Watsco, Inc.
- 79 -
WATSCO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
June 30, 2011
(Unaudited)
Dec. 31, 2010
Current assets:
Cash and cash equivalents
$ 18,627
$ 126,498
Accounts receivable, net
435,016
305,088
Inventories
612,736
391,925
Other current assets
16,300
14,493
Total current assets
1,082,679
838,004
Property and equipment, net
36,178
31,221
Goodwill
316,060
303,703
Intangible assets, net
76,155
56,627
Other assets
6,820
7,672
TOTAL ASSETS
$ 1,517,892
$ 1,237,227
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term obligations
$ 41
$ 72
Accounts payable
349,350
182,185
Accrued expenses and other current liabilities
95,955
83,748
Total current liabilities
445,346
266,005
Long-term obligations:
Borrowings under revolving credit agreements
65,000
10,000
Other long-term obligations,
net of current portion
16
16
Total long-term obligations
65,016
10,016
Deferred income taxes and other liabilities
36,159
32,310
Watsco, Inc. shareholders’ equity:
Common stock, $0.50 par value
17,303
17,223
Class B common stock, $0.50 par value
2,354
2,187
Preferred stock, $0.50 par value
—
—
Paid-in capital
488,209
472,883
Accumulated other comprehensive loss, net of tax
(446 )
(593)
Retained earnings
395,002
387,186
Treasury stock, at cost
(114,425) (114,425)
Total Watsco, Inc. shareholders’ equity
787,997
764,461
Noncontrolling interest
183,374 164,435
TOTAL SHAREHOLDERS’ EQUITY
971,371
928,896
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 1,517,892
$ 1,237,227
September 13, 2011
Volume XXXVII, Issue VII & VIII
- 80 -
Whirlpool Corporation
(NYSE: WHR)
Dow Jones Indus: 11,105.85
S&P 500:
1,172.87
Russell 2000:
697.74
Trigger: No
Index Component: S&P 500
Type of Situation: Business Value, Consumer Franchise
Price: $
53.27
Shares Outstanding (MM):
76.8
Fully Diluted (MM) (% Increase):
76.8
Average Daily Volume (MM):
1.9
Market Cap (B):
$ 4.09
Enterprise Value (B):
$ 5.75
Percentage Closely Held:
Insiders: 1.0%
52-Week High/Low:
$ 92.28/50.92
5-Year High/Low:
$ 116.85/19.39
Trailing Twelve Months
Price/Earnings:
16.2x
Price/Stated Book Value:
0.92x
Long-Term Debt (B):
$ 2.1
Implied Upside to Estimate of
Intrinsic Value:
58%
Dividend:
$ 2.00
Payout
23%
Yield
3.8%
Net Revenue Per Share:
TTM $
245.05
2010 $
236.67
2009 $
226.18
2008 $
248.78
Earnings Per Share:
TTM
$ 3.29
2010 $
9.19
2009 $
4.34
2008 $
3.17
Fiscal Year Ends:
Company Address:
Telephone:
President/CEO:
December 31
200 North M-63
Benton Harbor, MI 49022
269-923-2641
Jeff M. Fettig
Clients of Boyar Asset Management, Inc. do not own
shares of
Whirlpool Corporation common stock.
Analysts employed by Boyar’s Intrinsic Value Research LLC do not own
shares of Whirlpool Corporation common stock.
Overview
Whirlpool Corporation (“WHR,” “Whirlpool,” or
“the Company”) is a well established and recognized
Company within the major home appliance market
(#1 share of worldwide major appliances), and portable
appliance market. Over its long history, Whirlpool has
built a strong presence in several key product
categories, and it has extended its reach to become a
global player across the majority of the world’s markets.
The Company’s product line consists of laundry
appliances, refrigerators, dishwashers, cooking
appliances, mixers and other small household
appliances. Its reportable geographic segments span
the globe: North America, Latin America, EMEA
(Europe, Middle East, Africa), and Asia. WHR currently
is composed of 6 brands that each generate at least
$1
billion in annual revenue (Whirlpool, Maytag,
KitchenAid, Brastemp, Embraco, Consul), and its
portfolio also includes other significant brands which are
more modest contributors (JENN-AIR, Amana,
Bauknecht, and Gladiator).
The overall Company generates over $18 billion
in revenue, and it sells its products in over 130
countries. The Company has a long history of solid
profitability and cash flow generation. Importantly, these
profits and cash flows remained positive throughout the
challenging economic environment of recent years.
However, Whirlpool has certainly felt the impact of the
