Exhibit 99.1
Media Contact:
Dana Stelsel
Corporate Communications Manager
(765) 771-5766
dana.stelsel@wabashnational.com
Investor Relations:
Mike Pettit
Vice President – Finance and Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com | |  |
FOR IMMEDIATE RELEASE
Wabash National Corporation Announces First Quarter 2015 Results;
Achieves Best First Quarter Performance in Company’s 30-Year History
and Increases Full-Year Outlook
| · | Net sales of $438 million for first quarter 2015, up 22 percent over prior year |
| · | Operating income of $27.3 million for first quarter 2015, up 40 percent over prior year |
| · | GAAP earnings of $0.15 per diluted share improves 50 percent over prior year |
| · | Non-GAAP adjusted earnings per share improves 58 percent from prior year to $0.19 per diluted share |
LAFAYETTE, Ind. – April 27, 2015 –Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems, today reported results for the first quarter ended March 31, 2015.
Net income for the first quarter of 2015 was $10.5 million, or $0.15 per diluted share, compared to the first quarter 2014 net income of $7.3 million, or $0.10 per diluted share. First quarter 2015 non-GAAP adjusted earnings were $13.8 million, or $0.19 per diluted share, after excluding a $5.3 million charge related to the extinguishment of debt incurred in connection with the refinancing of the Company’s term loan credit facility in March 2015. The Company’s prior year period results included the impact of one-time costs related to a change in statutory income tax rates. Excluding the impact of this item, non-GAAP adjusted earnings for the quarter ended March 31, 2014 were $8.3 million, or $0.12 per diluted share.
For the first quarter of 2015, the Company’s net sales increased 22 percent to $438 million from $358 million in the prior year quarter, and operating income increased 40 percent to $27.3 million compared to operating income of $19.5 million for the first quarter of 2014. Operating EBITDA, a non-GAAP measure that excludes the effects of certain recurring and non-recurring items, for the first quarter of 2015 was $39.1 million, an increase of $8.5 million compared to Operating EBITDA for the previous year period. On a trailing twelve month basis, the Company’s net sales exceeded $1.9 billion, generating Operating EBITDA of $177.6 million, or 9.1 percent of net sales. Continued improvement in operating performance is attributable to the successful execution of the Company’s growth and diversification strategy as well as a disciplined approach to improving profitability. Through these initiatives the Company has enhanced its growth and margin profile and now derives its revenues and earnings from a broad array of products, customers, end markets and geographies.
The following is a summary of select operating and financial results for the past five quarters:
| | | Three Months Ended | |
| (Dollars in thousands, except per share | | March 31, | | | June 30, | | | September 30, | | | December 31, | | | March 31, | |
| amounts) | | 2014 | | | 2014 | | | 2014 | | | 2014 | | | 2015 | |
| | | | | | | | | | | | | | | | |
| Net Sales | | $ | 358,120 | | | $ | 486,021 | | | $ | 491,697 | | | $ | 527,477 | | | $ | 437,597 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross Profit Margin | | | 13.0 | % | | | 12.7 | % | | | 12.5 | % | | | 11.9 | % | | | 13.1 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Income from Operations | | $ | 19,465 | | | $ | 33,855 | | | $ | 34,929 | | | $ | 34,137 | | | $ | 27,263 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Income | | $ | 7,296 | | | $ | 16,239 | | | $ | 18,307 | | | $ | 19,088 | | | $ | 10,474 | |
| | | | | | | | | | | | | | | | | | | | | |
| Diluted EPS | | $ | 0.10 | | | $ | 0.23 | | | $ | 0.25 | | | $ | 0.27 | | | $ | 0.15 | |
| | | | | | | | | | | | | | | | | | | | | |
| Non-GAAP Measures(1): | | | | | | | | | | | | | | | | | | | | |
| Operating EBITDA | | $ | 30,618 | | | $ | 45,664 | | | $ | 46,619 | | | $ | 46,147 | | | $ | 39,135 | |
| | | | | | | | | | | | | | | | | | | | | |
| Operating EBITDA Margin | | | 8.5 | % | | | 9.4 | % | | | 9.5 | % | | | 8.7 | % | | | 8.9 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted Earnings | | $ | 8,337 | | | $ | 16,924 | | | $ | 18,630 | | | $ | 19,088 | | | $ | 13,788 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted Diluted EPS | | $ | 0.12 | | | $ | 0.24 | | | $ | 0.26 | | | $ | 0.27 | | | $ | 0.19 | |
Notes:
| (1) | See “Non-GAAP Measures” below for explanation of the non-GAAP results included above. |
Dick Giromini, president and chief executive officer, stated, “We are very pleased to deliver first quarter results that were the best in the Company’s history achieving a record first quarter performance for net sales, gross profit and income from operations. Momentum generated coming out of 2014 has accelerated with strong operational execution throughout the business, combined with a continuing strong demand environment.”
Mr. Giromini continued, “New trailer shipments for the first quarter were approximately 14,350, exceeding our previous guidance of 12,000 to 13,000 trailers as a result of strong customer demand. The year-over-year increases in total trailer demand now being projected by both ACT Research and FTR, along with our record backlog of $1.2 billion, further support the continuing strength in the trailer industry and provides us even greater confidence that 2015 will prove to be our fourth consecutive year of record performance. As such, we are now increasing our full-year shipment and adjusted earnings guidance to 62,000 to 66,000 trailers and $1.15 to $1.25 per diluted share, respectively.”
First Quarter Business Segment Highlights
The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the first quarter of 2015 and 2014, respectively. A complete disclosure of the results by individual segment is included in the tables following this release.
| (dollars in thousands) | | Commercial | | | Diversified | | | | |
| | | Trailer Products | | | Products | | | Retail | |
| Three months ended March 31, | | | | | | | | | |
| 2015 | | | | | | | | | |
| New trailers shipped | | | 13,600 | | | | 850 | | | | 750 | |
| Net sales | | $ | 314,504 | | | $ | 103,992 | | | $ | 43,140 | |
| Gross profit | | $ | 29,633 | | | $ | 23,373 | | | $ | 4,853 | |
| Gross profit margin | | | 9.4 | % | | | 22.5 | % | | | 11.2 | % |
| Income from operations | | $ | 22,770 | | | $ | 10,611 | | | $ | 1,126 | |
| Income from operations margin | | | 7.2 | % | | | 10.2 | % | | | 2.6 | % |
| | | | | | | | | | | | | |
| 2014 | | | | | | | | | | | | |
| New trailers shipped | | | 9,250 | | | | 800 | | | | 800 | |
| Net sales | | $ | 227,951 | | | $ | 108,053 | | | $ | 45,636 | |
| Gross profit | | $ | 14,995 | | | $ | 25,754 | | | $ | 5,381 | |
| Gross profit margin | | | 6.6 | % | | | 23.8 | % | | | 11.8 | % |
| Income from operations | | $ | 8,760 | | | $ | 13,397 | | | $ | 1,050 | |
| Income from operations margin | | | 3.8 | % | | | 12.4 | % | | | 2.3 | % |
Commercial Trailer Products’ net sales increased $87 million, or 38.0 percent, on shipments of 13,600 trailers, or 4,350 more trailers than the prior year period. This increase in revenue was primarily due to the 47.0 percent increase in trailer shipments during the quarter, partially offset by a higher mix of pup trailers and converter dollies which carry a lower selling price. Driven by higher volumes, an improved pricing environment and continued operational improvements, gross profit and gross profit margin increased $14.6 million and 280 basis points, respectively, as compared to the same period last year. Operating income increased by $14.0 million to $22.8 million from the first quarter last year.
Diversified Products’ net sales decreased $4 million, or 3.8 percent, as increases in tank trailer shipments as compared to the previous year period were more than offset by the reduced demand for non-trailer truck mounted equipment and timing of shipments for engineered products. Gross profit and operating income declined $2.4 million and $2.8 million, respectively, compared to the prior year period, primarily due to lower overall net sales and continued pricing pressures on certain products. First quarter gross profit margin of 22.5 percent represents the highest recorded for this segment since the 23.8 percent gross profit margin recorded in the first quarter of 2014.
Retail’s net sales of $43 million decreased 5.5 percent compared with the prior year period, primarily due to fewer retail locations resulting from the transition of three West Coast branches to independent dealers in May 2014 as demand for trailers and parts and service remained healthy throughout the quarter. On a same store basis, net sales increased $5 million, or 14.0 percent, compared with the prior year period. Gross profit margin of 11.2 percent declined slightly from 11.8 percent in the prior year period primarily due to product mix with a higher percentage of lower-margined new trailer sales. Operating income of $1.1 million remained consistent from the same period last year and increased $0.3 million on a same store basis.
Non-GAAP Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contain non-GAAP financial measures, including Operating EBITDA, Operating EBITDA margin, adjusted earnings and adjusted earnings per diluted share.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated.
Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-operating income and expense. Management believes Operating EBITDA provides useful information to investors regarding our results of operations. The Company provides this measure because we believe it is useful for investors to understand our performance period to period with the exclusion of the recurring and non-recurring items identified above. Management believes the presentation of Operating EBITDA, when combined with the primary GAAP presentation of operating income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of Operating EBITDA to net income is included in the tables following this release.
Adjusted earnings and adjusted earnings per diluted share reflect adjustments for non-recurring charges related losses incurred in connection with the Company’s extinguishment of debt and revaluation of deferred income tax assets due to changes in statutory tax rates. Management believes providing this measure and excluding these items facilitate comparisons to the Company’s prior year periods and, when combined with the primary GAAP presentation of net income and diluted net income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted earnings and adjusted earnings per diluted share to net income and diluted net income per share is included in the tables following this release.
First Quarter 2015 Conference Call
Wabash National will conduct a conference call to review and discuss its first quarter results on April 28, 2015, at 10:00 a.m. EDT. Access to the live webcast will be available on the Company’s website at www.wabashnational.com. For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available throughJuly 21, 2015. Meeting access also will be available via conference call at 888-771-4371, participant code 39454984.
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and North America’s leading producer of semi trailers and liquid transportation systems. Established in 1985, the Company specializes in the design and production of dry freight vans, refrigerated vans, platform trailers, liquid tank trailers, intermodal equipment, engineered products, and composite products. Its innovative products are sold under the following brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®, ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner® Tank, Beall®, Garsite, Progress Tank, TST®, Bulk Tank International and Extract Technology®. To learn more, visitwww.wabashnational.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company’s outlook for trailer shipments, backlog, expectations regarding demand levels for trailers, non-trailer truck mounted equipment and our other engineered products, profitability and earnings, opportunity to capture higher margin sales, and the expectations regarding the Company’s growth and diversification strategies. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the uncertain economic conditions including the possibility that demand expectations may not result in order increases for us, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials, risks in implementing and sustaining improvements in the Company’s manufacturing capacity and cost containment, dependence on industry trends and timing and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
# # #
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | Three Months Ended
March 31, | |
| | | 2015 | | | 2014 | |
| | | | | | | |
| Net sales | | $ | 437,597 | | | $ | 358,120 | |
| Cost of sales | | | 380,400 | | | | 311,448 | |
| Gross profit | | | 57,197 | | | | 46,672 | |
| | | | | | | | | |
| General and administrative expenses | | | 18,051 | | | | 14,472 | |
| Selling expenses | | | 6,569 | | | | 7,264 | |
| Amortization of intangibles | | | 5,314 | | | | 5,471 | |
| Income from operations | | | 27,263 | | | | 19,465 | |
| | | | | | | | | |
| Other income (expense): | | | | | | | | |
| Interest expense | | | (5,173 | ) | | | (5,717 | ) |
| Loss on debt extinguishment | | | (5,286 | ) | | | - | |
| Other, net | | | (96 | ) | | | 32 | |
| Income before income taxes | | | 16,708 | | | | 13,780 | |
| Income tax expense | | | 6,234 | | | | 6,484 | |
| Net income | | $ | 10,474 | | | $ | 7,296 | |
| Basic net income per share | | $ | 0.15 | | | $ | 0.11 | |
| Diluted net income per share | | $ | 0.15 | | | $ | 0.10 | |
| | | | | | | | | |
| Comprehensive income | | | | | | | | |
| Net income | | $ | 10,474 | | | $ | 7,296 | |
| Foreign currency translation adjustment | | | (303 | ) | | | 161 | |
| Net comprehensive income | | $ | 10,171 | | | $ | 7,457 | |
| | | | | | | | | |
| | | | | | | | | |
| Basic net income per share: | | | | | | | | |
| Net income applicable to common stockholders | | $ | 10,474 | | | $ | 7,296 | |
| Undistributed earnings allocated to participating securities | | | - | | | | (61 | ) |
| Net income applicable to common stockholders excluding amounts | | | | | | | | |
| applicable to participating securities | | $ | 10,474 | | | $ | 7,235 | |
| Weighted average common shares outstanding | | | 68,731 | | | | 68,669 | |
| Basic net income per share | | $ | 0.15 | | | $ | 0.11 | |
| | | | | | | | | |
| Diluted net income per share: | | | | | | | | |
| Net income applicable to common stockholders | | $ | 10,474 | | | $ | 7,296 | |
| Undistributed earnings allocated to participating securities | | | - | | | | (61 | ) |
| Net income applicable to common stockholders excluding | | | | | | | | |
| amounts applicable to participating securities | | $ | 10,474 | | | $ | 7,235 | |
| | | | | | | | | |
| Weighted average common shares outstanding | | | 68,731 | | | | 68,669 | |
| Dilutive shares from assumed conversion of convertible senior notes | | | 1,729 | | | | 1,591 | |
| Dilutive stock options and restricted stock | | | 1,097 | | | | 828 | |
| Diluted weighted average common shares outstanding | | | 71,557 | | | | 71,088 | |
| Diluted net income per share | | $ | 0.15 | | | $ | 0.10 | |
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Dollars in thousands)
(Unaudited)
| | | Commercial | | | Diversified | | | | | | Corporate and | | | | |
| Three Months Ended March 31, | | Trailer Products | | | Products | | | Retail | | | Eliminations | | | Consolidated | |
| 2015 | | | | | | | | | | | | | | | |
| New trailers shipped | | | 13,600 | | | | 850 | | | | 750 | | | | (850 | ) | | | 14,350 | |
| Used trailers shipped | | | 100 | | | | 50 | | | | 200 | | | | - | | | | 350 | |
| | | | | | | | | | | | | | | | | | | | | |
| New Trailers | | $ | 307,680 | | | $ | 54,017 | | | $ | 19,857 | | | $ | (20,283 | ) | | $ | 361,271 | |
| Used Trailers | | | 2,170 | | | | 1,169 | | | | 2,571 | | | | (327 | ) | | | 5,583 | |
| Components, parts and service | | | 1,392 | | | | 23,394 | | | | 19,941 | | | | (2,911 | ) | | | 41,816 | |
| Equipment and other | | | 3,262 | | | | 25,412 | | | | 771 | | | | (518 | ) | | | 28,927 | |
| Total net external sales | | $ | 314,504 | | | $ | 103,992 | | | $ | 43,140 | | | $ | (24,039 | ) | | $ | 437,597 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | $ | 29,633 | | | $ | 23,373 | | | $ | 4,853 | | | $ | (662 | ) | | $ | 57,197 | |
| Income (Loss) from operations | | $ | 22,770 | | | $ | 10,611 | | | $ | 1,126 | | | $ | (7,244 | ) | | $ | 27,263 | |
| | | | | | | | | | | | | | | | | | | | | |
| 2014 | | | | | | | | | | | | | | | | | | | | |
| New trailers shipped | | | 9,250 | | | | 800 | | | | 800 | | | | (900 | ) | | | 9,950 | |
| Used trailers shipped | | | 1,700 | | | | 50 | | | | 400 | | | | - | | | | 2,150 | |
| | | | | | | | | | | | | | | | | | | | | |
| New Trailers | | $ | 213,436 | | | $ | 54,847 | | | $ | 20,271 | | | $ | (20,436 | ) | | $ | 268,118 | |
| Used Trailers | | | 11,248 | | | | 1,178 | | | | 3,639 | | | | - | | | | 16,065 | |
| Components, parts and service | | | 617 | | | | 23,210 | | | | 20,973 | | | | (3,102 | ) | | | 41,698 | |
| Equipment and other | | | 2,650 | | | | 28,818 | | | | 753 | | | | 18 | | | | 32,239 | |
| Total net external sales | | $ | 227,951 | | | $ | 108,053 | | | $ | 45,636 | | | $ | (23,520 | ) | | $ | 358,120 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | $ | 14,995 | | | $ | 25,754 | | | $ | 5,381 | | | $ | 542 | | | $ | 46,672 | |
| Income (Loss) from operations | | $ | 8,760 | | | $ | 13,397 | | | $ | 1,050 | | | $ | (3,742 | ) | | $ | 19,465 | |
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
| | | March 31, | | | December 31, | |
| | | 2015 | | | 2014 | |
| | | (Unaudited) | | | | |
| ASSETS | | | | | | | | |
| Current assets | | | | | | | | |
| Cash and cash equivalents | | $ | 125,609 | | | $ | 146,113 | |
| Accounts receivable | | | 156,892 | | | | 135,206 | |
| Inventories | | | 243,002 | | | | 177,144 | |
| Deferred income taxes | | | 15,437 | | | | 16,993 | |
| Prepaid expenses and other | | | 6,987 | | | | 10,203 | |
| Total current assets | | $ | 547,927 | | | $ | 485,659 | |
| | | | | | | | | |
| Property, plant and equipment | | | 141,247 | | | | 142,892 | |
| | | | | | | | | |
| Deferred income taxes | | | 770 | | | | - | |
| | | | | | | | | |
| Goodwill | | | 149,690 | | | | 149,603 | |
| | | | | | | | | |
| Intangible assets | | | 131,641 | | | | 137,100 | |
| | | | | | | | | |
| Other assets | | | 13,697 | | | | 13,397 | |
| | | $ | 984,972 | | | $ | 928,651 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Current liabilities | | | | | | | | |
| Current portion of long-term debt | | $ | 2,429 | | | $ | 496 | |
| Current portion of capital lease obligations | | | 1,399 | | | | 1,458 | |
| Accounts payable | | | 142,907 | | | | 96,213 | |
| Other accrued liabilities | | | 99,621 | | | | 88,690 | |
| Total current liabilities | | $ | 246,356 | | | $ | 186,857 | |
| | | | | | | | | |
| Long-term debt | | | 326,629 | | | | 324,777 | |
| | | | | | | | | |
| Capital lease obligations | | | 5,457 | | | | 5,796 | |
| | | | | | | | | |
| Deferred income taxes | | | 3,205 | | | | 2,349 | |
| | | | | | | | | |
| Other noncurrent liabilities | | | 19,111 | | | | 18,040 | |
| | | | | | | | | |
| Commitments and contingencies | | | | | | | | |
| | | | | | | | | |
| Stockholders' equity | | | 384,214 | | | | 390,832 | |
| | | $ | 984,972 | | | $ | 928,651 | |
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| | | | Three Months Ended March 31, |
| | | | 2015 | | | | 2014 | |
| | | | | | | | | |
| Cash flows from operating activities | | | | | | | | |
| Net income | | $ | 10,474 | | | $ | 7,296 | |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | | | | | | | | |
| Depreciation | | | 4,138 | | | | 4,042 | |
| Amortization of intangibles | | | 5,314 | | | | 5,471 | |
| Deferred income taxes | | | 1,642 | | | | 5,988 | |
| Loss on debt extinguishment | | | 5,286 | | | | - | |
| Stock-based compensation | | | 2,420 | | | | 1,640 | |
| Accretion of debt discount | | | 1,185 | | | | 1,195 | |
| Changes in operating assets and liabilities | | | | | | | | |
| Accounts receivable | | | (21,686 | ) | | | 1,494 | |
| Inventories | | | (65,843 | ) | | | (78,742 | ) |
| Prepaid expenses and other | | | 3,216 | | | | (1,565 | ) |
| Accounts payable and accrued liabilities | | | 57,625 | | | | 8,815 | |
| Other, net | | | 458 | | | | 311 | |
| Net cash provided by (used in) operating activities | | $ | 4,229 | | | $ | (44,055 | ) |
| | | | | | | | | |
| Cash flows from investing activities | | | | | | | | |
| Capital expenditures | | | (2,975 | ) | | | (2,078 | ) |
| Net cash used in investing activities | | $ | (2,975 | ) | | $ | (2,078 | ) |
| | | | | | | | | |
| Cash flows from financing activities | | | | | | | | |
| Proceeds from exercise of stock options | | | 719 | | | | 1,517 | |
| Borrowings under revolving credit facilities | | | 163 | | | | 175 | |
| Payments under revolving credit facilities | | | (163 | ) | | | (175 | ) |
| Principal payments under capital lease obligations | | | (432 | ) | | | (603 | ) |
| Proceeds from issuance of term loan credit facility | | | 192,845 | | | | - | |
| Principal payments under term loan credit facility | | | (192,845 | ) | | | (693 | ) |
| Principal payments under industrial revenue bond | | | (122 | ) | | | (117 | ) |
| Debt issuance costs paid | | | (1,994 | ) | | | - | |
| Stock repurchase | | | (19,929 | ) | | | (1,497 | ) |
| Net cash used in financing activities | | $ | (21,758 | ) | | $ | (1,393 | ) |
| | | | | | | | | |
| Net decrease in cash and cash equivalents | | $ | (20,504 | ) | | $ | (47,526 | ) |
| Cash and cash equivalents at beginning of period | | | 146,113 | | | | 113,262 | |
| Cash and cash equivalents at end of period | | $ | 125,609 | | | $ | 65,736 | |
WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)
Operating EBITDA:
| | | Three Months Ended
March 31, | |
| | | 2015 | | | 2014 | |
| Net income | | $ | 10,474 | | | $ | 7,296 | |
| Income tax expense | | | 6,234 | | | | 6,484 | |
| Interest expense | | | 5,173 | | | | 5,717 | |
| Depreciation and amortization | | | 9,452 | | | | 9,513 | |
| Stock-based compensation | | | 2,420 | | | | 1,640 | |
| Other non-operating income (expense) | | | 5,382 | | | | (32 | ) |
| Operating EBITDA | | $ | 39,135 | | | $ | 30,618 | |
| | | Three Months Ended | |
| | | June 30,
2014 | | | September 30,
2014 | | | December 31,
2014 | |
| Net income | | $ | 16,239 | | | $ | 18,307 | | | $ | 19,088 | |
| Income tax expense | | | 10,835 | | | | 10,558 | | | | 9,655 | |
| Interest expense | | | 5,733 | | | | 5,454 | | | | 5,261 | |
| Depreciation and amortization | | | 9,851 | | | | 9,779 | | | | 9,686 | |
| Stock-based compensation | | | 1,958 | | | | 1,911 | | | | 2,324 | |
| Other non-operating expense | | | 1,048 | | | | 610 | | | | 133 | |
| Operating EBITDA | | $ | 45,664 | | | $ | 46,619 | | | $ | 46,147 | |
Adjusted Earnings:
| | | Three Months Ended March 31, | |
| | | 2015 | | | 2014 | |
| | | $ | | | Per Share | | | $ | | | Per Share | |
| | | | | | | | | | | | | |
| Net Income | | $ | 10,474 | | | $ | 0.15 | | | $ | 7,296 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | |
| Revaluation of net deferred income tax assets | | | | | | | | | | | | | | | | |
| due to changes in statutory tax rates | | | - | | | | - | | | | 1,041 | | | | 0.02 | |
| Loss on debt extinguishment, net of taxes | | | 3,314 | | | | 0.05 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | |
| Adjusted earnings | | $ | 13,788 | | | $ | 0.19 | | | $ | 8,337 | | | $ | 0.12 | |
| | | | | | | | | | | | | | | | | |
| Weighted Average # of Diluted Shares O/S | | | 71,557 | | | | | | | | 71,088 | | | | | |
| | | Three Months Ended | |
| | | June 30, 2014 | | | September 30, 2014 | | | December 31, 2014 | |
| | | $ | | | Per Share | | | $ | | | Per Share | | | $ | | | Per Share | |
| | | | | | | | | | | | | | | | | | | |
| Net Income | | $ | 16,239 | | | $ | 0.23 | | | $ | 18,307 | | | $ | 0.25 | | | $ | 19,088 | | | $ | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |
| Loss on debt extinguishment, net of taxes | | | 320 | | | | - | | | | 323 | | | | - | | | | - | | | | - | |
| Loss on transitioning Retail branch locations, net of taxes | | | 365 | | | | 0.01 | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted earnings | | $ | 16,924 | | | $ | 0.24 | | | $ | 18,630 | | | $ | 0.26 | | | $ | 19,088 | | | $ | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Weighted Average # of Diluted Shares O/S | | | 71,557 | | | | | | | | 71,919 | | | | | | | | 69,685 | | | | | |
