Milacron Financial Table
Milacron Inc. and Subsidiaries
Second Quarter 2000
Quarter Ended Year to Date
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Sales $404,512,000 $401,006,000 $801,446,000 $793,049,000
Net earnings 16,750,000(a) 15,340,000 31,827,000(a) 30,415,000
Per Share
Basic 0.47 0.42 0.89 0.82
Diluted 0.47 0.41 0.88 0.81
Common shares
Weighted average
outstanding for
basic EPS 35,401,000 36,729,000 35,775,000 37,014,000
Weighted average
outstanding for
diluted EPS 35,547,000 36,978,000 35,892,000 37,239,000
Outstanding at
quarter end 34,849,000 37,013,000 34,849,000 37,013,000
(a)Includes after tax restructuring costs of $.2 million, or $.01 per
share, for the second quarter and $1.0 million, or $.03 per share, for the
year to date.
Milacron Inc. and Subsidiaries
(In millions, except per-share data)
Consolidated Earnings
Second Quarter 2000
Quarter Ended Year to Date
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Sales $404.5 $401.0 $801.4 $793.0
Cost of products sold 299.1 298.7 593.1 587.1
Manufacturing margins 105.4 102.3 208.3 205.9
Percent of sales 26.1% 25.5% 26.0% 26.0%
Other costs and expenses
Selling and
administrative 67.3 68.4 133.5 138.8
Restructuring costs (a) 0.3 -- 1.5 --
Other - net 2.9 2.0 7.2 4.5
Total other costs
and expenses 70.5 70.4 142.2 143.3
Percent of sales 17.4% 17.6% 17.7% 18.1%
Operating earnings 34.9 31.9 66.1 62.6
Percent of sales 8.6% 8.0% 8.2% 7.9%
Interest expense - net
of interest income (9.8) (9.4) (19.1) (18.6)
Earnings before income
taxes and minority
shareholders' interests 25.1 22.5 47.0 44.0
Provision for income taxes 7.8 6.7 14.6 13.0
Earnings before minority
shareholders' interests 17.3 15.8 32.4 31.0
Minority shareholders'
interests 0.6 0.5 0.6 0.6
Net earnings $16.7 $15.3 $31.8 $30.4
Earnings per common share
Basic $0.47 $0.42 $0.89 $0.82
Diluted $0.47 $0.41 $0.88 $0.81
(a) Represents additional restructuring costs ($.2 million after tax, or
$.01 per share, for the second quarter and $1.0 million, or $.03 per
share,for the year to date) related to initiatives announced in 1999 to
improve operating efficiency and strengthen synergies with recently
acquired businesses and to consolidate Uniloy's European operations.
Note:These statements are unaudited and subject to year-end adjustments.
Milacron Inc. and Subsidiaries
(In millions)
Consolidated Balance Sheets
Second Quarter 2000
June 30, June 30,
2000 1999
Assets
Cash and cash equivalents $33.4 $35.8
Other current assets 655.8 661.3
Property, plant and equipment - net 309.9 342.2
Other noncurrent assets 498.5 461.2
Total assets $1,497.6 $1,500.5
Liabilities and Shareholders' Equity
Bank borrowings and current portion
of long-term debt $135.1 $209.0
Other current liabilities 319.8 317.0
Long-term accrued liabilities 190.9 185.4
Long-term debt 373.2 324.4
Shareholders' equity 478.6 464.7
Total liabilities and shareholders' equity $1,497.6 $1,500.5
Consolidated Cash Flows
Quarter Ended Year to Date
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Increase (decrease) in
cash and cash equivalents
Operating activities
cash flows
Net earnings $16.7 $15.3 $31.8 $30.4
Depreciation and
amortization 15.0 14.1 30.2 28.8
Working capital changes
Notes and accounts
receivable -- (2.4) (13.3) (9.8)
Inventories (7.2) (1.2) (13.7) (16.7)
Other current assets (3.8) (2.2) (5.8) (3.7)
Trade accounts payable
and other current
liabilities 2.0 (15.5) (7.4) (21.1)
Deferred income taxes
and other - net (2.7) 4.8 (2.8) 8.0
Net cash provided
by operating activities 20.0 12.9 19.0 15.9
Investing activities cash flows
Capital expenditures (9.4) (13.6) (16.9) (28.8)
Acquisitions and
other - net (3.1) (0.4) (2.8) (10.5)
Divestitures (3.0) 6.4 (3.0) 9.6
Net cash used by
investing activities (15.5) (7.6) (22.7) (29.7)
Financing activities cash flows
Dividends paid (4.3) (4.5) (8.7) (9.1)
Issuance of long-term
debt 108.6 -- 108.6 --
Repayments of
long-term debt (131.1) (0.2) (131.3) (1.7)
Increase (decrease)
in bank borrowings 21.1 (0.6) 12.2 32.3
Purchase of
treasury shares (11.6) (1.2) (23.9) (18.9)
Issuance of common shares -- 0.1 -- 0.1
Net cash provided
(used) by
financing activities (17.3) (6.4) (43.1) 2.7
Effect of exchange rate
fluctuations on cash
and cash equivalents (0.4) (0.7) (1.1) (2.0)
Decrease in cash and
cash equivalents (13.2) (1.8) (47.9) (13.1)
Cash and cash equivalents
at beginning of period 46.6 37.6 81.3 48.9
Cash and cash equivalents
at end of period $33.4 $35.8 $33.4 $35.8
Note:These statements are unaudited and subject to year-end adjustments.
Milacron Inc. and Subsidiaries
(In millions)
Segment and Supplemental Information
Second Quarter 2000
Quarter Ended Year to Date
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Plastics Technologies
Sales $221.4 $221.4 $439.0 $438.6
Operating cash flow (a) 33.7 29.0 64.1 57.3
Segment earnings 25.9 20.5 48.0 40.6
Percent of sales 11.7% 9.3% 10.8% 9.3%
New orders 223.1 222.8 432.8 429.3
Metalworking Technologies
Sales $183.1 $179.6 $362.4 $354.4
Operating cash flow (a) 22.8 22.5 46.2 44.9
Segment earnings 15.8 16.3 32.4 32.4
Percent of sales 8.6% 9.1% 8.9% 9.1%
New orders 181.2 173.9 368.2 355.4
Total Continuing Operations
Sales $404.5 $401.0 $801.4 $793.0
Operating cash flow (a) 50.2 46.0 97.8 91.4
Segment earnings 41.7 36.8 80.4 73.0
Restructuring costs (b) (0.3) -- (1.5) --
Corporate expenses (4.5) (3.6) (9.3) (7.8)
Other unallocated
expenses (c) (2.0) (1.3) (3.5) (2.6)
Operating earnings 34.9 31.9 66.1 62.6
Percent of sales 8.6% 8.0% 8.2% 7.9%
New orders 404.3 396.7 801.0 784.7
Ending backlog 223.3 249.9 223.3 249.9
(a)Represents EBITDA (earnings before interest, income taxes, depreciation
and amortization).
(b)Represents costs to improve operating efficiency and strengthen
synergies with recently acquired businesses.
(c)Other unallocated expenses include financing costs related to the sale
of accounts receivable.
Note: These statements are unaudited and subject to year-end adjustments.