|
First quarter diluted EPS of $0.27, or $0.29 as adjusted, on net
sales of $168.1 million;
Gross margin of 43.1 percent
within target range of 43 to 44 percent;
New product
introductions under way;
Company reaffirms 2013 full
year guidance
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 22, 2013--
Tennant Company (NYSE: TNC), a world leader in designing, manufacturing
and marketing of solutions that help create a cleaner, safer, healthier
world, today reported net earnings of $5.1 million, or $0.27 per diluted
share, on net sales of $168.1 million for the first quarter ended March
31, 2013. The 2013 first quarter included two special items. The company
took a $1.4 million pre-tax restructuring charge, or $0.05 per diluted
share, to rightsize the European operations, given continued challenging
economic conditions there. This was partially offset by a $0.6 million,
or $0.03 per diluted share, tax benefit, related to the retroactive
reinstatement of the 2012 U.S. Federal R&D Tax Credit. Excluding these
special items, adjusted 2013 first quarter earnings totaled $5.5
million, or $0.29 per diluted share. (See the Supplemental Non-GAAP
Financial Table.) In the 2012 first quarter, Tennant reported net
earnings of $5.3 million, or $0.28 per diluted share, on net sales of
$173.7 million.
Commented
Chris Killingstad
, Tennant Company's president and chief
executive officer: “We expected increased sales, even though our first
quarter is traditionally our slowest and most unpredictable quarter. The
first two months came in as anticipated, but March sales were a bit
below our expectations. This was primarily due to a slower than
anticipated transition to new products, coupled with sluggish sales of
city cleaning equipment in all geographies.”
Killingstad added: “On a positive note, we see growing momentum in new
product orders and continued growth in our global strategic accounts and
our overall business in the Americas. As a result, we are reaffirming
our previously provided 2013 guidance range, and anticipate a stronger
second half than first half.”
Operating Review
The company's
2013 first quarter consolidated net sales of $168.1 million decreased
3.2 percent compared to $173.7 million in the prior year quarter.
Unfavorable foreign currency exchange impacted consolidated net sales by
approximately 1.0 percent. Organic net sales, which exclude the impact
of foreign currency exchange (and acquisitions when applicable),
decreased approximately 2.2 percent.
Geographically, sales increased 1.6 percent in the Americas, driven by
broad-based growth in Latin America and also sales of industrial
equipment in North America, including scrubbers equipped with ec-H2O™
technology. Organic sales rose approximately 2.6 percent, excluding an
unfavorable foreign currency exchange impact of about 1.0 percent. Sales
in the Europe, Middle East and Africa (EMEA) region were down 10.5
percent, and there was minimal foreign currency exchange impact.
Tennant's sales of city cleaning equipment continue to be constrained
primarily due to tight municipal spending in Europe; excluding that part
of the business, sales strengthened in several key countries. Sales in
the Asia Pacific region were in line with expectations and declined 15.4
percent, or down approximately 12.4 percent organically, with an
unfavorable foreign currency exchange impact of about 3.0 percent. Sales
in China declined approximately 15 percent due primarily to unusually
large sales of city cleaning equipment in the 2012 first quarter and,
excluding those deals, sales in China grew about 20 percent in the 2013
first quarter.
Tennant's gross margin in the 2013 first quarter was 43.1 percent versus
43.4 percent in the prior year quarter, and was within the company's
target range of 43 to 44 percent. Gross margin was adversely impacted by
lower sales volume and mix of products sold.
For the 2013 first quarter, Tennant's research and development (R&D)
spending totaled $7.5 million, or 4.5 percent of sales, compared to $7.3
million, or 4.2 percent of sales, in the prior year quarter. Tennant
continued to invest in developing innovative new products for its
traditional core business, as well as investing in its Orbio business,
which is focused on advancing a platform of chemical-free and other
sustainable, water-based cleaning technologies.
Selling and administrative expense (S&A) in the 2013 first quarter
totaled $58.1 million, or 34.6 percent of sales, and $56.7 million as
adjusted or 33.7 percent of sales as adjusted, versus $59.7 million, or
34.4 percent of sales, in the first quarter last year. Said Killingstad,
“We continued to make progress on our S&A leverage. S&A spending as
adjusted on a dollar basis decreased 5.1 percent and was down 70 basis
points as a percent of sales in the 2013 first quarter compared to a
year ago.”
Tennant's 2013 first quarter operating profit was $6.9 million, or 4.1
percent of sales, versus an operating profit of $8.3 million, or 4.8
percent of sales, in the year ago quarter. As adjusted, Tennant's 2013
first quarter operating profit was $8.3 million, or 5.0 percent of
sales. The 20 basis point increase in adjusted operating profit was a
result of improved S&A leverage, more than offsetting the slightly lower
gross margin and higher R&D spending in the 2013 first quarter.
Cash from operations, which is typically negative in the first quarter
due to the seasonality in the business, was a positive $7.3 million
versus a negative $2.9 million in the year earlier quarter. The
company's total debt was $31.8 million, down from $36.0 million at the
end of the prior year quarter. Cash on the balance sheet totaled $49.8
million, up from $39.5 million a year ago. The company's stock
repurchases in the market during the quarter totaled approximately
159,000 shares at a cost of $7.5 million.
Product Highlights
Scrubbers
equipped with Tennant's ec-H2O technology continued to outperform the
company's overall equipment portfolio in the 2013 first quarter. In
addition, Tennant is executing against one of the most robust new
product and technology pipelines in the company's history. Tennant
introduced 17 new products in the 2012 fourth quarter and will launch an
additional 25 new products in 2013, including the:
-
T12 rider scrubber, which is the first new product in Tennant's
redesigned modular large equipment portfolio;
-
T3 orbital scrubber, which provides a chemical-free way to clean and
strip floors; and
-
B10, Tennant's first rider burnisher, which enables rapid cleaning and
polishing of large areas.
These new core equipment offerings are engineered to improve cleaning
performance and operator safety, lower operating costs and reduce
environmental impact. Tennant remains committed to being an industry
innovation leader and aims to set the standard for sustainable cleaning
around the world.
Business Outlook
Killingstad
said, “We expect 2013 sales to be stronger in the back half of the year,
as the new product sales momentum accelerates and growth continues in
global strategic accounts and our overall Americas business.”
Tennant Company continues to estimate 2013 full year adjusted earnings
in the range of $2.20 to $2.50 per diluted share on net sales in the
range of $750 million to $770 million. Including the 2013 first quarter
special items of a net loss of $0.02 per diluted share, the Company
expects 2013 full year diluted earnings per share in the range of $2.18
to $2.48. For the 2012 full year, adjusted diluted earnings per share
were $2.08 on net sales of $739 million. (See the Supplemental Non-GAAP
Financial Table.)
The company's 2013 annual financial outlook includes the following
expectations:
-
Modest economic improvement in North America, continued uncertainty in
Europe and steady growth in emerging markets;
-
Unfavorable foreign currency impact on sales for the full year in the
range of 0 to 1 percent;
-
Gross margin performance similar to 2012;
-
R&D expense of approximately 4 percent of sales, as the company
continues to invest in its core products and in water-based cleaning
technologies; and
-
Capital expenditures in the range of $18 million to $20 million.
Tennant will continue to manage its business with a focus on operational
excellence and strong cost controls, and make selective investments in
innovative technologies and other key strategic priorities.
Conference Call
Tennant will
host a conference call to discuss the 2013 first quarter results today,
April 22, 2013, at 10 a.m. Central Time (11 a.m. Eastern Time). The
conference call will be available via webcast on the investor portion of
Tennant's website. To listen to the call live, go to www.tennantco.com
and click on Company, Investors. A taped replay of the conference call
will be available at www.tennantco.com
for approximately two weeks after the call.
Company Profile
Minneapolis-based
Tennant Company (NYSE: TNC) is a world leader in designing,
manufacturing and marketing solutions that help create a cleaner, safer,
healthier world. Its products include equipment for maintaining surfaces
in industrial, commercial and outdoor environments; chemical-free and
other sustainable cleaning technologies; and coatings for protecting,
repairing and upgrading surfaces. Tennant's global field service network
is the most extensive in the industry. Tennant has manufacturing
operations in Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden,
The Netherlands; the United Kingdom; São Paulo, Brazil; and Shanghai,
China; and sells products directly in 15 countries and through
distributors in more than 80 countries. For more information, visit www.tennantco.com.
Forward-Looking Statements
Certain
statements contained in this document, as well as other written and oral
statements made by us from time to time, are considered “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act. These statements do not relate to strictly historical or
current facts and provide current expectations or forecasts of future
events. Any such expectations or forecasts of future events are subject
to a variety of factors. These include factors that affect all
businesses operating in a global market as well as matters specific to
us and the markets we serve. Particular risks and uncertainties
presently facing us include: geopolitical and economic uncertainty
throughout the world; the competition in our business; our ability to
effectively manage organizational changes; our ability to comply with
laws and regulations; our ability to attract and retain key personnel;
our ability to develop and fund new innovative products and services;
unforeseen product liability claims or product quality issues; our
ability to successfully upgrade and evolve the capabilities of our
computer systems; the occurrence of a significant business interruption;
the relative strength of the U.S. dollar, which affects the cost of our
materials and products purchased and sold internationally; the
occurrence of disruptions to our supply and delivery chains;
fluctuations in the cost or availability of raw materials and purchased
components; and the impact of the economic uncertainty on our customers'
ability to obtain credit.
We caution that forward-looking statements must be considered carefully
and that actual results may differ in material ways due to risks and
uncertainties both known and unknown. Shareholders, potential investors
and other readers are urged to consider these factors in evaluating
forward-looking statements and are cautioned not to place undue reliance
on such forward-looking statements. For additional information about
factors that could materially affect Tennant's results, please see our
other Securities and Exchange Commission filings, including disclosures
under “Risk Factors.”
We do not undertake to update any forward-looking statement, and
investors are advised to consult any further disclosures by us on this
matter in our filings with the Securities and Exchange Commission and in
other written statements we make from time to time. It is not possible
to anticipate or foresee all risk factors, and investors should not
consider any list of such factors to be an exhaustive or complete list
of all risks or uncertainties.
Non-GAAP Financial Measures
This
news release includes presentations of non-GAAP measures that include or
exclude special items. Management believes that the non-GAAP measures
provide useful information to investors regarding the company's results
of operations and financial condition because they permit a more
meaningful comparison and understanding of Tennant Company's operating
performance for the current, past or future periods. Management uses
these non-GAAP measures to monitor and evaluate ongoing operating
results and trends, and to gain an understanding of the comparative
operating performance of the company. See the Supplemental Non-GAAP
Financial Table.
|
|
|
|
|
|
TENNANT COMPANY
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
|
|
|
|
|
|
|
(In thousands, except shares and per share data)
|
|
|
Three Months Ended
|
|
|
|
|
March 31
|
|
|
|
|
2013
|
|
2012
|
|
Net Sales
|
|
|
$
|
168,092
|
|
|
$
|
173,712
|
|
|
Cost of Sales
|
|
|
95,569
|
|
|
98,393
|
|
|
Gross Profit
|
|
|
72,523
|
|
|
75,319
|
|
|
Gross Margin
|
|
|
43.1
|
%
|
|
43.4
|
%
|
|
Operating Expense (Income):
|
|
|
|
|
|
|
Research and Development Expense
|
|
|
7,518
|
|
|
7,270
|
|
|
Selling and Administrative Expense
|
|
|
58,122
|
|
|
59,714
|
|
|
Total Operating Expense
|
|
|
65,640
|
|
|
66,984
|
|
|
Profit from Operations
|
|
|
6,883
|
|
|
8,335
|
|
|
Operating Margin
|
|
|
4.1
|
%
|
|
4.8
|
%
|
|
Other Income (Expense):
|
|
|
|
|
|
|
Interest Income
|
|
|
114
|
|
|
310
|
|
|
Interest Expense
|
|
|
(467
|
)
|
|
(712
|
)
|
|
Net Foreign Currency Transaction Losses
|
|
|
(324
|
)
|
|
(230
|
)
|
|
Other Income, Net
|
|
|
6
|
|
|
35
|
|
|
Total Other Expense, Net
|
|
|
(671
|
)
|
|
(597
|
)
|
|
Profit Before Income Taxes
|
|
|
6,212
|
|
|
7,738
|
|
|
Income Tax Expense
|
|
|
1,153
|
|
|
2,414
|
|
|
Net Earnings
|
|
|
$
|
5,059
|
|
|
$
|
5,324
|
|
|
|
|
|
|
|
|
|
Earnings per Share:
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
Diluted
|
|
|
$
|
0.27
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
18,343,933
|
|
|
18,722,156
|
|
|
Diluted
|
|
|
18,889,317
|
|
|
19,228,272
|
|
|
|
|
|
|
|
|
|
Cash Dividend Declared per Common Share
|
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
GEOGRAPHICAL NET SALES(1) (Unaudited)
|
|
|
|
|
|
(In thousands)
|
|
Three Months Ended
|
|
|
|
March 31
|
|
|
|
2013
|
|
2012
|
|
%
|
|
Americas
|
|
$
|
113,247
|
|
|
$
|
111,413
|
|
|
1.6
|
|
Europe, Middle East and Africa
|
|
39,191
|
|
|
43,804
|
|
|
(10.5)
|
|
Asia Pacific
|
|
15,654
|
|
|
18,495
|
|
|
(15.4)
|
|
Total
|
|
$
|
168,092
|
|
|
$
|
173,712
|
|
|
(3.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of intercompany sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNANT COMPANY
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
2013
|
|
2012
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
49,755
|
|
|
$
|
53,940
|
|
|
$
|
39,537
|
|
|
Restricted Cash
|
|
188
|
|
|
187
|
|
|
3,292
|
|
|
Accounts Receivable, Net
|
|
130,427
|
|
|
138,147
|
|
|
123,981
|
|
|
Inventories
|
|
64,126
|
|
|
58,136
|
|
|
68,128
|
|
|
Prepaid Expenses
|
|
13,177
|
|
|
11,309
|
|
|
11,687
|
|
|
Deferred Income Taxes, Current Portion
|
|
10,294
|
|
|
11,339
|
|
|
10,483
|
|
|
Other Current Assets
|
|
253
|
|
|
388
|
|
|
115
|
|
|
Total Current Assets
|
|
268,220
|
|
|
273,446
|
|
|
257,223
|
|
|
Property, Plant and Equipment
|
|
294,884
|
|
|
294,910
|
|
|
292,347
|
|
|
Accumulated Depreciation
|
|
(210,437
|
)
|
|
(208,717
|
)
|
|
(205,053
|
)
|
|
Property, Plant and Equipment, Net
|
|
84,447
|
|
|
86,193
|
|
|
87,294
|
|
|
Deferred Income Taxes, Long-Term Portion
|
|
10,352
|
|
|
10,989
|
|
|
16,365
|
|
|
Goodwill
|
|
19,798
|
|
|
19,717
|
|
|
20,442
|
|
|
Intangible Assets, Net
|
|
19,929
|
|
|
21,393
|
|
|
23,532
|
|
|
Other Assets
|
|
9,503
|
|
|
9,022
|
|
|
5,717
|
|
|
Total Assets
|
|
$
|
412,249
|
|
|
$
|
420,760
|
|
|
$
|
410,573
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Current Portion of Long-Term Debt
|
|
$
|
1,567
|
|
|
$
|
2,042
|
|
|
$
|
4,156
|
|
|
Accounts Payable
|
|
51,580
|
|
|
47,002
|
|
|
44,238
|
|
|
Employee Compensation and Benefits
|
|
24,999
|
|
|
33,021
|
|
|
23,295
|
|
|
Income Taxes Payable
|
|
1,019
|
|
|
785
|
|
|
354
|
|
|
Other Current Liabilities
|
|
36,876
|
|
|
38,844
|
|
|
36,401
|
|
|
Total Current Liabilities
|
|
116,041
|
|
|
121,694
|
|
|
108,444
|
|
|
Long-Term Liabilities:
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
30,200
|
|
|
30,281
|
|
|
31,836
|
|
|
Employee-Related Benefits
|
|
25,784
|
|
|
25,873
|
|
|
38,542
|
|
|
Deferred Income Taxes, Long-Term Portion
|
|
3,164
|
|
|
3,325
|
|
|
3,551
|
|
|
Other Liabilities
|
|
4,577
|
|
|
4,533
|
|
|
3,897
|
|
|
Total Long-Term Liabilities
|
|
63,725
|
|
|
64,012
|
|
|
77,826
|
|
|
Total Liabilities
|
|
179,766
|
|
|
185,706
|
|
|
186,270
|
|
|
Shareholders’ Equity:
|
|
|
|
|
|
|
|
Preferred Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Common Stock
|
|
6,911
|
|
|
6,924
|
|
|
7,061
|
|
|
Additional Paid-In Capital
|
|
23,928
|
|
|
22,398
|
|
|
15,922
|
|
|
Retained Earnings
|
|
233,134
|
|
|
236,065
|
|
|
228,137
|
|
|
Accumulated Other Comprehensive Loss
|
|
(31,490
|
)
|
|
(30,333
|
)
|
|
(26,817
|
)
|
|
Total Shareholders’ Equity
|
|
232,483
|
|
|
235,054
|
|
|
224,303
|
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
412,249
|
|
|
$
|
420,760
|
|
|
$
|
410,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNANT COMPANY
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
(In thousands)
|
Three Months Ended
|
|
|
March 31
|
|
|
2013
|
|
2012
|
|
OPERATING ACTIVITIES
|
|
|
|
|
Net Earnings
|
$
|
5,059
|
|
|
$
|
5,324
|
|
|
Adjustments to reconcile Net Earnings to Net Cash Provided by
Operating Activities:
|
|
|
|
|
Depreciation
|
4,492
|
|
|
4,464
|
|
|
Amortization
|
644
|
|
|
776
|
|
|
Deferred Income Taxes
|
1,537
|
|
|
(998
|
)
|
|
Share-Based Compensation Expense
|
1,707
|
|
|
1,690
|
|
|
Allowance for Doubtful Accounts and Returns
|
313
|
|
|
286
|
|
|
Other, Net
|
5
|
|
|
(25
|
)
|
|
Changes in Operating Assets and Liabilities:
|
|
|
|
|
Accounts Receivable
|
5,939
|
|
|
5,107
|
|
|
Inventories
|
(7,097
|
)
|
|
(2,851
|
)
|
|
Accounts Payable
|
5,816
|
|
|
(1,176
|
)
|
|
Employee Compensation and Benefits
|
(8,736
|
)
|
|
(10,310
|
)
|
|
Other Current Liabilities
|
(469
|
)
|
|
(3,056
|
)
|
|
Income Taxes
|
(1,847
|
)
|
|
3,477
|
|
|
U.S. Pension Plan Contributions
|
—
|
|
|
(846
|
)
|
|
Other Assets and Liabilities
|
(100
|
)
|
|
(4,792
|
)
|
|
Net Cash Provided by Operating Activities
|
7,263
|
|
|
(2,930
|
)
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Purchases of Property, Plant and Equipment
|
(4,017
|
)
|
|
(4,219
|
)
|
|
Proceeds from Disposals of Property, Plant and Equipment
|
39
|
|
|
138
|
|
|
Proceeds from Sale of Business
|
699
|
|
|
—
|
|
|
Net Cash Used for Investing Activities
|
(3,279
|
)
|
|
(4,081
|
)
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Payment of Long-Term Debt
|
(428
|
)
|
|
(967
|
)
|
|
Purchases of Common Stock
|
(7,515
|
)
|
|
(4,109
|
)
|
|
Proceeds from Issuance of Common Stock
|
2,795
|
|
|
1,624
|
|
|
Tax Benefit on Stock Plans
|
708
|
|
|
612
|
|
|
Dividends Paid
|
(3,314
|
)
|
|
(3,203
|
)
|
|
Net Cash Used for Financing Activities
|
(7,754
|
)
|
|
(6,043
|
)
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(415
|
)
|
|
252
|
|
|
Net Increase in Cash and Cash Equivalents
|
(4,185
|
)
|
|
(12,802
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
53,940
|
|
|
52,339
|
|
|
Cash and Cash Equivalents at End of Period
|
$
|
49,755
|
|
|
$
|
39,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNANT COMPANY
|
|
SUPPLEMENTAL NON-GAAP FINANCIAL TABLE
|
|
|
|
|
|
(In thousands, except per share data)
|
|
Three Months Ended
|
|
|
|
March 31
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
168,092
|
|
|
$
|
173,712
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
95,569
|
|
|
98,393
|
|
|
Gross Profit - as reported
|
|
72,523
|
|
|
75,319
|
|
|
Gross Margin
|
|
43.1
|
%
|
|
43.4
|
%
|
|
|
|
|
|
|
|
Operating Expense (Income):
|
|
|
|
|
|
Research and Development Expense
|
|
7,518
|
|
|
7,270
|
|
|
Selling and Administrative Expense
|
|
58,122
|
|
|
59,714
|
|
|
Total Operating Expense
|
|
65,640
|
|
|
66,984
|
|
|
|
|
|
|
|
|
Profit from Operations - as reported
|
|
$
|
6,883
|
|
|
$
|
8,335
|
|
|
Operating Margin
|
|
4.1
|
%
|
|
4.8
|
%
|
|
Adjustments:
|
|
|
|
|
|
Restructuring Charge
|
|
1,440
|
|
|
—
|
|
|
Profit from Operations - as adjusted
|
|
$
|
8,323
|
|
|
$
|
8,335
|
|
|
Operating Margin
|
|
5.0
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
Other Income (Expense):
|
|
|
|
|
|
Interest Income
|
|
114
|
|
|
310
|
|
|
Interest Expense
|
|
(467
|
)
|
|
(712
|
)
|
|
Net Foreign Currency Transaction Losses
|
|
(324
|
)
|
|
(230
|
)
|
|
Other Income, Net
|
|
6
|
|
|
35
|
|
|
Total Other Expense, Net
|
|
(671
|
)
|
|
(597
|
)
|
|
|
|
|
|
|
|
Profit Before Income Taxes - as reported
|
|
$
|
6,212
|
|
|
$
|
7,738
|
|
|
Adjustments:
|
|
|
|
|
|
Restructuring Charge
|
|
1,440
|
|
|
—
|
|
|
Profit Before Income Taxes - as adjusted
|
|
$
|
7,652
|
|
|
$
|
7,738
|
|
|
|
|
|
|
|
|
Income Tax Expense - as reported
|
|
$
|
1,153
|
|
|
$
|
2,414
|
|
|
Adjustments:
|
|
|
|
|
|
Restructuring Charge
|
|
417
|
|
|
—
|
|
|
Discrete Tax Item Related to 2012 R&D Tax Credit
|
|
582
|
|
|
—
|
|
|
Income Tax Expense - as adjusted
|
|
$
|
2,152
|
|
|
$
|
2,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNANT COMPANY
|
|
SUPPLEMENTAL NON-GAAP FINANCIAL TABLE
|
|
|
|
|
|
|
(In thousands, except per share data)
|
|
Three Months Ended
|
|
|
|
March 31
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net Earnings - as reported
|
|
$
|
5,059
|
|
|
$
|
5,324
|
|
|
Adjustments:
|
|
|
|
|
|
|
Restructuring Charge
|
|
1,023
|
|
|
—
|
|
|
Discrete Tax Item Related to 2012 R&D Tax Credit
|
|
(582
|
)
|
|
—
|
|
|
Net Earnings - as adjusted
|
|
$
|
5,500
|
|
|
$
|
5,324
|
|
|
|
|
|
|
|
|
|
Earnings per Share:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
Diluted Earnings per Share - as reported
|
|
$
|
0.27
|
|
|
$
|
0.28
|
|
|
Adjustments:
|
|
|
|
|
|
|
Restructuring Charge
|
|
0.05
|
|
|
—
|
|
|
Discrete Tax Item Related to 2012 R&D Tax Credit
|
|
(0.03
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share - as adjusted
|
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
TENNANT COMPANY
|
|
SUPPLEMENTAL NON-GAAP FINANCIAL TABLE
|
|
|
|
|
|
(In thousands, except per share data)
|
|
Full
|
|
|
|
Year
|
|
|
|
2012
|
|
|
|
|
|
Diluted Earnings per Share - as reported
|
|
$
|
2.18
|
|
|
Adjustments:
|
|
|
|
International Entity Restructuring
|
|
(0.11
|
)
|
|
Gain on Sale of Business
|
|
(0.03
|
)
|
|
Restructuring Charge
|
|
0.04
|
|
|
|
|
|
|
Diluted Earnings per Share - as adjusted
|
|
$
|
2.08
|
|
|
|
|
|
Source: Tennant Company
Tennant Company
Investor Contact:
Tom Paulson,
763-540-1204
Vice President and Chief Financial Officer
or
Media
Contact:
Kathryn Lovik, 763-540-1212
Director, Global
Corporate Communications
|
|