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Carlisle Reports 34% Income Increase

March 18, 2005
Filed under Uncategorized

Carlisle Companies Incorporated (NYSE:CSL), Charlotte, N.C., reported income from continuing operations of $21.4 million, or 69 cents per diluted share in the fourth quarter 2004, compared to $19.6 million or 63 cents per diluted share from continuing operations in the fourth quarter 2003. Net sales of $549.1 million in the fourth quarter 2004 were 16% over fourth quarter 2003 net sales of $474.1 million. Organic net sales growth of $70.0 million, or 15% in the fourth quarter 2004, accounted for most of the increase over the fourth quarter 2003. (Carlisle’s so-called “organic growth” figures exclude acquisitions, discontinued operations and divestitures made within the most recent 12 months.) Fourth quarter sales included $3.6 million of favorable changes in foreign currency rates. The impact of foreign currency rates on income was negligible. Net sales of $2.23 billion in 2004 were 18% above 2003 net sales of $1.89 billion. Organic sales growth of $326.4 million, or 17%, included $17.1 million of favorable changes in foreign currency rates. The impact of foreign currency rates on income was negligible. Income of $118.3 million, or $3.77 per diluted share from continuing operations in 2004, was 34% above the $88.5 million, or $2.87 per diluted share, from continuing operations in 2003.
Income from continuing operations in the fourth quarter 2004 included a 2 cent per diluted share charge related to disposal activities, compared to a 3 cents per diluted share charge in the fourth quarter 2003. Income from continuing operations for the full year 2004 included a 6 cents per diluted share charge tied to disposal activities, compared to an 11 cents per diluted share charge for the full year 2003.
The full year 2004 income from continuing operations was reduced by unrecovered raw material costs of 29 cents per share.

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