- Total Revenues Increase 10% to a
Record $89.0 million -
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, 2018.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, "We were pleased with our second quarter
2018 results, which marked another record top line quarter with
continued improvement in our business, resulting in double-digit
growth in revenues and Adjusted EBITDA. U.S. revenues increased
approximately 16% to almost $70 million, representing 79% of total
Q2 2018 revenues. This expansion of our business in the U.S.
markets helped compensate for relatively stable results in
Colombia. Activity in Colombia was tempered in the quarter by
uncertainty associated with the country´s run-off presidential
election, which preceded the favorable outcome of what we see as an
incoming pro-business administration that we believe will be very
positive for the economy in years to come. To that point, for the
month of June 2018, Colombia recorded its highest commercial
confidence reading since 2012. Overall, and as previously
indicated, we look forward to delivering a full year of record
levels of invoicing and Adjusted EBITDA in 2018, primarily driven
by U.S. growth. As such, we are encouraged by the strong line up of
projects in backlog and remain committed to delivering attractive
returns to our shareholders.”
Christian Daes, Chief Operating Officer of
Tecnoglass, added, “Heading into the second half of the year, we
continue to have a very strong backlog with attractive project wins
fully replacing four consecutive quarters of record invoicing,
while having some additional contracts in the pipeline not yet
closed by quarter end. This continues to primarily reflect strong
demand in the U.S. Beyond this book of business, we look forward to
several additional catalysts, including the completed integration
of GM&P providing opportunities for operating efficiencies, the
recently elected Colombian president determined to prolong a
favorable business climate and a stronger pricing environment in
the U.S. following the recently enacted tariffs on aluminum
imports. We are excited to continue expanding our business and
confident that we are poised for additional success with our
cutting-edge product portfolio, growing reputation in the
architectural glass industry and unique vertically-integrated
operations.”
Second Quarter 2018 Results
Total revenues for the second quarter of 2018
increased 10% to $89.0 million compared to $81.0 million in the
prior year quarter. A favorable foreign currency impact for the
quarter resulted in a marginal benefit to total revenues compared
to the prior year quarter. U.S. revenues grew 15.8% to $69.9
million compared to $60.3 million in the prior year quarter,
primarily due to continued healthy commercial and residential
construction activity and the timely execution of our strong
backlog.
Colombia revenue, a majority of which is
represented by long-term contracts priced in Colombian Pesos but
indexed to the U.S. Dollar, increased slightly to $15.6 million
compared to $15.5 million in the prior year quarter. Excluding
foreign currency, Colombia revenues declined 2.5%. This was
primarily due to tempered activity in the quarter,
attributable to uncertainty associated with the country´s run-off
presidential election, which subsequently resulted in what the
Company expects to be a positive outcome from the continuation of a
favorable business climate promoted by the incoming presidential
administration. For the month of June 2018, both the Colombia
Commercial and Industrial Confidence Indexes increased compared to
previous months, with the commercial index registering its highest
reading since 2012, according to Fedesarrollo, one of the leading
economic studies organizations in Latin America.
Gross profit increased 9.3% to $24.6 million,
representing a 27.7% gross margin, compared to $22.5 million,
representing a 27.8% gross margin, in the prior year quarter. Gross
margin in the second quarter 2018 would have increased to 31.8%
year-over-year, excluding a non-recurring acquisition transition
expense of approximately $3.6 million related to an overhaul of
GM&P’s supply chain for certain projects and other business
optimization costs, which are now complete. Operating expenses were
$17.0 million compared to $17.1 million in the prior year quarter.
As a percent of total revenues, operating expenses were 19.1%
compared to 21.2% in the prior year quarter, primarily due to
higher sales. Operating income increased 40.7% to $7.6 million
compared to $5.4 million in the prior year quarter.
Net loss of $3.9 million, or ($0.11) per diluted
share, compared to a net loss of $3.5 million, or ($0.10) per
diluted share in the prior year quarter, including non-cash FX
losses in both periods. Adjusted net income1 improved to $7.3
million, or $0.20 per diluted share, compared to adjusted net
income of $2.6 million, or $0.07 per diluted share, in the prior
year quarter. Adjusted net income1, as reconciled in the table
below, excludes the impact of non-cash foreign exchange gains or
losses, other non-core items and the tax impact of adjustments at
statutory rates, to better reflect core financial performance.
Adjusted EBITDA1, as reconciled in the table
below, increased 36.0% to $18.3 million, compared to $13.4 million
in the prior year quarter, primarily attributable to sales growth,
higher gross profit excluding non-recurring items and lower
operating expenses as a percent of total revenues.
Dividend
The Company declared a regular quarterly
dividend of $0.14 per share for the second quarter 2018, which was
paid on July 31, 2018 to shareholders of record as of the close of
business on June 29, 2018, in the form of cash or ordinary shares,
at the option of shareholders.
Full Year 2018 Outlook
The Company continues to anticipate growth in
commercial construction end markets and additional market share
gains for the full year 2018. The Company reiterates its
expectation for full year 2018 revenues to grow to a range of $345
to $365 million and generate Adjusted EBITDA in the range of $71
million to $81 million.
Conference
Call
Management will host a conference call on
Wednesday, August 8, 2018 at 10:00 a.m. eastern time (9:00 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: 13681222.
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
over 900 customers in North, Central and South America, with the
United States accounting for more than 70% of revenues. Tecnoglass'
tailored, high‐end products are found on some of the world’s most
distinctive properties, including the El Dorado Airport (Bogota),
50 United Nations Plaza (New York), Trump Plaza (Panama), Icon Bay
(Miami), and Salesforce Tower (San Francisco). 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.
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.
Investor
Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
Tecnoglass Inc. and
SubsidiariesConsolidated Balance
Sheets (In thousands, except share and per
share data)(Unaudited)
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
29,925 |
|
|
|
$ |
40,923 |
|
|
Investments |
|
|
2,061 |
|
|
|
|
1,680 |
|
|
Trade accounts
receivable, net |
|
|
87,432 |
|
|
|
|
110,464 |
|
|
Due from related
parties |
|
|
7,428 |
|
|
|
|
8,500 |
|
|
Inventories |
|
|
79,903 |
|
|
|
|
71,656 |
|
|
Unbilled receivables on
uncompleted contracts |
|
|
- |
|
|
|
|
9,996 |
|
|
Contract assets –
current portion |
|
|
46,677 |
|
|
|
|
- |
|
|
Other current
assets |
|
|
18,486 |
|
|
|
|
18,679 |
|
|
Total current
assets |
|
$ |
271,912 |
|
|
|
$ |
261,898 |
|
|
|
|
|
|
|
|
|
|
|
Long term
assets: |
|
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
$ |
167,647 |
|
|
|
$ |
168,701 |
|
|
Deferred taxes |
|
|
- |
|
|
|
|
103 |
|
|
Contract assets –
non-current |
|
|
925 |
|
|
|
|
- |
|
|
Intangible Assets |
|
|
10,583 |
|
|
|
|
11,517 |
|
|
Goodwill |
|
|
23,561 |
|
|
|
|
23,130 |
|
|
Other long term
assets |
|
|
3,008 |
|
|
|
|
2,651 |
|
|
Total long term
assets |
|
|
205,724 |
|
|
|
|
206,102 |
|
|
Total
assets |
|
$ |
477,636 |
|
|
|
$ |
468,000 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long term debt |
|
$ |
11,498 |
|
|
|
$ |
3,260 |
|
|
Trade accounts payable
and accrued expenses |
|
|
59,440 |
|
|
|
|
55,182 |
|
|
Accrued interest
expense |
|
|
7,450 |
|
|
|
|
7,392 |
|
|
Due to related
parties |
|
|
1,002 |
|
|
|
|
975 |
|
|
Payable associated to
GM&P acquisition |
|
|
8,500 |
|
|
|
|
29,000 |
|
|
Dividends payable |
|
|
734 |
|
|
|
|
585 |
|
|
Current portion of
customer advances on uncompleted contracts |
|
|
- |
|
|
|
|
11,429 |
|
|
Contract liability –
current portion |
|
|
16,079 |
|
|
|
|
- |
|
|
Other current
liabilities |
|
|
3,890 |
|
|
|
|
13,626 |
|
|
Total current
liabilities |
|
$ |
108,593 |
|
|
|
$ |
121,449 |
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
|
|
Deferred income
taxes |
|
$ |
3,246 |
|
|
|
$ |
2,317 |
|
|
Customer advances on
uncompleted contracts |
|
|
- |
|
|
|
|
1,571 |
|
|
Contract liability –
non-current |
|
|
1,586 |
|
|
|
|
- |
|
|
Long term debt |
|
|
220,392 |
|
|
|
|
220,998 |
|
|
Total Long Term
Liabilities |
|
|
225,224 |
|
|
|
|
224,886 |
|
|
Total
liabilities |
|
$ |
333,817 |
|
|
|
$ |
346,335 |
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred shares,
$0.0001 par value, 1,000,000 shares authorized, 0 shares issued and
outstanding at June 30, 2018 and December 31, 2017
respectively |
|
$ |
- |
|
|
|
$ |
- |
|
|
Ordinary shares,
$0.0001 par value, 100,000,000 shares authorized, 37,041,669 and
34,836,575 shares issued and outstanding at June 30, 2018 and
December 31, 2017, respectively |
|
|
4 |
|
|
|
|
3 |
|
|
Legal Reserves |
|
|
1,367 |
|
|
|
|
1,367 |
|
|
Additional paid-in
capital |
|
|
148,375 |
|
|
|
|
125,317 |
|
|
Retained earnings |
|
|
19,029 |
|
|
|
|
22,212 |
|
|
Accumulated other
comprehensive (loss) |
|
|
(26,089 |
) |
|
|
|
(28,651 |
) |
|
Shareholders’
equity attributable to controlling interest |
|
|
142,686 |
|
|
|
|
120,248 |
|
|
Shareholders’
equity attributable to non-controlling interest |
|
|
1,133 |
|
|
|
|
1,417 |
|
|
Total
shareholders’ equity |
|
|
143,819 |
|
|
|
|
121,665 |
|
|
Total
liabilities and shareholders’ equity |
|
$ |
477,636 |
|
|
|
$ |
468,000 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands,
except share and per share
data)(Unaudited)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers |
|
$ |
87,785 |
|
|
|
$ |
79,885 |
|
|
|
$ |
173,992 |
|
|
|
$ |
144,328 |
|
|
Related parties |
|
|
1,184 |
|
|
|
|
1,091 |
|
|
|
|
2,137 |
|
|
|
|
2,465 |
|
|
Total
operating revenues |
|
|
88,969 |
|
|
|
|
80,976 |
|
|
|
|
176,129 |
|
|
|
|
146,793 |
|
|
Cost of sales |
|
|
64,327 |
|
|
|
|
58,432 |
|
|
|
|
124,739 |
|
|
|
|
101,997 |
|
|
Gross
Profit |
|
|
24,642 |
|
|
|
|
22,544 |
|
|
|
|
51,390 |
|
|
|
|
44,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
(8,567 |
) |
|
|
|
(9,528 |
) |
|
|
|
(17,704 |
) |
|
|
|
(17,417 |
) |
|
General and
administrative expense |
|
|
(8,453 |
) |
|
|
|
(7,600 |
) |
|
|
|
(16,074 |
) |
|
|
|
(15,101 |
) |
|
Total Operating
Expenses |
|
|
(17,020 |
) |
|
|
|
(17,128 |
) |
|
|
|
(33,778 |
) |
|
|
|
(32,518 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
7,622 |
|
|
|
|
5,416 |
|
|
|
|
17,612 |
|
|
|
|
12,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income |
|
|
709 |
|
|
|
|
922 |
|
|
|
|
1,808 |
|
|
|
|
1,949 |
|
|
Foreign currency
transactions gains (losses) |
|
|
(8,307 |
) |
|
|
|
(8,713 |
) |
|
|
|
1,666 |
|
|
|
|
(6,288 |
) |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
|
(2 |
) |
|
|
|
- |
|
|
|
|
(3,161 |
) |
|
Interest expense and
deferred cost of financing |
|
|
(5,361 |
) |
|
|
|
(5,175 |
) |
|
|
|
(10,411 |
) |
|
|
|
(10,257 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income before
taxes |
|
|
(5,337 |
) |
|
|
|
(7,552 |
) |
|
|
|
10,675 |
|
|
|
|
(5,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(provision) |
|
|
1,467 |
|
|
|
|
4,052 |
|
|
|
|
(3,926 |
) |
|
|
|
3,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
$ |
(3,870 |
) |
|
|
$ |
(3,500 |
) |
|
|
$ |
6,749 |
|
|
|
$ |
(2,469 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (income) loss
attributable to non-controlling interest |
|
|
212 |
|
|
|
|
(60 |
) |
|
|
|
284 |
|
|
|
|
(72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income
attributable to parent |
|
$ |
(3,685 |
) |
|
|
$ |
(3,560 |
) |
|
|
$ |
7,033 |
|
|
|
$ |
(2,541 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(3,870 |
) |
|
|
$ |
(3,500 |
) |
|
|
$ |
6,749 |
|
|
|
$ |
(2,469 |
) |
|
Foreign currency
translation adjustments |
|
|
(6,139 |
) |
|
|
|
(5,250 |
) |
|
|
|
2,562 |
|
|
|
|
(449 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive (loss) income |
|
$ |
(10,009 |
) |
|
|
$ |
(8,750 |
) |
|
|
$ |
9,311 |
|
|
|
$ |
(2,918 |
) |
|
Less: Comprehensive
(income) loss attributable to non-controlling interest |
|
|
212 |
|
|
|
|
(60 |
) |
|
|
|
284 |
|
|
|
|
(72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive (loss) income attributable to parent |
|
$ |
(10,797 |
) |
|
|
$ |
(8,810 |
) |
|
|
$ |
9,595 |
|
|
|
$ |
(2,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share |
|
$ |
(0.11 |
) |
|
|
$ |
(0.10 |
) |
|
|
$ |
0.19 |
|
|
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share |
|
$ |
(0.11 |
) |
|
|
$ |
(0.10 |
) |
|
|
$ |
0.19 |
|
|
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding |
|
|
35,935,442 |
|
|
|
|
35,763,650 |
|
|
|
|
35,869,746 |
|
|
|
|
35,759,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding |
|
|
35,935,442 |
|
|
|
|
35,763,650 |
|
|
|
|
36,362,493 |
|
|
|
|
35,759,895 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
Six months ended June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,749 |
|
|
|
$ |
(2,541 |
) |
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad
debts |
|
|
(413 |
) |
|
|
|
2,617 |
|
|
Provision for obsolete
inventory |
|
|
27 |
|
|
|
|
58 |
|
|
Depreciation and
amortization |
|
|
11,458 |
|
|
|
|
10,366 |
|
|
Deferred income
taxes |
|
|
2,126 |
|
|
|
|
(6,870 |
) |
|
Extinguishment of
debt |
|
|
- |
|
|
|
|
2,585 |
|
|
Director stock
compensation |
|
|
142 |
|
|
|
|
142 |
|
|
Other non-cash
adjustments |
|
|
679 |
|
|
|
|
519 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts
receivables |
|
|
(3,952 |
) |
|
|
|
5,830 |
|
|
Inventories |
|
|
(7,329 |
) |
|
|
|
(6,811 |
) |
|
Prepaid expenses |
|
|
(425 |
) |
|
|
|
83 |
|
|
Other assets |
|
|
(91 |
) |
|
|
|
1,984 |
|
|
Trade accounts payable
and accrued expenses |
|
|
(2,274 |
) |
|
|
|
8,224 |
|
|
Accrued interest
expense |
|
|
41 |
|
|
|
|
7,175 |
|
|
Taxes payable |
|
|
(10,617 |
) |
|
|
|
(15,104 |
) |
|
Labor liabilities |
|
|
(114 |
) |
|
|
|
(130 |
) |
|
Related parties |
|
|
1,279 |
|
|
|
|
1,784 |
|
|
Contract assets and
liabilities |
|
|
(3,735 |
) |
|
|
|
- |
|
|
Customer advances on
uncompleted contracts |
|
|
- |
|
|
|
|
2,283 |
|
|
CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES |
|
$ |
(6,449 |
) |
|
|
$ |
12,194 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from sale of
investments |
|
|
367 |
|
|
|
|
358 |
|
|
Aquisition of
businesses |
|
|
(6,000 |
) |
|
|
|
(7,873 |
) |
|
Purchase of
investments |
|
|
(662 |
) |
|
|
|
(727 |
) |
|
Acquisition of property
and equipment |
|
|
(4,889 |
) |
|
|
|
(4,295 |
) |
|
CASH USED IN
INVESTING ACTIVITIES |
|
$ |
(11,184 |
) |
|
|
$ |
(12,537 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from debt |
|
|
9,067 |
|
|
|
|
20,915 |
|
|
Cash Dividend |
|
|
(1,359 |
) |
|
|
|
(1,219 |
) |
|
Proceeds from bond
issuance |
|
|
- |
|
|
|
|
201,716 |
|
|
Repayments of debt |
|
|
(1,934 |
) |
|
|
|
(203,754 |
) |
|
CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES |
|
$ |
5,774 |
|
|
|
$ |
17,658 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
$ |
861 |
|
|
|
$ |
(551 |
) |
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE
IN CASH |
|
|
(10,998 |
) |
|
|
|
16,764 |
|
|
CASH - Beginning of
period |
|
|
40,923 |
|
|
|
|
26,918 |
|
|
CASH - End of
period |
|
$ |
29,925 |
|
|
|
$ |
43,682 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
9,074 |
|
|
|
$ |
6,864 |
|
|
Income Tax |
|
$ |
5,517 |
|
|
|
$ |
15,168 |
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND
FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
Assets acquired under
capital lease and debt |
|
$ |
703 |
|
|
|
$ |
- |
|
|
Gain in extinguishment
of GM&P payment settlement |
|
$ |
3.606 |
|
|
|
$ |
- |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
2018 |
|
|
2017 |
|
|
Colombia |
|
$ |
15,557 |
|
|
$ |
15,525 |
|
$ |
37,381 |
|
|
$ |
31,953 |
|
|
United States |
|
|
69,852 |
|
|
|
60,342 |
|
|
132,845 |
|
|
|
106,650 |
|
|
Panama |
|
|
1043 |
|
|
|
830 |
|
|
1,857 |
|
|
|
2,093 |
|
|
Other |
|
|
2,517 |
|
|
|
4,279 |
|
|
4,046 |
|
|
|
6,097 |
|
|
Total Revenues |
|
$ |
88,969 |
|
|
$ |
80,976 |
|
$ |
176,129 |
|
|
$ |
146,793 |
|
|
Reconciliation of Non-GAAP Performance
Measures to GAAP Performance
Measures(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, |
2018 |
|
2017 |
|
% Change |
|
|
|
|
|
|
Total Revenues
with Foreign Currency Held Neutral |
88,542 |
|
80,976 |
|
9.3 |
% |
Impact of changes in
foreign currency |
427 |
|
- |
|
0.5 |
% |
Total Revenues,
As Reported |
88,969 |
|
80,976 |
|
9.9 |
% |
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 |
|
Six months ended |
|
June 30, |
|
June 30, |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Net (loss)
income |
(3,870 |
) |
|
(3,500 |
) |
|
6,749 |
|
|
(2,469 |
) |
Less:
Income (loss) attributable to non-controlling interest |
212 |
|
|
(60 |
) |
|
284 |
|
|
(72 |
) |
(Loss)
Income attributable to parent |
(3,658 |
) |
|
(3,560 |
) |
|
7,033 |
|
|
(2,541 |
) |
Interest
expense and deferred cost of financing |
5,361 |
|
|
5,175 |
|
|
10,411 |
|
|
10,257 |
|
Income
tax (benefit) provision |
(1,467 |
) |
|
(4,052 |
) |
|
3,926 |
|
|
(3,010 |
) |
Depreciation & amortization |
5,793 |
|
|
5,461 |
|
|
11,458 |
|
|
10,366 |
|
Foreign
currency transactions losses (gains) |
8,307 |
|
|
8,713 |
|
|
(1,666 |
) |
|
6,288 |
|
Non
Recurring expenses (extinguishment of debt, bond issuance costs,
provision for bad debt, acquisition related costs and other) |
3,866 |
|
|
1,565 |
|
|
5,208 |
|
|
5,670 |
|
Director
Stock compensation and provision for obsolete inventory |
71 |
|
|
129 |
|
|
142 |
|
|
200 |
|
Adjusted
EBITDA |
18,273 |
|
|
13,431 |
|
|
36,512 |
|
|
27,230 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
Net (loss)
income |
(3,870 |
) |
|
3,500 |
) |
|
6,749 |
|
|
2,469 |
) |
Less:
Income (loss) attributable to non-controlling interest |
212 |
|
|
(60 |
) |
|
284 |
|
|
(72 |
) |
(Loss)
Income attributable to parent |
(3,658 |
) |
|
(3,560 |
) |
|
7,033 |
|
|
(2,541 |
) |
Foreign
currency transactions losses (gains) |
8,307 |
|
|
8,713 |
|
|
(1,666 |
) |
|
6,288 |
|
Deferred
cost of financing |
360 |
|
|
- |
|
|
706 |
|
|
- |
|
Non
Recurring expenses (extinguishment of debt, bond issuance costs,
provision for bad debt, acquisition related costs and other) |
3,866 |
|
|
1,565 |
|
|
5,208 |
|
|
5,670 |
|
Tax
impact of adjustments at statutory rate |
(1,564 |
) |
|
(4,111 |
) |
|
1,502 |
|
|
4,783 |
) |
Adjusted net
(loss) income |
7,312 |
|
|
2,607 |
|
|
12,783 |
|
|
4,634 |
|
|
|
|
|
|
|
|
|
Basic
income (loss) per share |
(0.11 |
) |
|
(0.10 |
) |
|
0.19 |
|
|
(0.07 |
) |
Diluted
income (loss) per share |
(0.11 |
) |
|
(0.10 |
) |
|
0.18 |
|
|
(0.07 |
) |
|
|
|
|
|
|
|
|
Diluted
Adjusted net income (loss) per share |
0.20 |
|
|
0.07 |
|
|
0.35 |
|
|
0.13 |
|
|
|
|
|
|
|
|
|
Diluted
Weighted Average Common Shares Outstanding in
thousands |
35,935 |
|
|
35,764 |
|
|
36,362 |
|
|
35,760 |
|
Basic
weighted average common shares outstanding in thousands |
35,935 |
|
|
35,764 |
|
|
35,870 |
|
|
35,760 |
|
Diluted
weighted average common shares outstanding in thousands |
35,935 |
|
|
35,764 |
|
|
36,362 |
|
|
35,760 |
|
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