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Carlisle second quarter sales increase 11 percent

Wednesday, July 28, 2010
Charlotte, NC - Carlisle Companies reported net sales from continuing operations of $709.4 million for the quarter ended June 30, 2010, an 11 percent increase from net sales of $636.7 million in the second quarter of 2009. The Interconnect Technologies segment’s acquisitions of Jerrik and Electronic Cable Specialists (ECS) and the Engineered Transportation Solutions segment’s acquisition of Japan Power Brake contributed $15.7 million in sales, or 2.5 percent, in the second quarter of 2010. Organic sales increased by 8.6 percent from the same quarter in the prior year, with sales growth primarily in the construction materials, engineered transportation solutions and interconnect technologies segments. Income from continuing operations decreased 32 percent to $38.9 million, or $0.62 per diluted share, in the second quarter of 2010 compared with $57.2 million, or $0.93 per diluted share, in the second quarter of 2009. The decrease in year-over-year income was primarily the result of an after-tax gain recorded in the second quarter of 2009 of $15.2 million, or $0.25 per diluted share, related to insurance recoveries. Also contributing to the reduction was an increase in the effective tax rate from 31 percent in the second quarter of 2009 to 38 percent in the second quarter of 2010 due to higher taxes with respect to foreign operations. In the second quarter of 2010, income was negatively impacted by higher raw material costs as compared to the same period in the prior year as well as reductions in selling prices which, although relatively level with the first quarter of 2010, were lower than the second quarter of 2009. The second quarter of 2010 was favorably impacted by higher sales volumes, efficiencies from the Carlisle Operating System and a year-over-year reduction in after-tax restructuring charges. - * Email

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