CLX » Topics » CORPORATE

This excerpt taken from the CLX DEF 14A filed Oct 2, 2009.

CORPORATE

Change
2009       2008       2007       2009
to
2008
      2008
to
2007
Losses from continuing operations before income taxes $        (298 ) $        (274 ) $        (230 ) 9 % 19%

This excerpt taken from the CLX 10-K filed Aug 25, 2009.

CORPORATE

Change
2009       2008       2007       2009
to
2008
      2008
to
2007
Losses from continuing operations before income taxes $        (298 ) $        (274 ) $        (230 ) 9 % 19%

This excerpt taken from the CLX 10-Q filed May 4, 2009.

CORPORATE

  Three Months Ended       Nine Months Ended          
  3/31/2009       3/31/2008       % Change       3/31/2009       3/31/2008 % Change
Loss before income taxes $     (175) $     (177)     (1 )% $     (518) $     (493) 5 %

Losses before income taxes attributable to Corporate decreased by 1% and increased by 5% in the current periods, respectively, as compared to prior periods. The decrease for the current quarter was primarily due to decreases in interest expense and foreign exchange losses, partially offset by restructuring costs. The increase for the nine months ended March 31, 2009, was primarily due to increased professional services costs and restructuring costs.

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Table of Contents

Financial Condition, Liquidity and Capital Resources

This excerpt taken from the CLX 10-Q filed Feb 5, 2009.

CORPORATE

  Three Months Ended   Six Months Ended  
     12/31/2008      12/31/2007      % Change      12/31/2008      12/31/2007      % Change
Loss before income taxes $      (171 )   $      (167 )           2 %   $      (343 )   $      (316 )             9 %

Losses before income taxes attributable to the corporate segment increased by 2% and 9% in the current periods, respectively, as compared to prior periods. The increase for both periods was primarily attributable to increased professional services costs, partially offset by lower incentive compensation costs for the current quarter. Also contributing to the increase in losses before income taxes for the six months ended December 31, 2008, were higher compensation costs and increased interest expense.

Financial Condition, Liquidity and Capital Resources

This excerpt taken from the CLX 10-Q filed Nov 3, 2008.

CORPORATE

Three Months Ended
     9/30/2008        9/30/2007        % Change  
Loss before income taxes   $ (172 )   $ (149 )   15 %

Losses before income taxes attributable to the corporate segment increased 15%. The increase was primarily attributable to increased interest expense and compensation costs.

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Table of Contents

Financial Condition, Liquidity and Capital Resources

This excerpt taken from the CLX DEF 14A filed Oct 3, 2008.

CORPORATE

            Change
            2008 2007
            to to
  2008      2007      2006      2007      2006
Losses from continuing operations before income taxes $      (664 )    $      (603 )   $      (607 )        10 %        (1 )% 

These excerpts taken from the CLX 10-K filed Aug 19, 2008.

CORPORATE

 

                       Change  
     2008     2007     2006     2008
to
2007
    2007
to
2006
 

Losses from continuing operations before income taxes

   $ (664 )   $ (603 )   $ (607 )   10 %   (1 )%

Fiscal year 2008 versus fiscal year 2007: The losses from continuing operations before income taxes attributable to Corporate increased by $61, or 10%, in fiscal year 2008, primarily due to increased interest expense as a result of higher average borrowings to finance the Company’s ASR agreement and the BBI acquisition.

Fiscal year 2007 versus fiscal year 2006: The losses from continuing operations before income taxes attributable to Corporate decreased by $4, or 1%, primarily due to pretax charges in the prior year of $25 associated with non-cash historical stock option compensation expense related to prior periods and $11 related to the retirement of the former chairman and CEO from his positions. Also contributing to the decrease were lower interest costs, due to a $150 debt repayment in the third quarter of fiscal year 2007, lower commercial paper borrowings due to strong operating cash flows, and lower operating expenses from low-income housing investments. These decreases were partially offset by costs related to the Company’s ITS Agreement, incremental costs to support the Company’s Centennial strategy, increased foreign exchange losses and other smaller items.

CORPORATE

 











































































            Change 
   2008  2007  2006  2008
to
2007
  2007
to
2006
 

Losses from continuing operations before income taxes

  $(664) $(603) $(607) 10% (1)%

Fiscal year 2008 versus fiscal year 2007: The losses from continuing operations before income taxes
attributable to Corporate increased by $61, or 10%, in fiscal year 2008, primarily due to increased interest expense as a result of higher average borrowings to finance the Company’s ASR agreement and the BBI acquisition.

STYLE="margin-top:12px;margin-bottom:0px">Fiscal year 2007 versus fiscal year 2006: The losses from continuing operations before income taxes attributable to Corporate decreased by $4, or 1%,
primarily due to pretax charges in the prior year of $25 associated with non-cash historical stock option compensation expense related to prior periods and $11 related to the retirement of the former chairman and CEO from his positions. Also
contributing to the decrease were lower interest costs, due to a $150 debt repayment in the third quarter of fiscal year 2007, lower commercial paper borrowings due to strong operating cash flows, and lower operating expenses from low-income housing
investments. These decreases were partially offset by costs related to the Company’s ITS Agreement, incremental costs to support the Company’s Centennial strategy, increased foreign exchange losses and other smaller items.

STYLE="margin-top:18px;margin-bottom:0px">FINANCIAL POSITION AND LIQUIDITY

Management’s discussion and
analysis of the financial position and liquidity describes the Company’s consolidated operating, investing and financing activities, contractual obligations and off balance sheet arrangements. In certain instances, parenthetical references are
made to relevant sections of the Notes to Consolidated Financial Statements to direct the reader to a further detailed discussion.

The Company’s
financial position and liquidity remained strong during fiscal year 2008, due to the continued strength of operating cash flows. During fiscal year 2008, the Company remained disciplined in its capital spending and used its strong cash flows and
access to the credit markets to purchase BBI, increase dividend payments and repurchase shares.

The following table summarizes cash activities:

 







































































   2008  2007  2006 

Cash provided by continuing operations

  $730  $709  $514 

Cash used for investing activities

   (1,082)  (268)  (161)

Cash provided by (used for) financing activities

   380   (456)  (462)

 


Page 10








The Company’s cash position includes amounts held by foreign subsidiaries, and the repatriation of those cash
balances from some of the Company’s subsidiaries could result in additional tax costs. However, these cash balances are generally available without legal restriction to fund local business operations. The Company’s cash holdings for fiscal
years 2008 and 2007 were as follows:

 


































































   2008  2007

Cash held in foreign accounts in foreign currencies

  $100  $73

Cash held in foreign accounts in U.S. Dollars

   69   96

Cash held in domestic accounts in U.S. Dollars

   45   13
        

Total

  $214  $182
        

During fiscal years 2008, 2007 and 2006, the Company repatriated approximately $164, $30 and $265, respectively,
of cash previously held in foreign entities. Of the fiscal year 2006 repatriated cash, $111 represented dividends paid under the terms of the American Jobs Creation Act that the Company used for reinvestment in certain qualified activities.

This excerpt taken from the CLX 10-Q filed May 2, 2008.

Corporate

Losses from continuing operations before income taxes attributable to the corporate segment increased by 17% and 10% for the current periods, respectively, as compared to prior periods. The increases were primarily attributable to increased interest expense as a result of higher average borrowings to finance the Company’s ASR agreement (See “Share Repurchases below) and the BBI acquisition and increased foreign exchange losses.

Financial Condition, Liquidity and Capital Resources

This excerpt taken from the CLX 10-Q filed Feb 4, 2008.

Corporate

Losses from continuing operations before income taxes attributable to the corporate segment increased by 10% and 6% for the current periods, respectively, as compared to prior periods. The increases were primarily attributable to increased interest expense as a result of higher average borrowings to finance the Company’s ASR agreement (See “Share Repurchases section below) and the BBI acquisition. This was partially offset by a decrease in the stock-based compensation costs.

Financial Condition, Liquidity and Capital Resources

This excerpt taken from the CLX 10-Q filed Nov 1, 2007.

Corporate

Losses before income taxes attributable to Corporate activities increased by 2%. The increase was primarily due to increased interest expense as a result of higher average commercial paper borrowings to finance the Company’s ASR agreement (See “Share Repurchases section below) and the timing of administrative payments, partially offset by a decrease in the share-based and short-term incentive compensation costs.

Financial Condition, Liquidity and Capital Resources

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