ST. PAUL, MN -- H.B. Fuller Co. today reported financial results for the fourth quarter that ended Dec. 1, 2012.

Fourth Quarter 2012 Highlights Included:

Integration of the acquired Forbo adhesives business remained on or ahead of schedule and on track to fully deliver synergy targets;

Net revenue was up 28 percent, organic revenue was up 3 percent from last year's fourth quarter, as adjusted to reflect the same number of weeks in each period;

Gross profit margin improved 120 basis points compared to the prior quarter;

Regional operating income2 increased 36 percent versus last year;

Adjusted diluted EPS from continuing operations of $0.641 was up approximately 23 percent on a comparable 13 week basis.

Full-Year 2012 Highlights Included:

Achieved record levels of net revenue and adjusted diluted earnings per share from continuing operations;

Completed acquisition of Industrial Adhesives business from the Forbo Group;

Completed divestiture of Central America Paints business to Grupo Mundial;

Integration of the acquired Forbo adhesives business remained on schedule and on track to fully deliver synergy targets;

Organic revenue increased 6 percent when adjusting for the extra week in the prior year;

Regional operating income2 increased 39 percent year-over-year;

Adjusted diluted EPS1 from continuing operations grew 28 percent year-over-year.

Note that the 2011 fiscal year had 53 weeks of commercial activity, with the extra week in the fourth quarter of 2011, while the 2012 fiscal year was the normal 52 weeks in length.

Fourth Quarter 2012 Results:

Net income from continuing operations for the fourth quarter of 2012 was $25.0 million, or $0.49 per diluted share, versus net income from continuing operations of $22.2 million, or $0.45 per diluted share, in last year's fourth quarter. Adjusted total diluted earnings per share from continuing operations in the fourth quarter of 2012 were $0.641, up 14 percent from the prior year's adjusted result of $0.561 and up 23 percent on a comparable 13 week basis.

Net revenue for the fourth quarter of 2012 was $513.3 million, up 27.8 percent versus the fourth quarter of 2011. Year-over-year growth was approximately 35 percent when adjusting for the extra week in the prior year. When excluding the incremental revenue from the acquired Forbo business, net revenue was flat, representing 3 percent organic growth offset by 3 percentage points of unfavorable foreign currency translation. The organic growth was comprised of a 1 percent increase in price and 2 percent growth in volume.

"The results we delivered in the final quarter of this fiscal year are impressive, even when comparing to last year's reported results which included an extra week," said Jim Owens, H.B. Fuller president and chief executive officer. "Our fourth quarter revenue came in right on target and we exceeded our internal expectations for margin expansion as some business integration benefits were realized earlier than anticipated and the raw material cost environment was generally favorable. Our performance trends are good, our integration plans are on schedule and we have strong momentum as we enter the 2013 fiscal year."

Gross profit margin from continuing operations was flat compared to the prior year as the margin dilution from the acquired Forbo business was fully offset by benefits from the business integration activities and other margin enhancement initiatives. Sequentially, gross profit margin increased 120 basis points, due to the positive impact of the business integration and the favorable raw material cost environment. Relative to the prior year, Selling, General and Administrative (SG&A) expense from continuing operations increased by 24 percent to $95.4 million, but was down 50 basis points as a percentage of net revenue to 18.6 percent.

Balance Sheet and Cash Flow:

At the end of the fourth quarter of 2012, the Company had cash totaling $200 million and total debt of $520 million. This compares to third quarter levels of $208 million and $532 million, respectively. Sequentially, net debt was essentially unchanged. Operating cash flow in the fourth quarter was $44 million reflecting solid profitability in the core business and better inventory management. Operating cash flow for the full-year was $109 million. Capital expenditures were $21.0 million in the fourth quarter and $39.2 million for the full-year.

Fiscal Year 2012 Results:

"This has been a transformative year for H.B. Fuller", said Owens. "While working to complete the acquisition of the industrial adhesives business from the Forbo Group and the divestiture of the Central America Paints business, our teams kept the momentum going. EBITDA margin expansion is one of our key financial metrics and in 2012 we delivered. In 2012 we increased our EBITDA margin by 90 basis points relative to the reported level of last year – and this was achieved while integrating the Forbo business that generated about 6 percent EBITDA margin in the year before the acquisition. The results of our hard work are evident and plans are set to extend these trends in 2013."

Net income from continuing operations for the 2012 fiscal year was $68.3 million, or $1.34 per diluted share, versus $80.2 million, or $1.61 per diluted share, in the 2011 fiscal year. Adjusted total diluted earnings per share from continuing operations in the 2012 fiscal year were $2.201, up 28 percent from the prior year's adjusted result of $1.721.

Net revenue for the 2012 fiscal year was $1,886.2 million, up 30.6 percent versus the 2011 fiscal year. Year-over-year growth was approximately 33 percent when adjusting for the extra week in the prior year. When excluding the incremental revenue from the acquired Forbo business, net revenue grew 3 percent, representing 6 percent organic growth offset by 3 percentage points of unfavorable foreign currency translation. The organic growth was comprised of a 5 percent increase in price and 1 percent growth in volume.

Business Integration and Special Charges

The Company has implemented a comprehensive business integration program to deliver synergies related to the acquisition of the Forbo adhesives business and to improve the performance of the EIMEA operating segment.

Fiscal 2013 Outlook:
The Company's adjusted earnings guidance for the 2013 fiscal year is a range of $2.55 to $2.65 per diluted share. Adjusted earnings per share exclude all special charges related to the business integration project which is ongoing.

The Company expects end-market demand to generally reflect the broad economic conditions in the regions where the Company operates. Reported revenue growth is expected to be more than 10 percent while organic revenue growth is expected to be in the low single digits, the difference reflecting the benefit of a full year of the Forbo business which was acquired at the beginning of the second quarter of 2012. Raw material costs are expected to remain at current levels through the first half of 2013 with some modest inflation possible in the second half of the year. The company anticipates margin expansion in 2013, primarily related to the benefits of the business integration project, driving operating income and EBITDA growth of about 20 percent. The EBITDA margin goal for 2013 is 12.5 percent, up approximately 100 basis points relative to the 2012 fiscal year and on track to achieve the 15 percent margin target for 2015. Capital expenditures will be unusually large in 2013 as a significant portion of the investment for the business integration project is completed. The company's earlier projections of $195 million of aggregate capital expenditures over the three years of the business integration project, or a total of about $250 million of capital expenditures over the fiscal years 2012 through 2015, are confirmed.

The table below shows each of the elements of the Company's 2013 guidance. All amounts shown are presented on the basis described above.

Expected Full-Year

Earnings per Diluted Share

$2.55 to $2.65

Core Tax Rate

30%

Capex ( $ millions)

$110

EBITDA ($ millions)

$260-$265

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

13 Weeks Ended

Percent of

14 Weeks Ended

Percent of

December 1, 2012

Net Revenue

December 3, 2011

Net Revenue

Net revenue

$

513,255

100.0%

$

401,545

100.0%

Cost of sales

(369,541)

(72.0%)

(289,284)

(72.0%)

Gross profit

143,714

28.0%

112,261

28.0%

Selling, general and administrative expenses

(95,395)

(18.6%)

(76,680)

(19.1%)

Special charges, net

(9,204)

(1.8%)

(7,499)

(1.9%)

Asset impairment charges

(846)

(0.2%)

-

0.0%

Other income (expense), net

759

0.1%

2,170

0.5%

Interest expense

(5,476)

(1.1%)

(2,895)

(0.7%)

Income from continuing operations before income taxes and income from equity method investments

33,552

6.5%

27,357

6.8%

Income taxes

(11,191)

(2.2%)

(7,753)

(1.9%)

Income from equity method investments

2,651

0.5%

2,575

0.6%

Income from continuing operations

25,012

4.9%

22,179

5.5%

Income from discontinued operations, net of tax

182

0.0%

4,418

1.1%

Net income including non-controlling interests

25,194

4.9%

26,597

6.6%

Net income attributable to non-controlling interests

(82)

(0.0%)

(188)

(0.0%)

Net income attributable to H.B. Fuller

$

25,112

4.9%

$

26,409

6.6%

Basic income per common share attributable to H.B. Fullera

Income from continuing operations

0.50

0.45

Income from discontinued operations

-

0.09

$

0.51

$

0.54

Diluted income per common share attributable to H.B. Fullera

Income from continuing operations

0.49

0.45

Income from discontinued operations

-

0.09

$

0.49

$

0.53

Weighted-average common shares outstanding:

Basic

49,640

48,937

Diluted

50,798

49,821

Dividends declared per common share

$

0.085

$

0.075

a Income per share amounts may not add due to rounding

 

 

Selected Balance Sheet Information (subject to change prior to filing of the Company's Annual Report on Form 10-K)

December 1, 2012

December 3, 2011

November 27, 2010

Cash & cash equivalents

$

200,436

$

154,649

$

131,777

Trade accounts receivable, net

320,152

217,424

196,965

Inventories

208,531

116,443

104,004

Trade payables

163,062

104,418

93,881

Total assets

1,786,320

1,227,709

1,153,457

Total debt

520,225

232,296

250,721

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

52 Weeks Ended

Percent of

53 Weeks Ended

Percent of

December 1, 2012

Net Revenue

December 3, 2011

Net Revenue

Net revenue

$

1,886,239

100.0%

$

1,444,085

100.0%

Cost of sales

(1,368,963)

(72.6%)

(1,040,253)

(72.0%)

Gross profit

517,276

27.4%

403,832

28.0%

Selling, general and administrative expenses

(354,735)

(18.8%)

(286,871)

(19.9%)

Special charges

(52,467)

(2.8%)

(7,499)

(0.5%)

Asset impairment charges

(1,517)

(0.1%)

(332)

(0.0%)

Other income (expense), net

784

0.0%

4,101

0.3%

Interest expense

(19,793)

(1.0%)

(10,811)

(0.7%)

Income from continuing operations before income taxes and income from equity method investments

89,548

4.7%

102,420

7.1%

Income taxes

(30,479)

(1.6%)

(31,211)

(2.2%)

Income from equity method investments

9,218

0.5%

9,006

0.6%

Income from continuing operations

68,287

3.6%

80,215

5.6%

Income from discontinued operationsa

57,568

3.1%

8,832

0.6%

Net income including non-controlling interests

125,855

6.7%

89,047

6.2%

Net (income) loss attributable to non-controlling interests

(233)

(0.0%)

58

0.0%

Net income attributable to H.B. Fuller

$

125,622

6.7%

$

89,105

6.2%

Basic income per common share attributable to H.B. Fuller

Income from continuing operations

1.37

1.64

Income from discontinued operations

1.16

0.18

$

2.53

$

1.82

Diluted income per common share attributable to H.B. Fuller

Income from continuing operations

1.34

1.61

Income from discontinued operations

1.14

0.18

$

2.48

$

1.79

Weighted-average common shares outstanding:

Basic

49,571

48,991

Diluted

50,618

49,866

Dividends declared per common share

$

0.330

$

0.295

a Fiscal 2012 includes the gain on sale of discontinued operations of $51,060, net of tax of $15,119

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGION FINANCIAL INFORMATION

In thousands (unaudited)

13 Weeks Ended

14 Weeks Ended

December 1, 2012

December 3, 2011

Net Revenue:

North America

$

218,586

$

169,660

EIMEA

190,336

134,130

Latin America

41,910

42,958

Asia Pacific

62,423

54,797

Total H.B. Fuller

$

513,255

$

401,545

Regional Operating Income:2

North America

$

29,476

$

20,672

EIMEA

12,181

9,162

Latin America

3,792

3,151

Asia Pacific

2,870

2,596

Total H.B. Fuller

$

48,319

$

35,581

Depreciation Expense:

North America

$

4,492

$

3,742

EIMEA

3,850

2,594

Latin America

499

465

Asia Pacific

1,228

1,094

Total H.B. Fuller

$

10,069

$

7,895

Amortization Expense:

North America

$

3,156

$

2,021

EIMEA

1,799

313

Latin America

64

4

Asia Pacific

471

269

Total H.B. Fuller

$

5,490

$

2,607

EBITDA:3

North America

$

37,124

$

26,435

EIMEA

17,830

12,069

Latin America

4,355

3,620

Asia Pacific

4,569

3,959

Total H.B. Fuller

$

63,878

$

46,083

Regional Operating Margin:4

North America

13.5%

12.2%

EIMEA

6.4%

6.8%

Latin America

9.0%

7.3%

Asia Pacific

4.6%

4.7%

Total H.B. Fuller

9.4%

8.9%

EBITDA Margin:3

North America

17.0%

15.6%

EIMEA

9.4%

9.0%

Latin America

10.4%

8.4%

Asia Pacific

7.3%

7.2%

Total H.B. Fuller

12.4%

11.5%

Net Revenue Growth:

North America

28.8%

EIMEA

41.9%

Latin America

(2.4%)

Asia Pacific

13.9%

Total H.B. Fuller

27.8%

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGION FINANCIAL INFORMATION

In thousands (unaudited)

52 Weeks Ended

53 Weeks Ended

December 1, 2012

December 3, 2011

Net Revenue:

North America

$

830,061

$

624,494

EIMEA

672,423

473,763

Latin America

155,634

147,140

Asia Pacific

228,121

198,688

Total H.B. Fuller

$

1,886,239

$

1,444,085

Regional Operating Income:2

North America

$

107,484

$

76,500

EIMEA

34,483

24,590

Latin America

13,218

8,002

Asia Pacific

7,356

7,869

Total H.B. Fuller

$

162,541

$

116,961

Depreciation Expense:

North America

$

16,659

$

13,467

EIMEA

12,746

9,744

Latin America

1,819

1,686

Asia Pacific

4,563

3,991

Total H.B. Fuller

$

35,787

$

28,888

Amortization Expense:

North America

$

11,177

$

8,052

EIMEA

5,653

1,004

Latin America

198

17

Asia Pacific

1,675

1,089

Total H.B. Fuller

$

18,703

$

10,162

EBITDA:3

North America

$

135,320

$

98,019

EIMEA

52,882

35,338

Latin America

15,235

9,705

Asia Pacific

13,594

12,949

Total H.B. Fuller

$

217,031

$

156,011

Regional Operating Margin:4

North America

12.9%

12.2%

EIMEA

5.1%

5.2%

Latin America

8.5%

5.4%

Asia Pacific

3.2%

4.0%

Total H.B. Fuller

8.6%

8.1%

EBITDA Margin:3

North America

16.3%

15.7%

EIMEA

7.9%

7.5%

Latin America

9.8%

6.6%

Asia Pacific

6.0%

6.5%

Total H.B. Fuller

11.5%

10.8%

Net Revenue Growth:

North America

32.9%

EIMEA

41.9%

Latin America

5.8%

Asia Pacific

14.8%

Total H.B. Fuller

30.6%

* Numbers are not adjusted to remove the one-time negative impact of the fair value step-up on the inventory acquired with the Forbo business of $3.3 million

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGION FINANCIAL INFORMATION

NET REVENUE GROWTH

(unaudited)

13 Weeks Ended December 1, 2012

North America

EIMEA

Latin America

Asia Pacific

Total HBF

Price

1.6%

1.0%

0.5%

(0.7%)

1.0%

Volume

1.8%

2.4%

2.3%

0.6%

1.9%

Organic Growth

3.4%

3.4%

2.8%

(0.1%)

2.9%

F/X

0.1%

(8.7%)

0.0%

0.4%

(2.8%)

Acquisition

32.4%

54.3%

1.9%

20.7%

34.8%

Extra Week (2011)

(7.1%)

(7.1%)

(7.1%)

(7.1%)

(7.1%)

28.8%

41.9%

(2.4%)

13.9%

27.8%

52 Weeks Ended December 1, 2012

North America

EIMEA

Latin America

Asia Pacific

Total HBF

Price

6.4%

4.1%

4.3%

1.9%

4.8%

Volume

0.5%

3.3%

1.9%

(1.2%)

1.4%

Organic Growth

6.9%

7.4%

6.2%

0.7%

6.2%

F/X

(0.1%)

(8.7%)

0.0%

0.3%

(2.9%)

Acquisition

28.0%

45.2%

1.7%

15.8%

29.3%

Extra Week (2011)

(1.9%)

(2.0%)

(2.1%)

(2.0%)

(2.0%)

32.9%

41.9%

5.8%

14.8%

30.6%

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

13 Weeks Ended

14 Weeks Ended

December 1, 2012

December 3, 2011

Net income including non-controlling interests

$

25,194

$

26,597

Income from discontinued operations

(182)

(4,418)

Income from equity method investments

(2,651)

(2,575)

Income taxes

11,191

7,753

Interest expense

5,476

2,895

Other income (expense), net

(759)

(2,170)

Asset impairment charges

846

-

Special charges

9,204

7,499

Regional Operating Income2

48,319

35,581

Depreciation expense

10,069

7,895

Amortization expense

5,490

2,607

EBITDA3

$

63,878

$

46,083

52 Weeks Ended

53 Weeks Ended

December 1, 2012

December 3, 2011

Net income including non-controlling interests

$

125,855

$

89,047

Income from discontinued operations

(57,568)

(8,832)

Income from equity method investments

(9,218)

(9,006)

Income taxes

30,479

31,211

Interest expense

19,793

10,811

Other income (expense), net

(784)

(4,101)

Asset impairment charges

1,517

332

Special charges

52,467

7,499

Regional Operating Income2

162,541

116,961

Depreciation expense

35,787

28,888

Amortization expense

18,703

10,162

EBITDA3

$

217,031

$

156,011

* Numbers are not adjusted to remove the one-time negative impact of the fair value step-up on the inventory acquired with the Forbo business of $3.3 million

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

13 Weeks Ended

14 Weeks Ended

December 1, 2012

December 3, 2011

Net revenue

$

513,255

$

401,545

Cost of sales

(369,541)

(289,284)

Gross profit

143,714

112,261

Selling, general and administrative expenses

(95,395)

(76,680)

Regional operating income2

48,319

35,581

Depreciation expense

10,069

7,895

Amortization expense

5,490

2,607

EBITDA3

$

63,878

$

46,083

EBITDA margin3

12.4%

11.5%

52 Weeks Ended

53 Weeks Ended

December 1, 2012

December 3, 2011

Net revenue

$

1,886,239

$

1,444,085

Cost of sales

(1,368,963)

(1,040,253)

Gross profit

517,276

403,832

Selling, general and administrative expenses

(354,735)

(286,871)

Regional operating income2

162,541

116,961

Depreciation expense

35,787

28,888

Amortization expense

18,703

10,162

EBITDA3

$

217,031

$

156,011

EBITDA margin3

11.5%

10.8%

* Numbers are not adjusted to remove the one-time negative impact of the fair value step-up on the inventory acquired with the Forbo business of $3.3 million

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Adjusted

13 Weeks Ended

13 Weeks Ended

December 1, 2012

Adjustments

December 1, 2012

Net revenue

$

513,255

$

-

$

513,255

Cost of sales

(369,541)

-

(369,541)

Gross profit

143,714

-

143,714

Selling, general and administrative expenses

(95,395)

-

(95,395)

Acquisition and transformation related costs

(2,217)

Workforce reduction costs

(4,529)

Facility exit costs

(1,840)

Other related costs

(618)

Special charges, net

(9,204)

(9,204)

-

Asset impairment charges

(846)

-

(846)

Other income (expense), net

759

-

759

Interest expense

(5,476)

-

(5,476)

Income from continuing operations before income taxes and income from equity method investments

33,552

(9,204)

42,756

Income taxes

(11,191)

1,701

(12,892)

Income from equity method investments

2,651

-

2,651

Net income from continuing operations

25,012

(7,503)

32,515

Income from discontinued operations

182

-

182

Net income including non-controlling interests

25,194

(7,503)

32,697

Net income attributable to non-controlling interests

(82)

-

(82)

Net income attributable to H.B. Fuller

$

25,112

$

(7,503)

$

32,615

Basic income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

0.50

(0.15)

0.65

Income from discontinued operations

-

-

-

$

0.51

$

(0.15)

$

0.67

Diluted income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

0.49

(0.15)

0.64 1

Income from discontinued operations

-

-

-

$

0.49

$

(0.15)

$

0.64

Weighted-average common shares outstanding:

Basic

49,640

49,640

49,640

Diluted

50,798

50,798

50,798

a Income per share amounts may not add due to rounding

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

52 Weeks Ended

Adjusted

52 Weeks Ended

December 1, 2012

Adjustments

December 1, 2012

Net revenue

$

1,886,239

$

-

$

1,886,239

Cost of sales

(1,368,963)

(3,314)

(1,365,649)

Gross profit

517,276

(3,314)

520,590

Selling, general and administrative expenses

(354,735)

-

(354,735)

Acquisition and transformation related costs

(18,167)

Workforce reduction costs

(28,087)

Facility exit costs

(4,203)

Other related costs

(2,010)

Special charges, net

(52,467)

(52,467)

-

Asset impairment charges

(1,517)

-

(1,517)

Other income (expense), net

784

-

784

Interest expense

(19,793)

-

(19,793)

Income from continuing operations before income taxes and income from equity method investments

89,548

(55,781)

145,329

Income taxes

(30,479)

12,534

(43,013)

Income from equity method investments

9,218

-

9,218

Income from continuing operations

68,287

(43,247)

111,534

Income from discontinued operations

57,568

-

57,568

Net income including non-controlling interests

125,855

(43,247)

169,102

Net income attributable to non-controlling interests

(233)

-

(233)

Net income attributable to H.B. Fuller

$

125,622

$

(43,247)

$

168,869

Basic income per common share attributable to H.B. Fuller4, a

Income (loss) from continuing operations

1.37

(0.87)

2.25

Income from discontinued operations

1.16

-

1.16

$

2.53

$

(0.87)

$

3.41

Diluted income per common share attributable to H.B. Fuller4, a

Income (loss) from continuing operations

1.34

(0.85)

2.20 1

Income from discontinued operations

1.14

-

1.14

$

2.48

$

(0.85)

$

3.34

Weighted-average common shares outstanding:

Basic

49,571

49,571

49,571

Diluted

50,618

50,618

50,618

a Income per share amounts may not add due to rounding

 

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Adjusted

14 Weeks Ended

14 Weeks Ended

December 3, 2011

Adjustments

December 3, 2011

Net revenue

$

401,545

$

-

$

401,545

Cost of sales

(289,284)

-

(289,284)

Gross profit

112,261

-

112,261

Selling, general and administrative expenses

(76,680)

-

(76,680)

Special charges, net

(7,499)

(7,499)

-

Other income (expense), net

2,170

-

2,170

Interest expense

(2,895)

-

(2,895)

Income from continuing operations before income taxes and income from equity method investments

27,357

(7,499)

34,856

Income taxes

(7,753)

1,747

(9,500)

Income from equity method investments

2,575

-

2,575

Net income from continuing operations

22,179

(5,752)

27,931

Income from discontinued operations

4,418

-

4,418

Net income including non-controlling interests

26,597

(5,752)

32,349

Net income attributable to non-controlling interests

(188)

-

(188)

Net income attributable to H.B. Fuller

$

26,409

$

(5,752)

$

32,161

Basic income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

0.45

(0.12)

0.57

income from discontinued operations

0.09

-

0.09

$

0.54

$

(0.12)

$

0.66

Diluted income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

0.45

(0.12)

0.56 1

income from discontinued operations

0.09

-

0.09

$

0.53

$

(0.12)

$

0.65

Weighted-average common shares outstanding:

Basic

48,937

48,937

48,937

Diluted

49,821

49,821

49,821

a Income per share amounts may not add due to rounding

 

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

53 Weeks Ended

Adjusted

53 Weeks Ended

December 3, 2011

Adjustments

December 3, 2011

Net revenue

$

1,444,085

$

-

$

1,444,085

Cost of sales

(1,040,253)

-

(1,040,253)

Gross profit

403,832

-

403,832

Selling, general and administrative expenses

(286,871)

-

(286,871)

Special charges

(7,499)

(7,499)

-

Asset impairment charges

(332)

-

(332)

Other income (expense), net

4,101

-

4,101

Interest expense

(10,811)

-

(10,811)

Income from continuing operations before income taxes and income from equity method investments

102,420

(7,499)

109,919

Income taxes

(31,211)

1,747

(32,958)

Income from equity method investments

9,006

-

9,006

Income from continuing operations

80,215

(5,752)

85,967

Income from discontinued operations

8,832

-

8,832

Net income including non-controlling interests

89,047

(5,752)

94,799

Net loss attributable to non-controlling interests

58

-

58

Net income attributable to H.B. Fuller

$

89,105

$

(5,752)

$

94,857

Basic income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

$ 1.64

$ (0.12)

$ 1.75

Income from discontinued operations

$ 0.18

$ -

$ 0.18

$

1.82

$

(0.12)

$

1.94

Diluted income per common share attributable to H.B. Fullera

Income (loss) from continuing operations

$ 1.61

$ (0.12)

$ 1.72 1

Income from discontinued operations

$ 0.18

$ -

$ 0.18

$

1.79

$

(0.12)

$

1.90

Weighted-average common shares outstanding:

Basic

48,991

48,991

48,991

Diluted

49,866

49,866

49,866

Source: H.B. Fuller Co.

 

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