Newell Rubbermaid Reports Second Quarter 2009 Results

* Normalized EPS of $0.47 Ahead of Guidance, Full Year EPS Outlook Raised
* Gross Margins Improve 300 Basis Points to Last Year
* Strong Operating Cash Flow, Full Year Cash Flow Outlook Raised

ATLANTA--(Business Wire)--
Newell Rubbermaid (NYSE: NWL) today announced second quarter 2009 financial
results that exceeded the company`s guidance. The company reported strong
operating cash flow and gross margin improvement and raised its guidance for
full year 2009 normalized earnings and operating cash flow.

"Although business conditions remained challenging during the quarter, we were
pleased and encouraged to deliver second quarter earnings and cash flow ahead of
expectations," said Mark Ketchum, president and chief executive officer of
Newell Rubbermaid. "I'm particularly pleased with the improvement in gross
margin, reflecting the benefits from our planned product exits as well as a more
reasonable input cost environment compared with a year ago. We continued to
actively manage our cost base and generated strong operating cash flow through a
diligent focus on working capital management. Our success in managing what we
can control through the first half of 2009 gives us confidence to judiciously
increase our level of strategic SG&A investments in the second half of the year,
supporting our brands with focused marketing spending and other strategic brand
building activities, while still raising our guidance for full year normalized
EPS and operating cash flow."

Net sales declined 17.6 percent to $1.50 billion in the second quarter, compared
to $1.83 billion in the prior year. The reported sales results are more
favorable than the guidance of a 20 percent decline. Core sales were down
approximately 8 percent, while planned product line exits and foreign currency
translation reduced net sales by 6 percent and 4 percent, respectively.

Gross margin for the quarter was 37.1 percent, up 300 basis points from last
year, as the positive impact from product line exits, lower input costs and 2008
pricing initiatives more than offset the effects of reduced manufacturing
volumes and unfavorable mix.

Excluding Project Acceleration restructuring costs of $29.5 million in 2009 and
$69.4 million in 2008, operating income was $229.0 million, or 15.2 percent of
sales, in the second quarter 2009, compared to $230.3 million, or 12.6 percent
of sales, in the prior year.

Normalized earnings, which exclude Project Acceleration restructuring costs,
related impairment charges and associated tax effects, and other items, were
$0.47 per diluted share, ahead of the company`s guidance and compared to $0.49
per diluted share in the second quarter 2008. Other items in the second quarter
2009 include dilution of $0.01 per diluted share related to the conversion
feature of the convertible notes issued in March 2009 and one-time costs of
$0.01 per diluted share incurred for the early retirement of $325 million
principal amount of medium-term notes. (A reconciliation of the "as reported"
results to "normalized" results is included below.)

Net income, as reported on a GAAP basis, was $105.7 million, or $0.37 per
diluted share. This compares to $92.5 million, or $0.33 per diluted share, in
the second quarter 2008.

The company generated operating cash flow of $99.2 million during the second
quarter, driven by working capital management, compared to $1.9 million in the
prior year. Capital expenditures were $38.3 million in the second quarter,
approximately flat to last year.

A reconciliation of the second quarter 2009 and last year`s results is as
follows:

Q2 2009 Q2 2008

Diluted earnings per share (as reported): $0.37 $0.33

Project Acceleration restructuring costs and related impairment charges $0.08 $0.16

Other items $0.02 -

"Normalized" EPS: $0.47 $0.49

Six Months Results

Net sales for the six months ended June 30, 2009 declined 16.9 percent to $2.71
billion, compared to $3.26 billion in the prior year. Internal sales, which
exclude the effect of significant acquisitions, declined 18.5 percent for the
six months. Foreign currency translation reduced net sales by 4 percent, while
planned product line exits lowered net sales by 5 percent. Core sales softness
contributed the remainder of the net sales decline.

Gross margin was 36.2 percent, a 200 basis point improvement versus the prior
year. The positive impact from planned product line exits, lower input costs and
2008 pricing actions more than offset the effect of reduced production volumes
and unfavorable mix.

Normalized earnings, which exclude Project Acceleration restructuring costs,
related impairment charges and associated tax effects, and other items, were
$0.67 per diluted share, compared to the prior year`s results of $0.75 per
diluted share. Other items in the first six months of 2009 were the same as
those for the second quarter 2009. (A reconciliation of the "as reported"
results to "normalized" results is included below.)

Net income, as reported on a GAAP basis, was $139.4 million, or $0.49 per
diluted share. This compares to $149.4 million, or $0.54 per diluted share, in
the prior year.

The company generated operating cash flow of $88.0 million during the first six
months of 2009, compared to a use of $121.3 million in the prior year. Capital
expenditures were $70.7 million, compared to $78.2 million in the prior year.

A reconciliation of the first six months 2009 and last year`s results is as
follows:

YTD Q2 2009 YTD Q2 2008

Diluted earnings per share (as reported): $0.49 $0.54

Project Acceleration restructuring costs and related impairment charges $0.16 $0.21

Other items $0.02 -

"Normalized" EPS: $0.67 $0.75

2009 Full Year Guidance

The company expects net sales for the full year will decline at the unfavorable
end of the company`s guidance of down 10 to 15 percent. The company continues to
expect a 4 to 6 percent sales decline from product line exits and now expects a
2 to 3 percent sales decline from foreign currency translation. Acquisitions are
expected to contribute about 1 percent of sales growth. Core sales are expected
to decline in the high single digit percent range.

The company is raising its guidance for normalized earnings to $1.15 to $1.30
per diluted share and is also raising its guidance for operating cash flow to
approximately $500 million, which is net of approximately $100 million in
restructuring cash payments.

2009 Third Quarter Guidance

The company anticipates net sales will decline in the high teens percent range
for the third quarter 2009. Product line exits are projected to reduce sales by
6 to 8 percent, and foreign currency translation is expected to reduce sales by
2 to 4 percent. Core sales are expected to decline in the high single digit
percent range.

The company expects normalized earnings of $0.25 to $0.35 per diluted share and
operating cash flow of between $200 and $250 million.

A reconciliation of the third quarter and full year 2009 earnings outlook is as
follows:

Q3 2009 FY 2009

Diluted earnings per share: $0.13 to $0.23 $0.78 to $0.93

Project Acceleration restructuring costs and related impairment charges $0.11 to $0.14 $0.28 to $0.43

Other items - $0.02

"Normalized" EPS: $0.25 to $0.35 $1.15 to $1.30

Conference Call

The company`s second quarter 2009 earnings conference call is scheduled for
today, July 30, 2009, at 10:00 am ET. To listen to the webcast, use the link
provided under Events & Presentations in the Investor Relations section of
Newell Rubbermaid`s Web site at www.newellrubbermaid.com. The webcast will be
available for replay for two weeks. A brief supporting slide presentation will
be available prior to the call under Quarterly Earnings in the Investor
Relations section on the company`s Web site.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of
Regulation G promulgated by the Securities and Exchange Commission. Included in
this release is a reconciliation of these non-GAAP financial measures to the
most directly comparable financial measures calculated in accordance with GAAP.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and
commercial products with sales of approximately $6 billion and a strong
portfolio of brands, including Rubbermaid®, Sharpie®, Graco®, Calphalon®,
Irwin®, Lenox®, Levolor®, Paper Mate®, Dymo®, Waterman®, Parker®, Goody®,
Technical ConceptsTM and Aprica®.

This press release and additional information about Newell Rubbermaid are
available on the company`s Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute
forward-looking statements. These forward-looking statements relate to
information or assumptions about the effects of sales, income/(loss), earnings
per share, operating income or gross margin improvements or declines, Project
Acceleration, capital and other expenditures, cash flow, dividends,
restructuring costs, costs and cost savings, inflation, particularly with
respect to commodities such as oil and resin, debt ratings, and management's
plans, projections and objectives for future operations and performance. These
statements are accompanied by words such as "anticipate," "expect," "project,"
"will," "believe," "estimate" and similar expressions. Actual results could
differ materially from those expressed or implied in the forward-looking
statements. Important factors that could cause actual results to differ
materially from those suggested by the forward-looking statements include, but
are not limited to, our dependence on the strength of retail, commercial and
industrial sectors of the economy in light of the global economic slowdown;
currency fluctuations; competition with other manufacturers and distributors of
consumer products; major retailers' strong bargaining power; changes in the
prices of raw materials and sourced products and our ability to obtain raw
materials and sourced products in a timely manner from suppliers; our ability to
develop innovative new products and to develop, maintain and strengthen our
end-user brands; our ability to expeditiously close facilities and move
operations while managing foreign regulations and other impediments; our ability
to implement successfully information technology solutions throughout our
organization; our ability to improve productivity and streamline operations; our
ability to refinance short-term debt on terms acceptable to us, particularly
given the recent turmoil and uncertainty in the global credit markets; changes
to our credit ratings; significant increases in the funding obligations related
to our pension plans due to declining asset values or otherwise; the imposition
of tax liabilities greater than our provisions for such matters; the risks
inherent in our foreign operations and those factors listed in the company`s
most recent quarterly report on Form 10-Q, and exhibit 99.1 thereto, filed with
the Securities and Exchange Commission. Changes in such assumptions or factors
could produce significantly different results. The information contained in this
news release is as of the date indicated. The company assumes no obligation to
update any forward-looking statements contained in this news release as a result
of new information or future events or developments.

NWL-EA

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)

Reconciliation of "As Reported" Results to "Normalized" Results

Three Months Ended June 30,
2009 2008 YOY %
Change
As Reported Excluded Items (1) Normalized As Reported Excluded Items (2) Normalized

Net sales $ 1,504.3 $ - $ 1,504.3 $ 1,825.1 $ - $ 1,825.1 (17.6 )%
Cost of products sold 946.0 - 946.0 1,201.9 - 1,201.9

GROSS MARGIN 558.3 - 558.3 623.2 - 623.2 (10.4 )%
% of sales 37.1 % 37.1 % 34.1 % 34.1 %

Selling, general & administrative expenses
329.3 - 329.3 392.9 - 392.9 (16.2 )%
% of sales 21.9 % 21.9 % 21.5 % 21.5 %

Restructuring costs 29.5 (29.5 ) - 69.4 (69.4 ) -

OPERATING INCOME 199.5 29.5 229.0 160.9 69.4 230.3 (0.6 )%
% of sales 13.3 % 15.2 % 8.8 % 12.6 %

Nonoperating expenses:
Interest expense, net 40.3 - 40.3 38.7 - 38.7
Other expense (income), net 1.2 (4.7 ) (3.5 ) 0.4 - 0.4
41.5 (4.7 ) 36.8 39.1 - 39.1 (5.9 )%

INCOME BEFORE INCOME TAXES 158.0 34.2 192.2 121.8 69.4 191.2 0.5 %
% of sales 10.5 % 12.8 % 6.7 % 10.5 %

Income taxes 52.3 8.0 60.3 28.9 25.5 54.4 10.8 %
Effective rate 33.1 % 31.4 % 23.7 % 28.5 %

NET INCOME 105.7 26.2 131.9 92.9 43.9 136.8
NET INCOME NONCONTROLLING INTERESTS - - - 0.4 - 0.4
NET INCOME CONTROLLING INTEREST $ 105.7 $ 26.2 $ 131.9 $ 92.5 $ 43.9 $ 136.4 (3.3 )%
% of sales 7.0 % 8.8 % 5.1 % 7.5 %

EARNINGS PER SHARE:
Basic $ 0.38 $ 0.09 $ 0.47 $ 0.33 $ 0.16 $ 0.49
Diluted $ 0.37 $ 0.10 $ 0.47 $ 0.33 $ 0.16 $ 0.49

AVERAGE SHARES OUTSTANDING:
Basic 280.8 280.8 280.0 280.0
Diluted 286.8 290.1 280.0 288.3

(1) Items excluded from "normalized" results for 2009 consist of $29.5 million of restructuring costs, including asset impairment charges and employee termination and other costs, $4.7 million of debt extinguishment charges, and the associated tax effects, as well as the dilutive impact of the convertible notes issued in the first quarter of 2009.

(2) Items excluded from "normalized" results for 2008 consist of $69.4 million of restructuring costs, including asset impairment charges and employee termination and other costs, and the associated tax effects.

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)

Reconciliation of "As Reported" Results to "Normalized" Results

Six Months Ended June 30,
2009 2008 YOY %
Change
As Reported Excluded Items (1) Normalized As Reported Excluded Items (2) Normalized

Net sales $ 2,708.2 $ - $ 2,708.2 $ 3,258.8 $ - $ 3,258.8 (16.9 )%
Cost of products sold 1,727.1 - 1,727.1 2,145.1 - 2,145.1

GROSS MARGIN 981.1 - 981.1 1,113.7 - 1,113.7 (11.9 )%
% of sales 36.2 % 36.2 % 34.2 % 34.2 %

Selling, general & administrative expenses
640.8 - 640.8 753.9 - 753.9 (15.0 )%
% of sales 23.7 % 23.7 % 23.1 % 23.1 %

Restructuring costs 60.0 (60.0 ) - 87.8 (87.8 ) -

OPERATING INCOME 280.3 60.0 340.3 272.0 87.8 359.8 (5.4 )%
% of sales 10.4 % 12.6 % 8.3 % 11.0 %

Nonoperating expenses:
Interest expense, net 70.9 - 70.9 64.5 - 64.5
Other expense (income), net 1.9 (4.7 ) (2.8 ) 0.2 - 0.2
72.8 (4.7 ) 68.1 64.7 - 64.7 5.3 %

INCOME BEFORE INCOME TAXES 207.5 64.7 272.2 207.3 87.8 295.1 (7.8 )%
% of sales 7.7 % 10.1 % 6.4 % 9.1 %

Income taxes 68.1 16.7 84.8 56.6 27.3 83.9 1.1 %
Effective rate 32.8 % 31.2 % 27.3 % 28.4 %

INCOME FROM CONTINUING OPERATIONS 139.4 48.0 187.4 150.7 60.5 211.2 (11.3 )%

Discontinued operations, net of tax:
Net loss - - - (0.5 ) 0.5 -

NET INCOME 139.4 48.0 187.4 150.2 61.0 211.2
NET INCOME NONCONTROLLING INTERESTS - - - 0.8 - 0.8
NET INCOME CONTROLLING INTEREST $ 139.4 $ 48.0 $ 187.4 $ 149.4 $ 61.0 $ 210.4 (10.9 )%
% of sales 5.1 % 6.9 % 4.6 % 6.5 %

EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $ 0.50 $ 0.17 $ 0.67 $ 0.54 $ 0.21 $ 0.75
Diluted $ 0.49 $ 0.18 $ 0.67 $ 0.54 $ 0.21 $ 0.75

LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $ - $ - $ - $ (0.00 ) $ 0.00 $ -
Diluted $ - $ - $ - $ (0.00 ) $ 0.00 $ -

EARNINGS PER SHARE:
Basic $ 0.50 $ 0.17 $ 0.67 $ 0.54 $ 0.21 $ 0.75
Diluted $ 0.49 $ 0.18 $ 0.67 $ 0.54 $ 0.21 $ 0.75

AVERAGE SHARES OUTSTANDING:
Basic 280.7 280.7 279.8 279.8
Diluted 283.7 281.2 279.8 279.8

(1) Items excluded from "normalized" results for 2009 consist of $60.0 million of restructuring costs, including asset impairment charges and employee termination and other costs, $4.7 million of debt extinguishment charges, and the associated tax effects, as well as the dilutive impact of the convertible notes issued in the first quarter of 2009.

(2) Items excluded from "normalized" results for 2008 consist of $87.8 million of restructuring costs, including asset impairment charges and employee termination and other costs, and the associated tax effects.

Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)

June 30, June 30,
Assets: 2009 2008 (1)

Cash and cash equivalents $ 418.1 $ 211.4
Accounts receivable, net 1,096.2 1,312.7
Inventories, net 848.4 1,141.3
Deferred income taxes 129.6 109.6
Prepaid expenses and other 110.5 137.1

Total Current Assets 2,602.8 2,912.1

Property, plant and equipment, net 603.1 675.3
Deferred income taxes 15.9 -
Goodwill 2,722.0 3,087.1
Other intangible assets, net 645.6 657.0
Other assets 326.8 232.1

Total Assets $ 6,916.2 $ 7,563.6

Liabilities and Stockholders' Equity:

Accounts payable $ 460.8 $ 656.8
Accrued compensation 111.8 108.4
Other accrued liabilities 659.2 850.4
Income taxes payable - 12.0
Notes payable 7.1 28.0
Current portion of long-term debt 627.1 1,065.8

Total Current Liabilities 1,866.0 2,721.4

Long-term debt 2,393.5 1,959.8
Deferred income taxes - 1.4
Other non-current liabilities 873.9 602.0

Stockholders' Equity - Parent 1,779.2 2,275.2
Stockholders' Equity - Noncontrolling Interests 3.6 3.8

Total Stockholders' Equity 1,782.8 2,279.0

Total Liabilities and Stockholders' Equity $ 6,916.2 $ 7,563.6

(1) The June 30, 2008 Consolidated Balance Sheet reflects the retrospective adoption of certain accounting pronouncements which resulted in the reclassification of $3.8 million from Other non-current liabilities to Stockholders' Equity-Noncontrolling Interests as well as a reclassification to increase Other accrued liabilities by $28.2 million with a corresponding reduction in Stockholders' Equity-Parent.

Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)

Six Months Ended June 30,
2009 2008
Operating Activities:
Net income $ 139.4 $ 149.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 83.9 91.0
Deferred income taxes 14.8 29.1
Non-cash restructuring costs 13.3 46.4
Gain on sale of assets (1.0 ) -
Stock-based compensation expense 16.6 16.9
Loss on disposal of discontinued operations - 0.5
Other 13.9 0.8
Changes in operating assets and liabilities, excluding the effects of acquisitions:

Accounts receivable (115.3 ) (87.7 )
Inventories 78.3 (132.8 )
Accounts payable (77.8 ) (8.4 )
Accrued liabilities and other (78.1 ) (224.6 )
Discontinued operations - (1.9 )
Net cash provided by (used in) operating activities $ 88.0 $ (121.3 )

Investing Activities:
Acquisitions, net of cash acquired $ (12.1 ) $ (644.1 )
Capital expenditures (70.7 ) (78.2 )
Proceeds from sale of non-current assets 5.7 0.5
Net cash used in investing activities $ (77.1 ) $ (721.8 )

Financing Activities:
Proceeds from issuance of debt, net of debt issuance costs $ 759.8 $ 919.7
Proceeds from issuance of warrants 32.7 -
Purchase of call options (69.0 ) -
Payments on notes payable and debt (517.2 ) (81.7 )
Cash dividends (43.4 ) (117.4 )
Purchase of noncontrolling interests in consolidated subsidiaries (29.0 ) -
Other, net (4.1 ) 0.2
Net cash provided by financing activities $ 129.8 $ 720.8

Currency rate effect on cash and cash equivalents $ 2.0 $ 4.5

Increase (decrease) in cash and cash equivalents $ 142.7 $ (117.8 )
Cash and cash equivalents at beginning of period 275.4 329.2
Cash and cash equivalents at end of period $ 418.1 $ 211.4

Newell Rubbermaid Inc.
Financial Worksheet
(In Millions)

2009 2008
Reconciliation (1) Reconciliation (1) Year-over-year changes
Net Sales Reported Excluded Normalized Operating Margin Net Sales Reported Excluded Normalized Operating Net Sales Normalized OI (2)
OI Items OI OI Items OI Margin
$ % $ %
Q1:
Home & Family $ 557.7 $ 60.3 $ - $ 60.3 10.8 % $ 608.2 $ 53.4 $ - $ 53.4 8.8 % $ (50.5 ) (8.3 )% $ 6.9 12.9 %
Office Products 318.2 31.1 - 31.1 9.8 % 418.3 33.9 - 33.9 8.1 % (100.1 ) (23.9 )% (2.8 ) (8.3 )%
Tools, Hardware & Commercial Products 328.0 38.0 - 38.0 11.6 % 407.2 61.0 - 61.0 15.0 % (79.2 ) (19.4 )% (23.0 ) (37.7 )%

Restructuring Costs (30.5 ) 30.5 - (18.4 ) 18.4 -
Corporate (18.1 ) - (18.1 ) (18.8 ) - (18.8 ) 0.7 3.7 %
Total $ 1,203.9 $ 80.8 $ 30.5 $ 111.3 9.2 % $ 1,433.7 $ 111.1 $ 18.4 $ 129.5 9.0 % $ (229.8 ) (16.0 )% $ (18.2 ) (14.1 )%

2009 2008
Reconciliation (1) Reconciliation (1) Year-over-year changes
Net Sales Reported Excluded Normalized Operating Net Sales Reported Excluded Normalized Operating Net Sales Normalized OI (2)
OI Items OI Margin OI Items OI Margin
$ % $ %
Q2:
Home & Family $ 617.2 $ 80.4 $ - $ 80.4 13.0 % $ 717.6 $ 69.6 $ - $ 69.6 9.7 % $ (100.4 ) (14.0 )% $ 10.8 15.5 %
Office Products 496.9 99.2 - 99.2 20.0 % 609.2 101.7 - 101.7 16.7 % (112.3 ) (18.4 )% (2.5 ) (2.5 )%
Tools, Hardware & Commercial Products 390.2 67.6 - 67.6 17.3 % 498.3 80.2 - 80.2 16.1 % (108.1 ) (21.7 )% (12.6 ) (15.7 )%

Restructuring Costs (29.5 ) 29.5 - (69.4 ) 69.4 -
Corporate (18.2 ) - (18.2 ) (21.2 ) - (21.2 ) 3.0 14.2 %
Total $ 1,504.3 $ 199.5 $ 29.5 $ 229.0 15.2 % $ 1,825.1 $ 160.9 $ 69.4 $ 230.3 12.6 % $ (320.8 ) (17.6 )% $ (1.3 ) (0.6 )%

2009 2008
Reconciliation (1) Reconciliation (1) Year-over-year changes
Net Sales Reported Excluded Normalized Operating Net Sales Reported Excluded Normalized Operating Net Sales Normalized OI (2)
OI Items OI Margin OI Items OI Margin
$ % $ %
YTD:
Home & Family $ 1,174.9 $ 140.7 $ - $ 140.7 12.0 % $ 1,325.8 $ 123.0 $ - $ 123.0 9.3 % $ (150.9 ) (11.4 )% $ 17.7 14.4 %
Office Products 815.1 130.3 - 130.3 16.0 % 1,027.5 135.6 - 135.6 13.2 % (212.4 ) (20.7 )% (5.3 ) (3.9 )%
Tools, Hardware & Commercial Products 718.2 105.6 - 105.6 14.7 % 905.5 141.2 - 141.2 15.6 % (187.3 ) (20.7 )% (35.6 ) (25.2 )%

Restructuring Costs (60.0 ) 60.0 - (87.8 ) 87.8 -
Corporate (36.3 ) - (36.3 ) (40.0 ) - (40.0 ) 3.7 9.3 %
Total $ 2,708.2 $ 280.3 $ 60.0 $ 340.3 12.6 % $ 3,258.8 $ 272.0 $ 87.8 $ 359.8 11.0 % $ (550.6 ) (16.9 )% $ (19.5 ) (5.4 )%

(1) Excluded items are related to restructuring charges.

(2) Excluding restructuring charges.

Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)

Three Months Ended June 30,
Free Cash Flow (in millions): 2009 2008

Net cash provided by operating activities $ 99.2 $ 1.9
Capital expenditures (38.3 ) (38.2 )

Free Cash Flow $ 60.9 $ (36.3 )

Six Months Ended June 30,
Free Cash Flow (in millions): 2009 2008

Net cash provided by (used in) operating activities $ 88.0 $ (121.3 )
Capital expenditures (70.7 ) (78.2 )

Free Cash Flow $ 17.3 $ (199.5 )

(1) Free Cash Flow is defined as cash flow provided by (used in) operating activities less capital expenditures.

Newell Rubbermaid Inc.
Three Months Ended June 30, 2009
In Millions

Currency Analysis

By Segment 2009 2008 Year-Over-Year (Decrease) Increase
Sales as Currency Adjusted Sales as Excluding Including Currency
Reported Impact Sales Reported Currency Currency Impact

Home & Family $ 617.2 $ 16.9 $ 634.1 $ 717.6 (11.6 )% (14.0 )% (2.4 )%
Office Products 496.9 34.6 531.5 609.2 (12.8 )% (18.4 )% (5.7 )%
Tools, Hardware & Commercial Products 390.2 20.2 410.4 498.3 (17.6 )% (21.7 )% (4.1 )%

Total Company $ 1,504.3 $ 71.7 $ 1,576.0 $ 1,825.1 (13.6 )% (17.6 )% (3.9 )%

By Geography
United States $ 1,071.7 $ - $ 1,071.7 $ 1,247.6 (14.1 )% (14.1 )% 0.0 %
Canada 85.5 14.5 100.0 116.6 (14.2 )% (26.7 )% (12.4 )%
1,157.2 14.5 1,171.7 1,364.2 (14.1 )% (15.2 )% (1.1 )%

Europe, Middle East, and Africa 208.8 41.4 250.2 290.0 (13.7 )% (28.0 )% (14.3 )%
Latin America 61.7 10.7 72.4 71.4 1.4 % (13.6 )% (15.0 )%
Asia Pacific 76.6 5.1 81.7 99.5 (17.9 )% (23.0 )% (5.1 )%

Total Company $ 1,504.3 $ 71.7 $ 1,576.0 $ 1,825.1 (13.6 )% (17.6 )% (3.9 )%

Newell Rubbermaid Inc.
Six Months Ended June 30, 2009
In Millions

Currency Analysis

By Segment 2009 2008 Year-Over-Year (Decrease) Increase
Sales as Currency Adjusted Sales as Excluding Including Currency
Reported Impact Sales Reported Currency Currency Impact

Home & Family $ 1,174.9 $ 35.7 $ 1,210.6 $ 1,325.8 (8.7 )% (11.4 )% (2.7 )%
Office Products 815.1 65.7 880.8 1,027.5 (14.3 )% (20.7 )% (6.4 )%
Tools, Hardware & Commercial Products 718.2 39.9 758.1 905.5 (16.3 )% (20.7 )% (4.4 )%

Total Company $ 2,708.2 $ 141.3 $ 2,849.5 $ 3,258.8 (12.6 )% (16.9 )% (4.3 )%

By Geography
United States $ 1,933.0 $ - $ 1,933.0 $ 2,246.0 (13.9 )% (13.9 )% 0.0 %
Canada 147.0 29.8 176.8 205.7 (14.0 )% (28.5 )% (14.5 )%
2,080.0 29.8 2,109.8 2,451.7 (13.9 )% (15.2 )% (1.2 )%

Europe, Middle East, and Africa 368.4 75.9 444.3 517.8 (14.2 )% (28.9 )% (14.7 )%
Latin America 115.4 23.4 138.8 132.6 4.7 % (13.0 )% (17.6 )%
Asia Pacific 144.4 12.2 156.6 156.7 (0.1 )% (7.8 )% (7.8 )%

Total Company $ 2,708.2 $ 141.3 $ 2,849.5 $ 3,258.8 (12.6 )% (16.9 )% (4.3 )%

Newell Rubbermaid
Nancy O`Donnell, +1-770-418-7723
Vice President, Investor Relations
or
Connie Bryant, +1-770-418-7516
Manager, Corporate Communications

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