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Leggett & Platt Industrial Materials total sales perk up
Jan '08
Leggett & Platt Announces 2007 Results.

•4Q loss of $1.21 per share; includes $1.44 of impairment, restructuring, and other net charges.
• Full year loss of $.06 per share; includes $1.26 of impairment, restructuring, and offsetting items.
• Record 2007 cash from operations of $614 million; increased 28% from 2006.
• Annual dividend increased to $1.00 per share; 5.5% yield backed by strong cash flow.
• 2008 EPS from continuing operations of $.95 - $1.30, including $.05 - $.10 of restructuring charges; slight sales decline

President and CEO David S. Haffner commented on 2007 results, "As anticipated, implementation of the strategic plan we announced in November resulted in a net loss for the fourth quarter. In our November and December press releases, we alerted investors to the significant non-cash charges associated with our strategic changes.

“Consistent with our forecasts, during the quarter we recorded $143 million of goodwill impairment in our Fixture & Display operations, and $132 million of asset impairments associated with businesses we intend to divest. With these charges, we have now incurred virtually all of the one-time costs associated with our strategic plan. Operationally, our ongoing businesses performed in line with the guidance we issued in December.

"During the full year 2007, many of our domestic businesses experienced weak demand, which lowered our organic sales and earnings. Even so, we generated record annual cash from operations (up 28% versus 2006), in large part due to an ongoing emphasis on working capital management. We continue to have an excellent balance sheet, and ended the year with net-debt-to-cap below our long-term target level.

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