Articles
Newell Rubbermaid Inc. News
Newell Rubbermaid Reports Fourth Quarter and Full Year 2007 Results
Full Year Financial Highlights
Net sales grew 3.3 percent to
"For the second consecutive year, we made strong progress on our multi- year journey to become a best-in-class global consumer products company," said
Gross margin was 35.2 percent, a 185 basis point improvement over the prior year. The expansion reflects ongoing productivity initiatives, savings from Project Acceleration and favorable mix.
Excluding Project Acceleration restructuring costs of
Normalized earnings, which exclude Project Acceleration restructuring costs and one-time tax items, were
Income from continuing operations, as reported, was
Excluding Project Acceleration restructuring costs, income from continuing operations was
Operating cash flow was
Free cash flow, defined as operating cash flow less capital expenditures, as a percentage of net earnings was 107 percent. The company returned
A reconciliation of the full year 2007 and last year's results is as follows:
FY 2007 FY 2006 Diluted earnings per share from continuing operations (as reported): $1.72 $1.71 Project Acceleration restructuring costs $0.25 $0.17 Diluted earnings per share from continuing operations (excluding charges): $1.97 $1.88 Tax benefits ($0.15) ($0.36) \"Normalized\" EPS: $1.82 $1.52 Quarterly Financial Highlights
Net sales increased 0.3 percent in the fourth quarter, consistent with the guidance communicated in late November. Mid single-digit sales growth in the Cleaning, Organization & Decor and Home & Family segments was partially offset by a high single-digit decline in the Office Products segment, reflecting the recent slowdown in the North American office products retail environment and commensurate inventory reductions taken at key retailers.
Gross margin improved to 35.1 percent, a 212 basis point improvement over the prior year, marking the 11th consecutive quarter of gross margin expansion for the company. The expansion was driven primarily by favorable mix and productivity improvements, including the impact of Project Acceleration.
Excluding Project Acceleration restructuring costs of
Normalized earnings, which exclude Project Acceleration restructuring costs and one-time tax items, were
Income from continuing operations, as reported, was
Excluding Project Acceleration restructuring costs, income from continuing operations was
A reconciliation of the fourth quarter 2007 and last year's results is as follows:
Q4 2007 Q4 2006 Diluted earnings per share from continuing operations (as reported): $0.36 $0.33 Project Acceleration restructuring costs $0.11 $0.05 Diluted earnings per share from continuing operations (excluding charges): $0.47 $0.38 Reversal of tax benefits $0.00 $0.05 \"Normalized\" EPS: $0.47 $0.42 2008 Full Year Guidance
The company now expects sales growth of 2 to 3 percent, compared to management's previous expectation of 3 to 5 percent, reflecting the worsening economic conditions in
Savings from Project Acceleration, combined with ongoing productivity initiatives and favorable product mix, are expected to drive gross margin expansion in excess of 100 basis points. Despite the weakening economy, the company continues to expect to reinvest approximately half of this expansion in strategic brand building and corporate initiatives.
The company continues to expect sales growth and gross margin expansion to drive normalized earnings to a range of
Operating cash flow is expected to be between
2008 First Quarter Guidance
The company expects sales to increase 2 to 4 percent, driven by strong growth in the Home & Family segment and Rubbermaid Commercial business.
The company anticipates normalized earnings will be
A reconciliation of the first quarter and full year 2008 earnings outlook is as follows:
Q1 2008 FY 2008 Diluted earnings per share from continuing operations (as reported): $0.15-$0.17 $1.50-$1.55 Project Acceleration restructuring costs $0.10-$0.12 $0.44-$0.47 Diluted earnings per share from continuing operations (excluding charges): $0.27 $1.95-$2.00 Tax benefits $0.00 $0.00 \"Normalized\" EPS: $0.27 $1.95-$2.00 Conference Call
The company's fourth quarter 2007 earnings conference call is scheduled for today,
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of Project Acceleration, sales, income/(loss), earnings per share, operating income or gross margin improvements, capital and other expenditures, cash flow, dividends, restructuring costs, costs and cost savings, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail economies; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; the risks inherent in our foreign operations and those factors listed in the company's most recent quarterly report on Form 10-Q, and Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release is a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with sales of over
This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.
NWL-EA Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in millions, except per share data) Reconciliation of Results \"As Reported\" to Results \"Excluding Charges\" Three Months Ended December 31, 2007 As Excl. Reported Charges(1) Charges Net sales $1,642.5 $- $1,642.5 Cost of products sold 1,066.6 - 1,066.6 GROSS MARGIN 575.9 - 575.9 % of sales 35.1% 35.1% Selling, general & administrative expenses 370.7 - 370.7 % of sales 22.6% 22.6% Restructuring costs 32.3 (32.3) - OPERATING INCOME 172.9 32.3 205.2 % of sales 10.5% 12.5% Nonoperating expenses: Interest expense, net 21.2 - 21.2 Other expense, net 2.9 - 2.9 24.1 - 24.1 INCOME BEFORE INCOME TAXES 148.8 32.3 181.1 % of sales 9.1% 11.0% Income taxes 47.8 2.1 49.9 Effective rate 32.1% 27.6% INCOME FROM CONTINUING OPERATIONS 101.0 30.2 131.2 % of sales 6.1% 8.0% Discontinued operations, net of tax: Net gain/(loss) 4.4 (4.4) - NET INCOME $105.4 $25.8 $131.2 % of sales 6.4% 8.0% EARNINGS PER SHARE FROM CONTINUING OPERATIONS: Basic $0.37 $0.11 $0.48 Diluted $0.36 $0.11 $0.47 GAIN/(LOSS) PER SHARE FROM DISCONTINUED OPERATIONS: Basic $0.02 $(0.02) $- Diluted $0.02 $(0.02) $- EARNINGS PER SHARE: Basic $0.38 $0.09 $0.48 Diluted $0.38 $0.09 $0.47 AVERAGE SHARES OUTSTANDING: Basic 276.1 276.1 Diluted 277.8 286.1 Three Months Ended December 31, 2006 As Excl. YOY Reported Charges(2) Charges % Change Net sales $1,638.2 $- $1,638.2 0.3% Cost of products sold 1,098.5 - 1,098.5 GROSS MARGIN 539.7 - 539.7 6.7% % of sales 32.9% 32.9% Selling, general & administrative expenses 356.7 - 356.7 3.9% % of sales 21.8% 21.8% Restructuring costs 16.1 (16.1) - OPERATING INCOME 166.9 16.1 183.0 12.1% % of sales 10.2% 11.2% Nonoperating expenses: Interest expense, net 29.8 - 29.8 Other expense, net 2.0 - 2.0 31.8 - 31.8 (24.2)% INCOME BEFORE INCOME TAXES 135.1 16.1 151.2 19.8% % of sales 8.2% 9.2% Income taxes 42.8 4.2 47.0 6.2% Effective rate 31.7% 31.1% INCOME FROM CONTINUING OPERATIONS 92.3 11.9 104.2 25.9% % of sales 5.6% 6.4% Discontinued operations, net of tax: Net gain/(loss) 9.9 (9.9) - NET INCOME $102.2 $2.0 $104.2 25.9% % of sales 6.2% 6.4% EARNINGS PER SHARE FROM CONTINUING OPERATIONS: Basic $0.34 $0.04 $0.38 Diluted $0.33 $0.04 $0.38 GAIN/(LOSS) PER SHARE FROM DISCONTINUED OPERATIONS: Basic $0.04 $(0.04) $- Diluted $0.04 $(0.04) $- EARNINGS PER SHARE: Basic $0.37 $0.01 $0.38 Diluted $0.37 $0.01 $0.38 AVERAGE SHARES OUTSTANDING: Basic 274.8 274.8 Diluted 275.9 275.9 (1) Charges excluded from \"as reported\" results for 2007 consist of $32.3 million of Project Acceleration restructuring costs and the associated tax effects and a $4.4 million net gain related to discontinued operations. (2) Charges excluded from \"as reported\" results for 2006 consist of $16.1 million of Project Acceleration restructuring costs and the associated tax effects and a $9.9 million net gain related to discontinued operations. Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in millions, except per share data) Reconciliation of Results \"As Reported\" to Results \"Excluding Charges\" Twelve Months Ended December 31, 2007 As Excl. Reported Charges(1) Charges Net sales $6,407.3 $- $6,407.3 Cost of products sold 4,150.1 - 4,150.1 GROSS MARGIN 2,257.2 - 2,257.2 % of sales 35.2% 35.2% Selling, general & administrative expenses 1,430.9 - 1,430.9 % of sales 22.3% 22.3% Restructuring costs 86.0 (86.0) - OPERATING INCOME 740.3 86.0 826.3 % of sales 11.6% 12.9% Nonoperating expenses: Interest expense, net 104.1 - 104.1 Other expense, net 7.3 - 7.3 111.4 - 111.4 INCOME BEFORE INCOME TAXES 628.9 86.0 714.9 % of sales 9.8% 11.2% Income taxes 149.7 16.4 166.1 Effective rate 23.8% 23.2% INCOME FROM CONTINUING OPERATIONS 479.2 69.6 548.8 % of sales 7.5% 8.6% Discontinued operations, net of tax: Net loss (12.1) 12.1 - NET INCOME $467.1 $81.7 $548.8 % of sales 7.3% 8.6% EARNINGS PER SHARE FROM CONTINUING OPERATIONS: Basic $1.74 $0.25 $1.99 Diluted $1.72 $0.25 $1.97 LOSS PER SHARE FROM DISCONTINUED OPERATIONS: Basic $(0.04) $0.04 $- Diluted $(0.04) $0.04 $- EARNINGS PER SHARE: Basic $1.69 $0.30 $1.99 Diluted $1.68 $0.29 $1.97 AVERAGE SHARES OUTSTANDING: Basic 276.0 276.0 Diluted 286.1 286.1 Twelve Months Ended December 31, 2006 As Excl. YOY Reported Charges(2) Charges % Change Net sales $6,201.0 $- $6,201.0 3.3% Cost of products sold 4,131.0 - 4,131.0 GROSS MARGIN 2,070.0 - 2,070.0 9.0% % of sales 33.4% 33.4% Selling, general & administrative expenses 1,347.0 - 1,347.0 6.2% % of sales 21.7% 21.7% Restructuring costs 66.4 (66.4) - OPERATING INCOME 656.6 66.4 723.0 14.3% % of sales 10.6% 11.7% Nonoperating expenses: Interest expense, net 132.0 - 132.0 Other expense, net 9.7 - 9.7 141.7 - 141.7 (21.4)% INCOME BEFORE INCOME TAXES 514.9 66.4 581.3 23.0% % of sales 8.3% 9.4% Income taxes 44.2 18.2 62.4 166.2% Effective rate 8.6% 10.7% INCOME FROM CONTINUING OPERATIONS 470.7 48.2 518.9 5.8% % of sales 7.6% 8.4% Discontinued operations, net of tax: Net loss (85.7) 85.7 - NET INCOME $385.0 $133.9 $518.9 5.8% % of sales 6.2% 8.4% EARNINGS PER SHARE FROM CONTINUING OPERATIONS: Basic $1.71 $0.18 $1.89 Diluted $1.71 $0.17 $1.88 LOSS PER SHARE FROM DISCONTINUED OPERATIONS: Basic $(0.31) $0.31 $- Diluted $(0.31) $0.31 $- EARNINGS PER SHARE: Basic $1.40 $0.49 $1.89 Diluted $1.40 $0.48 $1.88 AVERAGE SHARES OUTSTANDING: Basic 274.6 274.6 Diluted 275.5 283.8 (1) Charges excluded from \"as reported\" results for 2007 consist of $86.0 million of Project Acceleration restructuring costs and the associated tax effects and a $12.1 million net loss related to discontinued operations. (2) Charges excluded from \"as reported\" results for 2006 consist of $66.4 million of Project Acceleration restructuring costs and the associated tax effects and a $85.7 million net loss related to discontinued operations. Newell Rubbermaid Inc. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions) December 31, December 31, Assets: 2007 2006 Cash and cash equivalents $329.2 $201.0 Accounts receivable, net 1,166.4 1,113.6 Inventories, net 940.4 850.6 Deferred income taxes 102.0 110.1 Prepaid expenses and other 113.7 133.5 Current assets of discontinued operations - 68.1 Total Current Assets 2,651.7 2,476.9 Property, plant and equipment, net 688.6 746.9 Deferred income taxes 29.4 1.3 Goodwill 2,608.7 2,435.7 Other intangible assets, net 501.8 458.8 Other assets 202.7 190.9 Total Assets $6,682.9 $6,310.5 Liabilities and Stockholders' Equity: Accounts payable $616.9 $549.9 Accrued compensation 170.7 177.9 Other accrued liabilities 744.7 710.9 Income taxes payable 44.0 144.3 Notes payable 15.3 23.9 Current portion of long-term debt 972.2 253.6 Current liabilities of discontinued operations - 36.1 Total Current Liabilities 2,563.8 1,896.6 Long-term debt 1,197.4 1,972.3 Other non-current liabilities 674.4 551.4 Stockholders' Equity 2,247.3 1,890.2 Total Liabilities and Stockholders' Equity $6,682.9 $6,310.5 Newell Rubbermaid Inc. CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in millions) Twelve Months Ended December 31, 2007 2006 Operating Activities: Net income $467.1 $385.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 177.0 193.3 Deferred income taxes (0.9) (5.0) Impairment charges - 50.9 Non-cash restructuring costs 27.7 27.2 Gain on sale of assets - (4.5) Stock-based compensation expense 36.4 44.0 Loss/(gain) on disposal of discontinued operations 11.9 (0.7) Non-cash income tax benefits (41.3) (102.8) Other (3.4) (12.9) Changes in operating assets and liabilities, excluding the effects of acquisitions: Accounts receivable (7.9) 25.1 Inventories (53.6) (32.2) Accounts payable 54.0 (51.0) Accrued liabilities and other (11.7) 96.9 Discontinued operations - 30.1 Net cash provided by operating activities $655.3 $643.4 Investing Activities: Acquisitions, net of cash acquired $(106.0) $(60.6) Capital expenditures (157.3) (138.3) Disposals of non-current assets and sales of businesses (2.3) 187.0 Net cash used in investing activities $(265.6) $(11.9) Financing Activities: Proceeds from issuance of debt $420.8 $177.0 Payments on notes payable and debt (478.3) (511.0) Cash dividends (234.7) (232.8) Proceeds from exercised stock options and other 25.4 16.7 Net cash used in financing activities $(266.8) $(550.1) Currency rate effect on cash and cash equivalents $5.3 $4.1 Increase in cash and cash equivalents $128.2 $85.5 Cash and cash equivalents at beginning of year 201.0 115.5 Cash and cash equivalents at end of year $329.2 $201.0 Newell Rubbermaid Inc. Calculation of Free Cash Flow(1) Three Months Ended December 31, Free Cash Flow (in millions): 2007 2006 Net cash provided by operating activities $199.1 $239.1 Capital expenditures (47.3) (44.2) Free Cash Flow $151.8 $194.9 Twelve Months Ended December 31, Free Cash Flow (in millions): 2007 2006 Net cash provided by operating activities $655.3 $643.4 Capital expenditures (157.3) (138.3) Free Cash Flow $498.0 $505.1 (1) Free Cash Flow is defined as cash flow provided by operating activities less capital expenditures. Newell Rubbermaid Inc. Financial Worksheet (In Millions) 2007 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q1: Cleaning, Organization & Decor $457.4 $57.2 $- $57.2 12.5% Office Products 406.3 35.2 - 35.2 8.7% Tools & Hardware 293.9 34.2 - 34.2 11.6% Home & Family 226.8 30.4 - 30.4 13.4% Restructuring Costs (15.5) 15.5 - Corporate (20.7) - (20.7) Total $1,384.4 $120.8 $15.5 $136.3 9.8% 2007 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q2: Cleaning, Organization & Decor $544.4 $81.2 $- $81.2 14.9% Office Products 587.5 109.0 - 109.0 18.6% Tools & Hardware 324.6 47.7 - 47.7 14.7% Home & Family 236.6 31.3 - 31.3 13.2% Restructuring Costs (15.5) 15.5 - Corporate (20.9) - (20.9) Total $1,693.1 $232.8 $15.5 $248.3 14.7% 2007 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q3: Cleaning, Organization & Decor $547.2 $83.7 $- $83.7 15.3% Office Products 544.9 84.2 - 84.2 15.5% Tools & Hardware 335.9 51.3 - 51.3 15.3% Home & Family 259.3 37.2 - 37.2 14.3% Restructuring Costs (22.7) 22.7 - Corporate (19.9) - (19.9) Total $1,687.3 $213.8 $22.7 $236.5 14.0% 2007 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q4: Cleaning, Organization & Decor $547.4 $51.2 $51.2 9.4% Office Products 503.6 89.5 89.5 17.8% Tools & Hardware 334.3 48.3 48.3 14.4% Home & Family 257.2 36.7 36.7 14.3% Restructuring Costs (32.3) 32.3 - Corporate (20.5) (20.5) Total $1,642.5 $172.9 $32.3 $205.2 12.5% 2007 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin YTD: Cleaning, Organization & Decor $2,096.4 $273.3 $- $273.3 13.0% Office Products 2,042.3 317.9 - 317.9 15.6% Tools & Hardware 1,288.7 181.5 - 181.5 14.1% Home & Family 979.9 135.6 - 135.6 13.8% Restructuring Costs (86.0) 86.0 - Corporate (82.0) - (82.0) Total $6,407.3 $740.3 $86.0 $826.3 12.9% 2006 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q1: Cleaning, Organization & Decor $449.7 $38.4 $- $38.4 8.5% Office Products 390.8 32.3 - 32.3 8.3% Tools & Hardware 276.8 33.1 - 33.1 12.0% Home & Family 225.3 32.7 - 32.7 14.5% Restructuring Costs (9.1) 9.1 - Corporate (17.6) - (17.6) Total $1,342.6 $109.8 $9.1 $118.9 8.9% 2006 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q2: Cleaning, Organization & Decor $509.9 $57.3 $- $57.3 11.2% Office Products 579.1 99.9 - 99.9 17.3% Tools & Hardware 328.8 53.8 - 53.8 16.4% Home & Family 216.3 29.8 - 29.8 13.8% Restructuring Costs (19.1) 19.1 - Corporate (20.0) - (20.0) Total $1,634.1 $201.7 $19.1 $220.8 13.5% 2006 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q3: Cleaning, Organization & Decor $519.3 $67.8 $- $67.8 13.1% Office Products 517.5 75.7 - 75.7 14.6% Tools & Hardware 324.4 46.2 - 46.2 14.2% Home & Family 224.9 28.9 - 28.9 12.9% Restructuring Costs (22.1) 22.1 - Corporate (18.3) - (18.3) Total $1,586.1 $178.2 $22.1 $200.3 12.6% 2006 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin Q4: Cleaning, Organization & Decor $516.8 $45.6 $45.6 8.8% Office Products 544.2 79.1 79.1 14.5% Tools & Hardware 332.2 51.9 51.9 15.6% Home & Family 245.0 26.5 26.5 10.8% Restructuring Costs (16.1) 16.1 - Corporate (20.1) (20.1) Total $1,638.2 $166.9 $16.1 $183.0 11.2% 2006 Excluding Charges Reconciliation(1) Ex Reported Excluded Charges Operating Net Sales OI Charges OI Margin YTD: Cleaning, Organization & Decor $1,995.7 $209.1 $- $209.1 10.5% Office Products 2,031.6 287.0 - 287.0 14.1% Tools & Hardware 1,262.2 185.0 - 185.0 14.7% Home & Family 911.5 117.9 - 117.9 12.9% Restructuring Costs (66.4) 66.4 - Corporate (76.0) - (76.0) Total $6,201.0 $656.6 $66.4 $723.0 11.7% Year-over-year changes Net Sales Operating Income(2) $ % $ % Q1: Cleaning, Organization & Decor $7.7 1.7% $18.8 49.0% Office Products 15.5 4.0% 2.9 9.0% Tools & Hardware 17.1 6.2% 1.1 3.3% Home & Family 1.5 0.7% (2.3) (7.0)% Restructuring Costs - Corporate (3.1) Total $41.8 3.1% $17.4 14.6% Year-over-year changes Net Sales Operating Income(2) $ % $ % Q2: Cleaning, Organization & Decor $34.5 6.8% $23.9 41.7% Office Products 8.4 1.5% 9.1 9.1% Tools & Hardware (4.2) (1.3)% (6.1) (11.3)% Home & Family 20.3 9.4% 1.5 5.0% Restructuring Costs - Corporate (0.9) Total $59.0 3.6% $27.5 12.5% Year-over-year changes Net Sales Operating Income(2) $ % $ % Q3: Cleaning, Organization & Decor $28.0 5.4% $15.9 23.5% Office Products 27.4 5.3% 8.5 11.2% Tools & Hardware 11.5 3.5% 5.1 11.0% Home & Family 34.4 15.3% 8.3 28.7% Restructuring Costs - Corporate (1.6) Total $101.3 6.4% $36.2 18.1% Year-over-year changes Net Sales Operating Income(2) $ % $ % Q4: Cleaning, Organization & Decor $30.6 5.9% $5.6 12.3% Office Products (40.6) (7.5)% 10.4 13.1% Tools & Hardware 2.1 0.6% (3.6) (6.9)% Home & Family 12.2 5.0% 10.2 38.5% Restructuring Costs - Corporate (0.4) Total $4.3 0.3% $22.2 12.1% Year-over-year changes Net Sales Operating Income(2) $ % $ % YTD: Cleaning, Organization & Decor $100.7 5.0% $64.2 30.7% Office Products 10.7 0.5% 30.9 10.8% Tools & Hardware 26.5 2.1% (3.5) (1.9)% Home & Family 68.4 7.5% 17.7 15.0% Restructuring Costs - Corporate (6.0) Total $206.3 3.3% $103.3 14.3% (1) Charges are related to restructuring. (2) Excluding restructuring charges. Newell Rubbermaid Inc. Three Months Ended December 31, 2007 In Millions Currency Analysis By Segment 2007 2006 Sales Sales as Currency Adjusted as Reported Impact Sales Reported Cleaning, Organization & Decor $547.4 $(11.0) $536.4 $516.8 Office Products 503.6 (23.7) 479.9 544.2 Tools & Hardware 334.3 (12.4) 321.9 332.2 Home & Family 257.2 (5.0) 252.2 245.0 Total Company $1,642.5 $(52.1) $1,590.4 $1,638.2 By Geography United States $1,143.8 $- $1,143.8 $1,188.2 Canada 117.5 (16.1) 101.4 100.6 North America 1,261.3 (16.1) 1,245.2 1,288.8 Europe 244.4 (23.8) 220.6 223.4 Central & South America 66.8 (5.7) 61.1 68.7 All Other 70.0 (6.5) 63.5 57.3 Total Company $1,642.5 $(52.1) $1,590.4 $1,638.2 By Segment Year-over-year Increase (Decrease) Excluding Including Currency Currency Currency Impact Cleaning, Organization & Decor 3.8% 5.9% 2.1% Office Products (11.8)% (7.5)% 4.4% Tools & Hardware (3.1)% 0.6% 3.7% Home & Family 2.9% 5.0% 2.0% Total Company (2.9)% 0.3% 3.2% By Geography United States (3.7)% (3.7)% 0.0% Canada 0.8% 16.8% 16.0% North America (3.4)% (2.1)% 1.2% Europe (1.3)% 9.4% 10.7% Central & South America (11.1)% (2.8)% 8.3% All Other 10.8% 22.2% 11.3% Total Company (2.9)% 0.3% 3.2% Newell Rubbermaid Inc. Twelve Months Ended December 31, 2007 In Millions Currency Analysis By Segment 2007 2006 Sales Sales as Currency Adjusted as Reported Impact Sales Reported Cleaning, Organization & Decor $2,096.4 $(18.5) $2,077.9 $1,995.7 Office Products 2,042.3 (60.8) 1,981.5 2,031.6 Tools & Hardware 1,288.7 (31.6) 1,257.1 1,262.2 Home & Family 979.9 (14.1) 965.8 911.5 Total Company $6,407.3 $(125.0) $6,282.3 $6,201.0 By Geography United States $4,624.3 $- $4,624.3 $4,603.4 Canada 425.7 (24.1) 401.6 387.9 North America 5,050.0 (24.1) 5,025.9 4,991.3 Europe 879.5 (74.1) 805.4 781.0 Central & South America 250.2 (11.1) 239.1 239.3 All Other 227.6 (15.7) 211.9 189.4 Total Company $6,407.3 $(125.0) $6,282.3 $6,201.0 By Segment Year-over-year Increase (Decrease) Excluding Including Currency Currency Currency Impact Cleaning, Organization & Decor 4.1% 5.0% 0.9% Office Products (2.5)% 0.5% 3.0% Tools & Hardware (0.4)% 2.1% 2.5% Home & Family 6.0% 7.5% 1.5% Total Company 1.3% 3.3% 2.0% By Geography United States 0.5% 0.5% 0.0% Canada 3.5% 9.7% 6.2% North America 0.7% 1.2% 0.5% Europe 3.1% 12.6% 9.5% Central & South America (0.1)% 4.6% 4.6% All Other 11.9% 20.2% 8.3% Total Company 1.3% 3.3% 2.0%
SOURCE Newell Rubbermaid Inc.
