TriMas Reports Second Quarter 2020 Results
TriMas Highlights
-
Increased second quarter net sales by 4.6%, driven by record sales in
TriMas' Packaging group -
Reported second quarter diluted loss per share from continuing operations of
$0.36 , driven by an accounting policy change and realignment charges, while adjusted diluted earnings per share from continuing operations(1) was$0.43 -
Generated net cash provided by operating activities from continuing operations of
$27.4 million , which resulted in Free Cash Flow(2) of$25.2 million for the second quarter -
Strong balance sheet with
$349.4 million of cash and aggregate availability, and a leverage ratio of 1.6x
Second Quarter 2020
TriMas reported second quarter net sales of
The Company reported a second quarter loss from continuing operations of
"Before I discuss our second quarter financial results, I would like to thank all of our global employees for the commitment and dedication they have displayed during the past several months," said
"Turning to our performance in the quarter, we are pleased to announce results which are better than we planned at the beginning of this unprecedented period. TriMas provides innovative product solutions into a diverse set of end markets, and this balance continues to help us navigate through unforeseen challenges. TriMas’ Packaging group, which manufactures dispensers and closures used in applications that help fight the spread of germs, improve personal hygiene and advance home cleaning, as well as food and beverage, pharmaceutical and nutraceutical, and industrial applications, had a record sales quarter. However, we also serve some end markets which are challenged where we have focused on adjusting cost structures to better align with lower demand. I would also note that the anticipated change in sales demand in Aerospace did not occur until June, which helped us achieve a better than expected second quarter result. Given the robust sales activity in our Packaging group and late in the quarter demand fall off in our Aerospace group, we were able to achieve a second quarter sales growth rate of 4.6%, and adjusted diluted EPS from continuing operations(1) of
"As we move forward through the second half of 2020, we expect the impacts of the global pandemic to continue, with robust sales in our Packaging group, offset by lower aircraft production rates and therefore lower demand for products in our Aerospace group, and reduced construction and HVAC maintenance-related demand, which impacts the Specialty Products group. That said, we believe the steps we have taken during the past few years to strengthen our balance sheet and de-emphasize certain end markets better position TriMas to manage through this unforeseen market shock, and have benefited TriMas shareholders during this period. We are approaching this global economic uncertainty from a position of strength, as our disciplined approach to capital deployment, combined with our strong balance sheet and cash flow, will allow TriMas to not only weather this uncertain environment, but maintain flexibility to best leverage future opportunities," Amato concluded.
Financial Position
TriMas ended second quarter 2020 with
The Company reported net cash provided by operating activities from continuing operations of
Second Quarter Segment Results - From Continuing Operations
Packaging (Approximately 58% of TriMas
Aerospace (Approximately 26% of TriMas
Specialty Products (Approximately 16% of TriMas
TriMas' Specialty Products segment, which includes the Norris Cylinder™ and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders and wellhead engines and compressor systems, for use within the welding and HVAC, medical, military, industrial, and oil and gas end markets. Norris Cylinder is the only steel cylinder manufacturer in
Discontinued Operations
On
Outlook
Due to the COVID-19 pandemic and the resulting economic uncertainty, TriMas withdrew its 2020 full year guidance on
"During the back half of 2020, we anticipate continued strong demand and growth of 15% to 20% in our Packaging segment as compared to the back half of 2019. We also expect back half sales declines in the Specialty Products segment of 15% to 25%, consistent with the sales change in the front half of 2020. We now anticipate the back half of 2020 Aerospace segment sales to be more in line with the broader aerospace market, with sales declines of approximately 20% to 30% compared to the same period in 2019. As a result of these factors, we expect total sales for TriMas to be relatively flat for the back half of 2020 compared to the prior year. We continue to focus on realigning cost structures where needed, while proactively working with customers to maximize opportunities," Amato concluded.
Free Cash Flow(2) guidance for 2020 is after adjusting for any current or future amounts that may be considered Special Items. The inability to predict the amount and timing of the impacts of these Special Items makes a detailed reconciliation of these forward-looking non-GAAP financial measures impracticable.(4)
Conference Call Information
TriMas will host its second quarter 2020 earnings conference call today,
Notice Regarding Forward-Looking Statements
Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; the Company’s ability to realize its business strategies; the Company’s ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, but not limited to, the impact of tariffs, quotas and surcharges; the Company’s leverage; liabilities imposed by debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; the Company’s future prospects; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended
Non-GAAP Financial Measures
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in Appendix I at the end of this release. Additional information is available at www.trimascorp.com under the “Investors” section.
|
(1) |
Appendix I details certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures. |
|
|
(2) |
The Company defines Free Cash Flow as Net Cash Provided by/Used for Operating Activities from Continuing Operations, excluding the cash impact of Special Items, less Capital Expenditures. Please see Appendix I for additional details. |
|
|
(3) |
The Company defines Net Debt as Total Debt less Cash and Cash Equivalents. Please see Appendix I for additional details. |
|
|
(4) |
Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. |
About TriMas
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial end markets, with approximately 3,500 dedicated employees in 11 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the end markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in
|
Condensed Consolidated Balance Sheet (Dollars in thousands) |
||||||
|
|
|
|
|
|
||
|
Assets |
|
(unaudited) |
|
|
||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
65,250 |
|
$ |
172,470 |
|
Receivables, net |
|
123,320 |
|
108,860 |
||
|
Inventories |
|
140,890 |
|
132,660 |
||
|
Prepaid expenses and other current assets |
|
18,900 |
|
20,050 |
||
|
Total current assets |
|
348,360 |
|
434,040 |
||
|
Property and equipment, net |
|
210,960 |
|
214,330 |
||
|
Operating lease right-of-use assets |
|
35,270 |
|
27,850 |
||
|
|
|
376,320 |
|
334,640 |
||
|
Other intangibles, net |
|
188,170 |
|
161,390 |
||
|
Deferred income taxes |
|
3,630 |
|
500 |
||
|
Other assets |
|
22,190 |
|
19,950 |
||
|
Total assets |
|
$ |
1,184,900 |
|
$ |
1,192,700 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
60,180 |
|
$ |
72,670 |
|
Accrued liabilities |
|
46,680 |
|
42,020 |
||
|
Operating lease liabilities, current portion |
|
6,480 |
|
5,100 |
||
|
Total current liabilities |
|
113,340 |
|
119,790 |
||
|
Long-term debt, net |
|
295,260 |
|
294,690 |
||
|
Operating lease liabilities |
|
29,330 |
|
23,100 |
||
|
Deferred income taxes |
|
27,960 |
|
16,830 |
||
|
Other long-term liabilities |
|
57,910 |
|
40,810 |
||
|
Total liabilities |
|
523,800 |
|
495,220 |
||
|
Total shareholders' equity |
|
661,100 |
|
697,480 |
||
|
Total liabilities and shareholders' equity |
|
$ |
1,184,900 |
|
$ |
1,192,700 |
|
Consolidated Statement of Operations (Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Net sales |
|
$ |
199,550 |
|
|
$ |
190,830 |
|
|
$ |
382,340 |
|
|
$ |
364,200 |
|
|
Cost of sales |
|
(162,320 |
) |
|
(137,040 |
) |
|
(298,740 |
) |
|
(263,620 |
) |
||||
|
Gross profit |
|
37,230 |
|
|
53,790 |
|
|
83,600 |
|
|
100,580 |
|
||||
|
Selling, general and administrative expenses |
|
(55,380 |
) |
|
(26,730 |
) |
|
(81,920 |
) |
|
(53,720 |
) |
||||
|
Operating profit (loss) |
|
(18,150 |
) |
|
27,060 |
|
|
1,680 |
|
|
46,860 |
|
||||
|
Other expense, net: |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
(4,230 |
) |
|
(3,490 |
) |
|
(7,810 |
) |
|
(6,930 |
) |
||||
|
Other income, net |
|
1,130 |
|
|
1,220 |
|
|
1,050 |
|
|
650 |
|
||||
|
Other expense, net |
|
(3,100 |
) |
|
(2,270 |
) |
|
(6,760 |
) |
|
(6,280 |
) |
||||
|
Income (loss) before income tax expense |
|
(21,250 |
) |
|
24,790 |
|
|
(5,080 |
) |
|
40,580 |
|
||||
|
Income tax benefit (expense) |
|
5,550 |
|
|
(6,070 |
) |
|
2,500 |
|
|
(7,310 |
) |
||||
|
Income (loss) from continuing operations |
|
(15,700 |
) |
|
18,720 |
|
|
(2,580 |
) |
|
33,270 |
|
||||
|
Income from discontinued operations, net of tax |
|
— |
|
|
3,300 |
|
|
— |
|
|
7,840 |
|
||||
|
Net income (loss) |
|
$ |
(15,700 |
) |
|
$ |
18,720 |
|
|
$ |
(2,580 |
) |
|
$ |
41,110 |
|
|
Basic earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations |
|
$ |
(0.36 |
) |
|
$ |
0.41 |
|
|
$ |
(0.06 |
) |
|
$ |
0.73 |
|
|
Discontinued operations |
|
— |
|
|
0.07 |
|
|
— |
|
|
0.17 |
|
||||
|
Net income (loss) per share |
|
$ |
(0.36 |
) |
|
$ |
0.48 |
|
|
$ |
(0.06 |
) |
|
$ |
0.90 |
|
|
Weighted average common shares—basic |
|
43,463,235 |
|
|
45,592,075 |
|
|
43,832,144 |
|
|
45,585,445 |
|
||||
|
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations |
|
$ |
(0.36 |
) |
|
$ |
0.41 |
|
|
$ |
(0.06 |
) |
|
$ |
0.72 |
|
|
Discontinued operations |
|
— |
|
|
0.07 |
|
|
— |
|
|
0.17 |
|
||||
|
Net income (loss) per share |
|
$ |
(0.36 |
) |
|
$ |
0.48 |
|
|
$ |
(0.06 |
) |
|
$ |
0.89 |
|
|
Weighted average common shares—diluted |
|
43,463,235 |
|
|
45,828,315 |
|
|
43,832,144 |
|
|
45,910,249 |
|
||||
|
Consolidated Statement of Cash Flow (Unaudited - dollars in thousands) |
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|
|
|
Six months ended
|
||||||
|
|
|
2020 |
|
2019 |
||||
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net income (loss) |
|
$ |
(2,580 |
) |
|
$ |
41,110 |
|
|
Income from discontinued operations |
|
— |
|
|
7,840 |
|
||
|
Income (loss) from continuing operations |
|
(2,580 |
) |
|
33,270 |
|
||
|
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities, net of acquisition impact: |
|
|
|
|
||||
|
Loss on dispositions of assets |
|
1,010 |
|
|
30 |
|
||
|
Depreciation |
|
14,770 |
|
|
11,990 |
|
||
|
Amortization of intangible assets |
|
10,150 |
|
|
9,380 |
|
||
|
Amortization of debt issue costs |
|
570 |
|
|
560 |
|
||
|
Deferred income taxes |
|
(1,460 |
) |
|
4,130 |
|
||
|
Non-cash compensation expense |
|
4,680 |
|
|
3,040 |
|
||
|
Non-cash change in legacy liability estimate |
|
23,400 |
|
|
— |
|
||
|
Increase in receivables |
|
(12,300 |
) |
|
(5,720 |
) |
||
|
Decrease in inventories |
|
5,260 |
|
|
380 |
|
||
|
Decrease in prepaid expenses and other assets |
|
290 |
|
|
1,430 |
|
||
|
Decrease in accounts payable and accrued liabilities |
|
(14,530 |
) |
|
(24,410 |
) |
||
|
Other operating activities |
|
1,580 |
|
|
(1,310 |
) |
||
|
Net cash provided by operating activities of continuing operations |
|
30,840 |
|
|
32,770 |
|
||
|
Net cash used for operating activities of discontinued operations |
|
— |
|
|
(3,490 |
) |
||
|
Net cash provided by operating activities, net of acquisition impact |
|
30,840 |
|
|
29,280 |
|
||
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Capital expenditures |
|
(9,250 |
) |
|
(11,500 |
) |
||
|
Acquisition of businesses, net of cash acquired |
|
(95,160 |
) |
|
(67,030 |
) |
||
|
Net proceeds from disposition of business, property and equipment |
|
2,110 |
|
|
— |
|
||
|
Net cash used for investing activities of continuing operations |
|
(102,300 |
) |
|
(78,530 |
) |
||
|
Net cash used for investing activities of discontinued operations |
|
— |
|
|
(780 |
) |
||
|
Net cash used for investing activities |
|
(102,300 |
) |
|
(79,310 |
) |
||
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
|
Proceeds from borrowings on revolving credit facilities |
|
245,700 |
|
|
93,220 |
|
||
|
Repayments of borrowings on revolving credit facilities |
|
(247,320 |
) |
|
(92,410 |
) |
||
|
Shares surrendered upon exercise and vesting of equity awards to cover taxes |
|
(2,570 |
) |
|
(3,230 |
) |
||
|
Payments to purchase common stock |
|
(31,570 |
) |
|
(15,420 |
) |
||
|
Net cash used for financing activities of continuing operations |
|
(35,760 |
) |
|
(17,840 |
) |
||
|
Net cash provided by financing activities of discontinued operations |
|
— |
|
|
— |
|
||
|
Net cash used for financing activities |
|
(35,760 |
) |
|
(17,840 |
) |
||
|
Cash and Cash Equivalents: |
|
|
|
|
||||
|
Decrease for the period |
|
(107,220 |
) |
|
(67,870 |
) |
||
|
At beginning of period |
|
172,470 |
|
|
108,150 |
|
||
|
At end of period |
|
$ |
65,250 |
|
|
$ |
40,280 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
7,150 |
|
|
$ |
6,190 |
|
|
Cash paid for taxes |
|
$ |
3,410 |
|
|
$ |
10,160 |
|
Appendix I
|
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures Continuing Operations (Unaudited - dollars in thousands) |
||||||||||||||||
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Packaging |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
128,830 |
|
|
$ |
103,990 |
|
|
$ |
228,880 |
|
|
$ |
192,830 |
|
|
Operating profit |
|
$ |
24,040 |
|
|
$ |
22,640 |
|
|
$ |
42,320 |
|
|
$ |
40,280 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
750 |
|
|
260 |
|
|
750 |
|
|
1,280 |
|
||||
|
Business restructuring and severance costs |
|
2,410 |
|
|
— |
|
|
2,730 |
|
|
— |
|
||||
|
Adjusted operating profit |
|
$ |
27,200 |
|
|
$ |
22,900 |
|
|
$ |
45,800 |
|
|
$ |
41,560 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospace |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
42,610 |
|
|
$ |
49,510 |
|
|
$ |
91,530 |
|
|
$ |
95,090 |
|
|
Operating profit (loss) |
|
$ |
(4,210 |
) |
|
$ |
7,650 |
|
|
$ |
870 |
|
|
$ |
13,460 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Purchase accounting costs |
|
1,520 |
|
|
— |
|
|
2,030 |
|
|
— |
|
||||
|
Business restructuring and severance costs |
|
7,010 |
|
|
— |
|
|
7,510 |
|
|
440 |
|
||||
|
Adjusted operating profit |
|
$ |
4,320 |
|
|
$ |
7,650 |
|
|
$ |
10,410 |
|
|
$ |
13,900 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Specialty Products |
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
28,110 |
|
|
$ |
37,330 |
|
|
$ |
61,930 |
|
|
$ |
76,280 |
|
|
Operating profit (loss) |
|
$ |
(5,940 |
) |
|
$ |
5,410 |
|
|
$ |
(2,510 |
) |
|
$ |
10,110 |
|
|
Special Items to consider in evaluating operating profit: |
|
|
|
|
|
|
|
|
||||||||
|
Business restructuring and severance costs |
|
9,700 |
|
|
— |
|
|
9,700 |
|
|
— |
|
||||
|
Adjusted operating profit |
|
$ |
3,760 |
|
|
$ |
5,410 |
|
|
$ |
7,190 |
|
|
$ |
10,110 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Operating loss |
|
$ |
(32,040 |
) |
|
$ |
(8,640 |
) |
|
$ |
(39,000 |
) |
|
$ |
(16,990 |
) |
|
Special Items to consider in evaluating operating loss: |
|
|
|
|
|
|
|
|
||||||||
|
Change in accounting policy for asbestos-related costs |
|
23,400 |
|
|
— |
|
|
23,400 |
|
|
— |
|
||||
|
M&A diligence and transaction costs |
|
260 |
|
|
700 |
|
|
1,070 |
|
|
1,820 |
|
||||
|
Business restructuring and severance costs |
|
640 |
|
|
— |
|
|
640 |
|
|
— |
|
||||
|
Adjusted operating loss |
|
$ |
(7,740 |
) |
|
$ |
(7,940 |
) |
|
$ |
(13,890 |
) |
|
$ |
(15,170 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
199,550 |
|
|
$ |
190,830 |
|
|
$ |
382,340 |
|
|
$ |
364,200 |
|
|
Operating profit (loss) |
|
$ |
(18,150 |
) |
|
$ |
27,060 |
|
|
$ |
1,680 |
|
|
$ |
46,860 |
|
|
Total Special Items to consider in evaluating operating profit |
|
45,690 |
|
|
960 |
|
|
47,830 |
|
|
3,540 |
|
||||
|
Adjusted operating profit |
|
$ |
27,540 |
|
|
$ |
28,020 |
|
|
$ |
49,510 |
|
|
$ |
50,400 |
|
Appendix I
|
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Income (loss) from continuing operations, as reported |
|
$ |
(15,700 |
) |
|
$ |
18,720 |
|
|
$ |
(2,580 |
) |
|
$ |
33,270 |
|
|
Special Items to consider in evaluating quality of income (loss) from continuing operations: |
|
|
|
|
|
|
|
|
||||||||
|
Change in accounting policy for asbestos-related costs |
|
23,400 |
|
|
— |
|
|
23,400 |
|
|
— |
|
||||
|
Business restructuring and severance costs |
|
19,760 |
|
|
— |
|
|
20,580 |
|
|
440 |
|
||||
|
Purchase accounting costs |
|
2,270 |
|
|
260 |
|
|
2,780 |
|
|
1,280 |
|
||||
|
M&A diligence and transaction costs |
|
260 |
|
|
700 |
|
|
1,370 |
|
|
1,820 |
|
||||
|
Income tax effect of Special Items(1) |
|
(11,330 |
) |
|
(100 |
) |
|
(11,790 |
) |
|
(660 |
) |
||||
|
Adjusted income from continuing operations |
|
$ |
18,660 |
|
|
$ |
19,580 |
|
|
$ |
33,760 |
|
|
$ |
36,150 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Diluted earnings (loss) per share from continuing operations, as reported |
|
$ |
(0.36 |
) |
|
$ |
0.41 |
|
|
$ |
(0.06 |
) |
|
$ |
0.72 |
|
|
Special Items to consider in evaluating quality of EPS from continuing operations: |
|
|
|
|
|
|
|
|
||||||||
|
Change in accounting policy for asbestos-related costs |
|
0.54 |
|
|
— |
|
|
0.53 |
|
|
— |
|
||||
|
Business restructuring and severance costs |
|
0.45 |
|
|
— |
|
|
0.47 |
|
|
0.01 |
|
||||
|
Purchase accounting costs |
|
0.05 |
|
|
0.01 |
|
|
0.06 |
|
|
0.03 |
|
||||
|
M&A diligence and transaction costs |
|
0.01 |
|
|
0.01 |
|
|
0.03 |
|
|
0.04 |
|
||||
|
Income tax effect of Special Items(1) |
|
(0.26 |
) |
|
— |
|
|
(0.26 |
) |
|
(0.01 |
) |
||||
|
Adjusted diluted EPS from continuing operations |
|
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
0.77 |
|
|
$ |
0.79 |
|
|
Weighted-average shares outstanding (2) |
|
43,648,211 |
|
|
45,828,315 |
|
|
44,059,342 |
|
|
45,910,249 |
|
||||
|
(1)
|
|
Income tax effect of Special Items is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item occurred. For the three and six month periods ended |
|
(2) |
184,976 and 227,198 shares for the three and six months ended |
Appendix I
|
Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands) |
||||||||||||||||||||||||
|
|
|
Three months ended |
||||||||||||||||||||||
|
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||||
|
Net cash provided by operating activities from continuing operations |
|
$ |
27,440 |
|
|
$ |
3,070 |
|
|
$ |
30,510 |
|
|
$ |
17,720 |
|
|
$ |
1,080 |
|
|
$ |
18,800 |
|
|
Less: Capital expenditures |
|
(5,320 |
) |
|
— |
|
|
(5,320 |
) |
|
(5,270 |
) |
|
— |
|
|
(5,270 |
) |
||||||
|
Free Cash Flow |
|
22,120 |
|
|
3,070 |
|
|
25,190 |
|
|
12,450 |
|
|
1,080 |
|
|
13,530 |
|
||||||
|
Income (loss) from continuing operations |
|
(15,700 |
) |
|
34,050 |
|
|
18,350 |
|
|
18,720 |
|
|
860 |
|
|
19,580 |
|
||||||
|
Free Cash Flow as a percentage of income (loss) from continuing operations |
|
NM |
|
|
|
137 |
% |
|
67 |
% |
|
|
|
69 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Six months ended |
||||||||||||||||||||||
|
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
|
As
|
|
Special
|
|
As
|
|
As
|
|
Special
|
|
As
|
||||||||||||
|
Net cash provided by operating activities from continuing operations |
|
$ |
30,840 |
|
|
$ |
5,360 |
|
|
$ |
36,200 |
|
|
32,770 |
|
|
$ |
2,210 |
|
|
$ |
34,980 |
|
|
|
Less: Capital expenditures |
|
(9,250 |
) |
|
— |
|
|
(9,250 |
) |
|
(11,500 |
) |
|
— |
|
|
(11,500 |
) |
||||||
|
Free Cash Flow |
|
21,590 |
|
|
5,360 |
|
|
26,950 |
|
|
21,270 |
|
|
2,210 |
|
|
23,480 |
|
||||||
|
Income (loss) from continuing operations |
|
(2,580 |
) |
|
36,030 |
|
|
33,450 |
|
|
33,270 |
|
|
2,880 |
|
|
36,150 |
|
||||||
|
Free Cash Flow as a percentage of income (loss) from continuing operations |
|
NM |
|
|
|
81 |
% |
|
64 |
% |
|
|
|
65 |
% |
|||||||||
|
|
|
|
|
|
|
|
||||||
|
Current maturities, long-term debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60 |
|
|
Long-term debt, net |
|
295,260 |
|
|
294,690 |
|
|
294,120 |
|
|||
|
Total Debt |
|
295,260 |
|
|
294,690 |
|
|
294,180 |
|
|||
|
Less: Cash and cash equivalents |
|
65,250 |
|
|
172,470 |
|
|
40,280 |
|
|||
|
Net Debt |
|
$ |
230,010 |
|
|
$ |
122,220 |
|
|
$ |
253,900 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200730005086/en/
VP, Investor Relations
(248) 631-5506
sherrylauderback@trimascorp.com
Source: TriMas
