EX-99.2 3 dex992.htm CRANE CO. QUARTERLY FINANCIAL DATA SUPPLEMENT Crane Co. Quarterly Financial Data Supplement

Exhibit 99.2

CRANE CO.

Income Statement Data

(in thousands, except per share data)

 

     Three Months Ended  
     March 31,  
     2007     2006  
Net Sales:     

Aerospace & Electronics

    $ 148,392     $ 139,540  

Engineered Materials

      87,748       85,949  

Merchandising Systems

      97,364       52,556  

Fluid Handling

      263,124       242,179  

Controls

      31,762       29,329  

Intersegment Elimination

      (173 )     (170 )
                

Total Net Sales

    $ 628,217     $ 549,383  
                
Operating Profit:     

Aerospace & Electronics

    $ 21,026     $ 22,406  

Engineered Materials

      16,038       15,740  

Merchandising Systems

      9,631       3,752  

Fluid Handling

      31,141       25,478  

Controls

      2,346       1,540  

Corporate

      (11,783 )     (11,701 )
                

Total Operating Profit

      68,399       57,215  

Interest Income

      1,313       708  

Interest Expense

      (6,868 )     (5,527 )

Miscellaneous- Net

      1,813       1,261  
                

Income Before Income Taxes

      64,657       53,657  

Provision for Income Taxes

      21,012       16,258  
                
Net Income    $ 43,645     $ 37,399  
                
Share Data:     

Net Income per Diluted Share

    $ 0.71     $ 0.61  
                

Average Diluted Shares Outstanding

      61,207       61,801  

Average Basic Shares Outstanding

      60,209       60,718  

Supplemental Data:

     

Cost of Sales

    $ 423,683     $ 371,501  

Selling, General & Administrative

      136,135       120,667  

Depreciation and Amortization *

      15,576       15,265  

Stock Compensation Expense

      4,304       4,082  
* Amount included within cost of sales and selling, general & administrative costs.

CRANE CO.

Condensed Balance Sheets

(in thousands)

 

     March 31,    December 31,
     2007    2006

ASSETS

      

Current Assets

      

Cash and Cash Equivalents

    $ 133,921    $ 138,607

Accounts Receivable

      358,102      330,146

Current Insurance Receivable - Asbestos

      21,000      52,500

Inventories

      327,623      313,259

Other Current Assets

      63,547      45,897
             

Total Current Assets

      904,193      880,409

Property, Plant and Equipment

      276,683      289,555

Long-Term Insurance Receivable - Asbestos

      164,030      170,400

Other Assets

      388,805      385,384

Goodwill

      709,246      704,736
             

Total Assets

    $ 2,442,957    $ 2,430,484
             

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current Liabilities

      

Notes Payable and Current Maturities of Long-Term Debt

    $ 11,310    $ 9,505

Accounts Payable

      172,479      161,270

Current Asbestos Liability

      70,000      70,000

Accrued Liabilities

      194,551      196,723

Income Taxes

      32,436      24,428
             

Total Current Liabilities

      480,776      461,926

Long-Term Debt

      392,115      391,760

Deferred Tax Liability

      91,822      89,595

Long-Term Asbestos Liability

      442,877      459,567

Other Liabilities

      112,789      109,033

Shareholders’ Equity

      922,578      918,603
             

Total Liabilities and Shareholders’ Equity

    $ 2,442,957    $ 2,430,484
             

CRANE CO.

Condensed Statements of Cash Flows

(in thousands)

 

     Three Months Ended
March 31,		  
     2007     2006  

Operating Activities:

     

Net income

    $ 43,645     $ 37,399  

Income from joint venture

      (1,017 )     (1,761 )

Depreciation and amortization

      15,576       15,265  

Stock-based compensation expense

      4,304       4,082  

Cash used for operating working capital

      (25,648 )     (32,899 )

Other

      (21,151 )     4,196  
                

Subtotal

      15,709       26,282  

Asbestos related payments, net of insurance recoveries

      21,180       (9,300 )
                

Total provided by operating activities

      36,889       16,982  
                

Investing Activities:

     

Capital expenditures

      (6,963 )     (8,390 )

Proceeds from disposition of capital assets

      11,032       1,236  

Payment for acquisition, net of cash acquired

      (5 )     (85,338 )
                

Total provided from (used) for investing activities

      4,064       (92,492 )
                

Financing Activities:

     

Dividends paid

      (9,050 )     (7,623 )

Reacquisition of shares on open market

      (40,001 )     (12,041 )

Stock options exercised - net of shares reacquired

      (387 )     8,396  

Excess tax benefit from stock-based compensation

      690       1,716  

Repayment of debt, net

      1,733       (202 )
                

Total used for financing activities

      (47,015 )     (9,754 )
                

Effect of exchange rate on cash and cash equivalents

      1,376       1,373  
                

Decrease in cash and cash equivalents

      (4,686 )     (83,891 )

Cash and cash equivalents at beginning of period

      138,607       180,392  
                

Cash and cash equivalents at end of period

    $ 133,921     $ 96,501  
                

CRANE CO.

Order Backlog

(in thousands)

 

     March 31,
2007		    December 31,
2006		    March 31,
2006

Aerospace & Electronics

    $ 405,792    $ 396,799    $ 363,443

Engineered Materials

      17,437      13,198      16,972

Merchandising Systems

      33,231      33,170      14,838

Fluid Handling

      237,144      210,532      202,739

Controls

      33,224      22,982      23,578
                    

Total Backlog

    $ 726,828    $ 676,681    $ 621,570
                    

CRANE CO.

Non-GAAP Financial Measures

(in thousands)

 

     March 31,
2007		     December 31,
2006		  
BALANCE SHEET ITEMS     

Notes Payable and Current Maturities of Long-Term Debt

    $ 11,310     $ 9,505  

Long-Term Debt

      392,115       391,760  
                

Total Debt

      403,425       401,265  

Less Cash and Cash Equivalents

      (133,921 )     (138,607 )
                

Net Debt

      269,504       262,658  

Shareholders’ Equity

      922,578       918,603  
                

Total Capitalization

    $ 1,192,082     $ 1,181,261  
                

Percentage of Net Debt to Total Capitalization

      22.6 %     22.2 %

 

     Three Months Ended
March 31,		    

Year Ended

December 31,

  
     2007     2006     2007     2006  
                 (Estimated)        
CASH FLOW ITEMS         

Cash Provided from Operating Activities before Asbestos - Related Payments

    $ 15,709     $ 26,282     $ 240,000 - 255,000     $ 222,258  

Asbestos Related Payments, Net of Insurance Recoveries

      (10,320 )     (9,300 )     (51,500 )     (40,563 )

Equitas Receipts

      31,500       —         31,500       —    
                                

Cash Provided from Operating Activities

      36,889       16,982     $ 220,000 - 235,000       181,695  

Less: Capital Expenditures

      (6,963 )     (8,390 )     (45,000 )     (27,171 )
                                

Free Cash Flow

    $ 29,926     $ 8,592     $ 175,000 - 190,000     $ 154,524  
                                

Certain non-GAAP measures have been provided to facilitate comparison with the prior year.

Free cash flow provides supplemental information to assist management and investors in analyzing the Company’s ability to generate positive cash flow. Free cash flow is considered a measure of cash generation and should be considered in addition to, but not as a substitute for, other measures reported in accordance with generally accepted accounting principles and may be inconsistent with similar measures presented by other companies.