Exhibit 99.1
Multi Packaging Solutions Announces Third Quarter Results
Adjusted nine month EBITDA of $205 million, Adjusted nine month EPS of $0.64 per share
Strong cash flow provides for additional repayment of $15.0 million of debt in quarter
New York, NY, May 12, 2016 – Multi Packaging Solutions International Limited (NYSE: MPSX), (“MPS” or “the Company”), a global leader in value-added print and packaging solutions for the branded consumer, healthcare, and multi-media markets, today announced results for 3Q FY 2016.
3Q FY 2016 vs 3Q FY 2015:
| · | | GAAP sales of $399.2 million vs $416.2 million |
| · | | Negative foreign exchange impact of $13.3 million |
| · | | GAAP operating income of $26.0 million vs $18.8 million |
| · | | GAAP net income attributable to MPS of $3.8 million vs $6.8 million |
| · | | GAAP net income attributable to MPS of $0.05 per share vs $0.11 per share |
| · | | Non GAAP net income attributable to MPS of $8.8 million vs $3.7 million |
| · | | Non GAAP net income attributable to MPS per share of $0.11 vs $0.06 |
| · | | Adjusted EBITDA of $58.4 million vs $57.3 million |
| · | | Adjusted EBITDA margin of 14.6% vs 13.8% |
| · | | Early debt repayment of $15.0 million in March 2016 |
YTD FY 2016 vs YTD FY 2015:
| · | | GAAP sales of $1.29 billion vs $1.22 billion |
| · | | Negative foreign exchange impact of $71.2 million |
| · | | GAAP operating income of $73.8 million vs $61.5 million |
| · | | GAAP net income attributable to MPS of $8.9 million vs $11.4 million |
| · | | GAAP net income attributable to MPS of $0.12 per share vs $0.18 per share |
| · | | Non GAAP net income attributable to MPS of $45.8 million vs $16.6 million |
| · | | Non GAAP net income attributable to MPS of $0.64 per share vs $0.27 per share |
| · | | Adjusted EBITDA of $205.0 million vs $176.9 million. |
| · | | Adjusted EBITDA margin of 15.9% vs 14.6%. |
| · | | Early debt repayments totaling $40.0 million in YTD 2016, excluding debt repayments from the IPO proceeds |
Marc Shore, Chief Executive Officer, commented, “We are pleased with our third fiscal quarter and nine months results notwithstanding certain challenges. Our nine month EBITDA results were a record $205 million with a record EBITDA margin of 15.9%. Further, we have significantly deleveraged our balance sheet which includes an additional $15 million voluntary debt prepayment
on March 9, 2016. On the negative side, foreign exchange rates impacted EBITDA by $12.2 million year to date, the cold and flu season was soft, and certain consumer customers had lower than expected sales. On the positive side, global and cross selling sales initiatives are beginning to generate meaningful traction and operational improvements continue. We have successfully integrated our acquisitions, have achieved our original synergy targets, and will continue to optimize our operations over the next several quarters. For example, we have announced the intention to relocate our Stuttgart, Germany business and are working with the European Works Councils to this end. We expect to consolidate this facility into other existing facilities in Germany in order to better serve our customers and gain operational efficiencies. Our plans also include evaluating several other opportunities over the next few quarters in order to maximize the efficiency of our global manufacturing footprint. In connection with these plans, the Company expects to record $5 million of restructuring and closure cost charges over the next four quarters. We look forward to continued progress in global and cross selling sales initiatives, further self-help operational improvements and margin improvement, and opportunistic tuck–in acquisitions like Chicago Paper Tube in the quarters to come.”
Discussion of Third Quarter Fiscal 2016 Results
GAAP net sales for 3Q FY 2016 and YTD FY 2016 were $399.2 million and $1,287.6 million vs net sales for 3Q FY 2015 and YTD FY 2015 of $416.2 million and $1,215.1 million. 3Q FY 2016 and YTD FY 2016 include negative foreign exchange effects of $13.3 million and $71.2 million. Adjusted for acquisitions in fiscal 2015, net sales for 3Q FY 2016 were down $26.9 million vs. 3Q FY 2015. This decrease was principally due to the impact of unfavorable foreign exchange rates, the anticipated and continuing decline in multi-media sales and the year over year decrease in sales to three consumer product companies.
Gross margin for 3Q FY 2016 was 21.7%, up 140 basis points, vs. 20.3% for 3Q FY 2015. This increase reflects the Company’s improved manufacturing efficiencies in our facilities, returns from our targeted capital spending programs, and $2.8 million of realized synergies from acquisitions.
GAAP operating income for 3Q FY 2016 was $26.0 million, up approximately 200 basis points, vs $18.8 million for 3Q 2015. GAAP operating income for YTD FY 2016 was $73.8 million vs $61.5 million for YTD FY 2015. Included in the current YTD period is approximately $27.0 million of stock compensation recorded in connection with the vesting of shares from the Company’s initial public offering. Excluding this charge, operating income for YTD FY 2016 would have been $100.8 million, an increase of $39.3 million or approximately 280 basis points when compared to the same period in the prior year.
GAAP net income attributable to MPS for 3Q FY 2016 and YTD FY 2016 was $3.8 million and $8.9 million as compared to $6.8 million and $11.4 million for 3Q FY 2015 and YTD FY 2015. GAAP net income in 3Q FY 2016 and YTD FY 2016 include negative foreign exchange effects of $1.6 million and $12.2 million. In addition, GAAP net income for YTD 2016 includes the previously mentioned stock compensation expense.
Non GAAP net income attributable to MPS for 3Q FY 2016 and YTD FY 2016 were $8.8 million and $45.8 million vs non GAAP net income attributable to MPS for 3Q FY 2015 and YTD FY 2015 of $3.7 million and $16.6 million. Adjustments to non GAAP net income are principally net of tax adjustments related to stock compensation expense, restructuring charges associated with plant closures, foreign exchange, expenses associated with acquisition transactions and debt extinguishment related costs.
Adjusted EBITDA for 3Q FY 2016 was $58.4 million, up $1.1 million, vs. $57.3 million in 3Q FY 2015. Adjusted EBITDA margin of 14.6% was driven by the Company’s targeted capital spending programs, plant improvement initiatives, and purchasing and cost savings programs. Acquisition adjusted pro forma EBITDA for 3Q FY 2016 of $58.4 million was down $0.2 million as compared to results from 3Q FY 2015.
Cash balances as of March 31, 2016 were $46.6 million. There were no amounts outstanding under our revolving credit facility. Total debt net of cash was $899.8 million including deferred debt discount of $14.0 million. At March 31, 2016, trailing twelve months acquisition adjusted pro forma EBITDA was $260.4 million, and the pro forma leverage ratio was 3.5.
Third Quarter Earnings Conference Call and Webcast
The Company will host a conference call on May 12, 2016 at 4:30pm ET, which can be accessed by dialing 877-705-6003 (domestic) or 201-493-6725 (international).
Supplemental materials for today’s call can also be found on the investor relations portion of the Company’s website.
The Company will also host a live webcast of its conference call which may be accessed on the Investor Relations section of the Company's website at multipkg.com.
A replay will be available approximately three hours after the call, through May 19, 2016, accessible by dialing 877-870-5176 (domestic), or 858-384-5517 (international). The passcode for the replay is 13636725.
Non GAAP Financial Measures
The historical financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA. Management uses these non GAAP financial measures in the analysis of financial and operating performance because they assist in the evaluation of underlying trends in our business. Our use of the terms Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA may differ from that of others in our industry. Adjusted Net Income, Adjusted Operating Income and Adjusted EBITDA should not be considered as alternatives to net income (loss), operating income (loss), or any other performance measures prepared in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation includes a reconciliation of certain non GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP.
About Multi Packaging Solutions
Multi Packaging Solutions is a leading global provider of value-added packaging solutions to a diverse customer base across the healthcare, consumer and multi-media markets. MPS provides its customers with an extensive array of print-based specialty packaging solutions, including premium folding cartons, inserts, labels and rigid packaging across a variety of substrates and finishes. MPS has manufacturing locations across North America, Europe and Asia.
Cautionary Statement Concerning Forward-Looking Statements
This release contains certain forward-looking statements regarding MPS and its subsidiaries. All of these statements are based on management’s expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of MPS’ control that may cause its business, industry, strategy, financing activities or actual results to differ materially. MPS undertakes no obligation to update or revise any of the forward looking statements contained herein, whether as a result of new information, future events or otherwise.
Contact:
Multi Packaging Solutions
Paul Hatty, VP Finance - Investor Relations
Richard Zubek, Investor Relations
646-885-0005
ir@multipkg.com
Source: Multi Packaging Solutions International Limited
MPSX-IR
Multi Packaging Solutions International Limited And Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
| | | | | | | |
| | March 31, | | June 30, | |
| | 2016 | | 2015 | |
| | (unaudited) | | | | |
Current assets | | | | | | | |
Cash and cash equivalents | | $ | 46,551 | | $ | 55,675 | |
Accounts receivable, net | | | 253,659 | | | 240,110 | |
Inventories | | | 161,831 | | | 171,836 | |
Prepaid expenses and other current assets | | | 28,147 | | | 26,892 | |
Deferred income taxes | | | 7,787 | | | 8,454 | |
Total current assets | | | 497,975 | | | 502,967 | |
| | | | | | | |
Property, plant and equipment | | | | | | | |
Land | | | 55,345 | | | 58,316 | |
Buildings and improvements | | | 65,368 | | | 58,368 | |
Machinery and equipment | | | 387,955 | | | 373,639 | |
Furniture and fixtures | | | 15,513 | | | 13,056 | |
Construction in progress | | | 9,173 | | | 12,255 | |
Total | | | 533,354 | | | 515,634 | |
Less: Accumulated depreciation | | | (136,434) | | | (86,691) | |
Total property, plant and equipment, net | | | 396,920 | | | 428,943 | |
| | | | | | | |
Other assets | | | | | | | |
Intangible assets, net | | | 367,041 | | | 419,733 | |
Goodwill | | | 474,030 | | | 474,901 | |
Deferred financing costs, net | | | 3,202 | | | 4,311 | |
Deferred income taxes | | | 13,247 | | | 14,568 | |
Other assets | | | 34,973 | | | 36,702 | |
Total assets | | $ | 1,787,388 | | $ | 1,882,125 | |
| | | | | | | |
Current liabilities | | | | | | | |
Accounts payable | | $ | 163,067 | | $ | 176,431 | |
Payroll and benefits | | | 37,958 | | | 51,606 | |
Other current liabilities | | | 38,254 | | | 46,097 | |
Short-term foreign borrowings | | | 4,559 | | | 3,488 | |
Current portion of long-term debt | | | 9,619 | | | 11,740 | |
Income taxes payable | | | 8,685 | | | 6,022 | |
Total current liabilities | | | 262,142 | | | 295,384 | |
| | | | | | | |
Long-term debt, less current portion | | | 932,123 | | | 1,173,161 | |
Deferred income taxes | | | 86,144 | | | 93,061 | |
Other long-term liabilities | | | 31,500 | | | 31,829 | |
Total liabilities | | | 1,311,909 | | | 1,593,435 | |
| | | | | | | |
Shareholders’ equity | | | | | | | |
Authorized share capital – $1.00 par value, 1,000,000,000 shares authorized | | | | | | | |
Preference shares – no shares issued | | | — | | | — | |
Common shares – 77,452,946 and 61,939,432 issued and outstanding | | | 77,453 | | | 61,939 | |
Additional paid-in capital | | | 469,688 | | | 278,695 | |
Accumulated deficit | | | (36,492) | | | (45,365) | |
Accumulated other comprehensive loss | | | (38,061) | | | (13,287) | |
Total Multi Packaging Solutions International Limited shareholders’ equity | | | 472,588 | | | 281,982 | |
Noncontrolling interest | | | 2,891 | | | 6,708 | |
Total shareholders’ equity | | | 475,479 | | | 288,690 | |
Total liabilities and shareholders’ equity | | $ | 1,787,388 | | $ | 1,882,125 | |
Multi Packaging Solutions International Limited And Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | |
| | March 31, | | March 31, | |
| | 2016 | | 2015 | | 2016 | | 2015 | |
Net sales | | $ | 399,184 | | $ | 416,207 | | $ | 1,287,592 | | $ | 1,215,116 | |
| | | | | | | | | | | | | |
Cost of goods sold | | | 312,437 | | | 331,877 | | | 1,005,779 | | | 966,069 | |
Gross profit | | | 86,747 | | | 84,330 | | | 281,813 | | | 249,047 | |
| | | | | | | | | | | | | |
Selling, general and administrative expenses | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 60,259 | | | 63,069 | | | 178,149 | | | 180,052 | |
Stock based and deferred compensation expense | | | 104 | | | 517 | | | 27,064 | | | 1,403 | |
Transaction related expenses | | | 371 | | | 1,914 | | | 2,785 | | | 6,098 | |
Total selling, general and administrative expenses | | | 60,734 | | | 65,500 | | | 207,998 | | | 187,553 | |
| | | | | | | | | | | | | |
Operating income | | | 26,013 | | | 18,830 | | | 73,815 | | | 61,494 | |
| | | | | | | | | | | | | |
Other (expense) income, net | | | (1,262) | | | 9,100 | | | (4,797) | | | 10,643 | |
Debt extinguishment charges | | | (64) | | | — | | | (3,931) | | | — | |
Interest expense | | | (14,896) | | | (17,631) | | | (49,641) | | | (54,042) | |
Total other expense, net | | | (16,222) | | | (8,531) | | | (58,369) | | | (43,399) | |
| | | | | | | | | | | | | |
Income before income taxes | | | 9,791 | | | 10,299 | | | 15,446 | | | 18,095 | |
| | | | | | | | | | | | | |
Income tax expense | | | (6,178) | | | (3,309) | | | (6,753) | | | (6,212) | |
| | | | | | | | | | | | | |
Consolidated net income | | | 3,613 | | | 6,990 | | | 8,693 | | | 11,883 | |
| | | | | | | | | | | | | |
Net (income) loss attributable to noncontrolling interest | | | 170 | | | (207) | | | 180 | | | (525) | |
| | | | | | | | | | | | | |
Net income attributable to shareholders of
Multi Packaging Solutions International Limited | | $ | 3,783 | | $ | 6,783 | | $ | 8,873 | | $ | 11,358 | |
| | | | | | | | | | | | | |
Net income attributable to shareholders of
Multi Packaging Solutions International Limited per share: | | | | | | | | | | | | | |
Basic | | $ | 0.05 | | $ | 0.11 | | $ | 0.12 | | $ | 0.18 | |
Diluted | | $ | 0.05 | | $ | 0.11 | | $ | 0.12 | | $ | 0.18 | |
| | | | | | | | | | | | | |
Weighted-average number of common shares outstanding: | | | | | | | | | | | | | |
Basic | | | 77,452 | | | 61,939 | | | 71,076 | | | 61,939 | |
Diluted | | | 77,452 | | | 61,939 | | | 71,076 | | | 61,939 | |
| | | | | | | | | | | | | |
Other comprehensive income (loss) | | | | | | | | | | | | | |
Cumulative foreign currency translation adjustment | | $ | (1,192) | | $ | (12,718) | | $ | (22,764) | | $ | (52,831) | |
Adjustment on available-for-sale securities | | | 111 | | | 127 | | | 89 | | | 114 | |
Pension adjustments | | | (3,541) | | | (1,428) | | | (2,087) | | | (790) | |
Total other comprehensive loss | | | (4,622) | | | (14,019) | | | (24,762) | | | (53,507) | |
| | | | | | | | | | | | | |
Comprehensive loss | | | (1,009) | | | (7,029) | | | (16,069) | | | (41,624) | |
Comprehensive loss attributable to non-controlling interests | | | — | | | (441) | | | (17) | | | (554) | |
Comprehensive loss attributable to shareholders of
Multi Packaging Solutions International Limited | | $ | (1,009) | | $ | (7,470) | | $ | (16,086) | | $ | (42,178) | |
Multi Packaging Solutions International Limited And Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | |
| | Nine Months Ended March 31, | |
| | 2016 | | 2015 | |
Operating Activities | | | | | | | |
Net income | | $ | 8,693 | | $ | 11,883 | |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | | | | | | | |
Depreciation expense | | | 55,825 | | | 58,085 | |
Amortization expense | | | 41,665 | | | 39,900 | |
Amortization of deferred financing fees | | | 3,102 | | | 3,350 | |
Debt extinguishment charges | | | 3,931 | | | — | |
Deferred income taxes | | | (4,496) | | | (5,407) | |
Stock compensation | | | 26,044 | | | 981 | |
Unrealized foreign currency loss (gain) | | | 2,818 | | | (2,865) | |
Other | | | 1,837 | | | 420 | |
Change in assets and liabilities: | | | | | | | |
Accounts receivable | | | (11,887) | | | (12,962) | |
Inventories | | | 5,231 | | | 13,336 | |
Prepaid expenses and other current assets | | | 355 | | | (4,136) | |
Other assets | | | (7,201) | | | 4,813 | |
Accounts payable | | | (13,495) | | | (39,495) | |
Payroll and benefits | | | (13,110) | | | (2,111) | |
Other current liabilities | | | (10,010) | | | 6,996 | |
Income taxes payable | | | 2,205 | | | 6,941 | |
Other long-term liabilities | | | (2,590) | | | (14,508) | |
Net cash and cash equivalents provided by operating activities | | | 88,917 | | | 65,221 | |
| | | | | | | |
Investing Activities | | | | | | | |
Additions to property, plant and equipment | | | (36,719) | | | (37,678) | |
Additions to intangible assets | | | (265) | | | (176) | |
Proceeds from sale of assets | | | 2,616 | | | 5,962 | |
Acquisitions of businesses, net of cash acquired | | | (10,685) | | | (137,783) | |
Net cash and cash equivalents used in investing activities | | | (45,053) | | | (169,675) | |
| | | | | | | |
Financing Activities | | | | | | | |
Proceeds from initial public offering | | | 186,424 | | | — | |
Payments of offering costs | | | (7,024) | | | — | |
Proceeds from issuance of long-term debt | | | — | | | 136,845 | |
Proceeds from short-term borrowings | | | 44,502 | | | 148,849 | |
Payments on short-term borrowings | | | (43,755) | | | (151,394) | |
Payments on long-term debt | | | (235,627) | | | (12,592) | |
Deferred financing costs | | | — | | | (4,959) | |
Net cash and cash equivalents (used in) provided by financing activities | | | (55,480) | | | 116,749 | |
| | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | 2,492 | | | (673) | |
(Decrease) increase in cash and cash equivalents | | | (9,124) | | | 11,622 | |
Cash and cash equivalents—beginning | | | 55,675 | | | 27,533 | |
Cash and cash equivalents—ending | | $ | 46,551 | | $ | 39,155 | |
Multi Packaging Solutions International Limited And Subsidiaries
Reconciliation of Non‐GAAP Results
Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income
| | | | | | | | | | | | | | | | |
Non-GAAP Adjusted EBITDA | | For the Three Months Ended | | For the Nine Months Ended | | Trailing 12 Months | |
| | March 31, | | March 31, | | Ended March 31, | |
(amounts in thousands) | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | |
Consolidated net income | | $ | 3,613 | | $ | 6,990 | | $ | 8,693 | | $ | 11,883 | | $ | 3,836 | |
Depreciation and amortization | | | 31,452 | | | 32,405 | | | 97,490 | | | 97,985 | | | 131,208 | |
Interest expense | | | 14,896 | | | 17,631 | | | 49,641 | | | 54,042 | | | 71,036 | |
Income tax expense | | | 6,178 | | | 3,309 | | | 6,753 | | | 6,212 | | | (1,338) | |
EBITDA | | | 56,139 | | | 60,335 | | | 162,577 | | | 170,122 | | | 204,742 | |
| | | | | | | | | | | | | | | | |
Adjustments related to operating income | | | | | | | | | | | | | | | | |
Transaction related expenses | | | 371 | | | 1,914 | | | 2,785 | | | 6,098 | | | 10,317 | |
Stock based and deferred compensation expenses | | | 104 | | | 517 | | | 27,064 | | | 1,403 | | | 31,380 | |
Purchase accounting adjustments | | | 255 | | | 1,171 | | | 878 | | | 2,024 | | | 1,948 | |
Restructuring related costs | | | 693 | | | 1,700 | | | 4,269 | | | 5,490 | | | 5,198 | |
Loss on sale of fixed assets | | | 236 | | | 237 | | | 598 | | | 645 | | | 537 | |
Other adjustments to operating income | | | (773) | | | 575 | | | (2,179) | | | 1,224 | | | (5,331) | |
Adjustments related to operating income (A) | | | 886 | | | 6,114 | | | 33,415 | | | 16,884 | | | 44,049 | |
| | | | | | | | | | | | | | | | |
Adjustments related to non-operating income | | | | | | | | | | | | | | | | |
Foreign currency (gains) losses | | | 510 | | | (9,259) | | | 3,850 | | | (13,835) | | | 5,514 | |
Debt extinguishment charges | | | 64 | | | — | | | 3,931 | | | — | | | 4,950 | |
Other adjustments to non-operating income | | | 752 | | | 128 | | | 1,180 | | | 3,777 | | | (290) | |
Adjustments related to non-operating income | | | 1,326 | | | (9,131) | | | 8,961 | | | (10,058) | | | 10,174 | |
| | | | | | | | | | | | | | | | |
Total adjustments (B) | | | 2,212 | | | (3,017) | | | 42,376 | | | 6,826 | | | 54,223 | |
| | | | | | | | | | | | | | | | |
Adjusted EBITDA | | $ | 58,351 | | $ | 57,318 | | $ | 204,953 | | $ | 176,948 | | $ | 258,965 | |
| | | | | | | | | | | | | | | | |
Pre-acquisition Adjusted EBITDA | | | 76 | | | 1,311 | | | 851 | | | 15,559 | | | 1,464 | |
Proforma Adjusted EBITDA | | $ | 58,427 | | $ | 58,629 | | $ | 205,804 | | $ | 192,507 | | $ | 260,429 | |
| | | | | | | | | | | | | | | | |
Non-GAAP Adjusted Operating Income | | For the Three Months Ended | | For the Nine Months Ended | | Trailing 12 Months | |
| | March 31, | | March 31, | | Ended March 31, | |
(amounts in thousands) | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | |
Operating income | | $ | 26,013 | | $ | 18,830 | | $ | 73,815 | | $ | 61,494 | | $ | 82,254 | |
Adjustments related to operating income (A) | | | 886 | | | 6,114 | | | 33,415 | | | 16,884 | | | 44,049 | |
Adjusted operating income | | $ | 26,899 | | $ | 24,944 | | $ | 107,230 | | $ | 78,378 | | $ | 126,303 | |
| | | | | | | | | | | | | | | | |
Non-GAAP Adjusted Net Income | | For the Three Months Ended | | For the Nine Months Ended | | Trailing 12 Months | |
| | March 31, | | March 31, | | Ended March 31, | |
(amounts in thousands, except per share data) | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | |
Consolidated net income | | $ | 3,613 | | $ | 6,990 | | $ | 8,693 | | $ | 11,883 | | $ | 3,836 | |
Adjustments related to net income (B) | | | 2,212 | | | (3,017) | | | 42,376 | | | 6,826 | | | 54,223 | |
Tax impact of adjusting entries | | | 2,813 | | | (38) | | | (5,445) | | | (1,634) | | | (7,307) | |
Adjusted net income | | | 8,638 | | | 3,935 | | | 45,624 | | | 17,075 | | | 50,752 | |
| | | | | | | | | | | | | | | | |
Net (income) loss attributable to noncontrolling interest | | | 170 | | | (207) | | | 180 | | | (525) | | | 178 | |
Adjusted net income attributable to shareholders of
Multi Packaging Solutions International Limited | | $ | 8,808 | | $ | 3,728 | | $ | 45,804 | | $ | 16,550 | | $ | 50,930 | |
| | | | | | | | | | | | | | | | |
Weighted average number of
common shares outstanding – diluted | | | 77,452 | | | 61,939 | | | 71,076 | | | 61,939 | | | 68,792 | |
| | | | | | | | | | | | | | | | |
Adjusted net income per share | | $ | 0.11 | | $ | 0.06 | | $ | 0.64 | | $ | 0.27 | | $ | 0.74 | |
