Rexnord Corporation Reports Third Quarter Results for Fiscal 2013

  Rexnord Corporation Reports Third Quarter Results for Fiscal 2013

Call scheduled for Monday, February11, 2013 at 5:00 p.m. Eastern Time

Business Wire

MILWAUKEE -- February 11, 2013

Rexnord Corporation (NYSE:RXN):

Consolidated Highlights

  *Net sales were $472 million in the third quarter, a decline of 3% from the
    prior year (-2% core sales, -1% impact of foreign currency translation).
  *Income from operations increased 16% to $60 million year-over-year
    resulting in a 210 basis point increase in operating margin to 12.6%.
  *Reported net income from continuing operations increased 107% to $11
    million compared to the prior year; Adjusted net income increased 38% over
    the prior year to $19 million.
  *Diluted earnings per share from continuing operations was $0.11. Third
    quarter adjusted earnings per share was $0.19.
  *Adjusted EBITDA increased 3% to $92 million year-over-year resulting in a
    110 basis point increase in adjusted EBITDA margin to 19.5%.
  *Free cash flow in the quarter was $32 million and total liquidity was $773
    million ($453 million of cash plus $320 million of available borrowings).

Todd A. Adams, President and Chief Executive Officer, commented, “Despite a
challenging macro-economic environment, we delivered strong year-over-year
margin expansion and free cash flow while continuing to reinvest in our
businesses. Solid execution and productivity gains across both platforms
allowed us to expand our adjusted EBITDA margin by 110 basis points to 19.5%
from 18.4% in the prior year quarter.

In Process & Motion Control, we achieved an adjusted EBITDA margin of 24.7%,
an increase of 60 basis points compared to the prior year quarter, despite a
3% contraction in core net sales due to weak short-cycle demand. Looking
ahead, we expect short- cycle demand to stabilize and we are encouraged by
some of the activity we're seeing in our end-markets all of which we believe
will result in an improved market environment in the latter half of the year.

In Water Management, we delivered 1% core growth in the quarter, our adjusted
EBITDA margins grew 210 basis points over the prior year and we built
substantial backlog in the quarter. We are pleased with the momentum and
execution of our strategy across the platform and are well positioned to
deliver strong growth moving forward while our end markets continue to
improve.”

Fourth Quarter Outlook

Mr. Adams continued, “Looking ahead to our fourth quarter, we anticipate sales
to be in the range of $535 million to $555 million (+1% core growth at the
mid-point) and adjusted EBITDA to be in the range of $110 million to $120
million resulting in fiscal 2013 sales in the range of $2 billion to $2.020
billion and fiscal 2013 adjusted EBITDA in the range of $400 million to $410
million. Our outlook excludes the impact of any future acquisitions or
divestiture transactions, non-cash actuarial pension gains or losses, future
restructuring actions or future other non-recurring costs, including any
potential costs associated with the Board of Directors review of strategic
alternatives that was disclosed on an 8-K today. We will provide additional
details regarding our fiscal 2013 outlook during our earnings call.”

Third Quarter Fiscal 2013 Segment Highlights

Process & Motion Control

Process & Motion Control ("PMC") net sales of $303 million in the third
quarter of fiscal 2013 contracted 4% from the third quarter of fiscal 2012.
Excluding the 1% unfavorable impact of foreign currency translation, core net
sales decreased 3% year-over-year as growth in sales to mining (non-U.S.) and
energy end-markets were more than offset by softness in the North American
short-cycle MRO portion of our business.

PMC Adjusted EBITDA in the third quarter was $75 million and Adjusted EBITDA
as a percentage of sales increased 60 basis points from the prior year period
to 24.7% of sales.

Water Management

Water Management net sales in the third quarter were flat with the prior year
on a reported basis as 1% core growth was offset by a 1% adverse impact
related to foreign currency translation. Resulting core net sales driven by
market share gains and increased alternative market sales in our
non-residential construction end-markets were partially offset by expected
lower shipments to our North American municipal water end-markets.

Water Management Adjusted EBITDA in the third quarter was $24 million and
Adjusted EBITDA as a percentage of sales increased 210 basis points to 14.0%.

Non-GAAP Financial Measures

The following non-GAAP financial measures are utilized by management in
comparing our operating performance on a consistent basis. We believe that
these financial measures are appropriate to enhance an overall understanding
of our underlying operating performance trends compared to historical and
prospective periods and our peers. Management also believes that these
measures are useful to investors in their analysis of our results of
operations and provide improved comparability between fiscal periods. Non-GAAP
financial measures should not be considered in isolation from, or as a
substitute for, financial information calculated in accordance with GAAP.
Investors are encouraged to review the reconciliation of these non-GAAP
measures to their most directly comparable GAAP financial measures. A
reconciliation of non-GAAP financial measures presented above to our GAAP
results has been provided in the financial tables included in this press
release.

Core Sales

Core sales excludes the impact of acquisitions, divestitures and foreign
currency translation. Management believes that core sales facilitates easier
comparisons of our net sales performance with prior and future periods and to
our peers. We exclude the effect of acquisitions because the nature, size and
number of acquisitions can vary dramatically from period to period and between
us and our peers, and can also obscure underlying business trends and make
comparisons of long-term performance difficult. We exclude the effect of
foreign currency translation from this measure because the volatility of
currency translation is not under management's control.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income and adjusted earnings per share (calculated on a diluted
basis) exclude actuarial gains and losses on pension and postretirement
benefit obligations, restructuring and other similar costs, gains or losses on
divestitures, gains or losses on extinguishment of debt, the impact of
inventory fair value adjustments in connection with purchase accounting, and
other non-operational, non-cash or non-recurring losses, net of their income
tax impact. The tax rates used to calculate adjusted net income and adjusted
earnings per share is based on a transaction specific basis. We believe that
adjusted net income and adjusted earnings per share are useful in assessing
our financial performance by excluding items that are not indicative of our
core operating performance or that may obscure trends useful in evaluating our
continuing results of operations.

EBITDA

EBITDA represents earnings before interest, taxes, depreciation and
amortization. EBITDA is presented because it is an important supplemental
measure of performance and it is frequently used by analysts, investors and
other interested parties in the evaluation of companies in our industry.
EBITDA is also presented and compared by analysts and investors in evaluating
the performance of issuers of “high yield” securities because it is a common
measure of the ability to meet debt service obligations. Other companies in
our industry maycalculate EBITDA differently. EBITDA is not a measurement of
financial performance under GAAP and should not be considered as an
alternative to cash flow from operating activities or as a measure of
liquidity or an alternative to net income as indicators of operating
performance or any other measures of performance derived in accordance with
GAAP. Because EBITDA is calculated before recurring cash charges, including
interest expense and taxes, and is not adjusted for capital expenditures or
other recurring cash requirements of the business, it should not be considered
as a measure of discretionary cash available to invest in the growth of the
business.

Adjusted EBITDA

“Adjusted EBITDA” is the term we use to describe EBITDA as defined and
adjusted in our senior secured credit facilities, which is net income,
adjusted for the items summarized in the table below. Adjusted EBITDA is
intended to show our unleveraged, pre-tax operating results and therefore
reflects our financial performance based on operational factors, excluding
non-operational, non-cash or non-recurring losses or gains. Adjusted EBITDA is
not a presentation made in accordance with GAAP, and our use of the term
Adjusted EBITDA varies from others in our industry. This measure should not be
considered as an alternative to net income, income from operations or any
other performance measures derived in accordance with GAAP. Adjusted EBITDA
has important limitations as an analytical tool, and you should not consider
it in isolation, or as a substitute for analysis of our results as reported
under GAAP. For example, Adjusted EBITDA does not reflect: (a)our capital
expenditures, future requirements for capital expenditures or contractual
commitments; (b)changes in, or cash requirements for, our working capital
needs; (c)the significant interest expenses, or the cash requirements
necessary to service interest or principal payments, on our debt; (d)tax
payments that represent a reduction in cash available to us; (e)any cash
requirements for the assets being depreciated and amortized that may have to
be replaced in the future; (f)management fees that may be paid to Apollo; or
(g)the impact of earnings or charges resulting from matters that we and the
lenders under our secured senior credit facilities may not consider indicative
of our ongoing operations. In particular, our definition of Adjusted EBITDA
allows us to add back certain non-cash, non-operating or non-recurring charges
that are deducted in calculating net income, even though these are expenses
that may recur, vary greatly and are difficult to predict and can represent
the effect of long-term strategies as opposed to short-term results.

In addition, certain of these expenses can represent the reduction of cash
that could be used for other corporate purposes. Further, although not
included in the calculation of Adjusted EBITDA below, the measure may at times
allow us to add estimated cost savings and operating synergies related to
operational changes ranging from acquisitions to dispositions to
restructurings and/or exclude one-time transition expenditures that we
anticipate we will need to incur to realize cost savings before such savings
have occurred. Further, management and various investors use the ratio of
total debt less cash to Adjusted EBITDA (which includes a full pro-forma
last-twelve-month impact of acquisitions), or "net debt leverage", as a
measure of our financial strength and ability to incur incremental
indebtedness when making key investment decisions and evaluating us against
peers.

Free Cash Flow

We define Free Cash Flow as cash flow from operations less capital
expenditures, and we use this metric in analyzing our ability to service and
repay our debt and to forecast future periods. However, this measure does not
represent funds available for investment or other discretionary uses since it
does not deduct cash used to service our debt.

About Rexnord

Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic
platforms, Process & Motion Control and Water Management, with approximately
7,300 employees worldwide. The Process & Motion Control platform designs,
manufactures, markets and services specified, highly-engineered mechanical
components used within complex systems. The Water Management platform designs,
procures, manufactures and markets products that provide and enhance water
quality, safety, flow control and conservation. Additional information about
the Company can be found at www.rexnord.com.

Conference Call Details

Rexnord will hold a conference call on Monday, February11, 2013 at 5:00 p.m.
Eastern Time to discuss its fiscal 2013 third quarter results and provide a
general business update. Rexnord President and CEO, Todd Adams, and Senior
Vice President and CFO, Mark Peterson, will co-host the call. The conference
call can be accessed via telephone as follows:

Domestic toll-free #: 888-771-4371
International toll #: 847-585-4405
Access Code: 33978110

A live webcast of the call will also be available on the investor relations
section of the Company's website. Please go to the website (www.rexnord.com)
at least fifteen minutes prior to the start of the call to register, download
and install any necessary audio software.

If you are unable to participate during the live teleconference, a replay of
the conference call will be available from 6:30 p.m. Eastern Time, February
11, 2013 until 11:30 p.m. Eastern Time, February 26, 2013. To access the
replay, please dial 888-843-7419 (domestic) or 630-652-3042 (international)
with access code 3397 8110#.

Cautionary Statement on Forward-Looking Statements

Information in this release may involve outlook, expectations, beliefs, plans,
intentions, strategies or other statements regarding the future, which are
forward-looking statements. These forward-looking statements involve risks and
uncertainties. All forward-looking statements included in this release are
based upon information available to Rexnord Corporation as of the date of the
release, and Rexnord Corporation assumes no obligation to update any such
forward-looking statements. The statements in this release are not guarantees
of future performance, and actual results could differ materially from current
expectations. Numerous factors could cause or contribute to such differences.
Please refer to "Risk Factors" and "Cautionary Notice Regarding
Forward-Looking Statements" in the Company's Form 10-K for the fiscal year
ended March 31, 2012 as well as the Company's annual, quarterly and current
reports filed on Forms 10-K, 10-Q and 8-K from time to time with the
Securities and Exchange Commission for a further discussion of the factors and
risks associated with the business.


Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in Millions, except share and per share amounts)
(Unaudited)
                                               
                    Third Quarter Ended           Nine Months Ended
                    December 29,  December 31,   December 29,    December
                    2012           2011           2012             31, 2011
Net sales           $  471.7       $  485.9       $  1,464.8       $ 1,404.1
Cost of sales       303.8         321.4         931.6           914.3     
Gross profit        167.9          164.5          533.2            489.8
Selling, general
and                 93.7           98.0           297.5            274.7
administrative
expenses
Zurn PEX loss       —              —              10.1             —
contingency
Restructuring and
other similar       2.3            2.7            6.3              2.7
charges
Amortization of     12.4          12.7          38.7            37.6      
intangible assets
Income from         59.5           51.1           180.6            174.8
operations
Non-operating
expense:
Interest expense,   (39.1     )    (45.1     )    (114.6      )    (132.3    )
net
Loss on the
extinguishment of   (2.9      )    —              (24.0       )    (0.7      )
debt
Loss on             —              —              —                (6.9      )
divestiture
Other expense,      (2.2      )    (3.0      )    (1.5        )    (10.8     )
net
Income from
continuing          15.3           3.0            40.5             24.1
operations before
income taxes
Provision
(benefit) for       3.9           (2.5      )    9.5             3.5       
income taxes
Net income from
continuing          11.4           5.5            31.0             20.6
operations
(Loss) income
from discontinued   (2.2      )    0.1           (4.8        )    0.7       
operations, net
of tax
Net income          $  9.2        $  5.6        $  26.2         $ 21.3    
                                                                   
Net income per
share from
continuing
operations:
Basic               $  0.12        $  0.08        $  0.32          $ 0.31
Diluted             $  0.11        $  0.08        $  0.31          $ 0.29
Net (loss) income
per share from
discontinued
operations:
Basic               $  (0.02  )    $  —           $  (0.05    )    $ 0.01
Diluted             $  (0.02  )    $  —           $  (0.05    )    $ 0.01
Net income per
share:
Basic               $  0.10        $  0.08        $  0.27          $ 0.32
Diluted             $  0.09        $  0.08        $  0.26          $ 0.30
                                                                   
Weighted-average
number of shares
outstanding (in
thousands):
Basic               96,789         66,724         95,591           66,724
Effect of
dilutive stock      3,489         5,491         4,077           5,266     
options
Diluted             100,278       72,215        99,668          71,990    


Rexnord Corporation and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
Third quarter
(in Millions, except share and per share amounts) (Unaudited)
                                                
                      Third Quarter Ended          Nine Months Ended
                      December 29,  December      December 29,  December 31,
                      2012           31, 2011      2012           2011
Net income            $   9.2        $  5.6        $  26.2        $  21.3
Interest expense,     39.1           45.1          114.6          132.3
net
Income tax            3.9            (2.5     )    9.5            3.5
provision (benefit)
Depreciation and      26.9          29.9         83.9          83.5      
amortization
EBITDA                79.1          78.1         234.2         240.6     
                                                                  
Adjustments to
EBITDA
Actuarial loss on
pension and           —              —             0.2            —
postretirement
benefit obligation
Loss on divestiture   —              —             —              6.9
Loss (income) from
discontinued          2.2            (0.1     )    4.8            (0.7      )
operations, net of
tax
Restructuring and     2.3            2.7           6.3            2.7
other similar costs
Loss on
extinguishment of     2.9            —             24.0           0.7
debt
Impact of inventory
fair value            —              3.3           —              4.2
adjustment
Stock-based
compensation          1.9            0.6           5.4            2.7
expense
LIFO expense          1.4            1.8           3.5            4.9
Zurn PEX loss         —              —             10.1           —
contingency
Other expense, net    2.2           3.0          1.5           10.8      
(1)
Subtotal of
adjustments to        12.9          11.3         55.8          32.2      
EBITDA
Adjusted EBITDA       $   92.0      $  89.4      $  290.0      $  272.8  

                        Third Quarter Ended         Nine Months Ended
Adjusted Net Income and December 29,  December      December     December
Earnings Per Share      2012           31, 2011      29, 2012      31, 2011
Net income              $   9.2        $  5.6        $  26.2       $  21.3
Loss on divestiture     —              —             —             6.9
Loss (income) from
discontinued            2.2            (0.1     )    4.8           (0.7     )
operations, net of tax
Restructuring and other 2.3            2.7           6.3           2.7
similar costs
Loss on extinguishment  2.9            —             24.0          0.7
of debt
Impact of inventory     —              3.3           —             4.2
fair value adjustment
Stock-based             1.9            0.6           5.4           2.7
compensation expense
LIFO expense            1.4            1.8           3.5           4.9
Actuarial loss on
pension and             —              —             0.2           —
postretirement benefit
obligation
Zurn PEX loss           —              —             10.1          —
contingency
Other expense, net (1)  2.2            3.0           1.5           10.8
Tax effect on above     (3.4      )    (3.3     )    (16.5    )    (10.4    )
items
Adjusted net income     $   18.7      $  13.6      $  65.5      $  43.1  
                                                                   
Weighted-average number
of shares outstanding
(in thousands)
Basic                   96,789         66,724        95,591        66,724
Effect of dilutive      3,489         5,491        4,077        5,266    
stock options
Diluted                 100,278       72,215       99,668       71,990   
                                                                   
Adjusted earnings per   $   0.19       $  0.19       $  0.66       $  0.60
share - diluted
Net income per share -
diluted (in accordance  $   0.09       $  0.08       $  0.26       $  0.30
with GAAP)

      Other expense, net for the quarter ended December 29, 2012, consists of
      foreign currency transaction losses of $1.7 million, loss on sale of
      assets of $0.1 million and other miscellaneous losses of $0.4 million.
      Other expense, net for the quarter ended December 31, 2011, consists of
      management fee expense of $0.7 million, foreign currency translation
      losses of $2.7 million, and miscellaneous other income of $0.4 million.
      Other expense, net for the first nine months of fiscal 2013, consists of
(1)  management fee expense of $15.0 million to terminate our management
      agreement with Apollo, foreign currency transaction losses of $6.6
      million, a CDSOA recovery of $16.6 million, a $4.0 million gain on the
      sale of property, plant and equipment and other miscellaneous losses of
      $0.5 million. Other expense, net for the first nine months of fiscal
      2012, consisted of management fee expense of $2.2 million, foreign
      currency transaction losses of $8.0 million, loss on sale of property,
      plant and equipment of $0.8, a CDSOA recovery of $0.5 million and other
      miscellaneous losses of $0.3 million.


Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in Millions)
(Unaudited)
                                                  
                        Third Quarter Ended          Nine Months Ended
                        December 29,  December      December     December
                        2012           31, 2011      29, 2012      31, 2011
Net income              $   9.2        $  5.6        $  26.2       $  21.3
Other comprehensive
income (loss):
Foreign currency
translation             0.7            (8.3     )    (5.7     )    (11.6    )
adjustments
Unrealized gain on
interest rate           —              1.1           —             2.8
derivatives, net of
tax
Change in pension and
other postretirement    0.3           0.3          0.9          0.9      
defined benefit
plans, net of tax
Other comprehensive
income (loss), net of   1.0           (6.9     )    (4.8     )    (7.9     )
tax
Total comprehensive     $   10.2      $  (1.3  )    $  21.4      $  13.4  
income (loss)


Rexnord Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in Millions, except share amounts)
(Unaudited)
                                                             
                                            December 29, 2012   March 31, 2012
Assets
Current assets:
Cash and cash equivalents                   $   452.5           $  298.0
Receivables, net                            295.9               337.9
Inventories, net                            356.9               320.3
Other current assets                        49.8               62.1        
Total current assets                        1,155.1             1,018.3
Property, plant and equipment, net          412.5               419.2
Intangible assets, net                      627.3               647.1
Goodwill                                    1,121.2             1,114.7
Insurance for asbestos claims               42.0                42.0
Other assets                                48.8               49.6        
Total assets                                $   3,406.9        $  3,290.9  
Liabilities and stockholders' equity
(deficit)
Current liabilities:
Current maturities of debt                  $   21.9            $  10.3
Trade payables                              180.3               215.6
Compensation and benefits                   52.8                61.8
Current portion of pension and              6.4                 6.3
postretirement benefit obligations
Interest payable                            19.9                49.9
Other current liabilities                   132.5              124.7       
Total current liabilities                   413.8               468.6
                                                                
Long-term debt                              2,115.4             2,413.4
Pension and postretirement benefit          149.7               160.5
obligations
Deferred income taxes                       226.8               245.7
Reserve for asbestos claims                 42.0                42.0
Other liabilities                           34.6               41.5        
Total liabilities                           2,982.3             3,371.7
                                                                
Stockholders' equity (deficit):
Preferred stock, $0.01 par value;           —                   —
10,000,000 shares authorized; none issued
Common stock, $0.01 par value;
200,000,000 shares authorized; shares
issued: 97,970,674 at
December 29, 2012 and 67,741,271 at March   1.0                 0.7
31, 2012
Additional paid-in capital                  781.4               298.6
Retained deficit                            (335.4        )     (361.6      )
Accumulated other comprehensive loss        (16.1         )     (11.3       )
Treasury stock at cost; 900,904 shares at   (6.3          )     (6.3        )
December 29, 2012 and March 31, 2012
Total Rexnord stockholders' equity          424.6               (79.9       )
(deficit)
Non-controlling interest                    —                  (0.9        )
Total stockholders' equity (deficit)        424.6              (80.8       )
Total liabilities and stockholders'         $   3,406.9        $  3,290.9  
equity (deficit)


Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in Millions)
(Unaudited)
                                       
                                         Nine Months Ended
                                         December 29, 2012  December 31, 2011
Operating activities
Net income                               $    26.2           $    21.3
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation                             45.2                45.9
Amortization of intangible assets        38.7                37.6
Amortization of deferred financing       3.0                 5.8
costs
(Gain) loss on dispositions of           (4.0          )     0.8
property, plant and equipment
Non-cash loss on divestiture             —                   4.5
Deferred income taxes                    (12.9         )     (1.9          )
Other non-cash charges                   8.0                 20.7
Loss on debt extinguishment              24.0                0.7
Stock-based compensation expense         5.4                 2.7
Changes in operating assets and
liabilities:
Receivables                              36.2                9.2
Inventories                              (41.6         )     (10.6         )
Other assets                             (0.9          )     (16.5         )
Accounts payable                         (33.5         )     (16.6         )
Accruals and other                       (44.7         )     (42.9         )
Cash provided by operating activities    49.1                60.7
                                                             
Investing activities
Expenditures for property, plant and     (41.5         )     (39.0         )
equipment
Acquisitions, net of cash                (21.1         )     (256.8        )
Loan receivable for financing under
New Market Tax Credit incentive          (9.7          )     (17.9         )
program
Proceeds from dispositions of            6.1                 5.6
property, plant and equipment
Proceeds from divestiture, net of cash   2.3                3.4           
Cash used for investing activities       (63.9         )     (304.7        )
                                                             
Financing activities
Proceeds from borrowings of long-term    15.4                24.7
debt
Repayments of long-term debt             (308.1        )     (4.0          )
Proceeds from borrowings of short-term   10.2                165.8
debt
Repayments of short-term debt            (5.1          )     (102.0        )
Payment of deferred financing fees       (2.0          )     (3.5          )
Payment of early redemption premium on   (17.6         )     —
long-term debt
Proceeds from issuance of common stock   458.3               —
Proceeds from exercise of stock          2.3                 —
options
Excess tax benefit on exercise of        17.2               —             
stock options
Cash provided by financing activities    170.6               81.0
Effect of exchange rate changes on       (1.3          )     (2.4          )
cash and cash equivalents
Increase (decrease) in cash and cash     154.5               (165.4        )
equivalents
Cash and cash equivalents at beginning   298.0              391.0         
of period
Cash and cash equivalents at end of      $    452.5         $    225.6    
period


Rexnord Corporation and Subsidiaries
Supplemental Data
(in Millions)
(Unaudited)
                 
                   Fiscal 2013
                   Q1         Q2         Q3         Q4         Total
Net sales
Process & Motion   $ 313.9     $ 309.1     $ 302.9                 $ 925.9
Control
Water Management   179.7       190.4       168.8                   538.9
Corporate          —          —          —                     —         
Total              $ 493.6    $ 499.5    $ 471.7               $ 1,464.8 
                                                                   
Adjusted EBITDA
Process & Motion   $ 74.2      $ 77.7      $ 74.9                  $ 226.8
Control
Water Management   29.3        30.5        23.7                    83.5
Corporate          (6.0    )   (7.7    )   (6.6    )              (20.3     )
Total              $ 97.5     $ 100.5    $ 92.0                $ 290.0   
                                                                   
Adjusted EBITDA
%
Process & Motion   23.6    %   25.1    %   24.7    %               24.5      %
Control
Water Management   16.3    %   16.0    %   14.0    %               15.5      %
Total (including   19.8    %   20.1    %   19.5    %               19.8      %
Corporate)
                                                                   
                   Fiscal 2012
                   Q1          Q2          Q3          Q4          Total
Net sales
Process & Motion   $ 324.7     $ 310.3     $ 316.5     $ 359.2     $ 1,310.7
Control
Water Management   145.0       138.2       169.4       180.9       633.5
Corporate          —          —          —          —          —         
Total              $ 469.7    $ 448.5    $ 485.9    $ 540.1    $ 1,944.2 
                                                                   
Adjusted EBITDA
Process & Motion   $ 71.5      $ 73.5      $ 76.3      $ 95.6      $ 316.9
Control
Water Management   27.8        22.9        20.2        25.4        96.3
Corporate          (6.2    )   (6.1    )   (7.1    )   (7.9    )   (27.3     )
Total              $ 93.1     $ 90.3     $ 89.4     $ 113.1    $ 385.9   
                                                                   
Adjusted EBITDA
%
Process & Motion   22.0    %   23.7    %   24.1    %   26.6    %   24.2      %
Control
Water Management   19.2    %   16.6    %   11.9    %   14.0    %   15.2      %
Total (including   19.8    %   20.1    %   18.4    %   20.9    %   19.8      %
Corporate)
                                                                             

Contact:

Rexnord Corporation
Mark Peterson
Senior Vice President and Chief Financial Officer
414.643.3739
 
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