UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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April 15, 2015
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Metalico, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
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Delaware
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001-32453
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52-2169780
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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186 North Ave. East, Cranford, New Jersey
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07016
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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(908) 497-9610
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Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On April 15, 2015, Metalico, Inc. issued a press release announcing results of operations for the year and quarter ended December 31, 2014. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The attached press release can also be accessed on the Company's website at www.metalico.com.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release issued April 15, 2015.
The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for any purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Metalico, Inc.
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April 15, 2015
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By:
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/s/ Carlos E. Aguero
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Name: Carlos E. Aguero
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Title: President and Chief Executive Officer, PGM and Lead Operations
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press Release issued April 15, 2015
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Exhibit 99.1
FOR IMMEDIATE RELEASE
METALICO RELEASES 2014 RESULTS
CRANFORD, NJ, April 15, 2015 Metalico, Inc. (NYSE MKT: MEA) today reported an adjusted
net loss per share for the year and fourth quarter ended December 31, 2014 of $0.25 and $0.10,
respectively. The adjusted results exclude previously reported non-cash impairment charges.
For the year, the Company reported an adjusted net loss of $12.7 million, or $0.25 loss per
share, on revenues of $476 million. For 2013, Metalico reported an adjusted net loss of $9.3
million, or $0.19 per share, on revenues of $457.2 million.
The Companys fourth quarter results were impacted by lower ferrous and non-ferrous volumes
and lower average commodity selling prices. Tough competition for scrap metal on the sourcing side
constrained metal margins throughout the year, particularly for ferrous grades. Non-ferrous metal
product margins for the year decreased modestly, which helped offset the declining margins in
ferrous scrap grades.
As indicated in Table I below, for the full year 2014 Metalico reported a net loss of $44.4
million, or $0.88 per diluted share, which included charges net of taxes of $31.6 million, or $0.63
per diluted share, primarily due to cash and non-cash charges for impairments, debt extinguishment
and discontinued operations.
For the full year 2013, Metalico reported a net loss of $34.8 million, or $0.73 per diluted
share, including charges for impairment of intangible assets and other items net of taxes of $25.5
million, or $0.54 per diluted share.
The reported fourth quarter net loss of $33.9 million, or $0.59 per diluted share, included
charges net of taxes of $27.9 million, or $0.49 per diluted share, primarily related to cash and
non-cash charges for impairments and debt extinguishment. This compares to a net loss of $3.3
million in the fourth quarter of 2013, which included a gain on discontinued operations of $1.3
million, or $0.02 per diluted share.
The non-GAAP financial measures table shown below details the non-GAAP measures and reconciles
reported net loss to adjusted net loss before impairment and other special items, all net of tax.
All figures are net of tax.
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Table I |
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(In thousands, except per share |
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2014 |
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Per Share |
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2013 |
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Per |
data) |
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Share |
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Net loss as reported |
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$ |
(44,385 |
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$ |
(0.88 |
) |
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$ |
(34,816 |
) |
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$ |
(0.73 |
) |
Impairment charges |
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11,398 |
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0.23 |
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28,886 |
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0.61 |
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Early repayment fees on debt |
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1,057 |
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0.02 |
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Loss on debt extinguishment |
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16,567 |
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0.33 |
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135 |
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Fair value adjustment |
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(1,578 |
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(0.03 |
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(2 |
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Discontinued operations |
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4,197 |
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0.08 |
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(3,500 |
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(0.07 |
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Adjusted net (loss)income |
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$ |
(12,744 |
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$ |
(0.25 |
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$ |
(9,297 |
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$ |
(0.19 |
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Q4 |
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Per Share |
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Q4 |
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Per |
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2014 |
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2013 |
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Share |
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Net loss as reported |
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$ |
(33,863 |
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$ |
(0.59 |
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$ |
(3,253 |
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$ |
(0.07 |
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Impairment charges |
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11,398 |
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0.20 |
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Early repayment fees on debt |
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1,057 |
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0.02 |
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Loss on debt extinguishment |
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16,567 |
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0.29 |
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186 |
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Fair value adjustment |
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(1,578 |
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(0.03 |
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Discontinued operations |
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432 |
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0.01 |
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(1,265 |
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(0.02 |
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Adjusted net (loss)income |
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$ |
(5,986 |
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$ |
(0.10 |
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$ |
(4,332 |
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$ |
(0.09 |
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The Company believes adjusted earnings (net loss) per share from continuing operations,
excluding non-cash impairments and special items, are more useful to investors because they provide
a better picture of the Companys operations. Excluding impairment charges and special items
allows evaluation and comparison of the Companys operations, which is the basis that Metalicos
management utilizes to assess performance internally. These measurements should be considered in
addition to, rather than as a substitution for, other information provided in accordance with U.S.
GAAP.
Metalico anticipates it will be out of compliance with its maximum leverage ratio covenant as
of March 31. The Company could also be facing potential liquidity issues under its borrowing
base-governed revolving credit facility. As a result, Metalicos auditors have included a going
concern audit opinion in the Companys 2014 audit report discussing the Companys ability to
continue its current operations. Metalico is in discussions with its senior secured lenders to
resolve the noncompliance and liquidity items.
The Company previously announced the commencement of a thorough evaluation of its operations
and alternatives for Metalicos future, including continued independence as a public corporation,
combinations or joint ventures with suitable partners or investors, sales of assets, or a sale of
the Company, and the engagement of Gordian Group, LLC to advise Metalico and its Board of Directors
in its analysis. Those efforts are continuing at this time.
2014 Annual Results Summary
Results shown below reflect adjusted annual year-over-year comparisons and exclude the effects
of non-cash impairment charges and special items::
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Revenues of $476.0 million, up 4% from $457.2 million. |
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Adjusted operating loss of $3.5 million, compared to adjusted operating loss
of $5.7 million. |
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EBITDA of $18.8 million, an increase from $18.4 million. |
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Cash flow from continuing operations of $13.0 million, compared to $17.0
million. |
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Adjusted net loss of $12.7 million, or $0.25 per share, compared to adjusted
net loss of $9.3 million, or $0.19 per share. |
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Record Ferrous shipments of 583,300 gross tons, up 8% from 537,900 gross
tons. |
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Record Non-Ferrous shipments of 200 million pounds, a 12% jump over 179
million pounds in the prior year. |
Q4 Results Year-to-Year
Results shown below reflect quarterly year-over-year comparisons and exclude the effect of Q4
non-cash impairments charges and special items:
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Sales decreased 5% to $103.0 million from $108.9 million. |
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Operating loss of $4.5 million compares to operating loss of $2.1 million. |
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Adjusted net loss of $6.0 million compares to a loss of $4.3 million. |
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Adjusted per share loss of $0.10 compares to $0.09 loss per share. |
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EBITDA decreased to $1.4 million from $3.6 million. |
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Shipments declined less than 1% for non-ferrous scrap while ferrous fell
12%. |
Result Drivers for the Year
Excluding non-cash impairment charges of $11.2 million in 2014 and $38.7 million in 2013, the
Company generated an operating loss of $3.5 million in the year compared to an operating loss of
$5.7 million in 2013. While Metalico was successful in protecting market share and growing unit
volumes, operations suffered from intense price competition for procuring scrap and reduced
consumer demand, both of which pressured metal margins.
The Company experienced slightly higher average ferrous selling prices but lower non-ferrous
selling prices, which impeded margin improvement. Average 2014 ferrous metal selling prices rose
by $11 per gross ton, mostly due to unusually high pricing in the first quarter, and product mix.
Non-ferrous selling prices fell $0.03 per pound compared to 2013. The Companys scrap revenue mix
was 47% ferrous and 53% non-ferrous in both 2014 and 2013.
Selling prices for Minor Metals (molybdenum, tungsten, tantalum, niobium, rhenium and chrome)
were 3% lower during 2014. Average prices for Platinum Group Metals rose 5% during the year.
The Companys continuing efforts to control operating and SG&A expenses were visible in the
quarter, with a 5% reduction sequentially and a 10% reduction year-over-year, exclusive of the
divested lead operations.
Commenting on the results, Carlos E. Agüero, Metalicos President and Chief Executive Officer,
said, We experienced several ups and downs in 2014. We achieved record annual volumes but were
unable to translate them into positive income because of continued pressure on metal spreads.
Results were also impacted by seasonal fourth quarter volume and pricing declines, particularly for
ferrous grades. Energy sector steel demand fell in tandem with crude oil prices late in the year,
dampening ferrous scrap prices and demand. The second half of the year was tumultuous for
Metalico, due to the need to address debt amendments and a very expensive conversion of debt to
equity.
Of important note was the significant debt paydown resulting from our successful sale of the
Companys Lead Fabricating segment. The Mayco business and its management team were truly first
rate and we were sad to see them go.
He continued, In this difficult environment of declining commodity prices and many other
industry headwinds, we continue to focus on reducing our debt load and maintaining liquidity and
disciplined cost control.
Agüero added, Were well aware of the interest our stockholders and other constituencies have
taken in our plans for the future. We are actively considering all options while we work to
restore our profitability and enhance shareholder value. We appreciate the patience our interest
holders have shown while we work through these matters.
The Company is not having a conference call to discuss year-end and fourth-quarter results.
Balance Sheet Data
At the end of the year the Company had cash on hand of $3.8 million and $31 million drawn
under its $65 million revolving credit facility. As of April 14, 2015, borrowings under the
revolver were down significantly to $15.2 million, reflecting lower outlays of purchased metal and
reductions in accounts receivable balances.
Cash flow in 2014 from continuing operations was $13 million compared to $17 million in 2013.
Year-end working capital was $77.4 million. Year-end debt was $79.4 million, a $48 million
reduction since the start of 2014, resulting principally from the application of asset sale
proceeds and conversions of debt to equity. Shareholders equity fell to $117.7 million from
$147.2 million due to the net loss sustained for the year.
During 2014, Metalico invested $9.7 million in capital expenditures, compared to $9.4 million
in 2013. The Company made needed improvements at each of its shredders, replaced worn cranes,
trucks and shears, and made other equipment purchases and facility improvements.
Market and Metals Outlook
Commodity metal prices started 2015 by weakening further. The continued ascent of the U.S.
dollar, unrelenting imports and dampening steel demand from the energy sector, coupled with chronic
shredder overcapacity, makes it very difficult to project future price and demand trends for the
scrap metal industry. Metalico believes the strong dollar and weakening economic conditions in
Asia will likely keep non-ferrous metal prices subdued.
Overall, the Company is positive on the strength of the U.S economy. It noted that many U.S.
businesses experienced disruptions during the winter of 2014 to 2015, but the Spring thaw has
started to invigorate the industrial sector of the economy.
Nonetheless, Metalico expects second half demand to improve over the first half in terms of
general price levels as consumers replenish inventories and hopefully revive the export markets.
About Metalico
Metalico, Inc. and its subsidiaries operate Ferrous and Non-Ferrous Scrap Metal Recycling
sites, including PGM and Minor Metals Recycling facilities. Company recycling locations, including
three automobile shredders, are located in New York, Pennsylvania, Ohio, West Virginia, New Jersey
and Mississippi. Metalicos common stock is traded on the NYSE MKT under the symbol MEA.
Forward-looking Statements
This news release, and in particular its Market and Metals Outlook section, contains
forward-looking statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, such as Metalicos expectations with respect to its results of
operations for the first quarter of 2015, commodity pricing, volumes, and trends. These statements
may contain terms like expect, anticipate, believe, should, appear, estimate and other
words that convey a similar meaning, or are statements that do not relate strictly to historical or
current facts. Forward-looking statements include statements with respect to Metalicos beliefs,
plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and
future performance, and involve known and unknown risks, uncertainties and other factors, which may
be beyond Metalicos control, and which may cause Metalicos actual results, performance or
achievements to be materially different from future results, performance, expectations or
achievements expressed or implied by such forward-looking statements. Factors that could cause
such material difference are discussed in more detail in the Companys most recent Annual Report on
Form 10-K and other filings with the Securities and Exchange Commission. All statements other than
statements of historical fact are statements that could be forward-looking statements. Metalico
assumes no obligation to update the information contained in this news release.
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Contact:
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Metalico, Inc.
Carlos E. Agüero
Michael J. Drury
info@metalico.com |
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186 North Avenue East
Cranford, NJ 07016
(908) 497-9610
Fax: (908) 497-1097
www.metalico.com |
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# # #
1
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Table II Unit Shipment Comparison |
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Q4 |
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Q3 |
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Sequential |
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Q4 |
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Year-over-year |
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2014 |
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2014 |
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Change |
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2013 |
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Change |
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Ferrous (gross tons)
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127,600 |
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160,400 |
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-20%
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144,900 |
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-12% |
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Non-Ferrous (pounds)
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44,029,000 |
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55,402,000 |
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-21%
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44,410,000 |
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-1% |
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Table III Unit Price Comparison |
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Year- |
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Q4 |
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Q3 |
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Sequential |
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Q4 |
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over-year |
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2014 |
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2014 |
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Change |
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2013 |
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Change |
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Ferrous (gross tons)
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$ |
350 |
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$ |
383 |
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-9 |
% |
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$ |
375 |
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-7 |
% |
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Non-Ferrous (pounds)
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$ |
0.90 |
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$ |
0.89 |
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1 |
% |
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$ |
0.88 |
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2 |
% |
2
METALICO, INC.
SELECTED HISTORICAL FINANCIAL DATA
(UNAUDITED)
($ thousands, except per share data)
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Three months ended |
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Years ended |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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2014 |
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2013 |
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2014 |
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2013 |
Revenue |
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$ |
103,047 |
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$ |
108,920 |
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$ |
476,037 |
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$ |
457,184 |
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Costs and expenses
Operating expenses |
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98,988 |
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101,683 |
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444,375 |
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425,429 |
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Selling, general, and administrative expenses |
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4,515 |
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5,327 |
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19,401 |
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21,286 |
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Depreciation and amortization |
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4,045 |
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4,006 |
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15,749 |
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16,308 |
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Impairment charges |
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11,216 |
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11,216 |
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38,737 |
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Gain on acquisition |
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(105 |
) |
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118,764 |
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111,016 |
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490,741 |
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501,655 |
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Operating (loss) |
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(15,717 |
) |
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(2,096 |
) |
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(14,704 |
) |
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(44,471 |
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Financial and other income (expense) |
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Interest expense |
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(2,234 |
) |
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(2,569 |
) |
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(9,899 |
) |
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(8,986 |
) |
Debt restructuring costs |
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(16,103 |
) |
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(16,103 |
) |
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Early repayment fees on senior debt |
|
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(1,027 |
) |
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(1,027 |
) |
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Financial instruments fair value adjustment |
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|
1,578 |
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|
1,578 |
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|
3 |
|
Gain (loss) on debt extinguishment |
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(201 |
) |
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|
|
|
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(187 |
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Other income |
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|
22 |
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|
10 |
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|
73 |
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|
371 |
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(17,764 |
) |
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(2,760 |
) |
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(25,378 |
) |
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(8,799 |
) |
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Loss from continuing operations before
income taxes |
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(33,481 |
) |
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(4,856 |
) |
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(40,082 |
) |
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(53,270 |
) |
Provision (benefit) for federal and state
income taxes |
|
|
579 |
|
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(321 |
) |
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1,159 |
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(14,841 |
) |
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|
|
Loss from continuing operations |
|
|
(34,060 |
) |
|
|
(4,535 |
) |
|
|
(41,241 |
) |
|
|
(38,429 |
) |
(Loss) income from discontinued operations net
of income taxes |
|
|
(432 |
) |
|
|
1,267 |
|
|
|
(4,197 |
) |
|
|
3,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net loss |
|
|
(34,492 |
) |
|
|
(3,268 |
) |
|
|
(45,438 |
) |
|
|
(34,929 |
) |
Net loss attributable to noncontrolling interest |
|
|
630 |
|
|
|
15 |
|
|
|
1,053 |
|
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Metalico, Inc. |
|
$ |
(33,862 |
) |
|
$ |
(3,253 |
) |
|
$ |
(44,385 |
) |
|
$ |
(34,816 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(0.58 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.80 |
) |
|
$ |
(0.80 |
) |
(Loss) Income from discontinued operations |
|
$ |
(0.01 |
) |
|
|
0.02 |
|
|
|
(0.08 |
) |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(0.59 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.88 |
) |
|
$ |
(0.73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
57,447,405 |
|
|
|
48,076,923 |
|
|
|
50,530,650 |
|
|
|
47,909,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
METALICO, INC.
SELECTED HISTORICAL FINANCIAL DATA (CONTINUED)
(UNAUDITED)
($ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2014 |
|
2013 |
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
$ |
98,362 |
|
|
$ |
153,750 |
|
|
|
Property & Equipment, net
|
|
|
81,620 |
|
|
|
85,471 |
|
|
|
Intangible and Other Assets
|
|
|
38,362 |
|
|
|
61,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
218,344 |
|
|
$ |
301,013 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
$ |
20,922 |
|
|
$ |
28,516 |
|
|
|
Debt & Other Long-Term Liabilities
|
|
|
79,721 |
|
|
|
124,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
100,643 |
|
|
|
152,781 |
|
|
|
Total Metalico, Inc. and Subsidiaries Equity
|
|
|
117,701 |
|
|
|
147,179 |
|
|
|
Noncontrolling Interest
|
|
|
- |
|
|
|
1,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity
|
|
$ |
218,344 |
|
|
$ |
301,013 |
|
|
|
|
|
|
|
|
|
|
|
|
4
Non-GAAP Financial Information
Reconciliation of Non-GAAP EBITDA and Net Loss
The Company presents EBITDA because it considers it an important supplemental measure of the
Companys performance and believes it is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in Metalicos industry. The Company also
uses EBITDA to determine its compliance with some of the covenants under its credit facility.
EBITDA is not a recognized term under generally accepted accounting principles in the United States
GAAP, and has limitations as an analytical tool. You should not consider it in isolation or as a
substitute for net income, operating income, cash flows from operating, investing or financing
activities or any other measure calculated in accordance with GAAP. Other companies in the
Companys industry may calculate EBITDA differently from how the Company does, limiting its
usefulness as a comparative measure. EBITDA should not be considered as a measure of discretionary
cash available to the Company to invest in the growth of its business. The following table
reconciles EBITDA to net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Year |
|
Year |
|
|
December 31, 2014 |
|
December 31, 2013 |
|
Ended |
|
Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
December 31, 2013 |
($ in thousands) |
|
(UNAUDITED) |
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
$ |
1,385 |
|
|
|
|
|
|
$ |
3,650 |
|
|
|
|
|
|
$ |
18,817 |
|
|
|
|
|
|
$ |
18,362 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
3,261 |
|
|
|
|
|
|
|
2,569 |
|
|
|
|
|
|
|
10,926 |
|
|
|
|
|
|
|
8,986 |
|
Loss (gain) on debt
extinguishment |
|
|
|
|
|
|
16,103 |
|
|
|
|
|
|
|
201 |
|
|
|
|
|
|
|
16,103 |
|
|
|
|
|
|
|
187 |
|
Loss (gain) on acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(105 |
) |
Impairment charges |
|
|
|
|
|
|
11,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,216 |
|
|
|
|
|
|
|
38,737 |
|
Stock-based compensation |
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
162 |
|
|
|
|
|
|
|
273 |
|
|
|
|
|
|
|
926 |
|
(Benefit) for federal and
state income taxes |
|
|
|
|
|
|
579 |
|
|
|
|
|
|
|
(321 |
) |
|
|
|
|
|
|
1,159 |
|
|
|
|
|
|
|
(14,841 |
) |
Depreciation and
amortization |
|
|
|
|
|
|
4,045 |
|
|
|
|
|
|
|
4,006 |
|
|
|
|
|
|
|
15,749 |
|
|
|
|
|
|
|
16,308 |
|
Financial instruments
fair value adjustments |
|
|
|
|
|
|
(1,578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,578 |
) |
|
|
|
|
|
|
(3 |
) |
Noncontrolling interest |
|
|
|
|
|
|
630 |
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
1,053 |
|
|
|
|
|
|
|
113 |
|
Other |
|
|
|
|
|
|
(22 |
) |
|
|
|
|
|
|
(10 |
) |
|
|
|
|
|
|
(75 |
) |
|
|
|
|
|
|
(371 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
453 |
|
|
|
|
|
|
|
1,182 |
|
|
|
|
|
|
|
1,683 |
|
(Benefit)
provision for
federal and state
income taxes |
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,778 |
|
Loss on sale of
lead operation |
|
|
|
|
|
|
1,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,247 |
|
|
|
|
|
|
|
|
|
Equity in gain of
unconsolidated
investee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(184 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(107 |
) |
Net (loss) income |
|
|
|
|
|
$ |
(34,492 |
) |
|
|
|
|
|
$ |
(3,268 |
) |
|
|
|
|
|
$ |
(45,438 |
) |
|
|
|
|
|
$ |
(34,929 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5