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OVERVIEW
LEG reported EPS in 4Q03 of $0.30, 20% above last year. 4Q03 sales were $1.14b. All five segments
recorded organic sales growth. Scrap steel prices have risen by $100 per ton, nearly doubling, and may
rise another $25 per ton in Feb. Raised dividends to an annual payout of $0.56 per share. Q&A Focus:
China, steel prices, organic sales growth, capacity utilization, acquisitions and residential segment.
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
CORPORATE PARTICIPANTS
Felix Wright
Leggett & Platt - Chairman and CEO
Dave Haffner
Leggett & Platt - President and COO
Karl Glassman
Leggett & Platt - EVP and Head of Residential Furnishings
Matt Flanigan
Leggett & Platt - CFO
Dave DeSonier
Leggett & Platt - VP of IR
Susan McCoy
Leggett & Platt - Director of IR
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Joel Havard
BB&T Capital Markets - Analyst
OVERVIEW
LEG reported EPS in 4Q03 of $0.30, 20% above last year. 4Q03 sales were $1.14b. All five segments recorded organic
sales growth. Scrap steel prices have risen by $100 per ton, nearly doubling, and may rise another $25 per ton in
Feb. Raised dividends to an annual payout of $0.56 per share. Q&A Focus: China, steel prices, organic sales growth,
capacity utilization, acquisitions and residential segment.
FINANCIAL DATA
A. FY03 EPS was $1.05.
B. FY03 sales were $4.4b.
C. Same location sales rose 8.7%.
D. Cash from operations was $395m.
E. EPS will be $0.26-0.31 in 1Q04.
PRESENTATION SUMMARY
I. 4Q03 AND FY03 RESULTS (F.W.)
A. Highlights:
1. EPS in 4Q03 was $0.30, 20% above last year.
2. Same location sales rose 8.7%.
3. 4Q03 sales were $1.14b.
4. All five segments recorded organic sales growth.
5. GM was its highest in five Qs, and 4Q EBIT was the highest since 2000.
B. FY03 Results:
1. FY03 EPS was $1.05.
2. FY03 sales were $4.4b.
C. Steel Prices:
1. Scrap prices have risen by $100 per ton, nearly doubling, and may rise another $25 per ton in Feb.
2. Vendors have rescinded all prior supply commitments for 1Q04 and are implementing 30-day pricing.
3. Steel comprises 15% of COGS
4. Price increases were announced in 4Q03; implemented 30-day pricing on wire and may raise prices again
in Feb. or Mar.
D. Acquisitions and Activities:
1. Sterling rod mill has begun operation.
2. Completed fourth largest acquisition in history; acquired RHC Spacemaster, which has annual revenues
of $100-120m.
3. Fifteen acquisitions were completed that will add $200m to total revenue.
4. Divested two operations with annual revenue of $23m.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
4. Industrial Materials:
a. 4Q03 sales increased 2.9%; same location sales increased 5.7%.
b. EBIT improved partially because Sterling Rod Mill is up and running.
c. FY03 sales decreased 5.3% (5.1% excluding divestitures) and EBIT decreased.
d. Improvements in end markets will continue during 2004.
5. Specialized Products:
a. 4Q03 sales grew 12.4% (11.4% excluding acquisitions) and EBIT increased.
b. FY03 sales increased 11.6% (10.7% excluding acquisitions) and EBIT increased slightly.
A. Expectations:
1. Sales growth in 2004 will be between 3-8%
2. Prices must increase due to steel price increases.
3. Operations wil improve in the fixture business.
B. Earnings:
1. FY04 EPS will be $1.15-1.35.
2. 1Q04 sales will be 10% higher than 1Q03.
3. 4Q03 included a $0.01 EPS foreign tax credt.
4. EPS will be $0.26-0.31 in 1Q04.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Susan, this is Karl Glassman. The trend certainly strengthened as the fourth quarter progressed. As we had told you
earlier, that we really saw a turn on the bedding side of the business, say middle of June, and continued to see
strength. December was unusually strong, business continues to be strong at this point, affected maybe slightly
in the last few days with the nationwide weather situation.
But on the furniture side itself, the hardware business was extremely strong all year, as compared and contrasted
to a very strong 2002. That business continues to be strong as we speak. Market share gains in our carpet underlay
business that accelerated through the year, adjustable beds, Dave announced the adjustable bed acquisition we
made mid-fourth quarter, that is a very quickly growing category and that business is at a 15 percent to 20 percent
CAGR. That business is extremely strong at this point, with the major introduction on behalf of one of the bedding
manufacturers.
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you. Our next question comes from Budd Bugatch. Please state your company name, followed by your
question.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
to 15 percent EBIT range, aluminum will be 10 percent at a minimum, maybe a little better. And the remaining
segments will be, you know, at or maybe slightly below that corporate average.
Obviously the residential section is a huge user of steel, both hot roll, cold rolled, et cetera. Our automotive products
and our fixtures and displays, those are obviously the three big parts of the company that we are having to deal
with, and we are trying to deal with it as best we can with our customers in mind, but with the movement that has
happened, there is nobody that has got enough gross margin or anyplace else to come anywhere close to trying
to absorb any of these increases of this magnitude, so they’ve got to go through the system all the way to the
consumer.
So it’s something we are dealing with, but those three businesses are the ones that are mostly impacted.
Operator
Thank you. Our next question comes from Laura Champine. Please state your company name, followed by your
question.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you. Our next question comes from Joel Havard. Please state your company name, followed by your question.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Joel, this is Karl. What happened in residential is we were experiencing accelerating steel costs specific to rod and
wire in the third quarter. Okay? So third quarter was, the gross margins in third quarter were negatively impacted
by those cost inputs. In the fourth quarter we announced and implemented the first price increase on bedding
components, which we saw wire rod before we saw the steel side, the sheet side, effective October 27th. Okay?
And then passed the second increase through effective January 2nd.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
So from a residential perspective, it was a catch up and certainly weren’t made whole, but caught a good part of
it. Where we start to see is now it’s, as Felix said, it’s moving so darn fast that it’s a challenge to catch up here in this
first quarter.
Now obviously you are going to get some drag or some lag, but we are trying to operate under this horrible situation,
in that kind of a manner, but there will be some lag.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
And what’s happening to us, because of the uptick in sales, the additional throughput through these assets is
helping cover some of that raw material cost.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
where we buy the steel and where our customer winds up and sends it to the consumer to absorb this stuff. It’s
got to go through the system some way, so we are trying to work with them, obviously and they understand
because it’s not just Leggett it’s across a number of industries, you read about it every day that anybody that is
using any kind of a seal, and quite frankly I think that if we continue the way that we are that there could be even
some availability issues on certain items that people have to deal with. Thank goodness we’ve got a Sterling rod
mill that we have started up that is making 50 percent of our product that I believe we can get scrapped if we’ll
pay the price for it, and we are certainly going to do that. So I think that’s one comfort that our customer can have,
that we are going to have material for them, but I believe there’s going to be some other people that availability
is going to be a problem.
Operator
Thank you. Our next question comes from Michael Braig. Please state your company name, followed by your
question.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
I would agree. And from a decontenting standpoint – that’s a new word I’ve got to learn – that we don’t see an
acceleration of that. The customer specifications now, that all of us in the chain are working so lean that I can’t see
significant spec changing or despecing at this point and as Felix said, our customers and the retailers are in the
same position, that this has got to go through the system to the consumer. Certainly not without resistance, but
it’s just like I said, it’s so much, so fast that that is our expectation at this point.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you. Our next question comes from Linda Bannister. Please state your company name, followed by your
question.
So from a structuring standpoint, we do have the majority of those people in place, however we are going to wind
up, there are two other people that will be put in place and they will be from a finance and from a marketing
standpoint, and those are in the process of being put in place as we speak, but I will let Dave address the rest of it,
he may want to make some other comments about the management.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
talking about fixtures and displays now. But we will see margin improvement right away. The improvement that
we are going to see this quarter and next quarter still will not satisfy us, we will be several quarters before we get
it back to where we need to be, but interestingly enough, there are a finite number of ways, albeit a large number
of ways, to improve those margins and we’re chiseling away at them one by one. So you can expect improvements
right away.
Operator
Thank you. Our next question comes from David McGregor. Please state your company name, followed by your
question.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
On the lumber side, the situation is multi-faceted. Early in 2003 the issue was [inaudible]. The other issue was trying
to pass along a tough situation as it relates to counter veiling duties and tariffs put on the Canadian exports by the
U.S. government, and the negotiations between the countries and the uncertainty of the negotiations of the
countries through that process that many of the producers in Canada were not impacting their selling prices by
that duty, thinking that they were temporary. So there were those pressures. Most significant, though, was the
change in the relationship of the Canadian dollar to the U.S. dollar in that we produce in Canadian dollars and sell
in U.S. dollars and that has certainly not been a positive for us. Those businesses continue to be under, all three or
certainly the latter two of those pressures, we have seen an uptick in demand.
We have just recently, within the last two weeks actually gone to the market with a price increase to our bed frame
lumber customers that is driven by the combination of this duty situation and the currency, and we are attempting
to and have been successful in passing that through in recent weeks.
One thing, although we don’t buy a substantial amount of it, stainless steel has just gone through the roof, that’s
primarily because of the cost of nickel, and thank goodness we don’t buy a heck of a lot of stainless steel, because
it is very, very challenging at this point.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Other things like corrugated and paint and lubricants and abrasives and other things like that all have a tend to
want to be upwardly biased, however we are doing a good job of leveraging our corporate purchases and regional
purchases on those, so those don’t pose a significant problem.
Operator
Thank you. Our next question comes from John Baugh. Please state your company name, followed by your question.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Certainly it would not be a point.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
It would be diluted down from there.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
I would say furniture has – our segment of the upholstered furniture business, from a hardware perspective, has
been stronger and probably continues to be stronger than bedding, but the gap is narrowing. Bedding is accelerated,
furniture was strong all year.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
It’s always a competitive issue, first off. The steel situation is not a U.S. phenomenon, it is a worldwide issue that
we are dealing with – I’ll give you an example. In the U.K. where we produce wire for our bedding operations, we
were on a Monday given a surcharge of a margin of eight pounds a ton, the following Monday it was 32 pounds a
ton. It is moving at the same rate in Europe as it is in the States. China, we have just experienced our seventh price
increase in China since January 1st of 2003. So the Chinese are dealing with a surge in cost and then a problem
with electrical, electricity availability, so what’s happening is our customers look to other markets, they are placing
orders and those orders aren’t being filled and are being requoted. So there is not a place for them to go, but that’s
a geographic issue and a worldwide steel issue, it is not a market share issue.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes, they assume – first they assume it’s a Leggett phenomenon and then they assume it’s a U.S. phenomenon and
then they find out that it’s a worldwide issue.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Not at all.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
As a matter of fact, I expect that there will be lesser pressures than there have been in the last few quarters because
of the Chinese situation.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes.
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you. Our next question comes from Keith Hughes. Please state your company name, followed by your
question. Mr. Hughes, your line is open at this time.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Unfortunately that’s fair to say.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Their steel costs are certainly accelerating at the same rate as ours, if they are maker/users. As a matter of fact,
because they don’t enjoy the purchase leverage that we do, that they are probably accelerating at a greater rate.
Keith, it’s a terrible situation, none of us have a choice.
Operator
Thank you. Our next question comes from Marek Ciszewski. Please state your company name, followed by your
question.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
And the second part of that first question was, do you still have about a half a billion dollars in capacity, unused
capacity, the answer is yes. That assumes the same product mix that we have now, so if for some reason that mix
were to shift slightly, it could be that we would have more or less than that $500m.
So that’s the first part. Karl needs to take the Asian part.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
As it regards China, our spring operations are in place solely for domestic consumption. Our upholstered mechanism
facility is all for Chinese consumption. That product, in many cases, may be incorporated into a product in China
on our customer’s behalf and shipped back to this country, but we sell it primarily it stays in China. There are sales
in China to Chinese producers.
On the automotive side, a good part of that joint venture, productive capacity would come back to the States. We
are sourcing from a machinery perspective, we are building machines that are built in China, sold in China, but that
business also is in the procurement business and also the milling business of parts that in parts form are sold back
to the United States.
We have approximately 2,000 people employed in China as we speak today, and continuing to look at other factories,
et cetera. But we believe we are positioned just right.
Operator
Thank you. Our next question comes from Geoffrey Dancey.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you. Our next question comes from Fred Speece. Please state your company name, followed by your question.
Operator
Thank you. (Operator instructions) The next question is from Margaret Whelan. Please go ahead with your follow
up question.
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Margaret, this is Karl, that’s a byproduct of a number of things; currency, mix, we certainly don’t have any downtime,
those from a productive capacity those businesses in total are certainly more heavily utilized in the fourth quarter
than they were in the third, that variance was probably three to four points. So it truly, what you are seeing is mix
and then you are seeing a little bit of this lag in passing through the cost increases.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
I would hope, but it’s moving so fast, Margaret, no, I don’t think it will catch up in the first quarter.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
We are in the process of starting construction on another 80,000 square foot addition to the facility in Jiaxing that
you toured. So we are adding capacity as quickly as we can.
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Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
The tide has risen to a point, Margaret, that it has not been a situation of lesser demand in the U.S. If there is a switch
that we have a facility in Australia that a good part of that business has moved to China, so we are downsizing the
Australian mechanism facility, but not the U.S. facilities at all. They are running full out as we speak.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Yes.
Karl Glassman - Leggett & Platt - EVP and Head of Residential Furnishings
Thank you.
Operator
Thank you. Mr. DeSonier, there are no further questions at this time. Please continue.
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EDITED BRIEF
Jan. 29. 2004 / 9:00AM, LEG - Q4 2003 Leggett & Platt Earnings Conference Call
Operator
Thank you, sir. Ladies and gentlemen, this concludes the Leggett and Platt fourth quarter 2003 earnings conference
call. If you would like to listen to a replay of today’s conference call, please dial 303-590-3000 with pass code 565766.
You may now disconnect, and thank you for using ACT Teleconferencing.
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