Exhibit 99.1
Announces 2013 Fourth Quarter and Full Year Results
DENVER, Colorado (March 7, 2014) - Summit Materials, LLC today announced results for the quarter and year ended December 28, 2013.
Notable items for the quarter include (all comparisons are with the fourth quarter of 2012):
| • | Revenue increased 2.9% to $238.3 million. |
| • | Aggregate and ready-mixed concrete volumes increased 14% and 28%, respectively. Cement and asphalt volumes decreased 28% and 9%, respectively. |
| • | $68.2 million of goodwill impairment charges recognized. Excluding the goodwill impairment charge, operating earnings decreased $2.9 million. |
Notable items for the year (all comparisons are with 2012):
| • | Product revenue increased $4.8 million; total revenue was slightly down by 1.1%. |
| • | Aggregate and ready-mixed concrete volumes increased 5% and 9%, respectively, while cement and asphalt volumes declined 4% and 14%, respectively. |
| • | Pricing increased for each of our product lines. |
| • | $68.2 million of goodwill impairment charges recognized. Excluding the goodwill impairment charge, operating earnings improved $4.8 million. |
2013 Financial Results Compared to 2012
Tom Hill, the CEO of Summit Materials, stated, “This year we were pleased with our performance. A safety-first culture helped us improve in each of our key safety metrics. We were able to achieve a slight improvement in product revenue of $4.8 million, or 0.8%, compared to last year. Excluding the fourth quarter goodwill impairment charges of $68.2 million, our operating earnings improved by $4.8 million. Adjusted EBITDA increased by $16.4 million from 2012. Our product pricing increased in many of our markets in Texas, Missouri, Kentucky and Kansas. As a result of our focus on lower-volume, higher-margin contracts, disciplined integration of strategic acquisitions in Kansas and Utah and a continued focus on costs, we enjoyed improved margins from 2012. Weather conditions in the first half of 2013 were not favorable; however, we have a strong backlog going into 2014, with our aggregates backlog 33% higher than at this point last year. In addition, we increased our footprint in Texas with our January acquisition of Alleyton Resources, an aggregates and ready-mixed concrete business in Houston that we believe is well-positioned to serve that growing market.”
Central Region Results
The Central Region’s revenue increased 9.1% due to higher aggregate, asphalt and ready-mixed concrete volumes and pricing improvements in aggregates, ready-mixed concrete and cement. Adjusted EBITDA improved by $7.2 million due to the revenue growth and reduced stripping costs.
West Region Results
The West Region’s revenue declined 12.1% due to a shift to lower-volume, higher-margin projects and a reduction in grading and structural projects. Despite the reduction in sales, Adjusted EBITDA in the West Region increased $14.2 million. This was primarily driven by improved margins on aggregates, asphalt and ready-mixed concrete and improved performance in the Texas construction services business.
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East Region Results
The East Region’s revenue increased $21.2 million, while Adjusted EBITDA increased $4.4 million. This region saw growth in aggregate and asphalt volumes. The increase in Adjusted EBITDA was driven by increased aggregate pricing and various cost savings initiatives.
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 December 28, 2013, we had $14.9 million in cash and working capital of $85.4 million as compared to cash and working capital of $27.4 million and $114.4 million at December 29, 2012, respectively. We calculate working capital as current assets less current liabilities, excluding the current portion of long term debt and outstanding borrowings on our revolver facility. As of December 28, 2013, our remaining borrowing capacity on our senior secured revolving credit facility was $105.7 million, net of $18.3 million of outstanding letters of credit.
Given the seasonality of our business, we typically experience significant fluctuations in working capital needs and balances throughout the year. Our working capital requirements generally increase during the first half of the year as we build up 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.
Free cash outflow utilization, a non-GAAP measure defined as operating cash outflow less net capital expenditures, was $16.5 million and $25.6 million in the years ended December 28, 2013 and December 29, 2012, respectively. Free cash outflow in 2013, as compared to 2012, was affected by increased investment of $13.3 million in capital projects. In 2013, we continued development of an underground mine and built a storage dome for our cement business based in Hannibal, Missouri and installed a new hot mix asphalt plant on-line in Austin, Texas.
Our growth strategy considers 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.
On January 17, 2014, we issued $260.0 million of 10.5% senior notes due 2020. Proceeds from the notes were used to acquire Alleyton Resources, pay down outstanding borrowings on our senior secured revolving credit facility and for general corporate purposes.
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 28 transactions since 2009. Our eight operating companies make up our three distinct geographic regions that span 16 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 Friday, March 7, 2014. Interested parties may access this event athttps://viavid.webcasts.com/starthere.jsp?ei=1029782.
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For those investors without online web access, the conference call may also be accessed at:
| Conference ID: | 4668808 | |||
| Domestic: | 1-877-941-4774 | |||
| International: | 1-480-629-9760 |
Non-GAAP Financial Measures
We have included certain non-GAAP financial measures in this release including Adjusted EBITDA and Pro Forma Adjusted EBITDA, because we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Our senior secured credit facilities use Pro Forma Adjusted EBITDA to measure compliance with covenants such as interest coverage and debt incurrence and the indenture governing our senior notes uses Adjusted EBITDA in connection with our debt incurrence and restricted payment capacity. 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. Our use of the terms Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow may vary from the use of such terms by others in our industry and should not be considered as alternatives to net loss, operating (loss) income, revenue or any other performance measures derived in accordance with GAAP as measures of operating performance or to cash flows as measures of liquidity.
Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of the limitations of Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow are that these measures do not reflect: (i) changes in, or cash requirements for, our working capital needs; (ii) the significant interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iii) any cash requirements for the replacement cost of assets being depreciated or amortized. Because of these limitations, we rely primarily on our GAAP results and use Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow only supplementally.
Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow reflect an additional way 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, non-GAAP financial measures should not be construed as being more important than other comparable GAAP financial 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 financial statements in their entirety and not rely on any single financial measure.
Reconciliations of Adjusted EBITDA and Pro Forma Adjusted EBITDA to net income (loss) and from free cash flow to cash flows from operations are included in the tables attached to this press release.
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
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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 annual report on Form 10-K for the fiscal year ended December 28, 2013, filed with the Securities and Exchange Commission (the “SEC”) as such factors may be updated from time to time in our periodic 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.
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
| December 28, | December 29, | |||||||
| 2013 | 2012 | |||||||
| Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 14,917 | $ | 27,431 | ||||
Accounts receivable, net | 99,337 | 100,298 | ||||||
Costs and estimated earnings in excess of billings | 10,767 | 11,575 | ||||||
Inventories | 96,432 | 92,977 | ||||||
Other current assets | 13,181 | 10,068 | ||||||
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Total current assets | 234,634 | 242,349 | ||||||
Property, plant and equipment, net | 831,778 | 813,607 | ||||||
Goodwill | 127,038 | 179,120 | ||||||
Intangible assets, net | 15,147 | 8,606 | ||||||
Other assets | 39,197 | 37,531 | ||||||
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Total assets | $ | 1,247,794 | $ | 1,281,213 | ||||
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| Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | ||||||||
Current liabilities: | ||||||||
Current portion of debt | $ | 30,220 | $ | 4,000 | ||||
Current portion of acquisition-related liabilities | 10,635 | 9,525 | ||||||
Accounts payable | 72,104 | 61,634 | ||||||
Accrued expenses | 57,251 | 49,822 | ||||||
Billings in excess of costs and estimated earnings | 9,263 | 6,926 | ||||||
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Total current liabilities | 179,473 | 131,907 | ||||||
Long-term debt | 658,767 | 635,843 | ||||||
Acquisition-related liabilities | 23,756 | 23,919 | ||||||
Other noncurrent liabilities | 77,480 | 84,266 | ||||||
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Total liabilities | 939,476 | 875,935 | ||||||
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Redeemable noncontrolling interest | 24,767 | 22,850 | ||||||
Member’s interest: | ||||||||
Member’s equity | 486,896 | 484,584 | ||||||
Accumulated deficit | (198,511 | ) | (94,085 | ) | ||||
Accumulated other comprehensive loss | (6,045 | ) | (9,130 | ) | ||||
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Member’s interest | 282,340 | 381,369 | ||||||
Noncontrolling interest | 1,211 | 1,059 | ||||||
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Total member’s interest | 283,551 | 382,428 | ||||||
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Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,247,794 | $ | 1,281,213 | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 28, | December 29, | |||||||||||||||
| 2013 (unaudited) | 2012 (unaudited) | December 28, 2013 | December 29, 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Product | $ | 146,227 | $ | 148,208 | $ | 593,570 | $ | 588,762 | ||||||||
Service | 92,040 | 83,426 | 322,631 | 337,492 | ||||||||||||
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Total revenue | 238,267 | 231,634 | 916,201 | 926,254 | ||||||||||||
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Cost of revenue (excluding items shown separately below): | ||||||||||||||||
Product | 102,636 | 106,795 | 430,172 | 444,569 | ||||||||||||
Service | 71,218 | 61,830 | 246,880 | 268,777 | ||||||||||||
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Total cost of revenue | 173,854 | 168,625 | 677,052 | 713,346 | ||||||||||||
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General and administrative expenses | 34,781 | 32,029 | 142,000 | 127,215 | ||||||||||||
Goodwill impairment | 68,202 | — | 68,202 | — | ||||||||||||
Depreciation, depletion, amortization and accretion | 18,357 | 17,435 | 72,934 | 68,290 | ||||||||||||
Transaction costs | 815 | 223 | 3,990 | 1,988 | ||||||||||||
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Operating (loss) income | (57,742 | ) | 13,322 | (47,977 | ) | 15,415 | ||||||||||
Other income, net | (749 | ) | (891 | ) | (1,737 | ) | (1,182 | ) | ||||||||
Loss on debt financings | — | 1,224 | 3,115 | 9,469 | ||||||||||||
Interest expense | 14,063 | 14,662 | 56,443 | 58,079 | ||||||||||||
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Loss from continuing operations before taxes | (71,056 | ) | (1,673 | ) | (105,798 | ) | (50,951 | ) | ||||||||
Income tax (benefit) expense | (865 | ) | (2,106 | ) | (2,647 | ) | (3,920 | ) | ||||||||
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(Loss) income from continuing operations | (70,191 | ) | 433 | (103,151 | ) | (47,031 | ) | |||||||||
Loss from discontinued operations | 271 | 535 | 528 | 3,546 | ||||||||||||
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Net loss | (70,462 | ) | (102 | ) | (103,679 | ) | (50,577 | ) | ||||||||
Net income attributable to noncontrolling interest | 2,007 | 1,339 | 3,112 | 1,919 | ||||||||||||
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Net loss attributable to member of Summit Materials, LLC | $ | (72,469 | ) | $ | (1,441 | ) | $ | (106,791 | ) | $ | (52,496 | ) | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
| Twelve Months Ended | ||||||||
| December 28, | December 29, | |||||||
| 2013 | 2012 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (103,679 | ) | $ | (50,577 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 75,927 | 72,179 | ||||||
Financing fee amortization | 3,256 | 3,266 | ||||||
Share-based compensation expense | 2,315 | 2,533 | ||||||
Deferred income tax benefit | (4,408 | ) | (3,468 | ) | ||||
Net loss on asset disposals | 12,419 | 2,564 | ||||||
Goodwill impairment | 68,202 | — | ||||||
Other | 1,891 | 8,595 | ||||||
Decrease (increase) in operating assets, net of acquisitions: | ||||||||
Account receivable | 9,884 | 5,201 | ||||||
Inventories | 499 | (1,726 | ) | |||||
Costs and estimated earnings in excess of billings | 196 | 6,931 | ||||||
Other current assets | (453 | ) | 3,494 | |||||
Other assets | (1,708 | ) | 1,189 | |||||
Increase (decrease) in operating liabilities, net of acquisitions: | ||||||||
Accounts payable | 4,067 | (6,076 | ) | |||||
Accrued expenses | (742 | ) | 17,175 | |||||
Billings in excess of costs and estimated earnings | 1,998 | 2,589 | ||||||
Other liabilities | (3,252 | ) | (1,590 | ) | ||||
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Net cash provided by operating activities | 66,412 | 62,279 | ||||||
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Cash flow from investing activities: | ||||||||
Acquisitions, net of cash acquired | (61,601 | ) | (48,757 | ) | ||||
Purchases of property, plant and equipment | (65,999 | ) | (45,488 | ) | ||||
Proceeds from the sale of property, plant and equipment | 16,085 | 8,836 | ||||||
Other | — | 69 | ||||||
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Net cash used for investing activities | (111,515 | ) | (85,340 | ) | ||||
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Cash flow from financing activities: | ||||||||
Net proceeds from debt issuance | 230,817 | 713,361 | ||||||
Payments on long-term debt | (188,424 | ) | (697,438 | ) | ||||
Payments on acquisition-related liabilities | (9,801 | ) | (7,519 | ) | ||||
Other | (3 | ) | (702 | ) | ||||
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Net cash provided by financing activities | 32,589 | 7,702 | ||||||
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Net decrease in cash | (12,514 | ) | (15,359 | ) | ||||
Cash – beginning of period | 27,431 | 42,790 | ||||||
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Cash – end of period | $ | 14,917 | $ | 27,431 | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Financial Highlights
(In thousands)
| Twelve Months Ended | ||||||||
| December 28, | December 29, | |||||||
| 2013 | 2012 | |||||||
Revenue by product:* | ||||||||
Aggregates | $ | 159,019 | $ | 146,991 | ||||
Cement | 76,211 | 77,676 | ||||||
Ready-mixed concrete | 112,878 | 100,941 | ||||||
Asphalt | 219,811 | 242,458 | ||||||
Construction and paving | 478,280 | 505,189 | ||||||
Other | (129,998 | ) | (147,001 | ) | ||||
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Total revenue | $ | 916,201 | $ | 926,254 | ||||
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| * | Revenue by product includes intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. |
| Twelve Months Ended | ||||||||
| December 28, | December 29, | |||||||
| 2013 | 2012 | |||||||
Revenue: | ||||||||
Central region | $ | 329,621 | $ | 302,113 | ||||
West region | 426,195 | 484,922 | ||||||
East region | 160,385 | 139,219 | ||||||
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Total revenue | $ | 916,201 | $ | 926,254 | ||||
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| Average Selling | ||||||||
| Prices in 2013 | ||||||||
| Volume in 2013 | Compared to | |||||||
| Compared to 2012 | 2012 | |||||||
Aggregate | 5 | % | 7 | % | ||||
Cement | (4 | %) | 3 | % | ||||
Ready-mixed concrete | 9 | % | 4 | % | ||||
Asphalt | (14 | %) | 5 | % | ||||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Reconciliations of Non-GAAP Financial Measures
(In thousands)
The tables below reconcile our net (loss) income to Adjusted EBITDA and presents Adjusted EBITDA by segment for the three and twelve month periods ended December 28, 2013 and December 29, 2012.
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net loss | $ | (70,462 | ) | $ | (102 | ) | $ | (103,679 | ) | $ | (50,577 | ) | ||||
Income tax (benefit) expense | (865 | ) | (2,106 | ) | (2,647 | ) | (3,920 | ) | ||||||||
Interest expense | 14,063 | 14,662 | 56,443 | 58,079 | ||||||||||||
Depreciation, depletion and amortization | 18,177 | 17,201 | 72,217 | 67,665 | ||||||||||||
Accretion | 180 | 235 | 717 | 625 | ||||||||||||
Goodwill impairment | 68,202 | — | 68,202 | — | ||||||||||||
Loss from discontinued operations | 271 | 535 | 528 | 3,546 | ||||||||||||
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Adjusted EBITDA | $ | 29,566 | $ | 30,425 | $ | 91,781 | $ | 75,418 | ||||||||
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Adjusted EBITDA by Segment | ||||||||||||||||
Central | $ | 23,026 | $ | 20,590 | $ | 72,918 | $ | 65,767 | ||||||||
West | 9,347 | 6,831 | 28,607 | 14,429 | ||||||||||||
East | 4,344 | 5,226 | 15,134 | 10,782 | ||||||||||||
Corporate | (7,151 | ) | (2,222 | ) | (24,878 | ) | (15,560 | ) | ||||||||
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Adjusted EBITDA | $ | 29,566 | $ | 30,425 | $ | 91,781 | $ | 75,418 | ||||||||
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The following table sets forth a reconciliation of free cash flow for the years ended December 28, 2013 and December 29, 2012.
| 2013 | 2012 | |||||||
Net loss | $ | (103,679 | ) | $ | (50,577 | ) | ||
Non- cash items | 159,602 | 85,669 | ||||||
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Net income adjusted for non-cash items | 55,923 | 35,092 | ||||||
Change in working capital accounts | 10,489 | 27,187 | ||||||
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Net cash provided by operating activities | 66,412 | 62,279 | ||||||
Capital expenditures, net of asset sales | (49,914 | ) | (36,652 | ) | ||||
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Free cash flow | $ | 16,498 | $ | 25,627 | ||||
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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 loss to Pro Forma Adjusted EBITDA for the twelve months ended December 28, 2013.
| Twelve Months ended December 28, 2013 | ||||
Net loss | $ | (103,679 | ) | |
Interest expense | 56,443 | |||
Income tax expense | (2,647 | ) | ||
Depreciation, depletion, amortization and accretion expense | 72,934 | |||
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EBITDA | $ | 23,051 | ||
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EBITDA for certain acquisitions | (1,596 | ) | ||
Discontinued operations | 678 | |||
Transaction expenses | 3,990 | |||
Monitoring fees and expenses | 2,620 | |||
Strategic fees and initiatives | 3,887 | |||
Goodwill impairment | 68,202 | |||
Non-cash compensation | 2,315 | |||
Deferred financing fees written off at re-financing | 3,115 | |||
Loss on disposal and impairment of fixed assets | 12,419 | |||
Severance and relocation costs | 2,755 | |||
Other | 7,015 | |||
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Pro Forma Adjusted EBITDA | $ | 128,451 | ||
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SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Credit Statistics
($ in millions)
| Pro forma(1) December 28, 2013 | December 28, 2013 | December 29, 2012 | ||||||||||
Cash & Cash Equivalents | $ | 129.5 | $ | 14.9 | $ | 27.4 | ||||||
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Debt | ||||||||||||
Revolving Credit Facility ($150M Capacity) | $ | — | $ | 26.0 | $ | — | ||||||
Senior Secured Term Loan | 419.9 | 419.9 | 398.0 | |||||||||
Capital Leases | 8.0 | 8.0 | 3.1 | |||||||||
Other Debt | 1.6 | 1.6 | 0.6 | |||||||||
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Total Senior Secured Debt | $ | 429.5 | $ | 455.5 | $ | 401.7 | ||||||
10.5% Senior Notes | 510.0 | 250.0 | 250.0 | |||||||||
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Total Debt | $ | 939.5 | $ | 705.5 | $ | 651.7 | ||||||
Leverage Ratio Calculations | ||||||||||||
Senior Secured Net Debt | $ | 300.0 | $ | 440.6 | $ | 374.3 | ||||||
Total Net Debt | $ | 810.0 | $ | 690.6 | $ | 624.3 | ||||||
Pro Forma LTM Adjusted EBITDA | $ | 161.1 | $ | 128.5 | $ | 118.9 | ||||||
Senior Secured Net Leverage | 1.86 | x | 3.43 | x | 3.15 | x | ||||||
Covenant Senior Secured Net Leverage Limit | 4.75 | x | 4.75 | x | 4.75 | x | ||||||
Total Net Leverage | 5.03 | x | 5.38 | x | 5.25 | x | ||||||
| (1) | Includes January 17, 2014 acquisition of Alleyton (estimated $32.6 million of Adjusted EBITDA) and reflects issuance of an additional $260.0 million aggregate principal amount of 10.5% Senior Notes. |
| Contact: | info@summit-materials.com |
| 303-893-0012 |
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