- Quarterly net sales increased 18 percent compared to
the prior year period to a record $486 million on strong demand in
Commercial Trailer Products
- Record quarterly operating income of $33.9 million, up
11 percent compared to the prior year quarter
- Earnings per diluted share improved 15 percent from
prior year to $0.23 per diluted share
- Full year trailer shipment guidance increased to a
range of 53,000 to 55,000 trailers, reflecting the continued strong
demand and outlook in the core dry van trailer market
Wabash National Corporation (NYSE:WNC), a diversified industrial
manufacturer and North America's leading producer of semi-trailers
and liquid transportation systems, today reported results for the
second quarter ended June 30, 2014.
Net income for the second quarter of 2014 was $16.2 million, or
$0.23 per diluted share, compared to the second quarter 2013 net
income of $14.1 million, or $0.20 per diluted share. Second quarter
2014 non-GAAP adjusted earnings were $16.9 million, or $0.24 per
diluted share, after excluding $1.1 million of charges related to
both the early extinguishment of debt incurred with the Company's
term loan prepayment of $20 million in June 2014 and the transition
of three Retail branch locations to independent dealer facilities.
The Company's prior year period results included the impact of
non-recurring acquisition expenses and early extinguishment of debt
charges related to a $20 million term loan prepayment made in May
2013. Excluding the impact of these items, non-GAAP adjusted
earnings for the quarter ended June 30, 2013 were $14.7 million, or
$0.21 per diluted share.
For the second quarter of 2014, the Company's net sales
increased 18 percent to $486 million from $413 million in the prior
year quarter, and operating income increased 11 percent to $33.9
million compared to $30.5 million for the second quarter of 2013.
Operating EBITDA, a non-GAAP measure that excludes the effects of
certain recurring and non-recurring items, was $45.7 million for
the second quarter of 2014, an increase of $3.4 million compared to
the prior year period. On a trailing twelve month basis, the
Company generated net sales in excess of $1.7 billion and operating
EBITDA of $156.8 million, or 9.0 percent of net sales. Continued
improvement in operating performance is attributable to the
successful execution of the Company's growth and diversification
strategy, as well as a disciplined approach to improving
profitability.
The following is a summary of select operating and financial
results for the past five quarters:
|
|
|
Three Months Ended |
(Dollars in thousands, except per share
amounts) |
June 30, |
September 30, |
December 31, |
March 31, |
June 30, |
|
2013 |
2013 |
2013 |
2014 |
2014 |
|
|
|
|
|
|
Net Sales |
$ 413,126 |
$ 439,977 |
$ 458,354 |
$ 358,120 |
$ 486,021 |
|
|
|
|
|
|
Gross Profit Margin |
14.2% |
14.0% |
11.5% |
13.0% |
12.7% |
|
|
|
|
|
|
Income from Operations |
$ 30,452 |
$ 33,830 |
$ 24,053 |
$ 19,465 |
$ 33,855 |
|
|
|
|
|
|
Net Income |
$ 14,135 |
$ 16,236 |
$ 10,423 |
$ 7,296 |
$ 16,239 |
|
|
|
|
|
|
Diluted EPS |
$ 0.20 |
$ 0.23 |
$ 0.15 |
$ 0.10 |
$ 0.23 |
|
|
|
|
|
|
Non-GAAP Measures(1): |
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ 42,246 |
$ 44,873 |
$ 35,637 |
$ 30,618 |
$ 45,664 |
|
|
|
|
|
|
Operating EBITDA Margin |
10.2% |
10.2% |
7.8% |
8.5% |
9.4% |
|
|
|
|
|
|
Adjusted Earnings |
$ 14,697 |
$ 16,616 |
$ 10,770 |
$ 8,337 |
$ 16,924 |
|
|
|
|
|
|
Adjusted Diluted EPS |
$ 0.21 |
$ 0.24 |
$ 0.15 |
$ 0.12 |
$ 0.24 |
Notes: |
|
|
|
|
|
(1) See "Non-GAAP Measures"
below for explanation of the non-GAAP results included above. |
Dick Giromini, president and chief executive officer, stated,
"We are again pleased with the results for the second quarter and
the continued strong performance of the business, particularly in
our Commercial Trailer Products segment. We continue to set
new quarterly records for operating performance, as evidenced by
our revenue, operating income and operating EBITDA results during
the second quarter. These achievements substantiate the
transformative nature of our growth and diversification
initiatives."
Mr. Giromini continued, "New trailer shipments for the second
quarter were approximately 14,950, exceeding our previous guidance
of 13,500 to 14,500 trailers, as customer pickups gained
significant momentum. We anticipate continued strength in
customer demand throughout the remainder of 2014, as total new
trailer shipments for the full year are now expected to be in the
range of 53,000 to 55,000 units, representing increases of
approximately 13 percent to 18 percent from the prior
year. Our backlog grew to a cyclical high of $842 million as
of June 30, 2014, an increase of $162 million, or 24 percent, from
the prior year period. Additionally, current industry
forecasts support strong demand levels with projections well above
replacement demand and exceeding previous year levels, setting up
the potential for 2014 to exceed the record performance achieved
last year."
Second Quarter Business Segment Highlights
The table below is a summary of select segment operating and
financial results prior to the elimination of intersegment sales
for the second quarter of 2014 and 2013, respectively. A
complete disclosure of the results by individual segment is
included in the tables following this release.
|
|
|
|
(dollars in thousands) |
Commercial |
Diversified |
|
|
Trailer Products |
Products |
Retail |
Three months ended June 30, |
|
|
|
2014 |
|
|
|
New trailers shipped |
13,900 |
850 |
950 |
Net sales |
$ 335,653 |
$ 135,043 |
$ 51,584 |
Gross profit |
$ 28,793 |
$ 25,176 |
$ 5,748 |
Gross profit margin |
8.6% |
18.6% |
11.1% |
Income from operations |
$ 23,087 |
$ 12,739 |
$ 1,281 |
Income from operations margin |
6.9% |
9.4% |
2.5% |
|
|
|
|
2013 |
|
|
|
New trailers shipped |
10,700 |
750 |
850 |
Net sales |
$ 265,835 |
$ 135,467 |
$ 48,136 |
Gross profit |
$ 21,123 |
$ 31,744 |
$ 5,519 |
Gross profit margin |
7.9% |
23.4% |
11.5% |
Income from operations |
$ 14,555 |
$ 19,262 |
$ 1,261 |
Income from operations margin |
5.5% |
14.2% |
2.6% |
Commercial Trailer Products' net sales, prior to the elimination
of intersegment sales, increased $70 million, or 26.3 percent, on
shipments of 13,900 trailers, or 3,200 more trailers than the prior
year period. This increase in revenue was primarily due to the
29.9 percent increase in trailer shipments during the quarter,
offset by an unfavorable customer and product mix, which lowered
average selling prices by 2.2 percent compared to the prior year
period. Driven by higher volumes and improved pricing, gross
profit and gross profit margin increased $7.7 million and 70 basis
points, respectively, as compared to the same period last
year. Operating income increased by $8.5 million, or 58.6
percent, to $23.1 million as compared to the second quarter last
year, due to increased volume, improved pricing and continued
operational improvements.
Diversified Products' net sales, prior to the elimination of
intersegment sales, totaled $135 million for the second quarter of
2014, consistent with the prior year period, as the increase in
tank trailer shipments was offset by delayed shipments of
non-trailer truck mounted equipment and other engineered
products. Gross profit and gross profit margin declined $6.6
million and 480 basis points, respectively, compared to the prior
year period, primarily due to higher raw material costs related to
wood flooring operations, new product start-up costs and
unfavorable product mix within the Company's Wabash Composites and
Walker Group businesses. Operating income for the second
quarter of 2014 was $12.7 million, or 9.4 percent of net sales, a
decrease of $6.5 million as compared to the same period last
year.
Retail's net sales, prior to the elimination of intersegment
sales, increased 7.2 percent to $52 million, compared to $48
million in the prior year period, due to increased shipments of new
trailers and continued strong demand for parts and
services. Gross profit margin declined 40 basis points
compared to the prior year period to 11.1 percent as the continued
strong demand across each of Retail's product lines was offset by
higher cost of services required to support our strategic growth
initiatives. Operating income for the second quarter of 2014
was $1.3 million, consistent with the same period last year, as
increased volumes were offset by higher selling and administrative
expenses related to our strategic growth initiatives.
Non-GAAP Measures
In addition to disclosing financial results calculated in
accordance with United States generally accepted accounting
principles (GAAP), the financial information included in this
release contain non-GAAP financial measures, including operating
EBITDA, operating EBITDA margin, adjusted earnings and adjusted
earnings per diluted share.
These non-GAAP measures should not be considered a substitute
for, or superior to, financial measures and results calculated in
accordance with GAAP, including net income, and reconciliations to
GAAP financial statements should be carefully evaluated.
Operating EBITDA is defined as earnings before interest, taxes,
depreciation, amortization, stock-based compensation, and other
non-operating income and expense, as well as certain charges in
connection with the Company's acquisitions of Walker Group
Holdings, LLC ("Walker") in May 2012 and certain assets of Beall
Corporation ("Beall") in February 2013. Management believes
operating EBITDA provides useful information to investors regarding
our results of operations. The Company provides this measure
because we believe it is useful for investors to understand our
performance period to period with the exclusion of the recurring
and non-recurring items identified above. Management believes
the presentation of operating EBITDA, when combined with the
primary GAAP presentation of operating income, is beneficial to an
investor's understanding of the Company's operating
performance. A reconciliation of operating EBITDA to net
income is included in the tables following this release.
Adjusted earnings and adjusted earnings per diluted share
reflect adjustments for non-recurring charges related to the
Company's acquisitions of Walker and certain assets of Beall,
losses incurred in connection with the Company's extinguishment of
debt, revaluation of deferred income tax assets due to changes in
statutory tax rates and net losses recognized upon transitioning
certain retail assets to independent dealer
facilities. Management believes providing this measure and
excluding these items facilitate comparisons to the Company's prior
year periods and, when combined with the primary GAAP presentation
of net income and diluted net income per share, is beneficial to an
investor's understanding of the Company's performance. A
reconciliation of adjusted earnings and adjusted earnings per
diluted share to net income and diluted net income per share is
included in the tables following this release.
Second Quarter 2014 Conference
Call
Wabash National will conduct a conference call to review and
discuss its second quarter results on July 30, 2014, at 10:00 a.m.
EDT. Access to the live webcast will be available on the
Company's website at www.wabashnational.com. For those unable
to participate in the live webcast, the call will be archived at
www.wabashnational.com within three hours of the conclusion of the
live call and will remain available through October 22,
2014. Meeting access also will be available via conference
call at 888-771-4371, participant code 37674444.
About Wabash National
Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation
(NYSE:WNC) is a diversified industrial manufacturer and North
America's leading producer of semi trailers and liquid
transportation systems. Established in 1985, the Company
specializes in the design and production of dry freight vans,
refrigerated vans, platform trailers, liquid tank trailers,
intermodal equipment, engineered products, and composite
products. Its innovative products are sold under the following
brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®,
ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier
Systems, Walker Engineered Products, Brenner® Tank, Beall®,
Garsite, Progress Tank, TST®, Bulk Tank International and Extract
Technology®. To learn more, visit www.wabashnational.com.
Safe Harbor Statement
This press release contains certain forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements convey the Company's current
expectations or forecasts of future events. All statements
contained in this press release other than statements of historical
fact are forward-looking statements. These forward-looking
statements include, among other things, statements regarding our
outlook for trailer shipments, backlog, and the expectations
regarding our growth and diversification strategies, expectations
regarding trailer demand levels, and our belief that 2014 has the
potential to exceed the record performances achieved in the
previous year. These and the Company's other forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those implied
by the forward-looking statements. Without limitation, these risks
and uncertainties include the uncertain economic conditions
including the possibility that demand expectations may not result
in order increases for us, increased competition, reliance on
certain customers and corporate partnerships, risks of customer
pick-up delays, shortages and costs of raw materials, risks in
implementing and sustaining improvements in our manufacturing
capacity and cost containment, dependence on industry trends and
timing, costs of indebtedness incurred in connection with the
acquisition of Walker and the failure to achieve the benefit of the
Walker acquisition and Beall asset purchase. Readers should
review and consider the various disclosures made by the Company in
this press release and in the Company's reports to its stockholders
and periodic reports on Forms 10-K and 10-Q.
|
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June
30, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net sales |
$ 486,021 |
$ 413,126 |
$ 844,141 |
$ 737,355 |
Cost of sales |
424,408 |
354,273 |
735,856 |
636,316 |
Gross profit |
61,613 |
58,853 |
108,285 |
101,039 |
|
|
|
|
|
General and administrative expenses |
15,461 |
14,974 |
29,933 |
28,649 |
Selling expenses |
6,826 |
7,734 |
14,090 |
15,401 |
Amortization of intangibles |
5,471 |
5,454 |
10,942 |
10,824 |
Acquisition expenses |
-- |
239 |
-- |
857 |
Income from operations |
33,855 |
30,452 |
53,320 |
45,308 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense |
(5,733) |
(6,577) |
(11,450) |
(14,112) |
Other, net |
(1,048) |
(333) |
(1,016) |
1,905 |
Income before income taxes |
27,074 |
23,542 |
40,854 |
33,101 |
Income tax expense |
10,835 |
9,407 |
17,319 |
13,231 |
Net income |
$ 16,239 |
$ 14,135 |
$ 23,535 |
$ 19,870 |
Basic net income per share |
$ 0.23 |
$ 0.20 |
$ 0.34 |
$ 0.29 |
Diluted net income per share |
$ 0.23 |
$ 0.20 |
$ 0.33 |
$ 0.29 |
|
|
|
|
|
Comprehensive income |
|
|
|
|
Net income |
$ 16,239 |
$ 14,135 |
$ 23,535 |
$ 19,870 |
Foreign currency translation
adjustment |
89 |
(88) |
250 |
(343) |
Net comprehensive income |
$ 16,328 |
$ 14,047 |
$ 23,785 |
$ 19,527 |
|
|
|
|
|
|
|
|
|
|
Basic net income per share: |
|
|
|
|
Net income applicable to common
stockholders |
$ 16,239 |
$ 14,135 |
$ 23,535 |
$ 19,870 |
Undistributed earnings allocated to
participating securities |
(88) |
(112) |
(189) |
(169) |
Net income applicable to common
stockholders excluding amounts applicable to participating
securities |
$ 16,151 |
$ 14,023 |
$ 23,346 |
$ 19,701 |
Weighted average common shares
outstanding |
68,938 |
68,442 |
68,805 |
68,419 |
Basic net income per share |
$ 0.23 |
$ 0.20 |
$ 0.34 |
$ 0.29 |
|
|
|
|
|
Diluted net income per share: |
|
|
|
|
Net income applicable to common
stockholders |
$ 16,239 |
$ 14,135 |
$ 23,535 |
$ 19,870 |
Undistributed earnings allocated to
participating securities |
(88) |
(112) |
(189) |
(169) |
Net income applicable to common
stockholders excluding amounts applicable to participating
securities |
$ 16,151 |
$ 14,023 |
$ 23,346 |
$ 19,701 |
|
|
|
|
|
Weighted average common shares
outstanding |
68,938 |
68,442 |
68,805 |
68,419 |
Dilutive shares from assumed conversion
of convertible senior notes |
1,877 |
-- |
1,734 |
-- |
Dilutive stock options and restricted
stock |
742 |
416 |
785 |
425 |
Diluted weighted average common shares
outstanding |
71,557 |
68,858 |
71,324 |
68,844 |
Diluted net income per share |
$ 0.23 |
$ 0.20 |
$ 0.33 |
$ 0.29 |
|
|
WABASH NATIONAL
CORPORATION |
SEGMENTS AND RELATED
INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Commercial |
Diversified |
|
Corporate and |
|
Three Months Ended June
30, |
Trailer
Products |
Products |
Retail |
Eliminations |
Consolidated |
2014 |
|
|
|
|
|
New trailers shipped |
13,900 |
850 |
950 |
(750) |
14,950 |
Used trailers shipped |
1,150 |
50 |
550 |
-- |
1,750 |
|
|
|
|
|
|
New Trailers |
$ 322,689 |
$ 54,090 |
$ 24,311 |
$ (16,508) |
$ 384,582 |
Used Trailers |
8,584 |
1,259 |
5,167 |
-- |
15,010 |
Components, parts and service |
833 |
33,930 |
21,159 |
(4,084) |
51,838 |
Equipment and other |
3,547 |
45,764 |
947 |
(15,667) |
34,591 |
Total net external sales |
$ 335,653 |
$ 135,043 |
$ 51,584 |
$ (36,259) |
$ 486,021 |
|
|
|
|
|
|
Gross profit |
$ 28,793 |
$ 25,176 |
$ 5,748 |
$ 1,896 |
$ 61,613 |
Income (Loss) from operations |
$ 23,087 |
$ 12,739 |
$ 1,281 |
$ (3,252) |
$ 33,855 |
|
|
|
|
|
|
2013 |
|
|
|
|
|
New trailers shipped |
10,700 |
750 |
850 |
(900) |
11,400 |
Used trailers shipped |
750 |
50 |
300 |
-- |
1,100 |
|
|
|
|
|
|
New Trailers |
$ 254,674 |
$ 51,232 |
$ 22,864 |
$ (21,826) |
$ 306,944 |
Used Trailers |
6,265 |
671 |
3,657 |
-- |
10,593 |
Components, parts and service |
2,598 |
33,761 |
20,225 |
(3,682) |
52,902 |
Equipment and other |
2,298 |
49,803 |
1,390 |
(10,804) |
42,687 |
Total net external sales |
$ 265,835 |
$ 135,467 |
$ 48,136 |
$ (36,312) |
$ 413,126 |
|
|
|
|
|
|
Gross profit |
$ 21,123 |
$ 31,744 |
$ 5,519 |
$ 467 |
$ 58,853 |
Income (Loss) from operations |
$ 14,555 |
$ 19,262 |
$ 1,261 |
$ (4,626) |
$ 30,452 |
|
|
|
|
|
|
Six Months Ended June
30, |
|
|
|
|
|
2014 |
|
|
|
|
|
New trailers shipped |
23,150 |
1,700 |
1,700 |
(1,650) |
24,900 |
Used trailers shipped |
2,850 |
100 |
900 |
-- |
3,850 |
|
|
|
|
|
|
New Trailers |
$ 536,124 |
$ 108,938 |
$ 44,582 |
$ (36,944) |
$ 652,700 |
Used Trailers |
19,832 |
2,437 |
8,806 |
-- |
31,075 |
Components, parts and service |
1,450 |
57,139 |
42,132 |
(7,185) |
93,536 |
Equipment and other |
5,697 |
86,478 |
1,700 |
(27,045) |
66,830 |
Total net external sales |
$ 563,103 |
$ 254,992 |
$ 97,220 |
$ (71,174) |
$ 844,141 |
|
|
|
|
|
|
Gross profit |
$ 43,734 |
$ 50,615 |
$ 11,129 |
$ 2,807 |
$ 108,285 |
Income (Loss) from operations |
$ 32,018 |
$ 25,596 |
$ 2,331 |
$ (6,625) |
$ 53,320 |
|
|
|
|
|
|
2013 |
|
|
|
|
|
New trailers shipped |
18,700 |
1,400 |
1,450 |
(1,550) |
20,000 |
Used trailers shipped |
1,400 |
100 |
600 |
-- |
2,100 |
|
|
|
|
|
|
New Trailers |
$ 443,652 |
$ 94,753 |
$ 39,807 |
$ (35,802) |
$ 542,410 |
Used Trailers |
11,315 |
1,620 |
6,310 |
(5) |
19,240 |
Components, parts and service |
5,417 |
54,823 |
40,188 |
(6,239) |
94,189 |
Equipment and other |
3,526 |
96,287 |
2,674 |
(20,971) |
81,516 |
Total net external sales |
$ 463,910 |
$ 247,483 |
$ 88,979 |
$ (63,017) |
$ 737,355 |
|
|
|
|
|
|
Gross profit |
$ 32,757 |
$ 57,672 |
$ 10,399 |
$ 211 |
$ 101,039 |
Income (Loss) from operations |
$ 19,873 |
$ 32,782 |
$ 2,134 |
$ (9,481) |
$ 45,308 |
|
|
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(Dollars in
thousands) |
|
|
|
|
June 30, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 82,332 |
$ 113,262 |
Accounts receivable |
131,525 |
120,358 |
Inventories |
256,083 |
184,173 |
Deferred income taxes |
14,874 |
21,576 |
Prepaid expenses and other |
7,521 |
9,632 |
Total current assets |
$ 492,335 |
$ 449,001 |
|
|
|
Property, plant and equipment |
136,771 |
142,082 |
|
|
|
Deferred income taxes |
251 |
1,401 |
|
|
|
Goodwill |
149,404 |
149,967 |
|
|
|
Intangible assets |
148,364 |
159,181 |
|
|
|
Other assets |
12,783 |
10,613 |
|
$ 939,908 |
$ 912,245 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities |
|
|
Current portion of long-term debt |
$ 3,255 |
$ 3,245 |
Current portion of capital lease
obligations |
1,512 |
1,609 |
Accounts payable |
128,355 |
112,151 |
Other accrued liabilities |
92,373 |
99,358 |
Total current liabilities |
$ 225,495 |
$ 216,363 |
|
|
|
Long-term debt |
340,104 |
358,890 |
|
|
|
Capital lease obligations |
6,459 |
6,851 |
|
|
|
Deferred income taxes |
960 |
1,234 |
|
|
|
Other noncurrent liabilities |
17,084 |
6,528 |
|
|
|
Commitments and contingencies |
349,806 |
322,379 |
|
|
|
Stockholders' equity |
$ 939,908 |
$ 912,245 |
|
WABASH NATIONAL
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Six Months Ended June
30, |
|
2014 |
2013 |
|
|
|
Cash flows from operating activities |
|
|
Net income |
$ 23,535 |
$ 19,870 |
Adjustments to reconcile net income to
net cash (used in) provided by operating activities |
|
|
Depreciation |
8,422 |
8,483 |
Amortization of intangibles |
10,942 |
10,824 |
Loss on debt extinguishment |
533 |
698 |
Deferred income taxes |
16,709 |
13,073 |
Stock-based compensation |
3,598 |
3,908 |
Accretion of debt discount |
2,409 |
2,268 |
Changes in operating assets and
liabilities |
|
|
Accounts receivable |
(11,167) |
(27,933) |
Inventories |
(75,823) |
(53,255) |
Prepaid expenses and other |
2,111 |
160 |
Accounts payable and accrued
liabilities |
9,078 |
26,592 |
Other, net |
1,184 |
1,952 |
Net cash (used in) provided by operating
activities |
$ (8,469) |
$ 6,640 |
|
|
|
Cash flows from investing activities |
|
|
Capital expenditures |
(4,152) |
(6,579) |
Acquisition, net of cash acquired |
-- |
(15,985) |
Other |
4,223 |
2,500 |
Net cash provided by (used in) investing
activities |
$ 71 |
$ (20,064) |
|
|
|
Cash flows from financing activities |
|
|
Proceeds from exercise of stock
options |
1,655 |
191 |
Borrowings under revolving credit
facilities |
366 |
651 |
Payments under revolving credit
facilities |
(366) |
(651) |
Principal payments under capital lease
obligations |
(1,070) |
(884) |
Principal payments under term loan credit
facility |
(21,385) |
(20,750) |
Principal payments under industrial
revenue bond |
(235) |
(151) |
Debt issuance costs paid |
-- |
(981) |
Stock repurchase |
(1,497) |
(35) |
Net cash used in financing
activities |
$ (22,532) |
$ (22,610) |
|
|
|
Net decrease in cash and cash
equivalents |
$ (30,930) |
$ (36,034) |
Cash and cash equivalents at beginning of
period |
113,262 |
81,449 |
Cash and cash equivalents at end of
period |
$ 82,332 |
$ 45,415 |
|
|
|
|
|
|
|
|
|
|
WABASH NATIONAL
CORPORATION |
|
|
|
|
RECONCILIATION OF GAAP
FINANCIAL MEASURES TO |
|
|
|
|
NON-GAAP FINANCIAL
MEASURES |
|
|
|
|
(Dollars in thousands, except
per share amounts) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
|
|
|
|
June 30, |
June 30, |
|
|
|
|
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
Net income |
$ 16,239 |
$ 14,135 |
$ 23,535 |
$ 19,870 |
|
|
|
|
Income tax expense |
10,835 |
9,407 |
17,319 |
13,231 |
|
|
|
|
Interest expense |
5,733 |
6,577 |
11,450 |
14,112 |
|
|
|
|
Depreciation and amortization |
9,851 |
9,531 |
19,364 |
19,307 |
|
|
|
|
Stock-based compensation |
1,958 |
2,024 |
3,598 |
3,908 |
|
|
|
|
Acquisition expenses and related charges |
-- |
239 |
-- |
857 |
|
|
|
|
Other non-operating expense (income) |
1,048 |
333 |
1,016 |
(1,905) |
|
|
|
|
Operating EBITDA |
$ 45,664 |
$ 42,246 |
$ 76,282 |
$ 69,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
September 30, |
December 31, |
March 31, |
|
|
|
|
|
|
2013 |
2013 |
2014 |
|
|
|
|
|
Net income |
$ 16,236 |
$ 10,423 |
$ 7,296 |
|
|
|
|
|
Income tax expense |
10,737 |
7,126 |
6,484 |
|
|
|
|
|
Interest expense |
6,252 |
5,944 |
5,717 |
|
|
|
|
|
Depreciation and amortization |
9,400 |
9,629 |
9,513 |
|
|
|
|
|
Stock-based compensation |
1,617 |
1,955 |
1,640 |
|
|
|
|
|
Acquisition expenses and related charges |
26 |
-- |
-- |
|
|
|
|
|
Other non-operating expense (income) |
605 |
560 |
(32) |
|
|
|
|
|
Operating EBITDA |
$ 44,873 |
$ 35,637 |
$ 30,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings: |
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
Six Months Ended June
30, |
|
2014 |
2013 |
2014 |
2013 |
|
$ |
Per Share |
$ |
Per Share |
$ |
Per Share |
$ |
Per Share |
|
|
|
|
|
|
|
|
|
Net Income |
$ 16,239 |
$ 0.23 |
$ 14,135 |
$ 0.21 |
$ 23,535 |
$ 0.33 |
$ 19,870 |
$ 0.29 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Loss on debt extinguishment, net of
taxes |
320 |
-- |
419 |
0.01 |
307 |
-- |
419 |
0.01 |
Acquisition expenses, net of taxes |
-- |
-- |
143 |
-- |
-- |
-- |
514 |
0.01 |
Revaluation of net deferred income tax
assets due to changes in statutory tax rates |
-- |
-- |
-- |
-- |
1,041 |
0.01 |
-- |
-- |
Loss on transitioning Retail branch
locations, net of tax |
365 |
0.01 |
-- |
-- |
350 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ 16,924 |
$ 0.24 |
$ 14,697 |
$ 0.21 |
$ 25,233 |
$ 0.35 |
$ 20,803 |
$ 0.30 |
|
|
|
|
|
|
|
|
|
Weighted Average # of Diluted Shares O/S |
71,557 |
|
68,858 |
|
71,324 |
|
68,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2013 |
December 31, 2013 |
March 31, 2014 |
|
|
|
$ |
Per Share |
$ |
Per Share |
$ |
Per Share |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ 16,236 |
$ 0.24 |
$ 10,423 |
$ 0.15 |
$ 7,296 |
$ 0.10 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Loss on debt extinguishment, net of
taxes |
364 |
0.01 |
347 |
-- |
-- |
-- |
|
|
Acquisition expenses, net of taxes |
16 |
-- |
-- |
-- |
-- |
-- |
|
|
Revaluation of net deferred income tax
assets due to changes in statutory tax rates |
-- |
-- |
-- |
-- |
1,041 |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ 16,616 |
$ 0.24 |
$ 10,770 |
$ 0.15 |
$ 8,337 |
$ 0.12 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average # of Diluted Shares O/S |
69,011 |
|
69,625 |
|
71,088 |
|
|
|
CONTACT: Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Jeff Taylor
Senior Vice President and Chief Financial Officer
(765) 771-5438
jeff.taylor@wabashnational.com
Wabash National (NYSE:WNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wabash National (NYSE:WNC)
Historical Stock Chart
From Sep 2023 to Sep 2024