Generac Holdings Inc. (NYSE: GNRC), a leading designer and
manufacturer of generators and other engine powered products, today
reported financial results for its fourth quarter and year ended
December 31, 2011.
Fourth Quarter 2011 Highlights
- On an as-reported basis, net sales
increased year-over-year by 66.0% to $267.3 million as compared to
$161.0 million in the fourth quarter of 2010.
- Residential product sales increased
67.6% compared to the fourth quarter of 2010.
- On an as-reported basis, Commercial
& Industrial (C&I) product sales increased 63.3% compared
to the prior year, driven predominantly by the Magnum
acquisition.
- The fourth quarter of 2011 includes
$38.8 million of net sales from Magnum Products, which was acquired
on October 3, 2011.
- Net income increased year-over-year to
$267.1 million as compared to $18.6 million for the fourth quarter
of 2010. Current year net income includes a net $238.0 million
income tax benefit largely as a result of the reversal of the full
valuation allowance on net deferred tax assets and a $9.4 million
pre-tax write down of a certain trade name as we strategically
transition to the Generac brand. Adjusted net income increased
57.3% to $51.8 million from $32.9 million in the fourth quarter of
2010.
- Adjusted EBITDA increased 44.6% to
$61.8 million as compared to $42.7 million in the same period last
year.
- Diluted net income per common share was
$3.91 as compared to $0.28 per share in the fourth quarter of 2010.
Diluted earnings per share for the fourth quarter of 2011 includes
the net income tax benefit of $3.48 per share, which includes the
reversal of the full valuation allowance on net deferred tax
assets, and an $0.08 per share charge ($0.14 per share pre-tax)
related to the trade name write down. Adjusted diluted net income
per common share was $0.76 as compared to $0.49 per share in the
fourth quarter of 2010.
- The Company paid down $34.6 million of
debt during the fourth quarter of 2011, reducing total debt
outstanding as of December 31, 2011 to $597.9 million. On February
9, 2012, the Company closed on the refinancing of its credit
facility into a new senior secured credit facility comprised of a
$150 million unfunded Revolver, a $325 million Term Loan A and a
$250 million Term Loan B. In conjunction with the refinancing, the
Company paid down an additional $22.9 million of debt, resulting in
total debt outstanding at the date of closing of $575.0
million.
Full-Year 2011 Highlights
- On an as-reported basis, net sales
increased year-over-year by 33.6% to $792.0 million as compared to
$592.9 million in 2010. On a pro-forma basis when including the
results for Magnum Products for the full year, net sales in 2011
would have been $897.9 million.
- Residential product sales increased
31.7% compared to 2010.
- On an as-reported basis, C&I
product sales, which includes net sales from the Magnum Products
acquisition, increased 36.3% compared to 2010. Excluding the impact
of Magnum Products, C&I product sales increased 16.5% versus
2010 on an organic basis.
- Net income increased year-over-year to
$324.6 million as compared to $56.9 million in 2010. Net income for
2011 includes the impact of the tax and trade name related items
noted above that were recorded in the fourth quarter of 2011.
Adjusted net income increased 26.9% to $147.2 million vs. $116.0
million last year.
- Adjusted EBITDA increased 20.6% to
$188.5 million as compared to $156.2 million in 2010. On a
pro-forma basis when including the results for Magnum Products for
the full year, adjusted EBITDA in 2011 would have been $201.9
million.
“Generac achieved a number of important accomplishments during
2011, highlighted by a record level of revenue and strong
profitability following the major power outage events that occurred
across the country during the second half of the year,” said Aaron
Jagdfeld, President and Chief Executive Officer. “Our significant
investment during the past decade in new product development,
scaling of operations and expanding distribution capabilities
enabled us to respond rapidly to the major outage events this year,
driving robust shipments of residential products during the third
and fourth quarters of 2011. I am very proud of both our employees
and our distribution partners for their ability to respond quickly
to the significant increase in demand and meet our customers’ needs
in a timely and efficient manner. We expect the impact of these
events on our residential product demand to continue into 2012 as
we take advantage of the increased awareness and distribution in
the affected areas.”
“We also closed on the strategic and accretive acquisition of
Magnum Products in the fourth quarter of 2011,” continued Mr.
Jagdfeld. “We are very pleased with the initial progress of the
acquisition as Magnum’s financial results have exceeded our initial
expectations. Both companies share a lean operating culture and
strong brand reputation. I am particularly excited about the
potential for cross-selling opportunities as the combined company
can now offer both Generac and Magnum products into their
respective end markets. Our integration is proceeding on plan and
we increasingly believe the acquisition will prove to be an
attractive use of shareholder capital.”
Additional Fourth Quarter 2011
Highlights
Residential product sales for the fourth quarter of 2011
increased 67.6% to $167.5 million from $99.9 million for the
comparable period in 2010, largely driven by demand created by the
major power outages in the third and fourth quarters. The frequency
and duration of these major outages in certain regions of the
country led to a surge in demand for portable generators and
increased awareness and accelerated adoption of home standby
generators.
C&I product sales for the fourth quarter of 2011 increased
63.3% to $85.5 million from $52.4 million for the comparable period
in 2010. Magnum Products contributed $36.5 million in C&I
revenue during the fourth quarter, with the remainder of Magnum’s
net sales consisting of parts revenue classified as Other Products
sales. As anticipated, C&I net sales, excluding the impact of
Magnum Products, were negatively impacted during the fourth quarter
by the timing of certain larger shipments to national account
customers in the third quarter of 2011, as well as a short-term gap
in the supply of certain components sourced overseas.
Gross profit margin for the fourth quarter of 2011 was 36.8%
compared to 37.0% in the third quarter of 2011 and 39.6% in the
fourth quarter of 2010. The mix impact from the addition of Magnum
Products sales reduced total company gross margins by 2.3% during
the fourth quarter of 2011. Additionally, the decline in gross
margin from prior year was also due to a higher sales mix of
portable generators during the current year quarter.
Operating expenses for the fourth quarter of 2011 increased by
$25.0 million or 66.4% as compared to the fourth quarter of 2010.
Operating expenses for the fourth quarter of 2011 included the
impact from Magnum Products and the $9.4 million pre-tax charge
related to the trade name write down. In addition, operating
expenses in the fourth quarter of 2011 increased by $12.3 million
or 32.7% as compared to the fourth quarter of 2010. These
additional expenses were driven primarily by increased variable
operating expenses on the 41.9% increase in organic sales,
increased sales and engineering infrastructure to support the
strategic growth initiatives of the company, and increased
incentive compensation expenses as a result of the company’s
financial performance during the quarter.
Interest expense in the fourth quarter of 2011 declined to $5.9
million, compared to $6.6 million in the same period last year.
This decline was a result of nearly $134 million of debt
pre-payments that were made over the last thirteen months.
In the fourth quarter of 2011, a net $238.0 million income tax
benefit was recorded primarily as a result of the reversal of the
full valuation allowance on the Company’s net deferred tax assets.
As part of the normal assessment of the future realization of the
net deferred tax assets, in accordance with Generally Accepted
Accounting Principles, it was determined that a valuation allowance
was no longer required as the Company emerged from a three-year
cumulative loss position during the quarter.
Free cash flow was $73.1 million in the fourth quarter of 2011,
which was up substantially from $26.1 million in the same period
last year. Collections on the record shipments of residential
products during the second half of 2011 helped to generate
significant cash flow in the fourth quarter, which was partially
offset by inventory replenishment.
Outlook
For the full-year 2012, the Company currently expects
as-reported net sales to increase at a mid-to-high teens rate as
compared to 2011. On a pro-forma basis when including the results
for Magnum Products for the full year 2011, total net sales in 2012
are expected to increase in the mid single digits compared to 2011,
with residential sales increasing in the mid-to-high single-digit
range and C&I sales increasing in the low single digit range.
This assumes no material improvement in the macroeconomic
environment and no comparable outage events during 2012. Given the
strong revenue growth experienced during the second half of 2011
from major outage events, year-over-year revenue growth in 2012 is
expected to be heavily weighted toward the first half of the year.
If no major outage events occur in 2012, revenue comparisons for
residential products in the second half of the year are expected to
become more difficult, particularly for portable generator sales.
If major outages do occur in 2012, net sales growth could be higher
than these forecast assumptions.
On an as reported basis, gross margins are expected to be
approximately flat during 2012 compared to the prior year. The
unfavorable mix impact of adding Magnum Products is expected to be
offset by a higher sales mix shift towards home standby generator
shipments and lower mix of portable generators, along with the
favorable impact from the realization of price increases, improved
manufacturing overhead absorption, commodity cost moderation and
cost reduction projects.
Consolidated operating expenses as a percentage of net sales,
excluding amortization of intangibles, are expected to be slightly
up compared to 2011, as the Company continues to invest in its
infrastructure to support strategic growth initiatives and an
overall higher level of baseline sales.
Given the Company’s prior Revolver and Term Loan were scheduled
to mature in November 2012 and November 2013, respectively, the
Company entered into a new senior secured credit facility on
February 9, 2012. The new facility is comprised of a $150 million
unfunded Revolver, a $325 million Term Loan A and $250 million Term
Loan B. The Revolver and Term Loan A both have a five-year term,
with interest payable on a leveraged-based pricing grid starting at
LIBOR plus 2.25%. The Term Loan B matures in seven years and
accrues interest at LIBOR plus 2.75%, with a LIBOR floor of
1.0%.
Mr. Jagdfeld concluded, “High profile outage events, such as the
ones experienced during 2011, have historically resulted in a new
and higher level of baseline demand for Generac’s products going
forward. In addition to supporting the anticipated higher level of
baseline business, we will continue to focus during 2012 on a
number of strategic initiatives to grow the home standby generator
market by improving the awareness, availability and affordability
of these products. We are also committed to growing Generac’s
market share for C&I products through several strategic
programs including upgrading our distribution capabilities,
focusing on new product innovation and capitalizing on revenue
synergies with Magnum. Consistent with our Powering Ahead strategic
plan, the Company will also focus on further diversifying our end
markets through new product and service offerings in 2012, as well
as increasing our distribution footprint by expanding into new
geographies. With these initiatives underway, we believe that
Generac is well positioned for growth in 2012 and beyond.”
Conference Call and Webcast
Generac management will hold a conference call at 9:00 a.m. EST
on Tuesday, February 14, 2012 to discuss highlights of this
earnings release. The conference call can be accessed by dialing
(800) 638-4817 (domestic) or +1 (617) 614-3943 (international) and
entering passcode 52463161.
The conference call will also be webcast simultaneously on
Generac's website (http://www.generac.com), under the Investor
Relations link. The webcast link and supporting materials, if any,
will be made available on the Company’s website prior to the start
of the call.
Following the live webcast, a replay will be available on the
Company's web site. A telephonic replay will also be available
three hours after the call and can be accessed by dialing (888)
286-8010 (domestic) or +1 (617) 801-6888 (international) and
entering passcode 19883651. The telephonic replay will be available
for 30 days.
Generac company news is available 24 hours a
day, on-line at: http://www.generac.com.
About Generac
Since 1959, Generac has been a leading designer and manufacturer
of a wide range of generators and other engine powered products. As
a leader in power equipment serving residential, light commercial,
industrial and construction markets, Generac's power products are
available through a broad network of independent dealers,
retailers, wholesalers and equipment rental companies. The company
markets and distributes its products primarily under its Generac
and Magnum brand names.
Forward-looking Information
Certain statements contained in this news release, as well as
other information provided from time to time by Generac Holdings
Inc. or its employees, may contain forward looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those in the forward looking statements.
Forward-looking statements give Generac's current expectations and
projections relating to the Company's financial condition, results
of operations, plans, objectives, future performance and business.
You can identify forward-looking statements by the fact that they
do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "project," "plan," "intend," "believe," "confident,"
"may," "should," "can have," "likely," "future" and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events.
Any such forward looking statements are not guarantees of
performance or results, and involve risks, uncertainties (some of
which are beyond the Company's control) and assumptions. Although
Generac believes any forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Generac's actual financial results and cause them to differ
materially from those anticipated in any forward-looking
statements, including:
- demand for Generac products;
- frequency of major power outages;
- availability, cost and quality of raw
materials and key components used in producing Generac
products;
- the possibility that the expected
synergies, efficiencies and cost savings of the acquisition of the
Magnum Products business will not be realized, or will not be
realized within the expected time period;
- the risk that the Magnum Products
business will not be integrated successfully;
- competitive factors in the industry in
which Generac operates;
- Generac's dependence on its
distribution network;
- Generac's ability to invest in, develop
or adapt to changing technologies and manufacturing
techniques;
- Generac's ability to adjust to
operating as a public company;
- loss of key management and
employees;
- increase in liability claims; and
- changes in environmental, health and
safety laws and regulations.
Should one or more of these risks or uncertainties materialize,
Generac's actual results may vary in material respects from those
projected in any forward-looking statements. A detailed discussion
of these and other factors that may affect future results is
contained in Generac's filings with the U.S. Securities and
Exchange Commission (“SEC”).
Any forward-looking statement made by Generac in this press
release speaks only as of the date on which it is made. Generac
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Reconciliations to GAAP Financial
Metrics
Adjusted EBITDA
The computation of Adjusted EBITDA is based on the definition of
EBITDA contained in Generac's credit agreement, dated as of
February 9, 2012, which is substantially the same definition that
was contained in the Company’s previous credit agreement. To
supplement the Company's condensed consolidated financial
statements presented in accordance with US GAAP, Generac provides a
summary to show the computation of Adjusted EBITDA, taking into
account certain charges and gains that were taken during the
periods presented.
Adjusted Net Income
To further supplement Generac's condensed consolidated financial
statements presented in accordance with US GAAP, the Company
provides a summary to show the computation of Adjusted net income.
Adjusted net income is defined as Net income before provision
(benefit) for income taxes adjusted for the following items: cash
income tax (expense) benefit, amortization of intangible assets,
amortization of deferred loan costs related to the Company's debt,
intangible impairment charges, certain transaction costs, and
certain non-cash gains.
Free Cash Flow
In addition, we reference free cash flow to further supplement
Generac's condensed consolidated financial statements presented in
accordance with US GAAP. Free cash flow is defined as Net cash
provided by operating activities less Expenditures for property and
equipment and is intended to be a measure of operational cash flow
taking into account additional capital expenditure investment into
the business.
The presentation of this additional information is not meant to
be considered in isolation of, or as a substitute for, results
prepared in accordance with US GAAP. Please see our SEC filings for
additional discussion of the basis for Generac's reporting of
Non-GAAP financial measures.
Generac Holdings Inc. Condensed Consolidated Statements of
Operations (Dollars in Thousands, Except Share and Per Share Data)
Three Months Ended December
31, Year Ended December 31, 2011
2010 2011 2010 (Unaudited)
(Unaudited) (Unaudited) (Audited) Net
sales $ 267,308 $ 161,041 $ 791,976 $ 592,880 Costs of goods sold
168,843 97,209 497,322
355,523 Gross profit 98,465 63,832
294,654 237,357 Operating expenses: Selling and service
25,126 14,538 77,776 57,954 Research and development 4,807 3,916
16,476 14,700 General and administrative 10,833 6,107 30,012 22,599
Amortization of intangibles 12,450 13,063 48,020 51,808 Trade name
write-down 9,389 – 9,389
– Total operating expenses
62,605 37,624 181,673
147,061 Income from operations 35,860 26,208
112,981 90,296 Other (expense) income: Interest expense
(5,888 ) (6,645 ) (23,718 ) (27,397 ) Write-off of deferred
financing costs related to debt extinguishment (191 ) (629 ) (377 )
(4,809 ) Investment income 26 63 110 235 Costs related to
acquisition (274 ) – (875 ) – Other, net (385 )
(314 ) (1,155 ) (1,105 ) Total other
expense, net (6,712 ) (7,525 ) (26,015
) (33,076 ) Income before provision for income
taxes 29,148 18,683 86,966 57,220 (Benefit) provision for income
taxes (237,983 ) 70 (237,677 )
307 Net income 267,131 18,613 324,643 56,913
Preferential distribution to: Series A preferred
stockholders – – – (2,042 ) Class B common stockholders – – –
(12,133 ) Beneficial conversion - see note (1) –
– – (140,690 ) Net
income (loss) attributable to common stockholders (formerly Class A
common stockholders) $ 267,131 $ 18,613 $
324,643 $ (97,952 ) Net income (loss) per
common share - basic (2): Common stock (formerly Class A common
stock) $ 3.98 $ 0.28 $ 4.84 $ (1.65 ) Class B common stock n/a n/a
n/a $ 505 Net income (loss) per common share - diluted (2):
Common stock (formerly Class A common stock) $ 3.91 $ 0.28 $ 4.79 $
(1.65 ) Class B common stock n/a n/a n/a $ 505 Weighted
average common shares outstanding - basic (2): Common stock
(formerly Class A common stock) 67,143,422 67,094,441 67,130,356
59,364,958 Class B common stock n/a n/a n/a 24,018 Weighted
average common shares outstanding - diluted (2): Common stock
(formerly Class A common stock) 68,369,773 67,275,465 67,797,371
59,364,958 Class B common stock n/a n/a n/a 24,018
(1) Beneficial conversion feature related to Class B common
stock and Series A preferred stock was reflected during the first
quarter 2010 as a result of Generac's corporate reorganization and
IPO. See discussion of Generac's equity structure and corporate
reorganization in the 2010 Annual Report on Form 10-K for the
fiscal year ended December 31, 2010.
(2) 2010 Net income (loss) per common share and weighted average
common shares outstanding reflect the corporate reorganization and
IPO that occurred on February 10, 2010. The share structure prior
to February 10, 2010 has been retroactively restated to only
reflect the reverse stock split that occurred with the corporate
reorganization.
Generac Holdings Inc. Condensed Consolidated Balance Sheets
(Dollars in Thousands, Except Share and Per Share Data)
December 31, 2011 2010
(Unaudited) (Audited) Assets Current assets:
Cash and cash equivalents $ 93,126 $ 78,583 Accounts receivable,
less allowance for doubtful accounts of $789 in 2011 and $723 in
2010 109,705 63,154 Inventories 162,124 127,137 Deferred income
taxes 14,395 – Prepaid expenses and other assets 3,915
3,645 Total current assets 383,265
272,519 Property and equipment, net 84,384 75,287
Customer lists, net 72,897 96,944 Patents, net 78,167 84,933 Other
intangible assets, net 7,306 6,483 Deferred financing costs, net
3,459 5,822 Trade names 148,401 140,050 Goodwill 547,473 527,148
Deferred income taxes 227,363 – Other assets 78
697 Total assets $ 1,552,793 $
1,209,883
Liabilities and stockholders’ equity
Current liabilities: Accounts payable $ 81,053 $ 41,809 Accrued
wages and employee benefits 14,439 6,833 Other accrued liabilities
47,024 38,043 Current portion of long-term debt 22,874
– Total current liabilities 165,390
86,685 Long-term debt 575,000 657,229 Other long-term
liabilities 43,514 24,902 Total
liabilities 783,904 768,816 Stockholders’ equity: Common
stock (formerly Class A non-voting common stock), par value $0.01,
500,000,000 shares authorized, 67,652,812 and 67,524,596 shares
issued at December 31, 2011 and 2010, respectively 676 675
Additional paid-in capital 1,142,701 1,133,918 Excess purchase
price over predecessor basis (202,116 ) (202,116 ) Accumulated
deficit (157,015 ) (481,658 ) Accumulated other comprehensive loss
(15,357 ) (9,752 ) Total stockholders’ equity
768,889 441,067 Total liabilities and
stockholders’ equity $ 1,552,793 $ 1,209,883
Generac Holdings Inc. Condensed Consolidated Statements of Cash
Flows (Dollars in Thousands)
Year Ended
December 31, 2011 2010 (Unaudited)
(Audited) Operating activities Net income $ 324,643 $
56,913 Adjustment to reconcile net income to net cash provided by
operating activities: Depreciation 8,103 7,632 Amortization 48,020
51,808 Trade name write-down 9,389 – Amortization of deferred
finance costs 1,986 2,439 Write-off of deferred financing costs
related to debt extinguishment 377 4,809 Provision for losses on
accounts receivable (7 ) (124 ) Deferred income taxes (238,170 ) –
Loss on disposal of property and equipment 10 56 Share-based
compensation expense 8,646 6,363 Net changes in operating assets
and liabilities, net of effects from acquisitions: Accounts
receivable (22,235 ) (8,621 ) Inventories (11,224 ) (3,151 ) Other
assets (6,834 ) 1,177 Accounts payable 18,517 7,896 Accrued wages
and employee benefits 6,516 (197 ) Other accrued liabilities
21,975 (12,519 ) Net cash provided by
operating activities 169,712 114,481
Investing
activities Proceeds from sale of property and equipment 14 76
Expenditures for property and equipment (12,060 ) (9,631 )
Acquisition of business, net of cash acquired (83,907 )
(1,649 ) Net cash used in investing activities
(95,953 ) (11,204 )
Financing activities Proceeds
from issuance of common stock – 248,309 Excess tax benefits from
equity awards 200 – Taxes paid related to the net share settlement
of equity awards (371 ) – Proceeds from exercise of stock options
310 – Payment of long-term debt (59,355 )
(434,310 ) Net cash used in financing activities (59,216 )
(186,001 ) Net increase (decrease) in cash and
cash equivalents 14,543 (82,724 ) Cash and cash equivalents at
beginning of period 78,583 161,307
Cash and cash equivalents at end of period $ 93,126
$ 78,583 Generac Holdings Inc. Reconciliation
Schedules (Dollars in Thousands, Except Share and Per Share Data)
Net income to Adjusted EBITDA
reconciliation Three months ended December 31, Year
Ended December 31, 2011 2010 2011
2010 (unaudited) (unaudited) (unaudited) (unaudited)
Net income $ 267,131 $ 18,613 $ 324,643 $ 56,913 Interest expense
5,888 6,645 23,718 27,397 Depreciation and amortization 14,489
14,918 56,123 59,440 Income taxes provision (237,983 ) 70 (237,677
) 307 Non-cash write-down and other charges (1) 8,394 (144 ) 10,400
(361 ) Non-cash share-based compensation expense (2) 3,184 1,729
8,646 6,363 Write-off of deferred financing costs related to debt
extinguishment 191 629 377 4,809 Transaction costs and credit
facility fees 453 169 1,719 1,019 Other 62
117 527 362
Adjusted EBITDA $ 61,809 $ 42,746 $ 188,476
$ 156,249 (1) Includes losses on
disposals of assets, unrealized mark-to-market adjustments on
commodity contracts, and a non-cash trade name write-down. A full
description of these and the other reconciliation adjustments
contained in these schedules is included in Generac's SEC filings.
(2) Includes share-based compensation expense to account for
stock options, restricted stock and other stock awards over their
respective vesting periods.
Net income to Adjusted
net income reconciliation Three months ended December
31, Year Ended December 31, 2011 2010
2011 2010 (unaudited) (unaudited) (unaudited)
(unaudited) Net income $ 267,131 $ 18,613 $ 324,643 $ 56,913
Provision for income taxes (237,983 ) 70
(237,677 ) 307 Income before
provision for income taxes 29,148 18,683 86,966 57,220 Amortization
of intangible assets 12,450 13,063 48,020 51,808 Amortization of
deferred loan costs 495 569 1,986 2,439 Write-off of deferred
financing costs related to debt extinguishment 191 629 377 4,809
Trade name write-down 9,389 - 9,389 - Acquisition costs 274
- 875 -
Adjusted net income before provision for income taxes 51,947
32,944 147,613 116,276 Cash income tax expense (122 )
(2 ) (437 ) (322 ) Adjusted net income
$ 51,825 $ 32,942 $ 147,176 $
115,954 Adjusted net income per common share -
diluted (3): $ 0.76 $ 0.49 $ 2.17 n/m Weighted average
common shares outstanding - diluted (3): 68,369,773 67,275,465
67,797,371 n/m (3) pre-IPO share and per share data is not
meaningful due to the corporate reorganization which occurred in
conjunction with the IPO during the first quarter of 2010.
Free Cash Flow Reconciliation Three months ended
December 31, Year Ended December 31, 2011
2010 2011 2010 (unaudited) (unaudited)
(unaudited) (unaudited) Net cash provided by operating
activities $ 80,697 $ 31,360 $ 169,712 $ 114,481 Expenditures for
property and equipment (7,599 ) (5,307 )
(12,060 ) (9,631 ) Free Cash Flow $ 73,098
$ 26,053 $ 157,652 $ 104,850
Pro forma Sales Reconciliation
Year Ended December 31,
2011 (unaudited) Net sales, as reported $ 791,976 Pro
forma Magnum net sales (January 1, 2011 - September 30, 2011)
105,916 Pro forma net sales $ 897,892
Pro forma Adjusted EBITDA Reconciliation
Year Ended December 31,
2011 (unaudited) Adjusted EBITDA, as reported $
188,476 Pro forma Magnum adjusted EBITDA (January 1, 2011 -
September 30, 2011) 13,460 Pro forma adjusted EBITDA
$ 201,936
SOURCE: Generac Holdings Inc.
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