0000792987-19-000008.txt : 20190301 0000792987-19-000008.hdr.sgml : 20190301 20190301083613 ACCESSION NUMBER: 0000792987-19-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190301 DATE AS OF CHANGE: 20190301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASTEC INDUSTRIES INC CENTRAL INDEX KEY: 0000792987 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] IRS NUMBER: 620873631 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11595 FILM NUMBER: 19646826 BUSINESS ADDRESS: STREET 1: 1725 SHEPHERD ROAD CITY: CHATTANOOGA STATE: TN ZIP: 37421 BUSINESS PHONE: 4238995898 MAIL ADDRESS: STREET 1: 1725 SHEPHERD ROAD CITY: CHATTANOOGA STATE: TN ZIP: 37421 8-K 1 f8k-q42018earnings.htm Q4 2018 EARNINGS RELEASE

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): March 1, 2019
 
 ASTEC INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
  
         
Tennessee
 
001-11595
 
62-0873631
(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)
         
   
1725 Shepherd Rd., Chattanooga, TN
    
   
(Address of principal executive offices)
    

(423) 899-5898
Registrant’s telephone number, including area code
 
N/A
(Former name or former 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 (see General Instruction A.2. below):
 
☐
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 


Item 2.02. Results of Operations and Financial Condition

On March 1, 2019 Astec Industries, Inc. (the “Company”) reported results of operations for the fourth quarter and year ended December 31, 2018. A copy of the press release issued by the Company is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits
 
 
(d)
Exhibits
 
 
99.1
Press release dated February 26, 2019 issued by the Company
 
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.
 
         
 
Astec Industries, Inc.
(Registrant)
  
      
Date: March 1, 2019
By:
 
/s/ David C. Silvious
  
   
 
David C. Silvious
  
   
 
Chief Financial Officer,
Vice President and Treasurer
  

EXHIBIT INDEX
 
99.1
Earnings release dated March 1, 2019 issued by the Company
 

 EX-99.1 2 ex99-1.htm PRESS RELEASE
Exhibit 99-1

Astec Industries, Inc.
 
NEWS RELEASE
 
1725 Shepherd Rd. - Chattanooga, TN 37421 - Phone (423) 899-5898 - Fax (423) 899-4456
 


Astec Industries Reports Fourth Quarter and Full Year 2018 Results
Net Sales for 2018 of $1.172 Billion; Adjusted Net Sales for 2018 of $1.246 Billion
Grew 5.9% Over 2017
Loss Per Share for 2018 of $2.64; Adjusted Earnings Per Share for 2018 of $2.92
Increased 17.3% Over 2017
Company Exits Wood Pellet Plant Business

CHATTANOOGA, Tenn. – March 1, 2019 – Astec Industries, Inc. (Nasdaq: ASTE) today reported results for the fourth quarter and year ended December 31, 2018.
Net sales for the fourth quarter of 2018 were $317.0 million compared to $312.4 million for the fourth quarter of 2017, a 1.5% increase. Domestic sales increased 1.1% to $248.2 million for the fourth quarter of 2018 from $245.4 million for the fourth quarter of 2017. International sales were $68.8 million for the fourth quarter of 2018 compared to $67.0 million for the fourth quarter of 2017, an increase of 2.8%.
Losses for the fourth quarter of 2018 were $47.0 million, for a loss of $2.08 per share, which includes the charges described below, compared to earnings of $10.9 million, or $0.47 per share, for the fourth quarter of 2017, which includes a $1.1 million income tax benefit from U.S. Tax Reform legislation.
Net sales for 2018 were $1.172 billion compared to $1.185 billion for 2017, a 1.1% decrease. Domestic sales decreased 1.8% to $915.8 million for 2018 from $932.3 million for 2017. International sales were $255.8 million for 2018 compared to $252.4 million for 2017, an increase of 1.3%.
Losses for 2018 were $60.4 million, for a loss of $2.64 per diluted share, which includes the charges described below, compared to earnings of $37.8 million, or $1.63 per diluted share, for 2017, which includes the aforementioned income tax benefit.
In the fourth quarter of 2018, the Company recorded charges totaling $90.6 million resulting from a write-off related to the Hazlehurst wood pellet plant, an inventory valuation adjustment, the exit of a subsidiary business in Germany and an impairment of goodwill. The following financial information for the fourth quarters and full years ended December 31, 2018 and 2017 excludes all of the impact of wood pellet plant activity, as well as the other fourth quarter 2018 charges, on the Company’s results during those periods:
Net sales for the fourth quarter of 2018 were $317.0 million compared to $306.8 million for the fourth quarter of 2017, a 3.3% increase. Domestic sales increased 3.5% to $248.2 million for the fourth quarter of 2018 from $239.8 million for the same period of 2017.

1
Net income for the fourth quarter of 2018 was $14.0 million or $0.61 per diluted share, compared to net income of $13.2 million or $0.57 per diluted share for the same period of 2017, an increase in earnings per share of 7.0%.
Net sales for 2018 were $1.246 billion compared to $1.177 billion for 2017, an increase of 5.9%. Domestic sales increased 7.2% to $990.6 million for 2018 from $924.3 million for 2017.
Net income for 2018 was $67.3 million or $2.92 per diluted share, compared to net income of $57.7 million or $2.49 per diluted share for the same period in 2017, an increase in earnings per share of 17.4%.
Commenting on the quarterly and full year results, Richard J. Dorris, Interim Chief Executive Officer, stated, “We are pleased with the 17.4% growth in adjusted earnings for the full year. Our core businesses remain strong and we continue to gain positive momentum. While results in our Infrastructure Group for the fourth quarter and year reflect our decision to exit the wood pellet plant business and a decrease in international sales, we are optimistic about opportunities for this segment in the coming year. We saw a good mix of activity across commercial and private construction driving performance in our Aggregate and Mining Group both domestically and internationally for the year, while 2018 sales growth in our Energy Group was driven by improved domestic sales. While we remain focused on execution in our individual segments, we continue to make progress in our strategic sourcing initiative and anticipate it will yield positive results in our procurement operations once it is completed in the second quarter. We are also working to identify further manufacturing cost optimization opportunities and look forward to providing more details as we move forward with these projects.”

Mr. Dorris continued, “During the past year, Astec’s Board and management team have taken decisive steps to improve the Company’s financial performance and ensure capital is directed to the areas that we believe will drive the greatest value for all shareholders. We made decisions to exit the wood pellet plant business, recording a write-off of our Hazlehurst plant in the fourth quarter, and discontinued operations at our underperforming subsidiary in Germany. While these actions resulted in one-time charges being recognized in the fourth quarter, we are confident these actions have strengthened our business for the future. We remain focused on executing our strategy and growing our leadership position in the manufacturing of equipment for the infrastructure, aggregate, mining and energy industries.”
The Company’s backlog at December 31, 2018 was $345.0 million compared to $411.5 million at December 31, 2017, a decrease of $66.5 million or 16.2%. Domestic backlog decreased 22.4% to $260.7 million at December 31, 2018 from $335.9 million at December 31, 2017, reflecting a $60.2 million reduction in pellet plant related backlog. International backlog increased 11.5% to $84.2 million at December 31, 2018 from $75.6 million at December 31, 2017. Excluding pellet plant backlogs, the Company’s December 31, 2018 backlog decreased $6.3 million, or 1.5%, compared to December 31, 2017.
Consolidated financial information for the fourth quarter and year ended December 31, 2018 and additional information related to segment revenues and profits are attached as addenda to this press release.

2
The Company identified certain material weaknesses in its internal control over financial reporting.  As a result, the Company needs additional time to complete the compilation of information and finalization of its assessment of the effectiveness of internal control over financial reporting for its consolidated financial statements and related disclosures to be filed as part of the 2018 Form 10-K.  The Company will file a Form 12b-25 with the Securities and Exchange Commission in order to extend the due date of its 2018 Annual Report on Form 10-K for 15 days, as permitted by Rule 12b-25 under the Securities Exchange Act.

Investor Conference Call and Web Simulcast
Astec will conduct a conference call today at 10:00 A.M Eastern Time to review its fourth quarter and full year results as well as current business conditions. The number to call for this interactive teleconference is (866) 682-6100. International callers should dial (862) 298-0702.
The Company will also provide an online Web simulcast and rebroadcast of the conference call. The live broadcast of Astec’s conference call will be available online at the Company’s website: www.astecindustries.com/conferencecalls. An archived webcast will be available for 90 days at www.astecindustries.com.
A replay of the conference call will be available through midnight on Friday, March 15, 2019 by dialing (877) 481-4010, or (919) 882-2331 for international callers, Conference ID #43156. A transcript of the conference call will be made available under the Investor Relations section of the Astec Industries, Inc. website within 5 business days after the call.
Astec Industries, Inc., (www.astecindustries.com), is a manufacturer of specialized equipment for asphalt road building; aggregate processing; oil, gas and water well drilling and concrete production. Astec's manufacturing operations are divided into three primary business segments: road building, (Infrastructure Group); aggregate processing and mining equipment (Aggregate and Mining Group); and equipment for the extraction and production of fuels and water drilling equipment (Energy Group).
The information contained in this press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the future performance of the Company, including statements about the effects on the Company from (i) the introduction of new asphalt plant models, (ii) international demand, (iii) manufacturing cost optimization, (iv) its backlog activity, and (v) the Company’s strategic sourcing initiatives. These forward-looking statements reflect management’s expectations and are based upon currently available information, and the Company undertakes no obligation to update or revise such statements.  These statements are not guarantees of performance and are inherently subject to risks and uncertainties, many of which cannot be predicted or anticipated.  Future events and actual results, financial or otherwise, could differ materially from those expressed in or implied by the forward-looking statements.  Important factors that could cause future events or actual results to differ materially include:  general uncertainty in the economy, oil, gas and liquid asphalt prices, rising steel prices, decreased funding for highway projects, the relative strength/weakness of the dollar to foreign currencies, production capacity, general business conditions in the industry, demand for the Company’s products, seasonality and cyclicality in operating results, seasonality of sales volumes or lower than expected sales volumes, lower than expected margins on custom equipment orders, competitive activity, tax rates and the impact of future legislation thereon, and those other factors listed from time to time in the Company’s reports filed with the Securities and Exchange Commission, including but not limited to the Company’s annual report on Form 10-K for the year ended December 31, 2017.

3
For Additional Information Contact:

David C. Silvious 
Vice President and Chief Financial Officer 
Phone: (423) 899-5898 
Fax: (423) 899-4456 
E-mail: dsilvious@astecindustries.com
Or
Stephen C. Anderson 
Vice President, Director of Investor Relations & Corporate Secretary 
Phone: (423) 899-5898 
Fax: (423) 899-4456 
E-mail: sanderson@astecindustries.com


4

Astec Industries, Inc.
            
Condensed Consolidated Balance Sheets
            
(in thousands)
            
(unaudited)
            
             
   
Dec-18
    
Dec-18
  
   
2018
    
2017
  
Assets
            
Current assets
            
Cash and cash equivalents
  
$
25,821
    
$
62,280
  
Investments
    
1,946
      
1,624
  
Receivables, net
    
133,979
      
119,952
  
Inventories
    
355,944
      
391,379
  
Prepaid expenses and other
    
43,301
      
27,734
  
Total current assets
    
560,991
      
602,969
  
Property and equipment, net
    
192,448
      
190,396
  
Other assets
    
102,018
      
96,214
  
Total assets
  
$
855,457
    
$
889,579
  
Liabilities and equity
                
Current liabilities
                
Accounts payable - trade
  
$
70,614
    
$
60,417
  
Other current liabilities
    
118,617
      
118,729
  
Total current liabilities
    
189,231
      
179,146
  
Long-term debt, less current maturities
    
59,709
      
1,575
  
Non-current liabilities
    
21,227
      
22,093
  
Total equity
    
585,290
      
686,765
  
Total liabilities and equity
  
$
855,457
    
$
889,579
  
                 




5


Astec Industries, Inc.
                        
 Condensed Consolidated Statements of Operations                        
(in thousands, except per share data)
                        
(unaudited)
                        
   
Three Months Ended
    
Twelve Months Ended
  
   
Dec 31
      Dec 31
    
Dec 31
      Dec 31
  
   
2018
    
2017
    
2018
    
2017
  
Net sales
  
$
317,005
    
$
312,375
    
$
1,171,599
    
$
1,184,739
  
Cost of sales
    
318,636
      
249,625
      
1,035,833
      
941,610
  
Gross profit (loss)
    
(1,631
)
    
62,750
      
135,766
      
243,129
  
Selling, general, administrative & engineering expenses
    
54,732
      
44,756
      
209,127
      
187,592
  
Restructuring and asset impairment charges
    
13,060
      
-
      
13,060
      
-
  
Income (loss) from operations
    
(69,423
)
    
17,994
      
(86,421
)
    
55,537
  
Interest expense
    
(557
)
    
(202
)
    
(1,045
)
    
(840
)
Other
    
11
      
702
      
1,783
      
2,725
  
Income (loss) before income taxes
    
(69,969
)
    
18,494
      
(85,683
)
    
57,422
  
Income taxes
    
(22,932
)
    
7,572
      
(25,234
)
    
19,627
  
Net income (loss) attributable to controlling interest
  
$
(47,037
)
  
$
10,922
    
$
(60,449
)
  
$
37,795
  
                                 
                                 
                                 
                                 
Earnings (loss) per Common Share
                                
Net income (loss) attributable to controlling interest
                                
          Basic
  
$
(2.08
)
  
$
0.47
    
$
(2.64
)
  
$
1.64
  
          Diluted
  
$
(2.08
)
  
$
0.47
    
$
(2.64
)
  
$
1.63
  
                                 
                                 
Weighted average common shares outstanding
                                
          Basic
    
22,582
      
23,033
      
22,902
      
23,025
  
          Diluted
    
22,582
      
23,194
      
22,902
      
23,184
  
                                 


6

Astec Industries, Inc.
                  
Segment Revenues and Profits (Losses)
                  
For the three months ended December 31, 2018 and 2017                  
(in thousands)
                  
(unaudited
                  
   
Infrastructure
Group
  
Aggregate
and Mining
Group
    
Energy
Group
  
Corporate
    
Total
  
2018 Revenues
    
124,930
      
116,064
      
76,011
      
-
      
317,005
  
2017 Revenues
    
146,666
      
96,515
      
69,194
      
-
      
312,375
  
Change $
    
(21,736
)
    
19,549
      
6,817
      
-
      
4,630
  
Change %
    
(14.8
%)
    
20.3
%
    
9.9
%
    
-
      
1.5
%
                                         
2018 Gross Profit (Loss)
    
(41,462
)
    
30,347
      
9,375
      
109
      
(1,631
)
2018 Gross Profit (Loss) %
    
(33.2
%)
    
26.1
%
    
12.3
%
    
-
      
(0.5
%)
2017 Gross Profit
    
26,632
      
19,140
      
16,601
      
377
      
62,750
  
2017 Gross Profit %
    
18.2
%
    
19.8
%
    
24.0
%
    
-
      
20.1
%
Change
    
(68,094
)
    
11,207
      
(7,226
)
    
(268
)
    
(64,381
)
                                         
2018 Profit (Loss)
    
(69,833
)
    
10,796
      
(13,336
)
    
22,015
      
(50,358
)
2017 Profit (Loss)
    
11,096
      
6,388
      
5,864
      
(13,297
)
    
10,051
  
Change $
    
(80,929
)
    
4,408
      
(19,200
)
    
35,312
      
(60,409
)
Change %
    
(729.4
%)
    
69.0
%
    
(327.4
%)
    
265.6
%
    
(601.0
%)
                                         
                                         
Segment revenues are reported net of intersegment revenues. Segment gross profit (loss) is net of profit on intersegment
  
  revenues. A reconciliation of total segment profits (losses) to the Company's net income (loss) attributable to controlling
  interest is as follows (in thousands):
  
                                         
         
Three months ended December 31
          
             
2018
      
2017
  
Change $
          
Total profit (loss) for all segments
    
$
(50,358
)
  
$
10,051
    
$
(60,409
)
        
Recapture of intersegment profit
      
3,263
      
803
      
2,460
          
Net loss attributable to non-controlling interest
      
58
      
68
      
(10
)
        
Net income (loss) attributable to controlling interest
    
$
(47,037
)
  
$
10,922
    
$
(57,959
)
        
                                         


7
Astec Industries, Inc.
                    
Segment Revenues and Profits (Losses)
                    
For the twelve months ended December 31, 2018 and 2017                    
(in thousands)
                    
(unaudited)
                    
   
Infrastructure
Group
    
Aggregate
and Mining
Group
    
Energy
Group
    
Corporate
    
Total
  
2018 Revenues
    
442,289
      
453,164
      
276,146
      
-
      
1,171,599
  
2017 Revenues
    
553,691
      
403,720
      
227,328
      
-
      
1,184,739
  
Change $
    
(111,402
)
    
49,444
      
48,818
      
-
      
(13,140
)
Change %
    
(20.1
%)
    
12.2
%
    
21.5
%
    
-
      
(1.1
%)
                                         
2018 Gross Profit (Loss)
    
(37,357
)
    
112,972
      
59,751
      
400
      
135,766
  
2018 Gross Profit (Loss) %
    
(8.4
%)
    
24.9
%
    
21.6
%
    
-
      
11.6
%
2017 Gross Profit
    
93,027
      
93,792
      
55,774
      
536
      
243,129
  
2017 Gross Profit %
    
16.8
%
    
23.2
%
    
24.5
%
    
-
      
20.5
%
Change
    
(130,384
)
    
19,180
      
3,977
      
(136
)
    
(107,363
)
                                         
2018 Profit (Loss)
    
(112,954
)
    
45,464
      
3,070
      
1,586
      
(62,834
)
2017 Profit (Loss)
    
26,641
      
35,748
      
16,219
      
(40,963
)
    
37,645
  
Change $
    
(139,595
)
    
9,716
      
(13,149
)
    
42,549
      
(100,479
)
Change %
    
(524.0
%)
    
27.2
%
    
(81.1
%)
    
103.9
%
    
(266.9
%)
                                         
                                         
Segment revenues are reported net of intersegment revenues. Segment gross profit (loss) is net of profit on intersegment
  
  revenues. A reconciliation of total segment profits (losses) to the Company's net income (loss) attributable to controlling
  interest is as follows (in thousands):
  
                                         
           
Twelve months ended December 31
          
             
2018
      
2017
    
Change $
          
Total profit (loss) for all segments
    
$
(62,834
)
  
$
37,645
    
$
(100,479
)
        
Recapture (elimination) of intersegment profit
      
2,090
      
(55
)
    
2,145
          
Net loss attributable to non-controlling interest
      
295
      
205
      
90
          
Net income (loss) attributable to controlling interest
    
$
(60,449
)
  
$
37,795
    
$
(98,244
)
        
                                         



Astec Industries, Inc.
                    
Backlog by Segment
                    
December 31, 2018 and 2017
                    
(in thousands)
                    
(unaudited)
                    
   
Infrastructure
Group
    
Aggregate
and Mining
Group
    
Energy
Group
    
Total
  
2018 Backlog
    
149,437
      
130,691
      
64,834
      
344,962
  
2017 Backlog
    
239,495
      
116,987
      
54,987
      
411,469
  
Change $
    
(90,058
)
    
13,704
      
9,847
      
(66,507
)
Change %
    
(37.6
%)
    
11.7
%
    
17.9
%
    
(16.2
%)


8

GLOSSARY
In its earnings release, Astec refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures.  These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies.  Non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures.  Nonetheless, this non-GAAP information can be useful in understanding the Company’s operating results and the performance of its core businesses.

The amounts described below are unaudited, reported in thousands of U.S. dollars (except share data), and as of or for the periods indicated.

Q4 2018
    
As Reported
(GAAP)
    
Pellet
Plant
Impairment
    
Inventory
Valuation
Provision
    
German
Subsidiary Liquidation
    
Goodwill
Impairment
    
As Adjusted
(Non-GAAP)
  
Net Sales
      
317,005
      
-
      
-
      
-
      
-
      
317,005
  
Domestic Sales
      
248,183
      
-
      
-
      
-
      
-
      
248,183
  
GM
      
(1,631
)
    
(65,706
)
    
(10,763
)
    
(1,106
)
    
-
      
75,944
  
GM%
      
-0.5
%
    
-
      
-
      
-
      
-
      
24.0
%
Op Income
      
(69,423
)
    
(65,706
)
    
(10,763
)
    
(2,976
)
    
(11,190
)
    
21,212
  
Income Tax
  (Benefit)
  Expense (1)
      
(22,932
)
    
(20,486
)
    
(2,826
)
    
(3,557
)
    
(2,759
)
    
6,696
  
Net (Loss) Income
      
(47,037
)
    
(45,220
)
    
(7,937
)
    
581
      
(8,431
)
    
13,970
  
EPS
      
(2.08
)
    
(2.00
)
    
(0.35
)
    
0.03
      
(0.37
)
    
0.61
  
                                                     
FYE 2018
                                                  
Net Sales
      
1,171,599
      
(74,778
)
    
-
      
-
      
-
      
1,246,377
  
Domestic Sales
      
915,814
      
(74,778
)
    
-
      
-
      
-
      
990,592
  
GM
      
135,766
      
(149,317
)
    
(10,763
)
    
(1,106
)
    
-
      
296,952
  
GM%
      
11.6
%
    
-
      
-
      
-
      
-
      
23.8
%
Op Income
      
(86,421
)
    
(149,317
)
    
(10,763
)
    
(2,976
)
    
(11,190
)
    
87,825
  
Income Tax
  (Benefit)
  Expense (1)
      
(25,234
)
    
(37,360
)
    
(2,826
)
    
(3,557
)
    
(2,759
)
    
21,268
  
Net (Loss) Income
      
(60,449
)
    
(111,957
)
    
(7,937
)
    
581
      
(8,431
)
    
67,295
  
EPS
      
(2.64
)
    
(4.89
)
    
(0.35
)
    
0.03
      
(0.37
)
    
2.92
  
                                                     
(1) Tax effect on adjustments is calculated using the applicable jurisdictional blended tax rate.


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Q4 2017
    
As Reported
(GAAP)
    
Pellet
Plant
Impairment
    
As Adjusted
(Non-GAAP)
  
Net Sales
      
312,375
      
5,617
      
306,758
  
Domestic Sales
      
245,412
      
5,617
      
239,795
  
GM
      
62,750
      
(3,452
)
    
66,202
  
GM%
      
20.1
%
    
(61.5
%)
    
21.6
%
Op Income
      
17,994
      
(3,452
)
    
21,446
  
Income Tax (Benefit)
  Expense (1)
      
7,572
      
(1,216
)
    
8,788
  
Net (Loss) Income
      
10,923
      
(2,236
)
    
13,159
  
EPS
      
0.47
      
(0.10
)
    
0.57
  
                             
FYE 2017
                          
Net Sales
      
1,184,739
      
7,987
      
1,176,752
  
Domestic Sales
      
932,294
      
7,987
      
924,307
  
GM
      
243,129
      
(30,550
)
    
273,679
  
GM%
      
20.5
%
    
(382.5
%)
    
23.3
%
Op Income
      
55,537
      
(30,550
)
    
86,087
  
Income Tax (Benefit)
  Expense (1)
      
19,627
      
(10,644
)
    
30,271
  
Net (Loss) Income
      
37,795
      
(19,906
)
    
57,701
  
EPS
      
1.63
      
(0.86
)
    
2.49
  
                             
(1) Tax effect on adjustments is calculated using the applicable jurisdictional blended tax rate.
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