- Sales increase 3% to third-quarter
record level
- Diluted EPS of $0.09 compares to $0.14
a year ago
- Impairment and restructuring charges
reduced diluted EPS by $0.05 per share
- Full-year EPS guidance maintained at
$1.54 to $1.64 per diluted share; as-adjusted guidance revised to
$2.57 to $2.67, from $2.62 to $2.72 due to impairment and
restructuring charges
- Third-quarter acquisitions add
approximately $170 million in annualized revenue
RPM International Inc. (NYSE: RPM) today reported record sales
for its fiscal 2017 third quarter ended February 28, 2017.
Third-quarter net income declined versus the prior-year period
primarily due to a pre-tax charge of $4.9 million for an intangible
impairment on the Restore product line and a pre-tax charge of
$4.2 million for the closing of a European manufacturing
facility.
Third-Quarter Results
Net sales grew 3.4% to $1.0 billion in the fiscal 2017 third
quarter from $988.6 million in the fiscal 2016 third quarter. Net
income of $11.9 million in the fiscal 2017 third quarter decreased
35.8% from $18.6 million reported a year ago. Third-quarter
earnings per share were $0.09, down 35.7% from the $0.14 reported
last year. Income before income taxes (IBT) was $17.0 million, down
22.4% from year-ago IBT of $21.9 million. Consolidated earnings
before interest and taxes (EBIT) were $37.1 million, down
11.9% from year-ago EBIT of $42.1 million. The impairment and
restructuring charges reduced both IBT and EBIT by $9.1 million in
the quarter.
During the current quarter, certain negative trends in the
Restore product line led to a loss of market share, resulting in a
downward revision to its long-term forecast. This was determined to
represent an impairment triggering event and, after additional
testing, resulted in a pre-tax impairment charge of
$4.9 million. Also during the quarter, as previously
discussed, an unprofitable operation in Europe was closed that
resulted in a pre-tax charge of $4.2 million.
“We were pleased with our consolidated sales growth during the
third quarter, which is typically slow due to cold winter weather
that limits outdoor repair, maintenance and construction
activities. Our earnings were negatively impacted by approximately
$0.05 per share due to the Restore intangible impairment charge and
the charge for the closure of a European manufacturing facility,
which is consistent with our strategy to close underperforming
operations. On the acquisition front, we completed five
transactions during the quarter, which will add approximately $170
million in annualized sales,” stated Frank C. Sullivan, RPM
chairman and chief executive officer. “Costs associated with
completing these acquisitions, as well as the associated impact on
cost of sales resulting from the step-up in inventory, further
reduced EPS by approximately $0.03 per share.”
Third-Quarter Segment Sales and Earnings
Industrial segment sales increased 5.8% to $521.4 million from
$492.7 million in the fiscal 2016 third quarter. Organic sales
improved 2.5%, while acquisitions added 4.1%. Foreign currency
translation negatively impacted sales by 0.8%. IBT was $11.7
million, compared to year-ago IBT of $0.5 million. Industrial
segment EBIT for the quarter of $14.6 million was up sharply
from last year’s EBIT of $2.0 million.
“Our businesses serving the U.S. commercial construction market
again experienced solid organic growth. Most businesses in Europe
were up in the low- to mid-single-digit range in local currencies
and current-year acquisitions contributed nicely to the segment’s
overall sales growth. We were very pleased with the strong EBIT
leverage achieved on solid top-line sales,” stated Sullivan.
Third-quarter sales in the company’s specialty segment increased
1.8% to $159.7 million from $156.9 million a year ago. Organic
sales decreased 0.6% and acquisitions added 3.8%. Foreign currency
translation negatively impacted sales by 1.4%. IBT was $15.0
million, down 31.0% from year-ago IBT of $21.7 million. Specialty
segment EBIT declined 30.8% to $14.9 million from $21.5 million in
the fiscal 2016 third quarter.
“Sales were soft for nearly all of our specialty segment
businesses, which cut across a broad range of industries, and
earnings were negatively impacted by the European facility closure
amounting to $4.2 million. In this traditionally slow quarter, the
segment didn’t generate enough top-line momentum to create positive
leverage through its fixed operating cost structure,” stated
Sullivan.
Sales in RPM’s consumer segment increased 0.7% to $341.4 million
from $339.0 million in the fiscal 2016 third quarter. Organic sales
declined 3.6%, while acquisitions added 5.1%. Foreign currency
translation negatively impacted sales by 0.8%. IBT was $29.8
million, down 23.2% from year-ago IBT of $38.8 million. Consumer
segment EBIT declined 22.9% to $29.9 million from $38.8
million a year ago.
“Excluding our Kirker nail enamel business, the consumer segment
produced modest sales growth, primarily driven by acquisitions. The
decline in organic sales was driven by the timing of orders from
our retail customers during the quarter. Impacting segment earnings
for the quarter was the Restore impairment charge, along with
acquisition-related expenses and the impact on cost of sales
relating to the step-up in inventory. Looking ahead, we are
encouraged by housing market activity, retail customer results and
the acceptance of recently introduced new products,” stated
Sullivan.
Cash Flow and Financial Position
For the first nine months of fiscal 2017, cash from operations
was $173.5 million, compared to $223.8 million in the first
nine months of fiscal 2016. Capital expenditures during the current
nine-month period of $80.1 million compare to $54.8 million over
the same time in fiscal 2016. Cash invested in acquisitions totaled
$247 million. Total debt at the end of the first nine months of
fiscal 2017 was $1.98 billion, compared to $1.74 billion a year ago
and $1.64 billion at the end of fiscal 2016. RPM’s net (of
cash) debt-to-total capitalization ratio was 58.0%, compared to
55.1% at February 29, 2016 and 50.0% at May 31, 2016.
“At February 28, 2017, RPM’s total liquidity, including cash and
long-term committed available credit, was $620.0 million. Building
upon this year’s strong pace of acquisitions, we continue our
search for entrepreneurial acquisition candidates and to invest in
our internal growth initiatives. In March 2017, we issued $450
million in bonds to pay down existing balances and free up
available borrowings on our revolving credit facility,” stated
Sullivan.
Nine-Month Results
Nine-month net sales grew 2.3% to $3.47 billion from $3.39
billion a year ago. Net income of $53.8 million declined 73.4%
from net income of $201.8 million in the year-ago period. Diluted
earnings per share declined 72.7% to $0.41 from $1.50 in the first
nine months of fiscal 2016. IBT was $58.6 million, down 79.4%
from year-ago IBT of $284.4 million. Consolidated EBIT was
$118.2 million, down 65.7% from year-ago EBIT of
$344.4 million.
The fiscal 2017 nine month results included a $188.3 million
Kirker impairment charge and a $12.3 million charge related to the
decision to exit Flowcrete Middle East, while the fiscal 2016
nine-month results included a $14.5 million reversal of Kirker's
final earnout accrual into income. Excluding these items, earnings
per diluted share increased from $1.43 per share to $1.44 per
share, while consolidated EBIT was $318.8 million, down 3.4% from
year-ago EBIT of $329.9 million.
Nine-Month Segment Sales and Earnings
Sales for RPM’s industrial segment increased 2.1%, to $1.83
billion from $1.79 billion in the fiscal 2016 first nine months.
Organic sales increased 1.9%, while acquisitions added 2.3%.
Foreign currency translation negatively impacted sales by 2.1%. IBT
was $151.3 million, up 1.5% from year-ago IBT of $149.0 million.
Industrial segment EBIT of $158.0 million was up 2.9% from EBIT of
$153.5 million in the first nine months of fiscal 2016. Excluding
the current-year Flowcrete Middle East charge, EBIT was $170.2
million, up 10.9% from year-ago EBIT of $153.5 million.
Specialty segment sales increased 3.8% to $519.6 million from
$500.4 million in the first nine months a year ago. Organic sales
increased 2.5% and acquisitions added 3.0%. Foreign currency
translation negatively impacted sales by 1.7%. IBT was $76.7
million, up 0.2% from year-ago IBT of $76.5 million. Specialty
segment EBIT improved 0.5% to $76.3 million from $75.8 million in
the same period a year ago.
In the consumer segment, nine-month sales were up 2.0% to $1.12
billion from $1.09 billion in the first nine months of fiscal 2016.
Organic sales improved 1.4%, while acquisitions added 2.1%. Foreign
currency negatively impacted sales by 1.5%. Loss before income
taxes was $40.7 million, compared to year-ago IBT of $170.3
million. Consumer segment EBIT was a negative $40.6 million
compared to EBIT of $170.2 million in the first nine months a year
ago. Excluding the current-year Kirker impairment charge and the
prior year’s Kirker earnout reversal, EBIT was $147.7 million, down
5.1% from year-ago EBIT of $155.7 million.
Business Outlook
“As we look ahead, we expect that recent expense-reduction
initiatives, along with the $220 million in revenue added via nine
acquisitions this fiscal year, have RPM well positioned for solid
performance in the fourth quarter and into fiscal 2018,” Sullivan
stated.
“In our industrial segment, we expect mid-single-digit sales
growth during the fourth quarter. This is predicated on continued
strength in our businesses serving U.S. commercial construction
markets and steady progress in Europe. Also, contributing to growth
will be approximately $80 million in annualized sales from six
industrial acquisitions completed this fiscal year,” stated
Sullivan.
“The specialty segment is expected to grow in the low- to
mid-single-digit range during the fourth quarter, driven by a
balance between organic and acquisition growth,” Sullivan
stated.
“Our consumer segment’s fourth-quarter sales should increase in
the mid-single-digit range. Third-quarter acquisitions in the
segment will help balance out underperformance at our Kirker
business, which remains challenged,” Sullivan stated.
“As-reported EPS guidance for the full fiscal year of $1.54 to
$1.64 remains unchanged. In January, we provided full-year
as-adjusted EPS guidance of $2.62 to $2.72. As-adjusted EPS
guidance is being reduced by $0.05 per share to $2.57 to $2.67 for
the combined third quarter charges for the Restore intangible
impairment and the European facility closure,” stated Sullivan.
Webcast and Conference Call Information
Management will host a conference call to discuss these results
beginning at 10:00 a.m. EDT today. The call can be accessed by
dialing 888-771-4371 or 847-585-4405 for international callers.
Participants are asked to call the assigned number approximately 10
minutes before the conference call begins. The call, which will
last approximately one hour, will be open to the public, but only
financial analysts will be permitted to ask questions. The media
and all other participants will be in a listen-only mode.
For those unable to listen to the live call, a replay will be
available from approximately 12:30 p.m. EDT today until 11:59
p.m. EDT on April 13, 2017. The replay can be accessed by dialing
888-843-7419 or 630-652-3042 for international callers. The access
code is 43815401. The call also will be available both live and for
replay, and as a written transcript, via the RPM web site at
www.rpminc.com.
About RPM
RPM International Inc. owns subsidiaries that are world leaders
in specialty coatings, sealants, building materials and related
services across three segments. RPM’s industrial products include
roofing systems, sealants, corrosion control coatings, flooring
coatings and other construction chemicals. Industrial companies
include Stonhard, Tremco, illbruck, Carboline, Flowcrete, Euclid
Chemical and RPM Belgium Vandex. RPM's consumer products are used
by professionals and do-it-yourselfers for home maintenance and
improvement and by hobbyists. Consumer brands include Rust-Oleum,
DAP, Zinsser, Varathane and Testors. RPM’s specialty products
include industrial cleaners, colorants, exterior finishes,
specialty OEM coatings, edible coatings, restoration services
equipment and specialty glazes for the pharmaceutical and food
industries. Specialty segment companies include Day-Glo, Dryvit,
RPM Wood Finishes, Mantrose-Haeuser, Legend Brands, Kop-Coat and
TCI. Additional details can be found at www.RPMinc.com and by
following RPM on Twitter at www.twitter.com/RPMintl.
For more information, contact Barry M. Slifstein, vice president
– investor relations, at 330-273-5090 or bslifstein@rpminc.com.
Use of Non-GAAP Financial Information
To supplement the financial information presented in accordance
with Generally Accepted Accounting Principles in the United States
(“GAAP”) in this earnings release, we use EBIT, a non-GAAP
financial measure. EBIT is defined as earnings (loss) before
interest and taxes. We evaluate the profit performance of our
segments based on income before income taxes, but also look to EBIT
as a performance evaluation measure because interest expense is
essentially related to acquisitions, as opposed to segment
operations. For that reason, we believe EBIT is also useful to
investors as a metric in their investment decisions. EBIT should
not be considered an alternative to, or more meaningful than,
income before income taxes as determined in accordance with GAAP,
since EBIT omits the impact of interest in determining operating
performance, which represent items necessary to our continued
operations, given our level of indebtedness. Nonetheless, EBIT is a
key measure expected by and useful to our fixed income investors,
rating agencies and the banking community all of whom believe, and
we concur, that this measure is critical to the capital markets'
analysis of our segments' core operating performance. We also
evaluate EBIT because it is clear that movements in EBIT impact our
ability to attract financing. Our underwriters and bankers
consistently require inclusion of this measure in offering
memoranda in conjunction with any debt underwriting or bank
financing. EBIT may not be indicative of our historical operating
results, nor is it meant to be predictive of potential future
results. See the last page of this earnings release for a
reconciliation of EBIT to income before income taxes.
Forward-Looking Statements
This press release contains “forward-looking statements”
relating to our business. These forward-looking statements, or
other statements made by us, are made based on our expectations and
beliefs concerning future events impacting us, and are subject to
uncertainties and factors (including those specified below) which
are difficult to predict and, in many instances, are beyond our
control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking
statements. These uncertainties and factors include (a) global
markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability
of capital and the effect of changes in interest rates, and the
viability of banks and other financial institutions; (b) the
prices, supply and capacity of raw materials, including assorted
pigments, resins, solvents and other natural gas- and oil-based
materials; packaging, including plastic containers; and
transportation services, including fuel surcharges; (c) continued
growth in demand for our products; (d) legal, environmental and
litigation risks inherent in our construction and chemicals
businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest
rates; (f) the effect of fluctuations in currency exchange rates
upon our foreign operations; (g) the effect of non-currency risks
of investing in and conducting operations in foreign countries,
including those relating to domestic and international political,
social, economic and regulatory factors; (h) risks and
uncertainties associated with our ongoing acquisition and
divestiture activities; (i) risks related to the adequacy of our
contingent liability reserves; and (j) other risks detailed in our
filings with the Securities and Exchange Commission, including the
risk factors set forth in our Annual Report on Form 10-K for the
year ended May 31, 2016, as the same may be updated from
time to time. We do not undertake any obligation to publicly update
or revise any forward-looking statements to reflect future events,
information or circumstances that arise after the date of this
release.
CONSOLIDATED STATEMENTS OF INCOME IN THOUSANDS, EXCEPT PER
SHARE DATA (Unaudited)
Three Months
Ended Nine Months Ended February
28, February 29, February 28,
February 29, 2017
2016 2017 2016 Net
Sales $ 1,022,496 $ 988,555 $ 3,465,329 $ 3,387,065 Cost of
sales 593,923 575,593 1,963,033
1,947,211 Gross profit 428,573 412,962 1,502,296 1,439,854 Selling,
general & administrative expenses 386,032 370,913 1,189,611
1,096,361 Goodwill and other intangible asset impairments 4,900
193,198 Interest expense 23,769 23,140 69,452 68,078 Investment
(income), net (3,627) (2,909) (9,881) (8,077) Other expense
(income), net 502 (88) 1,301 (876)
Income before income taxes 16,997 21,906 58,615 284,368 Provision
for income taxes 4,313 2,613 2,793
80,564
Net income 12,684 19,293 55,822 203,804 Less: Net
income attributable to noncontrolling interests 756
711 2,051 1,974
Net income attributable to
RPM International Inc. Stockholders $ 11,928 $ 18,582 $ 53,771
$ 201,830
Earnings per share of common stock attributable
to RPM International Inc. Stockholders: Basic $
0.09 $ 0.14 $ 0.41 $ 1.53
Diluted $ 0.09 $ 0.14 $ 0.41 $
1.50 Average shares of common stock outstanding - basic
130,677 129,068 130,657 129,506 Average
shares of common stock outstanding - diluted 130,677
129,068 130,657 136,848
SUPPLEMENTAL
SEGMENT INFORMATION
IN THOUSANDS (Unaudited)
Three Months Ended Nine Months Ended February
28, February 29, February 28, February 29,
2017 2016 2017
2016 Net Sales: Industrial Segment $ 521,403 $
492,662 $ 1,830,672 $ 1,793,075 Specialty Segment 159,659 156,909
519,562 500,395 Consumer Segment 341,434 338,984
1,115,095 1,093,595
Total $ 1,022,496 $
988,555 $ 3,465,329 $ 3,387,065
Income Before Income
Taxes (a): Industrial Segment Income Before Income Taxes (b) $
11,705 $ 486 $ 151,262 $ 148,962 Interest (Expense), Net (c)
(2,929) (1,468) (6,672) (4,549) EBIT (d)
14,634 1,954 157,934 153,511 Charge to exit Flowcrete Middle East
(e) 12,275 Adjusted EBIT $ 14,634 $
1,954 $ 170,209 $ 153,511 Specialty Segment Income Before
Income Taxes (b) $ 15,000 $ 21,729 $ 76,664 $ 76,496 Interest
Income, Net (c) 116 208 406 650 EBIT
(d) $ 14,884 $ 21,521 $ 76,258 $ 75,846 Consumer Segment
(Loss) Income Before Income Taxes (b) $ 29,802 $ 38,785 $ (40,685)
$ 170,337 Interest (Expense) Income, Net (c) (92) 16
(114) 116 EBIT (d) 29,894 38,769 (40,571) 170,221
Goodwill and intangible impairments (f) 188,298 Reversal of Kirker
earnout (g) (14,500) Adjusted EBIT $
29,894 $ 38,769 $ 147,727 $ 155,721 Corporate/Other
(Expense) Before Income Taxes (b) $ (39,510) $ (39,094) $ (128,626)
$ (111,427) Interest (Expense), Net (c) (17,237)
(18,987) (53,191) (56,218) EBIT (d) $ (22,273) $
(20,107) $ (75,435) $ (55,209)
Consolidated (Loss)
Income Before Income Taxes (b) $ 16,997 $ 21,906 $ 58,615 $ 284,368
Interest (Expense), Net (c) (20,142) (20,231)
(59,571) (60,001) EBIT (d) 37,139 42,137 118,186 344,369
Charge to exit Flowcrete Middle East (e) 12,275 Goodwill and
intangible impairments (f) 188,298 Reversal of Kirker earnout (g)
(14,500) Adjusted EBIT $ 37,139 $
42,137 $ 318,759 $ 329,869 (a) Prior period
information has been recast to reflect the current period change in
reportable segments. (b) The presentation includes a reconciliation
of Income (Loss) Before Income Taxes, a measure defined by
Generally Accepted Accounting Principles in the United States
(GAAP), to EBIT. (c) Interest income (expense), net includes the
combination of interest income (expense) and investment income
(expense), net. (d)
EBIT is defined as earnings (loss) before
interest and taxes. We evaluate the profit performance of our
segments based on income before income taxes, but also look to EBIT
as a performance evaluation measure because interest expense is
essentially related to acquisitions, as opposed to segment
operations. For that reason, we believe EBIT is also useful to
investors as a metric in their investment decisions. EBIT should
not be considered an alternative to, or more meaningful than,
income before income taxes as determined in accordance with GAAP,
since EBIT omits the impact of interest in determining operating
performance, which represent items necessary to our continued
operations, given our level of indebtedness. Nonetheless, EBIT is a
key measure expected by and useful to our fixed income investors,
rating agencies and the banking community all of whom believe, and
we concur, that this measure is critical to the capital markets'
analysis of our segments' core operating performance. We also
evaluate EBIT because it is clear that movements in EBIT impact our
ability to attract financing. Our underwriters and bankers
consistently require inclusion of this measure in offering
memoranda in conjunction with any debt underwriting or bank
financing. EBIT may not be indicative of our historical operating
results, nor is it meant to be predictive of potential future
results.
(e) Charges related to Flowcrete decision to exit the Middle East.
(f) Reflects the impact of goodwill and other intangible asset
impairment charges of $188.3 million related to our Kirker
reporting unit. (g) Reflects the reversal of contingent obligations
for earnout targets that were not met at our Kirker reporting unit.
SUPPLEMENTAL INFORMATION RECONCILIATION OF
"REPORTED" TO "ADJUSTED" AMOUNTS (Unaudited)
Three Months Ended Nine Months Ended February
28, February 29, February 28, February 29,
2017 2016 2017 2016
Reconciliation of
Reported Earnings (Loss) per Diluted Share to Adjusted
Earnings per Diluted Share:
Reported (Loss) Earnings per Diluted Share $ 0.09 $ 0.14 $
0.41 $ 1.50 Charge to exit Flowcrete Middle East (e) 0.09 Goodwill
and intangible impairments (f) 0.94 Reversal of Kirker earnout (g)
(0.07) Adjusted Earnings per Diluted
Share $ 0.09 $ 0.14 $ 1.44 $ 1.43 (e) Charges related
to Flowcrete decision to exit the Middle East. (f) Reflects the
impact of goodwill and other intangible asset impairment charge of
$188.3 million related to our Kirker reporting unit. (g) Reflects
the reversal of contingent obligations for earnout targets that
were not met at our Kirker reporting unit.
CONSOLIDATED
BALANCE SHEETS
IN THOUSANDS (Unaudited)
February 28,
2017
February 29,
2016
May 31,
2016
Assets Current Assets Cash and cash
equivalents
$
210,796 $ 220,712 $ 265,152 Trade accounts receivable 829,632
769,003 987,692 Allowance for doubtful accounts
(41,357)
(22,450)
(24,600)
Net trade accounts receivable 788,275 746,553 963,092 Inventories
856,461 739,716 685,818 Deferred income taxes - 29,042 - Prepaid
expenses and other current assets 224,347 191,291
221,286
Total current assets 2,079,879
1,927,314 2,135,348
Property, Plant and Equipment,
at Cost 1,433,413 1,278,553 1,344,830 Allowance for
depreciation (731,279) (698,902) (715,377)
Property, plant and equipment, net 702,134
579,651 629,453
Other Assets Goodwill 1,133,013
1,182,293 1,219,630 Other intangible assets, net of amortization
579,237 566,977 575,401 Deferred income taxes, non-current 25,872
2,237 19,771 Other 212,084 177,778 185,366
Total other assets 1,950,206 1,929,285
2,000,168
Total Assets $ 4,732,219 $ 4,436,250 $
4,764,969
Liabilities and Stockholders' Equity
Current Liabilities Accounts payable $ 417,730 $ 367,038 $
500,506 Current portion of long-term debt 383,980 3,405 4,713
Accrued compensation and benefits 133,588 129,105 183,768 Accrued
losses 37,123 27,581 35,290 Other accrued liabilities
258,102 255,274 277,914
Total current
liabilities 1,230,523 782,403 1,002,191
Long-Term Liabilities Long-term debt, less current
maturities 1,597,553 1,737,984 1,635,260 Other long-term
liabilities 569,859 609,952 702,979 Deferred income taxes
48,557 65,391 49,791
Total long-term
liabilities 2,215,969 2,413,327 2,388,030
Total liabilities 3,446,492 3,195,730
3,390,221 Commitments and contingencies
Stockholders' Equity
Preferred stock; none issued Common stock (outstanding 133,583;
132,846; 132,944) 1,336 1,328 1,329 Paid-in capital 946,955 895,131
921,956 Treasury stock, at cost (216,366) (191,693) (196,274)
Accumulated other comprehensive (loss) (533,165) (497,754)
(502,047) Retained earnings 1,084,462 1,031,020
1,147,371
Total RPM International Inc. stockholders'
equity 1,283,222 1,238,032 1,372,335 Noncontrolling interest
2,505 2,488 2,413
Total equity
1,285,727 1,240,520 1,374,748
Total
Liabilities and Stockholders' Equity $ 4,732,219 $ 4,436,250 $
4,764,969
CONSOLIDATED STATEMENTS OF CASH
FLOWS IN THOUSANDS
(Unaudited)
Nine Months Ended February 28,
February 29, 2017 2016
Cash Flows From Operating Activities: Net income $ 55,822 $
203,804 Adjustments to reconcile net income to net cash provided by
(used for) operating activities: Depreciation 53,343 49,980
Amortization 33,497 33,151 Goodwill and other intangible asset
impairments 193,198 Reversal of contingent consideration
obligations (14,500) Deferred income taxes (26,996) (18,556)
Stock-based compensation expense 25,005 23,000 Other non-cash
interest expense 7,149 7,305 Realized (gain) on sales of marketable
securities (5,338) (5,438) Other 136 1,994 Changes in assets and
liabilities, net of effect from purchases and sales of businesses:
Decrease in receivables 190,423 179,003 (Increase) in inventory
(143,409) (81,837) (Increase) in prepaid expenses and other current
and long-term assets (26,698) (13,347) (Decrease) in accounts
payable (95,727) (133,841) (Decrease) in accrued compensation and
benefits (50,425) (35,202) Increase in accrued losses 2,247 5,948
(Decrease) increase in other accrued liabilities (35,135) 4,696
Other (3,613) 17,659 Cash Provided By Operating
Activities 173,479 223,819
Cash Flows From
Investing Activities: Capital expenditures (80,110) (54,819)
Acquisition of businesses, net of cash acquired (246,874) (28,926)
Purchase of marketable securities (36,418) (21,981) Proceeds from
sales of marketable securities 36,696 18,722 Other 1,493
7,430 Cash (Used For) Investing Activities (325,213)
(79,574)
Cash Flows From Financing Activities:
Additions to long-term and short-term debt 422,521 116,578
Reductions of long-term and short-term debt (78,654) (19,419) Cash
dividends (116,680) (107,806) Shares of common stock repurchased
and returned for taxes (20,092) (66,765) Payments of
acquisition-related contingent consideration (4,206) (2,006)
Payments for 524(g) trust (102,500) Other (2,009)
(1,239) Cash Provided By (Used For) Financing Activities
98,380 (80,657)
Effect of Exchange Rate Changes on
Cash and Cash Equivalents (1,002) (17,587)
Net Change in Cash and Cash Equivalents (54,356)
46,001
Cash and Cash Equivalents at Beginning of
Period 265,152 174,711
Cash and Cash
Equivalents at End of Period $ 210,796 $ 220,712
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170406005354/en/
RPM International Inc.Barry M. Slifstein, 330-273-5090Vice
President – Investor Relationsbslifstein@rpminc.com
RPM (NYSE:RPM)
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