Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 20)

margins. The uncertainties associated with developing and introducing new products, such as market demand and costs of

development and production, may impede the successful development and introduction of new products on a consistent basis.

Introduction of new technology may result in higher costs to us than that of the technology replaced. That increase in costs, which may

continue indefinitely or until and if increased demand and greater availability in the sources of the new technology drive down its cost,

could adversely affect our results of operations. Market acceptance of the new products introduced in recent years and scheduled for

introduction in 2010 may not meet sales expectations due to various factors, such as our failure to accurately predict market demand,

end-user preferences, and evolving industry standards, to resolve technical and technological challenges in a timely and cost-effective

manner, and to achieve manufacturing efficiencies. Our investments in productive capacity and commitments to fund advertising and

product promotions in connection with these new products could be excessive if those expectations are not met.

•Price increases could impact the demand for our products from customers and end-users. We may periodically increase the

prices of our products. An adverse reaction by our customers or end-users to price increases could negatively impact our anticipated

sales, profitability, manufacturing volumes, and/or inventory levels.

•The inability to generate sufficient cash flows to support operations and other activities could prevent future growth and

success. Our inability to generate sufficient cash flows to support capital expansion, business acquisition plans, share repurchases and

general operating activities could negatively affect our operations and prevent our expansion into existing and new markets. Our

ability to generate cash flows is dependent in part upon obtaining necessary financing at favorable interest rates. Interest rate

fluctuations and other capital market conditions may prevent us from doing so.

•The global credit crisis may impact the availability and cost of credit. The turmoil in the credit markets has resulted in higher

borrowing costs and, for some companies, has limited access to credit, particularly through the commercial paper markets. Our ability

to maintain our commercial paper program is principally a function of our short-term debt credit rating. During the first quarter of

2009, Fitch Ratings affirmed our short-term debt rating of F2, Moody’s Investors Service downgraded our short-term debt rating from

P2 to P3, and Standard & Poor’s downgraded our short-term debt rating from A2 to A3. As a result of the reduction in our short-term

credit ratings that occurred during the first quarter of 2009, our ability to access commercial paper borrowings was substantially

reduced during portions of 2009. As a result, we utilized our $1.0 billion unsecured credit facility during 2009. Although we believe

that the lenders participating in our revolving credit facility will be able to provide financing in accordance with their contractual

obligations, the current economic environment may adversely impact our ability to borrow additional funds on comparable terms in a

timely manner. Continued disruption in the credit markets also may negatively affect the ability of our customers and suppliers to

conduct business on a normal basis. The deterioration of our future business performance, beyond our current expectations, could

result in our non-compliance with debt covenants.

•Our success depends on our ability to improve productivity and streamline operations to control or reduce costs. We are

committed to continuous productivity improvement and continue to evaluate opportunities to reduce fixed costs, simplify or improve

processes, and eliminate excess capacity. We have also undertaken restructuring actions as described in Note 19 of Notes to

Consolidated Financial Statements and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

The ultimate savings realized from restructuring actions may be mitigated by many factors, including economic weakness, competitive

pressures, and decisions to increase costs in areas such as promotion or research and development above levels that were otherwise

assumed. Our failure to achieve projected levels of efficiencies and cost reduction measures and to avoid delays in or unanticipated

inefficiencies resulting from manufacturing and administrative reorganization actions in progress or contemplated would adversely

affect our results of operations.

•The inability to realize new acquisition opportunities or to successfully integrate the operations of acquired businesses could

negatively impact our prospect for future growth and profitability. We expend significant resources on identifying opportunities

to acquire new lines of business and companies that could contribute to our success and expansion into existing and new markets. Our

inability to successfully identify or realize acquisition opportunities, integrate the operations of acquired businesses, or realize the

anticipated cost savings, synergies and other benefits related to the acquisition of those businesses could have a material adverse effect

on our business, financial condition and future growth. Acquisitions may also have a material adverse effect on our operating results

due to large write-offs, contingent liabilities, substantial depreciation, or other adverse tax or audit consequences.

•Failures of our infrastructure could have a material adverse effect on our business. We are heavily dependent on our

infrastructure. Significant problems with our infrastructure, such as manufacturing failures, telephone or information technology (IT)

system failure, computer viruses or other third-party tampering with IT systems, could halt or delay manufacturing and hinder our

ability to ship in a timely manner or otherwise routinely conduct business. Any of these events could result in the loss of customers, a

decrease in revenue, or the incurrence of significant costs to eliminate the problem or failure.

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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