8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 13, 2012

PATHEON INC.

(Exact name of registrant as specified in its charter)

Canada	000-54283	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
c/o Patheon Pharmaceuticals Services Inc. 4721 Emperor Boulevard, Suite 200 Durham, NC		27703
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (919) 226-3200

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On September 13, 2012, Patheon Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended July 31, 2012. The full text of the press release was posted on the Company’s internet website and is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure

As previously announced and as disclosed in the press release attached hereto as Exhibit 99.1, the Company plans to hold a conference call at 8:30 a.m. ET on September 13, 2012. A copy of the presentation the Company plans to discuss on the conference call, which will be available on the Company’s website prior to the start of the call, is attached hereto as Exhibit 99.2 and incorporated by reference herein.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in Items 2.02 and 7.01 of this report, including the press release attached hereto as Exhibit 99.1 and the presentation attached hereto as Exhibit 99.2, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

  (d) Exhibits.

  See the Exhibit Index attached hereto.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 13, 2012	PATHEON INC.
	By:	/s/ Stuart Grant
		Stuart Grant
		Executive Vice President, Chief Financial Officer

2

EXHIBIT INDEX

Exhibit No.	Description of Document
99.1	Press release dated September 13, 2012.
99.2	Presentation for the Company’s conference call on September 13, 2012.

EX-99.1

Exhibit 99.1

PATHEON REPORTS FISCAL 2012 THIRD QUARTER RESULTS

Revenue increases 18.0 percent with 115.1 percent gross profit improvement.

Fiscal 2012 revenue guidance increased.

TORONTO (September 13, 2012) – Patheon Inc. (TSX: PTI), a leading provider of contract development and manufacturing services to the global pharmaceutical industry, announced today fiscal 2012 third quarter and nine month results.

Third Quarter Fiscal 2012 Financial Highlights

• Revenues in the quarter increased to $203.7 million from $172.7 million in the same period last year, an increase of 18.0 percent.

• Gross profit in the quarter increased to $55.5 million from $25.8 million in the same period last year, an increase of 115.1 percent.

• Adjusted EBITDA increased in the quarter to $34.6 million from $10.3 million in the same period last year, an increase of 235.9 percent.

• Income before discontinued operations in the quarter improved to $15.5 million from income before discontinued operations of $0.6 million in the same period last year.

James C. Mullen, Patheon’s Chief Executive Officer said, “We continue to be encouraged by the progress we make in transforming the company. Our top line growth in the quarter was strong. Our transformation activities continue on track, and we are seeing the results of those efforts in our margins. As a result of the strong growth in the quarter, we are increasing our revenue guidance for the year to be in excess of $735 million.”

Fiscal 2012 Third Quarter and Nine Month Operating Results from Continuing Operations

Revenue for the third quarter increased $31.0 million, or 18.0 percent, to $203.7 million, from $172.7 million in the same period last year, driven by growth in existing business, and supported by our transformation activities. Without the negative impact of foreign exchange, revenues would have increased by approximately 24.1 percent.

Commercial manufacturing (CMO) revenues for the third quarter increased $29.6 million, or 21.3 percent, to $168.3 million, from $138.7 million in the same period last year. Pharmaceutical Development Services’ revenues for the third quarter increased $1.4 million, or 4.1 percent, to $35.4 million, from $34.0 million in the same period last year.

Revenue for the nine month period increased $20.7 million, or 4.0 percent, to $539.1 million, from $518.4 million in the same period last year. Without the negative impact of foreign exchange, revenues would have increased approximately 7.1 percent. The year-over-year growth in the nine month period would have been up 15.2 percent excluding the benefit from the contract cancellation in the prior year.

Commercial manufacturing revenues for the nine month period increased to $438.1 million, or 2.9 percent, from $425.8 million in same period last year. Excluding the $50.3 million benefit from the contract cancellation recorded in the first half of fiscal 2011, commercial manufacturing revenues would have increased by 16.7 percent. PDS revenues for the nine month period increased to $101.0 million, or 9.1 percent, from $92.6 million in the same period last year.

Gross profit for the third quarter increased $29.7 million to $55.5 million, from $25.8 million last year. The increase in gross profit was primarily due to higher volumes, operating efficiencies, favorable material mix and lower depreciation expense.

Gross profit for the nine month period increased to $103.9 million from $98.3 million in the same period last year. Excluding the $50.3 million benefit from the prior year contract cancellation, gross profit in the nine month period would have increased by $55.9 million. The increase in gross profit was primarily due to higher volumes and lower depreciation expense partially offset by the unfavorable impact associated with replacing high margin revenue from the cancelled contract with ongoing production at our normal margins.

Income before discontinued operations for the quarter was $15.5 million, or 12.0¢ per share, both basic and diluted, compared to income before discontinued operations of $0.6 million, or 0.5¢ per share, both basic and diluted, in the same period last year. The net loss before discontinued operations for the nine months was ($83.3) million, or (64.5¢) per share compared to a loss of ($6.0) million, or (4.6¢) per share in the same period of fiscal 2011. The net loss before discontinued operations for the nine months ended July 31, 2012 was primarily due to the after tax impact of the previously announced impairment charges of $57.9 million and repositioning expenses of $6.4 million, as well as the after tax impact of $12.1 million from the consulting fees related to strategic initiatives.

2012 Outlook

Based on encouraging revenue trends in the first nine months of the year the company is increasing its full year revenue guidance. The company expects 2012 revenue to exceed $735 million.

Conference Call

Patheon will host a conference call and Web cast on September 13, 2012 at 8:30 a.m. Interested parties are invited to access the conference call, via telephone, in listen-only mode, toll free at 1-888-231-8191 (U.S., including Puerto Rico) and 1-647-427-7450 (Canada and International). Listeners are encouraged to dial in five to fifteen minutes in advance to avoid delays. Slides will also be available for viewing during the call by accessing Patheon’s Web site at http://www.patheon.com/InvestorRelations/tabid/62/Default.aspx.

A telephone replay of the conference call will be available between September 13, 2012 and September 20, 2012 by dialing 1-855-859-2056 (toll free) or 1-403-451-9481, and by entering identification number 19083494, followed by the number key. The conference call will be archived at http://www.patheon.com/InvestorRelations/tabid/62/Default.aspx.

About Patheon

Patheon Inc. (TSX: PTI) is a leading global provider of contract development and manufacturing services to the global pharmaceutical industry. The company provides the highest quality products and services to approximately 300 of the world’s leading pharmaceutical and biotechnology companies. Its services range from preclinical development through commercial manufacturing of a full array of dosage forms including parenteral, soft gel, solid and liquid forms.

The company’s comprehensive range of fully integrated Pharmaceutical Development Services includes pre-formulation, formulation, analytical development, clinical manufacturing, scale-up and commercialization. The company’s integrated development and manufacturing network of 10 manufacturing facilities, nine development centers and one clinical trial material packaging facility across North America and Europe, enables customer products to be launched with confidence anywhere in the world.

Use of Non-GAAP Financial Measures

References in this press release to “Adjusted EBITDA” are to income (loss) before discontinued operations before repositioning expenses, interest expense, foreign exchange losses reclassified from other comprehensive income, refinancing expenses, gains and losses on sale of fixed assets, gain on extinguishment of debt, income taxes, asset impairment charge, depreciation and amortization and other income and expenses. “Adjusted EBITDA margin” is Adjusted EBITDA as a percentage of revenues. Since Adjusted EBITDA is a non-GAAP measure that does not have a standardized meaning, it may not be comparable to similar measures presented by other issuers. Readers are cautioned that these non-GAAP measures should not be construed as alternatives to income (loss) before discontinued operations determined in accordance with GAAP as indicators of performance. Adjusted EBITDA is used by management as an internal measure of profitability. The company has included these measures because it believes that this information is used by certain investors to assess its financial performance, before non-cash charges and certain costs that the company does not believe are reflective of its underlying business. An Adjusted EBITDA reconciliation of these amounts to the closest U.S. GAAP measure is included with the financial statements in this press release.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements which reflect our expectations regarding our future growth, results of operations, performance (both operational and financial) and business prospects and opportunities. All statements, other than statements of historical fact, are forward-looking statements. Wherever possible, words such as “plans”, “expects” or “does not expect”, “forecasts”, “anticipates” or “does not anticipate”, “believes”, “intends” and similar expressions or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved have been used to identify these forward-looking statements. Although the forward-looking statements contained in this press release reflect our current assumptions based upon information currently available to us and based upon what we believe to be reasonable assumptions, we cannot be certain that actual results will be consistent with these forward-looking statements. Our current material assumptions include assumptions related to customer volumes, regulatory compliance, foreign exchange rates and employee severance costs associated with termination. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risks related to international operations and foreign currency fluctuations; customer demand for our services; regulatory matters affecting manufacturing and pharmaceutical development services; impacts of acquisitions, divestitures and restructurings; implementation of our new corporate strategy; our ability to effectively transfer business between facilities; the global economic environment; our exposure to complex production issues; our substantial financial leverage; interest rate risks; potential environmental, health and safety liabilities; credit and customer concentration; competition; rapid technological change; product liability claims; intellectual property; the existence of a significant shareholder; supply arrangements; pension plans; derivative financial instruments; and dependence upon key management, scientific and technical personnel. For additional information regarding risks and uncertainties that could affect our business, please see Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2011 filed with the U.S. Securities and Exchange Commission and with the Canadian Securities Administrators. Although we have attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this press release and, except as required by law, we assume no obligation to update or revise them to reflect new events or circumstances.

Contact:

Wendy Wilson

Investor Relations and Corporate Communications

Tel: (919) 226-3313

Email: wendy.wilson@patheon.com

Patheon Inc.

CONSOLIDATED BALANCE SHEETS

(unaudited)

	As of July 31, 2012			As of October 31, 2011
(in millions of U.S. dollars)	$			$
Assets
Current
Cash and cash equivalents		35.4			33.4
Accounts receivable		138.1			158.0
Inventories		90.3			81.8
Income taxes receivable		1.9			3.1
Prepaid expenses and other		16.3			10.7
Deferred tax assets - short-term		13.3			8.1
Total current assets		295.3			295.1
Capital assets		399.2			474.2
Deferred financing costs		5.1			6.2
Deferred tax assets		36.0			39.1
Goodwill		3.4			3.5
Investments		5.8			5.3
Long-term assets held for sale		—			0.2
Other long-term assets		10.0			1.0
Total assets		754.8			824.6
Liabilities and shareholders’ equity
Current
Short-term borrowings		6.6			6.1
Accounts payable and accrued liabilities		175.3			181.5
Income taxes payable		3.3			—
Deferred revenues - short-term		8.7			8.8
Current portion of long-term debt		—			1.1
Total current liabilities		193.9			197.5
Long-term debt		310.4			280.1
Deferred revenues		34.6			27.7
Deferred tax liabilities		30.4			27.9
Other long-term liabilities		41.1			53.7
Total liabilities		610.4			586.9
Shareholders’ equity
Restricted voting shares		572.0			571.9
Contributed surplus		16.0			13.5
Deficit		(455.4	)		(371.9	)
Accumulated other comprehensive income		11.8			24.2
Total shareholders’ equity		144.4			237.7
Total liabilities and shareholders’ equity		754.8			824.6

Patheon Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three months ended July 31,						Nine months ended July 31,
	2012			2011			2012			2011
(in millions of U.S. dollars, except per share information)	$			$			$			$
Revenues		203.7			172.7			539.1			518.4
Cost of goods sold		148.2			146.9			435.2			420.1
Gross profit		55.5			25.8			103.9			98.3
Selling, general and administrative expenses		29.9			31.7			99.0			84.3
Repositioning expenses		0.1			1.9			6.9			3.4
Impairment charge		—			—			57.9			—
(Gain) loss on sale of capital assets		—			(0.1	)		—			0.1
Operating income (loss)		25.5			(7.7	)		(59.9	)		10.5
Interest expense, net		6.8			6.3			19.8			19.0
Foreign exchange loss (gain), net		0.4			(3.6	)		0.6			3.2
Other income, net		(0.5	)		(6.3	)		(0.6	)		(5.8	)
Income (loss) from continuing operations before income taxes		18.8			(4.1	)		(79.7	)		(5.9	)
Provision for (benefit from) income taxes		3.3			(4.7	)		3.6			0.1
Income (loss) before discontinued operations		15.5			0.6			(83.3	)		(6.0	)
Loss from discontinued operations		—			(0.2	)		(0.2	)		(0.5	)
Net income (loss) attributable to restricted voting shareholders		15.5			0.4			(83.5	)		(6.5	)
Basic income (loss) per share
From continuing operations	$	0.120		$	0.005		($	0.645	)	($	0.046	)
From discontinued operations		—		($	0.002	)	($	0.002	)	($	0.004	)
Net income (loss) per share, basic	$	0.120		$	0.003		($	0.647	)	($	0.050	)
Diluted income (loss) per share
From continuing operations	$	0.120		$	0.005		($	0.645	)	($	0.046	)
From discontinued operations		—		($	0.002	)	($	0.002	)	($	0.004	)
Net income (loss) per share, diluted	$	0.120		$	0.003		($	0.647	)	($	0.050	)
Average number of shares outstanding (in thousands)
Basic		129,168			129,168			129,168			129,168
Diluted		129,200			129,168			129,168			129,168

Patheon Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Nine months ended July 31,
	2012			2011
(in millions of U.S. dollars)	$			$
Operating activities
Loss before discontinued operations		(83.3	)		(6.0	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization		30.8			41.0
Impairment charge		57.9			—
Non-cash interest		0.9			0.8
Change in other long-term assets and liabilities		(1.7	)		(5.3	)
Deferred income taxes		(0.3	)		5.9
Amortization of deferred revenues		(7.6	)		(42.6	)
Loss on sale of capital assets		—			0.1
Stock-based compensation expense		2.5			2.6
Other		(0.8	)		(0.3	)
		(1.6	)		(3.8	)
Net change in non-cash working capital balances related to continuing operations		(9.9	)		(11.2	)
Increase in deferred revenues		18.7			27.2
Cash provided by operating activities of continuing operations		7.2			12.2
Cash used in operating activities of discontinued operations		(0.4	)		(0.5	)
Cash provided by operating activities		6.8			11.7
Investing activities
Additions to capital assets		(32.9	)		(31.2	)
Proceeds on sale of capital assets		0.1			0.3
Cash used in investing activities of continuing operations		(32.8	)		(30.9	)
Cash provided by investing activities of discontinued operations		0.1			—
Cash used in investing activities		(32.7	)		(30.9	)
Financing activities
Increase in short-term borrowings		0.9			1.3
Increase in long-term debt		35.5			6.0
Repayment of long-term debt		(6.1	)		(7.4	)
Cash provided by (used in) financing activities		30.3			(0.1	)
Effect of exchange rate changes on cash and cash equivalents		(2.4	)		5.3
Net increase (decrease) in cash and cash equivalents during the period		2.0			(14.0	)
Cash and cash equivalents, beginning of period		33.4			53.5
Cash and cash equivalents, end of period		35.4			39.5

ADJUSTED EBITDA BRIDGE

(unaudited)

	Three months ended July 31,						Nine months ended July 31,
	2012			2011			2012			2011
(in millions of U.S. dollars)	$			$			$			$
Adjusted EBITDA		34.6			10.3			35.2			51.9
Depreciation and amortization		(9.3	)		(12.6	)		(30.8	)		(41.0	)
Repositioning expenses		(0.1	)		(1.9	)		(6.9	)		(3.4	)
Interest expense, net		(6.8	)		(6.3	)		(19.8	)		(19.0	)
Impairment charge		—			—			(57.9	)		—
Gain (loss) on sale of capital assets		—			0.1			—			(0.1	)
(Provision for) benefit from income taxes		(3.3	)		4.7			(3.6	)		(0.1	)
Other		0.4			6.3			0.5			5.7
Income (loss) before discontinued operations		15.5			0.6			(83.3	)		(6.0	)

###

EX-99.2

Patheon

Fiscal 2012 Third Quarter

Results

September 13, 2012

Exhibit 99.2

1

Forward-Looking Statements

This presentation contains forward-looking statements or information which reflect our expectations

regarding possible events,

conditions, our future growth, results of operations, performance, and business prospects and opportunities. All statements, other

than statements of historical fact, are forward-looking statements.

Forward-looking statements necessarily involve significant

known and unknown risks, assumptions and uncertainties that may cause our actual results in future periods to differ materially

from those expressed or implied by such forward-looking statements. These risks are described in our 2011 Form 10-K, and our

other filings with the U.S. Securities and Exchange Commission and with the Canadian Securities Administrators. Accordingly, you

are cautioned not to place undue reliance on forward-looking statements.  These forward-looking statements are made as of the

date hereof, and except as required by law, we assume no obligation to update or revise them to reflect new events or

circumstances.

Use of Non-GAAP Financial Measures

These slides contain references to the following non-GAAP measures: (1) “Adjusted EBITDA”

which is income (loss) before

discontinued operations before repositioning expenses, interest expense, foreign exchange losses reclassified from other

comprehensive income, refinancing expenses, gains and losses on sale of fixed assets, gain on extinguishment of debt, income

taxes, asset impairment charge, depreciation and amortization and other income and expenses; and (2) “Adjusted EBITDA

Excluding Certain Items,”

which is “Adjusted EBITDA”

excluding the consulting fees associated with the strategic initiatives.

Since Adjusted EBITDA and Adjusted EBITDA before certain items are non-GAAP measures that do not have a standardized

meaning, they may not be comparable to similar measures presented by other issuers.

You are cautioned that these non-GAAP

measures should not be substituted for income (loss) before discontinued operations as indicators of performance.

We have

included these measures because we believe that this information

is used by certain investors to assess our financial

performance, before non-cash charges and certain costs that we do not believe are reflective of our underlying business. In

addition, Adjusted EBITDA is used by management as an internal measure of profitability.

Reconciliations of these non-GAAP

measures to the closest U.S. GAAP measures are included in the Appendix to this presentation.

•

Highlights

•

Financial results

•

Transformation update

•

Conclusion

Agenda

2

Third Quarter Highlights

18 percent revenue growth

115 percent gross profit –

236 percent Adjusted EBITDA increases

Increasing revenue guidance –

exceeding $735 million

Transformation continues to yield benefits

3

Continued Quarterly Growth

Revenue

(U.S. $ in millions)

4

172.7

181.6

153.9

181.5

203.7

100

120

140

160

180

200

220

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

18% yr-yr revenue growth

Strong Conversion To Gross Profit

Gross Profit

(U.S. $ in millions)

115% yr-yr gross profit growth

5

25.8

33.5

14.4

34.0

55.5

10

15

20

25

30

35

40

45

50

55

60

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Solid Progress With Adjusted EBITDA

Adjusted EBITDA

(U.S. $ in millions)

Adjusted EBITDA Excluding Certain Items

(U.S. $ in millions)

6

-15

-5

5

15

25

35

45

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

-15

-5

5

15

25

35

45

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

10.3

14.5

(9.2)

9.7

34.6

12.8

21.0

(2.9)

15.7

35.6

Sufficient Liquidity to Manage Business

$ in Millions

7

39.5

33.4

32.5

19.6

35.4

98.2

94.9

93.8

60.1

63.0

137.7

128.3

126.3

79.7

98.4

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

3Q11

4Q11

1Q12

2Q12

3Q12

Cash

Availability

Liquidity

8

Summary Financial Results

Three months ended July 31,

Statement of Operations

2012

2011

(in millions of U.S. dollars)

$

$

Revenues

203.7

172.7

Gross Profit

55.5

25.8

Selling, general and administrative expenses

29.9

31.7

Operating income (loss)

25.5

(7.7)

Income before discontinued operations

15.5

0.6

Adjusted EBITDA

34.6

10.3

Balance Sheets

Q3 2012

Q4 2011

Cash

35.4

33.4

Total Debt (LT & ST)

317.0

287.3

Undrawn lines of credit

63.0

94.9

9

Strategic Roll Out is Advancing

•

OE programs have de-bottlenecked

revenue capacity

•

Drove gross profit and adjusted

EBITDA increased in Q3

•

Clinical packaging business sale

•

Rolled-out Solupath and Sterile

Back-up Supply programs

•

Patheon Certified Consultants

STRENGTHEN CORE

OPERATIONS

•

Early development lab

•

P-Gels brand softgel offering

launched in Q2

ENTER LOGICAL

ADJACENCIES

•

The CMO market will consolidate

–

but progress has been slow

DRIVE INDUSTRY

CONSOLIDATION

SELL BUSINESS

DIFFERENTLY

10

Summary

•

Growing revenues and improving margins

•

Transformation activities continue to benefit our

financial results and are on track

•

Balance sheet and liquidity are good

•

Raising top-line guidance

11

Thank You

12

Appendix

Adjusted EBITDA  and Adjusted EBITDA Excluding Certain Items

(unaudited)

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

(in millions of U.S. dollars)

$

$

$

$

$

Income (loss) before discontinued operations

0.6

(9.8)

(19.3)

(79.6)

15.5

Depreciation and amortization

12.6

12.2

10.6

10.8

9.3

Repositioning expenses

1.9

3.5

0.8

6.0

0.1

Interest expense, net

6.3

6.6

6.5

6.5

6.8

Impairment charge

-

-

-

57.9

-

(Gain) loss on sale of capital assets

(0.1)

0.1

-

-

-

(Benefit from) provision for income taxes

(4.7)

1.0

(7.7)

8.0

3.3

Other

(6.3)

0.9

(0.1)

0.1

(0.4)

Adjusted EBITDA

10.3

14.5

(9.2)

9.7

34.6

Consulting

2.5

6.5

6.3

6.0

1.0

Adjusted EBITDA excluding certain items

12.8

21.0

(2.9)

15.7

35.6