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the crooks in charge are at it again!
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show me your sheep!!
Stanley, Black & Decker just released there 2nd Qtr results. The announcement follows.
2Q'12 Revenues Increased to $2.8 Billion, up 8% versus prior year; Excluding M&A Charges, 2Q'12 Diluted EPS Was $1.32; Working Capital Turns for the Quarter were 7.1, Up 1.0 Turns.
Pretty good considering the economy and all! But wait, the geniuses in charge promised the board better numbers!!! Their solution?
This morning, we announced second quarter earnings per share of $1.32 on revenues of $2.8 billion, with a 14.1% operating margin. Both our revenues and EPS represented growth (8% and 7%, respectively) but fell short of our expectations and our guidance to the investment community
In our analysis of the quarter, we found that approximately 75% of our shortfall to expectations was driven by market factors: volatility and uncertainty surrounding the economic climate in Europe, stagnation in the U.S. Healthcare and onshore oil and natural gas pipeline markets, slowing emerging market growth and large negative fluctuations in foreign exchange rates. The remaining 25% were items within our control and tied to strategic/operational challenges primarily in Security and Healthcare.
Effective immediately, we will reduce our cost structure by $100 million on an annualized basis, primarily related to a reduction in salaried workforce. Actions impacting our associates are always unfortunate and are always a last resort. We are committed to a fair and objective process that is completed as quickly as possible, so that we may focus our efforts on growing the enterprise.
Don't you just love it?!?!? They same asshats have been hiring directors and VPs at a rate of about one to three a month all year!
The very next day after releasing the above annoouncement they released this on.....
The Board of Directors also approved a new share repurchase program of up to 20 million shares of the company’s common stock, or $1.2 billion, using the current stock price. Repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
Man they are as bad as Barry! We made 8% last quater but it's not enough so we have to lay off employees to teh tune of 100 million dollars out one side of their mouth and outa the over... A fat dividend and 1.2Billion dollar stock buy back to reduce their fat cash position and takeover vulnerability.
I'll guarantee they'll give themselves a huge bonus for reducing the workforce that will just about eat up all the $100 million!!!!!!
"Peace is that brief glorious moment in history when everybody stands around reloading".
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