Snap-on Announces Third Quarter 2014 Results

Diluted EPS of $1.76 increases 23.1%;Operating earnings before financial services of 16.2% of sales improves 140 basis points; Sales of $806.3 million up 7.0%

KENOSHA, Wis. - October 16, 2014 - (BUSINESS WIRE) - Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the third quarter of 2014.

  • Sales of $806.3 million increased $53.1 million, or 7.0%, from 2013 levels; excluding $5.6 million of acquisition-related sales and $0.7 million of favorable foreign currency translation, organic sales increased 6.2%.
  • Operating earnings before financial services of $130.6 million improved to 16.2% of sales as compared to $111.3 million, or 14.8% of sales, last year.
  • Financial services operating earnings of $37.7 million increased $6.1 million, or 19.3%, from 2013 levels.
  • Consolidated operating earnings of $168.3 million improved to 19.6% of revenues (net sales plus financial services revenue) as compared to $142.9 million, or 17.9% of revenues, last year.
  • Net earnings of $103.7 million, or $1.76 per diluted share, compared with net earnings of $84.6 million, or $1.43 per diluted share, a year ago.

"We were encouraged by our third quarter results that demonstrate ongoing progress along Snap-on’s runways for both coherent growth and improvement, as solid organic sales gains across all operating segments were accompanied by a 23.1% increase in earnings per share," said Nick Pinchuk, Snap-on chairman and chief executive officer. "In the third quarter, Snap-on was honored to again receive product awards from both MOTOR Magazine and Professional Tool & Equipment News. We believe this recognition reflects Snap-on’s capabilities in translating our deep understanding of professionals’ work into winning innovations. Finally, our results and progress reflect a tremendous dedication and effort all across Snap-on. In that regard, I thank our franchisees and associates worldwide for their commitment and their contributions."

Segment Results

Commercial & Industrial Group segment sales of $298.8 million in the quarter increased $23.6 million, or 8.6%, from 2013 levels. Excluding $2.0 million of unfavorable foreign currency translation, organic sales increased $25.6 million, or 9.4%, primarily due to higher volume with customers in critical industries and in the segment’s European-based hand tools business.

Operating earnings of $40.8 million in the period increased $4.8 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.7% improved 60 basis points from 13.1% a year ago.

Snap-on Tools Group segment sales of $355.0 million in the quarter rose $21.2 million, or 6.4%, from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $1.2 million of favorable foreign currency translation, organic sales increased 6.0%.

Operating earnings of $49.5 million in the period increased $7.6 million from 2013 levels, and the operating margin of 13.9% improved 130 basis points from 12.6% a year ago.

Repair Systems & Information Group segment sales of $271.2 million in the quarter increased $18.5 million, or 7.3%, from 2013 levels. Excluding $5.6 million of acquisition-related sales and $1.6 million of favorable foreign currency translation, organic sales increased $11.3 million, or 4.4%, primarily due to higher sales to OEM dealerships and increased sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by lower sales of undercar equipment, largely reflecting weakness in Eastern Europe.

Operating earnings of $63.3 million in the period increased $5.4 million from 2013 levels, and the operating margin of 23.3% improved 40 basis points from 22.9% a year ago.

Financial Services operating earnings of $37.7 million on revenue of $53.6 million in the quarter compared with operating earnings of $31.6 million on revenue of $45.1 million a year ago.

Corporate expenses of $23.0 million in the quarter compared with expenses of $24.5 million last year.

Outlook

Snap-on expects to make continued progress along its defined runways for coherent growth, including enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2014 will be in a range of $75 million to $80 million, of which $63.3 million has been incurred through the end of the third quarter. Snap-on continues to expect that its full year 2014 effective income tax rate will be comparable to its 2013 rate.

Conference Call and Webcast on October 16, 2014, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, October 16, 2014, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, including the accompanying slide presentation, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on website.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.1 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words "expects," "anticipates," "intends," "approximates," or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the "Safe Harbor" and "Risk Factors" headings in its Annual Report on Form 10-K for the fiscal year ended December 28, 2013, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
                 
    Three Months Ended   Nine Months Ended
    Sept. 27,   Sept. 28,   Sept. 27,   Sept. 28,
    2014   2013   2014   2013
                 
Net sales   $ 806.3     $ 753.2     $ 2,420.3     $ 2,259.0  
Cost of goods sold     (412.4 )     (388.9 )     (1,247.3 )     (1,164.6 )
Gross profit     393.9       364.3       1,173.0       1,094.4  
Operating expenses     (263.3 )     (253.0 )     (782.6 )     (757.5 )
Operating earnings before financial services     130.6       111.3       390.4       336.9  
                 
Financial services revenue     53.6       45.1       155.5       133.6  
Financial services expenses     (15.9 )     (13.5 )     (48.6 )     (40.9 )
Operating earnings from financial services     37.7       31.6       106.9       92.7  
                 
Operating earnings     168.3       142.9       497.3       429.6  
Interest expense     (12.7 )     (14.4 )     (39.1 )     (41.8 )
Other income (expense) – net     (0.9 )     (0.8 )     (0.7 )     (3.1 )
Earnings before income taxes and equity earnings     154.7       127.7       457.5       384.7  
Income tax expense     (48.4 )     (40.8 )     (144.6 )     (122.1 )
Earnings before equity earnings     106.3       86.9       312.9       262.6  
Equity earnings, net of tax     0.1       0.1       0.5       0.2  
Net earnings     106.4       87.0       313.4       262.8  
Net earnings attributable to noncontrolling interests     (2.7 )     (2.4 )     (7.7 )     (7.0 )
Net earnings attributable to Snap-on Inc.   $ 103.7     $ 84.6     $ 305.7     $ 255.8  
                 
                 
Net earnings per share attributable to Snap-on Inc.:                
Basic   $ 1.78     $ 1.45     $ 5.26     $ 4.40  
Diluted     1.76       1.43       5.18       4.33  
                 
Weighted-average shares outstanding:                
Basic     58.1       58.2       58.1       58.2  
Effect of dilutive securities     0.9       0.8       0.9       0.9  
Diluted     59.0       59.0       59.0       59.1  

 

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                   
    Three Months Ended     Nine Months Ended
    Sept. 27,   Sept. 28,     Sept. 27,   Sept. 28,
    2014   2013     2014   2013
                   
Net sales:                  
Commercial & Industrial Group   $ 298.8     $ 275.2       $ 876.6     $ 807.8  
Snap-on Tools Group     355.0       333.8         1,067.7       1,007.3  
Repair Systems & Information Group     271.2       252.7         812.4       745.0  
Segment net sales     925.0       861.7         2,756.7       2,560.1  
Intersegment eliminations     (118.7 )     (108.5 )       (336.4 )     (301.1 )
Total net sales   $ 806.3     $ 753.2       $ 2,420.3     $ 2,259.0  
Financial Services revenue     53.6       45.1         155.5       133.6  
Total revenues   $ 859.9     $ 798.3       $ 2,575.8     $ 2,392.6  
                   
Operating earnings:                  
Commercial & Industrial Group   $ 40.8     $ 36.0       $ 118.1     $ 100.2  
Snap-on Tools Group     49.5       41.9         159.2       143.6  
Repair Systems & Information Group     63.3       57.9         186.0       171.1  
Financial Services     37.7       31.6         106.9       92.7  
Segment operating earnings     191.3       167.4         570.2       507.6  
Corporate     (23.0 )     (24.5 )       (72.9 )     (78.0 )
Operating earnings   $ 168.3     $ 142.9       $ 497.3     $ 429.6  
Interest expense     (12.7 )     (14.4 )       (39.1 )     (41.8 )
Other income (expense) – net     (0.9 )     (0.8 )       (0.7 )     (3.1 )
Earnings before income taxes                  
and equity earnings   $ 154.7     $ 127.7       $ 457.5     $ 384.7  

 

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
         
    Sept. 27,   Dec. 28,
    2014   2013
         
Assets        
Cash and cash equivalents   $ 124.7     $ 217.6  
Trade and other accounts receivable – net     574.4       531.6  
Finance receivables – net     407.3       374.6  
Contract receivables – net     76.2       68.4  
Inventories – net     484.6       434.4  
Deferred income tax assets     96.1       85.4  
Prepaid expenses and other assets     96.9       84.2  
Total current assets     1,860.2       1,796.2  
         
Property and equipment – net     404.1       392.5  
Deferred income tax assets     48.1       57.1  
Long-term finance receivables – net     629.1       560.6  
Long-term contract receivables – net     237.7       217.1  
Goodwill     828.5       838.8  
Other intangibles – net     207.1       190.5  
Other assets     53.7       57.2  
Total assets   $ 4,268.5     $ 4,110.0  
         
Liabilities and Equity        
Notes payable and current maturities of long-term debt   $ 58.7     $ 113.1  
Accounts payable     167.6       155.6  
Accrued benefits     50.7       48.1  
Accrued compensation     92.1       95.5  
Franchisee deposits     71.1       59.4  
Other accrued liabilities     293.7       243.7  
Total current liabilities     733.9       715.4  
         
Long-term debt     860.5       858.9  
Deferred income tax liabilities     148.2       143.8  
Retiree health care benefits     38.4       41.7  
Pension liabilities     108.7       135.8  
Other long-term liabilities     84.3       84.0  
Total liabilities     1,974.0       1,979.6  
         
Equity        
Shareholders' equity attributable to Snap-on Inc.        
Common stock     67.4       67.4  
Additional paid-in capital     252.1       225.1  
Retained earnings     2,552.1       2,324.1  
Accumulated other comprehensive loss     (97.9 )     (44.8 )
Treasury stock at cost     (496.7 )     (458.6 )
Total shareholders' equity attributable to Snap-on Inc.     2,277.0       2,113.2  
Noncontrolling interests     17.5       17.2  
Total equity     2,294.5       2,130.4  
Total liabilities and equity   $ 4,268.5     $ 4,110.0  

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
 
    Three Months Ended
    Sept. 27,   Sept. 28,
    2014   2013
Operating activities:        
Net earnings   $ 106.4     $ 87.0  
Adjustments to reconcile net earnings to net cash provided (used) by        
operating activities:        
Depreciation     13.6       12.8  
Amortization of other intangibles     6.1       6.6  
Provision for losses on finance receivables     6.4       5.5  
Provision for losses on non-finance receivables     4.1       1.7  
Stock-based compensation expense     8.6       9.4  
Excess tax benefits from stock-based compensation     (0.7 )     (0.6 )
Deferred income tax benefit     (0.3 )     (8.1 )
Loss on sale of assets     -       0.1  
Changes in operating assets and liabilities, net of effects of acquisition:        
Increase in trade and other accounts receivable     (25.7 )     (17.9 )
Increase in contract receivables     (17.8 )     (24.1 )
Increase in inventories     (29.1 )     (16.7 )
(Increase) decrease in prepaid and other assets     3.1       (5.7 )
Increase (decrease) in accounts payable     (1.8 )     2.4  
Increase in accruals and other liabilities     15.1       31.9  
Net cash provided by operating activities     88.0       84.3  
         
Investing activities:        
Additions to finance receivables     (178.6 )     (160.9 )
Collections of finance receivables     142.8       126.6  
Capital expenditures     (22.3 )     (19.3 )
Acquisition of business     0.3       -  
Disposal of property and equipment     0.1       0.2  
Other     1.1       1.5  
Net cash used by investing activities     (56.6 )     (51.9 )
         
Financing activities:        
Proceeds from short-term borrowings     4.9       -  
Repayments of short-term borrowings     (1.6 )     -  
Net increase in other short-term borrowings     9.4       3.1  
Cash dividends paid     (25.6 )     (22.1 )
Purchases of treasury stock     (5.0 )     (5.4 )
Proceeds from stock purchase and option plans     1.8       1.8  
Excess tax benefits from stock-based compensation     0.7       0.6  
Other     (6.1 )     (3.3 )
Net cash used by financing activities     (21.5 )     (25.3 )
         
Effect of exchange rate changes on cash and cash equivalents     (1.0 )     0.7  
Increase in cash and cash equivalents     8.9       7.8  
         
Cash and cash equivalents at beginning of period     115.8       174.7  
Cash and cash equivalents at end of period   $ 124.7     $ 182.5  
         
Supplemental cash flow disclosures:        
Cash paid for interest   $ (23.3 )   $ (26.4 )
Net cash paid for income taxes     (48.0 )     (37.9 )

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
 
    Nine Months Ended
    Sept. 27,   Sept. 28,
    2014   2013
Operating activities:        
Net earnings   $ 313.4     $ 262.8  
Adjustments to reconcile net earnings to net cash provided (used) by        
operating activities:        
Depreciation     40.6       38.3  
Amortization of other intangibles     18.4       19.4  
Provision for losses on finance receivables     19.8       15.0  
Provision for losses on non-finance receivables     10.7       7.9  
Stock-based compensation expense     27.3       28.9  
Excess tax benefits from stock-based compensation     (10.3 )     (6.5 )
Deferred income tax (benefit) provision     (3.1 )     2.8  
Loss on sale of assets     0.2       -  
Changes in operating assets and liabilities, net of effects of acquisitions:        
Increase in trade and other accounts receivable     (61.7 )     (27.8 )
Increase in contract receivables     (31.7 )     (31.4 )
Increase in inventories     (57.5 )     (35.5 )
Increase in prepaid and other assets     (32.2 )     (25.5 )
Increase in accounts payable     16.6       16.7  
Increase in accruals and other liabilities     50.2       5.0  
Net cash provided by operating activities     300.7       270.1  
         
Investing activities:        
Additions to finance receivables     (549.2 )     (482.4 )
Collections of finance receivables     425.1       373.7  
Capital expenditures     (63.3 )     (50.7 )
Acquisitions of businesses     (41.3 )     (38.2 )
Disposal of property and equipment     0.6       0.7  
Other     0.9       (9.0 )
Net cash used by investing activities     (227.2 )     (205.9 )
         
Financing activities:        
Repayment of long-term debt     (100.0 )     -  
Proceeds from short-term borrowings     4.9       1.6  
Repayments of short-term borrowings     (1.6 )     (0.5 )
Net increase in other short-term borrowings     43.2       12.1  
Cash dividends paid     (76.8 )     (66.5 )
Purchases of treasury stock     (67.5 )     (67.5 )
Proceeds from stock purchase and option plans     30.8       27.9  
Excess tax benefits from stock-based compensation     10.3       6.5  
Other     (9.0 )     (8.7 )
Net cash used by financing activities     (165.7 )     (95.1 )
         
Effect of exchange rate changes on cash and cash equivalents     (0.7 )     (1.1 )
Decrease in cash and cash equivalents     (92.9 )     (32.0 )
         
Cash and cash equivalents at beginning of year     217.6       214.5  
Cash and cash equivalents at end of period   $ 124.7     $ 182.5  
         
Supplemental cash flow disclosures:        
Cash paid for interest   $ (51.1 )   $ (53.8 )
Net cash paid for income taxes     (135.9 )     (117.4 )

 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
 
    Operations*   Financial Services
    Three Months Ended   Three Months Ended
    Sept. 27,   Sept. 28,   Sept. 27,   Sept. 28,
    2014   2013   2014   2013
                 
Net sales   $ 806.3     $ 753.2     $ -     $ -  
Cost of goods sold     (412.4 )     (388.9 )     -       -  
Gross profit     393.9       364.3       -       -  
Operating expenses     (263.3 )     (253.0 )     -       -  
Operating earnings before financial services     130.6       111.3       -       -  
                 
Financial services revenue     -       -       53.6       45.1  
Financial services expenses     -       -       (15.9 )     (13.5 )
Operating earnings from financial services     -       -       37.7       31.6  
                 
Operating earnings     130.6       111.3       37.7       31.6  
Interest expense     (12.6 )     (14.0 )     (0.1 )     (0.4 )
Intersegment interest income (expense) – net     14.1       12.1       (14.1 )     (12.1 )
Other income (expense) – net     (0.8 )     (0.8 )     (0.1 )     -  
Earnings before income taxes and equity earnings     131.3       108.6       23.4       19.1  
Income tax expense     (39.7 )     (33.7 )     (8.7 )     (7.1 )
Earnings before equity earnings     91.6       74.9       14.7       12.0  
Financial services – net earnings                
attributable to Snap-on Inc.     14.7       12.0       -       -  
Equity earnings, net of tax     0.1       0.1       -       -  
Net earnings     106.4       87.0       14.7       12.0  
Net earnings attributable to noncontrolling interests     (2.7 )     (2.4 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 103.7     $ 84.6     $ 14.7     $ 12.0  
 

*Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
 
    Operations*   Financial Services
    Nine Months Ended   Nine Months Ended
    Sept. 27,   Sept. 28,   Sept. 27,   Sept. 28,
    2014   2013   2014   2013
                 
Net sales   $ 2,420.3     $ 2,259.0     $ -     $ -  
Cost of goods sold     (1,247.3 )     (1,164.6 )     -       -  
Gross profit     1,173.0       1,094.4       -       -  
Operating expenses     (782.6 )     (757.5 )     -       -  
Operating earnings before financial services     390.4       336.9       -       -  
                 
Financial services revenue     -       -       155.5       133.6  
Financial services expenses     -       -       (48.6 )     (40.9 )
Operating earnings from financial services     -       -       106.9       92.7  
                 
Operating earnings     390.4       336.9       106.9       92.7  
Interest expense     (38.6 )     (40.5 )     (0.5 )     (1.3 )
Intersegment interest income (expense) – net     41.4       35.2       (41.4 )     (35.2 )
Other income (expense) – net     (0.6 )     (3.2 )     (0.1 )     0.1  
Earnings before income taxes and equity earnings     392.6       328.4       64.9       56.3  
Income tax expense     (120.7 )     (101.4 )     (23.9 )     (20.7 )
Earnings before equity earnings     271.9       227.0       41.0       35.6  
Financial services – net earnings                
attributable to Snap-on Inc.     41.0       35.6       -       -  
Equity earnings, net of tax     0.5       0.2       -       -  
Net earnings     313.4       262.8       41.0       35.6  
Net earnings attributable to noncontrolling interests     (7.7 )     (7.0 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 305.7     $ 255.8     $ 41.0     $ 35.6  
 

*Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
                 
    Operations*   Financial Services
    Sept. 27,   Dec. 28,   Sept. 27,   Dec. 28,
    2014   2013   2014   2013
                 
Assets                
Cash and cash equivalents   $ 124.6   $ 214.4   $ 0.1   $ 3.2
Intersegment receivables     19.0     15.3     -     -
Trade and other accounts receivable – net     574.0     531.1     0.4     0.5
Finance receivables – net     -     -     407.3     374.6
Contract receivables – net     7.8     7.0     68.4     61.4
Inventories – net     484.6     434.4     -     -
Deferred income tax assets     81.3     71.1     14.8     14.3
Prepaid expenses and other assets     100.7     88.1     0.8     1.3
Total current assets     1,392.0     1,361.4     491.8     455.3
                 
Property and equipment – net     402.9     390.9     1.2     1.6
Investment in Financial Services     209.7     193.7     -     -
Deferred income tax assets     47.4     56.8     0.7     0.3
Intersegment long-term notes receivable     188.2     9.6     -     -
Long-term finance receivables – net     -     -     629.1     560.6
Long-term contract receivables – net     13.1     12.0     224.6     205.1
Goodwill     828.5     838.8     -     -
Other intangibles – net     207.1     190.5     -     -
Other assets     56.9     58.9     1.1     1.1
Total assets   $ 3,345.8   $ 3,112.6   $ 1,348.5   $ 1,224.0
                 
Liabilities and Equity                
Notes payable and current maturities of long-term debt   $ 58.7   $ 13.1   $ -   $ 100.0
Accounts payable     166.3     150.7     1.3     4.9
Intersegment payables     -     -     19.0     15.3
Accrued benefits     50.7     48.1     -     -
Accrued compensation     89.1     91.9     3.0     3.6
Franchisee deposits     71.1     59.4     -     -
Other accrued liabilities     248.2     229.5     50.1     22.2
Total current liabilities     684.1     592.7     73.4     146.0
                 
Long-term debt and intersegment long-term debt     -     -     1,048.7     868.5
Deferred income tax liabilities     148.0     142.7     0.2     1.1
Retiree health care benefits     38.4     41.7     -     -
Pension liabilities     108.7     135.8     -     -
Other long-term liabilities     72.1     69.3     16.5     14.7
Total liabilities     1,051.3     982.2     1,138.8     1,030.3
                 
Total shareholders' equity attributable to Snap-on Inc.     2,277.0     2,113.2     209.7     193.7
Noncontrolling interests     17.5     17.2     -     -
Total equity     2,294.5     2,130.4     209.7     193.7
Total liabilities and equity   $ 3,345.8   $ 3,112.6   $ 1,348.5   $ 1,224.0
 

*Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements. 

SOURCE Snap-on

Contacts:

Leslie Kratcoski
Snap-on Incorporated
Investors Relations
262/656-6121

Richard Secori
Media Relations
Snap-on Incorporated
262/656-5561

###

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