SEGUIN, Texas, Oct. 31, 2017 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) today reported results for the third quarter ended
September 30, 2017.
Highlights for the Quarter
- Record net income for a third quarter of $16.6 million, up 25.4%
- Record net sales for a third quarter of $240.5 million, up 10.9%
-
- Industrial Division net sales of $132.4
million, up 9.2%
- Agricultural Division net sales of $64.9
million, up 15.0%
- European Division net sales of $43.1
million, up 10.3%
- Record net income for the first nine months of $41.1 million, up 26.6%
- Record net sales for the first nine months of $669.1 million, up 4.7%
- Backlog at $181.0 million, up
31.7% compared to previous year's third quarter
Alamo Group's net sales for the third quarter of 2017 were
$240.5 million compared to
$216.8 million in the third quarter
of 2016, an increase of 10.9%. Net income for the quarter was
$16.6 million, or $1.42 per diluted share, compared to net income
of $13.2 million, or $1.14 per diluted share in 2016. This is an
increase of 25.4% in net income and 24.6% in earnings per
share.
For the first nine months of 2017 net sales were $669.1 million compared to $639.2 million in the previous year, an increase
of 4.7%. Net income for the nine month period was
$41.1 million or $3.52 per diluted share, in 2017 versus
$32.5 million, or $2.81 per diluted share, for the same period in
2016. This is an increase of 26.6% in net income and 25.3% in
earnings per share.
Results for the quarter and the first nine months included the
effects of the acquisitions of Santa
Izabel and Old Dominion Brush Company, which were both
completed in June 2017 and R.P.M.
Tech which was completed in August 2017. Together these
acquisitions contributed $10.9
million in net sales and $0.5
million in net income in the third quarter. For the
first nine months of 2017 the acquisitions contributed $11.6 million in net sales and $0.4 million in net income.
Net sales and net income for both the third quarter and the
first nine months of 2017 were at record levels for Alamo, even excluding the contributions from
the Company's recently completed acquisitions.
Sales by Division
Alamo Group's Industrial Division net sales in the third quarter
of 2017 were $132.4 million compared
to $121.2 million in the third
quarter of 2016, an increase of 9.2%. For the first nine
months of 2017 net sales were $375.5
million versus $361.6 million
in 2016, an increase of 3.8%. The Division's net sales
included the effects of the acquisitions of Old Dominion Brush
Company and R.P.M. Tech which together contributed $7.9 million in the third quarter of 2017 and
$7.9 million for the first nine
months of the year.
The Company's Agricultural Division recorded net sales of
$64.9 million in the third quarter of
2017, an increase of 15.0% compared with net sales of $56.4 million for the same period in 2016.
For the first nine months of 2017 net sales in the Agricultural
Division were $170.9 million compared
to net sales of $157.0 million
achieved in the prior year, an increase of 8.9%. The
Division's net sales included the effects of the acquisition of
Santa Izabel which contributed
$3.0 million in the third quarter of
2017 and $3.7 million for the first
nine months of the year.
Alamo Group's European Division net sales in the third quarter
of 2017 were $43.1 million, an
increase of 10.3% compared to net sales of $39.1 million in the third quarter of 2016.
For the first nine months of 2017 net sales in the Division were
$122.7 million, an increase of 1.7%
compared to net sales of $120.6
million in the prior year's comparable period.
Comments on Results
Ron Robinson, Alamo Group's
President and Chief Executive Officer, commented, "The third
quarter of 2017 was certainly a very good quarter for Alamo
Group. While sales growth for the last two years has been
constrained due to a variety of headwinds, as we indicated last
quarter, we started to see some growth in our markets and this was
evident in our third quarter results. In addition, we started
to realize benefits from recent acquisitions, although these are
very preliminary since all three were completed fairly
recently.
"Despite the limited top line growth in the recent past, we have
been able to achieve margin improvement, which led to attractive
growth in earnings in the first half of 2017. This trend
which continued in the third quarter, combined with our sales
growth, resulted in record third quarter earnings for Alamo
Group.
"Some of the headwinds with which we have contended recently
include a weak global agricultural market, softness in our snow
removal sector due to milder winter conditions for the past two
years, declines in the non-governmental portion of our vacuum truck
market and the negative effect of the stronger U.S. dollar on the
translation of our non-U.S. denominated sales and earnings.
By and large we have seen some improvement in all of these
areas. While the agricultural market, particularly in
products oriented towards row crop farming, remains weak, we are
starting to see some improvement in other agricultural sectors,
further aided by lower dealer inventories. We feel this will
continue to strengthen as we move into 2018.
"Also, new orders for snow removal products have shown modest
improvement in anticipation of more typical winter weather
conditions. And, our vacuum truck sector has experienced some
strengthening as inventory levels in the marketplace have been
reduced and the business appears to be returning to more normal
conditions.
"With regards to currency, while the U.S. dollar is still
stronger than it was several years ago, it has dropped compared to
where it was at this time last year against most of the
international currencies in which Alamo conducts business, particularly the
Canadian dollar, the British pound sterling and the Euro. As
a result, for example, in the first half of 2017 our European sales
and earnings were up in local currency, but were down when
translated to U.S. dollars. In the third quarter they were up
in both local currency and U.S. dollars. A summary of this
effect can be seen in one of the attachments to this press
release.
"A diminishing of the headwinds we have been facing helped to
drive Alamo's growth in the third
quarter and we believe will continue to benefit the Company for the
remainder of 2017 and into 2018. Further evidence in support
of this belief is the Company's backlog which increased in the
quarter by 31.7% to $181.0
million. Even without the recent acquisitions, backlog
was at $173.2 million, an increase of
26.1%. This is a healthy level for us and if it gets much
higher could result in increased lead times for our products.
"Certainly, we remain concerned about the weakness in the
agricultural market and the lingering effects of other headwinds
with which we have contended. However, as a result of the
stability in our core businesses, the signs of modest but improving
growth, a more favorable currency environment, strong backlog and
the incremental benefits from our recent acquisitions, we feel
optimistic about the near term outlook for Alamo Group. We
are pleased that each of our operating divisions seem to be
benefiting from these improved conditions and, with our continued
focus on cost control, feel this should lead to improved sales and
earnings in the fourth quarter of 2017 compared to the fourth
quarter of 2016 and into 2018 as well."
Earnings Conference Call
Alamo Group will host a conference call to discuss the third
quarter results on Wednesday, November 1,
2017 at 11:00 a.m. Eastern
(10:00 a.m. Central, 9:00 a.m. Mountain and 8:00 a.m. Pacific). Hosting the call will
be members of senior management.
Individuals wishing to participate in the conference call should
dial 877-830-2636 (domestic) or 785-424-1802 (international). For
interested individuals unable to join the call, a replay will be
available until Wednesday, November 8,
2017 by dialing 888-203-1112 (domestic) or 719-457-0820
(internationally), passcode 3612612.
The live broadcast of Alamo Group Inc.'s quarterly conference
call will be available online at the Company's website,
www.alamo-group.com (under "Investor Relations/Events &
Presentations") on Wednesday, November 1,
2017, beginning at 11:00a.m.
ET. The online replay will follow shortly after the call
ends and will be archived on the Company's website for 60 days.
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution
and service of high quality equipment for infrastructure
maintenance, agriculture and other applications. Our products
include truck and tractor mounted mowing and other vegetation
maintenance equipment, street sweepers, snow removal equipment,
excavators, vacuum trucks, other industrial equipment, agricultural
implements and related after-market parts and services. The
Company, founded in 1969, has approximately 3,300 employees and
operates 26 plants in North
America, Europe,
Australia and Brazil as of June
30, 2017. The corporate offices of Alamo Group Inc.
are located in Seguin, Texas and
the headquarters for the Company's European operations are located
in Salford Priors, England.
Forward Looking Statements
This release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. Among those factors which could
cause actual results to differ materially are the following: market
demand, competition, weather, seasonality, currency-related issues,
acquisition integration issues and other risk factors listed from
time to time in the Company's SEC reports. The Company does
not undertake any obligation to update the information contained
herein, which speaks only as of this date.
(Tables Follow)
Alamo Group Inc.
and Subsidiaries Condensed Consolidated Balance
Sheets (in thousands) (Unaudited)
|
|
|
September 30,
2017
|
September 30,
2016
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
69,068
|
|
|
|
$
|
56,485
|
|
|
Accounts receivable,
net
|
|
203,068
|
|
|
|
174,047
|
|
|
Inventories
|
|
159,571
|
|
|
|
154,604
|
|
|
Other current
assets
|
|
6,455
|
|
|
|
7,559
|
|
|
Total current
assets
|
|
438,162
|
|
|
|
392,695
|
|
|
|
|
|
|
|
|
|
Rental equipment,
net
|
|
31,044
|
|
|
|
32,506
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
73,995
|
|
|
|
68,350
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
86,364
|
|
|
|
75,883
|
|
|
Intangible
assets
|
|
54,739
|
|
|
|
50,921
|
|
|
Other non-current
assets
|
|
2,265
|
|
|
|
4,527
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
686,569
|
|
|
|
$
|
624,882
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
59,212
|
|
|
|
$
|
48,504
|
|
|
Income taxes
payable
|
|
2,445
|
|
|
|
2,150
|
|
|
Accrued
liabilities
|
|
35,822
|
|
|
|
32,567
|
|
|
Current maturities of
long-term debt and capital lease obligations
|
|
276
|
|
|
|
1,372
|
|
|
Total current
liabilities
|
|
97,755
|
|
|
|
84,593
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
of current maturities
|
|
126,000
|
|
|
|
134,018
|
|
|
Deferred pension
liability
|
|
1,999
|
|
|
|
3,790
|
|
|
Other long-term
liabilities
|
|
7,522
|
|
|
|
5,935
|
|
|
Deferred income
taxes
|
|
6,800
|
|
|
|
9,030
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
446,493
|
|
|
|
387,516
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
686,569
|
|
|
|
$
|
624,882
|
|
|
Alamo Group Inc. and Subsidiaries Condensed Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited)
|
|
|
Third Quarter
Ended
|
|
Nine Months
Ended
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
132,388
|
|
|
$
|
121,205
|
|
|
$
|
375,546
|
|
|
$
|
361,629
|
|
Agricultural
|
64,923
|
|
|
56,443
|
|
|
170,921
|
|
|
156,950
|
|
European
|
43,144
|
|
|
39,118
|
|
|
122,653
|
|
|
120,647
|
|
Total
net sales
|
240,455
|
|
|
216,766
|
|
|
669,120
|
|
|
639,226
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
175,516
|
|
|
162,055
|
|
|
495,338
|
|
|
482,060
|
|
Gross margin
|
64,939
|
|
|
54,711
|
|
|
173,782
|
|
|
157,166
|
|
|
27.0
|
%
|
|
25.2
|
%
|
|
26.0
|
%
|
|
24.6
|
%
|
|
|
|
|
|
|
|
|
Operating expenses
|
37,328
|
|
|
33,699
|
|
|
105,913
|
|
|
101,824
|
|
Income from operations
|
27,611
|
|
|
21,012
|
|
|
67,869
|
|
|
55,342
|
|
|
11.5
|
%
|
|
9.7
|
%
|
|
10.1
|
%
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
Interest expense
|
(1,414)
|
|
|
(1,405)
|
|
|
(4,241)
|
|
|
(4,334)
|
|
Interest income
|
100
|
|
|
43
|
|
|
257
|
|
|
161
|
|
Other income (expense)
|
(1,411)
|
|
|
127
|
|
|
(2,284)
|
|
|
(253)
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
24,886
|
|
|
19,777
|
|
|
61,601
|
|
|
50,916
|
|
Provision for income taxes
|
8,294
|
|
|
6,541
|
|
|
20,526
|
|
|
18,459
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
16,592
|
|
|
$
|
13,236
|
|
|
$
|
41,075
|
|
|
$
|
32,457
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.43
|
|
|
$
|
1.15
|
|
|
$
|
3.56
|
|
|
$
|
2.84
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
1.42
|
|
|
$
|
1.14
|
|
|
$
|
3.52
|
|
|
$
|
2.81
|
|
|
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
|
|
|
Basic
|
11,586
|
|
|
11,460
|
|
|
11,535
|
|
|
11,424
|
|
|
|
|
|
|
|
|
|
Diluted
|
11,708
|
|
|
11,595
|
|
|
11,666
|
|
|
11,551
|
|
|
|
|
|
|
|
|
|
Alamo Group Inc.
Non-GAAP Financial Measures
Reconciliation
From time to time, Alamo Group Inc. may disclose certain
"non-GAAP financial measures" in the course of its earnings
releases, earnings conference calls, financial presentations and
otherwise. For these purposes, "GAAP" refers to generally
accepted accounting principles in the United States. The
Securities and Exchange Commission (SEC) defines a "non-GAAP
financial measure" as a numerical measure of historical or future
financial performance, financial positions, or cash flows that is
subject to adjustments that effectively exclude or include amounts
from the most directly comparable measure calculated and presented
in accordance with GAAP. Non-GAAP financial measures
disclosed by Alamo Group are provided as additional information to
investors in order to provide them with greater transparency about,
or an alternative method for assessing, our financial condition and
operating results. These measures are not in accordance with,
or a substitute for, GAAP and may be different from, or
inconsistent with, non-GAAP financial measures used by other
companies. Whenever we refer to a non-GAAP financial measure,
we will also generally present the most directly comparable
financial measure calculated and presented in accordance with GAAP,
along with a reconciliation of the differences between the non-GAAP
financial measure we reference and such comparable GAAP financial
measure.
Attachment 1 discloses the impact of the Company's recently
completed acquisitions upon Sales, Operating Income and Net Income
all of which are non-GAAP financial measures. Attachment 2
discloses Adjusted Operating Income, Adjusted Net Income and
Adjusted Diluted EPS each adjusted to exclude the impact of the
recently completed acquisitions and related transaction costs, all
of which are non-GAAP financial measures. Attachment 3
discloses a non-GAAP financial presentation related to the impact
of currency translation on net sales by division. Attachment 4
shows the net change in our total debt, net of cash, and adjusted
earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA"), both of which are non-GAAP financial
measures. The Company considers this information useful to
investors to allow better comparability of period-to-period
operating performance.
Attachment
1
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands) (Unaudited)
|
|
Impact of
Acquisitions
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net Sales
(consolidated) - GAAP
|
|
$
|
240,455
|
|
|
$
|
216,766
|
|
|
$
|
669,120
|
|
|
$
|
639,226
|
|
(less:
net sales attributable to acquisitions)
|
|
(10,942)
|
|
|
—
|
|
|
(11,585)
|
|
|
—
|
|
Net Sales less
acquisitions (consolidated) - non-GAAP
|
|
$
|
229,513
|
|
|
$
|
216,766
|
|
|
$
|
657,535
|
|
|
$
|
639,226
|
|
|
|
|
|
|
|
|
|
|
Net Sales (Industrial
Division) - GAAP
|
|
$
|
132,388
|
|
|
$
|
121,205
|
|
|
$
|
375,546
|
|
|
$
|
361,629
|
|
(less:
net sales attributable to acquisition)
|
|
(7,915)
|
|
|
—
|
|
|
(7,915)
|
|
|
—
|
|
Net Sales less
acquisitions (N.A. Industrial Division) - non-GAAP
|
|
$
|
124,473
|
|
|
$
|
121,205
|
|
|
$
|
367,631
|
|
|
$
|
361,629
|
|
|
|
|
|
|
|
|
|
|
Net Sales
(Agricultural Division) - GAAP
|
|
$
|
64,923
|
|
|
$
|
56,443
|
|
|
$
|
170,921
|
|
|
$
|
156,950
|
|
(less:
net sales attributable to acquisitions)
|
|
(3,027)
|
|
|
—
|
|
|
(3,670)
|
|
|
—
|
|
Net Sales less
acquisitions (N.A. Agricultural Division) - non-GAAP
|
|
$
|
61,896
|
|
|
$
|
56,443
|
|
|
$
|
167,251
|
|
|
$
|
156,950
|
|
|
|
|
|
|
|
|
|
|
Net Sales (European
Division) - GAAP
|
|
$
|
43,144
|
|
|
$
|
39,118
|
|
|
$
|
122,653
|
|
|
$
|
120,647
|
|
(less:
net sales attributable to acquisition)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net Sales less
acquisitions (European Division) - non-GAAP
|
|
$
|
43,144
|
|
|
$
|
39,118
|
|
|
$
|
122,653
|
|
|
$
|
120,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(consolidated) - GAAP
|
|
$
|
27,611
|
|
|
$
|
21,012
|
|
|
$
|
67,869
|
|
|
$
|
55,342
|
|
(less:
operating income attributable to acquisitions)
|
|
(715)
|
|
|
—
|
|
|
(651)
|
|
|
—
|
|
Operating Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
26,896
|
|
|
$
|
21,012
|
|
|
$
|
67,218
|
|
|
$
|
55,342
|
|
|
|
|
|
|
|
|
|
|
Net Income
(consolidated) - GAAP
|
|
$
|
16,592
|
|
|
$
|
13,236
|
|
|
$
|
41,075
|
|
|
$
|
32,457
|
|
(less:
net income attributable to acquisitions)
|
|
(459)
|
|
|
—
|
|
|
(394)
|
|
|
—
|
|
Net Income less
acquisitions (consolidated) - non-GAAP
|
|
$
|
16,133
|
|
|
$
|
13,236
|
|
|
$
|
40,681
|
|
|
$
|
32,457
|
|
|
|
|
|
|
|
|
|
|
Attachment
2
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands, except per share
numbers) (Unaudited)
|
|
Impact of
Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Operating Income -
GAAP
|
|
$
|
27,611
|
|
|
$
|
21,012
|
|
|
$
|
67,869
|
|
|
$
|
55,342
|
|
(less: results
from acquisitions)
|
|
(715)
|
|
|
—
|
|
|
(651)
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
282
|
|
|
—
|
|
|
761
|
|
|
—
|
|
Adjusted Operating Income - non-GAAP
|
|
$
|
27,178
|
|
|
$
|
21,012
|
|
|
$
|
67,979
|
|
|
$
|
55,342
|
|
|
|
|
|
|
|
|
|
|
Net Income -
GAAP
|
|
$
|
16,592
|
|
|
$
|
13,236
|
|
|
$
|
41,075
|
|
|
$
|
32,457
|
|
Adjustments
(after tax):
|
|
|
|
|
|
|
|
|
(less: results
from acquisitions)
|
|
(459)
|
|
|
—
|
|
|
(394)
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
188
|
|
|
—
|
|
|
507
|
|
|
—
|
|
Adjusted Net Income - non-GAAP
|
|
$
|
16,321
|
|
|
$
|
13,236
|
|
|
$
|
41,188
|
|
|
$
|
32,457
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS -
GAAP
|
|
$
|
1.42
|
|
|
$
|
1.14
|
|
|
$
|
3.52
|
|
|
$
|
2.81
|
|
(less: results
from acquisitions)
|
|
(0.04)
|
|
|
—
|
|
|
(0.03)
|
|
|
—
|
|
(add:
transaction cost relating to acquisitions)
|
|
0.02
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
Adjusted Diluted
EPS - non-GAAP
|
|
$
|
1.40
|
|
|
$
|
1.14
|
|
|
$
|
3.53
|
|
|
$
|
2.81
|
|
Attachment
3
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands) (Unaudited)
|
|
Impact of Currency
Translation on Net Sales by Division
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
|
|
Change due to
currency translation
|
|
2017
|
|
2016
|
|
% change
from 2016
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
132,388
|
|
|
$
|
121,205
|
|
|
9.2
|
%
|
|
$
|
609
|
|
|
0.5
|
%
|
Agricultural
|
64,923
|
|
|
56,443
|
|
|
15.0
|
%
|
|
334
|
|
|
0.6
|
%
|
European
|
43,144
|
|
|
39,118
|
|
|
10.3
|
%
|
|
1,053
|
|
|
2.7
|
%
|
Total
net sales
|
$
|
240,455
|
|
|
$
|
216,766
|
|
|
10.9
|
%
|
|
$
|
1,996
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
September 30,
|
|
|
|
Change due to
currency translation
|
|
2017
|
|
2016
|
|
% change
from 2016
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
$
|
375,546
|
|
|
$
|
361,629
|
|
|
3.8
|
%
|
|
$
|
527
|
|
|
0.1
|
%
|
Agricultural
|
170,921
|
|
|
156,950
|
|
|
8.9
|
%
|
|
746
|
|
|
0.5
|
%
|
European
|
122,653
|
|
|
120,647
|
|
|
1.7
|
%
|
|
(5,115)
|
|
|
(4.2)
|
%
|
Total
net sales
|
$
|
669,120
|
|
|
$
|
639,226
|
|
|
4.7
|
%
|
|
$
|
(3,842)
|
|
|
(0.6)
|
%
|
Attachment
4
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands) (Unaudited)
|
|
Consolidated Net
Change of Total Debt, Net of Cash
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
September 30,
2016
|
|
Net
Change
|
|
|
|
|
|
|
|
Current
maturities
|
|
$
|
276
|
|
|
$
|
1,372
|
|
|
|
Long-term debt, net
of current
|
|
126,000
|
|
|
134,018
|
|
|
|
Total debt
|
|
$
|
126,276
|
|
|
$
|
135,390
|
|
|
|
|
|
|
|
|
|
|
Total cash
|
|
69,068
|
|
|
56,485
|
|
|
|
Total debt net of
cash
|
|
$
|
57,208
|
|
|
$
|
78,905
|
|
|
$
|
21,697
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Trailing Twelve
Months Ended
|
|
|
September 30,
2017
|
September 30,
2016
|
|
September 30,
2017
|
December 31,
2016
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
67,869
|
|
$
|
55,342
|
|
|
$
|
80,147
|
|
$
|
67,620
|
|
Depreciation
|
|
12,884
|
|
13,451
|
|
|
17,129
|
|
17,696
|
|
Amortization
|
|
2,611
|
|
2,487
|
|
|
3,441
|
|
3,317
|
|
EBITDA
|
|
$
|
83,364
|
|
$
|
71,280
|
|
|
$
|
100,717
|
|
$
|
88,633
|
|
|
|
|
|
|
|
|
Fourth quarter 2016
non-cash expense related to pension termination
|
|
|
|
|
2,889
|
|
2,889
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
$
|
103,606
|
|
$
|
91,522
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/alamo-group-announces-record-2017-third-quarter-results-300546643.html
SOURCE Alamo Group Inc.