TIDMPAHC
RNS Number : 8043Z
Phibro Animal Health Corporation
29 September 2009
For release: IMMEDIATE
PHIBRO ANIMAL HEALTH CORPORATION ANNUAL RESULTS FOR ITS FISCAL YEAR ENDED 30
JUNE 2009
RIDGEFIELD PARK, New Jersey, 29 September 2009 - Phibro Animal Health
Corporation ("Phibro" or the "Company") today announced its results for its
fiscal year ended 30 June 2009. For additional information, the Company's
Annual Report is available at www.pahc.com.
Financial Highlights
+-------------+--------+---------+--+---------+--+-----------+--+-------------+
| ($millions) | | 2009 | | 2008 | | Increase | | % Increase |
| | | | | | | | | |
+-------------+--------+---------+--+---------+--+-----------+--+-------------+
| Sales | | $550.0 | | $511.4 | | $38.6 | | 8% |
+-------------+--------+---------+--+---------+--+-----------+--+-------------+
| Adjusted ebitda | $54.0 | | $50.7 | | $3.3 | | 6% |
+-------------+--------+---------+--+---------+--+-----------+--+-------------+
Net sales of $550.0 million increased $38.6 million, or 8%. Animal Health &
Nutrition sales of $461.7 million grew $43.8 million, or 10%, due to $30.2
million from the Abic and BAP acquisitions and increased $13.6 million due to
volume growth of antibiotics and other medicated products, partially offset by
reduced volumes of trace minerals and other nutritional products. Animal Health
& Nutrition sales also increased due to overall selling price increases related
to pass through of cost increases. Distribution sales of $54.2 million decreased
$4.5 million, or 8%, due to lower unit volumes offset by higher average selling
prices. Industrial Chemicals sales of $34.1 million decreased by $0.8 million,
or 2%, as growth in wood preservative products was offset by reduced unit
volumes of other products.
Gross profit of $129.4 million increased $7.7 million, to 23.5% of net sales.
Animal Health & Nutrition gross profit improved primarily due to recent
acquisitions and favorable product mix. Increased average selling prices offset
the effect of higher raw material and manufacturing costs. Acquisition related
cost of goods sold of $1.1 million reduced the current year gross profit.
Distribution gross profit increased due to higher average selling prices
partially offset by higher material costs. Industrial Chemicals gross profit
decreased due to sharply lower selling prices of copper related products, offset
by higher unit volumes of wood preservation products.
Selling, general and administrative expenses of $88.4 million increased $7.4
million, or 9%, primarily due to the Abic and BAP acquisitions. Expenses also
increased due to sales and service headcount added last year and an expanded
management structure to support business growth.
Impairment of long-lived assets of $3.6 million was related to certain
Industrial Chemicals long-lived assets, principally property, plant and
equipment, to reduce such assets to their estimated fair value. Due to reduced
revenues and continued negative operating results, we evaluated the long-lived
assets of the Industrial Chemicals segment and determined the carrying value of
certain assets was not recoverable based upon our estimate of future net
operating cash flows.
In process research and development of $0.3 million acquired in the Abic
acquisition was expensed in accordance with U.S. generally accepted accounting
principles.
Prince Agri Products plant consolidation expenses were $0.8 million during the
current year for accrued severance costs related to the planned consolidation of
manufacturing facilities. By June 2010, we expect to complete new consolidated
U.S. trace mineral manufacturing, warehousing and laboratory facilities
currently under construction near Quincy, Illinois. We plan to close our Marion,
Iowa and Bremen, Indiana plants as the new facilities become operational. We
expect to record total severance expense of $1.4 million through June 2010 as
existing facilities are closed and the employees at those locations are
terminated.
Operating income of $36.3 million increased $7.0 million, or 24%, primarily due
to the absence of $11.2 million of prior year costs related to equity
transactions. Animal Health & Nutrition operating income increased by $1.9
million due to recent acquisitions and improved gross margins offset in part by
higher selling, general and administrative expenses. Distribution operating
income declined $0.9 million due to higher operating costs and lower gross
margins. Industrial Chemicals operating income decreased $5.0 million due to
impairment of long-lived assets, higher operating expenses and lower gross
margins. The operating income of the recent acquisitions was approximately $0.1
million, after reduction for $1.1 million of acquisition-related cost of goods
sold and $0.3 million expense for in process R&D.
Adjusted EBITDA of $54.0 million, after adjustments for costs of acquisition
related cost of goods sold, impairment of long-lived assets, acquired in-process
R&D and Prince Agri Products plant consolidation, increased $3.3 million, or 6%.
The Abic and BAP acquisitions contributed $2.8 million of the increase.
Interest expense (net) of $31.5 million increased $1.8 million, or 6% primarily
due to additional debt related to recent acquisitions.
Foreign currency (gains) losses amounted to a net loss of $12.6 million in the
current year and a net gain of $6.7 million in the prior year. This expense or
income is primarily non-cash and results from foreign currency transaction
(gains) losses primarily related to inter-company balances. Foreign currency
losses in the current period primarily were due to the movement of Brazilian,
European, Israeli, Mexican and Canadian currencies relative to the U.S. dollar.
Income taxes of $2.9 million were recorded on a consolidated pre-tax loss of
$7.9 million. The tax rate reflects income tax provisions in profitable foreign
jurisdictions and for state income taxes. No provision for U.S. federal income
taxes was recorded as we reported a loss for our domestic operations. We have
recorded valuation allowances related to substantially all deferred tax assets.
We will continue to evaluate the likelihood of recoverability of these deferred
tax assets based upon actual and expected operating performance.
Animal Health & Nutrition
Net sales of $461.7 million increased $43.8 million, or 10%. Abic and BAP
contributed $30.2 million of the increase. Sales increased $13.6 million due to
volume growth of antibiotics and other medicated products, partially offset by
reduced volumes of trace minerals and other nutritional products. Sales also
increased due to overall selling price increases related to pass through of cost
increases.
Operating income of $47.9 million increased $1.9 million, or 4%. Improved gross
margins were offset in part by higher operating expenses associated with
increased sales and service headcount, research and development expenditures and
management structure to support business growth. The operating income of the
recent acquisitions was approximately $0.1 million, after reduction for $1.1
million of acquisition-related cost of goods sold and $0.3 million expense for
in process R&D.
Adjusted EBITDA of $59.7 million, after adjustments for costs of acquisition
related cost of goods sold, in process R&D and Prince Agri Products plant
consolidation, increased $5.1 million, or 9%. The Abic and BAP acquisitions
contributed $2.8 million of the increase.
Performance Products
Distribution net sales of $54.2 million decreased $4.5 million, or 8%. Net sales
decreased due to lower unit volumes offset by higher average selling prices.
Distribution operating income of $12.5 million decreased $0.9 million, or 7%,
due to lower margins and increased sales force headcount costs. Adjusted EBITDA
decreased by $0.8 million for the same reasons.
Industrial Chemicals net sales of $34.1 million decreased by $0.8 million, or
2%, as growth in wood preservative products was offset by reduced unit volumes
of other products. The operating loss of $8.0 million worsened by $5.0 million
due to impairment of long-lived assets, higher operating expenses and lower
gross margins. Adjusted EBITDA, after adjustments for costs of impairment of
long-lived assets, decreased by $1.2 million for the reasons described.
Liquidity and Capital Resources
Cash flow from operating activities was $40.1 million for the year, including a
$20.9 million source of cash from reduced working capital and other items and
payments of $29.2 million for interest and $5.6 million for income taxes. Cash
interest payments increased in the year due to additional debt related to recent
acquisitions. Cash provided by operating assets included a $16.5 million
decrease in accounts receivable and an $18.2 million decrease in inventory.
Net cash (used) by investing activities for the year included $44.4 million for
the acquisition of Abic and BAP. The total acquisition cost was $61.8 million,
including $17.4 million of financing provided by the seller of Abic. Capital
expenditures were $17.8 million and included $3.5 million for expansion of
virginiamycin production capacity in Brazil. Other capital expenditures
included: expansion of manufacturing capacity for wood treatment preservatives;
expansion of laboratory facilities serving the ethanol industry; purchase and
implementation of computer software; and, maintenance of our existing asset base
and for environmental, health and safety projects. Capital expenditures for the
Prince Agri Products plant consolidation were approximately $4.6 million for the
current year.
Working capital as of 30 June 2009 was $127.4 million compared to $125.4 million
at the prior year end, an increase of $2.0 million. We define working capital as
total current assets (excluding cash and cash equivalents) less total current
liabilities (excluding loans payable to banks, current portion of long-term debt
and liabilities related to the equity transactions). Working capital primarily
increased due to the acquired Abic and BAP businesses; initial working capital
totaled $31.2 million as of the dates of acquisition. The acquisition related
increases largely were offset by reduced overall lower working capital
requirements and by approximately $6.4 million of foreign currency translation.
At 30 June 2009, we had borrowings of $1.9 million and outstanding letters of
credit and other commitments of $16.3 million, leaving $56.8 million available
for borrowings and letters of credit under our domestic senior credit facility.
In addition, Koffolk had availability totaling $10.5 million under its loan
agreements.
Debt at 30 June 2009 totaled $294.5 million and consisted of $1.9 million under
the domestic senior credit facility, $240.0 million of senior notes and senior
subordinated notes, and $52.6 million of other debt, including amounts owed to
3i, Teva and BFI. Total debt increased $46.8 million from the prior year end
due to the financing of the Abic and BAP acquisitions. Cash at fiscal year end
was $13.5 million.
Outlook
The Company's expectations are for its business to continue at similar or
improving levels for the new fiscal year. Revenues subsequent to our fiscal year
end have continued at recent historical levels.
About The Company
PAHC is a diversified global developer, manufacturer and marketer of a broad
range of animal health and nutrition products to the poultry, swine, cattle and
acquaculture markets. PAHC is also a manufacturer and marketer of performance
products for the ethanol, wood preservation and personal care industries. For
more information, please visit www.pahc.com.
For further information please contact:
+------------------------------------------------+--------------------------+
| Phibro Animal Health Corporation | +1 201 329 7300 |
| Richard Johnson, Chief Financial Officer | |
| investor.relations@pahc.com | |
+------------------------------------------------+--------------------------+
| | |
+------------------------------------------------+--------------------------+
| Panmure Gordon (UK) Limited | +44 (0) 207 459 3600 |
| Andrew Godber | |
| Rakesh Sharma | |
| | |
+------------------------------------------------+--------------------------+
Regulation S
The securities discussed in this release have not been registered under the U.S.
Securities Act of 1933, as amended ("Securities Act"), and may not be offered or
sold in the United States or to U.S. Persons (as defined in Regulation S
promulgated under the Securities Act) absent registration or an applicable
exemption from the registration requirements of the Securities Act.
Forward-Looking Statements
This announcement contains forward-looking statements, including statements
regarding management's expectations and beliefs regarding the future results or
performance of the Company. Because these statements apply to future events,
they are subject to risks and uncertainties. When used in this announcement, the
words "anticipate", "believe", "estimate", "expect", "expectation", "project"
and "intend" and similar expressions are intended to identify such
forward-looking statements. Our actual results could differ materially from
those projected in the forward-looking statements. Additionally, you should not
consider past results to be an indication of our future performance. We do not
intend to update any of the forward-looking statements after the date of this
announcement to conform these statements to actual results, to changes in
management's expectations or otherwise, except as may be required by law.
Financial Information
The Company's Consolidated statements of operations, Consolidated balance
sheets, Consolidated statements of cash flows and Reconciliation of net income
(loss) to adjusted ebitda are as follows:
+--+--+--------------------------------+--+------------+--+------------+--+------------+
| Consolidated statements of operations | | |
+----------------------------------------------------------------------+--+------------+
| | | | | | | | | |
+--+--+--------------------------------+--+------------+--+------------+--+------------+
| For the years ended June 30 | | 2009 | | 2008 | | 2007 |
+--------------------------------------+--+------------+--+------------+--+------------+
| | | | | (in thousands, except per share amounts) |
+--+--+--------------------------------+--+--------------------------------------------+
| Net sales | | $ | | $ | | $ 453,045 |
| | | 549,990 | | 511,437 | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| Cost of goods sold | | 420,568 | | 389,676 | | 341,821 |
+--------------------------------------+--+------------+--+------------+--+------------+
| | Gross profit | | 129,422 | | 121,761 | | 111,224 |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| Selling, general and administrative | | 89,455 | | 81,252 | | 76,162 |
| expenses | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| Impairment of long-lived assets | | 3,628 | | - | | - |
+--------------------------------------+--+------------+--+------------+--+------------+
| Costs related to equity transactions | | - | | 11,163 | | - |
+--------------------------------------+--+------------+--+------------+--+------------+
| Cost of agreement with subsidiary | | - | | - | | 3,000 |
| stockholder | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| | Operating income | | 36,339 | | 29,346 | | 32,062 |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| Interest expense | | 31,672 | | 29,822 | | 29,968 |
+--------------------------------------+--+------------+--+------------+--+------------+
| Interest (income) | | (170) | | (168) | | (234) |
+--------------------------------------+--+------------+--+------------+--+------------+
| Foreign currency (gains) losses, net | | 12,643 | | (6,745) | | (2,402) |
+--------------------------------------+--+------------+--+------------+--+------------+
| Other (income) expense, net | | 82 | | 523 | | 37 |
+--------------------------------------+--+------------+--+------------+--+------------+
| Post-redemption redemption price | | | | | | |
| adjustment on | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| | Series C preferred shares | | - | | 4,000 | | - |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| Loss on extinguishment of debt | | - | | - | | 11,001 |
+--------------------------------------+--+------------+--+------------+--+------------+
| | Income (loss) from continuing | | | | | | |
| | operations | | | | | | |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| | | before income taxes | | (7,888) | | 1,914 | | (6,308) |
+--+--+--------------------------------+--+------------+--+------------+--+------------+
| Provision for income taxes | | 2,936 | | 2,550 | | 406 |
+--------------------------------------+--+------------+--+------------+--+------------+
| | Income (loss) from continuing | | (10,824) | | (636) | | (6,714) |
| | operations | | | | | | |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| Gain on disposal of discontinued | | | | | | |
| operations, | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| | net of income taxes | | - | | 2,838 | | - |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| | Net income (loss) | | $ | | $ 2,202 | | $ (6,714) |
| | | | (10,824) | | | | |
+--+-----------------------------------+--+------------+--+------------+--+------------+
| | | | | | | | | |
+--+--+--------------------------------+--+------------+--+------------+--+------------+
| Earnings (loss) per common share - | | | | | |
| basic and diluted: | | | | | |
+-----------------------------------------+------------+--+------------+--+------------+
| Income (loss) from continuing | | $ (0.16) | | $ (0.01) | | $ (0.11) |
| operations | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| Income (loss) from discontinued | | $ - | | $ 0.05 | | $ - |
| operations | | | | | | |
+--------------------------------------+--+------------+--+------------+--+------------+
| Net income (loss) | | $ (0.16) | | $ 0.04 | | $ (0.11) |
+--------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | | | |
+--+--+--------------------------------+--+------------+--+------------+--+------------+
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| Consolidated balance sheets | | | | |
+----------------------------------------------+--+----------------+--+-------------+
| | | | | | | | |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| As of June 30 | 2009 | | 2008 | | 2007 |
+--------------------------------+-------------+--+----------------+--+-------------+
| | | | (in thousands) |
+--------+--------+--------------+--------------------------------------------------+
| ASSETS | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| Cash and cash equivalents | $ 13,518 | | $ 6,994 | | $ 11,994 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Accounts receivable, net | 94,704 | | 90,869 | | 76,112 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Inventories | 106,653 | | 110,437 | | 89,394 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Prepaid expenses and other | 17,297 | | 17,304 | | 14,003 |
| current assets | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| | Total current assets | 232,172 | | 225,604 | | 191,503 |
+--------+-----------------------+-------------+--+----------------+--+-------------+
| Property, plant and equipment, | 88,335 | | 75,188 | | 53,592 |
| net | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| Intangibles, net | 22,086 | | 5,996 | | 7,382 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Other assets | 19,034 | | 18,287 | | 19,373 |
+--------------------------------+-------------+--+----------------+--+-------------+
| | | | $ 361,627 | | $ 325,075 | | $ 271,850 |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| | | | | | | | |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| LIABILITIES AND SHAREHOLDERS' DEFICIT | | |
+------------------------------------------------------------------+--+-------------+
| Current portion of long-term | $ 5,402 | | $ 435 | | $ 546 |
| debt | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| Accounts payable | 47,323 | | 54,064 | | 45,998 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Accrued expenses and other | 43,888 | | 40,515 | | 42,761 |
| current liabilities | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| | Total current | 96,613 | | 95,014 | | 89,305 |
| | liabilities | | | | | |
+--------+-----------------------+-------------+--+----------------+--+-------------+
| Domestic senior credit | 1,900 | | 5,850 | | 8,485 |
| facility | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| Long-term debt | 287,232 | | 241,418 | | 240,080 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Other liabilities | 29,759 | | 21,185 | | 22,019 |
+--------------------------------+-------------+--+----------------+--+-------------+
| | Total liabilities | 415,504 | | 363,467 | | 359,889 |
+--------+-----------------------+-------------+--+----------------+--+-------------+
| | | | | | | | |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| Commitments and contingencies | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| | | | | | | | |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| Common shares | 7 | | 7 | | 6 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Paid-in capital | 42,197 | | 40,622 | | 800 |
+--------------------------------+-------------+--+----------------+--+-------------+
| Accumulated deficit | (103,967) | | (93,143) | | (96,646) |
+--------------------------------+-------------+--+----------------+--+-------------+
| Accumulated other | 7,886 | | 14,122 | | 7,801 |
| comprehensive income | | | | | |
+--------------------------------+-------------+--+----------------+--+-------------+
| | Total shareholders' | (53,877) | | (38,392) | | (88,039) |
| | deficit | | | | | |
+--------+-----------------------+-------------+--+----------------+--+-------------+
| | | | $ 361,627 | | $ 325,075 | | $ 271,850 |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
| | | | | | | | |
+--------+--------+--------------+-------------+--+----------------+--+-------------+
+------+----------+-------------------+-------------+--+-------------+--+------------+
| Consolidated statements of cash flows | | |
+--------------------------------------------------------------------+--+------------+
| For the years ended June 30 | 2009 | | 2008 | | 2007 |
+-------------------------------------+-------------+--+-------------+--+------------+
| | | | (in thousands) |
+------+----------+-------------------+----------------------------------------------+
| OPERATING ACTIVITIES | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Net income (loss) | $ | | $ | | $ |
| | (10,824) | | 2,202 | | (6,714) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Adjustment for discontinued | - | | (2,838) | | - |
| operations | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Income (loss) from continuing | (10,824) | | (636) | | (6,714) |
| operations | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Adjustments to reconcile income (loss) from continuing | | |
| operations to net cash | | |
+--------------------------------------------------------------------+--+------------+
| | provided (used) by operating | | | | | |
| | activities: | | | | | |
+------+------------------------------+-------------+--+-------------+--+------------+
| Depreciation and amortization | 11,850 | | 10,007 | | 10,717 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Amortization of deferred financing | 1,457 | | 1,380 | | 1,597 |
| costs | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Amortization of imputed interest | 814 | | - | | - |
| and debt discount | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Deferred income taxes | (1,936) | | 673 | | 1,201 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Net (gains) from sales of assets | (219) | | (154) | | (6) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Equity (income) loss on investment | 104 | | 193 | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| Effects of changes in foreign | 12,950 | | (7,730) | | (3,524) |
| currency | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Other | 152 | | (184) | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| Impairment of long-lived assets | 3,628 | | - | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| Post-redemption redemption price | - | | 4,000 | | - |
| adjustment | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Loss on extinguishment of debt | - | | - | | |
| | | | | | 11,001 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Payments of tender premiums on | - | | - | | (9,940) |
| long-term debt | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Changes in operating assets and | | | | | |
| liabilities | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Accounts receivable | 16,486 | | (13,117) | | (16,756) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Inventories | 8,177 | | (16,456) | | 10,571 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Prepaid expenses and other current | 524 | | (1,346) | | 191 |
| assets | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Other assets | (1,570) | | (2,163) | | (984) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Accounts payable | (12,325) | | 7,524 | | 3,909 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Accrued expenses and other | 1,601 | | 381 | | 1,060 |
| liabilities | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Accrued expenses: Belgium Plant | (811) | | (2,674) | | (10,057) |
| Transactions | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Accrued expenses: Cost of agreement | | | | | |
| with | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| | subsidiary stockholder | - | | (3,000) | | 3,000 |
+------+------------------------------+-------------+--+-------------+--+------------+
| | Net cash provided (used) by | 40,058 | | (23,302) | | (4,734) |
| | operating activities | | | | | |
+------+------------------------------+-------------+--+-------------+--+------------+
| INVESTING ACTIVITIES | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Capital expenditures | (17,754) | | (19,833) | | (10,621) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Business acquisitions | (44,391) | | - | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| Proceeds from sales of assets | 351 | | 244 | | 501 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Other investing | (498) | | 717 | | (1,809) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Discontinued operations | - | | 2,953 | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| | Net cash provided (used) by | (62,292) | | (15,919) | | (11,929) |
| | investing activities | | | | | |
+------+------------------------------+-------------+--+-------------+--+------------+
| FINANCING ACTIVITIES | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Net increase (decrease) in book | 1,002 | | 36 | | (40) |
| overdrafts | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Net increase (decrease) in | - | | - | | (8,500) |
| short-term debt | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Borrowings under the domestic | 106,399 | | 121,251 | | 81,298 |
| senior credit facility | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Repayments of the domestic senior | (110,349) | | (123,886) | | (72,813) |
| credit facility | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Proceeds from the sale of common | - | | 45,000 | | - |
| shares | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Proceeds from long-term debt | 49,600 | | - | | 240,000 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Post-redemption redemption price | - | | (4,000) | | - |
| adjustment | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Payments of long-term debt and | (16,153) | | (230) | | (210,659) |
| capital leases | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Equity transactions costs | (1,401) | | (3,954) | | - |
+-------------------------------------+-------------+--+-------------+--+------------+
| Debt financing costs | - | | - | | (8,852) |
+-------------------------------------+-------------+--+-------------+--+------------+
| Redemption of Series A preferred | - | | - | | (577) |
| stock | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| | Net cash provided (used) by | 29,098 | | 34,217 | | |
| | financing activities | | | | | 19,857 |
+------+------------------------------+-------------+--+-------------+--+------------+
| Effect of exchange rate changes on | (340) | | 4 | | 112 |
| cash | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| | Net increase (decrease) in | 6,524 | | (5,000) | | 3,306 |
| | cash and cash equivalents | | | | | |
+------+------------------------------+-------------+--+-------------+--+------------+
| Cash and cash equivalents at | 6,994 | | 11,994 | | 8,688 |
| beginning of period | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Cash and cash equivalents at end of | $ 13,518 | | $ | | $ |
| period | | | 6,994 | | 11,994 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Supplemental cash flow information | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Interest paid | $ 29,245 | | $ 28,275 | | $ |
| | | | | | 20,319 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Income taxes paid | 5,623 | | 4,640 | | 5,596 |
+-------------------------------------+-------------+--+-------------+--+------------+
| Summary of significant non-cash | | | | | |
| investing and financing activities | | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Business acquisition financed by | $ | | $ - | | $ - |
| the seller | 17,434 | | | | |
+-------------------------------------+-------------+--+-------------+--+------------+
| Capital lease additions | 585 | | - | | 41 |
+------+----------+-------------------+-------------+--+-------------+--+------------+
The table below reconciles net income (loss) to ebitda and adjusted ebitda:
+--+--+--------------------------------------+--+------------+--+-----------+--+-----------+
| For the years ended June 30 | | 2009 | | 2008 | | 2007 |
+--------------------------------------------+--+------------+--+-----------+--+-----------+
| | | | | (in thousands) |
+--+--+--------------------------------------+--+------------------------------------------+
| Net income (loss) | | $(10,824) | | $2,202 | | $ |
| | | | | | | (6,714) |
+--------------------------------------------+--+------------+--+-----------+--+-----------+
| Plus: | | | | | | |
+--------------------------------------------+--+------------+--+-----------+--+-----------+
| | (Gain) loss on disposal of discontinued | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | | operations, net of income taxes | | - | | (2,838) | | - |
+--+--+--------------------------------------+--+------------+--+-----------+--+-----------+
| | Provision for income taxes | | 2,936 | | 2,550 | | 406 |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Interest expense | | 31,672 | | 29,822 | | 29,968 |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Interest (income) | | (170) | | (168) | | (234) |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Foreign currency (gains) losses, net | | 12,643 | | (6,745) | | (2,402) |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Other (income) expense, net | | 82 | | 523 | | 37 |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Post-redemption redemption price | | - | | 4,000 | | - |
| | adjustment | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Net (gain) loss on extinguishment of | | - | | - | | 11,001 |
| | debt | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Depreciation and amortization | | 11,850 | | 10,007 | | 10,717 |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | | EBITDA | | $ | | $39,353 | | $ |
| | | | | 48,189 | | | | 42,779 |
+--+--+--------------------------------------+--+------------+--+-----------+--+-----------+
| Adjustments: | | | | | | |
+--------------------------------------------+--+------------+--+-----------+--+-----------+
| | Acquisition-related cost of goods sold | | 1,122 | | - | | - |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Impairment of long-lived assets | | 3,628 | | - | | - |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Cost of acquired in-process R&D | | 260 | | - | | - |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Prince Agri Products plant | | 783 | | 196 | | - |
| | consolidation costs | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Costs related to equity transaction | | - | | 11,163 | | - |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Cost of agreement with subsidiary | | - | | - | | 3,000 |
| | stockholder | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | Belgium Plant Transactions and Brazil | | - | | - | | 1,646 |
| | start-up costs | | | | | | |
+--+-----------------------------------------+--+------------+--+-----------+--+-----------+
| | | Adjusted EBITDA | | $53,982 | | $50,712 | | $47,425 |
| | | | | | | | | |
+--+--+--------------------------------------+--+------------+--+-----------+--+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEAFWASUSEEU
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