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: August 1, 2017 | ||
Horizon Global Corporation (Exact Name of Registrant as Specified in Charter) |
Delaware | 001-37427 | 47-3574483 |
_____________________ (State or Other Jurisdiction | _____________ (Commission | ______________ (IRS Employer |
of Incorporation) | File Number) | Identification No.) |
2600 West Big Beaver Road, Suite 555, Troy, Michigan _____________________ | 48084 ___________ (Zip Code) | |
(Address of principal executive offices) |
Registrant’s telephone number, including area code: | (248) 593-8820 _____________ |
Not Applicable |
________________________________________ (Former name or former address, if changed since last report) |
Exhibit No. | Description | |||
99.1 | Press Release | |||
HORIZON GLOBAL CORPORATION | ||||||
Date: | August 1, 2017 | By: | /s/ David G. Rice | |||
Name: | David G. Rice | |||||
Title: | Chief Financial Officer |
CONTACT: | Maria C. Duey | ||
Vice President, Corporate Development & Investor Relations | |||
(248) 593-8810 | |||
mduey@horizonglobal.com |
▪ | Second quarter diluted earnings per share of $0.79 |
* | Second quarter adjusted diluted earnings per share(1) of $0.84 |
▪ | Net sales increased from $167.8 million to $253.6 million, up 51.1% |
▪ | Operating profit margin increased to 9.6%, up 300 basis points |
* | Adjusted operating profit margin(2) of 10.3%, flat from prior year quarter |
▪ | Westfalia integration and synergies on track |
▪ | Repurchased 570,365 shares of common stock |
▪ | Third quarter 2017 earnings per share guidance |
* | Diluted earnings per share guidance between $0.24 and $0.29 |
* | Adjusted diluted earnings per share(3) between $0.35 and $0.40 |
▪ | Full-year 2017 earnings per share guidance increased |
* | Diluted earnings per share increased to between $0.54 and $0.64 |
* | Adjusted diluted earnings per share(3) increased to between $1.04 and $1.14 |
▪ | Revenues between $225 million to $235 million |
▪ | Diluted earnings per share between $0.24 and $0.29 |
* | Adjusted operating profit(3) between $53 million and $59 million, up 60 to 100 basis points; unchanged |
(1) | Appendix I details certain costs, expenses, other charges, gains or income, collectively described as “Special Items,” that are included in the determination of net income under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted net income and adjusted diluted earnings per share excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. |
(2) | Please refer to “Company and Business Segment Financial Information,” which details certain costs, expenses, other charges, gains or income, collectively described as ‘’Special Items,’’ that are included in the determination of operating profit under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating profit excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating profit excluding these Special Items to provide investors with a better understanding of the Company’s view of first quarter results as compared to prior periods. |
(3) | The Company provides guidance for adjusted operating profit and adjusted diluted earnings per share, which exclude “Special Items,” that are included in the determination of operating profit and diluted earnings per share under GAAP. “Special Items” are certain costs, expenses, other charges, gains or income, that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. See Appendix IV for reconciliation of the non-GAAP financial measures the Company provides guidance on to the most comparable GAAP measure. |
(4) | We evaluate growth in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period’s currency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. See Appendix II for reconciliation. |
June 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 39,570 | $ | 50,240 | ||||
Receivables, net | 121,600 | 77,570 | ||||||
Inventories | 156,620 | 146,020 | ||||||
Prepaid expenses and other current assets | 13,680 | 12,160 | ||||||
Total current assets | 331,470 | 285,990 | ||||||
Property and equipment, net | 104,550 | 93,760 | ||||||
Goodwill | 134,380 | 120,190 | ||||||
Other intangibles, net | 85,770 | 86,720 | ||||||
Deferred income taxes | 9,270 | 9,370 | ||||||
Other assets | 10,060 | 17,340 | ||||||
Total assets | $ | 675,500 | $ | 613,370 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Current maturities, long-term debt | $ | 11,720 | $ | 22,900 | ||||
Accounts payable | 121,240 | 111,450 | ||||||
Accrued liabilities | 63,640 | 63,780 | ||||||
Total current liabilities | 196,600 | 198,130 | ||||||
Long-term debt | 269,170 | 327,040 | ||||||
Deferred income taxes | 29,390 | 25,730 | ||||||
Other long-term liabilities | 29,510 | 30,410 | ||||||
Total liabilities | 524,670 | 581,310 | ||||||
Commitments and contingent liabilities | — | — | ||||||
Total Horizon Global shareholders' equity | 151,710 | 32,360 | ||||||
Noncontrolling interest | (880 | ) | (300 | ) | ||||
Total shareholders' equity | 150,830 | 32,060 | ||||||
Total liabilities and shareholders' equity | $ | 675,500 | $ | 613,370 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net sales | $ | 253,590 | $ | 167,760 | $ | 456,870 | $ | 313,870 | ||||||||
Cost of sales | (185,920 | ) | (122,050 | ) | (343,810 | ) | (230,550 | ) | ||||||||
Gross profit | 67,670 | 45,710 | 113,060 | 83,320 | ||||||||||||
Selling, general and administrative expenses | (43,360 | ) | (31,970 | ) | (89,480 | ) | (61,660 | ) | ||||||||
Impairments | — | (2,240 | ) | — | (2,240 | ) | ||||||||||
Net loss on dispositions of property and equipment | (70 | ) | (380 | ) | — | (490 | ) | |||||||||
Operating profit | 24,240 | 11,120 | 23,580 | 18,930 | ||||||||||||
Other expense, net: | ||||||||||||||||
Interest expense | (5,220 | ) | (4,230 | ) | (11,110 | ) | (8,500 | ) | ||||||||
Loss on extinguishment of debt | — | — | (4,640 | ) | — | |||||||||||
Other expense, net | (700 | ) | (560 | ) | (1,250 | ) | (1,170 | ) | ||||||||
Other expense, net | (5,920 | ) | (4,790 | ) | (17,000 | ) | (9,670 | ) | ||||||||
Income before income tax benefit | 18,320 | 6,330 | 6,580 | 9,260 | ||||||||||||
Income tax benefit | 1,650 | 1,000 | 3,230 | 260 | ||||||||||||
Net income | 19,970 | 7,330 | 9,810 | 9,520 | ||||||||||||
Less: Net loss attributable to noncontrolling interest | (290 | ) | — | (590 | ) | — | ||||||||||
Net income attributable to Horizon Global | $ | 20,260 | $ | 7,330 | $ | 10,400 | $ | 9,520 | ||||||||
Net income per share attributable to Horizon Global: | ||||||||||||||||
Basic | $ | 0.80 | $ | 0.40 | $ | 0.42 | $ | 0.53 | ||||||||
Diluted | $ | 0.79 | $ | 0.40 | $ | 0.42 | $ | 0.52 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 25,385,395 | 18,162,451 | 24,616,939 | 18,130,081 | ||||||||||||
Diluted | 25,743,077 | 18,319,068 | 25,044,653 | 18,260,246 |
Six months ended June 30, | ||||||||
2017 | 2016 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 9,810 | $ | 9,520 | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||
Net loss on dispositions of property and equipment | — | 490 | ||||||
Depreciation | 6,510 | 4,990 | ||||||
Amortization of intangible assets | 4,960 | 3,640 | ||||||
Impairment of intangible assets | — | 2,240 | ||||||
Amortization of original issuance discount and debt issuance costs | 3,240 | 930 | ||||||
Deferred income taxes | 970 | (370 | ) | |||||
Loss on extinguishment of debt | 4,640 | — | ||||||
Non-cash compensation expense | 1,830 | 1,830 | ||||||
Increase in receivables | (40,380 | ) | (23,870 | ) | ||||
(Increase) decrease in inventories | (5,570 | ) | 12,540 | |||||
(Increase) decrease in prepaid expenses and other assets | 970 | (1,580 | ) | |||||
Decrease in accounts payable and accrued liabilities | (1,460 | ) | (2,680 | ) | ||||
Other, net | (110 | ) | (270 | ) | ||||
Net cash provided by (used for) operating activities | (14,590 | ) | 7,410 | |||||
Cash Flows from Investing Activities: | ||||||||
Capital expenditures | (13,340 | ) | (6,670 | ) | ||||
Net proceeds from disposition of property and equipment | 940 | 240 | ||||||
Net cash used for investing activities | (12,400 | ) | (6,430 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from borrowings on credit facilities | 220 | 39,160 | ||||||
Repayments of borrowings on credit facilities | (2,890 | ) | (37,280 | ) | ||||
Repayments of borrowings on Term B Loan, inclusive of transaction costs | (185,800 | ) | (5,000 | ) | ||||
Proceeds from ABL Revolving Debt | 82,400 | 81,930 | ||||||
Repayments of borrowings on ABL Revolving Debt | (62,400 | ) | (71,930 | ) | ||||
Proceeds from issuance of common stock, net of offering costs | 79,920 | — | ||||||
Repurchase of common stock | (8,360 | ) | — | |||||
Proceeds from issuance of Convertible Notes, net of issuance costs | 120,950 | — | ||||||
Proceeds from issuance of Warrants, net of issuance costs | 20,930 | — | ||||||
Payments on Convertible Note Hedges, inclusive of issuance costs | (29,680 | ) | — | |||||
Other, net | (240 | ) | (260 | ) | ||||
Net cash provided by financing activities | 15,050 | 6,620 | ||||||
Effect of exchange rate changes on cash | 1,270 | (80 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Increase (decrease) for the period | (10,670 | ) | 7,520 | |||||
At beginning of period | 50,240 | 23,520 | ||||||
At end of period | $ | 39,570 | $ | 31,040 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 7,220 | $ | 7,510 |
Common Stock | Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Horizon Global Shareholders’ Equity | Noncontrolling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 210 | $ | 54,800 | $ | — | $ | (14,310 | ) | $ | (8,340 | ) | $ | 32,360 | $ | (300 | ) | $ | 32,060 | ||||||||||||
Net income (loss) | — | — | — | 10,400 | — | 10,400 | (590 | ) | 9,810 | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 14,740 | 14,740 | 10 | 14,750 | |||||||||||||||||||||||
Issuance of common stock, net of issuance costs | 40 | 79,880 | — | — | — | 79,920 | 79,920 | ||||||||||||||||||||||||
Repurchase of common stock | — | — | (8,360 | ) | — | — | (8,360 | ) | — | (8,360 | ) | ||||||||||||||||||||
Shares surrendered upon vesting of employees' share based payment awards to cover tax obligations | — | (240 | ) | — | — | — | (240 | ) | — | (240 | ) | ||||||||||||||||||||
Non-cash compensation expense | — | 1,830 | — | — | — | 1,830 | — | 1,830 | |||||||||||||||||||||||
Issuance of Warrants, net of issuance costs | — | 20,930 | — | — | — | 20,930 | — | 20,930 | |||||||||||||||||||||||
Initial equity component of the 2.75% Convertible Senior Notes due 2022, net of issuance costs and tax | — | 19,680 | — | — | — | 19,680 | — | 19,680 | |||||||||||||||||||||||
Convertible Note Hedges, net of issuance costs and tax | — | (19,550 | ) | — | — | — | (19,550 | ) | — | (19,550 | ) | ||||||||||||||||||||
Balance at June 30, 2017 | $ | 250 | $ | 157,330 | $ | (8,360 | ) | $ | (3,910 | ) | $ | 6,400 | $ | 151,710 | $ | (880 | ) | $ | 150,830 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Horizon Americas | ||||||||||||||||
Net sales | $ | 138,110 | $ | 128,820 | $ | 235,940 | $ | 239,440 | ||||||||
Operating profit | $ | 22,750 | $ | 12,700 | $ | 27,910 | $ | 22,720 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Severance and business restructuring costs | $ | — | $ | 3,620 | $ | — | $ | 4,330 | ||||||||
Impairment of intangible assets | $ | — | $ | 2,280 | $ | — | $ | 2,280 | ||||||||
Adjusted operating profit | $ | 22,750 | $ | 18,600 | $ | 27,910 | $ | 29,330 | ||||||||
Horizon Europe-Africa | ||||||||||||||||
Net sales | $ | 86,580 | $ | 13,840 | $ | 165,120 | $ | 26,550 | ||||||||
Operating profit | $ | 3,610 | $ | 80 | $ | 3,270 | $ | 390 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Severance and business restructuring costs | $ | 600 | $ | 270 | $ | 2,730 | $ | 280 | ||||||||
Acquisition and integration costs | $ | 460 | $ | — | $ | 270 | $ | — | ||||||||
Adjusted operating profit | $ | 4,670 | $ | 350 | $ | 6,270 | $ | 670 | ||||||||
Horizon Asia-Pacific | ||||||||||||||||
Net sales | $ | 28,900 | $ | 25,100 | $ | 55,810 | $ | 47,880 | ||||||||
Operating profit | $ | 4,290 | $ | 2,850 | $ | 7,360 | $ | 5,080 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Severance and business restructuring costs | $ | 300 | $ | — | $ | 300 | $ | — | ||||||||
Acquisition and integration costs | $ | 20 | $ | — | $ | 20 | $ | — | ||||||||
Adjusted operating profit | $ | 4,610 | $ | 2,850 | $ | 7,680 | $ | 5,080 | ||||||||
Corporate Expenses | ||||||||||||||||
Operating loss | $ | (6,410 | ) | $ | (4,510 | ) | $ | (14,960 | ) | $ | (9,260 | ) | ||||
Special Items to consider in evaluating operating loss: | ||||||||||||||||
Acquisition costs | $ | 250 | $ | — | $ | 2,580 | $ | — | ||||||||
Severance and business restructuring costs | $ | 250 | $ | — | $ | 250 | $ | — | ||||||||
Adjusted operating loss | $ | (5,910 | ) | $ | (4,510 | ) | $ | (12,130 | ) | $ | (9,260 | ) | ||||
Total Company | ||||||||||||||||
Net sales | $ | 253,590 | $ | 167,760 | $ | 456,870 | $ | 313,870 | ||||||||
Operating profit | $ | 24,240 | $ | 11,120 | $ | 23,580 | $ | 18,930 | ||||||||
Total Special Items to consider in evaluating operating profit | $ | 1,880 | $ | 6,170 | $ | 6,150 | $ | 6,890 | ||||||||
Adjusted operating profit | $ | 26,120 | $ | 17,290 | $ | 29,730 | $ | 25,820 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income attributable to Horizon Global, as reported | $ | 20,260 | $ | 7,330 | $ | 10,400 | $ | 9,520 | ||||||||
Impact of Special Items to consider in evaluating quality of net income: | ||||||||||||||||
Severance and business restructuring costs | 1,150 | 3,890 | 3,280 | 4,610 | ||||||||||||
Impairment of intangible assets | — | 2,280 | — | 2,280 | ||||||||||||
Acquisition and integration costs | 730 | — | 2,870 | — | ||||||||||||
Loss on extinguishment of debt | — | — | 4,640 | — | ||||||||||||
Tax impact of Special Items | (450 | ) | (1,850 | ) | (3,560 | ) | (1,980 | ) | ||||||||
Adjusted net income | $ | 21,690 | $ | 11,650 | $ | 17,630 | $ | 14,430 | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Diluted earnings per share attributable to Horizon Global, as reported | $ | 0.79 | $ | 0.40 | $ | 0.42 | $ | 0.52 | ||||||||
Impact of Special Items to consider in evaluating quality of earnings per share: | ||||||||||||||||
Severance and business restructuring costs | 0.04 | 0.21 | 0.13 | 0.25 | ||||||||||||
Impairment of intangible assets | — | 0.13 | — | 0.13 | ||||||||||||
Acquisition and integration costs | 0.03 | — | 0.11 | — | ||||||||||||
Loss on extinguishment of debt | — | — | 0.19 | — | ||||||||||||
Tax impact of Special Items | (0.02 | ) | (0.10 | ) | (0.14 | ) | (0.11 | ) | ||||||||
Adjusted diluted earnings per share | $ | 0.84 | $ | 0.64 | $ | 0.71 | $ | 0.79 | ||||||||
Weighted average common shares outstanding, diluted, as reported | 25,743,077 | 18,319,068 | 25,044,653 | 18,260,246 |
Three months ended June 30, 2017 | Six months ended June 30, 2017 | |||||||||||||||||||||||
Horizon Americas | Horizon Europe-Africa | Horizon Asia-Pacific | Consolidated | Horizon Americas | Horizon Europe-Africa | Horizon Asia-Pacific | Consolidated | |||||||||||||||||
Revenue growth as reported | 7.2 | % | 527.5 | % | 15.1 | % | 51.1 | % | (1.5 | )% | 520.7 | % | 16.5 | % | 45.6 | % | ||||||||
Less: currency impact | 0.1 | % | (2.5 | )% | 1.8 | % | 0.2 | % | 0.3 | % | (3.7 | )% | 3.2 | % | 0.4 | % | ||||||||
Revenue growth at constant currency | 7.1 | % | 530.0 | % | 13.3 | % | 50.9 | % | (1.8 | )% | 524.4 | % | 13.3 | % | 45.2 | % |
Less: | Add: | |||||||||||||||
Year Ended December 31, 2016 | Six Months Ended June 30, 2016 | Six Months Ended June 30, 2017 | Twelve Months Ended June 30, 2017 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Net income (loss) attributable to Horizon Global | $ | (12,360 | ) | $ | 9,520 | $ | 10,400 | $ | (11,480 | ) | ||||||
Bank stipulated adjustments: | ||||||||||||||||
Interest expense, net (as defined) | 20,080 | 8,500 | 11,110 | 22,690 | ||||||||||||
Income tax benefit | (3,730 | ) | (260 | ) | (3,230 | ) | (6,700 | ) | ||||||||
Depreciation and amortization | 18,220 | 8,630 | 11,470 | 21,060 | ||||||||||||
Extraordinary charges | 6,830 | — | — | 6,830 | ||||||||||||
Non-cash compensation expense(a) | 3,860 | 1,830 | 1,830 | 3,860 | ||||||||||||
Other non-cash expenses or losses | 16,460 | 3,180 | 480 | 13,760 | ||||||||||||
Pro forma EBITDA of permitted acquisition | 13,910 | 14,310 | — | (400 | ) | |||||||||||
Interest-equivalent costs associated with any Specified Vendor Receivables Financing | 1,200 | 530 | 500 | 1,170 | ||||||||||||
Debt extinguishment costs | — | — | 4,640 | 4,640 | ||||||||||||
Items limited to 25% of consolidated EBITDA: | ||||||||||||||||
Non-recurring expenses (b) | 4,190 | 4,250 | — | (60 | ) | |||||||||||
Acquisition integration costs (c) | 4,290 | — | 5,580 | 9,870 | ||||||||||||
Synergies related to permitted acquisition (d) | 12,500 | — | (3,570 | ) | 8,930 | |||||||||||
EBITDA limitation for non-recurring expenses (e) | (4,860 | ) | — | (20 | ) | (4,880 | ) | |||||||||
Consolidated Bank EBITDA, as defined | $ | 80,590 | $ | 50,490 | $ | 39,190 | $ | 69,290 |
June 30, 2017 | ||||
(dollars in thousands) | ||||
Total Consolidated Indebtedness (f) | $ | 234,980 | ||
Consolidated Bank EBITDA, as defined | 69,290 | |||
Actual leverage ratio | 3.39 | x | ||
Covenant requirement | 5.25 | x |
(a) | Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. |
(b) | Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. |
(c) | Under our credit agreement, costs and expenses related to the integration of the Westfalia acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate. |
(d) | Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable “run rate” cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia acquisition. |
(e) | The amounts added to Consolidated Net Income pursuant to items in notes (b), (c), and (d) shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period. |
(f) | “Total Consolidated Indebtedness” refers to the sum of “long-term debt” and “current maturities, long-term debt”, excluding certain credit facilities as defined in our Credit Agreement less domestic cash of $10.6 million and 65% of foreign cash, or $18.8 million, as of June 30, 2017 |
Year ending on December 31, 2017 | Year ended December 31, 2016 | ||||||||||||||||||||
Low End of Guidance | High End of Guidance | ||||||||||||||||||||
Revenue | $ | 844,000 | $ | 876,400 | $ | 649,200 | |||||||||||||||
Operating profit | $ | 40,000 | 4.7 | % | $ | 46,000 | 5.2 | % | $ | 6,300 | 1.0 | % | |||||||||
Estimated Special Items | 13,000 | 1.5 | % | 13,000 | 1.5 | % | 30,860 | 4.8 | % | ||||||||||||
Adjusted operating profit | $ | 53,000 | 6.3 | % | $ | 59,000 | 6.7 | % | $ | 37,160 | 5.7 | % | |||||||||
Basis point improvement | 60 bps | 100 bps |
Year ending on December 31, 2017 | ||||||||
Low End of Guidance | High End of Guidance | |||||||
Diluted earnings per share | $ | 0.54 | $ | 0.64 | ||||
Impact of Special Items (including tax impact) | 0.50 | 0.50 | ||||||
Adjusted diluted earnings per share | $ | 1.04 | $ | 1.14 | ||||
Estimated diluted weighted average common shares outstanding | 25,300,000 | 25,300,000 |
Three months ending on September 30, 2017 | ||||||||
Low End of Guidance | High End of Guidance | |||||||
Diluted earnings per share | $ | 0.24 | $ | 0.29 | ||||
Impact of Special Items (including tax impact) | 0.11 | 0.11 | ||||||
Adjusted diluted earnings per share | $ | 0.35 | $ | 0.40 | ||||
Estimated diluted weighted average common shares outstanding | 25,400,000 | 25,400,000 |
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