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| NWL > SEC Filings for NWL > Form 8-K on 31-Jan-2008 | All Recent SEC Filings |
31-Jan-2008
Results of Operations and Financial Condition
The information in this Item 2.02, and the Exhibit attached to this Report, are
furnished pursuant to Item 2.02 of Form 8-K. Consequently, such items are not
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section. Such items may
only be incorporated by reference in another filing under the Exchange Act or
Securities Act of 1933 if such subsequent filing specifically references this
Form 8-K.
On January 31, 2008, Newell Rubbermaid Inc. (the "Company") reported its results
for the fiscal quarter and fiscal year ended December 31, 2007. The Company's
press release, dated January 31, 2008, and Additional Financial Information, is
attached as Exhibit 99.1.
The press release and Additional Financial Information contain non-GAAP
financial measures. For purposes of Securities and Exchange Commission
Regulation G, a "non-GAAP financial measure" is a numerical measure of a
registrant's historical or future financial performance, financial position or
cash flows that excludes amounts, or is subject to adjustments that have the
effect of excluding amounts, that are included in the most directly comparable
measure calculated and presented in accordance with GAAP in the statement of
income, balance sheet or statement of cash flows of the issuer; or includes
amounts, or is subject to adjustments that have the effect of including amounts,
that are excluded from the most directly comparable measure so calculated and
presented. Operating and statistical measures and certain ratios and other
statistical measures are not non-GAAP financial measures. For purposes of the
definition, GAAP refers to generally accepted accounting principles in the
United States. Pursuant to the requirements of Regulation G, the Company has
provided, as a part of the press release and Additional Financial Information, a
reconciliation of each of the non-GAAP financial measures to the most directly
comparable GAAP financial measure.
The Company has used certain financial measures that are included in the press
release and Additional Financial Information both in presenting its results to
stockholders and the investment community and in its internal evaluation and
management of its businesses. The Company's management believes that these
measures - including those that are "non-GAAP financial measures" - and the
information they provide are useful to investors since these measures:
• enable investors and analysts to compare the current non-GAAP measures with
the corresponding non-GAAP measures used in the past, and
• permit investors to view the Company's performance using the same tools that Company management uses to evaluate the Company's past performance, reportable business segments and prospects for future performance and to gauge the Company's progress in achieving its stated goals.
The Company's management believes that operating income, income from continuing operations and diluted earnings per share from continuing operations, excluding restructuring charges, are also useful because they provide investors with a meaningful perspective on the current underlying performance of the Company's continuing operations. The Company's management believes that free cash flow, defined by the Company as cash generated from operations less capital expenditures, is useful to investors because it is an indication of amounts of cash flow that may be available for dividends and further investment in future growth initiatives. Another purpose for which the Company uses diluted earnings per share from continuing operations, excluding restructuring charges, is as a performance goal that helps determine the amount, if any, of cash bonuses for corporate management employees under the Company's management cash bonus plan. The Company's management believes that adjusted sales, as reflected in the Currency Analysis included in Exhibit 99.1, is useful to investors because it demonstrates the effect of foreign currency translation on reported sales. The Company's management believes that "Normalized" earnings per share, which excludes restructuring charges and one-time tax benefits is useful to investors because it permits investors to better understand year-over-year changes in underlying operating performance.
While the Company believes that these non-GAAP financial measures are useful in
evaluating the Company, this information should be considered as supplemental in
nature and not as a substitute for or superior to the related financial
information prepared in accordance with GAAP. Additionally, these non-GAAP
financial measures may differ from similar measures presented by other
companies.
Item 7.01 Regulation FD Disclosure.
The information set forth under Item 2.02 above and in Exhibit 99.1 to this
Report is also intended to be furnished under this Item 7.01 and is hereby
incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description
99.1 Press Release, dated January 31, 2008, issued by Newell Rubbermaid
Inc., and Additional Financial Information
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