Advanced Glassfiber Yarns LLC Announces Corrected Second Quarter EBITDA.Business Editors AIKEN Aiken, city (1990 pop. 19,872), seat of Aiken co., W S.C.; inc. 1835. A resort and polo center and a training area for Thoroughbreds, Aiken has apparel, printing and publishing, drug, and chemical industries. , S.C.--(BUSINESS WIRE)--Aug. 16, 2002 Advanced Glassfiber Yarns LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced a correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. to its recently issued press release. As previously announced adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the quarter ended June June: see month. 30, 2002 decreased $8.4 million, to $7.3 million from $15.7 million for the quarter ended June 30, 2001. This is corrected to state that adjusted EBITDA for the quarter ended June 30, 2002 decreased $7.3 million, or 46.5%, to $8.4 million from $15.7 million for the quarter ended June 30, 2001. Attached are the corrected Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations and Consolidated Statements of Cash Flows. Advanced Glassfiber Yarns, headquartered in Aiken, SC, is one of the largest global suppliers of glass yarns, which are a critical material used in a variety of electronic, industrial, construction and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. applications. Prior to and including September September: see month. 30, 1998, the Company was the glass yarns and specialty materials business of Owens Corning Owens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity November 1, 1938. . Since September 30, 1998, Advanced Glassfiber Yarns has been a joint venture between Porcher Industries, S.A. and Owens Corning.
ADVANCED GLASSFIBER YARNS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
---------------------------------------------------
2002 2001 2002 2001
------------------------- -------------------------
(unaudited) (unaudited)
Net sales $ 47,908 $ 55,118 $ 92,629 $ 123,965
Cost of goods sold 42,314 40,026 79,877 87,293
--------- --------- --------- ---------
Gross profit 5,594 15,092 12,752 36,672
Selling, general and
administrative
expenses 3,777 3,278 6,820 7,913
Restructuring 223 -- 223 --
Amortization 733 2,900 1,465 5,960
--------- --------- --------- ---------
Operating income 861 8,914 4,244 22,799
Interest expense 8,601 8,356 17,239 16,602
Other income, net (186) (193) (360) (586)
--------- --------- --------- ---------
Income (loss)
before income
taxes and
adoption of an
accounting
principle (7,554) 751 (12,635) 6,783
Income tax expense 20 80 22 92
--------- --------- --------- ---------
Income (loss)
before adoption
of an accounting
principle (7,574) 671 (12,657) 6,691
Cumulative effect
of adoption of an
accounting principle -- -- (188,418) --
--------- --------- --------- ---------
Net income (loss) $ (7,574) $ 671 $(201,075) $ 6,691
========= ========= ========= =========
Other data:
Adjusted EBITDA
(Note 1) $ 8,360 $ 15,685 $ 16,330 $ 36,512
Note 1: Adjusted EBITDA is defined as net income before interest
expense, income taxes, depreciation, amortization expense and
non-recurring, non-cash charges.
ADVANCED GLASSFIBER YARNS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
For the Six Months
Ended June 30,
-------------------------
2002 2001
-------------------------
(unaudited)
Cash flows from operating activities:
Net income (loss) $(201,075) $ 6,691
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Cumulative effect of adoption of
an accounting principle 188,418 --
Depreciation 8,388 7,167
Amortization of debt issuance costs 941 874
Amortization of goodwill and other
intangibles 1,465 5,960
Amortization of discount on notes 115 109
Alloy usage 370 894
Changes in assets and liabilities:
Trade accounts receivable, net (801) 8,405
Inventories 14,106 (13,899)
Other assets (140) 4,195
Accounts payable (3,823) (9,550)
Accrued liabilities (187) (1,835)
Pension and post-retirement 1,490 1,363
--------- ---------
Net cash provided by operating
activities 9,267 10,374
--------- ---------
Cash flows from investing activities:
Purchase of property, plant and equipment (4,800) (10,067)
Other (21) (43)
--------- ---------
Net cash used in investing
activities (4,821) (10,110)
--------- ---------
Cash flows from financing activities:
Proceeds from revolving credit facility 21,800 47,200
Payments on revolving credit facility (12,200) (36,200)
Payments on capital lease (54) (50)
Payments on term loans (11,888) (8,786)
Proceeds from interest rate swap -- 1,118
Distribution to Owens Corning -- (4,033)
Deferred financing costs (27) --
--------- ---------
Net cash used in financing
activities (2,369) (751)
--------- ---------
Effect of exchange rate on cash 12 (48)
--------- ---------
Net decrease in cash and cash equivalents 2,089 (535)
--------- ---------
Cash and cash equivalents, beginning of period 100 4,054
--------- ---------
Cash and cash equivalents, end of period $ 2,189 $ 3,519
========= =========
Supplemental disclosure of cash flow information:
Cash paid for interest $ 15,608 $ 15,290
========= =========
Supplemental disclosure of non-cash
financing/investing activities:
Decrease in property and equipment
financed in accrueds $ (538) $ (3,027)
========= =========
Increase/(decrease) in fair value of
interest rate swaps and derivatives $ 56 $ (931)
========= =========
Deferred distribution - Porcher $ 911 $ 3,979
========= =========
Current distribution - Owens Corning $ 876 $ --
========= =========
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