Exhibit 99.1
RECAST (UNAUDITED) QUARTERLY AND FULL YEAR SEGMENT INFORMATION
FOR 2017 AND 2016
Effective January 1, 2018, the Company changed its segment reporting by combining its Thermal/Acoustical Metals and Thermal/Acoustical Fibers segments into a single operating segment named Thermal Acoustical Solutions. The Company’s other reportable segments, Technical Nonwovens and Performance Materials, remain unchanged.
The following unaudited historical quarterly and full-year financial data for 2017 and 2016 has been recast (unaudited) to reflect this new Thermal Acoustical Solutions segment reporting structure.
Recast of Segment Financial Data – Thermal Acoustical Solutions
In thousands of dollars | Q1-2017 | Q2-2017 | Q3-2017 | Q4-2017 | FY-2017 | Q1-2016 | Q2-2016 | Q3-2016 | Q4-2016 | FY-2016 | ||||||||||||||||||||||||||||||
Thermal/Acoustical Metals (Reported) | ||||||||||||||||||||||||||||||||||||||||
Parts sales | $ | 41,694 | $ | 40,827 | $ | 41,522 | $ | 44,952 | $ | 168,995 | $ | 36,783 | $ | 41,053 | $ | 39,807 | $ | 38,544 | $ | 156,187 | ||||||||||||||||||||
Tooling sales | 2,586 | 2,558 | 8,297 | 6,110 | 19,551 | 5,214 | 4,192 | 4,830 | 4,551 | 18,787 | ||||||||||||||||||||||||||||||
Total sales | 44,280 | 43,385 | 49,819 | 51,062 | 188,546 | 41,997 | 45,245 | 44,637 | 43,095 | 174,974 | ||||||||||||||||||||||||||||||
Operating income | $ | 2,443 | $ | 3,174 | $ | 1,836 | $ | 2,619 | $ | 10,072 | $ | 3,557 | $ | 4,082 | $ | 5,451 | $ | (1,528 | ) | $ | 11,562 | |||||||||||||||||||
Operating margin | 5.5 | % | 7.3 | % | 3.7 | % | 5.1 | % | 5.3 | % | 8.5 | % | 9.0 | % | 12.2 | % | -3.5 | % | 6.6 | % | ||||||||||||||||||||
Thermal/Acoustical Fibers (Reported) | ||||||||||||||||||||||||||||||||||||||||
Parts sales | $ | 40,987 | $ | 40,704 | $ | 34,739 | $ | 36,994 | $ | 153,424 | $ | 35,677 | $ | 36,934 | $ | 35,073 | $ | 36,661 | $ | 144,345 | ||||||||||||||||||||
Tooling sales | 385 | 2,795 | 884 | 273 | 4,337 | 184 | 3,234 | 1,356 | 293 | 5,067 | ||||||||||||||||||||||||||||||
Total sales | 41,372 | 43,499 | 35,623 | 37,267 | 157,761 | 35,861 | 40,168 | 36,429 | 36,954 | 149,412 | ||||||||||||||||||||||||||||||
Operating income | $ | 12,289 | $ | 12,157 | $ | 8,716 | $ | 9,708 | $ | 42,870 | $ | 10,324 | $ | 10,630 | $ | 10,026 | $ | 10,472 | $ | 41,452 | ||||||||||||||||||||
Operating margin | 29.7 | % | 27.9 | % | 24.5 | % | 26.0 | % | 27.2 | % | 28.8 | % | 26.5 | % | 27.5 | % | 28.3 | % | 27.7 | % | ||||||||||||||||||||
Thermal Acoustical Solutions (Recast) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Parts sales | $ | 81,814 | $ | 80,648 | $ | 75,195 | $ | 80,559 | $ | 318,216 | $ | 71,840 | $ | 77,278 | $ | 74,339 | $ | 74,559 | $ | 298,016 | ||||||||||||||||||||
Tooling sales | 2,971 | 5,354 | 9,180 | 6,383 | 23,888 | 5,398 | 7,426 | 5,628 | 4,724 | 23,176 | ||||||||||||||||||||||||||||||
Total sales | 84,785 | 86,002 | 84,375 | 86,942 | 342,104 | 77,238 | 84,704 | 79,967 | 79,283 | 321,192 | ||||||||||||||||||||||||||||||
Operating income | $ | 14,734 | $ | 15,326 | $ | 10,553 | $ | 12,264 | $ | 52,877 | $ | 13,790 | $ | 14,609 | $ | 15,463 | $ | 8,994 | $ | 52,856 | ||||||||||||||||||||
Operating margin | 17.4 | % | 17.8 | % | 12.5 | % | 14.1 | % | 15.5 | % | 17.9 | % | 17.2 | % | 19.3 | % | 11.3 | % | 16.5 | % |
Non-GAAP Measures
The following table reconciles the non-GAAP measures to the most directly comparable GAAP measures:
In thousands of dollars | Q1-2017 | Q2-2017 | Q3-2017 | Q4-2017 | FY-2017 | Q1-2016 | Q2-2016 | Q3-2016 | Q4-2016 | FY-2016 | ||||||||||||||||||||||||||||||
Thermal Acoustical Solutions (Recast) (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Operating income, as recasted | $ | 14,734 | $ | 15,326 | $ | 10,553 | $ | 12,264 | $ | 52,877 | $ | 13,790 | $ | 14,609 | $ | 15,463 | $ | 8,994 | $ | 52,856 | ||||||||||||||||||||
German Cartel settlement | - | - | - | - | - | - | - | - | 3,479 | 3,479 | ||||||||||||||||||||||||||||||
Automotive segments consolidation expenses | - | - | 1,089 | 277 | 1,366 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Severance expenses | 714 | - | - | - | 714 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Operating income, adjusted | $ | 15,448 | $ | 15,326 | $ | 11,642 | $ | 12,541 | $ | 54,957 | $ | 13,790 | $ | 14,609 | $ | 15,463 | $ | 12,473 | $ | 56,335 | ||||||||||||||||||||
Operating margin, as recasted | 17.4 | % | 17.8 | % | 12.5 | % | 14.1 | % | 15.5 | % | 17.9 | % | 17.2 | % | 19.3 | % | 11.3 | % | 16.5 | % | ||||||||||||||||||||
Operating margin, adjusted | 18.2 | % | 17.8 | % | 13.8 | % | 14.4 | % | 16.1 | % | 17.9 | % | 17.2 | % | 19.3 | % | 15.7 | % | 17.5 | % |