0001193125-15-129616.txt : 20150415 0001193125-15-129616.hdr.sgml : 20150415 20150414173706 ACCESSION NUMBER: 0001193125-15-129616 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150414 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150415 DATE AS OF CHANGE: 20150414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESTERLINE TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000033619 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 132595091 STATE OF INCORPORATION: DE FISCAL YEAR END: 1002 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06357 FILM NUMBER: 15770081 BUSINESS ADDRESS: STREET 1: 500 - 108TH AVENUE NE STREET 2: SUITE 1500 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4254539400 MAIL ADDRESS: STREET 1: 500 - 108TH AVENUE NE STREET 2: SUITE 1500 CITY: BELLEVUE STATE: WA ZIP: 98004 FORMER COMPANY: FORMER CONFORMED NAME: ESTERLINE CORP DATE OF NAME CHANGE: 19910317 FORMER COMPANY: FORMER CONFORMED NAME: BOYAR SCHULTZ INC DATE OF NAME CHANGE: 19671101 8-K 1 d905113d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 14, 2015

Date of Report (Date of earliest event reported)

 

 

ESTERLINE TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-06357   13-2595091

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File No.)

  

(IRS Employer

Identification No.)

500-108th Avenue NE,

Bellevue, Washington

   98004
(Address of principal executive offices)   (Zip Code)

(425) 453-9400

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

This Form 8-K is being filed to provide consolidated and certain segment financial information of the Company for fiscal year ended October 31, 2014 and for each quarter in the period then ended to reflect the reclassification of certain non-core business units as discontinued operations. As more fully explained in the Company’s fiscal 2014 Form 10-K, on September 3, 2014, the Company’s board of directors approved a plan to sell Eclipse Electronic Systems, Inc. (Eclipse), a manufacturer of embedded communication intercept receivers for signal intelligence applications; Wallop Defence Systems, Ltd. (Wallop), a manufacturer of flare countermeasure devices; Pacific Aerospace and Electronics Inc. (PA&E), a manufacturer of hermetically sealed electrical connectors; and a small distribution business. These businesses were classified and reported as discontinued operations.

Attached as exhibit 99.1 is a schedule presenting certain financial information as described above to reflect reclassification of certain non-core business units as discontinued operations.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

No.

   

Description

99.1    Financial Information reclassifying certain non-core business units to discontinued operations (furnished pursuant to Item 2.02).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

ESTERLINE TECHNOLOGIES CORPORATION
Dated: April 14, 2015 By: /s/ ROBERT D. GEORGE
Name: Robert D. George
Title:

Chief Financial Officer, Vice President &

Corporate Development

EXHIBIT INDEX

 

Exhibit

No.

   

Description

99.1    Financial Schedules reclassifying certain non-core business units to discontinued operations (furnished pursuant to Item 2.02).
 EX-99.1 2 d905113dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

ESTERLINE TECHNOLOGIES CORPORATION

Quarterly Reclassification of Fiscal Year 2014 for Discontinued Operations

Consolidated Statement of Operations

In Thousands, Except Per Share Amounts

Quarterly Data is unaudited

 

     First     Second     Third     Fourth     FY14  

Net Sales

    $ 485,940      $ 510,861      $ 506,309      $ 548,059      $ 2,051,169   

Cost of Sales

      315,205        331,636        329,222        354,482        1,330,545   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  170,735      179,225      177,087      193,577      720,624   

Expenses

Selling, general & administrative

   89,132      92,035      88,884      94,208      364,259   

Research, development & engineering

   25,646      25,536      24,259      23,460      98,901   

Restructuring charges

   4,796      2,078      3,405      3,363      13,642   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

   119,574      119,649      116,548      121,031      476,802   

Operating Earnings from Continuing Operations

   51,161      59,576      60,539      72,546      243,822   

Interest Income

   (119 )    (136 )    (145 )    (155 )    (555 ) 

Interest Expense

   8,625      8,434      7,865      8,086      33,010   

Loss on Extinguishment of Debt

   —        —        533      —        533   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from Continuing Operations Before Income Taxes

   42,655      51,278      52,286      64,615      210,834   

Income Tax Expense

   8,626      10,386      12,403      12,859      44,274   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from Continuing Operations Including Noncontrolling Interests

   34,029      40,892      39,883      51,756      166,560   

Earnings Attributable to Noncontrolling Interests

   (86 )    (297 )    (46 )    (124 )    (553 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from Continuing Operations Attributable to Esterline, Net of Tax

   33,943      40,595      39,837      51,632      166,007   

Loss from Discontinued Operations Attributable to Esterline, Net of Tax

   (3,865 )    (3,691 )    (929 )    (55,104 )    (63,589 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Earnings Attributable to Esterline

 $ 30,078    $ 36,904    $ 38,908    $ (3,472 )  $ 102,418   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (Loss) Per Share Attributable to Esterline – Basic:

Continuing Operations

 $ 1.07    $ 1.28    $ 1.25    $ 1.62    $ 5.22   

Discontinued Operations

   (0.12 )    (0.12 )    (0.03 )    (1.73 )    (2.00 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (Loss) Per Share Attributable to Esterline – Basic

 $ 0.95    $ 1.16    $ 1.22    $ (0.11 )  $ 3.22   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (Loss) Per Share Attributable to Esterline – Diluted:

Continuing Operations(1)

 $ 1.05    $ 1.25    $ 1.22    $ 1.62    $ 5.12   

Discontinued Operations(1)

   (0.12 )    (0.11 )    (0.03 )    (1.73 )    (1.96 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (Loss) Per Share Attributable to Esterline – Diluted(1)

 $ 0.93    $ 1.14    $ 1.19    $ (0.11 )  $ 3.16   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment Information

Sales

Avionics & Controls

 $ 193,890    $ 184,616    $ 192,860    $ 217,170    $ 788,536   

Sensors & Systems

   181,774      205,111      192,246      192,238      771,369   

Advanced Materials

   110,276      121,134      121,203      138,651      491,264   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 485,940    $ 510,861    $ 506,309    $ 548,059    $ 2,051,169   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from Continuing Operations

Avionics & Controls

 $ 27,740    $ 23,310    $ 30,902    $ 39,233    $ 121,185   

Sensors & Systems

   20,632      23,124      18,055      24,290      86,101   

Advanced Materials

   18,008      30,179      27,724      28,922      104,833   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment Earnings

   66,380      76,613      76,681      92,445      312,119   

Corporate expense

   (15,219 )    (17,037 )    (16,142 )    (19,899 )    (68,297 ) 

Interest income

   119      136      145      155      555   

Interest expense

   (8,625 )    (8,434 )    (7,865 )    (8,086 )    (33,010 ) 

Loss on extinguishment of debt

   —        —        (533 )    —        (533 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 42,655    $ 51,278    $ 52,286    $ 64,615    $ 210,834   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.