CLEVELAND, Dec. 17 /PRNewswire-FirstCall/ -- As previously
announced, Lincoln Electric Holdings, Inc.'s (NASDAQ:LECO)
management structure was realigned to more efficiently direct its
resources and bolster its global market leadership position. As a
result of these management organizational changes, effective the
fourth quarter of 2009, the Company will report five operating
segments as follows: North America Welding, Europe Welding, Asia
Pacific Welding, South America Welding and The Harris Products
Group. The North America Welding segment comprises operations in
the United States, Canada and Mexico. The other three welding
segments contain welding operations in Europe, Asia Pacific and
South America, respectively. The fifth segment, The Harris Products
Group, includes the Company's global cutting, soldering and brazing
businesses as well as the retail business in the United States. The
reclassification of historical results into the five new business
segments for previously reported periods for 2007, 2008 and the
2009 first, second and third quarters are attached and can also be
obtained by clicking on the following link:
http://www.lincolnelectric.com/InvestorNews. The Company did not
operate under the realigned segment structure for any of these
prior periods and will begin to report comparative results under
the new structure effective with the filing of its Annual Report on
Form 10-K for the year ending December 31, 2009. Lincoln Electric
is the world leader in the design, development and manufacture of
arc welding products, robotic arc-welding systems, plasma and
oxyfuel cutting equipment and has a leading global position in the
brazing and soldering alloys market. Headquartered in Cleveland,
Ohio, Lincoln has 38 manufacturing locations, including operations
and joint ventures in 18 countries and a worldwide network of
distributors and sales offices covering more than 160 countries.
For more information about Lincoln Electric, its products and
services, visit the Company's website at
http://www.lincolnelectric.com/. The Company's expectations and
beliefs concerning the future contained in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements reflect
management's current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from such
statements due to a variety of factors that could adversely affect
the Company's operating results. The factors include, but are not
limited to: general economic and market conditions; the
effectiveness of operating initiatives; currency exchange and
interest rates; adverse outcome of pending or potential litigation;
possible acquisitions; market risks and price fluctuations related
to the purchase of commodities and energy; global regulatory
complexity; and the possible effects of international terrorism and
hostilities on the Company or its customers, suppliers and the
economy in general. For additional discussion, see "Item 1A. Risk
Factors" in the Company's Annual Report on Form 10-K. Lincoln
Electric Holdings, Inc. Segment Highlights (In thousands)
(Unaudited) The North Asia South Harris Corporate / America Europe
Pacific America Products Elimin- Consoli- Welding Welding Welding
Welding Group ations dated ------- ------- ------- ------- -----
---------- -------- Three months ended September 30, 2009 Net sales
to unaffil- iated cust- omers $213,132 $84,365 $62,204 $26,430
$55,671 $- $441,802 Inter- segment sales 21,393 2,668 1,171 - 1,416
(26,648) - ------ ----- ----- --- ----- ------- --- Total $234,525
$87,033 $63,375 $26,430 $57,087 $(26,648) $441,802 ======== =======
======= ======= ======= ======== ======== Income (loss) before
interest and income taxes $34,497 $(3,834) $(11,595) $4,354 $1,701
$424 $25,547 As a percent of total sales 14.7% (4.4%) (18.3%) 16.5%
3.0% 5.8% Special items (1) $- $6,338 $8,606 $164 $(21) $- $15,087
Adjusted income (loss) before interest and income taxes excluding
special items (5) $34,497 $2,504 $(2,989) $4,518 $1,680 $424
$40,634 As a percent of total sales 14.7% 2.9% (4.7%) 17.1% 2.9%
9.2% Three months ended June 30, 2009 Net sales to unaffil- iated
cust- omers $208,014 $88,711 $38,249 $22,108 $56,201 $- $413,283
Inter- segment sales 20,079 2,311 292 - 2,913 (25,595) - ------
----- --- --- ----- ------- --- Total $228,093 $91,022 $38,541
$22,108 $59,114 $(25,595) $413,283 ======== ======= ======= =======
======= ======== ======== Income (loss) before interest and income
taxes $30,620 $1,140 $(4,617) $2,105 $(3,273) $(1,109) $24,866 As a
percent of total sales 13.4% 1.3% (12.0%) 9.5% (5.5%) 6.0% Special
items (2) $17 $(3,481) $(1,272) $307 $4,096 $- $(333) Adjusted
income (loss) before interest and income taxes excluding special
items (5) $30,637 $(2,341) $(5,889) $2,412 $823 $(1,109) $24,533 As
a percent of total sales 13.4% (2.6%) (15.3%) 10.9% 1.4% 5.9% Three
months ended March 31, 2009 Net sales to unaffil- iated cust- omers
$218,827 $87,499 $32,691 $20,659 $52,075 $- $411,751 Inter- segment
sales 22,264 2,022 537 - 1,864 (26,687) - ------ ----- --- ---
----- ------- --- Total $241,091 $89,521 $33,228 $20,659 $53,939
$(26,687) $411,751 ======== ======= ======= ======= =======
======== ======== Income (loss) before interest and income taxes
$17,373 $(5,478) $(7,558) $107 $(3,206) $(1,798) $(560) As a
percent of total sales 7.2% (6.1%) (22.7%) 0.5% (5.9%) (0.1%)
Special items (3) $10,174 $468 $397 $57 $603 $- $11,699 Adjusted
income (loss) before interest and income taxes excluding special
items (5) $27,547 $(5,010) $(7,161) $164 $(2,603) $(1,798) $11,139
As a percent of total sales 11.4% (5.6%) (21.6%) 0.8% (4.8%) 2.7%
Nine months ended September 30, 2009 Net sales to unaffil- iated
cust -omers $639,973 $260,575 $133,144 $69,197 $163,947 $-
$1,266,836 Inter- segment sales 63,736 7,001 2,000 - 6,193 (78,930)
- ------ ----- ----- --- ----- ------- --- Total $703,709 $267,576
$135,144 $69,197 $170,140 $(78,930) $1,266,836 ======== ========
======== ======= ======== ======== ========== Income (loss) before
interest and income taxes $82,490 $(8,172) $(23,770) $6,566
$(4,778) $(2,483) $49,853 As a percent of total sales 11.7% (3.1%)
(17.6%) 9.5% (2.8%) 3.9% Special items (4) $10,191 $3,325 $7,731
$528 $4,678 $- $26,453 Adjusted income (loss) before interest and
income taxes excluding special items (5) $92,681 $(4,847) $(16,039)
$7,094 $(100) $(2,483) $76,306 As a percent of total sales 13.2%
(1.8%) (11.9%) 10.3% (0.1%) 6.0% (1) Special items include the
impacts of rationalization activities and a loss on the acquisition
of a business. (2) Special items include the impacts of
rationalization activities, a gain on the sale of a property and a
pension settlement gain. (3) Special items include the impact of
rationalization activities. (4) Special items include the impacts
of rationalization activities, a gain on the sale of a property, a
pension settlement gain and a loss on the acquisition of a
business. (5) Adjusted income (loss) before interest and income
taxes excluding special items is a non-GAAP financial measure that
management believes is important to investors to evaluate and
compare the Company's financial performance from period to period.
Management uses this information in assessing and evaluating the
Company's underlying operating performance. Lincoln Electric
Holdings, Inc. Segment Highlights (In thousands) (Unaudited) The
North Asia South Harris Corporate / America Europe Pacific America
Products Elimin- Consoli- Welding Welding Welding Welding Group
ations dated ------- ------- ------- ------- ----- -----------
-------- Three months ended December 31, 2008 Net sales to unaffil-
iated cust- omers $286,287 $108,801 $48,064 $26,593 $56,441 $-
$526,186 Inter- segment sales 30,910 1,905 1,170 8 1,677 (35,670) -
------ ----- ----- --- ----- ------- --- Total $317,197 $110,706
$49,234 $26,601 $58,118 $(35,670) $526,186 ======== ========
======= ======= ======= ======== ======== Income (loss) before
interest and income taxes $54,588 $(851) $(16,304) $2,554 $(5,087)
$(1,077) $33,823 As a percent of total sales 17.2% (0.8%) (33.1%)
9.6% (8.8%) 6.4% Special items (1) $818 $2,052 $15,582 $- $919 $-
$19,371 Adjusted income (loss) before interest and income taxes
excluding special items (2) $55,406 $1,201 $(722) $2,554 $(4,168)
$(1,077) $53,194 As a percent of total sales 17.5% 1.1% (1.5%) 9.6%
(7.2%) 10.1% Three months ended September 30, 2008 Net sales to
unaffil- iated cust- omers $333,934 $132,636 $62,771 $32,662
$70,889 $- $632,892 Inter- segment sales 32,576 4,911 754 2 2,102
(40,345) - ------ ----- --- --- ----- ------- --- Total $366,510
$137,547 $63,525 $32,664 $72,991 $(40,345) $632,892 ========
======== ======= ======= ======= ======== ======== Income before
interest and income taxes $65,865 $19,036 $2,974 $4,283 $2,752
$(1,189) $93,721 As a percent of total sales 18.0% 13.8% 4.7% 13.1%
3.8% 14.8% Three months ended June 30, 2008 Net sales to unaffil-
iated cust- omers $357,299 $160,115 $68,215 $31,674 $82,523 $-
$699,826 Inter- segment sales 35,717 4,836 936 27 2,540 (44,056) -
------ ----- --- --- ----- ------- --- Total $393,016 $164,951
$69,151 $31,701 $85,063 $(44,056) $699,826 ======== ========
======= ======= ======= ======== ======== Income before interest
and income taxes $65,397 $20,385 $5,923 $1,610 $5,716 $(2,994)
$96,037 As a percent of total sales 16.6% 12.4% 8.6% 5.1% 6.7%
13.7% Three months ended March 31, 2008 Net sales to unaffil- iated
cust- omers $336,361 $137,018 $51,611 $25,132 $70,105 $- $620,227
Inter- segment sales 27,884 3,997 662 - 2,249 (34,792) - ------
----- --- --- ----- ------- --- Total $364,245 $141,015 $52,273
$25,132 $72,354 $(34,792) $620,227 ======== ======== =======
======= ======= ======== ======== Income before interest and income
taxes $56,980 $15,376 $85 $1,537 $5,918 $(358) $79,538 As a percent
of total sales 15.6% 10.9% 0.2% 6.1% 8.2% 12.8% Twelve months ended
December 31, 2008 Net sales to unaffil- iated cust- omers
$1,313,881 $538,570 $230,661 $116,061 $279,958 $- $2,479,131 Inter-
segment sales 127,087 15,649 3,522 37 8,568 (154,863) - -------
------ ----- --- ----- -------- --- Total $1,440,968 $554,219
$234,183 $116,098 $288,526 $(154,863) $2,479,131 ==========
======== ======== ======== ======== ========= ========== Income
(loss) before interest and income taxes $242,830 $53,946 $(7,322)
$9,984 $9,299 $(5,618) $303,119 As a percent of total sales 16.9%
9.7% (3.1%) 8.6% 3.2% 12.2% Special items (1) $818 $2,052 $15,582
$- $919 $- $19,371 Adjusted income before interest and income taxes
excluding special items (2) $243,648 $55,998 $8,260 $9,984 $10,218
$(5,618) $322,490 As a percent of total sales 16.9% 10.1% 3.5% 8.6%
3.5% 13.0% (1) Special items include the impacts of rationalization
activities and asset impairments. (2) Adjusted income (loss) before
interest and income taxes excluding special items is a non-GAAP
financial measure that management believes is important to
investors to evaluate and compare the Company's financial
performance from period to period. Management uses this information
in assessing and evaluating the Company's underlying operating
performance. Lincoln Electric Holdings, Inc. Segment Highlights (In
thousands) (Unaudited) The North Asia South Harris Corporate /
America Europe Pacific America Products Elimin- Consoli- Welding
Welding Welding Welding Group ations dated ------- ------- -------
------- ----- ----------- -------- Twelve months ended December 31,
2007 Net sales to unaffil- iated cust- omers $1,248,382 $474,388
$178,120 $101,426 $278,468 $- $2,280,784 Inter- segment sales
114,930 14,295 2,501 1,793 8,028 (141,547) - ------- ------ -----
----- ----- -------- --- Total $1,363,312 $488,683 $180,621
$103,219 $286,496 $(141,547) $2,280,784 ========== ========
======== ======== ======== ========= ========== Income (loss)
before interest and income taxes $206,768 $57,495 $(328) $8,804
$18,800 $(1,246) $290,293 As a percent of total sales 15.2% 11.8%
(0.2%) 8.5% 6.6% 12.7% Special items (1) $- $- $- $- $(188) $-
$(188) Adjusted income (loss) before interest and income taxes
excluding special items (2) $206,768 $57,495 $(328) $8,804 $18,612
$(1,246) $290,105 As a percent of total sales 15.2% 11.8% (0.2%)
8.5% 6.5% 12.7% (1) Special items include the impact of
rationalization activities. (2) Adjusted income (loss) before
interest and income taxes excluding special items is a non-GAAP
financial measure that management believes is important to
investors to evaluate and compare the Company's financial
performance from period to period. Management uses this information
in assessing and evaluating the Company's underlying operating
performance. DATASOURCE: Lincoln Electric Holdings, Inc. CONTACT:
Media: Roy L. Morrow, +1-216-383-4893, , or Investors: Earl L.
Ward, +1-216-383-5067, Web Site: http://www.lincolnelectric.com/
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