REXNORD CORPORATION |
(Exact name of Registrant as specified in its charter) |
Delaware | 001-35475 | 20-5197013 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
247 Freshwater Way, Suite 300 Milwaukee, Wisconsin (Address of principal executive offices) | 53204 (Zip Code) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 2.06. | Material Impairments. |
Exhibit No. | Description | |
99.1 | Press Release dated April 26, 2016 |
REXNORD CORPORATION | ||
By: | /S/ Mark W. Peterson | |
Name: | Mark W. Peterson | |
Title: | Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated April 26, 2016 |
Press Release | |
April 26, 2016 | Contact Information: |
For Immediate Release | Rob McCarthy |
Vice President - Investor Relations | |
414.223.1615 |
Preliminary Reconciliation of GAAP Earnings per Share to Adjusted Earnings per Share (Unaudited): | ||||||||
Three Months Ending | Twelve Months Ending | |||||||
March 31, 2016 | March 31, 2016 | |||||||
GAAP net income per diluted share | $0.00 to $0.01 | $0.66 to $0.67 | ||||||
Actuarial loss on pension and postretirement benefit obligations | 0.13 | 0.13 | ||||||
Operating loss of RHF product line (excluding restructuring and other similar charges) | 0.10 | 0.22 | ||||||
Supply chain optimization and footprint repositioning initiatives (2) | 0.01 | 0.02 | ||||||
Restructuring and other similar charges (3) | 0.23 | 0.34 | ||||||
Amortization of intangible assets | 0.14 | 0.56 | ||||||
Other income, net (4) | (0.05) | (0.03) | ||||||
Tax impact on adjustments | (0.21) | (0.45) | ||||||
Adjusted net income per diluted share | $0.35 to $0.36 | $1.45-$1.46 |
(2) | Represents accelerated depreciation and other non-cash expenses associated with our strategic supply chain optimization and footprint repositioning initiatives. |
(3) | Includes $13.6 million of impairment related to the RHF product line exit. |
(4) | Other income, net includes the impact of foreign currency transactions, sale of property, plant and equipment, and other miscellaneous income and expense, including a fourth quarter recovery of $8.4 million under the Continued Dumping and Subsidy Offset Act. |
Three Months ended March 31, 2016 | ||||||||||||||||
Pre-tax impact | (Benefit) provision for income taxes | Net impact | Impact on diluted earnings per share | |||||||||||||
Operating loss | $ | (25.7 | ) | $ | (9.1 | ) | $ | (16.6 | ) | $ | (0.16 | ) | ||||
Adjustments: | ||||||||||||||||
Restructuring and other similar charges | 15.0 | 5.3 | 9.7 | 0.09 | ||||||||||||
Adjusted operating loss | $ | (10.7 | ) | $ | (3.8 | ) | $ | (6.9 | ) | $ | (0.07 | ) | ||||
Depreciation | 0.4 | |||||||||||||||
Amortization | 0.1 | |||||||||||||||
Adjusted EBITDA | $ | (10.2 | ) |
Year ended March 31, 2016 | ||||||||||||||||
Pre-tax impact | (Benefit) provision for income taxes | Net impact | Impact on diluted earnings per share | |||||||||||||
Operating loss | $ | (42.8 | ) | $ | (15.2 | ) | $ | (27.6 | ) | $ | (0.27 | ) | ||||
Adjustments: | ||||||||||||||||
Restructuring and other similar charges | 19.5 | 6.9 | 12.6 | 0.12 | ||||||||||||
Adjusted operating loss | $ | (23.3 | ) | $ | (8.3 | ) | $ | (15.0 | ) | $ | (0.15 | ) | ||||
Depreciation | 1.5 | |||||||||||||||
Amortization | 0.4 | |||||||||||||||
Adjusted EBITDA | $ | (21.4 | ) |
(1) | Results above reflect the best estimate as of the date of release and are subject to change upon finalization of our fourth quarter and full-year results. |
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