View - CTS Corp.

CTS Corporation
Reconciliation of Gross Margin to Adjusted Gross Margin
($ in millions)
2013
Q1
Gross Margin
$
Charges (credits) to reported Gross Margin :
Restructuring-related costs included in cost of goods sold
Flood-related expenses and losses
Insurance recovery for business interruption
Total adjustments to reported Gross Margin
31.2
2012
Full year
$
0.3
0.3
101.4
2012
Q3
Q4
$
2.2
20.9
23.1
26.8
$
0.8
5.7
6.5
26.6
Q2
$
0.6
1.1
1.7
2011
Full year
Q1
25.9
$
22.0
0.7
5.0
5.7
$
6.8
6.8
109.8
2011
Q4
$
0.3
3.0
3.3
25.8
$
31.4
$
124.5
$
33.3
$
28.3
$
31.6
$
28.8
$
113.1
$
Total Sales
$
149.5
$
576.9
$
138.3
$
137.4
$
154.3
$
147.0
$
588.5
$ 144.0
21.0%
21.6%
24.1%
20.6%
20.5%
19.6%
For the first three quarters of 2012, adjusted gross margin included flood-related expenses and losses.
For the fourth quarter and full-year 2012, adjusted gross margin included the insurance recovery for business interruption.
The 2012 quarterly adjustments do not add to the full year amounts as the full year recovery includes the expenses separately listed in prior quarters.
19.2%
$
0.3
2.2
2.5
Adjusted Gross Margin
Adjusted Gross Margin as a percentage of total sales
Q3
28.3
19.6%
27.5
Q2
$
0.8
0.8
$
28.3
$ 146.1
19.4%
27.9
Q1
$
$
27.9
$ 146.9
19.0%
29.2
$
2010
Full year
$ 119.9
2010
Q4
$
0.3
0.3
29.1
$ 120.2
$
$ 151.5
$ 552.6
$ 145.0
21.7%
$
0.3
0.3
29.2
19.2%
Q3
29.4
20.3%
30.0
Q2
$
$
30.0
$ 139.4
21.5%
30.3
Q1
$
$
30.3
$ 138.9
21.9%
30.5
$
30.5
$ 129.4
23.6%