Barnes Group Inc. Reports Second Quarter 2013 Financial Results

  Barnes Group Inc. Reports Second Quarter 2013 Financial Results

  *Quarterly Net Sales from Continuing Operations of $267 million, up 24%
  *Quarterly Operating Margin of 13.5%, up 150 bps
  *Quarterly Diluted EPS from Continuing Operations of $0.17, down 51%;
    Adjusted Quarterly Diluted EPS from Continuing Operations of $0.47, up 34%
  *2013 EPS from Continuing Operations Guidance Updated to $1.43 to $1.53 per
    diluted share; $1.85 to $1.95 on an Adjusted Basis, Up 22% to 28% from
    2012

Business Wire

BRISTOL, Conn. -- July 26, 2013

Barnes Group Inc. (NYSE: B), an international aerospace and industrial
manufacturer and service provider, today reported financial results for the
second quarter of 2013. Net sales from continuing operations increased 24% to
$267.4 million from $215.3 million in the second quarter of 2012, driven
largely by the sales contribution of the Synventive business. Income from
continuing operations in the current quarter included a tax charge of $16.6
million, or $0.30 per diluted share, associated with the April 16, 2013 U.S.
Tax Court’s unfavorable decision arising out of an IRS audit for the tax years
2000 through 2002. Including this tax item, income from continuing operations
for the second quarter was $9.2 million, or $0.17 per diluted share. Excluding
the impact of the U.S. Tax Court’s decision, adjusted diluted earnings per
share from continuing operations for the second quarter of 2013 was $0.47, up
34% from $0.35 per diluted share a year ago. A table reconciling the non-GAAP
adjusted results presented in this release to our GAAP results is included at
the end of this press release.

On April 22, 2013, the Company completed the sale of its Barnes Distribution
North America (BDNA) business to MSC Industrial Direct Co., Inc. for the
purchase price of $550 million and received cash of $540 million, net of
working capital adjustments and transaction costs. In the second quarter of
2013, the Company recorded a gain on sale of $194 million, net of tax,
representing the sales price less the asset value of BDNA and net of
transaction-related costs. For the second quarter of 2013, the Company’s
income from discontinued operations was $200 million, which includes both the
gain on sale of BDNA, and net operating results for BDNA during the period.

“Sustained execution of our growth strategy allowed us to increase sales and
expand operating margins during the quarter,” said Patrick J. Dempsey,
President and Chief Executive Officer of Barnes Group Inc. “Despite some
challenging end-markets, our Industrial segment delivered solid organic growth
and improved margin performance.” Dempsey continued, “In our Aerospace
segment, backlogs are strong, commercial end-markets remain favorable, and the
aftermarket showed signs of improvement from the prior quarter.”

($ millions;
except per     Three months ended June 30,                          Six months ended June 30,
share data)
Unaudited        2013       2012       Change                        2013       2012       Change
Net Sales        $267.4       $215.3       $52.1     24.2   %          $530.9       $438.1       $92.8     21.2   %
Operating        $36.1        $25.8        $10.4       40.3   %          $61.1        $50.4        $10.7       21.3   %
Income
% of Sales       13.5   %     12.0   %                 1.5    pts.       11.5   %     11.5   %                 0.0    pts.
Income from
Continuing       $9.2         $19.5        ($10.3)     (52.8) %          $24.6        $37.1        ($12.4)     (33.6) %
Operations
Net Income       $209.3       $24.8        $184.5      NM                $222.8       $47.0        $175.8      NM
                                                                                                                      
Income from
Continuing
Operations       $0.17        $0.35        ($0.18)     (51.4) %          $0.45        $0.67        ($0.22)     (32.8) %
Per Diluted
Share
                                                                                                                      
Income from
Discontinued
Operations       $3.65        $0.10        $3.55       NM                $3.59        $0.18        $3.41       NM
Per Diluted
Share
                                                                                                                      
Net Income
Per Diluted    $3.82     $0.45     $3.37     NM            $4.04     $0.85     $3.19     NM     
Share
NM = Not
Meaningful
                                                                                                                      

Aerospace

  *Second quarter 2013 sales were $96.8 million, up 3% from $93.8 million in
    the same period last year. A sales increase in original equipment
    manufacturing (“OEM”) was partially offset by lower sales in the
    aftermarket business. Within the aftermarket business, repair and overhaul
    sales were down while spare part sales were essentially flat to last year.
  *Operating profit of $15.2 million for the second quarter of 2013 was up
    17% from the prior year period of $13.0 million. Operating profit
    benefited from the impact of higher OEM sales and better productivity,
    partially offset by a lower profit contribution from the aftermarket
    business given lower sales.

Industrial

  *Second quarter 2013 sales were $170.6 million, up 40% from $121.5 million
    in the same period last year. The increase was driven by the Synventive
    acquisition’s sales contribution and organic sales growth of 5%, inclusive
    of favorable pricing, offset by unfavorable foreign exchange of $0.5
    million.
  *Operating profit of $20.9 million for the second quarter of 2013 was up
    64% from the prior year period of $12.7 million driven by the profit
    contribution of Synventive and the profit impact of higher organic sales.

Additional Information

  *Interest expense increased to $3.2 million, up from $2.4 million last year
    primarily as a result of a higher average borrowing rate in the current
    quarter.During the second quarter of 2013, borrowings were substantially
    reduced as proceeds from the BDNA sale were used to reduce debt.
  *The Company’s effective tax rate from continuing operations for the second
    quarter of 2013 is 71.6% and was adversely impacted by a tax charge of
    $16.6 million associated with the April 16, 2013 U.S. Tax Court Decision.
    Absent that item, the Company’s effective tax rate from continuing
    operations for the second quarter of 2013 was 20.5% compared to 16.3% in
    the second quarter of 2012 and 13.5% for the full year 2012. The remaining
    effective tax rate increase in the second quarter 2013 versus the full
    year 2012 rate was mainly due to several discrete foreign tax related
    items in 2012, an increase in the Company’s effective tax rate in Sweden,
    and a projected mix of earnings attributable to higher-taxing
    jurisdictions.
  *On July 23, 2013, the Company’s Board of Directors increased the quarterly
    cash dividend 10 percent to $0.11 per share of common stock. The dividend
    increase will raise the annualized dividend payout to $0.44 per share of
    common stock.

Updated 2013 Outlook

Barnes Group now expects 2013 revenue from continuing operations to grow 17%
to 19% from 2012. Excluding $10.5 million pre-tax of non-recurring costs
associated with the Company’s CEO transition recorded in the first quarter,
adjusted operating margins are expected to be in the range of 13.5% to 14% for
2013. GAAP earnings per diluted share from continuing operations are
anticipated to be in the range of $1.43 to $1.53.

Full-Year 2013 adjusted earnings per diluted share from continuing operations
are anticipated to be in the range of $1.85 to $1.95, up 22% to 28% from
2012’s adjusted diluted earnings per share from continuing operations of
$1.52. Adjusted earnings per share from continuing operations exclude the
non-recurring CEO transition costs ($0.12 per share) and the tax charge as a
result of the U.S. Tax Court’s unfavorable ruling ($0.30 per share).

As a result of the Tax Court decision, the Company expects cash flows to be
negatively impacted by approximately $13 million by the end of 2013. Excluding
this item and the impact from the sale of BDNA, 2013 cash conversion is
anticipated to be approximately 100% of net income.

Conference Call

Barnes Group Inc. will conduct a conference call with investors to discuss
second quarter 2013 results at 8:30 a.m. EDT today, July 26, 2013. A webcast
of the live call and an archived replay will be available on the Barnes Group
investor relations link at www.BGInc.com. The conference is also available by
direct dial at (888) 713-4215 in the U.S. or (617) 213-4867 outside of the
U.S. (request the Barnes Group Earnings Call), Participant Code: 78035580.

In addition, the call will be recorded and available for playback beginning at
12:00 p.m. (EDT) on Friday, July 26, 2013 by dialing (617) 801-6888, Passcode:
31040519.

About Barnes Group

Founded in 1857, Barnes Group Inc. (NYSE: B) is an international aerospace and
industrial manufacturer and service provider, serving a wide range of end
markets and customers. The products and services provided by Barnes Group are
used in far-reaching applications that provide transportation, communication,
manufacturing and technology to the world. Barnes Group’s approximately 3,800
dedicated employees, at more than 60 locations worldwide, are committed to
achieving consistent and sustainable profitable growth. For more information,
visit www.BGInc.com.

Forward-Looking Statements

This press release contains certain forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are made based upon management's good faith expectations and
beliefs concerning future developments and their potential effect upon the
Company and can be identified by the use of words such as "anticipated,"
"believe," "expect," "plans," "strategy," "estimate," "project," and other
words of similar meaning in connection with a discussion of future operating
or financial performance. These forward-looking statements do not constitute
guarantees of future performance and are subject to a variety of risks and
uncertainties that may cause actual results to differ materially from those
expressed in the forward-looking statements. These include, but are not
limited to: difficulty maintaining relationships with employees, customers,
distributors, suppliers, business partners or governmental entities; the
success of integration strategy implementation; the ability to recruit and
retain key personnel and execute effective executive transitions; difficulties
leveraging market opportunities; difficulties providing solutions that meet
the needs of customers; rapid technological and market change; the ability to
protect intellectual property rights; higher risks in international operations
and markets; the impact of increased competition; currency fluctuations;
litigation; and other risks and uncertainties described more fully in
documents filed with or furnished to the Securities and Exchange Commission by
the Company, including the Management's Discussion and Analysis of Financial
Condition and Results of Operations and Risk Factors sections of the Company's
filings with the Securities and Exchange Commission. The risks and
uncertainties described in our periodic filings with the Securities and
Exchange Commission include, among others, uncertainties arising from the
current or worsening conditions in financial markets; future financial
performance of the industries or customers that we serve; changes in market
demand for our products and services; inability to realize expected sales or
profits from existing backlog due to a range of factors, including insourcing
decisions, material changes as well as production schedules and volumes of
specific programs; integration of acquired businesses; restructuring costs or
savings; the impact of the divestiture in 2013 of the Barnes Distribution
North America business to MSC Industrial Direct Co., Inc.; the impact of the
acquisition in 2012 of the Synventive Molding Solutions business; the impact
of the divestiture in 2011 of our Barnes Distribution Europe businesses; and
any other future strategic actions, including acquisitions, joint ventures,
divestitures, restructurings, or strategic business realignments, and our
ability to achieve the financial and operational targets set in connection
with any such actions; introduction or development of new products or transfer
of work; changes in raw material or product prices and availability; foreign
currency exposure; our dependence upon revenues and earnings from a small
number of significant customers; a major loss of customers; the impacts of the
U.S. Tax Court's April 16, 2013 decision and any related appeal; the outcome
of pending and future claims or litigation or governmental, regulatory
proceedings, investigations, inquiries, and audits; uninsured claims and
litigation; outcome of contingencies; future repurchases of common stock;
future levels of indebtedness; and numerous other matters of global, regional
or national scale, including those of a political, economic, business,
competitive, environmental, regulatory and public health nature. The Company
assumes no obligation to update our forward-looking statements.

BARNES GROUP INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
                                                                                        
                 Three months ended June 30,                 Six months ended June 30,
                 2013             2012^(1)         %         2013             2012^(1)         %
                                                   Change                                      Change
                                                                                               
Net sales        $ 267,394        $ 215,310        24.2      $ 530,940        $ 438,104        21.2
                                                                                               
Cost of sales      177,411          152,367        16.4        355,127          312,788        13.5
Selling and
administrative    53,834         37,183        44.8       114,708        74,938        53.1
expenses
                                                                                               
                  231,245        189,550       22.0       469,835        387,726       21.2
                                                                                               
Operating          36,149           25,760         40.3        61,105           50,378         21.3
income
                                                                                               
Operating          13.5       %     12.0       %               11.5       %     11.5       %
margin
                                                                                               
Interest           3,241            2,435          33.1        7,598            4,803          58.2
expense
Other expense     495            55            NM         1,462          914           60.0
(income), net
                                                                                               
Income from
continuing
operations         32,413           23,270         39.3        52,045           44,661         16.5
before income
taxes
                                                                                               
Income taxes      23,218         3,783         NM         27,417         7,584         NM
                                                                                               
Income from
continuing         9,195            19,487         (52.8 )     24,628           37,077         (33.6 )
operations
                                                                                               
Income from
discontinued
operations,        200,132          5,344          NM          198,171          9,961          NM
net of income
taxes
                                                                           
Net income       $ 209,327       $ 24,831        NM        $ 222,799       $ 47,038        NM
                                                                                               
Common           $ 5,277         $ 5,383         (2.0  )   $ 10,720        $ 10,842        (1.1  )
dividends
                                                                                               
Per common
share:
                                                                                               
Basic:
Income from
continuing       $ 0.18           $ 0.36           (50.0 )   $ 0.46           $ 0.68           (32.4 )
operations
Income from
discontinued
operations,       3.72           0.10          NM         3.65           0.18          NM
net of income
taxes
Net income       $ 3.90          $ 0.46          NM        $ 4.11          $ 0.86          NM
                                                                                               
Diluted:
Income from
continuing       $ 0.17           $ 0.35           (51.4 )   $ 0.45           $ 0.67           (32.8 )
operations
Income from
discontinued
operations,       3.65           0.10          NM         3.59           0.18          NM
net of income
taxes
Net income       $ 3.82          $ 0.45          NM        $ 4.04          $ 0.85          NM
                                                                                               
Dividends          0.10             0.10           -           0.20             0.20           -
                                                                                               
Weighted
average common
shares
outstanding:
Basic              53,738,051       54,543,098     (1.5  )     54,230,272       54,674,366     (0.8  )
Diluted            54,809,896       55,150,806     (0.6  )     55,135,892       55,303,192     (0.3  )
                                                                                               
NM - Not
Meaningful
                                                                                               
Notes:
(1) Results for 2012 have been adjusted on a retrospective basis to reflect the BDNA discontinued
operations.
                                                             

BARNES GROUP INC.
OPERATIONS BY REPORTABLE BUSINESS SEGMENT
(Dollars in thousands)
(Unaudited)
                                                                                       
               Three months ended June 30,                Six months ended June 30,          
               2013          2012^(1)      %              2013          2012^(1)      %      
                                           Change                                      Change
Net sales
                                                                                                     
Aerospace      $ 96,834      $ 93,770      3.3             $ 194,878     $ 191,020     2.0
                                                                                                     
Industrial       170,560       121,540     40.3              336,062       247,085     36.0
                                                                                                     
Intersegment    -           -          -                -           (1      )   NM
sales
                                                                                                     
Total net      $ 267,394    $ 215,310    24.2            $ 530,940    $ 438,104    21.2
sales
                                                                                                     
Operating
profit
                                                                                                     
Aerospace      $ 15,226      $ 13,023      16.9            $ 25,573      $ 25,677      (0.4 )
                                                                                                     
Industrial      20,923      12,737     64.3             35,532      24,701     43.8
                                                                                                     
Total
operating      $ 36,149     $ 25,760     40.3            $ 61,105     $ 50,378     21.3
profit
                                                                                                     
Operating                                  Change                                     Change 
margin
                                                                                                     
Aerospace        15.7    %     13.9    %   180      bps.     13.1    %     13.4    %   (30  )   bps.
                                                                                                     
Industrial      12.3    %    10.5    %   180      bps.    10.6    %    10.0    %   60       bps.
                                                                                                     
Total
operating        13.5    %     12.0    %   150      bps.     11.5    %     11.5    %   -        bps.
margin
                                                                                                     
NM - Not
Meaningful
                                                                                                     
Notes:
(1) Results for 2012 have been adjusted on a retrospective basis to reflect the impact of the BDNA
discontinued operations,
including a reallocation of corporate overhead expenses, and the segment realignment.
                                                                                                     

BARNES GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
                                                         
                                              June 30,      December 31,
                                              2013          2012
Assets
Current assets
Cash and cash equivalents                     $ 197,398     $  86,356
Accounts receivable                             229,934        253,202
Inventories                                     186,224        226,220
Deferred income taxes                           23,331         33,906
Prepaid expenses and other current assets      15,756        18,856
                                                            
Total current assets                            652,643        618,540
                                                            
                                                            
Deferred income taxes                           37,318         29,961
Property, plant and equipment, net              214,735        233,097
Goodwill                                        439,447        579,905
Other intangible assets, net                    370,645        383,972
Other assets                                   20,182        23,121
                                                            
Total assets                                  $ 1,734,970   $  1,868,596
                                                            
Liabilities and Stockholders' Equity
Current liabilities
Notes and overdrafts payable                  $ 12,899      $  3,795
Accounts payable                                92,469         99,037
Accrued liabilities                             227,191        96,364
Long-term debt - current                       54,241        699
                                                            
Total current liabilities                       386,800        199,895
                                                            
Long-term debt                                  177,242        642,119
Accrued retirement benefits                     133,562        159,103
Deferred income taxes                           47,222         48,707
Other liabilities                               15,154         18,654
                                                            
Total stockholders' equity                     974,990       800,118
                                                            
Total liabilities and stockholders' equity    $ 1,734,970   $  1,868,596
                                                            

BARNES GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
                                                               
                                                    Six months ended June 30,
                                                    2013           2012
Operating activities:
Net income                                          $ 222,799      $ 47,038
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                         31,110         25,912
Amortization of convertible debt discount             1,173          1,083
Loss (gain) on disposition of property, plant         56             (62     )
and equipment
Stock compensation expense                            14,348         4,286
Withholding taxes paid on stock issuances             (753     )     (727    )
(Gain) loss on the sale of businesses                 (194,438 )     734
Changes in assets and liabilities, net of the
effects of divestitures:
Accounts receivable                                   (17,951  )     (8,893  )
Inventories                                           (8,026   )     (852    )
Prepaid expenses and other current assets             250            (1,290  )
Accounts payable                                      7,620          (621    )
Accrued liabilities                                   14,066         (15,830 )
Deferred income taxes                                 (10,066  )     789
Long-term retirement benefits                         (166     )     (18,770 )
Other                                                6,061        837     
                                                                   
Net cash provided by operating activities             66,083         33,634
                                                                   
Investing activities:
Proceeds from disposition of property, plant          160            222
and equipment
Proceeds from (payments for) the sale of              540,435        (318    )
businesses, net
Capital expenditures                                  (20,419  )     (15,658 )
Other                                                (1,748   )    (2,476  )
                                                                   
Net cash provided (used) by investing                 518,428        (18,230 )
activities
                                                                   
Financing activities:
Net change in other borrowings                        9,092          (10,535 )
Payments on long-term debt                            (478,005 )     (17,770 )
Proceeds from the issuance of long-term debt          65,500         67,000
Proceeds from the issuance of common stock            3,763          4,080
Common stock repurchases                              (61,432  )     (19,037 )
Dividends paid                                        (10,720  )     (10,842 )
Excess tax benefit on stock awards                    632            1,331
Other                                                (111     )    (120    )
                                                                   
Net cash (used) provided by financing                 (471,281 )     14,107
activities
                                                                   
Effect of exchange rate changes on cash flows        (2,188   )    (1,038  )
                                                                   
Increase in cash and cash equivalents                 111,042        28,473
                                                                   
Cash and cash equivalents at beginning of            86,356       62,505  
period
                                                                   
Cash and cash equivalents at end of period          $ 197,398     $ 90,978  
                                                                   

BARNES GROUP INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(Dollars in thousands)
(Unaudited)
                                                             
                                                                 
                                               Six months ended June 30,
                                               2013              2012
Free cash flow:
                                                                 
Net cash provided by operating activities      $  66,083         $  33,634
Capital expenditures                             (20,419  )       (15,658 )
                                                                 
Free cash flow^(1)                             $  45,664        $  17,976  

Notes:
(1) The Company defines free cash flow as net cash provided by operating
activities less capital expenditures. The Company believes that the free cash
flow metric is useful to investors and management as a measure of cash
generated by business operations that can be used to invest in future growth,
pay dividends, repurchase stock and reduce debt. This metric can also be used
to evaluate the Company's ability to generate cash flow from business
operations and the impact that this cash flow has on the Company's liquidity.


BARNES GROUP INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATION
(Dollars in thousands, except per share data)
(Unaudited)
                                                                            
               Three months ended June 30,              Six months ended June 30,
               2013         2012 ^(1)    % Change       2013         2012 ^(1)    %
                                                                                  Change
SEGMENT
RESULTS
Operating
Profit -
Aerospace      $ 15,226     $ 13,023       16.9         $ 25,573     $ 25,677     (0.4  )
Segment
(GAAP)
                                                                                          
CEO
transition      -          -                         3,903      -      
costs
                                                                                          
Operating
Profit -
Aerospace
Segment as     $ 15,226    $ 13,023      16.9         $ 29,476    $ 25,677    14.8
adjusted
(Non-GAAP)
^(2)
                                                                                          
Operating
Margin -
Aerospace        15.7   %     13.9   %     180     bps.   13.1   %     13.4   %   (30   ) bps.
Segment
(GAAP)
Operating
Margin -
Aerospace
Segment as       15.7   %     13.9   %     180     bps.   15.1   %     13.4   %   170     bps.
adjusted
(Non-GAAP)
^(2)
                                                                                          
Operating
Profit -
Industrial     $ 20,923     $ 12,737       64.3         $ 35,532     $ 24,701     43.8
Segment
(GAAP)
                                                                                          
CEO
transition      -          -                         6,589      -      
costs
                                                                                          
Operating
Profit -
Industrial
Segment as     $ 20,923    $ 12,737      64.3         $ 42,121    $ 24,701    70.5
adjusted
(Non-GAAP)
^(2)
                                                                                          
Operating
Margin -
Industrial       12.3   %     10.5   %     180     bps.   10.6   %     10.0   %   60      bps.
Segment
(GAAP)
Operating
Margin -
Industrial
Segment as     12.3   %   10.5   %   180    bps.  12.5   %   10.0   %  250    bps.
adjusted
(Non-GAAP)
^(2)
                                                                                          
CONSOLIDATED
RESULTS
Operating
Income         $ 36,149     $ 25,760       40.3         $ 61,105     $ 50,378     21.3
(GAAP)
                                                                                          
CEO
transition      -          -                         10,492     -      
costs
                                                                                          
Operating
Income as
adjusted       $ 36,149    $ 25,760      40.3         $ 71,597    $ 50,378    42.1
(Non-GAAP)
^(2)
                                                                                          
Operating
Margin           13.5   %     12.0   %     150     bps.   11.5   %     11.5   %   -       bps.
(GAAP)
Operating
Margin as
adjusted       13.5   %   12.0   %   150    bps.  13.5   %   11.5   %  200    bps.
(Non-GAAP)
^(2)
                                                                                          
Diluted
Income from
Continuing     $ 0.17       $ 0.35         (51.4 )      $ 0.45       $ 0.67       (32.8 )
Operations
per Share
(GAAP)
                                                                                          
CEO
transition       -            -                           0.12         -
costs
April 2013
tax court       0.30       -                         0.30       -      
decision
                                                                                          
Diluted
Income from
Continuing
Operations     $ 0.47      $ 0.35        34.3         $ 0.87      $ 0.67      29.9
per Share as
adjusted
(Non-GAAP)
^(2)
                                                                                          
                                                                             
                                                                                          
               Full-Year                 Full-Year 2013 Outlook
               2012 ^(1)
Diluted
Income from
Continuing     $ 1.44                    $ 1.43    to   $ 1.53
Operations
per Share
(GAAP)
                                                                                          
Synventive
short-term
purchase         0.07                              -
accounting
adjustments
Synventive
acquisition      0.01                              -
transaction
costs
CEO
transition       -                                 0.12
costs
April 2013
tax court       -                               0.30 
decision
                                                                                          
Diluted
Income from
Continuing
Operations     $ 1.52                   $ 1.85   to   $ 1.95   
per Share as
adjusted
(Non-GAAP)
^(2)

Notes:
(1) Results for 2012 have been adjusted on a retrospective basis to reflect
the impact of the BDNA discontinued operations, including a reallocation of
corporate overhead expenses, and the segment realignment.
                                          
(2) The Company has excluded short-term purchase accounting adjustments and
transaction costs related to its Synventive acquisition in 2012 and CEO
transition costs associated with the modification of outstanding equity awards
and the tax charge associated with the April 2013 tax court decision in 2013
from its "as adjusted" financial measurements. Management believes that these
adjustments provide the Company and its investors with an indication of our
baseline performance excluding items that are not considered to be reflective
of our ongoing results. Management does not intend results excluding the
adjustments to represent results as defined by GAAP, and the reader should not
consider it as an alternative measurement calculated in accordance with GAAP,
or as an indicator of the Company's performance. Accordingly, the measurements
have limitations depending on their use.

Contact:

Barnes Group Inc.
William Pitts
Director, Investor Relations
860-583-7070
 
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