Milacron Inc. (NYSE: MZ), a leading global supplier of
plastics-processing technologies and industrial fluids, today
reported a net loss for the second-quarter ending June 30 of $0.1
million, or $0.50 per share, on sales of $197 million. (Per share
amounts include accrual for preferred dividends.) This compares to
a net loss of $14.3 million, or $3.45 per share, on sales of $211
million in the second quarter of 2006. Results in the second
quarter of 2007 included a $4.9 million tax benefit and $1.5
million in restructuring costs with no tax benefit, whereas the
year-ago quarterly loss included a $0.9 million provision for
income taxes and $8.8 million in restructuring charges also without
tax benefit. �Throughout the world our employees are working hard
executing our strategies and we are seeing positive benefits from
these efforts,� said Ronald D. Brown, chairman, president and chief
executive officer. �The previously announced cost-reduction
measures are generating the savings we projected. Moreover, we
continue to achieve positive results from our key sales growth
initiatives: expanding our presence in emerging markets, while
focusing more attention on aftermarket services in our traditional
markets of North America and Western Europe. Milacron�s orders from
emerging markets are up 23% over last year and now constitute
nearly one-quarter of our total business. And our aftermarket sales
have grown another 6% so far this year,� he said. Sales and
earnings growth in overseas markets continued to offset the ongoing
weakness in the automotive and housing sectors of the North
American economy. New orders in the quarter were $202 million,
compared to $200 million in the second quarter last year, with
favorable currency translation effects accounting for the increase.
The backlog of unfilled orders rose to $132 million, up from $127
million at the end of the first quarter and $107 million a year
ago. Manufacturing margins in the second quarter improved to 19.6%
from 19.1% in the second quarter 2006, primarily as a result of
cost-reduction initiatives. Cash on hand at the end of the quarter
was in excess of $31 million, and the company had more than $33
million available for borrowing under its asset-based revolving
credit facility. Liquidity (cash plus borrowing availability) of
$65 million was down from $73 million at the beginning of the
quarter. The change was primarily the result of a semi-annual
interest payment of $13 million made in May, partially offset by
primary working capital reductions during the quarter. Segment
Results Machinery Technologies-North America (machinery and related
parts and services for injection molding, blow molding and
extrusion supplied from North America, India and China) Segment
sales declined to $92 million from $107 million in the second
quarter last year, as the North American market for injection
molding machines was severely impacted by continued weakness in the
automotive sector. Equipment and supplies for extrusion and blow
molding posted solid gains in shipments and profitability, while
injection molding machinery in India had record-high sales and
earnings in the quarter. Helped by these results and aggressive
cost-containment measures in North American injection molding
machine operations, segment earnings rose to $4.9 million, up
significantly from $1.8 million in the first quarter of this year
and from $4.5 million in the year-ago quarter, which included $2.9
million of expenses related to the triennial trade show, NPE, held
in June 2006. New orders of $90 million were off slightly from $92
million in the second quarter last year. The backlog of unfilled
orders in this segment, however, remains high � more than 20% above
year-ago levels, which bodes well for increased shipments in the
second half of the year. Machinery Technologies-Europe (machinery
and related parts and services for injection molding and blow
molding supplied from Europe) Sales of $40 million were flat with
those in the second quarter last year, as currency gains and
improved pricing offset volume reductions in injection and blow
molding equipment unit sales. Despite the lower shipping volume,
the segment generated a positive $0.3 million in earnings compared
to operating losses of $1.2 million both in the second quarter a
year ago and in the first quarter of 2007. Cost savings from
restructuring actions and sourcing benefits contributed
significantly to the improvement. Aided in part by favorable
currency translation effects, new orders rose to $45 million from
$43 million in the second quarter of 2006. The backlog continued to
grow and by quarter-end stood almost 40% higher than a year ago.
When coupled with generally positive economic conditions in Europe,
our stronger backlog and reduced cost structure should deliver
progressively improving results in this segment going forward. Mold
Technologies (mold bases and related parts and services, as well as
maintenance, repair and operating supplies for injection molding
worldwide) Sales in the second quarter of $36 million declined from
$39 million a year ago, reflecting continued weakness in the North
American market, particularly in�automotive end markets and the
related�tool-and-die and�moldmaking sectors. The impact of lower
sales was partially mitigated by restructuring actions and other
cost-containment initiatives within manufacturing operations, as
the segment posted a loss of $0.8 million in the quarter compared
to earnings of $0.3 million a year ago. As the North American
market stabilizes, growth overseas and ongoing cost-reductions
should lead to improved sales and profitability in this business in
the second half. Industrial Fluids (water-based and oil-based
coolants, lubricants and cleaners for metalcutting and metalforming
operations worldwide) Sales of $32 million, versus $29 million a
year ago, were a record quarterly high for this segment, exceeding
the previous peak quarter by almost 9%. Sales were up in most major
markets, as we continued to develop and introduce new products,
including vegetable-oil-based �green� fluids, for new applications
in a variety of non-automotive industries such as aerospace and
HVAC. Segment earnings of $3.2 million were up from $2.9 million in
the year-ago quarter. Sales and earnings in this segment are
expected to show further growth in the second half of the year on
the strength of new product introductions and expanded distribution
in Asian and Eastern European markets. Outlook �With our increased
backlog, Milacron is poised to show continued quarterly improvement
in sales and operating earnings in the second half of the year.
Outside of North America, we�re enjoying good growth in virtually
all our major markets. And in North America we are dealing with the
current downturn through cost reductions and other measures, all
the while maintaining the resources needed to take advantage of an
eventual recovery. At this point we are projecting approximately 3%
overall sales growth in 2007, with significantly improved operating
profits,� Brown said. Dividends No dividends were declared on
Milacron�s common stock. The board declared a quarterly dividend of
$10.00 per share on its 4% Series A cumulative preferred stock. The
company continues to accrue dividends on its 6% Series B
convertible preferred stock. Milacron currently has outstanding:
6,000 shares of 4% cumulative preferred stock, 500,000 shares of 6%
Series B convertible preferred stock, and approximately 5.5 million
shares of common stock. The forward-looking statements above by
their nature involve risks and uncertainties that could
significantly impact operations, markets, products and expected
results. For further information please refer to the Cautionary
Statement included in the company�s most recent Form 10-Q on file
with the Securities and Exchange Commission. Investor Conference
Call Today at 1:00 p.m. EDT, Milacron will hold an open investor
conference call, which can be accessed live at www.milacron.com.
The dial-in number for those interested in asking questions is
913-981-4901 or 800-811-0667. A recording of the conference call
will be available from 4:00 p.m. today through midnight August 17
on Milacron�s website or by phone: (719) 457-0820 or (888) 203-1112
and providing the access code: 1514242. First incorporated in 1884,
Milacron is a leading global supplier of plastics-processing
technologies and industrial fluids, with major manufacturing
facilities in North America, Europe and Asia. For further
information, visit www.milacron.com or call Milacron�s toll-free
investor line: (800) 909-6452. Milacron Inc. and Subsidiaries �
Second Quarter 2007 � � � � � � � � � � Three Months Ended Six
Months Ended June 30, June 30, � � � 2007 � 2006 � 2007 � 2006 �
Sales $ 197,295,000 $ 211,122,000 $ 387,597,000 $ 413,519,000 �
Loss from continuing operations (388,000) (14,280,000) (11,052,000)
(23,905,000) Per Share Basic (0.55) (3.45) (3.21) (5.94) Diluted
(0.55) (3.45) (3.21) (5.94) � Earnings from discontinued operations
265,000 - 135,000 17,000 Per Share Basic 0.05 - 0.03 - Diluted 0.05
- 0.03 - � Net loss (123,000) (14,280,000) (10,917,000)
(23,888,000) Per Share Basic (0.50) (3.45) (3.18) (5.94) Diluted
(0.50) (3.45) (3.18) (5.94) � � Common shares Weighted average
outstanding for basic EPS 4,925,000 4,822,000 4,910,000 4,812,000
Weighted average outstanding for diluted EPS 4,925,000 4,822,000
4,910,000 4,812,000 Outstanding at quarter end 5,493,000 5,141,000
5,493,000 5,141,000 � � � � � � � � � � � � � Notes: These
statements are unaudited and subject to year-end adjustments. The
common share amounts, including the weighted average outstanding
shares upon which per-share amounts are based, include the effect
for the one-for-ten reverse stock split that became effective on
May 16, 2007. Per-share amounts include accruals for preferred
dividends and effect of beneficial conversion feature. Consolidated
Earnings Milacron Inc. and Subsidiaries � Second Quarter 2007 � � �
� � � � � � � (In millions, except per-share data) Three Months
Ended Six Months Ended June 30, June 30, � � � 2007 � 2006 � 2007 �
2006 � Sales $ 197.3 $ 211.1 $ 387.6 $ 413.5 Cost of products sold
158.6 170.4 313.4 339.2 Cost of products sold related to
restructuring � - � � 0.4 � � - � � 0.4 � Total cost of products
sold � 158.6 � � 170.8 � � 313.4 � � 339.6 � Manufacturing margins
38.7 40.3 74.2 73.9 Percent of sales 19.6 % 19.1 % 19.1 % 17.9 % �
Other costs and expenses Selling and administrative 34.9 38.3 70.2
72.5 Restructuring costs 1.5 8.4 3.9 9.0 Other income - net � (0.3
) � (0.9 ) � (0.5 ) � (1.0 ) Total other costs and expenses � 36.1
� � 45.8 � � 73.6 � � 80.5 � � Operating earnings (loss) 2.6 (5.5 )
0.6 (6.6 ) � Interest expense - net � (7.9 ) � (7.9 ) � (15.6 ) �
(15.5 ) � Loss from continuing operations before income taxes (5.3
) (13.4 ) (15.0 ) (22.1 ) � Provision (benefit) for income taxes �
(4.9 ) � 0.9 � � (3.9 ) � 1.8 � � Loss from continuing operations
(0.4 ) (14.3 ) (11.1 ) (23.9 ) � Discontinued operations - net of
income taxes (a) � 0.3 � � - � � 0.2 � � - � � Net loss $ (0.1 ) $
(14.3 ) $ (10.9 ) $ (23.9 ) � Loss per common share - basic and
diluted Continuing operations $ (0.55 ) $ (3.45 ) $ (3.21 ) $ (5.94
) Discontinued operations � 0.05 � � - � � 0.03 � � - � Net loss $
(0.50 ) $ (3.45 ) $ (3.18 ) $ (5.94 ) � � (a) In 2007, represents
adjustments of reserves related to prior divestitures. � � � � � �
� � � � � Notes: These statements are unaudited and subject to
year-end adjustments. The weighted average outstanding shares upon
which per-share amounts are based include the effect for the
one-for-ten reverse stock split that became effective on May 16,
2007. Per-share amounts include accruals for preferred dividends
and effect of beneficial conversion feature. Consolidated Balance
Sheets Milacron Inc. and Subsidiaries � Second Quarter 2007 � � � �
(In millions) June 30, June 30, � 2007 � 2006 � Assets Cash and
cash equivalents $ 31.3 $ 41.9 Notes and accounts receivable-net
115.5 119.9 Inventories 173.1 176.7 Other current assets � 47.7 � �
43.4 � Total current assets 367.6 381.9 Property, plant and
equipment - net 110.8 117.1 Goodwill 88.4 86.1 Other noncurrent
assets � 88.2 � � 99.5 � Total assets $ 655.0 � $ 684.6 � �
Liabilities and shareholders' deficit Short-term borrowings and
long-term debt due within one year (a) $ 34.4 $ 13.0 Trade accounts
payable and advance billings and deposits 105.4 102.9 Accrued and
other current liabilities � 76.0 � � 84.1 � Total current
liabilities 215.8 200.0 Long-term accrued liabilities 231.5 271.6
Long-term debt 232.5 232.6 Shareholders' deficit � (24.8 ) � (19.6
) Total liabilities and shareholders' deficit $ 655.0 � $ 684.6 � �
� (a) In 2007, $29 million was drawn against the revolving credit
facility and in 2006, there was $8.0 million drawn against the
revolving credit facility. Outstanding letters of credit were $6
million in 2007 and $8.0 million in 2006. � Note: These statements
are unaudited and subject to year-end adjustments. Consolidated
Cash Flows Milacron Inc. and Subsidiaries Second Quarter 2007 � � �
� � � � � � (In millions) Three Months Ended Six Months Ended June
30, June 30, � � 2007 � 2006 � 2007 � 2006 � Increase (decrease) in
cash and cash equivalents Operating activities cash flows Net loss
$ (0.1 ) $ (14.3 ) $ (10.9 ) $ (23.9 ) Discontinued operations -
net of income taxes (0.3 ) - (0.2 ) - Depreciation and amortization
4.1 4.2 8.1 8.3 Restructuring costs 0.2 3.2 0.5 3.7 Working capital
changes Notes and accounts receivable (5.0 ) 1.8 (0.1 ) 0.6
Inventories (2.2 ) (5.9 ) (2.5 ) (12.6 ) Other current assets (4.7
) 1.8 (5.4 ) 1.7 Trade accounts payable 8.4 (3.0 ) 0.3 5.5 Other
current liabilities (3.3 ) (8.2 ) (4.4 ) (2.3 ) Deferred income
taxes and other - net � (1.0 ) � 12.4 � � 4.0 � � 15.3 � Net cash
used by operating activities (3.9 ) (8.0 ) (10.6 ) (3.7 ) �
Investing activities cash flows Capital expenditures (2.1 ) (3.9 )
(3.7 ) (7.6 ) Net disposals of property, plant and equipment � 0.1
� � - � � 0.2 � � - � Net cash used by investing activities (2.0 )
(3.9 ) (3.5 ) (7.6 ) � Financing activities cash flows Repayments
of long-term debt (0.2 ) (0.4 ) (0.4 ) (1.0 ) Increase in
short-term borrowings 2.3 7.9 6.6 6.1 Dividends paid � - � � (0.1 )
� (0.1 ) � (0.1 ) Net cash provided by financing activities 2.1 7.4
6.1 5.0 � Effect of exchange rate fluctuations on cash and cash
equivalents � 0.6 � � 1.8 � � 0.8 � � 2.5 � Decrease in cash and
cash equivalents (3.2 ) (2.7 ) (7.2 ) (3.8 ) � Cash and cash
equivalents at beginning of period 34.5 44.6 38.5 45.7 � � � � Cash
and cash equivalents at end of period $ 31.3 � $ 41.9 � $ 31.3 � $
41.9 � � � � Note: These statements are unaudited and subject to
year-end adjustments. Segment and Supplemental Information Milacron
Inc. and Subsidiaries � Second Quarter 2007 � � � � � � � � � � (In
millions) Three Months Ended Six Months Ended June 30, June 30, � �
� 2007 � 2006 � 2007 � 2006 � Machinery technologies North America
Sales $ 91.5 $ 106.9 $ 182.6 $ 201.0 Operating cash flow (a) 6.5
6.0 9.9 8.9 Segment earnings 4.9 4.5 6.7 5.9 Percent of sales 5.4%
4.2% 3.7% 2.9% New orders 90.1 92.5 188.0 206.5 � Machinery
technologies Europe Sales $ 40.2 $ 39.9 $ 74.6 $ 76.2 Operating
cash flow (a) 1.2 (0.2) 1.0 (1.8) Segment earnings (loss) 0.3 (1.2)
(0.9) (3.6) Percent of sales 0.7% -3.0% -1.2% -4.7% New orders 45.1
42.9 91.7 82.9 � Mold technologies Sales $ 35.8 $ 38.9 $ 73.7 $
83.3 Operating cash flow (a) 0.3 1.6 1.7 4.9 Segment earnings
(loss) (0.8) 0.3 (0.5) 2.2 Percent of sales -2.2% 0.8% -0.7% 2.6%
New orders 36.5 38.5 73.2 82.2 � Eliminations Sales $ (2.4) $ (3.9)
$ (5.2) $ (6.0) New orders (2.1) (3.2) (4.9) (5.5) � Total plastics
technologies Sales $ 165.1 $ 181.8 $ 325.7 $ 354.5 Operating cash
flow (a) 8.0 7.4 12.6 12.0 Segment earnings 4.4 3.6 5.3 4.5 Percent
of sales 2.7% 2.0% 1.6% 1.3% New orders 169.6 170.7 348.0 366.1 �
Industrial fluids Sales $ 32.2 $ 29.3 $ 61.9 $ 59.0 Operating cash
flow (a) 3.6 3.3 7.2 5.6 Segment earnings 3.2 2.9 6.5 4.8 Percent
of sales 9.9% 9.9% 10.5% 8.1% New orders 32.2 29.3 61.9 59.0 �
Total continuing operations Sales $ 197.3 $ 211.1 $ 387.6 $ 413.5
Operating cash flow (a) 8.2 7.5 12.6 11.1 Segment earnings 7.6 6.5
11.8 9.3 Restructuring costs (1.5) (8.8) (3.9) (9.4) Corporate
expenses (3.4) (3.1) (7.1) (6.4) Other unallocated expenses � (0.1)
� (0.1) � (0.2) � (0.1) Operating earnings (loss) 2.6 (5.5) 0.6
(6.6) Percent of sales 1.3% -2.6% 0.2% -1.6% New orders 201.8 200.0
409.9 425.1 Ending backlog 132.1 106.8 132.1 106.8 � (a) Represents
EBITDA (earnings before interest, income taxes, depreciation and
amortization) before restructuring costs. � � � � � � � � � � �
Note: These statements are unaudited and subject to year-end
adjustments. Reconciliation of Earnings to Operating Cash Flows
Milacron Inc. and Subsidiaries � Second Quarter 2007 � � � � � � �
� � � (In millions) Three Months Ended Six Months Ended June 30,
June 30, � � � 2007 � 2006 � 2007 � 2006 � Machinery technologies
North America Segment earnings $ 4.9 $ 4.5 $ 6.7 $ 5.9 Depreciation
and amortization � 1.6 � � 1.5 � � 3.2 � � 3.0 � Operating cash
flow 6.5 6.0 9.9 8.9 � Machinery technologies Europe Segment
earnings (loss) $ 0.3 $ (1.2 ) $ (0.9 ) $ (3.6 ) Depreciation and
amortization � 0.9 � � 1.0 � � 1.9 � � 1.8 � Operating cash flow
1.2 (0.2 ) 1.0 (1.8 ) � Mold technologies Segment earnings (loss) $
(0.8 ) $ 0.3 $ (0.5 ) $ 2.2 Depreciation and amortization � 1.1 � �
1.3 � � 2.2 � � 2.7 � Operating cash flow 0.3 1.6 1.7 4.9 � Total
plastics technologies Segment earnings $ 4.4 $ 3.6 $ 5.3 $ 4.5
Depreciation and amortization � 3.6 � � 3.8 � � 7.3 � � 7.5 �
Operating cash flow 8.0 7.4 12.6 12.0 � Industrial fluids Segment
earnings $ 3.2 $ 2.9 $ 6.5 $ 4.8 Depreciation and amortization �
0.4 � � 0.4 � � 0.7 � � 0.8 � Operating cash flow 3.6 3.3 7.2 5.6 �
Total continuing operations Net loss $ (0.1 ) $ (14.3 ) $ (10.9 ) $
(23.9 ) Discontinued operations - net of income taxes (a) (0.3 ) -
(0.2 ) - Provision (benefit) for income taxes (4.9 ) 0.9 (3.9 ) 1.8
Interest expense - net 7.9 7.9 15.6 15.5 Restructuring costs 1.5
8.8 3.9 9.4 Depreciation and amortization � 4.1 � � 4.2 � � 8.1 � �
8.3 � Operating cash flow $ 8.2 � $ 7.5 � $ 12.6 � $ 11.1 � � � (a)
In 2007, represents adjustments of reserves related to prior
divestitures. � � Note: These statements are unaudited and subject
to year-end adjustments. Historical Information � � � � � � � � � �
� � � � (In millions, except per-share data) 2005 2006 2007 � Qtr 1
Qtr 2 Qtr 3 Qtr 4 Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Qtr 1 Qtr 2
Year � Sales $ 192.3 $ 208.8 $ 190.7 $ 217.1 $ 808.9 $ 202.4 $
211.1 $ 209.1 $ 197.5 $ 820.1 $ 190.3 $ 197.3 $ 387.6 Cost of
products sold 160.1 171.0 157.3 174.7 663.1 168.8 170.4 169.8 159.2
668.2 154.8 158.6 313.4 Cost of products sold related to
restructuring � - � � - � � - � � - � � - � � - � � 0.4 � � 0.1 � �
- � � 0.5 � � - � � - � � - � Total cost of products sold � 160.1 �
� 171.0 � � 157.3 � � 174.7 � � 663.1 � � 168.8 � � 170.8 � � 169.9
� � 159.2 � � 668.7 � � 154.8 � � 158.6 � � 313.4 � � Manufacturing
margins 32.2 37.8 33.4 42.4 145.8 33.6 40.3 39.2 38.3 151.4 35.5
38.7 74.2 � Other costs and expenses Selling and administrative
33.5 33.7 31.3 35.3 133.8 34.2 38.3 35.3 32.4 140.2 35.3 34.9 70.2
Refinancing costs (a) - - - - - - - - 1.8 1.8 - - - Restructuring
costs (b) 0.4 0.3 0.1 0.8 1.6 0.6 8.4 2.8 5.1 16.9 2.4 1.5 3.9
Other - net � (1.0 ) � 0.2 � � 1.3 � � (0.1 ) � 0.4 � � (0.1 ) �
(0.9 ) � 0.6 � � 0.1 � � (0.3 ) � (0.2 ) � (0.3 ) � (0.5 ) Total
other costs and expenses � 32.9 � � 34.2 � � 32.7 � � 36.0 � �
135.8 � � 34.7 � � 45.8 � � 38.7 � � 39.4 � � 158.6 � � 37.5 � �
36.1 � � 73.6 � � Operating earnings (loss) (0.7 ) 3.6 0.7 6.4 10.0
(1.1 ) (5.5 ) 0.5 (1.1 ) (7.2 ) (2.0 ) 2.6 0.6 � Interest expense -
net � (8.2 ) � (7.0 ) � (7.7 ) � (7.4 ) � (30.3 ) � (7.6 ) � (7.9 )
� (6.8 ) � (7.7 ) � (30.0 ) � (7.7 ) � (7.9 ) � (15.6 ) � � Loss
from continuing operations before income taxes (8.9 ) (3.4 ) (7.0 )
(1.0 ) (20.3 ) (8.7 ) (13.4 ) (6.3 ) (8.8 ) (37.2 ) (9.7 ) (5.3 )
(15.0 ) � Provision (benefit) from income taxes � 0.2 � � 1.0 � �
0.6 � � (5.6 ) � (3.8 ) � 0.9 � � 0.9 � � 0.9 � � (0.1 ) � 2.6 � �
1.0 � � (4.9 ) � (3.9 ) � Earnings (loss) from continuing
operations (9.1 ) (4.4 ) (7.6 ) 4.6 (16.5 ) (9.6 ) (14.3 ) (7.2 )
(8.7 ) (39.8 ) (10.7 ) (0.4 ) (11.1 ) � Discontinued operations -
net of income taxes (c) Net gain (loss) on divestitures � - � � 0.6
� � 0.7 � � 1.2 � � 2.5 � � - � � - � � - � � 0.1 � � 0.1 � � (0.1
) � 0.3 � � 0.2 � Total discontinued operations - 0.6 0.7 1.2 2.5 -
- - 0.1 0.1 (0.1 ) 0.3 0.2 � � � � � � � � � � � � � Net earnings
(loss) $ (9.1 ) $ (3.8 ) $ (6.9 ) $ 5.8 � $ (14.0 ) $ (9.6 ) $
(14.3 ) $ (7.2 ) $ (8.6 ) $ (39.7 ) $ (10.8 ) $ (0.1 ) $ (10.9 ) �
Earnings (loss) per common share Basic Continuing operations $
(2.24 ) $ (1.24 ) $ (1.92 ) $ 0.62 $ (4.77 ) $ (2.49 ) $ (3.45 ) $
(1.97 ) $ (2.27 ) $ (10.17 ) $ (2.66 ) $ (0.55 ) $ (3.21 )
Discontinued operations � - � � 0.12 � � 0.15 � � 0.26 � � 0.53 � �
- � � - � � - � � 0.02 � � 0.02 � � (0.02 ) � 0.05 � � 0.03 � Net
earnings (loss) $ (2.24 ) $ (1.12 ) $ (1.77 ) $ 0.88 � $ (4.24 ) $
(2.49 ) $ (3.45 ) $ (1.97 ) $ (2.25 ) $ (10.15 ) $ (2.68 ) $ (0.50
) $ (3.18 ) Diluted Continuing operations $ (2.24 ) $ (1.24 ) $
(1.92 ) $ 0.42 $ (4.77 ) $ (2.49 ) $ (3.45 ) $ (1.97 ) $ (2.27 ) $
(10.17 ) $ (2.66 ) $ (0.55 ) $ (3.21 ) Discontinued operations � -
� � 0.12 � � 0.15 � � 0.12 � � 0.53 � � - � � - � � - � � 0.02 � �
0.02 � � (0.02 ) � 0.05 � � 0.03 � Net earnings (loss) $ (2.24 ) $
(1.12 ) $ (1.77 ) $ 0.54 � $ (4.24 ) $ (2.49 ) $ (3.45 ) $ (1.97 )
$ (2.25 ) $ (10.15 ) $ (2.68 ) $ (0.50 ) $ (3.18 ) � (a) In 2006,
represents the write-off of unamortized deferred refinancing fees.
(b) In 2006 and 2007, relates principally to costs for the
consolidation of the global mold technologies and European plastics
machinery businesses to reduce their cost structures and improve
customer service. In 2005, represents costs related to initiatives
to reduce operating and administrative costs. (c) All years,
represents adjustments of reserves related to prior divestitures. �
� � � � � � � � � � � � � � Notes: These statements are unaudited
and subject to year-end adjustments. The weighted average
outstanding shares upon which per-share amounts are based include
the effect for the one-for-ten reverse stock split that became
effective on May 16, 2007. Per-share amounts include accruals for
preferred dividends and effect of beneficial conversion feature.
Historical Segment and Supplemental Information � � � � � � � � � �
� � � � � � � (In Millions) 2005 2006 2007 � � � Qtr 1 Qtr 2 Qtr 3
Qtr 4 Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Year Qtr 1 Qtr 2 Year �
Machinery technologies North America Sales $ 87.1 $ 95.4 $ 86.7 $
107.3 $ 376.5 $ 94.1 $ 106.9 $ 105.7 $ 95.7 $ 402.4 $ 91.1 $ 91.5 $
182.6 Operating cash flow (a) 3.5 6.5 5.8 7.8 23.6 2.9 6.0 7.5 6.8
23.2 3.4 6.5 9.9 Segment earnings 1.9 4.9 4.3 6.2 17.3 1.4 4.5 6.0
5.2 17.1 1.8 4.9 6.7 New orders 94.9 100.7 89.2 97.9 382.7 114.0
92.5 105.7 98.8 411.0 97.9 90.1 188.0 � Machinery technologies
Europe Sales $ 34.3 $ 41.5 $ 36.8 $ 36.9 $ 149.5 $ 36.3 $ 39.9 $
39.8 $ 37.4 $ 153.4 $ 34.4 $ 40.2 $ 74.6 Operating cash flow (a)
(1.2 ) 0.6 (0.5 ) 0.4 (0.7 ) (1.6 ) (0.2 ) 0.3 0.4 (1.1 ) (0.2 )
1.2 1.0 Segment earnings (loss) (2.2 ) (0.5 ) (1.5 ) (0.8 ) (5.0 )
(2.4 ) (1.2 ) (0.7 ) (0.6 ) (4.9 ) (1.2 ) 0.3 (0.9 ) New orders
35.4 42.7 34.2 40.3 152.6 40.0 42.9 30.9 40.3 154.1 46.6 45.1 91.7
� Mold technologies Sales $ 44.2 $ 44.4 $ 40.6 $ 44.2 $ 173.4 $
44.4 $ 38.9 $ 37.7 $ 37.8 $ 158.8 $ 37.9 $ 35.8 $ 73.7 Operating
cash flow (a) 3.7 2.1 0.7 3.4 9.9 3.3 1.6 1.3 2.0 8.2 1.4 0.3 1.7
Segment earnings (loss) 2.3 0.7 (0.7 ) 1.6 3.9 1.9 0.3 - 0.8 3.0
0.3 (0.8 ) (0.5 ) New orders 45.1 43.4 40.7 44.5 173.7 43.7 38.5
37.7 37.9 157.8 36.7 36.5 73.2 � Eliminations Sales $ (0.3 ) $ (0.6
) $ (0.5 ) $ (1.3 ) $ (2.7 ) $ (2.1 ) $ (3.9 ) $ (3.2 ) $ (2.8 ) $
(12.0 ) $ (2.8 ) $ (2.4 ) $ (5.2 ) New orders (0.4 ) (0.5 ) (0.4 )
(1.0 ) (2.3 ) (2.3 ) (3.2 ) (2.7 ) (3.4 ) (11.6 ) (2.8 ) (2.1 )
(4.9 ) � Total plastics technologies Sales $ 165.3 $ 180.7 $ 163.6
$ 187.1 $ 696.7 $ 172.7 $ 181.8 $ 180.0 $ 168.1 $ 702.6 $ 160.6 $
165.1 $ 325.7 Operating cash flow (a) 6.0 9.2 6.0 11.6 32.8 4.6 7.4
9.1 9.2 30.3 4.6 8.0 12.6 Segment earnings 2.0 5.1 2.1 7.0 16.2 0.9
3.6 5.3 5.4 15.2 0.9 4.4 5.3 New orders 175.0 186.3 163.7 181.7
706.7 195.4 170.7 171.6 173.6 711.3 178.4 169.6 348.0 � Industrial
fluids Sales $ 27.0 $ 28.1 $ 27.1 $ 30.0 $ 112.2 $ 29.7 $ 29.3 $
29.1 $ 29.4 $ 117.5 $ 29.7 $ 32.2 $ 61.9 Operating cash flow (a)
1.9 2.4 2.2 3.9 10.4 2.3 3.3 2.2 4.5 12.3 3.6 3.6 7.2 Segment
earnings 1.4 1.9 1.8 3.6 8.7 1.9 2.9 1.9 4.1 10.8 3.3 3.2 6.5 New
orders 27.0 28.2 27.1 29.8 112.1 29.7 29.3 29.1 29.4 117.5 29.7
32.2 61.9 � Total continuing operations Sales $ 192.3 $ 208.8 $
190.7 $ 217.1 $ 808.9 $ 202.4 $ 211.1 $ 209.1 $ 197.5 $ 820.1 $
190.3 $ 197.3 $ 387.6 Operating cash flow (a) 4.2 8.5 5.2 12.1 30.0
3.6 7.5 7.6 10.1 28.8 4.4 8.2 12.6 Segment earnings 3.4 7.0 3.9
10.6 24.9 2.8 6.5 7.2 9.5 26.0 4.2 7.6 11.8 Restructuring costs (b)
(0.4 ) (0.3 ) (0.1 ) (0.8 ) (1.6 ) (0.6 ) (8.8 ) (2.9 ) (5.1 )
(17.4 ) (2.4 ) (1.5 ) (3.9 ) Corporate expenses (3.5 ) (3.0 ) (3.0
) (3.3 ) (12.8 ) (3.3 ) (3.1 ) (3.6 ) (3.6 ) (13.6 ) (3.7 ) (3.4 )
(7.1 ) Other unallocated expenses (c) � (0.2 ) � (0.1 ) � (0.1 ) �
(0.1 ) � (0.5 ) � - � � (0.1 ) � (0.2 ) � (1.9 ) � (2.2 ) � (0.1 )
� (0.1 ) � (0.2 ) Operating earnings (loss) (0.7 ) 3.6 0.7 6.4 10.0
(1.1 ) (5.5 ) 0.5 (1.1 ) (7.2 ) (2.0 ) 2.6 0.6 Percent of sales
-0.4 % 1.7 % 0.4 % 2.9 % 1.2 % -0.5 % -2.6 % 0.2 % -0.6 % -0.9 %
-1.1 % 1.3 % 0.2 % New orders 202.0 214.5 190.8 211.5 818.8 225.1
200.0 200.7 203.0 828.8 208.1 201.8 409.9 Ending backlog 96.0 99.2
99.6 92.7 92.7 116.2 106.8 98.5 105.7 105.7 126.6 132.1 132.1 � (a)
Represents EBITDA (earnings before interest, income taxes,
depreciation and amortization) before restructuring costs. (b) In
2006 and 2007, relates principally to costs for the consolidation
of the global mold technologies and European plastics machinery
businesses to reduce their cost structures and improve customer
service. In 2005, represents costs related to initiatives to reduce
operating and administrative costs. (c) In fourth quarter 2006,
includes $1.7 million for writing-off unamortized deferred
refinancing fees. � � � � � � � � � � � � � � � � � Note: These
statements are unaudited and subject to year-end adjustments. Note:
The amounts below are approximate working estimates, around which
an even wider range of numbers could be used for financial modeling
purposes. These estimates, by their nature, involve a great number
of risks and uncertainties. Actual results may differ as these
risks and uncertainties could significantly impact the company's
markets, products, and operations. For further information please
refer to the Cautionary Statement included in Item 2 of the
company's most recent Form 10-Q on file with the Securities and
Exchange Commission. Quarter Ended (In millions) � September 30,
2007 � Projected profit & loss items Sales (1) $210 - 223 Total
plastics technologies 180 - 190 Industrial fluids 30 - 33 Segment
earnings Total plastics technologies 4 - 6 Industrial fluids 3 - 5
Corporate expenses 3 - 4 Interest expense - net 7 - 8 Provision for
(benefit from) income taxes 0 - (1) Restructuring costs 1 Net
earnings (loss) after tax (2) (6) - 2 Average shares outstanding -
basic 5 Average shares outstanding - diluted 11 � Earnings per
share (3) $(1.66) - $0.18 � Projected cash flow & balance sheet
items Depreciation and amortization 4 - 5 Primary working capital -
increase (4) 5 - 10 Cash pension contribution 0 Capital
expenditures 3 - 4 Cash interest less than 1 Cash dividends less
than 1 Cash tax less than 1 Cash refinancing fees 0 Cash
restructuring less than 1 � � 1 Increased over the same period a
year ago due to the strengthening of the Euro of approximately $5
million. 2 Includes $2.7 million of non-cash expense related to the
U.S defined benefit plan in quarter ended September 30, 2007
(versus $3.3 million in quarter ended September 30, 2006). Includes
$1.2 million of expense related to Sarbanes-Oxley compliance in the
quarter ended September 30, 2007 (versus $1.3 million in quarter
ended September 30, 2006). 3 Per share amounts include accruals for
preferred dividends and effect of beneficial conversion feature. 4
Inventory + receivables - trade payables - advance billings
Comments & explanations Assumes quarter ended June 30, 2007
foreign exchange rates (e.g., USD/EUR = 1.3452), and no further
acquisitions or divestitures.
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