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Mettler-Toledo International Annual Report, Year Ended Mar 24, 2000

Filing Date
Filed March 24, 2000
Period End
March 24, 2000
Security
MTD
In the record · 2016–202610-K1110-Q328-K94

MTD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 94 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 10-K filed March 24, 2000. Cited figures are marked; the original filing is the authoritative source.

Mettler-Toledo International Inc. (MTD), filing its annual report on Form 10-K for the fiscal year ended December 31, 1999, describes itself as a leading global supplier of precision instruments and the world's largest manufacturer and marketer of weighing instruments for laboratory, industrial and food retailing applications.

Net sales for 1999 were $1,065.5 milliona, up from $935.7 million in 1998, with net earnings of $48.1 million, or $1.16 diluted earnings per share, compared with $37.6 million in 1998. Adjusted Operating Income rose to $123.7 million, or 11.6% of sales, from $101.0 million, or 10.8% of sales. Net sales in local currency increased 16% in 1999, with solid growth in Europe (19%), the Americas (15%) and Asia and other markets (11%).

The balance sheet strengthened over the year. Shareholders' equity rose to $112.0 millionb from $53.8 million, and long-term third-party debt fell to $249.7 million from $340.2 million. Management noted that total debt was reduced below $300 million while the company spent approximately $175 million on acquisitions over the prior three years.

Key 1999 acquisitions included Testut-Lutrana, a French industrial and retail weighing business with annual sales of about $50 millionc, and the conversion of a 60% Changzhou, China joint venture to full ownership. The company also recorded an $8.0 million charge to transfer production lines from the Americas to China and Europe and close facilities, and a $4.1 million loss from exiting its Belgian glass batching business. The company has never paid cash dividends on its common stock, and its credit agreement restricts dividend payments.

Common stock trades on the New York Stock Exchange under the symbol MTD, with a 1999 fourth-quarter high of $39d 1/2. Management reported no significant Year 2000 problems to date and stated that euro conversion is not expected to cause significant disruption.

02—Key points

Key Highlights

  1. Net sales of $1,065.5 million in 1999, up from $935.7 million in 1998; local-currency growth of 16%
  2. Net earnings of $48.1 million ($1.16 diluted EPS) versus $37.6 million ($0.92 diluted EPS) in 1998
  3. Adjusted Operating Income of $123.7 million, or 11.6% of sales, up from $101.0 million, or 10.8% of sales
  4. Long-term third-party debt reduced to $249.7 million from $340.2 million; shareholders' equity increased to $112.0 million from $53.8 million
  5. Acquired Testut-Lutrana group in France (annual sales of about $50 million) and converted the Changzhou, China joint venture to full ownership
  6. Company states it is the world's largest manufacturer and marketer of weighing instruments and the world's largest manufacturer of metal detection systems
  7. Company has never paid cash dividends on common stock, and its credit agreement restricts dividend payments

03—Questions

Frequently Asked Questions

  1. How did Mettler-Toledo perform financially in 1999?

    Net sales rose to $1,065.5 million from $935.7 million, and net earnings increased to $48.1 million from $37.6 million. Diluted earnings per share were $1.16, compared with $0.92 in 1998. Adjusted Operating Income grew to $123.7 million, or 11.6% of sales.

  2. Where does Mettler-Toledo generate its sales?

    In 1999, 46% of sales came from Europe, 43% from North and South America, and 11% from Asia and other countries. The company stated that no single customer accounted for more than 3% of net sales.

  3. Does Mettler-Toledo pay dividends?

    No. The company has never paid dividends on its common stock and does not anticipate paying cash dividends in the foreseeable future. Its Board intends to retain earnings to finance operations and expansion, and the credit agreement restricts dividend payments.

  4. What were the main charges and restructuring actions in 1999?

    The company recorded an $8.0 million charge to transfer production lines from the Americas to China and Europe and to close facilities, expecting to involuntarily terminate about 180 employees. It also recorded losses of $4.1 million from exiting its Belgian glass batching business, partly offset by a $3.1 million gain on an asset sale.

  5. How much debt does the company carry and how is it financed?

    At December 31, 1999, consolidated debt net of cash was $279.4 million, including $280.4 million under the credit agreement. The credit agreement, secured by most company assets, includes term loans maturing in 2004 and a multi-currency revolving facility with $277.0 million of availability at year end.

04—Continue

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