Reconciliation of Non-GAAP Measures 17 Note: Numbers in the Corporate and interest expense section above may be rounded for presentation purposes. Note on Reconciliation of Income and Earnings Data: Income (loss) excluding the items mentioned above in the text of this release and in this reconciliation chart is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company's operating profitability. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company's method for calculating income (loss) excluding these items may not be comparable to methods used by other companies. MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INCOME (LOSS) BEFORE TAXES BY SEGMENT (UNAUDITED) (Dollars in millions, except per share data) Twelve Months Ended December 31 2013 2012 Material Handling Income before taxes as reported $ 41.1 $ 47.5 Restructuring expenses 0.2 0.2 Income before taxes as adjusted 41.3 47.7 Lawn and Garden Income (loss) before taxes as reported (1.5) 2.9 Restructuring expenses and other adjustments 11.4 0.6 Loss on disposal of assets 0.6 0.0 Depreciation recapture 1.3 0.0 Income before taxes as adjusted 11.8 3.5 Distribution Income before taxes as reported 14.4 14.8 Restructuring expenses 0.2 0.7 Gain on building sale 0.0 (0.8) Income before taxes as adjusted 14.6 14.7 Engineered Products Income before taxes as reported 15.3 14.5 Restructuring expenses 0.2 1.2 Income before taxes as adjusted 15.5 15.7 Corporate and interest expense Income (loss) before taxes as reported (29.9) (32.4) Severance and other 0.0 1.8 Loss before taxes as adjusted (29.9) (30.6) Consolidated Income before taxes as reported 39.4 47.3 Restructuring expenses and other adjustments 13.9 3.7 Income before taxes as adjusted 53.3 51.0 Income taxes 19.2 18.9 Net Income as adjusted $ 34.1 $ 32.1 Adjusted earnings per diluted share $ 1.00 $ 0.94 |