Highlights
CSW Industrials, Inc. (NASDAQ:CSWI), a diversified industrial
growth company with well-established, scalable platforms and domain
expertise across three segments: Industrial Products; Coatings,
Sealants & Adhesives; and Specialty Chemicals, today reported
fiscal fourth quarter and full year results for the period ended
March 31, 2016.
Joseph B. Armes, CSW Industrials’ Chief
Executive Officer, commented, “We are pleased with our fourth
quarter and full year results, as we continued to execute on our
integration strategy and realize cost synergies. The Company
has made significant progress in fiscal 2016, completing its
spin-off from Capital Southwest in October 2015 and, in the
Company’s short history, positioning itself to deliver profitable
growth for the benefit of all stockholders.” Armes continued,
“Through the spin-off, we unlocked significant value for our
stockholders, and with the progress we made in fiscal 2016, we
believe we are well positioned to create additional value in the
future.
“We are in the early stages of our strategic
planning process, and we have only begun to identify and execute on
our opportunities to create value, which we believe include the
following:
- Manufacturing rationalization and operational
efficiencies;
- Leveraging our combined scale to drive procurement
savings;
- Cross selling opportunities enabled by our broad, yet
complementary product portfolio;
- Revising our compensation strategy to create a pay for
performance culture;
- Enhancing our governance structure and leadership team to
support our strategic objectives; and
- Pursuing accretive acquisitions that leverage our distribution
channels.”
Armes continued, “Concerning our financial
results, our quarterly sequential improvement reflects an expected
reversal in seasonality. While performance was under pressure
year-over-year on a challenging comparison, we are encouraged
by some signs of stabilization in energy markets.
“Looking forward, we are well positioned as we
head into fiscal 2017 and are encouraged by the opportunities we
see to add long term value for all our stockholders.” Armes
concluded, “Our broad product portfolio and diverse end market
exposure provides a stable operating platform and enables us to
successfully weather market fluctuations. From this platform,
we will continue our integration efforts and advance our organic
growth vision for the Company. With the added support of our
strong balance sheet, we will continue to focus on efficiently
allocating capital and executing on our disciplined acquisition
strategy, where we will pursue accretive, bolt-on acquisitions that
complement our existing product portfolio with opportunities
in attractive end markets and geographies, with meaningful
top-line, optimization and cost synergies.”
Sales for the fourth quarter of 2016 were $76.3
million, a 19.0% increase compared to the prior year period. Higher
sales were mostly the result of acquisitions completed in the past
twelve months including Strathmore, Deacon Industries, and AC Leak
Freeze, and higher volume in construction related products,
partially offset by lower volume in energy and mining end markets.
Strength of HVAC marked a sequential improvement as seasonality in
the quarter moderated earlier than anticipated.
Net income in the fiscal fourth quarter of 2016
was $1.9 million, or $0.12 per diluted share, compared to $5.3
million, or $0.34 per diluted share, in the prior year. The
effective tax rate for the quarter was 69.1% due to discrete tax
items, primarily related to costs incurred in connection with the
spinoff from Capital Southwest Corporation (the “Spinoff”) which
are not deductible. Adjusted to exclude one-time expenses related
to recent acquisitions and startup costs following the Spinoff, and
to normalize the tax rate to 35.8% for the full year, adjusted net
income in the fourth quarter of 2016 was $5.6 million, or $0.35 per
diluted share. Adjusted net income is a non-GAAP
measure. Please see the tables below for a
reconciliation.
Fourth Quarter Results of
Operations Consolidated revenue increased to $76.3
million, compared with the prior year level of $64.1 million.
Industrial Products segment revenue increased
during the quarter to $33.9 million, compared to the prior year
level of $29.4 million. The increase in revenue was mainly the
result of acquisitions made in the past twelve months supplemented
by organic growth. Industrial Products segment operating income
increased to $6.3 million, over the prior year level of $5.2
million.
Coatings, Sealants and Adhesives (CS&A)
segment revenue increased to $25.3 million, compared to the prior
year level of $13.8 million. Higher sales were directly
attributable to the acquisition of Strathmore. CS&A segment
operating income decreased to ($0.1) million, versus the prior year
level of $2.4 million, due to integration costs and operational
transitions at Strathmore. The Company has identified four
initiatives in its strategy to improve segment profitability:
transition of third party manufacturing in-house; procurement
savings; reshaping of product portfolio and low margin business;
and diversification of end markets, working to smooth the cycle
across additional exposures.
Specialty Chemicals segment revenue decreased to
$16.9 million, compared to the prior year level of $20.1 million.
Lower sales were attributable to the continued weakness in the
energy end markets. Specialty Chemical segment operating income
increased to $3.1 million, over the prior year level of $0.9
million.
Consolidated gross profit was $34.4 million, an
11.9% increase compared to the prior year level of $30.8
million. Gross margin as a percentage of sales was 45.1%,
compared to 48.0% in the prior year period. Lower gross margin
compared to the prior year primarily reflected the expected change
in sales mix due to the inclusion of Strathmore products.
Consolidated operating expenses increased 23.7%
to $27.6 million, or 36.2% of sales, compared to the prior year
level of $22.3 million, or 34.9% of sales. Increased operating
expenses were primarily attributable to acquisitions made during
fiscal 2016.
Consolidated net income was $1.9 million, or
$0.12 per diluted share, compared with net income of $5.3 million
or $0.34 per diluted share in the prior year period. Adjusted for
one-time items and a normalized tax rate, net income was $5.6
million, or $0.35 per diluted share, compared to net income of $5.3
million, or $0.34 per diluted share in the prior year.
Adjustments to net income are shown in the table below.
Full Year Results of
OperationsConsolidated revenue increased 22.2% to $319.8
million, compared with the prior year level of $261.8 million.
Higher sales were mainly the result of acquisitions, and higher
industrial and HVAC sales, partially offset by declines in the
energy end markets.
Industrial Products segment revenue increased to
$138.6 million, compared to the prior year level of $118.4 million.
The increase in revenue was mainly the result of acquisitions made
in the past twelve months and organic growth. Industrial Products
segment operating income increased to $31.1 million, over the prior
year level of $19.7 million.
CS&A segment revenue increased to $106.0
million, compared to the prior year level of $52.1 million. Higher
sales were directly attributable to the acquisition of Strathmore.
CS&A segment operating income was $10.9 million, which was $0.5
million lower than the prior year due to Strathmore integration
costs.
Specialty Chemicals segment revenue decreased to
$74.9 million, compared to the prior year level of $89.7 million.
Lower sales were attributable to the continued weakness in energy
end markets. Specialty Chemicals segment operating income decreased
to $12.5 million, compared to $13.0 million in the prior year.
Consolidated organic revenue decreased 0.3%,
reflecting an organic decline of approximately 40% in energy end
markets. Excluding energy end markets, organic revenue increased
approximately 6% versus the prior year.
Consolidated gross profit increased 17.0% to
$147.9 million over the prior year level of $126.4 million. Gross
margin as a percentage of sales was 46.2%, compared to 48.3% in the
prior year period. Lower gross margin compared to the prior year
primarily reflected the expected change in sales mix due to the
inclusion of Strathmore products.
Consolidated operating expenses were $100.4
million, or 31.4% of sales, compared to the prior year level of
$82.4 million, or 31.5% of sales. Increased operating expenses were
attributable to acquisitions made throughout fiscal 2016.
Consolidated net income was $25.5 million, or
$1.62 per diluted share, compared with net income of $29.7 million,
or $1.90 per diluted share, in the prior year period. Adjusted for
one-time items and a normalized tax rate, net income was $27.0
million, or $1.72 per diluted share, compared to net income of
$29.7 million, or $1.90 per diluted share in the prior year.
Adjustments to net income are shown in the table below.
Conference Call Information
CSW Industrials will host a conference call
Thursday, June 9th at 10:00 a.m. ET to discuss the results for the
current period and full year, as well as management’s outlook,
followed by a question and answer session for the investment
community. A live webcast of the call can be accessed at
ir.cswindustrials.com. To access the call, participants may dial
toll-free at 1-877-407-0784 or 1-201-689-8560 (international) and
request to join the CSW Industrials earnings call.
To listen to a telephonic replay of the
conference call, dial toll-free 1-877-870-5176 or 1-858-384-5517
(international) and enter confirmation code 13638925. The
telephonic replay will be available beginning at 1:00 p.m. ET on
Thursday, June 9, 2016, and will last through 11:59 p.m. ET on
Thursday, June 23, 2016. The call will also be available for
replay via the webcast link on CSW Industrials’ Investor Relations
website.
Safe Harbor StatementThis press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. Words or phrases such as "may," "should,"
"expects," "could," "intends," "plans," "anticipates," "estimates,"
"believes," "forecasts," "predicts" or other similar expressions
are intended to identify forward-looking statements, which include,
without limitation, earnings forecasts, statements relating to our
business strategy and statements of expectations, beliefs, future
plans and strategies and anticipated developments concerning our
industry, business, operations and financial performance and
condition.
The forward-looking statements included in this
press release are based on our current expectations, projections,
estimates and assumptions. These statements are only predictions,
not guarantees. Such forward-looking statements are subject to
numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ
materially from what is forecast in such forward-looking
statements, and include, without limitation, the factors described
from time to time in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this
press release are based on information currently available to us,
and we assume no obligation to update any forward-looking statement
except as may be required by law.
Non-GAAP Financial MeasuresThis
press release includes an analysis of adjusted earnings per share
and adjusted net income which are non-GAAP financial measures of
performance. For a reconciliation of these measures to the
most directly comparable GAAP measures and for a discussion of why
we consider these Non-GAAP measures useful, see the “Reconciliation
of Non-GAAP Measures” section of this release.
About CSW IndustrialsCSWI is a
diversified industrial growth company with well-established,
scalable platforms and domain expertise across three segments:
Industrial Products; Coatings, Sealants & Adhesives; and
Specialty Chemicals. CSWI's broad portfolio of leading products
provides performance optimizing solutions to its customers. CSWI's
products include mechanical products for heating, ventilation and
air conditioning ("HVAC") and refrigeration applications, coatings
and sealants and high performance specialty lubricants. Markets
that CSWI serves include: HVAC, industrial, rail, plumbing,
architecturally-specified building products, energy, mining and
general industrial markets.
CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited) |
|
|
|
|
For the Three Months |
|
For the Twelve Months |
|
|
Ended March 31, |
|
Ended March 31, |
|
(Amounts in thousands,
except per share amounts) |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
$ |
76,259 |
|
|
$ |
64,071 |
|
|
$ |
319,831 |
|
|
$ |
261,834 |
|
|
Cost of revenues |
|
(41,832 |
) |
|
|
(33,315 |
) |
|
|
(171,967 |
) |
|
|
(135,409 |
) |
|
Gross profit |
|
34,427 |
|
|
|
30,756 |
|
|
|
147,864 |
|
|
|
126,425 |
|
|
Selling,
general and administrative expense |
|
(27,631 |
) |
|
|
(22,288 |
) |
|
|
(100,378 |
) |
|
|
(81,681 |
) |
|
Impairment loss |
|
- |
|
|
|
(48 |
) |
|
|
- |
|
|
|
(710 |
) |
|
Operating income |
|
6,796 |
|
|
|
8,420 |
|
|
|
47,486 |
|
|
|
44,034 |
|
|
Interest
expense, net |
|
(743 |
) |
|
|
(142 |
) |
|
|
(3,035 |
) |
|
|
(611 |
) |
|
Other
(expense) income, net |
|
(41 |
) |
|
|
(135 |
) |
|
|
(226 |
) |
|
|
1,505 |
|
|
Income before income
taxes |
|
6,012 |
|
|
|
8,143 |
|
|
|
44,225 |
|
|
|
44,928 |
|
|
Provision for income
taxes |
|
(4,152 |
) |
|
|
(2,810 |
) |
|
|
(18,754 |
) |
|
|
(15,223 |
) |
|
Net income |
$ |
1,860 |
|
|
$ |
5,333 |
|
|
$ |
25,471 |
|
|
$ |
29,705 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.12 |
|
|
$ |
0.34 |
|
|
$ |
1.63 |
|
|
$ |
1.91 |
|
|
Diluted |
|
0.12 |
|
|
|
0.34 |
|
|
|
1.62 |
|
|
|
1.90 |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
March 31, |
|
(Amounts in thousands,
except per share amounts) |
|
2016 |
|
|
|
2015 |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
25,987 |
|
|
$ |
20,448 |
|
|
Restricted cash |
|
- |
|
|
|
2,385 |
|
|
Bank time
deposits |
|
13,278 |
|
|
|
9,248 |
|
|
Accounts
receivable, net |
|
52,637 |
|
|
|
48,941 |
|
|
Inventories, net |
|
51,634 |
|
|
|
47,175 |
|
|
Prepaid
expenses and other current assets |
|
11,985 |
|
|
|
4,099 |
|
|
Total current
assets |
|
155,521 |
|
|
|
132,296 |
|
|
Property, plant and
equipment, net |
|
64,357 |
|
|
|
56,837 |
|
|
Goodwill |
|
67,757 |
|
|
|
40,645 |
|
|
Intangible assets,
net |
|
88,727 |
|
|
|
40,997 |
|
|
Other assets |
|
15,898 |
|
|
|
15,746 |
|
|
Total assets |
$ |
392,260 |
|
|
$ |
286,521 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
9,912 |
|
|
$ |
8,960 |
|
|
Accrued
and other current liabilities |
|
21,090 |
|
|
|
16,001 |
|
|
Current
portion of long-term debt |
|
561 |
|
|
|
13,561 |
|
|
Total current
liabilities |
|
31,563 |
|
|
|
38,522 |
|
|
Long-term debt |
|
89,121 |
|
|
|
13,143 |
|
|
Retirement benefits
payable |
|
1,746 |
|
|
|
22,545 |
|
|
Other liabilities |
|
11,820 |
|
|
|
7,710 |
|
|
Total liabilities |
|
134,250 |
|
|
|
81,920 |
|
|
Equity: |
|
|
|
|
Common
shares, $0.01 par value |
|
156 |
|
|
|
12 |
|
|
Shares
authorized – 50,000 |
|
|
|
|
|
|
Shares
issued – 15,659 |
|
|
|
|
|
|
Preferred
shares, $0.01 par value |
|
- |
|
|
|
1,000 |
|
|
Shares
authorized – 10,000 |
|
|
|
|
|
|
|
|
Shares
issued – 0 |
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
31,597 |
|
|
|
7,810 |
|
|
Treasury
shares, at cost |
|
- |
|
|
|
(2,712 |
) |
|
Retained
earnings |
|
233,955 |
|
|
|
208,784 |
|
|
Accumulated other comprehensive loss |
|
(7,698 |
) |
|
|
(10,293 |
) |
|
Total equity |
|
258,010 |
|
|
|
204,601 |
|
|
Total liabilities and
equity |
$ |
392,260 |
|
|
$ |
286,521 |
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
Fiscal Years Ended March 31, |
|
(Amounts in
thousands) |
|
2016 |
|
|
|
2015 |
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
Net
income |
$ |
25,471 |
|
|
$ |
29,705 |
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
7,032 |
|
|
|
5,922 |
|
|
|
Amortization of intangible and other assets |
|
7,129 |
|
|
|
4,593 |
|
|
|
Provision
for doubtful accounts |
|
(282 |
) |
|
|
1,515 |
|
|
|
Share-based and other executive compensation |
|
2,231 |
|
|
|
- |
|
|
|
Acquisition-related non-cash gain |
|
(1,950 |
) |
|
|
- |
|
|
|
Net loss
(gain) on sales of property, plant and equipment |
|
60 |
|
|
|
(1,627 |
) |
|
|
Pension
plan curtailment benefit |
|
(8,020 |
) |
|
|
- |
|
|
|
Net
pension expense |
|
3,506 |
|
|
|
3,392 |
|
|
|
Impairment of assets |
|
- |
|
|
|
710 |
|
|
|
Net
deferred taxes |
|
7,262 |
|
|
|
(7,887 |
) |
|
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
Accounts
receivable, net |
|
2,522 |
|
|
|
(37 |
) |
|
|
Inventories, net |
|
5,056 |
|
|
|
(6,655 |
) |
|
|
Prepaid
expenses and other current assets |
|
(4,945 |
) |
|
|
4,351 |
|
|
|
Other
assets |
|
(3,275 |
) |
|
|
109 |
|
|
|
Accounts
payable and other current liabilities |
|
910 |
|
|
|
1,086 |
|
|
|
Retirement benefits payable and other liabilities |
|
(1,177 |
) |
|
|
291 |
|
|
|
Net cash provided by
operating activities |
|
41,530 |
|
|
|
35,468 |
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Capital
expenditures |
|
(11,053 |
) |
|
|
(8,672 |
) |
|
|
Proceeds
from sale of assets held for investment |
|
- |
|
|
|
3,494 |
|
|
|
Proceeds
from sale of assets |
|
46 |
|
|
|
6,393 |
|
|
|
Net
change in bank time deposits |
|
(1,978 |
) |
|
|
3,353 |
|
|
|
Cash paid
for acquisitions |
|
(97,236 |
) |
|
|
(7,193 |
) |
|
|
Net cash used in
investing activities |
|
(110,221 |
) |
|
|
(2,625 |
) |
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Borrowings on lines of credit |
|
81,000 |
|
|
|
12,229 |
|
|
|
Repayments on lines of credit |
|
(94,561 |
) |
|
|
(30,622 |
) |
|
|
Borrowings on revolving credit agreement |
|
98,040 |
|
|
|
- |
|
|
|
Payments
on revolving line of credit agreement |
|
(21,500 |
) |
|
|
- |
|
|
|
Payments
of deferred loan costs |
|
(1,081 |
) |
|
|
- |
|
|
|
Purchase
of treasury shares |
|
- |
|
|
|
(206 |
) |
|
|
Cash
contribution from Capital Southwest |
|
13,000 |
|
|
|
- |
|
|
|
Proceeds
from stock option activity |
|
96 |
|
|
|
- |
|
|
|
Dividends
paid to Capital Southwest |
|
(300 |
) |
|
|
(8,294 |
) |
|
|
Net cash provided by
(used in) financing activities |
|
74,694 |
|
|
|
(26,893 |
) |
|
|
Effect of exchange rate
changes on cash and equivalents |
|
(464 |
) |
|
|
(913 |
) |
|
|
Net change in cash and
cash equivalents |
|
5,539 |
|
|
|
5,037 |
|
|
|
Cash and cash
equivalents, beginning of period |
|
20,448 |
|
|
|
15,411 |
|
|
|
Cash and cash
equivalents, end of period |
$ |
25,987 |
|
|
$ |
20,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT RESULTS |
(Unaudited) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, 2016 |
|
March 31, 2016 |
|
|
|
|
Coatings, |
|
|
|
|
|
Coatings, |
|
|
|
|
Industrial |
|
Sealants and |
|
Specialty |
|
Industrial |
|
Sealants and |
|
Specialty |
(in
thousands) |
|
Products |
|
Adhesives |
|
Chemicals |
|
Products |
|
Adhesives |
|
Chemicals |
Revenues, net |
|
$ |
33,934 |
|
|
$ |
25,314 |
|
|
$ |
16,921 |
|
|
$ |
138,594 |
|
|
$ |
106,035 |
|
|
$ |
74,930 |
|
Operating income |
|
|
6,289 |
|
|
|
(63 |
) |
|
|
3,068 |
|
|
|
31,075 |
|
|
|
10,911 |
|
|
|
12,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
March 31, 2015 |
|
March 31, 2015 |
|
|
|
|
Coatings, |
|
|
|
|
|
Coatings, |
|
|
|
|
Industrial |
|
Sealants and |
|
Specialty |
|
Industrial |
|
Sealants and |
|
Specialty |
(in
thousands) |
|
Products |
|
Adhesives |
|
Chemicals |
|
Products |
|
Adhesives |
|
Chemicals |
Revenues, net |
|
$ |
29,360 |
|
|
$ |
13,769 |
|
|
$ |
20,094 |
|
|
$ |
118,422 |
|
|
$ |
52,119 |
|
|
$ |
89,738 |
|
Operating income |
|
|
5,245 |
|
|
|
2,392 |
|
|
|
934 |
|
|
|
19,711 |
|
|
|
11,420 |
|
|
|
13,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Measures
|
Reconciliation of Net Income to Adjusted Net
Income |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(in
thousands, except share data) |
|
For the Three Months Ended March 31,
2016 |
|
For the Fiscal Year Ended March 31,
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
1,860 |
|
|
$ |
5,333 |
|
|
$ |
25,471 |
|
|
$ |
29,705 |
|
|
|
|
|
|
|
|
|
|
|
Adjusting
items, net of tax: |
|
|
|
|
|
|
|
|
|
Pension Gain |
|
|
- |
|
|
|
- |
|
|
|
(5,213 |
) |
|
|
- |
|
|
|
Strathmore Transaction
Costs |
|
|
- |
|
|
|
- |
|
|
|
1,667 |
|
|
|
- |
|
|
|
Strathmore Earn
Out |
|
|
- |
|
|
|
- |
|
|
|
(1,262 |
) |
|
|
- |
|
|
|
Deacon & Leak
Freeze Transaction Costs |
|
|
- |
|
|
|
- |
|
|
|
536 |
|
|
|
- |
|
|
|
Start-up Spin
Costs |
|
|
443 |
|
|
|
- |
|
|
|
2,413 |
|
|
|
- |
|
|
|
Strathmore Integration
Costs |
|
|
315 |
|
|
|
- |
|
|
|
436 |
|
|
|
- |
|
|
|
Discrete Tax
provisions |
|
|
2,953 |
|
|
|
- |
|
|
|
2,953 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Net Income |
$ |
5,571 |
|
|
$ |
5,333 |
|
|
$ |
27,001 |
|
|
$ |
29,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
income per common share |
$ |
0.12 |
|
|
$ |
0.34 |
|
|
$ |
1.62 |
|
|
$ |
1.90 |
|
|
|
|
|
|
|
|
|
|
|
Adjusting
items, per diluted common share: |
|
|
|
|
|
|
|
|
|
Pension Gain |
|
|
- |
|
|
|
- |
|
|
|
(0.33 |
) |
|
|
- |
|
|
|
Strathmore Transaction
Costs |
|
|
- |
|
|
|
- |
|
|
|
0.11 |
|
|
|
- |
|
|
|
Strathmore Earn
Out |
|
|
- |
|
|
|
- |
|
|
|
(0.08 |
) |
|
|
- |
|
|
|
Deacon & Leak
Freeze Transaction Costs |
|
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
|
|
Start-up Spin
Costs |
|
|
0.03 |
|
|
|
- |
|
|
|
0.15 |
|
|
|
- |
|
|
|
Strathmore Integration
Costs |
|
|
0.02 |
|
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
|
|
Discrete Tax
provisions |
|
|
0.18 |
|
|
|
- |
|
|
|
0.19 |
|
|
|
- |
|
|
|
Adjusted
earnings per diluted common share |
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
1.72 |
|
|
$ |
1.90 |
|
|
|
Weighted-average shares outstanding (in thousands) |
|
Diluted |
|
15,717 |
|
|
|
15,624 |
|
|
|
15,675 |
|
|
|
15,624 |
|
|
|
We use adjusted earnings per share and adjusted net income
together with financial measures prepared in accordance with GAAP,
such as revenue, income from operations, operating expense,
operating income and net income, to assess our historical and
prospective operating performance and to enhance our understanding
of our core operating performance. We also believe these measures
are useful for investors to assess the operating performance of our
business without the effect of non-operating items.
Investor contact:
Michael Callahan, ICR
(203) 682-8311
Michael.Callahan@icrinc.com
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