CORE-MARK HOLDING COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
(Unaudited)
March 31, December 31,
2008 2007
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Assets
Current assets:
Cash and cash equivalents $ 19.6 $ 21.3
Restricted cash 12.6 11.5
Accounts receivable, net of allowance for
doubtful accounts of $8.9 and $9.3,
respectively 133.8 135.7
Other receivables, net 31.6 32.1
Inventories, net 202.3 216.4
Deposits and prepayments 32.9 36.9
Deferred income taxes 8.4 8.4
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Total current assets 441.2 462.3
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Property and equipment, net 68.7 69.3
Deferred income taxes 7.4 7.2
Goodwill 2.8 2.8
Other non-current assets, net 37.8 35.5
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Total assets $ 557.9 $ 577.1
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 62.7 $ 54.3
Book overdrafts 21.2 21.1
Cigarette and tobacco taxes payable 91.2 94.2
Accrued liabilities 55.2 56.7
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Total current liabilities 230.3 226.3
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Long-term debt, net 9.0 29.7
Other tax liabilities 13.7 13.7
Claims liabilities, net of current portion 31.3 31.2
Pension liabilities 9.8 9.7
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Total liabilities 294.1 310.6
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Stockholders' equity:
Common stock; $0.01 par value (50,000,000
shares authorized; 10,531,037 and 10,445,886
shares issued and outstanding at
March 31, 2008 and December 31, 2007,
respectively) 0.1 0.1
Additional paid-in capital 203.5 202.6
Treasury stock at cost, 97,854 shares of
common stock (2.9) -
Retained earnings 63.9 64.4
Accumulated other comprehensive income (loss) (0.8) (0.6)
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Total stockholders' equity 263.8 266.5
------------ ------------
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Total liabilities and stockholders'
equity $ 557.9 $ 577.1
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CORE-MARK HOLDING COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2008 2007
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Net sales $ 1,345.4 $ 1,276.1
Cost of goods sold 1,264.2 1,200.6
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Gross profit 81.2 75.5
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Warehousing and distribution expenses 45.9 40.1
Selling, general and administrative expenses 34.1 31.2
Amortization of intangible assets 0.5 0.4
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Total operating expenses 80.5 71.7
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Income from operations 0.7 3.8
Interest expense 0.5 0.9
Interest income (0.3) (0.2)
Foreign currency transaction losses, net 1.0 0.1
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Income (loss) before income taxes (0.5) 3.0
Provision for income taxes - 0.9
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Net income (loss) $ (0.5) $ 2.1
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Basic income (loss) per common share $ (0.05) $ 0.20
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Diluted income (loss) per common share $ (0.05) $ 0.19
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Basic weighted average shares 10.6 10.3
Diluted weighted average shares 10.6 11.1
CORE-MARK HOLDING COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
March 31,
2008 2007
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Cash flows from operating activities:
Net income (loss) $ (0.5) $ 2.1
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
LIFO and inventory provisions 2.3 2.1
Amortization of debt issuance costs 0.1 0.1
Amortization of stock-based compensation
expense 1.0 1.2
Bad debt expense, net 0.3 (0.2)
Depreciation and amortization 4.4 3.5
Foreign currency transaction losses, net 1.0 0.1
Changes in operating assets and liabilities:
Accounts receivable 1.0 6.8
Other receivables 0.1 3.3
Inventories 10.4 35.9
Deposits, prepayments and other non-current
assets 0.5 (9.7)
Accounts payable 9.0 13.8
Cigarette and tobacco taxes payable (1.8) 14.7
Pension, claims and other accrued
liabilities 1.3 (4.4)
Income taxes payable - (0.4)
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Net cash provided by operating activities 29.1 68.9
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Cash flows from investing activities:
Restricted cash (1.5) (1.9)
Additions to property and equipment, net (6.0) (2.0)
Capitalization of internally developed software (0.2) -
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Net cash used in investing activities (7.7) (3.9)
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Cash flows from financing activities:
Repayments under revolving credit facility, net (20.9) (71.9)
Repurchases of common stock shares (treasury
stock) (2.1) -
Proceeds from exercise of common stock options 0.1 1.1
Excess tax deductions associated with stock-based
compensation 0.1 0.5
Increase in book overdrafts - 1.9
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Net cash used in financing activities (22.8) (68.4)
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Effects of changes in foreign exchange rates (0.3) 0.1
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Decrease in cash and cash equivalents (1.7) (3.3)
Cash and cash equivalents, beginning of period 21.3 19.9
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Cash and cash equivalents, end of period $ 19.6 $ 16.6
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Supplemental disclosures:
Cash (refunded) paid during the period for:
Income taxes, includes interest paid, net of
refunds $ (3.5) $ 1.6
Interest $ 0.4 $ 1.2
Contact Information: Contact: Ms Milton Gray Draper Director of Investor Relations 650-589-9445 X3027