- Successfully Completed Acquisition of Cedar
Creek -- Net Sales of $893 million for the Quarter; Up $419 million
From Q2 2017 -- Gross Profit of $104 million for the Quarter; Up
$43 million From Q2 2017 -
BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of
building and industrial products in the United States, today
reported financial results for the fiscal second quarter ended June
30, 2018.
“We are pleased with our second quarter results during the
period in which we also completed the acquisition of Cedar Creek,”
said Mitch Lewis, President and Chief Executive Officer. “While we
are still early in our 18-month integration process, based on
specific opportunities we have identified and actions taken to
date, we are increasingly confident in our ability to generate at
least $50 million in annual synergies. We remain well-positioned to
continue our growth and drive enhanced value for our
shareholders.”
Susan O’Farrell, Senior Vice President and Chief Financial
Officer added, “The second quarter of 2018 was a pivotal quarter
for BlueLinx as we remain focused on growth while integrating the
two companies. The combined company generated pro forma net sales
of $948.6 million for the quarter, an increase of $99.9 million
over the prior year period. Pro forma net income for the
quarter was $9.2 million, and Pro forma Adjusted EBITDA was $37.6
million, up 53.9% and 23.0%, respectively, from this period a year
ago.”
BlueLinx completed the acquisition of Cedar Creek on April 13,
2018 (the “Closing Date”). Under generally accepted accounting
principles (GAAP), Cedar Creek’s financial results are only
included in the combined company’s reported financial results from
the Closing Date forward and are not reflected in the combined
company’s reported financial results for any periods prior to the
Closing Date. In this release, to supplement and aid in an
understanding of the combined company’s reported financial results,
BlueLinx is also providing certain GAAP-based and non-GAAP pro
forma financial information of the combined company that includes
Cedar Creek’s financial results for the relevant periods prior to
the Closing Date, as if the acquisition occurred on January 1,
2017. See “Use of Non-GAAP Measures and Supplementary Information”
below and the accompanying financial schedules for more
information, including descriptions of any such pro forma measures
that may be non-GAAP measures and reconciliations of those non-GAAP
measures to their most directly comparable GAAP measures.
Second Quarter 2018 Results Compared to Prior Year
PeriodThe Company reported net sales of $893.0 million for
the second quarter of 2018, up $419.0 million or 88.4% from the
prior year period. Pro forma net sales were $948.6 million,
up $99.9 million or 11.8%.
The Company recorded gross profit of $103.7 million during the
second quarter, up $43.1 million or 71.2% from the prior year
period, with a gross margin of 11.6%. Gross profit was negatively
impacted by acquisition related inventory step-up charges of $10.9
million. Excluding the effect of these acquisition related
inventory step-up charges, gross margin was 12.8%, equal to the
prior year period. Pro forma gross profit was $121.0 million during
the second quarter, up $8.3 million or 7.3%.
The Company incurred one-time charges during the second quarter
for legal, professional and other integration costs of $11.6
million related to the Cedar Creek acquisition. In addition, as a
result of the increase in the Company’s stock price, the Company
also incurred charges in the second quarter associated with
compensation expense from Stock Appreciation Rights (SARs) and
other share-based compensation of $3.8 million, which the Company
will pay out in 2018 and 2019. Taking these items into
account, as well as the acquisition related inventory step-up
charges of $10.9 million, the Company recorded a net loss of $8.6
million for the second quarter, compared to net income of $3.2
million in the prior year period. Pro forma net income for
the second quarter was $9.2 million, up $3.2 million or 53.9%.
Adjusted EBITDA, which is a non-GAAP measure, was $37.0 million
for the second quarter, up $24.2 million or 189.0% from this period
a year ago. Pro forma Adjusted EBITDA, also a non-GAAP measure, was
$37.6 million for the second quarter, up $7.0 million or 23.0%.
First Six Months of 2018 Compared to Prior Year
PeriodFor the first six months of 2018, the Company
generated net sales of $1.3 billion, up $427.8 million or 47.4%
from the prior year period. Pro forma net sales for the first six
months were $1.7 billion, up $114.4 million or 7.1%.
The Company recorded gross profit of $159.0 million during the
first six months of 2018, up $44.0 million or 38.3% from the prior
year period, with a gross margin of 11.9%. Excluding the
effect of acquisition related inventory step-up charges of $10.9
million, gross margin was 12.8%, up 10 basis points from the prior
year period. Pro forma gross profit for the first six months of
2018 was $220.7 million, up $17.3 million or 8.5%.
The Company incurred one-time charges during the first six
months of 2018 for legal, professional and other integration costs
of $15.2 million related to the Cedar Creek acquisition.
Additionally, the Company incurred $13.0 million in share based
compensation expense and $10.9 million of acquisition related
inventory step-up charges. Taking these items into account, the
Company recorded a net loss of $22.0 million for the first six
months of 2018, compared to net income of $3.8 million in the prior
year period. Pro forma net loss for the first six months of 2018
was $1.4 million, a $28.9 million or 95.2% improvement over the
prior year period.
Adjusted EBITDA was $45.1 million for the first six months of
2018, up $24.9 million or 124.0% from the prior year period. Pro
forma Adjusted EBITDA was $56.6 million, up $4.6 million or
8.9%.
Capital Structure and LiquidityDuring the
second quarter of 2018, the Company used net proceeds from debt
issuance under its amended $750 million asset-based revolving
credit facility (inclusive of a $150 million uncommitted accordion)
and a new $180 million term loan to fund the purchase price for the
Cedar Creek acquisition, repay debt, and to pay certain related
transaction fees and expenses. Excess availability under the
amended ABL and cash on hand as of June 30, 2018, was approximately
$134 million.
Conference CallBlueLinx will host a conference
call today at 10:00 a.m. Eastern Time, accompanied by a supporting
slide presentation. Participants can access the live conference
call via telephone at (877) 873-5864, using Conference ID #
5957634. Investors can also listen to the live audio of the
conference call and view the accompanying slide presentation by
visiting the BlueLinx website, www.BlueLinxCo.com, and selecting
the conference link on the Investor Relations page. After the
conference call has concluded, an archived recording will be
available on the BlueLinx website.
Use of Non-GAAP Measures and Supplementary
InformationThe Company reports its financial results in
accordance with accounting principles generally accepted in the
United States (“GAAP”). The Company also believes that presentation
of certain non-GAAP measures and GAAP-based and non-GAAP
supplemental financial measures may be useful to investors and may
provide a more complete understanding of the factors and
trends affecting the business than using reported GAAP results
alone. Any non-GAAP measures used herein are reconciled herein or
in the financial tables accompanying this news release to their
most directly comparable GAAP measures. The Company cautions that
non-GAAP measures and supplemental financial measures should be
considered in addition to, but not as a substitute for, the
Company’s reported GAAP results.
Adjusted EBITDA and Pro forma Adjusted EBITDA
We define Adjusted EBITDA as an amount equal to net income plus
interest expense and all interest expense related items, income
taxes, depreciation and amortization, and further adjusted to
exclude certain non-cash items, and other adjustments to
Consolidated Net Income, including compensation expense from SARs,
and one-time charges associated with the legal, consulting, and
professional fees related to the Cedar Creek acquisition, and
interest charges on debt modification fees under the CMBS mortgage
payoff in the first quarter of fiscal 2018.
We present Adjusted EBITDA because it is a primary measure used
by management to evaluate operating performance and, we believe,
helps to enhance investors’ overall understanding of the financial
performance and cash flows of our business. We believe Adjusted
EBITDA is helpful in highlighting operating trends. We also
believe that Adjusted EBITDA is frequently used by securities
analysts, investors and other interested parties in their
evaluation of companies, many of which present an Adjusted EBITDA
measure when reporting their results. However, Adjusted EBITDA is
not a presentation made in accordance with GAAP, and is not
intended to present a superior measure of the financial condition
from those determined under GAAP. Adjusted EBITDA, as used herein,
is not necessarily comparable to other similarly titled captions of
other companies due to differences in methods of calculation.
Pro forma Adjusted EBITDA for any period is calculated in the
same manner as Adjusted EBITDA, but also combines the historical
results of BlueLinx for the three and six months ended June 30,
2018, and July 1, 2017, with the historical results of Cedar Creek
for the three month period ended March 31, 2018, and thirteen day
period ended April 13, 2018, and the three and six months ended
July 1, 2017, respectively, giving effect to the Cedar Creek
acquisition and related adjustments as if the acquisition occurred
on January 1, 2017.
Supplemental Financial Measures
We completed the acquisition of Cedar Creek on April 13, 2018.
As a result, Cedar Creek’s financial results are only included in
the combined company’s reported financial results from the Closing
Date forward. To supplement these reported results, we have
provided GAAP-based and non-GAAP pro forma financial information of
the combined company in this news release that includes Cedar
Creek’s financial results for the relevant periods prior to the
Closing Date. This pro forma information combines the historical
results of BlueLinx for the three and six months ended June 30,
2018, and July 1, 2017, with the historical results of Cedar Creek
for the three month period ended March 31, 2018, and thirteen day
period ended April 13, 2018, and the three and six months ended
July 1, 2017, respectively, giving effect to the Cedar Creek
acquisition and related adjustments as if the acquisition occurred
on January 1, 2017.
About BlueLinx Holdings Inc.BlueLinx (NYSE:
BXC) is a leading wholesale distributor of building and industrial
products in the United States with over 50,000 branded and
private-label SKUs, and a broad distribution footprint servicing 40
states. BlueLinx has a differentiated distribution platform,
value-driven business model and extensive cache of products across
the building products industry. Headquartered in Atlanta, Georgia,
BlueLinx has over 2,500 associates and distributes its
comprehensive range of structural and specialty products to
approximately 15,000 national, regional, and local dealers, as well
as specialty distributors, national home centers, industrial, and
manufactured housing customers. BlueLinx encourages investors to
visit its website, www.BlueLinxCo.com, which is updated regularly
with financial and other important information about BlueLinx.
Contacts:Investors:Susan O’Farrell, SVP, CFO
& TreasurerBlueLinx Holdings Inc.(770) 953-7000
Mary Moll, Investor RelationsBlueLinx Holdings Inc.(866)
671-5138investor@bluelinxco.com
Forward-looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance, liquidity levels or achievements, and may
contain the words “believe,” “anticipate,” “expect,” “estimate,”
“intend,” “project,” “plan,” “will be,” “will likely continue,”
“will likely result” or words or phrases of similar meaning. The
forward-looking statements in this release include statements about
expectations regarding the integration of the Cedar Creek business,
expected synergies from the acquisition of Cedar Creek, and our
confidence in our growth and business prospects. All of these
forward-looking statements are based on estimates and assumptions
made by our management that, although believed by BlueLinx to be
reasonable, are inherently uncertain. Forward-looking statements
involve risks and uncertainties, including, but not limited to,
economic, competitive, governmental, and technological factors
outside of BlueLinx’s control that may cause its business, strategy
or actual results to differ materially from the forward-looking
statements. These risks and uncertainties may include, among other
things: changes in the prices, supply and/or demand for products
that it distributes, inventory management and commodities pricing;
new housing starts and inventory levels of existing homes for sale;
general economic and business conditions in the United States; the
imposition or threat of protectionist trade policies or import or
export tariffs; modified or new global or regional trade
agreements; our ability to successfully integrate the Cedar Creek
business and realize anticipated synergies from the acquisition;
the significant indebtedness that we have incurred in connection
with the Cedar Creek acquisition; acceptance by our customers of
our privately branded products; financial condition and
creditworthiness of our customers; supply from our key vendors;
reliability of the technologies we utilize; the activities of
competitors; changes in significant operating expenses; fuel costs;
risk of losses associated with accidents; exposure to product
liability claims; changes in the availability of capital and
interest rates; adverse weather patterns or conditions; acts of
cyber intrusion; variations in the performance of the financial
markets, including the credit markets; and other factors described
in the “Risk Factors” section in the Company’s Annual Report on
Form 10-K for the year ended December 30, 2017, its Quarterly
Reports on Form 10-Q, and in its periodic reports filed with the
Securities and Exchange Commission from time to time. Given these
risks and uncertainties, you are cautioned not to place undue
reliance on forward-looking statements. BlueLinx undertakes no
obligation to publicly update or revise any forward-looking
statement as a result of new information, future events, and
changes in expectations or otherwise, except as required by
law.
|
BLUELINX HOLDINGS INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
data) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2018 |
|
July 1, 2017 |
|
June 30, 2018 |
|
July 1, 2017 |
Net sales |
$ |
892,952 |
|
|
$ |
474,001 |
|
|
$ |
1,330,439 |
|
|
$ |
902,609 |
|
Cost of sales |
789,301 |
|
|
413,455 |
|
|
1,171,463 |
|
|
787,629 |
|
Gross profit |
103,651 |
|
|
60,546 |
|
|
158,976 |
|
|
114,980 |
|
Operating expenses
(income): |
|
|
|
|
|
|
|
Selling,
general, and administrative |
91,723 |
|
|
49,151 |
|
|
150,963 |
|
|
102,202 |
|
Gains
from sales of property |
— |
|
|
— |
|
|
— |
|
|
(6,700 |
) |
Depreciation and amortization |
7,444 |
|
|
2,253 |
|
|
10,109 |
|
|
4,616 |
|
Total
operating expenses |
99,167 |
|
|
51,404 |
|
|
161,072 |
|
|
100,118 |
|
Operating income
(loss) |
4,484 |
|
|
9,142 |
|
|
(2,096 |
) |
|
14,862 |
|
Non-operating expenses
(income): |
|
|
|
|
|
|
|
Interest
expense |
12,194 |
|
|
5,367 |
|
|
20,674 |
|
|
10,609 |
|
Other
income, net |
(94 |
) |
|
(139 |
) |
|
(188 |
) |
|
(278 |
) |
Income (loss) before
provision for (benefit from) income taxes |
(7,616 |
) |
|
3,914 |
|
|
(22,582 |
) |
|
4,531 |
|
Provision for (benefit
from) income taxes |
942 |
|
|
676 |
|
|
(597 |
) |
|
709 |
|
Net income (loss) |
$ |
(8,558 |
) |
|
$ |
3,238 |
|
|
$ |
(21,985 |
) |
|
$ |
3,822 |
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share |
$ |
(0.93 |
) |
|
$ |
0.36 |
|
|
$ |
(2.40 |
) |
|
$ |
0.42 |
|
Diluted earnings (loss)
per share |
$ |
(0.93 |
) |
|
$ |
0.35 |
|
|
$ |
(2.40 |
) |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except share data) |
(Unaudited) |
|
|
|
|
|
June 30, 2018 |
|
December 30, 2017 |
ASSETS |
Current assets: |
|
|
|
Cash |
$ |
5,210 |
|
|
$ |
4,696 |
|
Receivables, less allowances of $4,554 and $2,761,
respectively |
329,980 |
|
|
134,072 |
|
Inventories, net |
409,713 |
|
|
187,512 |
|
Other
current assets |
43,734 |
|
|
17,124 |
|
Total current
assets |
788,637 |
|
|
343,404 |
|
Property and
equipment: |
|
|
|
Land and
land improvements |
23,534 |
|
|
30,802 |
|
Buildings |
179,894 |
|
|
84,781 |
|
Machinery
and equipment |
113,278 |
|
|
70,596 |
|
Construction in progress |
742 |
|
|
570 |
|
Property and equipment,
at cost |
317,448 |
|
|
186,749 |
|
Accumulated depreciation |
(98,820 |
) |
|
(102,977 |
) |
Property and equipment,
net |
218,628 |
|
|
83,772 |
|
Goodwill and other
intangibles, net |
76,271 |
|
|
— |
|
Deferred tax asset |
43,763 |
|
|
53,853 |
|
Other non-current
assets |
17,818 |
|
|
13,066 |
|
Total assets |
$ |
1,145,117 |
|
|
$ |
494,095 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
156,068 |
|
|
$ |
70,623 |
|
Bank
overdrafts |
32,512 |
|
|
21,593 |
|
Accrued
compensation |
11,502 |
|
|
9,229 |
|
Current
maturities of long-term debt, net of discount of $64 and $0,
respectively |
1,736 |
|
|
— |
|
Capital
leases - short-term |
8,239 |
|
|
3,552 |
|
Real
estate deferred gains - short-term |
5,330 |
|
|
1,836 |
|
Other
current liabilities |
21,905 |
|
|
10,772 |
|
Total current
liabilities |
237,292 |
|
|
117,605 |
|
Non-current
liabilities: |
|
|
|
Long-term
debt, net of discount of $12,311 and $3,792, respectively |
615,055 |
|
|
276,677 |
|
Capital
leases - long-term |
147,073 |
|
|
14,007 |
|
Real
estate deferred gains - long-term |
88,355 |
|
|
10,485 |
|
Pension
benefit obligation |
27,621 |
|
|
30,360 |
|
Other
non-current liabilities |
17,365 |
|
|
9,959 |
|
Total liabilities |
1,132,761 |
|
|
459,093 |
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
Common
Stock, $0.01 par value, Authorized - 20,000,000 shares,
Issued and Outstanding - 9,219,470 and 9,100,923, respectively |
92 |
|
|
91 |
|
Additional paid-in capital |
258,525 |
|
|
259,588 |
|
Accumulated other comprehensive loss |
(36,106 |
) |
|
(36,507 |
) |
Accumulated stockholders’ deficit |
(210,155 |
) |
|
(188,170 |
) |
Total stockholders’
equity |
12,356 |
|
|
35,002 |
|
Total liabilities and
stockholders’ equity |
$ |
1,145,117 |
|
|
$ |
494,095 |
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
Six Months Ended |
|
June 30,2018 |
|
July 1,2017 |
Net cash used
in operating activities |
(98,470 |
) |
|
(53,892 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Proceeds
from sale of assets |
107,960 |
|
|
27,598 |
|
Acquisition of business, net of cash acquired |
(353,094 |
) |
|
— |
|
Property
and equipment investments |
(577 |
) |
|
(189 |
) |
Net cash
provided by (used in) investing activities |
(245,711 |
) |
|
27,409 |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Borrowings from revolving credit facilities |
534,380 |
|
|
227,654 |
|
Repayments on revolving credit facilities |
(267,449 |
) |
|
(172,932 |
) |
Borrowings from term loan |
180,000 |
|
|
— |
|
Repayments on term loan |
(450 |
) |
|
— |
|
Principal
payments on mortgage |
(97,847 |
) |
|
(28,976 |
) |
Bank
overdrafts |
10,919 |
|
|
599 |
|
Debt
financing costs |
(9,775 |
) |
|
— |
|
Cash
released from escrow related to the mortgage |
— |
|
|
1,490 |
|
Repurchase of shares to satisfy employee tax withholdings |
(1,821 |
) |
|
(226 |
) |
Payments
on capital lease obligations |
(3,262 |
) |
|
(1,889 |
) |
Net cash
provided by financing activities |
344,695 |
|
|
25,720 |
|
|
|
|
|
Net change in cash |
514 |
|
|
(763 |
) |
Cash at beginning of
period |
4,696 |
|
|
5,540 |
|
Cash at end of
period |
$ |
5,210 |
|
|
$ |
4,777 |
|
|
|
|
|
|
|
|
|
|
BLUELINX HOLDINGS INC. |
SUPPLEMENTARY INFORMATION |
(In thousands) |
(Unaudited) |
|
Pro Forma Sales, Gross Profit and Net Income
(Loss) |
|
The
following unaudited consolidated pro forma information presents
consolidated information as if the Cedar Creek acquisition had
occurred on January 1, 2017: |
|
|
|
|
|
Proforma (1) |
|
|
Quarter Ended |
|
Six Months Ended |
(In
thousands) |
|
June 30, 2018 |
|
July 1, 2017 |
|
June 30, 2018 |
|
July 1, 2017 |
Net sales |
|
$ |
948,555 |
|
|
$ |
848,644 |
|
|
$ |
1,732,822 |
|
|
$ |
1,618,383 |
|
Gross Profit |
|
120,990 |
|
|
112,719 |
|
|
220,698 |
|
|
203,411 |
|
Net income (loss) |
|
9,180 |
|
|
5,963 |
|
|
(1,439 |
) |
|
(30,290 |
) |
________________________(1) The pro forma
amounts above have been calculated in accordance with GAAP after
applying the Company's accounting policies and adjusting: (i) the
three and six months ending June 30, 2018, to reflect a $10.9
million charge related to an inventory step-up adjustment, and the
three and six months ended July 1, 2017, for $0 and $11.6 million,
respectively; (ii) the three and six months ending June 30, 2018,
for $30.4 million and $34.0 million, respectively, for transaction
related costs, and the three and six months ended July 1, 2017, for
$0 and $34.0 million, respectively. Due to the net loss for the
six-month periods ended June 30, 2018 and 2017, $0.1 million
of incremental shares from share-based compensation arrangements
were excluded from the computation of diluted weighted average
shares outstanding, in both periods, because their effect would be
anti-dilutive. The pro forma amounts do not include any potential
synergies, cost savings or other expected benefits of the
acquisition, are presented for illustrative purposes only, and are
not necessarily indicative of results that would have been achieved
had the acquisition occurred as of January 1, 2017, or of future
operating performance.
BLUELINX HOLDINGS INC. |
RECONCILIATION OF NON-GAAP
MEASUREMENTS |
(In thousands) |
(Unaudited) |
|
The
following schedule reconciles net income to Adjusted EBITDA: |
|
|
Quarter Ended |
|
Six Months Ended |
|
June 30, 2018 |
|
July 1, 2017 |
|
June 30, 2018 |
|
July 1, 2017 |
Net income (loss) |
$ |
(8,558 |
) |
|
$ |
3,238 |
|
|
$ |
(21,985 |
) |
|
$ |
3,822 |
|
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
7,444 |
|
|
2,253 |
|
|
10,109 |
|
|
4,616 |
|
Interest
expense |
12,194 |
|
|
5,367 |
|
|
20,674 |
|
|
10,609 |
|
Provision
for (benefit from) income taxes |
942 |
|
|
676 |
|
|
(597 |
) |
|
709 |
|
Gain from
sales of property |
— |
|
|
— |
|
|
— |
|
|
(6,700 |
) |
Amortization of deferred gain |
(1,300 |
) |
|
— |
|
|
(2,470 |
) |
|
— |
|
Share-based compensation expense |
3,763 |
|
|
695 |
|
|
12,963 |
|
|
1,459 |
|
Multi-employer pension withdrawal |
— |
|
|
1,000 |
|
|
— |
|
|
5,500 |
|
Inventory
step-up adjustment |
10,918 |
|
|
— |
|
|
10,918 |
|
|
— |
|
Merger
and acquisition costs (1) |
11,642 |
|
|
— |
|
|
15,234 |
|
|
— |
|
Restructuring, severance, and legal |
(47 |
) |
|
(427 |
) |
|
225 |
|
|
108 |
|
Adjusted EBITDA |
$ |
36,998 |
|
|
$ |
12,802 |
|
|
$ |
45,071 |
|
|
$ |
20,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1) Reflects primarily legal, professional and
other integration costs related to the Cedar Creek acquisition
The following table reconciles our pro forma net income to pro
forma Adjusted EBITDA:
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
June 30, 2018 |
|
July 1, 2017 |
|
June 30, 2018 |
|
July 1, 2017 |
Pro forma net income
(loss) |
$ |
9,180 |
|
|
$ |
5,963 |
|
|
$ |
(1,439 |
) |
|
$ |
(30,290 |
) |
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization |
8,670 |
|
|
7,847 |
|
|
17,644 |
|
|
17,640 |
|
Interest
expense |
12,604 |
|
|
10,850 |
|
|
26,611 |
|
|
21,487 |
|
Provision
for (benefit from) income taxes |
4,773 |
|
|
4,886 |
|
|
3,104 |
|
|
(2,871 |
) |
Gain from
sales of property |
— |
|
|
— |
|
|
— |
|
|
(6,700 |
) |
Amortization of deferred gain |
(1,300 |
) |
|
(453 |
) |
|
(2,470 |
) |
|
(453 |
) |
Share-based compensation expense |
3,763 |
|
|
695 |
|
|
12,963 |
|
|
1,459 |
|
Multi-employer pension withdrawal |
— |
|
|
1,000 |
|
|
— |
|
|
5,500 |
|
Inventory
step-up adjustment |
— |
|
|
— |
|
|
— |
|
|
11,600 |
|
Merger
and acquisition costs (1) |
— |
|
|
— |
|
|
— |
|
|
34,044 |
|
Restructuring, severance, and legal |
(47 |
) |
|
(183 |
) |
|
226 |
|
|
605 |
|
Pro forma adjusted
EBITDA |
$ |
37,643 |
|
|
$ |
30,605 |
|
|
$ |
56,639 |
|
|
$ |
52,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1) Reflects primarily legal, professional and
other integration costs related to the Cedar Creek acquisition
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