BELOIT, Wis., Feb. 2, 2011 /PRNewswire/ -- Regal Beloit
Corporation (NYSE: RBC) today reported financial results for the
fourth quarter and the fiscal year ended January 1, 2011. Net sales for the fourth
quarter ended January 1, 2011 were
$555.7 million, an increase of 20.0%
compared to $463.3 million for the
fourth quarter ended January 2, 2010.
Diluted earnings per share for the fourth quarter 2010 were
$0.65 compared to $0.90 for the fourth quarter 2009. For the
full year 2010, sales were $2,238.0
million, an increase of 22.5% compared to $1,826.3 million for 2009. Full year 2010
diluted earnings per share were $3.84
compared to $2.63 per share in
2009.
"In line with our updated guidance, HVAC sales softened in
the fourth quarter," commented Mr. Henry
Knueppel, Chairman and Chief Executive Officer.
"Additionally, we faced continued inflationary pressure on
input costs, especially costs for copper. We implemented price
increases to offset the inflation; however, they could not be
implemented fast enough to prevent margin erosion given the
severity of the commodity cost increase."
"As we look at the full year we are pleased to report EPS
growth of 46% to $3.84 per share,"
continued Mr. Knueppel. "Sales for 2010 grew 22.5% as a
result of strong organic growth combined with the benefit from the
six acquisitions that closed in 2010."
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NET SALES
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(In
millions)
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Three Months
Ended
|
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Fiscal Year
Ended
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|
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Jan. 1,
2011
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Jan. 2,
2010
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%
Change
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Jan. 1,
2011
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Jan. 2,
2010
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%
Change
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Net Sales
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$
555.7
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$
463.3
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20.0%
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$ 2,238.0
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$
1,826.3
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22.5%
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Net Sales by Segment:
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Electrical
segment
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$
494.2
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$
417.1
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18.5%
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$ 2,002.0
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$
1,637.7
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22.3%
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Mechanical
segment
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$
61.5
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$
46.2
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33.1%
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$
236.0
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$
188.6
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25.1%
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Sales for the fourth quarter 2010 included $56.8 million of incremental sales from the six
businesses acquired in 2010 (the "acquired businesses").
Sales growth was driven by increased demand in nearly all end
markets including strong demand for energy efficient products.
Full year 2010 included $119.5
million of incremental sales from acquired businesses.
In the Electrical segment, sales increased 18.5% in the fourth
quarter 2010 compared to the fourth quarter 2009, including
$47.1 million of incremental sales
from the acquired businesses. Full year 2010 Electrical
segment sales increased 22.3% compared to fiscal year 2009,
including $92.6 million of
incremental sales from the acquired businesses.
Residential HVAC motor sales increased 1.3% in the fourth
quarter 2010 as compared to the fourth quarter 2009. Driven
by improving end markets and higher sales in North America, commercial and industrial motor
sales for the fourth quarter 2010 increased 12.5% compared to the
fourth quarter 2009. Global generator sales increased 15.7%
for the fourth quarter 2010 compared to the fourth quarter
2009.
Sales in the Mechanical segment increased 33.1% in the fourth
quarter 2010 compared to the fourth quarter 2009, including
$9.7 million of incremental
sales from the acquired businesses. This increase was driven
primarily by improvements in later cycle end markets. Full
year 2010 Mechanical segment sales increased $47.4 million, or 25.1% compared to fiscal year
2009, including $26.9 million of
incremental sales from the acquired businesses.
One of the Company's key strategies is to grow international
operations. Sales to regions outside of the United States were 36.3% of total sales
for the fourth quarter 2010 compared to 28.6% for the fourth
quarter 2009. For the full year 2010, sales to regions
outside the United States were
31.6% compared to 26.9% for the full year 2009.
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GROSS PROFIT
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(In
thousands)
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Three Months
Ended
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Fiscal Year
Ended
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Jan. 1,
2011
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Jan. 2,
2010
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Jan. 1,
2011
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Jan. 2,
2010
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Gross Profit
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$
130,267
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$
125,164
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$
549,350
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$
424,224
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As a percentage of net
sales
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23.4%
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27.0%
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24.5%
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23.2%
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Gross Profit
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Electrical
segment
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$
115,361
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$
115,079
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$
486,117
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$
379,017
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As a percentage of
net sales
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23.3%
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27.6%
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24.3%
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23.1%
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Mechanical
segment
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$
14,906
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$
10,084
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$
63,233
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$
45,207
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As a percentage of
net sales
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24.2%
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21.8%
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26.8%
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24.0%
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OPERATING
EXPENSES
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(In
thousands)
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Three Months
Ended
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Fiscal Year
Ended
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Jan. 1,
2011
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Jan. 2,
2010
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Jan. 1,
2011
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Jan. 2,
2010
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Operating Expenses
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$
91,979
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$
71,622
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$
311,615
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$
264,704
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As a percentage of net
sales
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16.6%
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15.5%
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13.9%
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14.5%
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Operating Expenses by
Segment:
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Electrical
segment
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$
82,346
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$
63,219
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$
275,886
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$
234,117
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As a percentage of
net sales
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16.7%
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15.2%
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13.8%
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14.3%
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Mechanical
segment
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$
9,633
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$
8,403
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$
35,729
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$
30,587
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As a percentage of
net sales
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15.7%
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18.2%
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15.1%
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16.2%
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INCOME FROM
OPERATIONS
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(In
thousands)
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Three Months
Ended
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Fiscal Year
Ended
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Jan. 1,
2011
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Jan. 2,
2010
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Jan. 1,
2011
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Jan. 2,
2010
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Income from
Operations
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$
38,288
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$
53,542
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$
237,735
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$
159,520
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As a percentage of net
sales
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6.9%
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11.6%
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10.6%
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8.7%
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Income from Operations by
Segment:
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Electrical
segment
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$
33,016
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$
51,860
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$
210,231
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$
144,901
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As a percentage of
net sales
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6.7%
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12.4%
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10.5%
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8.8%
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Mechanical
segment
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$
5,272
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$
1,682
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$
27,504
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$
14,619
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As a percentage of
net sales
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8.6%
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3.6%
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11.7%
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7.8%
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For the fourth quarter 2010, income from operations declined
28.5% compared to the fourth quarter 2009 principally due to
inflation not recovered by pricing actions and a $28.4 million change in LIFO expense. The
fourth quarter 2010 included LIFO expense of $13.4 million reflecting the continued increase
in costs for commodity inputs. By comparison, the fourth
quarter 2009 included a LIFO benefit of $15.0 million from our actions to reduce
inventory levels. For the fourth quarter 2010, operating
expenses increased due to an incremental $14.3 million of operating expenses related to
the acquired businesses and an incremental $2.6 million of acquisition related expenses.
For the full year 2010, income from operations improved, driven
by sales volume leverage and productivity, but was substantially
offset by commodity cost inflation in excess of price increases and
the costs associated with supply chain disruptions in the second
and third quarters of 2010.
Net interest expense for the fourth quarter 2010 was
$4.5 million, consistent with the
fourth quarter 2009. The effective tax rate for the fourth
quarter 2010 was 22.7% compared to 27.7% for the fourth quarter
2009. The decrease in the effective tax rate for the quarter
was primarily driven by the global distribution of income and the
retroactive reinstatement in the United
States of the research and development tax credit.
Net income attributable to Regal Beloit Corporation for the
fourth quarter 2010 was $25.2
million, a decrease of 27.2% compared to $34.7 million for the fourth quarter 2009.
Fully diluted earnings per share for the fourth quarter 2010
were $0.65 compared to $0.90 for the fourth quarter 2009. For the
full year ended January 1, 2011, net
income attributable to Regal Beloit Corporation was $149.4 million, an increase of 57.2% compared to
$95.0 million for the full year
2009.
Net cash provided by operating activities was $26.8 million for the fourth quarter 2010 and
$175.4 million for the full year
2010, in excess of net income attributable to Regal Beloit
Corporation for those periods. Cash and investments totaled
$230.8 million at January 1, 2011.
"Looking back on the year, I am proud of our team's many
accomplishments, along with our performance improvements. We also
closed on six strategically important acquisitions and we are
successfully integrating those businesses into our company,"
continued Mr. Knueppel. "Looking forward into 2011, we are
optimistic about our ability to continue our growth strategy by
developing and producing new and innovative, energy efficient
products for our customers. Our optimism is tempered by the
continued increase in commodity input costs that will pressure our
operating margins. We are also excited about closing on the
purchase of the Electrical Products Company of A. O. Smith and the opportunity to welcome its
employees to the Regal Beloit team. We expect the first
quarter to show seasonal improvement over the fourth quarter and to
see improved contributions from our new acquisitions. Accordingly,
we are projecting first quarter diluted earnings of $0.92 to $0.98 per share."
Regal Beloit will be holding a
conference call pertaining to this news release at 9:00 AM CT (10:00 AM
ET) on Thursday, February 3,
2011. To listen to the call and view the presentation
slides via the internet, please go to http://www.regalbeloit.com/
or at: http://www.videonewswire.com/event.asp?id=75795.
Individuals who would like to participate by phone should
dial 800-860-2442, referencing Regal Beloit. International callers
should dial 412-858-4600, referencing Regal Beloit.
A telephone replay of the call will be available through
May 2, 2011 at 877-344-7529,
conference ID 447494. International callers should call
412-317-0088 using the same conference ID. A webcast replay
will be available for one year and can be accessed at
http://www.regalbeloit.com/rbceventspresentations.htm or at
http://www.videonewswire.com/event.asp?id=75795.
Regal Beloit Corporation is a leading manufacturer of mechanical
and electrical motion control and power generation products serving
markets throughout the world. Regal Beloit is headquartered
in Beloit, Wisconsin, and has
manufacturing, sales, and service facilities throughout
the United States, Canada, Mexico, Europe and Asia. Regal Beloit's common stock is a
component of the S&P Mid Cap 400 Index and the Russell 2000
Index.
CAUTIONARY STATEMENT
Certain statements made in this press release are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
based on management's expectations, beliefs, current assumptions
and projections. When used in this press release, words
such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "should," "project" or "plan" or the
negative thereof or similar words are intended to identify
forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are
beyond our control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Those factors include, but are not limited
to:
- economic changes in global markets where we do business, such
as reduced demand for the products we sell, weakness in the housing
and commercial real estate markets, currency exchange rates,
inflation rates, interest rates, recession, foreign government
policies and other external factors that we cannot control;
- fluctuations in commodity prices and raw material costs;
- cyclical downturns affecting the global market for capital
goods;
- our ability to timely and successfully consummate the
acquisition of the electrical products business of A.O. Smith ("EPC"), including the ability to
satisfy all of the conditions precedent to consummation of the
transaction;
- our ability to timely and successfully realize the potential
synergies of the EPC transaction;
- unexpected issues, costs or liabilities arising from the
acquisition and integration of EPC and other acquired companies and
businesses, or the effects of purchase accounting that may be
different than expected;
- marketplace acceptance of new and existing products including
the loss of, or a decline in business from, any significant
customers;
- the impact of capital market transactions that we may
effect;
- the availability and effectiveness of our information
technology systems;
- unanticipated costs associated with litigation, product
warranty or product liability matters;
- the effects of increased international and domestic competition
on sales of our energy efficient products;
- actions taken by our competitors, including new product
introductions or technological advances, and other events affecting
our industry and competitors;
- difficulties in staffing and managing foreign operations;
- other domestic and international economic and political factors
unrelated to our performance, such as the current substantial
weakness in economic and business conditions and the stock markets
as a whole; and
- other risks and uncertainties described from time to time in
our reports filed with the U.S. Securities and Exchange Commission,
or SEC, which are incorporated by reference.
Shareholders, potential investors, and other readers are urged
to consider these factors in evaluating the forward-looking
statements and cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this press release are made only as of the date of this press
release, and we undertake no obligation to update these statements
to reflect subsequent events or
circumstances. Additional information regarding these
and other risks and factors is included in Item 1A - Risk
Factors in our Annual Report on Form 10-K filed with the SEC on
March 2, 2010.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
Unaudited
Dollars in Thousands, Except
Dividends Declared and Per Share Data
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Three Months
Ended
|
|
Fiscal
Year
|
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|
|
Jan. 1,
2011
|
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Jan. 2,
2010
|
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Jan. 1,
2011
|
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Jan. 2,
2010
|
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Net Sales
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$
555,678
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$
463,261
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$
2,237,978
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$
1,826,277
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Cost of Sales
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425,411
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338,097
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1,688,628
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1,402,053
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Gross Profit
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130,267
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125,164
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549,350
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424,224
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Operating Expenses
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91,979
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71,622
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311,615
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264,704
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Income From
Operations
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38,288
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53,542
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237,735
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159,520
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Interest Expense
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5,218
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|
5,304
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|
19,576
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|
23,284
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Interest Income
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|
770
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851
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2,570
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|
1,719
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Income Before Taxes &
Noncontrolling Interests
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33,840
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49,089
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220,729
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|
137,955
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Provision For Income
Taxes
|
|
7,679
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13,579
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|
66,045
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|
39,276
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Net Income
|
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26,161
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|
35,510
|
|
154,684
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98,679
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Less: Net Income Attributable to
Noncontrolling
Interests, net of
tax
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918
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852
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5,305
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3,631
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Net Income Attributable to
Regal Beloit Corporation
|
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$
25,243
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$
34,658
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$
149,379
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$
95,048
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Earnings Per Share of Common
Stock:
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Basic
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$
0.65
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$
0.94
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$
3.91
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$
2.76
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Assuming
Dilution
|
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$
0.65
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$
0.90
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$
3.84
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$
2.63
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Cash Dividends
Declared
|
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$
0.17
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$
0.16
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$
0.67
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|
$
0.64
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Weighted Average Number of
Shares Outstanding:
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Basic
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38,607,128
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37,030,588
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38,236,168
|
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34,498,674
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Assuming
Dilution
|
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39,052,195
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38,410,038
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38,921,699
|
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36,131,607
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SEGMENT
INFORMATION
Unaudited
Dollars in Thousands
|
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|
|
Mechanical
Segment
|
Electrical
Segment
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
|
Jan. 1,
2011
|
|
Jan. 2,
2010
|
|
Jan. 1,
2011
|
|
Jan. 2,
2010
|
|
|
Net Sales
|
|
$
61,513
|
|
$
46,205
|
|
$
494,165
|
|
$
417,056
|
|
|
Income from
Operations
|
|
5,272
|
|
1,682
|
|
33,016
|
|
51,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mechanical
Segment
|
Electrical
Segment
|
|
|
|
Fiscal Year
Ended
|
|
Fiscal Year
Ended
|
|
|
|
|
Jan. 1,
2011
|
|
Jan. 2,
2010
|
|
Jan. 1,
2011
|
|
Jan. 2,
2010
|
|
|
Net Sales
|
|
$
235,989
|
|
$
188,609
|
|
$
2,001,989
|
|
$
1,637,668
|
|
|
Income from
Operations
|
|
27,504
|
|
14,619
|
|
210,231
|
|
144,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
Dollars in Thousands
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
Jan. 1,
2011
|
|
Jan. 2,
2010
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
174,531
|
|
$
262,422
|
|
|
Investments
- Trading Securities
|
|
56,327
|
|
117,553
|
|
|
Trade Receivables, less
Allowances
of $10,637
in 2010 and $12,666 in 2009
|
|
331,017
|
|
240,721
|
|
|
Inventories
|
|
390,587
|
|
268,839
|
|
|
Prepaid Expenses and Other
Current Assets
|
|
135,589
|
|
89,841
|
|
|
Total Current
Assets
|
|
1,088,051
|
|
979,376
|
|
|
|
|
|
|
|
|
|
Property, Plant, Equipment and
Noncurrent Assets
|
|
1,361,085
|
|
1,132,861
|
|
|
Total Assets
|
|
$
2,449,136
|
|
$
2,112,237
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Accounts
Payable
|
|
$
231,705
|
|
$
161,902
|
|
|
Other Accrued
Expenses
|
|
159,000
|
|
138,779
|
|
|
Current Maturities of
Debt
|
|
8,637
|
|
8,385
|
|
|
Total Current
Liabilities
|
|
399,342
|
|
309,066
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
428,256
|
|
468,065
|
|
|
Other Noncurrent
Liabilities
|
|
224,376
|
|
155,038
|
|
|
Equity:
|
|
|
|
|
|
|
Total Regal Beloit
Corporation Shareholders' Equity
|
|
1,361,960
|
|
1,167,824
|
|
|
Noncontrolling Interests
|
|
35,202
|
|
12,244
|
|
|
Total Equity
|
|
1,397,162
|
|
1,180,068
|
|
|
Total Liabilities and
Equity
|
|
$
2,449,136
|
|
$
2,112,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOW
Unaudited
Dollars in Thousands
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Fiscal Year
Ended
|
|
|
|
|
January 1,
2011
|
|
January 2,
2010
|
|
January 1,
2011
|
|
January 2,
2010
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
26,161
|
|
$
35,510
|
|
$ 154,684
|
|
$
98,679
|
|
|
Adjustments to reconcile
net income to net cash provided
by operating activities
(net of acquisitions):
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
18,580
|
|
18,571
|
|
72,869
|
|
69,144
|
|
|
Excess tax benefits from
stock-based compensation
|
|
(154)
|
|
(946)
|
|
(1,735)
|
|
(2,808)
|
|
|
Loss on disposition of
property, net
|
|
208
|
|
4,929
|
|
4,659
|
|
5,172
|
|
|
Stock-based compensation
expense
|
|
1,779
|
|
1,494
|
|
6,747
|
|
4,752
|
|
|
Non-cash convertible debt
deferred financing costs
|
|
-
|
|
-
|
|
-
|
|
1,063
|
|
|
Change in assets and
liabilities
|
|
(19,773)
|
|
19,793
|
|
(61,836)
|
|
138,917
|
|
|
Net cash provided by
operating activities
|
|
26,801
|
|
79,351
|
|
175,388
|
|
314,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment
|
|
(15,005)
|
|
(7,720)
|
|
(44,994)
|
|
(33,604)
|
|
|
Purchases of investment
securities
|
|
(103,628)
|
|
(106,857)
|
|
(416,797)
|
|
(117,553)
|
|
|
Sales of investment
securities
|
|
240,762
|
|
-
|
|
477,514
|
|
-
|
|
|
Business acquisitions, net
of cash acquired
|
|
(104,658)
|
|
-
|
|
(211,916)
|
|
(1,500)
|
|
|
Sale of property, plant
and equipment
|
|
1,388
|
|
672
|
|
1,496
|
|
1,033
|
|
|
Net cash provided by (used
in) investing activities
|
|
18,859
|
|
(113,905)
|
|
(194,697)
|
|
(151,624)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from
the sale of common stock
|
|
-
|
|
-
|
|
-
|
|
150,370
|
|
|
Repayments of
convertible debt
|
|
-
|
|
(48,193)
|
|
(39,198)
|
|
(75,802)
|
|
|
Net proceeds from
(repayments of) short-term borrowings
|
|
691
|
|
(1,386)
|
|
(8,448)
|
|
(6,866)
|
|
|
Repayments of long-term
debt
|
|
(46)
|
|
(63)
|
|
(184)
|
|
(215)
|
|
|
Net repayments under
revolving credit facility
|
|
-
|
|
(3,859)
|
|
(2,863)
|
|
(17,066)
|
|
|
Dividends paid to
shareholders
|
|
(6,562)
|
|
(5,813)
|
|
(25,096)
|
|
(21,607)
|
|
|
Distribution to
noncontrolling interests
|
|
-
|
|
(4,468)
|
|
-
|
|
(4,468)
|
|
|
Proceeds from the exercise
of stock options
|
|
214
|
|
5,014
|
|
3,759
|
|
5,767
|
|
|
Excess tax benefits from
stock-based compensation
|
|
154
|
|
946
|
|
1,735
|
|
2,808
|
|
|
Net cash (used in)
provided by financing activities
|
|
(5,549)
|
|
(57,822)
|
|
(70,295)
|
|
32,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATES ON
CASH
|
|
340
|
|
487
|
|
1,713
|
|
956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents
|
|
40,451
|
|
(91,889)
|
|
(87,891)
|
|
197,172
|
|
|
Cash and cash equivalents
at beginning of period
|
|
134,080
|
|
354,311
|
|
262,422
|
|
65,250
|
|
|
Cash and cash equivalents
at end of period
|
|
$ 174,531
|
|
$
262,422
|
|
$ 174,531
|
|
$
262,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Regal Beloit Corporation