Tecnoglass Reports Second Quarter 2017 Results
Total Revenues Reach Second Quarter Record at $81.0 Million
Backlog Expands to Record $487 Million; Up 22%
Year-over-Year
BARRANQUILLA, COLOMBIA-(Marketwired - Aug 11, 2017) -
Tecnoglass, Inc. (NASDAQ: TGLS)
Second Quarter 2017 Highlights
- Total revenues of $81.0 million
- Net (loss) income of ($3.6) million, or ($0.11) per share
- Adjusted net (loss) income1 of $2.6 million, or $0.08 per
share
- Adjusted EBITDA1 of $13.4 million
- Initiated second phase of Colombian Solar installation project
expected to provide incremental savings upon completion
- Announced a 12% increase in the quarterly dividend to $0.14 per
share for the third quarter 2017
- Revises full year 2017 outlook based on a portion of backlog
shifting into 2018
Tecnoglass, Inc. (NASDAQ: TGLS) ("Tecnoglass" or the "Company"),
a leading manufacturer of architectural glass, windows, and
associated aluminum products for the global commercial and
residential construction industries, today reported financial
results for the second quarter ended June 30, 2017.
José Manuel Daes, Chief Executive Officer of Tecnoglass,
commented, "Our ongoing efforts to expand our geographic footprint,
broaden our customer relationships and introduce new cutting-edge
products allowed us to expand backlog by 22% year-over-year to a
record $487 million. This includes a combination of attractive
project wins from GM&P, our penetration into residential end
markets and our legacy operations. That said, while we continue to
experience good visibility on our multi-year project pipeline,
longer lead times in backlog due to delayed project starts in our
legacy portfolio, have pushed the timing on a handful of sizeable
deliveries into 2018. Additionally, construction activity has
tempered in a couple of key markets, including Florida and
Colombia, resulting in a more muted revenue growth outlook for full
year 2017."
José Manuel Daes continued, "As a result of this shift of
activity into the next year, we are already taking steps to
rationalize our cost structure which we had put in place in
anticipation of a faster ramp of revenues for the year. We also
continue to invest and expand our presence into many additional U.S
markets, along with other growing geographies, including our recent
entry into Europe. We remain confident in the market leading
capabilities of our platform, which include a highly efficient,
low-cost operation and an extensive portfolio of in-demand
products, to fully capitalize on the abundant pent-up demand in our
markets."
Christian Daes, Chief Operating Officer of Tecnoglass, added,
"We continue to make progress on a number of high-return
initiatives to improve our cost profile and strengthen our
vertically integrated operations. With our plant network largely
built out to support anticipated growth, our efforts for the
balance of 2017 are focused on productivity and innovation. This
includes starting to realize cost savings from the first phase of
our solar energy conversion efforts by year end 2017 and the
installation of the second phase of the project. In regards to new
products, our residential offerings are gaining market acceptance
and accelerating our traction with new customers. Through our
continued focus on operational excellence and sound investments, we
remain committed to expanding our industry-leading margins, made
possible by our strategic approach and product quality. Beyond
these initiatives, we are sharply focused on generating additional
value for our shareholders by initiating a company wide cost and
expense cutting initiative, and by augmenting our dividend, which
will increase by 12% beginning in the third quarter 2017."
Second Quarter 2017 Results
Total revenues for the second quarter 2017 increased 1.5% to
$81.0 million compared to $79.8 million in the prior year quarter.
U.S revenues grew 26.3% to $60.3 million compared to $47.8 million
in the prior year quarter, primarily due to the acquisition of
GM&P which more than offset delayed starts on a handful of key
projects in our backlog. Colombia's revenue, a majority of which is
represented by long-term contracts priced in Colombian Pesos (COP),
was $15.1 million on a local currency basis compared to $28.3
million in the prior year quarter, the decrease was primarily due
to delayed activity mainly related to macro factors in connection
with the structural tax reform put into effect at the beginning of
2017 and a slowdown in commercial construction which is being
partly offset by a pick up in residential activity. A favorable
foreign currency impact for the quarter resulted in a slight
benefit to reported Colombia revenues compared to the prior year
quarter.
Gross profit was $22.5 million, representing a 27.8% gross
margin, compared to $28.0 million, representing a 35.1% gross
margin, in the prior year quarter. The primary difference in gross
margin was due to a higher mix of engineering and installation
revenues attributable to GM&P project activity, which carries a
lower margin associated with engineering and installation services,
along with a $0.9 million impact from higher depreciation and
amortization resulting from the Company's 2016 growth Capex
program, and a higher fixed cost labor structure to support the
anticipated revenue growth for 2017. Operating expenses were $17.1
million compared to $15.3 million in the prior year quarter. As a
percent of total revenue, operating expenses were 21.2% compared to
19.1% in the prior year quarter, but essentially flat year over
year excluding $1.6 million of non-recurring costs in the second
quarter 2016. Operating income was $5.4 million compared to $12.7
million in the prior year quarter.
Net (loss) income was ($3.6) million, or ($0.11) per diluted
share, compared to $14.7 million, or $0.44 per diluted share in the
prior year quarter. Adjusted net (loss) income1, as reconciled in
the table below, was $2.6 million, or $0.08 per diluted share,
compared to $9.3 million, or $0.28 per diluted share, in the prior
year quarter. Adjusted net (loss) income1, which excludes the
impact of warrants, earn-out shares and non-recurring items, as of
the second quarter 2017 also exludes non-cash foreign exchange
gains and losses associated with movements in the Company's
monetary assets and liabilities, to better reflect core financial
performance.
Adjusted EBITDA1, as reconciled in the table below, was $13.4
million, compared to $17.7 million in the prior year quarter.
Dividend
The Company declared a regular quarterly dividend of $0.125 per
share for the second quarter 2017, which was paid on July 28, 2017,
to shareholders of record at the close of business on June 30,
2017, in the form of cash or ordinary shares, based on the option
of shareholders. Approximately 85% of dividends were paid in
ordinary shares.
The Company has declared a regular quarterly dividend for the
third quarter of 2017, which will be increased by 12% to $0.14 per
share, or $0.56 per share on an annual basis, and payable to
shareholders of record as of the close of business on September 29,
2017.
Full Year 2017 Outlook
For the full year 2017, the Company now expects revenues to be
in the range of $320 million to $330 million, primarily
attributable to longer lead times on a portion of projects in
backlog shifting into 2018. Based on this anticipated sales
outlook, the Company expects Adjusted EBITDA1 to be in the range of
$57 million to $65 million.
Conference Call
Management will host a conference call on Friday, August 11,
2017 at 9:00 a.m. eastern time (8:00 a.m. Bogota, Colombia time) to
review the Company's results. The conference call will be broadcast
live over the Internet. Additionally, a slide presentation will
accompany the conference call. To listen to the call and view the
slides, please visit the Investor Relations section of Tecnoglass'
website at www.tecnoglass.com. Please go to the website at least 15
minutes early to register, download and install any necessary audio
software. To participate by telephone, please dial:
- (877) 705-6003 (Domestic)
- (201) 493-6725 (International)
If you are unable to listen live, a replay of the conference
call will be archived on the website. You may also access the
conference call playback by dialing (844) 512-2921
(Domestic) or (412) 317-6671 (International) and
entering pass code: 13665790 through November 11, 2017.
About Tecnoglass
Tecnoglass Inc. is a leading manufacturer of architectural
glass, windows, and associated aluminum products for the global
commercial and residential construction industries. Tecnoglass is
the #1 architectural glass transformation company in Latin America
and the second largest glass fabricator serving the United States.
Headquartered in Barranquilla, Colombia, the Company operates out
of a 2.7 million square foot vertically-integrated,
state-of-the-art manufacturing complex that provides easy access to
the Americas, the Caribbean, and the Pacific. Tecnoglass supplies
more than 900 customers in North, Central and South America, with
the United States accounting for approximately 62% of revenues in
2016. Tecnoglass' tailored, high-end products are found on some of
the world's most distinctive properties, including the El Dorado
Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza
(Panama), Trump Tower (Miami), and The Woodlands (Houston). For
more information, please visit www.tecnoglass.com or view our
corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future financial
performance, future growth and future acquisitions. These
statements are based on Tecnoglass' current expectations or beliefs
and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
statements herein due to changes in economic, business, competitive
and/or regulatory factors, and other risks and uncertainties
affecting the operation of Tecnoglass' business. These risks,
uncertainties and contingencies are indicated from time to time in
Tecnoglass' filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such
risks. Further, investors should keep in mind that Tecnoglass'
financial results in any particular period may not be indicative of
future results. Additionally, Tecnoglass' financial information for
2017 remains subject to completion of the Company's audit and other
financial and accounting procedures as detailed in the Company's
reports with the Securities and Exchange Commission. These results
may differ from the actual results that the Company reports
following completion of such procedures. Tecnoglass is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements, whether as a result of new
information, future events and changes in assumptions or otherwise,
except as required by law.
1 Adjusted net income and Adjusted EBITDA in both periods are
reconciled in the table below
|
Tecnoglass Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
43,682
|
|
|
$
|
26,918
|
|
Investments
|
|
|
1,879
|
|
|
|
1,537
|
|
Trade accounts receivable, net
|
|
|
106,313
|
|
|
|
92,297
|
|
Due from related parties
|
|
|
8,531
|
|
|
|
10,995
|
|
Inventories
|
|
|
61,128
|
|
|
|
55,092
|
|
Other current assets
|
|
|
15,405
|
|
|
|
23,897
|
|
Total current assets
|
|
$
|
236,938
|
|
|
$
|
210,736
|
|
|
|
|
|
|
|
|
|
|
Long term assets:
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
$
|
165,123
|
|
|
$
|
170,797
|
|
Deferred taxes
|
|
|
3,697
|
|
|
|
-
|
|
Intangible assets
|
|
|
12,548
|
|
|
|
4,555
|
|
Goodwill
|
|
|
19,899
|
|
|
|
1,330
|
|
Other long-term assets
|
|
|
7,528
|
|
|
|
7,312
|
|
Total long-term assets
|
|
|
208,795
|
|
|
|
183,994
|
|
Total assets
|
|
$
|
445,733
|
|
|
$
|
394,730
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term debt and current portion of long term debt
|
|
$
|
5,466
|
|
|
$
|
2,651
|
|
Trade accounts payable and accrued expenses
|
|
|
52,392
|
|
|
|
42,546
|
|
|
|
|
|
|
|
|
|
|
Due to related parties
|
|
|
1,435
|
|
|
|
3,668
|
|
Payable associated to GM&P acquisition
|
|
|
29,000
|
|
|
|
-
|
|
Dividends payable
|
|
|
1,526
|
|
|
|
3,486
|
|
Current portion of customer advances on uncompleted
contracts
|
|
|
8,880
|
|
|
|
7,780
|
|
Other current liabilities
|
|
|
6,341
|
|
|
|
18,255
|
|
Total current liabilities
|
|
$
|
105,040
|
|
|
$
|
78,386
|
|
|
|
|
|
|
|
|
|
|
Long term liabilities:
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
$
|
3,347
|
|
|
$
|
3,523
|
|
Customer advances on uncompleted contracts
|
|
|
3,359
|
|
|
|
2,310
|
|
Long term debt
|
|
|
221,456
|
|
|
|
196,946
|
|
Total Long-Term Liabilities
|
|
|
228,162
|
|
|
|
202,779
|
|
Total liabilities
|
|
$
|
333,202
|
|
|
$
|
281,165
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Preferred shares, $0.0001 par value, 1,000,000 shares
authorized, 0 shares issued and outstanding at June 30, 2017 and
December 31, 2016 respectively
|
|
$
|
-
|
|
|
$
|
-
|
|
Ordinary shares, $0.0001 par value, 100,000,000 shares
authorized, 33,829,825 and 33,172,144 shares issued and outstanding
at June 30, 2017 and December 31, 2016, respectively
|
|
|
3
|
|
|
|
3
|
|
Legal Reserves
|
|
|
1,367
|
|
|
|
1,367
|
|
Additional paid-in capital
|
|
|
120,500
|
|
|
|
114,847
|
|
Retained earnings
|
|
|
19,097
|
|
|
|
26,548
|
|
Accumulated other comprehensive (loss)
|
|
|
(29,649
|
)
|
|
|
(29,200
|
)
|
Shareholders' equity attributable to controlling interest
|
|
|
111,318
|
|
|
|
113,565
|
|
Shareholders' equity attributable to non-controlling
interest
|
|
|
1,213
|
|
|
|
-
|
|
Total shareholders' equity
|
|
|
112,531
|
|
|
|
113,565
|
|
Total liabilities and shareholders' equity
|
|
$
|
445,733
|
|
|
$
|
394,730
|
|
|
|
|
|
|
|
|
|
|
|
Tecnoglass Inc. and Subsidiaries
|
Condensed Consolidated Statements of Operations and Other
Comprehensive Income
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers
|
|
$
|
79,885
|
|
|
$
|
78,353
|
|
|
$
|
144,328
|
|
|
$
|
139,237
|
|
Related parties
|
|
|
1,091
|
|
|
|
1,460
|
|
|
|
2,465
|
|
|
|
4,431
|
|
|
Total operating revenues
|
|
|
80,976
|
|
|
|
79,813
|
|
|
|
146,793
|
|
|
|
143,668
|
|
Cost of sales
|
|
|
58,432
|
|
|
|
51,823
|
|
|
|
101,997
|
|
|
|
90,988
|
|
Gross Profit
|
|
|
22,544
|
|
|
|
27,990
|
|
|
|
44,796
|
|
|
|
52,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense
|
|
|
(7,894
|
)
|
|
|
(9,094
|
)
|
|
|
(14,800
|
)
|
|
|
(15,296
|
)
|
General and administrative expense
|
|
|
(7,600
|
)
|
|
|
(6,163
|
)
|
|
|
(15,101
|
)
|
|
|
(12,903
|
)
|
Provision for bad debt and write offs
|
|
|
(1,634
|
)
|
|
|
(5
|
)
|
|
|
(2,617
|
)
|
|
|
(5
|
)
|
Total Operating Expenses
|
|
|
(17,128
|
)
|
|
|
(15,262
|
)
|
|
|
(32,518
|
)
|
|
|
(28,204
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
5,416
|
|
|
|
12,728
|
|
|
|
12,278
|
|
|
|
24,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair value of earnout shares liabilities
|
|
|
-
|
|
|
|
3,330
|
|
|
|
-
|
|
|
|
7,034
|
|
Gain on change in fair value of warrant liability
|
|
|
-
|
|
|
|
6,687
|
|
|
|
-
|
|
|
|
12,598
|
|
Non-operating income
|
|
|
922
|
|
|
|
1,246
|
|
|
|
1,949
|
|
|
|
2,263
|
|
Foreign currency transactions losses
|
|
|
(8,713
|
)
|
|
|
(1,009
|
)
|
|
|
(6,288
|
)
|
|
|
(2,266
|
)
|
Loss on extinguishment of Debt
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
(3,161
|
)
|
|
|
-
|
|
Interest expense and amortization of deferred cost of
financing
|
|
|
(5,175
|
)
|
|
|
(4,242
|
)
|
|
|
(10,257
|
)
|
|
|
(7,366
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income before taxes
|
|
|
(7,552
|
)
|
|
|
18,740
|
|
|
|
(5,479
|
)
|
|
|
36,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (provision)
|
|
|
4,052
|
|
|
|
(4,061
|
)
|
|
|
3,010
|
|
|
|
(7,704
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
(3,500
|
)
|
|
|
14,679
|
|
|
|
(2,469
|
)
|
|
|
29,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to non-controlling interest
|
|
|
(60
|
)
|
|
|
-
|
|
|
|
(72
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to parent
|
|
$
|
(3,560
|
)
|
|
$
|
14,679
|
|
|
$
|
(2,541
|
)
|
|
$
|
29,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to parent
|
|
$
|
(3,560
|
)
|
|
$
|
14,679
|
|
|
$
|
(2,541
|
)
|
|
$
|
29,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(5,250
|
)
|
|
|
3,489
|
|
|
|
(449
|
)
|
|
|
5,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) income
|
|
$
|
(8,810
|
)
|
|
$
|
18,168
|
|
|
$
|
(2,990
|
)
|
|
$
|
34,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share
|
|
$
|
(0.11
|
)
|
|
$
|
0.51
|
|
|
$
|
(0.08
|
)
|
|
$
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per share
|
|
$
|
(0.11
|
)
|
|
$
|
0.44
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares outstanding
|
|
|
33,829,825
|
|
|
|
28,890,001
|
|
|
|
33,826,070
|
|
|
|
28,727,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares outstanding
|
|
|
33,829,825
|
|
|
|
33,214,541
|
|
|
|
33,826,070
|
|
|
|
33,226,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tecnoglass Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(Amounts in thousands)
|
(Unaudited)
|
|
|
|
Six months ended June 30,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to parent
|
|
$
|
(2,541
|
)
|
|
$
|
29,035
|
|
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
Provision for bad debts
|
|
|
2,617
|
|
|
|
5
|
|
Provision for obsolete inventory
|
|
|
58
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
10,366
|
|
|
|
7,068
|
|
Change in fair value of investments held for trading
|
|
|
(6
|
)
|
|
|
(27
|
)
|
Loss on disposition of assets
|
|
|
3
|
|
|
|
-
|
|
Change in value of derivative liability
|
|
|
(23
|
)
|
|
|
(19
|
)
|
Change in fair value of earnout share liability
|
|
|
-
|
|
|
|
(7,034
|
)
|
Change in fair value of warrant liability
|
|
|
-
|
|
|
|
(12,598
|
)
|
Deferred income taxes
|
|
|
(6,870
|
)
|
|
|
42
|
|
Extinguishment of debt
|
|
|
2,585
|
|
|
|
-
|
|
Amortization of bond discount and issuance costs
|
|
|
545
|
|
|
|
-
|
|
Director stock compensation
|
|
|
142
|
|
|
|
166
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Trade accounts receivables
|
|
|
5,830
|
|
|
|
(13,455
|
)
|
Inventories
|
|
|
(6,811
|
)
|
|
|
(7,624
|
)
|
Prepaid expenses
|
|
|
83
|
|
|
|
950
|
|
Other assets
|
|
|
1,984
|
|
|
|
(6,030
|
)
|
Trade accounts payable and accrued expenses
|
|
|
15,399
|
|
|
|
16,795
|
|
Taxes payable
|
|
|
(15,104
|
)
|
|
|
(5,423
|
)
|
Labor liabilities
|
|
|
(130
|
)
|
|
|
(4
|
)
|
Related parties
|
|
|
1,777
|
|
|
|
(4,839
|
)
|
Customer advances on uncompleted contracts
|
|
|
2,283
|
|
|
|
373
|
|
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
|
12,187
|
|
|
|
(2,619
|
)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from sale of investments
|
|
|
358
|
|
|
|
417
|
|
Proceeds from sale of property and equipment
|
|
|
-
|
|
|
|
-
|
|
Business acquisitions
|
|
|
(8,382
|
)
|
|
|
-
|
|
Cash acquired from GM&P and Componenti
|
|
|
509
|
|
|
|
-
|
|
Purchase of investments
|
|
|
(727
|
)
|
|
|
(22,765
|
)
|
Acquisition of property and equipment
|
|
|
(4,295
|
)
|
|
|
(5,113
|
)
|
CASH USED IN INVESTING ACTIVITIES
|
|
|
(12,537
|
)
|
|
|
(27,461
|
)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
20,915
|
|
|
|
156,200
|
|
Cash Dividend
|
|
|
(1,219
|
)
|
|
|
-
|
|
Proceeds from bond issuance
|
|
|
201,716
|
|
|
|
-
|
|
ESW distributions prior to acquisition
|
|
|
-
|
|
|
|
(1,201
|
)
|
Repayments of debt
|
|
|
(203,754
|
)
|
|
|
(110,131
|
)
|
CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
17,658
|
|
|
|
44,868
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(544
|
)
|
|
|
(334
|
)
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN CASH
|
|
|
16,764
|
|
|
|
14,454
|
|
CASH - Beginning of period
|
|
|
26,918
|
|
|
|
22,671
|
|
CASH - End of period
|
|
|
43,682
|
|
|
|
37,125
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
Interest
|
|
|
6,864
|
|
|
|
4,063
|
|
Income Tax
|
|
|
15,168
|
|
|
|
13,677
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND FINANCING ACTIVITES:
|
|
|
|
|
|
|
|
|
Assets acquired under capital lease
|
|
|
-
|
|
|
|
11,438
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Region
|
(Amounts in thousands)
|
(unaudited)
|
|
|
|
Three months ended June 30,
|
2017
|
|
2016
|
|
% Change
|
Revenues by Region
|
|
|
|
|
|
|
|
United States
|
|
60,342
|
|
47,774
|
|
26.3
|
%
|
Colombia
|
|
15,525
|
|
28,300
|
|
-45.1
|
%
|
Other Countries
|
|
5,109
|
|
3,739
|
|
36.7
|
%
|
Total Revenues by Region
|
|
80,976
|
|
79,813
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Performance Measures to GAAP
Performance Measures
|
(Amounts in thousands)
|
(unaudited)
|
The Company believes that Total Revenues with Foreign Currency
Held Neutral non-GAAP performance measures, which management uses
in managing and evaluating the Company's business, may provide
users of the Company's financial information with additional
meaningful bases for comparing the Company's current results and
results in a prior period, as these measures reflect factors that
are unique to one period relative to the comparable period.
However, these non-GAAP performance measures should be viewed in
addition to, and not as an alternative for, the Company's reported
results under accounting principles generally accepted in the
United States.
|
|
|
|
|
Three months ended June 30,
|
2017
|
|
2016
|
|
% Change
|
|
|
|
|
|
|
|
|
Total Revenues with Foreign Currency Held Neutral
|
|
80,587
|
|
79,813
|
|
1.0
|
%
|
Impact of changes in foreign currency
|
|
389
|
|
-
|
|
0.5
|
%
|
Total Revenues, As Reported
|
|
80,976
|
|
79,813
|
|
1.5
|
%
|
Currency impacts on total revenues for the current quarter have
been derived by translating current quarter revenues at the
prevailing average foreign currency rates during the prior year
quarter, as applicable.
|
Reconciliation of Adjusted EBITDA and Adjusted net (loss) income
to net (loss) income
|
(In thousands, except share and per share data)
|
(unaudited)
|
Adjusted EBITDA and adjusted net (loss) income are not measures
of financial performance under generally accepted accounting
principles ("GAAP"). Management believes Adjusted EBITDA and
adjusted net (loss) income, in addition to operating profit, net
(loss) income and other GAAP measures, is useful to investors to
evaluate the Company's results because it excludes certain items
that are not directly related to the Company's core operating
performance. Investors should recognize that Adjusted EBITDA and
adjusted Net (loss) income might not be comparable to
similarly-titled measures of other companies. These measures should
be considered in addition to, and not as a substitute for or
superior to, any measure of performance prepared in accordance with
GAAP.
Reconciliations of the non-GAAP measures used in this press
release are included in the tables attached to this press release,
to the extent available without unreasonable effort. Because GAAP
financial measures on a forward-looking basis are not accessible,
and reconciling information is not available without unreasonable
effort, we have not provided reconciliations for forward-looking
non-GAAP measures.
A reconciliation of Adjusted EBITDA and adjusted net (loss)
income to the most directly comparable GAAP measure in accordance
with SEC Regulation G follows, with amounts in thousands:
|
|
|
|
|
Three months ended
|
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
|
March 31, 2017
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
14,679
|
|
|
(8,783
|
)
|
|
2,928
|
|
|
1,019
|
|
|
(3,560
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and amortization of deferred cost of
financing
|
|
4,242
|
|
|
4,771
|
|
|
4,677
|
|
|
5,082
|
|
|
5,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (provision)
|
|
4,061
|
|
|
5,789
|
|
|
2,579
|
|
|
1,042
|
|
|
(4,052
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization
|
|
3,737
|
|
|
4,086
|
|
|
4,368
|
|
|
4,905
|
|
|
5,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transactions losses (gains)
|
|
1,009
|
|
|
(2,434
|
)
|
|
1,555
|
|
|
(2,425
|
)
|
|
8,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-timers (extinguishment of debt, bond issuance costs and
other non-recurring)
|
|
-
|
|
|
-
|
|
|
4,509
|
|
|
4,105
|
|
|
1,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair value of earnout shares liabilities
|
|
(3,330
|
)
|
|
2,630
|
|
|
(270
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair value of warrant liability
|
|
(6,687
|
)
|
|
12,885
|
|
|
(1,063
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
17,711
|
|
|
18,944
|
|
|
19,283
|
|
|
13,728
|
|
|
13,360
|
|
|
|
|
|
|
Three months ended
|
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
|
March 31, 2017
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
14,679
|
|
|
(8,783
|
)
|
|
2,928
|
|
|
1,019
|
|
|
(3,560
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transactions losses (gains)
|
|
1,009
|
|
|
(2,434
|
)
|
|
1,555
|
|
|
(2,425
|
)
|
|
8,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair value of earnout shares liabilities
|
|
(3,330
|
)
|
|
2,630
|
|
|
(270
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on change in fair value of warrant liability
|
|
(6,687
|
)
|
|
12,885
|
|
|
(1,063
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-timers (extinguishment of debt, bond issuance costs and
other non-recurring)
|
|
-
|
|
|
-
|
|
|
4,509
|
|
|
4,105
|
|
|
1,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact of adjustments at statutory rate
|
|
3,603
|
|
|
(5,232
|
)
|
|
(1,892
|
)
|
|
(672
|
)
|
|
(4,134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income
|
|
9,275
|
|
|
(934
|
)
|
|
5,766
|
|
|
2,027
|
|
|
2,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share
|
|
0.51
|
|
|
(0.29
|
)
|
|
0.10
|
|
|
0.03
|
|
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per share
|
|
0.44
|
|
|
(0.29
|
)
|
|
0.10
|
|
|
0.03
|
|
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net (loss) income attributable to parent per
share
|
|
0.28
|
|
|
(0.03
|
)
|
|
0.19
|
|
|
0.06
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common shares outstanding
|
|
28,890
|
|
|
29,968
|
|
|
29,879
|
|
|
33,822
|
|
|
33,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares outstanding
|
|
33,215
|
|
|
29,968
|
|
|
30,702
|
|
|
34,338
|
|
|
33,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact Information
- Investor Relations: Santiago Giraldo CFO 305-503-9062
investorrelations@tecnoglass.com
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