Enhanced Investments - Financial Portal

Published: 2021-05-03 16:43:44 ET

EX-99.1 2 a991-2021retrospectivelyad.htm EXHIBIT 99.1 RETROSPECTIVELY ADJUSTED HISTORICAL FINANCIAL DATA Document

Exhibit 99.1

Retrospectively Adjusted Statement of Operations,

Segment Earnings, and Balance Sheet Data

(Unaudited)


	2015															2016
(In millions, except per share data)	1Q15			2Q15			3Q15			4Q15			FY15			1Q16			2Q16			3Q16			4Q16			FY16
CONSOLIDATED STATEMENTS OF OPERATIONS
Net trade sales	$	966.2		$	997.3		$	1,009.1		$	944.6		$	3,917.2		$	938.4		$	958.9		$	948.9		$	903.7		$	3,749.9
Cost of goods sold	753.4			772.8			782.0			732.2			3,040.4			705.1			718.2			726.2			687.0			2,836.5
Gross profit	$	212.8		$	224.5		$	227.1		$	212.4		$	876.8		$	233.3		$	240.7		$	222.7		$	216.7		$	913.4
Selling and administrative expenses	97.5			106.6			96.9			115.9			416.9			105.1			99.7			93.9			97.0			395.7
Amortization of intangibles	5.2			5.2			5.2			5.2			20.8			5.1			4.8			5.2			4.8			19.9

Other (income) expense, net	3.4			(.3)			(2.5)			2.4			3.0			(3.7)			(18.8)			(1.9)			(13.5)			(37.9)
Earnings from continuing operations before interest and taxes	$	106.7		$	113.0		$	127.5		$	88.9		$	436.1		$	126.8		$	155.0		$	125.5		$	128.4		$	535.7
Interest expense	11.0			11.2			10.3			8.6			41.1			9.2			10.3			9.9			9.4			38.8
Interest income	1.3			1.0			1.1			1.0			4.4			.8			1.0			.9			1.2			3.9
Earnings from continuing operations before income taxes	$	97.0		$	102.8		$	118.3		$	81.3		$	399.4		$	118.4		$	145.7		$	116.5		$	120.2		$	500.8
Income taxes	26.8			30.0			30.7			15.2			102.7			27.5			40.9			25.9			30.9			125.2
Earnings from continuing operations	$	70.2		$	72.8		$	87.6		$	66.1		$	296.7		$	90.9		$	104.8		$	90.6		$	89.3		$	375.6
Earnings (loss) from discontinued operations, net of tax	(.5)			1.8			(.1)			—			1.2			.1			20.3			—			(1.3)			19.1
Net earnings	$	69.7		$	74.6		$	87.5		$	66.1		$	297.9		$	91.0		$	125.1		$	90.6		$	88.0		$	394.7
(Earnings) attributable to noncontrolling interest, net of tax	1.1			.8			.9			1.3			4.1			1.6			(1.4)			.1			.1			.4
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$	68.6		$	73.8		$	86.6		$	64.8		$	293.8		$	89.4		$	126.5		$	90.5		$	87.9		$	394.3
Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders
Diluted from continuing operations	$	.48		$	.50		$	.61		$	.46		$	2.05		$	.63		$	.76		$	.65		$	.64		$	2.68
Diluted from discontinued operations	$	—		$	.01		$	—		$	—		$	.01		$	—		$	.15		$	—		$	(.01)		$	.14
Total Diluted	$	.48		$	.51		$	.61		$	.46		$	2.06		$	.63		$	.91		$	.65		$	.63		$	2.82

SEGMENT DATA






EBIT
Bedding Products	$	43.0		$	40.9		$	50.9		$	30.0		$	164.8		$	50.7		$	59.8		$	50.6		$	53.4		$	214.5
Specialized Products	37.3			36.2			36.2			38.4			148.1			43.5			56.2			40.8			43.2			183.7
Furniture, Flooring & Textile Products	26.8			36.0			40.3			32.6			135.7			32.7			38.7			34.3			31.8			137.5
Intersegment Eliminations and Other	(.4)			(.1)			.1			(12.1)			(12.5)			(.1)			.3			(.2)			—			—
Total	$	106.7		$	113.0		$	127.5		$	88.9		$	436.1		$	126.8		$	155.0		$	125.5		$	128.4		$	535.7

EBIT Margin (EBIT / Trade Sales)
Bedding Products	9.7		%	9.5		%	11.3		%	7.5		%	9.6		%	12.9		%	15.5		%	13.0		%	15.1		%	14.1		%
Specialized Products	18.3		%	16.8		%	17.2		%	18.1		%	17.6		%	19.8		%	23.9		%	18.6		%	19.2		%	20.4		%
Furniture, Flooring & Textile Products	8.5		%	10.2		%	11.5		%	9.8		%	10.0		%	10.1		%	11.4		%	10.1		%	9.8		%	10.3		%
Overall	11.0		%	11.3		%	12.6		%	9.4		%	11.1		%	13.5		%	16.2		%	13.2		%	14.2		%	14.3		%


	2017															2018
(In millions, except per share data)	1Q17			2Q17			3Q17			4Q17			FY17			1Q18			2Q18			3Q18			4Q18			FY18
CONSOLIDATED STATEMENTS OF OPERATIONS
Net trade sales	$	960.3		$	989.3		$	1,009.7		$	984.5		$	3,943.8		$	1,028.8		$	1,102.5		$	1,091.5		$	1,046.7		$	4,269.5
Cost of goods sold	733.8			756.9			786.5			770.0			3,047.2			805.5			859.0			859.2			833.7			3,357.4
Gross profit	$	226.5		$	232.4		$	223.2		$	214.5		$	896.6		$	223.3		$	243.5		$	232.3		$	213.0		$	912.1
Selling and administrative expenses	106.1			104.7			95.4			94.3			400.5			104.7			107.8			100.7			111.9			425.1
Amortization of intangibles	5.1			4.7			6.2			4.7			20.7			5.0			5.1			5.2			5.2			20.5

Other (income) expense, net	(.4)			(1.0)			5.5			(11.0)			(6.9)			.3			(3.0)			(3.2)			12.1			6.2
Earnings from continuing operations before interest and taxes	$	115.7		$	124.0		$	116.1		$	126.5		$	482.3		$	113.3		$	133.6		$	129.6		$	83.8		$	460.3
Interest expense	10.6			10.4			10.2			12.3			43.5			14.4			16.0			13.1			17.4			60.9
Interest income	2.0			1.5			1.7			2.4			7.6			2.4			2.4			2.0			1.6			8.4
Earnings from continuing operations before income taxes	$	107.1		$	115.1		$	107.6		$	116.6		$	446.4		$	101.3		$	120.0		$	118.5		$	68.0		$	407.8
Income taxes	21.1			26.5			19.8			71.0			138.4			19.0			25.5			24.6			15.0			84.1
Earnings from continuing operations	$	86.0		$	88.6		$	87.8		$	45.6		$	308.0		$	82.3		$	94.5		$	93.9		$	53.0		$	323.7
Earnings (loss) from discontinued operations, net of tax	—			—			(.9)			—			(.9)			—			—			—			—			—
Net earnings	$	86.0		$	88.6		$	86.9		$	45.6		$	307.1		$	82.3		$	94.5		$	93.9		$	53.0		$	323.7
(Earnings) attributable to noncontrolling interest, net of tax	—			—			—			.1			.1			—			.1			—			.1			.2
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$	86.0		$	88.6		$	86.9		$	45.5		$	307.0		$	82.3		$	94.4		$	93.9		$	52.9		$	323.5
Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders
Diluted from continuing operations	$	.62		$	.64		$	.65		$	.34		$	2.25		$	.60		$	.70		$	.70		$	.39		$	2.39
Diluted from discontinued operations	$	—		$	—		$	(.01)		$	—		$	(.01)		$	—		$	—		$	—		$	—		$	—
Total Diluted	$	.62		$	.64		$	.64		$	.34		$	2.24		$	.60		$	.70		$	.70		$	.39		$	2.39

SEGMENT DATA






EBIT
Bedding Products	$	46.5		$	44.7		$	48.4		$	36.2		$	175.8		$	45.1		$	49.1		$	59.5		$	17.7		$	171.4
Specialized Products	43.0			43.9			34.6			74.4			195.9			46.3			52.2			43.6			47.4			189.5
Furniture, Flooring & Textile Products	26.0			35.4			33.1			31.2			125.7			22.0			32.5			26.6			18.8			99.9
Intersegment Eliminations and Other	.2			—			—			(15.3)			(15.1)			(.1)			(.2)			(.1)			(.1)			(.5)
Total	$	115.7		$	124.0		$	116.1		$	126.5		$	482.3		$	113.3		$	133.6		$	129.6		$	83.8		$	460.3

EBIT Margin (EBIT / Trade Sales)
Bedding Products	11.9		%	11.5		%	11.5		%	9.0		%	11.0		%	10.5		%	10.8		%	12.4		%	4.1		%	9.5		%
Specialized Products	18.3		%	18.4		%	15.2		%	31.7		%	20.9		%	17.3		%	18.9		%	17.2		%	18.3		%	17.9		%
Furniture, Flooring & Textile Products	7.8		%	9.8		%	9.2		%	9.0		%	9.0		%	6.6		%	8.7		%	7.4		%	5.3		%	7.0		%
Overall	12.0		%	12.5		%	11.5		%	12.8		%	12.2		%	11.0		%	12.1		%	11.9		%	8.0		%	10.8		%


	2019															2020
(In millions, except per share data)	1Q19			2Q19			3Q19			4Q19			FY19			1Q20			2Q20			3Q20			4Q20			FY20
CONSOLIDATED STATEMENTS OF OPERATIONS
Net trade sales	$	1,155.1		$	1,213.2		$	1,239.3		$	1,144.9		$	4,752.5		$	1,045.5		$	845.1		$	1,207.6		$	1,182.0		$	4,280.2
Cost of goods sold	921.0			953.0			969.7			884.8			3,728.5			824.8			698.5			937.9			914.9			3,376.1
Gross profit	$	234.1		$	260.2		$	269.6		$	260.1		$	1,024.0		$	220.7		$	146.6		$	269.7		$	267.1		$	904.1
Selling and administrative expenses	118.6			118.3			115.2			117.6			469.7			117.8			97.2			105.6			103.8			424.4
Amortization of intangibles	14.1			16.9			16.3			16.0			63.3			16.4			16.3			16.2			16.3			65.2

Other (income) expense, net	2.1			(1.5)			(.1)			3.7			4.2			7.9			10.4			(2.3)			(9.0)			7.0
Earnings from continuing operations before interest and taxes	$	99.3		$	126.5		$	138.2		$	122.8		$	486.8		$	78.6		$	22.7		$	150.2		$	156.0		$	407.5
Interest expense	21.4			24.5			22.6			22.2			90.7			20.9			21.4			20.9			19.5			82.7
Interest income	1.4			2.6			1.5			1.9			7.4			.9			1.0			.5			.7			3.1
Earnings from continuing operations before income taxes	$	79.3		$	104.6		$	117.1		$	102.5		$	403.5		$	58.6		$	2.3		$	129.8		$	137.2		$	327.9
Income taxes	17.2			25.4			22.0			24.8			89.4			14.5			8.4			22.7			29.2			74.8
Earnings from continuing operations	$	62.1		$	79.2		$	95.1		$	77.7		$	314.1		$	44.1		$	(6.1)		$	107.1		$	108.0		$	253.1
Earnings (loss) from discontinued operations, net of tax	—			—			—			—			—			—			—			—			—			—
Net earnings	$	62.1		$	79.2		$	95.1		$	77.7		$	314.1		$	44.1		$	(6.1)		$	107.1		$	108.0		$	253.1
(Earnings) attributable to noncontrolling interest, net of tax	(.1)			.1			—			.1			.1			—			—			.1			—			.1
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$	62.2		$	79.1		$	95.1		$	77.6		$	314.0		$	44.1		$	(6.1)		$	107.0		$	108.0		$	253.0
Earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders
Diluted from continuing operations	$	.46		$	.59		$	.70		$	.57		$	2.32		$	.33		$	(.05)		$	.79		$	.79		$	1.86
Diluted from discontinued operations	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Total Diluted	$	.46		$	.59		$	.70		$	.57		$	2.32		$	.33		$	(.05)		$	.79		$	.79		$	1.86

SEGMENT DATA






EBIT
Bedding Products	$	44.6		$	55.1		$	67.2		$	48.0		$	214.9		$	28.3		$	18.9		$	75.8		$	69.4		$	192.4
Specialized Products	35.6			41.5			44.1			48.7			169.9			27.7			(19.7)			32.6			51.4			92.0
Furniture, Flooring & Textile Products	19.1			30.5			27.2			25.5			102.3			26.1			23.0			42.5			34.9			126.5
Intersegment Eliminations and Other	—			(.6)			(.3)			.6			(.3)			(3.5)			.5			(.7)			.3			(3.4)
Total	$	99.3		$	126.5		$	138.2		$	122.8		$	486.8		$	78.6		$	22.7		$	150.2		$	156.0		$	407.5

EBIT Margin (EBIT / Trade Sales)
Bedding Products	8.0		%	9.7		%	11.2		%	9.1		%	9.5		%	5.8		%	4.6		%	12.9		%	12.7		%	9.4		%
Specialized Products	13.5		%	15.5		%	16.5		%	18.1		%	15.9		%	11.8		%	(14.0)		%	13.4		%	18.8		%	10.3		%
Furniture, Flooring & Textile Products	5.7		%	8.1		%	7.3		%	7.4		%	7.1		%	8.1		%	7.8		%	11.3		%	9.7		%	9.4		%
Overall	8.6		%	10.4		%	11.2		%	10.7		%	10.2		%	7.5		%	2.7		%	12.4		%	13.2		%	9.5		%





	2015		2016		2017		2018		2019		2020
(In millions)	FY		FY		FY		FY		FY		1Q20		2Q20		3Q20		4Q20		FY20
CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	$	253.2	$	281.9	$	526.1	$	268.1	$	247.6	$	505.8	$	208.8	$	245.0	$	348.9	$	348.9
Total receivables, net	520.2		486.6		595.1		571.6		591.9		568.2		577.3		642.3		563.6		563.6
Total inventories, net	518.7		547.4		613.3		699.5		675.7		692.3		610.9		625.0		691.5		691.5
Prepaid expenses and other current assets	33.2		36.8		74.2		51.0		61.9		52.5		50.1		45.7		54.1		54.1
Current Assets	1,325.3		1,352.7		1,808.7		1,590.2		1,577.1		1,818.8		1,447.1		1,558.0		1,658.1		1,658.1
Property, Plant and Equipment - at cost	540.8		565.5		663.9		728.5		830.8		809.5		797.4		785.7		784.8		784.8
Other Assets	1,111.7		1,093.7		1,120.4		1,128.9		2,447.5		2,390.5		2,374.4		2,359.8		2,357.1		2,357.1
Total Assets	$	2,977.8	$	3,011.9	$	3,593.0	$	3,447.6	$	4,855.4	$	5,018.8	$	4,618.9	$	4,703.5	$	4,800.0	$	4,800.0

Accounts payable	$	307.2	$	351.1	$	430.3	$	465.4	$	463.4	$	429.1	$	361.4	$	494.1	$	552.2	$	552.2
Current maturities of long-term debt	3.4		3.6		153.8		1.2		51.1		51.2		51.1		51.1		50.9		50.9
Current portion of operating lease liabilities	—		—		—		—		39.3		39.6		41.8		41.9		42.4		42.4
Accrued expenses and other current liabilities	390.6		351.9		392.1		349.1		374.3		334.8		321.2		360.3		360.5		360.5
Current Liabilities	701.2		706.6		976.2		815.7		928.1		854.7		775.5		947.4		1,006.0		1,006.0
Long-term debt	941.5		956.2		1,097.9		1,167.8		2,066.5		2,415.2		2,083.2		1,909.1		1,849.3		1,849.3
Operating lease liabilities	—		—		—		—		121.6		117.9		128.6		125.3		122.1		122.1
Deferred income taxes and other long-term liabilities	228.7		237.8		296.5		257.3		397.3		364.6		389.2		391.7		397.5		397.5
Equity	1,106.4		1,111.3		1,222.4		1,206.8		1,341.9		1,266.4		1,242.4		1,330.0		1,425.1		1,425.1
Capitalization	2,276.6		2,305.3		2,616.8		2,631.9		3,927.3		4,164.1		3,843.4		3,756.1		3,794.0		3,794.0
Total Liabilities and Equity	$	2,977.8	$	3,011.9	$	3,593.0	$	3,447.6	$	4,855.4	$	5,018.8	$	4,618.9	$	4,703.5	$	4,800.0	$	4,800.0

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.