Dynacast International Inc. Reports Third Quarter 2012 Financial Results
Dynacast International Inc. Reports Third Quarter 2012 Financial Results
PR Newswire
CHARLOTTE, N.C., Nov. 19, 2012
CHARLOTTE, N.C., Nov. 19, 2012 /PRNewswire/ -- As previously announced, the
management of Dynacast International Inc. ("Dynacast") will hold a conference
call at 11.30 a.m., Eastern Time, on Tuesday, November 20, 2012, to review
Dynacast's results for the third quarter of 2012.
Net sales were $129.3 million for the three months ended September 30, 2012, a
$7.1 million, or 5.8%, increase from the corresponding period in the prior
year. Net loss decreased by $18.0 million to $0.3 million for the three months
ended September 30, 2012 compared to the corresponding period in the prior
year. Adjusted EBITDA increased by $1.0 million, or 4.3%, to $24.2 million for
the three months ended September 30, 2012 compared to the corresponding period
in the prior year.
Net sales were $377.5 million for the nine months ended September 30, 2012, a
$14.7 million, or 4.1%, increase from the corresponding period in the prior
year. Net loss for the nine months ended September 30, 2012 was $1.4 million,
a reduction of $9.4 million from the corresponding period in the prior year.
Adjusted EBITDA increased by $1.7 million, or 2.6%, to $68.3 million for the
nine months ended September 30, 2012 compared to the corresponding period in
the prior year.
Results for the three and nine months ended September 30, 2012 were impacted
by $1.0 and $9.3 million, respectively, of additional depreciation and
amortization expense related to the allocation of the purchase price paid in
the acquisition of the Dynacast business from Melrose plc in July 2011. In
addition, results were negatively impacted by the weakening of the average
Euro to U.S. Dollar exchange rate, resulting in a reduction in net sales of
$4.8 and $11.8 million and a reduction in net income of $0.3 and $1.6 million
for the three and the nine months ended September 30, 2012, respectively.
Conference Call
The conference call will be held at 11.30 a.m., Eastern Time, on November 20,
2012 and may be accessed by dialing (877) 873-1192 for U.S. callers or (706)
643-1195 for international callers. Please reference conference ID# 68783105.
A telephonic replay of the call will be available after 2.00 p.m., Eastern
Time, on November 20, 2012 and continue through December 20, 2012 and can be
accessed by dialing (855) 859-2056 for U.S. callers or (404) 537-3406 for
international callers. Please reference conference ID# 68783105.
About Dynacast International Inc.
Dynacast is a global manufacturer of small, engineered die cast components for
thousands of companies in industries such as automotive electronics, consumer
electronics, healthcare, hardware, computers and peripherals and many others.
Dynacast produces precision components by combining extensive engineering
knowledge with our specialized manufacturing technologies. We provide cost
effective solutions for our customers worldwide by identifying opportunities
to redesign or consolidate products and assemblies through die-casting. We
have a history of delivering value to our customers through our engineering
expertise, efficient operations and Advanced Quality Planning systems.
With Global Headquarters in Charlotte, NC, Dynacast operates 20 manufacturing
facilities in 16 countries around the world. Please visit www.dynacast.com to
learn more.
Contact:
Suzi McNicholas
704-927-2785
Non-GAAP Measures
Adjusted EBITDA and Segment EBITDA, as used in this news release, are non-GAAP
financial measures.
EBITDA is earnings before interest, other income, taxes, depreciation and
amortization. We define Adjusted EBITDA as EBITDA adjusted for certain items
that we believe hinder comparison of the performance of our business either
year-over-year or with other businesses, including non-controlling interests,
management fees, stand-alone costs, restructuring costs, professional fees and
transaction costs. Items are excluded from Adjusted EBITDA because they are
individually or collectively material items that we do not consider to be
representative of the performance of our core business during the periods
under review. We believe that the presentation of Adjusted EBITDA enhances an
investor's understanding of our performance.
Segment EBITDA is calculated by adding back depreciation and amortization
expense to segment operating income. We measure and evaluate our reportable
segments based on segment operating income, which is consistent with our chief
operating decision maker's assessment of segment performance. For the quarter
and nine months ended September 30, 2012 and 2011, we believe that Segment
EBITDA is useful in evaluating operating profitability as it excludes the
depreciation and amortization expenses resulting from the allocation of the
purchase price paid in the July 19, 2011 acquisition of the Dynacast business
to the tangible and intangible assets acquired and liabilities assumed, which
expenses were not present during the period July 1, 2011 through July 19, 2011
and the period January 1, 2011 through July 19, 2011. Segment EBITDA does not
purport to be an alternative to segment operating income.
Adjusted EBITDA and Segment EBITDA are considered non-GAAP measures because
they exclude amounts that are included in, or include amounts that are
excluded from, the most directly comparable measure calculated and presented
in accordance with GAAP or are calculated using financial measures that are
not calculated in accordance with GAAP. Adjusted EBITDA and Segment EBITDA
have limitations as analytical tools, and you should not consider them in
isolation, or as a substitute for an analysis of our results as reported under
GAAP. Some of these limitations include, but are not limited to the fact that
Adjusted EBITDA and Segment EBITDA:
o do not reflect our cash expenditures or future requirements for capital
expenditures or contractual commitments;
o do not reflect changes in, or cash requirements for, our working capital
needs;
o do not reflect the significant interest expense, or the cash requirements
necessary, to service interest or principal payments on our debts;
o do not reflect any cash requirements that would be required for
replacement of assets that are being depreciated or amortized; and
o may exclude items that reflect cash payments that were made, or will in
the future be made.
The non-GAAP financial measures used by us may be calculated differently from,
and therefore may not be comparable to, similarly titled measures used by
other companies, which limits their usefulness as comparative measures.
For reconciliations of Adjusted EBITDA and Segment EBITDA to net income, the
most directly comparable financial measure calculated and presented in
accordance with GAAP, see "Reconciliation of Non-GAAP Measures" in the
accompanying tables.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains, and Dynacast and our management may make, certain
statements that constitute "forward looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can generally be identified by the use of forward-looking
terminology, such as "contemplate," "believe," "estimate," "anticipate,"
"continue," "expect," "intend," "predict," "project," "potential," "possible,"
"may," "plan," "should," "would," "goal," "target" or other similar
expressions or, in each case, their negative or other variations or
comparable terminology. Forward-looking statements express our opinions,
expectations, beliefs, plans, objectives, assumptions or projections regarding
future events or future results, and include all matters that are not
historical facts. Such statements include, in particular, statements about our
plans, intentions, beliefs or current expectations concerning, among other
things, our results of operations, financial condition, liquidity, earnings
outlook, prospects, growth, strategies, the industry in which we operate,
economic conditions and trends in the regions in which we operate, our
potential for growth in specified markets or geographies, facility
improvements and capital expenditures. Although we base these forward-looking
statements on assumptions that we believe are reasonable when made, we caution
you that forward-looking statements are not guarantees of future performance.
By their nature, forward-looking statements involve certain risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future. Actual outcomes or results may differ
materially from those made in or suggested by the forward-looking statements.
In addition, even if actual outcomes or results are consistent with the
forward-looking statements contained, those outcomes or results may not be
indicative of outcomes or results in subsequent periods.
You should not place undue reliance on any forward-looking statement and you
should consider the following factors that may cause actual outcomes or
results to differ materially from forward-looking statements, as well as those
discussed in any of our subsequent filings with the Securities and Exchange
Commission ("SEC"):
o competitive risks from other zinc or aluminum die cast producers or
self-manufacturing by customers;
o relationships with, and financial or operating conditions of, our key
customers, suppliers and other stakeholders;
o loss of, or an inability to attract, key management;
o fluctuations in the supply of, and prices for and raw materials in the
areas in which we maintain production facilities;
o union disputes, labor unrest or other employee relations issues;
o availability of production capacity;
o environmental, health and safety costs;
o impact of future mergers, acquisitions, joint ventures or teaming
agreements;
o our substantial level of indebtedness and ability to generate cash;
o changes in the availability and cost of capital;
o changes in or timing of our restructuring or plant development plans;
o restrictions in our debt agreements;
o fluctuations in the relative value of the U.S. dollar and the currencies
of the countries and regions in which we operate and the effectiveness of
our currency hedging activities;
o ability to repatriate cash held by our foreign subsidiaries;
o changes in political, economic, regulatory and business conditions,
including changes in taxes, tax rates, duties or tariffs;
o acts of war or terrorist activities;
o existence or exacerbation of general political instability and uncertainty
in the U.S. or in other countries or regions in which we operate;
o cyclical demand and pricing within the end markets for our products;
o other risks and factors identified in this news release and in our filings
with the SEC.
Any forward-looking statements speak only as of the date of those statements.
All subsequent written and oral forward-looking statements concerning the
matters addressed in this news release and attributable to us or any person
acting on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this news release. Except to
the extent required by applicable law or regulation, we undertake no
obligation to update these forward-looking statements to reflect events or
circumstances after the date of the forward-looking statement or to reflect
the occurrence of unanticipated events. Comparisons of results for current and
any prior periods are not intended to express any future trends or indications
of future performance, unless expressed as such, and should only be viewed as
historical data.
******
Dynacast International Inc.
Condensed Statement of Operations (Unaudited)
Consolidated Combined
Successor Company Predecessor
Company
For the Three For the For the Period
Months Ended Period July July 1, 2011
20, 2011
(in millions of dollars) September 30, to September to July 19,
2012 30, 2011 2011
$ $ $
Net sales
129.3 95.9 26.3
Costs of goods sold (98.2) (79.8) (20.5)
Gross margin 31.1 16.1 5.8
Operating expenses:
Selling, general and (15.5) (9.3) (3.5)
administrative
Transaction costs (0.3) (15.4) -
Restructuring expense - (0.1) (0.1)
Total
operating (15.8) (24.8) (3.6)
expenses
Operating
income 15.3 (8.7) 2.2
(loss)
Other income (expense)
Interest expense, net (12.2) (15.0) (0.1)
Income (loss)
before income 3.1 (23.7) 2.1
taxes
Income tax (expense) benefit (3.4) 3.2 0.1
Net (loss) income (0.3) (20.5) 2.2
Less: net income attributable - (0.1) -
to non-controlling interests
Less: Series A preferred stock - (2.4) -
dividends and accretion
$ $ $
Net (loss) income attributable
to controlling stockholders (23.0) 2.2
(0.3)
Dynacast International Inc.
Condensed Statement of Operations (Unaudited)
Consolidated Combined
Successor Company Predecessor
Company
For the Nine For the For the Period
Months Ended Period July January 1, 2011
20, 2011
(in millions of dollars) September 30, to September to July 19,
2012 30, 2011 2011
$ $ $
Net sales
266.9
377.5 95.9
Costs of goods sold (290.6) (79.8) (203.7)
Gross margin 86.9 16.1 63.2
Operating expenses:
Selling, general and (44.3) (9.3) (24.3)
administrative
Transaction costs (0.5) (15.4) -
Restructuring (expense) (0.5) (0.1) 0.8
credit
Total
operating (45.3) (24.8) (23.5)
expenses
Operating
income 41.6 (8.7) 39.7
(loss)
Other income (expense)
Interest expense (37.2) (15.0) (1.5)
Other income 0.1 - 0.1
Income (loss)
before income 4.5 (23.7) 38.3
taxes
Income tax (expense) benefit (5.9) 3.2 (9.8)
Net (loss) income (1.4) (20.5) 28.5
Less: net income attributable (0.2) (0.1) (0.2)
to non-controlling interests
Less: Series A preferred stock (0.2) (2.4) -
dividends and accretion
$ $ $
Net (loss) income attributable
to controlling stockholders 28.3
(1.8) (23.0)
Dynacast International Inc.
Condensed Balance Sheet (Unaudited)
Consolidated Successor Company
(in millions of dollars) September 30, December 31,
2012 2011
Assets
Current assets
$ $
Cash and cash equivalents 22.4
21.1
Accounts receivable, net 78.4 66.9
Inventory 43.8 39.0
Derivatives 1.0 1.3
Other assets 9.7 8.2
Deferred income taxes 5.0 5.8
Total current assets 160.3 142.3
Property and equipment, net 123.5 119.9
Intangible assets, net 262.6 270.7
Goodwill 239.8 238.4
Deferred financing costs 20.5 22.1
Other assets 2.2 2.2
Deferred income taxes 4.4 4.9
$ $
Total assets 813.3
800.5
Liabilities and Equity
Current liabilities
$ $
Accounts payable 61.1
52.7
Income taxes payable 6.1 6.8
Derivatives 0.2 0.2
Accrued expenses 33.0 31.7
Accrued interest 6.9 14.6
Other liabilities 13.7 11.2
Deferred revenue 8.5 8.4
Current portion of accrued pension and retirement 0.6 0.6
benefit obligations
Current portion of long-term debt 5.6 5.0
Deferred income taxes 2.4 1.3
Total current liabilities 138.1 132.5
Other liabilities 1.0 1.6
Accrued interest and dividends 9.5 3.4
Accrued pension and retirement benefit obligations 19.3 19.5
Long-term debt, net 390.2 392.5
Mandatorily redeemable preferred stock 53.0 26.5
Warrants 6.1 6.1
Deferred income taxes 69.3 72.2
Total liabilities 686.5 654.3
Series A convertible mandatory redeemable preferred - 26.5
stock,
Puttable common stock 1.5 1.5
Commitments and contingencies
Equity
Common stock 0.2 0.2
Additional paid-in capital 167.5 166.6
Accumulated foreign currency translation adjustment, (20.3) (27.8)
net
Unrealized gain (loss) on cash flow hedges, net 0.2 (0.2)
Cumulative unrealized pension losses, net (0.8) (0.8)
Accumulated deficit (25.4) (23.6)
Total equity attributable to 121.4 114.4
controlling stockholders
Non-controlling interests 3.9 3.8
Total equity 125.3 118.2
$ $
Total liabilities and equity 813.3
800.5
Dynacast International Inc.
Condensed Statements of Cash Flows (Unaudited)
Consolidated Combined
Successor Company Predecessor
Company
For the Nine For the Period For the Period
Months Ended July 20, 2011 January 1, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
Cash flows from operating
activities
$ $ $
Net (loss) income
(1.4) (20.5) 28.5
Adjustments to reconcile net
(loss) income to cash
provided by operating
activities:
Depreciation and 24.2 6.5 8.3
amortization
Management fee from Melrose - - 0.5
Amortization of deferred 2.7 6.3 -
financing costs
Inventory step-up - 6.2 -
Accretion of preferred stock - 0.8 -
Non-cash transaction - 3.5 -
expenses
Deferred income taxes (2.2) (3.5) (0.6)
Beneficial conversion value 0.9 - -
of Series A preferred stock
Other 0.4 0.3 0.9
Changes in operating assets
and liabilities:
Accounts receivable (10.7) 1.3 (10.3)
Inventory (4.6) 2.0 (1.1)
Prepaid assets (2.4) 0.1 (1.3)
Other assets (0.5) (0.5) (0.4)
Accounts payable 8.0 5.2 3.5
Income taxes payable 1.2 (4.7) (0.4)
Accrued expenses 2.5 (3.4) 1.5
Accrued interest (1.7) 8.1 -
Other liabilities 1.2 (0.4) 1.8
Net cash flows
provided by operating 17.6 7.3 30.9
activities
Cash flows from investing
activities
Business acquisition, net of - (585.5) -
cash acquired
Capital expenditures (15.7) (2.7) (7.0)
Settlement of derivative 1.6 - 0.6
contracts
Repayment of notes receivable - - 26.1
issued to affiliates
Net cash flows (used
in) provided by (14.1) (588.2) 19.7
investing activities
Cash flows from financing
activities
Issuance of common stock - 170.0 -
Issuance of preferred stock - 53.0 -
Issuance of long-term debt - 400.0 -
Draws on revolver 24.5 6.5 -
Repayments of revolver (22.5) - -
Debt issuance costs (1.1) (27.3) -
Distributions to Melrose, net - - (26.1)
Dividends paid to (0.2) - (0.2)
non-controlling interests
Dividends paid to Melrose - - (12.9)
Contribution from Melrose - - 4.3
Repayment of long-term debt (3.7) (1.3) (0.4)
Repayment of notes payable - - (27.6)
from affiliates
Net cash flows (used
in) provided by (3.0) 600.9 (62.9)
financing activities
Effect of exchange rate
changes on cash and cash 0.8 (0.4) 1.2
equivalents
Net change in cash 1.3 19.6 (11.1)
and cash equivalents
Cash and cash equivalents
Beginning of period 21.1 - 27.8
$ $ $
End of period
22.4 19.6 16.7
Dynacast International Inc.
Segment Information (Unaudited)
Revenue
Consolidated Combined
Successor Company Predecessor Company
For the Three For the Period For the Period July
Months Ended July 20, 2011 1, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
52.3 30.6 12.1
Europe 40.3 36.4 8.7
North America 36.7 28.9 5.5
$ $ $
Total
129.3 95.9 26.3
Consolidated Combined
Successor Company Predecessor Group
For the Nine For the Period For the Period
Months Ended July 20, 2011 January 1, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
144.3 30.6 82.0
Europe 129.6 36.4 110.3
North America 103.6 28.9 74.6
$ $ $
Total
377.5 95.9 266.9
Total Assets
Consolidated Successor
Company
(in millions of dollars) September December 31,
30, 2012 2011
$ $
Asia Pacific
289.7 267.5
Europe 429.8 347.3
North America 231.9 170.3
Corporate/Eliminations (138.1) 15.4
Total Segment Assets $ $
813.3 800.5
Dynacast International Inc.
Segment Information (Unaudited)
Segment Operating Income
Consolidated Combined
Successor Company Predecessor Company
For the Three For the Period For the Period July
Months Ended July 20, 2011 1, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
7.1 3.0 1.2
Europe 5.7 4.0 1.2
North America 6.2 3.9 0.2
Segment Operating Income 19.0 10.9 2.6
Corporate (3.5) (0.8) (0.4)
15.5 10.1 2.2
Difference in basis of - - 0.4
accounting
Reorganization expenses - (0.1) (0.1)
Fixed asset disposal (0.2) - -
Melrose cost allocation - - (0.1)
Transaction costs - (15.4) -
Intangible asset - (3.3) (0.2)
amortization
$ $ $
Operating income (loss)
15.3 (8.7) 2.2
Consolidated Combined
Successor Company Predecessor Company
For the Nine For the Period For the Period
Months Ended July 20, 2011 January 1, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
17.8 3.0 13.2
Europe 17.7 4.0 22.6
North America 16.4 3.9 8.9
Segment Operating Income 51.9 10.9 44.7
Corporate (9.7) (0.8) (2.3)
42.2 10.1 42.4
Difference in basis of - - (0.6)
accounting
Reorganization (expenses) (0.5) (0.1) 0.8
credit
Fixed asset disposal (0.1) - -
Melrose cost allocation - - (0.5)
Transaction costs - (15.4) -
Intangible asset - (3.3) (2.4)
amortization
$ $ $
Operating income (loss)
41.6 (8.7) 39.7
Dynacast International Inc.
Segment Information (Unaudited)
Depreciation and Amortization
Consolidated Combined
Successor Company Predecessor
Company
For the Three For the For the Period
Months Ended Period July July 1, 2011
20, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
3.2 1.1 0.2
Europe 3.2 1.1 0.2
North America 1.7 1.0 0.1
Total Segment 8.1 3.2 0.5
Corporate 0.1 - -
Intangible asset amortization
(excluding debt issuance - 3.3 0.2
costs)
$ $ $
Total
8.2 6.5 0.7
Consolidated Combined
Successor Company Predecessor
Company
For the Nine For the For the Period
Months Ended Period July January 1, 2011
20, 2011
(in millions of dollars) September 30, to September to July 19, 2011
2012 30, 2011
$ $ $
Asia Pacific
9.5 1.1 2.1
Europe 9.3 1.1 2.2
North America 5.2 1.0 1.5
Total Segment 24.0 3.2 5.8
Coporate 0.2 - 0.1
Intangible asset amortization
(excluding debt issuance - 3.3 2.4
costs)
$ $ $
Total
24.2 6.5 8.3
Dynacast International Inc.
Segment Information (Unaudited)
Capital Expenditures
Consolidated Combined
Successor Company Predecessor Company
For the Three For the Period For the Period July 1,
Months Ended July 20, 2011 2011
(in millions of to September 30, to September 30, to July 19, 2011
dollars) 2012 2011
$ $ $
Asia Pacific 0.2
3.2 0.7
Europe 4.0 1.5 -
North America 1.2 0.6 0.3
Total Segment 8.4 2.8 0.5
Corporate 0.1 - -
$ $ $
Total 0.5
8.5 2.8
Consolidated Combined
Successor Company Predecessor Company
For the Nine For the Period For the Period January 1,
Months Ended July 20, 2011 2011
(in millions of to September 30, to September 30, to July 19, 2011
dollars) 2012 2011
$ $ $
Asia Pacific 2.3
8.4 0.7
Europe 4.8 1.5 1.3
North America 3.2 0.6 1.8
Total Segment 16.4 2.8 5.4
Corporate 0.2 - -
$ $ $
Total 5.4
16.6 2.8
Dynacast International Inc.
Reconciliation of Non-GAAP Measures (Unaudited)
The following table reconciles our total net income (loss) to Adjusted EBITDA and our net income (loss) by segment to Segment
EBITDA:
Consolidated Successor Company Combined Predecessor Company
For the Three Months Ended For the Period July 20, 2011 For the Period July 1, 2011
September 30, 2012 to September 30, 2011 to July 19, 2011
(In millions of Europe Asia North Corporate Total Europe Asia North Corporate Total Europe Asia North Corporate Total
dollars) America America America
$ $ $ $ $ $
Net income $ $ $ $ $ $ $ $ $
(loss) 6.5 5.2 (1.1) (10.9) (0.3) 3.3 3.1 (29.4) (20.5) 1.1 0.8 (0.7) 2.2
2.5 1.0
Income taxes (0.5) 1.9 7.4 (5.4) 3.4 1.1 0.5 0.8 (5.6) (3.2) 0.2 0.2 (0.6) 0.1 (0.1)
Interest 0.6 - - 11.6 12.2 0.1 - - 14.9 15.0 - - - 0.1 0.1
expense
Other income (0.9) - (0.1) 1.0 - (0.5) - - 0.5 - (0.1) - - 0.1 -
Operating 5.7 7.1 6.2 (3.7) 15.3 4.0 3.0 3.9 (19.6) (8.7) 1.2 1.2 0.2 (0.4) 2.2
income (loss)
Depreciation & 3.2 3.2 1.7 0.1 8.2 1.1 1.1 1.0 3.3 6.5 0.2 0.2 0.1 0.2 0.7
amortization
EBITDA 8.9 10.3 7.9 (3.6) 23.5 5.1 4.1 4.9 (16.3) (2.2) 1.4 1.4 0.3 (0.2) 2.9
Non-controlling
interests in - - - (0.3) (0.3) - - - (0.2) (0.2) - - - (0.1) (0.1)
EBITDA
Management fees - - - 0.7 0.7 - - - - - - - - 0.5 0.5
Standalone - - - - - - - - - - - - - (0.1) (0.1)
costs
Restructuring & - - - - - - - - 0.1 0.1 - - - 0.1 0.1
severance
Professional - - - - - - - - - - - - - - -
fees
Inventory fair
value - - - - - 2.4 3.2 0.6 - 6.2 - - - - -
adjustment
Transaction - - - 0.3 0.3 - - - 16.0 16.0 - - - - -
costs
$ $ $ $ $
Adjusted EBITDA $ $ $ $ $ $ $ $ $ $
8.9 10.3 7.9 (2.9) 24.2 7.5 5.5 (0.4) 19.9 1.4 0.3 0.2 3.3
7.3 1.4
Consolidated Successor Company Combined Predecessor Company
For the Nine Months Ended For the Period July 20, 2011 For the Period January 1, 2011
September 30, 2012 to September 30, 2011 to July 19, 2011
(In millions of Europe Asia North Corporate Total Europe Asia North Corporate Total Europe Asia North Corporate Total
dollars) America America America
$ $ $ $
Net income $ $ $ $ $ $ $ $ $ $ $
(loss) 17.2 14.2 3.3 (36.1) (1.4) 3.3 3.1 (29.4) (20.5) 18.7 11.1 8.1 (9.4) 28.5
2.5
Income taxes 1.3 3.5 13.3 (12.2) 5.9 1.1 0.5 0.8 (5.6) (3.2) 4.3 2.0 1.8 1.7 9.8
Interest 1.7 0.2 - 35.3 37.2 0.1 - - 14.9 15.0 0.3 0.1 (0.2) 1.3 1.5
expense
Other income (2.5) (0.1) (0.2) 2.7 (0.1) (0.5) - - 0.5 - (0.7) - (0.8) 1.4 (0.1)
Operating 17.7 17.8 16.4 (10.3) 41.6 4.0 3.0 3.9 (19.6) (8.7) 22.6 13.2 8.9 (5.0) 39.7
income (loss)
Depreciation & 9.3 9.5 5.2 0.2 24.2 1.1 1.1 1.0 3.3 6.5 2.2 2.1 1.5 2.5 8.3
amortization
EBITDA 27.0 27.3 21.6 (10.1) 65.8 5.1 4.1 4.9 (16.3) (2.2) 24.8 15.3 10.4 (2.5) 48.0
Non-controlling $ $
interests in - - - (0.7) (0.7) - - - (0.2) (0.2) - - - (0.7)
EBITDA (0.7)
Management fees - - - 1.9 1.9 - - - - - - - - 0.5 0.5
Standalone - - - - - - - - - - - - - (0.3) (0.3)
costs
Restructuring & - - - 0.5 0.5 - - - 0.1 0.1 - - - (0.8) (0.8)
severance
Professional - - - 0.3 0.3 - - - - - - - - - -
fees
Inventory fair
value - - - - - 2.4 3.2 0.6 - 6.2 - - - - -
adjustment
Transaction - - - 0.5 0.5 - - - 16.0 16.0 - - - - -
costs
$ $ $ $
Adjusted EBITDA $ $ $ $ $ $ $ $ $ $ $
27.0 27.3 21.6 (7.6) 68.3 7.5 5.5 (0.4) 19.9 24.8 15.3 10.4 (3.8) 46.7
7.3
SOURCE Dynacast International Inc.
Website: http://www.dynacast.com
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