Forterra Announces Its Fourth Quarter and Full Year 2016 Results
(Thomson Reuters ONE) -
Fourth Quarter 2016 Highlights
* Net sales increased to $354.1 million
* Gross margin expanded to 17.0%
* Net loss increased to $48.7 million
* Adjusted EBITDA(1) increased to $42.6 million
* Adjusted EBITDA Margin(1) expanded to 12.0%
Full Year 2016 Highlights
* Net sales increased to $1,364.0 million
* Gross margin expanded to 20.6%
* Net loss narrowed to $7.6 million
* Adjusted EBITDA(1) increased to $218.0 million
* Adjusted EBITDA Margin(1) expanded to 16.0%
IRVING, Texas, March 29, 2017 (GLOBE NEWSWIRE) -- Forterra, Inc. ("Forterra" or
"the Company") (NASDAQ:FRTA), a leading manufacturer of water and drainage
infrastructure pipe and products in the United States and Eastern Canada, today
announced results for 2016 and the quarter ended December 31, 2016.
Forterra CEO Jeff Bradley commented, "We are pleased with the significant
accomplishments we made in 2016 that laid the foundation for further growth and
margin expansion. Accretive acquisitions expanded our geographic scope,
increased our market share in key growth regions, enhanced the breadth of our
product offerings, added an innovative and fast-growing stormwater treatment
product line and enhanced our position as a market leader in water and drainage
infrastructure pipe and products. The early results of our initiatives to drive
margin expansion and lower costs are reflected in our results for the year."
Bradley continued, "Forterra is better positioned today to benefit from a
favorable outlook across all three of our end markets than any time in the past.
Our focus in 2017 is to execute on multiple initiatives that we expect to drive
top-line growth, expand our margins and lower our costs."
Fourth Quarter 2016 Results
Fourth quarter 2016 net sales increased by 80.4% to $354.1 million, compared to
$196.3 million in the prior year quarter. The increase is attributable to the
impact of acquisitions which increased net sales by $172.1 million. Drainage
Pipe & Products net sales increased by 19.8% to $176.8 million, compared to
$147.6 million in the prior year quarter, due to $31.4 million of net sales from
acquisitions. Water Pipe & Products net sales tripled to $177.3 million,
compared to $48.1 million in the prior year quarter, due to net sales from our
acquisitions of $140.7 million.
Drainage Pipe & Products gross profit increased to $31.1 million from $21.4
million in the prior year quarter, increasing gross profit margin by
approximately 310 basis points. Water Pipe & Products gross profit increased to
$30.0 million from $4.8 million, increasing gross profit margin by 700 basis
points.
Fourth quarter 2016 had a consolidated net loss of $48.7 million, compared to a
net loss of $33.1 million in the prior year quarter. The increase in the net
loss of $15.6 million is due to charges incurred in the fourth quarter related
to our refinancing. Adjusted net loss(1) improved by $18.8 million to $6.6
million compared to an adjusted net loss(1) of $25.4 million in the prior year
quarter, attributable to higher net sales and higher gross profit.
Adjusted EBITDA(1) for the fourth quarter increased by $36.4 million to $42.6
million, compared to $6.2 million in the prior year quarter. The increase in
adjusted EBITDA(1) was attributable to higher net sales, an expansion in gross
margin, and improved leverage on selling, general & administrative expenses,
which improved by 120 basis points to 17.8% as a percent of net sales, compared
to the prior year quarter. Gross margin improved by 450 basis points to 17.0% as
a result of cost saving initiatives and the ongoing realization of synergies
from acquisitions. Adjusted EBITDA margin(1) improved to 12.0%, compared to
3.2% in the prior year quarter.
Drainage Pipe & Products EBITDA(2) and adjusted EBITDA(1) were $11.7 million and
$29.6 million, respectively, compared to $16.2 million and $18.2 million in the
prior year quarter, respectively. Water Pipe & Products EBITDA(2) and adjusted
EBITDA(1) increased to $18.4 million and $24.9 million, respectively, compared
to negative $0.6 million and positive $2.2 million, in the prior year quarter,
respectively.
Full Year 2016 Results
Net sales for the year increased to $1,364.0 million. The impact of acquisitions
contributed $698.0 million to net sales. Drainage Pipe & Products net sales
increased to $728.9 million due to $222.1 million of net sales from
acquisitions. Water Pipe & Products net sales increased to $632.6 million due to
net sales from our acquisitions of $475.9 million.
Drainage Pipe & Products gross profit increased to $162.4 million increasing
gross profit margin to 22.3%. Water Pipe & Products gross profit increased to
$120.6 million, increasing gross profit margin to 19.1%.
Reported net loss for the year decreased to $7.6 million. The decline in net
loss was primarily attributed to higher income from operations. Adjusted net
income(1) increased to $47.1 million, again mainly attributable to higher net
sales.
Adjusted EBITDA(1) for the year increased to $218.0 million. The increase in
adjusted EBITDA(1) was attributable to higher net sales, expanded gross margins,
and improved leverage on selling, general & administrative expenses. Gross
margin improved to 20.6% as a result of cost saving initiatives and the ongoing
realization of synergies from acquisitions. Adjusted EBITDA margin(1) improved
to 16.0%.
Drainage Pipe & Products EBITDA(2) and adjusted EBITDA(1) increased to $138.3
million and to $158.7 million, respectively. Water Pipe & Products EBITDA(2) and
adjusted EBITDA(1) increased to $98.6 million and $114.0 million, respectively.
(1) Adjusted net income, adjusted EBITDA and adjusted EBITDA margin are non-GAAP
measures. See the financial schedules at the end of this press release for how
we define these measures, a discussion of why we believe they are useful and
reconciliation thereof to the most directly comparable GAAP financial measures.
(2) For purposes of evaluating segment profit, the Company's chief operating
decision maker reviews EBITDA as a basis for making the decisions to allocate
resources and assess performance.
Recent Developments
On February 3, 2017, the Company acquired the business of Royal Enterprises
America, which manufactures concrete drainage pipe, precast concrete products,
stormwater treatment products and erosion control products serving the greater
Minneapolis market. The aggregate purchase price was $35.5 million, subject to
customary working capital adjustments.
Balance Sheet and Liquidity
At December 31, 2016, the Company had cash of $40.0 million and borrowings under
its credit agreements of $1,146.4 million. Availability under the Company's
asset based revolving credit facility as of December 31, 2016 was $189.4
million.
Conference Call and Webcast Information
Forterra will host a conference call to review fourth quarter and full-year
2016 results on March 30, 2017 at 10:00 a.m. Eastern Time (9:00 a.m. Central).
The dial-in number for the call is 574-990-1396 or toll free 844-498-0572. The
participant passcode is 73275400. Please dial in at least five minutes prior to
the call to register. The call may also be accessed via a webcast available on
the Investors section of the Company's website at http://forterrabp.com. A
replay of the conference call and archive of the webcast will be available after
the call for 30 days under the Investor section of the Company's website.
Information Regarding 2017 Annual Meeting of Stockholders
The Company will hold its annual meeting of stockholders on June 19, 2017 at its
offices located at 511 E. John Carpenter Freeway, Suite 600, Irving, Texas at
10:00 a.m. Central time.
Stockholders of record as of the close of business on April 20, 2017 are
entitled to notice of, and to vote at, the annual meeting either in person or by
proxy. Information about the meeting and the various matters on which
stockholders will vote will be included in the Company's definitive proxy
materials to be filed with the Securities and Exchange Commission.
About Forterra
Forterra is a leading manufacturer of water and drainage pipe and products in
the U.S. and Eastern Canada for a variety of water-related infrastructure
applications, including water transmission, distribution, and drainage. Based in
Irving, Texas, Forterra's product breadth and significant scale help make it a
one- stop shop for water related pipe and products, and a preferred supplier to
a wide variety of customers, including contractors, distributors and
municipalities. For more information on Forterra, visit http://forterrabp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements may be
identified by the use of words such as "anticipate", "believe", "expect",
"estimate", "plan", "outlook", and "project" and other similar expressions that
predict or indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a guarantee
of future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on historical information
available at the time the statements are made and are based on management's
reasonable belief or expectations with respect to future events, and are subject
to risks and uncertainties, many of which are beyond the Company's control, that
could cause actual performance or results to differ materially from the belief
or expectations expressed in or suggested by the forward-looking statements.
Forward-looking statements speak only as of the date on which they are made and
the Company undertakes no obligation to update any forward-looking statement to
reflect future events, developments or otherwise, except as may be required by
applicable law. Investors are referred to the Company's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K,
for additional information regarding the risks and uncertainties that may cause
actual results to differ materially from those expressed in any forward-looking
statement.
Consolidated / Combined Statements of Operations
(in thousands, except share data and per share data)
|
Successor | Predecessor
----------------------------------------------------- | -------------
| For the
Quarter Quarter For the | period
ended ended Year ended period from | from
|
March 14 to |
December December | January 1 to
December 31, 31, 31, | March 13,
|
2016 2015 2016 2015 | 2015
------------------------- --------------------------- | -------------
unaudited unaudited |
|
Net sales $ 354,109 $ 196,342 $ 1,363,962 $ 604,275 | $ 112,698
|
Cost of goods |
sold 293,754 171,780 1,083,508 513,723 | 98,339
------------------------- --------------------------- | -------------
Gross profit 60,355 24,562 280,454 90,552 | 14,359
|
Selling, |
general & |
administrative |
expenses (63,027 ) (37,366 ) (216,099 ) (121,554 ) | (17,106 )
|
Impairment and |
exit charges (1,640 ) (85 ) (2,218 ) (1,026 ) | (542 )
|
Earnings from |
equity method |
investee 2,933 1,711 11,947 8,429 | 67
|
Gain (loss) on |
sale of PP&E (20,945 ) (240 ) (21,274 ) (624 ) | 122
|
Other |
operating |
income 4,693 (142 ) 10,303 1,716 | 696
------------------------- --------------------------- | -------------
(77,986 ) (36,122 ) (217,341 ) (113,059 ) | (16,763 )
------------------------- --------------------------- | -------------
Income (loss) |
from |
operations (17,631 ) (11,560 ) 63,113 (22,507 ) | (2,404 )
|
|
|
Other income |
(expenses) |
|
Interest |
expense (51,163 ) (17,280 ) (125,048 ) (45,953 ) | (82 )
|
Other income |
(expense), net 546 (186 ) (847 ) (326 ) | (28 )
------------------------- --------------------------- | -------------
Income (loss) |
before income |
taxes (68,248 ) (29,026 ) (62,782 ) (68,786 ) | (2,514 )
|
Income tax |
(expense) |
benefit 23,106 (1,342 ) 51,692 (5,392 ) | 742
------------------------- --------------------------- | -------------
Income (loss) |
from |
continuing |
operations (45,142 ) (30,368 ) (11,090 ) (74,178 ) | (1,772 )
|
|
|
Discontinued |
operations, |
net of tax $ (3,585 ) $ (2,734 ) $ 3,484 $ (8,608 ) | $ (3,984 )
------------------------- --------------------------- | -------------
|
------------------------- --------------------------- | -------------
Net income |
(loss) $ (48,727 ) $ (33,102 ) $ (7,606 ) $ (82,786 ) | $ (5,756 )
------------------------- --------------------------- | -------------
Additional Statistics (unaudited)
Reconciliation of Non-GAAP Measures
In addition to our results calculated under generally accepted accounting
principles in the United States ("GAAP"), in this earnings release we also
present adjusted net income, adjusted EBITDA and adjusted EBITDA margin.
Adjusted net income, adjusted EBITDA and adjusted EBITDA margin are non-GAAP
measures and have been presented in this earnings release as supplemental
measures of financial performance that are not required by, or presented in
accordance with GAAP. We calculate adjusted net income as net income (loss)
after adjusting for impairment and restructuring charges, (gains)/losses on the
sale of property, plant and equipment and certain other income and expenses,
such as transaction costs, carve-out costs related to our separation from
HeidelbergCement and costs associated with disposed sites and including
normalized income tax expense for the adjustments to net income (loss). We
calculate adjusted EBITDA as net income (loss) before interest expense, income
tax benefit (expense), depreciation and amortization and before impairment and
restructuring charges, (gains)/losses on the sale of property, plant and
equipment and certain other income and expenses, such as transaction costs,
carve-out costs related to our separation from HeidelbergCement and costs
associated with disposed sites. Adjusted EBITDA margin represents adjusted
EBITDA as a percentage of net sales.
Adjusted net income, adjusted EBITDA and adjusted EBITDA margin are presented in
this earnings release because they are important metrics used by management as
one of the means by which it assesses our financial performance. Adjusted net
income, adjusted EBITDA and adjusted EBITDA margin are also frequently used by
analysts, investors and other interested parties to evaluate companies in our
industry. We use adjusted net income, adjusted EBITDA and adjusted EBITDA
margin as supplements to GAAP measures of performance to evaluate the
effectiveness of our business strategies, to make budgeting decisions, to
allocate resources and to compare our performance relative to our peers.
Adjusted net income, adjusted EBITDA and adjusted EBITDA margin are also
important measures for assessing our operating results and evaluating each
operating segment's performance on a consistent basis, by excluding the impacts
of depreciation, amortization, income tax expense, interest expense and other
items not indicative of ongoing operating performance. Additionally, these
measures, when used in conjunction with related GAAP financial measures, provide
investors with additional financial analytical framework which management uses,
in addition to historical operating results, as the basis for financial,
operational and planning decisions and present measurements that third parties
have indicated are useful in assessing the Company and its results of
operations.
Adjusted net income, adjusted EBITDA and adjusted EBITDA margin have certain
limitations. Adjusted net income and adjusted EBITDA should not be considered as
alternatives to consolidated net income, and in the case of our segment results,
adjusted EBITDA should not be considered an alternative to EBITDA, which the
CODM reviews for purposes of evaluating segment profit, or in the case of any of
the non-GAAP measures, as a substitute for any other measure of financial
performance calculated in accordance with GAAP. Similarly, adjusted EBITDA
margin should not be considered as an alternative to gross margin or any other
margin calculated in accordance with GAAP. These measures also should not be
construed as an inference that our future results will be unaffected by unusual
or nonrecurring items for which these non-GAAP measures make adjustments.
Additionally, adjusted net income, adjusted EBITDA and adjusted EBITDA margin
are not intended to be liquidity measures because of certain limitations such
as: (i) they do not reflect our cash outlays for capital expenditures or future
contractual commitments; (ii) they do not reflect changes in, or cash
requirements for, working capital; (iii) they do not reflect interest expense,
or the cash requirements necessary to service interest, or principal payments,
on indebtedness; (iv) they do not reflect income tax expense or the tax
necessary to pay income taxes; and (v) although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized will often have
to be replaced in the future, and these non-GAAP measures do not reflect cash
requirements for such replacements.
Other companies, including other companies in our industry, may not use such
measures or may calculate one or more of the measures differently than as
presented in this earnings release, limiting their usefulness as a comparative
measure. In evaluating adjusted net income, adjusted EBITDA and adjusted EBITDA
margin, you should be aware that in the future we will incur expenses that are
the same as or similar to some of the adjustments made in the calculations below
and the presentation of adjusted net income, adjusted EBITDA and adjusted EBITDA
margin should not be construed to mean that our future results will be
unaffected by such adjustments. Management compensates for these limitations by
using adjusted net income, adjusted EBITDA and adjusted EBITDA margin as
supplemental financial metrics and in conjunction with results prepared in
accordance with GAAP.
Reconciliation of net income (loss) to adjusted net income (loss)
(in thousands)
For the three months
ended
December 31,
2016 2015
------------- ------------
unaudited unaudited
Net income (loss) $ (48,727 ) $ (33,102 )
Net (earnings) loss from discontinued operations,
net 3,585 2,734
(Gain) loss on sale of property, plant & equipment,
net(1) 20,945 240
Impairment and restructuring(2) 1,640 85
Transaction costs(3) 5,993 6,004
Inventory step-up impacting margin(4) 2,563 2,035
Costs associated with disposed sites(5) - 1,161
Cost of refinancing(6) 30,119 -
Other (gains) expenses(7) (12 ) (1,671 )
Tax impact of net income adjustments(8) (22,662 ) (2,906 )
------------- ------------
Adjusted net income (loss) $ (6,556 ) $ (25,420 )
------------- ------------
Successor | Predecessor
-------------------------- | ------------
For the |
period | For the
Year ended March 14 - | period
December December | January 1 -
31, 31, | March 13,
|
2016 2015 | 2015
------------ ------------- | ------------
Net income (loss) $ (7,606 ) $ (82,786 ) | $ (5,756 )
|
Net (earnings) loss from |
discontinued operations, net (3,484 ) 8,608 | 3,984
|
(Gain) loss on sale of property, |
plant & equipment, net(1) 21,274 624 | (122 )
|
Impairment and restructuring(2) 2,218 1,026 | 542
|
Transaction costs(3) 25,221 24,589 | 2,079
|
Inventory step-up impacting margin(4) 15,078 23,240 | -
|
Costs associated with disposed |
sites(5) 234 2,632 | 299
|
Cost of refinancing(6) 30,119 - | -
|
Other (gains) expenses(7) (1,841 ) (1,671 ) | -
------------ ------------- | ------------
Tax impact of net income |
adjustments(8) (34,152 ) (18,663 ) | (1,035 )
------------ ------------- | ------------
Adjusted net income (loss) $ 47,061 $ (42,401 ) | $ (9 )
------------ ------------- | ------------
(1 )(Gain) loss on sale of property, plant and equipment, primarily related to
the disposition of manufacturing facilities.
(2 )Impairment of intangible assets and the following charges related to plant
closures: (I) impairment charges in respect of abandoned fixed assets that had
remaining book value and (ii) restructuring charges in respect of severance and
lease and other contract termination costs.
(3 )Legal, valuation, accounting, advisory and other costs related to business
combinations.
(4 )Effect of the purchase accounting step-up in the value of inventory to fair
value recognized in cost of goods sold as a result of business combinations.
(5 )Results of operations of our disposed roof tile business and other disposed
sites for the periods presented, net of specific items for which adjustments are
separately made elsewhere in the calculation of adjusted net income (loss)
presented herein.
(6 )Incremental interest costs incurred to exit the Junior Term Loan, inclusive
of a prepayment penalty and the write-off of deferred debt issuance costs and
issue discounts upon extinguishment.
(7 )Other (gains) losses, such as gain on insurance proceeds related to the
destruction of property.
(8 )Assumes a normalized tax rate of 37% applied to the adjustments to net
income.
Reconciliation of net income (loss) to adjusted EBITDA
(in thousands)
Successor Predecessor
------------------------------------------------------+ ------------
For the | For the
period | period
from March | from
Year ended 14 | January
Three month ended December to December| 1 to March
December 31, 31, 31, | 13,
|
2016 2015 2016 2015 | 2015
------------- ----------------------------------------+ ------------
unaudited unaudited |
|
Net income |
(loss) $ (48,727 ) $ (33,102 ) $ (7,606 ) $ (82,786 )| $ (5,756 )
|
(Earnings) loss |
from |
discontinued |
operations, net 3,585 2,734 (3,484 ) 8,608 | 3,984
|
Interest expense 51,163 17,280 125,048 45,953 | 82
|
Depreciation and |
amortization 28,585 10,113 93,503 25,248 | 4,389
|
Income tax |
expense |
(benefit) (23,106 ) 1,342 (51,692 ) 5,392 | (742 )
------------- ------------- ------------- ------------+ ------------
EBITDA 11,500 (1,633 ) 155,769 2,415 | 1,957
------------- ------------- ------------- ------------+ ------------
(Gain) loss on |
sale of |
property, plant |
& equipment, |
net(1) 20,945 240 21,274 624 | (122 )
|
Impairment and |
restructuring(2) 1,640 85 2,218 1,026 | 542
|
Transaction |
costs(3) 5,993 6,004 25,221 24,589 | 2,079
|
Inventory step- |
up impacting |
margin(4) 2,563 2,035 15,078 23,240 | -
|
Costs associated |
with disposed |
sites(5) - 1,161 234 2,632 | 299
|
Other (gains) |
expenses(6) (12 ) (1,671 ) (1,841 ) (1,671 )| -
------------- --------------------------- ------------+ ------------
Adjusted EBITDA $ 42,629 $ 6,221 $ 217,953 $ 52,855 | $ 4,755
|
Adjusted EBITDA |
margin 12.0 % 3.2 % 16.0 % 8.7 %| 4.2 %
|
Gross profit 60,355 24,562 280,454 90,552 | 14,359
|
Gross profit |
margin 17.0 % 12.5 % 20.6 % 15.0 %| 12.7 %
(1 )(Gain) loss on sale of property, plant and equipment, primarily related to
the disposition of manufacturing facilities.
(2 )Impairment of intangible assets and the following charges related to plant
closures: (i) impairment charges in respect of abandoned fixed assets that had
remaining book value and (ii) restructuring charges in respect of severance and
lease and other contract termination costs.
(3 )Legal, valuation, accounting, advisory and other costs related to business
combinations.
(4 )Effect of the purchase accounting step-up in the value of inventory to fair
value recognized in cost of goods sold as a result of business combinations.
(5 )Results of operations of our disposed roof tile business and other disposed
sites for the periods presented, net of specific items for which adjustments are
separately made elsewhere in the calculation of adjusted EBITDA presented
herein.
(6 )Other (gains) losses, such as gain on insurance proceeds related to the
destruction of property.
Reconciliation of segment EBITDA to segment adjusted EBITDA
(in thousands)
Drainage Water Pipe
For the three months ended Pipe & & Corporate
December 31, 2016: Products Products and Other Total
------------ ------------ ------------- -----------
EBITDA $ 11,738 $ 18,390 $ (18,628 ) $ 11,500
------------ ------------ ------------- -----------
(Gain) loss on sale of
property, plant &
equipment, net(1) 15,300 5,645 - 20,945
Impairment and
restructuring(2) (18 ) 1,617 41 1,640
Transaction costs(3) - (176 ) 6,169 5,993
Inventory step-up impacting
margin(4) 2,563 - - 2,563
Costs associated with
disposed sites(5) - - - -
Other (gains) expenses(6) - (587 ) 575 (12 )
------------ ------------ ------------- -----------
Adjusted EBITDA $ 29,583 $ 24,889 $ (11,843 ) $ 42,629
------------ ------------ ------------- -----------
Drainage Water
For the three months ended Pipe & Pipe & Corporate
December 31, 2015: Products Products and Other Total
------------ ----------- ------------- -----------
EBITDA $ 16,236 $ (585 ) $ (17,284 ) $ (1,633 )
------------ ----------- ------------- -----------
(Gain) loss on sale of
property, plant & equipment,
net(1) 219 21 - 240
Impairment and
restructuring(2) (1,161 ) 844 402 85
Transaction costs(3) 2,000 1,939 2,065 6,004
Inventory step-up impacting
margin(4) 2,067 11 (43 ) 2,035
Costs associated with
disposed sites(5) 464 - 697 1,161
Other (gains) expenses(6) (1,671 ) - - (1,671 )
------------ ----------- ------------- -----------
Adjusted EBITDA $ 18,154 $ 2,230 $ (14,163 ) $ 6,221
------------ ----------- ------------- -----------
Drainage Water Pipe
For the year ended Pipe & & Corporate
December 31, 2016: Products Products and Other Total
------------- ------------- ------------- ------------
EBITDA $ 138,274 $ 98,641 $ (81,146 ) $ 155,769
------------- ------------- ------------- ------------
(Gain) loss on sale of
property, plant &
equipment, net(1) 15,547 5,727 - 21,274
Impairment and
restructuring(2) 227 1,945 46 2,218
Transaction costs(3) - 359 24,862 25,221
Inventory step-up
impacting margin(4) 4,441 10,637 - 15,078
Costs associated with
disposed sites(5) 234 - - 234
Other (gains)
expenses(6) - (3,263 ) 1,422 (1,841 )
------------- ------------- ------------- ------------
Adjusted EBITDA $ 158,723 $ 114,046 $ (54,816 ) $ 217,953
------------- ------------- ------------- ------------
Drainage Water Pipe
For the period March 14 - Pipe & & Corporate
December 31, 2015: Products Products and Other Total
------------ ------------ ------------- -----------
EBITDA $ 65,003 $ 14,768 $ (77,356 ) $ 2,415
------------ ------------ ------------- -----------
(Gain) loss on sale of
property, plant &
equipment, net(1) 454 20 150 624
Impairment and
restructuring(2) 249 916 (139 ) 1,026
Transaction costs(3) 3,720 3,484 17,385 24,589
Inventory step-up impacting
margin(4) 17,374 5,909 (43 ) 23,240
Costs associated with
disposed sites(5) 558 - 2,074 2,632
Other (gains) expenses(6) (1,671 ) - - (1,671 )
------------ ------------ ------------- -----------
Adjusted EBITDA $ 85,687 $ 25,097 $ (57,929 ) $ 52,855
------------ ------------ -------------------------
Drainage Water Pipe
For the period January 1 - Pipe & & Corporate
March 13, 2015 Products Products and Other Total
------------ ------------ ------------ ----------
EBITDA $ 12,070 $ (2,162 ) $ (7,951 ) $ 1,957
------------ ------------ ------------ ----------
(Gain) loss on sale of
property, plant & equipment,
net(1) 27 - (149 ) (122 )
Impairment and
restructuring(2) 331 72 139 542
Transaction costs(3) - - 2,079 2,079
Inventory step-up impacting
margin(4) - - - -
Costs associated with
disposed sites(5) 221 - 78 299
Other (gains) expenses(6) - - - -
------------ ------------ ------------ ----------
Adjusted EBITDA $ 12,649 $ (2,090 ) $ (5,804 ) $ 4,755
------------ ------------ ------------ ----------
(1 )(Gain) loss on sale of property, plant and equipment, primarily related to
the disposition of manufacturing facilities.
(2 )Impairment of intangible assets and the following charges related to plant
closures: (i) impairment charges in respect of abandoned fixed assets that had
remaining book value and (ii) restructuring charges in respect of severance and
lease and other contract termination costs.
(3 )Legal, valuation, accounting, advisory and other costs related to business
combinations.
(4 )Effect of the purchase accounting step-up in the value of inventory to fair
value recognized in cost of goods sold as a result of business combinations.
(5 )Results of operations of our disposed roof tile business and other disposed
sites for the periods presented, net of specific items for which adjustments are
separately made elsewhere in the calculation of adjusted EBITDA presented
herein.
(6 )Other (gains) losses, such as gain on insurance proceeds related to the
destruction of property.
Company Contact
Information:
Matt Brown
Executive Vice President and Chief Financial Officer
469-299-9113
IR(at)forterrabp.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Forterra, Inc. via GlobeNewswire
Datum: 30.03.2017 - 05:34 Uhr
Sprache: Deutsch
News-ID 533313
Anzahl Zeichen: 47114
contact information:
Town:
Irving, TX
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 222 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Forterra Announces Its Fourth Quarter and Full Year 2016 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Forterra, Inc. (Nachricht senden)
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