Exhibit 99.1 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | |||||||||||||
Sales | $ | 97 | .1 | $ | 92 | .2 | $ | 398 | .5 | $ | 336 | .9 | ||||
Cost of sales - shipping and handling | 24 | .1 | 22 | .5 | 109 | .3 | 91 | .2 | ||||||||
Cost of sales - products | 55 | .1 | 53 | .3 | 199 | .5 | 173 | .3 | ||||||||
Gross profit | 17 | .9 | 16 | .4 | 89 | .7 | 72 | .4 | ||||||||
Selling, general and administrative expense | 11 | .2 | 10 | .8 | 34 | .3 | 30 | .1 | ||||||||
Restructuring and other charges | -- | 2 | .1 | -- | 6 | .8 | ||||||||||
Operating earnings | 6 | .7 | 3 | .5 | 55 | .4 | 35 | .5 | ||||||||
Other (income) expense: | ||||||||||||||||
Interest expense | 10 | .0 | 10 | .5 | 29 | .2 | 31 | .0 | ||||||||
Other, net | 1 | .6 | (0 | .3) | 4 | .5 | 4 | .1 | ||||||||
Income before income (loss) taxes | (4 | .9) | (6 | .7) | 21 | .7 | 0 | .4 | ||||||||
Income tax expense (benefit) | (1 | .1) | (3 | .2) | 4 | .3 | (0 | .5) | ||||||||
Net income (loss) | $ | (3 | .8) | $ | (3 | .5) | $ | 17 | .4 | $ | 0 | .9 | ||||
Net income (loss) | $ | (3 | .8) | $ | (3 | .5) | $ | 17 | .4 | $ | 0 | .9 | ||||
Income tax expense (benefit) | (1 | .1) | (3 | .2) | 4 | .3 | (0 | .5) | ||||||||
Interest expense | 10 | .0 | 10 | .5 | 29 | .2 | 31 | .0 | ||||||||
Depreciation and amortization | 11 | .8 | 10 | .4 | 31 | .2 | 28 | .7 | ||||||||
EBITDA | 16 | .9 | 14 | .2 | 82 | .1 | 60 | .1 | ||||||||
Adjustments to EBITDA: | ||||||||||||||||
Restructuring and other charges | -- | 2 | .1 | -- | 6 | .8 | ||||||||||
Other expense (income), net (1) | 1 | .6 | (0 | .3) | 4 | .5 | 4 | .1 | ||||||||
Adjusted EBITDA | $ | 18 | .5 | $ | 16 | .0 | $ | 86 | .6 | $ | 71 | .0 | ||||
For the three months ending September 30, 2003 and 2002, “Other expense (income)” primarily includes non-cash gains and losses. Additionally, for the nine months ending September 30, 2003, “Other expense (income)” includes $1.1 million of costs related to amending the senior credit facility and for the nine months ending September 30, 2002, “Other expense (income)” includes a $5.3 million loss related to the refinancing of the Company’s term loan resulting from the issuance of the $75 million 10% Senior Subordinated Notes due 2011 in April 2002. 5 |