0000009984-13-000070.txt : 20130422 0000009984-13-000070.hdr.sgml : 20130422 20130422102008 ACCESSION NUMBER: 0000009984-13-000070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20130422 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130422 DATE AS OF CHANGE: 20130422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARNES GROUP INC CENTRAL INDEX KEY: 0000009984 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 060247840 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04801 FILM NUMBER: 13772889 BUSINESS ADDRESS: STREET 1: 123 MAIN ST CITY: BRISTOL STATE: CT ZIP: 06010 BUSINESS PHONE: 8605837070 MAIL ADDRESS: STREET 1: 123 MAIN ST CITY: BRISTOL STATE: CT ZIP: 06010 FORMER COMPANY: FORMER CONFORMED NAME: ASSOCIATED SPRING CORP DATE OF NAME CHANGE: 19760518 8-K 1 form8-kbdnasale.htm 8-K Form 8-K BDNA Sale


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

Date of Report (Date of earliest event reported): April 22, 2013

BARNES GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

 
 
 
1-4801
 
06-0247840
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
123 Main Street, Bristol, Connecticut
 
06010
(Address of principal executive offices)
 
(Zip Code)

(860) 583-7070
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report)

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 communications 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))





1


Item 2.01.
 
Completion of Acquisition or Disposition of Assets.

On April 22, 2013, Barnes Group Inc. (the “Company”) completed the previously announced sale of its North American distribution business (the "BDNA Business") to MSC Industrial Direct Co., Inc. ("MSC") pursuant to the terms of the Asset Purchase Agreement dated February 22, 2013 (the "APA") between the Company and MSC. Pursuant to the terms of the APA, the total cash consideration paid to the Company for the BDNA Business, including estimated adjustments for its net working capital, was approximately $549 million, subject to certain post closing adjustments set forth in the APA and described in Item 2.01 of the Company's Current Report on Form 8-K filed on February 27, 2013 (the "Prior Form 8-K"), which description is incorporated herein by reference. The foregoing description of the APA is qualified in its entirety by reference to the full text of the APA attached as Exhibit 2.1 to the Prior Form 8-K, which Exhibit is incorporated herein by reference.
 
 
 
Item 2.02.
 
Results of Operations and Financial Condition.

During the first quarter of 2013, the Company announced in connection with the sale of the BDNA Business that it would realign the remaining business within the Distribution segment, Associated Spring Raymond, into the Company's Industrial segment resulting in two reportable segments: Aerospace and Industrial. The BDNA results will be segregated and presented as discontinued operations in the consolidated financial statements beginning with the Company's first quarter 2013 Form 10-Q. In addition, segment information will be reported under the realigned structure beginning with the Company's first quarter 2013 Form 10-Q. The Company is today releasing and posting on its website, www.BGInc.com, supplemental information to previously issued historical Consolidated Statements of Income and Segment Information, as set forth in Exhibit 99.1 attached hereto, to reflect the discontinued operations and the segment realignment. The retrospective adjustments had no effect on the Company's previously reported net income, financial condition or cash flows.

The information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
 
 
 
Item 7.01.
 
Regulation FD Disclosure.
 
 
The Company issued a press release on April 22, 2013 regarding, among other items, the closing of the sale of the BDNA Business. A copy of the press release is furnished with this Report as Exhibit 99.2.
 
 
 
Item 9.01.
 
Financial Statements and Exhibits.


 
 
(d) Exhibits. 
 
 

 
 
Exhibit No.
 
Description
 
 
99.1
 
Financial Supplement dated April 22, 2013.
 
 
99.2
 
Press Release of the Company dated April 22, 2013.

2


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.

Dated:  April 22, 2013
BARNES GROUP INC.
 
(Registrant)
 
 
 
 
By:
/s/ CHRISTOPHER J. STEPHENS, JR.
 
 
     Christopher J. Stephens, Jr.
     Senior Vice President, Finance and
     Chief Financial Officer


3


EXHIBIT INDEX
Exhibit No.
 
Document Description    
 
 
 
 
 
99.1
 
Financial Supplement dated April 22, 2013.
99.2
 
Press Release of the Company dated April 22, 2013.


4
 EX-99.1 2 exhibit991financialsupplem.htm EXHIBIT 99.1 Exhibit 99.1 Financial Supplement 04.2013


Exhibit 99.1



Financial Supplement

2008, 2009 and 2010 (Full Year)
2011 and 2012 (Quarters and Full Year)

Financial Results Adjusted for Discontinued Operations
and Segment Realignment

(Unaudited)

April 22, 2013









Barnes Group Inc.
Financial Supplement
2008, 2009 and 2010 (Full Year) and 2011 and 2012 (Quarters and Full Year) Financial Results Adjusted for Discontinued Operations and Segment Realignment


During the first quarter of 2013, the Company announced that it had entered into a definitive agreement to sell its Barnes Distribution North America business ("BDNA") and that it would realign the remaining business within the Distribution segment, Associated Spring Raymond, into the Company's Industrial segment resulting in two reportable segments: Aerospace and Industrial.

The BDNA results will be segregated and presented as discontinued operations in the consolidated financial statements on a retrospective basis beginning with the Company's first quarter 2013 Form 10-Q. In addition, segment information will be reported under the realigned structure on a retrospective basis beginning with the Company's first quarter 2013 Form 10-Q.

The attached schedules detail the retrospective adjustments of the 2008, 2009 and 2010 financial results and segment information on a full year basis as well as the 2011 and 2012 financial results and segment information on a quarterly and full year basis. In addition, Non-GAAP financial measures previously provided for the third and fourth quarters as well as the full year 2012 have been adjusted herein and presented together with revised reconciliations to GAAP measures as retrospectively adjusted.















 
 
 
 
 
This document is supplemental to related information previously included in (i) the Company’s financial statements set forth in its annual and quarterly periodic reports filed by the Company with the Securities and Exchange Commission ("SEC") for periods commencing and subsequent to January 1, 2008; (ii) prior earnings releases issued for periods commencing and subsequent to January 1, 2008 (and which were included in the Company’s Current Reports on Form 8-K); and (iii) the previously released Financial Supplement dated April 20, 2012 (which was included in the Company's Current Report on Form 8-K filed on April 20, 2012); and, accordingly, should be read in conjunction with the Company’s 2008, 2009, 2010, 2011 and 2012 Forms 10-K and the 2011 and 2012 Forms 10-Q filed with the SEC.




 
Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2008
 
2009
 
2010
 
Income Statement
As Presented (1)
 
Adjustments
 
As Adjusted (2)
 
As Reported
 
Adjustments
 
As Adjusted (2)
 
As Reported
 
Adjustments
 
As Adjusted (2)
 
Net sales
$
1,232,196

 
$
(360,302
)
 
$
871,894

 
$
923,353

 
$
(273,709
)
 
$
649,644

 
$
1,028,617

 
$
(286,876
)
 
$
741,741

 
Cost of sales
788,964

 
(182,531
)
 
606,433

 
621,609

 
(142,269
)
 
479,340

 
678,186

 
(151,846
)
 
526,340

 
Selling and administrative expenses
289,562

 
(138,599
)
 
150,963

 
238,269

 
(119,133
)
 
119,136

 
264,033

 
(125,078
)
 
138,955

 
 
 
1,078,526

 
(321,130
)
 
757,396

 
859,878

 
(261,402
)
 
598,476

 
942,219

 
(276,924
)
 
665,295

 
Operating income
153,670

 
(39,172
)
 
114,498

 
63,475

 
(12,307
)
 
51,168

 
86,398

 
(9,952
)
 
76,446

 
Operating margin
12.5
%
 
 
 
13.1
%
 
6.9
%
 
 
 
7.9
%
 
8.4
%
 
 
 
10.3
%
 
Interest expense
26,360

 
(5
)
 
26,355

 
22,468

 
(37
)
 
22,431

 
19,984

 
(20
)
 
19,964

 
Other expense (income), net
2,683

 
(266
)
 
2,417

 
(1,953
)
 
161

 
(1,792
)
 
2,609

 
57

 
2,666

 
Income from continuing operations before income taxes
124,627

 
(38,901
)
 
85,726

 
42,960

 
(12,431
)
 
30,529

 
63,805

 
(9,989
)
 
53,816

 
Income taxes
24,891

 
(14,151
)
 
10,740

 
130

 
(5,363
)
 
(5,233
)
 
9,827

 
(3,795
)
 
6,032

 
Income from continuing operations
99,736

 
(24,750
)
 
74,986

 
42,830

 
(7,068
)
 
35,762

 
53,978

 
(6,194
)
 
47,784

 
Income (loss) from discontinued operations, net of income taxes
(17,158
)
 
24,750

 
7,592

 
(3,829
)
 
7,068

 
3,239

 
(700
)
 
6,194

 
5,494

 
Net income
$
82,578

 
$
—

 
$
82,578

 
$
39,001

 
$
—

 
$
39,001

 
$
53,278

 
$
—

 
$
53,278

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income per common share from continuing operations - diluted
$
1.79

 
$
(0.44
)
 
$
1.34

 
$
0.79

 
$
(0.13
)
 
$
0.66

 
$
0.96

 
$
(0.11
)
 
$
0.85

 
Income (loss) per common share from discontinued operations - diluted
(0.31
)
 
0.44

 
0.14

 
(0.07
)
 
0.13

 
0.06

 
(0.01
)
 
0.11

 
0.10

 
Net income per common share - diluted
$
1.48

 
$
—

 
$
1.48

 
$
0.72

 
$
—

 
$
0.72

 
$
0.95

 
$
—

 
$
0.95

 
Weighted average common shares outstanding - diluted
 
 
55,812,666

 
 
 
 
 
54,206,426

 
 
 
 
 
55,925,187

 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents previously reported financial information which was adjusted on a retrospective basis to reflect the results of the Barnes Distribution Europe businesses ("BDE") as discontinued operations as a result of the sale of BDE in the fourth quarter of 2011. Certain line items presented herein were previously reported in the Company's 2011 and 2012 Forms 10-K.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Represents "As Presented" or "As Reported" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations.





Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
Unaudited
 
 
 
 
 
 
 
 
 
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
2008
 
2009
 
2010
Segment Information
As Presented (1)
 
As Adjusted (2)
 
As Presented (1)
 
As Adjusted (2)
 
As Reported
 
As Adjusted (2)
Net sales
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
408,186

 
 
 
$
344,427

 
 
 
$
334,180

 
 
Industrial
421,284

 
 
 
277,629

 
 
 
374,068

 
 
Distribution
412,249

 
 
 
305,834

 
 
 
329,518

 
 
 
Aerospace
 
 
$
408,186

 
 
 
$
344,427

 
 
 
$
334,180

 
Industrial
 
 
463,730

 
 
 
305,231

 
 
 
407,567

Intersegment sales
(9,523
)
 
(22
)
 
(4,537
)
 
(14
)
 
(9,149
)
 
(6
)
Total net sales
$
1,232,196

 
$
871,894

 
$
923,353

 
$
649,644

 
$
1,028,617

 
$
741,741

 
 
 
 
 
 
 
 
 
 
 
 
Operating profit
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
78,586

 
 
 
$
63,615

 
 
 
$
52,415

 
 
Industrial
35,070

 
 
 
(7,786
)
 
 
 
29,366

 
 
Distribution
39,686

 
 
 
7,646

 
 
 
4,617

 
 
 
Aerospace
 
 
$
70,703

 
 
 
$
57,712

 
 
 
$
44,897

 
Industrial
 
 
43,467

 
 
 
(6,544
)
 
 
 
31,549

Total operating profit
$
153,342

 
$
114,170

 
$
63,475

 
$
51,168

 
$
86,398

 
$
76,446

 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
Aerospace
19.3
%
 
 
 
18.5
 %
 
 
 
15.7
%
 
 
Industrial
8.3
%
 
 
 
-2.8
 %
 
 
 
7.9
%
 
 
Distribution
9.6
%
 

 
2.5
 %
 

 
1.4
%
 

 
Aerospace
 
 
17.3
%
 
 
 
16.8
 %
 
 
 
13.4
%
 
Industrial
 
 
9.4
%
 
 
 
-2.1
 %
 
 
 
7.7
%
Total operating margin
12.5
%
 
13.1
%
 
6.9
 %
 
7.9
 %
 
8.4
%
 
10.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
(1) Represents financial information which was previously presented in the Company's Financial Supplement dated April 20, 2012.
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Represents "As Presented" or "As Reported" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment.





Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2011
 
Q2 2011
 
Q3 2011
 
Q4 2011
 
2011 Full Year
Income Statement
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
Net sales
$
289,590

 
$
(77,283
)
 
$
212,307

 
$
297,837

 
$
(77,598
)
 
$
220,239

 
$
298,643

 
$
(77,783
)
 
$
220,860

 
$
283,286

 
$
(71,612
)
 
$
211,674

 
$
1,169,355

 
$
(304,277
)
 
$
865,078

Cost of sales
190,910

 
(39,001
)
 
151,909

 
194,564

 
(39,559
)
 
155,005

 
198,776

 
(40,279
)
 
158,497

 
188,147

 
(38,229
)
 
149,918

 
772,398

 
(157,067
)
 
615,331

Selling and administrative expenses
67,963

 
(32,285
)
 
35,678

 
69,499

 
(30,268
)
 
39,231

 
65,679

 
(29,753
)
 
35,926

 
66,262

 
(28,926
)
 
37,336

 
269,402

 
(121,234
)
 
148,168

 
 
258,873

 
(71,286
)
 
187,587

 
264,063

 
(69,827
)
 
194,236

 
264,455

 
(70,032
)
 
194,423

 
254,409

 
(67,155
)
 
187,254

 
1,041,800

 
(278,301
)
 
763,499

Operating income
30,717

 
(5,997
)
 
24,720

 
33,774

 
(7,771
)
 
26,003

 
34,188

 
(7,751
)
 
26,437

 
28,877

 
(4,457
)
 
24,420

 
127,555

 
(25,976
)
 
101,579

Operating margin
10.6
%
 
 
 
11.6
%
 
11.3
%
 
 
 
11.8
%
 
11.4
%
 
 
 
12.0
%
 
10.2
%
 
 
 
11.5
%
 
10.9
%
 
 
 
11.7
%
Interest expense
3,655

 
—

 
3,655

 
2,350

 
—

 
2,350

 
1,902

 
—

 
1,902

 
2,365

 
—

 
2,365

 
10,271

 
—

 
10,271

Other expense (income), net
408

 
7

 
415

 
321

 
8

 
329

 
(501
)
 
(18
)
 
(519
)
 
167

 
(59
)
 
108

 
395

 
(62
)
 
333

Income from continuing operations before income taxes
26,654

 
(6,004
)
 
20,650

 
31,103

 
(7,779
)
 
23,324

 
32,787

 
(7,733
)
 
25,054

 
26,345

 
(4,398
)
 
21,947

 
116,889

 
(25,914
)
 
90,975

Income taxes
6,457

 
(2,344
)
 
4,113

 
8,377

 
(2,612
)
 
5,765

 
7,896

 
(2,743
)
 
5,153

 
2,586

 
(1,596
)
 
990

 
25,316

 
(9,296
)
 
16,020

Income from continuing operations
20,197

 
(3,660
)
 
16,537

 
22,726

 
(5,167
)
 
17,559

 
24,891

 
(4,990
)
 
19,901

 
23,759

 
(2,802
)
 
20,957

 
91,573

 
(16,618
)
 
74,955

Income (loss) from discontinued operations, net of income taxes
(1,125
)
 
3,660

 
2,535

 
(394
)
 
5,167

 
4,773

 
(1,646
)
 
4,990

 
3,344

 
(23,693
)
 
2,802

 
(20,891
)
 
(26,858
)
 
16,618

 
(10,240
)
Net income
$
19,072

 
$
—

 
$
19,072

 
$
22,332

 
$
—

 
$
22,332

 
$
23,245

 
$
—

 
$
23,245

 
$
66

 
$
—

 
$
66

 
$
64,715

 
$
—

 
$
64,715

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income per common share from continuing operations - diluted
$
0.36

 
$
(0.07
)
 
$
0.29

 
$
0.41

 
$
(0.09
)
 
$
0.32

 
$
0.44

 
$
(0.09
)
 
$
0.35

 
$
0.43

 
$
(0.05
)
 
$
0.38

 
$
1.64

 
$
(0.30
)
 
$
1.34

Income (loss) per common share from discontinued operations - diluted
(0.02
)
 
0.07

 
0.05

 
(0.01
)
 
0.09

 
0.08

 
(0.03
)
 
0.09

 
0.06

 
(0.43
)
 
0.05

 
(0.38
)
 
(0.48
)
 
0.30

 
(0.18
)
Net income per common share - diluted
$
0.34

 
$
—

 
$
0.34

 
$
0.40

 
$
—

 
$
0.40

 
$
0.41

 
$
—

 
$
0.41

 
$
—

 
$
—

 
$
—

 
$
1.16

 
$
—

 
$
1.16

Weighted average common shares outstanding - diluted


 
55,603,892

 

 


 
56,288,447

 

 


 
56,380,585

 

 


 
55,451,632

 

 


 
55,931,882

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents "As Reported" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations.







Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2011
 
Q2 2011
 
Q3 2011
 
Q4 2011
 
2011 Full Year
Segment Information
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
90,560

 
 
 
$
94,729

 
 
 
$
98,125

 
 
 
$
99,091

 
 
 
$
382,506

 
 
Industrial
111,430

 
 
 
114,004

 
 
 
112,476

 
 
 
102,572

 
 
 
440,482

 
 
Distribution
89,912

 
 
 
91,731

 
 
 
90,260

 
 
 
83,359

 
 
 
355,262

 
 
 
Aerospace
 
 
$
90,560

 
 
 
$
94,729

 
 
 
$
98,125

 
 
 
$
99,091

 
 
 
$
382,506

 
Industrial
 
 
121,749

 
 
 
125,511

 
 
 
122,735

 
 
 
112,589

 
 
 
482,582

Intersegment sales
(2,312
)
 
(2
)
 
(2,627
)
 
(1
)
 
(2,218
)
 
—

 
(1,736
)
 
(6
)
 
(8,895
)
 
(10
)
Total net sales
$
289,590

 
$
212,307

 
$
297,837

 
$
220,239

 
$
298,643

 
$
220,860

 
$
283,286

 
$
211,674

 
$
1,169,355

 
$
865,078

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
13,683

 
 
 
$
14,794

 
 
 
$
16,071

 
 
 
$
18,099

 
 
 
$
62,647

 
 
Industrial
10,958

 
 
 
10,977

 
 
 
10,340

 
 
 
6,819

 
 
 
39,094

 
 
Distribution
6,076

 
 
 
8,003

 
 
 
7,777

 
 
 
3,959

 
 
 
25,814

 
 
 
Aerospace
 
 
$
12,001

 
 
 
$
13,005

 
 
 
$
14,410

 
 
 
$
16,325

 
 
 
$
55,740

 
Industrial
 
 
12,719

 
 
 
12,998

 
 
 
12,027

 
 
 
8,095

 
 
 
45,839

Total operating profit
$
30,717

 
$
24,720

 
$
33,774

 
$
26,003

 
$
34,188

 
$
26,437

 
$
28,877

 
$
24,420

 
$
127,555

 
$
101,579

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
15.1
%
 
 
 
15.6
%
 
 
 
16.4
%
 
 
 
18.3
%
 
 
 
16.4
%
 
 
Industrial
9.8
%
 
 
 
9.6
%
 
 
 
9.2
%
 
 
 
6.6
%
 
 
 
8.9
%
 
 
Distribution
6.8
%
 
 
 
8.7
%
 
 
 
8.6
%
 
 
 
4.7
%
 
 
 
7.3
%
 
 
 
Aerospace
 
 
13.3
%
 
 
 
13.7
%
 
 
 
14.7
%
 
 
 
16.5
%
 
 
 
14.6
%
 
Industrial
 
 
10.4
%
 
 
 
10.4
%
 
 
 
9.8
%
 
 
 
7.2
%
 
 
 
9.5
%
Total operating margin
10.6
%
 
11.6
%
 
11.3
%
 
11.8
%
 
11.4
%
 
12.0
%
 
10.2
%
 
11.5
%
 
10.9
%
 
11.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents "As Reported" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment.






Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands, except per share data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2012
 
Q2 2012
 
Q3 2012
 
Q4 2012
 
2012 Full Year
Income Statement
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
Net sales
$
303,096

 
$
(80,301
)
 
$
222,795

 
$
293,422

 
$
(78,112
)
 
$
215,310

 
$
306,059

 
$
(73,583
)
 
$
232,476

 
$
327,382

 
$
(69,183
)
 
$
258,199

 
$
1,229,959

 
$
(301,179
)
 
$
928,780

Cost of sales
201,781

 
(41,360
)
 
160,421

 
193,088

 
(40,721
)
 
152,367

 
208,571

 
(38,222
)
 
170,349

 
208,751

 
(36,236
)
 
172,515

 
812,192

 
(156,539
)
 
655,653

Selling and administrative expenses
68,302

 
(30,546
)
 
37,756

 
66,208

 
(29,025
)
 
37,183

 
67,817

 
(28,176
)
 
39,641

 
78,885

 
(27,468
)
 
51,417

 
281,211

 
(115,215
)
 
165,996

 
 
270,083

 
(71,906
)
 
198,177

 
259,296

 
(69,746
)
 
189,550

 
276,388

 
(66,398
)
 
209,990

 
287,636

 
(63,704
)
 
223,932

 
1,093,403

 
(271,754
)
 
821,649

Operating income
33,013

 
(8,395
)
 
24,618

 
34,126

 
(8,366
)
 
25,760

 
29,671

 
(7,185
)
 
22,486

 
39,746

 
(5,479
)
 
34,267

 
136,556

 
(29,425
)
 
107,131

Operating margin
10.9
%
 
 
 
11.0
%
 
11.6
%
 
 
 
12.0
%
 
9.7
%
 
 
 
9.7
%
 
12.1
%
 
 
 
13.3
%
 
11.1
%
 
 
 
11.5
%
Interest expense
2,368

 
—

 
2,368

 
2,435

 
—

 
2,435

 
3,243

 
—

 
3,243

 
4,192

 
—

 
4,192

 
12,238

 
—

 
12,238

Other expense (income), net
853

 
6

 
859

 
95

 
(40
)
 
55

 
851

 
22

 
873

 
873

 
(29
)
 
844

 
2,671

 
(41
)
 
2,630

Income from continuing operations before income taxes
29,792

 
(8,401
)
 
21,391

 
31,596

 
(8,326
)
 
23,270

 
25,577

 
(7,207
)
 
18,370

 
34,681

 
(5,450
)
 
29,231

 
121,647

 
(29,384
)
 
92,263

Income taxes
6,818

 
(3,017
)
 
3,801

 
6,798

 
(3,015
)
 
3,783

 
4,847

 
(2,505
)
 
2,342

 
4,887

 
(2,380
)
 
2,507

 
23,350

 
(10,918
)
 
12,432

Income from continuing operations
22,974

 
(5,384
)
 
17,590

 
24,798

 
(5,311
)
 
19,487

 
20,730

 
(4,702
)
 
16,028

 
29,794

 
(3,070
)
 
26,724

 
98,297

 
(18,466
)
 
79,831

Income (loss) from discontinued operations, net of income taxes
(767
)
 
5,384

 
4,617

 
33

 
5,311

 
5,344

 
(2,249
)
 
4,702

 
2,453

 
(63
)
 
3,070

 
3,007

 
(3,048
)
 
18,466

 
15,418

Net income
$
22,207

 
$
—

 
$
22,207

 
$
24,831

 
$
—

 
$
24,831

 
$
18,481

 
$
—

 
$
18,481

 
$
29,731

 
$
—

 
$
29,731

 
$
95,249

 
$
—

 
$
95,249

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income per common share from continuing operations - diluted
$
0.41

 
$
(0.10
)
 
$
0.32

 
$
0.45

 
$
(0.10
)
 
$
0.35

 
$
0.38

 
$
(0.09
)
 
$
0.30

 
$
0.54

 
$
(0.06
)
 
$
0.49

 
$
1.78

 
$
(0.33
)
 
$
1.44

Income (loss) per common share from discontinued operations - diluted
(0.01
)
 
0.10

 
0.08

 
—

 
0.10

 
0.10

 
(0.04
)
 
0.09

 
0.04

 
—

 
0.06

 
0.05

 
(0.06
)
 
0.33

 
0.28

Net income per common share - diluted
$
0.40

 
$
—

 
$
0.40

 
$
0.45

 
$
—

 
$
0.45

 
$
0.34

 
$
—

 
$
0.34

 
$
0.54

 
$
—

 
$
0.54

 
$
1.72

 
$
—

 
$
1.72

Weighted average common shares outstanding - diluted


 
55,455,579

 

 


 
55,150,806

 

 


 
55,098,263

 

 


 
55,194,226

 

 


 
55,224,457

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measure Reconciliation
 
Q3 2012
 
Q4 2012
 
2012 Full Year
 
 
 
 
 
 
 
 
 
 
 
 
 
As Presented
 
Adjustments
 
As Adjusted (1)
 
As Presented
 
Adjustments
 
As Adjusted (1)
 
As Reported
 
Adjustments
 
As Adjusted (1)
Operating income (GAAP)
 
 
 
 
 
 
 
$
29,671

 
$
(7,185
)
 
$
22,486

 
$
39,746

 
$
(5,479
)
 
$
34,267

 
$
136,556

 
$
(29,425
)
 
$
107,131

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Synventive short-term purchase accounting adjustments
 
 
 
 
 
4,212

 
—

 
4,212

 
775

 
—

 
775

 
4,987

 
—

 
4,987

Synventive acquisition transaction costs
 
 
 
 
 
 
 
909

 
—

 
909

 
3

 
—

 
3

 
912

 
—

 
912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income as adjusted (Non-GAAP)(2)
 
 
 
 
 
 
 
$
34,792

 
$
(7,185
)
 
$
27,607

 
$
40,524

 
$
(5,479
)
 
$
35,045

 
$
142,455

 
$
(29,425
)
 
$
113,030

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin (GAAP)
 
 
 
 
 
 
 
9.7
%
 

 
9.7
%
 
12.1
%
 
 
 
13.3
%
 
11.1
%
 
 
 
11.5
%
Operating margin as adjusted (Non-GAAP) (2)
 
 
 
 
 
 
 
11.4
%
 

 
11.9
%
 
12.4
%
 
 
 
13.6
%
 
11.6
%
 
 
 
12.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income from continuing operations per share (GAAP)
 
 
 
$
0.38

 
$
(0.09
)
 
$
0.30

 
$
0.54

 
$
(0.06
)
 
$
0.49

 
$
1.78

 
$
(0.33
)
 
$
1.44

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Synventive short-term purchase accounting adjustments
 
 
 
 
 
0.05

 
—

 
0.05

 
0.01

 
—

 
0.01

 
0.07

 
—

 
0.07

Synventive acquisition transaction costs
 
 
 
 
 
 
 
0.01

 
—

 
0.01

 
—

 
—

 
—

 
0.01

 
—

 
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income from continuing operations per share as adjusted (Non-GAAP) (2)
 
$
0.44

 
$
(0.09
)
 
$
0.36

 
$
0.55

 
$
(0.06
)
 
$
0.50

 
$
1.86

 
$
(0.33
)
 
$
1.52

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents "As Reported" or "As Presented" financial information adjusted on a retrospective basis to reflect the BDNA discontinued operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) The Company has excluded short-term purchase accounting adjustments and transaction costs related to its Synventive acquisition from its "as adjusted" financial measurements. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use.





Barnes Group Inc. Financial Results Adjusted for Discontinued Operations and Segment Realignment
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2012
 
Q2 2012
 
Q3 2012
 
Q4 2012
 
2012 Full Year
Segment Information
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
97,250

 
 
 
$
93,770

 
 
 
$
98,370

 
 
 
$
101,092

 
 
 
$
390,483

 
 
Industrial
115,348

 
 
 
110,244

 
 
 
123,812

 
 
 
147,638

 
 
 
497,043

 
 
Distribution
93,425

 
 
 
91,855

 
 
 
85,719

 
 
 
79,740

 
 
 
350,739

 
 
 
Aerospace
 
 
$
97,250

 
 
 
$
93,770

 
 
 
$
98,370

 
 
 
$
101,092

 
 
 
$
390,483

 
Industrial
 
 
125,545

 
 
 
121,540

 
 
 
134,107

 
 
 
157,114

 
 
 
538,305

Intersegment sales
(2,927
)
 
—

 
(2,447
)
 
—

 
(1,842
)
 
(1
)
 
(1,088
)
 
(7
)
 
(8,306
)
 
(8
)
Total net sales
$
303,096

 
$
222,795

 
$
293,422

 
$
215,310

 
$
306,059

 
$
232,476

 
$
327,382

 
$
258,199

 
$
1,229,959

 
$
928,780

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
$
14,218

 
 
 
$
14,706

 
 
 
$
15,345

 
 
 
$
18,982

 
 
 
$
63,251

 
 
Industrial
10,105

 
 
 
11,217

 
 
 
7,406

 
 
 
15,187

 
 
 
43,914

 
 
Distribution
8,690

 
 
 
8,203

 
 
 
6,920

 
 
 
5,577

 
 
 
29,391

 
 
 
Aerospace
 
 
$
12,654

 
 
 
$
13,023

 
 
 
$
14,122

 
 
 
$
18,080

 
 
 
$
57,878

 
Industrial
 
 
11,964

 
 
 
12,737

 
 
 
8,364

 
 
 
16,187

 
 
 
49,253

Total operating profit
$
33,013

 
$
24,618

 
$
34,126

 
$
25,760

 
$
29,671

 
$
22,486

 
$
39,746

 
$
34,267

 
$
136,556

 
$
107,131

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace
14.6
%
 
 
 
15.7
%
 
 
 
15.6
%
 
 
 
18.8
%
 
 
 
16.2
%
 
 
Industrial
8.8
%
 
 
 
10.2
%
 
 
 
6.0
%
 
 
 
10.3
%
 
 
 
8.8
%
 
 
Distribution
9.3
%
 
 
 
8.9
%
 
 
 
8.1
%
 
 
 
7.0
%
 
 
 
8.4
%
 
 
 
Aerospace
 
 
13.0
%
 
 
 
13.9
%
 
 
 
14.4
%
 
 
 
17.9
%
 
 
 
14.8
%
 
Industrial
 
 
9.5
%
 
 
 
10.5
%
 
 
 
6.2
%
 
 
 
10.3
%
 
 
 
9.1
%
Total operating margin
10.9
%
 
11.0
%
 
11.6
%
 
12.0
%
 
9.7
%
 
9.7
%
 
12.1
%
 
13.3
%
 
11.1
%
 
11.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measure Reconciliation
 
Q3 2012
 
Q4 2012
 
2012 Full Year
 
 
 
 
 
 
 
 
 
As Presented
 
As Adjusted (1)
 
As Presented
 
As Adjusted (1)
 
As Reported
 
As Adjusted (1)
Operating profit - Industrial Segment (GAAP)
 
 
 
$
7,406

 
$
8,364

 
$
15,187

 
$
16,187

 
$
43,914

 
$
49,253

 
 
 
 
 
 
 
 
 
 
 
 
 
Synventive short-term purchase accounting adjustments
 
4,212

 
4,212

 
775

 
775

 
4,987

 
4,987

Synventive acquisition transaction costs
 
 
 
909

 
909

 
3

 
3

 
912

 
912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit - Industrial Segment as adjusted (Non-GAAP)(2)
 
$
12,527

 
$
13,485

 
$
15,965

 
$
16,965

 
$
49,813

 
$
55,152

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin - Industrial Segment (GAAP)
 
 
 
6.0
%
 
6.2
%
 
10.3
%
 
10.3
%
 
8.8
%
 
9.1
%
Operating margin - Industrial Segment as adjusted (Non-GAAP) (2)
 
10.1
%
 
10.1
%
 
10.8
%
 
10.8
%
 
10.0
%
 
10.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents "As Reported" or "As Presented" financial information adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations, including a reallocation of corporate overhead expenses, and the segment realignment.
 
(2) The Company has excluded short-term purchase accounting adjustments and transaction costs related to its Synventive acquisition from its "as adjusted" financial measurements. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use.


 EX-99.2 3 exhibit992pressrelease04-2.htm EXHIBIT 99.2 Exhibit 99.2 Press Release 04-22-2013


 
 
 
 
Exhibit 99.2
 
 
 
Barnes Group Inc.
123 Main Street
Bristol, CT 06010
NEWS RELEASE


BARNES GROUP COMPLETES THE SALE OF ITS
BARNES DISTRIBUTION NORTH AMERICA BUSINESS,

PROVIDES SUPPLEMENT WITH 2008 TO 2012 FINANCIAL RESULTS ADJUSTED
FOR DISCONTINUED OPERATIONS AND SEGMENT REALIGNMENT,

UPDATES 2013 FULL-YEAR GUIDANCE

BRISTOL, Conn., April 22, 2013 - Barnes Group Inc. (NYSE: B), an international aerospace and industrial manufacturer and service provider, today announced that it has completed the sale of its Barnes Distribution North America business to MSC Industrial Direct Co., Inc. in a cash transaction for approximately $550 million. After-tax proceeds from the sale of approximately $400 million will be utilized to reduce debt, buyback common shares, invest in profitable growth initiatives including potential acquisitions, and for general corporate purposes.
Barnes Distribution North America (BDNA) is an industry leader in logistical support by providing inventory management, technical sales, and supply chain solutions for maintenance, repair, operating and production supplies. With advanced e-commerce capabilities and other technology-based solutions, BDNA offers a diverse range of service options and innovative solutions to meet customers' individual needs and improve their overall profitability. BDNA, headquartered in Cleveland, Ohio, has approximately 1,400 employees and had 2012 revenues of approximately $300 million.
MSC Industrial Direct is one of the nation's largest distributors of Metalworking and Maintenance, Repair and Operations (MRO) supplies to industrial customers throughout the United States.
Baird served as the exclusive financial advisor to Barnes Group Inc. on the sale of BDNA. McDermott Will & Emery acted as outside legal counsel on the transaction.

Publishes Financial Supplement of Adjusted Financials for 2008 to 2012
The Company today published a supplement of adjusted historical financial results reflecting the move of BDNA to discontinued operations and the re-segmentation of the business into two reportable segments: Aerospace and Industrial.
As addressed in the Company's fourth quarter and full-year 2012 earnings release on February 22, 2013, Barnes Group will report BDNA as discontinued operations beginning with the first quarter of 2013. BDNA's financial results had been reported within the Company's Distribution segment. In addition, the remaining business within the Distribution segment, Associated Spring Raymond, has been realigned into the Company's Industrial segment.
The supplement has been compiled to provide financial results for 2008 to 2012 in a comparable manner to how current results of operations will be reported and is available on the investor relations, webcasts and presentations section of the Company's website at www.bginc.com.






Updates 2013 Full-Year Outlook and US Tax Court Decision
In addition, Barnes Group today updates its 2013 full-year guidance to include the impacts of the completed sale of BDNA and the Company's previously announced CEO transition.
Barnes Group now expects 2013 revenue from continuing operations to grow 17% to 20% from 2012. GAAP earnings per diluted share from continuing operations are anticipated to be in the range of $1.71 to $1.86. Excluding $10.5 million pre-tax, or $0.12 per share, of non-recurring CEO transition costs associated with the modification of outstanding equity awards to the Company's former President & CEO, adjusted operating margins are expected to be approximately 14%. Adjusted earnings per diluted share are anticipated to be in the range of $1.83 to $1.98, up 20% to 30% from 2012's adjusted diluted earnings per share from continuing operations of $1.52.
On April 16, 2013, the U.S. Tax Court rendered an unfavorable decision against the Company, rejecting the Company's objections to a $16.5 million tax adjustment arising out of an IRS audit for the tax years 2000 through 2002 and imposing penalties. The Company is currently evaluating its options, including appealing the decision. The Company's guidance does not include any impact on expected earnings or cash flow as a result of the court's decision.

 
NON-GAAP FINANCIAL MEASURE RECONCILIATION
 
 
 
 
 
 
 
 
 
Full-Year 2012 Actual
 
Full-Year 2013 Outlook
Diluted Income from Continuing Operations per Share (GAAP)
$1.44
 
$1.71
 
to
 
$1.86
 
 
 
 
 
 
 
 
Synventive short-term purchase accounting adjustments
0.07
 
 
 
—
 
 
Synventive acquisition transaction costs
0.01
 
 
 
—
 
 
CEO transition costs
—
 
 
 
0.12
 
 
 
 
 
 
 
 
 
 
Diluted Income from Continuing Operations per Share as adjusted (Non-GAAP) (1)
$1.52
 
$1.83
 
to
 
$1.98
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Company has excluded short-term purchase accounting adjustments and transaction costs related to its Synventive acquisition in 2012 and CEO transition costs associated with the modification of outstanding equity awards in 2013 from its "as adjusted" financial measurements. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use.
 

About Barnes Group Inc.

Founded in 1857, Barnes Group Inc. (NYSE: B) is an international aerospace and industrial manufacturer and service provider, serving a wide range of end markets and customers. The products and services provided by Barnes Group are used in far-reaching applications that provide transportation, communication, manufacturing and technology to the world. Barnes Group's




approximately 3,700 dedicated employees, at more than 60 locations worldwide, are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com.


Forward-Looking Statements

This release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based upon management's good faith expectations and beliefs concerning future developments and their potential effect upon the Company and can be identified by the use of words such as "anticipated," "believe," "expect," "plans," "strategy," "estimate," "project," and other words of similar meaning in connection with a discussion of future operating or financial performance. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. The risks and uncertainties described in our periodic filings with the Securities and Exchange Commission (“SEC”) include, among others, uncertainties arising from the current or worsening conditions in financial markets; future financial performance of the industries or customers that we serve; changes in market demand for our products and services; inability to realize expected sales or profits from existing backlog; integration of acquired businesses; restructuring costs or savings; the impact of the divestiture of the Barnes Distribution North America business to MSC Industrial Direct Co., Inc.; the impact of the acquisition in 2012 of the Synventive Molding Solutions business; the impact of the divestiture in 2011 of our Barnes Distribution Europe businesses; and any other future strategic actions, including acquisitions, joint ventures, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; introduction or development of new products or transfer of work; changes in raw material or product prices and availability; foreign currency exposure; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; the impact of the U.S. Tax Court's unfavorable decision related to an IRS audit for the tax years 2000 through 2002 rendered on April 16, 2013; the outcome of pending and future claims or litigation or governmental, regulatory proceedings, investigations, inquiries, and audits; uninsured claims and litigation; outcome of contingencies; future repurchases of common stock; future levels of indebtedness; numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature; and other risks and uncertainties described more fully in documents filed with or furnished to the SEC by the Company, including the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company's filings with the SEC. The Company assumes no obligation to update our forward-looking statements.


Contact:
Barnes Group Inc.
William Pitts
Director, Investor Relations
860.583.7070


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