Tennant Company Reports 2013 Fourth Quarter and Full Year Results

  Tennant Company Reports 2013 Fourth Quarter and Full Year Results

      Company posts record sales for a fourth quarter of $195.1 million;

   Net sales in quarter increased 4.1 percent, or 5.1 percent organically;

         Fourth quarter adjusted diluted EPS up 4.8 percent to $0.65;

         2013 full year adjusted diluted EPS up 8.7 percent to $2.26;

               Company provides 2014 full year guidance range;

                    Targets $1 billion in revenues by 2017

Business Wire

MINNEAPOLIS -- February 25, 2014

Tennant Company (NYSE:TNC), a world leader in designing, manufacturing and
marketing of solutions that help create a cleaner, safer, healthier world,
today reported net earnings of $10.3 million, or $0.55 per diluted share, on
net sales of $195.1 million for the fourth quarter ended December 31, 2013.
The 2013 fourth quarter included a $1.6 million pre-tax restructuring charge,
or $0.10 per diluted share, to right size its cost structure and enhance its
go-to-market approach primarily in Europe. Excluding this special item,
adjusted 2013 fourth quarter net earnings totaled $12.2 million, or $0.65 per
diluted share. In the 2012 fourth quarter, which included a special tax
benefit that increased earnings by $0.11 per diluted share, Tennant reported
net earnings of $13.8 million, or $0.73 per diluted share, on net sales of
$187.5 million. Excluding this special item, Tennant’s 2012 fourth quarter
adjusted net earnings were $11.8 million, or $0.62 per diluted share. (See the
Supplemental Non-GAAP Financial Table.)

Tennant Company's president and chief executive officer Chris Killingstad
stated: “We had record revenues for a fourth quarter, although they were
slightly below our expectations. In order to accelerate future growth, we
intentionally ramped up key strategic investments in anticipation of higher
sales. Going forward, we expect our growth initiatives to produce clear
benefits in 2014 and beyond.”

Fourth Quarter Operating Review
The company's 2013 fourth quarter consolidated net sales of $195.1 million
rose 4.1 percent compared to the prior year quarter on higher volume across
all of Tennant’s product categories. Unfavorable foreign currency exchange
reduced consolidated net sales by approximately 1 percent. Organic net sales,
which exclude the impact of foreign currency exchange (and acquisitions when
applicable), increased approximately 5.1 percent.

Contributing to 2013 fourth quarter results was demand for newly introduced
products, especially the T12 rider scrubber, which is the first new product in
Tennant’s redesigned modular large equipment portfolio, as well as strong
sales of industrial equipment and sales to strategic accounts. Sales of
scrubbers equipped with ec-H2O™ technology rose in the fourth quarter and
posted their strongest quarterly gains for the year.

Geographically, sales increased 4.6 percent in the Americas, with continued
growth in both North America and Latin America. Sales in the Americas rose
approximately 5.6 percent organically, excluding an unfavorable foreign
currency exchange impact of about 1.0 percent. Sales in Europe, Middle East
and Africa (EMEA) were up 0.3 percent, but declined approximately 3.2 percent
organically, excluding a favorable foreign currency exchange impact of about
3.5 percent. Although EMEA sales continued to be somewhat constrained due to
challenging economic conditions, sales to strategic accounts increased in the
quarter, as did sales of Tennant’s environmentally friendly Green Machines™
outdoor sweepers. Sales in the Asia Pacific region (APAC) increased 8.6
percent, rising approximately 15.1 percent organically, excluding an
unfavorable foreign currency exchange impact of about 6.5 percent. The APAC
organic sales gain was mainly due to strong sales performance in China, which
had approximately 45 percent organic sales growth in the 2013 fourth quarter.

Tennant's gross margin in the 2013 fourth quarter was 42.9 percent compared to
an exceptionally high gross margin of 44.5 percent in the prior year quarter.
Gross margin in the 2013 fourth quarter was impacted by the mix of selling
channel and products sold. The company’s full year gross margin of 43.3
percent was within its target range of 43 percent to 44 percent.

Research and development (R&D) expense for the 2013 fourth quarter totaled
$7.2 million, or 3.7 percent of sales, compared to $7.7 million, or 4.1
percent of sales, in the prior year quarter. The company continued to invest
in developing innovative new products for its traditional core business, as
well as in its Orbio Technologies Group, which is focused on advancing a
platform of chemical-free and other sustainable, water-based cleaning
technologies.

Selling and administrative (S&A) expense in the 2013 fourth quarter totaled
$58.9 million, or 30.2 percent of sales, or $57.3 million and 29.4 percent of
sales as adjusted to exclude the $1.6 million restructuring charge, versus
$56.8 million, or 30.3 percent of sales, in the 2012 fourth quarter. Adjusted
S&A expense declined 90 basis points as a percent of sales compared to the
prior year quarter. Tennant continued to gain leverage in S&A spending due to
cost controls and operating efficiencies.

The company's 2013 fourth quarter operating profit was $17.7 million, or 9.1
percent of sales, and $19.2 million or 9.9 percent as adjusted, compared to
$19.0 million, or 10.1 percent of sales, in the prior year quarter.

Strong Pipeline of Innovative New Products and Technologies
“We launched 20 new products in 2013, on top of 17 new products in 2012, and
Tennant is on track to roll out more than 63 additional new products by 2016,”
said Killingstad. “We continue to have the most robust new product pipeline in
the company’s history.”

In the 2013 fourth quarter, Tennant introduced new canister carpet extractors
and grout cleaners with high heat functionality. In the 2014 first quarter,
Tennant also plans to introduce a new line of walk-behind burnishers. These
new core equipment offerings are engineered to improve the customers’ cleaning
performance and operator safety, lower operating costs and reduce
environmental impact.

In addition, the Orbio Technologies Group from Tennant Company is developing
an exciting new product using Split Stream™ Technology that will deliver an
anti-microbial solution, as well as an effective multi-surface cleaner, for
use in a wide variety of customer segments. The company plans to introduce
this new Orbio product in the first half of 2014.

Tennant remains committed to being an industry innovation leader and aims to
set the standard for sustainable cleaning around the world.

Tennant Company Targets $1 Billion in Revenues By 2017
Over the past five years, Tennant Company has been focused on building a
scalable business model capable of delivering improved operational efficiency
and profitability. To take full advantage of that effort, the company is
shifting its focus to organic revenue growth to increase market share and
enhance Tennant Company’s ability to reach a 12 percent or above operating
profit margin.

“Our goal is to drive top line growth to reach $1 billion in revenue by 2017,”
stated Killingstad. “We are confident that we have the right people,
strategies and business model in place to be successful.”

Tennant plans to meet its objectives through a strong new product pipeline in
both the core business and in the Orbio Technologies Group, continued gains in
emerging markets, growth in Europe, focus on strategic accounts and an
enhanced go-to-market strategy designed to significantly expand its global
market coverage and customer base.

“We have identified opportunities to increase our market coverage and customer
penetration in underserved markets where our value proposition is compelling.
We are investing in additional direct sales, distribution and marketing
capabilities to build on our success and accelerate growth,” said Killingstad.

2013 Full Year Results and Liquidity
For the 2013 full year, Tennant reported consolidated net sales of $752.0
million compared to $739.0 million in 2012. Tennant’s 2013 net sales increased
1.8 percent versus the prior year and organic net sales rose 2.8 percent,
excluding unfavorable foreign currency exchange of approximately 1.0 percent.

For 2013, Tennant reported net earnings of $40.2 million, or $2.14 per diluted
share. Excluding special items, the company’s 2013 adjusted full year net
earnings increased to $42.6 million, or $2.26 per diluted share, compared to
2012 adjusted net earnings of $39.7 million, or $2.08 per diluted share.

Tennant recorded special items in 2013 that lowered net earnings by a total of
$0.12 per diluted share. In addition to the previously noted special item that
was recorded in the 2013 fourth quarter, the company had special items in the
2013 first quarter that together reduced earnings by $0.02 per diluted share.
These items included: a $1.4 million pre-tax restructuring charge, or $0.05
per diluted share, to right size the European operations, given continued
challenging economic conditions there, which was partially offset by a $0.6
million, or $0.03 per diluted share, tax benefit related to the retroactive
reinstatement of the 2012 U.S. Federal R&D Tax Credit. Tennant’s 2012 full
year results included net special items that increased earnings by $0.10 per
diluted share. (See the Supplemental Non-GAAP Financial Table.)

Tennant’s gross margin for the 2013 full year was 43.3 percent, which as noted
above, was within the company’s target range of 43 percent to 44 percent, but
below the 44.0 percent reported in the prior year. The 2013 full year
operating profit margin was 8.3 percent, or 8.7 percent as adjusted, compared
to 8.5 percent in the 2012 full year.

Tennant continued to have a strong balance sheet and generated $59.8 million
in cash from operations in 2013. Cash and cash equivalents at December 31,
2013, totaled $81.0 million, up from $53.9 million in the prior year, and debt
decreased to $31.8 million. During 2013, Tennant paid cash dividends of $13.2
million and repurchased 434,118 shares of the company’s stock in the market
for $22.2 million. Tennant had 18.5 million common shares outstanding at
December 31, 2013.

Business Outlook
Based on its 2013 results and expectations of future performance, Tennant
Company estimates 2014 full year net sales in the range of $780 million to
$800 million, up 4 percent to 6 percent, and earnings in the range of $2.50 to
$2.80 per diluted share, an increase of 11 percent to 24 percent, compared to
2013, as adjusted. The company anticipates that its 2014 financial results
will be stronger in the second half of the year, as its growth investments
begin to generate incremental revenues and profits. For the 2013 full year,
adjusted diluted earnings per share totaled $2.26 on net sales of $752
million. (See the Supplemental Non-GAAP Financial Table.)

The company's 2014 annual financial outlook includes the following
expectations:

  *Modest economic improvement in North America and Europe, and steady growth
    in emerging markets;
  *Unfavorable foreign currency impact on sales for the full year of
    approximately 1 percent;
  *Gross margin performance in the range of 43 percent to 44 percent;
  *R&D expense of approximately 4 percent of sales, as the company continues
    to invest in its core products and in water-based cleaning technologies;
    and
  *Capital expenditures in the range of $20 million to $22 million.

“We are excited about our prospects in 2014 and beyond, as we work to reach
our goal of $1billion in annual sales by 2017,” said Killingstad. “We will
continue to manage our business with a focus on operational excellence and
strong cost controls, while investing in direct sales, distribution and
marketing capabilities, and maintaining a strong pipeline of new products in
order to deliver long term growth and improved profitability.”

Conference Call
Tennant will host a conference call to discuss the 2013 fourth quarter and
full year results today, February 25, 2014, at 10 a.m. Central Time (11 a.m.
Eastern Time). The conference call will be available via webcast on the
investor portion of Tennant's website. To listen to the call live, go to
www.tennantco.com and click on Company, Investors. A taped replay of the
conference call will be available at www.tennantco.com for approximately two
weeks after the call.

Company Profile
Minneapolis-based Tennant Company (TNC) is a world leader in designing,
manufacturing and marketing solutions that help create a cleaner, safer,
healthier world. Its products include equipment for maintaining surfaces in
industrial, commercial and outdoor environments; chemical-free and other
sustainable cleaning technologies; and coatings for protecting, repairing and
upgrading surfaces. Tennant's global field service network is the most
extensive in the industry. Tennant has manufacturing operations in
Minneapolis, Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands;
the United Kingdom; São Paulo, Brazil; and Shanghai, China; and sells products
directly in 15 countries and through distributors in more than 80 countries.
For more information, visit www.tennantco.com.

Forward-Looking Statements
Certain statements contained in this document, as well as other written and
oral statements made by us from time to time, are considered “forward-looking
statements” within the meaning of the Private Securities Litigation Reform
Act. These statements do not relate to strictly historical or current facts
and provide current expectations or forecasts of future events. Any such
expectations or forecasts of future events are subject to a variety of
factors. These include factors that affect all businesses operating in a
global market as well as matters specific to us and the markets we serve.
Particular risks and uncertainties presently facing us include: geopolitical
and economic uncertainty throughout the world; the competition in our
business; our ability to attract and retain key personnel; our ability to
successfully upgrade, evolve and protect our information technology systems;
our ability to develop and commercialize new innovative products and services;
our ability to comply with laws and regulations; fluctuations in the cost or
availability of raw materials and purchased components; unforeseen product
liability claims or product quality issues; the occurrence of a significant
business interruption; the occurrence of disruptions to our supply and
delivery chains; and the relative strength of the U.S. dollar, which affects
the cost of our materials and products purchased and sold internationally.

We caution that forward-looking statements must be considered carefully and
that actual results may differ in material ways due to risks and uncertainties
both known and unknown. Shareholders, potential investors and other readers
are urged to consider these factors in evaluating forward-looking statements
and are cautioned not to place undue reliance on such forward-looking
statements. For additional information about factors that could materially
affect Tennant's results, please see our other Securities and Exchange
Commission filings, including disclosures under “Risk Factors.”

We do not undertake to update any forward-looking statement, and investors are
advised to consult any further disclosures by us on this matter in our filings
with the Securities and Exchange Commission and in other written statements we
make from time to time. It is not possible to anticipate or foresee all risk
factors, and investors should not consider any list of such factors to be an
exhaustive or complete list of all risks or uncertainties.

Non-GAAP Financial Measures
This news release includes presentations of non-GAAP measures that include or
exclude special items. Management believes that the non-GAAP measures provide
useful information to investors regarding the company's results of operations
and financial condition because they permit a more meaningful comparison and
understanding of Tennant Company's operating performance for the current, past
or future periods. Management uses these non-GAAP measures to monitor and
evaluate ongoing operating results and trends, and to gain an understanding of
the comparative operating performance of the company. See the Supplemental
Non-GAAP Financial Table.


TENNANT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(In thousands,
except shares   Three Months Ended               Twelve Months Ended
and per share
data)
                 December 31                       December 31
                 2013            2012             2013            2012
Net Sales        $ 195,140        $ 187,507        $ 752,011        $ 738,980
Cost of Sales     111,358        104,044        426,103        413,684    
Gross Profit      83,782         83,463         325,908        325,296    
Gross Margin       42.9       %     44.5       %     43.3       %     44.0       %
Operating
Expense:
Research and
Development        7,220            7,705            30,529           29,263
Expense
Selling and
Administrative     58,893           56,788           232,976          234,114
Expense
Gain on Sale      —              —              —              (784       )
of Business
Total
Operating         66,113         64,493         263,505        262,593    
Expense
Profit from        17,669           18,970           62,403           62,703
Operations
Operating          9.1        %     10.1       %     8.3        %     8.5        %
Margin
Other Income
(Expense):
Interest           95               198              390              1,069
Income
Interest           (443       )     (496       )     (1,761     )     (2,517     )
Expense
Net Foreign
Currency           375              93               (671       )     (1,403     )
Transaction
Gains (Losses)
Other
(Expense)         (245       )    (137       )    (483       )    38         
Income, Net
Total Other       (218       )    (342       )    (2,525     )    (2,813     )
Expense, Net
                                                                    
Profit Before      17,451           18,628           59,878           59,890
Income Taxes
Income Tax        7,150          4,784          19,647         18,306     
Expense
Net Earnings     $ 10,301        $ 13,844        $ 40,231        $ 41,584     
                                                                    
Net Earnings
per Share:
Basic            $ 0.56          $ 0.75          $ 2.20          $ 2.24       
Diluted          $ 0.55          $ 0.73          $ 2.14          $ 2.18       
                                                                    
Weighted
Average Shares
Outstanding:
Basic              18,324,933       18,397,138       18,297,371       18,544,896
Diluted            18,853,382       18,946,696       18,833,453       19,102,016
                                                                    
Cash Dividends
Declared per     $ 0.18           $ 0.18           $ 0.72           $ 0.69
Common Share
                                                                 


GEOGRAPHICAL NET SALES^(1) (Unaudited)

(In          Three Months Ended                  Twelve Months Ended
thousands)
               December 31                           December 31
               2013        2012        %     2013        2012        %
Americas       $ 131,667     $ 125,935     4.6       $ 514,544     $ 491,661     4.7
Europe,
Middle           40,743        40,635      0.3         157,208       166,208     (5.4 )
East and
Africa
Asia            22,730       20,937      8.6        80,259       81,111      (1.1 )
Pacific
Total          $ 195,140     $ 187,507     4.1       $ 752,011     $ 738,980     1.8  
^(1) Net of intercompany sales.



TENNANT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)                                 December 31,   December 31,
                                                 2013             2012
ASSETS
Current Assets:
Cash and Cash Equivalents                        $ 80,984         $ 53,940
Restricted Cash                                    393              187
Net Receivables                                    140,182          138,147
Inventories                                        66,906           58,136
Prepaid Expenses                                   11,426           11,309
Deferred Income Taxes, Current Portion             13,723           11,339
Other Current Assets                              1,682          388      
Total Current Assets                              315,296        273,446  
Property, Plant and Equipment                      300,906          294,910
Accumulated Depreciation                          (217,430 )      (208,717 )
Property, Plant and Equipment, Net                 83,476           86,193
Deferred Income Taxes, Long-Term Portion           2,423            10,989
Goodwill                                           18,929           19,717
Intangible Assets, Net                             19,028           21,393
Other Assets                                      17,154         9,022    
Total Assets                                     $ 456,306       $ 420,760  
                                                                  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-Term Borrowings and Current Portion of     $ 3,803          $ 2,042
Long-Term Debt
Accounts Payable                                   53,079           47,002
Employee Compensation and Benefits                 29,756           33,021
Income Taxes Payable                               812              785
Other Current Liabilities                         44,076         38,844   
Total Current Liabilities                         131,526        121,694  
Long-Term Liabilities:
Long-Term Debt                                     28,000           30,281
Employee-Related Benefits                          25,173           25,873
Deferred Income Taxes, Long-Term Portion           2,870            3,325
Other Liabilities                                 4,891          4,533    
Total Long-Term Liabilities                       60,934         64,012   
Total Liabilities                                 192,460        185,706  
Shareholders’ Equity:
Preferred Stock                                    —                —
Common Stock                                       6,934            6,924
Additional Paid-In Capital                         31,956           22,398
Retained Earnings                                  249,927          236,065
Accumulated Other Comprehensive Loss              (24,971  )      (30,333  )
Total Shareholders’ Equity                        263,846        235,054  
Total Liabilities and Shareholders’ Equity       $ 456,306       $ 420,760  
                                                                             


TENNANT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)                                   Twelve Months Ended
                                                   December 31
                                                   2013          2012
OPERATING ACTIVITIES
Net Earnings                                       $ 40,231        $ 41,584
Adjustments to reconcile Net Earnings to Net
Cash Provided by Operating Activities:
Depreciation                                         17,686          18,072
Amortization                                         2,560           2,800
Deferred Income Taxes                                5,622           3,166
Share-Based Compensation Expense                     6,116           9,092
Allowance for Doubtful Accounts and Returns          1,279           1,427
Gain on Sale of Business                             —               (784    )
Other, Net                                           219             (126    )
Changes in Operating Assets and Liabilities:
Receivables                                          (7,618  )       (11,811 )
Inventories                                          (11,967 )       (149    )
Accounts Payable                                     6,120           970
Employee Compensation and Benefits                   (4,178  )       (3,005  )
Other Current Liabilities                            5,552           1,549
Income Taxes                                         (248    )       797
U.S. Pension Plan Contributions                      —               (16,731 )
Other Assets and Liabilities                        (1,560  )      715     
Net Cash Provided by Operating Activities            59,814          47,566
                                                                   
INVESTING ACTIVITIES
Purchases of Property, Plant and Equipment           (14,775 )       (15,623 )
Proceeds from Disposals of Property, Plant and       120             1,028
Equipment
Acquisition of Businesses, Net of Cash               (750    )       (750    )
Acquired
Proceeds from Sale of Business                       4,261           1,014
(Increase) Decrease in Restricted Cash              (253    )      3,089   
Net Cash Used for Investing Activities               (11,397 )       (11,242 )
                                                                   
FINANCING ACTIVITIES
Short-Term Borrowings                                1,500           —
Payments of Long-Term Debt                           (1,096  )       (2,986  )
Purchases of Common Stock                            (22,157 )       (25,343 )
Proceeds from Issuances of Common Stock              8,313           4,167
Tax Benefit on Stock Plans                           5,178           2,047
Dividends Paid                                      (13,233 )      (12,817 )
Net Cash Used for Financing Activities               (21,495 )       (34,932 )
                                                                   
Effect of Exchange Rate Changes on Cash and         122           209     
Cash Equivalents
                                                                   
Net Increase in Cash and Cash Equivalents            27,044          1,601
                                                                   
Cash and Cash Equivalents at Beginning of Year       53,940          52,339
                                                                  
Cash and Cash Equivalents at End of Year           $ 80,984       $ 53,940  
                                                                             


TENNANT COMPANY
SUPPLEMENTAL NON-GAAP FINANCIAL TABLE

(In thousands,
except per       Three Months Ended            Twelve Months Ended
share data)
                   December 31                     December 31
                   2013          2012            2013          2012
                                                                   
Net Sales        $ 195,140    $ 187,507    $ 752,011    $ 738,980 
                                                                   
Cost of Sales       111,358       104,044       426,103       413,684 
Gross Profit -      83,782        83,463        325,908       325,296 
as reported
Gross Margin         42.9    %       44.5    %       43.3    %       44.0    %
                                                                   
Operating
Expense:
Research and
Development          7,220           7,705           30,529          29,263
Expense
Selling and
Administrative       58,893          56,788          232,976         234,114
Expense
Gain on Sale        —             —             —             (784    )
of Business
Total
Operating           66,113        64,493        263,505       262,593 
Expense
                                                                   
Profit from
Operations -       $ 17,669        $ 18,970        $ 62,403        $ 62,703
as reported
Operating
Margin - as          9.1     %       10.1    %       8.3     %       8.5     %
reported
Adjustments:
Restructuring        1,577           —               3,017           760
Charge
Gain on Sale        —             —             —             (784    )
of Business
Profit from
Operations -       $ 19,246       $ 18,970       $ 65,420       $ 62,679  
as adjusted
Operating
Margin - as       9.9     %    10.1    %    8.7     %    8.5     %
adjusted
                                                                   
Other Income
(Expense):
Interest             95              198             390             1,069
Income
Interest             (443    )       (496    )       (1,761  )       (2,517  )
Expense
Net Foreign
Currency             375             93              (671    )       (1,403  )
Transaction
Gains (Losses)
Other
(Expense)           (245    )      (137    )      (483    )      38      
Income, Net
Total Other          (218    )       (342    )       (2,525  )       (2,813  )
Expense, Net
                                                                   
Profit Before
Income Taxes -     $ 17,451        $ 18,628        $ 59,878        $ 59,890
as reported
Adjustments:
Restructuring        1,577           —               3,017           760
Charge
Gain on Sale        —             —             —             (784    )
of Business
Profit Before
Income Taxes -   $ 19,028     $ 18,628     $ 62,895     $ 59,866  
as adjusted
                                                                   
Income Tax
Expense - as       $ 7,150         $ 4,784         $ 19,647        $ 18,306
reported
Adjustments:
Restructuring        (338    )       —               79              90
Charge
Discrete Tax
Item Related         —               —               582             —
to 2012 R&D
Tax Credit
International
Entity               —               2,043           —               2,043
Restructuring
Gain on Sale        —             —             —             (276    )
of Business
Income Tax
Expense - as     $ 6,812      $ 6,827      $ 20,308     $ 20,163  
adjusted
                                                                             


TENNANT COMPANY
SUPPLEMENTAL NON-GAAP FINANCIAL TABLE

(In thousands,
except per       Three Months Ended           Twelve Months Ended
share data)
                   December 31                     December 31
                   2013        2012             2013          2012
                                                                    
Net Earnings -     $ 10,301       $ 13,844        $ 40,231        $ 41,584 
as reported
Adjustments:
Restructuring        1,915          —                2,938            670
Charge
Discrete Tax
Item Related         —              —                (582   )         —
to 2012 R&D
Tax Credit
International
Entity               —              (2,043 )         —                (2,043 )
Restructuring
Gain on Sale        —             —              —              (508   )
of Business
Net Earnings -     $ 12,216       $ 11,801        $ 42,587        $ 39,703 
as adjusted
                                                     
Net Earnings
per Share - as
reported:
Basic              $ 0.56         $ 0.75          $ 2.20          $ 2.24   
Diluted            $ 0.55         $ 0.73          $ 2.14          $ 2.18   
Adjustments:
Restructuring        0.10           —                0.15             0.04
Charge
Discrete Tax
Item Related         —              —                (0.03  )         —
to 2012 R&D
Tax Credit
International
Entity               —              (0.11  )         —                (0.11  )
Restructuring
Gain on Sale        —             —              —              (0.03  )
of Business
                                                                    
Diluted Net
Earnings per       $ 0.65         $ 0.62          $ 2.26          $ 2.08   
Share - as
adjusted
                                                       

Contact:

Tennant Company
Investor Contact:
Tom Paulson, 763-540-1204
Senior Vice President and Chief Financial Officer
or
Media Contact:
Kathryn Lovik, 763-540-1212
Director, Global Corporate Communications
 
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