View - CTS Corp.

CTS Corporation
Definition of Financial Term Adjusted Return on Invested Capital
2011
Operating earnings
$
25.2
2010
$
27.8
2009
$
Full Year
2008
(17.8)
$
30.9
2007
$
32.3
2006
$
32.8
2005
$
37.9
Charges (credits) to reported operating earnings:
Restructuring and asset impairment charges
Additional Legal Costs
Gain on sale of excess equipment less LTCC severance
Goodwill Impairment
3.1
0.3
Total adjustments to reported operating earnings
3.5
Adjusted operating earnings
1.7
2.2
6.1
(1.2)
$
28.7
1.7
$
21%
22.6
29.5
35.4
$
22% *
20% *
$ 274.3
70.0
(73.3)
270.9
$ 247.5
50.4
(51.2)
246.7
$ 277.5
80.0
(44.6)
312.9
Prior Year:
Shareholders' equity
Long-term debt
Notes payable and current portion of LT debt
Less: Cash
Invested capital
$ 274.3
70.0
(73.3)
270.9
$ 247.5
50.4
(51.2)
246.7
$ 277.5
80.0
(44.6)
312.9
$ 326.4
68.3
1.0
(52.9)
342.8
Adjusted invested capital
$ 266.1
$ 258.8
$ 279.8
$ 327.9
$ 588.5
22.6
Sales
Adjusted invested capital
Invested capital turns (b)
$ 588.5
266.1
2.21
3.8%
8.5%
* For 2011, 2010, 2009 & 2008, Tax rates are Adjusted Effective Tax Rates
$ 552.6
23.0
4.2%
$ 552.6
258.8
2.14
8.9%
14.1
5.0%
$ 499.0
14.1
2.8%
$ 499.0
279.8
1.78
5.0%
2.6
$
12% *
$ 263.3
74.4
(76.4)
261.3
8.9%
$
37.0
Invested Capital:
Current Year:
Shareholders' equity
Long-term debt
Notes payable and current portion of LT debt
Less: Cash
Invested capital
Sales
Tax effected adjusted operating earnings
Tax effected adjusted operating margin as a
percentage of sales (a)
23.0
$
$
8.5%
$
17.6
6.1
Tax effected adjusted operating earnings
Adjusted return on invested capital (a) x (b)
4.3
33.2
* Tax rate
Adjusted return on invested capital
2.6
$
32.6
9.9%
$ 691.7
32.6
4.7%
$ 691.7
327.9
2.11
9.9%
34.9
4.3
$
20%
$
27.9
37.1
(1.2)
$
20%
$
29.7
36.7
37%
$
23.1
$ 326.4 $ 322.6 $ 333.0
68.3
54.6
59.9
1.0
5.6
13.5
(52.9)
(38.6)
(12.0)
$ 342.8 $ 344.2
394.4
322.6
54.6
5.6
(38.6)
344.2
$ 345.5
8.1%
$ 685.9
27.9
4.1%
$ 685.9
345.5
1.99
8.1%
333.0
59.9
13.5
(12.0)
394.4
$ 372.3
8.0%
$ 655.6
29.7
4.5%
$ 655.6
372.3
1.76
8.0%
316.9
83.4
3.3
(61.0)
342.6
$ 372.6
6.2%
$ 617.5
23.1
3.7%
$ 617.5
372.6
1.66
6.2%