EX-99.1 2 a06-11941_1ex99d1.htm EX-99





























 

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Public Call

First Quarter 2006

Review

 

May 15, 2006

 

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Safe Harbor Statement:

 

This document contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial condition, results of operations and business. Forward-looking statements include certain anticipated, believed, planned, forecasted, expected, targeted and estimated results along with Metaldyne’s outlook concerning future results. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution readers not to place undue reliance on the statements, which speak only as of the date hereof. Risks and uncertainties that could cause actual results to vary materially from those anticipated in the forward-looking statements included in this report include general economic conditions in the markets in which we operate and industry-based factors such as: declines in North American automobile and light truck builds, reductions in outsourcing by our automotive customers, increases in our raw material and energy costs, labor costs and strikes at our major direct and indirect customers and at our facilities, dependence on significant automotive customers, the level of competition in the automotive supply industry and pricing pressures from our customers, technological developments that could competitively disadvantage us, and risks associated with conducting business in foreign countries. In addition, factors more specific to us could cause actual results to vary materially from those anticipated in the forward-looking statements included in this report such as substantial leverage, limitations imposed by our debt instruments, the adequacy of our liquidity to meet our capital expenditures and other cash requirements, our ability to identify attractive and other strategic opportunities and to successfully integrate acquired businesses including actions we have identified as providing cost-saving opportunities. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

 

1


 

Agenda

 

•                  Operational Highlights

 

•                  Financial Performance

 

•                  Q2 2006 Outlook

 

•                  Q&A

 

2


 

Operational Highlights

 

3


 

2006 First Quarter Revenue

 

[CHART]

 

HIGHLIGHTS

 

•                  Metaldyne revenue up 3% versus 2005 or 4.4% excluding exchange

 

•                  Big 3 production down 0.1% versus 2005

 

•                  Strong growth throughout business units:

 

•

Chrysler 300/Magnum

 

$

13.4

 

•

Dodge Stratus/Sebring

 

7.1

 

•

Lemforder Knuckles

 

5.0

 

•

Powertrain Products

 

5.6

 

•

Exchange

 

(6.3

)

•

Attrition

 

(12.7

)

 

4


 

2006 First Quarter Adjusted EBITDA

 

[CHART]

 

HIGHLIGHTS

 

•                  Non-cash fixed asset loss of $5.6 million in Q1 2006

 

•                  Majority of the fixed asset loss relates to the sale leaseback buyout in connection with the NA Forging sale proceeds

 

•                  FAS 106 gain of $2.1 million in Q1 2005

 

•                  Q1 2006 benefited from $2.9 million of net cost reduction efforts from the units

 

5


 

Q1 2006 Highlights

 

Market Performance

 

•                  $105.9 Million Q1 2006 in new business awards

•                  Awarded Control Arm Assembly for a North American OEM

•                  Awarded diesel engine balance shaft modules

•                  Awarded Connecting Rods for a North American OEM

•                  Awarded Viscous dampers for the Heavy Truck Market

 

6


 

Other Key Initiatives

 

•                  Completed Sale of North American Forging Business

 

•                  Suzhou facility nearing completion

 

•                  Chassis equipment relocated from Hangzhou to Suzhou on April 17, 2006

 

•                  Sintered equipment to be delivered week of April 24, 2006 and installed beginning May 8, 2006

 

•                  Facility hand-over May 31, 2006

 

•                  Completed partial restructuring of balance sheet

 

•                  Covenant relief through 2009

 

•                  Raised over $50 million of Term D

 

7


 

Metaldyne NA – 2006 Top 10 Platforms

 

OEM/Platform/Vehicle

 

% of Metaldyne
N.A. Sales

 

DCC LX/LY

 

11

%

300/300C

 

 

 

Charger

 

 

 

Magnum

 

 

 

 

 

 

 

DCC RS/RT

 

8

%

Caravan

 

 

 

Town & Country

 

 

 

Pacifica

 

 

 

Voyager

 

 

 

 

 

 

 

Ford P131/U137/P356

 

7

%

F-Series Super Duty

 

 

 

F250/350

 

 

 

 

 

 

 

DCC WJ/WK

 

5

%

Grand Cherokee

 

 

 

Commander

 

 

 

 

 

 

 

DCC KJ/KK

 

3

%

Liberty

 

 

 

Nitro

 

 

 

Cherokee

 

 

 

 

 

 

 

DCC DR-DE

 

3

%

Ram Pickup

 

 

 

 

 

 

 

Ford U204

 

3

%

Escape

 

 

 

Tribute

 

 

 

Mariner

 

 

 

 

 

 

 

GM GMT800/GMT900

 

3

%

Silverado

 

 

 

Sierra

 

 

 

C-1500

 

 

 

 

 

 

 

DCC C/D

 

3

%

Caliber

 

 

 

Patriot

 

 

 

Sebring Sedan/Convertible

 

 

 

Compass

 

 

 

Avenger

 

 

 

 

 

 

 

GM MS2000

 

2

%

Impala

 

 

 

Grand Prix

 

 

 

LaCrosse/Allure

 

 

 

Monte Carlo, Regal

 

 

 

 

North America represents approximately 78% of Metaldyne 2006 Sales

 

8


 

Metaldyne Europe – 2006 Top 10 Platforms

 

OEM/Platform/Vehicle

 

% of Metaldyne
Europe Sales

 

Ford V184/V185

 

3

%

Transit

 

 

 

 

 

 

 

Renault/Nissan C

 

3

%

Megane

 

 

 

Scenic

 

 

 

 

 

 

 

Ford CD-EU

 

3

%

Galaxy

 

 

 

Volvo S80

 

 

 

Freelander

 

 

 

S-Max

 

 

 

 

 

 

 

Renault/Nissan B

 

2

%

Clio

 

 

 

Modus

 

 

 

Micra

 

 

 

Logan

 

 

 

 

 

 

 

Ford C1

 

2

%

Focus

 

 

 

Focus C-MAX

 

 

 

Transit Connect

 

 

 

Volvo V50/S40/C30

 

 

 

 

 

 

 

PSA PF1

 

2

%

207

 

 

 

C2, C3

 

 

 

1007

 

 

 

 

 

 

 

Ford B2

 

2

%

Fiesta

 

 

 

Fusion

 

 

 

Mazda 2

 

 

 

Ecosport

 

 

 

 

 

 

 

PSA PF2

 

2

%

307

 

 

 

C4

 

 

 

 

 

 

 

Renault/Nissan M2

 

1

%

Laguna

 

 

 

Espace

 

 

 

Vel Satis

 

 

 

 

 

 

 

DCC W/164/V251

 

1

%

M-Class

 

 

 

G-Class

 

 

 

R-Class

 

 

 

 

Europe represents approximately 19% of Metaldyne 2006 Sales

 

9


 

Financial Performance

 

10


 

Key Issues re: Financial Statement Presentation

 

•                  Sale of North American Forgings

•                  Final sale completed in March

•                  Operating activity prior to sale reported in discontinued operations

 

•                  Buyout of $36.1 million of leases completed in Q1

•                  Early buyout completed at contractual price per the lease agreement

•                  Performed valuation of the assets to determine their value compared to the contractual buyout price

•                  Realized $5.6 million loss on the buyback which is included in EBITDA ($4.7 million was previously reserved) and recognized additional loss related to the acceleration of amortization on these leases of approximately $8 million

 

•                  Tax Rate

•                  No benefit was recognized for U.S. operating losses in the quarter due to an increase in our valuation allowance for our deferred net tax assets

•                  Net tax provision primarily represents earnings from foreign jurisdictions

 

11


 

NAFTA Auto Sales: Q1 2006 versus Q1 2005

 

Big Three Production

 

[CHART]

 

0.1% Decrease

 

Metaldyne Sales

 

[CHART]

 

Note:  Currency impact of -$6.3M, or -1.3%

 

12


 

Q1 2006 Financial Performance

 

($ in thousands)

 

 

 

Q1 2006 versus Q1 2005

 

 

 

Q1 2006

 

Q1 2005

 

% Variance

 

Sales

 

 

 

 

 

 

 

 

 

Chassis Group

 

$

260,078

 

$

257,843

 

0.9

%

Powertrain Group

 

244,176

 

231,529

 

5.5

%

Total Sales

 

504,254

 

489,372

 

3.0

%

 

 

 

 

 

 

 

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

Chassis Group

 

$

15,778

 

$

21,527

 

-26.7

%

Powertrain Group

 

33,239

 

33,810

 

-1.7

%

Total Segment Adjusted EBITDA

 

$

49,017

 

$

55,337

 

-11.4

%

 

 

 

 

 

 

 

 

Less: Corporate Expenses

 

(2,135

)

(3,895

)

-45.2

%

Total Metaldyne Adjusted EBITDA From Continuing Operations (1)

 

46,882

 

51,442

 

-8.9

%

% Margin

 

9.3

%

10.5

%

-1.2

%

 

 

 

 

 

 

 

 

Memo Items:

 

 

 

 

 

 

 

Restructuring Charges

 

78

 

1,252

 

-93.8

%

Fixed Asset Losses

 

5,612

 

31

 

18003.2

%

Foreign Currency (Gains) Losses

 

1,328

 

(359

)

-469.9

%

FAS 106/87 Curtailment Losses (Gain)

 

165

 

(2,080

)

-107.9

%

 

(1)  The Company defines Adjusted EBITDA as net income (loss) before cumulative effect of accounting change and before interest, taxes, depreciation, amortization, asset impairment, non-cash losses on sale-leaseback of equipment and non-cash restricted stock award expense.

 

13


 

Operating Groups – Q1 2006 Results

 

 

 

Chassis Group
Q1 2006 versus 2005

 

 

 

Sales

 

EBITDA

 

Q1 2005 Actual

 

$

257.8

 

$

21.5

 

 

 

 

 

 

 

Volume

 

16.2

 

2.8

 

Material

 

(0.7

)

1.2

 

Net Cost Reductions (other than Material)

 

—

 

2.1

 

Lost Business/Productivity

 

(8.1

)

(2.6

)

Exchange

 

(4.1

)

(0.5

)

Other

 

(1.0

)

(1.3

)

Subtotal

 

260.1

 

23.2

 

Fixed Asset Losses

 

—

 

(7.4

)

 

 

 

 

 

 

Q1 2006 Actual

 

$

260.1

 

$

15.8

 

 

 

 

Powertrain Group
Q1 2006 versus 2005

 

 

 

Sales

 

EBITDA

 

Q1 2005 Actual

 

$

231.5

 

$

33.8

 

 

 

 

 

 

 

Volume

 

17.2

 

4.8

 

Material

 

2.8

 

(0.8

)

Net Cost Reductions(other than Material)

 

—

 

0.8

 

Lost Business/Productivity

 

(6.5

)

(2.8

)

Exchange

 

(2.2

)

(0.4

)

Other

 

1.4

 

(2.1

)

Subtotal

 

244.2

 

33.3

 

Fixed Asset Losses

 

—

 

(0.1

)

 

 

 

 

 

 

Q1 2006 Actual

 

$

244.2

 

$

33.2

 

 

14


 

Corporate Bridge

 

($ in millions)

 

 

 

Q1 2005 vs. 2006

 

 

 

EBITDA

 

Q1 2005 Actual

 

$

(3.9

)

FAS 106/87 Gain

 

(2.2

)

Fixed Asset Gains

 

1.9

 

Restructuring

 

1.1

 

SOX 404 Efforts

 

(0.7

)

Other

 

1.7

 

 

 

 

 

Q1 2006 Actual

 

$

(2.1

)

 

15


 

Income Statement

 

($ in millions – except per share data)

 

 

 

Q1 2006

 

Q1 2005

 

Net sales

 

$

504.3

 

$

489.4

 

Cost of sales

 

464.5

 

437.8

 

Gross profit

 

39.8

 

51.6

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

28.4

 

25.7

 

Restructuring Charges

 

0.1

 

1.3

 

Operating profit

 

11.3

 

24.6

 

 

 

 

 

 

 

Other expense, net:

 

 

 

 

 

Interest expense

 

24.0

 

22.6

 

Preferred stock dividends

 

6.5

 

5.4

 

Noncash gain on maturity of interest rate arrangement

 

—

 

—

 

Equity income/gain on sale

 

(1.0

)

(0.6

)

Other, net

 

4.8

 

1.6

 

Other expense, net

 

34.3

 

29.0

 

Loss from continuing operations before income taxes

 

(23.0

)

(4.4

)

 

 

 

 

 

 

Income tax expense (benefit)

 

5.0

 

(1.5

)

 

 

 

 

 

 

Loss from continuing operations

 

(28.0

)

(2.9

)

Loss from discontinued operations (net of tax of zero and $(0.3) in 2006 and 2005, respectively)

 

(0.5

)

(0.6

)

Loss on discontinued operations (net of tax of zero)

 

(6.8

)

—

 

Net loss attributable to common stock

 

(35.3

)

(3.5

)

 

 

 

 

 

 

Basic and diluted loss per share:

 

 

 

 

 

Loss from continuing operations less preferred stock dividends

 

$

(0.65

)

$

(0.07

)

Loss from discontinued operations

 

(0.01

)

(0.01

)

Loss on discontinued operations

 

(0.16

)

—

 

Net loss attributable to common stock

 

$

(0.82

)

(0.08

)

 

16


 

Summary Balance Sheet

 

($ in millions)

 

 

 

Q1 2006

 

Q4 2005

 

Change

 

Cash and investments

 

$

6.0

 

$

3.7

 

$

2.3

 

Receivables

 

184.2

 

139.9

 

44.3

 

Inventories

 

85.2

 

84.3

 

0.9

 

Other current assets

 

42.4

 

40.6

 

1.8

 

Assets of discontinued operations

 

—

 

116.6

 

(116.6

)

Total current assets

 

$

317.8

 

$

385.1

 

$

(67.3

)

Property and equipment, net

 

661.4

 

630.4

 

31.0

 

Goodwill

 

587.7

 

584.0

 

3.7

 

Other assets

 

240.2

 

247.4

 

(7.2

)

Total assets

 

$

1,807.1

 

$

1,846.9

 

$

(39.8

)

 

 

 

 

 

 

 

 

Accounts payable

 

269.2

 

261.1

 

8.1

 

Accrued liabilities

 

137.8

 

123.9

 

13.9

 

Liabilities of discontinued operations

 

—

 

70.6

 

(70.6

)

Current maturities of long term debt

 

6.0

 

6.6

 

(0.6

)

Long-term debt

 

854.6

 

850.7

 

3.9

 

Long term liabilities

 

167.8

 

142.8

 

25.0

 

Redeemable preferred stock

 

178.4

 

171.9

 

6.5

 

Total liabilities

 

$

1,613.8

 

$

1,627.6

 

$

(13.8

)

 

 

 

 

 

 

 

 

Shareholders equity

 

193.3

 

219.3

 

(26.0

)

 

 

 

 

 

 

 

 

Total liabilities and shareholders equity

 

$

1,807.1

 

$

1,846.9

 

$

(39.8

)

 

 

 

 

 

 

 

 

Memo: Debt

 

 

 

 

 

 

 

Long-term debt

 

854.6

 

850.7

 

3.9

 

Current portion of long-term debt

 

6.0

 

6.6

 

(0.6

)

NA Forging IRB

 

—

 

7.5

 

(7.5

)

NA Forging Capital Leases

 

—

 

0.3

 

(0.3

)

Unamortized discount

 

4.2

 

4.2

 

—

 

A/R Securitization Facility

 

80.8

 

83.4

 

(2.6

)

Total Debt

 

$

945.6

 

$

952.7

 

$

(7.1

)

 

17


 

Summary Cash Flow Statement

 

($ in millions)

 

 

 

Q1 2006

 

Q1 2005

 

Net Loss

 

$

(35.3

)

$

(3.5

)

 

 

 

 

 

 

Depreciation and amortization

 

36.9

 

26.2

 

Debt fee amortization

 

1.0

 

0.8

 

Fixed asset losses

 

5.6

 

—

 

Loss from discontinued operations, net of tax

 

0.5

 

0.6

 

Loss on discontinued operations, net of tax

 

6.9

 

—

 

Deferred income taxes

 

(3.5

)

(10.2

)

Preferred stock dividends

 

6.5

 

5.4

 

Non-cash interest expense

 

0.1

 

0.1

 

Equity earnings from affiliates, net of dividends

 

(1.0

)

(0.6

)

Curtailment (gain) loss on elimination of certain benefits

 

0.2

 

(2.1

)

Discontinued operations

 

(1.5

)

8.6

 

Other, net

 

(0.8

)

0.9

 

AR Securitization

 

(2.6

)

37.0

 

Changes in working capital

 

(15.3

)

(39.7

)

Net cash provided by operating activities

 

(2.3

)

23.5

 

 

 

 

 

 

 

Capital expenditures

 

(26.6

)

(23.8

)

Repurchase of leased assets

 

(36.1

)

—

 

Proceeds from sale/leaseback of fixed assets

 

—

 

6.5

 

Reimbursement from acquisition of bus., net of cash recvd

 

—

 

5.8

 

Discontinued operations investing activities

 

(2.6

)

(3.1

)

Proceeds from sale of discontinued operations

 

69.1

 

—

 

Net cash used for investing activities

 

3.8

 

(14.6

)

 

 

 

 

 

 

Proceeds from term loan facilities

 

53.8

 

—

 

Principal payments of term loan facilities

 

(25.0

)

—

 

Proceeds of revolving credit facility

 

135.0

 

65.0

 

Principal payments on revolving credit facility

 

(159.6

)

(70.8

)

Proceeds of other debt

 

1.4

 

1.6

 

Principal payments of other debt

 

(2.6

)

(4.5

)

Capitalization of debt refinancing fees

 

(2.2

)

—

 

Discontinued operations financing activities

 

—

 

(0.1

)

Net cash provided by (used for) financing activities

 

0.8

 

(8.8

)

 

 

 

 

 

 

Effect of exchange on cash

 

—

 

(0.1

)

Net decrease in cash

 

2.3

 

0.0

 

Cash and cash equivalents, beginning of period

 

3.7

 

—

 

Cash and cash equivalents, end of period

 

$

6.0

 

0.0

 

 

18


 

4-02-06 Metaldyne Capitalization

 

($ in millions)

 

 

 

4-02-06

 

Working Capital Revolver

 

35.0

 

Term Loan D

 

375.2

 

10.0% Senior Notes

 

150.0

 

IRBs / Other Foreign Debt and Capital Leases

 

22.9

 

Subtotal, Senior Secured Debt

 

583.1

 

 

 

 

 

DCC Seller Sub Note

 

31.7

 

11% Senior Subordinated Notes

 

250.0

 

Total Debt

 

864.8

 

 

 

 

 

Series A Preferred

 

71.5

 

Series B Preferred

 

28.6

 

DCC Seller Preferred

 

78.4

 

Common Equity

 

193.3

 

Total Equity

 

371.8

 

 

 

 

 

Total Capitalization

 

1,236.6

 

 

 

 

 

Memo: A/R Securitization

 

80.8

 

Total Debt + A/R Securitization

 

945.6

 

 

 

 

 

Key Financial Ratios:

 

 

 

LTM Bank EBITDA

 

204.3

 

Total Debt/LTM Bank EBITDA

 

4.63

x

Leverage Ratio for Covenants

 

5.25

x

LTM Bank EBITDA/LTM Cash Interest

 

2.11

x

Coverage Ratio for Covenants

 

1.75

x

 

19


 

Metaldyne Undrawn Commitments at 4-02-06

 

($ in millions)

 

 

 

4/2/2006

 

Revolving Credit Commitment

 

$

200.0

 

Amount Outstanding

 

(35.0

)

Letters of Credit

 

(54.1

)

Undrawn Revolver Commitments

 

110.9

 

AR Securitization Gross Availability

 

103.4

 

AR Securitization Outstanding

 

(80.8

)

AR Securitization Net Availability

 

22.6

 

Total Net Undrawn Commitments Available

 

$

133.5

 

Net Cash

 

6.0

 

Net Undrawn Commitments Avail. Incl. Cash

 

$

139.5

 

Adjustment Based Upon Leverage

 

(6.3

)

Net Liquidity Available incl. Cash

 

$

133.2

 

 

20


 

Daily Net Undrawn Commitments

 

[CHART]

 

Notes

 

•                  Trough liquidity has improved since NA Forging sale and new Term D raise

 

•                  Q1 represented a historical seasonal peak in working capital investment, yet daily liquidity has not dipped below approximately $74 million since the sale of NA Forging

 

•                  Current liquidity does not reflect full AR receipt from NA Forging sale or expected improvement in AR facility availability discussed on following slide

 

Note: Net Undrawn Commitments include cash on hand

 

21


 

Net Undrawn Commitments Walk From Year End

 

Walk from PF 12/05 Net Undrawn Commitments

 

12/05 Proforma Net Undrawn Commitments

 

$

183

M

 

 

 

 

Reduction of AR Facility Availability related to Dana and one other customer

 

(16

)

 

 

 

 

Working Capital Change(1)

 

(28

)

 

 

 

 

Effect of NA Forging AR yet to be collected(1)

 

(8

)

 

 

 

 

Other

 

2

 

 

 

 

 

3/06 Actual Net Undrawn Commitments

 

$

133

M

 

Comments on Reduction of AR Facility Availability

 

•                  Driven by Dana bankruptcy and other customer concentration

 

•                  Expect improvement of $8 – 20 million in facility in Q2/Q3

 

(1)Working Capital Change does not include NA Forging AR receipts collected in Q1 of $13 million.  These receipts are reflected in the Effect of NA Forging AR yet to be collected line.

 

22


 

Q2 2006 Outlook

 

23


 

Q2 2006 Preliminary Outlook

 

($ in millions)

 

 

 

Second Quarter

 

 

 

2006 Guidance

 

2005 Actual

 

Sales from Continuing Operations

 

$500 - $510

 

$

507

 

 

 

 

 

 

 

Operating Profit from Continuing Operations (1)

 

28 - 33

 

31

 

 

 

 

 

 

 

Adjusted EBITDA from Continuing Operations (1)

 

55 - 60

 

58

 

 

Notes

 

•                  2005 Q2 Operating Profit and Adjusted EBITDA include a $2.6 million FAS 106 curtailment gain and a $0.4 million Fixed Asset Loss.  2006 Q2 has no FAS 106 benefit or Fixed Asset Loss forecasted.

 

24


 

Q&A

 

25


 

Appendix

 

26


 

Net Income to EBITDA Bridge

 

($ in Millions)

 

 

 

First Quarter

 

 

 

2006

 

2005

 

Net loss

 

$

(35.3

)

$

(3.5

)

Income tax (benefit) expense

 

5.0

 

(1.5

)

Loss from discontinued operations, net of tax

 

0.5

 

0.6

 

Loss on discontinued operations, net of tax

 

6.8

 

—

 

Interest expense

 

24.0

 

22.6

 

Depreciation and amortization in operating profit

 

36.9

 

26.2

 

Preferred stock dividends and accretion

 

6.5

 

5.4

 

Equity income from affiliates, net

 

(1.0

)

(0.6

)

Certain items within other, net

 

3.5

 

2.2

 

Adjusted EBITDA

 

$

46.9

 

$

51.4

 

 

27


 

Net Income to Bank EBITDA Bridge

 

($ in Millions)

 

 

 

Q1 2006

 

Q1 Net loss (including discontinued operations)

 

$

(35.3

)

Income tax expense

 

5.0

 

Loss from discontinued operations, net of tax

 

0.5

 

Loss on discontinued operations, net of tax

 

6.8

 

Interest charges

 

24.0

 

Depreciation and amortization (inc. amortization of loss on sale-leasebacks)

 

37.9

 

Foreign currency translation loss

 

1.3

 

Amortization of other non-cash items

 

0.4

 

Preferred stock dividends and accretion

 

6.5

 

Loss on abandonment of fixed assets

 

5.6

 

Losses incurred in connection with sale of A/R

 

1.7

 

Heartland monitoring fee

 

1.0

 

Severance/Equipment Transfer Costs

 

0.5

 

Q1 2006 Bank EBITDA

 

$

55.9

 

Q4 2005 Bank EBITDA

 

42.4

 

Q3 2005 Bank EBITDA

 

44.5

 

Q2 2005 Bank EBITDA

 

66.3

 

Expenses related to sale-leaseback repurchases

 

9.3

 

North American Forging Divestiture - LTM EBITDA

 

(14.1

)

Consolidated Bank EBITDA for LTM ended January 1, 2006

 

$

204.3

 

 

28


 

 

Financial Statement Quarterly Detail

 

 

 

2005

 

In 1,000’s

 

Q1

 

Q2

 

Q3

 

Q4

 

Total

 

Sales

 

489,372

 

506,605

 

442,837

 

448,125

 

1,886,939

 

Cost of goods sold

 

437,818

 

445,541

 

402,544

 

439,223

 

1,725,126

 

Gross Profit

 

51,554

 

61,064

 

40,293

 

8,902

 

161,813

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A

 

25,717

 

30,137

 

30,294

 

24,820

 

110,968

 

Restructuring

 

1,252

 

367

 

141

 

1,528

 

3,288

 

Operating Profit

 

24,585

 

30,560

 

9,858

 

(17,446

)

47,557

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense

 

29,021

 

28,307

 

30,959

 

46,311

 

134,598

 

Income (loss) before taxes

 

(4,436

)

2,253

 

(21,101

)

(63,757

)

(87,041

)

Income tax expense

 

(1,556

)

1,703

 

(8,544

)

31,153

 

22,756

 

Loss from continuing operations

 

(2,880

)

550

 

(12,557

)

(94,910

)

(109,797

)

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

Operating Profit

 

24,585

 

30,560

 

9,858

 

(17,446

)

47,557

 

Depr & Amort

 

26,195

 

26,351

 

27,935

 

31,702

 

112,183

 

Other income & expense

 

662

 

780

 

389

 

(206

)

1,625

 

EBITDA from continuing operations

 

51,442

 

57,691

 

38,182

 

14,050

 

161,365

 

 

 

 

 

 

 

 

 

 

 

 

 

Memo Items:

 

 

 

 

 

 

 

 

 

 

 

Restructuring Charges

 

1,252

 

367

 

146

 

1,523

 

3,288

 

FA Losses/Loss on Idle Leased Assets

 

31

 

383

 

1,128

 

20,260

 

21,802

 

Foreign Currency (Gains) Losses

 

(359

)

10

 

(74

)

35

 

(388

)

FAS 106/87 Curtailment Gain

 

(2,080

)

(2,577

)

(2,434

)

(2,823

)

(9,915

)

 

29