UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2014
ALBANY MOLECULAR RESEARCH, INC.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
001-35622 |
14-1742717 |
|
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
| 26 Corporate Circle, Albany, NY |
12212 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (518) 512-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
( see General Instruction A.2. below) :
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 |
Results of Operations and Financial Conditions |
On August 5, 2014, Albany Molecular Research, Inc. (the “Company”)
issued a press release announcing its financial results for the second quarter ended June 30, 2014. That release referred to certain
attached financial highlights for the second quarter ended June 30, 2014. The full text of the press release, including the financial
tables referred to within the release, which were posted on the Company’s internet website, is furnished in Exhibit 99.1
hereto and is incorporated by reference herein.
| Item 9.01 |
Financial Statement and Exhibits |
| |
(d) |
Exhibits |
| |
|
|
|
| |
|
99.1 |
Press release and financial tables dated August 5, 2014, issued by Albany Molecular Research, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 5, 2014 |
ALBANY MOLECULAR RESEARCH, INC. |
| |
|
|
| |
By: |
/s/ Michael M. Nolan |
| |
|
Name: |
Michael M. Nolan |
|
|
Title: |
Senior Vice President, Chief Financial Officer and
Treasurer |
Exhibit 99.1
AMRI Announces Second Quarter 2014 Results
Total Revenue of $68.2 million, including
Contract Revenue of $61.5 Million, up 15%
Adjusted Diluted EPS of $0.22, up
100%
Company Increases 2014 Adjusted EPS Guidance
to $0.87 - $0.92 to Reflect Addition of OsoBio and Strengthening Contract Business
Albany, NY (August 5, 2014) – AMRI (NASDAQ: AMRI) today
reported financial and operating results for the second quarter ended June 30, 2014.
Highlights:
| · | Second quarter contract revenue of
$61.5 million, up 21% from 2013 |
| · | Second quarter adjusted diluted EPS
of $0.22 vs. $0.11 in 2013 |
| · | Expanded second quarter contract margins
to 27% from 16% in 2013 |
| · | Acquired Oso Biopharmaceuticals Manufacturing,
expanding contract manufacturing capabilities to include commercial scale, complex injectable drug product |
Updated Financial Guidance 2014:
| · | Full year contract revenue guidance
increased to between $275 and $283 million, an increase of 33% at the midpoint |
| · | Royalty revenue guidance of $25 million |
| · | Adjusted EBITDA between $59 and $63
million, up 24% at the midpoint |
| · | Adjusted diluted EPS range between
$0.87 and $0.92, compared to $0.70 in 2013, an increase of 28% at the midpoint, despite a $10 to $12 million decrease in estimated
royalties from Allegra |
| · | Operating cash flow of $27 to $30 million |
Adjusted diluted EPS and adjusted EBITDA
are non-GAAP measures, which exclude certain items detailed later in this press release under the heading “Non-GAAP Adjustment
Items.” Reconciliations of these non-GAAP measures to GAAP measures are included in Tables 1 and 2 at the end of this press
release.
“We are very pleased with our results this quarter, highlighted
by a 34% growth in our large scale manufacturing business and the addition of Cedarburg Pharmaceuticals,” said William S.
Marth, AMRI’s president and chief executive officer. “Importantly, contract margins improved across our entire operations
as a result of increased capacity utilization and the addition of the higher margin Cedarburg Pharmaceuticals business.”
“We continue to see growth in our pipeline of discovery
and development programs, notably the expansion of our innovative Insourcing chemistry program, together with the addition of new
development and supply programs in our API and Drug Product divisions,” continued Mr. Marth. “Based on anticipated
continued growth of our business and the recent addition of OsoBio, we are raising our outlook for 2014 with contract revenue growth
of 33% and adjusted diluted EPS growth of 29% at the midpoint.”
Second Quarter 2014 Results
Total revenue for the second quarter
of 2014 was $68.2 million, an increase of 15% compared to total revenue of $59.3 million reported in the second quarter of 2013.
Total contract revenue for the second
quarter of 2014 was $61.5 million, an increase of 21% compared to contract revenue of $50.8 million reported in the second quarter
of 2013. Contract margins were 26.7% for the second quarter of 2014, compared with 16.4% for the second quarter of 2013, driven
by increased capacity utilization and the addition of Cedarburg Pharmaceuticals.
Royalty revenue in the second quarter of 2014 was $6.7 million,
a decrease of 21% from $8.5 million in the second quarter of 2013. Royalty revenue for the second quarter of 2014 includes royalties
from the Allegra® products as well as $2.5 million from the net sales of certain amphetamine salts sold by Actavis.
Net income under U.S. GAAP was $3.7 million, or $0.11 per diluted
share, in the second quarter of 2014, compared to a U.S. GAAP net loss of $(2.5) million, or $(0.08) per basic and diluted share
for the second quarter of 2013. Net income on an adjusted basis in the second quarter of 2014 was $7.1 million or $0.22 per diluted
share, compared to adjusted net income of $3.6 million or $0.11 per diluted share. Net income on an adjusted basis excludes the
following items that are included under U.S. GAAP: the impact of restructuring charges, executive transition costs, convertible
debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing
costs, non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance
demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments,
and postretirement benefit plan settlement gains.
Year to Date
Total revenue for the six-month period
ended June 30, 2014 was $127.5 million, an increase of 7% compared to total revenue of $118.7 million for the same period in 2013.
Total contract revenue for the first
six months of 2014 was $112.5 million, an increase of 16% compared to contract revenue of $97.3 million for the same period in
2013.
Royalty revenue for the first six months of 2014 was $15.0 million,
a decrease of 30% from $21.4 million in 2013. Royalty revenue for the six-month period ended June 30, 2014 includes royalties from
the Allegra® products as well as $4.8 million from the net sales of certain amphetamine salts sold by Actavis.
Net income under U.S. GAAP for the first half of 2014 was $7.2
million, or $0.22 per diluted share, compared to U.S. GAAP net income of $3.8 million, or $0.12 per diluted share for the first
half of 2013. Net income on an adjusted basis in the first half of 2014 was $12.2 million or $0.37 per diluted share, compared
to adjusted net income of $10.6 million or $0.34 per share in 2013.
For a reconciliation
of U.S. GAAP net income (loss) and earnings (loss) per diluted share as reported to adjusted net income (loss) and earnings (loss)
per diluted share for the 2014 and 2013 reporting periods, please see Table 1 at the end of this press release. Financial
results for the three and six months ended June 30, 2013 have been updated from previously reported amounts to reflect prior period
income tax adjustments identified during the second quarter of 2014. The Company considers the adjustments to be immaterial
to the impacted periods.
Segment Results
Discovery Services and Development/Small
Scale Manufacturing
Discovery Services and Development/Small
Scale Manufacturing (DDS) contract revenue for the second quarter of 2014 was $19.5 million, consistent with the second quarter
of 2013 as decreases in Discovery Services were offset by increases in Development/Small Scale Manufacturing. DDS contract margins
were 19.1% for the second quarter of 2014, compared with 13.1% for the second quarter of 2013, driven by a stronger mix of business
and the benefit of cost reduction initiatives in both Discovery Services and Development/ Small Scale Manufacturing.
DDS contract revenue for the first
half of 2014 was $39.0 million, a decrease of 2% from the first half of 2013 as decreases in Discovery Services were largely offset
by increases in Development/Small Scale Manufacturing. DDS contract margins were 17.8% for the first half of 2014, compared with
14.9% for the first half of 2013.
Large Scale Manufacturing
Large Scale Manufacturing (LSM) contract
revenue for the second quarter of 2014 was $42.0 million, an increase of 34% from $31.3 million in 2013. LSM contract revenue for
the second quarter of 2014 includes $5.5 million of revenues from the Cedarburg Pharmaceuticals business that was acquired in April
2014. LSM adjusted contract margins were 30.5% in the second quarter of 2014, compared with 18.4% for the second quarter of 2013,
driven by increased capacity utilization and improved mix including the Cedarburg business.
LSM contract revenue for the first
half of 2014 was $73.5 million, an increase of 27% from $57.7 million in 2013. LSM adjusted contract margins were 25.9% in the
first half of 2014, compared with 19.2% for the first half of 2013.
Liquidity and Capital Resources
At June 30, 2014, AMRI had cash, cash equivalents and restricted
cash of $136.9 million, compared to $171.0 million at March 31, 2014. The decrease in cash and cash equivalents for the quarter
ended June 30, 2014 was primarily due to the use of $38.7 million to acquire Cedarburg Pharmaceuticals, $4.8 million in debt payments,
and $3.5 million of capital expenditures, offset by cash flow from operations of $12.4 million. Total common shares outstanding,
net of treasury shares, were 32,419,424 at June 30, 2014. Since the close of the second quarter we subsequently used $109.3 million
of cash to acquire the Oso Biopharmaceuticals Manufacturing business.
Second Quarter Results Conference Call
The conference call can be accessed by dialing 888-438-5525
(domestic calls) or 719-325-2354 (international calls) at 9:50 a.m. ET and entering passcode 9752010. The audio webcast will be
available live via the Internet and can be accessed on the company’s website at www.amriglobal.com.
Replay of the conference call can be accessed by dialing 888-203-1112
(domestic calls) or 719-457-0820 (international calls) and entering passcode 9752010 from Tuesday, August 5, 2014 at 2:00 p.m.
ET to Wednesday, August 6, 2014 at 2:00 p.m. ET. Replay of the audio webcast can also be accessed for up to 90 days after the call
via the investor area of the company’s website at www.amriglobal.com/investor_relations/.
About AMRI
Albany Molecular Research Inc. (AMRI)
is a global contract research and manufacturing organization that has been working with the Life Sciences industry to improve patient
outcomes and the quality of life for more than two decades. With locations in North America, Europe and Asia, our key business
segments include Large Scale Manufacturing (LSM) and Discovery and Development Solutions (DDS). The LSM segment includes Active
Pharmaceutical Ingredients (API) and Drug Product Manufacturing, which supports the commercial cGMP manufacturing of complex APIs,
starting materials, clinical formulation development and aseptic fill and finish. Our DDS segment provides comprehensive services
from hit identification to IND, including expertise with diverse chemistry, library design and synthesis, in vitro biology
and pharmacology, drug metabolism and pharmacokinetics, as well as natural products. For more information about AMRI, please visit
our website at www.amriglobal.com or follow us on Twitter (@amriglobal).
Forward-looking Statements
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These
statements include, but are not limited to, statements regarding the company's estimates of revenue, contract revenue, adjusted
EBITDA adjusted diluted earnings per share for the full year 2014, statements made by the company's Chief Executive Officer, including
statements under the caption “Updated Financial Guidance,” statements regarding the strength of the company’s
business and prospects, statements regarding the impact of recent acquisition activity, and statements concerning the company’s
momentum and long-term growth, including expected results for 2014. Readers should not place undue reliance on our forward-looking
statements. The company’s actual results may differ materially from such forward-looking statements as a result of numerous
factors, some of which the company may not be able to predict and may not be within the company’s control. Factors that could
cause such differences include, but are not limited to, trends in pharmaceutical and biotechnology companies’ outsourcing
of chemical research and development, including softness in these markets; sales of Allegra® and the impact of the “at-risk”
launch of generic Allegra®, the OTC conversion of Allegra® and the generic and OTC sales of Allegra in Japan on the company’s
receipt of significant royalties under the Allegra® license agreement; the success of the sales of other products for which
the company receives royalties; the risk that the company will not be able to replicate either in the short or long term the revenue
stream that has been derived from the royalties payable under the Allegra® license agreements; the risk that clients may terminate
or reduce demand under any strategic or multi-year deal; the company’s ability to enforce its intellectual property and technology
rights; the company’s ability to obtain financing sufficient to meet its business needs; the company’s ability to successfully
comply with heightened FDA scrutiny on aseptic fill/finish operations; the results of further FDA inspections; the company’s
ability to effectively maintain compliance with applicable FDA and DEA regulations; the company’s ability to integrate past
or future acquisitions, including Cedarburg Pharmaceuticals and Oso Biopharmaceuticals Manufacturing , and make such acquisitions
accretive to the company’s business model, the company’s ability to take advantage of proprietary technology and expand
the scientific tools available to it, the ability of the company’s strategic investments and acquisitions to perform as expected,
as well as those risks discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed
with the Securities and Exchange Commission on March 17, 2014, and the company's other SEC filings. Revenue, contract revenue,
adjusted diluted EPS, adjusted EBITDA and other financial guidance offered by senior management today represent a point-in-time
estimate and are based on information as of the date of this press release. Senior management has made numerous assumptions in
providing this guidance which, while believed to be reasonable, may not prove to be accurate. Numerous factors, including those
noted above, may cause actual results to differ materially from the guidance provided. The company expressly disclaims any current
intention or obligation to update the guidance provided or any other forward-looking statement in this press release to reflect
future events or changes in facts assumed for purposes of providing this guidance or otherwise affecting the forward-looking statements
contained in this press release.
Non-GAAP Adjustment Items
To supplement our financial results
prepared in accordance with U.S. GAAP, we have presented non-GAAP measures of income (loss) from operations, net income (loss)
and income (loss) per diluted share, as adjusted to exclude certain restructuring charges, executive transition costs, convertible
debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing
costs, non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance
demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments,
and postretirement benefit plan settlement gains in the 2014 and 2013 periods. We have also presented non-GAAP measures of adjusted
EBITDA, which in addition to the items excluded above, further excluded the impact of interest income and expense, depreciation
and amortization expense, and income tax expense or benefit. Exclusion of these non-recurring items allow comparisons of operating
results that are consistent over time. We believe presentation of these non-GAAP measures enhances an overall understanding of
our historical financial performance because we believe they are an indication of the performance of our base business. Management
uses these non-GAAP measures as a basis for evaluating our financial performance as well as for budgeting and forecasting of future
periods. For these reasons, we believe they can be useful to investors. The presentation of this additional information should
not be considered in isolation or as a substitute for income (loss) from operations, net income (loss) or income (loss) per diluted
share prepared in accordance with U.S. GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial
measures are set forth in Tables 1 and 2. Our projected 2014 adjusted EPS and EBITDA, however, are only provided on an adjusted
basis. It is not feasible to provide GAAP EPS guidance because the items excluded are difficult to predict and estimate and are
primarily dependent on future events.
Contacts:
Investors: Michael Nolan, AMRI Chief Financial Officer, 518-512-2261
Media: Gina Rothe, AMRI Communications, 518-512-2512
Albany Molecular Research, Inc.
Condensed Consolidated Statements of
Operations (unaudited)
| | |
Three Months Ended | | |
Six Months Ended | |
| (Dollars in thousands, except for per share data) | |
June 30, 2014 | | |
June 30, 2013 | | |
June 30, 2014 | | |
June 30, 2013 | |
| | |
| | |
| | |
| | |
| |
| Contract revenue | |
$ | 61,474 | | |
$ | 50,764 | | |
$ | 112,512 | | |
$ | 97,257 | |
| Recurring royalties | |
| 6,705 | | |
| 8,528 | | |
| 14,988 | | |
| 21,441 | |
| Total revenue | |
| 68,179 | | |
| 59,292 | | |
| 127,500 | | |
| 118,698 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of contract revenue | |
| 45,038 | | |
| 42,450 | | |
| 86,648 | | |
| 80,272 | |
| Technology incentive award | |
| 424 | | |
| 569 | | |
| 1,017 | | |
| 1,683 | |
| Research and development | |
| 128 | | |
| 171 | | |
| 207 | | |
| 276 | |
| Selling, general and administrative | |
| 12,747 | | |
| 12,454 | | |
| 23,376 | | |
| 22,003 | |
| Postretirement benefit plan settlement gain | |
| - | | |
| - | | |
| (1,285 | ) | |
| - | |
| Restructuring charges | |
| 1,042 | | |
| 4,953 | | |
| 1,272 | | |
| 5,832 | |
| Property and equipment impairment charges | |
| 3,718 | | |
| 906 | | |
| 3,718 | | |
| 1,440 | |
| Total operating expenses | |
| 63,097 | | |
| 61,503 | | |
| 114,953 | | |
| 111,506 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) from operations | |
| 5,082 | | |
| (2,211 | ) | |
| 12,547 | | |
| 7,192 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expense, net | |
| (3,065 | ) | |
| (137 | ) | |
| (5,681 | ) | |
| (274 | ) |
| Other (expense) income, net | |
| (192 | ) | |
| 377 | | |
| (232 | ) | |
| 884 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) before income taxes | |
| 1,825 | | |
| (1,971 | ) | |
| 6,634 | | |
| 7,802 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax (benefit) expense | |
| (1,899 | ) | |
| 504 | | |
| (590 | ) | |
| 4,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
$ | 3,724 | | |
$ | (2,475 | ) | |
$ | 7,224 | | |
$ | 3,802 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic income (loss) per share | |
$ | 0.12 | | |
$ | (0.08 | ) | |
$ | 0.23 | | |
$ | 0.12 | |
Diluted income (loss) per share | |
$ | 0.11 | | |
$ | (0.08 | ) | |
$ | 0.22 | | |
$ | 0.12 | |
Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
(unaudited)
| (Dollars in thousands) | |
June 30,
2014 | | |
December 31,
2013 | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | 130,417 | | |
$ | 175,928 | |
| Restricted cash | |
| 6,467 | | |
| 714 | |
| Accounts receivable, net | |
| 58,480 | | |
| 52,216 | |
| Royalty income receivable | |
| 6,541 | | |
| 7,523 | |
| Inventory | |
| 44,277 | | |
| 31,991 | |
| Total current assets | |
| 260,818 | | |
| 279,019 | |
| Restricted cash | |
| - | | |
| 3,810 | |
| Property and equipment, net | |
| 131,619 | | |
| 127,775 | |
| Total assets | |
| 520,150 | | |
| 445,268 | |
| | |
| | | |
| | |
| Total current liabilities | |
| 50,168 | | |
| 48,849 | |
| Long-term debt, excluding current installments, net of unamortized discount | |
| 122,154 | | |
| 123,135 | |
| Total liabilities | |
| 266,877 | | |
| 204,511 | |
| Total stockholders’ equity | |
| 253,273 | | |
| 240,757 | |
| Total liabilities and stockholders’ equity | |
| 520,150 | | |
| 445,268 | |
Table 1: Reconciliation of three and six months ended June 30,
2014 and 2013 reported income (loss) from operations, net income (loss) and earnings (loss) per diluted share to adjusted income
from operations, adjusted net income and adjusted earnings per share:
(Dollars in thousands, except for per share data)
Non-GAAP Measures
| | |
Second Quarter | | |
Second Quarter | | |
YTD | | |
YTD | |
| | |
2014 | | |
2013 | | |
June 30, 2014 | | |
June 30, 2013 | |
| Income (loss) from operations, as reported | |
$ | 5,082 | | |
$ | (2,211 | ) | |
$ | 12,547 | | |
$ | 7,192 | |
| Impairment charges | |
| 3,718 | | |
| 906 | | |
| 3,718 | | |
| 1,440 | |
| Restructuring charges | |
| 1,042 | | |
| 4,953 | | |
| 1,272 | | |
| 5,832 | |
| Executive transition costs | |
| (14 | ) | |
| 386 | | |
| 626 | | |
| 386 | |
| Business acquisition costs | |
| 1,346 | | |
| | | |
| 1,668 | | |
| - | |
| Purchase accounting depreciation and amortization | |
| 275 | | |
| | | |
| 275 | | |
| | |
| Postretirement benefit plan settlement gain | |
| - | | |
| | | |
| (1,285 | ) | |
| - | |
| Litigation settlement | |
| - | | |
| 1,920 | | |
| - | | |
| 1,920 | |
| Income from operations, as adjusted | |
$ | 11,449 | | |
$ | 5,954 | | |
$ | 18,821 | | |
$ | 16,770 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss), as reported | |
$ | 3,724 | | |
$ | (2,475 | ) | |
$ | 7,224 | | |
$ | 3,802 | |
| Adjustments, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Impairment charges | |
| 2,417 | | |
| 906 | | |
| 2,417 | | |
| 1,253 | |
| Restructuring charges | |
| 653 | | |
| 3,553 | | |
| 850 | | |
| 4,182 | |
| Executive transition costs | |
| (9 | ) | |
| 251 | | |
| 407 | | |
| 251 | |
| Business acquisition costs | |
| 875 | | |
| - | | |
| 1,084 | | |
| - | |
| Purchase accounting depreciation and amortization | |
| 179 | | |
| - | | |
| 179 | | |
| - | |
| Postretirement benefit plan settlement gain | |
| - | | |
| - | | |
| (835 | ) | |
| | |
| Convertible debt interest and amortization charges | |
| 1,641 | | |
| - | | |
| 3,257 | | |
| | |
| Write-off of deferred financing costs | |
| 286 | | |
| - | | |
| 286 | | |
| - | |
| Non-recurring income tax adjustments | |
| (2,715 | ) | |
| 46 | | |
| (2,715 | ) | |
| 92 | |
| Litigation settlement | |
| - | | |
| 1,248 | | |
| - | | |
| 1,248 | |
| Insurance demutualization gain | |
| - | | |
| - | | |
| - | | |
| (252 | ) |
| Loss on disposal of assets | |
| - | | |
| 63 | | |
| - | | |
| 63 | |
| Net income (loss), as adjusted | |
$ | 7,051 | | |
$ | 3,592 | | |
$ | 12,154 | | |
$ | 10,639 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) per diluted share, as reported | |
$ | 0.11 | | |
$ | (0.08 | ) | |
$ | 0.22 | | |
$ | 0.12 | |
| Adjustments, net of tax: | |
| | | |
| | | |
| | | |
| | |
| Impairment charges | |
| 0.07 | | |
| 0.03 | | |
| 0.07 | | |
| 0.04 | |
| Restructuring charges | |
| 0.02 | | |
| 0.11 | | |
| 0.03 | | |
| 0.14 | |
| Executive transition costs | |
| - | | |
| 0.01 | | |
| 0.01 | | |
| 0.01 | |
| Business acquisition costs | |
| 0.03 | | |
| - | | |
| 0.03 | | |
| - | |
| Purchase accounting depreciation and amortization | |
| 0.01 | | |
| - | | |
| 0.01 | | |
| - | |
| Postretirement benefit plan settlement gain | |
| - | | |
| - | | |
| (0.03 | ) | |
| | |
| Convertible debt interest and amortization charges | |
| 0.05 | | |
| - | | |
| 0.10 | | |
| | |
| Write-off of deferred financing costs | |
| 0.01 | | |
| - | | |
| 0.01 | | |
| | |
| Non-recurring income tax adjustments | |
| (0.08 | ) | |
| - | | |
| (0.08 | ) | |
| | |
| Litigation settlement | |
| - | | |
| 0.04 | | |
| - | | |
| 0.04 | |
| Insurance demutualization gain | |
| - | | |
| - | | |
| - | | |
| (0.01 | ) |
| Loss on disposal of assets | |
| - | | |
| - | | |
| - | | |
| - | |
| Earnings per diluted share, as adjusted | |
$ | 0.22 | | |
$ | 0.11 | | |
$ | 0.37 | | |
$ | 0.34 | |
Table 2: Reconciliation of three and six months ended June 30,
2014 and 2013 reported income (loss) from operations to adjusted EBITDA:
| | |
QTD | | |
QTD | | |
YTD | | |
YTD | |
| | |
June 30, 2014 | | |
June 30, 2013 | | |
June 30, 2014 | | |
June 30, 2013 | |
| Income (loss) from operations, as reported | |
$ | 5,082 | | |
$ | (2,211 | ) | |
$ | 12,547 | | |
$ | 7,192 | |
| Impairment charges | |
| 3,718 | | |
| 906 | | |
| 3,718 | | |
| 1,440 | |
| Restructuring charges | |
| 1,042 | | |
| 4,953 | | |
| 1,272 | | |
| 5,832 | |
| Executive transition costs | |
| (14 | ) | |
| 386 | | |
| 626 | | |
| 386 | |
| Business acquisition costs | |
| 1,346 | | |
| | | |
| 1,668 | | |
| - | |
| Postretirement benefit plan settlement gain | |
| - | | |
| | | |
| (1,285 | ) | |
| - | |
| Litigation settlement | |
| - | | |
| 1,920 | | |
| - | | |
| 1,920 | |
| Income from operations, as adjusted | |
| 11,174 | | |
| 5,954 | | |
| 18,546 | | |
| 16,770 | |
| Add: Non-operating (expense) income net, as reported | |
| (192 | ) | |
| 377 | | |
| (232 | ) | |
| 844 | |
| Deduct: insurance demutualization gain | |
| - | | |
| - | | |
| - | | |
| (388 | ) |
| Add: Loss on disposal of assets | |
| - | | |
| 97 | | |
| - | | |
| 97 | |
| Add: Depreciation and amortization | |
| 4,263 | | |
| 3,949 | | |
| 8,024 | | |
| 8,012 | |
| Adjusted EBITDA | |
| 15,245 | | |
| 10,377 | | |
| 26,338 | | |
| 25,335 | |
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