SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 2, 2003
Exact name of Registrant as specified in its charter)
| Ohio | 0-288 | 31-0424220 | ||
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
| 1400 Kettering Tower, Dayton, OH | 45423 | ||||
| (Address of principal executive offices) | (Zip code) |
(Registrant’s telephone number including area code)
(Former name and former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure
In the Robbins & Myers, Inc. Annual Report on Form 10-K for the fiscal year ended August 31, 2002, there were certain non-GAAP financial measures presented. Following is a numerical reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure:
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
| Net Income | $ | 14,503 | $ | 19,631 | $ | 18,056 | $ | 11,849 | $ | 31,230 | $ | 28,866 | ||||||||||||
| Plus depreciation | 20,028 | 16,161 | 16,293 | 16,861 | 15,846 | 10,793 | ||||||||||||||||||
| Plus amortization | 2,015 | 8,187 | 8,077 | 7,660 | 7,670 | 5,170 | ||||||||||||||||||
| Plus interest | 17,565 | 12,312 | 13,531 | 13,752 | 12,821 | 6,437 | ||||||||||||||||||
| Plus minority interest | 1,048 | 1,064 | 1,472 | 1,040 | 0 | 0 | ||||||||||||||||||
| Plus income taxes | 7,831 | 10,229 | 10,513 | 6,647 | 16,091 | 14,218 | ||||||||||||||||||
| EBITDA | $ | 62,990 | $ | 67,584 | $ | 67,942 | $ | 57,809 | $ | 83,658 | $ | 65,484 | ||||||||||||
Reconciliation of Free Cash Flow to Net Cash and Cash Equivalents Provided by Operating Activities (Cash Flow from Operations) per consolidated statement of cash flows:
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
| Cash Flow from Operations | $ | 44,540 | $ | 30,984 | $ | 36,040 | $ | 39,463 | $ | 48,574 | $ | 35,246 | ||||||||||||
| Less Capital expenditures, net of nominal disposals | 15,112 | 20,200 | 19,842 | 11,612 | 23,020 | 22,071 | ||||||||||||||||||
| Free Cash Flow | $ | 29,428 | $ | 10,784 | $ | 16,198 | $ | 27,851 | $ | 25,554 | $ | 13,175 | ||||||||||||
Reconciliation of Adjusted EBITA to Net Income per consolidated income statement:
| 2002 | 2001 | 2000 | ||||||||||
| Net income | $ | 14,503 | $ | 19,631 | $ | 18,056 | ||||||
| Plus interest | 17,565 | 12,312 | 13,531 | |||||||||
| Plus minority interest | 1,048 | 1,064 | 1,472 | |||||||||
| Plus income taxes | 7,831 | 10,229 | 10,513 | |||||||||
| Plus amortization | 2,015 | 8,187 | 8,077 | |||||||||
| Plus non-recurring charges related to Global Reorganization | 0 | 2,492 | 0 | |||||||||
| Plus Fairfield plant closure costs | 0 | 0 | 409 | |||||||||
| Less gain on sale of Fairfield building | 0 | 0 | (918 | ) | ||||||||
| Plus UGE long term receivable write-down | 0 | 0 | 500 | |||||||||
| Adjusted EBITA | $ | 42,962 | $ | 53,915 | $ | 51,640 | ||||||
Reconciliation of Adjusted EBITA to Income before interest and Income Taxes by operating segment:
| Pharma- | ||||||||||||
| Fiscal 2002 | cuetical | Industrial | Energy | |||||||||
| Income before interest and income taxes | $ | 27,895 | $ | 5,279 | $ | 18,773 | ||||||
| Plus amortization | 432 | 452 | 331 | |||||||||
| Adjusted EBITA | $ | 28,327 | $ | 5,731 | $ | 19,104 | ||||||
| Pharma- | ||||||||||||
| Fiscal 2001 | cuetical | Industrial | Energy | |||||||||
| Income before interest and income taxes | $ | 17,349 | $ | 8,445 | $ | 26,078 | ||||||
| Plus amortization | 1,962 | 3,294 | 2,150 | |||||||||
| Plus non-recurring charges related to Global Reorganization | 244 | 2,148 | 0 | |||||||||
| Adjusted EBITA | $ | 19,555 | $ | 13,887 | $ | 28,228 | ||||||
| Pharma- | ||||||||||||
| Fiscal 2000 | cuetical | Industrial | Energy | |||||||||
| Income before interest and income taxes | $ | 24,448 | $ | 12,007 | $ | 16,130 | ||||||
| Plus amortization | 1,928 | 3,280 | 2,105 | |||||||||
| Plus Fairfield plant closure costs | 0 | 0 | 409 | |||||||||
| Less gain on sale of Fairfield building | 0 | 0 | (918 | ) | ||||||||
| Plus UGE long term receivable write-down | 500 | 0 | 0 | |||||||||
| Adjusted EBITA | $ | 26,876 | $ | 15,287 | $ | 17,726 | ||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Robbins & Myers, Inc. | ||
| Date: July 2, 2003 | By:/s/ Kevin J. Brown Kevin J. Brown Vice President and Chief Financial Officer |