Exhibit 99.1
Summit Materials
November 5, 2013
Summit Materials, LLC Reports Third Quarter 2013 Results
• | Operating income increases 14.0% to $37.9 million |
• | Operating margin improves 160 bps to 12.0% |
• | $6.0 million increase in Adjusted EBITDA to $57.6 million |
DENVER, CO - Summit Materials, LLC today reported financial results for the quarter ended September 28, 2013. Notable items for the quarter include (all comparisons, unless noted, are with the prior year’s third quarter):
• | Revenue of $316.3 million, slight decline of 0.9%. |
• | Operating earnings up 14.0% driven by improved pricing and completion of low margin projects. |
• | Year-to-date pricing increased for aggregates, asphalt and ready-mixed concrete products, 3.6%, 4.9% and 4.1%, respectively, compared to the nine months ended September 29, 2012. |
• | Year-to-date aggregate and cement volumes increased 1.67% and 5.1%, respectively, while volumes declined among asphalt products 15.2%, compared to the nine months ended September 29, 2012. |
Tom Hill, the CEO of Summit Materials, stated, “This quarter our aggregate, ready-mixed concrete and cement product pricing gained momentum in many of our key markets in Texas, Missouri and Kansas. Weather conditions were more favorable as compared to the first half of this year and we saw signs of improvement in several of our major residential and private non-residential markets.”
Third Quarter 2013 Financial Results Compared to Third Quarter 2012
Hill continued, “Although we experienced some wet weather at the start of the third quarter, conditions improved and we were able to achieve a modest improvement in product revenue of $3.6 million, or 1.7%, compared to last year. Operating earnings improved by $4.6 million and Adjusted EBITDA increased by $6.0 million due to a focus on higher margin projects. Heading into the end of the year, our backlog remains healthy. Our aggregate backlog is 38% higher than at this point last year and our ready-mixed concrete and paving and construction backlogs have all increased.”
Central Region Results
The Central Region’s revenue increased 18.4% due to higher volumes across its products and pricing improvements in aggregates and ready-mixed concrete. Adjusted EBITDA improved by $8.2 million due to increased volumes and reduced stripping costs.
West Region Results
The West Region’s revenue declined 17.7% due to a reduction in grading and structural projects. Despite the reduction in sales, Adjusted EBITDA in the West Region increased $1.9 million. This was primarily driven by improved margins on aggregates, asphalt and ready-mixed concrete and improved performance in the Texas construction services business.
East Region Results
The East Region’s revenue increased 20.6%, while Adjusted EBITDA decreased $1.0 million this quarter. This region saw growth in aggregate and asphalt volumes, which led to the increased revenue. The $1.0 million decrease in Adjusted EBITDA is a result of lower asphalt pricing during the quarter due to product mix.
Liquidity and Capital Resources
Our primary sources of liquidity include cash on-hand, cash provided by our operations and amounts available for borrowing under our credit facilities. As of September 28, 2013, we had $19.2 million in cash and working capital of $140.8 million as compared to cash and working capital of $27.4 million and $114.4 million, respectively, at December 29, 2012. We calculate working capital as current assets less current liabilities, excluding the current portion of long term debt and outstanding borrowings on our revolving credit facility. Our remaining borrowing capacity on our revolving credit facility, net of $18.3 million of outstanding letters of credit, as of September 28, 2013 was $47.7 million.
Given the seasonality of our business, we typically experience significant fluctuations in working capital needs and balances throughout the year; these amounts are converted to cash as our operating cycle is completed each fiscal year. Our working capital requirements generally increase during the first half of the year as we buildup inventory and focus on repair and maintenance and other set up costs for the upcoming season. Working capital levels then decrease as we wind down the construction season and enter the winter months, which is when we see significant inflows of cash from the collection of receivables during the peak months of the season.
Free cash flow utilization, a non-GAAP measure defined as operating cash outflow less net capital expenditures, was $44.9 million and $44.4 million in the nine month periods ended September 28, 2013 and September 29, 2012, respectively. Free cash flow in 2013, as compared to 2012, was affected by improved working capital management, which was used to pay an additional $9.8 million of interest payments related to the timing and terms of our January 2012 refinancing and increased investment of $12.4 million in capital projects. In 2013, we have continued to develop an underground mine and storage dome at our cement plant in Hannibal, Missouri and are bringing a new hot mix asphalt plant on-line in Austin, Texas.
Our growth strategy contemplates future acquisitions for which we believe we have access to sufficient capital through committed funds from our sponsors, Blackstone Capital Partners V L.P. and Silverhawk Summit, L.P., and our borrowing capacity.
About Summit Materials, LLC
We are a leading, vertically-integrated, geographically-diverse heavy-side building materials company. We supply aggregates, cement and related downstream products such as ready-mixed concrete, asphalt paving mix, concrete products and paving and related construction services to a variety of end-uses in the U.S. construction industry, including public infrastructure projects, as well as private residential and non-residential construction. Summit has executed 27 transactions since 2009. Our nine operating companies make up our three distinct geographic regions that span 20 states and 23 metropolitan statistical areas.
For more information about Summit Materials, LLC refer to the Company’s website athttp://www.summit-materials.com. The information contained on our website is not incorporated herein by reference.
Conference Call Information
The Company will conduct a conference call at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Wednesday, November 6, 2013. Interested parties may access this event by webcast (listen only) https://viavid.webcasts.com/starthere.jsp?ei=1025135.
For those investors without online web access, the conference call may be accessed at:
Conference ID: | 4648502 | |||
Domestic: | 1-877-941-1429 | |||
International: | 1-480-629-9857 |
Non-GAAP Financial Measures
Our chief operating decision maker evaluates the performance of our segments and allocates resources to them based on several factors including a measure we call segment profit, or Adjusted EBITDA by segment. We define Adjusted EBITDA as net income (loss) before loss from discontinued operations, income tax expense (benefit), interest expense and depreciation, depletion, amortization and accretion. Accretion expense is recognized on our asset retirement obligations and reflects the time value of money. Given that accretion is similar in nature to interest expense, it is treated consistently with interest expense in determining Adjusted EBITDA. Adjusted EBITDA is determined before considering the loss from discontinued operations as results from discontinued operations is not viewed by management as part of our core business when management assesses the performance of our segments or allocation of resources. Therefore, it is not included in Adjusted EBITDA.
Our chief operating decision maker also considers our free cash flow as a measure of operating performance. We define free cash flow as net cash provided by (used for) operating activities less purchases of property, plant and equipment.
Adjusted EBITDA and free cash flow reflect additional ways of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. However, it should not be construed as being more important than other comparable GAAP measures and must be considered in conjunction with the GAAP measures. In addition, non-GAAP financial measures are not standardized; therefore, it may not be possible to compare such financial measures with other companies’ non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our consolidated interim financial statements in their entirety and not rely on any single financial measure.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans or intentions. Any and all statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, sales volumes and financial results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in our prospectus dated June 10, 2013 (the “Prospectus”), filed with the Securities and Exchange Commission (the “SEC”) in accordance with Rule 424(b) of the Securities Act of 1933, as amended, on June 10, 2013 and other filings with the SEC.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
(unaudited) | (audited) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 19,207 | $ | 27,431 | ||||
Accounts receivable, net | 127,036 | 100,298 | ||||||
Costs and estimated earnings in excess of billings | 32,504 | 11,575 | ||||||
Inventories | 96,231 | 92,977 | ||||||
Other current assets | 16,168 | 10,068 | ||||||
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Total current assets | 291,146 | 242,349 | ||||||
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 28, 2013 - $199,061 and December 29, 2012 - $156,313) | 844,175 | 813,607 | ||||||
Goodwill | 195,240 | 179,120 | ||||||
Intangible assets, less accumulated amortization (September 28, 2013 - $1,393 and December 29, 2012 - $1,354) | 15,238 | 8,606 | ||||||
Other assets | 37,575 | 37,531 | ||||||
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Total assets | $ | 1,383,374 | $ | 1,281,213 | ||||
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Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | ||||||||
Current liabilities: | ||||||||
Current portion of debt | $ | 88,220 | $ | 4,000 | ||||
Current portion of acquisition-related liabilities | 10,533 | 9,525 | ||||||
Accounts payable | 77,725 | 61,634 | ||||||
Accrued expenses | 57,418 | 49,822 | ||||||
Billings in excess of costs and estimated earnings | 4,655 | 6,926 | ||||||
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Total current liabilities | 238,551 | 131,907 | ||||||
Long-term debt | 659,498 | 635,843 | ||||||
Acquisition-related liabilities | 27,990 | 23,919 | ||||||
Other noncurrent liabilities | 83,531 | 84,266 | ||||||
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Total liabilities | 1,009,570 | 875,935 | ||||||
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Redeemable noncontrolling interest | 23,300 | 22,850 | ||||||
Member’s interest: | ||||||||
Member’s equity | 486,327 | 484,584 | ||||||
Accumulated deficit | (127,898 | ) | (94,085 | ) | ||||
Accumulated other comprehensive loss | (9,130 | ) | (9,130 | ) | ||||
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Member’s interest | 349,299 | 381,369 | ||||||
Noncontrolling interest | 1,205 | 1,059 | ||||||
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Total member’s interest | 350,504 | 382,428 | ||||||
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Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,383,374 | $ | 1,281,213 | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Product | $ | 210,162 | $ | 206,558 | 447,343 | $ | 440,554 | |||||||||
Service | 106,101 | 112,623 | 230,591 | 254,066 | ||||||||||||
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Total revenue | 316,263 | 319,181 | 677,934 | 694,620 | ||||||||||||
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Cost of revenue (excluding items shown separately below): | ||||||||||||||||
Product | 145,605 | 150,807 | 327,536 | 337,774 | ||||||||||||
Service | 79,678 | 88,372 | 175,662 | 206,948 | ||||||||||||
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Total cost of revenue | 225,283 | 239,179 | 503,198 | 544,722 | ||||||||||||
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General and administrative expenses | 33,822 | 29,269 | 107,219 | 95,186 | ||||||||||||
Depreciation, depletion, amortization and accretion | 18,552 | 17,251 | 54,577 | 50,854 | ||||||||||||
Transaction costs | 711 | 233 | 3,175 | 1,765 | ||||||||||||
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Operating income | 37,895 | 33,249 | 9,765 | 2,093 | ||||||||||||
Other income, net | (1,151 | ) | (1,232 | ) | (988 | ) | (291 | ) | ||||||||
Loss on debt financings | — | 85 | 3,115 | 8,245 | ||||||||||||
Interest expense | 14,531 | 14,591 | 42,380 | 43,417 | ||||||||||||
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Income (loss) from continuing operations before taxes | 24,515 | 19,805 | (34,742 | ) | (49,278 | ) | ||||||||||
Income tax expense (benefit) | 1,565 | 149 | (1,782 | ) | (1,814 | ) | ||||||||||
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Income (loss) from continuing operations | 22,950 | 19,656 | (32,960 | ) | (47,464 | ) | ||||||||||
Loss from discontinued operations | (160 | ) | (1,287 | ) | (257 | ) | (3,011 | ) | ||||||||
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Net income (loss) | 22,790 | 18,369 | (33,217 | ) | (50,475 | ) | ||||||||||
Net income attributable to noncontrolling interest | 2,623 | 1,099 | 1,105 | 580 | ||||||||||||
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Net income (loss) attributable to member of Summit Materials, LLC | $ | 20,167 | $ | 17,270 | (34,322 | ) | $ | (51,055 | ) | |||||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands)
Nine months ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (33,217 | ) | $ | (50,475 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 59,275 | 56,129 | ||||||
Share-based compensation expense | 1,743 | 2,149 | ||||||
Deferred income tax benefit | (2,685 | ) | (854 | ) | ||||
Net loss on property, plant and equipment disposals | 7,709 | 977 | ||||||
Loss on debt financings | 2,989 | 8,245 | ||||||
Other | (79 | ) | 472 | |||||
(Increase) decrease in operating assets, net of acquisitions: | ||||||||
Account receivable | (18,797 | ) | (39,326 | ) | ||||
Inventories | 700 | (4,347 | ) | |||||
Costs and estimated earnings in excess of billings | (21,836 | ) | (17,565 | ) | ||||
Other current assets | (1,046 | ) | (4,260 | ) | ||||
Other assets | (800 | ) | 2,596 | |||||
Increase (decrease) in operating liabilities, net of acquisitions: | ||||||||
Accounts payable | 10,919 | 18,865 | ||||||
Accrued expenses | (1,020 | ) | 13,844 | |||||
Billings in excess of costs and estimated earnings | (2,421 | ) | 1,201 | |||||
Other liabilities | (1,311 | ) | 494 | |||||
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Net cash provided by (used for) operating activities | 123 | (11,855 | ) | |||||
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Cash flow from investing activities: | ||||||||
Acquisitions, net of cash acquired | (60,913 | ) | (42,933 | ) | ||||
Purchases of property, plant and equipment | (53,659 | ) | (36,812 | ) | ||||
Proceeds from the sale of property, plant and equipment | 8,642 | 4,244 | ||||||
Other | — | 69 | ||||||
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Net cash used for investing activities | (105,930 | ) | (75,432 | ) | ||||
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Cash flow from financing activities: | ||||||||
Net proceeds from debt issuance | 214,390 | 248,300 | ||||||
Payments on long-term debt | (111,884 | ) | (177,892 | ) | ||||
Payments on acquisition-related liabilities | (4,923 | ) | (4,067 | ) | ||||
Other | — | (701 | ) | |||||
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Net cash provided by financing activities | 97,583 | 65,640 | ||||||
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Net decrease in cash | (8,224 | ) | (21,647 | ) | ||||
Cash – beginning of period | 27,431 | 42,790 | ||||||
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Cash – end of period | $ | 19,207 | $ | 21,143 | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Financial Highlights
(In thousands)
Three months ended | Nine months ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue by product:* | ||||||||||||||||
Aggregates | $ | 51,454 | $ | 44,446 | $ | 119,757 | $ | 111,127 | ||||||||
Asphalt | 87,277 | 99,981 | 162,485 | 182,147 | ||||||||||||
Ready-mixed concrete | 36,035 | 31,035 | 82,447 | 77,572 | ||||||||||||
Cement | 28,245 | 25,799 | 59,160 | 57,176 | ||||||||||||
Construction and paving | 171,399 | 189,417 | 343,346 | 373,504 | ||||||||||||
Other | (58,147 | ) | (71,497 | ) | (89,261 | ) | (106,906 | ) | ||||||||
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Total revenue | $ | 316,263 | $ | 319,181 | $ | 677,934 | $ | 694,620 | ||||||||
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* | Revenue by product includes intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. |
Three months ended | Nine months ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Central region | $ | 115,527 | $ | 97,580 | $ | 244,207 | $ | 226,077 | ||||||||
West region | 142,921 | 173,642 | 322,640 | 369,767 | ||||||||||||
East region | 57,815 | 47,959 | 111,087 | 98,776 | ||||||||||||
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Total revenue | $ | 316,263 | $ | 319,181 | $ | 677,934 | $ | 694,620 | ||||||||
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Nine Months Ended September 28, 2013 | Nine Months Ended September 29, 2012 | Percentage Change in | ||||||||||||||||||||||
Volume (1) (in thousands) | Average Selling Price (2) | Volume (1) (in thousands) | Average Selling Price (2) | Volume | Average Selling Price | |||||||||||||||||||
Aggregates | 13,092 | $ | 8.89 | 12,884 | $ | 8.58 | 1.6 | % | 3.6 | % | ||||||||||||||
Asphalt | 2,919 | 55.42 | 3,442 | 52.85 | (15.2 | %) | 4.9 | % | ||||||||||||||||
Ready-mixed concrete | 883 | 93.15 | 850 | 89.48 | 3.9 | % | 4.1 | % |
(1) | Volumes are shown in tons for aggregatess and asphalt and in cubic yards for ready-mixed concrete. |
(2) | Average selling prices are shown on a per ton basis for aggregatess and asphalt and on a per cubic yard basis for ready-mixed concrete. |
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Reconciliations of Non-GAAP Financial Measures
(In thousands)
The tables below reconcile our net income (loss) to Adjusted EBITDA and presents Adjusted EBITDA by segment for the three and nine month periods ended September 28, 2013 and September 29, 2012.
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | 22,790 | $ | 18,369 | $ | (33,217 | ) | $ | (50,475 | ) | ||||||
Income tax expense (benefit) | 1,565 | 149 | (1,782 | ) | (1,814 | ) | ||||||||||
Interest expense | 14,531 | 14,591 | 42,380 | 43,417 | ||||||||||||
Depreciation, depletion and amortization | 18,367 | 17,110 | 54,040 | 50,464 | ||||||||||||
Accretion | 185 | 141 | 537 | 390 | ||||||||||||
Loss from discontinued operations | 160 | 1,287 | 257 | 3,011 | ||||||||||||
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Adjusted EBITDA | $ | 57,598 | $ | 51,647 | $ | 62,215 | $ | 44,993 | ||||||||
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Adjusted EBITDA by Segment | ||||||||||||||||
(in thousands) | ||||||||||||||||
Central | $ | 30,710 | $ | 22,560 | $ | 49,892 | $ | 45,177 | ||||||||
West | 19,175 | 17,248 | 19,260 | 7,598 | ||||||||||||
East | 13,167 | 14,129 | 10,790 | 5,556 | ||||||||||||
Corporate | (5,454 | ) | (2,290 | ) | (17,727 | ) | (13,338 | ) | ||||||||
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Adjusted EBITDA | $ | 57,598 | $ | 51,647 | $ | 62,215 | $ | 44,993 | ||||||||
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The following table sets forth a reconciliation of free cash flow for the nine month periods ended September 28, 2013 and September 29, 2012.
Nine Months Ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Net loss | $ | (33,217 | ) | $ | (50,475 | ) | ||
Non- cash items | 68,952 | 67,118 | ||||||
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Net loss adjusted for non-cash items | 35,735 | 16,643 | ||||||
Change in working capital accounts | (35,612 | ) | (28,498 | ) | ||||
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Net cash provided by (used for) operating activities | 123 | (11,855 | ) | |||||
Capital expenditures, net of asset sales | (45,017 | ) | (32,568 | ) | ||||
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Free cash flow | $ | (44,894 | ) | $ | (44,423 | ) | ||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Reconciliations of Non-GAAP Financial Measures
(In thousands)
The following table presents a reconciliation of net income to Pro Forma Adjusted EBITDA for the twelve months ended September 28, 2013.
(in thousands) | Twelve Months ended September 28, 2013 | |||
Net loss | $ | (33,319 | ) | |
Interest expense | 57,042 | |||
Income tax expense | (3,888 | ) | ||
Depreciation, depletion, amortization and accretion expense | 72,013 | |||
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EBITDA | $ | 91,848 | ||
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EBITDA for certain acquisitions | (291 | ) | ||
Discontinued operations | 147 | |||
Gain on revaluation of contingent consideration | (409 | ) | ||
Transaction expenses | 3,458 | |||
Monitoring fees and expenses | 2,474 | |||
Strategic fees and initiatives | 3,190 | |||
Anticipated cost savings | 4,864 | |||
Non-cash compensation | 2,127 | |||
Deferred financing fees written off at re-financing | 4,340 | |||
Loss on disposal and impairment of fixed assets | 8,157 | |||
Severance and relocation costs | 3,630 | |||
Other | 9,942 | |||
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Pro Forma Adjusted EBITDA | $ | 133,477 | ||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Financial Highlights
(In millions)
The following is a summary of our credit statistics:
($ in millions) | September 28, 2013 | December 29, 2012 | ||||||
Cash | $ | 19.2 | $ | 27.4 | ||||
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Debt | ||||||||
Revolving Credit Facility ($150M Capacity) | $ | 84.0 | $ | — | ||||
Senior Secured Term Loan | 420.9 | 398.0 | ||||||
Capital Leases | 7.8 | 3.1 | ||||||
Other Debt | 2.5 | 0.6 | ||||||
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Total Senior Secured Debt | $ | 515.2 | $ | 401.7 | ||||
10.5 % Senior Notes | 250.0 | 250.0 | ||||||
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Total Debt | $ | 765.2 | $ | 651.7 | ||||
Leverage Ratio Calculations | ||||||||
Senior Secured Net Debt (1) | $ | 496.0 | $ | 374.3 | ||||
Total Net Debt(1) | $ | 746.0 | $ | 624.3 | ||||
Pro Forma LTM Adjusted EBITDA | $ | 133.5 | $ | 118.9 | ||||
Senior Secured Net Leverage(2) | 3.72 | x | 3.15 | x | ||||
Covenant Senior Secured Net Leverage Limit | 4.75 | x | 4.75 | x | ||||
Total Net Leverage(3) | 5.59 | x | 5.25 | x |
(1) | Net of cash |
(2) | Calculated as the ratio of Senior Secured Net Debt to Pro Forma Adjusted EBITDA. |
(3) | Calculated as the ratio of Total Net Debt to Pro Forma Adjusted EBITDA. |
Contact: info@summit-materials.com
303-893-0012