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TEMPUR-PEDIC
REPORTS FOURTH QUARTER AND FULL YEAR EARNINGS
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Reports Fourth Quarter EPS of
$0.38
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Company Announces $100 Million Share Repurchase
Program
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LEXINGTON, KY, January 26,
2010 – 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, 2009. The Company also announced a $100 million share
repurchase program and confirmed its financial guidance for 2010.
FOURTH
QUARTER FINANCIAL SUMMARY
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Earnings
per share (EPS) were $0.38 per diluted share in the fourth quarter of 2009
as compared to adjusted EPS of $0.17 per diluted share in the fourth
quarter of 2008. GAAP EPS in the fourth quarter of 2008 was $0.01, and
reflects the $11.6 million tax provision related to the Company’s
repatriation of foreign earnings. The Company reported net income of $29.1
million for the fourth quarter of 2009 as compared to adjusted net income
of $12.7 million in the fourth quarter of 2008. 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 increased 29% to $244.8 million in the fourth quarter of 2009 from
$189.1 million in the fourth quarter of 2008. On a constant currency
basis, net sales increased 24%. Net sales in the domestic segment
increased 40%, while international segment net sales increased 15%. On a
constant currency basis, international segment net sales increased
3%.
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Mattress
sales increased 26% globally. Mattress sales increased 34% in the domestic
segment and 12% in the international segment. On a constant currency
basis, international mattress sales were essentially unchanged. Pillow
sales increased 23% globally. Pillow sales increased 39% domestically and
13% internationally. On a constant currency basis, international pillow
sales increased 1%.
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Gross
profit margin was 48.5% as compared to 43.0% in the fourth quarter of
2008. The gross profit margin increased as a result of improved
efficiencies in manufacturing, lower commodity costs, fixed cost leverage
related to higher production volumes and improved pricing, partially
offset by geographic mix and new product
introductions.
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Operating
profit margin was 19.3% as compared to 13.4% in the fourth quarter of
2008.
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The
Company generated $14.6 million of operating cash flow in the fourth
quarter of
2009.
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During
the quarter, the Company reduced Total debt by $17.5 million to $297.5
million. As of December 31, 2009, the Company’s ratio of Funded debt to
EBITDA was 1.68 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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The following information was filed by Tempur Sealy International, Inc. (TPX) on Tuesday, January 26, 2010 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: 0001206264-10-000008
Submitted to the SEC: Mon Feb 08 2010 4:44:45 PM EST
Accepted by the SEC: Mon Feb 08 2010
Period: Thursday, December 31, 2009
Industry: Household Furniture
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