VECTOR GROUP LTD. |
DELAWARE |
(State or Other Jurisdiction of Incorporation) |
1-5759 | 65-0949535 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
4400 Biscayne Boulevard, Miami, Florida | 33137 | |
(Address of Principal Executive Offices) | (Zip Code) |
(305) 579-8000 |
(Registrant’s Telephone Number, Including Area 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)) |
(c) | Exhibit. |
Exhibit No. | Exhibit | |
99.1 | Press Release issued on July 29, 2015 |
VECTOR GROUP LTD. | ||
By: | /s/ J. Bryant Kirkland III | |
J. Bryant Kirkland III | ||
Vice President, Treasurer and Chief Financial Officer |
Contact: | Emily Deissler/Benjamin Spicehandler/Spencer Waybright | |
Sard Verbinnen & Co | ||
212-687-8080 | ||
Jonathan Doorley/Conrad Harrington | ||
Sard Verbinnen & Co - Europe | ||
+44 (0)20 3178 8914 | ||
J. Bryant Kirkland III, Vector Group Ltd. | ||
305-579-8000 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Revenues | |||||||||||||||
Tobacco* | $ | 254,890 | $ | 250,556 | $ | 482,975 | $ | 483,948 | |||||||
Real estate | 161,022 | 153,488 | 293,278 | 261,532 | |||||||||||
E-Cigarettes | 261 | 2,569 | 680 | 8,369 | |||||||||||
Total revenues | 416,173 | 406,613 | 776,933 | 753,849 | |||||||||||
Expenses: | |||||||||||||||
Cost of sales: | |||||||||||||||
Tobacco* | 174,867 | 179,773 | 331,897 | 347,939 | |||||||||||
Real estate | 103,870 | 97,763 | 188,228 | 165,087 | |||||||||||
E-Cigarettes | 467 | 1,746 | 1,097 | 5,293 | |||||||||||
Total cost of sales | 279,204 | 279,282 | 521,222 | 518,319 | |||||||||||
Operating, selling, administrative and general expenses | 79,679 | 67,023 | 153,623 | 131,000 | |||||||||||
Litigation settlement and judgment expense | 1,250 | — | 2,093 | 1,500 | |||||||||||
Operating income | 56,040 | 60,308 | 99,995 | 103,030 | |||||||||||
Other income (expenses): | |||||||||||||||
Interest expense | (31,761 | ) | (44,183 | ) | (63,507 | ) | (79,636 | ) | |||||||
Change in fair value of derivatives embedded within convertible debt | 5,256 | 1,970 | 11,716 | 320 | |||||||||||
Acceleration of interest expense related to debt conversion | — | (439 | ) | — | (4,118 | ) | |||||||||
Equity income (loss) from real estate ventures | 1,856 | (1,808 | ) | 2,194 | (256 | ) | |||||||||
Equity (loss) income on long-term investments | (1,657 | ) | (273 | ) | (1,694 | ) | 633 | ||||||||
Gain (loss) on sale of investment securities available for sale | (190 | ) | (18 | ) | 12,839 | (71 | ) | ||||||||
Other, net | 1,525 | 3,575 | 3,421 | 5,701 | |||||||||||
Income before provision for income taxes | 31,069 | 19,132 | 64,964 | 25,603 | |||||||||||
Income tax expense | 11,364 | 6,101 | 24,043 | 9,043 | |||||||||||
Net income | 19,705 | 13,031 | 40,921 | 16,560 | |||||||||||
Net income attributed to non-controlling interest | (1,837 | ) | (5,106 | ) | (2,097 | ) | (6,055 | ) | |||||||
Net income attributed to Vector Group Ltd. | $ | 17,868 | $ | 7,925 | $ | 38,824 | $ | 10,505 | |||||||
Per basic common share: | |||||||||||||||
Net income applicable to common shares attributed to Vector Group Ltd. | $ | 0.15 | $ | 0.08 | $ | 0.34 | $ | 0.10 | |||||||
Per diluted common share: | |||||||||||||||
Net income applicable to common shares attributed to Vector Group Ltd. | $ | 0.15 | $ | 0.08 | $ | 0.34 | $ | 0.10 | |||||||
Cash distributions and dividends declared per share | $ | 0.40 | $ | 0.38 | $ | 0.80 | $ | 0.76 |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Revenues | $ | 1,614,399 | $ | 416,173 | $ | 406,613 | $ | 776,933 | $ | 753,849 | |||||||||
Purchase accounting adjustments (a) | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
Total adjustments | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
Pro-forma Adjusted Revenues | $ | 1,615,447 | $ | 416,655 | $ | 406,642 | $ | 777,896 | $ | 755,532 | |||||||||
Pro-forma Adjusted Revenues by Segment | |||||||||||||||||||
Tobacco | $ | 1,020,286 | $ | 254,890 | $ | 250,556 | $ | 482,975 | $ | 483,948 | |||||||||
E-cigarettes | 900 | 261 | 2,569 | 680 | 8,369 | ||||||||||||||
Real Estate (b) | 594,261 | 161,504 | 153,517 | 294,241 | 263,215 | ||||||||||||||
Corporate and Other | — | — | — | — | — | ||||||||||||||
Total | $ | 1,615,447 | $ | 416,655 | $ | 406,642 | $ | 777,896 | $ | 755,532 |
a. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
b. | Includes Pro-forma Adjusted Revenues from Douglas Elliman Realty, LLC of $588,095 for the last twelve months ended June 30, 2015 and $160,098, $137,949, $290,326, and $245,461 for the three and six months ended June 30, 2015 and 2014, respectively. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net income attributed to Vector Group Ltd. | $ | 66,313 | $ | 17,868 | $ | 7,925 | $ | 38,824 | $ | 10,505 | |||||||||
Interest expense | 144,862 | 31,761 | 44,183 | 63,507 | 79,636 | ||||||||||||||
Income tax expense | 48,859 | 11,364 | 6,101 | 24,043 | 9,043 | ||||||||||||||
Net income attributed to non-controlling interest | 8,300 | 1,837 | 5,106 | 2,097 | 6,055 | ||||||||||||||
Depreciation and amortization | 24,668 | 6,442 | 5,462 | 12,723 | 12,554 | ||||||||||||||
EBITDA | $ | 293,002 | $ | 69,272 | $ | 68,777 | $ | 141,194 | $ | 117,793 | |||||||||
Change in fair value of derivatives embedded within convertible debt (a) | (30,805 | ) | (5,256 | ) | (1,970 | ) | (11,716 | ) | (320 | ) | |||||||||
Equity (gain) loss on long-term investments (b) | (540 | ) | 1,657 | 273 | 1,694 | (633 | ) | ||||||||||||
(Gain) loss on sale of investment securities available for sale | (12,899 | ) | 190 | 18 | (12,839 | ) | 71 | ||||||||||||
Equity income (loss) from real estate ventures (c) | (6,553 | ) | (1,856 | ) | 1,808 | (2,194 | ) | 256 | |||||||||||
Pension settlement charge | 1,607 | 1,607 | — | 1,607 | — | ||||||||||||||
Acceleration of interest expense related to debt conversion | 1,087 | — | 439 | — | 4,118 | ||||||||||||||
Stock-based compensation expense (d) | 4,664 | 1,236 | 464 | 2,400 | 987 | ||||||||||||||
Litigation settlement and judgment expense (e) | 3,068 | 1,250 | — | 2,093 | 1,500 | ||||||||||||||
Impact of MSA settlement (f) | — | — | (1,419 | ) | — | (1,419 | ) | ||||||||||||
Purchase accounting adjustments (g) | 1,562 | 358 | 367 | 690 | 606 | ||||||||||||||
Other, net | (8,271 | ) | (1,525 | ) | (3,575 | ) | (3,421 | ) | (5,701 | ) | |||||||||
Pro-forma Adjusted EBITDA | $ | 245,922 | $ | 66,933 | $ | 65,182 | $ | 119,508 | $ | 117,258 | |||||||||
Pro-forma Adjusted EBITDA attributed to non-controlling interest | (11,901 | ) | (2,913 | ) | (5,712 | ) | (3,997 | ) | (7,954 | ) | |||||||||
Pro-forma Adjusted EBITDA attributed to Vector Group Ltd. | $ | 234,021 | $ | 64,020 | $ | 59,470 | $ | 115,511 | $ | 109,304 | |||||||||
Pro-forma Adjusted EBITDA by Segment | |||||||||||||||||||
Tobacco | $ | 226,476 | $ | 62,024 | $ | 53,273 | $ | 115,496 | $ | 100,188 | |||||||||
E-cigarettes | (14,498 | ) | (2,400 | ) | (3,765 | ) | (5,564 | ) | (4,190 | ) | |||||||||
Real Estate (h) | 43,533 | 10,326 | 18,890 | 15,717 | 28,220 | ||||||||||||||
Corporate and Other | (9,589 | ) | (3,017 | ) | (3,216 | ) | (6,141 | ) | (6,960 | ) | |||||||||
Total | $ | 245,922 | $ | 66,933 | $ | 65,182 | $ | 119,508 | $ | 117,258 | |||||||||
Pro-forma Adjusted EBITDA Attributed to Vector Group by Segment | |||||||||||||||||||
Tobacco | $ | 226,476 | $ | 62,024 | $ | 53,273 | $ | 115,496 | $ | 100,188 | |||||||||
E-cigarettes | (14,498 | ) | (2,400 | ) | (3,765 | ) | (5,564 | ) | (4,190 | ) | |||||||||
Real Estate (i) | 31,632 | 7,413 | 13,178 | 11,720 | 20,266 | ||||||||||||||
Corporate and Other | (9,589 | ) | (3,017 | ) | (3,216 | ) | (6,141 | ) | (6,960 | ) | |||||||||
Total | $ | 234,021 | $ | 64,020 | $ | 59,470 | $ | 115,511 | $ | 109,304 |
a. | Represents income or losses recognized from changes in the fair value of the derivatives embedded in the Company's convertible debt. |
b. | Represents income or losses recognized on long-term investments that the Company accounts for under the equity method. |
c. | Represents equity income recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. |
d. | Represents amortization of stock-based compensation. |
e. | Represents accruals for settlements of judgments in the Engle progeny tobacco litigation. |
f. | Represents the Company's tobacco business's settlement of a long-standing dispute related to the Master Settlement Agreement. |
g. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
h. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC of $41,071 for the last twelve months ended June 30, 2015 and $9,906, $15,791, $13,591,and $23,175 for the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote reflect 100% of Douglas Elliman Realty, LLC's entire Pro-forma Adjusted EBITDA. |
i. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC less non-controlling interest of $28,992 for the last twelve months ended June 30, 2015 and $6,993, $11,147, $9,594, and $16,359 the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote have adjusted Douglas Elliman Realty, LLC's Pro-forma Adjusted EBITDA for non-controlling interest. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income attributed to Vector Group Ltd. | $ | 17,868 | $ | 7,925 | $ | 38,824 | $ | 10,505 | |||||||
Acceleration of interest expense related to debt conversion | — | 439 | — | 4,118 | |||||||||||
Change in fair value of derivatives embedded within convertible debt | (5,256 | ) | (1,970 | ) | (11,716 | ) | (320 | ) | |||||||
Non-cash amortization of debt discount on convertible debt | 6,516 | 14,691 | 12,459 | 27,147 | |||||||||||
Litigation settlement and judgment expense (a) | 1,250 | — | 2,093 | 1,500 | |||||||||||
Pension settlement charge | 1,607 | — | 1,607 | — | |||||||||||
Impact of MSA settlement (b) | — | (1,419 | ) | — | (1,419 | ) | |||||||||
Out-of-period adjustment related to Douglas Elliman acquisition in 2013 (c) | — | — | — | (1,231 | ) | ||||||||||
Douglas Elliman Realty, LLC purchase accounting adjustments (d) | 1,343 | 1,223 | 2,594 | 3,579 | |||||||||||
Total adjustments | 5,460 | 12,964 | 7,037 | 33,374 | |||||||||||
Tax expense related to adjustments | (2,258 | ) | (5,360 | ) | (2,910 | ) | (13,800 | ) | |||||||
Pro-forma Adjusted Net Income attributed to Vector Group Ltd. | $ | 21,070 | $ | 15,529 | $ | 42,951 | $ | 30,079 | |||||||
Per diluted common share: | |||||||||||||||
Pro-forma Adjusted Net Income applicable to common shares attributed to Vector Group Ltd. | $ | 0.18 | $ | 0.15 | $ | 0.37 | $ | 0.29 |
b. | Represents the Company's tobacco business's settlement of a long-standing dispute related to the Master Settlement Agreement. |
c. | Represents an out-of-period adjustment related to a non-accrual of a receivable from Douglas Elliman Realty in the fourth quarter of 2013 and would have increased the Company's gain on acquisition of Douglas Elliman in 2013. |
d. | Represents 70.59% of purchase accounting adjustments in the periods presented for assets acquired in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Operating income | $ | 210,353 | $ | 56,040 | $ | 60,308 | $ | 99,995 | $ | 103,030 | |||||||||
Litigation settlement and judgment expense (a) | 3,068 | 1,250 | — | 2,093 | 1,500 | ||||||||||||||
Pension settlement charge | 1,607 | 1,607 | — | 1,607 | — | ||||||||||||||
Impact of MSA settlement (b) | — | — | (1,419 | ) | — | (1,419 | ) | ||||||||||||
Douglas Elliman Realty, LLC purchase accounting adjustments (c) | 7,132 | 1,903 | 1,733 | 3,675 | 5,070 | ||||||||||||||
Total adjustments | 11,807 | 4,760 | 314 | 7,375 | 5,151 | ||||||||||||||
Pro-forma Adjusted Operating Income (d) | $ | 222,160 | $ | 60,800 | $ | 60,622 | $ | 107,370 | $ | 108,181 |
a. | Represents accruals for settlements of judgments in the Engle progeny tobacco litigation. |
b. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. |
c. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
d. | Does not include a reduction for 29.41% non-controlling interest in Douglas Elliman Realty, LLC. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Operating income from tobacco business | $ | 210,602 | $ | 56,215 | $ | 51,506 | $ | 105,885 | $ | 94,402 | |||||||||
Litigation settlement and judgment expense (a) | 3,068 | 1,250 | — | 2,093 | 1,500 | ||||||||||||||
Pension settlement charge | 1,607 | 1,607 | — | 1,607 | — | ||||||||||||||
Impact of MSA settlement (b) | — | — | (1,419 | ) | — | (1,419 | ) | ||||||||||||
Total adjustments | 4,675 | 2,857 | (1,419 | ) | 3,700 | 81 | |||||||||||||
Tobacco Adjusted Operating Income | $ | 215,277 | $ | 59,072 | $ | 50,087 | $ | 109,585 | $ | 94,483 |
a. | Represents accruals for settlements of judgments in the Engle progeny tobacco litigation. |
b. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
New Valley LLC revenues | $ | 593,213 | $ | 161,022 | $ | 153,488 | $ | 293,278 | $ | 261,532 | |||||||||
Purchase accounting adjustments (a) | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
Total adjustments | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
New Valley LLC Pro-forma Adjusted Revenues (b) | $ | 594,261 | $ | 161,504 | $ | 153,517 | $ | 294,241 | $ | 263,215 |
a. | Amounts represent purchase accounting adjustments recorded in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC., which occurred in 2013. |
b. | Includes Pro-forma Adjusted Revenues from Douglas Elliman Realty, LLC of $588,095 for the last twelve months ended June 30, 2015 and $160,098, $137,949, $290,326,and $245,461 for the three and six months ended June 30, 2015 and 2014, respectively. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net income attributed to Vector Group Ltd. from subsidiary non-guarantors (a) | $ | 17,511 | $ | 4,070 | $ | 6,234 | $ | 5,520 | $ | 9,459 | |||||||||
Interest expense (a) | 7 | 2 | 3 | 3 | 37 | ||||||||||||||
Income tax expense (a) | 13,147 | 3,201 | 5,249 | 4,509 | 8,790 | ||||||||||||||
Net income (loss) attributed to non-controlling interest (a) | 8,300 | 1,837 | 5,106 | 2,097 | 6,055 | ||||||||||||||
Depreciation and amortization | 11,219 | 3,076 | 2,622 | 5,984 | 6,969 | ||||||||||||||
EBITDA | $ | 50,184 | $ | 12,186 | $ | 19,214 | $ | 18,113 | $ | 31,310 | |||||||||
Income from non-guarantors other than New Valley | 95 | 51 | 47 | 67 | 65 | ||||||||||||||
Equity income (loss) from real estate ventures (b) | (6,553 | ) | (1,856 | ) | 1,808 | (2,194 | ) | 256 | |||||||||||
Purchase accounting adjustments (c) | 1,562 | 358 | 367 | 690 | 606 | ||||||||||||||
Other, net | (1,734 | ) | (429 | ) | (2,577 | ) | (981 | ) | (4,063 | ) | |||||||||
Pro-forma Adjusted EBITDA | $ | 43,554 | $ | 10,310 | $ | 18,859 | $ | 15,695 | $ | 28,174 | |||||||||
Pro-forma Adjusted EBITDA attributed to non-controlling interest | (11,901 | ) | (2,913 | ) | (5,712 | ) | (3,997 | ) | (7,954 | ) | |||||||||
Pro-forma Adjusted EBITDA attributed to New Valley LLC | $ | 31,653 | $ | 7,397 | $ | 13,147 | $ | 11,698 | $ | 20,220 | |||||||||
Pro-forma Adjusted EBITDA by Segment | |||||||||||||||||||
Real Estate (d) | $ | 43,533 | $ | 10,326 | $ | 18,890 | $ | 15,717 | $ | 28,220 | |||||||||
Corporate and Other | 21 | (16 | ) | (31 | ) | (22 | ) | (46 | ) | ||||||||||
Total (f) | $ | 43,554 | $ | 10,310 | $ | 18,859 | $ | 15,695 | $ | 28,174 | |||||||||
Pro-forma Adjusted EBITDA Attributed to New Valley LLC by Segment | |||||||||||||||||||
Real Estate (e) | $ | 31,632 | $ | 7,413 | $ | 13,178 | $ | 11,720 | $ | 20,266 | |||||||||
Corporate and Other | 21 | (16 | ) | (31 | ) | (22 | ) | (46 | ) | ||||||||||
Total (f) | $ | 31,653 | $ | 7,397 | $ | 13,147 | $ | 11,698 | $ | 20,220 |
a. | Amounts are derived from Vector Group Ltd.'s Consolidated Financial Statements. See Note entitled "Vector Group Ltd.'s Condensed Consolidating Financial Information" contained in Vector Group Ltd.'s Form 10-K and Form 10-Q for the year ended December 31, 2014 and the quarterly period ended June 30, 2015. |
b. | Represents equity income (loss) recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. |
c. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
d. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC of $41,071 for the twelve months ended June 30, 2015 and $9,906, $15,791, $13,591,and $23,175 for the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote reflect 100% of Douglas Elliman Realty, LLC's entire Pro-forma Adjusted EBITDA. |
e. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC less non-controlling interest of $28,992 for the last twelve months ended June 30, 2015 and $6,993, $11,147, $9,594, and $16,359 for the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote have adjusted Douglas Elliman Realty, LLC's Pro-forma Adjusted EBITDA for non-controlling interest. |
f. | New Valley's Pro-forma Adjusted EBITDA does not include an allocation of Vector Group Ltd.'s "Corporate and Other" segment's expenses (for purposes of computing Pro-Forma Adjusted EBITDA contained in Table 3 of this press release) of $9,589 for the last twelve months ended June 30, 2015 and $6,141 and $6,960 for the six months ended June 30, 2015 and 2014, respectively. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Douglas Elliman Realty, LLC revenues | $ | 587,047 | $ | 159,616 | $ | 137,920 | $ | 289,363 | $ | 243,778 | |||||||||
Purchase accounting adjustments (a) | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
Total adjustments | 1,048 | 482 | 29 | 963 | 1,683 | ||||||||||||||
Douglas Elliman Realty, LLC Pro-forma Adjusted Revenues | $ | 588,095 | $ | 160,098 | $ | 137,949 | $ | 290,326 | $ | 245,461 |
a. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net income attributed to Douglas Elliman Realty, LLC | $ | 28,365 | $ | 6,391 | $ | 14,097 | $ | 7,276 | $ | 17,325 | |||||||||
Interest expense | 7 | 2 | 2 | 3 | 34 | ||||||||||||||
Income tax expense | 1,313 | 284 | 409 | 527 | 588 | ||||||||||||||
Depreciation and amortization | 10,957 | 3,017 | 2,518 | 5,866 | 6,764 | ||||||||||||||
Douglas Elliman Realty, LLC EBITDA | $ | 40,642 | $ | 9,694 | $ | 17,026 | $ | 13,672 | $ | 24,711 | |||||||||
Equity income (loss) from real estate ventures (a) | 1,306 | (104 | ) | (1,593 | ) | (697 | ) | (2,113 | ) | ||||||||||
Purchase accounting adjustments (b) | 1,562 | 358 | 367 | 690 | 606 | ||||||||||||||
Other, net | (2,439 | ) | (42 | ) | (9 | ) | (74 | ) | (29 | ) | |||||||||
Douglas Elliman Realty, LLC Pro-forma Adjusted EBITDA | $ | 41,071 | $ | 9,906 | $ | 15,791 | $ | 13,591 | $ | 23,175 |
a. | Represents equity income recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. |
b. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
7#B1X4.!'3=F7/AQI,6.)O>)W(>2)4:1
M+5 O!"!&ZOI9%:36KA!5#D/,4A.Y)E?0+830.QK_'>`PC
M9P3E/OY8TL6^LR%UBY6`*!170Y$P22Z;@+`8$KC\4-9_JRU.033KQD+_?6<"
M$^G!/RT7.2;E)[/&C"P%7JO2XE8SJBRLHA@`,,0;3@]Y"PE#4V6(-&KB?2[[[,,