Actuant Announces Record Third Quarter Sales and Earnings.MILWAUKEE Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. -- Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) today announced record sales and earnings for its third quarter ended May 31, 2006. Third quarter fiscal 2006 net earnings and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") were $26.8 million and $0.86, respectively, compared to net earnings and EPS of $20.0 million and $0.66, respectively, for the third quarter of fiscal 2005. Third quarter 2005 and 2006 EPS includes $0.02 and $0.08 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax reserve adjustments, respectively. Excluding these tax adjustments, third quarter EPS increased 22% year-over-year. Net earnings for the nine months ended May 31, 2006 were $67.4 million, or $2.19 per diluted share, compared to $52.1 million, or $1.79 per diluted share for the comparable prior year period, representing increases of 29% and 22%, respectively. Third quarter sales increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 17% to $316.7 million compared to $271.7 million in the prior year, driven by strong base business growth and revenues from acquired businesses. Excluding foreign currency exchange rate changes and sales from acquired businesses, third quarter sales increased approximately 11% from the comparable prior year period. Sales for the nine-months ended May 31, 2006 were $876.6 million, approximately 24% higher than the $706.7 million in the comparable prior year period, reflecting sales volume added through business acquisitions and strong base business growth. Excluding the impact of foreign currency rate changes and sales from acquired businesses, sales increased 7% for the nine-month period. Net debt at May 31, 2006 was approximately $460 million (gross debt of $479 million less approximately $19 million of cash), compared to $417 million at the beginning of the quarter. The increase in debt during the quarter was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the $95 million of borrowings to fund the D.L. Ricci Ricci is a surname, and may refer to:
A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility remained strong at approximately $171 million as of May 31, 2006. Third quarter Tools & Supplies segment sales were $193 million, an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 22% increase over fiscal 2005. Excluding foreign currency exchange rate changes and sales from acquired businesses, segment sales increased approximately 10% from the comparable prior year period, driven by continued growth in shipments to the industrial tools and electrical markets. Fiscal 2006 third quarter Engineered Solutions segment sales increased approximately 9% year-over-year to $124 million. Excluding foreign currency exchange rate changes, Engineered Solutions sales increased 11%, a significant improvement from the -1% year-over-year sales change in the second quarter, driven primarily by the substantial increase in automotive convertible top system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. . Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. C. Arzbaecher, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Actuant, commented, "We are pleased with third quarter results, especially the 11% sales growth (excluding currency and acquisitions) and the $52 million of cash flow. We continued to see strong demand from a number of our end markets during the quarter, including industrial tools and electrical products, as well as the acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. in automotive convertible top sales growth. The acquisitions of D.L. Ricci and Precision Sure-Lock in April also added a combined $5.3 million to third quarter revenues. These two businesses complement our existing industrial tools platforms by providing us new products and services that can be combined with our existing offerings to deliver more value to customers." "Actuant's third quarter operating profit margins Operating profit margin The ratio of operating profit to net sales. improved approximately 100 basis points year-over-year, the combined result of favorable sales and acquisition mix, increased fixed cost absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. , cost reductions and increased low cost country sourcing. While we were pleased with these improvements, certain of our businesses are not meeting our margin expectations. This includes automotive due to start-up Start-up The earliest stage of a new business venture. inefficiencies, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. electrical due to a high cost structure, and recreational vehicle due to current industry shipment levels. In addition, a number of businesses experienced sharp increases in the cost of commodities such as electrical steel Electrical steel, also called lamination steel, silicon electrical steel, silicon steel or transformer steel, is specialty steel tailored to produce certain magnetic properties, such as a small hysteresis area (small energy dissipation per cycle, or low , plastic resins resins, n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. and copper during the quarter. While we are working hard to manage all of these issues, we expect them to reduce the year-over-year margin growth in the fourth quarter and into 2007." "We made progress during the quarter on restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plans for the European electrical business, and expect to begin a multi-faceted program in the next quarter to reduce costs and streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. the business, including shifting labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars work out of high-cost regions, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. certain functions to third parties, reducing or eliminating low-margin product lines, and consolidating facilities. While the details of all actions have yet to be finalized See finalization. , we expect the aggregate pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta restructuring costs to be in the range of $17-20 million (approximately $0.49-0.58 per diluted share), to be recognized starting in the fourth quarter and continuing through the end of fiscal 2007. We anticipate annual pre-tax savings from the restructuring of approximately $7-8 million when fully completed, which we expect in the beginning of fiscal 2008." Arzbaecher concluded, "This brings us to our outlook for the final quarter of fiscal 2006 and our initial view on fiscal 2007. We are expecting fourth quarter results to be similar to those generated in the third quarter (excluding the third quarter tax adjustments), with sales in the range of $310-320 million and EPS of $0.73-0.78 per share, excluding European electrical restructuring costs. Fourth quarter year-over-year sales and EPS growth are forecasted to be in the 15-19% and 16-24% ranges, respectively. Based on these estimates, our fiscal 2006 full year outlook for sales is $1.187-1.196 billion and EPS is $2.92-2.97, again excluding European electrical restructuring costs. Based on an assessment of our markets and the broader economy, as well as a full year's benefit of this year's acquisitions, we anticipate continued sales and EPS growth in 2007. We anticipate fiscal 2007 sales in the range of $1.29-1.31 billion and EPS of $3.15-3.35 per diluted share, excluding European electrical restructuring costs and future acquisitions. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Actuant's future and believe the ongoing execution of our business model will continue to reward shareholders." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant's results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. activity on the economy, continued market acceptance of the Company's new product introductions, the successful integration of acquisitions, restructuring, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company's registration statements filed with the Securities and Exchange Commission for further information regarding risk factors. An investor conference call is scheduled for 11am ET today, June June: see month. 20, and may be listened to via web cast on Actuant's website at www.actuant.com. About Actuant Actuant, headquartered in Glendale, Wisconsin For other places with the same name, see Glendale, Monroe County, Wisconsin. Glendale is a city in Milwaukee County, Wisconsin, United States. The population was 13,367 at the 2000 census. Geography Glendale is located at (43. , is a diversified diversified (di·verˑ·s industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. in 2000, Actuant has grown its sales from $482 million to over $1 billion and its market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. from $113 million to over $1.5 billion. The Company employs a workforce of more than 6,000 worldwide. Actuant Corporation trades on the NYSE under the symbol ATU. For further information on Actuant and its business units, visit the Company's website at www.actuant.com. (tables follow)
Actuant Corporation
Condensed Consolidated Balance Sheets
(Dollars in thousands)
May 31, August 31,
2006 2005
------------ ------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $19,212 $10,356
Accounts receivable, net 164,835 131,185
Inventories, net 151,571 135,960
Deferred income taxes 15,428 14,974
Other current assets 8,830 6,838
------------ ------------
Total current assets 359,876 299,313
Property, plant and equipment, net 95,595 83,879
Goodwill 491,886 428,285
Other intangible assets, net 203,802 175,001
Other long-term assets 13,114 9,857
------------ ------------
Total assets $1,164,273 $996,335
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $66 $21
Trade accounts payable 113,502 89,506
Accrued compensation and benefits 41,436 32,663
Income taxes payable 19,111 15,049
Current maturities of long-term debt 9,523 136
Other current liabilities 50,658 51,360
------------ ------------
Total current liabilities 234,296 188,735
Long-term debt, less current maturities 469,649 442,661
Deferred income taxes 68,009 58,783
Pension and postretirement benefit accruals 42,344 41,192
Other long-term liabilities 17,305 20,131
Shareholders' equity
Capital stock 5,456 5,410
Additional paid-in capital (359,299) (370,875)
Accumulated other comprehensive income
(loss) (10,173) (20,282)
Restricted stock awards (2,699) (1,452)
Stock held in trust (1,314) (1,166)
Deferred compensation liability 1,314 1,166
Retained earnings 699,385 632,032
------------ ------------
Total shareholders' equity 332,670 244,833
------------ ------------
Total liabilities and shareholders' equity $1,164,273 $996,335
============ ============
Actuant Corporation
Condensed Consolidated Statements of Earnings
(Dollars in thousands except per share amounts)
Three Months Ended Nine Months Ended
May 31, May 31,
---------------------- ----------------------
2006 2005 2006 2005
---------------------- ----------------------
(Unaudited) (Unaudited)
Net sales $316,662 $271,733 $876,557 $706,677
Cost of products sold 210,767 185,071 580,123 481,824
---------------------- ----------------------
Gross profit 105,895 86,662 296,434 224,853
Selling, administrative
and engineering
expenses 61,171 51,174 175,086 134,151
Amortization of
intangible assets 1,884 1,610 5,443 3,476
---------------------- ----------------------
Operating profit 42,840 33,878 115,905 87,226
Financing costs, net 6,785 4,936 18,936 10,781
Other (income) expense,
net 659 435 1,682 (744)
---------------------- ----------------------
Earnings from
operations before
income tax expense
and minority
interest 35,396 28,507 95,287 77,189
Income tax expense 8,636 8,744 28,015 25,572
Minority interest, net
of income taxes (27) (234) (81) (519)
---------------------- ----------------------
Net earnings $26,787 $19,997 $67,353 $52,136
====================== ======================
Earnings per share
Basic $0.99 $0.74 $2.49 $2.03
Diluted 0.86 0.66 2.19 1.79
Weighted average common
shares outstanding
Basic 27,150 26,956 27,091 25,663
Diluted 31,717 31,438 31,591 30,165
Actuant Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
May 31, May 31,
----------------------------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Operating Activities
Net earnings $26,787 $19,997 $67,353 $52,136
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation and
amortization 6,681 6,448 19,923 16,245
Amortization of debt
discount and debt issuance
costs 368 359 1,089 936
Stock-based compensation
expense 1,476 1,228 3,648 3,168
Provision for deferred
income taxes (1,305) 316 (802) (475)
Loss/(gain) on disposal of
assets (345) 145 (275) (151)
Changes in operating assets
and liabilities, excluding
the effects of the business
acquisitions:
Accounts receivable (5,724) (4,509) (22,375) (11,753)
Increase in AR
securitization program 3,808 1,790 4,250 21,070
Inventories (2,885) 4,525 (8,198) (5,513)
Prepaid expenses and
other assets (497) 349 (1,727) 3,085
Trade accounts payable 15,509 4,304 18,022 (1,548)
Income taxes payable 4,181 (3,321) 5,831 (448)
Reimbursement of tax
refund to former
subsidiary - - - (15,837)
Other accrued
liabilities 6,822 (2,395) 3,138 (8,889)
--------- --------- --------- ---------
Net cash provided by operating
activities 54,876 29,236 89,877 52,026
Investing Activities
Proceeds from sale of
property, plant and equipment 474 - 589 2,839
Capital expenditures (5,566) (3,558) (15,465) (11,505)
Cash paid for business
acquisitions, net of cash
acquired (95,539) (94,808) (104,876) (381,955)
--------- --------- --------- ---------
Net cash used in investing
activities (100,631) (98,366) (119,752) (390,621)
Financing Activities
Net borrowings (repayments) on
revolving credit facilities
and short-term borrowings 51,566 72,077 36,481 17,881
Proceeds from issuance of term
loans - - - 250,000
Proceeds from euro-denominated
acquisition loan - - - 19,602
Principal payments on term
loans - (827) - (3,045)
Retirement of KCI 10.5% bonds - - - (82,800)
Debt issuance costs - - - (2,300)
Net proceeds from Class A
common stock offering - - - 134,360
Payment of Cash Dividend - - (2,165) -
Tax benefit from stock-based
compensation 1,489 401 2,149 3,548
Stock option exercises and
other 514 500 1,991 2,056
--------- --------- --------- ---------
Net cash provided by financing
activities 53,569 72,151 38,456 339,302
Effect of exchange rate
changes on cash 419 (206) 275 144
--------- --------- --------- ---------
Net increase in cash and cash
equivalents 8,233 2,815 8,856 851
Cash and cash equivalents -
beginning of period 10,979 4,069 10,356 6,033
--------- --------- --------- ---------
Cash and cash equivalents -
end of period $19,212 $6,884 $19,212 $6,884
========= ========= ========= =========
ACTUANT CORPORATION
SUPPLEMENTAL UNAUDITED DATA
(Dollars in thousands)
FISCAL 2005
--------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
--------------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $112,537 $138,546 $158,211 $174,250 $583,544
ENGINEERED
SOLUTIONS
SEGMENT 87,140 96,721 113,522 95,139 392,522
--------------------------------------------------
TOTAL $199,677 $235,267 $271,733 $269,389 $976,066
==================================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT 16.8% 33.8% 43.9% 63.9% 40.2%
ENGINEERED
SOLUTIONS
SEGMENT 24.0% 33.5% 31.2% 16.8% 26.3%
TOTAL 19.9% 33.7% 38.3% 43.5% 34.3%
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $17,493 $19,621 $21,924 $28,537 $87,575
ENGINEERED
SOLUTIONS
SEGMENT 12,080 10,803 16,091 10,792 49,766
CORPORATE /
GENERAL (3,163) (3,486) (4,137) (4,064) (14,850)
--------------------------------------------------
TOTAL $26,410 $26,938 $33,878 $35,265 $122,491
==================================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 15.5% 14.2% 13.9% 16.4% 15.0%
ENGINEERED
SOLUTIONS
SEGMENT 13.9% 11.2% 14.2% 11.3% 12.7%
TOTAL
(INCLUDING
CORPORATE) 13.2% 11.4% 12.5% 13.1% 12.5%
EBITDA
TOOLS & SUPPLIES
SEGMENT $19,262 $22,560 $25,619 $31,877 $99,318
ENGINEERED
SOLUTIONS
SEGMENT 13,384 13,345 18,143 13,150 58,022
CORPORATE /
GENERAL (919) (3,308) (3,871) (4,186) (12,284)
--------------------------------------------------
TOTAL $31,727 $32,597 $39,891 $40,841 $145,056
==================================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 17.1% 16.3% 16.2% 18.3% 17.0%
ENGINEERED
SOLUTIONS
SEGMENT 15.4% 13.8% 16.0% 13.8% 14.8%
TOTAL
(INCLUDING
CORPORATE) 15.9% 13.9% 14.7% 15.2% 14.9%
FISCAL 2006
--------------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
--------------------------------------------------
SALES
TOOLS & SUPPLIES
SEGMENT $181,306 $174,577 $192,580 $548,463
ENGINEERED
SOLUTIONS
SEGMENT 102,570 101,442 124,082 328,094
--------------------------------------------------
TOTAL $283,876 $276,019 $316,662 $ - $876,557
==================================================
% SALES GROWTH
TOOLS & SUPPLIES
SEGMENT 61.1% 26.0% 21.7% 34.0%
ENGINEERED
SOLUTIONS
SEGMENT 17.7% 4.9% 9.3% 10.3%
TOTAL 42.2% 17.3% 16.5% 24.0%
OPERATING PROFIT
TOOLS & SUPPLIES
SEGMENT $30,416 $27,355 $32,479 $90,250
ENGINEERED
SOLUTIONS
SEGMENT 11,762 11,131 14,342 37,235
CORPORATE /
GENERAL (3,967) (3,632) (3,981) (11,580)
--------------------------------------------------
TOTAL $38,211 $34,854 $42,840 $ - $115,905
==================================================
OPERATING PROFIT %
TOOLS & SUPPLIES
SEGMENT 16.8% 15.7% 16.9% 16.5%
ENGINEERED
SOLUTIONS
SEGMENT 11.5% 11.0% 11.6% 11.3%
TOTAL
(INCLUDING
CORPORATE) 13.5% 12.6% 13.5% 13.2%
EBITDA
TOOLS & SUPPLIES
SEGMENT $33,530 $30,868 $35,395 $99,793
ENGINEERED
SOLUTIONS
SEGMENT 14,105 13,968 17,348 45,421
CORPORATE /
GENERAL (3,601) (3,586) (3,881) (11,068)
--------------------------------------------------
TOTAL $44,034 $41,250 $48,862 $ - $134,146
==================================================
EBITDA %
TOOLS & SUPPLIES
SEGMENT 18.5% 17.7% 18.4% 18.2%
ENGINEERED
SOLUTIONS
SEGMENT 13.8% 13.8% 14.0% 13.8%
TOTAL
(INCLUDING
CORPORATE) 15.5% 14.9% 15.4% 15.3%
ACTUANT CORPORATION
Reconciliation of GAAP measures to non-GAAP measures
(Dollars in thousands)
FISCAL 2005
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
EBITDA (1)
NET EARNINGS $16,941 $15,198 $19,997 $19,115 $71,251
FINANCING COSTS,
NET 1,938 3,907 4,936 6,146 16,927
INCOME TAX EXPENSE 8,806 8,022 8,744 9,440 35,012
DEPRECIATION &
AMORTIZATION 4,098 5,699 6,448 6,176 22,421
MINORITY INTEREST,
NET OF INCOME TAX (56) (229) (234) (36) (555)
---------------------------------------------
EBITDA (NON-GAAP
MEASURE) $31,727 $32,597 $39,891 $40,841 $145,056
=============================================
FISCAL 2006
---------------------------------------------
Q1 Q2 Q3 Q4 TOTAL
---------------------------------------------
EBITDA (1)
NET EARNINGS $21,268 19,298 26,787 $67,353
FINANCING COSTS,
NET 6,067 6,084 6,785 18,936
INCOME TAX EXPENSE 10,220 9,159 8,636 28,015
DEPRECIATION &
AMORTIZATION 6,521 6,721 6,681 19,923
MINORITY INTEREST,
NET OF INCOME TAX (42) (12) (27) (81)
---------------------------------------------
EBITDA (NON-GAAP
MEASURE) $44,034 $41,250 $48,862 $ - $134,146
=============================================
(1) EBITDA represents net earnings before financing costs, net, income
tax expense, depreciation & amortization and minority interest.
EBITDA is not a calculation based upon generally accepted
accounting principles (GAAP). The amounts included in the EBITDA
calculation, however, are derived from amounts included in the
Consolidated Statements of Earnings data. EBITDA should not be
considered as an alternative to net earnings or operating profit
as an indicator of the company's operating performance, or as an
alternative to operating cash flows as a measure of liquidity.
Actuant has presented EBITDA because it regularly reviews this as
a measure of the company's ability to incur and service debt. In
addition, EBITDA is used by many of our investors and lenders, and
is presented as a convenience to them. However, the EBITDA measure
presented may not always be comparable to similarly titled
measures reported by other companies due to differences in the
components of the calculation.
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