OTHER INFORMATION:Cash Flow and Debt: Net cash provided by operating activities for 2010 was $523 million compared to $516 million for 2009. This increase reflects the net effect of higher net income and non-cash charges partially offset by a smaller contribution from the Company's working capital management initiatives. Capital expenditures were $99 million for 2010 compared to $120 million in 2009. Inventory levels were 6.3 months at December 31, 2010 compared to 6.5 months at December 31, 2009. Free cash flow of $424 million for 2010 was used to return $177 million to shareholders through share repurchases and a 10% increase in the quarterly dividend rate, repay $40 million in debt and fund acquisitions of $80 million. The Company's debt to capital ratio was reduced to 21% at December 31, 2010 from 25% at December 31, 2009.
Share Repurchase: Another 0.4 million shares were acquired in the fourth quarter of 2010 at an average share price of $64.49. There were 122 million shares outstanding at December 31, 2010. The Company expects to continue to offset the dilutive impact of issuing share based incentive compensation with future repurchases. The Company may repurchase additional shares, but the timing and amount will depend upon market conditions and other factors.
Cautionary Statement: This release contains forward-looking statements relating to future performance, goals, strategic actions and initiatives and similar intentions and beliefs, including phrases "is expected", "expects", "aren't likely", "seek", "should", and other statements regarding the Company'
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