Delaware | 1-12235 | 51-0347963 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
899 Cassatt Road, Suite 210 | 19312 | |||
Berwyn, Pennsylvania | (Zip Code) | |||
(Address of principal executive offices) |
Item 2.02 | Results of Operations and Financial Condition. |
• | For the fiscal quarter ended December 31, 2013, sales mix was as follows: commercial was 58% (same as in the prior year period), military was 28% (compared to 27% in the prior year period), business jets were 11% (compared to 12% in the prior year period), regional jets were 1% (same as the prior year period) and non-aviation was 2% (same as the prior year period). |
• | The top ten programs represented in the backlog were the 747, 777, G450/G550, C-17, A330, 737 NG, 787, 767 Programs, V-22 and UH-60 programs, respectively. |
• | For the fiscal quarter ended December 31, 2013, The Boeing Company (commercial, military and space) accounted for 44.7% of net sales. |
• | Same store sales for the fiscal quarter ended December 31, 2013 decreased 6% over the prior year period. Aerostructures same store sales for the fiscal quarter ended December 31, 2013 were $617.2 million, a decrease of 9% over the prior year period. Aerospace Systems same store sales for the fiscal quarter ended December 31, 2013 were $142.8 million, an increase of 2% over the prior year period. Aftermarket Services same store sales for the fiscal quarter ended December 31, 2013 were $69.6 million, an increase of 2% over the prior year period. |
• | For the fiscal quarter ended December 31, 2013, OEM sales represented 84% of net sales (compared to 87% in the prior fiscal quarter), Aftermarket sales represented 14% of net sales (compared to 11% in the prior fiscal quarter), and Other represented 2% of net sales (same as the prior fiscal quarter). |
• | Export sales for the fiscal quarter ended December 31, 2013 were $160.8 million, an increase of 27% over the comparable quarter in the prior fiscal year. |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press release dated January 28, 2014 |
Date: | January 29, 2014 | TRIUMPH GROUP, INC. | |
By: | /s/ John B. Wright, II | ||
John B. Wright, II | |||
Vice President, General Counsel and Secretary |
Exhibit No. | Description | |
99.1 | Press release dated January 29, 2014 |
• | Net sales for third quarter fiscal year 2014 increased 3% to $915.8 million |
• | Operating income for third quarter fiscal year 2014 was $84.8 million, reflecting an operating margin of 9% |
• | Net income for third quarter fiscal year 2014 was $35.4 million, or $0.67 per diluted share, which included $13.3 million pre-tax ($0.16 per diluted share) of costs related to the Jefferson Street facility move, $11.1 million pre-tax ($0.14 per diluted share) of refinancing fees and pension settlement charge of $1.6 million pre-tax ($0.02 per diluted share). Excluding these costs, earnings per share was $0.99 per diluted share |
• | Year to date cash flow from operations before pension contribution of $45.8 million was $79.1 million |
Three Months Ended | ||||||||||||||
($ in millions) | December 31, 2013 | Location on | ||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 54.7 | $ | 35.4 | $ | 0.67 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Pension settlement charge | 1.6 | 1.0 | 0.02 | Corporate | ||||||||||
Refinancing fees | 11.1 | 7.2 | 0.14 | Interest Expense & Other | ||||||||||
Jefferson Street Move: | ||||||||||||||
Relocation Costs, including interest | 5.0 | 3.2 | 0.06 | Aerostructures (Primarily) | ||||||||||
Accelerated Depreciation | 5.1 | 3.3 | 0.06 | Aerostructures (EAC)** | ||||||||||
Disruption | 3.2 | 2.1 | 0.04 | Aerostructures (EAC)** | ||||||||||
Adjusted Income from continuing operations - | $ | 80.6 | * | $ | 52.2 | $ | 0.99 | * | ||||||
Non-GAAP | ||||||||||||||
* Difference due to rounding. | ||||||||||||||
** EAC - estimated costs at completion with respect to contracts within the scope of Accounting Standards Codification 605-35, "Revenue-Construction-Type and Production-Type Contracts" |
($ in millions) | ||||||||||||||||
Total | Q2 | Q3 | Q4 | |||||||||||||
Q2 additional program charges | $ | 68.0 | $ | 44.0 | $ | 11.0 | 13.0 | |||||||||
Q3 additional program charges | 17.0 | — | 14.0 | 3.0 | ||||||||||||
Total FY 14 additional program charges | $ | 85.0 | $ | 44.0 | $ | 25.0 | $ | 16.0 |
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
CONDENSED STATEMENTS OF INCOME | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 915,816 | $ | 890,565 | $ | 2,826,844 | $ | 2,716,434 | ||||||||
Operating income | 84,779 | 134,359 | 319,096 | 418,247 | ||||||||||||
Interest expense and other | 30,115 | 16,767 | 70,146 | 50,667 | ||||||||||||
Income tax expense | 19,271 | 42,369 | 84,998 | 135,834 | ||||||||||||
Income from continuing operations | $ | 35,393 | $ | 75,223 | $ | 163,952 | $ | 231,746 | ||||||||
Earnings per share - basic: | ||||||||||||||||
Net income | $ | 0.68 | $ | 1.51 | $ | 3.18 | $ | 4.67 | ||||||||
Weighted average common shares outstanding - basic | 52,024 | 49,750 | 51,548 | 49,608 | ||||||||||||
Earnings per share - diluted: | ||||||||||||||||
Net income | $ | 0.67 | $ | 1.43 | $ | 3.11 | $ | 4.43 | ||||||||
Weighted average common shares outstanding - diluted | 52,806 | 52,464 | 52,798 | 52,343 | ||||||||||||
Dividends declared and paid per common share | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.12 |
BALANCE SHEET | Unaudited | Audited | ||||||
December 31 | March 31, | |||||||
2013 | 2013 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 25,415 | $ | 32,037 | ||||
Accounts receivable, net | 466,393 | 434,158 | ||||||
Inventory, net of unliquidated progress payments of $138,763 and $124,128 | 1,127,758 | 988,963 | ||||||
Rotable assets | 39,567 | 34,853 | ||||||
Deferred income taxes | 48,401 | 99,546 | ||||||
Prepaid and other current assets | 22,555 | 24,481 | ||||||
Assets held for sale | 27,401 | 14,747 | ||||||
Current assets | 1,757,490 | 1,628,785 | ||||||
Property and equipment, net | 932,067 | 815,084 | ||||||
Goodwill | 1,780,296 | 1,706,151 | ||||||
Intangible assets, net | 988,605 | 994,619 | ||||||
Other, net | 69,088 | 66,792 | ||||||
Total assets | $ | 5,527,546 | $ | 5,211,431 | ||||
Liabilities & Stockholders' Equity | ||||||||
Current portion of long-term debt | $ | 45,355 | $ | 133,930 | ||||
Accounts payable | 257,908 | 327,426 | ||||||
Accrued expenses | 250,338 | 280,469 | ||||||
Liabilities related to assets held for sale | 4,225 | 2,621 | ||||||
557,826 | 744,446 | |||||||
Long-term debt, less current portion | 1,576,179 | 1,195,933 | ||||||
Accrued pension and post-retirement benefits, noncurrent | 465,204 | 671,175 | ||||||
Deferred income taxes, noncurrent | 378,972 | 313,396 | ||||||
Other noncurrent liabilities | 249,773 | 241,323 | ||||||
Stockholders' Equity: | ||||||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,442,164 and 50,123,035 shares issued | 52 | 50 | ||||||
Capital in excess of par value | 865,216 | 848,372 | ||||||
Accumulated other comprehensive income | 18,910 | (60,972 | ) | |||||
Retained earnings | 1,415,414 | 1,257,708 | ||||||
Total stockholders' equity | 2,299,592 | 2,045,158 | ||||||
Total liabilities and stockholders' equity | $ | 5,527,546 | $ | 5,211,431 |
SEGMENT DATA | Three Months Ended | Nine Months Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Sales: | ||||||||||||||||
Aerostructures | $ | 637,202 | $ | 676,791 | $ | 1,979,838 | $ | 2,060,622 | ||||||||
Aerospace Systems | 211,402 | 141,059 | 636,411 | 431,710 | ||||||||||||
Aftermarket Services | 69,556 | 74,587 | 216,880 | 230,625 | ||||||||||||
Elimination of inter-segment sales | (2,344 | ) | (1,872 | ) | (6,285 | ) | (6,523 | ) | ||||||||
$ | 915,816 | $ | 890,565 | $ | 2,826,844 | $ | 2,716,434 | |||||||||
Operating Income (Loss): | ||||||||||||||||
Aerostructures | $ | 53,973 | $ | 117,450 | $ | 218,784 | $ | 358,972 | ||||||||
Aerospace Systems | 32,504 | 20,562 | 106,887 | 69,739 | ||||||||||||
Aftermarket Services | 9,297 | 9,856 | 30,678 | 32,430 | ||||||||||||
Corporate | (10,995 | ) | (13,509 | ) | (37,253 | ) | (42,894 | ) | ||||||||
$ | 84,779 | $ | 134,359 | $ | 319,096 | $ | 418,247 | |||||||||
Depreciation and Amortization: | ||||||||||||||||
Aerostructures | $ | 30,206 | $ | 24,180 | $ | 83,003 | $ | 72,133 | ||||||||
Aerospace Systems | 10,823 | 4,707 | 27,911 | 13,670 | ||||||||||||
Aftermarket Services | 1,862 | 2,283 | 5,603 | 6,897 | ||||||||||||
Corporate | 1,211 | 1,162 | 3,764 | 3,445 | ||||||||||||
$ | 44,102 | $ | 32,332 | $ | 120,281 | $ | 96,145 | |||||||||
Amortization of Acquired Contract Liabilities: | ||||||||||||||||
Aerostructures | $ | (8,380 | ) | $ | (6,219 | ) | $ | (20,135 | ) | $ | (19,774 | ) | ||||
Aerospace Systems | (5,877 | ) | — | (14,238 | ) | — | ||||||||||
$ | (14,257 | ) | $ | (6,219 | ) | $ | (34,373 | ) | $ | (19,774 | ) | |||||
Capital Expenditures: | ||||||||||||||||
Aerostructures | $ | 33,661 | $ | 19,740 | $ | 132,204 | $ | 66,165 | ||||||||
Aerospace Systems | 5,713 | 4,461 | 15,988 | 11,060 | ||||||||||||
Aftermarket Services | 2,728 | 3,336 | 10,795 | 10,811 | ||||||||||||
Corporate | 430 | 926 | 2,810 | 1,620 | ||||||||||||
$ | 42,532 | $ | 28,463 | $ | 161,797 | $ | 89,656 |
• | Curtailments, settlements and early retirement incentives may be useful to investors to consider because it represents the current period impact of the change in defined benefit obligation due to the reduction in future service costs. We do not believe these charges (gains) necessarily reflect the current and ongoing cash earnings related to our operations. |
• | Amortization of acquired contract liabilities may be useful for investors to consider because it represents the non-cash earnings on the fair value of below market contracts acquired through the acquisition of Vought. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. |
• | Amortization expenses may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights and licenses. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. |
• | Depreciation may be useful for investors to consider because they generally represent the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. |
• | The amount of interest expense and other we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other to be a representative component of the day-to-day operating performance of our business. |
• | Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business. |
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | ||||||||||||||||
Net income | $ | 35,393 | $ | 75,223 | $ | 163,952 | $ | 231,746 | ||||||||
Add-back: | ||||||||||||||||
Income tax expense | 19,271 | 42,369 | 84,998 | 135,834 | ||||||||||||
Interest expense and other | 30,115 | 16,767 | 70,146 | 50,667 | ||||||||||||
Curtailments, settlements and early retirement incentives | 1,561 | 2,030 | 1,561 | 5,137 | ||||||||||||
Amortization of acquired contract liabilities | (14,257 | ) | (6,219 | ) | (34,373 | ) | (19,774 | ) | ||||||||
Depreciation and amortization | 44,102 | 32,332 | 120,281 | 96,145 | ||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 116,185 | $ | 162,502 | $ | 406,565 | $ | 499,755 | ||||||||
Net sales | $ | 915,816 | $ | 890,565 | $ | 2,826,844 | $ | 2,716,434 | ||||||||
Adjusted EBITDA Margin | 12.7 | % | 18.2 | % | 14.4 | % | 18.4 | % |
Three Months Ended December 31, 2013 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Income | $ | 35,393 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 19,271 | ||||||||||||||||||||
Interest expense and other | 30,115 | ||||||||||||||||||||
Operating income (loss) | $ | 84,779 | $ | 53,973 | $ | 32,504 | $ | 9,297 | $ | (10,995 | ) | ||||||||||
Pension settlement charge | 1,561 | — | — | — | 1,561 | ||||||||||||||||
Amortization of acquired contract liabilities | (14,257 | ) | (8,380 | ) | (5,877 | ) | — | — | |||||||||||||
Depreciation and amortization | 44,102 | 30,206 | 10,823 | 1,862 | 1,211 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 116,185 | $ | 75,799 | $ | 37,450 | $ | 11,159 | $ | (8,223 | ) | ||||||||||
Net sales | $ | 915,816 | $ | 637,202 | $ | 211,402 | $ | 69,556 | $ | (2,344 | ) | ||||||||||
Adjusted EBITDA Margin | 12.7% | 11.9% | 17.7% | 16.0% | n/a |
Nine Months Ended December 31, 2013 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Income | $ | 163,952 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 84,998 | ||||||||||||||||||||
Interest expense and other | 70,146 | ||||||||||||||||||||
Operating income (loss) | $ | 319,096 | $ | 218,784 | $ | 106,887 | $ | 30,678 | $ | (37,253 | ) | ||||||||||
Pension settlement charge | 1,561 | — | — | — | 1,561 | ||||||||||||||||
Amortization of acquired contract liabilities | (34,373 | ) | (20,135 | ) | (14,238 | ) | — | — | |||||||||||||
Depreciation and amortization | 120,281 | 83,003 | 27,911 | 5,603 | 3,764 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 406,565 | $ | 281,652 | $ | 120,560 | $ | 36,281 | $ | (31,928 | ) | ||||||||||
Net sales | $ | 2,826,844 | $ | 1,979,838 | $ | 636,411 | $ | 216,880 | $ | (6,285 | ) | ||||||||||
Adjusted EBITDA Margin | 14.4% | 14.2% | 18.9% | 16.7% | n/a |
Three Months Ended December 21, 2012 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate / Eliminations | ||||||||||||||||
Net Income | $ | 75,223 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 42,369 | ||||||||||||||||||||
Interest expense and other | 16,767 | ||||||||||||||||||||
Operating income (loss) | $ | 134,359 | $ | 117,450 | $ | 20,562 | $ | 9,856 | $ | (13,509 | ) | ||||||||||
Curtailments and early retirement incentives | 2,030 | — | — | — | 2,030 | ||||||||||||||||
Amortization of acquired contract liabilities | (6,219 | ) | (6,219 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 32,332 | 24,180 | 4,707 | 2,283 | 1,162 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 162,502 | $ | 135,411 | $ | 25,269 | $ | 12,139 | $ | (10,317 | ) | ||||||||||
Net sales | $ | 890,565 | $ | 676,791 | $ | 141,059 | $ | 74,587 | $ | (1,872 | ) | ||||||||||
Adjusted EBITDA Margin | 18.2% | 20.0% | 17.9% | 16.3% | n/a |
Nine Months Ended December 31, 2012 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate / Eliminations | ||||||||||||||||
Net Income | $ | 231,746 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 135,834 | ||||||||||||||||||||
Interest expense and other | 50,667 | ||||||||||||||||||||
Operating income (loss) | $ | 418,247 | $ | 358,972 | $ | 69,739 | $ | 32,430 | $ | (42,894 | ) | ||||||||||
Curtailments and early retirement incentives | 5,137 | — | — | — | 5,137 | ||||||||||||||||
Amortization of acquired contract liabilities | (19,774 | ) | (19,774 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 96,145 | 72,133 | 13,670 | 6,897 | 3,445 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 499,755 | $ | 411,331 | $ | 83,409 | $ | 39,327 | $ | (34,312 | ) | ||||||||||
Net sales | $ | 2,716,434 | $ | 2,060,622 | $ | 431,710 | $ | 230,625 | $ | (6,523 | ) | ||||||||||
Adjusted EBITDA Margin | 18.4% | 20.0% | 19.3% | 17.1% | n/a |
Three Months Ended | ||||||||||||||
December 31, 2013 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 54,664 | $ | 35,393 | $ | 0.67 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Pension Settlement Charge | 1,561 | 1,008 | 0.02 | Corporate | ||||||||||
Refinancing Fees | 11,069 | 7,151 | 0.14 | Corporate | ||||||||||
Relocation Costs (including interest) | 5,041 | 3,256 | 0.06 | Aerostructures (Primarily) | ||||||||||
Jefferson Street Move: | ||||||||||||||
Accelerated Depreciation | 5,084 | 3,284 | 0.06 | Aerostructures (EAC)** | ||||||||||
Disruption | 3,224 | 2,083 | 0.04 | Aerostructures (EAC)** | ||||||||||
Income from continuing operations - non-GAAP | $ | 80,643 | $ | 52,175 | $ | 0.99 | * | |||||||
* Difference due to rounding. | ||||||||||||||
** EAC - estimated costs at completion with respect to contracts within the scope of Accounting Standards Codification 605-35, "Revenue-Construction-Type and Production-Type Contracts" |
Nine Months Ended | ||||||||||||||
December 31, 2013 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 248,950 | $ | 163,952 | $ | 3.11 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Pension Settlement Charge | 1,561 | 1,008 | 0.02 | Corporate | ||||||||||
Refinancing Fees | 11,069 | 7,151 | 0.14 | Corporate | ||||||||||
Relocation Costs (including interest) | 7,786 | 5,030 | 0.10 | Aerostructures (Primarily) | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 6,913 | 4,466 | 0.08 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 8,033 | 5,189 | 0.10 | Aerostructures (EAC)** | ||||||||||
Income from continuing operations - non-GAAP | $ | 284,312 | $ | 186,796 | $ | 3.54 | * | |||||||
* Difference due to rounding. | ||||||||||||||
** EAC - estimated costs at completion with respect to contracts within the scope of Accounting Standards Codification 605-35, "Revenue-Construction-Type and Production-Type Contracts" |
Three Months Ended | ||||||||||||||
December 31, 2012 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 117,592 | $ | 75,223 | $ | 1.43 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Curtailments | 2,030 | 1,289 | 0.02 | Corporate | ||||||||||
Integration | 250 | 159 | — | Aerostructures (Primarily) | ||||||||||
Income from continuing operations - non-GAAP | $ | 119,872 | $ | 76,671 | $ | 1.46 | ||||||||
Nine Months Ended | ||||||||||||||
December 31, 2012 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 367,580 | $ | 231,746 | $ | 4.43 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Early retirement incentives | 5,137 | 3,262 | 0.06 | Corporate | ||||||||||
Integration | 2,227 | 1,414 | 0.03 | Aerostructures (Primarily) | ||||||||||
Income from continuing operations - non-GAAP | $ | 374,944 | $ | 236,422 | $ | 4.52 | ||||||||
* Difference due to rounding. |
Nine Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Cash provided by operations, before pension contributions | $ | 79,142 | $ | 286,654 | ||||
Pension contributions | 45,800 | 56,028 | ||||||
Cash provided by operations | 33,342 | 230,626 | ||||||
Less: | ||||||||
Capital expenditures | 161,797 | 89,656 | ||||||
Dividends | 6,246 | 6,001 | ||||||
Free cash flow available for debt reduction | $ | (134,701 | ) | $ | 134,969 |
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
Calculation of Net Debt | ||||||||
Current portion | $ | 45,355 | $ | 133,930 | ||||
Long-term debt | 1,576,179 | 1,195,933 | ||||||
Total debt | 1,621,534 | 1,329,863 | ||||||
Less: Cash | 25,415 | 32,037 | ||||||
Net debt | $ | 1,596,119 | $ | 1,297,826 | ||||
Calculation of Capital | ||||||||
Net debt | $ | 1,596,119 | $ | 1,297,826 | ||||
Stockholders' equity | 2,299,592 | 2,045,158 | ||||||
Total capital | $ | 3,895,711 | $ | 3,342,984 | ||||
Percent of net debt to capital | 41.0 | % | 38.8 | % |