[July 30, 2015] |
|
Kimball International, Inc. Announces Improved Fourth Quarter and Fiscal Year 2015 Results
Kimball International, Inc. (NASDAQ: KBAL) today announced fourth
quarter fiscal year 2015 net sales of $159.1 million and income from
continuing operations of $4.7 million, or $0.12 per Class B diluted
share. Adjusted income from continuing operations for the fourth quarter
of fiscal year 2015 was $5.8 million, or $0.15 per share, excluding
charges related to a previously announced restructuring plan and the
spin-off of the Company's Electronic Manufacturing Services segment.
Bob Schneider, Chairman and CEO, stated, "Our turnaround is getting nice
traction. Our business is growing across most verticals, with sales
increasing a strong 15% compared to the prior year fourth quarter. Our
profitably is up significantly, with the current quarter adjusted
operating profit as a percent of net sales hitting the highest level in
the last decade. It is very encouraging to see the progress and feel the
excitement of our employees as we deliver on creative new product
introductions and find ways to operate more efficiently. It is a
tremendous team effort."
On October 31, 2014, Kimball International spun off its Electronic
Manufacturing Services segment. The following discussion excludes the
results of the Electronic Manufacturing Services segment for all periods
presented, except where indicated.
Overview
Financial Highlights
(Amounts in Thousands, Except Per Share Data)
|
|
Three Months Ended
|
|
|
|
|
June 30, 2015
|
|
June 30, 2014
|
|
Percent Change
|
Net Sales
|
|
$
|
159,061
|
|
|
$
|
137,858
|
|
|
15
|
%
|
Gross Profit
|
|
$
|
51,079
|
|
|
$
|
42,056
|
|
|
21
|
%
|
Gross Profit %
|
|
32.1
|
%
|
|
30.5
|
%
|
|
|
Selling and Administrative Expenses
|
|
$
|
40,818
|
|
|
$
|
42,175
|
|
|
(3
|
%)
|
Selling and Administrative Expenses %
|
|
25.6
|
%
|
|
30.6
|
%
|
|
|
Restructuring Expense
|
|
$
|
1,567
|
|
|
$
|
0
|
|
|
|
Operating Income (Loss)
|
|
$
|
8,694
|
|
|
$
|
(119
|
)
|
|
|
Operating Income (Loss) %
|
|
5.5
|
%
|
|
(0.1
|
%)
|
|
|
Adjusted Operating Income (Loss) *
|
|
$
|
10,384
|
|
|
$
|
(759
|
)
|
|
1,468
|
%
|
Adjusted Operating Income (Loss) % *
|
|
6.5
|
%
|
|
(0.6
|
%)
|
|
|
Income from Continuing Operations
|
|
$
|
4,745
|
|
|
$
|
359
|
|
|
|
Adjusted Income from Continuing Operations*
|
|
$
|
5,812
|
|
|
$
|
230
|
|
|
2,427
|
%
|
Diluted Earnings Per Share from Continuing Operations
|
|
$
|
0.12
|
|
|
$
|
0.01
|
|
|
|
Adjusted Diluted Earnings Per Share from Continuing Operations *
|
|
$
|
0.15
|
|
|
$
|
0.00
|
|
|
|
* Items indicated represent Non-GAAP measurements. See
"Reconciliation of Non-GAAP Financial Measures" below.
-
Net sales in the fourth quarter of fiscal year 2015 increased 15% from
the prior year fourth quarter, primarily driven by increases in the
hospitality and other commercial vertical markets. Net sales for the
hospitality vertical increased 36% over the prior year, driven by
strong sales of both custom and non-custom hospitality furniture. The
other commercial vertical, which is the largest portion of our
business focused on a broad variety of customers, increased 24% over
the prior year fourth quarter, boosted by new product sales and the
positive impact of marketing initiatives.
-
Orders received during the fiscal year 2015 fourth quarter increased
15% over the prior year fourth quarter. Orders in all market verticals
increased with the exception of the education vertical. The
hospitality and other commercial vertical markets in particular are
experiencing significant growth, with hospitality orders growing in
both custom and non-custom furniture, and other commercial orders
benefiting from many new products which have been well received.
-
Fourth quarter gross profit as a percent of net sales increased 1.6
percentage points from the prior year fourth quarter. The margin
improvement was driven by price increases, lower sales price
discounting, cost reduction efforts, and the leverage gained on
increased sales volumes.
-
Selling and administrative expenses in the fourth quarter of fiscal
year 2015 declined as a percent of sales by 5.0 percentage points on
leverage from higher sales volumes, and decreased 3% in absolute
dollars compared to the prior year. The lower selling and
administrative expense was driven by declines in spin-off expenses,
bad debt expenses, and the elimination of compensation and incentive
pay related to executives who retired in conjunction with the
spin-off. The year-over-year comparison was also impacted by a large
gain on the sale of an idled manufacturing facility which occurred in
the prior year fourth quarter.
-
Pre-tax restructuring costs in the fourth quarter of fiscal year 2015
totaled $1.6 million and were related to the Company's previously
announced restructuring plan to consolidate its metal fabrication
production from an operation located in Post Falls, Idaho, into
existing production facilities in Indiana. The restructuring plan
remains on track for completion by September 30, 2016.
-
The Company's 45.9% effective tax rate for the fourth quarter of
fiscal year 2015 was higher than the prior year fourth quarter
effective tax rate of 21.6%. The prior year fourth quarter effective
tax rate was favorably impacted by a decrease in a foreign deferred
tax asset valuation allowance coupled with relatively low pre-tax
income.
-
Operating cash flow for the fourth quarter of fiscal year 2015 was a
positive cash flow of $1.8 million compared to a positive cash flow of
$5.0 million in the fourth quarter of the prior year. The prior year
figures include Kimball Electronics' operating cash flows, as cash
management was centralized prior to the spin-off.
-
The Company's cash and cash equivalents declined to $34.7 million at
June 30, 2015, compared to June 30, 2014 cash and cash equivalents of
$136.6 million (inclusive of Kimball Electronics). The decline was
primarily due to the transfer of $63.0 million of cash to the Kimball
Electronics subsidiary as of the October 31, 2014 spin-off date, at
which time Kimball Electronics began operation as an independent
company. Additionally, the Company expended $33.1 million for capital
investments during fiscal year 2015, with the largest items being
building renovation costs related to the spin-off and manufacturing
equipment purchases related to the transition of metal fabrication
production from the Post Falls facility to production facilities in
Indiana.
-
During fiscal year 2015, the Company acquired 1.0 million shares of
its common stock at an aggregate purchase price of $11.3 million.
Additionally the Company has paid $7.7 million of dividends to
shareholders during fiscal year 2015, for a total year-to-date capital
return to shareholders of $19.0 million. The Company repurchased its
common stock pursuant to a previously announced stock repurchase
program which allows for the repurchase of up to 2.0 million shares.
Fiscal year 2015 net sales of $600.9 million increased 10% from fiscal
year 2014 net sales of $543.8 million. Income from continuing operations
for fiscal year 2015 was $11.1 million, or $0.29 per diluted share,
compared to income from continuing operations for fiscal year 2014 of
$3.4 million, or $0.09 per diluted share. Excluding charges related to a
previously announced restructuring plan and the spin-off of the
Company's Electronic Manufacturing Services segment, adjusted income
from continuing operations for fiscal year 2015 was $17.6 million, or
$0.45 per share. Excluding the gain on the sale of an idle manufacturing
facility, and excluding charges related to the spin-off of the Company's
Electronic Manufacturing Services segment, adjusted income from
continuing operations for fiscal year 2014 was $3.7 million, or $0.10
per share.
Guidance
There is no change to the Company's previously announced guidance for
periods following the expected completion of consolidation of the
Company's Idaho manufacturing facility into other operations in southern
Indiana. The consolidation continues to progress according to plan with
completion of the plan anticipated by September 2016. Estimated savings
resulting from the consolidation activities are expected to be
approximately $5 million annually thereafter. When the restructuring is
complete and the savings are fully realized beginning in the quarter
ending December 31, 2016, the Company expects operating income as a
percent of net sales to be in the range of 7% to 8% for that quarter.
Net sales in that quarter are expected to be in the range of $170
million to $180 million; operating income is expected in the range of
$12 million to $14 million; the effective tax rate is expected to range
from 35% to 38%; and earnings per diluted share are expected to range
from $0.20 to $0.24. At 8% operating income, return on capital would
approach 20%, which is among the best in the office furniture industry.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. A non-GAAP
financial measure is a numerical measure of a company's financial
performance that excludes or includes amounts so as to be different than
the most directly comparable measure calculated and presented in
accordance with Generally Accepted Accounting Principles ("GAAP") in the
United States in the statement of income, statement of comprehensive
income, balance sheet, or statement of cash flows of the Company. The
non-GAAP financial measures used within this release include (1)
operating income (loss) excluding spin-off expenses, restructuring
charges, and the gain on sale of an idle facility; (2) income from
continuing operations excluding spin-off expenses, restructuring
charges, and the gain on sale of an idle facility; and (3) diluted
earnings per share from continuing operations excluding spin-off
expenses, restructuring charges, and the gain on sale of an idle
facility. Reconciliations of the reported GAAP numbers to these non-GAAP
financial measures are included in the Financial Highlights table below.
Management believes it is useful for investors to understand how its
core operations performed without spin-off expenses, costs incurred in
executing its restructuring plans, and the gain on sale of an idle
facility. Excluding these amounts allows investors to meaningfully
trend, analyze, and benchmark the performance of the Company's core
operations. Many of the Company's internal performance measures that
management uses to make certain operating decisions exclude these
charges to enable meaningful trending of core operating metrics.
Forward-Looking Statements
Certain statements contained within this release are considered
forward-looking under the Private Securities Litigation Reform Act of
1995 and are subject to risks and uncertainties including, but not
limited to, the risk that any projections or guidance, including
revenues, margins, earnings, or any other financial results are not
realized, the successful completion of the restructuring plan, our
ability to fully realize the expected benefits of the spin-off and
restructuring plan, adverse changes in the global economic conditions,
significant volume reductions from key contract customers, significant
reduction in customer order patterns, financial stability of key
customers and suppliers, and availability or cost of raw materials.
Additional cautionary statements regarding other risk factors that could
have an effect on the future performance of the Company are contained in
the Company's Form 10-K filing for the fiscal year ended June 30, 2014
and other filings with the Securities and Exchange Commission.
Conference Call / Webcast
|
Date:
|
|
|
July 31, 2015
|
Time:
|
|
|
11:00 AM Eastern Time
|
Dial-In #:
|
|
|
877-415-3185 (International Calls - 857-244-7328)
|
Pass Code:
|
|
|
Kimball
|
A webcast of the live conference call may be accessed by visiting
Kimball's Investor Relations website at www.ir.kimball.com.
For those unable to participate in the live webcast, the call will be
archived at www.ir.kimball.com
within two hours of the conclusion of the live call.
About Kimball International, Inc.
Kimball International, Inc. is a leading manufacturer of design driven,
technology savvy, high quality furnishings sold under the Company's
family of brands: National Office Furniture, Kimball Office and Kimball
Hospitality. Our diverse portfolio provides solutions for the workplace,
learning, healing and hospitality environments. Customers can access our
products globally through a variety of distribution channels. Recognized
with a reputation for excellence as a trustworthy company and recognized
with the Great Place to Work® designation, Kimball International is
committed to a high performance culture with a foundation of sound
ethics, continuous improvement and social responsibility. To learn more
about Kimball International, Inc. (NASDAQ: KBAL) visit www.kimball.com.
"We Build Success"
Financial highlights for the fourth quarter and fiscal year ended
June 30, 2015 are as follows:
Condensed Consolidated Statements of Income
|
|
(Unaudited)
|
|
Three Months Ended
|
(Amounts in Thousands, except per share data)
|
|
June 30, 2015
|
|
June 30, 2014
|
Net Sales
|
|
$
|
159,061
|
|
|
100.0
|
%
|
|
$
|
137,858
|
|
|
100.0
|
%
|
Cost of Sales
|
|
107,982
|
|
|
67.9
|
%
|
|
95,802
|
|
|
69.5
|
%
|
Gross Profit
|
|
51,079
|
|
|
32.1
|
%
|
|
42,056
|
|
|
30.5
|
%
|
Selling and Administrative Expenses
|
|
40,818
|
|
|
25.6
|
%
|
|
42,175
|
|
|
30.6
|
%
|
Restructuring Expense
|
|
1,567
|
|
|
1.0
|
%
|
|
0
|
|
|
0.0
|
%
|
Operating Income (Loss)
|
|
8,694
|
|
|
5.5
|
%
|
|
(119
|
)
|
|
(0.1
|
%)
|
Other Income, net
|
|
84
|
|
|
0.0
|
%
|
|
577
|
|
|
0.4
|
%
|
Income from Continuing Operations Before Taxes on Income
|
|
8,778
|
|
|
5.5
|
%
|
|
458
|
|
|
0.3
|
%
|
Provision for Income Taxes
|
|
4,033
|
|
|
2.5
|
%
|
|
99
|
|
|
0.0
|
%
|
Income from Continuing Operations
|
|
4,745
|
|
|
3.0
|
%
|
|
359
|
|
|
0.3
|
%
|
Income from Discontinued Operations, Net of Tax
|
|
0
|
|
|
0.0
|
%
|
|
7,489
|
|
|
5.4
|
%
|
Net Income
|
|
$
|
4,745
|
|
|
3.0
|
%
|
|
$
|
7,848
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
Basic from Continuing Operations
|
|
$
|
0.12
|
|
|
|
|
$
|
0.01
|
|
|
|
Diluted from Continuing Operations
|
|
$
|
0.12
|
|
|
|
|
$
|
0.01
|
|
|
|
Basic
|
|
$
|
0.12
|
|
|
|
|
$
|
0.21
|
|
|
|
Diluted
|
|
$
|
0.12
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares Outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
38,258
|
|
|
|
|
38,438
|
|
|
|
Diluted
|
|
38,565
|
|
|
|
|
39,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Fiscal Year Ended
|
(Amounts in Thousands, except per share data)
|
|
June 30, 2015
|
|
June 30, 2014
|
Net Sales
|
|
$
|
600,868
|
|
|
100.0
|
%
|
|
$
|
543,817
|
|
|
100.0
|
%
|
Cost of Sales
|
|
412,003
|
|
|
68.6
|
%
|
|
377,092
|
|
|
69.3
|
%
|
Gross Profit
|
|
188,865
|
|
|
31.4
|
%
|
|
166,725
|
|
|
30.7
|
%
|
Selling and Administrative Expenses
|
|
166,253
|
|
|
27.6
|
%
|
|
164,781
|
|
|
30.3
|
%
|
Restructuring Expense
|
|
5,290
|
|
|
0.9
|
%
|
|
0
|
|
|
0.0
|
%
|
Operating Income
|
|
17,322
|
|
|
2.9
|
%
|
|
1,944
|
|
|
0.4
|
%
|
Other Income, net
|
|
357
|
|
|
0.0
|
%
|
|
2,268
|
|
|
0.4
|
%
|
Income from Continuing Operations Before Taxes on Income
|
|
17,679
|
|
|
2.9
|
%
|
|
4,212
|
|
|
0.8
|
%
|
Provision for Income Taxes
|
|
6,536
|
|
|
1.0
|
%
|
|
793
|
|
|
0.2
|
%
|
Income from Continuing Operations
|
|
11,143
|
|
|
1.9
|
%
|
|
3,419
|
|
|
0.6
|
%
|
Income from Discontinued Operations, Net of Tax
|
|
9,157
|
|
|
1.5
|
%
|
|
30,042
|
|
|
5.6
|
%
|
Net Income
|
|
$
|
20,300
|
|
|
3.4
|
%
|
|
$
|
33,461
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
Basic from Continuing Operations
|
|
$
|
0.29
|
|
|
|
|
$
|
0.09
|
|
|
|
Diluted from Continuing Operations
|
|
$
|
0.29
|
|
|
|
|
$
|
0.09
|
|
|
|
Basic
|
|
$
|
0.53
|
|
|
|
|
$
|
0.88
|
|
|
|
Diluted
|
|
$
|
0.52
|
|
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares Outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
38,645
|
|
|
|
|
38,404
|
|
|
|
Diluted
|
|
38,971
|
|
|
|
|
39,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Fiscal Year Ended
|
(Unaudited)
|
|
June 30,
|
(Amounts in Thousands)
|
|
2015
|
|
|
2014
|
Net Cash Flow provided by Operating Activities
|
|
$
|
13,843
|
|
|
|
$
|
69,871
|
|
Net Cash Flow used for Investing Activities
|
|
(30,657
|
)
|
|
|
(27,546
|
)
|
Net Cash Flow used for Financing Activities
|
|
(83,895
|
)
|
|
|
(9,441
|
)
|
Effect of Exchange Rate Change on Cash and Cash Equivalents
|
|
(1,254
|
)
|
|
|
140
|
|
Net (Decrease) Increase in Cash and Cash Equivalents
|
|
(101,963
|
)
|
|
|
33,024
|
|
Cash and Cash Equivalents at Beginning of Year
|
|
136,624
|
|
|
|
103,600
|
|
Cash and Cash Equivalents at End of Year
|
|
$
|
34,661
|
|
|
|
$
|
136,624
|
|
|
|
|
|
|
|
|
|
|
|
The above figures include Kimball Electronics cash flows through the
October 31, 2014 spin-off date, as cash management was centralized prior
to the spin-off.
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
June 30, 2015
|
|
|
June 30, 2014
|
(Amounts in Thousands)
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
34,661
|
|
|
$
|
136,624
|
Receivables, net
|
|
55,710
|
|
|
175,695
|
Inventories
|
|
37,634
|
|
|
140,475
|
Prepaid expenses and other current assets
|
|
23,548
|
|
|
46,998
|
Property and Equipment, net
|
|
97,163
|
|
|
188,833
|
Goodwill
|
|
0
|
|
|
2,564
|
Other Intangible Assets, net
|
|
2,669
|
|
|
4,191
|
Other Assets
|
|
14,744
|
|
|
26,766
|
Total Assets
|
|
$
|
266,129
|
|
|
$
|
722,146
|
|
|
|
|
|
|
LIABILITIES AND SHARE OWNERS' EQUITY
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
27
|
|
|
$
|
25
|
Accounts payable
|
|
41,170
|
|
|
160,306
|
Customer deposits
|
|
18,618
|
|
|
14,130
|
Dividends payable
|
|
1,921
|
|
|
1,883
|
Accrued expenses
|
|
45,425
|
|
|
77,256
|
Long-term debt, less current maturities
|
|
241
|
|
|
268
|
Other
|
|
17,222
|
|
|
26,745
|
Share Owners' Equity
|
|
141,505
|
|
|
441,533
|
Total Liabilities and Share Owners' Equity
|
|
$
|
266,129
|
|
|
$
|
722,146
|
|
|
|
|
|
|
|
|
The June 30, 2014 balance sheet includes Kimball Electronics. The
June 30, 2015 balance sheet represents continuing operations only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Information
|
|
|
|
|
|
|
|
|
Components of Other Income, net
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
(Unaudited)
|
|
June 30,
|
|
June 30,
|
(Amounts in Thousands)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Interest Income
|
|
$
|
62
|
|
|
$
|
35
|
|
|
$
|
213
|
|
|
$
|
179
|
|
Interest Expense
|
|
(6
|
)
|
|
(7
|
)
|
|
(24
|
)
|
|
(26
|
)
|
Foreign Currency/Derivative Loss
|
|
(8
|
)
|
|
(3
|
)
|
|
(48
|
)
|
|
(59
|
)
|
Gain on Supplemental Employee Retirement Plan Investment
|
|
84
|
|
|
538
|
|
|
603
|
|
|
2,579
|
|
Other Non-Operating Income (Expense)
|
|
(48
|
)
|
|
14
|
|
|
(387
|
)
|
|
(405
|
)
|
Other Income, net
|
|
$
|
84
|
|
|
$
|
577
|
|
|
$
|
357
|
|
|
$
|
2,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by End Market Vertical
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Fiscal Year Ended
|
|
|
(Unaudited)
|
|
June 30,
|
|
|
|
June 30,
|
|
|
(Amounts in Millions)
|
|
2015
|
|
2014
|
|
% Change
|
|
2015
|
|
2014
|
|
% Change
|
Education
|
|
$
|
10.0
|
|
$
|
9.9
|
|
1
|
%
|
|
$
|
38.5
|
|
$
|
39.9
|
|
(4
|
%)
|
Finance
|
|
14.3
|
|
14.0
|
|
2
|
%
|
|
56.3
|
|
62.2
|
|
(9
|
%)
|
Government
|
|
22.9
|
|
25.4
|
|
(10
|
%)
|
|
96.0
|
|
90.5
|
|
6
|
%
|
Healthcare
|
|
16.5
|
|
14.4
|
|
15
|
%
|
|
60.4
|
|
59.3
|
|
2
|
%
|
Hospitality
|
|
40.5
|
|
29.8
|
|
36
|
%
|
|
143.2
|
|
118.1
|
|
21
|
%
|
Other Commercial
|
|
54.9
|
|
44.4
|
|
24
|
%
|
|
206.5
|
|
173.8
|
|
19
|
%
|
Total Net Sales
|
|
$
|
159.1
|
|
$
|
137.9
|
|
15
|
%
|
|
$
|
600.9
|
|
$
|
543.8
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orders Received by End Market Vertical
|
|
|
|
|
Three Months Ended
|
|
|
|
Fiscal Year Ended
|
|
|
(Unaudited)
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
(Amounts in Millions)
|
|
|
2015
|
|
2014
|
|
% Change
|
|
2015
|
|
2014
|
|
% Change
|
Education
|
|
|
$
|
13.4
|
|
$
|
14.8
|
|
(9
|
%)
|
|
$
|
39.9
|
|
$
|
37.9
|
|
5
|
%
|
Finance
|
|
|
17.1
|
|
15.5
|
|
10
|
%
|
|
59.3
|
|
64.2
|
|
(8
|
%)
|
Government
|
|
|
29.6
|
|
28.5
|
|
4
|
%
|
|
100.7
|
|
95.1
|
|
6
|
%
|
Healthcare
|
|
|
17.5
|
|
16.0
|
|
9
|
%
|
|
63.4
|
|
58.7
|
|
8
|
%
|
Hospitality
|
|
|
38.7
|
|
25.0
|
|
55
|
%
|
|
144.2
|
|
114.6
|
|
26
|
%
|
Other Commercial
|
|
|
56.0
|
|
50.1
|
|
12
|
%
|
|
216.7
|
|
183.3
|
|
18
|
%
|
Total Orders Received
|
|
|
$
|
172.3
|
|
$
|
149.9
|
|
15
|
%
|
|
$
|
624.2
|
|
$
|
553.8
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
|
|
(Unaudited)
|
|
|
(Amounts in Thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) excluding Spin-off Expenses,
Restructuring Charges, and Gain on Sale of Idle Facility
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Operating Income (Loss), as reported
|
|
$
|
8,694
|
|
$
|
(119
|
)
|
|
|
|
|
Add: Pre-tax Spin-off Expenses
|
|
123
|
|
1,109
|
|
|
|
|
|
Add: Pre-tax Restructuring Charges
|
|
1,567
|
|
0
|
|
|
|
|
|
Less: Pre-tax Gain on Sale of Idle Facility
|
|
0
|
|
1,749
|
|
|
|
|
|
Adjusted Operating Income (Loss)
|
|
$
|
10,384
|
|
$
|
(759
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations excluding Spin-off Expenses,
Restructuring Charges, and Gain on Sale of Idle Facility
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Income from Continuing Operations, as reported
|
|
$
|
4,745
|
|
$
|
359
|
|
|
$
|
11,143
|
|
$
|
3,419
|
Add: After-tax Spin-off Expenses
|
|
107
|
|
940
|
|
|
3,193
|
|
1,353
|
Add: After-tax Restructuring Charges
|
|
960
|
|
0
|
|
|
3,235
|
|
0
|
Less: After-tax Gain on Sale of Idle Facility
|
|
0
|
|
1,069
|
|
|
0
|
|
1,069
|
Adjusted Income from Continuing Operations
|
|
$
|
5,812
|
|
$
|
230
|
|
|
$
|
17,571
|
|
$
|
3,703
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share from Continuing Operations excluding
Spin-off Expenses, Restructuring Charges, and Gain on Sale of Idle
Facility
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Diluted Earnings Per Share from Continuing Operations, as reported
|
|
$
|
0.12
|
|
$
|
0.01
|
|
|
$
|
0.29
|
|
$
|
0.09
|
Add: Impact of Spin-off Expenses
|
|
0.00
|
|
0.02
|
|
|
0.08
|
|
0.04
|
Add: Impact of Restructuring Charges
|
|
0.03
|
|
0.00
|
|
|
0.08
|
|
0.00
|
Less: Impact of Gain on Sale of Idle Facility
|
|
0.00
|
|
0.03
|
|
|
0.00
|
|
0.03
|
Adjusted Diluted Earnings Per Share from Continuing Operations
|
|
$
|
0.15
|
|
$
|
0.00
|
|
|
$
|
0.45
|
|
$
|
0.10
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006553/en/
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