EX-99.2 4 dex992.htm CRANE CO. QUARTERLY FINANCIAL DATA SUPPLEMENT Crane Co. Quarterly Financial Data Supplement

Exhibit 99.2

 

CRANE CO.

Income Statement Data

(in thousands, except per share data)

 

    

Three Months Ended

March 31,

  
     2004
     2003
  

Net Sales:

                 

Aerospace & Electronics

    $ 119,277     $ 87,374  

Engineered Materials

      69,010       62,886  

Merchandising Systems

      39,450       37,606  

Fluid Handling

      203,888       173,468  

Controls

      16,753       15,210  

Intersegment Elimination

      (72 )     (74 )
    
 

Total Net Sales

    $ 448,306     $ 376,470  
    
 

Operating Profit:

                 

Aerospace & Electronics

    $ 20,222     $ 16,871  

Engineered Materials

      15,531       12,964  

Merchandising Systems

      474       (2,118 )

Fluid Handling

      8,727       7,426  

Controls

      889       398  

Corporate

      (7,165 )     (7,362 )
    
 

Total Operating Profit

      38,678       28,179  

Interest Income

      222       189  

Interest Expense

      (6,541 )     (3,944 )

Miscellaneous - Net

      (218 )     (165 )
    
 

Income Before Income Taxes

      32,141       24,259  

Provision for Income Taxes

      9,964       7,763  
    
 

Net Income

    $ 22,177     $ 16,496  
    
 

Depreciation and Amortization

    $ 13,798     $ 12,364  

Per Diluted Share Data:

                 

Net Income

    $ 0.37     $ 0.28  
    
 

Average Diluted Shares Outstanding

      60,418       59,455  

Average Basic Shares Outstanding

      59,544       59,400  

CRANE CO.

Condensed Balance Sheets

(in thousands)

 

     March 31,
2004
    December 31,
2003
ASSETS              

Current Assets

              

Cash and Cash Equivalents

    $ 39,081    $ 142,518

Accounts Receivable

      280,353      248,492

Inventories

      253,683      235,431

Other Current Assets

      35,744      35,335
    
  

Total Current Assets

      608,861      661,776

Property, Plant and Equipment

      300,054      302,638

Other Assets

      310,549      311,123

Goodwill

      579,113      536,239
    
  

Total Assets

    $ 1,798,577    $ 1,811,776
    
  
LIABILITIES AND SHAREHOLDERS’ EQUITY              

Current Liabilities

              

Current Maturities of Long-Term Debt

    $ 8    $ 100,275

Loans Payable

      77,561      —  

Accounts Payable

      133,817      116,885

Accrued Liabilities

      170,477      171,438

Income Taxes

      34,174      29,976
    
  

Total Current Liabilities

      416,037      418,574

Long-Term Debt

      296,065      295,861

Deferred Income Taxes

      58,630      57,738

Postretirement, Pension and Other Liabilities

      244,210      253,352

Common Shareholders’ Equity

      783,635      786,251
    
  

Total Liabilities and Shareholders’ Equity

    $ 1,798,577    $ 1,811,776
    
  

CRANE CO.

Condensed Statements of Cash Flows

(in thousands)

 

     Three Months Ended
March 31,
  
     2004
     2003
  

Operating Activities:

                 

Net income

    $ 22,177     $ 16,496  

Income from joint venture

      (534 )     (371 )

Depreciation and amortization

      13,798       12,364  

Cash used for operating working capital

      (29,474 )     (4,159 )

Asbestos-related payments

      (3,814 )     (421 )

Other

      (4,255 )     (1,288 )
    
 

Total (used for) provided from operating activities

      (2,102 )     22,621  
    
 

Investing Activities:

                 

Capital expenditures

      (5,144 )     (6,484 )

Proceeds from disposition of capital assets

      174       344  

Payments for acquisitions, net

      (50,630 )     —    

Proceeds from divestitures

      —         1,200  
    
 

Total used for investing activities

      (55,600 )     (4,940 )
    
 

Financing Activities:

                 

Dividends paid

      (5,953 )     (5,945 )

Settlement of treasury shares acquired on the open market

      (23,466 )     (6,116 )

Stock options exercised - net of shares reacquired

      6,542       360  

(Repayment) issuance of debt, net

      (22,743 )     1,032  
    
 

Total used for financing activities

      (45,620 )     (10,669 )
    
 

Effect of exchange rate on cash and cash equivalents

      (115 )     656  
    
 

(Decrease) increase in cash and cash equivalents

      (103,437 )     7,668  

Cash and cash equivalents at beginning of period

      142,518       36,589  
    
 

Cash and cash equivalents at end of period

    $ 39,081     $ 44,257  
    
 

CRANE CO.

Order Backlog

(in thousands)

 

     March 31,
2004
    December 31,
2003
    March 31,
2003

Aerospace & Electronics

    $ 319,954    $ 277,173    $ 224,513

Engineered Materials

      17,564      11,787      9,828

Merchandising Systems

      11,176      10,330      10,543

Fluid Handling

      163,955      140,192      138,134

Controls

      13,029      12,169      14,736
    
  
  

Total Backlog

    $ 525,678    $ 451,651    $ 397,754
    
  
  

CRANE CO.

Non-GAAP Financial Measures

(in thousands)

 

     Three Months Ended
March 31,
    

Year Ended

December 31,

  
     2004
     2003
     2004
  
                 (Estimated)  

Cash (used for) provided from operating activities

    $ (2,102 )   $ 22,621     $ 146,000     $ 164,000  

Less: Capital expenditures

      (5,144 )     (6,484 )     (32,000 )     (30,000 )

           Dividends

      (5,953 )     (5,945 )     (24,000 )     (24,000 )
    
 
 
 

Free cash flow

    $ (13,199 )   $ 10,192     $ 90,000     $ 110,000  
    
 
 
 

 

Free cash flow provides supplemental information to assist management and certain investors in analyzing the

Company’s ability to generate positive cash flow.

 

Free cash flow is considered a measure of cash generation and should be considered in addition to, but not as a substitute for, other measures reported in accordance with generally accepted accounting principles and may be inconsistent with similar measures presented by other companies.