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): May 13, 2014
SUMMIT MATERIALS, LLC
(Exact name of registrant as specified in its charter)
Delaware | 333-187556 | 26-4138486 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1550 Wynkoop, 3rd Floor | ||
Denver, Colorado | 80202 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (303) 893-0012
Not Applicable
(Former Name or 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 May 13, 2014, Summit Materials, LLC (the Company) issued a press release announcing its financial results for the quarter ended March 29, 2014. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information being furnished pursuant to this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. |
Description | |
99.1 | Press Release of Summit Materials, LLC dated May 13, 2014. |
SIGNATURES
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.
SUMMIT MATERIALS, LLC | ||||
Date: May 13, 2014 |
||||
By: | /s/ Brian J. Harris | |||
Name: | Brian J. Harris | |||
Title: | Chief Financial Officer |
Exhibit 99.1
Summit Materials Announces First Quarter 2014 Results
Denver, Colorado (May 13, 2014) - Summit Materials, LLC today announced results for the quarter ended March 29, 2014.
Notable items for the quarter include (all comparisons are with the first quarter of 2013):
| Revenue increased 41.4% to $151.1 million. |
| Aggregates, ready-mixed concrete and asphalt volumes increased 49%, 268% and 18%, respectively. Cement volumes decreased 34%. |
| Aggregates, cement and asphalt pricing improved 2%, 16% and 8%, respectively. Ready-mixed concrete pricing decreased 12%. |
| Operating loss decreased $6.8 million. |
| Adjusted EBITDA increased $12.8 million. |
Tom Hill, the CEO of Summit Materials, stated, This year is off to a positive start. We were able to achieve an increase in product revenue of $35.8 million and an increase in service revenue of $8.4 million compared to the first quarter in 2013. Our operating earnings improved 16.3% and Adjusted EBITDA increased 45.3%. Our product pricing increased in many of our markets, most notably in Texas, Missouri and Kansas. As a result of continued emphasis on lower-volume, higher-margin contracts, we enjoyed improved margins in the first quarter. Compared to this point last year, our aggregate backlog is 23% higher. Our January acquisition of Alleyton Resources, an aggregates and ready-mixed concrete business in Houston, has already showed strong results and the integration is progressing well.
Central Region Results The Central Regions revenue increased 32.4% due to higher aggregate, ready-mixed concrete and asphalt volumes and pricing improvements across all the product lines. Adjusted EBITDA improved $5.5 million primarily due to the revenue growth and reduced stripping costs.
West Region Results The West Regions revenue increased 58.0% due to higher aggregates, ready-mixed concrete and asphalt volumes and pricing improvements across the aggregate and asphalt products. The increase in volumes was driven primarily by the Alleyton and Westroc, LLC acquisitions, contributing approximately $29.9 million of revenue. Adjusted EBITDA in the West Region increased $8.5 million. This was primarily driven by improved margins in our aggregates, asphalt and ready-mixed concrete products and improved performance in Texas.
East Region Results The East Regions revenue decreased $2.2 million due to the sale of our concrete block operations and a decrease in aggregate volumes, partially offset by a 3.6% improvement in aggregate pricing. Consistent with the revenue decline, the regions operating loss increased $1.2 million.
Liquidity and Capital Resources
Our primary sources of liquidity include cash on-hand, cash provided by our operations and amounts available for borrowing under our credit facilities. As of March 29, 2014, we had $34.1 million in cash and working capital of $117.3 million as compared to cash and working capital of $14.9 million and $85.4 million, respectively, at December 28, 2013. We calculate working capital as current assets less current liabilities, excluding the current portion of long term debt and outstanding borrowings on our revolving credit facility (Revolver). As of March 29, 2014, our remaining borrowing capacity on our Revolver was $131.7 million, net of $18.3 million of outstanding letters of credit.
Given the seasonality of our business, we typically experience significant fluctuations in working capital needs and balances throughout the year. Our working capital requirements generally increase during the first half of the year as we build up inventory and focus on repair and maintenance and other set up costs for the upcoming season. Working capital levels then generally decrease toward the end of the year, which is when we generally see significant inflows of cash from the collection of receivables.
1
Free cash flow, a non-GAAP measure defined as net cash used for operating activities less net capital expenditures, was $68.1 million and $56.4 million in the three month periods ended March 29, 2014 and March 30, 2013, respectively. We invested $3.5 million more in capital projects and generated $3.7 million less from asset sales.
Our growth strategy contemplates future acquisitions for which we believe we have sufficient access to capital. As of March 29, 2014, we have approximately $330.6 million of funding commitments from our equity sponsors outstanding.
On January 17, 2014, we issued an additional $260.0 million of our 10.5% senior notes due January 31, 2020. Proceeds from the notes were used to acquire Alleyton Resources, pay down outstanding borrowings on our Revolver and for general corporate purposes.
About Summit Materials, LLC
We are a leading, vertically-integrated, geographically-diverse heavy-side building materials company. We supply aggregates, cement and related downstream products such as ready-mixed concrete, asphalt paving mix, concrete products and paving and related construction services for a variety of end uses in the U.S. construction industry, including private residential and non-residential construction and public infrastructure projects. Summit Materials has completed 29 acquisitions beginning with its first acquisition in 2009. Our nine operating companies make up our three distinct geographic regions that span 16 states and 23 metropolitan statistical areas.
For more information about Summit Materials, LLC refer to the Companys website at http://www.summit-materials.com. The information contained on our website is not incorporated herein by reference.
Conference Call Information
The Company will conduct a conference call at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Tuesday, May 13, 2014. Interested parties may access this event at https://viavid.webcasts.com/starthere.jsp?ei=1034721.
For those investors without online web access, the conference call may be accessed at:
Conference ID: | 4682051 | |||||
Domestic: | 1-877-941-1428 | |||||
International: | 1-480-629-9665 |
Non-GAAP Financial Measures
The rules of the Securities and Exchange Commission (the SEC) regulate the use in filings with the SEC of non-GAAP financial measures, such as Adjusted EBITDA and Pro Forma Adjusted EBITDA, that are derived on the basis of methodologies other than in accordance with GAAP. We have provided Adjusted EBITDA and Pro Forma Adjusted EBITDA because we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Our senior secured credit facilities use Pro Forma Adjusted EBITDA to measure compliance with covenants such as interest coverage and debt incurrence and the indenture governing our senior notes uses Pro Forma Adjusted EBITDA in connection with our debt incurrence and restricted payment capacity. Our use of the terms Adjusted EBITDA and Pro Forma Adjusted EBITDA may vary from the use of such terms by others in our industry and should not be considered as alternatives to net loss, operating (loss) income, revenue or any other performance measures derived in accordance with GAAP as measures of operating performance or to cash flows as measures of liquidity.
Adjusted EBITDA and Pro Forma Adjusted EBITDA and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of the limitations of Adjusted EBITDA and Pro Forma Adjusted EBITDA are that these measures do not reflect: (i) changes in, or cash requirements for, our working capital needs; (ii) the significant interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iii) any cash requirements for the replacement cost of assets being depreciated or amortized. Because of these limitations, we rely primarily on our GAAP results and use Adjusted EBITDA and Pro Forma Adjusted EBITDA only supplementally.
2
Our chief operating decision maker also considers our free cash flow as a measure of operating performance. We define free cash flow as net cash provided by (used for) operating activities less purchases of property, plant and equipment.
Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. However, non-GAAP financial measures should not be construed as being more important than other comparable GAAP financial measures and should be considered in conjunction with the GAAP measures. In addition, non-GAAP financial measures are not standardized; therefore, it may not be possible to compare such financial measures with other companies non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely on any single financial measure.
Reconciliations of net loss to Adjusted EBITDA, cash flows used for operations to free cash flow and net loss for the twelve months ended March 29, 2014 to Pro Forma Ajdusted EBITDA are included in the tables attached to this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as believes, expects, may, will, should, seeks, intends, trends, plans, estimates, projects or anticipates or similar expressions that concern our strategy, plans, expectations or intentions. Any and all statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, sales volumes and financial results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 28, 2013, filed with the SEC as such factors may be updated from time to time in our periodic filings with the SEC.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
3
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands)
March 29, | December 28, | |||||||
2014 | 2013 | |||||||
(unaudited) | (audited) | |||||||
Assets | ||||||||
Current assets: |
||||||||
Cash |
$ | 34,135 | $ | 14,917 | ||||
Accounts receivable, net |
95,747 | 99,337 | ||||||
Costs and estimated earnings in excess of billings |
12,372 | 10,767 | ||||||
Inventories |
113,248 | 96,432 | ||||||
Other current assets |
11,191 | 13,181 | ||||||
|
|
|
|
|||||
Total current assets |
266,693 | 234,634 | ||||||
Property, plant and equipment, less accumulated depreciation, depletion and amortization (March 29, 2014 - $228,481 and December 28, 2013 - $212,382) |
891,211 | 831,778 | ||||||
Goodwill |
271,948 | 127,038 | ||||||
Intangible assets, less accumulated amortization (March 29, 2014 - $2,341 and December 28, 2013 - $2,192) |
15,166 | 15,147 | ||||||
Other assets |
45,900 | 39,197 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,490,918 | $ | 1,247,794 | ||||
|
|
|
|
|||||
Liabilities, Redeemable Noncontrolling Interest and Members Interest | ||||||||
Current liabilities: |
||||||||
Current portion of debt |
$ | 4,220 | $ | 30,220 | ||||
Current portion of acquisition-related liabilities |
14,428 | 10,635 | ||||||
Accounts payable |
67,100 | 72,104 | ||||||
Accrued expenses |
61,378 | 57,251 | ||||||
Billings in excess of costs and estimated earnings |
6,535 | 9,263 | ||||||
|
|
|
|
|||||
Total current liabilities |
153,661 | 179,473 | ||||||
Long-term debt |
939,983 | 658,767 | ||||||
Acquisition-related liabilities |
42,034 | 23,756 | ||||||
Other noncurrent liabilities |
74,256 | 77,480 | ||||||
|
|
|
|
|||||
Total liabilities |
1,209,934 | 939,476 | ||||||
|
|
|
|
|||||
Redeemable noncontrolling interest |
25,137 | 24,767 | ||||||
Members interest: |
||||||||
Members equity |
511,812 | 486,896 | ||||||
Accumulated deficit |
(251,635 | ) | (198,511 | ) | ||||
Accumulated other comprehensive loss |
(5,472 | ) | (6,045 | ) | ||||
|
|
|
|
|||||
Members interest |
254,705 | 282,340 | ||||||
Noncontrolling interest |
1,142 | 1,211 | ||||||
|
|
|
|
|||||
Total members interest |
255,847 | 283,551 | ||||||
|
|
|
|
|||||
Total liabilities, redeemable noncontrolling interest and members interest |
$ | 1,490,918 | $ | 1,247,794 | ||||
|
|
|
|
4
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
($ in thousands)
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Revenue: |
||||||||
Product |
$ | 103,961 | $ | 68,140 | ||||
Service |
47,130 | 38,689 | ||||||
|
|
|
|
|||||
Total revenue |
151,091 | 106,829 | ||||||
|
|
|
|
|||||
Cost of revenue (excluding items shown separately below): |
||||||||
Product |
89,019 | 65,972 | ||||||
Service |
39,656 | 30,101 | ||||||
|
|
|
|
|||||
Total cost of revenue |
128,675 | 96,073 | ||||||
|
|
|
|
|||||
General and administrative expenses |
35,488 | 34,003 | ||||||
Depreciation, depletion, amortization and accretion |
19,356 | 17,131 | ||||||
Transaction costs |
2,591 | 1,482 | ||||||
|
|
|
|
|||||
Operating loss |
(35,019 | ) | (41,860 | ) | ||||
Other (income) expense, net |
(194 | ) | 433 | |||||
Loss on debt financings |
| 3,115 | ||||||
Interest expense |
18,819 | 13,367 | ||||||
|
|
|
|
|||||
Loss from continuing operations before taxes |
(53,644 | ) | (58,775 | ) | ||||
Income tax benefit |
(596 | ) | (2,621 | ) | ||||
|
|
|
|
|||||
Loss from continuing operations |
(53,048 | ) | (56,154 | ) | ||||
Loss from discontinued operations |
20 | 123 | ||||||
|
|
|
|
|||||
Net loss |
(53,068 | ) | (56,277 | ) | ||||
Net loss attributable to noncontrolling interest |
(2,515 | ) | (3,456 | ) | ||||
|
|
|
|
|||||
Net loss attributable to member of Summit Materials, LLC |
$ | (50,553 | ) | $ | (52,821 | ) | ||
|
|
|
|
5
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
($ in thousands)
Three months ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Cash flow from operating activities: |
||||||||
Net loss |
$ | (53,068 | ) | $ | (56,277 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation, depletion, amortization and accretion |
20,479 | 17,738 | ||||||
Financing fee amortization |
310 | 796 | ||||||
Share-based compensation expense |
566 | 542 | ||||||
Deferred income tax benefit |
(525 | ) | (515 | ) | ||||
Net (gain) loss on asset disposals |
(48 | ) | 870 | |||||
Loss on debt financings |
| 2,990 | ||||||
Other |
558 | 687 | ||||||
Decrease (increase) in operating assets, net of acquisitions: |
||||||||
Account receivable |
16,989 | 32,557 | ||||||
Inventories |
(13,377 | ) | (10,499 | ) | ||||
Costs and estimated earnings in excess of billings |
(839 | ) | 145 | |||||
Other current assets |
9 | (2,110 | ) | |||||
Other assets |
3,202 | 626 | ||||||
(Decrease) increase in operating liabilities, net of acquisitions: |
||||||||
Accounts payable |
(10,239 | ) | (16,688 | ) | ||||
Accrued expenses |
(9,620 | ) | (14,328 | ) | ||||
Billings in excess of costs and estimated earnings |
(2,728 | ) | (1,313 | ) | ||||
Other liabilities |
(2,044 | ) | (1,117 | ) | ||||
|
|
|
|
|||||
Net cash used for operating activities |
(50,375 | ) | (45,896 | ) | ||||
|
|
|
|
|||||
Cash flow from investing activities: |
||||||||
Acquisitions, net of cash acquired |
(182,514 | ) | | |||||
Purchases of property, plant and equipment |
(19,941 | ) | (16,405 | ) | ||||
Proceeds from the sale of property, plant and equipment |
2,202 | 5,859 | ||||||
Other |
7 | | ||||||
|
|
|
|
|||||
Net cash used for investing activities |
(200,246 | ) | (10,546 | ) | ||||
|
|
|
|
|||||
Cash flow from financing activities: |
||||||||
Proceeds from investment by member |
24,350 | | ||||||
Proceeds from debt issuances |
306,750 | 154,181 | ||||||
Payments on long-term debt |
(54,314 | ) | (51,390 | ) | ||||
Payments on acquisition-related liabilities |
(638 | ) | (1,585 | ) | ||||
Financing costs |
(6,309 | ) | (2,221 | ) | ||||
|
|
|
|
|||||
Net cash provided by financing activities |
269,839 | 98,985 | ||||||
|
|
|
|
|||||
Net increase in cash |
19,218 | 42,543 | ||||||
Cash beginning of period |
14,917 | 27,431 | ||||||
|
|
|
|
|||||
Cash end of period |
$ | 34,135 | $ | 69,974 | ||||
|
|
|
|
6
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Financial Highlights
($ in thousands)
Three months ended | ||||||||
March 29, 2014 |
March 30, 2013 |
|||||||
Revenue by product:* |
||||||||
Aggregates |
$ | 31,549 | $ | 20,865 | ||||
Cement |
7,206 | 9,440 | ||||||
Ready-mixed concrete |
42,380 | 13,133 | ||||||
Asphalt |
24,396 | 19,351 | ||||||
Construction and paving |
55,502 | 46,410 | ||||||
Other |
(9,942 | ) | (2,370 | ) | ||||
|
|
|
|
|||||
Total revenue |
$ | 151,091 | $ | 106,829 | ||||
|
|
|
|
|||||
* Revenue by product includes intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. |
|
Three months ended | ||||||||
March 29, 2014 |
March 30, 2013 |
|||||||
Revenue: |
||||||||
Central region |
$ | 47,542 | $ | 35,900 | ||||
West region |
94,894 | 60,063 | ||||||
East region |
8,655 | 10,866 | ||||||
|
|
|
|
|||||
Total revenue |
$ | 151,091 | $ | 106,829 | ||||
|
|
|
|
Volume in Q1 2014 Compared to Q1 2013 |
Pricing in Q1 2014 Compared to Q1 2013 |
|||||||
Aggregate |
49 | % | 2 | % | ||||
Cement |
(34 | %) | 16 | % | ||||
Ready-mixed concrete |
268 | % | (12 | %) | ||||
Asphalt |
18 | % | 8 | % |
7
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Reconciliations of Non-GAAP Financial Measures
($ in thousands)
The tables below reconcile our net loss to Adjusted EBITDA and present Adjusted EBITDA by segment for the three months ended March 29, 2014 and March 30, 2013.
Reconciliation of Net Loss to Adjusted EBITDA
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Net loss |
$ | (53,068 | ) | $ | (56,277 | ) | ||
Income tax benefit |
(596 | ) | (2,621 | ) | ||||
Interest expense |
18,819 | 13,367 | ||||||
Depreciation, depletion and amortization |
19,149 | 16,959 | ||||||
Accretion |
207 | 172 | ||||||
Loss from discontinued operations |
20 | 123 | ||||||
|
|
|
|
|||||
Adjusted EBITDA |
$ | (15,469 | ) | $ | (28,277 | ) | ||
|
|
|
|
Adjusted EBITDA by Segment
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Central |
$ | (423 | ) | $ | (5,954 | ) | ||
West |
1,791 | (6,722 | ) | |||||
East |
(9,338 | ) | (9,533 | ) | ||||
Corporate |
(7,499 | ) | (6,068 | ) | ||||
|
|
|
|
|||||
Adjusted EBITDA |
$ | (15,469 | ) | $ | (28,277 | ) | ||
|
|
|
|
The following table reconciles net cash used for operating activities to free cash flow for the three months ended March 29, 2014 and March 30, 2013.
Three Months Ended | ||||||||
March 29, | March 30, | |||||||
2013 | 2012 | |||||||
Net loss |
$ | (53,068 | ) | $ | (56,277 | ) | ||
Non- cash items |
21,340 | 23,108 | ||||||
|
|
|
|
|||||
Net loss adjusted for non-cash items |
(31,728 | ) | (33,169 | ) | ||||
Change in working capital accounts |
(18,647 | ) | (12,727 | ) | ||||
|
|
|
|
|||||
Net cash used for operating activities |
(50,375 | ) | (45,896 | ) | ||||
Capital expenditures, net of asset sales |
(17,739 | ) | (10,546 | ) | ||||
|
|
|
|
|||||
Free cash flow |
$ | (68,114 | ) | $ | (56,442 | ) | ||
|
|
|
|
8
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Reconciliations of Non-GAAP Financial Measures
($ in thousands)
The following table presents a reconciliation of net loss to Pro Forma Adjusted EBITDA for the twelve months ended March 29, 2014.
Twelve Months ended March 29, 2014 |
Twelve Months ended December 28, 2013 |
|||||||
Net loss |
$ | (100,470 | ) | $ | (103,679 | ) | ||
Interest expense |
61,895 | 56,443 | ||||||
Income tax expense |
(622 | ) | (2,647 | ) | ||||
Depreciation, depletion, amortization and accretion expense |
75,159 | 72,934 | ||||||
|
|
|
|
|||||
EBITDA |
$ | 35,962 | $ | 23,051 | ||||
|
|
|
|
|||||
EBITDA for certain acquisitions |
26,866 | (1,596 | ) | |||||
Discontinued operations |
575 | 678 | ||||||
Transaction expenses |
5,099 | 3,990 | ||||||
Monitoring fees and expenses |
2,957 | 2,620 | ||||||
Strategic fees and initiatives |
2,782 | 3,887 | ||||||
Anticipated cost savings |
| | ||||||
Goodwill impairment |
68,202 | 68,202 | ||||||
Non-cash compensation |
2,339 | 2,315 | ||||||
Deferred financing fees written off at re-financing |
| 3,115 | ||||||
Loss on disposal and impairment of fixed assets |
11,644 | 12,419 | ||||||
Severance and relocation costs |
2,920 | 2,755 | ||||||
Other |
4,854 | 7,015 | ||||||
|
|
|
|
|||||
Pro Forma Adjusted EBITDA |
$ | 164,200 | $ | 128,451 | ||||
|
|
|
|
9
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Credit Statistics
($ in millions)
The following is a summary of our credit statistics:
March 29, 2014 | December 28, 2013 | |||||||
Cash & Cash Equivalents |
$ | 34.1 | $ | 14.9 | ||||
|
|
|
|
|||||
Debt |
||||||||
Revolving Credit Facility ($150M Capacity) |
$ | | $ | 26.0 | ||||
Senior Secured Term Loan |
418.8 | 419.9 | ||||||
Capital Leases |
16.8 | 8.0 | ||||||
Other Debt |
0.4 | 1.6 | ||||||
|
|
|
|
|||||
Total Senior Secured Debt |
$ | 436.0 | $ | 455.5 | ||||
10.5 % Senior Notes |
510.0 | 250.0 | ||||||
|
|
|
|
|||||
Total Debt |
$ | 946.0 | $ | 705.5 | ||||
Leverage Ratio Calculations |
||||||||
Senior Secured Net Debt |
$ | 401.9 | $ | 440.6 | ||||
Total Net Debt |
$ | 911.9 | $ | 690.6 | ||||
Pro Forma Adjusted EBITDA |
$ | 164.2 | $ | 128.5 | ||||
Senior Secured Net Leverage |
2.45 | x | 3.43 | x | ||||
Covenant Senior Secured Net Leverage Limit |
4.75 | x | 4.75 | x | ||||
Total Net Leverage |
5.55 | x | 5.37 | x |
Contact: | info@summit-materials.com 303-893-0012 |
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