EXHIBIT 13.1
Selected Financial Information included in Registrant’s 2013 Annual Report to Shareholders.
Dollars in thousands, except per-share amounts | 2013(b) (e) (f) | 2012(e) (f) | 2011(e) (f) | 2010(e) (f) | 2009(b)(e)(g) | ||||||||||
Operating Results: | |||||||||||||||
Net sales | $ | 818,811 | $ | 825,287 | $ | 817,056 | $ | 799,794 | $ | 748,635 | |||||
Gross profit (b) (e) | $ | 187,339 | $ | 195,185 | $ | 168,739 | $ | 168,013 | $ | 133,145 | |||||
Gross profit margin | 22.9 | % | 23.7 | % | 20.7 | % | 21.0 | % | 17.8 | % | |||||
Selling, general and administrative expenses | $ | 109,981 | $ | 113,896 | $ | 105,545 | $ | 97,390 | $ | 94,900 | |||||
Income from operations (IFO) (b) (e) | $ | 72,499 | $ | 81,289 | $ | 63,475 | $ | 68,821 | $ | 36,614 | |||||
IFO margin | 8.9 | % | 9.8 | % | 7.8 | % | 8.6 | % | 4.9 | % | |||||
Other income (expense) (e) (f) | $ | 1,207 | $ | (30,887 | ) | $ | 5,228 | $ | 58,018 | $ | 4,053 | ||||
Earnings before interest and income taxes (EBIT) (b) (e) (f) | $ | 73,706 | $ | 50,402 | $ | 68,703 | $ | 126,839 | $ | 40,667 | |||||
EBIT margin | 9.0 | % | 6.1 | % | 8.4 | % | 15.9 | % | 5.4 | % | |||||
Interest expense (g) | $ | 32,006 | $ | 37,727 | $ | 43,419 | $ | 45,171 | $ | 66,705 | |||||
Income (loss) before income taxes (b) (e) (f) (g) | $ | 41,700 | $ | 12,675 | $ | 25,284 | $ | 81,668 | $ | (26,038 | ) | ||||
Provision for income taxes | $ | 13,241 | $ | 5,709 | $ | 1,643 | $ | 11,582 | $ | 2,750 | |||||
Effective tax rate | 31.8 | % | 45.0 | % | 6.5 | % | 14.2 | % | (10.6 | )% | |||||
Net income (loss) (b) (e) (f) (g) | $ | 28,459 | $ | 6,966 | $ | 23,641 | $ | 70,086 | $ | (28,788 | ) | ||||
Net income margin | 3.5 | % | 0.8 | % | 2.9 | % | 8.8 | % | (3.8 | )% | |||||
Per-Share Amounts: | |||||||||||||||
Diluted net income (loss)(b) (e) (f) (g) | $ | 1.31 | $ | 0.33 | $ | 1.14 | $ | 3.51 | $ | (1.90 | ) | ||||
Dividends paid | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
Other Information: | |||||||||||||||
EBIT | $ | 73,706 | $ | 50,402 | $ | 68,703 | $ | 126,839 | $ | 40,667 | |||||
Depreciation & amortization (b) | $ | 43,969 | $ | 41,471 | $ | 42,188 | $ | 41,115 | $ | 43,166 | |||||
EBITDA (c) (e) (f) | $ | 117,675 | $ | 91,873 | $ | 110,891 | $ | 167,954 | $ | 83,833 | |||||
EBITDA margin | 14.4 | % | 11.1 | % | 13.6 | % | 21.0 | % | 11.2 | % | |||||
Adjusted EBITDA (c) (h) | $ | 134,401 | $ | 132,404 | $ | 113,089 | $ | 114,958 | $ | 90,141 | |||||
Adjusted EBITDA margin | 16.4 | % | 16.0 | % | 13.8 | % | 14.4 | % | 12.0 | % | |||||
Employees | 6,437 | 6,663 | 6,907 | 7,005 | 6,857 | ||||||||||
Balance Sheet Data: | |||||||||||||||
Total assets | $ | 829,990 | $ | 802,176 | $ | 799,569 | $ | 818,971 | $ | 791,514 | |||||
Total liabilities | $ | 699,181 | $ | 777,700 | $ | 771,789 | $ | 807,705 | $ | 858,421 | |||||
Working Capital (a) | $ | 173,050 | $ | 172,687 | $ | 175,145 | $ | 181,152 | $ | 170,900 | |||||
% of net sales | 21.1 | % | 20.9 | % | 21.4 | % | 22.6 | % | 22.8 | % | |||||
Total borrowings - net | $ | 411,903 | $ | 466,467 | $ | 397,360 | $ | 447,125 | $ | 515,239 | |||||
Cash Flow Data: | |||||||||||||||
Net cash provided by operating activities | $ | 72,729 | $ | 8,497 | $ | 55,351 | $ | 47,699 | $ | 102,148 | |||||
Capital expenditures | $ | 49,407 | $ | 32,720 | $ | 41,420 | $ | 28,247 | $ | 17,005 | |||||
Proceeds from asset sales and other | $ | 81 | $ | 647 | $ | 17,700 | $ | — | $ | 265 | |||||
Payment of interest on New PIK Notes | $ | — | $ | — | $ | — | $ | 29,400 | $ | — | |||||
Free Cash Flow (d) | $ | 23,403 | $ | (23,576 | ) | $ | 31,631 | $ | 48,852 | $ | 85,408 |
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(a) | Defined as net inventory plus net accounts receivable, excluding receivable on furnace malfunction insurance claim, less accounts payable. | |
(b) | Includes $1,699 in 2013 of depreciation expense included in restructuring charges related to the capacity realignment at our Shreveport, Louisiana manufacturing facility, net of $(166) depreciation related to our furnace malfunction in Toledo, Ohio. Also, 2009 includes $705 of increased depreciation expense included in restructuring charges relating to the Syracuse, New York manufacturing facility closure. | |
(c) | We believe that EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization), non-GAAP financial measures, are useful metrics for evaluating our financial performance, as they are measures that we use internally to assess performance. | |
(d) | We believe that Free Cash Flow [net cash provided by operating activities, less capital expenditures, plus proceeds from asset sales and other and payment of interest on New PIK Notes], is a useful metric for evaluating our financial performance, as it is the measure that we use internally to assess performance. | |
(e) | Includes special charges of $19,663, $4,306 and $2,515 in 2013, 2012 and 2011, respectively and disclosed in notes 5, 7, 9, 12 and 18 to the Consolidated Financial Statements. In 2012, we also incurred charges of $5,150 for severance. In 2011, we also incurred charges of $2,722 for CEO transition expenses, $1,105 for severance and $(84) for restructuring charges. In 2010, we incurred $2,498 of restructuring charges related to the closure of Syracuse, New York, manufacturing facility, our Mira Loma, California, distribution center and the decorating operations at our Shreveport, Louisiana, manufacturing facility, $1,047 in equity offering fees, and a $2,696 write down of certain after-processing equipment within our EMEA segment, net of a $945 insurance claim recovery recorded in the Americas segment. In 2009, we incurred $3,823 related to the closure of Syracuse, New York, manufacturing facility, our Mira Loma, California, distribution center and the decorating operations at our Shreveport, Louisiana, manufacturing facility and $3,190 in pension settlement charges. | |
(f) | Includes $(2,518), $(31,075), $(2,803) and $58,292 for (loss) gain on redemption of debt in 2013, 2012, 2011 and 2010, respectively. In 2013, we also incurred a net gain of $3,922 on a furnace malfunction at our Toledo, Ohio manufacturing facility. Also, 2011 includes a gain of $6,863 on the sale of land at our Libbey Holland facility and sale of substantially all of the assets of Traex. | |
(g) | Interest expense includes a special charge of $2,700 in 2009 to write off finance fees incurred in connection with the exchange of the old PIK Notes. | |
(h) | Excludes items noted in (e) and (f) above. |