ORLANDO, Fla., July 26,
2017 /PRNewswire/ -- (NYSE: TUP) Tupperware Brands
Corporation today announced second quarter 2017 operating
results.
Rick Goings, Chairman and CEO,
commented, "Local currency sales grew 2% in the second quarter,
below what we were looking to accomplish, but within our guidance
range. Another stellar quarter in China and Brazil was partially offset by worse results
in Indonesia. Profitability was a
highlight in the quarter with adjusted earnings per share coming in
at the high-end of our range in local currency before a
1-cent drag from foreign exchange
rates versus April guidance."
Goings continued, "Strategically, we continue to move forward
with our business transformation plans in key markets and other
than for the Beauticontrol wind down, have not changed our
expectations with regard to local currency sales growth in the
second half of 2017. We expect sales growth will come from solid
execution of fundamentals, along with innovative digital strategies
across the portfolio that will allow more of our businesses to
leverage our strong aspirational brand and the earning opportunity
for our 3.2 million global sales force."
Second Quarter Executive Summary
- Second quarter 2017 net sales were $572.9 million, up 1% in dollars and 2% in local
currency. Emerging markets**, accounting for 69% of sales, achieved
a 6% increase in dollars and local currency. The most significant
contributions to the second quarter growth in local currency were
in Brazil, China and Tupperware South Africa, partially
offset by Indonesia. Established
markets were down 7% in dollars and 6% in local currency, most
significantly in France and at
Beauticontrol.
- GAAP net loss and diluted loss per share were $17.7 million and $0.34, respectively, versus $52.4 million in net income and $1.03 in diluted earnings per share in 2016.
"Items" in the 2017 quarter include a pretax, non-cash purchase
accounting goodwill impairment charge in Fuller Mexico of
$62.9 million, or $1.22 per share, and pretax charges for
restructuring actions of $32.6
million, or $0.46 per share,
including for Beauticontrol. Adjusted, diluted earnings per share
of $1.21 was 4% higher in dollars and
3% in local currency. This was 1-cent
below the high-end of the April guidance range, and versus the
April guidance, there was a 1-cent
negative impact on earnings per share from net weaker foreign
exchange rates on the diluted earnings per share comparison, while
there was a 1-cent benefit versus the
same period in 2016.
- Total sales force of 3.2 million was up 3% versus the prior
year. Average active sellers in the second quarter were down 7%
compared with 2016.
Second Quarter Business Highlights
Europe: Segment sales were
down 2% in dollars and local currency.
- Emerging markets in Europe
were up 16% in dollars (13% local currency), mainly from a
significant increase in Tupperware South Africa, up 60% in dollars
(41% local currency).
- Established markets were down 11% in dollars (10% local
currency), primarily in France,
which was down 20% in dollars (19% in local currency).
Asia Pacific: Segment sales
were down 6% in dollars and 4% in local currency.
- Emerging markets in Asia
Pacific were down 5% in dollars (3% local currency),
reflecting sales in China, up 37%
in dollars (43% local currency) on the strength of 61% more members
and continued leveraging of the product portfolio and digital
technologies. This was offset by a decrease of 38% in dollars (39%
local currency) in Indonesia,
reflecting weak underlying performance, a comparison against the
only quarter last year that was up in local currency and a shift in
the impact of slowness around the end of Ramadan from the third quarter in 2016 to the
second quarter in 2017.
- Segment's total sales force was 5% lower year-over-year,
reflecting net removal of sales force members in Indonesia, as well as a negative 7 percentage
point impact due to implementing requirements under government
direct selling guidelines in India.
Tupperware North America: Both Mexico and the United States and Canada up in single digits growing segment
sales 4% in dollars and 6% in local currency.
- Tupperware United States and Canada sales were up 4% in dollars (5% local
currency).
- Tupperware Mexico sales were up 5% in dollars (7% local
currency).
Beauty North America:
Segment sales were down 17% in dollars and 15% in local
currency.
- Beauticontrol sales were down 28%.
- Fuller Mexico sales were down
13% in dollars (11% local currency), although June comparisons much
improved, reflecting merchandising initiatives and sales force
contact strategies.
South America: Brazil continued to drive segment sales growth
of 31% in dollars and 27% in local currency.
- Brazil was up 32% in dollars
(23% local currency), reflecting higher volume from a 20% advantage
in total sellers in connection with strong sales force additions
and onboarding, as well as effective merchandising and marketing
campaigns.
- Sales in Argentina were up 21%
in dollars (36% local currency) mainly from price increases related
to the highly inflationary environment.
- Segment's sales force size was up 16%, and it had 12% more
active sellers.
Restructuring Actions
Related to the Beauticontrol and other restructuring actions,
the Company recorded $32.6 million
pretax, or $0.46 per share of costs
in the second quarter of 2017. In addition, it expects to record
$40 to $45 million of pretax
restructuring costs in the second half of 2017 and, including the
2017 amounts, a total of $100 to $110
million through 2018 or 2019, excluding related sales of
excess fixed assets through which up to $35
million of proceeds are expected to be realized. The second
half 2017 cash outflow related to the restructuring actions,
including the wind-down of Beauticontrol, is expected to be about
$25 million, and including this
amount the total cash outflow in connection with the actions over
time is expected to be $90 to $100
million before proceeds from the sale of fixed assets
connected with the restructuring actions.
After being unsuccessful in finding a buyer for the business,
the Company has decided to wind-down Beauticontrol's operations
over approximately the next 60 to 90 days. It expects a small
amount of sales in the third quarter as on-hand inventory is sold
through, compared with third and fourth quarter 2016 sales of
$9.8 million and $11.5 million, respectively. The reduction in
2017 sales versus 2016 related to the Beauticontrol business is
estimated to have a negative 1-percentage point impact on the full
year, total company sales comparison. Beauticontrol lost
$2.6 million in the first half of
2017 and $4.1 million in the second
half of 2016.
Through its other restructuring actions, the Company plans
through 2018 or 2019 to rationalize its supply chain and to adjust
the cost base of several of its marketing units. The annualized
benefit of these actions, once fully implemented, is expected to be
in the $35 million range with a small
amount of benefit in 2017 and about two-thirds of the annualized
benefit to be realized in 2018.
2017 Outlook
Based on current business trends and foreign currency rates, the
Company's third quarter and fiscal 2017 full year outlook is
provided below.
Company Level
|
13 Weeks
Ended
|
|
13 Weeks
|
|
52 Weeks
Ended
|
|
53 Weeks
|
|
Sept. 30,
2017
|
|
Ended
|
|
Dec 30,
2017
|
|
Ended
|
|
Low
|
High
|
|
Sept. 24,
2016
|
|
Low
|
High
|
|
Dec 31,
2016
|
|
|
|
|
|
|
|
|
|
|
USD Sales Growth vs
Prior Year
|
2
|
%
|
4
|
%
|
|
—
|
%
|
|
3
|
%
|
4
|
%
|
|
(3)%
|
|
GAAP EPS
|
$0.04
|
|
$0.09
|
|
|
$0.96
|
|
|
$1.99
|
|
$2.09
|
|
|
$4.41
|
|
GAAP Pre-Tax
ROS
|
4.1
|
%
|
4.6
|
%
|
|
15.2
|
%
|
|
7.8
|
%
|
7.5
|
%
|
|
13.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Local
Currency+ Sales Growth vs Prior
Year
|
1
|
%
|
3
|
%
|
|
2
|
%
|
|
2
|
%
|
3
|
%
|
|
2
|
%
|
EPS Excluding
Items*
|
$0.91
|
|
$0.96
|
|
|
$0.87
|
|
|
$4.66
|
|
$4.76
|
|
|
$4.39
|
|
Pre-Tax ROS Excluding
Items*
|
11.8
|
%
|
12.2
|
%
|
|
11.5
|
%
|
|
14.1
|
%
|
14.3
|
%
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
|
FX Impact on EPS
Comparison (a)
|
$0.02
|
|
$0.02
|
|
|
|
|
$0.10
|
|
$0.10
|
|
|
|
(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 2017
- Fiscal year 2017 includes 52 weeks, while 2016 had 53 weeks.
The Company estimates this will have a negative 1 percentage point
impact on the year-over-year sales comparison in 2017 versus 2016.
The fourth quarter of 2016 had 14 weeks, while the fourth quarter
of 2017 will have 13 weeks. In addition, the impact on the
full year 2017 sales comparison from the decision to wind-down the
Beauticontrol business is estimated to be 0.5 percentage
points.
- Tax rate estimated at 39.8% on a U.S. GAAP basis and 25.5%
excluding items.
- In its future earnings releases, along with exit costs
incurred, the Company will include the results of Beauticontrol
from August onward as an "item" in reporting its non-GAAP
information.
- Excludes Orlando land sales
that may occur.
Segment Level
- For the full year, sales are expected to be up 1 or 2% in
dollars (down 1 or 2% local currency) in Europe; down 1 or 2% in dollars and local
currency in Asia Pacific; up 8 or
9% in dollars (up 7 or 8% local currency) in Tupperware North
America; down close to 20% in dollars and local currency in Beauty
North America, including a 5% negative impact from winding down
Beauticontrol; and up 22 or 23% in dollars (up 19 to 20% in local
currency) in South America.
- Segment profit return on sales, excluding items, is expected to
be down about ½ point in dollars and about 1 point in local
currency in Europe, to increase
about ½ point in dollars and local currency in Asia Pacific, Tupperware North America and
South America and to increase
about 2 points in dollars and local currency in Beauty North
America.
* 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 26, 2017, 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 3.2 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, 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 "estimates",
"outlook", "guidance", "expects", "target" or "will" are
forward-looking statements. These statements involve risks
and uncertainties that include impairment and other charges related
to purchase accounting goodwill and restructuring actions,
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,
personal care nutraceutical 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 exclude certain
items that at times materially impact the comparability of the
Company's results of operations. The adjusted information is
intended to be indicative of the Company's 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, other income in connection with real estate
related operations, inventory obsolescence in conjunction with
decisions to exit or significantly restructure businesses, certain
asset retirement obligations, re-engineering including the exit of
businesses 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 its 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. 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 the
exit of businesses and upon liquidation of operations in a country,
the recognition in income of amounts previously recorded in equity
as a cumulative translation adjustment. Also, the Company excludes
pension settlements, as well as the impact of changes in tax law on
cumulative deferred taxes from items previously recorded as
cumulative translation adjustments. The Company 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 volatility in 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 may not be comparable with similarly labeled
amounts disclosed by others.
TUPPERWARE
BRANDS CORPORATION
|
SECOND QUARTER
2017 SALES FORCE STATISTICS*
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
All
Units
|
Reported
Inc/(Dec)
vs. Q2
'16
%
|
Restated+
Inc/(Dec)
vs. Q2
'16
%
|
|
Active
Sales
Force
|
Inc/(Dec)
vs. Q2
'16
%
|
|
Total
Sales
Force
|
Inc/(Dec)
vs. Q2
'16
%
|
Europe
|
(2)
|
(2)
|
|
97,101
|
|
(4)
|
g
|
818,286
|
|
10
|
Asia
Pacific
|
(6)
|
(4)
|
c
|
196,784
|
|
(16)
|
h
|
1,062,045
|
|
(5)
|
TW North
America
|
4
|
6
|
|
53,042
|
|
7
|
|
442,124
|
|
8
|
Beauty North
America
|
(17)
|
(15)
|
|
181,744
|
|
(12)
|
|
371,220
|
|
(8)
|
South
America
|
31
|
27
|
|
137,849
|
|
12
|
|
529,142
|
|
16
|
Total All
Units
|
1
|
2
|
a
|
666,520
|
|
(7)
|
|
3,222,817
|
|
3
|
|
|
|
|
|
|
|
|
|
Emerging Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
16
|
13
|
b
|
69,793
|
|
1
|
g
|
629,208
|
|
17
|
Asia
Pacific
|
(5)
|
(3)
|
c
|
169,622
|
|
(17)
|
h
|
954,702
|
|
(5)
|
TW North
America
|
5
|
7
|
|
39,102
|
|
5
|
|
332,953
|
|
8
|
Beauty North
America
|
(13)
|
(11)
|
|
165,850
|
|
(8)
|
|
321,782
|
|
(4)
|
South
America
|
31
|
27
|
d
|
137,849
|
|
12
|
|
529,142
|
|
16
|
Total Emerging Market
Units
|
6
|
6
|
|
582,216
|
|
(5)
|
|
2,767,787
|
|
5
|
|
|
|
|
|
|
|
|
|
Established Market
Units
|
|
|
|
|
|
|
|
|
Europe
|
(11)
|
(10)
|
|
27,308
|
|
(14)
|
g
|
189,078
|
|
(7)
|
Asia
Pacific
|
(6)
|
(6)
|
c
|
27,162
|
|
(16)
|
h
|
107,343
|
|
(8)
|
TW North
America
|
4
|
5
|
e
|
13,940
|
|
13
|
|
109,171
|
|
7
|
Beauty North
America
|
(28)
|
(28)
|
f
|
15,894
|
|
(35)
|
|
49,438
|
|
(27)
|
South
America
|
—
|
—
|
|
—
|
—
|
|
—
|
—
|
Total Established
Market Units
|
(7)
|
(6)
|
|
84,304
|
|
(16)
|
|
455,030
|
|
(7)
|
* 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
a The overall better local currency sales than active
sellers comparison reflected 2pp related to unit mix and 7pp
connected with improvement in productivity.
b The higher local currency sales than active sellers
comparison for Europe emerging
markets was driven by improved productivity in Tupperware South
Africa and Turkey.
c The larger active sellers than local currency sales
decrease in Asia Pacific in the
emerging markets resulted from a shift in mix towards China that operates under the outlet model
that leads to larger than average orders. In established markets a
better sales than active sellers comparison came primarily from
improved productivity from the Tupperware business in Australia and New
Zealand.
d The better local currency sales than active sellers in
South America came from
Brazil's point of sale offers
driving an increase in average order size and inflationary price
increases through the region.
e The more significant increase in active sellers than
local currency sales in the Tupperware North America established
markets reflected the strategy to engage the sales force as the
unit works with business leaders under the new compensation plan in
the United States. This led to a
higher activity rate with lower order sizes.
f The worse active sellers to local currency sales
comparison reflected improvement in productivity from higher share
of more experienced sellers.
g The better total to active sellers comparison for
Europe emerging markets, came from
Tupperware South Africa's high number of sales force additions that
were not yet as active as the base sales force. For established
market units, France and
Germany had lower active to total
sellers comparisons, due to a lack of engagement under the
promotional programs used.
h The worse active than total sellers comparison in
Asia Pacific was from Indonesia, partially related to Ramadan timing with an offset in the third
quarter, but also less response to offers and programs. For
established markets, Nutrimetics Australia and New Zealand had a lower active to total seller
comparison related to a lower number of sales force managers to
stimulate activity.
TUPPERWARE
BRANDS CORPORATION
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
|
26 Weeks
Ended
|
|
Jul 1,
2017
|
|
Jun 25,
2016
|
|
Jul 1,
2017
|
|
Jun 25,
2016
|
Net sales
|
$
|
572.9
|
|
|
$
|
564.7
|
|
|
$
|
1,127.7
|
|
|
$
|
1,090.4
|
|
Cost of products
sold
|
182.6
|
|
|
183.9
|
|
|
360.3
|
|
|
349.9
|
|
Gross
margin
|
390.3
|
|
|
380.8
|
|
|
767.4
|
|
|
740.5
|
|
|
|
|
|
|
|
|
|
Delivery, sales and
administrative expense
|
299.5
|
|
|
298.2
|
|
|
598.6
|
|
|
586.9
|
|
Re-engineering and
impairment charges
|
32.6
|
|
|
1.9
|
|
|
34.9
|
|
|
3.0
|
|
Impairment of
goodwill
|
62.9
|
|
|
—
|
|
|
62.9
|
|
|
—
|
|
Gains on disposal of
assets
|
3.1
|
|
|
0.8
|
|
|
3.2
|
|
|
0.9
|
|
Operating income
(loss)
|
(1.6)
|
|
|
81.5
|
|
|
74.2
|
|
|
151.5
|
|
|
|
|
|
|
|
|
|
Interest
income
|
0.7
|
|
|
0.8
|
|
|
1.2
|
|
|
1.5
|
|
Interest
expense
|
11.6
|
|
|
11.2
|
|
|
23.2
|
|
|
23.3
|
|
Other expense,
net
|
0.2
|
|
|
0.9
|
|
|
0.7
|
|
|
1.3
|
|
Income (loss) before
income taxes
|
(12.7)
|
|
|
70.2
|
|
|
51.5
|
|
|
128.4
|
|
Provision for income
taxes
|
5.0
|
|
|
17.8
|
|
|
21.8
|
|
|
32.6
|
|
Net income
(loss)
|
$
|
(17.7)
|
|
|
$
|
52.4
|
|
|
$
|
29.7
|
|
|
$
|
95.8
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
|
(0.35)
|
|
|
$
|
1.04
|
|
|
$
|
0.59
|
|
|
$
|
1.90
|
|
Diluted earnings
(loss) per share
|
$
|
(0.34)
|
|
|
$
|
1.03
|
|
|
$
|
0.58
|
|
|
$
|
1.89
|
|
TUPPERWARE
BRANDS CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks
Ended
|
|
13 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
26 Weeks
Ended
|
|
26 Weeks
Ended
|
|
Reported
|
|
Restated*
|
|
Foreign
|
|
Jul 1,
2017
|
|
Jun 25,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
Jul 1,
2017
|
|
Jun 25,
2016
|
|
%
|
|
%
|
|
Exchange
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
|
|
|
Inc
(Dec)
|
|
Inc
(Dec)
|
|
Impact*
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
135.4
|
|
|
$
|
138.4
|
|
|
(2)
|
|
|
(2)
|
|
|
$
|
0.2
|
|
|
$
|
284.9
|
|
|
$
|
292.3
|
|
|
(3)
|
|
|
(2)
|
|
|
$
|
(1.0)
|
|
Asia
Pacific
|
183.5
|
|
|
194.3
|
|
|
(6)
|
|
|
(4)
|
|
|
(3.7)
|
|
|
360.8
|
|
|
365.9
|
|
|
(1)
|
|
|
—
|
|
|
(5.5)
|
|
TW North
America
|
97.1
|
|
|
93.1
|
|
|
4
|
|
|
6
|
|
|
(1.1)
|
|
|
188.9
|
|
|
176.3
|
|
|
7
|
|
|
10
|
|
|
(4.1)
|
|
Beauty North
America
|
44.7
|
|
|
53.4
|
|
|
(17)
|
|
|
(15)
|
|
|
(0.7)
|
|
|
84.2
|
|
|
102.3
|
|
|
(18)
|
|
|
(14)
|
|
|
(4.1)
|
|
South
America
|
112.2
|
|
|
85.5
|
|
|
31
|
|
|
27
|
|
|
2.7
|
|
|
208.9
|
|
|
153.6
|
|
|
36
|
|
|
27
|
|
|
11.0
|
|
|
$
|
572.9
|
|
|
$
|
564.7
|
|
|
1
|
|
|
2
|
|
|
$
|
(2.6)
|
|
|
$
|
1,127.7
|
|
|
$
|
1,090.4
|
|
|
3
|
|
|
4
|
|
|
$
|
(3.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
11.9
|
|
|
$
|
14.6
|
|
|
(19)
|
|
|
(23)
|
|
|
$
|
0.7
|
|
|
$
|
31.8
|
|
|
$
|
39.8
|
|
|
(20)
|
|
|
(23)
|
|
|
$
|
1.4
|
|
Asia
Pacific
|
46.2
|
|
|
46.7
|
|
|
(1)
|
|
|
—
|
|
|
(0.7)
|
|
|
86.2
|
|
|
83.6
|
|
|
3
|
|
|
5
|
|
|
(1.3)
|
|
TW North
America
|
21.1
|
|
|
19.4
|
|
|
9
|
|
|
11
|
|
|
(0.3)
|
|
|
37.5
|
|
|
34.0
|
|
|
10
|
|
|
15
|
|
|
(1.4)
|
|
Beauty North
America
|
(0.4)
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0)
|
|
|
(0.3)
|
|
|
—
|
|
|
(69)
|
|
|
(0.3)
|
|
South
America
|
27.9
|
|
|
15.6
|
|
|
79
|
|
|
70
|
|
|
0.9
|
|
|
46.1
|
|
|
28.6
|
|
|
61
|
|
|
49
|
|
|
2.5
|
|
|
106.7
|
|
|
97.7
|
|
|
9
|
|
|
9
|
|
|
0.6
|
|
|
200.6
|
|
|
185.7
|
|
|
8
|
|
|
8
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(16.1)
|
|
|
(16.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32.5)
|
|
|
(33.4)
|
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
Gains on disposal of
assets
|
3.1
|
|
|
0.8
|
|
|
+
|
|
+
|
|
—
|
|
|
3.2
|
|
|
0.9
|
|
|
+
|
|
+
|
|
—
|
|
Re-engineering and
impairment charges
|
(32.6)
|
|
|
(1.9)
|
|
|
+
|
|
+
|
|
—
|
|
|
(34.9)
|
|
|
(3.0)
|
|
|
+
|
|
+
|
|
—
|
|
Impairment of
goodwill
|
(62.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62.9)
|
|
|
—
|
|
|
+
|
|
+
|
|
—
|
|
Interest expense,
net
|
(10.9)
|
|
|
(10.4)
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
(22.0)
|
|
|
(21.8)
|
|
|
1
|
|
|
1
|
|
|
—
|
|
Income (loss) before
taxes
|
(12.7)
|
|
|
70.2
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
51.5
|
|
|
128.4
|
|
|
(60)
|
|
|
(60)
|
|
|
0.9
|
|
Provision for income
taxes
|
5.0
|
|
|
17.8
|
|
|
(72)
|
|
|
(72)
|
|
|
0.1
|
|
|
21.8
|
|
|
32.6
|
|
|
(33)
|
|
|
(34)
|
|
|
0.2
|
|
Net income
(loss)
|
$
|
(17.7)
|
|
|
$
|
52.4
|
|
|
—
|
|
|
—
|
|
|
$
|
0.5
|
|
|
$
|
29.7
|
|
|
$
|
95.8
|
|
|
(69)
|
|
|
(69)
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share (diluted)
|
$
|
(0.34)
|
|
|
$
|
1.03
|
|
|
—
|
|
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.58
|
|
|
$
|
1.89
|
|
|
(69)
|
|
|
(69)
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted shares
|
51.4
|
|
|
50.7
|
|
|
|
|
|
|
|
|
51.2
|
|
|
50.6
|
|
|
|
|
|
|
|
* 2017 actual compared with 2016 translated at 2017 exchange
rates
+ Greater than 100% increase
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
(UNAUDITED)
|
|
|
|
|
(In
millions, except per share data)
|
13 Weeks Ended Jul
01, 2017
|
|
13 Weeks Ended Jun
25, 2016
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl
Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
11.9
|
|
|
$
|
0.5
|
|
g
|
$
|
12.4
|
|
|
$
|
14.6
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
15.3
|
|
Asia
Pacific
|
46.2
|
|
|
0.4
|
|
a
|
46.6
|
|
|
46.7
|
|
|
(0.7)
|
|
|
0.4
|
|
a
|
46.4
|
|
TW North
America
|
21.1
|
|
|
—
|
|
|
21.1
|
|
|
19.4
|
|
|
(0.3)
|
|
|
0.6
|
|
b
|
19.7
|
|
Beauty North
America
|
(0.4)
|
|
|
1.4
|
|
a
|
1.0
|
|
|
1.4
|
|
|
—
|
|
|
1.5
|
|
a
|
2.9
|
|
South
America
|
27.9
|
|
|
1.6
|
|
a,c
|
29.5
|
|
|
15.6
|
|
|
0.9
|
|
|
3.7
|
|
a,c
|
20.2
|
|
|
106.7
|
|
|
3.9
|
|
|
110.6
|
|
|
97.7
|
|
|
0.6
|
|
|
6.2
|
|
|
104.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(16.1)
|
|
|
—
|
|
|
(16.1)
|
|
|
(16.0)
|
|
|
—
|
|
|
0.2
|
|
b
|
(15.8)
|
|
Gains on disposal of
assets
|
3.1
|
|
|
(3.1)
|
|
d
|
—
|
|
|
0.8
|
|
|
—
|
|
|
(0.8)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(32.6)
|
|
|
32.6
|
|
e
|
—
|
|
|
(1.9)
|
|
|
—
|
|
|
1.9
|
|
e
|
—
|
|
Impairment of
goodwill
|
(62.9)
|
|
|
62.9
|
|
h
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense,
net
|
(10.9)
|
|
|
—
|
|
|
(10.9)
|
|
|
(10.4)
|
|
|
—
|
|
|
—
|
|
|
(10.4)
|
|
Income (loss) before
taxes
|
(12.7)
|
|
|
96.3
|
|
|
83.6
|
|
|
70.2
|
|
|
0.6
|
|
|
7.5
|
|
|
78.3
|
|
Provision for income
taxes
|
5.0
|
|
|
16.1
|
|
f
|
21.1
|
|
|
17.8
|
|
|
0.1
|
|
|
1.2
|
|
f
|
19.1
|
|
Net income
(loss)
|
$
|
(17.7)
|
|
|
$
|
80.2
|
|
|
$
|
62.5
|
|
|
$
|
52.4
|
|
|
$
|
0.5
|
|
|
$
|
6.3
|
|
|
$
|
59.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share (diluted)
|
$
|
(0.34)
|
|
|
$
|
1.55
|
|
|
$
|
1.21
|
|
|
$
|
1.03
|
|
|
$
|
0.01
|
|
|
$
|
0.13
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended Jul
01, 2017
|
|
26 Weeks Ended Jun
25, 2016
|
|
Reported
|
|
Adj's
|
|
Excl
Adj's
|
|
Reported
|
|
Foreign Exchange
Impact
|
|
Adj's
|
|
Restated*
Excl Adj's
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
$
|
31.8
|
|
|
$
|
1.2
|
|
b,g
|
$
|
33.0
|
|
|
$
|
39.8
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
41.2
|
|
Asia
Pacific
|
86.2
|
|
|
0.8
|
|
a
|
87.0
|
|
|
83.6
|
|
|
(1.3)
|
|
|
0.9
|
|
a
|
83.2
|
|
TW North
America
|
37.5
|
|
|
0.1
|
|
b
|
37.6
|
|
|
34.0
|
|
|
(1.4)
|
|
|
0.6
|
|
b
|
33.2
|
|
Beauty North
America
|
(1.0)
|
|
|
2.7
|
|
a
|
1.7
|
|
|
(0.3)
|
|
|
(0.3)
|
|
|
2.9
|
|
a
|
2.3
|
|
South
America
|
46.1
|
|
|
2.1
|
|
a,c
|
48.2
|
|
|
28.6
|
|
|
2.5
|
|
|
4.0
|
|
a,c
|
35.1
|
|
|
200.6
|
|
|
6.9
|
|
|
207.5
|
|
|
185.7
|
|
|
0.9
|
|
|
8.4
|
|
|
195.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
expenses
|
(32.5)
|
|
|
—
|
|
|
(32.5)
|
|
|
(33.4)
|
|
|
—
|
|
|
0.2
|
|
b
|
(33.2)
|
|
Gains on disposal of
assets
|
3.2
|
|
|
(3.2)
|
|
d
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(0.9)
|
|
d
|
—
|
|
Re-engineering and
impairment charges
|
(34.9)
|
|
|
34.9
|
|
e
|
—
|
|
|
(3.0)
|
|
|
—
|
|
|
3.0
|
|
e
|
—
|
|
Impairment of
goodwill
|
(62.9)
|
|
|
62.9
|
|
h
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense,
net
|
(22.0)
|
|
|
—
|
|
|
(22.0)
|
|
|
(21.8)
|
|
|
—
|
|
|
—
|
|
|
(21.8)
|
|
Income before
taxes
|
51.5
|
|
|
101.5
|
|
|
153.0
|
|
|
128.4
|
|
|
0.9
|
|
|
10.7
|
|
|
140.0
|
|
Provision for income
taxes
|
21.8
|
|
|
17.1
|
|
f
|
38.9
|
|
|
32.6
|
|
|
0.2
|
|
|
1.9
|
|
f
|
34.7
|
|
Net income
|
$
|
29.7
|
|
|
$
|
84.4
|
|
|
$
|
114.1
|
|
|
$
|
95.8
|
|
|
$
|
0.7
|
|
|
$
|
8.8
|
|
|
$
|
105.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (diluted)
|
$
|
0.58
|
|
|
$
|
1.65
|
|
|
$
|
2.23
|
|
|
$
|
1.89
|
|
|
$
|
0.01
|
|
|
$
|
0.18
|
|
|
$
|
2.08
|
|
* 2017 actual compared with 2016 translated at 2017 exchange
rates.
a Amortization of intangibles of acquired beauty
units.
b Pension settlement costs.
c As a result of devaluations in the Venezuelan
bolivar, the Company had negative impacts of $1.4 million and $1.6
million in the second quarter and year-to-date periods of
2017, respectively, and $3.6 million
and $3.8 million in the second
quarter and year-to-date periods of 2016, 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.
d Gains on disposal of assets in 2017 relates to an
insurance settlement and transactions related to land held near the
Orlando, FL headquarters, and in
2016 to transactions related to land held near the Orlando, FL headquarters.
e In both years, re-engineering and impairment charges
were primarily 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.
f Provision for income taxes represents the net tax
impact of adjusted amounts.
g Write off of inventory associated with closing of a
warehouse in Europe.
h Impairment of goodwill of Fuller Mexico.
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
|
|
July 1,
2017
|
|
June 25,
2016
|
Operating
Activities:
|
|
|
|
Net cash provided by
operating activities
|
$
|
14.0
|
|
|
$
|
31.8
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Capital
expenditures
|
(32.0)
|
|
|
(25.3)
|
|
Proceeds from
disposal of property, plant & equipment
|
5.3
|
|
|
2.3
|
|
Net cash used in
investing activities
|
(26.7)
|
|
|
(23.0)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Dividend payments to
shareholders
|
(69.3)
|
|
|
(69.4)
|
|
Repurchase of common
stock
|
(0.6)
|
|
|
(0.8)
|
|
Repayment of
long-term debt and capital lease obligations
|
(1.2)
|
|
|
(1.3)
|
|
Net change in
short-term debt
|
60.1
|
|
|
58.2
|
|
Proceeds from
exercise of stock options
|
9.9
|
|
|
0.4
|
|
Net cash used in
financing activities
|
(1.1)
|
|
|
(12.9)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
5.6
|
|
|
3.3
|
|
Net change in cash
and cash equivalents
|
(8.2)
|
|
|
(0.8)
|
|
Cash and cash
equivalents at beginning of year
|
93.2
|
|
|
79.8
|
|
Cash and cash
equivalents at end of period
|
$
|
85.0
|
|
|
$
|
79.0
|
|
TUPPERWARE BRANDS
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
|
(In
millions)
|
Jul 1,
2017
|
|
Dec 31,
2016
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
85.0
|
|
|
$
|
93.2
|
|
Other current
assets
|
524.5
|
|
|
452.1
|
|
Total current
assets
|
609.5
|
|
|
545.3
|
|
|
|
|
|
Property, plant and
equipment, net
|
268.3
|
|
|
259.8
|
|
Other
assets
|
793.9
|
|
|
782.7
|
|
Total
assets
|
$
|
1,671.7
|
|
|
$
|
1,587.8
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
|
173.2
|
|
|
$
|
105.9
|
|
Accounts payable and
other current liabilities
|
433.4
|
|
|
441.7
|
|
Total current
liabilities
|
606.6
|
|
|
547.6
|
|
|
|
|
|
Long-term
debt
|
605.3
|
|
|
606.0
|
|
Other
liabilities
|
226.1
|
|
|
221.4
|
|
Total shareholders'
equity
|
233.7
|
|
|
212.8
|
|
Total liabilities and
shareholders' equity
|
$
|
1,671.7
|
|
|
$
|
1,587.8
|
|
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
July 26,
2017
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Third
Quarter
|
(In millions,
except per share data)
|
2016
Actual
|
|
2017
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
79.3
|
|
|
$
|
22.0
|
|
|
$
|
25.4
|
|
|
|
|
|
|
|
Income tax
|
$
|
30.5
|
|
|
$
|
19.9
|
|
|
$
|
20.8
|
|
Effective
Rate
|
38
|
%
|
|
90
|
%
|
|
82
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
48.8
|
|
|
$
|
2.1
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(96)%
|
|
|
(91)%
|
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
(24.2)
|
|
|
—
|
|
|
—
|
|
Re-engineering and
pension settlements
|
2.4
|
|
|
37.2
|
|
|
37.2
|
|
Net impact of
Venezuelan bolivar devaluations
|
0.3
|
|
|
1.8
|
|
|
1.8
|
|
Acquired intangible
asset amortization
|
1.9
|
|
|
2.0
|
|
|
2.0
|
|
Income
tax(2)
|
15.0
|
|
|
3.8
|
|
|
3.8
|
|
Net Income
(adjusted)
|
$
|
44.2
|
|
|
$
|
46.9
|
|
|
$
|
49.4
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
0.8
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2016 restated for currency changes)
|
$
|
45.0
|
|
|
$
|
46.9
|
|
|
$
|
49.4
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
4
|
%
|
|
10
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
0.96
|
|
|
$
|
0.04
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(96)%
|
|
|
(91)%
|
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
0.87
|
|
|
$
|
0.91
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
0.89
|
|
|
$
|
0.91
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
2
|
%
|
|
8
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.8
|
|
|
51.5
|
|
|
51.5
|
|
(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 2016 actual and 2016 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
NON-GAAP FINANCIAL
MEASURES OUTLOOK RECONCILIATION SCHEDULE
|
July 26,
2017
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Full
Year
|
|
Full
Year
|
(In millions,
except per share data)
|
2016
Actual
|
|
2017
Outlook
|
|
|
|
Range
|
|
|
|
Low
|
|
High
|
Income before income
taxes
|
$
|
301.3
|
|
|
$
|
171.5
|
|
|
$
|
178.7
|
|
|
|
|
|
|
|
Income tax
|
$
|
77.7
|
|
|
$
|
69.2
|
|
|
$
|
71.1
|
|
Effective
Rate
|
26
|
%
|
|
40
|
%
|
|
40
|
%
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
223.6
|
|
|
$
|
102.3
|
|
|
$
|
107.6
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(54)%
|
|
|
(52)%
|
|
|
|
|
|
|
|
Adjustments(1):
|
|
|
|
|
|
Gains on disposal of
assets
|
$
|
(27.3)
|
|
|
$
|
(3.2)
|
|
|
$
|
(3.2)
|
|
Purchase accounting
intangibles impairment
|
—
|
|
|
62.9
|
|
|
62.9
|
|
Re-engineering and
pension settlements
|
11.0
|
|
|
78.7
|
|
|
78.7
|
|
Net impact of
Venezuelan bolivar devaluations
|
4.3
|
|
|
3.4
|
|
|
3.4
|
|
Acquired intangible
asset amortization
|
7.6
|
|
|
8.0
|
|
|
8.0
|
|
Income
tax(2)
|
3.3
|
|
|
(12.7)
|
|
|
(12.7)
|
|
Net Income
(adjusted)
|
$
|
222.5
|
|
|
$
|
239.4
|
|
|
$
|
244.7
|
|
|
|
|
|
|
|
Exchange rate
impact(3)
|
5.2
|
|
|
—
|
|
|
—
|
|
Net Income (adjusted
and 2016 restated for currency changes)
|
$
|
227.7
|
|
|
$
|
239.4
|
|
|
$
|
244.7
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
5
|
%
|
|
7
|
%
|
|
|
|
|
|
|
Net income (GAAP) per
common share (diluted)
|
$
|
4.41
|
|
|
$
|
1.99
|
|
|
$
|
2.09
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
(55)%
|
|
|
(53)%
|
|
|
|
|
|
|
|
Net Income (adjusted)
per common share (diluted)
|
$
|
4.39
|
|
|
$
|
4.66
|
|
|
$
|
4.76
|
|
|
|
|
|
|
|
Net Income (adjusted
& restated) per common share (diluted)
|
$
|
4.49
|
|
|
$
|
4.66
|
|
|
$
|
4.76
|
|
|
|
|
|
|
|
% change from prior
year
|
|
|
4
|
%
|
|
6
|
%
|
|
|
|
|
|
|
Average number of
diluted shares (millions)
|
50.7
|
|
|
51.4
|
|
|
51.4
|
|
(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, and in 2016 the benefit of a change in tax law
related to an amount previously recorded in equity
(3) Difference between 2016 actual and 2016 translated
at current currency exchange rates
TUPPERWARE BRANDS
CORPORATION
|
ADJUSTED EBITDA
AND DEBT/ADJUSTED EBITDA*
|
(UNAUDITED)
|
|
|
|
As of and for
the
four quarters
ended
|
|
July 1,
2017
|
Adjusted
EBITDA:
|
|
Net income
|
$
|
157.5
|
|
Add:
|
|
Depreciation and
amortization
|
57.0
|
|
Gross interest
expense
|
48.7
|
|
Provision for income
taxes
|
66.9
|
|
Equity
compensation
|
21.0
|
|
Pre-tax non-cash
re-engineering and impairment charges
|
91.9
|
|
Deduct:
|
|
Gains on land sales,
insurance recoveries, etc.
|
(29.6)
|
|
Total Adjusted
EBITDA
|
$
|
413.4
|
|
|
|
Consolidated total
debt
|
$
|
778.5
|
|
Divided by adjusted
EBITDA
|
413.4
|
|
Debt to Adjusted
EBITDA Ratio
|
1.88
|
|
* 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