Edgen Group Reports Third Quarter 2012 Results

  Edgen Group Reports Third Quarter 2012 Results

  *Sales of $534.6 million; an increase of 17% from prior year's third
    quarter
  *Net income of $10.4 million and diluted earnings per share of $0.21
  *Adjusted EBITDA of $39.8 million; up 17% from prior year's third quarter

Business Wire

BATON ROUGE, La. -- November 08, 2012

Edgen Group Inc. (the “Company” or “Edgen Group”) (NYSE: EDG) a leading global
distributor of specialized products including steel pipe, valves, plate, and
related components to the energy and industrial markets, today reported its
financial results for the three and nine months ended September 30, 2012.

Edgen Group sales for the third quarter 2012 increased 17% to a record $534.6
million from $457.2 million in the third quarter 2011. Edgen Group sales for
the first nine months of 2012 increased 28% to $1.5 billion from $1.2 billion
for the first nine months of 2011.

Sales from the Company's Energy & Infrastructure (“E&I”) segment, operating
under the brand name Edgen Murray, increased $50.7 million, or 21%, to $295.6
million for the third quarter 2012 and increased $175.7 million, or 27%, to
$828.7 million for the first nine months of 2012 compared to the same periods
in 2011. E&I segment backlog was $350 million at September30, 2012 compared
to $405 million at June 30, 2012 and $353 million at December31, 2011.

Sales at the Company's Oil Country Tubular Goods (“OCTG”) segment, operating
under the brand name Bourland & Leverich, increased $26.9 million, or 13%, to
$239.2 million for the third quarter 2012 and increased by $162.1 million, or
30%, to $708.5 million for the first nine months of 2012 compared to the same
periods in 2011.

Gross margins were 12.1% and 11.8% in the third quarter 2012 and the first
nine months of 2012, respectively, which is an improvement from 11.8% in the
second quarter 2012. Gross margins were 12.8% and 13.0% in the third quarter
2011 and the first nine months of 2011, respectively.

Gross margins for the E&I segment were 14.0% and 13.8% for the third quarter
2012 and first nine months of 2012, respectively, compared to 13.7% in the
second quarter 2012. Gross margins for the OCTG segment were 9.5% for both the
third quarter and the first nine months of 2012 compared to 9.8% in the second
quarter 2012.

Selling, general and administrative (“SG&A”) expenses were 4.7% and 5.0% of
total sales for the third quarter 2012 and for the first nine months of 2012,
respectively, compared to 5.5% and 5.6% of total sales for the same periods in
2011, respectively. Exclusive of a $3.0 million non-cash charge related to
equity-based compensation expense associated with the acceleration of certain
equity-based awards in the second quarter 2012, SG&A expenses were 4.8% of
total sales and reflect effective cost control for the first nine months of
2012 and resulted in improved operating income.

Net income for the third quarter 2012 was $10.4 million compared to net income
of $2.4 million in the third quarter 2011. Earnings per basic and diluted
share for the third quarter 2012 were $0.22 and $0.21, respectively.

Net income for the first nine months of 2012 was $0.7 million compared to a
net loss of $(4.0) million for the first nine months of 2011. Excluding the
$15.1 million (net of tax of $1.9 million) loss on prepayment of debt related
to the Company's initial public offering and the $3.0 million equity-based
compensation charges (net of tax of $0) previously discussed, net income for
the nine months ended September 30, 2012 would have been $18.8 million.

Adjusted EBITDA (as defined and calculated in the attached table), a non-GAAP
financial measure used by Edgen Group to evaluate the performance of the
business, was $39.8 million, or a 17% increase, for the third quarter 2012
compared to $33.9 million for the third quarter 2011. Adjusted EBITDA
increased $17.9 million, or 19%, to $110.4 million for the first nine months
of 2012 compared to $92.5 million for the first nine months of 2011. At
September30, 2012, the Company's trailing twelve month adjusted EBITDA was
$142.6 million.

Dan O'Leary, the Company's Chairman and Chief Executive Officer stated, “We
believe our sales growth and operating results in the third quarter 2012
represent our ability to adapt and capture customer spending. In our E&I
segment, we saw higher sales volumes in the U.S. midstream energy market and
increased offshore upstream sales in the Asia/Pacific region.” Mr. O'Leary
continued, “At the same time, our OCTG segment sales increased through market
share gains and improved sales product mix from rigs operating primarily in
U.S. liquid-rich shale formations which require specialized alloy products.”

Outlook

Based on current market conditions and expected customer spending patterns and
delivery schedules, the Company maintains its revised annual revenue and
Adjusted EBITDA guidance, as disclosed in its Form 8-K filed on October 1,
2012. The Company will continue to monitor global economic conditions and
market drivers that may impact its operations and financial results including,
but not limited to, global energy demand, oil and natural gas prices,
international and U.S. land-based rig count and commodity steel prices.
Changes in these factors could have an adverse impact on our operating
results.

Conference Call

Edgen Group management will host a webcast and conference call to discuss
these financial results on Friday, November 9, 2012 at 11:00 a.m. Eastern time
(10:00 a.m. Central time). To access the conference call live over the
internet, please log onto Edgen Group's website, http://www.edgengroup.com,
and go to the “Investor Relations” webpage at least fifteen minutes prior to
the start time to register, download and install any necessary software. To
participate in the conference call, interested parties in the United States
may dial 1-877-317-6789 and international parties may dial 1-412-317-6789. To
access the conference call, please call at least ten minutes prior to the
start time.

For those who are unable to listen to the live call, a replay will be
available by dialing 1-877-344-7529 (United States) and 1-412-317-0088
(International) and using the conference number 10020004. A replay of the
conference call will also be available at Edgen Group's website for 90 days
following the date the webcast is posted.

About Edgen Group

Edgen Group is a leading global distributor of specialized products and
services to the energy sector and industrial infrastructure markets, including
steel pipe, valves, quenched and tempered and high yield heavy plate and
related components. Edgen Group is headquartered in Baton Rouge, Louisiana.
Additional information is available at www.edgengroup.com.

Forward-Looking Statements Disclaimer

This press release contains, and during the conference call referenced in this
press release we may make, forward-looking statements within the meaning of
federal securities laws. All statements other than statements of historical
fact are considered forward-looking statements including, without limitation,
statements about our business strategy and all statements under the "Outlook"
heading above. These forward-looking statements involve a number of risks,
uncertainties, assumptions and other factors that could affect future results
and cause actual results and events to differ materially from historical and
expected results and those expressed or implied in the forward-looking
statements. Our historical financial information, and the risks and other
important factors that could affect the outcome of the events set forth in
these statements and that could affect our operating results and financial
condition, are contained in our filings with the Securities and Exchange
Commission (“SEC”), including our prospectus filed with the SEC on April 27,
2012 and in our subsequent filings with the SEC made prior to or after the
date hereof. We undertake no obligation to review or update any
forward-looking statements to reflect events or circumstances occurring after
the date of this press release. Investors, potential investors and other
readers are urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue reliance on
such forward-looking statements.

                                              
EDGEN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED/COMBINED CONSOLIDATED STATEMENTS OF
OPERATIONS

(Dollars in thousands, except per share data)
                                                 
                    Three months ended           Nine months ended
                    September 30,                September 30,
                    2012          2011          2012            2011
SALES               $  534,624     $ 457,166     $ 1,536,953     $ 1,199,282
OPERATING
EXPENSES:
Cost of sales
(exclusive of
depreciation and    469,932        398,867       1,355,186       1,043,516
amortization
shown below)
Selling, general
and                 25,171         25,105        76,606          66,961
administrative
expense
Depreciation and
amortization        7,905         8,933        24,031         26,781      
expense
Total operating     503,008       432,905      1,455,823      1,137,258   
expenses
INCOME FROM         31,616         24,261        81,130          62,024
OPERATIONS
OTHER INCOME
(EXPENSE):
Other income        (366       )   71            109             1,857
(expense)- net
Loss on
prepayment of       —              —             (17,005     )   —
debt
Interest expense    (18,331    )   (20,733   )   (59,899     )   (64,517     )
- net
INCOME (LOSS)
BEFORE INCOME       12,919         3,599         4,335           (636        )
TAX EXPENSE
INCOME TAX          2,535         1,193        3,674          3,315       
EXPENSE
NET INCOME          $  10,384     $ 2,406      $ 661          $ (3,951    )
(LOSS)
                                                                 
NET INCOME
(LOSS)
ATTRIBUTABLE TO:
Predecessor         $  —           $ 2,240       $ 4,858         $ (4,177    )
Non-controlling     6,498          166           (2,008      )   226
interest
Edgen Group Inc.    3,886          —             (2,189      ) * —
                                                                 
EDGEN GROUP INC.
EARNINGS (LOSS)
PER SHARE:
Basic               $  0.22                      $ (0.12     ) *
Diluted             0.21                         (0.12       ) *
                                                                 
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic               17,771,939                   17,547,082    *
Diluted             18,182,524                   17,547,082    *
                                                                 
* Edgen Group Inc. did not have any assets or operations, nor did it have any
common stock outstanding prior to the IPO and the Reorganization. Accordingly,
the loss attributable to Edgen Group Inc., loss per share and weighted average
common shares outstanding shown are for the period from May 2, 2012 to
September30, 2012 (the period since the IPO and the Reorganization).

                                                               
EDGEN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED/COMBINED CONSOLIDATED BALANCE SHEETS

(In thousands)
                                                                  
                                                  September 30,   December 31,
                                                  2012            2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                         $  19,157       $  26,269
Accounts receivable - net of allowance for
doubtful accounts of $2,548 and $2,056,           301,565         261,155
respectively
Inventory                                         383,792         339,371
Prepaid expenses and other current assets         11,603         10,443     
Total current assets                              716,117         637,238
PROPERTY, PLANT AND EQUIPMENT - NET               46,357          46,647
GOODWILL                                          23,894          22,965
OTHER INTANGIBLE ASSETS - NET                     152,351         172,036
OTHER ASSETS                                      14,333         21,854     
TOTAL ASSETS                                      $  953,052     $  900,740 
                                                                  
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES:
Managed cash overdrafts                           $  7,798        $  6,488
Accounts payable                                  198,571         223,428
Accrued interest payable                          12,860          26,982
Current portion of long term debt and capital     401             19,244
lease
Accrued expenses and other current liabilities    47,209         31,787     
Total current liabilities                         266,839         307,929
DEFERRED TAX LIABILITY - NET                      2,957           4,544
OTHER LONG TERM LIABILITIES                       1,328           783
REVOLVING CREDIT FACILITIES                       88,200          37,523
LONG TERM DEBT AND CAPITAL LEASE                  523,564        627,078    
Total liabilities                                 882,888         977,857
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Class A common stock; 18,048,062 shares issued    2               —
and outstanding at September 30, 2012
Class B common stock; 24,343,138 shares issued    2               —
and outstanding at September 30, 2012
Additional paid in capital                        162,862         —
Retained deficit                                  (30,511     )   —
Accumulated other comprehensive loss              (9,423      )   —          
Total stockholders' equity                        122,932         —
PREDECESSOR NET DEFICIT:
Net deficit                                       —               (51,799    )
Accumulated other comprehensive loss              —              (25,648    )
Total predecessor net deficit                     —               (77,447    )
NON-CONTROLLING INTEREST                          (52,768     )   330        
Total equity (deficit)                            70,164         (77,117    )
TOTAL LIABILITIES AND EQUITY (DEFICIT)            $  953,052     $  900,740 

                                             
EDGEN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED/COMBINED CONSOLIDATED STATEMENTS OF CASH
FLOWS

(In thousands)
                                               
                                               Nine months ended September 30,
                                               2012             2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                              $   661           $  (3,951  )
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization                  24,031            26,781
Amortization of deferred financing costs       3,775             3,665
Amortization of discount on long term debt     954               891
Non-cash accrual of interest on Seller Note    2,207             2,759
Loss on prepayment of debt                     17,005            —
Equity-based compensation expense              4,907             1,948
Unrealized (gain) loss on derivative           (487        )     639
instruments
Allowance for doubtful accounts                469               27
Provision for inventory allowances and         1,125             876
writedowns
Deferred income tax benefit                    (1,889      )     (1,086     )
Loss on foreign currency transactions          785               657
Gain on sale of property, plant and            (48         )     (983       )
equipment
Changes in operating assets and liabilities:
Accounts receivable                            (40,869     )     (50,453    )
Inventory                                      (43,859     )     (79,169    )
Prepaid expenses and other current assets      (2,415      )     (1,017     )
Accounts payable                               (24,452     )     50,347
Accrued expenses and other current             (2,254      )     (12,997    )
liabilities
Income tax payable                             2,154             2,713
Income tax receivable                          (298        )     18,235
Other                                          (816        )     (130       )
Net cash used in operating activities          (59,314     )     (40,248    )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment     (3,130      )     (2,549     )
Proceeds from the sale of property, plant      113              6,276      
and equipment
Net cash provided by (used in) investing       (3,017      )     3,727      
activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Gross proceeds from issuance of Class A        153,862           —
common stock in initial public offering
Initial public offering costs                  (4,574      )     —
Repayment of BL term loan, including           (125,322    )     —
prepayment penalty of $8,876
Repayment of portion of Seller Note            (10,745     )     —
Other principal payments on long term debt     (273        )     (4,985     )
and capital lease
Deferred financing costs                       (1,157      )     (1,309     )
Distributions to owners of Predecessor         (8,605      )     (5,008     )
Distributions to owners                        (2,170      )     —
Loan payable to EM II LP                       950               —
Proceeds from revolving credit facilities      602,000           175,434
Payments to revolving credit facilities        (551,378    )     (186,184   )
Managed cash overdraft                         1,329            8,288      
Net cash provided by (used in) financing       53,917           (13,764    )
activities
Effect of exchange rate changes on cash and    1,302            (622       )
cash equivalents
NET CHANGE IN CASH AND CASH EQUIVALENTS        (7,112      )     (50,907    )
CASH AND CASH EQUIVALENTS - beginning of       26,269           62,864     
period
CASH AND CASH EQUIVALENTS - end of period      $   19,157       $  11,957  

                                              
EDGEN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED/COMBINED CONSOLIDATED SEGMENT INFORMATION

(In thousands)
                                                 
                  Three months ended             Nine months ended
                  September 30,                  September 30,
                  2012           2011           2012           2011
Sales:
E&I               $  295,651      $  244,838     $ 828,691       $ 652,949
OCTG              239,188         212,328        708,479         546,395
Intersegment      (215        )   —             (217        )   (62         )
sales
Total sales       $  534,624     $  457,166    $ 1,536,953    $ 1,199,282 
Intersegment
sales:
E&I               $  71           $  —           $ 71            $ —
OCTG              144            —             146            62          
Total
intersegment      $  215         $  —          $ 217          $ 62        
sales
Selling,
general and
administrative
expense:
E&I               $  17,870       $  18,464      $ 51,094        $ 49,609
OCTG              3,534           3,825          14,442          10,039
Corporate         3,767          2,816         11,070         7,313       
Total selling,
general and       $  25,171      $  25,105     $ 76,606       $ 66,961    
administrative
expense
Depreciation
and
amortization:
E&I               $  4,270        $  5,296       $ 13,130        $ 15,891
OCTG              3,635           3,637          10,901          10,890
Corporate         —              —             —              —           
Total
depreciation      $  7,905       $  8,933      $ 24,031       $ 26,781    
and
amortization
Income from
operations:
E&I               $  19,366       $  13,174      $ 49,817        $ 33,897
OCTG              16,017          13,903         42,383          35,440
Corporate         (3,767      )   (2,816     )   (11,070     )   (7,313      )
Total income      $  31,616      $  24,261     $ 81,130       $ 62,024    
from operations
                                                                 
                  September 30,   December 31,
                  2012            2011
Assets:
E&I               $  586,906      $  537,872
OCTG              364,799         362,868
Corporate         1,347          —          
Total assets      $  953,052     $  900,740 
                                                                 

Basis of Presentation

On May 2, 2012, we completed an initial public offering (“IPO”) of common
stock and were party to a series of transactions (the “Reorganization”). As a
result of the IPO and the Reorganization, we are the parent holding company of
Edgen Murray Corporation (“EMC”) and Bourland & Leverich Supply Co. (“B&L”)
and have consolidated the results of these businesses with our own. EMC and
B&L comprise the historical businesses of Edgen Murray II, L.P. (“EM II LP”)
and Bourland & Leverich Holdings LLC (“B&L Holdings”), respectively, which
comprise 100% of our E&I and OCTG segments, respectively. The Reorganization
has been accounted for as a transaction between entities under common control,
as we, EM II LP, EMC, B&L and B&L Holdings have been since July 2010, and
continue to be, under the collective common control of affiliates of Jefferies
Capital Partners (“JCP”).

We did not own any assets prior to the IPO and the Reorganization. As required
by accounting principles generally accepted in the United States of America
(“GAAP”) for common control transactions, all assets and liabilities
transferred to us as part of the Reorganization were recorded in our financial
statements at carryover basis.

For periods prior to the IPO and the Reorganization, the unaudited condensed
combined consolidated financial information presented above reflects the
Reorganization as if it had occurred on July 19, 2010, the date that EM II LP
and B&L Holdings came under the common control of JCP. As such, the periods
prior to the IPO reflect the combined assets, liabilities and operations of
the historical businesses of EM II LP and B&L Holdings (collectively the
“Predecessor”). Because a single direct owner relationship did not exist among
the owners of the Predecessor, the net deficit of the Predecessor is shown in
lieu of partners' or shareholders' deficit for periods prior to the IPO.

For periods subsequent to the IPO and the Reorganization, the unaudited
condensed consolidated financial information presented above includes our
accounts and those of our majority-owned subsidiaries in which we have a
controlling interest, after the elimination of intercompany accounts and
transactions.We also consolidate other entities in which we possess a
controlling financial interest or in which we have the power to direct the
activities that most significantly affect the entities' performance. Edgen
Group Inc.'s shareholders' equity balance reflects: (i) the allocation of the
Predecessor net deficit to Edgen Group Inc.'s equity accounts as a result of
the Reorganization; (ii) the proceeds received from the IPO; (iii) the
amortization of equity-based compensation since May 2, 2012 (the IPO date);
and (iv) our net income and other comprehensive loss since May 2, 2012.

Earnings per Share

We calculate basic earnings per share by dividing the earnings attributable to
Edgen Group by the weighted average number of shares of common stock
outstanding during each period, which includes the Class A common stock issued
in connection with our initial public offering, restricted stock that has
vested and shares that have been purchased through the exercise of vested
stock options. Diluted earnings per share amounts include the dilutive effect
of stock options (using the treasury stock method as prescribed by GAAP) and
other stock awards granted to employees, as well as the dilutive effect, if
any, of the exchange of Class B common shares for Class A common shares via
the exercise of certain “Exchange Rights” granted to EM II LP and B&L Holdings
in connection with the IPO and the Reorganization. The Exchange Rights allow
EM II LP and B&L Holdings, the owners of our Class B common stock, to exchange
their shares, together with their membership units of our consolidated
subsidiary, EDG Holdco LLC (“EDG LLC”), for shares of our Class A common stock
on a one-for-one basis (subject to customary conversion rate adjustments for
splits, stock dividends and reclassifications), or, at our election, cash. We
adjust the numerator in our diluted earnings per share calculation for the
income attributable to non-controlling interest of EDG LLC owned by the
holders of our Class B common shares. As the Class B shares are exchanged, the
amount of income allocated to Edgen Group will increase and the amount of
income allocated to the non-controlling interest holders of EDG LLC will
decrease. To date, no Exchange Rights have been exercised.

The following table sets forth the computation of basic and diluted earnings
(loss) per share for the three months ended September 30, 2012 and the period
from May 2, 2012 to September30, 2012 (the period since the IPO and the
Reorganization). Prior to the IPO and the Reorganization, all income or loss
generated from our operations was allocated to the Predecessor. Because we
historically operated as a series of related partnerships and limited
liability companies, and there was no single capital structure upon which to
calculate historical earnings per share information, we have not provided a
calculation of basic and diluted earnings per share for periods prior to the
IPO and the Reorganization.

                                                 
(dollars in thousands,         Three months ended   Period from May 2, 2012 to
except share data)             September 30, 2012   September 30, 2012
Basic earnings (loss) per
share:
Numerator (in thousands):
Net income (loss)
attributable to Edgen Group    $     3,886          $        (2,189      )
Inc.
Denominator:
Class A shares                 17,771,939          17,547,082           
Basic weighted average         17,771,939           17,547,082
common shares outstanding
                                                   
Basic earnings (loss) per      $     0.22          $        (0.12       )
share
                                                    
Diluted earnings (loss) per
share:
Numerator (in thousands):
Net income (loss)
attributable to Edgen Group    $     3,886          $        (2,189      )
Inc.
Denominator:
Basic weighted average         17,771,939           17,547,082
common shares outstanding
Class A unvested restricted    277,187              —
shares
Class A options (vested and    133,398             —                    
unvested)
Diluted weighted average       18,182,524           17,547,082
common shares outstanding
                                                   
Diluted earnings (loss) per    $     0.21          $        (0.12       )
share
                                                                         

The table below presents the shares that were excluded from our dilutive
earnings (loss) per share calculation because they were anti-dilutive.

                                                    
                                  Three months ended   Period from May 2, 2012
                                  September 30, 2012   to
                                                       September 30, 2012
Class A unvested restricted       —                    243,848
shares
Class B shares                    24,343,138           24,343,138
Class A options (vested and       771,585             1,692,192
unvested)
Total anti-dilutive shares        25,114,723          26,279,178
                                                       

Use of Non-GAAP Financial Measures

We use EBITDA and Adjusted EBITDA in our business operations to, among other
things, evaluate the performance of our operating segments, develop budgets
and measure our performance against those budgets, determine employee bonuses
and evaluate our cash flows in terms of cash needs. We find these measures to
be useful tools to assist us in evaluating financial performance because they
eliminate items related to capital structure, taxes and certain non-cash
charges. These Non-GAAP measures, as calculated by us, are not necessarily
comparable to similarly titled measures reported by other companies.
Additionally, these Non-GAAP measures have material limitations as analytical
tools, are not a measure of financial performance or liquidity under GAAP and
should not be considered in isolation or as an alternative to or superior to
GAAP measures such as net income, operating income, net cash flow provided by
operating activities or any other measure of financial performance or
liquidity calculated and presented in accordance with GAAP. We define EBITDA
as net income or loss, plus interest expense, provision for income taxes,
depreciation, amortization and accretion expense. We define Adjusted EBITDA as
EBITDA plus equity based compensation, loss on prepayment of debt and other
income and expense. EBITDA and Adjusted EBITDA are commonly used as
supplemental financial measures by management and external users of our
financial statements, such as investors, commercial banks, research analysts
and rating agencies, to assess: (1)our financial performance without regard
to financing methods or capital structures; and (2)our ability to generate
cash sufficient to pay interest and support our indebtedness. The table set
forth below provides reconciliations of EBITDA and Adjusted EBITDA to net
income (loss), the most directly comparable financial measure calculated and
presented in accordance with GAAP.

                                                                   
EDGEN GROUP INC.

Supplemental Information (unaudited)

Reconciliation of GAAP Net Income (Loss) to Non-GAAP EBITDA and Non-GAAP Adjusted
EBITDA

(In millions)
                                                                        
                                                            Year        Trailing
               Three months ended    Nine months ended      ended       twelve
               September 30,         September 30,          December    months
                                                            31,         ended
               2012      2011       2012       2011       2011        September
                                                                        30, 2012
NET INCOME     $ 10.4     $ 2.4      $ 0.7       $ (4.0 )   $ (4.2  )   $  0.5
(LOSS)
Income tax     2.5        1.2        3.7         3.3        4.1         4.5
expense
Interest
expense -      18.3       20.7       59.9        64.5       86.5        81.9
net
Depreciation
and            7.9       8.9       24.0       26.8      35.6       32.8
amortization
expense
EBITDA         39.1       33.2       88.3        90.6       122.0       $  119.7
Acquisition    0.2        —          0.2         —          —           0.2
costs
Loss on
prepayment     —          —          17.0        —          —           17.0
of debt
Equity based   0.5       0.7       4.9        1.9       2.6        5.7
compensation
ADJUSTED       $ 39.8    $ 33.9    $ 110.4    $ 92.5    $ 124.6    $  142.6
EBITDA

Contact:

Edgen Group Inc.
Erika Fortenberry, 225-756-9868
Director of Investor Relations