Item 6:   Selected Financial Data

 

   Year Ended March 31,
   2021   2020   2019   2018   2017 
(Amounts in thousands, except per share data)  ($)   ($)   ($)   ($)   ($) 
RESULTS OF OPERATIONS  (a),(b)   (c),(d)   (e),(f)   (g)   (h) 
Revenues, net   419,205    385,871    350,155    326,222    287,460 
Gross profit   184,800    177,050    161,370    147,940    128,956 
Selling, general and administrative expenses   (125,330)   (110,032)   (100,930)   (98,281)   (95,601)
Operating income   59,470    66,067    60,440    49,659    32,040 
Interest expense, net   (2,383)   (1,331)   (1,442)   (2,317)   (2,695)
Provision for income taxes   (10,830)   (12,784)   (15,389)   (15,565)   (14,360)
Income from continuing operations   40,288    44,817    46,052    32,682    17,800 
Diluted earnings per share – continuing operations   2.66    2.95    2.96    2.09    1.12 
Cash dividends per share   0.54    0.54             
FINANCIAL CONDITION                         
Working capital   131,805    90,899    102,095    82,713    108,547 
Total assets   874,957    369,245    352,632    340,816    398,427 
Total debt   242,337    10,898    31,459    24,020    73,207 
Retirement obligations and other liabilities   138,420    23,021    8,092    6,738    14,844 
Total equity   412,013    276,741    263,686    265,765    272,438 
(a) Result of operations in the year ended March 31, 2021 included transaction expenses related to the TRUaire acquisition and the formation of a joint venture within our Specialty Chemicals segment of $10.4 million ($8.8 million, net of tax).
(b) Result of operations in the year ended March 31, 2021 included an indemnification expense of $5.0 million ($0.3 million net benefit after considering a tax benefit of $5.3 million resulting from the release of the relevant tax contingency reserves) due to the partial release of a tax indemnification asset related to the TRUaire acquisition.
(c) Result of operations in the year ended March 31, 2020 included a charge of $6.5 million ($5.0 million, net of tax) resulting from the termination of our qualified U.S. defined benefit pension plan.
(d) Results of operations and financial condition for the year ended March 31, 2020 reflect the adoption of ASU No. 2016-02 “Leases (Topic 842),” as amended.
(e) Results of operations in the year ended March 31, 2019 included gains of $2.6 million ($1.9 million, net of tax) on sales of property, plant and equipment used in operations and $1.5 million ($2.4 million including tax benefit resulting from tax basis loss) on sales of non-operating assets.
(f) Results of operations for the year ended March 31, 2019 reflect the adoption of ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606),” as amended.
(g) Results of operations for the year ended March 31, 2018 included costs of $1.4 million ($0.9 million, net of tax) resulting from restructuring and realignment initiatives.
(h) Results of operations for the year ended March 31, 2017 included costs of $6.6 million ($4.3 million, net of tax) resulting from restructuring and realignment initiatives.

 

 

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