Delaware | 333-89756 | 54-2061691 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
1750 Tysons Boulevard Suite 1300 McLean, VA |
22102 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications 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)) |
Three months ended | Twelve months ended | |||||||
September 30, 2011 | September 30, 2011 | |||||||
Calculation of Consolidated Net Income |
||||||||
Net loss |
$ | (12,109 | ) | $ | (44,384 | ) | ||
Less: Gain on asset sales |
(74 | ) | (147 | ) | ||||
Less: Debt extinguishment gain |
| (939 | ) | |||||
Consolidated Net Income |
$ | (12,183 | ) | $ | (45,470 | ) | ||
Calculation of Consolidated EBITDA* |
||||||||
Consolidated Net Income |
$ | (12,183 | ) | $ | (45,470 | ) | ||
Plus: Interest expense |
18,539 | 73,919 | ||||||
Plus: Income tax expense |
1,744 | 6,974 | ||||||
Plus: Depreciation and amortization expense |
2,796 | 11,356 | ||||||
Plus: Non-cash stock-based compensation
expense (credit) |
(397 | ) | (142 | ) | ||||
Less: Cash paid for phantom stock |
| (133 | ) | |||||
Plus: Non-cash ESOP and 401(k) contributions |
3,398 | 10,987 | ||||||
Plus: Employee salary deferrals used to
purchase Alion common stock** |
765 | 3,133 | ||||||
Less: Cash paid for ESOP obligations |
(9 | ) | (796 | ) | ||||
Plus: Non-cash LTIP expense |
857 | 2,797 | ||||||
Less: Cash paid for LTIP grants |
(100 | ) | (2,962 | ) | ||||
Plus: Non-recurring expenses |
2,353 | 3,540 | ||||||
Consolidated EBITDA |
$ | 17,763 | $ | 63,203 | ||||
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* | We believe Consolidated EBITDA can be useful in assessing operating performance and in comparing our performance to other companies in the same industry. EBITDA (earnings before interest, taxes, depreciation and amortization) is a common financial metric in the government contracting industry, in part because it excludes from performance the effects of a companys capital structure, in particular taxes and interest. EBITDA is not a measure under generally accepted accounting principles in the United States of America (GAAP). It does not measure operating income, profitability, cash flows or liquidity in accordance with GAAP. EBITDA has important limitations on its usefulness as an analytical tool. Consolidated EBITDA excludes certain non-cash expenses and non-recurring items from EBITDA in order to evaluate our ability to meet our obligations from our continuing operations. Consolidated EBITDA is not defined under GAAP and is not a measure of operating income, operating performance, profitability, cash flows or liquidity presented in accordance with GAAP. Consolidated EBITDA has important limitations on its usefulness as an analytical tool. | |
** | Alion employees deferred the following amounts (in thousands) for the first, second and third quarters of fiscal 2011: $853; $781; and $735. Total fiscal 2011 employee deferrals were $3,133. |
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ALION SCIENCE AND TECHNOLOGY CORPORATION |
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By: | /s/ Michael J. Alber | |||
Name: | Michael J. Alber | |||
Title: | Chief Financial Officer | |||
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