This release reflects three performance measures, net debt, adjusted EBITDA, and diluted adjusted earnings per share as non-U.S. GAAP
measures. The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for
net debt is total debt; for adjusted EBITDA is net earnings (loss); for diluted adjusted earnings per share is net earnings (loss); and, for adjusted
basic earnings per share is income available to common shareholders. For a reconciliation of these non-U.S. GAAP measures to U.S. GAAP
figures, see the accompanying schedules to this release.
Forward Looking Statements, Reconciliation and Use of Non-GAAP
Measures to U.S. GAAP
Adjusted EBITDA, a measure used by management to measure performance, is defined as earnings (loss) from continuing operations, plus interest
expense net of interest income, income taxes and depreciation and amortization, and further adjusted for certain cash and non-cash charges. Our
management believes adjusted EBITDA is useful to investors because it is one of the primary measures our management uses for its planning and
budgeting processes and to monitor and evaluate financial and operating results. Adjusted EBITDA is not a recognized term under U.S. GAAP and does
not purport to be an alternative to net earnings as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.
Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to other similarly titled measures of
other companies. Additionally, adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not
consider certain cash requirements such as interest payments, tax payments and debt service requirements nor does it represent the amount used in our
debt covenants. Net debt is defined as total debt less cash and cash equivalents. Our management uses net debt to evaluate the Company's capital
structure. Diluted adjusted net earnings per share is defined as income available to common shareholders plus preferred dividends, adjusted for special
and one-time expenses and divided by the number of basic common shares, diluted preferred shares, and options valued using the treasury method as of
December 31, 2005. We believe that the presentation of all of the non-U.S. GAAP information provides useful information to management and investors
regarding various financial and business trends relating to our financial condition and results of operations, and that when U.S. GAAP information is viewed
in conjunction with non-U.S. GAAP information, investors are provided with a more meaningful understanding of our ongoing operating performance. This
non-U.S. GAAP information is not intended to be considered in isolation or as a substitute for U.S. GAAP financial information.
This presentation may contain “forward-looking statements,” which include information concerning the Company’s plans, objectives, goals, strategies,
future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this
presentation, the words ”outlook”, “forecast”, “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or
similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs
and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this
presentation. Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as
forward-looking statements. For a discussion of some of the factors, we recommend that you review the Company’s Annual Report on Form 10-K at the
SEC’s website atwww.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation
to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances.
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