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 fourth quarter and full
year ended December 31, 2019.
José Manuel Daes, Chief Executive Officer of
Tecnoglass, commented, “2019 was another transformative year for
Tecnoglass, in which we achieved record total revenues, gross
profit, adjusted EBITDA1 and backlog. Additionally, we effectively
managed our inventory and working capital, contributing to further
balance sheet improvement and robust cash flow generation into year
end. We were especially pleased to deliver positive free cash flow
during a year where we invested a considerable amount of capital
towards completing several high return projects that will further
enhance the strength of our vertically-integrated operations over
the long-term. We believe these collective actions, combined with
the simplification of our dividend to a cash-only policy, have
significantly improved our alignment with shareholders,
underpinning our commitment to meaningful value creation as we
outpace market growth and gain share. Into 2020, we remain
optimistic about our project pipeline and the strength of our
industry-leading margin business.”
Christian Daes, Chief Operating Officer of
Tecnoglass, stated, "Backlog grew each quarter on a sequential
basis through 2019, primarily in the U.S, leaving us on firm
footing at year end. Our focused efforts to add new customers,
enter new markets and provide best-in-class service drove a 24%
full year sales increase in the U.S., representing 85% of our total
revenues compared to 80% in 2018. Full year single-family
residential sales increased by 78%, surpassing our expectations. At
the same time, during the fourth quarter higher costs for aluminum
and U.S. labor adversely impacted gross profit. In addition, some
customers experienced their own labor constraints, resulting in an
estimated $5 million of delayed commercial projects into 2020. We
anticipate the efficiency savings from our timely completion of
automation initiatives, among other actions, will help mitigate
higher labor costs and allow us to accomplish our objectives in the
year ahead.”
Fourth Quarter 2019 Results
Total revenues for the fourth quarter of 2019
improved 3.6% to $101.4 million compared to $97.9 million in the
prior year quarter. Excluding the impact of unfavorable foreign
currency exchange, total revenues increased 4.7% compared to the
prior year quarter, with growth in the U.S. and Colombia. U.S.
revenues increased 2.9% to $83.8 million compared to $81.5 million
in the prior year quarter, primarily driven by stronger residential
invoicing partly offset by delayed starts on key commercial
projects, representing an estimated $5.0 million of deferred
invoicing. The delays were mainly attributable to labor constraints
experienced by customers amid overall robust commercial
construction activity. Colombia revenues of $14.1 million increased
9.2% as reported and 17.4% excluding foreign currency compared to
the prior year quarter, primarily attributable to stronger project
activity.
Gross profit for the fourth quarter of 2019 was
$29.3 million, representing a 28.9% gross margin compared to gross
profit of $34.1 million, representing a 34.9% gross margin in the
prior year quarter. The lower gross margin was mainly attributable
to higher U.S. labor costs, particularly on installation revenues
and subcontracting costs, as well as modestly higher aluminum costs
per unit. Gross margin in fourth quarter 2019 also included
approximately $1.5 million of non-recurring costs to finalize the
implementation, testing and start-up of the Company’s high return
automation projects at its production facilities.
Net income was $10.6 million, or $0.23 per
diluted share in the fourth quarter of 2019 compared to a net loss
of $4.4 million, or a $0.12 loss per diluted share in the prior
year quarter, including non-cash foreign exchange transaction gains
in the fourth quarter 2019 and losses in the fourth quarter 2018
related to the re-measurement of USD denominated assets and
liabilities against the Colombian Peso as functional currency.
Adjusted net income1 was $7.5 million, or $0.16 per diluted share
compared to adjusted net income of $10.2 million, or $0.25 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 transaction gains or losses and other non-core
items, along with the tax impact of adjustments at statutory rates,
to better reflect core financial performance.
Adjusted EBITDA1, as reconciled in the table
below, was $21.5 million, or 21.2% of sales compared to $21.5
million, or 22.0% of sales, in the prior year quarter. Adjusted
EBITDA1 in the fourth quarter 2019 included $1.1 million in
contribution from the Company’s joint venture with
Saint-Gobain.
Full Year 2019 Results
Total revenues for the full year 2019 increased
16.2% to $430.9 million compared to $371.0 million in the prior
year. Excluding the impact of unfavorable foreign currency
exchange, total revenues increased 17.7% compared to the prior
year.
Gross profit increased 13.0% year-over-year to a
full year record of $135.8 million, representing a 31.5% gross
margin, compared to $120.2 million, representing a 32.4% gross
margin in the prior year. Operating income was $58.8 million
compared to $47.2 million in the prior year. Net income was $24.3
million, or a $0.55 per diluted share, compared to net income of
$8.5 million, or $0.22 per diluted share in the prior year.
Adjusted net income1 was $30.8 million, or $0.69 per diluted share,
compared to $32.3 million, or $0.82 per diluted share in the prior
year. Adjusted EBITDA1 for the full year 2019 improved to a record
$92.4 million, or 21.4% of sales, compared to $80.8 million, or
21.8% of sales, in the prior year.
The Company ended 2019 with cash and cash
equivalents of $47.9 million compared to $33.0 million in the prior
year. Cash provided by operating activities of $26.7 million,
improved by $31.8 million compared to the prior year, attributable
to more efficient inventory and working capital management into
year end. During 2019 the Company incurred $25.0 million of cash
capital expenditures, compared to $13.1 million in the prior year,
with the increase due to the Company’s $20 million investment into
recently completed high-return projects to expand and automate key
operations at several glass and aluminum facilities.
Dividend
On March 2, 2020, the Company’s Board of
Directors declared a quarterly cash dividend of $0.0275 per share,
or $0.11 per share on an annualized basis, payable on April 30,
2020 to shareholders of record as of the close of business on March
31, 2020.
Full Year 2020 Outlook
For the full year 2020, the Company expects to
see growth in construction end markets and additional market share
gains in the U.S. In 2020, the Company anticipates revenues to grow
to a range of $445 to $455 million. The Company anticipates
Adjusted EBITDA in 2020 to be in the range of $97 million to $102
million, representing growth of 7.7% at the midpoint
year-over-year, driven by higher revenues and the flow through of
high return investments, partly offset by higher labor costs.
Conference
Call
Management will host a conference call on
Monday, March 2, 2020 at 10:00 a.m. eastern time (10:00 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: 13698246.
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 leading architectural glass transformation
company in Colombia 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 North, Central and South America, the
Caribbean, and the Pacific. Tecnoglass supplies over 1000 customers
in North, Central and South America, with the United States
accounting for over 80% 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).
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)
| |
|
December
31, |
|
|
December
31, |
|
|
|
2019 |
|
2018 |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
47,862 |
|
|
|
$ |
33,040 |
|
|
| Investments |
|
|
2,304 |
|
|
|
|
1,163 |
|
|
| Trade accounts receivable, net |
|
|
110,558 |
|
|
|
|
92,791 |
|
|
| Due from related parties |
|
|
8,057 |
|
|
|
|
8,239 |
|
|
| Inventories |
|
|
82,714 |
|
|
|
|
91,849 |
|
|
| Contract assets – current portion |
|
|
42,014 |
|
|
|
|
46,018 |
|
|
| Other current assets |
|
|
29,340 |
|
|
|
|
20,299 |
|
|
| Total current assets |
|
$ |
322,849 |
|
|
|
$ |
293,399 |
|
|
| |
|
|
|
|
|
|
|
|
| Long term assets: |
|
|
|
|
|
|
|
|
| Property, plant and equipment, net |
|
$ |
154,609 |
|
|
|
$ |
149,199 |
|
|
| Deferred income taxes |
|
|
4,595 |
|
|
|
|
4,770 |
|
|
| Contract assets – non-current |
|
|
7,059 |
|
|
|
|
6,986 |
|
|
| Dure from related parties - long term |
|
|
1,786 |
|
|
|
|
- |
|
|
| Intangible assets |
|
|
6,703 |
|
|
|
|
9,006 |
|
|
| Goodwill |
|
|
23,561 |
|
|
|
|
23,561 |
|
|
| Long term investments |
|
|
45,596 |
|
|
|
|
- |
|
|
| Other long term assets |
|
|
2,910 |
|
|
|
|
2,853 |
|
|
| Total long term assets |
|
|
246,819 |
|
|
|
|
196,375 |
|
|
| Total assets |
|
$ |
569,668 |
|
|
|
$ |
489,774 |
|
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Short-term debt and current portion of long-term debt |
|
$ |
16,084 |
|
|
|
$ |
21,606 |
|
|
| Trade accounts payable and accrued expenses |
|
|
61,878 |
|
|
|
|
65,510 |
|
|
| Accrued interest expense |
|
|
7,645 |
|
|
|
|
7,567 |
|
|
| Due to related parties |
|
|
4,415 |
|
|
|
|
1,500 |
|
|
| Dividends payable |
|
|
67 |
|
|
|
|
736 |
|
|
| Contract liability – current portion |
|
|
12,459 |
|
|
|
|
16,789 |
|
|
| Due to equity partners |
|
|
10,900 |
|
|
|
|
- |
|
|
| Other current liabilities |
|
|
15,563 |
|
|
|
|
8,887 |
|
|
| Total current liabilities |
|
$ |
129,011 |
|
|
|
$ |
122,595 |
|
|
| |
|
|
|
|
|
|
|
|
| Long term liabilities: |
|
|
|
|
|
|
|
|
| Deferred income taxes |
|
$ |
411 |
|
|
|
$ |
2,706 |
|
|
| Long term payable associated to GM&P acquisition |
|
|
8,500 |
|
|
|
|
8,500 |
|
|
| Long term liabilities from related parties |
|
|
622 |
|
|
|
|
600 |
|
|
| Contract liability – non-current |
|
|
187 |
|
|
|
|
1,436 |
|
|
| Long term debt |
|
|
243,727 |
|
|
|
|
220,709 |
|
|
| Total long term liabilities |
|
|
253,447 |
|
|
|
|
233,951 |
|
|
| Total liabilities |
|
$ |
382,458 |
|
|
|
$ |
356,546 |
|
|
| |
|
|
|
|
|
|
|
|
| SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Preferred shares, $0.0001 par value, 1,000,000 shares
authorized, 0 shares issued and outstanding at December 31, 2019
and December 31, 2018 respectively |
|
$ |
- |
|
|
|
$ |
- |
|
|
| Ordinary shares, $0.0001 par value, 100,000,000 shares
authorized, 46,117,631 and 38,092,996 shares issued and outstanding
at December 31, 2019 and December 31, 2018, respectively |
|
|
5 |
|
|
|
|
4 |
|
|
| Legal Reserves |
|
|
1,367 |
|
|
|
|
1,367 |
|
|
| Additional paid-in capital |
|
|
208,283 |
|
|
|
|
157,604 |
|
|
| Retained earnings |
|
|
16,213 |
|
|
|
|
10,439 |
|
|
| Accumulated other comprehensive (loss) |
|
|
(39,264 |
) |
|
|
|
(37,058 |
) |
|
| Shareholders’ equity attributable to controlling
interest |
|
|
186,604 |
|
|
|
|
132,356 |
|
|
| Shareholders’ equity attributable to non-controlling
interest |
|
|
606 |
|
|
|
|
872 |
|
|
| Total shareholders’ equity |
|
|
187,210 |
|
|
|
|
133,228 |
|
|
| Total liabilities and shareholders’
equity |
|
$ |
569,668 |
|
|
|
$ |
489,774 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Operations
and Comprehensive Income (In thousands,
except share and per share
data)(Unaudited)
| |
|
Three months ended December 31, |
|
Year ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
| Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| External customers |
|
$ |
98,310 |
|
|
$ |
96,329 |
|
|
$ |
422,118 |
|
|
$ |
365,646 |
|
|
| Related parties |
|
|
3,081 |
|
|
|
1,534 |
|
|
|
8,794 |
|
|
|
5,338 |
|
|
|
Total operating revenues |
|
|
101,391 |
|
|
|
97,863 |
|
|
|
430,912 |
|
|
|
370,984 |
|
|
| Cost of sales |
|
|
72,052 |
|
|
|
63,729 |
|
|
|
295,103 |
|
|
|
250,767 |
|
|
| Gross profit |
|
|
29,339 |
|
|
|
34,134 |
|
|
|
135,809 |
|
|
|
120,217 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling expense |
|
|
(9,810 |
) |
|
|
(10,764 |
) |
|
|
(41,925 |
) |
|
|
(39,390 |
) |
|
| General and administrative expense |
|
|
(8,766 |
) |
|
|
(9,054 |
) |
|
|
(35,069 |
) |
|
|
(33,632 |
) |
|
| Total operating expenses |
|
|
(18,576 |
) |
|
|
(19,818 |
) |
|
|
(76,994 |
) |
|
|
(73,022 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
10,763 |
|
|
|
14,316 |
|
|
|
58,815 |
|
|
|
47,195 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-operating income |
|
|
487 |
|
|
|
327 |
|
|
|
1,565 |
|
|
|
2,915 |
|
|
| Equity method income |
|
|
323 |
|
|
|
- |
|
|
|
596 |
|
|
|
- |
|
|
| Foreign currency transactions gains (losses) |
|
|
8,948 |
|
|
|
(13,633 |
) |
|
|
(973 |
) |
|
|
(14,461 |
) |
|
| Interest expense and deferred cost of financing |
|
|
(5,586 |
) |
|
|
(5,636 |
) |
|
|
(22,806 |
) |
|
|
(21,187 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) before taxes |
|
|
14,935 |
|
|
|
(4,626 |
) |
|
|
37,197 |
|
|
|
14,462 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax (provision) benefit |
|
|
(4,338 |
) |
|
|
211 |
|
|
|
(12,928 |
) |
|
|
(5,976 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
10,597 |
|
|
$ |
(4,415 |
) |
|
$ |
24,269 |
|
|
$ |
8,486 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss attributable to non-controlling interest |
|
|
296 |
|
|
|
116 |
|
|
|
266 |
|
|
|
545 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (Loss) attributable to parent |
|
$ |
10,893 |
|
|
$ |
(4,299 |
) |
|
$ |
24,535 |
|
|
$ |
9,031 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
10,597 |
|
|
$ |
(4,415 |
) |
|
$ |
24,269 |
|
|
$ |
8,486 |
|
|
| Foreign currency translation adjustments |
|
|
8,259 |
|
|
|
(8,971 |
) |
|
|
(509 |
) |
|
|
(8,407 |
) |
|
| Chase in fair value derivative contracts |
|
|
1,450 |
|
|
|
- |
|
|
|
509 |
|
|
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income (loss) |
|
$ |
20,306 |
|
|
$ |
(13,386 |
) |
|
$ |
24,269 |
|
|
$ |
79 |
|
|
| Comprehensive (income) loss attributable to non-controlling
interest |
|
|
296 |
|
|
|
116 |
|
|
|
266 |
|
|
|
545 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income (loss) attributable to
parent |
|
$ |
20,602 |
|
|
$ |
(13,270 |
) |
|
$ |
24,535 |
|
|
$ |
624 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic income (loss)per share |
|
$ |
0.23 |
|
|
$ |
(0.12 |
) |
|
$ |
0.55 |
|
|
$ |
0.23 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted income (loss) per share |
|
$ |
0.23 |
|
|
$ |
(0.12 |
) |
|
$ |
0.55 |
|
|
$ |
0.22 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic weighted average common shares outstanding |
|
|
46,117,631 |
|
|
|
39,839,253 |
|
|
|
44,464,097 |
|
|
|
39,087,527 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted weighted average common shares outstanding |
|
|
46,117,631 |
|
|
|
40,239,666 |
|
|
|
44,464,097 |
|
|
|
39,487,940 |
|
|
Tecnoglass Inc. and
SubsidiariesConsolidated Statements of Cash
Flows (In
thousands)(Unaudited)
|
|
|
Year ended
December 31, |
|
| |
2019 |
|
|
|
2018 |
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
24,269 |
|
|
|
$ |
8,486 |
|
|
| Adjustments to reconcile net income to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
| Provision for bad debts |
|
|
1,389 |
|
|
|
|
369 |
|
|
| Depreciation and amortization |
|
|
22,735 |
|
|
|
|
23,157 |
|
|
| Deferred income taxes |
|
|
(2,698 |
) |
|
|
|
(3,289 |
) |
|
| Equity method income |
|
|
(596 |
) |
|
|
|
- |
|
|
| Deferred cost of financing |
|
|
1,624 |
|
|
|
|
1,468 |
|
|
| Other non-cash adjustments |
|
|
82 |
|
|
|
|
(142 |
) |
|
| Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
| Trade accounts receivables |
|
|
(19,615 |
) |
|
|
|
(23,700 |
) |
|
| Inventories |
|
|
8,419 |
|
|
|
|
(28,064 |
) |
|
| Prepaid expenses |
|
|
(3,328 |
) |
|
|
|
(1,161 |
) |
|
| Other assets |
|
|
(7,744 |
) |
|
|
|
(4,645 |
) |
|
| Trade accounts payable and accrued expenses |
|
|
(2,396 |
) |
|
|
|
34,588 |
|
|
| Accrued interest expense |
|
|
83 |
|
|
|
|
466 |
|
|
| Taxes payable |
|
|
5,075 |
|
|
|
|
(4,315 |
) |
|
| Labor liabilities |
|
|
(19 |
) |
|
|
|
340 |
|
|
| Contract assets and liabilities |
|
|
(1,674 |
) |
|
|
|
(8,566 |
) |
|
| Related parties |
|
|
1,133 |
|
|
|
|
(23 |
) |
|
| CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES |
|
$ |
26,739 |
|
|
|
$ |
(5,031 |
) |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from sale of investments |
|
|
1,583 |
|
|
|
|
1,575 |
|
|
| Acquisition of businesses |
|
|
(34,100 |
) |
|
|
|
(6,000 |
) |
|
| Purchase of investments |
|
|
(1,684 |
) |
|
|
|
(1,184 |
) |
|
| Acquisition of property and equipment |
|
|
(24,952 |
) |
|
|
|
(13,117 |
) |
|
| CASH USED IN INVESTING ACTIVITIES |
|
$ |
(59,153 |
) |
|
|
$ |
(18,726 |
) |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from debt |
|
|
45,527 |
|
|
|
|
28,600 |
|
|
| Cash dividend |
|
|
(5,227 |
) |
|
|
|
(2,714 |
) |
|
| Proceeds from equity offering |
|
|
36,478 |
|
|
|
|
- |
|
|
| Repayments of debt |
|
|
(29,507 |
) |
|
|
|
(8,860 |
) |
|
| CASH PROVIDED BY FINANCING ACTIVITIES |
|
$ |
47,271 |
|
|
|
$ |
17,026 |
|
|
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash
equivalents |
|
$ |
(35 |
) |
|
|
$ |
(1,152 |
) |
|
| |
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN CASH |
|
|
14,822 |
|
|
|
|
(7,883 |
) |
|
| CASH - Beginning of period |
|
|
33,040 |
|
|
|
|
40,923 |
|
|
| CASH - End of period |
|
$ |
47,862 |
|
|
|
$ |
33,040 |
|
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
| Interest |
|
$ |
19,660 |
|
|
|
$ |
18,223 |
|
|
| Income Tax |
|
$ |
12,296 |
|
|
|
$ |
8,399 |
|
|
| |
|
|
|
|
|
|
|
|
| NON-CASH INVESTING AND FINANCING ACTIVITES: |
|
|
|
|
|
|
|
|
| Assets acquired under credit or debt |
|
$ |
1,222 |
|
|
|
$ |
447 |
|
|
| Gain in extinguishment of GM&P payment settlement |
|
$ |
- |
|
|
|
$ |
3,606 |
|
|
Revenues by
Region(Amounts in
thousands)(Unaudited)
| |
Three months endedDec 31, |
|
Twelve months ended Dec 31, |
| |
|
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
| Revenues by Region |
|
|
|
|
|
|
|
|
|
|
|
| United States |
83,847 |
|
81,466 |
|
2.9 |
% |
|
368,055 |
|
296,534 |
|
24.1 |
% |
| Colombia |
14,109 |
|
12,926 |
|
9.2 |
% |
|
52,299 |
|
62,445 |
|
(16.2 |
%) |
| Other Countries |
3,436 |
|
3,471 |
|
(1.0 |
%) |
|
10,559 |
|
12,005 |
|
(12.0 |
%) |
| Total Revenues by
Region |
101,391 |
|
97,863 |
|
3.6 |
% |
|
430,912 |
|
370,984 |
|
16.2 |
% |
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 endedDec 31, |
|
Twelve months ended Dec 31, |
| |
|
|
2019 |
|
|
2018 |
|
% Change |
|
2019 |
|
|
2018 |
|
% Change |
| |
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues with Foreign Currency Held
Neutral |
102,455 |
|
|
97,863 |
|
4.7 |
% |
|
436,655 |
|
|
370,984 |
|
17.7 |
% |
| Impact of changes in foreign currency |
(1,064 |
) |
|
- |
|
|
|
(5,743 |
) |
|
- |
|
|
| Total Revenues, As Reported |
101,391 |
|
|
97,863 |
|
3.6 |
% |
|
430,912 |
|
|
370,984 |
|
16.2 |
% |
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 net (loss) income
and Adjusted EBITDA to the most directly comparable GAAP measure in
accordance with SEC Regulation G follows, with amounts in
thousands:
| |
|
|
Three months
ended |
|
Twelve
months ended |
|
|
|
|
December 30, |
|
December 30, |
| |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
|
10,597 |
|
|
(4,415 |
) |
|
24,269 |
|
|
8,486 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
296 |
|
|
116 |
|
|
266 |
|
|
545 |
| (Loss) Income attributable to
parent |
|
|
10,893 |
|
|
(4,299 |
) |
|
24,535 |
|
|
9,031 |
|
Foreign currency transactions losses (gains) |
|
|
(8,948 |
) |
|
13,633 |
|
|
973 |
|
|
14,461 |
|
Deferred cost of financing |
|
|
411 |
|
|
390 |
|
|
1,624 |
|
|
1,468 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
2,962 |
|
|
983 |
|
|
5,350 |
|
|
6,686 |
|
Joint Venture VA (Saint Gobain) adjustments |
|
|
574 |
|
|
- |
|
|
1,338 |
|
|
- |
|
Tax impact of adjustments at statutory rate |
|
|
1,600 |
|
|
(508 |
) |
|
(2,971 |
) |
|
673 |
| Adjusted net (loss) income |
|
|
7,492 |
|
|
10,199 |
|
|
30,849 |
|
|
32,319 |
| |
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
|
|
0.23 |
|
|
(0.12 |
) |
|
0.55 |
|
|
0.23 |
|
Diluted income (loss) per share |
|
|
0.23 |
|
|
(0.12 |
) |
|
0.55 |
|
|
0.22 |
| |
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted net income (loss) per share |
|
|
0.16 |
|
|
0.25 |
|
|
0.69 |
|
|
0.82 |
| |
|
|
|
|
|
|
|
|
|
| Diluted Weighted Average Common Shares Outstanding in
thousands |
|
|
46,118 |
|
|
40,240 |
|
|
44,464 |
|
|
39,488 |
|
Basic weighted average common shares outstanding in thousands |
|
|
46,118 |
|
|
39,839 |
|
|
44,464 |
|
|
39,088 |
|
Diluted weighted average common shares outstanding in
thousands |
|
|
46,118 |
|
|
40,240 |
|
|
44,464 |
|
|
39,488 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Three months
ended |
|
Twelve
months ended |
| |
|
|
December 30, |
|
December 30, |
| |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
|
10,597 |
|
|
(4,415 |
) |
|
24,269 |
|
|
8,486 |
|
Less: Income (loss) attributable to non-controlling interest |
|
|
296 |
|
|
116 |
|
|
266 |
|
|
545 |
| (Loss) Income attributable to
parent |
|
|
10,893 |
|
|
(4,299 |
) |
|
24,535 |
|
|
9,031 |
|
Interest expense and deferred cost of financing |
|
|
5,586 |
|
|
5,636 |
|
|
22,806 |
|
|
21,187 |
|
Income tax (benefit) provision |
|
|
4,338 |
|
|
(211 |
) |
|
12,928 |
|
|
5,976 |
|
Depreciation & amortization |
|
|
5,546 |
|
|
5,674 |
|
|
22,735 |
|
|
23,157 |
|
Foreign currency transactions losses (gains) |
|
|
(8,948 |
) |
|
13,633 |
|
|
973 |
|
|
14,461 |
|
Non Recurring expenses (extinguishment of debt, bond issuance
costs, provision for bad debt, acquisition related costs and
other) |
|
|
2,962 |
|
|
983 |
|
|
5,350 |
|
|
6,686 |
|
Director Stock compensation and provision for obsolete
inventory |
|
|
- |
|
|
69 |
|
|
- |
|
|
282 |
|
Joint Venture VA (Saint Gobain) EBITDA adjustments |
|
|
1,146 |
|
|
- |
|
|
3,048 |
|
|
- |
|
Adjusted EBITDA |
|
|
21,523 |
|
|
21,485 |
|
|
92,375 |
|
|
80,780 |
Tecnoglass (NASDAQ:TGLS)
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From Jun 2024 to Jul 2024
Tecnoglass (NASDAQ:TGLS)
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