Professional Documents
Culture Documents
Exhibit 1
1900-1905
1873-1900
Robert Kohler
1905-1940
Walter Kohler
1940-1968
1968-1972
Lyman Conger
1972Herbert V. Kohler, Jr.
Source:
www.kohler.com
1973
1977
1978
1981
1984
1986
1987
1991
1994
1995
1996
1997
Exhibit 2
(1)
Lillie
Vollrath
Evangeline
Kohler
Robert
Kohler
John Michael
Kohler
Walter
Kohler
Julilly
House
Charlotte
Schroeder
Walter
Kohler
Carl
Kohler
John Michael
Kohler
Marie
Kohler
Lilly
Kohler
Robert
Kohler
Natalie
Black
John Michael
Kohler IV
William
Kohler
Julilly
Kohler
Carl
Kohler
(2)
Herbert
Kohler, Jr.
Marie
Kohler
Laura
Kohler
Source:
Company documents
(2)
John Michael
Wilhemina
Vollrath
Carl
Kohler
Herbert
Kohler, Sr.
Herbert
Kohler, Jr.
Laura
Kohler
(1)
Rachel
Kohler
Linda
Karger
David
Kohler
Ruth
DeYoung
Ruth
Kohler
Frederic
Kohler
Exhibit 3a
Kohler Co. Balance Sheets 1993-1997 (in $ thousands, as of December 31 except 4/30/1998)
1993
1994
1995
1996
1997
4/30/1998
46,252
244,852
201,208
8,413
39,961
32,955
280,028
221,791
14,781
33,976
22,329
298,046
248,777
16,813
40,157
20,039
322,136
247,820
16,510
44,638
26,117
339,238
249,957
15,346
56,028
2,454
360,810
265,606
0
78,857
540,686
583,531
626,122
651,144
686,686
707,728
944,920 1,059,183
(572,451) (633,419)
NA
NA
NA
NA
NA
NA
Assets
Cash and Cash Equivalents
Accounts Receivable
Inventory
Future Income Tax Benefits
Prepaid Expenses and Deposits
Total Current Assets
Property, Plant & Equipment, Gross
Accumulated Depreciation
Total PP&E, Net
Other Assets:
Intangibles
Deferred Income Taxes
Other Assets
Total Other Assets
Total Assets
885,493
(520,936)
364,557
372,469
425,764
437,818
447,714
444,841
113,049
10,493
23,262
106,741
13,215
24,035
169,182
13,778
31,619
253,059
19,550
21,205
217,830
61,273
34,338
211,326
0
95,906
146,804
143,991
214,579
293,814
313,441
307,232
Source:
Company documents
30,349
159,439
65,165
7,201
5,861
166,792
72,917
5,903
19,170
188,258
68,899
5,672
15,425
198,707
84,825
23,541
15,099
229,170
97,736
8,824
0
209,972
118,800
48,629
262,154
251,473
281,999
322,497
350,827
377,401
55,607
54,694
140,601
56,248
58,877
132,209
56,463
67,584
202,138
56,462
53,344
251,699
56,166
58,905
220,116
0
111,852
183,815
250,902
247,334
326,185
361,505
335,187
295,667
513,056
498,807
608,184
684,002
686,014
673,068
32,555
526,437
-15,064
(4,936)
32,561
586,727
-15,190
(2,914)
34,171
634,447
-13,266
2,929
34,234
682,691
-14,304
(3,846)
34,235
763,838
-14,007
(22,239)
34,235
791,109
-14,127
(24,484)
761,827
786,733
538,992
601,184
658,281
698,774
Exhibit 3b
Kohler Co. Income Statements 1993-1997 (in $ thousands, as of Dec. 31 unless otherwise indicated)
1993
1994
1995
1996
1997
4 months
4/30/1998
1,542,114
1,164,305
1,771,959
1,333,933
1,833,902
1,412,155
2,014,818
1,532,192
2,213,403
1,637,385
757,473
559,273
Gross Profit
377,809
438,026
421,747
482,626
576,019
198,200
267,303
9,448
292,786
12,079
302,433
8,564
342,945
11,332
380,091
21,618
134,004
6,763
101,058
133,161
110,750
128,349
174,310
57,433
-10,486
1,877
12,337
-9,840
2,151
11,798
-8,801
3,623
10,972
-10,975
2,101
18,547
-5,746
2,237
14,031
-2,379
0
4,812
80,112
113,674
94,600
100,928
156,770
50,243
46,992
68,796
Net Sales
Cost of Sales
Pretax Income
Income Tax Expense
Net Income
Source:
Company documents
31,648
48,464
46,955
66,719
41,200
53,400
53,936
87,974
21,644
28,599
LTM
4/30/1998
2,269,661
1,680,813
588,848
394,805
20,786
173,257
-8,064
2,237
14,104
153,326
66,297
87,029
Exhibit 3c
Kohler Co. Cash Flow Statements 1993-1997 (in $ thousands, as of December 31)
1993
1994
1995
1996
1997
48,464
66,719
53,400
53,936
87,974
65,287
(6,868)
4,192
3,631
(9,498)
(7,328)
(19,513)
30,932
70,771
(8,709)
4,921
2,039
(37,321)
(16,239)
4,484
12,146
69,977
(605)
4,626
248
(4,261)
(14,433)
(11,732)
(683)
109,299
98,812
96,538
(67,155)
3,084
0
(18,725)
(64,603)
4,648
0
(3,141)
-82,795
-63,096
-166,765
-199,775
103,232
0
(94,447)
202
(246)
(4,059)
5,055
0
(48,587)
235
(361)
(4,539)
102,973
0
(31,067)
176
(727)
(6,995)
78,000 (66,000)
10,567
49,245
(21,498) (26,962)
34
351
(1,071)
(55)
(5,697)
(5,688)
4,681
-48,197
64,360
60,334
-49,109
(942)
(817)
(4,758)
3,380
7,519
(13,297)
46,252
(10,626)
32,955
(2,290)
22,329
6,077
20,039
32,955
22,329
20,039
79,464
86,178
(3,722)
(7,769)
4,789
3,673
(1,146)
(23)
(8,683) (40,937)
3,950 (12,272)
4,525 (49,091)
658
63,038
133,772
130,770
(86,970)
(76,348) (90,707)
4,685
6,051
7,604
0 (129,478)
0
(84,480)
-83,103
Source:
Company documents
30,243
16,010
46,253
26,117
Exhibit 4
Kohler Co. Income Statements 1997 by Group (in $ thousands, as of December 31)
Kitchen & Bath
Group
Power Systems
Group
Interiors
Group
Hospitality & R.
Estate Group
1,485,831
1,045,038
540,260
461,140
145,414
92,564
50,789
43,041
Gross Profit
440,793
79,120
52,850
7,748
284,097
-
44,600
-
45,580
-
4,872
-
156,696
34,520
7,270
2,876
-6,400
1,477
10,181
-269
180
2,428
514
142
1,633
0
12
1,040
Pretax Income
141,591
32,004
6,292
1,848
54,179
Net Sales
Cost of Sales
Net Income
Source:
Company documents
87,411
11,605
20,398
2,291
4,001
727
1,121
Kohler Co.
Consol.
-8,891
(4,398)
2,213,403
1,637,385
-4,492
576,019
942
21,618
380,091
21,618
-27,052
174,310
409
426
(1,251)
-5,746
2,237
14,031
-24,965
156,770
(6)
-24,957
68,796
87,974
Exhibit 5
Name
Number of Shares
Percentage of Ownership
Herbert V. Kohler
Trust for the benefit of Herbert V. Kohler
Lineal Descendants of Herbert V. Kohler
924
450
50
12.4%
6.0%
0.67%
974
450
13.1%
6.0%
975
13.1%
146
86
2.0%
1.2%
960
1,046
277
12.90%
14.0%
3.7%
780
10.5%
27
0.36%
Outside Shareholders
300
4%
7,445
100%
Restricted Shares
142.89
Kohler Foundation
Kohler Trust for the Arts and Education
Kohler Trust for Preservation
Source:
Company documents
7,587.89
Exhibit 6a
Kohler Co. Projected Balance Sheets 1998-2002 (in $ thousands, as of December 31)
1998
1999
2000
2001
2002
63,512
351,713
258,962
15,744
57,150
56,838
355,124
261,669
16,194
56,007
55,621
376,927
272,065
18,764
63,369
70,976
393,929
281,550
19,730
66,272
95,207
410,560
294,261
21,719
68,809
747,081
745,832
786,746
832,457
890,556
476,419
197,387
21,072
25,414
498,839
184,511
23,035
25,094
516,899
171,635
21,331
26,804
531,993
158,759
26,407
28,102
554,161
145,883
29,070
29,214
Assets
Cash and Cash Equivalents
Accounts Receivable
Inventory
Future Income Tax Benefits
Prepaid Expenses and Deposits
Total Current Assets
Other Assets:
Property, Plant & Equipment, Net
Intangibles
Deferred Income Taxes
Other Assets
Total Other Assets
Total Assets
720,292
731,479
736,669
745,261
758,328
1,648,884
15,099
225,771
79,862
8,824
15,099
225,664
77,926
8,824
15,099
239,481
78,705
8,824
15,099
251,384
79,492
8,824
15,099
261,007
80,287
8,824
329,556
327,513
342,109
354,799
365,217
56,166
60,201
235,115
56,166
61,586
195,115
56,166
63,125
150,115
56,166
64,388
105,115
56,166
65,804
70,115
351,482
312,867
269,406
225,669
192,085
681,038
640,380
611,515
580,468
557,302
34,234
835,228
-60,888
(22,239)
34,234
889,857
-64,921
(22,239)
34,234
34,234
968,900 1,058,364
-68,995
-73,109
(22,239)
(22,239)
34,234
1,156,852
-77,265
(22,239)
786,335
836,931
911,900
Capital Stock
Retained Earnings
Treasury Stock, at Cost
Source:
997,250
1,091,582
1,648,884
Exhibit 6b
Kohler Co. Projected Income Statements 1998-2002 (in $ thousands, as of December 31)
1998a
1999
2000
2001
2002
1,511,000
1,125,884
2,240,528
1,690,366
2,393,187
1,780,531
2,509,100
1,862,103
2,608,385
1,933,387
Gross Profit
385,116
550,162
612,656
646,997
674,998
268,748
13,680
411,254
12,876
428,161
12,876
446,143
12,876
460,518
12,876
102,688
126,032
171,619
187,978
201,604
-6,299
2,307
11,521
-10,173
4,569
14,325
-10,783
5,670
12,987
-11,430
7,500
10,286
-12,116
9,932
8,134
87,175
106,103
153,519
173,762
191,286
46,071
66,659
75,448
83,057
Net Sales
Cost of Sales
Pretax Income
Income Tax Expense
Net Income
Source:
a
38,585
48,590
60,032
86,860
98,314
108,229
Exhibit 6c
Kohler Co. Projected Statements of Cash Flow 1998-2002 (in $ thousands, as of Dec. 31)
1998a
1999
2000
2001
2002
48,590
60,032
86,860
98,314
108,229
56,113
36,816
0
0
9,097
6,644
(15,744)
21,707
(23,139)
87,661
(1,964)
2,000
(2,000)
(3,410)
(2,707)
(450)
1,463
(658)
91,786
1,704
2,000
(2,000)
(21,803)
(10,396)
(2,570)
(9,072)
16,136
94,593
(5,075)
2,000
(2,000)
(17,002)
(9,485)
(966)
(4,201)
13,952
97,355
(2,664)
2,000
(2,000)
(16,631)
(12,711)
(1,989)
(3,649)
11,835
140,085
139,967
152,645
170,130
179,775
-97,205
-96,971
-96,811
-106,647
26,594
0
4,033
2,245
0
(1,765)
15,000
(55,000)
0
0
(4,033)
(5,403)
15,000
(60,000)
0
0
(4,074)
(7,817)
15,000
(60,000)
0
0
(4,114)
(8,848)
15,000
(50,000)
0
0
(4,156)
(9,741)
31,106
-49,436
-56,891
-57,962
-48,897
(6,674)
63,512
(1,217)
56,838
15,357
55,621
24,231
70,976
56,838
55,621
Source:
a
83,500
2,454
85,955
70,978
95,207
Exhibit 7a
Company
American Standard
American Woodmark
Masco
Cummins Engine
Detroit Diesel
Source:
Largest domestic manufacturer of kitchen and bath products, including faucets (mainly under their Delta
brand), cabinets, appliances, showers and tubs, and other plumbing supplies. Other home
improvement and building products include ventilating equipment, water pumps, and insulation.
Worlds largest producer of 3-to-22 horsepower gasoline engines for outdoor power equipment,
including lawn and garden equipment (81% of 1997 sales); and generators, pumps and pressure
washers for industrial, agricultural and consumer applications.
Leading worldwide designer and manufacturer of diesel engines, gas engines and engine components
for equipment used in automotive, power generation, industrial and filtration markets around the world.
Manufactures and services diesel and alternative fuel engines for the automotive and power generation
markets worldwide.
Exhibit 7b
American
Woodmark
Masco
Briggs &
Stratton
Cummins
Engine
Detroit
Diesel
ASD
71,929
48.69
3,502.0
AMWD
7,811
30.25
236.3
MAS
169,634
58
9,838.8
BGG
24,514
45.25
1,109.3
CUM
42,036
54.38
2,285.7
DDC
24,701
23
568.1
2,762.9
0.82
7.7%
82.0
0.76
14.7%
5,937.3
1.28
6.4%
1,210.0
0.66
5.7%
2,053.6
1.09
8.5%
502.5
1.3
10.4%
2,404.0
6,139.5
699.3
462.5
292.6
13.4
327.0
37.6
27.4
17.1
1,187.9
3,945.0
838.4
553.4
437.3
259.6
1,327.2
178.3
127.2
80.4
1,250.0
5,821.0
487
390.2
224.2
107.4
2,233.0
105.5
82.8
41
2,216.6
5,767.8
667
420.9
263.5
12.3
262.7
30.7
22.1
13.7
1,341.3
3,414.0
721.9
473.6
367.4
155.4
1,282.2
187
132.1
87.1
686.7
5,431.0
448.3
377.5
221
127.3
2,090.7
100.2
Source:
American
Standard
78.2
40.5
Standard deviation of total monthly stock returns over the latest 36 months. The standard deviations of returns over the same period for stock
portfolios are: i) 6.3% for an equal-weighted portfolio of the three kitchen and bath companies, (ii) 6.2% for an equal-weighted portfolio of the
three engines and generators companies, (iii) 5.5% for an equal-weighted portfolio of all six companies, (iv) 5.8% for an 80/20 portfolio of (i)
and (ii), and (v) 3.3% for the U.S. equity market.
b
Financial Data for American Woodmark are as of 4/30/1998
c
CF
306
23
136
122
353
68
Exhibit 8
1 Year Bonds
5 Year Bonds
10 Year Bonds
20 Year Bonds
Source:
Dec-97
Apr-98
5.53%
5.77%
5.81%
6.07%
5.38%
5.61%
5.64%
6.00%