Black Box Corporation (NASDAQ:BBOX), a leading technology
solutions provider dedicated to helping customers design, build,
manage and secure their IT infrastructure, today reported results
for the second quarter of Fiscal 2017 and six-month period ended
October 1, 2016.
2Q17 Results
- Revenues were $218.7 million, down 8%
from $236.8 million for the same period last year and consistent
with $218.5 million in the sequential period.
- Benefit for income taxes was $1.5
million, compared to $21.5 million for the same period last year
and compared to a provision for income taxes of $2.3 million in the
sequential period.
- Net loss was $6.1 million, which
included $14.9 million ($9.2 million net of tax) of non-recurring
expense, compared to $129.8 million, which included $160.7 million
($135.5 million net of tax) of non-recurring expense, for the same
period last year and compared to $0.5 million in the sequential
period.
- Diluted loss per share was $0.40,
compared to $8.45 for the same period last year and compared to
$0.03 in the sequential period.
- Operating net income* was $4.7 million,
down 18% from $5.7 million for the same period last year and up
133% from $2.0 million in the sequential period.
- Operating EPS* was $0.31, down 17% from
$0.37 for the same period last year and up 132% from $0.13 in the
sequential period.
- Cash flow provided by operations was
$4.8 million, compared to cash flow used for operations of $6.5
million for the same period last year and cash flow provided by
operations of $10.9 million in the sequential period.
- We provided $1.8 million of dividends
to our shareholders, compared to $1.7 million for the same period
last year and $1.7 million in the sequential period.
2QYTD17 Results
- Revenues were $437.2 million, down 6%
from $466.1 million for the same period last year.
- Provision for income taxes was $0.8
million, compared to a benefit from income taxes of $19.4 million
for the same period last year.
- Net loss was $6.6 million, which
included $16.2 million ($10.0 million net of tax) of non-recurring
expense, compared to $129.1 million, which included $163.5 million
($137.2 million net of tax) of non-recurring expense, for the same
period last year.
- Diluted loss per share was $0.44,
compared to $8.41 for the same period last year.
- Operating net income* was $6.8 million,
down 27% from $9.2 million for the same period last year.
- Operating EPS* was $0.45, down 25% from
$0.60 for the same period last year.
- Cash flow provided by operations was
$15.7 million, compared to cash flow used for operations of $13.9
million for the same period last year.
- We provided $3.5 million of dividends
to our shareholders compared to $3.2 million for the same period
last year.
* See the information under the caption "Non-GAAP Financial
Measures" below for a discussion regarding the usefulness of the
non-GAAP financial measures contained in this release, definitions
of those non-GAAP financial measures and reconciliations to their
most directly comparable GAAP financial measures.
"The execution of our business transformation roadmap is on
track with the plan we presented in May to first stabilize and then
optimize the business,” said E.C. Sykes, President and CEO. “The
team over-achieved on cost-control and working capital initiatives,
allowing us to meet or exceed these goals and to increase
profitability relative to the prior quarter in spite of revenues
slightly below our targets. We remain on track to implement our new
operating model by the end of Fiscal 2017."
Earnings Conference Call
The Company will conduct a conference call beginning at 5:00
p.m. Eastern Time today, November 1, 2016. E.C. Sykes,
President and Chief Executive Officer, will host the call. To
listen only to the live webcast, access the event at http://investor.blackbox.com/events.cfm. To
participate in the teleconference, dial 877-303-3145 (USA) or
253-237-1194 (International) approximately 15 minutes prior to the
starting time and ask to be connected to conference 94628629. A
replay of the audio webcast will be available at http://investor.blackbox.com/events.cfm for a
limited period of time.
About Black Box
Black Box is a leading technology solutions provider dedicated
to helping customers design, build, manage and secure their IT
infrastructure. Black Box delivers high-value products and services
through its global presence and 3,434 team members. To learn more,
visit the Black Box Web site at http://www.blackbox.com.
Black Box® and the Double Diamond logo are registered trademarks
of BB Technologies, Inc.
Any forward-looking statements contained in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and speak only as of the
date of this release. You can identify these forward-looking
statements by the fact that they use words such as "should,"
"anticipate," "estimate," "approximate," "expect," "target," "may,"
"will," "project," "intend," "plan," "believe" and other words of
similar meaning and expression in connection with any discussion of
future operating or financial performance. One can also identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. Forward-looking statements
are inherently subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those
projected. Although it is not possible to predict or identify all
risk factors, they may include levels of business activity and
operating expenses, expenses relating to compliance requirements,
cash flows, global economic and business conditions, successful
integration of acquisitions, the timing, benefits and costs of
restructuring programs and other initiatives, successful marketing
of the Company's product and services offerings, successful
implementation of the Company's integration initiatives, successful
implementation of the Company's government contracting programs,
competition, changes in foreign, political and economic conditions,
fluctuating foreign currencies compared to the U.S. dollar, rapid
changes in technologies, client preferences, the Company's
arrangements with suppliers of voice equipment and technology,
government budgetary constraints and various other matters, many of
which are beyond the Company's control. Additional risk factors are
included in the Company's Annual Report on Form 10-K for the fiscal
year ended March 31, 2016. We can give no assurance that any
goal, plan or target set forth in forward-looking statements will
be achieved and readers are cautioned not to place undue reliance
on such statements, which speak only as of the date made. We
undertake no obligation to release publicly any revisions to
forward-looking statements as a result of future events or
developments and caution you not to unduly rely on any such
forward-looking statements.
BLACK BOX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS In millions
and may not foot due to rounding October 1,
2016 March 31, 2016 Assets Cash and
cash equivalents $ 16.1 $ 23.5 Accounts receivable, net 146.1 139.2
Inventories, net 26.0 42.7 Costs/estimated earnings in excess of
billings on uncompleted contracts 71.6 66.7 Other assets 26.0
27.3
Total current assets
285.8 299.4 Property, plant and equipment, net 33.6
34.5 Intangibles, net 73.4 78.2 Deferred tax asset 54.5 57.1 Other
assets 7.2 6.7
Total assets
$ 454.5 $ 475.8
Liabilities Accounts payable $ 61.8 $ 56.8 Accrued
compensation and benefits 23.1 21.5 Deferred revenue 30.2 29.4
Billings in excess of costs/estimated earnings on uncompleted
contracts 22.3 20.4 Other liabilities 43.2
42.2
Total current liabilities 180.5
170.4 Long-term debt 101.7 119.7 Other liabilities 25.3
29.5
Total liabilities $
307.6 $ 319.6 Stockholders’ equity
Common stock $ — $ — Additional paid-in capital 505.0 501.8
Retained earnings 70.3 80.6 Accumulated other comprehensive income
(loss) (14.9 ) (13.1 ) Treasury stock, at cost (413.6 )
(413.1 )
Total stockholders’ equity $
146.9 $ 156.2
Total liabilities and stockholders’ equity $
454.5 $ 475.8
BLACK BOX
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS In millions, except per share amounts and
may not foot due to rounding 2Q17
1Q17 2Q16 2QYTD17
2QYTD16 Revenues Products $ 42.3 $ 39.9 $ 44.3 $ 82.1
$ 84.8 Services 176.5 178.6 192.6
355.1 381.3 Total 218.7 218.5
236.8 437.2 466.1
Cost of sales Products 27.2 22.9 25.5 50.1
49.2 Services 137.1 127.9 139.9
265.0 275.8 Total 164.3 150.8 165.4
315.1 325.0
Gross profit 54.4 67.7 71.4
122.1 141.1 Selling, general & administrative
expenses 58.1 62.5 61.4 120.6 124.3
Long-lived asset impairment loss
0.5 — 157.3 0.5 157.3 Intangibles amortization 2.3
2.5 2.6 4.8 5.2
Operating income (loss) (6.5 ) 2.7
(149.9 ) (3.8 ) (145.7 )
Interest expense, net 1.1 1.2 1.1 2.3 2.4 Other expenses (income),
net — (0.3 ) 0.4 (0.3 )
0.4 Income (loss) before provision for income taxes (7.6 )
1.9 (151.4 ) (5.8 ) (148.5 ) Provision (benefit) for income taxes
(1.5 ) 2.3 (21.5 ) 0.8
(19.4 )
Net income (loss) $ (6.1 )
$ (0.5 ) $ (129.8
) $ (6.6 ) $
(129.1 ) Earnings (loss) per common share
Basic $ (0.40 ) $
(0.03 ) $ (8.45 )
$ (0.44 ) $ (8.41
) Diluted $ (0.40 )
$ (0.03 ) $ (8.45
) $ (0.44 ) $
(8.41 ) Weighted-average common shares outstanding
Basic 15.1 15.1 15.4 15.1
15.3 Diluted 15.1 15.1
15.4 15.1 15.3 Dividends
per share $ 0.12 $ 0.12 $ 0.11
$ 0.24 $ 0.22
BLACK BOX CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS In millions and
may not foot due to rounding 2Q17
1Q17 2Q16 2QYTD17
2QYTD16 Operating Activities Net income (loss) $ (6.1
) $ (0.5 ) $ (129.8 ) $ (6.6 ) $ (129.1 ) Adjustments to reconcile
net income (loss) to net cash provided by (used for) operating
activities Intangibles amortization 2.3 2.5 2.6 4.8 5.2
Depreciation 2.4 2.2 2.1 4.6 4.1 Loss (gain) on sale of property —
(1.2 ) — (1.2 ) — Deferred taxes (0.8 ) 2.9 (25.9 ) 2.1 (23.2 )
Stock compensation expense 0.9 2.2 0.9 3.2 3.1 Change in fair value
of interest-rate swaps — — (0.1 ) — (0.4 )
Long-lived asset impairment loss
0.5 — 157.3 0.5 157.3 Provision for obsolete inventory 9.4 0.3 0.2
9.7 0.5 Provision for (recovery of) doubtful accounts 0.1 0.2 (0.2
) 0.3 0.1 Changes in operating assets and liabilities (net of
acquisitions) Accounts receivable (12.2 ) 4.6 (12.3 ) (7.6 ) (14.4
) Inventories 4.5 2.3 2.9 6.8 3.8 Costs/estimated earnings in
excess of billings on uncompleted contracts (1.6 ) (3.6 ) 2.4 (5.1
) 0.3 All other assets 0.9 (1.2 ) 4.4 (0.3 ) 11.4 Accounts payable
4.4 0.5 (6.8 ) 4.9 (6.2 ) Billings in excess of costs/estimated
earnings on uncompleted contracts 1.1 0.9 2.6 2.0 2.2 All other
liabilities (1.1 ) (1.2 ) (6.6 ) (2.3 )
(28.7 )
Net cash provided by (used for) operating activities
$ 4.8 $ 10.9 $ (6.5
) $ 15.7 $ (13.9 )
Investing Activities Capital expenditures $ (1.8 ) $ (2.1 )
$ (2.6 ) $ (3.9 ) $ (4.5 ) Capital disposals — 1.4 0.1 1.4 0.1
Acquisition of businesses (payments)/recoveries — —
— — —
Net cash provided by (used for)
investing activities
$ (1.8 ) $ (0.7 )
$ (2.5 ) $ (2.5 )
$ (4.4 ) Financing Activities Proceeds
(repayments) from long-term debt $ (13.1 ) $ (4.8 ) $ 7.0 $ (17.9 )
$ 13.9 Proceeds (repayments) from short-term debt 5.8 (4.2 ) 4.1
1.6 6.4 Deferred financing costs — (1.0 ) — (1.0 ) — Purchase of
treasury stock — (0.5 ) — (0.5 ) (2.8 ) Payment of dividends (1.8 )
(1.7 ) (1.7 ) (3.5 ) (3.2 ) Increase (decrease) in cash overdrafts
0.3 0.1 (1.2 ) 0.4
—
Net cash provided by (used for) financing
activities $ (8.8 ) $ (12.1
) $ 8.2 $ (20.9 )
$ 14.3 Foreign currency exchange impact on cash
$ 0.6 $ (0.2 )
$ 0.6 $ 0.3
$ 0.7 Increase/(decrease) in cash
and cash equivalents $ (5.2 ) $
(2.1 ) $ (0.2 ) $
(7.4 ) $ (3.2 ) Cash and cash
equivalents at beginning of period 21.4 23.5
20.5 23.5 23.5 Cash and
cash equivalents at end of period $ 16.1 $ 21.4
$ 20.3 $ 16.1 $ 20.3
Non-GAAP Financial Measures
As a supplement to United States Generally Accepted Accounting
Principles ("GAAP"), the Company provides non-GAAP financial
measures such as operating income before provision for income taxes
("EBIT"), operating net income, operating earnings per share
("EPS"), revenues excluding foreign currency, adjusted operating
income, Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA"), Operating EBITDA and free cash flow to
illustrate the Company's operational performance. These non-GAAP
financial measures are not prepared in accordance with GAAP, are
not reported by all of the Company's competitors and may not be
directly comparable to similarly-titled measures of the Company's
competitors due to potential differences in the exact method of
calculation. However, each of the amounts included in the
calculation of non-GAAP financial measures are computed in
accordance with GAAP. See below for reconciliations to the most
directly comparable GAAP financial measures.
Management uses these non-GAAP financial measures (a) to
evaluate the Company's historical and prospective financial
performance as well as its performance relative to its competitors,
(b) to set internal sales targets and associated operating budgets,
(c) to allocate resources and (d) to measure operational
profitability. Management uses similar non-GAAP measures as an
important factor in determining variable compensation for
Management and its team members.
Non-GAAP financial measures are not in accordance with, or an
alternative for, GAAP financial measures. The Company's non-GAAP
financial measures are not meant to be considered in isolation or
as a substitute for comparable GAAP financial measures, and should
be read only in conjunction with the Company's consolidated
financial statements prepared in accordance with GAAP.
Operating EBIT, operating net income and operating
EPS
Management believes that operating EBIT, defined by the Company
as net income (loss) plus provision (benefit) for income taxes and
adjustments, operating net income, defined by the Company as
operating EBIT less operational income taxes, and operating EPS,
defined as operating net income divided by weighted average common
shares outstanding (diluted), provide investors additional
important information to enable them to assess, in the way
Management assesses, the Company's current and future operations.
Adjustments include intangibles amortization, the change in fair
value of the interest-rate swaps, accounts receivable impairment
loss, inventory impairment loss, and long-lived asset impairment
loss, each of which are non-cash charges, and restructuring
expense, CEO transition costs, and gains/losses on sales of
facilities, each of which are cash charges.
A reconciliation of Net income (loss) to operating EBIT and
Operating net income is presented below:
In millions and may not foot due to rounding
2Q17 1Q17 2Q16
2QYTD17 2QYTD16 Net income (loss)
$ (6.1 ) $ (0.5
) $ (129.8 ) $
(6.6 ) $ (129.1 )
Provision (benefit) for income taxes (1.5 ) 2.3 (21.5 ) 0.8 (19.4 )
Effective tax rate 20.0 % 125.6 % 14.2 %
(14.0
)%
13.1 %
Income (loss) before provision for income
taxes $ (7.6 ) $ 1.9
$ (151.4 ) $ (5.8 )
$ (148.5 ) Adjustments
Intangibles amortization $ 2.3 $ 2.5 $ 2.6 $ 4.8 $ 5.2 Interest
rate swap — — (0.1 ) — (0.4 ) Restructuring expense 2.9 — 0.9 2.9
1.4 Inventory impairment loss 9.1 — — 9.1 — Loss (gain) on sale of
facilities — (1.2 ) — (1.2
)
—
Long-lived asset impairment loss
0.5 — 157.3 0.5
157.3
Total pre-tax adjustments $
14.9 $ 1.3 $ 160.7 $
16.2 $ 163.5 Operating EBIT
$ 7.3 $ 3.1 $ 9.3
$ 10.4 $ 15.0 Operational effective tax
rate 35.0 % 35.0 % 38.5 % 35.0 % 38.5 %
Operational income taxes (1)
2.6 1.1 3.6 3.6
5.8
Operating net income $
4.7 $ 2.0 $
5.7 $ 6.7 $
9.2
(1) The effective tax rate used to determine operational income
taxes is based on the Company's projected full-year ordinary income
tax expense and the projected full-year impact of certain discreet
tax items.
A reconciliation of Diluted earnings (loss) per share to
operating EPS is presented below:
2Q17 1Q17 2Q16
2QYTD17 2QYTD16 Diluted EPS
$ (0.40 ) $ (0.03
) $ (8.45 ) $
(0.44 ) $ (8.41 ) EPS
impact
* 0.71 0.17 8.82
0.88 9.01
Operating EPS
$ 0.31 $ 0.13
$ 0.37 $ 0.45
$ 0.60
* EPS impact is the result of excluding the provision for income
taxes and the adjustments and utilizing an operational effective
tax rate.
Revenues excluding foreign currency
Management is presented with and reviews revenues which exclude
foreign currency and enable an investor to assess, in the way
Management assesses, revenues from its core operations.
Information on quarterly revenues excluding foreign currency
compared to the same period last year is presented below:
In millions and may not foot due to rounding
2Q17 2Q16 % Change
Revenues $ 218.7 $
236.8 (8 )% Foreign currency impact -
North America Products — — Foreign currency impact - North America
Services — — Foreign currency impact - International Products (0.1
) — Foreign currency impact - International Services 0.6
—
Revenues (excluding foreign currency)
$ 219.2 $ 236.8
(7 )%
Information on quarterly revenues excluding foreign currency
compared to the sequential quarter is presented below:
In millions and may not foot due to rounding
2Q17 1Q17 % Change
Revenues $ 218.7 $
218.5 — % Foreign currency impact -
North America Products — — Foreign currency impact - North America
Services — — Foreign currency impact - International Products 0.2 —
Foreign currency impact - International Services 0.4
—
Revenues (excluding foreign currency)
$ 219.3 $ 218.5
— %
Information on year-to-date revenues excluding foreign currency
compared to the same period last year is presented below:
In millions and may not foot due to rounding
2QYTD17 2QYTD16 % Change
Revenues $ 437.2 $
466.1 (6 )% Foreign currency impact -
North America Products — — Foreign currency impact - North America
Services 0.1 — Foreign currency impact - International Products
(0.2 ) — Foreign currency impact - International Services 0.7
—
Revenues (excluding foreign currency)
$ 438.0 $ 466.1
(6 )%
Segment Information
Management is presented with and reviews Revenues, Gross profit,
Operating income (loss) and Adjusted operating income by segment.
Management believes that Adjusted operating income, defined by the
Company as Operating income (loss) plus adjustments, provides
investors additional important information to enable them to
assess, in the way Management assesses, the Company's current and
future operations. Adjustments include intangibles amortization,
accounts receivable impairment loss, inventory impairment loss,
long-lived asset impairment loss, each of which are non-cash
charges, and restructuring expense, CEO transition costs, and
gains/losses on sales of facilities, each of which are cash
charges.
A reconciliation of Operating income (loss) to Adjusted
operating income (by segment) is presented below:
2Q17 1Q17 2Q16
2QYTD17 2QYTD16 In millions and may not
foot due to rounding $
% ofRev
$
% ofRev
$
% ofRev
$
% ofRev
$
% ofRev
Revenues
North America Products $21.0 $19.1 $24.3 $40.0 $45.2
International Products 21.3 20.8 19.9 42.1 39.6
Products
$42.3 $39.9 $44.3 $82.1 $84.8
North America Services $169.8 $171.7 $185.5 $341.5 $367.5
International Services 6.7 6.9 7.1 13.6 13.8
Services
$176.5 $178.6 $192.6 $355.1
$381.3 Total $218.7 $218.5
$236.8 $437.2 $466.1 Gross profit North
America Products $6.5 31.2% $8.9 46.8% $10.9 44.8% $15.5 38.6%
$19.8 43.8% International Products 8.5 40.0% 8.0 38.5% 7.9 39.6%
16.5 39.3% 15.8 40.0%
Products $15.1 35.6%
$16.9 42.5% $18.8 42.4% $32.0
39.0% $35.6 42.0% North America Services $38.0
22.4% $49.1 28.6% $51.0 27.5% $87.1 25.5% $102.1 27.8%
International Services 1.4 21.5% 1.6 22.8% 1.6 22.5% 3.0 22.1% 3.3
24.0%
Services $39.4 22.3% $50.7
28.4% $52.6 27.3% $90.1 25.4%
$105.4 27.7% Total $54.4 24.9%
$67.7 31.0% $71.4 30.1% $122.1
27.9% $141.1 30.3% Operating income
(loss) North America Products $(1.2) (5.5)% $0.9 4.7% $(22.9)
(94.1)% $(0.3) (0.6)% $(21.9) (48.5)% International Products 0.5
2.2% 0.4 1.8% (5.1) (25.6)% 0.8 2.0% (4.8) (12.1)%
Products
$(0.7) (1.6)% $1.3 3.2% $(28.0)
(63.2)% $0.6 0.7% $(26.7)
(31.5)% North America Services $(6.1) (3.6)% $1.1 0.7%
$(114.9) (62.0)% $(5.0) (1.5)% $(112.6) (30.6)% International
Services 0.3 3.8% 0.3 4.4% (6.9) (97.4)% 0.6 4.1% (6.4) (46.5)%
Services $(5.9) (3.3)% $1.4 0.8%
$(121.9) (63.3)% $(4.4) (1.2)%
$(119.0) (31.2)% Total $(6.5)
(3.0)% $2.7 1.2% $(149.9)
(63.3)% $(3.8) (0.9)% $(145.7)
(31.3)% Adjustments North America Products $2.9 $—
$25.2 $2.9 $25.2 International Products 0.8 0.1 5.8 0.9 5.9
Products $3.7 $0.1 $31.0 $3.8
$31.1 North America Services $11.2 $1.2 $122.6 $12.3 $125.6
International Services — — 7.2 — 7.3
Services $11.2
$1.2 $129.8 $12.4 $132.8 Total
$14.9 $1.3 $160.8 $16.2 $163.9
Adjusted operating income North America Products $1.8 8.5%
$0.9 4.7% $2.3 9.5% $2.7 6.7% $3.3 7.3% International Products 1.3
5.9% 0.5 2.4% 0.7 3.4% 1.8 4.2% 1.1 2.7%
Products
$3.0 7.2% $1.4 3.5% $3.0
6.8% $4.4 5.4% $4.4 5.2% North
America Services $5.1 3.0% $2.3 1.3% $7.6 4.1% $7.4 2.2% $13.0 3.5%
International Services 0.3 4.1% 0.3 4.4% 0.3 4.6% 0.6 4.2% 0.9 6.2%
Services $5.3 3.0% $2.6 1.5%
$7.9 4.1% $7.9 2.2% $13.8
3.6% Total $8.4 3.8%
$4.0 1.8% $10.9
4.6% $12.4 2.8%
$18.2 3.9%
EBITDA and Operating EBITDA
Management believes that EBITDA, defined as Net income (loss)
plus provision (benefit) for income taxes, interest, depreciation
and amortization, is a widely-accepted measure of profitability
that may be used to measure the Company's ability to service its
debt. Operating EBITDA, defined as EBITDA plus stock compensation
expense, accounts receivable impairment loss, inventory impairment
loss, and long-lived asset impairment loss may also be used to
measure the Company's ability to service its debt.
A reconciliation of Net income (loss) to EBITDA and Operating
EBITDA is presented below:
In millions and may not foot due to rounding
2Q17 1Q17 2Q16
2QYTD17 2QYTD16 Net income (loss)
$ (6.1 ) $ (0.5
) $ (129.8 ) $
(6.6 ) $ (129.1 )
Provision (benefit) for income taxes (1.5 ) 2.3 (21.5 ) 0.8 (19.4 )
Interest expense, net 1.1 1.2 1.1 2.3 2.4 Intangibles amortization
2.3 2.5 2.6 4.8 5.2 Depreciation 2.4 2.2
2.1 4.6 4.1
EBITDA
$ (1.9 ) $ 7.8 $
(145.6 ) $ 5.8 $ (136.8
) Stock compensation expense 0.9 2.2 0.9 3.2 3.1 Inventory
impairment loss 9.1 — — 9.1 —
Long-lived asset impairment loss
0.5 — 157.3 0.5
157.3
Operating EBITDA $
8.7 $ 10.0
$ 12.5 $ 18.7
$ 23.6
Free cash flow
Management believes that free cash flow, defined by the Company
as Net cash provided by (used for) operating activities less net
capital expenditures, plus or minus Foreign currency exchange
impact on cash, plus Proceeds from stock option exercises, is an
important measurement of liquidity as it represents the total cash
available to the Company.
A reconciliation of Net cash provided by (used for) operating
activities to free cash flow is presented below:
In millions and may not foot due to rounding
2Q17 1Q17 2Q16
2QYTD17 2QYTD16 Net cash provided by (used
for) operating activities $ 4.8
$ 10.9 $ (6.5 )
$ 15.7 $ (13.9 ) Net
capital expenditures (1.8 ) (0.7 ) (2.5 ) (2.5 ) (4.4 ) Foreign
currency exchange impact on cash 0.6 (0.2 )
0.6 0.3 0.7
Free cash flow
before stock option exercises $ 3.6 $
9.9 $ (8.4 ) $ 13.5
$ (17.6 ) Proceeds from the exercise of stock
options — — — —
—
Free cash flow $ 3.6
$ 9.9 $
(8.4 ) $ 13.5
$ (17.6 )
Significant Balance Sheet ratios and Other
Information
Information on certain balance sheet ratios, backlog and
headcount is presented below:
Dollars In millions 2Q17
1Q17 2Q16 Days sales outstanding
56 days 53 days 59 days Aggregate days
sales outstanding 80 days 77 days 83 days Inventory turns 22.6x
13.2x 11.8x Six-month order backlog $ 183.7 $ 173.8 $ 182.3
Headcount 3,434 3,552 3,677 Net Debt $ 85.6 $ 93.5 $ 131.0 Leverage
ratio* 2.79 3.03
3.15
* Leverage ratio is based on Adjusted EBITDA as defined under
our credit facility with PNC Bank.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161101006815/en/
Black Box CorporationTimothy C. Huffmyer, 724-873-6788Vice
President, Chief Financial Officer and TreasurerEmail: investors@blackbox.com
Black Box Corp. (NASDAQ:BBOX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Black Box Corp. (NASDAQ:BBOX)
Historical Stock Chart
From Aug 2023 to Aug 2024