UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) May 2, 2013
TEMPUR-PEDIC INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-31922
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33-1022198
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1000 Tempur Way
Lexington, Kentucky 40511
(Address of principal executive offices) (Zip Code)
(800) 878-8889
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01.
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Other Events
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On May 2, 2013, Tempur-Pedic International Inc. (the “Company”) announced that it had updated its product and channel reporting methodology in light of the acquisition of Sealy Corporation in the first quarter of 2013. The Company provided tables showing the Company’s historical net sales data using the new product level and channel level sales categories for 2011 and 2012 by quarter and full year, and no other adjustments to the historical information have been made. The tables reflect information for Tempur-Pedic only and do not include any information for Sealy Corporation. A copy of the supplemental information is furnished as Exhibits 99.1 to this Current Report.
The information in this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01.
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Financial Statements and Exhibits
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(d) Exhibits
| Exhibit | Description | |
| 99.1 | Document titled “Tempur-Pedic International Inc. (TPX) – Historical Sales Information Using New Product and Channel Level Categories” |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Company Name | |||
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May 2, 2013
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By:
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/s/ DALE E. WILLIAMS | |
| Dale E. Williams | |||
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Executive Vice President and Chief Financial Officer
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|||
EXHIBIT INDEX
| Exhibit | Description | |
| 99.1 | “Document titled “Tempur-Pedic International Inc. (TPX) – Historical Sales Information Using New Product and Channel Level Categories” |
Tempur-Pedic International Inc. (TPX) -- Historical Net Sales Information Using New Product and Channel Level Categories
Tempur-Pedic International Inc. (the "Company" or "Tempur-Pedic") has updated its product reporting methodology in light of the Sealy acquisition. Going forward, the Company will provide product level net sales data for "Bedding" and "Other products". "Bedding" includes mattresses, foundations and adjustable foundations and "Other" includes pillows and various other comfort products and components. Historically, the Company has provided product level net sales data using the categories "Mattress", "Pillows" and "Other", which primarily included adjustable bed bases and foundations and other comfort products.
Set forth below are tables showing the Company’s historical net sales data using the new product level sales categories for 2011 and 2012, by quarter and full year. The information presented is for Tempur-Pedic only, and does not include any information for Sealy Corporation. In addition, the information presented only reflects the recategorization of product level net sales data and no other adjustments to the historical information have been made.
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($ in millions)
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|||||||||||||||||||||
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2012 Quarterly - Product
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2011 Quarterly - Product
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||||||||||||||||||||
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1Q 2012
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Consolidated
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Tempur North America
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Tempur International
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1Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended March 31
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Ended March 31
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||||||||||||||||||||
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Bedding
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$ |
333.7
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$ |
244.5
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$ |
89.2
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Bedding
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$ |
280.7
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$ |
208.1
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$ |
72.6
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||||||||
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Other Products
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50.7
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24.5
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26.2
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Other Products
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45.1
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20.9
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24.2
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||||||||||||||
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Total Sales
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$ |
384.4
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$ |
269.0
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$ |
115.4
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Total Sales
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$ |
325.8
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$ |
229.0
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$ |
96.8
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||||||||
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2Q 2012
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Consolidated
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Tempur North America
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Tempur International
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2Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended June 30
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Ended June 30
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||||||||||||||||||||
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Bedding
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$ |
289.2
|
$ |
210.5
|
$ |
78.7
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Bedding
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$ |
298.8
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$ |
228.7
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$ |
70.1
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||||||||
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Other Products
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40.3
|
16.1
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24.2
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Other Products
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43.4
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18.4
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25.0
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||||||||||||||
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Total Sales
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$ |
329.5
|
$ |
226.6
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$ |
102.9
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Total Sales
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$ |
342.2
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$ |
247.1
|
$ |
95.1
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||||||||
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3Q 2012
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Consolidated
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Tempur North America
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Tempur International
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3Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended September 30
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Ended September 30
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||||||||||||||||||||
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Bedding
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$ |
300.4
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$ |
220.1
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$ |
80.3
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Bedding
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$ |
335.9
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$ |
257.6
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$ |
78.3
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||||||||
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Other Products
|
47.5
|
20.8
|
26.7
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Other Products
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47.2
|
21.7
|
25.5
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||||||||||||||
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Total Sales
|
$ |
347.9
|
$ |
240.9
|
$ |
107.0
|
Total Sales
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$ |
383.1
|
$ |
279.3
|
$ |
103.8
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||||||||
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4Q 2012
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Consolidated
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Tempur North America
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Tempur International
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4Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended December 31
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Ended December 31
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||||||||||||||||||||
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Bedding
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$ |
291.3
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207.1
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$ |
84.2
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Bedding
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$ |
311.1
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$ |
222.3
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$ |
88.8
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|||||||||
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Other Products
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49.8
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20.7
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29.1
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Other Products
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55.7
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27.0
|
28.7
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||||||||||||||
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Total Sales
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$ |
341.1
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227.8
|
$ |
113.3
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Total Sales
|
$ |
366.8
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$ |
249.3
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$ |
117.5
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|||||||||
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2012 Full Year - Product
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2011 Full Year - Product
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||||||||||||||||||||
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FY 2012
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Consolidated
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Tempur North America
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Tempur International
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FY 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended December 31
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Ended December 31
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||||||||||||||||||||
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Bedding
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$ |
1,214.7
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$ |
882.3
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$ |
332.4
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Bedding
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$ |
1,226.5
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$ |
916.7
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$ |
309.8
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||||||||
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Other Products
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188.2
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82.0
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106.2
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Other Products
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191.4
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88.0
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103.4
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||||||||||||||
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Total Sales
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$ |
1,402.9
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$ |
964.3
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$ |
438.6
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Total Sales
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$ |
1,417.9
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$ |
1,004.7
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$ |
413.2
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||||||||
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Segment definitions:
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"Bedding" include mattresses, foundations and adjustable foundations.
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"Other Products" includes pillows and various other comfort products and components.
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Tempur-Pedic International Inc. (TPX)
The Company has updated its channel reporting methodology in light of the Sealy acquisition. Going forward, the Company will provide channel level net sales data for “Retail”, “Direct” and “Other”. “Retail” and “Direct” are unchanged from the Company’s prior classifications and “Other” now includes third party, health care and hospitality. Historically, the Company has provided channel level net sales data using the following categories: Retail (furniture, bedding and department stores); Direct (direct response, Internet and company-owned stores); Healthcare (hospitals, nursing homes, healthcare professionals and medical retailers); and Third party distributors in countries where Tempur-Pedic does not sell directly through its own subsidiaries.
Set forth below are tables showing the Company’s historical sales data using the new channel level sales categories for 2011 and 2012, by quarter and full year. The information presented is for Tempur-Pedic only, and does not include any information for Sealy Corporation. In addition, the information presented only reflects the recategorization of channel level net sales data and no other adjustments to the historical information have been made.
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($ in millions)
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|||||||||||||||||||||
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2012 Quarterly - Channel
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2011 Quarterly - Channel
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||||||||||||||||||||
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1Q 2012
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Consolidated
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Tempur North America
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Tempur International
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1Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended March 31
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Ended March 31
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||||||||||||||||||||
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Retail
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$ |
337.8
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$ |
241.6
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$ |
96.2
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Retail
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$ |
284.4
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$ |
208.1
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$ |
76.3
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||||||||
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Direct
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30.9
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24.3
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6.6
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Direct
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23.2
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18.0
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5.2
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||||||||||||||
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Other
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15.7
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3.1
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12.6
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Other
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18.2
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2.9
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15.3
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||||||||||||||
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Total Sales
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$ |
384.4
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$ |
269.0
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$ |
115.4
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Total Sales
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$ |
325.8
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$ |
229.0
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$ |
96.8
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||||||||
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2Q 2012
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Consolidated
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Tempur North America
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Tempur International
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2Q 2011
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Consolidated
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Tempur North America
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Tempur International
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||||||||||||||
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Ended June 30
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Ended June 30
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||||||||||||||||||||
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Retail
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$ |
288.1
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$ |
205.9
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$ |
82.2
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Retail
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$ |
299.0
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$ |
227.2
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$ |
71.8
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||||||||
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Direct
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25.4
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17.7
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7.7
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Direct
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22.9
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17.3
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5.6
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||||||||||||||
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Other
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16.0
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3.0
|
13.0
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Other
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20.3
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2.6
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17.7
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||||||||||||||
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Total Sales
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$ |
329.5
|
$ |
226.6
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$ |
102.9
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Total Sales
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$ |
342.2
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$ |
247.1
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$ |
95.1
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||||||||
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3Q 2012
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Consolidated
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Tempur North America
|
Tempur International
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3Q 2011
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Consolidated
|
Tempur North America
|
Tempur International
|
||||||||||||||
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Ended September 30
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Ended September 30
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||||||||||||||||||||
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Retail
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$ |
306.4
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$ |
221.2
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$ |
85.2
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Retail
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$ |
342.9
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$ |
257.1
|
$ |
85.8
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||||||||
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Direct
|
27.1
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16.7
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10.4
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Direct
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25.4
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19.6
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5.8
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||||||||||||||
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Other
|
14.4
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3.0
|
11.4
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Other
|
14.8
|
2.6
|
12.2
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||||||||||||||
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Total Sales
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$ |
347.9
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$ |
240.9
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$ |
107.0
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Total Sales
|
$ |
383.1
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$ |
279.3
|
$ |
103.8
|
||||||||
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4Q 2012
|
Consolidated
|
Tempur North America
|
Tempur International
|
4Q 2011
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Consolidated
|
Tempur North America
|
Tempur International
|
||||||||||||||
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Ended December 31
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Ended December 31
|
||||||||||||||||||||
|
Retail
|
$ |
295.7
|
$ |
207.8
|
$ |
87.9
|
Retail
|
$ |
319.3
|
$ |
225.2
|
$ |
94.1
|
||||||||
|
Direct
|
29.8
|
17.5
|
12.3
|
Direct
|
28.6
|
21.1
|
7.5
|
||||||||||||||
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Other
|
15.6
|
2.5
|
13.1
|
Other
|
18.9
|
3.0
|
15.9
|
||||||||||||||
|
Total Sales
|
$ |
341.1
|
$ |
227.8
|
$ |
113.3
|
Total Sales
|
$ |
366.8
|
$ |
249.3
|
$ |
117.5
|
||||||||
|
2012 Full Year - Channel
|
2011 Full Year - Channel
|
||||||||||||||||||||
|
FY 2012
|
Consolidated
|
Tempur North America
|
Tempur International
|
FY 2011
|
Consolidated
|
Tempur North America
|
Tempur International
|
||||||||||||||
|
Ended December 31
|
Ended December 31
|
||||||||||||||||||||
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Retail
|
$ |
1,228.0
|
$ |
876.5
|
$ |
351.5
|
Retail
|
$ |
1,245.6
|
$ |
917.6
|
$ |
328.0
|
||||||||
|
Direct
|
113.2
|
76.2
|
37.0
|
Direct
|
100.1
|
76.0
|
24.1
|
||||||||||||||
|
Other
|
61.7
|
11.6
|
50.1
|
Other
|
72.2
|
11.1
|
61.1
|
||||||||||||||
|
Total Sales
|
$ |
1,402.9
|
$ |
964.3
|
$ |
438.6
|
Total Sales
|
$ |
1,417.9
|
$ |
1,004.7
|
$ |
413.2
|
||||||||
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Segment definitions:
|
||||||
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"Retail" includes sales to retail customers (e.g. furniture and bedding retailers, department stores, specialty retailers, and warehouse clubs).
|
||||||
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"Direct" includes sales to consumers directly through our e-commerce platform, company-owned stores, and call center.
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||||||
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"Other" includes sales to third party distributors, hospitality, and healthcare customers.
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||||||