EX-99.1 4 0004.txt RECONCILIATION OF NET INCOME Exhibit 99 ADVANCED GLASSFIBER YARNS LLC (formerly Glass Yarns and Specialty Materials Business) Reconciliation of Net Income to EBITDA (dollars in thousands)
The Predecessor Business Consolidated Company -------------------------------------- -------------------------------------------- Year Nine Months Three Months Year Year Ended Ended Ended Ended Ended December 31, September 30, December 31, December 31, December 31, --------------------- ------------ ------------- ------------ ----------- 1996 1997 1998 1998 1999 2000 ---- ---- ---- ---- ---- ---- Net income $ 50,243 $ 50,326 $ 43,009 $ 4,275 $ 1,990 $ 12,093 Depreciation and amortization(1) 8,233 8,305 6,394 5,601 23,987 25,993 Non-recurring, start-up cost - - 2,034 2,345 3,282 - Interest - - - 9,113 36,824 35,449 Taxes 33,051 32,540 16,226 - 190 93 Extraordinary loss - - - - 3,616 - -------- ---------- ------------ ------------ ----------- ---------- Adjusted EBITDA $ 91,527 $ 91,171 $ 67,663 $ 21,334 $ 69,889 $ 73,628 ======== ========== ============ ============ =========== ==========
(1) Excluding depreciation and amortization recorded in interest expense.