Advanced Drainage Systems, Inc. Receives Non-Compliance Notice From NYSE
Jul 15 15
On July 15, 2015, Advanced Drainage Systems, Inc. received a notice from NYSE Regulation, Inc. informing the company that it is not currently in compliance with the NYSE’s continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE-Listed Company Manual as a result of the company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2015. In accordance with the NYSE’s procedures, the company is required to contact the NYSE to discuss the status of the Form10-K and to issue a press release pertaining to the late filing within five days following the receipt of the NYSE notification. The company has contacted the NYSE to inform them of the filing status and issued a press release within the five day period. Under NYSE rules, the company has six months from July 14, 2015 to file its Form 10-K. If the company fails to file its Form 10-K within such six-month period, the NYSE may, in its sole discretion, allow the company’s common stock to trade for up to an additional six months. Until the company files its Form 10-K, the company’s common stock will remain listed on the NYSE under the symbol ‘WMS’, but will be assigned a ‘LF’ indicator to signify late filing status. The company can regain compliance with the NYSE listing standards at any time during this six-month period once it files its Form 10-K with the Securities and Exchange Commission. The company is working diligently to conclude its review and analysis of the items described in the Press Release so that it can file the Form 10-K as soon as reasonably practicable.
Advanced Drainage Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended March 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016
May 12 15
Advanced Drainage Systems, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended March 31, 2015. For the quarter, the company reported net sales of USD 206,624,000 against USD 181,232,000 a year ago. Loss from operations was USD 3,855,000 against USD 25,156,000 a year ago. Loss before income taxes was USD 15,019,000 against USD 29,172,000 a year ago. Net loss available to common stockholders was USD 10,257,000 or USD 0.19 per basic and diluted share against USD 15,150,000 USD 0.01 per basic and diluted share a year ago. Adjusted EBITDA was USD 16,263,000 against USD 16,442,000 a year ago. EBITDA was USD 2,898,000 against LBITDA of USD 11,781,000 a year ago. Adjusted net loss (Non-GAAP) was USD 248,000 or USD 0.00 per fully converted share against USD 11,622,000 or USD 0.17 per fully converted share a year ago. Net loss attributable to the company was USD 9,964,000 against USD 12,170,000 a year ago. CapEx for the fourth quarter was USD 11.2 million.
For the year, the company reported net sales of USD 1,177,821,000 against USD 1,069,009,000 a year ago. Income from operations was USD 75,889,000 against USD 53,315,000 a year ago. Income before income taxes was USD 46,497,000 against USD 37,041,000 a year ago. Net income available to common stockholders was USD 13,390,000 or USD 0.26 per diluted share against net loss available to common stockholders of USD 3,412,000 USD 0.07 per diluted share a year ago. Net cash provided by operating activities were USD 68,576,000 against USD 62,122,000 a year ago. Capital expenditures were USD 32,689,000 against USD 40,288,000 a year ago. Adjusted EBITDA was USD 153,610,000 against USD 147,009,000 a year ago. EBITDA was USD 117,536,000 against USD 107,294,000 a year ago. Adjusted net income (Non-GAAP) was USD 44,080,000 or USD 0.62 per fully converted share against USD 19,015,000 or USD 0.28 per fully converted share a year ago. Net loss attributable to the company was USD 26,300,000 against USD 11,124,000 a year ago. For the full fiscal year 2015, capital expenditures totaled USD 33 million, slightly below the company estimate of USD 35 million.
Based on current visibility, backlog of existing orders and business trends, the company provided its financial targets for fiscal year 2016. Net sales for fiscal year 2016 are forecasted to be in the range of USD 1.32 billion to USD 1.365 billion, while the outlook for adjusted EBITDA is expected to be in the range of USD 190 to USD 215 million. Capital expenditures are expected to be approximately USD 40 million. Adjusted EBITDA growth is forecast to be driven by the higher sales volumes, increased operating leverage and a more favorable cost environment, driven by lower raw material and fuel costs as well as the contribution of a full year of operating results from Ideal Pipe acquisition in Canada.