ORLANDO, Fla., July 20,
2016 /PRNewswire/ -- (NYSE: TUP) Tupperware Brands
Corporation today announced second quarter 2016 operating
results.
Rick Goings, Chairman and CEO,
commented, "Though down 4% with a 7 point hit from exchange rates,
we grew sales by 3% in local currency - the high end of our range,
with significant contributions from Brazil, China, Malaysia/Singapore and Tupperware Mexico."
Goings continued, "When we look at the success of our large
businesses in Brazil, up 22% in
dollars and 41% in local currency, and Tupperware Mexico, down 2%
in dollars but up 16% in local currency, it is proof of concept
that the fundamentals of our business can generate significant
returns from our 3.1 million global sales force. This is most
significantly the case in the opportunity rich emerging markets,
including through leverage from our Vision 20/20 core execution
initiatives. At the same time, we're innovating the Tupperware
experience with digital tools, right now most visibly in
China where we were up 19% in
dollars in the quarter and 25% in local currency, to leverage our
strength in social selling to further penetrate the end consumer
base versus our historical approaches."
Second Quarter Executive Summary
- Second quarter 2016 net sales were $564.7 million, down 4% in dollars and up 3% in
local currency. Emerging markets**, accounting for 66% of sales,
were down 4% in dollars and up 7% in local currency. The most
significant contributions to the second quarter growth in local
currency were in Argentina,
Brazil, China, Malaysia/Singapore and Tupperware Mexico, partially
offset by Egypt and Turkey. Indonesia, the Company's largest business unit
in 2015, grew sales by 3% in dollars (4% in local currency) after
having been down 13% in dollars (8% in local currency) in the first
quarter. Established markets were down 3% in dollars and 4% in
local currency, primarily from BeautiControl, France and Germany.
- GAAP net income and diluted earnings per share were
$52.4 million and $1.03 versus $62.0
million and $1.23 in the prior
year, respectively. In 2015, net income included pre-tax gains of
$10.5 million from land transactions
around the Company's Orlando
headquarters versus less than $1
million in 2016. Adjusted, diluted earnings per share of
$1.16 was 4
cents above the April outlook range, net of a 1 cent drag from changes in foreign exchange
rates versus 2015 compared with the guidance, and reflecting higher
sales and operating margins in Asia and South
America. Versus 2015, there was a negative 14 cent impact from changes in exchange rates on
the diluted earnings per share comparisons.
- Total sales force of 3.1 million was up 5%, with active sellers
down 2% versus prior year.
Second Quarter Business Highlights
Europe: Egypt and Turkey drag segment sales down 13% in dollars
and 9% in local currency
- Emerging markets were down 25% in dollars and 14% in local
currency, mainly from currency convertibility and product
certification issues in Egypt, as
well as volatile externals and a change in promotional approach and
curtailment of bulk sales and timing in Turkey. In South
Africa, Tupperware was up 1% in dollars (up 24% in local
currency) and Avroy Shlain was down 8% in dollars (up 14% in local
currency). CIS was down 11% in dollars (up 21% in local
currency).
- Established markets were down 4% in dollars and 6% in local
currency. France was down 8% in
dollars (10% in local currency) and Germany was down 1% in dollars (4% in local
currency).
Asia Pacific: China and Malaysia/Singapore up significantly along with
Indonesia up mid-single digits,
partially offset by results in India and Philippines
- Sales for the segment were up 1% in dollars and 5% in local
currency.
- Emerging Markets were up 2% in dollars and 7% in local
currency. China was up 19% in
dollars (25% in local currency), Malaysia/Singapore was up 9% in dollars (20% in local
currency) and Indonesia was up
mid-single digits, partially offset by Philippines, down in the mid-teens, in
connection with the 2015 decision to exit the fashion category, and
India, down 12% in dollars (7% in
local currency).
Tupperware North America: Tupperware Mexico continues to
leverage strong fundamentals, U.S./Canada compensation plan transition on
track
- Segment sales down 1% in dollars and up 6% in local currency.
Tupperware Mexico sales down 2% in dollars (up 16% in local
currency) on 13% larger sales force versus prior year.
- Tupperware United States and Canada sales even with 2015 in dollars (up 1%
in local currency). Sales force size closed 6% above prior
year.
Beauty North America:
Segment sales were down 19% in dollars and 8% in local
currency
- BeautiControl sales down 14%, mainly in connection with lower
productivity among the career seller base.
- Fuller Mexico sales were down
20% in dollars (6% in local currency), reflecting lower sales force
additions and activity, though it was a sequential improvement from
the first quarter. Total sales force size was down 11%.
South America: Segment sales
up 8% in dollars and 32% in local currency driven by Brazil
- Brazil was up 22% in dollars
(41% in local currency), reflecting higher volume from a 19%
advantage in total sellers and 40% more active sellers in
connection with the pace of sales force addition initiatives and
robust marketing.
- Argentina was down 19% in
dollars (up 27% in local currency) from inflation related higher
prices.
- Segment's active sales force was up 13%.
2016 Outlook (Unaudited)
Based on current business trends and foreign currency rates, the
Company's third quarter and fiscal 2016 full year outlook is
provided below.
Company Level
|
13 Weeks
Ended
|
|
13 Weeks
|
|
53 Weeks
Ended
|
|
52 Weeks
|
|
Sept. 24,
2016
|
|
Ended
|
|
Dec 31,
2016
|
|
Ended
|
|
Low
|
High
|
|
Sept. 26,
2015
|
|
Low
|
High
|
|
Dec 26,
2015
|
|
|
|
|
|
|
|
|
|
|
USD Sales Growth vs
Prior Year
|
1%
|
3%
|
|
(11)%
|
|
(2)%
|
(1)%
|
|
(12)%
|
GAAP EPS
|
$0.94
|
$0.99
|
|
$0.72
|
|
$4.18
|
$4.28
|
|
$3.69
|
GAAP Pre-Tax
ROS
|
13.1%
|
13.5%
|
|
9.7%
|
|
12.9%
|
13.1%
|
|
11.4%
|
|
|
|
|
|
|
|
|
|
|
Local
Currency+ Sales Growth vs Prior
Year
|
2%
|
4%
|
|
7%
|
|
3%
|
4%
|
|
4%
|
EPS Excluding
Items*
|
$0.77
|
$0.82
|
|
$0.79
|
|
$4.25
|
$4.35
|
|
$4.37
|
Pre-Tax ROS Excluding
Items*
|
10.0%
|
10.5%
|
|
10.2%
|
|
12.9%
|
13.1%
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
FX Impact on EPS
Comparison (a)
|
($0.02)
|
($0.02)
|
|
|
|
($0.34)
|
($0.34)
|
|
|
(a) Impact of changes in foreign
currency versus prior year is updated monthly and posted at:
Tupperware Brands Foreign Exchange Translation Impact
Update.
Full Year 2016
- Fiscal year includes a 53rd week estimated to have a positive
impact on the year-over-year comparison of 1 point.
- Tax rate estimated at 26.8% on a U.S. GAAP basis and 25.5%
excluding items.
- Includes land sale generating approximately $28 million proceeds and earnings of 27 cents per share in the third quarter.
Additional land sales may occur, but are not included in the
outlook.
Segment Level
- For the full year, sales are expected to be down 8 or 9% in
dollars (4 or 5% in local currency) in Europe, up about 1 or 2% in dollars (2 or 3%
in local currency) in Asia
Pacific, about even in dollars (up 6 or 7% in local
currency) in Tupperware North America, down 16 or 17% in dollars
(7% in local currency) in Beauty North America and to increase in
South America by about 14 or 15%
in dollars (29 or 30% in local currency).
- Segment profit return on sales, excluding items, is expected to
decrease in Europe by about 2
points in dollars (close to 1 ½ points in local currency), to
increase in Asia Pacific about ½
point in dollars (close to 1 point in local currency), to be about
even in dollars in Tupperware North America (up about ½ point in
local currency), to decrease about 2 points in dollars in Beauty
North America (about 1 ½ points in local currency) and to increase
about 2 ½ points in dollars in South
America (about 1 point in local currency).
* See Non-GAAP Financial Measures Reconciliation Schedules.
** The Company classifies Established Market Units as those
operating in Western Europe,
including Scandinavia, the United
States, Canada,
Australia and Japan and its remaining units as Emerging
Market Units.
+ Local currency changes are measured by comparing
current year results with those of the prior year translated at the
current year's foreign exchange rates.
Second Quarter Earnings Conference Call
Tupperware Brands will conduct a conference call today,
Wednesday, July 20, 2016, at 8:30 am
Eastern time. The conference call will be webcast and
accessible, along with a copy of this news release and slides
presented during the conference call, on
www.tupperwarebrands.com.
Tupperware Brands Corporation, through an independent
sales force of 3.1 million, is the leading global marketer of
innovative, premium products across multiple brands utilizing
social selling. Product brands and categories include
design-centric preparation, storage and serving solutions for the
kitchen and home through the Tupperware brand and beauty and
personal care products through the Avroy Shlain, BeautiControl,
Fuller Cosmetics, NaturCare, Nutrimetics, and Nuvo brands.
The Company's stock is listed on the New York Stock Exchange
(NYSE: TUP). Statements contained in this release, which are not
historical fact and use predictive words such as "outlook",
"guidance", "expects" or "target" are forward-looking
statements. These statements involve risks and uncertainties
that include recruiting and activity of the Company's independent
sales forces relating to governmental actions and otherwise, the
success of new product introductions and promotional programs,
governmental approvals of materials for use in food containers and
beauty and personal care products, the success of buyers in
obtaining financing or attracting tenants for commercial and
residential developments, the effects of economic and political
conditions generally and foreign exchange risk in particular and
other risks detailed in the Company's periodic reports as filed in
accordance with the Securities Exchange Act of 1934, as
amended.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information,
except through its quarterly earnings releases, unless it expects
diluted earnings per share for the current quarter, excluding items
impacting comparability and changes versus its guidance of the
impact of changes in foreign exchange rates, to be significantly
below its previous guidance.
Non-GAAP Financial Measures
The Company has utilized non-GAAP financial measures in this
release, which are provided to assist readers' understanding of the
Company's results of operations. These amounts, identified as items
impacting comparability, at times materially impact the
comparability of the Company's results of operations. The adjusted
information is intended to be indicative of Tupperware Brands'
primary operations, and to assist readers in evaluating performance
and analyzing trends across periods. These results should be
considered in addition to, not as a substitute for, results
reported in accordance with GAAP.
The non-GAAP financial measures exclude gains from the sale of
property, plant and equipment and insurance settlements related to
casualty losses, inventory obsolescence in conjunction with
decisions to exit or significantly restructure businesses, asset
retirement obligations, re-engineering and fixed asset impairment
charges and pension settlements. While the Company is engaged
in a multi-year program to sell land adjacent to its Orlando, Florida headquarters, and also
disposes of other excess land and facilities periodically, these
activities are not part of it's primary business operations.
Additionally, amounts recognized in any given period are not
indicative of amounts that may be recognized in any particular
future period. For this reason, these amounts are
excluded as indicated. The Company excludes significant
charges related to casualty losses caused by significant weather
events, fires or similar circumstances. It also excludes any
related gains resulting from the settlement of associated insurance
claims. While these types of events can and do recur periodically,
they are excluded from indicated financial information due to their
distinction from ongoing business operations, inherent volatility
and impact on the comparability of earnings across periods. Also,
the Company periodically records exit costs accounted for using the
applicable accounting guidance for exit or disposal cost
obligations and other amounts related to rationalizing its supply
chain operations and other restructuring activities, including upon
liquidation of operations in a country the recognition in income of
amounts previously recorded in equity as a cumulative translation
adjustment, and pension settlements, and believes these amounts are
similarly volatile and impact the comparability of earnings across
periods. Therefore, they are also excluded from indicated financial
information to provide what the Company believes represents a
useful measure for analysis and predictive purposes.
The Company believes that excluding from reported financial
information costs incurred in connection with a significant change
in its capital structure that is of a nature that would be expected
to recur sporadically, also provides a useful measure for analysis
and predictive purposes. The Venezuelan government over the last
several years has severely restricted the ability to translate
bolivars into U.S. dollars. Due to the sporadic timing and
magnitude of changes in the mandated exchange rates, the Company's
non-GAAP measures exclude for analysis and predictive purposes, the
impact from devaluations on the bolivar denominated net monetary
assets and other balance sheet positions that impact near term
income since they appear in the income statement at the exchange
rate at which they were originally translated rather than the
exchange rate at which current operating activity is being
translated.
The Company has also elected to present financial measures
excluding the impact of amortizing the purchase accounting carrying
value of certain definite-lived intangible assets, primarily the
value of its Fuller trade name recorded in connection with the
Company's December 2005 acquisition
of the direct selling businesses of Sara Lee Corporation. The
amortization expense related to these assets will continue for
several years. Similarly, in connection with its evaluation
of the carrying value of acquired intangible assets and goodwill,
the Company has periodically recognized impairment charges.
The Company believes that these types of non-cash charges will not
be representative in any single reporting period of amounts
recorded in prior reporting periods or expected to be recorded in
future reporting periods. Therefore, they are excluded from
indicated financial information to also provide a useful measure
for analysis and predictive purposes.
As the impact of changes in exchange rates is an important
factor in understanding period-to-period comparisons, the Company
believes the presentation of results on a local currency basis, in
addition to reported results, helps improve readers' ability to
understand the Company's operating results and evaluate performance
in comparison with prior periods. The Company presents local
currency information that compares results between periods as if
current period exchange rates had been the exchange rates in the
prior period arising from the translation impact on sales and
earnings from currency devaluations. The Company uses results on a
local currency basis as one measure to evaluate performance.
The Company generally refers to such amounts as calculated on a
local currency basis, as restated or excluding the impact of
foreign currency. These results should be considered in addition
to, not as a substitute for, results reported in accordance with
GAAP. Results on a local currency basis may not be comparable to
similarly titled measures used by other companies and are not
measures of performance presented in accordance with GAAP.
In information included with this release, the Company has
referred to Adjusted EBITDA and a Debt/Adjusted EBITDA ratio, which
are non-GAAP financial measures used in the Company's credit
agreement. The Company uses these measures in its capital
allocation decision process and in discussions with investors,
analysts and other interested parties and therefore believes it is
useful to disclose this amount and ratio. The Company's calculation
of these measures is in accordance with its credit agreement, and
is set forth in the reconciliation from GAAP amounts in an
attachment to this release; however, the reader is cautioned that
other companies define these measures in different ways, and
consequently they will likely not be comparable with similarly
labeled amounts disclosed by others.
TUPPERWARE
BRANDS CORPORATION
|
SECOND QUARTER
2016 SALES FORCE STATISTICS*
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q2
'15
%
|
Restated+
Inc/(Dec)
vs. Q2
'15
%
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q2
'15
%
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q2
'15
%
|
Europe
|
(13)
|
(9)
|
a,b
|
100,982
|
|
4
|
|
742,525
|
|
7
|
Asia
Pacific
|
1
|
5
|
c,e
|
235,669
|
|
(2)
|
d
|
1,121,378
|
|
5
|
TW North
America
|
(1)
|
6
|
f,g
|
49,573
|
|
9
|
|
410,121
|
|
12
|
Beauty North
America
|
(19)
|
(8)
|
h,j
|
205,588
|
|
(13)
|
|
402,612
|
|
(10)
|
South
America
|
8
|
32
|
k
|
123,313
|
|
13
|
|
457,213
|
|
10
|
Total All
Units
|
(4)
|
3
|
l
|
715,125
|
|
(2)
|
|
3,133,849
|
|
5
|
|
|
|
|
|
|
|
|
|
Emerging Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(25)
|
(14)
|
a
|
69,272
|
|
6
|
|
538,603
|
|
9
|
Asia
Pacific
|
2
|
7
|
c
|
203,495
|
|
(3)
|
d
|
1,004,570
|
|
5
|
TW North
America
|
(2)
|
15
|
g
|
37,248
|
|
13
|
|
308,317
|
|
13
|
Beauty North
America
|
(20)
|
(6)
|
h
|
181,024
|
|
(14)
|
|
335,067
|
|
(11)
|
South
America
|
8
|
32
|
k
|
123,313
|
|
13
|
|
457,213
|
|
10
|
Total Emerging Market
Units
|
(4)
|
7
|
l
|
614,352
|
|
(2)
|
|
2,643,770
|
|
5
|
|
|
|
|
|
|
|
|
|
Established Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(4)
|
(6)
|
b
|
31,710
|
|
—
|
|
203,922
|
|
2
|
Asia
Pacific
|
(1)
|
(2)
|
e
|
32,174
|
|
3
|
|
116,808
|
|
4
|
TW North
America
|
—
|
1
|
|
12,325
|
|
(2)
|
i
|
101,804
|
|
6
|
Beauty North
America
|
(14)
|
(14)
|
k
|
24,564
|
|
(3)
|
|
67,545
|
|
(4)
|
South
America
|
—
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total Established
Market Units
|
(3)
|
(4)
|
l
|
100,773
|
|
—
|
|
490,079
|
|
3
|
* Sales force statistics as collected by the Company and, in
some cases, provided by distributors and sales force. The Company
classifies Established Market Units as those operating in
Western Europe, including
Scandinavia, the United States,
Canada, Australia and Japan, and its remaining units as Emerging
Market Units. Active Sales Force is defined as the average number
of people ordering in each cycle over the course of the quarter,
and Total Sales Force is defined as the number of sales force
members of the units as of the end of the quarter.
+ Local currency, or restated, changes are measured
by comparing current year results with those of the prior year
translated at the current year's foreign exchange rates.
Notes
aSales down more than actives reflected curtailment of
shipments to Egypt due to currency
controls and product certification requirements, and lower sales
per active seller in Turkey in
light of curtailment of bulk sales force orders and some impact
from the timing of promotional push periods.
bEaster timing shift moved sales to first quarter this
year from second quarter last year, although related sales force
activity was in second quarter both years.
cBetter local currency sales versus active seller
comparison reflected: a mix shift toward China under its outlet model; more normalized
productivity in Malaysia/Singapore versus low productivity in 2015,
from the response to higher price point consumer offers and more
sales force members operating at higher levels of the career plan;
and in India higher order sizes in
connection with more demonstration selling of higher price point
products.
dBetter total than active seller comparison reflected
lapping statutorily motivated changes in sales force standards in
India and less activity of sales
force in the Philippines in light
of exiting the Fashion category.
eBetter active seller than local currency sales
comparison reflected improved activation of large Nutrimetics
Australia passive seller base that generates lower than average
order sizes.
fMix shift toward Mexico that has lower order sizes than
the United States and Canada led to a better active seller than
local currency sales comparison.
gIn the second quarter of 2016, the Company began
measuring sales force activity of Tupperware Mexico on a weekly
rather than a monthly basis. For comparison purposes, 2015 active
sellers for Tupperware Mexico have been restated using the weekly
method.
hStructure of Fuller Mexico's offers later in the
quarter led to better sales force productivity.
iHigher total than active seller comparison reflected
the Impact of first quarter change in compensation plan by
Tupperware United States that led to a lower activity rate of the
sales force.
jThe worse local currency sales than active seller
comparison reflected lower productivity of career sellers at
BeautiControl.
kBetter local currency sales than active seller
comparison reflected inflation related price increases throughout
the region and a mix shift toward Brazil that has a higher than average order
size.
lThe active sales force of the Company, the emerging
markets and the established markets has been impacted due to the
mix of countries by negative 4%, negative 7% and positive 2%,
respectively.
TUPPERWARE
BRANDS CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
|
Jun 25,
2016
|
|
Jun 27,
2015
|
|
Jun 25,
2016
|
|
Jun 27,
2015
|
Net sales
|
$
|
564.7
|
|
|
$
|
588.9
|
|
|
$
|
1,090.4
|
|
|
$
|
1,170.7
|
|
Cost of products
sold
|
183.9
|
|
|
189.1
|
|
|
349.9
|
|
|
380.7
|
|
Gross
margin
|
380.8
|
|
|
399.8
|
|
|
740.5
|
|
|
790.0
|
|
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
298.2
|
|
|
310.1
|
|
|
586.9
|
|
|
623.5
|
|
Re-engineering and
impairment charges
|
1.9
|
|
|
1.5
|
|
|
3.0
|
|
|
17.7
|
|
Gains on disposal of
assets
|
0.8
|
|
|
10.8
|
|
|
0.9
|
|
|
11.4
|
|
Operating
income
|
81.5
|
|
|
99.0
|
|
|
151.5
|
|
|
160.2
|
|
|
|
|
|
|
|
|
|
Interest
income
|
0.8
|
|
|
0.5
|
|
|
1.5
|
|
|
1.0
|
|
Interest
expense
|
11.2
|
|
|
12.0
|
|
|
23.3
|
|
|
25.3
|
|
Other expense,
net
|
0.9
|
|
|
1.1
|
|
|
1.3
|
|
|
8.3
|
|
Income before income
taxes
|
70.2
|
|
|
86.4
|
|
|
128.4
|
|
|
127.6
|
|
Provision for income
taxes
|
17.8
|
|
|
24.4
|
|
|
32.6
|
|
|
36.1
|
|
Net income
|
$
|
52.4
|
|
|
$
|
62.0
|
|
|
$
|
95.8
|
|
|
$
|
91.5
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
1.04
|
|
|
$
|
1.24
|
|
|
$
|
1.90
|
|
|
$
|
1.84
|
|
Diluted earnings per
share
|
$
|
1.03
|
|
|
$
|
1.23
|
|
|
$
|
1.89
|
|
|
$
|
1.82
|
|
TUPPERWARE
BRANDS CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
26 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
Jun 25,
2016
|
|
Jun 27,
2015
|
|
%
|
|
%
|
|
Exchange
|
|
Jun 25,
2016
|
|
Jun 27,
2015
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europea
|
$
|
138.4
|
|
|
$
|
158.3
|
|
|
(13)
|
|
|
(9)
|
|
|
$
|
(6.2)
|
|
|
$
|
292.3
|
|
|
$
|
332.1
|
|
|
(12)
|
|
|
(7)
|
|
|
$
|
(19.3)
|
|
Asia
Pacifica
|
194.3
|
|
|
191.5
|
|
|
1
|
|
|
5
|
|
|
(6.9)
|
|
|
365.9
|
|
|
381.1
|
|
|
(4)
|
|
|
1
|
|
|
(18.9)
|
|
TW North
America
|
93.1
|
|
|
93.8
|
|
|
(1)
|
|
|
6
|
|
|
(6.2)
|
|
|
176.3
|
|
|
173.3
|
|
|
2
|
|
|
10
|
|
|
(13.0)
|
|
Beauty North
America
|
53.4
|
|
|
65.9
|
|
|
(19)
|
|
|
(8)
|
|
|
(7.8)
|
|
|
102.3
|
|
|
128.8
|
|
|
(21)
|
|
|
(9)
|
|
|
(16.3)
|
|
South
America
|
85.5
|
|
|
79.4
|
|
|
8
|
|
|
32
|
|
|
(14.7)
|
|
|
153.6
|
|
|
155.4
|
|
|
(1)
|
|
|
28
|
|
|
(35.7)
|
|
|
$
|
564.7
|
|
|
$
|
588.9
|
|
|
(4)
|
|
|
3
|
|
|
$
|
(41.8)
|
|
|
$
|
1,090.4
|
|
|
$
|
1,170.7
|
|
|
(7)
|
|
|
2
|
|
|
$
|
(103.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europea
|
$
|
14.6
|
|
|
$
|
26.5
|
|
|
(45)
|
|
|
(41)
|
|
|
$
|
(1.6)
|
|
|
$
|
39.8
|
|
|
$
|
55.4
|
|
|
(28)
|
|
|
(22)
|
|
|
$
|
(4.1)
|
|
Asia
Pacifica
|
46.7
|
|
|
41.4
|
|
|
13
|
|
|
18
|
|
|
(1.9)
|
|
|
83.6
|
|
|
80.8
|
|
|
3
|
|
|
10
|
|
|
(4.7)
|
|
TW North
America
|
19.4
|
|
|
20.2
|
|
|
(4)
|
|
|
6
|
|
|
(1.9)
|
|
|
34.0
|
|
|
33.2
|
|
|
2
|
|
|
15
|
|
|
(3.7)
|
|
Beauty North
America
|
1.4
|
|
|
3.3
|
|
|
(57)
|
|
|
(38)
|
|
|
(1.0)
|
|
|
(0.3)
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
(1.8)
|
|
South
America
|
15.6
|
|
|
13.7
|
|
|
14
|
|
|
40
|
|
|
(2.6)
|
|
|
28.6
|
|
|
16.9
|
|
|
69
|
|
|
+
|
|
|
(6.1)
|
|
|
97.7
|
|
|
105.1
|
|
|
(7)
|
|
|
2
|
|
|
(9.0)
|
|
|
185.7
|
|
|
189.3
|
|
|
(2)
|
|
|
10
|
|
|
(20.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(16.0)
|
|
|
(16.5)
|
|
|
(3)
|
|
|
(8)
|
|
|
(0.9)
|
|
|
(33.4)
|
|
|
(31.1)
|
|
|
7
|
|
|
—
|
|
|
(2.2)
|
|
Gains on disposal of
assets
|
0.8
|
|
|
10.8
|
|
|
(93)
|
|
|
(93)
|
|
|
—
|
|
|
0.9
|
|
|
11.4
|
|
|
(92)
|
|
|
(92)
|
|
|
—
|
|
Re-engineering and
impairment charges
|
(1.9)
|
|
|
(1.5)
|
|
|
29
|
|
|
29
|
|
|
—
|
|
|
(3.0)
|
|
|
(17.7)
|
|
|
(83)
|
|
|
(83)
|
|
|
—
|
|
Interest expense,
net
|
(10.4)
|
|
|
(11.5)
|
|
|
(10)
|
|
|
(10)
|
|
|
—
|
|
|
(21.8)
|
|
|
(24.3)
|
|
|
(11)
|
|
|
(11)
|
|
|
—
|
|
Income before
taxes
|
70.2
|
|
|
86.4
|
|
|
(19)
|
|
|
(8)
|
|
|
(9.9)
|
|
|
128.4
|
|
|
127.6
|
|
|
1
|
|
|
22
|
|
|
(22.6)
|
|
Provision for income
taxes
|
17.8
|
|
|
24.4
|
|
|
(27)
|
|
|
(19)
|
|
|
(2.5)
|
|
|
32.6
|
|
|
36.1
|
|
|
(10)
|
|
|
7
|
|
|
(5.7)
|
|
Net income
|
$
|
52.4
|
|
|
$
|
62.0
|
|
|
(16)
|
|
|
(4)
|
|
|
$
|
(7.4)
|
|
|
$
|
95.8
|
|
|
$
|
91.5
|
|
|
5
|
|
|
28
|
|
|
$
|
(16.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
1.03
|
|
|
$
|
1.23
|
|
|
(16)
|
|
|
(6)
|
|
|
$
|
(0.14)
|
|
|
$
|
1.89
|
|
|
$
|
1.82
|
|
|
4
|
|
|
28
|
|
|
$
|
(0.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
50.7
|
|
|
50.4
|
|
|
|
|
|
|
|
|
50.6
|
|
|
50.3
|
|
|
|
|
|
|
|
* 2016 actual compared with 2015 translated at 2016 exchange
rates
+ Greater than 100% increase
aEffective from the first quarter of 2016, the
Nutrimetics business in France,
previously reported in the Asia
Pacific segment, is being reported in the Europe segment. Comparable information from
prior periods has been reclassified to conform with the new
presentation. In full year 2015, Nutrimetics France generated less
than one half percent of total sales.
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks Ended Jun
25, 2016
|
|
13 Weeks Ended Jun
27, 2015
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl
Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
14.6
|
|
|
$
|
—
|
|
|
$
|
14.6
|
|
|
$
|
26.5
|
|
|
$
|
(1.6)
|
|
|
$
|
—
|
|
|
$
|
24.9
|
|
Asia
Pacific
|
46.7
|
|
|
0.4
|
|
a
|
47.1
|
|
|
41.4
|
|
|
(1.9)
|
|
|
0.7
|
|
a
|
40.2
|
|
TW North
America
|
19.4
|
|
|
0.6
|
|
b
|
20.0
|
|
|
20.2
|
|
|
(1.9)
|
|
|
—
|
|
|
18.3
|
|
Beauty North
America
|
1.4
|
|
|
1.5
|
|
a
|
2.9
|
|
|
3.3
|
|
|
(1.0)
|
|
|
1.7
|
|
a
|
4.0
|
|
South
America
|
15.6
|
|
|
3.7
|
|
a,c
|
19.3
|
|
|
13.7
|
|
|
(2.6)
|
|
|
1.9
|
|
a,c
|
13.0
|
|
|
97.7
|
|
|
6.2
|
|
|
103.9
|
|
|
105.1
|
|
|
(9.0)
|
|
|
4.3
|
|
|
100.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(16.0)
|
|
|
0.2
|
|
b
|
(15.8)
|
|
|
(16.5)
|
|
|
(0.9)
|
|
|
—
|
|
|
(17.4)
|
|
Gains on disposal of
assets
|
0.8
|
|
|
(0.8)
|
|
d
|
—
|
|
|
10.8
|
|
|
—
|
|
|
(10.8)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(1.9)
|
|
|
1.9
|
|
e
|
—
|
|
|
(1.5)
|
|
|
—
|
|
|
1.5
|
|
e
|
—
|
|
Interest expense,
net
|
(10.4)
|
|
|
—
|
|
|
(10.4)
|
|
|
(11.5)
|
|
|
—
|
|
|
—
|
|
|
(11.5)
|
|
Income before
taxes
|
70.2
|
|
|
7.5
|
|
|
77.7
|
|
|
86.4
|
|
|
(9.9)
|
|
|
(5.0)
|
|
|
71.5
|
|
Provision for income
taxes
|
17.8
|
|
|
1.2
|
|
f
|
19.0
|
|
|
24.4
|
|
|
(2.5)
|
|
|
(3.9)
|
|
f
|
18.0
|
|
Net income
|
$
|
52.4
|
|
|
$
|
6.3
|
|
|
$
|
58.7
|
|
|
$
|
62.0
|
|
|
$
|
(7.4)
|
|
|
$
|
(1.1)
|
|
|
$
|
53.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
1.03
|
|
|
$
|
0.13
|
|
|
$
|
1.16
|
|
|
$
|
1.23
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.02)
|
|
|
$
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended Jun
25, 2016
|
|
26 Weeks Ended Jun
27, 2015
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl Adj's
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
39.8
|
|
|
$
|
—
|
|
|
$
|
39.8
|
|
|
$
|
55.4
|
|
|
$
|
(4.1)
|
|
|
$
|
—
|
|
|
$
|
51.3
|
|
Asia
Pacific
|
83.6
|
|
|
0.9
|
|
a
|
84.5
|
|
|
80.8
|
|
|
(4.7)
|
|
|
1.3
|
|
a
|
77.4
|
|
TW North
America
|
34.0
|
|
|
0.6
|
|
b
|
34.6
|
|
|
33.2
|
|
|
(3.7)
|
|
|
—
|
|
|
29.5
|
|
Beauty North
America
|
(0.3)
|
|
|
2.9
|
|
a
|
2.6
|
|
|
3.0
|
|
|
(1.8)
|
|
|
3.7
|
|
a
|
4.9
|
|
South
America
|
28.6
|
|
|
4.0
|
|
a,c
|
32.6
|
|
|
16.9
|
|
|
(6.1)
|
|
|
11.3
|
|
a,c
|
22.1
|
|
|
185.7
|
|
|
8.4
|
|
|
194.1
|
|
|
189.3
|
|
|
(20.4)
|
|
|
16.3
|
|
|
185.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(33.4)
|
|
|
0.2
|
|
b
|
(33.2)
|
|
|
(31.1)
|
|
|
(2.2)
|
|
|
—
|
|
|
(33.3)
|
|
Gains on disposal of
assets
|
0.9
|
|
|
(0.9)
|
|
d
|
—
|
|
|
11.4
|
|
|
—
|
|
|
(11.4)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(3.0)
|
|
|
3.0
|
|
e
|
—
|
|
|
(17.7)
|
|
|
—
|
|
|
17.7
|
|
e
|
—
|
|
Interest expense,
net
|
(21.8)
|
|
|
|
|
(21.8)
|
|
|
(24.3)
|
|
|
—
|
|
|
—
|
|
|
(24.3)
|
|
Income before
taxes
|
128.4
|
|
|
10.7
|
|
|
139.1
|
|
|
127.6
|
|
|
(22.6)
|
|
|
22.6
|
|
|
127.6
|
|
Provision for income
taxes
|
32.6
|
|
|
1.9
|
|
f
|
34.5
|
|
|
36.1
|
|
|
(5.7)
|
|
|
1.9
|
|
f
|
32.3
|
|
Net income
|
$
|
95.8
|
|
|
$
|
8.8
|
|
|
$
|
104.6
|
|
|
$
|
91.5
|
|
|
$
|
(16.9)
|
|
|
$
|
20.7
|
|
|
$
|
95.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
1.89
|
|
|
$
|
0.18
|
|
|
$
|
2.07
|
|
|
$
|
1.82
|
|
|
$
|
(0.34)
|
|
|
$
|
0.41
|
|
|
$
|
1.89
|
|
* 2016 actual compared with 2015 translated at 2016 exchange
rates.
aAmortization of intangibles of acquired beauty
units.
bPension settlement costs.
c As a result of devaluations in the Venezuelan bolivar,
the Company had negative impacts of $3.6
million and $3.8 million in
the second quarter and year-to-date periods of 2016, respectively,
and $1.8 million and $11.1 million in the second quarter and
year-to-date periods of 2015, respectively. These amounts
related to expense from re-measuring bolivar denominated net
monetary assets at the lower exchange rates at the times of
devaluations, along with the impact of recording in income amounts
on the balance sheet when the devaluations occurred, primarily
inventory, at the exchange rates at the time the amounts were made
or purchased, rather than the exchange rates in use when they were
included in income.
dGains on disposal of assets is primarily from
transactions related to land held near the Orlando, FL headquarters.
eIn both years, re-engineering and impairment charges
were related to severance costs incurred for headcount reduction in
several of the Company's operations in connection with changes in
its management and organizational structures. Also included
is a $13.5 million fixed asset
impairment in Venezuela in
2015.
fProvision for income taxes represents the net tax
impact of adjusted amounts.
See note regarding non-GAAP financial measures in the attached
press release.
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
26 Weeks
Ended
|
|
26 Weeks
Ended
|
|
June 25,
2016
|
|
June 27,
2015
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
31.8
|
|
|
$
|
24.1
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(25.3)
|
|
|
(27.8)
|
|
Proceeds from
disposal of property, plant & equipment
|
2.3
|
|
|
14.4
|
|
Net cash used in
investing activities
|
(23.0)
|
|
|
(13.4)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
(69.4)
|
|
|
(69.7)
|
|
Repurchase of common
stock
|
(0.8)
|
|
|
(0.9)
|
|
Repayment of
long-term debt and capital lease obligations
|
(1.3)
|
|
|
(1.7)
|
|
Net change in
short-term debt
|
58.2
|
|
|
62.1
|
|
Debt issuance
costs
|
—
|
|
|
(0.7)
|
|
Proceeds from
exercise of stock options
|
0.4
|
|
|
4.9
|
|
Excess tax benefits
from share-based payment arrangements
|
—
|
|
|
0.7
|
|
Net cash used in
financing activities
|
(12.9)
|
|
|
(5.3)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
3.3
|
|
|
(8.3)
|
|
Net change in cash
and cash equivalents
|
(0.8)
|
|
|
(2.9)
|
|
Cash and cash
equivalents at beginning of year
|
79.8
|
|
|
77.0
|
|
Cash and cash
equivalents at end of period
|
$
|
79.0
|
|
|
$
|
74.1
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Jun 25,
2016
|
|
Dec 26,
2015
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
79.0
|
|
|
$
|
79.8
|
|
Other current
assets
|
509.4
|
|
|
470.7
|
|
Total current
assets
|
588.4
|
|
|
550.5
|
|
|
|
|
|
Property, plant and
equipment, net
|
255.8
|
|
|
253.6
|
|
Other
assets
|
801.2
|
|
|
794.1
|
|
Total
assets
|
$
|
1,645.4
|
|
|
$
|
1,598.2
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
226.8
|
|
|
$
|
162.5
|
|
Accounts payable and
other current liabilities
|
407.6
|
|
|
451.5
|
|
Total current
liabilities
|
634.4
|
|
|
614.0
|
|
|
|
|
|
Long-term
debt
|
607.4
|
|
|
608.2
|
|
Other
liabilities
|
224.4
|
|
|
215.0
|
|
Total shareholders'
equity
|
179.2
|
|
|
161.0
|
|
Total liabilities and
shareholders' equity
|
$
|
1,645.4
|
|
|
$
|
1,598.2
|
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
July 20,
2016
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third
Quarter
|
(In millions,
except per share data)
|
2015
Actual
|
|
2016
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
50.6
|
|
|
$
|
68.7
|
|
|
$
|
72.0
|
|
|
|
|
|
|
|
Income tax
|
$
|
14.4
|
|
|
$
|
20.8
|
|
|
$
|
21.6
|
|
Effective
Rate
|
29
|
%
|
|
30
|
%
|
|
30
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
36.2
|
|
|
$
|
47.9
|
|
|
$
|
50.4
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
32
|
%
|
|
39
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
(2.0)
|
|
|
(22.4)
|
|
|
(22.4)
|
|
Re-engineering and
impairment charges
|
0.3
|
|
|
4.3
|
|
|
4.3
|
|
Net impact of
Venezuelan bolivar devaluations
|
2.0
|
|
|
0.2
|
|
|
0.2
|
|
Acquired intangible
asset amortization
|
2.5
|
|
|
1.9
|
|
|
1.9
|
|
Income
tax(2)
|
0.9
|
|
|
7.0
|
|
|
7.0
|
|
Net Income
(adjusted)
|
$
|
39.9
|
|
|
$
|
38.9
|
|
|
$
|
41.4
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
(1.0)
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2015 restated for currency changes)
|
$
|
38.9
|
|
|
$
|
38.9
|
|
|
$
|
41.4
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
—
|
%
|
|
6
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
0.72
|
|
|
$
|
0.94
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
31
|
%
|
|
38
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
0.79
|
|
|
$
|
0.77
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
—
|
%
|
|
7
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.3
|
|
|
50.7
|
|
|
50.7
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis
(3) Difference between 2015 actual and 2015 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
July 20,
2016
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Full
Year
|
|
Full
Year
|
(In millions,
except per share data)
|
2015
Actual
|
|
2016
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
259.9
|
|
|
$
|
289.5
|
|
|
$
|
296.5
|
|
|
|
|
|
|
|
Income tax
|
$
|
74.1
|
|
|
$
|
77.6
|
|
|
$
|
79.4
|
|
Effective
Rate
|
29
|
%
|
|
27
|
%
|
|
27
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
185.8
|
|
|
$
|
211.9
|
|
|
$
|
217.1
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
14
|
%
|
|
17
|
%
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
$
|
(13.7)
|
|
|
$
|
(23.3)
|
|
|
$
|
(23.3)
|
|
Re-engineering,
impairments and pension settlements
|
21.8
|
|
|
8.5
|
|
|
8.5
|
|
Net impact of
Venezuelan bolivar devaluations
|
14.9
|
|
|
6.9
|
|
|
6.9
|
|
Acquired intangible
asset amortization
|
10.2
|
|
|
7.7
|
|
|
7.7
|
|
Income
tax(2)
|
1.5
|
|
|
3.9
|
|
|
3.9
|
|
Net Income
(adjusted)
|
$
|
220.5
|
|
|
$
|
215.6
|
|
|
$
|
220.8
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
(16.9)
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2015 restated for currency changes)
|
$
|
203.6
|
|
|
$
|
215.6
|
|
|
$
|
220.8
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
6
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
3.69
|
|
|
$
|
4.18
|
|
|
$
|
4.28
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
13
|
%
|
|
16
|
%
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
4.37
|
|
|
$
|
4.25
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
4.03
|
|
|
$
|
4.25
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
5
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.4
|
|
|
50.7
|
|
|
50.7
|
|
(1) Refer to Non-GAAP Financial Measures section of
attached release for description of the general nature of
adjustment items
(2) Represents income tax impact of adjustments on an
item-by-item basis
(3) Difference between 2015 actual and 2015 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters ended
|
|
June 25,
2016
|
Adjusted
EBITDA:
|
|
Net income
|
$
|
190.1
|
|
Add:
|
|
Depreciation and
amortization
|
61.6
|
|
Gross interest
expense
|
45.6
|
|
Provision for income
taxes
|
70.6
|
|
Equity
compensation
|
20.0
|
|
Deduct:
|
|
Gains on land sales,
insurance recoveries, etc.
|
(3.2)
|
|
Total Adjusted
EBITDA
|
$
|
384.7
|
|
|
|
Consolidated total
debt
|
$
|
834.2
|
|
Divided by adjusted
EBITDA
|
384.7
|
|
Debt to Adjusted
EBITDA Ratio
|
2.17
|
|
* Amounts and calculations are based on the definitions and
provisions of the Company's $600
million Credit Agreement dated September 11, 2013, as amended and restated
("Credit Agreement") and, where applicable, are based on the
trailing four quarter amounts. "Adjusted EBITDA" is calculated as
defined for "Consolidated EBITDA" in the Credit Agreement.
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SOURCE Tupperware Brands Corporation