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The deconsolidation eliminated nearly $300 million in annual revenues from RPM’s results, beginning in fiscal 2011. On a pro-forma basis, excluding the effect of the deconsolidation, sales, net income and earnings per diluted share all improved.
On an “as reported” basis, first quarter net sales of $894.8 million were 2.3% below the $916 million reported a year ago. Net income attributable to RPM stockholders of $69 million was off 5.5% from last year’s record $73 million. First quarter diluted earnings per share were $0.53, a 7% decrease from the $0.57 reported a year ago. Consolidated EBIT was $122 million, up 1.1% from the $120.7million in the fiscal 2010 first quarter.
On a pro-forma basis, assuming the deconsolidation of SPHC subsidiaries had been in effect during the first quarter of fiscal 2010, sales increased 6.1% to $894.8 million, up from $843 million a year ago. Pro-forma net income attributable to RPM stockholders improved 8.3%, to $69 million from $63.7 million in the fiscal 2010 first quarter, while pro-forma diluted earnings per share were up 8.2%, to $0.53 from $0.49. Pro-forma consolidated EBIT grew 7.8%, to $122 million from $113.2 million a year ago.
“As announced last quarter, we will gauge our results going forward from the end of our last fiscal year on a pro-forma basis, taking into account the impact of the SPHC deconsolidation,” said Frank C. Sullivan, chairman and CEO. “On an apples-to-apples basis, we are pleased with our first quarter results in this challenging economy. We were especially encouraged by a sharp improvement in sales by our industrial segment.”
For more information, visit www.rpminc.com.