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TEMPUR-PEDIC
REPORTS FOURTH QUARTER AND FULL YEAR EARNINGS
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Reports Fourth Quarter Adjusted EPS of $0.17; GAAP EPS of
$0.01
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LEXINGTON, KY, January 22,
2009 – Tempur-Pedic International Inc.
(NYSE: TPX), the leading manufacturer, marketer and distributor of premium
mattresses and pillows worldwide, today announced financial results for the
fourth quarter and year ended December 31, 2008. The Company also announced
financial guidance for 2009.
FOURTH
QUARTER FINANCIAL SUMMARY
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Adjusted
earnings per share (EPS) were $0.17 per diluted share in the fourth
quarter of 2008 as compared to GAAP EPS of $0.52 per diluted share in the
fourth quarter of 2007. GAAP EPS in the fourth quarter of 2008 was $0.01,
and reflects the tax provision related to the previously announced
repatriation of foreign earnings. The Company reported adjusted net income
of $12.7 million for the fourth quarter of 2008 as compared to GAAP net
income of $39.9 million in the fourth quarter of 2007. GAAP net income in
the fourth quarter of 2008 was $1.1 million. For additional information
regarding adjusted EPS and adjusted net income (which are non-GAAP
measures), please refer to the reconciliation and other information
included in the attached
schedule.
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Net
sales declined 35% to $189.1 million in the fourth quarter of 2008 from
$289.0 million in the fourth quarter of 2007. Net sales in the domestic
segment declined 39%, while international segment net sales declined 27%.
On a constant currency basis, international segment net sales decreased
19%.
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Mattress
units declined 31% globally. Mattress units declined 39% domestically and
21% internationally. Pillow units declined 37% globally. Pillow units
declined 48% domestically and 24%
internationally.
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Gross
profit margin was 43.0% as compared to 48.8% in the fourth quarter of
2007. The gross profit margin declined as a result of increased commodity
costs, fixed cost de-leverage related to lower production volumes, and a
significant net sales decline in the higher margin Direct channel,
partially offset by efficiencies in manufacturing
productivity.
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Operating
profit margin was 13.4% as compared to 23.4% in the fourth quarter of
2007. Operating profit margin decline resulted from gross profit margin
declines and operating expense de-leverage related to lower sales levels.
The Company reduced operating expenses by $17.3 million to $56.0 million
in the fourth quarter of 2008 from $73.3 million in the fourth quarter of
2007.
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Reflecting
the Company’s continued focus on generating cash, operating cash flow
increased to $29.5 million in the fourth quarter of 2008 from a use of
$3.5 million in the fourth quarter of
2007.
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During
the quarter, the Company reduced Total debt by $99.4 million to $419.3
million. As of December 31, 2008, the Company’s ratio of Funded debt to
EBITDA was 2.44 times, well within the covenant in its credit facility,
which requires that this ratio not exceed 3.00 times. For additional
information about EBITDA and Funded debt (which are non-GAAP measures),
please refer to the reconciliation and other information included in the
attached schedule.
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During
the quarter, the Company executed the first phase of its previously
announced repatriation of foreign earnings. Currently, the Company
anticipates repatriating approximately $150.0 million, up from the
previously announced $140.0 million. The Company has recorded an $11.6
million tax provision associated with the entire $150.0 million
repatriation initiative.
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The following information was filed by Tempur Sealy International, Inc. (TPX) on Thursday, January 22, 2009 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.
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Tempur Sealy International, Inc. provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: TPX
CIK: 1206264
Form Type: 10-K Annual Report
Accession Number: 0001206264-09-000004
Submitted to the SEC: Thu Feb 12 2009 7:15:28 AM EST
Accepted by the SEC: Thu Feb 12 2009
Period: Wednesday, December 31, 2008
Industry: Household Furniture
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