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, 2014, sales mix was as follows: commercial was 61% (compared to 58% in the prior fiscal quarter), military was 24% (compared to 28% in the prior fiscal quarter), business jets were 10% (compared to 11% in the prior fiscal quarter), regional jets were 2% (compared to 1% in the prior fiscal quarter) and non-aviation was 3% (compared to 2% in the prior fiscal quarter). |
• | The top ten programs represented in the Aerostructures Group backlog were the Gulfstream, 747, 777, A330/340, C-17, 737, 787, V-22, Bombardier Global 7000/8000 and 767/Tanker, respectively. |
• | The top ten programs represented in the Aerospace Systems Group backlog were the A320/A321, 787, 737, A380, V-22, 777, CH-47, Bell Helicopter 429, Sikorsky UH60 and C-130 programs, respectively. |
• | For the fiscal quarter ended December 31, 2014, The Boeing Company (commercial, military and space) accounted for 42.8% of net sales. |
• | Same store sales for the fiscal quarter ended December 31, 2014 decreased 7% over the prior year period. Aerostructures same store sales for the fiscal quarter ended December 31, 2014 were $559.5 million, a decrease of 11% over the prior year period. Aerospace Systems same store sales for the fiscal quarter ended December 31, 2014 were $215.5 million, an increase of 2% over the prior year period. Aftermarket Services same store sales for the fiscal quarter ended December 31, 2014 were $74.8 million, an increase of 7% over the prior year period. |
• | For the fiscal quarter ended December 31, 2014, OEM sales represented 81% of net sales (compared to 84% in the prior fiscal quarter), Aftermarket sales represented 17% of net sales (compared to 14% 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, 2014 were $183.0 million, an increase of 14% 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, 2015 |
Date: | January 29, 2015 | 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 28, 2015 |
• | Net sales for third quarter fiscal year 2015 increased to $917.4 million |
• | Operating loss for third quarter fiscal year 2015 was ($61.3) million and included a pre-tax charge of $152.0 million for forward losses associated with the 747-8 program through the duration of the contract |
• | Net loss per share for third quarter fiscal year 2015 was ($0.79), which included certain items described below totaling ($2.20) per diluted share. Excluding these items, net income was $72.1 million and earnings per share were $1.42 per diluted share |
• | Year-to-date cash flow from operations before pension contributions of $55.9 million was $365.9 million |
• | Successfully completed agreement to assume production of Gulfstream G650 and G280 wing programs |
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
CONDENSED STATEMENTS OF INCOME | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 917,417 | $ | 915,816 | $ | 2,808,444 | $ | 2,826,844 | ||||||||
Operating (loss) income | (61,266 | ) | 84,779 | 293,956 | 319,096 | |||||||||||
Interest expense and other | 13,573 | 30,115 | 71,320 | 70,146 | ||||||||||||
Income tax (benefit) expense | (35,007 | ) | 19,271 | 66,778 | 84,998 | |||||||||||
Net (loss) income | $ | (39,832 | ) | $ | 35,393 | $ | 155,858 | $ | 163,952 | |||||||
Earnings per share - basic: | ||||||||||||||||
Net (loss) income | $ | (0.79 | ) | $ | 0.68 | $ | 3.05 | $ | 3.18 | |||||||
Weighted average common shares outstanding - basic | 50,643 | 52,024 | 51,114 | 51,548 | ||||||||||||
Earnings per share - diluted: | ||||||||||||||||
Net (loss) income | $ | (0.79 | ) | $ | 0.67 | $ | 3.04 | $ | 3.11 | |||||||
Weighted average common shares outstanding - diluted | 50,643 | 52,806 | 51,343 | 52,798 | ||||||||||||
Dividends declared and paid per common share | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.12 |
BALANCE SHEET | Unaudited | Audited | ||||||
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 34,181 | $ | 28,998 | ||||
Accounts receivable, net | 448,892 | 517,304 | ||||||
Inventories, net of unliquidated progress payments of $174,855 and $165,019 | 1,288,564 | 1,111,767 | ||||||
Rotable assets | 43,825 | 41,666 | ||||||
Deferred income taxes | 49,429 | 57,308 | ||||||
Prepaid and other current assets | 22,789 | 24,897 | ||||||
Current assets | 1,887,680 | 1,781,940 | ||||||
Property and equipment, net | 982,666 | 931,430 | ||||||
Goodwill | 2,133,879 | 1,791,891 | ||||||
Intangible assets, net | 974,028 | 978,171 | ||||||
Other, net | 48,745 | 69,954 | ||||||
Total assets | $ | 6,026,998 | $ | 5,553,386 | ||||
Liabilities & Stockholders' Equity | ||||||||
Current portion of long-term debt | $ | 40,877 | $ | 49,575 | ||||
Accounts payable | 308,398 | 317,334 | ||||||
Accrued expenses | 334,135 | 273,290 | ||||||
683,410 | 640,199 | |||||||
Long-term debt, less current portion | 1,401,803 | 1,500,808 | ||||||
Accrued pension and post-retirement benefits, noncurrent | 410,168 | 508,524 | ||||||
Deferred income taxes, noncurrent | 434,839 | 385,188 | ||||||
Other noncurrent liabilities | 826,326 | 234,756 | ||||||
Stockholders' Equity: | ||||||||
Common stock, $.001 par value, 100,000,000 shares authorized, 52,460,920 and 52,459,020 shares issued | 51 | 52 | ||||||
Capital in excess of par value | 850,542 | 866,281 | ||||||
Treasury stock, at cost, 2,009,523 and 300,000 shares | (133,767 | ) | (19,134 | ) | ||||
Accumulated other comprehensive income | (51,730 | ) | (18,908 | ) | ||||
Retained earnings | 1,605,356 | 1,455,620 | ||||||
Total stockholders' equity | 2,270,452 | 2,283,911 | ||||||
Total liabilities and stockholders' equity | $ | 6,026,998 | $ | 5,553,386 |
SEGMENT DATA | Three Months Ended | Nine Months Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales: | ||||||||||||||||
Aerostructures | $ | 559,465 | $ | 637,202 | $ | 1,803,400 | $ | 1,979,839 | ||||||||
Aerospace Systems | 279,198 | 211,402 | 787,951 | 636,411 | ||||||||||||
Aftermarket Services | 80,690 | 69,556 | 222,641 | 216,880 | ||||||||||||
Elimination of inter-segment sales | (1,936 | ) | (2,344 | ) | (5,548 | ) | (6,286 | ) | ||||||||
$ | 917,417 | $ | 915,816 | $ | 2,808,444 | $ | 2,826,844 | |||||||||
Operating Income (Loss): | ||||||||||||||||
Aerostructures | $ | (102,461 | ) | $ | 53,973 | $ | 40,634 | $ | 218,784 | |||||||
Aerospace Systems | 41,863 | 32,504 | 125,430 | 106,887 | ||||||||||||
Aftermarket Services | 12,490 | 9,297 | 34,614 | 30,678 | ||||||||||||
Corporate | (13,158 | ) | (10,995 | ) | 93,278 | (37,253 | ) | |||||||||
$ | (61,266 | ) | $ | 84,779 | $ | 293,956 | $ | 319,096 | ||||||||
Depreciation and Amortization: | ||||||||||||||||
Aerostructures | $ | 24,947 | $ | 30,207 | $ | 74,692 | $ | 83,002 | ||||||||
Aerospace Systems | 11,363 | 10,823 | 32,027 | 27,911 | ||||||||||||
Aftermarket Services | 2,334 | 1,862 | 6,137 | 5,603 | ||||||||||||
Corporate | 1,164 | 1,211 | 3,517 | 3,765 | ||||||||||||
$ | 39,808 | $ | 44,103 | $ | 116,373 | $ | 120,281 | |||||||||
Amortization of Acquired Contract Liabilities: | ||||||||||||||||
Aerostructures | (4,411 | ) | (8,380 | ) | (14,311 | ) | (20,135 | ) | ||||||||
Aerospace Systems | (11,090 | ) | (5,878 | ) | (25,021 | ) | (14,238 | ) | ||||||||
$ | (15,501 | ) | $ | (14,258 | ) | $ | (39,332 | ) | $ | (34,373 | ) | |||||
Capital Expenditures: | ||||||||||||||||
Aerostructures | $ | 15,589 | $ | 33,662 | $ | 53,965 | $ | 132,205 | ||||||||
Aerospace Systems | 8,301 | 5,714 | 24,552 | 15,989 | ||||||||||||
Aftermarket Services | 1,392 | 2,728 | 5,425 | 10,795 | ||||||||||||
Corporate | 814 | 429 | 1,228 | 2,808 | ||||||||||||
$ | 26,096 | $ | 42,533 | $ | 85,170 | $ | 161,797 |
• | Legal settlements may be useful to investors to consider because they reflect gains or losses from disputes with third parties. We do not believe that these earnings necessarily reflect the current and ongoing cash earnings related to our operations. |
• | 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 | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA): | ||||||||||||||||
Net (loss) income | $ | (39,832 | ) | $ | 35,393 | $ | 155,858 | $ | 163,952 | |||||||
Add-back: | ||||||||||||||||
Income tax expense | (35,007 | ) | 19,271 | 66,778 | 84,998 | |||||||||||
Interest expense and other | 13,573 | 30,115 | 71,320 | 70,146 | ||||||||||||
Settlements and early retirement incentive expense | — | 1,561 | — | 1,561 | ||||||||||||
Gain on legal settlement, net | — | — | (134,693 | ) | — | |||||||||||
Amortization of acquired contract liabilities | (15,501 | ) | (14,258 | ) | (39,332 | ) | (34,373 | ) | ||||||||
Depreciation and amortization | 39,808 | 44,103 | 116,373 | 120,281 | ||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | (36,959 | ) | $ | 116,185 | $ | 236,304 | $ | 406,565 | |||||||
747-8 forward loss | $ | 151,992 | $ | — | $ | 151,992 | $ | — | ||||||||
Jefferson Street Move costs | 2,124 | 9,925 | 14,058 | 14,198 | ||||||||||||
Modified Adjusted EBITDA | $ | 117,157 | $ | 126,110 | $ | 402,354 | $ | 420,763 | ||||||||
Net sales | $ | 917,417 | $ | 915,816 | $ | 2,808,444 | $ | 2,826,844 | ||||||||
Adjusted EBITDA Margin | (4.1)% | 12.9% | 8.5% | 14.6% | ||||||||||||
Modified Adjusted EBITDA Margin | 13.0% | 14.0% | 14.5% | 15.1% |
Three Months Ended December 31, 2014 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Loss | $ | (39,832 | ) | ||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | (35,007 | ) | |||||||||||||||||||
Interest expense and other | 13,573 | ||||||||||||||||||||
Operating income (loss) | $ | (61,266 | ) | $ | (102,461 | ) | $ | 41,863 | $ | 12,490 | $ | (13,158 | ) | ||||||||
Amortization of acquired contract liabilities | (15,501 | ) | (4,411 | ) | (11,090 | ) | — | — | |||||||||||||
Depreciation and amortization | 39,808 | 24,947 | 11,363 | 2,334 | 1,164 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | (36,959 | ) | $ | (81,925 | ) | $ | 42,136 | $ | 14,824 | $ | (11,994 | ) | ||||||||
747-8 forward loss | $ | 151,992 | $ | 151,992 | $ | — | $ | — | $ | — | |||||||||||
Jefferson Street Move costs | 2,124 | 2,124 | — | — | — | ||||||||||||||||
Modified Adjusted EBITDA | $ | 117,157 | $ | 72,191 | $ | 42,136 | $ | 14,824 | $ | (11,994 | ) | ||||||||||
Net sales | $ | 917,417 | $ | 559,465 | $ | 279,198 | $ | 80,690 | $ | (1,936 | ) | ||||||||||
Adjusted EBITDA Margin | (4.1)% | (14.8)% | 15.7% | 18.4% | n/a | ||||||||||||||||
Modified Adjusted EBITDA Margin | 13.0% | 13.0% | 15.7% | 18.4% | n/a |
Nine Months Ended December 31, 2014 | |||||||||||||||||||||
Segment Data | |||||||||||||||||||||
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA): | Total | Aerostructures | Aerospace Systems | Aftermarket Services | Corporate/Eliminations | ||||||||||||||||
Net Income | $ | 155,858 | |||||||||||||||||||
Add-back: | |||||||||||||||||||||
Income tax expense | 66,778 | ||||||||||||||||||||
Interest expense and other | 71,320 | ||||||||||||||||||||
Operating income (loss) | $ | 293,956 | $ | 40,634 | $ | 125,430 | $ | 34,614 | $ | 93,278 | |||||||||||
Gain on legal settlement, net of expenses | (134,693 | ) | — | — | — | (134,693 | ) | ||||||||||||||
Amortization of acquired contract liabilities | (39,332 | ) | (14,311 | ) | (25,021 | ) | — | — | |||||||||||||
Depreciation and amortization | 116,373 | 74,692 | 32,027 | 6,137 | 3,517 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 236,304 | $ | 101,015 | $ | 132,436 | $ | 40,751 | $ | (37,898 | ) | ||||||||||
747-8 forward loss | $ | 151,992 | $ | 151,992 | $ | — | $ | — | $ | — | |||||||||||
Jefferson Street Move costs | 14,058 | 14,058 | — | — | — | ||||||||||||||||
Modified Adjusted EBITDA | $ | 402,354 | $ | 267,065 | $ | 132,436 | $ | 40,751 | $ | (37,898 | ) | ||||||||||
Net sales | $ | 2,808,444 | $ | 1,803,400 | $ | 787,951 | $ | 222,641 | $ | (5,548 | ) | ||||||||||
Adjusted EBITDA Margin | 8.5% | 5.6% | 17.4% | 18.3% | n/a | ||||||||||||||||
Modified Adjusted EBITDA Margin | 14.5% | 14.9% | 17.4% | 18.3% | n/a |
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 | (14,258 | ) | (8,380 | ) | (5,878 | ) | — | — | |||||||||||||
Depreciation and amortization | 44,103 | 30,207 | 10,823 | 1,862 | 1,211 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 116,185 | $ | 75,800 | $ | 37,449 | $ | 11,159 | $ | (8,223 | ) | ||||||||||
Jefferson Street Move costs | $ | 9,925 | $ | 9,925 | $ | — | $ | — | $ | — | |||||||||||
Modified Adjusted EBITDA | $ | 126,110 | $ | 85,725 | $ | 37,449 | $ | 11,159 | $ | (8,223 | ) | ||||||||||
Net sales | $ | 915,816 | $ | 637,202 | $ | 211,402 | $ | 69,556 | $ | (2,344 | ) | ||||||||||
Adjusted EBITDA Margin | 12.9% | 12.1% | 18.2% | 16.0% | n/a | ||||||||||||||||
Modified Adjusted EBITDA Margin | 14.0% | 13.6% | 18.2% | 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 | 83,002 | 27,911 | 5,603 | 3,765 | ||||||||||||||||
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") | $ | 406,565 | $ | 281,651 | $ | 120,560 | $ | 36,281 | $ | (31,927 | ) | ||||||||||
Jefferson Street Move costs | $ | 14,198 | $ | 14,198 | $ | — | $ | — | $ | — | |||||||||||
Modified Adjusted EBITDA | $ | 420,763 | $ | 295,849 | $ | 120,560 | $ | 36,281 | $ | (31,927 | ) | ||||||||||
Net sales | $ | 2,826,844 | $ | 1,979,839 | $ | 636,411 | $ | 216,880 | $ | (6,286 | ) | ||||||||||
Adjusted EBITDA Margin | 14.6% | 14.4% | 19.4% | 16.7% | n/a | ||||||||||||||||
Modified Adjusted EBITDA Margin | 15.1% | 15.1% | 19.4% | 16.7% | n/a |
Three Months Ended | ||||||||||||||
December 31, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Loss from Continuing Operations - GAAP | $ | (74,839 | ) | $ | (39,832 | ) | $ | (0.79 | ) | |||||
Non-Recurring Costs: | ||||||||||||||
747-8 forward loss | 151,992 | 98,491 | 1.94 | Aerostructures (EAC) ** | ||||||||||
Structures - International | 13,919 | 9,020 | 0.18 | Aerostructures | ||||||||||
Transaction fees - Tulsa Acquisition | 3,507 | 2,273 | 0.04 | Corporate | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 2,124 | 1,376 | 0.03 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 1,174 | 761 | 0.01 | Aerostructures (EAC)** | ||||||||||
Adjusted Income from continuing operations - non-GAAP | $ | 97,877 | $ | 72,089 | $ | 1.42 | * | |||||||
* 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, 2014 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 222,636 | $ | 155,858 | $ | 3.05 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Gain on legal settlement, net of expenses | (134,693 | ) | (87,281 | ) | (1.70 | ) | Corporate | |||||||
Refinancing costs | 22,615 | 14,655 | 0.29 | |||||||||||
Transaction fees - Tulsa Acquisition | 4,606 | 2,985 | 0.06 | Corporate | ||||||||||
747-8 forward loss | 151,992 | 98,491 | 1.92 | Aerostructures (EAC) ** | ||||||||||
Structures - International | 13,919 | 9,020 | 0.18 | Aerostructures | ||||||||||
Relocation Costs | 3,193 | 2,069 | 0.04 | Corporate | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 10,865 | 7,041 | 0.14 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 5,801 | 3,759 | 0.07 | Aerostructures (EAC)** | ||||||||||
Adjusted Income from continuing operations - non-GAAP | $ | 300,934 | $ | 206,597 | $ | 4.02 | * | |||||||
* 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, 2013 | Location on | |||||||||||||
Pre-Tax | After-Tax | Diluted EPS | Financial Statements | |||||||||||
Income from Continuing Operations - GAAP | $ | 54,664 | $ | 35,393 | $ | 0.68 | ||||||||
Non-Recurring Costs: | ||||||||||||||
Pension settlement charge | 1,561 | 1,008 | 0.02 | Corporate | ||||||||||
Refinancing fees | 11,069 | 7,151 | 0.14 | |||||||||||
Relocation costs (including interest) | 5,041 | 3,256 | 0.06 | Aerostructures (Primarily) | ||||||||||
Jefferson Street Move: | ||||||||||||||
Disruption | 5,084 | 3,284 | 0.06 | Aerostructures (EAC)** | ||||||||||
Accelerated Depreciation | 3,224 | 2,083 | 0.04 | Aerostructures (EAC)** | ||||||||||
Adjusted 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 | |||||||||||
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)** | ||||||||||
Adjusted 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" |
Nine Months Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cash provided by operations, before pension contributions | $ | 365,919 | $ | 79,142 | ||||
Pension contributions | 55,955 | 45,800 | ||||||
Cash (used in) provided by operations | 309,964 | 33,344 | ||||||
Less: | ||||||||
Capital expenditures | 85,170 | 161,797 | ||||||
Dividends | 6,122 | 6,246 | ||||||
Free cash flow available for debt reduction, acquisitions and share repurchases | $ | 218,672 | $ | (134,701 | ) |
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
Calculation of Net Debt | ||||||||
Current portion | $ | 40,877 | $ | 49,575 | ||||
Long-term debt | 1,401,803 | 1,500,808 | ||||||
Total debt | 1,442,680 | 1,550,383 | ||||||
Less: Cash | 34,181 | 28,998 | ||||||
Net debt | $ | 1,408,499 | $ | 1,521,385 | ||||
Calculation of Capital | ||||||||
Net debt | $ | 1,408,499 | $ | 1,521,385 | ||||
Stockholders' equity | 2,270,452 | 2,283,911 | ||||||
Total capital | $ | 3,678,951 | $ | 3,805,296 | ||||
Percent of net debt to capital | 38.3 | % | 40.0 | % |