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 year ended March 31, 2014, sales mix was as follows: commercial was 57% (same as in the prior full fiscal year), military was 28% (same as in the prior full fiscal year), business jets were 11% (compared to 12% in the prior full fiscal year), regional jets were 2% (compared to 1% in the full fiscal year) and non-aviation was 2% (same as the prior year period). |
• | The top ten programs represented in backlog were the 747, 777, Gulfstream, C-17, A330, 737 NG, 767/Tanker, V-22, 787 and Bombardier Global 7000/8000 programs, respectively. |
• | For the fiscal year ended March 31, 2014, The Boeing Company (commercial, military and space) accounted for 44.9% of net sales. |
• | Same store sales for the fiscal quarter ended March 31, 2014 decreased 11% over the prior year period. Aerostructures same store sales for the fiscal quarter ended March 31, 2014 were $612.6 million, a decrease of 14% over the prior year period. Aerospace Systems same store sales for the fiscal quarter ended March 31, 2014 were $164.2 million, an increase of 1% over the prior year period. Aftermarket Services same store sales for the fiscal quarter ended March 31, 2014 were $70.5 million, a decrease of 9% over the prior year period. |
• | Same store sales for the fiscal year ended March 31, 2014 decreased 6% over the prior fiscal year. Aerostructures same store sales for the fiscal year ended March 31, 2014 were $2.518 billion, a decrease of 8% over the prior fiscal year. Aerospace Systems same store sales for the fiscal year ended March 31, 2014 were $601.3 million, an increase of 1% over the prior fiscal year. Aftermarket Services same store sales for the fiscal quarter ended March 31, 2014 were $287.0 million, a decrease of 1% over the prior fiscal year. |
• | For the fiscal year ended March 31, 2014, OEM sales represented 85% of net sales (compared to 87% in the prior fiscal year), Aftermarket sales represented 13% of net sales (compared to 11% in the prior fiscal year), and Other represented 2% of net sales (same as the prior fiscal year). |
• | Export sales for the fiscal quarter ended March 31, 2014 were $164.6 million, an increase of 20% over the comparable quarter in the prior fiscal year. Export sales for the fiscal year ended March 31, 2014 were $621.6 million, an increase of 23% over the prior fiscal year. |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press release dated May 7, 2014 |
Date: | May 8, 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 May 7, 2014 |
• | Net sales for fourth quarter fiscal year 2014 were $936.4 million |
• | Net income for fourth quarter fiscal year 2014 was $42.3 million, or $0.80 per diluted share, which included non-recurring costs (see Table A below) totaling approximately $48.1 million pre-tax ($0.59 per diluted share) related to the Jefferson Street facility closure and start-up of the Red Oak facility, early retirement incentives offered to certain Triumph Aerostructures employees and a net curtailment gain related to the Triumph Aerostructures pension plans. Excluding these items, earnings per share were $1.39 per diluted share |
• | Full year revenues and earnings per share were $3.763 billion and $3.91 per diluted share. Excluding non-recurring costs (see Table B below) totaling approximately $72.4 million pre-tax ($0.89 per diluted share), earnings per share were $4.80 per diluted share |
• | Cash flow from operations for fiscal year 2014 before pension contribution of $46.3 million was $181.5 million |
• | Completed closure of the Jefferson Street facility ahead of schedule |
• | Increased share repurchase authority to approximately 5.5 million shares and executed 300,000 share buyback for approximately $19.1 million |
Fourth Quarter Ended | ||||||||||||||
March 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Adjusted Income from Continuing Operations - non-GAAP | $ | 111,373 | $ | 73,467 | $ | 1.39 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Curtailments | (395 | ) | (256 | ) | (0.00) | Corporate | ||||||||
Early Retirement Incentives | 916 | 594 | 0.01 | Corporate | ||||||||||
Jefferson Street Move: | ||||||||||||||
Relocation Costs (including interest) | 24,125 | 15,633 | 0.30 | Aerostructures (Primarily) | ||||||||||
Disruption | 17,801 | 11,535 | 0.22 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 5,643 | 3,657 | 0.07 | Aerostructures (EAC)** | ||||||||||
Income from Continuing Operations - GAAP | $ | 63,283 | $ | 42,304 | $ | 0.80 | * | |||||||
* 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" |
Fiscal Year Ended | ||||||||||||||
March 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Adjusted Income from Continuing Operations - non-GAAP | $ | 384,615 | $ | 253,161 | $ | 4.80 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Settlements and Curtailments, net | 1,166 | 756 | 0.01 | Corporate | ||||||||||
Early Retirement Incentives | 916 | 594 | 0.01 | Corporate | ||||||||||
Jefferson Street Move: | ||||||||||||||
Relocation Costs (including interest) | 31,910 | 20,678 | 0.39 | Aerostructures (Primarily) | ||||||||||
Disruption | 24,714 | 16,015 | 0.30 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 13,676 | 8,862 | 0.17 | Aerostructures (EAC)** | ||||||||||
Income from Continuing Operations - GAAP | $ | 312,233 | $ | 206,256 | $ | 3.91 | * | |||||||
* 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" |
Adjusted Earnings Per Share-non-GAAP | $5.65 - $5.75 | ||
Non-Recurring Costs: | |||
Jefferson Street/Red Oak Overhang Costs | $ | 0.26 | |
Anticipated Refinancing Fees Related to | |||
the Senior Notes Due 2018 | $ | 0.26 | |
Earnings Per Share - GAAP | $5.13 - $5.23 |
• | interest expense of $68.0 million, excluding refinancing fees |
• | tax rate of 35.5%, which assumes the extension of the Research and Development tax credit |
• | capital expenditures and investments in major new programs of $240.0 million to $260.0 million, of which approximately $125.0 million relates to investments in major new programs |
• | pension income of approximately $52.0 million and cash contributions to the plan of approximately $110.0 million |
• | OPEB expense of approximately $11.0 million and cash expenditures of approximately $27.0 million |
• | productions rates based on known customer schedules |
• | completion of C-17 production three months earlier than previously planned |
• | cash available for debt reduction, acquisitions and share repurchases of approximately $250.0 million |
Three Months Ended | Twelve Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
CONDENSED STATEMENTS OF INCOME | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 936,410 | $ | 986,268 | $ | 3,763,254 | $ | 3,702,702 | ||||||||
Operating income | 80,908 | 112,966 | 400,004 | 531,213 | ||||||||||||
Interest expense and other | 17,625 | 17,488 | 87,771 | 68,156 | ||||||||||||
Income tax expense | 20,979 | 29,876 | 105,977 | 165,710 | ||||||||||||
Net Income | $ | 42,304 | $ | 65,602 | $ | 206,256 | $ | 297,347 | ||||||||
Earnings per share - basic: | ||||||||||||||||
Net income | $ | 0.81 | $ | 1.32 | $ | 3.99 | $ | 5.99 | ||||||||
Weighted average common shares outstanding - basic | 52,199 | 49,814 | 51,711 | 49,663 | ||||||||||||
Earnings per share - diluted: | ||||||||||||||||
Net income | $ | 0.80 | $ | 1.24 | $ | 3.91 | $ | 5.67 | ||||||||
Weighted average common shares outstanding - diluted | 52,752 | 52,708 | 52,787 | 52,446 | ||||||||||||
Dividends declared and paid per common share | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.16 |
BALANCE SHEET | Unaudited | Audited | ||||||
March 31 | March 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 28,998 | $ | 32,037 | ||||
Accounts receivable, net | 517,665 | 448,865 | ||||||
Inventory, net of unliquidated progress payments of $165,019 and $124,128 | 1,109,887 | 985,535 | ||||||
Rotable assets | 41,666 | 34,853 | ||||||
Deferred income taxes | 57,308 | 99,546 | ||||||
Prepaid and other current assets | 24,897 | 24,481 | ||||||
Assets held for sale | — | 14,747 | ||||||
Current assets | 1,780,421 | 1,640,064 | ||||||
Property and equipment, net | 930,973 | 815,084 | ||||||
Goodwill | 1,793,487 | 1,721,720 | ||||||
Intangible assets, net | 978,182 | 995,519 | ||||||
Other, net | 69,954 | 66,792 | ||||||
Total assets | $ | 5,553,017 | $ | 5,239,179 | ||||
Liabilities & Stockholders' Equity | ||||||||
Current portion of long-term debt | $ | 49,575 | $ | 133,930 | ||||
Accounts payable | 317,334 | 327,008 | ||||||
Accrued expenses | 273,024 | 283,687 | ||||||
Liabilities related to assets held for sale | — | 2,621 | ||||||
639,933 | 747,246 | |||||||
Long-term debt, less current portion | 1,500,808 | 1,195,933 | ||||||
Accrued pension and post-retirement benefits, noncurrent | 508,516 | 671,175 | ||||||
Deferred income taxes, noncurrent | 385,085 | 310,794 | ||||||
Other noncurrent liabilities | 234,764 | 268,873 | ||||||
Stockholders' Equity: | ||||||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,459,020 and 50,123,035 shares issued | 52 | 50 | ||||||
Capital in excess of par value | 866,281 | 848,372 | ||||||
Treasury stock, at cost, 300,000 and 0 shares | (19,134 | ) | — | |||||
Accumulated other comprehensive income | (18,908 | ) | (60,972 | ) | ||||
Retained earnings | 1,455,620 | 1,257,708 | ||||||
Total stockholders' equity | 2,283,911 | 2,045,158 | ||||||
Total liabilities and stockholders' equity | $ | 5,553,017 | $ | 5,239,179 |
SEGMENT DATA | Three Months Ended | Twelve Months Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales: | ||||||||||||||||
Aerostructures | $ | 632,601 | $ | 720,722 | $ | 2,612,439 | $ | 2,781,344 | ||||||||
Aerospace Systems | 235,339 | 184,061 | 871,750 | 615,771 | ||||||||||||
Aftermarket Services | 70,463 | 83,881 | 287,343 | 314,506 | ||||||||||||
Elimination of inter-segment sales | (1,993 | ) | (2,396 | ) | (8,278 | ) | (8,919 | ) | ||||||||
$ | 936,410 | $ | 986,268 | $ | 3,763,254 | $ | 3,702,702 | |||||||||
Operating Income (Loss): | ||||||||||||||||
Aerostructures | $ | 36,208 | $ | 110,901 | $ | 254,993 | $ | 469,873 | ||||||||
Aerospace Systems | 42,834 | 33,440 | 149,721 | 103,179 | ||||||||||||
Aftermarket Services | 11,586 | 12,950 | 42,264 | 45,380 | ||||||||||||
Corporate | (9,720 | ) | (44,325 | ) | (46,974 | ) | (87,219 | ) | ||||||||
$ | 80,908 | $ | 112,966 | $ | 400,004 | $ | 531,213 | |||||||||
Depreciation and Amortization: | ||||||||||||||||
Aerostructures | $ | 31,300 | $ | 23,751 | $ | 114,302 | $ | 95,884 | ||||||||
Aerospace Systems | 9,542 | 6,199 | 37,453 | 19,869 | ||||||||||||
Aftermarket Services | 1,926 | 2,221 | 7,529 | 9,118 | ||||||||||||
Corporate | 1,229 | 1,190 | 4,993 | 4,635 | ||||||||||||
$ | 43,997 | $ | 33,361 | $ | 164,277 | $ | 129,506 | |||||||||
Amortization of Acquired Contract Liabilities: | ||||||||||||||||
Aerostructures | $ | (5,071 | ) | $ | (5,683 | ) | $ | (25,207 | ) | $ | (25,457 | ) | ||||
Aerospace Systems | (3,185 | ) | (187 | ) | (17,422 | ) | (187 | ) | ||||||||
$ | (8,256 | ) | $ | (5,870 | ) | $ | (42,629 | ) | $ | (25,644 | ) | |||||
Capital Expenditures: | ||||||||||||||||
Aerostructures | $ | 34,993 | $ | 24,300 | $ | 167,198 | $ | 90,466 | ||||||||
Aerospace Systems | 5,946 | 8,328 | 21,935 | 19,388 | ||||||||||||
Aftermarket Services | 3,145 | 4,009 | 13,940 | 14,820 | ||||||||||||
Corporate | 531 | 596 | 3,341 | 2,216 | ||||||||||||
$ | 44,615 | $ | 37,233 | $ | 206,414 | $ | 126,890 |
• | 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 acquisitions. 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 | Twelve Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | ||||||||||||||||
Net income | $ | 42,304 | $ | 65,602 | $ | 206,256 | $ | 297,347 | ||||||||
Add-back: | ||||||||||||||||
Income tax expense | 20,979 | 29,876 | 105,977 | 165,710 | ||||||||||||
Interest expense and other | 17,625 | 17,488 | 87,771 | 68,156 | ||||||||||||
Curtailments, settlements and early retirement incentives | (395 | ) | 29,344 | 1,166 | 34,481 | |||||||||||
Amortization of acquired contract liabilities | (8,256 | ) | (5,870 | ) | (42,629 | ) | (25,644 | ) | ||||||||
Depreciation and amortization | 43,997 | 33,361 | 164,277 | 129,506 | ||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 116,254 | $ | 169,801 | $ | 522,818 | $ | 669,556 | ||||||||
Net sales | $ | 936,410 | $ | 986,268 | $ | 3,763,254 | $ | 3,702,702 | ||||||||
Adjusted EBITDA Margin | 12.5 | % | 17.3 | % | 14.1 | % | 18.2 | % |
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Income | $ | 42,304 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 20,979 | ||||||||||||||||||||
Interest expense and other | 17,625 | ||||||||||||||||||||
Operating income (loss) | $ | 80,908 | $ | 36,208 | $ | 42,834 | $ | 11,586 | $ | (9,720 | ) | ||||||||||
Pension/OPEB curtailment | (395 | ) | — | — | — | (395 | ) | ||||||||||||||
Amortization of acquired contract liabilities | (8,256 | ) | (5,071 | ) | (3,185 | ) | — | — | |||||||||||||
Depreciation and amortization | 43,997 | 31,300 | 9,542 | 1,926 | 1,229 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 116,254 | $ | 62,437 | $ | 49,191 | $ | 13,512 | $ | (8,886 | ) | ||||||||||
Net sales | $ | 936,410 | $ | 632,601 | $ | 235,339 | $ | 70,463 | $ | (1,993 | ) | ||||||||||
Adjusted EBITDA Margin | 12.5% | 9.9% | 21.2% | 19.2% | n/a |
Twelve Months Ended March 31, 2014 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Income | $ | 206,256 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 105,977 | ||||||||||||||||||||
Interest expense and other | 87,771 | ||||||||||||||||||||
Operating income (loss) | $ | 400,004 | $ | 254,993 | $ | 149,721 | $ | 42,264 | $ | (46,974 | ) | ||||||||||
Net pension (curtailment) settlement | 1,166 | — | — | — | 1,166 | ||||||||||||||||
Amortization of acquired contract liabilities | (42,629 | ) | (25,207 | ) | (17,422 | ) | — | — | |||||||||||||
Depreciation and amortization | 164,277 | 114,302 | 37,453 | 7,529 | 4,993 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 522,818 | $ | 344,088 | $ | 169,752 | $ | 49,793 | $ | (40,815 | ) | ||||||||||
Net sales | $ | 3,763,254 | $ | 2,612,439 | $ | 871,750 | $ | 287,343 | $ | (8,278 | ) | ||||||||||
Adjusted EBITDA Margin | 14.1% | 13.3% | 19.9% | 17.3% | n/a |
Three Months Ended March 31, 2013 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate / Eliminations | ||||||||||||||||
Net Income | $ | 65,602 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 29,876 | ||||||||||||||||||||
Interest expense and other | 17,488 | ||||||||||||||||||||
Operating income (loss) | $ | 112,966 | $ | 110,901 | $ | 33,440 | $ | 12,950 | $ | (44,325 | ) | ||||||||||
Curtailments and early retirement incentives | 29,344 | — | — | — | 29,344 | ||||||||||||||||
Amortization of acquired contract liabilities | (5,870 | ) | (5,683 | ) | (187 | ) | — | — | |||||||||||||
Depreciation and amortization | 33,361 | 23,751 | 6,199 | 2,221 | 1,190 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 169,801 | $ | 128,969 | $ | 39,452 | $ | 15,171 | $ | (13,791 | ) | ||||||||||
Net sales | $ | 986,268 | $ | 720,722 | $ | 184,061 | $ | 83,881 | $ | (2,396 | ) | ||||||||||
Adjusted EBITDA Margin | 17.3% | 18.0% | 21.5% | 18.1% | n/a |
Twelve Months Ended March 31, 2013 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate / Eliminations | ||||||||||||||||
Net Income | $ | 297,347 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 165,710 | ||||||||||||||||||||
Interest expense and other | 68,156 | ||||||||||||||||||||
Operating income (loss) | $ | 531,213 | $ | 469,873 | $ | 103,179 | $ | 45,380 | $ | (87,219 | ) | ||||||||||
Curtailments and early retirement incentives | 34,481 | — | — | — | 34,481 | ||||||||||||||||
Amortization of acquired contract liabilities | (25,644 | ) | (25,457 | ) | (187 | ) | — | — | |||||||||||||
Depreciation and amortization | 129,506 | 95,884 | 19,869 | 9,118 | 4,635 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 669,556 | $ | 540,300 | $ | 122,861 | $ | 54,498 | $ | (48,103 | ) | ||||||||||
Net sales | $ | 3,702,702 | $ | 2,781,344 | $ | 615,771 | $ | 314,506 | $ | (8,919 | ) | ||||||||||
Adjusted EBITDA Margin | 18.2% | 19.6% | 20.0% | 17.3% | n/a |
Three Months Ended | ||||||||||||||
March 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 63,283 | $ | 42,304 | $ | 0.80 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Curtailments | (395 | ) | (256 | ) | (0.00) | Corporate | ||||||||
Early retirement incentives | 916 | 594 | 0.01 | Corporate | ||||||||||
Relocation Costs (including interest) | 24,125 | 15,633 | 0.30 | Aerostructures (Primarily) | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 17,801 | 11,535 | 0.22 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 5,643 | 3,657 | 0.07 | Aerostructures (EAC)** | ||||||||||
Adjusted Income from continuing operations - non-GAAP | $ | 111,373 | $ | 73,467 | $ | 1.39 | * | |||||||
* 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" |
Twelve Months Ended | ||||||||||||||
March 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 312,233 | $ | 206,256 | $ | 3.91 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Settlements and curtailments, net | 1,166 | 756 | 0.01 | Corporate | ||||||||||
Early retirement incentives | 916 | 594 | 0.01 | Corporate | ||||||||||
Relocation Costs (including interest) | 31,910 | 20,678 | 0.39 | Aerostructures (Primarily) | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 24,714 | 16,015 | 0.30 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 13,676 | 8,862 | 0.17 | Aerostructures (EAC)** | ||||||||||
Adjusted Income from continuing operations - non-GAAP | $ | 384,615 | $ | 253,161 | $ | 4.80 | * | |||||||
* 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 | ||||||||||||||
March 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 95,478 | $ | 65,602 | $ | 1.24 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Curtailments | 23,662 | 15,250 | 0.29 | Corporate | ||||||||||
Early retirement incentives | 5,682 | 3,662 | 0.07 | Corporate | ||||||||||
Integration | 438 | 282 | 0.01 | Aerostructures (Primarily) | ||||||||||
Pension remeasurement | 1,800 | 1,160 | 0.02 | Aerostructures (EAC)** | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 600 | 387 | 0.01 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 800 | 516 | 0.01 | Aerostructures (EAC)** | ||||||||||
Deal Costs-Primarily Triumph Engine Control Systems | 3,027 | 1,951 | 0.04 | Corporate | ||||||||||
Income from continuing operations - non-GAAP | $ | 131,487 | $ | 88,810 | $ | 1.68 | * | |||||||
* 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" |
Twelve Months Ended | ||||||||||||||
March 31, 2013 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 463,057 | $ | 297,347 | $ | 5.67 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Curtailments | 23,662 | 15,250 | 0.29 | Corporate | ||||||||||
Early retirement incentives | 10,819 | 6,973 | 0.13 | Corporate | ||||||||||
Integration | 2,665 | 1,718 | 0.03 | Aerostructures (Primarily) | ||||||||||
Pension remeasurement | 1,800 | 1,160 | 0.02 | Aerostructures (EAC)** | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 600 | 387 | 0.01 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 800 | 516 | 0.01 | Aerostructures (EAC)** | ||||||||||
Deal Costs-Primarily Triumph Engine Control Systems | 3,892 | 2,508 | 0.05 | Corporate | ||||||||||
Income from continuing operations - non-GAAP | $ | 507,295 | $ | 325,859 | $ | 6.21 | ||||||||
** 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" |
Twelve Months Ended | ||||||||
March 31, | ||||||||
2014 | 2012 | |||||||
Cash provided by operations, before pension contributions | $ | 181,483 | $ | 430,736 | ||||
Pension contributions | 46,347 | 109,818 | ||||||
Cash provided by operations | 135,136 | 320,918 | ||||||
Less: | ||||||||
Capital expenditures | 206,414 | 126,890 | ||||||
Dividends | 8,334 | 8,005 | ||||||
Free cash flow available for debt reduction | $ | (79,612 | ) | $ | 186,023 |
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Calculation of Net Debt | ||||||||
Current portion | $ | 49,575 | $ | 133,930 | ||||
Long-term debt | 1,500,808 | 1,195,933 | ||||||
Total debt | 1,550,383 | 1,329,863 | ||||||
Less: Cash | 28,998 | 32,037 | ||||||
Net debt | $ | 1,521,385 | $ | 1,297,826 | ||||
Calculation of Capital | ||||||||
Net debt | $ | 1,521,385 | $ | 1,297,826 | ||||
Stockholders' equity | 2,283,911 | 2,045,158 | ||||||
Total capital | $ | 3,805,296 | $ | 3,342,984 | ||||
Percent of net debt to capital | 40.0 | % | 38.8 | % |