ACCO Brands Corp. (ABD, Financial) filed Quarterly Report for the period ended 2011-03-31.
Acco Brands Corp. has a market cap of $530.1 million; its shares were traded at around $9.65 with a P/E ratio of 17.3 and P/S ratio of 0.4.
For the three months ended March 31, 2011, the Company recorded income tax expense from continuing operations of $4.8 million on a loss before taxes of $3.3 million. This compares to an income tax expense from continuing operations of $6.8 million on income before taxes of $2.3 million in the prior year. The high effective tax rates for 2011 and 2010 are due to no tax benefit being provided on losses incurred in the U.S. and certain foreign jurisdictions where valuation reserves are recorded against future tax benefits.
Loss from continuing operations was $8.1 million, or $0.15 per diluted share, compared to a loss of $4.5 million, or $0.08 per diluted share in the prior-year quarter.
Net loss was $8.1 million, or $0.15 per diluted share, compared to a net loss of $4.7 million, or $0.09 per diluted share, in the prior-year quarter.
For the three months ended March 31, 2011 cash used by operating activities was $60.0 million compared to $27.0 million in the prior year. The net loss for 2011 was $8.1 million and the net loss for 2010 was $4.7 million. Non-cash adjustments to net loss on a pre-tax basis in 2011 totaled $11.2 million compared to $11.8 million in 2010. Pre-tax net income adjusted for non-cash charges was $7.9 million in 2011 compared to $13.9 million in 2010, as calculated below:
In addition, for the 2011 period the use of cash by operating activities of $60.0 million includes a use of net working capital (accounts receivable, inventories and accounts payable) of $5.8 million during the three months ended March 31, 2011, primarily due to timing of customer collections and payments to vendors and inventory levels which increased due to the timing of customer demand and increased stock of new products. In addition, payments associated with the 2010 annual incentive plan of approximately $9 million were made during the first three months of 2011, compared to approximately $1 million in the prior year period. Interest payments of $35.4 million and contributions to the Companys pension plans of $8.1 million were comparable to payments made during the prior year period.
Read the The complete Report
Acco Brands Corp. has a market cap of $530.1 million; its shares were traded at around $9.65 with a P/E ratio of 17.3 and P/S ratio of 0.4.
Highlight of Business Operations:
Advertising, selling, general and administrative expenses (SG&A) include advertising, marketing, selling (including commissions), research and development, customer service, depreciation related to assets outside the manufacturing and distribution processes and all other general and administrative expenses outside the manufacturing and distribution functions (e.g., finance, human resources, information technology, etc.). SG&A increased $5.9 million, or 8%, to $77.8 million, with currency translation contributing $1.7 million of the increase. The remaining increase was principally driven by the rationalization of our European operations with employee termination costs totaling $3.9 million. The increase in SG&A as a percentage of sales from 23.1% to 25.1% was principally due to the increase in expenditures noted above.For the three months ended March 31, 2011, the Company recorded income tax expense from continuing operations of $4.8 million on a loss before taxes of $3.3 million. This compares to an income tax expense from continuing operations of $6.8 million on income before taxes of $2.3 million in the prior year. The high effective tax rates for 2011 and 2010 are due to no tax benefit being provided on losses incurred in the U.S. and certain foreign jurisdictions where valuation reserves are recorded against future tax benefits.
Loss from continuing operations was $8.1 million, or $0.15 per diluted share, compared to a loss of $4.5 million, or $0.08 per diluted share in the prior-year quarter.
Net loss was $8.1 million, or $0.15 per diluted share, compared to a net loss of $4.7 million, or $0.09 per diluted share, in the prior-year quarter.
For the three months ended March 31, 2011 cash used by operating activities was $60.0 million compared to $27.0 million in the prior year. The net loss for 2011 was $8.1 million and the net loss for 2010 was $4.7 million. Non-cash adjustments to net loss on a pre-tax basis in 2011 totaled $11.2 million compared to $11.8 million in 2010. Pre-tax net income adjusted for non-cash charges was $7.9 million in 2011 compared to $13.9 million in 2010, as calculated below:
In addition, for the 2011 period the use of cash by operating activities of $60.0 million includes a use of net working capital (accounts receivable, inventories and accounts payable) of $5.8 million during the three months ended March 31, 2011, primarily due to timing of customer collections and payments to vendors and inventory levels which increased due to the timing of customer demand and increased stock of new products. In addition, payments associated with the 2010 annual incentive plan of approximately $9 million were made during the first three months of 2011, compared to approximately $1 million in the prior year period. Interest payments of $35.4 million and contributions to the Companys pension plans of $8.1 million were comparable to payments made during the prior year period.
Read the The complete Report
