EXHIBIT 99
| Pro Forma Adjusted EBITDA Reconciliation | |||
|---|---|---|---|
| Ionics (FYE December 31) | |||
| LTM | |||
| ($mm) | 9/30/2003 | ||
| Reported EBT | (32.8 | ) | |
| Equity Income | 1.8 | ||
| Net Interest Expense | (2.3 | ) | |
| Reported EBIT | (33.3 | ) | |
| Goodwill Impairment | 12.7 | ||
| Non Recurring Items (1) | 13.7 | ||
| EBIT excluding Goodwill Impairment and | |||
| Non Recurring Items | (6.9 | ) | |
| EBIT - Elite New England (2) | 0.3 | ||
| EBIT - Custom Fabrication (3) | (0.4 | ) | |
| EBIT - Watertec (4) | 0.1 | ||
| EBIT excluding Goodwill Impairment, | |||
| Non Recurring Items, and Divestitures | (6.9 | ) | |
| Reported Depreciation & Amortization | 26.5 | ||
| Divestiture Depr. & Amort. Adjustment | (2.1 | ) | |
| EBITDA excluding Goodwill Impairment, | |||
| Non Recurring Items, and Divestitures | 17.5 | ||
| Cash from Affiliates | 1.9 | ||
| Cost Savings | 9.5 | ||
| Adjusted EBITDA (5) | 29.0 | ||
| Ecolochem (FYE September 30) | |||
|---|---|---|---|
| 12 Months | |||
| ($mm) | 9/30/2003 | ||
| Reported EBT | 38.7 | ||
| Other, net | (13.2 | ) | |
| Net Interest Expense | 0.4 | ||
| Reported EBIT | 25.8 | ||
| Gain on sale of property | (0.2 | ) | |
| Non Recurring Items (6) | 2.5 | ||
| Adjusted EBIT | 28.1 | ||
| Reported Depreciation & Amortization | 11.9 | ||
| Adjusted EBITDA (7) | 40.1 | ||
| (1) | $5.0mm in restructuring and impairment of long-lived assets reported in latest 10Q, $4.8mm product retrofit, $2.1mm Ireland Home Water shutdown, $0.8mm Watertec shutdown, and $1.0mm other |
| (2) | Expected to be divested in 1Q 2004 |
| (3) | Expected to be divested in 2004 |
| (4) | Expected to be divested/shutdown 2004 |
| (5) | Appears on slides 6 and 12 |
| (6) | Patent infringement, legal fees and officer salaries |
| (7) | Appears on slide 4 |