MEDINA, Ohio, Jan. 6, 2016 /PRNewswire/ -- RPM International
Inc. (NYSE: RPM) today reported a 20% increase in net income and a
19% increase in earnings per diluted share on an 8% sales increase
for its fiscal 2016 second quarter ended November 30, 2015.
Second-Quarter Results
Net sales of $1.16 billion were up
7.9% over the $1.07 billion reported
a year ago. Consolidated EBIT (earnings before interest and taxes)
increased 17.9%, to $141.6 million
from $120.1 million in the fiscal
2015 second quarter. Fiscal 2016 second-quarter net income was up
19.6%, to $83.4 million from
$69.8 million in the fiscal 2015
second quarter. Earnings per diluted share increased 19.2%, to
$0.62 from $0.52 a year ago.
"During the second quarter, most of our international businesses
posted solid sales gains in local currencies, which were reduced by
foreign currency translation that lowered reported sales by 6.3%
company-wide," stated Frank C.
Sullivan, chairman and chief executive officer. In total,
foreign currency, including both translational and transactional,
reduced EPS by $0.06 per share. Sales
and earnings benefited from the reconsolidation of our Specialty
Products Holding Company (SPHC) subsidiary's businesses, which
continued to perform in line with our expectations."
Second-Quarter Segment Sales and Earnings
During the fiscal 2016 second quarter, industrial segment sales
declined 5.8%, to $610.2 million from
$647.8 million in the fiscal
2015 second quarter. Organic sales improved 1.9%, while acquisition
growth added 0.7%. Foreign currency translation reduced sales by
8.4%. Industrial segment EBIT declined 0.4%, to $64.5 million from $64.8
million in the same period a year ago.
"We continued to see solid performance by our businesses serving
the U.S. commercial construction market. However, the impact is
masked by the strong dollar, because a significant portion of the
industrial segment's revenue is outside U.S. markets. Our great
entrepreneurial businesses generating growth in local currencies
are seeing those positive results erased by foreign currency
translation. For example, in Europe, our second largest market, a 2.2%
increase in sales in constant dollars was converted through
currency exchange to a 9.6% decline. Additionally, our industrial
businesses serving the energy industry have been impacted by the
global slowdown in oil and gas drilling, resulting in a decline in
sales to that sector of nearly 10%," Sullivan stated.
Second-quarter sales for the specialty segment increased 164.8%,
to $186.7 million from $70.5 million in the fiscal 2015 second period.
Organic growth was 3.8%, while acquisitions, principally the
reconsolidated SPHC subsidiaries, added 167.1%. Foreign currency
translation reduced sales by 6.1%. Specialty segment EBIT improved
104.8%, to $29.1 million from
$14.2 million.
"Most of our core specialty businesses, including food coatings,
wood protection products, pleasure marine and other high
performance coatings, performed well in the quarter, excluding the
negative impact from foreign currency," Sullivan stated.
RPM's fiscal 2016 second-quarter consumer segment sales
increased 1.8%, to $359.1 million
from $352.8 million a year ago.
Organic sales increased 3.6%, while acquisition growth added 0.7%.
Foreign currency translation reduced sales by 2.5%. Consumer
segment EBIT improved 6.2%, to $65.4
million from $61.6 million a year ago. During the
quarter, the final earn-out accrual of $14.5
million, or approximately $0.07 per share, related to RPM's acquisition of
Kirker in fiscal 2013 was reversed into income, compared to the
$17.0 million, or approximately
$0.09 per share, that was reversed
during the same period last year.
"During the quarter, our largest U.S. consumer businesses
performed solidly and in line with expectations, while our nail
enamel and Canadian businesses continued to struggle with sales
declines," stated Sullivan. "We expect to benefit from several
product roll-outs with various customers in the third and fourth
quarters of fiscal 2016."
Cash Flow and Financial Position
For the first half of fiscal 2016, cash from operations was
$167.1 million, compared to
$55.3 million a year ago.
Capital expenditures of $31.3 million compared to $26.5 million during the first half of last year.
Total debt at November 30, 2015 was
$1.68 billion, compared to
$1.43 billion at
November 30, 2014 and $1.66 billion at May
31, 2015. RPM's net (of cash) debt-to-total capitalization
ratio was 53.5%, compared to 44.8% at November 30, 2014. At November 30, 2015, liquidity stood at
$960.8 million, including cash of
$190.6 million and $770.2 million in long-term committed available
credit.
First-Half Sales and Earnings
Fiscal 2016 first-half net sales improved 5.4%, to $2.40 billion from $2.28
billion during the first six months of fiscal 2015.
Consolidated EBIT increased 6.5%, to $302.2
million from $283.8 million in the year-ago first half.
Net income was up 8.5%, to $183.2 million from $168.8 million in the fiscal 2015 first half.
Diluted earnings per share were $1.36, up 9.7% from $1.24 a year ago.
First-Half Segment Sales and Earnings
RPM's industrial segment fiscal 2016 first-half sales declined
5.1%, to $1.27 billion from
$1.34 billion in the fiscal 2015
first half. Organic sales increased 2.9%, while acquisition growth
added 0.6%. Foreign currency translation reduced sales by 8.6%.
Industrial segment EBIT decreased 2.7%, to $148.7 million from $152.9
million a year ago.
Specialty segment sales grew 146.7%, to $370.4 million from $150.1
million in the 2015 first half. Organic growth was 0.3%,
while acquisitions, primarily the reconsolidated SPHC businesses,
added 153.6%. Foreign currency translation reduced sales by
7.2%. For the first half of fiscal 2016, specialty segment EBIT
increased 83.0%, to $57.1 million
from $31.2 million.
First-half sales for the consumer segment declined 3.6%, to
$754.6 million from $782.8 million a year ago. Organic sales
decreased 1.3%, and acquisition growth added 0.5%. Foreign currency
translation reduced sales by 2.8%. Consumer segment EBIT declined
4.9%, to $131.5 million from
$138.2 million in the first half of
fiscal 2015.
Business Outlook
"In our industrial segment, we anticipate sales to be flat to up
slightly for the balance of this fiscal year, principally due to
the strength of our businesses serving the U.S. commercial
construction markets. In the specialty segment, the second half of
fiscal 2016 will have a one-month benefit year over year from the
reconsolidation of SPHC. For the remaining months of this fiscal
year, we expect sales growth in the specialty segment to be in the
mid-to-upper-single-digit range. Consumer segment growth will be in
the mid-single digits. Over the last several months, the U.S.
dollar has continued to strengthen against most of the major
currencies around the world and we expect the negative impact in
the back half of fiscal 2016 to be approximately $0.05 per share worse than we originally
estimated. In addition, during last year's third quarter, we
recognized a $0.10 per share tax
benefit that will not repeat this fiscal year, reducing last year's
EPS to an apples-to-apples comparison to this fiscal year of
$0.10 per share. For the full year,
however, we are reaffirming our guidance for earnings per diluted
share of $2.50," stated Sullivan.
As part of the earnings call this morning, RPM will present some
longer term goals, which will be supported by an online slide
presentation that can be accessed at www.rpminc.com.
Webcast and Conference Call Information
Management will host a conference call to discuss these results
beginning at 10:00 a.m. EST 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. EST today until
11:59 p.m. EST on January 13, 2016. The replay can be accessed by
dialing 888-843-7419 or 630-652-3042 for international callers. The
access code is 41121750. 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, and
Euclid Chemical. 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, RPM Belgium, 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.
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, 2015, 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
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IN THOUSANDS, EXCEPT
PER SHARE DATA
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(Unaudited)
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Three Months
Ended
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Six Months
Ended
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November
30,
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November
30,
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2015
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2014
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2015
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2014
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Net
Sales
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$
1,155,984
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$
1,071,128
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$
2,398,510
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$
2,275,024
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Cost of
sales
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662,050
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617,185
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1,371,618
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1,312,688
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Gross
profit
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493,934
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453,943
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1,026,892
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962,336
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Selling, general
& administrative expenses
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352,594
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334,889
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725,448
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681,414
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Interest
expense
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22,478
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19,404
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44,938
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38,819
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Investment (income),
net
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(1,100)
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(5,058)
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(5,168)
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(8,861)
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Other (income),
net
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(299)
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(1,042)
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(788)
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(2,864)
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Income before income
taxes
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120,261
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105,750
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262,462
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253,828
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Provision for income
taxes
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36,112
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31,894
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77,951
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75,133
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Net
income
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84,149
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73,856
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184,511
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178,695
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Less: Net
income attributable to noncontrolling interests
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716
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4,090
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1,263
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9,850
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Net income
attributable to RPM International Inc. Stockholders
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$
83,433
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$
69,766
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$
183,248
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$
168,845
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Earnings per share
of common stock attributable to
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RPM
International Inc. Stockholders:
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Basic
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$
0.63
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$
0.52
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$
1.39
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$
1.27
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Diluted
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$
0.62
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$
0.52
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$
1.36
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$
1.24
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Average shares of
common stock outstanding - basic
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129,398
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130,028
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129,723
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130,061
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Average shares of
common stock outstanding - diluted
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136,734
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134,966
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137,072
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135,000
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SUPPLEMENTAL
SEGMENT INFORMATION
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IN
THOUSANDS
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(Unaudited)
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Three Months
Ended
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Six Months
Ended
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November
30,
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November
30,
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Net
Sales:
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2015
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2014
(a)
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2015
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2014
(a)
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Industrial
Segment
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$
610,201
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$
647,836
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$
1,273,530
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$
1,342,120
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Specialty
Segment
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186,729
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70,511
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370,369
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150,113
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Consumer
Segment
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359,054
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352,781
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754,611
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782,791
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Total
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$
1,155,984
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$
1,071,128
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$
2,398,510
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$
2,275,024
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Income Before
Income Taxes (a):
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Industrial
Segment
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Income Before Income Taxes
(b)
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$
62,962
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$
62,810
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$
145,713
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$
148,233
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Interest (Expense), Net
(c)
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(1,535)
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(1,976)
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(3,034)
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(4,647)
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EBIT (d)
|
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$
64,497
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$
64,786
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$
148,747
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$
152,880
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Specialty
Segment
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Income Before Income Taxes
(b)
|
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$
29,324
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$
14,299
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$
57,530
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$
31,340
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Interest Income, Net
(c)
|
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|
|
199
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|
78
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|
|
395
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|
116
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EBIT (d)
|
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$
29,125
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$
14,221
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$
57,135
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$
31,224
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Consumer
Segment
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Income Before Income Taxes
(b)
|
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$
65,429
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$
61,562
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$
131,552
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$
138,231
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Interest Income (Expense),
Net (c)
|
|
|
|
|
42
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(4)
|
|
|
100
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(12)
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EBIT (d)
|
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|
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$
65,387
|
|
$
61,566
|
|
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$
131,452
|
|
$
138,243
|
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Corporate/Other
|
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|
|
|
|
|
|
(Expense) Before Income
Taxes (b)
|
|
|
|
|
$
(37,454)
|
|
$
(32,921)
|
|
|
$
(72,333)
|
|
$
(63,976)
|
|
|
|
|
|
|
|
|
|
|
Interest (Expense), Net
(c)
|
|
|
|
|
(20,084)
|
|
(12,444)
|
|
|
(37,231)
|
|
(25,415)
|
|
|
|
|
|
|
|
|
|
|
EBIT (d)
|
|
|
|
|
$
(17,370)
|
|
$
(20,477)
|
|
|
$
(35,102)
|
|
$
(38,561)
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes (b)
|
|
|
|
|
$
120,261
|
|
$
105,750
|
|
|
$
262,462
|
|
$
253,828
|
|
|
|
|
|
|
|
|
|
|
Interest (Expense), Net (c)
|
|
|
|
|
(21,378)
|
|
(14,346)
|
|
|
(39,770)
|
|
(29,958)
|
|
|
|
|
|
|
|
|
|
|
EBIT (d)
|
|
|
|
|
$
141,639
|
|
$
120,096
|
|
|
$
302,232
|
|
$
283,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 (expense),
net includes the combination of interest (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 and taxes in determining operating performance, which represent items
necessary to our continued operations, given our level of
indebtedness and ongoing tax obligations. 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.
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
IN
THOUSANDS
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
November 30,
2015
|
|
November 30,
2014
|
|
May 31,
2015
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
190,609
|
|
$
296,527
|
|
$
174,711
|
|
Trade accounts
receivable
|
|
841,924
|
|
833,378
|
|
980,737
|
|
Allowance for
doubtful accounts
|
|
(25,110)
|
|
(26,605)
|
|
(24,526)
|
|
Net trade accounts
receivable
|
|
816,814
|
|
806,773
|
|
956,211
|
|
Inventories
|
|
710,282
|
|
637,932
|
|
674,205
|
|
Deferred income
taxes
|
|
28,620
|
|
20,280
|
|
29,892
|
|
Prepaid expenses and
other current assets
|
|
265,090
|
|
198,301
|
|
264,827
|
|
Total current
assets
|
|
2,011,415
|
|
1,959,813
|
|
2,099,846
|
|
|
|
|
|
|
|
|
Property, Plant
and Equipment, at Cost
|
|
1,262,062
|
|
1,172,307
|
|
1,258,304
|
|
Allowance for
depreciation
|
|
(687,426)
|
|
(662,329)
|
|
(668,658)
|
|
Property, plant
and equipment, net
|
|
574,636
|
|
509,978
|
|
589,646
|
Other
Assets
|
|
|
|
|
|
|
|
Goodwill
|
|
1,187,204
|
|
1,118,444
|
|
1,215,688
|
|
Other intangible
assets, net of amortization
|
|
577,324
|
|
441,556
|
|
604,130
|
|
Deferred income
taxes, non-current
|
|
2,902
|
|
7,582
|
|
5,685
|
|
Other
|
|
164,751
|
|
159,880
|
|
179,245
|
|
Total other
assets
|
|
1,932,181
|
|
1,727,462
|
|
2,004,748
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
4,518,232
|
|
$
4,197,253
|
|
$
4,694,240
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
396,896
|
|
$
379,874
|
|
$
512,165
|
|
Current portion of
long-term debt
|
|
2,593
|
|
151,358
|
|
2,038
|
|
Accrued compensation
and benefits
|
|
119,482
|
|
111,032
|
|
169,370
|
|
Accrued
losses
|
|
22,468
|
|
18,537
|
|
22,016
|
|
Other accrued
liabilities
|
|
197,229
|
|
208,701
|
|
197,647
|
|
Total current
liabilities
|
|
738,668
|
|
869,502
|
|
903,236
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
|
|
|
|
|
Long-term debt, less
current maturities
|
|
1,673,471
|
|
1,275,875
|
|
1,654,037
|
|
Other long-term
liabilities
|
|
732,467
|
|
411,922
|
|
752,821
|
|
Deferred income
taxes
|
|
81,402
|
|
48,476
|
|
90,681
|
|
Total long-term
liabilities
|
|
2,487,340
|
|
1,736,273
|
|
2,497,539
|
|
Total
liabilities
|
|
3,226,008
|
|
2,605,775
|
|
3,400,775
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Preferred stock; none
issued
|
|
|
|
|
|
|
|
Common stock
(outstanding 133,318; 133,748; 133,203)
|
1,333
|
|
1,337
|
|
1,332
|
|
Paid-in
capital
|
|
887,650
|
|
806,898
|
|
872,127
|
|
Treasury stock, at
cost
|
|
(170,220)
|
|
(94,354)
|
|
(124,928)
|
|
Accumulated other
comprehensive (loss)
|
|
(477,470)
|
|
(259,267)
|
|
(394,135)
|
|
Retained
earnings
|
|
1,048,968
|
|
935,773
|
|
936,996
|
|
Total RPM International
Inc. stockholders' equity
|
1,290,261
|
|
1,390,387
|
|
1,291,392
|
|
Noncontrolling
interest
|
|
1,963
|
|
201,091
|
|
2,073
|
|
Total
equity
|
|
1,292,224
|
|
1,591,478
|
|
1,293,465
|
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
4,518,232
|
|
$
4,197,253
|
|
$
4,694,240
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
IN
THOUSANDS
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
November
30,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Net
income
|
|
|
$
184,511
|
|
$
178,695
|
Adjustments to
reconcile net income to net
|
|
|
|
|
cash provided by (used for) operating activities:
|
|
|
|
|
Depreciation
|
|
|
33,509
|
|
30,132
|
Amortization
|
|
|
22,144
|
|
16,015
|
Reversal of contingent consideration obligations
|
|
(14,500)
|
|
(18,080)
|
Deferred income taxes
|
|
(680)
|
|
2,170
|
Stock-based compensation expense
|
|
15,524
|
|
15,706
|
Other non-cash interest expense
|
|
4,862
|
|
1,329
|
Other
|
|
|
1,441
|
|
(2,551)
|
Changes in
assets and liabilities, net of effect
|
|
|
|
|
from purchases and sales of businesses:
|
|
|
|
|
Decrease in receivables
|
|
117,358
|
|
44,564
|
(Increase) in inventory
|
|
(49,781)
|
|
(41,392)
|
Decrease in prepaid expenses and other
|
|
|
|
|
current and long-term assets
|
|
4,617
|
|
1,306
|
(Decrease) in accounts payable
|
|
(105,841)
|
|
(133,960)
|
(Decrease) in accrued compensation and benefits
|
(45,649)
|
|
(57,837)
|
Increase (decrease) in accrued losses
|
|
715
|
|
(8,471)
|
Increase in other accrued liabilities
|
|
7,375
|
|
37,229
|
Other
|
|
|
(8,532)
|
|
(9,599)
|
Cash Provided By Operating Activities
|
|
167,073
|
|
55,256
|
Cash Flows From
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
|
|
(31,295)
|
|
(26,498)
|
Acquisition of businesses,
net of cash acquired
|
|
(12,006)
|
|
(33,355)
|
Purchase of marketable
securities
|
|
(14,213)
|
|
(14,308)
|
Proceeds from sales of
marketable securities
|
|
11,737
|
|
19,205
|
Other
|
|
|
|
5,355
|
|
6,515
|
Cash (Used For) Investing Activities
|
|
(40,422)
|
|
(48,441)
|
Cash Flows From
Financing Activities:
|
|
|
|
|
Additions to long-term and
short-term debt
|
|
38,765
|
|
83,312
|
Reductions of long-term and
short-term debt
|
|
(18,774)
|
|
(6,501)
|
Cash dividends
|
|
|
(71,276)
|
|
(66,763)
|
Shares of common stock
repurchased and returned for taxes
|
(45,292)
|
|
(8,954)
|
Payments of
acquisition-related contingent consideration
|
(1,631)
|
|
(24,750)
|
Other
|
|
|
|
270
|
|
1,048
|
Cash (Used For) Financing Activities
|
|
(97,938)
|
|
(22,608)
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and
|
|
|
|
Cash
Equivalents
|
(12,815)
|
|
(20,548)
|
|
|
|
|
|
|
|
Net Change in Cash
and Cash Equivalents
|
15,898
|
|
(36,341)
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
174,711
|
|
332,868
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents at End of Period
|
$
190,609
|
|
$
296,527
|
Photo - http://photos.prnewswire.com/prnh/20160105/319545
Photo - http://photos.prnewswire.com/prnh/20160105/319544
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rpm-reports-fiscal-2016-second-quarter-results-300200006.html
SOURCE RPM International Inc.