Universal Stainless & Alloy Products, Inc.
(Nasdaq:USAP) today reported strong sales growth including record
premium alloy sales and a return to bottom-line profitability in
the second quarter of 2017. Results for the second quarter of
2017 included sequential and year-over-year increases in net sales
and backlog, as well as in gross margin, net income and EBITDA.
Net sales for the second quarter of 2017 were $52.6 million, up
7.6% sequentially, and up 28.2% compared with the second quarter of
2016. All end markets made substantial contributions to the
year-over-year growth, while sequential growth was driven by
aerospace, power generation and heavy equipment sales, which
increased 8.6%, 12.7% and 16.4%, respectively. In the second
quarter of 2017, aerospace represented 55.1% of total
sales.
Sales of premium alloys in the second quarter of 2017 reached a
record $6.8 million, or 12.9% of sales, compared with $5.8 million,
or 11.9% of sales, in the first quarter of 2017, and $3.8 million,
or 9.2% of sales, in the second quarter of 2016.
For the first six months of 2017, sales increased 25.9% to
$101.5 million from $80.6 million in the same period of 2016.
Sales of premium alloys increased 60.7% to $12.6 million, or 12.4%
of sales, in the first half of 2017, versus $7.8 million, or 9.7%
of sales, in the first half of 2016.
The Company’s gross margin for the second quarter of 2017 was
$7.2 million, or 13.6% of sales, a substantial increase from $4.2
million, or 8.7% of sales, in the first quarter of 2017, and $4.3
million, or 10.6% of sales, in the second quarter of 2016.
Gross margin in the second quarter of 2017 benefited from the
realization of manufacturing productivity savings, improved
operating leverage, as well as a more favorable product
mix.
For the second quarter of 2017, SG&A was $4.5 million, or
8.6% of sales, compared with $4.7 million, or 9.7% of sales, in the
first quarter of 2017, and $4.6 million, or 11.2% of sales, in the
2016 second quarter.
The Company achieved net income of $1.2 million, or $0.17 per
diluted share in the second quarter of 2017, compared with a net
loss of $1.2 million, or $0.17 per diluted share in the first
quarter of 2017, and a net loss of $0.8 million, or $0.11 per
diluted share, in the second quarter of 2016.
For the first half of 2017, the Company was breakeven on a net
income basis versus recording a net loss of $3.2 million, or $0.45
per diluted share, in the first half of 2016.
The Company’s EBITDA for the second quarter of 2017 improved
substantially to $7.3 million, an increase of $3.1 million, or
74.0%, sequentially, and was up $3.0 million, or 69.4%, compared
with the second quarter of 2016.
Backlog (before surcharges) at June 30, 2017 was $63.5 million,
up 11.2% from March 31, 2017, and up 64.8% from the end of the 2016
second quarter.
The Company’s debt was $77.7 million at June 30, 2017, compared
with $74.5 million at March 31, 2017, reflecting additional working
capital required to support increased business activity.
Capital expenditures for the second quarter of 2017 were $1.7
million, compared with $1.4 million in the first quarter of 2017
and $0.9 million in the second quarter of 2016.
Chairman, President and CEO Dennis Oates commented: “The
recovery that began in the first quarter of 2017 continued to show
traction in the second quarter, with business and plant activity
levels strong and our sales growing both sequentially and
year-over-year. Premium alloy sales reached a new record reflecting
our progress in advancing the transformation of Universal Stainless
through our focus on faster growth in value-added premium
alloys. That progress, combined with further cost
improvements, led to a step-change in our gross margin, which is at
the highest level since 2014. As a result, we saw a decisive
return to bottom-line profitability in the quarter, with net income
of $0.17 per diluted share, as well as substantial growth in
EBITDA.
“As we enter the third quarter and second half of the year,
business conditions and demand remain positive with continued
strength in our order entry and backlog.”
Webcast
The Company has scheduled a conference call for today, July 26,
2017, at 10:00 a.m. (Eastern) to discuss second quarter 2017
results. A simultaneous webcast will be available on the
Company’s website at www.univstainless.com, and thereafter archived
on the website through the end of the third quarter of
2017.
About Universal Stainless & Alloy Products,
Inc.
Universal Stainless & Alloy Products, Inc., headquartered in
Bridgeville, PA, manufactures and markets semi-finished and
finished specialty steels, including stainless steel, nickel
alloys, tool steel and certain other alloyed steels. The Company's
products are used in a variety of industries, including aerospace,
power generation, oil and gas, and heavy equipment manufacturing.
Established in 1994, the Company, with its experience, technical
expertise, and dedicated workforce, stands committed to providing
the best quality, delivery, and service possible. More information
is available at www.univstainless.com.
Forward-Looking Information Safe Harbor
Except for historical information contained herein, the
statements in this release are forward-looking statements that are
made pursuant to the “safe harbor” provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause the Company's actual results in future periods to differ
materially from forecasted results. Those risks include, among
others, the concentrated nature of the Company’s customer base to
date and the Company’s dependence on its significant customers; the
receipt, pricing and timing of future customer orders; changes in
product mix; the limited number of raw material and energy
suppliers and significant fluctuations that may occur in raw
material and energy prices; risks related to property, plant and
equipment, including the Company’s reliance on the continuing
operation of critical manufacturing equipment; risks associated
with labor matters; the Company’s ongoing requirement for continued
compliance with laws and regulations, including applicable safety
and environmental regulations; the ultimate outcome of the
Company’s current and future litigation and matters; risks related
to acquisitions that the Company may make; and the impact of
various economic, credit and market risk uncertainties. Many of
these factors are not within the Company’s control and involve
known and unknown risks and uncertainties that may cause the
Company’s actual results in future periods to be materially
different from any future performance suggested herein. Any
unfavorable change in the foregoing or other factors could have a
material adverse effect on the Company’s business, financial
condition and results of operations. Further, the Company
operates in an industry sector where securities values may be
volatile and may be influenced by economic and other factors beyond
the Company’s control. Certain of these risks and other risks
are described in the Company's filings with the Securities and
Exchange Commission (SEC) over the last 12 months, copies of which
are available from the SEC or may be obtained upon request from the
Company.
Non-GAAP Financial Measures
This press release includes discussions of financial
measures that have not been determined in accordance with U.S.
Generally Accepted Accounting Principles (GAAP). These
measures include earnings (loss) before interest, income taxes,
depreciation and amortization (EBITDA) and Adjusted EBITDA.
We include these measurements to enhance the understanding of our
operating performance. We believe that EBITDA, considered
along with net earnings (loss), is a relevant indicator of trends
relating to cash generating activity of our operations.
Adjusted EBITDA excludes the effect of share-based compensation
expense and other non-cash generating activity such as impairments
and the write-off of deferred financing costs. We believe excluding
these costs provides a consistent comparison of the cash generating
activity of our operations. We believe that EBITDA and
Adjusted EBITDA are useful to investors as they facilitate a
comparison of our operating performance to other companies who also
use EBITDA and Adjusted EBITDA as supplemental operating
measures. These non-GAAP financial measures supplement our
GAAP disclosures and should not be considered an alternative to the
GAAP measures. These non-GAAP measures may not be entirely
comparable to similarly titled measures used by other companies due
to potential differences among calculations methodologies. A
reconciliation of these non-GAAP financial measures to their most
directly comparable financial measure prepared in accordance with
GAAP is included in the tables that follow.
-TABLES FOLLOW -
UNIVERSAL STAINLESS & ALLOY PRODUCTS,
INC.FINANCIAL HIGHLIGHTS(Dollars in
Thousands, Except Per Share
Information)(Unaudited)CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
Three months ended |
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|
Six months ended |
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|
|
June 30, |
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stainless steel |
|
$ |
|
37,156 |
|
|
$ |
|
30,172 |
|
|
$ |
|
72,190 |
|
|
$ |
|
59,449 |
|
High-strength low alloy
steel |
|
|
|
3,418 |
|
|
|
|
3,784 |
|
|
|
|
7,590 |
|
|
|
|
7,563 |
|
Tool steel |
|
|
|
8,665 |
|
|
|
|
4,305 |
|
|
|
|
15,722 |
|
|
|
|
8,207 |
|
High-temperature alloy
steel |
|
|
|
2,901 |
|
|
|
|
1,626 |
|
|
|
|
4,877 |
|
|
|
|
3,266 |
|
Conversion services and
other sales |
|
|
|
467 |
|
|
|
|
1,143 |
|
|
|
|
1,103 |
|
|
|
|
2,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
sales |
|
|
|
52,607 |
|
|
|
|
41,030 |
|
|
|
|
101,482 |
|
|
|
|
80,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold |
|
|
|
45,441 |
|
|
|
|
36,691 |
|
|
|
|
90,071 |
|
|
|
|
74,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
|
7,166 |
|
|
|
|
4,339 |
|
|
|
|
11,411 |
|
|
|
|
5,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
|
4,499 |
|
|
|
|
4,591 |
|
|
|
|
9,228 |
|
|
|
|
8,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
|
|
2,667 |
|
|
|
|
(252 |
) |
|
|
|
2,183 |
|
|
|
|
(2,749 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
1,020 |
|
|
|
|
887 |
|
|
|
|
1,959 |
|
|
|
|
1,870 |
|
Deferred financing
amortization |
|
|
|
64 |
|
|
|
|
61 |
|
|
|
|
128 |
|
|
|
|
888 |
|
Other (income)
expense |
|
|
|
(14 |
) |
|
|
|
39 |
|
|
|
|
(20 |
) |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
|
|
1,597 |
|
|
|
|
(1,239 |
) |
|
|
|
116 |
|
|
|
|
(5,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for
income taxes |
|
|
|
369 |
|
|
|
|
(437 |
) |
|
|
|
107 |
|
|
|
|
(2,357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
|
1,228 |
|
|
$ |
|
(802 |
) |
|
$ |
|
9 |
|
|
$ |
|
(3,242 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share - Basic |
|
$ |
|
0.17 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
0.00 |
|
|
$ |
|
(0.45 |
) |
Net income (loss) per
common share - Diluted |
|
$ |
|
0.17 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
0.00 |
|
|
$ |
|
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
7,219,423 |
|
|
|
|
7,196,891 |
|
|
|
|
7,217,943 |
|
|
|
|
7,179,746 |
|
Diluted |
|
|
|
7,360,137 |
|
|
|
|
7,196,891 |
|
|
|
|
7,333,106 |
|
|
|
|
7,179,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARKET SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
centers |
|
$ |
|
37,382 |
|
|
$ |
|
29,817 |
|
|
$ |
|
70,111 |
|
|
$ |
|
57,331 |
|
Original
equipment manufacturers |
|
|
|
4,756 |
|
|
|
|
3,395 |
|
|
|
|
8,878 |
|
|
|
|
7,690 |
|
Rerollers |
|
|
|
5,259 |
|
|
|
|
3,281 |
|
|
|
|
11,812 |
|
|
|
|
6,496 |
|
Forgers |
|
|
|
4,744 |
|
|
|
|
3,394 |
|
|
|
|
9,578 |
|
|
|
|
6,968 |
|
Conversion
services and other sales |
|
|
|
466 |
|
|
|
|
1,143 |
|
|
|
|
1,103 |
|
|
|
|
2,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
|
52,607 |
|
|
$ |
|
41,030 |
|
|
$ |
|
101,482 |
|
|
$ |
|
80,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons
shipped |
|
|
|
10,090 |
|
|
|
|
8,313 |
|
|
|
|
20,421 |
|
|
|
|
15,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELT TYPE INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
alloys |
|
$ |
|
45,371 |
|
|
$ |
|
36,108 |
|
|
$ |
|
87,776 |
|
|
$ |
|
70,644 |
|
Premium
alloys * |
|
|
|
6,770 |
|
|
|
|
3,779 |
|
|
|
|
12,603 |
|
|
|
|
7,841 |
|
Conversion
services and other sales |
|
|
|
466 |
|
|
|
|
1,143 |
|
|
|
|
1,103 |
|
|
|
|
2,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
|
52,607 |
|
|
$ |
|
41,030 |
|
|
$ |
|
101,482 |
|
|
$ |
|
80,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END MARKET INFORMATION ** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
|
28,995 |
|
|
$ |
|
26,293 |
|
|
$ |
|
55,687 |
|
|
$ |
|
51,659 |
|
Power
generation |
|
|
|
4,774 |
|
|
|
|
3,427 |
|
|
|
|
9,008 |
|
|
|
|
6,924 |
|
Oil &
gas |
|
|
|
4,814 |
|
|
|
|
2,834 |
|
|
|
|
9,703 |
|
|
|
|
6,179 |
|
Heavy
equipment |
|
|
|
8,948 |
|
|
|
|
4,371 |
|
|
|
|
16,633 |
|
|
|
|
8,404 |
|
General
industrial, conversion services and other sales |
|
|
|
5,076 |
|
|
|
|
4,105 |
|
|
|
|
10,451 |
|
|
|
|
7,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
|
52,607 |
|
|
$ |
|
41,030 |
|
|
$ |
|
101,482 |
|
|
$ |
|
80,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Premium
alloys represent all vacuum induction melted (VIM) products. |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**The
majority of our products are sold to service centers rather than
the ultimate end market customers. The end market information in
this press release is our estimate based upon our knowledge of our
customers and the grade of material sold to them, which they will
in-turn sell to the ultimate end market customer. |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
|
97 |
|
|
$ |
|
75 |
|
Accounts receivable,
net |
|
|
|
29,030 |
|
|
|
|
19,437 |
|
Inventory, net |
|
|
|
100,140 |
|
|
|
|
91,342 |
|
Other current
assets |
|
|
|
4,237 |
|
|
|
|
2,729 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
current assets |
|
|
|
133,504 |
|
|
|
|
113,583 |
|
Property, plant and
equipment, net |
|
|
|
177,408 |
|
|
|
|
182,398 |
|
Other long-term
assets |
|
|
|
64 |
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
|
310,976 |
|
|
$ |
|
296,045 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
|
29,129 |
|
|
$ |
|
19,906 |
|
Accrued employment
costs |
|
|
|
3,253 |
|
|
|
|
3,803 |
|
Current portion of
long-term debt |
|
|
|
4,675 |
|
|
|
|
4,579 |
|
Other current
liabilities |
|
|
|
1,051 |
|
|
|
|
898 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
|
38,108 |
|
|
|
|
29,186 |
|
Long-term debt |
|
|
|
73,013 |
|
|
|
|
67,998 |
|
Deferred income
taxes |
|
|
|
16,757 |
|
|
|
|
17,629 |
|
Other long-term
liabilities |
|
|
|
12 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
|
127,890 |
|
|
|
|
114,825 |
|
Stockholders’
equity |
|
|
|
183,086 |
|
|
|
|
181,220 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
|
310,976 |
|
|
$ |
|
296,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
|
9 |
|
|
$ |
|
(3,242 |
) |
Adjustments to reconcile net income (loss) to net cash (used
in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
9,365 |
|
|
|
|
9,147 |
|
Deferred income tax |
|
|
|
(16 |
) |
|
|
|
(2,365 |
) |
Write-off of deferred financing costs |
|
|
|
- |
|
|
|
|
768 |
|
Share-based compensation expense |
|
|
|
971 |
|
|
|
|
684 |
|
Net gain on asset disposals |
|
|
|
- |
|
|
|
|
(349 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
|
(9,614 |
) |
|
|
|
(2,350 |
) |
Inventory, net |
|
|
|
(9,798 |
) |
|
|
|
(2,141 |
) |
Accounts payable |
|
|
|
8,655 |
|
|
|
|
6,140 |
|
Accrued employment costs |
|
|
|
(550 |
) |
|
|
|
186 |
|
Income taxes |
|
|
|
117 |
|
|
|
|
265 |
|
Other, net |
|
|
|
(752 |
) |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
(used in) provided by operating activities |
|
|
|
(1,613 |
) |
|
|
|
6,762 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
(3,068 |
) |
|
|
|
(1,736 |
) |
Proceeds from sale of property, plant and equipment |
|
|
|
- |
|
|
|
|
1,571 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
|
|
(3,068 |
) |
|
|
|
(165 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving credit facility |
|
|
|
158,180 |
|
|
|
|
131,030 |
|
Payments on revolving credit facility |
|
|
|
(150,830 |
) |
|
|
|
(152,298 |
) |
Borrowings under term loan facility |
|
|
|
- |
|
|
|
|
30,000 |
|
Payments on term loan facility, capital leases, and convertible
notes |
|
|
|
(2,751 |
) |
|
|
|
(15,171 |
) |
Payments of deferred financing costs |
|
|
|
- |
|
|
|
|
(702 |
) |
Proceeds from the issuance of common stock |
|
|
|
104 |
|
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities |
|
|
|
4,703 |
|
|
|
|
(6,641 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash |
|
|
|
22 |
|
|
|
|
(44 |
) |
Cash at
beginning of period |
|
|
|
75 |
|
|
|
|
112 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end
of period |
|
$ |
|
97 |
|
|
$ |
|
68 |
|
|
|
|
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
AND ADJUSTED EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
|
Six Months ended |
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
|
1,228 |
|
|
$ |
|
(802 |
) |
|
$ |
|
9 |
|
|
$ |
|
(3,242 |
) |
Interest
expense |
|
|
|
|
1,020 |
|
|
|
|
887 |
|
|
|
|
1,959 |
|
|
|
|
1,870 |
|
Provision
(benefit) for income taxes
|
|
|
|
|
369 |
|
|
|
|
(437 |
) |
|
|
|
107 |
|
|
|
|
(2,357 |
) |
Depreciation and amortization |
|
|
|
|
4,648 |
|
|
|
|
4,641 |
|
|
|
|
9,365 |
|
|
|
|
9,147 |
|
EBITDA |
|
|
|
|
7,265 |
|
|
|
|
4,289 |
|
|
|
|
11,440 |
|
|
|
|
5,418 |
|
Share-based compensation expense |
|
|
|
|
437 |
|
|
|
|
279 |
|
|
|
|
971 |
|
|
|
|
684 |
|
Write-off
of deferred financing costs |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
768 |
|
Adjusted EBITDA |
|
|
$ |
|
7,702 |
|
|
$ |
|
4,568 |
|
|
$ |
|
12,411 |
|
|
$ |
|
6,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACTS:
Dennis M. Oates
Chairman, President and CEO
(412) 257-7609
Ross C. Wilkin
VP Finance, CFO
and Treasurer
(412) 257-7662
June Filingeri
President
Comm-Partners LLC
(203) 972-0186
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