Exhibit 99.1
THE
BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT
OF EARNINGS
(Unaudited)
(Dollars
in Millions Except Per Share Amounts)
| Year Ended December 31, | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||
| SALES | $ | 6,523. | 7 | $ | 5,398. | 4 | $ | 4,482. | 7 | $ | 4,291. | 8 | $ | 4,139. | 9 | ||
| Cost of goods sold | 4,206. | 6 | 3,432. | 9 | 2,887. | 1 | 2,805. | 6 | 2,776. | 6 | |||||||
| Selling, general, and administrative expenses | 1,522. | 2 | 1,352. | 3 | 1,160. | 9 | 1,100. | 0 | 1,050. | 1 | |||||||
| Restructuring and exit costs | – | – | 31. | 6 | 46. | 6 | 99. | 7 | |||||||||
| OPERATING INCOME | 794. | 9 | 613. | 2 | 403. | 1 | 339. | 6 | 213. | 5 | |||||||
| Interest expense (net of interest income of | |||||||||||||||||
| $36.5 for 2005, $35.8 for 2004, $25.5 for | |||||||||||||||||
| 2003, $26.5 for 2002, and $34.7 for 2001) | 45. | 4 | 22. | 1 | 35. | 2 | 57. | 8 | 84. | 3 | |||||||
| Other (income) expense | (51. | 6) | 2. | 8 | 2. | 6 | 4. | 8 | 8. | 2 | |||||||
| EARNINGS FROM CONTINUING OPERATIONS | |||||||||||||||||
| BEFORE INCOME TAXES | 801. | 1 | 588. | 3 | 365. | 3 | 277. | 0 | 121. | 0 | |||||||
| Income taxes | 268. | 9 | 157. | 6 | 94. | 8 | 67. | 0 | 35. | 6 | |||||||
| NET EARNINGS FROM CONTINUING OPERATIONS | 532. | 2 | 430. | 7 | 270. | 5 | 210. | 0 | 85. | 4 | |||||||
| DISCONTINUED OPERATIONS (NET OF INCOME TAXES): | |||||||||||||||||
| Earnings of discontinued operations (net of | |||||||||||||||||
| income taxes of $.5 for 2005, $1.0 for 2004, | |||||||||||||||||
| $3.5 for 2003, $.8 for 2002, and $3.0 for 2001) | – | 2. | 2 | 5. | 8 | 1. | 2 | 6. | 5 | ||||||||
| (Loss) gain on sale of discontinued operations | |||||||||||||||||
| (net of impairment charge of $24.4 in 2004) | (. | 1) | 12. | 7 | – | – | – | ||||||||||
| NET (LOSS) EARNINGS FROM DISCONTINUED OPERATIONS | (. | 1) | 14. | 9 | 5. | 8 | 1. | 2 | 6. | 5 | |||||||
| NET EARNINGS | $ | 532. | 1 | $ | 445. | 6 | $ | 276. | 3 | $ | 211. | 2 | $ | 91. | 9 | ||
| BASIC EARNINGS PER COMMON SHARE | |||||||||||||||||
| Continuing operations | $ | 6.7 | 2 | $ | 5.4 | 0 | $ | 3.4 | 7 | $ | 2.6 | 2 | $ | 1.0 | 6 | ||
| Discontinued operations | – | .1 | 9 | .0 | 8 | .0 | 1 | .0 | 8 | ||||||||
| NET EARNINGS PER COMMON SHARE - BASIC | $ | 6.7 | 2 | $ | 5.5 | 9 | $ | 3.5 | 5 | $ | 2.6 | 3 | $ | 1.1 | 4 | ||
| Shares Used in Computing Basic Earnings Per | |||||||||||||||||
| Share (in Millions) | 79. | 2 | 79. | 8 | 77. | 9 | 80. | 4 | 80. | 7 | |||||||
| DILUTED EARNINGS PER COMMON SHARE | |||||||||||||||||
| Continuing operations | $ | 6.5 | 4 | $ | 5.3 | 1 | $ | 3.4 | 7 | $ | 2.6 | 1 | $ | 1.0 | 5 | ||
| Discontinued operations | – | .1 | 8 | .0 | 8 | .0 | 1 | .0 | 8 | ||||||||
| NET EARNINGS PER COMMON SHARE - ASSUMING DILUTION | $ | 6.5 | 4 | $ | 5.4 | 9 | $ | 3.5 | 5 | $ | 2.6 | 2 | $ | 1.1 | 3 | ||
| Shares Used in Computing Diluted Earnings Per | |||||||||||||||||
| Share (in Millions) | 81. | 4 | 81. | 1 | 77. | 9 | 80. | 5 | 81. | 1 | |||||||
THE
BLACK & DECKER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT
OF EARNINGS
(Unaudited)
(Dollars
in Millions Except Per Share Amounts)
| Three Months Ended | ||||||||||||||
| April 3, 2005 |
July 3, 2005 |
October 2, 2005 |
December 31, 2005 | |||||||||||
| SALES | $ | 1,519. | 3 | $ | 1,698. | 8 | $ | 1,575. | 6 | $ | 1,730. | 0 | ||
| Cost of goods sold | 983. | 8 | 1,099. | 3 | 1,013. | 5 | 1,110. | 0 | ||||||
| Selling, general, and administrative expenses | 377. | 2 | 382. | 2 | 362. | 4 | 400. | 4 | ||||||
| OPERATING INCOME | 158. | 3 | 217. | 3 | 199. | 7 | 219. | 6 | ||||||
| Interest expense (net of interest income) | 9. | 2 | 9. | 8 | 12. | 6 | 13. | 8 | ||||||
| Other (income) expense | (53. | 5) | 1. | 3 | (. | 7) | 1. | 3 | ||||||
| EARNINGS FROM CONTINUING OPERATIONS | ||||||||||||||
| BEFORE INCOME TAXES | 202. | 6 | 206. | 2 | 187. | 8 | 204. | 5 | ||||||
| Income taxes | 58. | 6 | 55. | 3 | 50. | 3 | 104. | 7 | ||||||
| NET EARNINGS FROM CONTINUING OPERATIONS | 144. | 0 | 150. | 9 | 137. | 5 | 99. | 8 | ||||||
| DISCONTINUED OPERATIONS (NET OF INCOME TAXES): | ||||||||||||||
| Earnings (loss) of discontinued operations | . | 8 | – | . | 3 | (1. | 1) | |||||||
| Loss on sale of discontinued operations | – | – | – | (. | 1) | |||||||||
| NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS | . | 8 | – | . | 3 | (1. | 2) | |||||||
| NET EARNINGS | $ | 144. | 8 | $ | 150. | 9 | $ | 137. | 8 | $ | 98. | 6 | ||
| BASIC EARNINGS PER COMMON SHARE | ||||||||||||||
| Continuing operations | $ | 1.7 | 9 | $ | 1.8 | 9 | $ | 1.7 | 3 | $ | 1.2 | 9 | ||
| Discontinued operations | .0 | 1 | – | .0 | 1 | (.0 | 2) | |||||||
| NET EARNINGS PER COMMON SHARE - BASIC | $ | 1.8 | 0 | $ | 1.8 | 9 | $ | 1.7 | 4 | $ | 1.2 | 7 | ||
| Shares Used in Computing Basic Earnings Per | ||||||||||||||
| Share (in Millions) | 80. | 5 | 79. | 8 | 79. | 1 | 77. | 4 | ||||||
| DILUTED EARNINGS PER COMMON SHARE | ||||||||||||||
| Continuing operations | $ | 1.7 | 4 | $ | 1.8 | 4 | $ | 1.6 | 9 | $ | 1.2 | 6 | ||
| Discontinued operations | .0 | 1 | – | .0 | 1 | (.0 | 2) | |||||||
| NET EARNINGS PER COMMON SHARE - ASSUMING DILUTION | $ | 1.7 | 5 | $ | 1.8 | 4 | $ | 1.7 | 0 | $ | 1.2 | 4 | ||
| Shares Used in Computing Diluted Earnings Per | ||||||||||||||
| Share (in Millions) | 82. | 8 | 82. | 1 | 81. | 3 | 79. | 5 | ||||||