Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange under the trading symbol MWA.
Covenants contained in certain of the debt instruments described in Note 8. of the Notes to Consolidated Financial Statements restrict the amount we can pay in cash dividends. Future dividends will be declared at the discretion of our board of directors and will depend on our future earnings, financial condition and other factors.
At September 30, 2020, there were 98 stockholders of record for our common stock. This figure does not include stockholders whose shares are held in street name or otherwise beneficially held.
Equity Compensation Plan Information
The information regarding our compensation plans under which equity securities are authorized for issuance is set forth in “Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.”
Sale of Unregistered Securities
We did not issue any unregistered securities within the past three years.
Issuer Purchases of Equity Securities
We did not repurchase any shares of our common stock in the quarter ended September 30, 2020.
Stock Price Performance Graph
The following graph compares the cumulative quarterly stock market performance of our common stock with the Russell 2000 Stock Index (“Russell 2000”) and the Dow Jones U.S. Building Materials & Fixtures Index (“DJ U.S. Building Materials & Fixtures”) since September 30, 2015. Total return values were calculated based on cumulative total return assuming (i) the investment of $100 in our common stock, the Russell 2000 and the DJ U.S. Building Materials & Fixtures on the dates indicated and (ii) reinvestment of all dividends.
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Item 6. SELECTED FINANCIAL DATA
The selected financial and other data presented below should be read in conjunction with, and are qualified by reference to, “Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” and the consolidated financial statements and notes thereto included elsewhere in this annual report.
2020 2019 2018 2017 2016
(in millions, except per share data)
Statement of operations data:
Net sales $ 964.1 $ 968.0 $ 916.0 $ 826.0 $ 800.6
Cost of sales 635.9 647.1 626.1 558.1 531.7
Gross profit 328.2 320.9 289.9 267.9 268.9
Selling, general and administrative expenses
198.4 182.7 166.7 155.4 149.5
Gain on sale of idle property — (2.4) (9.0) — —
Other charges 13.0 16.3 10.5 10.4 7.2
Interest expense, net 25.5 19.8 20.9 22.2 23.6
Loss on early extinguishment of debt — — 6.5 — —
Walter Energy Accrual 0.2 22.0 — — —
Pension costs (benefit) other than service (3.0) 0.4 1.0 1.4 19.3
Gain on settlement of interest rate swap contracts — — (2.4) — —
Income before income taxes 94.1 82.1 95.7 78.5 69.3
Income tax expense (benefit) 22.1 18.3 (9.9) 24.2 24.2
Income from continuing operations 72.0 63.8 105.6 54.3 45.1
Discontinued operations (1)
— — — 69.0 18.8
Net income
$ 72.0 $ 63.8 $ 105.6 $ 123.3 $ 63.9
Earnings per basic share:
Continuing operations $ 0.46 $ 0.40 $ 0.67 $ 0.34 $ 0.28
Discontinued operations (1)
— — — 0.43 0.12
Net income
$ 0.46 $ 0.40 $ 0.67 $ 0.77 $ 0.40
Earnings per diluted share:
Continuing operations $ 0.45 $ 0.40 $ 0.66 $ 0.34 $ 0.28
Discontinued operations (1)
— — — 0.42 0.12
Net income
$ 0.45 $ 0.40 $ 0.66 $ 0.76 $ 0.39
Weighted average shares outstanding:
Basic 157.8 157.8 158.2 160.1 161.3
Diluted 158.6 159.0 159.7 161.8 163.4
Balance sheet data (at September 30):
Cash and cash equivalents $ 208.9 $ 176.7 $ 347.1 $ 361.7 $ 195.0
Working capital 426.2 388.4 518.4 528.7 426.5
Property, plant and equipment, net 253.8 217.1 150.9 122.3 108.4
Total assets 1,395.0 1,337.3 1,291.9 1,258.3 1,280.6
Total debt 447.6 446.3 445.0 480.6 484.4
Long-term liabilities 599.3 566.5 560.0 627.2 675.3
Total liabilities 754.3 745.0 727.1 768.8 861.1
Total equity 640.7 592.3 564.8 489.5 419.5
Other data (year ended September 30):
Depreciation and amortization 57.8 53.0 43.7 41.9 39.5
Capital expenditures 67.7 86.6 55.7 40.6 31.5
Cash dividends declared per share 0.2100 0.2025 0.190 0.150 0.100
(1) In 2017, we sold Anvil. The results of its operations and the gain on the sale of Anvil are classified as discontinued operations for 2016 and 2017, as applicable.
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