EX-99.1 2 dex991.htm TABLE CONTAINING CORRECTIONS Table containing corrections

Exhibit 99.1

 

    Historical   Pro Forma  
    Year Ended   Nine Months Ended  

Year Ended

December 31,
2005

   

Nine Months Ended

September 30,

2006

 
(Dollars in thousands, except per share
data)
  January 3,
2004
  January 1,
2005
  December 31,
2005
  October 1,
2005
  September 30,
2006
   

Statement of Earnings Data:

             

Net sales

  $ 561,391   $ 648,195   $ 721,569   $ 538,907   $ 610,826   $ 1,603,719     $ 1,356,728  

Cost of goods sold

    413,953     479,664     527,502     399,414     450,175     1,202,504       997,088  
                                             

Gross profit

    147,438     168,531     194,067     139,493     160,651     401,215       359,640  

Selling and administrative

    107,120     114,906     124,668     90,377     99,956     250,718       203,294  
                                             

Operating profit

    40,318     53,625     69,399     49,116     60,695     150,497       156,346  

Other income, net

    1,960     1,938     1,976     1,349     835     2,212       2,411  

Interest expense

    2,949     3,235     4,080     2,954     4,562     130,435       97,886  
                                             

Earnings before income taxes

    39,329     52,328     67,295     47,511     56,968     22,274       60,871  

Income taxes

    14,550     17,276     24,274     17,617     21,022     8,124       22,169  
                                             

Net earnings

  $ 24,779   $ 35,052   $ 43,021   $ 29,894   $ 35,946   $ 14,150     $ 38,702  

Preferred stock dividends

    —       —       —       —       —       (10,688 )     (8,016 )
                                             

Net earnings available to common shareholders

  $ 24,779   $ 35,052   $ 43,021   $ 29,894   $ 35,946   $ 3,462     $ 30,686  
                                             

Earnings Per Share Data:

             

Net earnings per share—basic

  $ 0.75   $ 1.06   $ 1.30   $ 0.90   $ 1.10   $ 0.08     $ 0.76  

Net earnings per share—diluted

  $ 0.74   $ 1.05   $ 1.28   $ 0.89   $ 1.09   $ 0.08     $ 0.75  

Weighted average shares outstanding—basic

    32,928,369     32,953,382     33,170,241     33,185,585     32,589,502     40,999,521       40,418,782  

Weighted average shares outstanding—diluted

    33,404,733     33,485,261     33,727,946     33,762,071     32,988,590     41,557,226       40,817,870  

Dividends declared and paid per common share

  $ 0.53   $ 0.57   $ 0.62   $ 0.46   $ 0.50   $ 0.62     $ 0.50  

Balance Sheet Data (at period end):

             

Cash and cash equivalents

  $ 10,635   $ 12,054   $ 11,474   $ 16,544   $ 15,535     $ 15,535  

Total current assets

    276,293     299,085     296,456     310,084     324,298       655,684  

Total assets

    478,355     502,900     506,441     515,718     535,298       2,886,844  

Current liabilities

    104,491     85,940     107,501     91,733     117,293       208,941  

Total debt

    105,284     104,025     95,025     99,418     105,025       1,560,025  

Total liabilities

    216,867     219,285     206,986     219,907     231,268       2,197,897  

Total shareholders’ equity

    261,488     283,615     299,455     295,811     304,030       688,947  

Other Financial Information:

             

Net cash provided by operating activities

  $ 65,007   $ 33,696   $ 55,873   $ 37,792   $ 40,180    

Net cash used in investing activities

    32,835     16,764     23,712     13,522     5,908    

Net cash used in financing activities

    46,052     15,513     32,741     19,780     30,211    

Depreciation and amortization

    18,839     19,143     18,241     13,541     14,567     83,825       61,262  

Additions to property, plant and equipment

    17,368     20,612     22,375     15,595     14,351    

EBITDA (1)

    61,117     74,706     89,616     64,006     76,097     236,534       220,019  

Ratio of earnings to fixed charges (2)

    10.6     13.2     14.5     14.1     11.9    

(1) We present EBITDA in this prospectus supplement to provide investors with a supplemental measure of our operating performance. EBITDA, as used in this prospectus supplement, is defined as net earnings plus consolidated net interest expense, income taxes and depreciation and amortization. We use EBITDA as one criterion for evaluating our performance relative to that of our peers. EBITDA is also used by investors to evaluate our operating performance. In addition, it provides investors and analysts with a measure of operating results unaffected by differences in capital structure, capital investment cycles and ages of related assets.


EBITDA is not a recognized measurement under U.S. Generally Accepted Accounting Principles (“GAAP”). When evaluating our operating performance or liquidity, investors should not consider EBITDA in isolation of, or as a substitute for, measures of our financial performance and liquidity as determined in accordance with GAAP, such as net earnings, operating income or net cash provided by operating activities. EBITDA may have material limitations as a performance measure because it excludes items that are necessary elements of our costs and operations, including our cash used for capital expenditures, working capital and to make payments of interest or principal on our indebtedness. Because other companies may calculate EBITDA differently than we do, EBITDA may not be comparable to similarly titled measures reported by other companies.

The following table reconciles historical and pro forma net earnings to EBITDA:

 

    Historical   Pro Forma
    Year Ended   Nine Months Ended  

Year Ended

December 31,
2005

 

Nine Months Ended

September 30,

2006

(in thousands)   January 3,
2004
  January 1,
2005
  December 31,
2005
  October 1,
2005
  September 30,
2006
   

Net earnings

  $ 24,779   $ 35,052   $ 43,021   $ 29,894   $ 35,946   $ 14,150   $ 38,702

Income taxes

    14,550     17,276     24,274     17,617     21,022     8,124     22,169

Interest expense

    2,949     3,235     4,080     2,954     4,562     130,435     97,886

Depreciation and amortization

    18,839     19,143     18,241     13,541     14,567     83,825     61,262
                                         

EBITDA

  $ 61,117   $ 74,706   $ 89,616   $ 64,006   $ 76,097   $ 236,534   $ 220,019
                                         

 

  (2) Earnings is the sum of income before taxes from continuing operations and fixed charges. Fixed charges consists of interest expense on indebtedness and an approximation of interest included in rental expense.