MacDermid, Incorporated Announces First Quarter Diluted Earnings Per Share $0.43 (After Special Charges of $0.05 Per Share).DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- MacDermid, Incorporated a worldwide manufacturer of proprietary specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. products and materials for the electronics, metal finishing and printing industries (NYSE NYSE See: New York Stock Exchange : MRD MRD or mrd abbr. minimal reacting dose ) today announced financial results for the first quarter ended March 31, 2006. Sales of $ 200.4 million were $30.1 million higher, a 17.7% increase over the same period in 2005. Autotype (1) To automatically determine the type or configuration of a hardware model or elements within a program (variables). (2) To automatically fill in the remainder of a field with name, address, URL or any other data as soon as you have typed in the first several added $24.6 million. Sales were strong in Advanced Surface Finishing Surface finishing is used to describe a number of industrial processes that can be applied to improve the surface of a manufactured item. The major reason to apply these processes is to improve appearance, improve adhesion or ink wettability, corrosion protection, wear resistance and reflecting demand in Asia, and share gain in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Foreign currency was unfavorable by $5.8 million. Sales in constant dollars increased by 21.9%. 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 of $0.43 were 13.2% higher than the $0.38 per share from operations in 2005. Adding back the $0.05 in special charges results in underlying earnings of $.48 a share, up 26.3% from the prior year. Special charges in the quarter included: --$1.9 million to recognize costs for the investigation of a potential acquisition. --$0.6 million non-cash cumulative currency translation adjustment (CTA An abbreviation for cum testamento annexo, Latin for "with the will annexed." ) arising from the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of a dormant Latent; inactive; silent. That which is dormant is not used, asserted, or enforced. A dormant partner is a member of a partnership who has a financial interest yet is silent, in that he or she takes no control over the business. subsidiary. This expense is included in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as part of the loss on disposal of assets. These expenses reduced earnings by $0.05 per share In addition there were offsetting expenses and income including restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.5 million which were largely offset by a contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the environmental reserve that arose some years ago upon the disposal of a subsidiary and which expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at the end of March 2006. Also, in the quarter a small equipment business in North America was sold. Included in operating expenses, as part of the loss on disposal of assets, is an amount of $1.7 million arising from this disposal. An offsetting $1.9 million tax reduction arose from the sale. This reduction in tax caused our reported tax rate to be 27.2% for the quarter, whereas our effective tax rate from operations was 33.7% for the quarter (32.5% in 2005). The net affect of this transaction was an after tax gain of $0.2 million. These expenses reduced Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. by $4.1 million. Owner Earnings In 1986, Warren Buffett detailed his valuation method. He stated that what he used to determine income was something called Owner Earnings. He defined owner earnings as follows: BOLD Brotherhood of Lost Dogs (band) BOLD Belgian Online Libraries Directory BOLD Bibliographic On-Line Display BOLD Benevolent Order of Law Dawgs BOLD Building Our Lives Drug-free in the attached Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. 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: Summary of Cash Flows), were a negative $0.9 million for the quarter ended March 31 2006, the same as for the prior year. The reason for this is primarily the increase in the investment in working capital as shown in the cash flow statement. Cash retained as of March 31, 2006 is $ 83.0 million. Dan Leever Chairman 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. said, "One must be careful about extrapolating one successful quarter to a trend. Nevertheless, there were encouraging signs this quarter. Operating profit before special charges was up by 16.9%. ASF See Windows Media formats. 1. (language) ASF - Algebraic Specification Language. 2. (body) ASF - Analytical Solutions Forum. had a great quarter. Asia revenues were excellent and we finally began to see the result of the share gain effort in North America. ColorSpan (ColorSpan Corporation, Minnetonka, MN, www.colorspan.com) A manufacturer of wide-format color printers. Founded in 1985 as LaserMaster Corporation, it was originally involved in high-resolution upgrades for LaserJet printers, followed by a line of laser printers and plain paper continues to prosper. Autotype built on a strong fourth quarter with an even better first quarter adding $0.05 per share. Cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. will begin to show as the year progresses. The quarter included several negatives including order pattern and front end loaded R&D expenses in Printing Solutions. We expect these items to improve as the year progresses. The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. packaging printing business continues to suffer. We are working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d on turning this business around." As part of the current quarterly review of our financial statements with our new audit firm, we determined that the method we used to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. foreign currency for our overseas Goodwill and Other Intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. was incorrect Incorrect means to not be correct and may also refer to:
2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. of the method used. Readers are requested to read the footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." to the attached March 31, 2006 Condensed Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. for more information on this correction. Note: Owner Earnings is calculated as Net Cash flows provided by operating activities (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). definition) less net capital expenditures. 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 comprises Earnings before Interest, Taxation, Depreciation and Amortization. This press release and additional financial information together with our reconciliation of GAAP to Non-GAAP numbers are available on our website. Website: http://www.macdermid.com MacDermid, Incorporated NYSE - MRD CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. 554273 10 2 April 27th, 2006 This report and other Corporation reports and statements describe many of the positive factors affecting the Corporation's future business prospects. Investors should also be aware of factors that could have a negative impact on those prospects. These include political, economic or other conditions such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the business; competitive products, advertising, promotional and pricing activity; the degree of acceptance of new product introductions in the marketplace; technical difficulties which may arise with new product introductions; and the difficulty of forecasting sales at certain times in certain markets.
MacDermid, Incorporated
Condensed Consolidated Summary of Earnings
(Unaudited)
$ in thousands, except share and per share amounts
Three Months Ended
-----------------------
Mar 31st Mar 31st
2006 2005
----------- -----------
Proprietary sales $191,717 $160,185
Other sales 8,641 10,062
----------- -----------
Total net sales $200,358 $170,247
----------- -----------
Gross margin 88,471 77,653
GM % 44.2% 45.6%
Selling, technical and administrative 51,104 46,670
Research and development 7,304 6,532
Consulting fees for investigation of
acquisition 1,913 0
Loss on Disposal of Assets 2,224 0
Restructuring 1,482 0
----------- -----------
Total Operating Expenses 64,027 53,202
Operating profit 24,444 24,451
Other income (expense), net (367) 30
Interest (expense), net (5,838) (7,022)
----------- -----------
Earnings before income taxes 18,239 17,459
Income tax (expense) (4,961) (5,674)
----------- -----------
Net earnings $13,278 $11,785
=========== ===========
----------- -----------
Diluted earnings per share $0.43 $0.38
=========== ===========
Diluted average common shares outstanding 31,065,191 30,809,620
=========== ===========
MacDermid, Incorporated
Sales and Margins by Region
The data presented in this table is on a non-GAAP basis.
The reconciliation to GAAP numbers appears at the foot of this table
$ in thousands
Three Months Ended
-------------------
Mar 31st Mar 31st
2006 2005
--------- ---------
Americas
Total net sales $78,177 $67,492
Operating profit $8,489 $8,975
OP % 10.9% 13.3%
Europe
Total net sales $71,224 $62,510
Operating profit $9,495 $8,717
OP % 13.3% 13.9%
Asia
Total net sales $50,957 $40,245
Operating profit $10,597 $6,759
OP % 20.8% 16.8%
Consolidated Total
Total net sales $200,358 $170,247
Operating profit before non-operating costs $28,581 $24,451
OP % 14.3% 14.4%
MacDermid, Incorporated
Sales and Margins by Group
$ in thousands
Three Months Ended
-------------------
Mar 31st Mar 31st
2006 2005
--------- ---------
Advanced Surface Finishing
Total net sales $117,160 $99,141
Operating profit $20,123 $14,135
OP % 17.2% 14.3%
Printing Solutions
Total net sales $83,198 $71,106
Operating profit $8,458 $10,316
OP % 10.2% 14.5%
Consolidated Total
Total net sales $200,358 $170,247
Operating profit as reported - GAAP $24,444 $24,451
Add back consulting fees for investigation of
acquisition $1,913 $-
Add back loss on disposal of asset $2,224 $-
--------- ---------
Operating profit before non-operating costs $28,581 $24,451
OP % 14.3% 14.4%
MacDermid, Incorporated
Condensed Consolidated Balance Sheets
$ in thousands
Mar 31st
2006
-----------
(Unaudited)
Cash and cash equivalents $83,037
Accounts receivable, net 163,469
Inventories, net 105,969
Other current assets 25,694
-----------
Current Assets 378,169
Property, plant & equipment, net 120,755
Goodwill 244,491
Intangibles, net 41,989
Other Assets 52,361
-----------
Total assets $837,765
===========
Payables and accruals $147,419
Short-term debt 2,392
-----------
Current Liabilities 149,811
Long-term debt 300,986
Other long-term liabilities 27,760
-----------
Total Liabilities 478,557
Shareholders' equity 359,208
-----------
Total liabilities & shareholders' equity $837,765
===========
----------------------------------------------------------------------
Debt to total capital 46%
----------------------------------------------------------------------
Footnote to Balance Sheet
-------------------------
The March 2006 balance sheet reflects a correction of the method used
to translate the foreign currency for our overseas Goodwill and Other
Intangible Assets. In prior periods we used the foreign currency rates
at the time of the acquisition that gave rise to these assets. For
subsequent reporting periods we should have used current exchange
rates at the end of each period.
We have changed our method following a review of our quarterly
financial statements with our new auditors.
The March 2006 Balance Sheet includes an increase in Goodwill of $9.2
million and an increase in Other Intangibles of $1.0 million and a
corresponding increase in Equity, Other Comprehensive Income, of $10.2
million compared with the methodology used in prior periods.
We are reviewing, with our auditors, the affect on prior years in
order to determine if any adjustment is required to prior period
Balance Sheets.
The effect of this adjustment is likely to be larger in earlier
periods when the US dollar was weaker.
This adjustment has no effect on our Earnings per Share, Owner
Earnings or tangible net worth.
MacDermid, Incorporated
Condensed Consolidated Summary of Cash Flows
(Unaudited)
$ in thousands
Three Months Ended
-------------------
Mar 31st Mar 31st
2006 2005
--------- ---------
Net earnings $13,278 $11,785
Depreciation 4,897 3,846
Amortization 1,452 891
Provision for bad debt 463 517
Stock compensation expense 752 2,177
Deferred Income Taxes 3,072 163
Restructuring Charges 1,482 -
Working capital changes (24,825) (17,356)
--------- ---------
Cash from operations 571 2,023
Capital spending (1,562) (3,006)
Proceeds from asset disposal 79 16
--------- ---------
Owner earnings** (912) (967)
Acquisition of business (33) -
Dividends paid (1,836) (1,212)
Increase/(decrease) in debt 1,571 (62)
Treasury shares 26 33
Other 3,289 (1,880)
--------- ---------
Increase/(decrease) cash $2,105 $(4,088)
========= =========
----------------------------------------------------------------------
**Note: Pro forma owner earnings
adjusted for semi-annual bond interest $6,900 $6,900
payments would have been as follows: $5,988 $5,933
========= =========
----------------------------------------------------------------------
MacDermid, Inc.
Regulation G: GAAP to Non-GAAP Reconciliation
----------------------------------------------------------------------
Gross Profit Before Special Charges (a)
---------------------------------------
(In thousands) Three Months Ended
Mar-04 Jun-04 Sep-04 Dec-04
------------------------------------
------------------------------------
Net Sales as reported $162,012 $165,053 $161,585 $172,135
------------------------------------
Gross Profit as reported $77,526 $78,074 $76,375 $81,266
Add: Special Charges - - - -
------------------------------------
Gross Profit Before Special
Charges $77,526 $78,074 $76,375 $81,266
------------------------------------
GP % Before Special Charges 47.9% 47.3% 47.3% 47.2%
Three Months Ended
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06
---------------------------------------------
---------------------------------------------
Net Sales as reported $170,247 $178,281 $193,260 $196,255 $200,358
---------------------------------------------
Gross Profit as reported $77,653 $80,026 $83,282 $83,771 $88,471
Add: Special Charges - 117 654 293
---------------------------------------------
Gross Profit Before
Special Charges $77,653 $80,143 $83,936 $84,064 $88,471
---------------------------------------------
GP % Before Special
Charges 45.6% 45.0% 43.4% 42.8% 44.2%
Year Year
Ended Ended
Dec-04 Dec-05
------------------
------------------
Net Sales as reported $660,785 $738,043
------------------
Gross Profit as reported $313,241 $324,732
Add: Special Charges - 1,064
------------------
Gross Profit Before Special Charges $313,241 $325,796
------------------
GP % Before Special Charges 47.4% 44.1%
----------------------------------------------------------------------
----------------------------------------------------------------------
Operating Profit Before Amortization and Special Charges (a)
------------------------------------------------------------
(In thousands) Three Months Ended
Mar-04 Jun-04 Sep-04 Dec-04
------------------------------------
Net Sales per above $162,012 $165,053 $161,585 $172,135
------------------------------------
Earnings Before Interest and
Taxes $26,551 $27,348 $25,838 $27,615
Add: Other (Income) Expense 258 (697) (92) (1,411)
Add: Special Charges - - - -
------------------------------------
Operating Profit Before Special
Charges $26,809 $26,651 $25,746 $26,204
====================================
% OP Before Special Charges to Net
Sales 16.5% 16.1% 15.9% 15.2%
Three Months Ended
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06
---------------------------------------------
Net Sales per above $170,247 $178,281 $193,260 $196,255 $200,358
---------------------------------------------
Earnings Before Interest
and Taxes $24,481 $22,988 $24,937 $21,287 $24,077
Add: Other (Income)
Expense (30) 620 (799) 249 367
Add: Special Charges - 502 1,731 2,094 4,137
---------------------------------------------
Operating Profit Before
Special Charges $24,451 $24,110 $25,869 $23,630 $28,581
=============================================
% OP Before Special
Charges to Net Sales 14.4% 13.5% 13.4% 12.0% 14.3%
Year Year
Ended Ended
Dec-04 Dec-05
------------------
Net Sales per above $660,785 $738,043
------------------
Earnings Before Interest and Taxes $107,352 $93,693
Add: Other (Income) Expense (1,942) 40
Add: Special Charges - 4,327
------------------
Operating Profit Before Special Charges $105,410 $98,060
==================
% OP Before Special Charges to Net Sales 16.0% 13.3%
----------------------------------------------------------------------
(a) "Gross Profit Before Special Charges" and "Operating Profit
Special Charges" are not intended to represent Net Earnings as defined
by Generally Accepted Accounting Principles. These measurements should
not be used as an alternative to Net Earnings as an indicator of
operating performance and may not be comparable to similarly titled
measures used by other entities. Management believes that these
measurements portray a meaningful measure of past operating
performance and believes these measurements play an important factor
toward the growth of shareholder value over time.
MacDermid, Inc.
Regulation G: GAAP to Non-GAAP Reconciliation
----------------------------------------------------------------------
EPS from Continuing Operations Before Special Charges & Stock
Compensation (a)
-------------------------------------------------------------
(In thousands, except share and per share amounts)
Mar-04 Jun-04 Sep-04 Dec-04
--------------------------------------------
Net Income (Loss) as
reported $12,893 $13,385 $12,043 $14,903
Deduct: Income (Loss)
from Discontinued Ops,
net of income taxes - - - -
--------------------------------------------
Income (Loss) from
Continuing Operations 12,893 13,385 12,043 14,903
Change in accounting
method - - - -
SFAS 150 gain on stock
call option - - - -
Cost of sales impact of
acquisition inventory adj - - - -
Write-off of In process
R&D - - - -
Restructuring & Other
Charges
--------------------------------------------
Total Special Charges
(Income) - - - -
After Tax Effect of
Special Charges
(Income) - - - -
--------------------------------------------
Net Income from Continuing
Operations Before Tax
Effected Special Charges $12,893 $13,385 $12,043 $14,903
============================================
Stock Compensation
Expense 1,560 1,472 1,351 2,112
After Tax Effect Stock
Compensation Expense 1,061 1,001 905 1,415
--------------------------------------------
Net Income from Continuing
Operations Before Tax
Effected Special Charges
& Stock Compensation $13,954 $14,386 $12,948 $16,318
============================================
Earnings Per Share from
Continuing Operations
Before Tax Effected
Special Charges $0.42 $0.43 $0.39 $0.48
============================================
Earnings Per Share from
Continuing Operations
Before Tax Effected
Special Charges and Stock
Compensation $0.45 $0.46 $0.42 $0.53
============================================
Diluted Average Common
Shares Outstanding 31,041,763 31,014,374 30,988,259 30,794,808
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06
-------------------------------------------------------
Net Income
(Loss) as
reported $11,785 $11,928 $12,916 $10,414 $13,278
Deduct: Income
(Loss) from
Discontinued
Ops, net of
income taxes - -
-------------------------------------------------------
Income (Loss)
from
Continuing
Operations 11,785 11,928 12,916 10,414 13,278
Change in
accounting
method - - - - -
SFAS 150 gain
on stock call
option - - - - -
Cost of sales
impact of
acquisition
inventory adj 117 654 293 -
Write-off of In
process R&D - 385 - - -
Restructuring &
Other Charges 1,077 1,801 4,137
-------------------------------------------------------
Total
Special
Charges
(Income) - 502 1,731 2,094 4,137
After Tax
Effect of
Special
Charges
(Income) - 356 1,238 1,516 3,012
-------------------------------------------------------
Net Income from
Continuing
Operations
Before
Tax Effected
Special
Charges $11,785 $12,284 $14,154 $11,930 $16,290
=======================================================
Stock
Compensation
Expense 2,177 1,873 1,177 1,418 752
After Tax
Effect
Stock
Compensation
Expense 1,361 1,330 842 1,027 544
-------------------------------------------------------
Net Income from
Continuing
Operations
Before Tax
Effected
Special
Charges &
Stock
Compensation $13,146 $13,614 $14,996 $12,957 $16,834
=======================================================
Earnings Per
Share from
Continuing
Operations
Before Tax
Effected
Special
Charges $0.38 $0.40 $0.46 $0.39 $0.52
=======================================================
Earnings Per
Share from
Continuing
Operations
Before Tax
Effected
Special
Charges and
Stock
Compensation $0.43 $0.44 $0.49 $0.42 $0.54
=======================================================
Diluted Average
Common Shares
Outstanding 30,809,620 30,787,829 30,865,440 30,940,941 31,056,191
Year Year
Ended Ended
Dec-04 Dec-05
----------------------
Net Income (Loss) as reported $53,224 $47,043
Deduct: Income (Loss) from Discontinued Ops,
net of income taxes - -
----------------------
Income (Loss) from Continuing Operations 53,224 47,043
Change in accounting method - -
SFAS 150 gain on stock call option - -
Cost of sales impact of acquisition inventory
adj - 1,064
Write-off of In process R&D - 385
Restructuring & Other Charges 2,878
-----------------------
Total Special Charges (Income) - 4,327
After Tax Effect of Special Charges (Income) - 3,110
----------------------
Net Income from Continuing Operations Before
Tax Effected Special Charges $53,224 $50,153
======================
Stock Compensation Expense 6,495 6,645
After Tax Effect Stock Compensation Expense 4,382 4,560
----------------------
Net Income from Continuing Operations Before Tax
Effected Special Charges & Stock Compensation $57,606 $54,713
======================
Earnings Per Share from Continuing Operations
Before Tax Effected Special Charges $1.72 $1.62
======================
Earnings Per Share from Continuing Operations
Before Tax Effected Special Charges and Stock
Compensation $1.86 $1.77
======================
Diluted Average Common Shares Outstanding 30,961,108 30,892,052
----------------------------------------------------------------------
----------------------------------------------------------------------
EBITDA from Continuing Operations Before Special Charges (a) (b)
----------------------------------------------------------------
(in thousands)
Mar-04 Jun-04 Sep-04 Dec-04
---------------------------------
Earnings Before Interest and Taxes $26,551 $27,348 $25,838 $27,615
SFAS 150 gain on stock call option - - - -
Cost of sales impact of acquisition
inventory adj - - - -
Write-off of In Process R&D - - - -
Restructuring & Other Charges
---------------------------------
Total Special Charges - - - -
Amortization 734 717 708 850
Depreciation 4,125 3,989 3,897 4,137
EBITDA from Continuing Operations ---------------------------------
Charges $31,410 $32,054 $30,443 $32,602
=================================
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06
----------------------------------------
Earnings Before Interest and
Taxes $24,481 $22,988 $24,937 $21,287 $24,077
SFAS 150 gain on stock call
option - - - - -
Cost of sales impact of
acquisition inventory adj - 117 654 293 -
Write-off of In Process R&D - 385 -
Restructuring & Other Charges 1,077 1,801 4,137
----------------------------------------
Total Special Charges - 502 1,731 2,094 4,137
Amortization 891 897 1,008 1,561 1,452
Depreciation 3,846 3,771 4,592 4,829 4,897
EBITDA from Continuing
Operations Before ----------------------------------------
Special Charges $29,218 $28,158 $32,268 $29,771 $34,563
========================================
Year Year
Ended Ended
Dec-04 Dec-05
------------------
Earnings Before Interest and Taxes $107,352 $93,693
SFAS 150 gain on stock call option - -
Cost of sales impact of acquisition inventory adj - 1,064
Write-off of In Process R&D - 385
Restructuring & Other Charges 2,878
------------------
Total Special Charges - 4,327
Amortization 3,009 4,357
Depreciation 16,148 17,038
EBITDA from Continuing Operations Before
------------------
Special Charges $126,509 $119,415
==================
----------------------------------------------------------------------
----------------------------------------------------------------------
Owners Earnings (b)
-------------------
(In thousands)
Mar-04 Jun-04 Sep-04 Dec-04
--------------------------------
Net cash flow provided by operating
activities $5,977 $28,153 $22,978 $28,169
Capital expenditures, net 782 1,662 768 5,322
--------------------------------
Owner Earnings $5,195 $26,491 $22,210 $22,847
================================
Adjustment for Bond Interest assumed to be paid quarterly
---------------------------------------------------------
Owner Earnings $5,195 $26,491 $22,210 $22,847
Assumed if Bond Interest was paid
quarterly 6,900 (6,900) 6,900 (6,900)
--------------------------------
Adjusted Owner Earnings $12,095 $19,591 $29,110 $15,947
================================
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06
----------------------------------------
Net cash flow provided by
operating activities $2,023 $24,845 $4,321 $27,979 $571
Capital expenditures, net 2,728 4,058 2,517 3,074 1,483
----------------------------------------
Owner Earnings ($705) $20,787 $1,804 $24,905 ($912)
========================================
Adjustment for Bond Interest assumed to be paid quarterly
---------------------------------------------------------
Owner Earnings ($705) $20,787 $1,804 $24,905 ($912)
Assumed if Bond Interest was
paid quarterly 6,900 (6,900) 6,900 (6,900) 6,900
----------------------------------------
Adjusted Owner Earnings $6,195 $13,887 $8,704 $18,005 $5,988
========================================
Year Year
Ended Ended
Dec-04 Dec-05
----------------
Net cash flow provided by operating activities $85,277 $59,168
Capital expenditures, net 8,534 12,377
----------------
Owner Earnings $76,743 $46,791
================
Adjustment for Bond Interest assumed to be paid quarterly
---------------------------------------------------------
Owner Earnings $76,743 $46,791
Assumed if Bond Interest was paid quarterly - -
----------------
Adjusted Owner Earnings $76,743 $46,791
------------------------------------------------------================
(a) "EPS from Continuing Operations Before Special Charges and Stock
Compensation", "EBITDA from Continuing Operations Before Special
Charges" and "Owners Earnings" are not intended to represent Net
Earnings (loss) or Net Cash Flow From Operating Activities as defined
by Generally Accepted Accounting Principles. These measurements should
not be used as an alternative to Net Earnings or Net Cash Flow From
Operating Activities as an indicator of operating performance and may
not be comparable to similarly titled measures used by other entities.
Management believes that these measurements portray a meaningful
measure of past operating performance and believes these measurements
play an important factor toward the growth of shareholder value over
time.
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