0.39	 	$	—	 	$	0.39	 	
Weighted average number of shares	 	37.8	 	37.8	 	37.8	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q2 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	THIRD QUARTER ENDED OCTOBER 2, 2011	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	370.8	 	$	3.3	 	$	367.5	 	
Cost of goods sold	 	235.1	 	2.1	 	233.0	 	
GROSS PROFIT	 	135.7	 	1.2	 	134.5	 	
Selling, general & administrative expenses	 	92.6	 	0.9	 	91.7	 	
Restructuring and other charges, net	 	1.9	 	—	 	1.9	 	
OPERATING INCOME	 	41.2	 	0.3	 	40.9	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.2	)	—	 	(0.2	)	
Interest expense	 	6.5	 	—	 	6.5	 	
Other income, net	 	(0.3	)	—	 	(0.3	)	
Total other expense	 	6.0	 	—	 	6.0	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	35.2	 	0.3	 	34.9	 	
Provision for income taxes	 	11.6	 	0.1	 	11.5	 	
NET INCOME FROM CONTINUING OPERATIONS	 	23.6	 	0.2	 	23.4	 	
Income from discontinued operations, net of taxes	 	0.1	 	0.2	 	0.3	 	
NET INCOME	 	$	23.7	 	$	—	 	$	23.7	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.63	 	$	(0.01	)	$	0.63	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.63	 	$	—	 	$	0.63	 	
Weighted average number of shares	 	37.4	 	37.4	 	37.4	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.63	 	$	(0.01	)	$	0.62	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.63	 	$	—	 	$	0.63	 	
Weighted average number of shares	 	37.5	 	37.5	 	37.5	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q3 2011 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	FOURTH QUARTER ENDED DECEMBER 31, 2011	 	YEAR ENDED DECEMBER 31, 2011	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	360.2	 	$	2.7	 	$	357.5	 	$	1,436.6	 	$	8.5	 	$	1,428.1	 	
Cost of goods sold	 	231.7	 	2.1	 	229.6	 	921.1	 	5.8	 	915.3	 	
GROSS PROFIT	 	128.5	 	0.6	 	127.9	 	515.5	 	2.7	 	512.8	 	
Selling, general & administrative expenses	 	92.1	 	0.8	 	91.3	 	379.9	 	2.3	 	377.6	 	
Restructuring and other charges, net	 	0.6	 	—	 	0.6	 	8.8	 	—	 	8.8	 	
Goodwill and other long-lived asset impairment charges	 	17.1	 	—	 	17.1	 	17.4	 	—	 	17.4	 	
Gain on disposal of business	 	(7.7	)	—	 	(7.7	)	(7.7	)	—	 	(7.7	)	
OPERATING INCOME	 	26.4	 	(0.2	)	26.6	 	117.1	 	0.4	 	116.7	 	
Other (income) expense:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest income	 	(0.3	)	—	 	(0.3	)	(1.0	)	—	 	(1.0	)	
Interest expense	 	6.7	 	—	 	6.7	 	25.8	 	—	 	25.8	 	
Other expense, net	 	0.4	 	—	 	0.4	 	0.8	 	—	 	0.8	 	
Total other expense	 	6.8	 	—	 	6.8	 	25.6	 	—	 	25.6	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	19.6	 	(0.2	)	19.8	 	91.5	 	0.4	 	91.1	 	
Provision for income taxes	 	2.5	 	(0.1	)	2.6	 	26.8	 	0.1	 	26.7	 	
NET INCOME FROM CONTINUING OPERATIONS	 	17.1	 	(0.1	)	17.2	 	64.7	 	0.3	 	64.4	 	
Income (loss) from discontinued operations, net of taxes	 	(0.1	)	(0.1	)	(0.2	)	1.7	 	0.3	 	2.0	 	
NET INCOME	 	$	17.0	 	$	—	 	$	17.0	 	$	66.4	 	$	—	 	$	66.4	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.47	 	$	—	 	$	0.47	 	$	1.73	 	$	(0.01	)	$	1.73	 	
Discontinued operations	 	—	 	—	 	—	 	0.05	 	0.01	 	0.05	 	
NET INCOME	 	$	0.46	 	$	—	 	$	0.47	 	$	1.78	 	$	—	 	$	1.78	 	
Weighted average number of shares	 	36.8	 	36.8	 	36.8	 	37.3	 	37.3	 	37.3	 	
DILUTED EPS	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.46	 	$	—	 	$	0.47	 	$	1.73	 	$	(0.01	)	$	1.72	 	
Discontinued operations	 	—	 	—	 	—	 	0.05	 	0.01	 	0.05	 	
NET INCOME	 	$	0.46	 	$	—	 	$	0.47	 	$	1.78	 	$	—	 	$	1.78	 	
Weighted average number of shares	 	36.8	 	36.8	 	36.8	 	37.5	 	37.5	 	37.5	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	$	0.44	 	 	 	$	0.44	 	

(1) As originally reported in 2011 10K
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	First Quarter Ended April 1, 2012	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	364.2	 	$	3.0	 	$	361.2	 	
Cost of goods sold	 	234.6	 	1.9	 	232.7	 	
GROSS PROFIT	 	129.6	 	1.1	 	128.5	 	
Selling, general & administrative expenses	 	101.0	 	0.8	 	100.2	 	
Restructuring and other charges, net	 	1.7	 	—	 	1.7	 	
OPERATING INCOME	 	26.9	 	0.3	 	26.6	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.2	)	—	 	(0.2	)	
Interest expense	 	6.2	 	—	 	6.2	 	
Other income, net	 	(0.9	)	—	 	(0.9	)	
Total other expense	 	5.1	 	—	 	5.1	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	21.8	 	0.3	 	21.5	 	
Provision for income taxes	 	6.1	 	0.1	 	6.0	 	
NET INCOME FROM CONTINUING OPERATIONS	 	15.7	 	0.2	 	15.5	 	
Income from discontinued operations, net of taxes	 	—	 	0.2	 	0.2	 	
NET INCOME	 	$	15.7	 	$	—	 	$	15.7	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.42	 	$	—	 	$	0.42	 	
Discontinued operations	 	—	 	—	 	—	 	
NET INCOME	 	$	0.42	 	$	—	 	$	0.42	 	
Weighted average number of shares	 	36.9	 	36.9	 	36.9	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.42	 	$	—	 	$	0.42	 	
Discontinued operations	 	—	 	—	 	—	 	
NET INCOME	 	$	0.42	 	$	—	 	$	0.42	 	
Weighted average number of shares	 	37.0	 	37.0	 	37.0	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q1 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	SECOND QUARTER ENDED JULY 1, 2012	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	371.1	 	$	3.7	 	$	367.4	 	
Cost of goods sold	 	239.3	 	2.3	 	237.0	 	
GROSS PROFIT	 	131.8	 	1.4	 	130.4	 	
Selling, general & administrative expenses	 	96.9	 	0.9	 	96.0	 	
Restructuring and other charges, net	 	1.2	 	—	 	1.2	 	
OPERATING INCOME	 	33.7	 	0.5	 	33.2	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.2	)	—	 	(0.2	)	
Interest expense	 	6.1	 	—	 	6.1	 	
Total other expense	 	5.9	 	—	 	5.9	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	27.8	 	0.5	 	27.3	 	
Provision for income taxes	 	9.3	 	0.2	 	9.1	 	
NET INCOME FROM CONTINUING OPERATIONS	 	18.5	 	0.3	 	18.2	 	
Income from discontinued operations, net of taxes	 	—	 	0.3	 	0.3	 	
NET INCOME	 	$	18.5	 	$	—	 	$	18.5	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.51	 	$	(0.01	)	$	0.50	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.51	 	$	—	 	$	0.51	 	
Weighted average number of shares	 	36.5	 	36.5	 	36.5	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.51	 	$	(0.01	)	$	0.50	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.51	 	$	—	 	$	0.51	 	
Weighted average number of shares	 	36.6	 	36.6	 	36.6	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q2 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	THIRD QUARTER ENDED SEPTEMBER 30, 2012	 	
 	 	Originally
Filed (1)	 	Discontinued
Operations (2)	 	As Reported (3)	 	
Net sales	 	$	361.2	 	$	3.4	 	$	357.8	 	
Cost of goods sold	 	231.0	 	2.1	 	228.9	 	
GROSS PROFIT	 	130.2	 	1.3	 	128.9	 	
Selling, general & administrative expenses	 	93.5	 	0.9	 	92.6	 	
Restructuring and other charges, net	 	1.2	 	—	 	1.2	 	
Goodwill and other long-lived asset impairment charges	 	2.4	 	—	 	2.4	 	
OPERATING INCOME	 	33.1	 	0.4	 	32.7	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.1	)	—	 	(0.1	)	
Interest expense	 	6.1	 	—	 	6.1	 	
Other expense, net	 	(0.6	)	—	 	(0.6	)	
Total other expense	 	5.4	 	—	 	5.4	 	
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	27.7	 	0.4	 	27.3	 	
Provision for income taxes	 	9.0	 	0.2	 	8.8	 	
NET INCOME FROM CONTINUING OPERATIONS	 	18.7	 	0.2	 	18.5	 	
Income from discontinued operations, net of taxes	 	—	 	0.2	 	0.2	 	
NET INCOME	 	$	18.7	 	$	—	 	$	18.7	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.53	 	$	(0.01	)	$	0.53	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.53	 	$	—	 	$	0.53	 	
Weighted average number of shares	 	35.1	 	35.1	 	35.1	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.53	 	$	(0.01	)	$	0.52	 	
Discontinued operations	 	—	 	0.01	 	0.01	 	
NET INCOME	 	$	0.53	 	$	—	 	$	0.53	 	
Weighted average number of shares	 	35.2	 	35.2	 	35.2	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11	 	

(1) As originally reported in Q3 2012 10Q
(2) Flomatic results recast in Q4 2012
(3) As reported in 2012 10K

 
WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Income Statement
Retrospective Revision
(Amounts in millions, except per share information)
(Unaudited)

 	 	FOURTH QUARTER ENDED DECEMBER 31, 2012	 	
 	 	Continuing
Ops	 	Disc Ops	 	As Reported	 	
Net sales	 	$	362.0	 	$	2.8	 	$	359.2	 	
Cost of goods sold	 	231.2	 	1.7	 	229.5	 	
GROSS PROFIT	 	130.8	 	1.1	 	129.7	 	
Selling, general & administrative expenses	 	95.9	 	(0.1	)	96.0	 	
Restructuring and other charges, net	 	2.4	 	—	 	2.4	 	
Goodwill and other long-lived asset impairment charges	 	0.4	 	—	 	0.4	 	
(Gain on) adjustment on disposal of business	 	—	 	 	 	—	 	
OPERATING INCOME	 	32.1	 	1.2	 	30.9	 	
Other (income) expense:	 	 	 	 	 	 	 	
Interest income	 	(0.2	)	—	 	(0.2	)	
Interest expense	 	6.2	 	—	 	6.2	 	
Other expense (income), net	 	4.2	 	3.5	 	0.7	 	
Total other expense	 	10.2	 	3.5	 	6.7	 	
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	 	21.9	 	(2.3	)	24.2	 	
Provision for income taxes	 	6.4	 	0.6	 	5.8	 	
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	 	15.5	 	(2.9	)	18.4	 	
Income (loss) from discontinued operations, net of taxes	 	—	 	(2.9	)	(2.9	)	
NET INCOME	 	$	15.5	 	$	—	 	$	15.5	 	
 	 	 	 	 	 	 	 	
BASIC EPS	 	 	 	 	 	 	 	
Net income (loss) per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.52	 	$	—	 	$	0.52	 	
Discontinued operations	 	—	 	(0.08	)	(0.08	)	
NET INCOME	 	$	0.52	 	$	—	 	$	0.44	 	
Weighted average number of shares	 	35.4	 	35.4	 	35.4	 	
DILUTED EPS	 	 	 	 	 	 	 	
Net income (loss) per share:	 	 	 	 	 	 	 	
Continuing operations	 	$	0.52	 	$	—	 	$	0.52	 	
Discontinued operations	 	—	 	(0.08	)	(0.08	)	
NET INCOME	 	$	0.52	 	$	—	 	$	0.44	 	
Weighted average number of shares	 	35.5	 	35.5	 	35.5	 	
Dividends per share	 	$	0.11	 	 	 	$	0.11