Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/97854/000095013407003950/d42991e10vk.htm
SEC Filings
TNB Annual Reports
TNB Quarterly Reports
TNB Corporate News
Bylaw Change
Change in Assets
Change in Control
Ending Agreement
Event for Officers
Financial Exhibit
Listing Status
Other Events
Security Holders Change May 2012
Financial Exhibit
Other Events May 2012
Financial Exhibit
Other Events
Vote of Security Holders May 2012
Financial Exhibit
Other Events March 2012
Earnings Release
Financial Exhibit
New Agreement
Other Events January 2012
Regulated Disclosure December 2011
Earnings Release
Financial Exhibit October 2011
Financial Exhibit
New Agreement
New Financial Obligation August 2011
Earnings Release
Financial Exhibit July 2011
Event for Officers
Financial Exhibit
Vote of Security Holders May 2011
Bylaw Change
Change in Assets
Change in Control
Ending Agreement
Event for Officers
Financial Exhibit
Listing Status
Other Events
Security Holders Change
Change in Assets
Change in Control
Ending Agreement
Event for Officers
Financial Exhibit
Listing Status
Other Events
Security Holders Change
May 2012
Financial Exhibit
Other Events
Other Events
May 2012
Financial Exhibit
Other Events
Vote of Security Holders
Other Events
Vote of Security Holders
May 2012
Financial Exhibit
Other Events
Other Events
March 2012
Earnings Release
Financial Exhibit
New Agreement
Other Events
Financial Exhibit
New Agreement
Other Events
January 2012
Regulated Disclosure
December 2011
Earnings Release
Financial Exhibit
Financial Exhibit
October 2011
Financial Exhibit
New Agreement
New Financial Obligation
New Agreement
New Financial Obligation
August 2011
Earnings Release
Financial Exhibit
Financial Exhibit
July 2011
Event for Officers
Financial Exhibit
Vote of Security Holders
Financial Exhibit
Vote of Security Holders
May 2011
Last10K.com | 10-K Annual Report Fri Feb 23 2007
EX-99 2 a5327043-ex99.txt EXHIBIT 99 EXHIBIT 99 Thomas & Betts Corporation Reports 2006 Earnings Full Year and Fourth Quarter Sales Up 10 Percent; Diluted E.P.S. $2.85 for Full Year and $0.84 for Fourth Quarter; E.P.S. Includes Special Tax-Related Items MEMPHIS, Tenn.--(BUSINESS WIRE)--Feb. 5, 2007--Thomas & Betts Corporation (NYSE: TNB) today reported full year 2006 net sales of $1.9 billion, up 10.2 percent over 2005. Earnings from operations were $245.8 million or 13.2 percent of sales compared to $204.0 million or 12.0 percent of sales in 2005. 2006 net earnings were $175.1 million or $2.85 per diluted share compared to $113.4 million or $1.86 per diluted share in the prior year. "Thomas & Betts had a great year in 2006. We delivered outstanding operating results for the year, which were driven by strong performance in all of our businesses," said Dominic J. Pileggi, chairman and chief executive officer. "Operating cash flow was also excellent and we finished the year with what we believe is the strongest financial position in the company's history. We look forward to continuing our positive momentum in 2007 and further strengthening our leadership position in our key markets." Stronger demand in industrial, commercial and utility markets as well as the impact of price increases that offset higher material and energy costs drove the year over year increase in sales. Notably, sales in the company's Steel Structures segment were up nearly 20 percent driven by continued investment by utilities in high-voltage transmission projects. Foreign currency benefited consolidated sales by approximately $23 million for the full year. Both gross margin and selling, general and administrative expense improved as a percent of sales for the year 2006. Gross margin was 30.5 percent compared to 29.5 percent in 2005, reflecting higher sales volumes and the company's continued ability to offset higher material and energy costs. SG&A was 17.3 percent of sales in 2006, down from 17.5 percent in 2005. Net interest expense decreased by approximately $10 million in 2006 as a result of lower average debt levels and higher interest income. 2006 net earnings include a fourth quarter non-cash income tax benefit of $36.5 million related to the release of valuation allowances on state deferred tax assets. This benefit was partially offset by a fourth quarter income tax charge of $31.9 million due to the distribution of approximately $100 million from a foreign subsidiary. 2005 net earnings included a fourth quarter income tax charge of $16.4 million related to the repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004. FOURTH QUARTER 2006 RESULTS Fourth quarter 2006 sales were $485.6 million, up 9.6 percent from the fourth quarter 2005. Price increases that offset higher costs and increased volume in the Steel Structures segment contributed significantly to the sales improvement. Foreign currency benefited consolidated sales by approximately $9 million in the quarter. Fourth quarter 2006 gross margin was 29.7 percent of sales and earnings from operations were $61.7 million or 12.7 percent of sales. This compares to gross margin of 30.4 percent and earnings from operations of $59.2 million or 13.4 percent of sales in the prior year period. The effect of higher costs offset by higher selling prices diluted both gross margin and earnings from operations as a percent of sales. 2006 fourth quarter net earnings were $50.9 million or $0.84 per diluted share compared to $25.8 million or $0.42 per diluted share in the fourth quarter 2005. 2006 results include the previously mentioned non-cash income tax benefit of $36.5 million ($0.60 per share) related to the release of valuation allowances on state deferred tax assets. This benefit was partially offset by a fourth quarter income tax charge of $31.9 million ($0.53 per share) due to the distribution of approximately $100 million from a foreign subsidiary. 2005 fourth quarter net earnings included an income tax charge of $16.4 million ($0.27 per share) related to the repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004. Income tax expense also reflected favorable year-end adjustments of $4.7 million ($0.08 per share) in the fourth quarter 2006 compared to approximately $3.9 million ($0.06 per share) in the prior year period. SEGMENT RESULTS Electrical segment fourth quarter sales were $381.0 million, an 8.1 percent increase over the fourth quarter 2005. For the full year, Electrical segment sales were up approximately 10 percent to $1.5 billion compared to $1.4 billion in 2005. For the quarter, higher selling prices that offset increased material and energy costs contributed significantly to the sales growth while foreign currency benefited sales by approximately $7 million. Higher selling prices that offset increased costs and improved volume contributed to the sales increase for the full year. Foreign currency benefited sales by approximately $21 million. Electrical segment earnings were $47.2 million in the fourth quarter, or 12.4 percent of sales. This compares to $44.9 million or 12.7 percent of sales in the fourth quarter 2005. Full year 2006 segment earnings were $201.6 million or 13.3 percent of sales compared to $161.8 million or 11.7 percent of sales in 2005. The fourth quarter earnings improvement reflects the company's continued ability to offset increased material and energy costs through higher selling prices as well as improved operating efficiencies. The effect of higher costs offset by higher selling prices diluted segment earnings as a percent of sales in the fourth quarter 2006. For the full year 2006, the earnings improvement reflects higher selling prices to offset increased costs, increased sales volume and improved operating efficiencies. Sales in the Steel Structures segment were $64.0 million in the quarter, up nearly 30 percent compared to the prior year period. Fourth quarter 2006 sales include $10.7 million of lattice tower sales sourced from a third party compared to $0.7 million of lattice tower sales in the prior year period. For the full year, segment sales were $221.7 million, including $23.1 million in lattice tower sales. This compares to 2005 segment sales of $186.0 million including $2.5 million in lattice tower sales. The sale of lattice towers sourced from a third party and increased manufacturing capacity to support sales of highly engineered poles contributed to the year-over-year sales improvement. Steel Structures segment earnings were $8.8 million or 13.7 percent of sales in the fourth quarter and $28.8 million or 13.0 percent of sales for the full year 2006. This compares to $8.2 million or 16.6 percent of sales in the prior year quarter and $29.0 million or 15.6 percent of sales for the full year 2005. This segment benefited from an exceptionally favorable project mix in the second half of 2005. Fourth quarter 2006 HVAC segment sales of $40.6 million and earnings of $6.2 million were essentially flat with the prior year period. For the full-year 2006, HVAC sales were $135.5 million compared to $132.1 million in 2005. Full year segment earnings increased to $16.3 million compared to $14.6 million in 2005, reflecting higher sales and disciplined cost control. CASH FLOW AND DEBT HIGHLIGHTS Thomas & Betts continued to generate strong operating cash flow in 2006 with cash from operations of $221 million. The company ended the year with approximately $371 million in cash and marketable securities and $388 million in total debt. Total debt was 26.6 percent of total capitalization at year end, compared to 33.8 percent at the end of 2005. Major uses of cash during 2006 included: the repurchase of 3.7 million shares at a cost of $201 million (including 0.7 million shares for $34 million in the fourth quarter); a $150 million scheduled debt repayment; and $34 million for acquisition costs in the company's Electrical segment. Improved profitability and a continued emphasis on working capital management contributed to the strong cash performance. The share repurchase activity in the fourth quarter had no net effect on earnings per share in the quarter. 2007 DIRECTIONAL GUIDANCE "2006 was a very successful year for Thomas & Betts and we enter 2007 well positioned to continue to deliver excellent performance," said Pileggi. "Looking forward, we expect continued growth in industrial, non-residential construction and utility markets in 2007. Given this, we are targeting top line growth in the mid-single digit range driven primarily by volume improvements and earnings per diluted share in the range of $3.05 to $3.15 for the full year 2007. We also expect cash flow to continue to be very strong. Our earnings guidance assumes a tax rate of approximately 31 percent for 2007." CORPORATE OVERVIEW Thomas & Betts Corporation (www.tnb.com) is a leading designer and manufacturer of electrical components used in industrial, commercial, communications and utility markets. The company is also a leading producer of commercial heating and ventilation units and highly engineered steel structures used, among other things, for utility transmission. Headquartered in Memphis, Tenn., the company has manufacturing, distribution and office facilities worldwide. NOTE: The attached financial tables support the information in this news release: Consolidated Statements of Operations Segment Information Consolidated Balance Sheets Consolidated Statements of Cash Flows CAUTIONARY STATEMENT This press release includes forward-looking statements that are identified by terms such as "optimistic," "trend," "will," and "believe." These statements discuss business strategies, economic outlook and future performance. These forward-looking statements make assumptions regarding the company's operations, business, economic and political environment, including, without limitation, customer demand, government regulation, terrorist acts and acts of war. The actual results may be materially different from any future results expressed or implied by such forward-looking statements. Please see the "Business Risks" section of the company's Form 10-K for the fiscal year ended December 31, 2005 for further information related to these uncertainties. The company undertakes no obligation to publicly release any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. CONFERENCE CALL AND WEBCAST INFORMATION Thomas & Betts will hold a conference call and webcast to discuss the company's 2006 results on Tuesday, February 6, 2007 at 11:00 a.m. Eastern (10:00 a.m. Central). To access the call, please call 201-689-8341. The call can also be accessed via the Thomas & Betts corporate website at www.tnb.com . The conference call will be recorded and available for replay through 12:00 midnight Eastern on Monday, February 12, 2007. To access the replay, please call 201-612-7415, account number 9517, pass code 228653. THOMAS & BETTS CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Quarter Ended Year to Date ------------------------- ------------------------- December 31, December 31, December 31, December 31, 2006 2005 2006 2005 ------------ ------------ ------------ ------------ Net sales $ 485,607 $ 443,036 $ 1,868,689 $ 1,695,383 Cost of sales 341,377 308,486 1,299,299 1,195,256 ------------ ------------ ------------ ------------ Gross profit 144,230 134,550 569,390 500,127 Gross profit - % of net sales 29.7% 30.4% 30.5% 29.5% Selling, general and administrative 82,497 75,400 323,577 296,132 Selling, general and administrative - % of net sales 17.0% 17.0% 17.3% 17.5% ------------ ------------ ------------ ------------ Earnings from operations 61,733 59,150 245,813 203,995 Earnings from operations - % of net sales 12.7% 13.4% 13.2% 12.0% Income from unconsolidated companies 382 408 952 1,377 Interest expense, net (3,543) (4,890) (14,840) (25,214) Other (expense) income, net (130) (798) 1,517 (4,298) ------------ ------------ ------------ ------------ Earnings before income taxes 58,442 53,870 233,442 175,860 Income tax provision 7,562 28,101 58,312 62,452 ------------ ------------ ------------ ------------ Net earnings $ 50,880 $ 25,769 $ 175,130 $ 113,408 ============ ============ ============ ============ Net earnings per share: Basic earnings per share $ 0.85 $ 0.42 $ 2.90 $ 1.89 ============ ============ ============ ============ Diluted earnings per share $ 0.84 $ 0.42 $ 2.85 $ 1.86 ============ ============ ============ ============ Average shares outstanding: Basic 59,597 60,686 60,434 60,054 Diluted 60,530 61,758 61,447 61,065 THOMAS & BETTS CORPORATION AND SUBSIDIARIES Segment Information (In thousands) (Unaudited) Quarter Ended Year to Date ------------------------- ------------------------- December 31, December 31, December 31, December 31, 2006 2005 2006 2005 ------------ ------------ ------------ ------------ Net sales: Electrical $ 381,002 $ 352,539 $ 1,511,557 $ 1,377,338 Steel Structures 63,970 49,494 221,671 185,995 HVAC 40,635 41,003 135,461 132,050 ------------ ------------ ------------ ------------ Total net sales $ 485,607 $ 443,036 $ 1,868,689 $ 1,695,383 ============ ============ ============ ============ Segment earnings: Electrical $ 47,169 $ 44,932 $ 201,648 $ 161,823 Steel Structures 8,769 8,239 28,780 28,998 HVAC 6,177 6,387 16,337 14,551 ------------ ------------ ------------ ------------ Total reportable segment earnings 62,115 59,558 246,765 205,372 Interest expense, net (3,543) (4,890) (14,840) (25,214) Other (130) (798) 1,517 (4,298) ------------ ------------ ------------ ------------ Earnings before income taxes $ 58,442 $ 53,870 $ 233,442 $ 175,860 ============ ============ ============ ============ Segment earnings - % of net sales: Electrical 12.4% 12.7% 13.3% 11.7% Steel Structures 13.7% 16.6% 13.0% 15.6% HVAC 15.2% 15.6% 12.1% 11.0% THOMAS & BETTS CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (Unaudited) December 31, December 31, 2006 2005 ------------ ------------ ASSETS Current assets: Cash and marketable securities $ 371,339 $ 508,896 Receivables, net 204,270 185,391 Inventories 218,536 198,107 Other current assets 74,225 57,748 ------------ ------------ Total current assets 868,370 950,142 Net property, plant and equipment 267,200 267,026 Goodwill 490,210 462,810 Investments in unconsolidated companies 115,726 115,665 Other assets 88,717 124,753 ------------ ------------ Total assets $ 1,830,223 $ 1,920,396 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 719 $ 150,804 Accounts payable 144,844 138,060 Accrued liabilities 102,966 115,547 ------------ ------------ Total current liabilities 248,529 404,411 Long-term debt 386,912 387,155 Other long-term liabilities 126,423 76,240 Shareholders' equity 1,068,359 1,052,590 ------------ ------------ Total liabilities and shareholders' equity $ 1,830,223 $ 1,920,396 ============ ============ THOMAS & BETTS CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) (Unaudited) Year to Date ------------------------- December 31, December 31, 2006 2005 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $175,130 $113,408 Adjustments: Depreciation and amortization 47,842 50,327 Share-based compensation expense 11,919 - Deferred income taxes 18,129 28,159 Incremental tax benefits from share-based payments (11,320) - Changes in operating assets and liabilities, net: Receivables (11,441) (15,440) Inventories (15,927) 11,756 Accounts payable 3,534 17,837 Accrued liabilities (14,776) 2,704 Funding to qualified pension plans (1,585) (28,693) Other 19,663 13,039 ------------ ------------ Net cash provided by (used in) operating activities 221,168 193,097 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (44,345) (36,455) Purchases of businesses (34,031) (16,526) Marketable securities 291,773 (105,664) Other 659 720 ------------ ------------ Net cash provided by (used in) investing activities 214,056 (157,925) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt and other borrowings (150,896) (7,291) Stock options exercised 57,119 34,650 Incremental tax benefits from share-based payments 11,320 - Repurchase of common shares (200,796) - ------------ ------------ Net cash provided by (used in) financing activities (283,253) 27,359 ------------ ------------ EFFECT OF EXCHANGE RATE ON CASH 2,255 3,022 ------------ ------------ Net increase (decrease) in cash and cash equivalents 154,226 65,553 Cash and cash equivalents at beginning of period 216,742 151,189 ------------ ------------ Cash and cash equivalents at end of period $370,968 $216,742 ============ ============ Cash payments for interest $33,016 $37,896 Cash payments for income taxes $44,896 $36,470 CONTACT: Thomas & Betts Corporation Tricia Bergeron, 901-252-8266 tricia.bergeron@tnb.com
The following information was filed by Thomas Betts Corp (TNB) on Tuesday, February 6, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Thomas Betts Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Thomas Betts Corp.
Assess how Thomas Betts Corp's management team is paid from their Annual Proxy
Thomas Betts Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Material Contracts, Statements, Certifications & more
Thomas Betts Corp provided additional information to their SEC Filing as exhibits
Exhibit 12: Statement Re Computation Of Ratio Of Earnings To Fixed Charges
Exhibit 21: Subsidiaries Of The Registrant
Exhibit 23: Consent Of Kpmg Llp
Exhibit 31.1: Certification Of Principal Executive Officer
Exhibit 31.2: Certification Of Principal Financial Officer
Exhibit 32: Certifications Pursuant To Rule 13A-14(B) Or Rule 15D-14(B)
Ticker: TNB
CIK: 97854
Form Type: 10-K Annual Report
Accession Number: 0000950134-07-003950
Submitted to the SEC: Fri Feb 23 2007 2:28:34 PM EST
Accepted by the SEC: Fri Feb 23 2007
Period: Sunday, December 31, 2006
Industry: Electric Lighting And Wiring Equipment
External Resources:
Stock Quote
Social Media
SEC.gov
Bookmark the Permalink: https://last10k.com/sec-filings/tnb/0000950134-07-003950.htm
SEC Filing Exhibit
PDF Download
Loading SEC Filing Exhibit...
Excel DownloadLoading SEC Filing Financial Summary...