Delaware | 1-11961 | 76-0423828 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | 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 | ||||||||
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS | ||||||||
SIGNATURE | ||||||||
INDEX TO EXHIBITS | ||||||||
EX-99.1 |
(d) | Exhibits. The following exhibits are furnished as part of this current report on Form 8-K: | ||
99.1 Press Release dated August 3, 2011. |
-2-
CARRIAGE SERVICES, INC. | ||||||
Dated: August 5, 2011
|
By: | /s/ Terry E. Sanford
|
||||
Executive Vice President and Chief Financial Officer |
-3-
![]() |
Press Release |
Contact: | Terry Sanford, EVP & CFO | |||
FOR IMMEDIATE RELEASE
|
Carriage Services, Inc. | |||
(713) 332-8400 | ||||
Investors: | Alexandra Tramont/Matt Steinberg | |||
FD | ||||
(212) 850-5600 |
| Total Revenue of $47.9 million, an increase of 7.6% compared to $44.5 million; |
| Adjusted Consolidated EBITDA of $12.2 million, an increase of 9.4% compared to $11.2 million; |
| Net Income of $2.6 million, an increase of 13.1% compared to $2.3 million; |
| Diluted EPS of $0.14 per share, and after adjusting for special charges, Adjusted Diluted EPS of $0.16, an increase of 23.1% compared to $0.13 per diluted share; |
| Free Cash Flow of $10.1 million, an increase of 4.6% compared to Free Cash Flow of $9.7 million; |
| Initiated first ever quarterly cash dividend payment of 2.5¢ per share on June 1, 2011. |
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-3-
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-5-
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
June 30, 2010 | June 30, 2011 | June 30, 2010 | June 30, 2011 | |||||||||||||
CONTINUING OPERATIONS |
||||||||||||||||
Same Store Contracts |
||||||||||||||||
Atneed Contracts |
3,896 | 3,835 | 8,156 | 8,082 | ||||||||||||
Preneed Contracts |
968 | 993 | 2,006 | 2,138 | ||||||||||||
Total Same Store Funeral Contracts |
4,864 | 4,828 | 10,162 | 10,220 | ||||||||||||
Acquisition Contracts |
||||||||||||||||
Atneed Contracts |
899 | 1,565 | 1,851 | 3,196 | ||||||||||||
Preneed Contracts |
223 | 365 | 504 | 793 | ||||||||||||
Total Acquisition Funeral Contracts |
1,122 | 1,930 | 2,355 | 3,989 | ||||||||||||
Total Funeral Contracts |
5,986 | 6,758 | 12,517 | 14,209 | ||||||||||||
Funeral Operating Revenue |
||||||||||||||||
Same Store Revenue |
$ | 25,953 | $ | 25,876 | $ | 54,635 | $ | 55,196 | ||||||||
Acquisition Revenue |
4,546 | 7,419 | 9,684 | 15,261 | ||||||||||||
Total Funeral Operating Revenue |
$ | 30,499 | $ | 33,295 | $ | 64,319 | $ | 70,457 | ||||||||
Cemetery Operating Revenue |
||||||||||||||||
Same Store Revenue |
$ | 8,916 | $ | 9,089 | $ | 16,672 | $ | 17,152 | ||||||||
Acquisition Revenue |
1,548 | 1,690 | 3,088 | 3,362 | ||||||||||||
Total Cemetery Operating Revenue |
$ | 10,464 | $ | 10,779 | $ | 19,760 | $ | 20,514 | ||||||||
Financial Revenue |
||||||||||||||||
Preneed Funeral Commission Income |
$ | 497 | $ | 414 | $ | 1,185 | $ | 887 | ||||||||
Preneed Funeral Trust Earnings |
1,439 | 1,856 | 3,021 | 3,329 | ||||||||||||
Cemetery Trust Earnings |
1,211 | 1,228 | 2,248 | 2,889 | ||||||||||||
Preneed Cemetery Finance Charges |
407 | 336 | 831 | 689 | ||||||||||||
Total Financial Revenue |
$ | 3,554 | $ | 3,834 | $ | 7,285 | $ | 7,794 | ||||||||
Total Revenue |
$ | 44,517 | $ | 47,908 | $ | 91,364 | $ | 98,765 | ||||||||
Field EBITDA |
||||||||||||||||
Same Store Funeral Field EBITDA |
$ | 8,776 | $ | 9,190 | $ | 19,136 | $ | 19,967 | ||||||||
Same Store Funeral Field EBITDA Margin |
33.8 | % | 35.5 | % | 35.0 | % | 36.2 | % | ||||||||
Acquired Funeral Field EBITDA |
$ | 1,281 | $ | 2,131 | $ | 2,752 | $ | 4,392 | ||||||||
Acquired Funeral Field EBITDA Margin |
28.2 | % | 28.7 | % | 28.4 | % | 28.8 | % | ||||||||
Total Funeral Field EBITDA |
$ | 10,057 | $ | 11,321 | $ | 21,888 | $ | 24,359 | ||||||||
Total Funeral Field EBITDA Margin |
33.0 | % | 34.0 | % | 34.0 | % | 34.6 | % | ||||||||
Same Store Cemetery Field EBITDA |
$ | 2,192 | $ | 2,554 | $ | 3,744 | $ | 4,627 | ||||||||
Same Store Cemetery Field EBITDA Margin |
24.6 | % | 28.1 | % | 22.5 | % | 27.0 | % | ||||||||
Acquired Cemetery Field EBITDA |
$ | 418 | $ | 531 | $ | 883 | $ | 1,077 | ||||||||
Acquired Cemetery Field EBITDA Margin |
27.0 | % | 31.4 | % | 28.6 | % | 32.0 | % | ||||||||
Total Cemetery Field EBITDA |
$ | 2,610 | $ | 3,085 | $ | 4,627 | $ | 5,704 | ||||||||
Total Cemetery Field EBITDA Margin |
24.9 | % | 28.6 | % | 23.4 | % | 27.8 | % | ||||||||
Funeral Financial EBITDA |
$ | 1,624 | $ | 1,879 | $ | 3,548 | $ | 3,482 | ||||||||
Cemetery Financial EBITDA |
1,618 | 1,564 | 3,079 | 3,578 | ||||||||||||
Total Financial EBITDA |
$ | 3,242 | $ | 3,443 | $ | 6,627 | $ | 7,060 | ||||||||
Total Financial EBITDA Margin |
91.2 | % | 89.8 | % | 91.0 | % | 90.6 | % | ||||||||
Total Field EBITDA |
$ | 15,909 | $ | 17,849 | $ | 33,142 | $ | 37,123 | ||||||||
Total Field EBITDA Margin |
35.7 | % | 37.3 | % | 36.3 | % | 37.6 | % |
-6-
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
June 30, 2010 | June 30, 2011 | June 30, 2010 | June 30, 2011 | |||||||||||||
Overhead |
||||||||||||||||
Total Variable Overhead |
$ | 545 | $ | 648 | $ | 1,358 | $ | 1,849 | ||||||||
Total Regional Fixed Overhead |
780 | 1,091 | 1,557 | 1,997 | ||||||||||||
Total Corporate Fixed Overhead |
3,430 | 3,905 | 7,099 | 7,847 | ||||||||||||
Total Overhead |
$ | 4,755 | $ | 5,644 | $ | 10,014 | $ | 11,693 | ||||||||
10.7 | % | 11.8 | % | 11.0 | % | 11.8 | % | |||||||||
Adjusted Consolidated EBITDA |
$ | 11,154 | $ | 12,205 | $ | 23,128 | $ | 25,430 | ||||||||
Adjusted Consolidated EBITDA Margin |
25.1 | % | 25.5 | % | 25.3 | % | 25.7 | % | ||||||||
Special Charges |
||||||||||||||||
Securities Transactions Expenses |
| $ | 323 | | $ | 461 | ||||||||||
Acquisition Expenses |
| 157 | | 157 | ||||||||||||
Termination Expenses |
| | | 117 | ||||||||||||
Other Expenses |
| 31 | | 111 | ||||||||||||
Sum of Special Charges |
| $ | 511 | | $ | 846 | ||||||||||
Consolidated EBITDA |
$ | 11,154 | $ | 11,694 | $ | 23,128 | $ | 24,584 | ||||||||
Consolidated EBITDA Margin |
25.1 | % | 24.4 | % | 25.3 | % | 24.9 | % | ||||||||
Property Depreciation & Amortization |
$ | 2,488 | $ | 2,522 | $ | 4,957 | $ | 4,920 | ||||||||
Non Cash Stock Compensation |
405 | 648 | 912 | 1,093 | ||||||||||||
Interest Expense |
4,572 | 4,510 | 9,126 | 9,064 | ||||||||||||
Other (Income) |
(252 | ) | (358 | ) | (470 | ) | (387 | ) | ||||||||
Pretax Income |
$ | 3,941 | $ | 4,372 | $ | 8,603 | $ | 9,894 | ||||||||
Income tax |
1,642 | 1,771 | 3,530 | 4,008 | ||||||||||||
Net income |
$ | 2,299 | $ | 2,601 | $ | 5,073 | $ | 5,886 | ||||||||
5.2 | % | 5.4 | % | 5.6 | % | 6.0 | % | |||||||||
Adjusted Diluted EPS from Continuing Operations |
$ | 0.13 | $ | 0.16 | $ | 0.29 | $ | 0.35 | ||||||||
Diluted EPS from Continuing Operations |
$ | 0.13 | $ | 0.14 | $ | 0.29 | $ | 0.32 | ||||||||
Weighted Average number of Diluted Common
Shares Outstanding |
17,752,000 | 18,407,000 | 17,707,000 | 18,340,000 |
-7-
Non-GAAP | ||||||||||||||||
Atneed | Preneed | Reclassifications | GAAP | |||||||||||||
Business | Business | to GAAP | Combined | |||||||||||||
Cash and cash equivalents |
$ | 5,184 | | | $ | 5,184 | ||||||||||
Accounts receivable, net of allowance for bad debts |
9,185 | $ | 4,458 | | 13,643 | |||||||||||
Inventories and other current assets |
10,405 | | | 10,405 | ||||||||||||
Total current assets |
$ | 24,774 | $ | 4,458 | | $ | 29,232 | |||||||||
Preneed cemetery trust investments |
| $ | 81,710 | | $ | 81,710 | ||||||||||
Preneed funeral trust investments |
| 77,982 | | 77,982 | ||||||||||||
Preneed receivables, net of allowance for bad debts |
| 23,846 | | 23,846 | ||||||||||||
Receivables from preneed funeral trusts |
| 22,406 | | 22,406 | ||||||||||||
Preneed funeral life insurance contracts |
| 213,000 | (213,000 | ) | | |||||||||||
Property, plant and equipment, net of allowance for depreciation |
129,308 | | | 129,308 | ||||||||||||
Cemetery property |
71,094 | | | 71,094 | ||||||||||||
Goodwill |
186,917 | | | 186,917 | ||||||||||||
Deferred charges and other non-current assets |
10,579 | | | 10,579 | ||||||||||||
Cemetery perpetual care trust investments |
44,666 | | | 44,666 | ||||||||||||
Total assets |
$ | 467,338 | $ | 423,402 | $ | (213,000 | ) | $ | 677,740 | |||||||
Current portion of long-term debt and capital leases |
$ | 574 | | | $ | 574 | ||||||||||
Accounts payable, accrued expenses and other liabilities |
28,818 | | | 28,818 | ||||||||||||
Total current liabilities |
$ | 29,392 | | | $ | 29,392 | ||||||||||
Senior long-term debt |
$ | 131,558 | | | $ | 131,558 | ||||||||||
Convertible junior subordinated debenture due in 2029 to
affiliate |
| | $ | 91,520 | 91,520 | |||||||||||
Obligations under capital leases |
4,221 | | | 4,221 | ||||||||||||
Deferred preneed cemetery revenue |
| 50,419 | | 50,419 | ||||||||||||
Deferred preneed funeral revenue |
| 39,829 | | 39,829 | ||||||||||||
Deferred preneed cemetery receipts held in trust |
| 81,710 | | 81,710 | ||||||||||||
Deferred preneed funeral receipts held in trust |
| 77,982 | | 77,982 | ||||||||||||
Deferred preneed funeral life insurance contracts |
| 213,000 | (213,000 | ) | | |||||||||||
Cemetery perpetual care trusts corpus |
| | 44,817 | 44,817 | ||||||||||||
Total liabilities |
$ | 165,171 | | $ | 386,277 | $ | 551,448 | |||||||||
Total deferred preneed revenue |
| $ | 462,940 | (462,940 | ) | | ||||||||||
Cemetery perpetual care trusts corpus |
44,817 | | (44,817 | ) | | |||||||||||
Preferred stock |
200 | | | 200 | ||||||||||||
Convertible preferred securities |
91,520 | | (91,520 | ) | | |||||||||||
Total stockholders equity |
126,092 | | | 126,092 | ||||||||||||
Total liabilities and stockholders equity |
$ | 427,800 | $ | 462,940 | $ | (213,000 | ) | $ | 677,740 | |||||||
Senior debt to stockholders equity |
1.08 to 1 | 1.08 to 1 | ||||||||||||||
Senior debt to total capitalization |
0.39 to 1 | 0.39 to 1 | ||||||||||||||
Total liabilities to stockholders equity |
1.28 to 1 | 4.35 to 1 | ||||||||||||||
Senior Debt to Consolidated EBITDA |
3.11 to 1 | 3.11 to 1 | ||||||||||||||
Fixed Charge Coverage ratio |
1.99 to 1 | 1.99 to 1 |
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Investment Performance | ||||||||||||||||||||||||
Investment Performance | Index Performance(2) | |||||||||||||||||||||||
50/50 index | ||||||||||||||||||||||||
Timeframe | Discretionary | Total Trust | DJIA | S&P 500 | NASDAQ | Benchmark | ||||||||||||||||||
5 years ended 12/31/10 |
64.7 | % | 60.7 | % | 24.4 | % | 25.8 | % | 39.6 | % | 12.4 | % | ||||||||||||
3 years ended 12/31/10 |
47.7 | % | 44.6 | % | 1.7 | % | 4.5 | % | 20.3 | % | 11.3 | % | ||||||||||||
1 year ended 12/31/10 |
21.2 | % | 18.4 | % | 16.7 | % | 15.1 | % | 16.9 | % | 10.8 | % | ||||||||||||
6 months ended 6/30/11 |
2.3 | % | 1.5 | % | 7.2 | % | 6.0 | % | 4.5 | % | 4.4 | % |
-11-
(1) | Investment performance includes realized income and unrealized appreciation (depreciation). |
6/30/2011 | 6/30/2011 | |||||||||||||||
Discretionary Trust Funds | Total Trust Funds | |||||||||||||||
Asset Class | MV | % | MV | % | ||||||||||||
Equities |
$ | 93,493 | 52 | % | $ | 107,657 | 46 | % | ||||||||
Fixed Income |
$ | 82,159 | 45 | % | $ | 106,069 | 46 | % | ||||||||
Cash |
$ | 5,865 | 3 | % | $ | 18,483 | 8 | % | ||||||||
Total Portfolios |
$ | 181,517 | 100 | % | $ | 232,209 | 100 | % | ||||||||
-12-
1. | 2008 | 2009 | 2010 | 2011 YTD | Total | |||||||||||||||
Beginning Market Value |
$ | 137,751 | $ | 101,552 | $ | 153,608 | $ | 178,276 | $ | 137,751 | ||||||||||
Change in Market Value |
(36,199 | ) | 52,056 | 24,668 | (5,161 | ) | 35,364 | |||||||||||||
Ending Market Value |
$ | 101,552 | $ | 153,608 | $ | 178,276 | $ | 173,115 | $ | 173,115 | ||||||||||
Deposits |
$ | (6,750 | ) | $ | (6,945 | ) | $ | (6,888 | ) | $ | (3,352 | ) | $ | (23,935 | ) | |||||
Withdrawals |
$ | 10,597 | $ | 9,515 | $ | 12,460 | $ | 7,396 | $ | 39,968 | ||||||||||
Total Net Withdrawals |
$ | 3,847 | $ | 2,570 | $ | 5,572 | $ | 4,044 | $ | 16,033 | ||||||||||
2. | 2008 | 2009 | 2010 | 2011 YTD | Totals | |||||||||||||||
Income |
$ | 4,659 | $ | 7,230 | $ | 8,408 | $ | 4,488 | $ | 24,785 | ||||||||||
Realized Gains |
3,764 | 12,235 | 32,033 | 23,551 | 71,583 | |||||||||||||||
Realized Losses |
(14,185 | ) | (22,765 | ) | (2,147 | ) | (1,191 | ) | (40,288 | ) | ||||||||||
Total |
$ | (5,762 | ) | $ | (3,300 | ) | $ | 38,294 | $ | 26,848 | $ | 56,080 | ||||||||
Realized Gain/(Loss) Breakdown | 2008 | 2009 | 2010 | 2011 YTD | Totals | |||||||||||||||
Equity |
$ | (9,204 | ) | $ | (14,002 | ) | $ | 21,239 | $ | 7,639 | $ | 5,672 | ||||||||
Fixed Income |
(1,220 | ) | 3,513 | 8,516 | 14,564 | 25,373 | ||||||||||||||
Other |
3 | (14 | ) | 131 | 157 | 277 | ||||||||||||||
Total |
$ | (10,421 | ) | $ | (10,503 | ) | $ | 29,886 | $ | 22,360 | $ | 31,322 | ||||||||
3. | 2008 | 2009 | 2010 | 2011 YTD | Totals | |||||||||||||||
Recognized Trust Financial Revenue |
$ | 7,416 | $ | 6,658 | $ | 10,932 | $ | 5,530 | $ | 30,536 | ||||||||||
Recognized Other Financial Revenue |
$ | 4,327 | $ | 3,556 | $ | 3,822 | $ | 1,990 | $ | 13,695 | ||||||||||
Total Recognized Financial Revenue |
$ | 11,743 | $ | 10,214 | $ | 14,754 | $ | 7,520 | $ | 44,231 | ||||||||||
Total Recognized Financial EBITDA |
$ | 10,055 | $ | 8,477 | $ | 13,370 | $ | 5,941 | $ | 37,843 |
-13-
2010 | 2011 | |||||||
Cash flow provided by operations |
$ | 14.5 | $ | 15.8 | ||||
Cash used for maintenance capital expenditures |
(3.4 | ) | (3.4 | ) | ||||
Free Cash Flow |
$ | 11.1 | $ | 12.4 | ||||
Cash at beginning of year |
3.6 | 1.3 | ||||||
Borrowing (payments) against bank credit facility |
3.2 | (0.6 | ) | |||||
Acquisitions |
(15.5 | ) | (5.1 | ) | ||||
Cash used for dividends |
| (0.5 | ) | |||||
Cash used for the repurchase of convertible junior
subordinated debenture |
(0.6 | ) | (1.0 | ) | ||||
Cash used for growth capital expenditures funeral homes |
(0.1 | ) | (0.3 | ) | ||||
Cash used for growth capital expenditures cemeteries |
(0.9 | ) | (1.0 | ) | ||||
Other investing and financing activities, net |
0.5 | | ||||||
Cash at June 30, 2011 |
$ | 1.3 | $ | 5.2 | ||||
Proforma subsequent special trust withdrawals in Q3 2011 |
$ | 8.5 | ||||||
Proforma cash at June 30, 2011 |
$ | 13.7 | ||||||
-14-
Range | ||
Revenues |
$199 $204 | |
Field EBITDA |
$70.5 $72.3 | |
Field EBITDA Margin |
35.5% | |
Total Overhead |
$23.3 $23.8 | |
Consolidated EBITDA |
$47.2 $48.5 | |
Consolidated EBITDA Margin |
23.7% | |
Interest |
$18.2 | |
Depreciation, Amortization and Stock Compensation |
$11.7 | |
Income Taxes |
$7.0 $7.5 | |
Net Income |
$10.3 $11.0 | |
Diluted Earnings Per Share |
$0.56 $0.60 | |
Free Cash Flow |
$29.0 $30.5 |
| Increase in same store Funeral Revenue averages and same store Funeral Field EBITDA Margins; |
| Increase in acquired Funeral Revenue and acquired Funeral Field EBITDA from the 2010 and 2011 acquisitions; |
| Increase in Financial Revenue and Financial EBITDA from trust funds; and |
| Increase in Cemetery Revenue and Cemetery Field EBITDA. |
-15-
-16-
-17-
(unaudited) | ||||||||
December 31, | June 30, | |||||||
Selected Balance Sheet Data: | 2010 | 2011 | ||||||
Cash and short-term investments |
$ | 1,279 | $ | 5,184 | ||||
Total Senior Debt (a) |
$ | 137,268 | $ | 136,353 | ||||
Days sales in funeral accounts receivable |
20.3 | 19.0 | ||||||
Senior Debt to total capitalization |
39.2 | % | 38.5 | % | ||||
Senior Debt to EBITDA (rolling twelve months) |
3.3x | 3.1x |
a) | - Senior debt does not include the convertible junior subordinated debentures. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
Net income |
$ | 2,299 | $ | 2,601 | $ | 5,073 | $ | 5,886 | ||||||||
Provision for income taxes |
1,642 | 1,771 | 3,530 | 4,008 | ||||||||||||
Pre-tax earnings |
3,941 | 4,372 | 8,603 | 9,894 | ||||||||||||
Interest expense, including loan cost amortization |
4,572 | 4,510 | 9,126 | 9,064 | ||||||||||||
Other income |
(252 | ) | (358 | ) | (470 | ) | (387 | ) | ||||||||
Noncash stock compensation |
405 | 648 | 912 | 1,093 | ||||||||||||
Depreciation & amortization |
2,488 | 2,522 | 4,957 | 4,920 | ||||||||||||
Special charges |
| 511 | | 846 | ||||||||||||
Adjusted EBITDA |
$ | 11,154 | $ | 12,205 | $ | 23,128 | $ | 25,430 | ||||||||
Revenue |
$ | 44,517 | $ | 47,908 | $ | 91,364 | $ | 98,765 | ||||||||
Adjusted EBITDA margin |
25.1 | % | 25.5 | % | 25.3 | % | 25.7 | % |
-18-
Rolling | ||||
Four | ||||
Quarter | ||||
Outlook | ||||
June 30, | ||||
2012 E | ||||
Net income |
$ | 10,700 | ||
Provision for income taxes |
7,200 | |||
Pre-tax earnings |
17,900 | |||
Interest expense, including loan cost amortization |
18,200 | |||
Depreciation & amortization, including stock compensation |
11,700 | |||
EBITDA |
$ | 47,800 | ||
Revenue |
$ | 201,500 | ||
EBITDA margin |
23.7 | % |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
Diluted EPS |
$ | 0.13 | $ | 0.14 | $ | 0.29 | $ | 0.32 | ||||||||
Effect of special charges |
| 0.02 | | 0.03 | ||||||||||||
Adjusted Diluted EPS |
$ | 0.13 | $ | 0.16 | $ | 0.29 | $ | 0.35 | ||||||||
Three months ended June 30, | ||||||||
2010 | 2011 | |||||||
Cash provided by operating activities |
$ | 11,593 | $ | 12,177 | ||||
Less maintenance capital expenditures |
(1,900 | ) | (2,028 | ) | ||||
Free cash flow |
$ | 9,693 | $ | 10,149 | ||||
Six months ended June 30, | ||||||||
2010 | 2011 | |||||||
Cash provided by operating activities |
$ | 14,517 | $ | 15,761 | ||||
Less maintenance capital expenditures |
(3,438 | ) | (3,363 | ) | ||||
Free cash flow |
$ | 11,079 | $ | 12,398 | ||||
-19-
Rolling | ||||
Four | ||||
Quarter | ||||
Outlook | ||||
June 30, | ||||
2012 E | ||||
EBITDA |
$ | 47,800 | ||
Interest paid |
(17,000 | ) | ||
Cash Income taxes |
(4,300 | ) | ||
Maintenance capital expenditures |
(6,500 | ) | ||
Excess trust fund withdrawals |
10,000 | |||
Free Cash Flow |
$ | 30,000 | ||
-20-
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