YTD2011 FY2010 FY2009 Net Income / (loss) attributable to GSI Group Inc. 25,118 $ (687) $ (71,330) $ Interest expense, net 10,298 19,821 27,457 Income tax provision (benefit) 4,012 10,739 (773) Depreciation and amortization 11,463 15,652 17,330 EBITDA (a) 50,891 $ 45,525 $ (27,316) $ Semiconductor revenue adjustments (b) (456) (45,722) $ (30,364) $ Semiconductor cost of sales adjustments (b) 191 25,768 13,917 Share-based compensation 2,518 1,871 2,052 Impairment of intangible assets - - 1,045 Restructuring, restatement and other nonrecurring costs (c) 136 2,592 16,291 Pre-petition and post-emergence professional fees (d) 296 727 6,966 Other expense (income), net (e) (1,016) (2,168) 610 Reorganization items (f) - 26,156 23,606 Loss on discontinued operations, net of tax - - 132 Adjusted EBITDA 52,560 $ 54,749 $ 6,939 $ (in thousands of dollars) Non-GAAP EBITDA Reconciliation $ 27 Note: Year-to-Date (YTD) is defined as Q1 2011 through Q3 2011 actual reported results (a) (a) The Company defines EBITDA, a non-GAAP financial measure, as the net income / (loss) attributable to GSI Group Inc. before deducting net interest expense, income taxes, depreciation and amortization. (b) (b) Semiconductor revenue adjustments and cost of sales adjustments include revenues and cost of sales that had been deferred from customer orders shipped prior to 2009, but had not been recognized in the period in which the orders were shipped due to previously undelivered elements or unresolved commitments. (c) (c) Restructuring, restatement and other related costs primarily consist of fees related to third parties for services performed in connection with the review and investigation of revenue transactions examined and the restatement of the Company’s 2004 through 2008 financial statements (d) (d) Pre-petition professional fees incurred during 2009 prior to the bankruptcy, consist primarily of costs for legal and financial advisors to assist in the analysis of debt alternatives, as well as other related costs. Post-emergence professional fees represent professional fees incurred subsequent to emergence from bankruptcy to finalize the bankruptcy process. (e) (e) Other items excluded represent foreign exchange transaction gains (losses), gains on the sale of auction rate securities, and earnings on equity method investments. (f) (f) Reorganization items represent amounts recorded in the consolidated financial statements as a result of the bankruptcy proceedings. |
