NEWTON, Iowa, Feb. 3 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE:MYG) announced today fourth quarter consolidated sales of
$1.24 billion, up 6.6 percent from sales of $1.16 billion in the
same period last year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) Net loss for
the fourth quarter of 2005 was $75 million or 93 cents per share,
compared with a net loss of $14.1 million, or 18 cents per share, a
year ago. Diluted loss per share for the fourth quarters of 2005
and 2004 included the following items: Three Months Ended Quarter 4
Quarter 4 2005 2004 Diluted Loss Per Share $(0.93) $(0.18) Included
in diluted loss per share (net of tax) were the following items:
Restructuring and related charges - manufacturing 0.32 0.01
Restructuring and related charges - reorganization - 0.12 Asset
impairment 0.11 - Goodwill impairment-Commercial Products 0.06 -
Front-load washer litigation - 0.13 Merger-related expense, net
0.13 - Fourth quarter 2005 results were impacted by restructuring
charges of $42.1 million recorded primarily in connection with the
closing of the Florence, South Carolina, plant, which was announced
in the fourth quarter. A $13.8 million non-cash asset impairment
charge related to a laundry product line and a goodwill impairment
charge of $4.5 million involving a commercial cooking business were
recorded in the quarter. In addition, $10.2 million of
merger-related expenses associated with the pending sale of the
company to Whirlpool impacted the quarter. Last year's quarterly
results included restructuring and related charges of $14.8 million
and a $15 million charge for front-load washer litigation. In the
fourth quarter of 2005, net sales were up 6.9 percent in Home
Appliances, driven by solid sales in all major appliance
categories, especially refrigeration. Compared with the prior year
period, sales of floor care products were down significantly for
the quarter. Maytag Services continued its strong performance with
double-digit revenue growth versus a year ago, while Maytag
International revenues were down slightly. In the fourth quarter,
Commercial Products net sales were down 1.1 percent from the same
period a year ago. Operating results were negatively impacted by
lower utilization of manufacturing capacity, a disappointing
performance in floor care due to continued volume decline and price
erosion, as well as higher distribution costs. Maytag Chairman and
CEO Ralph Hake said, "We showed solid top-line sales growth during
the quarter with increases in all our major appliance product
categories. However, I am extremely disappointed that our positive
sales gains in major appliances were more than offset by our
overall high cost structure and poor floor care performance." Hake
emphasized, "Improving our financial results is the top priority
for Maytag. We will address our profitability over the next several
quarters by continuing to pursue business improvement initiatives.
We also expect to evaluate alternative strategies for our floor
care product line and commercial businesses, including their
possible sale." During the quarter, the company also entered into a
new $600 million, five-year, senior-secured revolving credit
agreement. The new credit agreement should provide the company with
substantially more financial flexibility, including the capacity to
refinance all 2006 debt maturities, as well as providing working
capital needed to operate the business. Maytag has the ability to
increase the new credit facility by $150 million to $750 million.
In the fourth quarter, Maytag certified substantial compliance with
the Antitrust Division of the Department of Justice in response to
the request for additional information ("second request") regarding
the proposed merger with Whirlpool Corporation. On December 22,
2005, Maytag shareholders overwhelmingly approved the proposed
merger agreement with Whirlpool with 97.8 percent of the voted
shares cast in favor of the merger. The proposed merger is
currently being reviewed by the Antitrust Division of the
Department of Justice. In order to facilitate the review, Whirlpool
and Maytag have agreed not to close the proposed merger before
February 27, 2006, without the Antitrust Division's concurrence,
although the Antitrust Division may request additional time for
review. Whirlpool and Maytag continue to expect the transaction to
close as early as the first quarter of 2006. Full-Year Performance
Maytag's net sales for the full fiscal year 2005 were $4.9 billion,
up 3.8 percent from the $4.72 billion reported for fiscal 2004. Net
loss for fiscal 2005 was $81.9 million or $1.02 per share, compared
to a net loss of $9 million or 11 cents per share a year ago.
Diluted loss per share for the full fiscal years of 2005 and 2004
included the following items: Twelve Months Ended 2005 2004 Diluted
Loss Per Share $(1.02) $(0.11) Included in diluted loss per share
(net of tax) were the following items: Restructuring and related
charges - manufacturing 0.35 0.30 Restructuring and related charges
- reorganization 0.06 0.30 Asset impairment 0.11 - Goodwill
impairment-Commercial Products 0.06 0.12 Front-load washer
litigation - 0.29 Adverse judgment on pre-acquisition distributor
lawsuit - 0.09 Gain on sale of property - (0.10) Merger-related
expense, net (includes $40 million Triton termination fee and $40
million reimbursement by Whirlpool) 0.22 - Full-year 2005 results
included restructuring and related charges of $52.8 million, a
non-cash asset impairment charge related to a laundry product line
of $13.8 million and a goodwill impairment charge of $4.5 million
involving a commercial cooking business. In addition to these
expenses, $19.7 million of net merger-related expenses impacted
results in 2005. Prior year results included restructuring and
related charges of $69.8 million, a $33.5 million charge for
front-load washer litigation, a $9.6 million goodwill impairment
charge related to the previously mentioned commercial cooking
business and a $9.7 million gain on the sale of a warehouse. Home
Appliances sales for 2005 were $4.66 billion, up 4.6 percent from
fiscal 2004. This growth was spurred by increases in major
appliances, both in domestic and international markets. Maytag
Services' revenues were up double-digit for the full year.
Commercial Products' sales were down 10.1 percent, impacted by
declining sales in the vending industry. Operating loss for fiscal
2005 was $37.1 million, compared with operating income of $40.3
million in the prior 12-month period. Factors negatively impacting
full-year results, in addition to the restructuring and impairments
previously mentioned, included: higher raw material and
distribution costs; lower utilization of manufacturing capacity,
primarily in laundry and floor care; and declines in sales and
margins for floor care products and vending equipment. For the full
fiscal year 2005, cash flow provided by operations was $20.8
million compared with $261.7 million provided by operations in the
same 12-month period in 2004. Cash flow was impacted by a larger
net loss and an increase in working capital in 2005 as well as cash
payments for restructuring and litigation-related charges paid in
2005, but recorded in the prior year. About Maytag Corporation
Maytag Corporation is a $4.9 billion home and commercial appliance
company focused in North America and in targeted international
markets. The corporation's primary brands are Maytag(R), Hoover(R),
Jenn-Air(R), Amana(R), Dixie-Narco(R) and Jade(R). Quarterly
Conference Call Maytag will host a conference call for members of
the financial community today at 8:30 a.m. CT (9:30 a.m. ET) to
comment on its performance. Chairman & CEO Ralph Hake and CFO
George Moore will participate in the call. The company will not
conduct a question-and-answer session during this conference call.
Persons wishing to listen should telephone 888-942-8132 at 8:20
a.m. CT (international participants should dial 210-234-0005) and
use the pass code Maytag. The conference call will be recorded and
available by telephone from 10:30 a.m. CT February 3 until 10:30
a.m. CT February 6. Persons interested in listening to the
conference call tape should call 800-685-2427 or internationally
203-369-3101. Additionally, Maytag's conference call will be
distributed live over CCBN's Investor Distribution Network to both
institutional and individual investors. Individual investors can
listen to the call through CCBN's individual investor center at
http://www.fulldisclosure.com/ or by visiting any of the investor
sites in CCBN's Individual Investor Network. Institutional
investors can access the call via CCBN's password-protected event
management site, StreetEvents (http://www.streetevents.com/). The
audio webcast can also be accessed through Maytag's Web site,
http://www.maytagcorp.com/ , by clicking on the "Corporate News
Center" and then "Conference Calls." Replays will be available on
both the Maytag and CCBN Web sites. This document includes
statements that do not directly or exclusively relate to historical
facts. Such statements are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements speak only as of this date and include statements
regarding anticipated future financial operating performance and
results and expectations as to the closing of the transaction with
Whirlpool. These statements are based on the current expectations
of management of Maytag. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements included in this document. For
example, with respect to the transaction with Whirlpool (1)
conditions to the closing of the transaction may not be satisfied
or the merger agreement may be terminated prior to closing; (2)
Maytag may be unable to obtain the regulatory approvals required to
close the transaction, or required regulatory approvals may delay
the transaction or result in the imposition of conditions that
could have a material adverse effect on Maytag or cause the parties
to abandon the transaction; (3) Maytag may be unable to achieve
cost-cutting goals or it may take longer than expected to achieve
those goals; (4) the transaction may involve unexpected costs or
unexpected liabilities; (5) the credit ratings of Maytag or its
subsidiaries may be different from what the parties expect; (6) the
businesses of Maytag may suffer as a result of uncertainty
surrounding the transaction; (7) the industry may be subject to
future regulatory or legislative actions that could adversely
affect Maytag; and (8) Maytag may be adversely affected by other
economic, business, and/or competitive factors. Additional factors
that may affect the future results of Maytag are set forth in its
filings with the Securities and Exchange Commission ("SEC"), which
are available at http://www.maytagcorp.com/. Maytag undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. For a description of such factors, refer to
"Forward-Looking Statements" in the Management's Discussion and
Analysis section of Maytag's Annual Report on Form 10-K for the
year ended January 3, 2004, and each quarter's 10-Q. FOURTH QUARTER
SALES AND EARNINGS COMPARISON (UNAUDITED) NET SALES (in thousands)
2005 2004 % Change Home Appliances $1,189,371 $1,112,467 6.9
Commercial Products 51,321 51,880 (1.1) Consolidated $1,240,692
$1,164,347 6.6 OPERATING LOSS (in thousands) 2005 2004 % Change
Home Appliances $(71,865) $(4,855) (1,380.2) Commercial Products
(8,415) (1,417) (493.9) Reported $(80,280) $(6,272) (1,180.0)
Included in operating loss Restructuring and related charges-Home
Appliances $42,068 $14,551 Asset impairment-Home Appliances 13,800
- Front-load washer litigation- Home Appliances - 15,000
Restructuring and related charges-Commercial Products 60 298
Goodwill impairment-Commercial Products 4,525 - NET LOSS (in
thousands) 2005 2004 % Change Reported $(74,990) $(14,120) (431.1)
Included in net loss (net of tax) Restructuring and related charges
$26,120 $10,024 Asset impairment 8,556 - Goodwill
impairment-Commercial Products 4,525 - Front-load washer litigation
- 10,125 Merger-related expense, net 10,269 - BASIC AND DILUTED
LOSS PER SHARE 2005 2004 % Change Reported $(0.93) $(0.18) (416.7)
Included in basic and diluted loss per share (net of tax)
Restructuring and related charges $0.32 $0.13 Asset impairment 0.11
- Goodwill impairment-Commercial Products 0.06 - Front-load washer
litigation - 0.13 Merger-related expense, net 0.13 - Basic and
diluted weighted-average shares outstanding (thousands) 80,358
79,336 TWELVE MONTHS SALES AND EARNINGS COMPARISON (2005 UNAUDITED)
NET SALES (in thousands) 2005 2004 % Change Home Appliances
$4,664,892 $4,458,696 4.6 Commercial Products 236,223 262,842
(10.1) Consolidated $4,901,115 $4,721,538 3.8 OPERATING INCOME
(LOSS) (in thousands) 2005 2004 % Change Home Appliances $(24,162)
$47,465 (150.9) Commercial Products (12,939) (7,117) (81.8)
Reported $(37,101) $40,348 (192.0) Included in operating income
(loss) Restructuring and related charges-Home Appliances $52,357
$69,310 Asset impairment-Home Appliances 13,800 - Front-load washer
litigation- Home Appliances - 33,500 Gain on sale of property-Home
Appliances - (9,711) Restructuring and related charges-Commercial
Products 422 448 Goodwill impairment-Commercial Products 4,525
9,600 NET LOSS (in thousands) 2005 2004 % Change Reported $(81,947)
$(9,006) (809.9) Included in net loss (net of tax) Restructuring
and related charges $33,015 $47,087 Asset impairment 8,556 -
Goodwill impairment-Commercial Products 4,525 9,600 Front-load
washer litigation - 22,613 Adverse judgment on pre- acquisition
distributor lawsuit - 7,091 Gain on sale of property - (7,769)
Income from discontinued operations - (339) Merger-related expense,
net (includes $40 million Triton termination fee and $40 million
reimbursement by Whirlpool) 17,778 - BASIC AND DILUTED LOSS PER
SHARE 2005 2004 % Change Reported $(1.02) $(0.11) (827.3) Included
in basic and diluted loss per share (net of tax) Restructuring and
related charges 0.41 $0.60 Asset impairment 0.11 - Goodwill
impairment-Commercial Products 0.06 0.12 Front-load washer
litigation - 0.29 Adverse judgment on pre- acquisition distributor
lawsuit - 0.09 Gain on sale of property - (0.10) Merger-related
expense, net (includes $40 million Triton termination fee and $40
million reimbursement by Whirlpool) 0.22 - Basic and diluted
weighted-average shares outstanding (thousands) 79,949 79,078
MAYTAG CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data) Fourth Quarter Ended Twelve
Months Ended December 31 January 1 December 31 January 1 2005 2005
2005 2005 (unaudited) (unaudited) (unaudited) Net sales $1,240,692
$1,164,347 $4,901,115 $4,721,538 Cost of sales 1,135,599 1,021,640
4,413,458 4,061,319 Gross profit 105,093 142,707 487,657 660,219
Selling, general and administrative expenses 124,920 119,130
453,654 507,013 Restructuring and related charges 42,128 14,849
52,779 69,758 Asset impairment 13,800 - 13,800 - Goodwill
impairment- Commercial Products 4,525 - 4,525 9,600 Front-load
washer litigation - 15,000 - 33,500 Operating income (loss)
(80,280) (6,272) (37,101) 40,348 Interest expense (16,964) (15,431)
(65,811) (56,274) Adverse judgment on pre- acquisition distributor
lawsuit - - - (10,505) Merger-related expense, net (includes $40
million Triton termination fee and $40 million reimbursement by
Whirlpool) (10,179) - (19,695) - Other-net (414) (2,135) 2,346
5,113 Loss before income taxes (107,837) (23,838) (120,261)
(21,318) Income tax benefit (32,847) (9,718) (38,314) (11,973) Loss
from continuing operations (74,990) (14,120) (81,947) (9,345)
Income from discontinued operations, net of tax - - - 339 Net loss
$(74,990) $(14,120) $(81,947) $(9,006) Basic loss per common share:
Loss from continuing operations $(0.93) $(0.18) $(1.02) $(0.12)
Discontinued operations - - - - Net loss $(0.93) $(0.18) $(1.02)
$(0.11) Basic weighted-average shares outstanding 80,358 79,336
79,949 79,078 Diluted loss per common share: Loss from continuing
operations $(0.93) $(0.18) $(1.02) $(0.12) Discontinued operations
- - - - Net loss $(0.93) $(0.18) $(1.02) $(0.11) Diluted
weighted-average shares outstanding 80,358 79,336 79,949 79,078
MAYTAG CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) December 31 January 1 2005 2005 (unaudited) ASSETS
Current assets Cash and cash equivalents $72,339 $164,276 Accounts
receivable - net 672,734 629,901 Inventories 633,657 515,321
Deferred income taxes 73,031 55,862 Prepaids and other current
assets 44,775 80,137 Total current assets 1,496,536 1,445,497
Noncurrent assets 659,133 653,365 Property, plant and equipment
797,902 921,162 Total assets $2,953,571 $3,020,024 LIABILITIES AND
SHAREOWNERS' DEFICIT Current liabilities Accounts payable $550,986
$545,901 Accrued liabilities 387,136 358,119 Notes payable and
current portion of long-term debt 408,277 6,043 Total current
liabilities 1,346,399 910,063 Long-term debt, less current portion
563,368 972,568 Postretirement benefit liability 522,367 531,995
Accrued pension cost 526,864 496,480 Other noncurrent liabilities
181,895 183,942 Shareowners' deficit (187,322) (75,024) Total
liabilities and shareowners' deficit $2,953,571 $3,020,024 MAYTAG
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) Twelve Months Ended December 31 January 1 2005 2005
(unaudited) Operating activities Net loss $(81,947) $(9,006) Net
income from discontinued operations - (339) Depreciation and
amortization 167,547 169,782 Deferred income taxes (56,054) 2,636
Loss (gain) on sale of property 4,174 (7,945) Restructuring and
related charges, net of cash 27,285 36,859 Asset impairment 13,800
- Goodwill impairment-Commercial Products 4,525 9,600 Front-load
washer litigation, net of cash paid (12,003) 23,092 Adverse
judgment on pre-acquisition distributor lawsuit (12,250) 10,505
Change in working capital (156,029) (948) Pension expense 71,948
63,024 Pension contributions (52,715) (94,324) Postretirement
benefit liability (9,627) (6,110) Other 112,162 64,903 Net cash
provided by operating activities 20,816 261,729 Investing
activities Capital expenditures (93,406) (94,420) Proceeds from
business disposition, net of transaction costs - 11,248 Proceeds
from property dispositions, net of transaction costs 15,839 23,477
Investing activities (77,567) (59,695) Financing activities Net
reduction of notes payable - (71,491) Proceeds from issuance of
long-term debt - 100,000 Repayment of long-term debt (3,055)
(21,521) Stock options and employee stock 4,927 5,478 Dividends on
common stock (35,921) (56,899) Other (1,024) (280) Financing
activities (35,073) (44,713) Effect of exchange rates (113) 199
Increase (decrease) in cash and cash equivalents (91,937) 157,520
Cash and cash equivalents at beginning of period 164,276 6,756 Cash
and cash equivalents at end of period $72,339 $164,276 Media
Contact: John Daggett Maytag Corporate Communications (641)
787-7711 First Call Analyst: FCMN Contact: klynn2@maytag.com
http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
http://photoarchive.ap.org/ DATASOURCE: Maytag Corporation CONTACT:
Media, John Daggett, Maytag Corporate Communications,
+1-641-787-7711, Web site: http://www.maytagcorp.com/
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