- Second quarter 2015 sales declined 10 percent to $213 million year-over-year
- Continued headwind from a strong U.S. Dollar
- Sales and Adjusted EBITDA increased sequentially versus first quarter 2015
- Actions taken to align production rates and spending with updated 2015 outlook
- Updated full year 2015 guidance for sales and Adjusted EBITDA
PORTLAND, Ore., Aug. 05, 2015 (GLOBE NEWSWIRE) -- Blount International, Inc. (NYSE:BLT) (“Blount” or “Company”) today announced preliminary results for the second quarter ended June 30, 2015.
Preliminary Results for the Quarter Ended June 30, 2015
Sales in the second quarter were $212.7 million, a decrease of $22.7 million or 9.6 percent compared to the second quarter of 2014. Operating loss for the second quarter of 2015 was $47.3 million, including a $62 million non-cash impairment charge, compared to operating income of $22.4 million in the same quarter last year. Consolidated Adjusted EBITDA for the second quarter of 2015 was $26.9 million compared to $34.8 million in the second quarter of 2014. Preliminary second quarter net loss was $49.5 million, or $1.02 per diluted share, compared to net income of $12.3 million, or $0.25 per diluted share, in the same quarter last year. The net loss reflects a preliminary non-cash impairment charge for certain intangible assets and related estimated income tax impact.
“We continued to experience significant currency-related headwinds in the second quarter driven by the strength of the U.S. Dollar,” stated Josh Collins, Blount’s Chairman and CEO. “Our sales were impacted by the translation of non-U.S. Dollar transactions, and our sales volumes were affected by lower demand from non-U.S. customers that pay in U.S. Dollars. We are also experiencing a sharp cyclical downturn in the North American agriculture market, which has negatively impacted sales in most parts of our FRAG business. In response to the lower demand, we have reduced production rates, primarily at our Portland, Oregon forestry plant, and we are actively managing our spending and staffing while maintaining our strategic investments.”
Blount operates primarily in two business segments - the Forestry, Lawn, and Garden (“FLAG”) segment and the Farm, Ranch, and Agriculture (“FRAG”) segment. The Company reports separate results for the FLAG and FRAG segments. Blount’s Concrete Cutting and Finishing (“CCF”) business is included in “Corporate and Other.”
Forestry, Lawn, and Garden
The FLAG segment had second quarter 2015 sales of $146.4 million, which was $13.7 million lower than the second quarter of 2014. Second quarter 2015 sales were down in nearly all geographies, primarily as the result of foreign currency translation impacts. Sales volumes were down slightly due to the pressure of a stronger U.S. Dollar and soft sales to OEMs, primarily in North America. Sales decreased by approximately 10 percent in Europe, five percent in North America, six percent in Asia, and five percent in all other geographies combined. Aside from currency translation impacts and reduced sales volumes, the FLAG segment also experienced reduced average selling prices in certain markets. The reductions are mostly due to lowering selling prices to ease the impact of a stronger U.S. Dollar on those customers located outside of the U.S. that pay in U.S. Dollars. The change in segment sales for the comparable second quarter periods is illustrated below.
| Change in FLAG Segment Sales | ||||||||||
| (In millions; amounts may not sum due to rounding) | Sales | Change | ||||||||
| Second quarter 2014 | $ | 160.1 | ||||||||
| Increase / (Decrease) | ||||||||||
| Foreign Exchange Translation | (11.0 | ) | (6.9 | )% | ||||||
| 149.1 | (6.9 | )% | ||||||||
| Unit Volume | (1.3 | ) | (0.8 | )% | ||||||
| Selling Price / Mix | (1.4 | ) | (0.9 | )% | ||||||
| Second quarter 2015 | $ | 146.4 | (8.6 | )% | ||||||
Segment backlog was $135.0 million at June 30, 2015, a decrease of 16 percent from $160.9 million on June 30, 2014.
Segment Earnings Before Interest, Taxes, Depreciation, Amortization, and certain charges (“Adjusted EBITDA”) were $25.5 million for the second quarter of 2015, including $7.0 million of allocated shared services expenses. Adjusted EBITDA declined 16 percent for the second quarter of 2015 versus the second quarter of 2014. The change in FLAG Adjusted EBITDA for the comparable second quarter periods is presented below.
| Change in FLAG Segment Contribution to Operating Income and Adjusted EBITDA | |||||||||||||||||||||||||||
| (In millions; amounts may not sum due to rounding) | |||||||||||||||||||||||||||
| Contribution to Operating Income | As a Percent of Segment Sales | Depreciation, Amortization, and Other | Adjusted EBITDA | As a Percent of Segment Sales | |||||||||||||||||||||||
| Second quarter 2014 | $ | 23.8 | 14.9 | % | $ | 6.5 | $ | 30.3 | 18.9 | % | |||||||||||||||||
| Increase / (Decrease) | |||||||||||||||||||||||||||
| Steel Costs | 0.7 | ||||||||||||||||||||||||||
| Foreign Exchange Translation | 0.4 | ||||||||||||||||||||||||||
| 25.0 | 16.8 | % | |||||||||||||||||||||||||
| Unit Volume | (0.6 | ) | |||||||||||||||||||||||||
| Selling Price / Mix | (1.4 | ) | |||||||||||||||||||||||||
| Costs / Mix | (4.3 | ) | |||||||||||||||||||||||||
| 18.7 | 12.8 | % | |||||||||||||||||||||||||
| Acquisition accounting(1) | 0.2 | ||||||||||||||||||||||||||
| Second quarter 2015 | $ | 18.9 | 12.9 | % | $ | 6.6 | $ | 25.5 | 17.4 | % | |||||||||||||||||
(1) Represents change in non-cash acquisition accounting impact for all FLAG business units
Segment contribution to operating income and Adjusted EBITDA was pressured mostly by lower average selling prices, as described above, and higher overall operating costs and mix. Operating costs, including mix, were approximately $4.3 million higher, primarily due to higher manufacturing costs of $6.1 million on lower production volumes, partially offset by $1.8 million lower SG&A spending in the segment. The FLAG segment also continued to adjust plant sourcing in the quarter, driving some of the production cost inefficiency. FLAG factory utilization was 83 percent in the second quarter of 2015 compared to 91 percent in the second quarter of 2014. Lower SG&A in the segment was mostly related to lower incentive compensation rates resulting from lower than targeted operating results.
Farm, Ranch, and Agriculture
The FRAG segment reported second quarter 2015 sales of $57.6 million, a decrease of $9.8 million from the second quarter of 2014. The reduction in sales was the result of lower volumes of agriculture attachments and agriculture cutting blades driven by weak agriculture machinery market conditions. Additionally, log splitter sales were down compared to a strong second quarter in 2014. The change in segment sales for the comparable second quarter periods is illustrated below.
| Change in FRAG Segment Sales | ||||||||||
| (In millions; amounts may not sum due to rounding) | Sales | Change | ||||||||
| Second quarter 2014 | $ | 67.3 | ||||||||
| Increase / (Decrease) | ||||||||||
| Foreign Exchange Translation | (0.7 | ) | (1.0 | )% | ||||||
| 66.7 | (1.0 | )% | ||||||||
| Unit Volume | (10.0 | ) | (14.8 | )% | ||||||
| Selling Price / Mix | 0.9 | 1.3 | % | |||||||
| Second quarter 2015 | $ | 57.6 | (14.5 | )% | ||||||
Segment backlog was $15.5 million at June 30, 2015 compared to $19.1 million at June 30, 2014 on seasonal ordering patterns and generally weaker agriculture machinery market conditions.
The FRAG segment had $3.9 million of Adjusted EBITDA in the second quarter of 2015, including $2.2 million of allocated shared services expenses. The change in the second quarter 2015 contribution to operating loss compared to the second quarter of 2014 is presented below.
| Change in FRAG Segment Contribution to Operating Income (Loss) and Adjusted EBITDA | |||||||||||||||||||||||
| (In millions; amounts may not sum due to rounding) | |||||||||||||||||||||||
| Contribution to Operating Income (Loss) | As a Percent of Segment Sales | Depreciation, Amortization, and Other | Adjusted EBITDA | As a Percent of Segment Sales | |||||||||||||||||||
| Second quarter 2014 | $ | 2.6 | 3.9 | % | $ | 4.2 | $ | 6.8 | 10.1 | % | |||||||||||||
| Increase / (Decrease) | |||||||||||||||||||||||
| Steel Costs | 0.1 | ||||||||||||||||||||||
| Foreign Exchange Translation | — | ||||||||||||||||||||||
| 2.7 | 4.1 | % | |||||||||||||||||||||
| Unit Volume | (2.3 | ) | |||||||||||||||||||||
| Selling Price / Mix | 0.9 | ||||||||||||||||||||||
| Costs / Mix | (1.5 | ) | |||||||||||||||||||||
| (0.2 | ) | -0.4 | % | ||||||||||||||||||||
| Acquisition accounting(1) | 0.3 | ||||||||||||||||||||||
| Acquired intangible asset impairment | (62.0 | ) | |||||||||||||||||||||
| Second quarter 2015 | $ | (61.9 | ) | n.m. | $ | 3.9 | $ | 3.9 | 6.8 | % | |||||||||||||
(1) Represents change in non-cash acquisition accounting impact for all FRAG business units
The impact of lower sales volumes and higher costs was partially offset by increases in average pricing in the FRAG segment. Cost/mix was unfavorable compared to the second quarter of 2014 as a result of lower demand and resulting reduced efficiency in production and assembly operations.
Corporate and Other
Corporate and Other net expense was $4.3 million, an increase of $0.2 compared to the second quarter of 2014. Increased Corporate and Other net expense in the second quarter of 2015 was the result of higher retirement benefit and stock compensation expenses.
Preliminary Net Income (Loss)
The preliminary second quarter 2015 net loss was primarily due to lower consolidated operating income in the second quarter of 2015 compared to the same quarter in 2014 resulting from the preliminary non-cash impairment charge for certain intangible assets described below. Net interest expense decreased $0.7 million in the second quarter of 2015 on lower interest rates after the Company refinanced its Senior Credit Agreement in early May 2015. Other expense was $3.3 million compared to other income of $0.2 million in the second quarter of 2014. Other expense in the second quarter of 2015 was the result of non-cash charges related to refinancing the Senior Credit Agreement and foreign exchange impacts on non-operating assets held outside the U.S. The change in preliminary net loss for the second quarter of 2015 compared to the second quarter of 2014 is summarized in the table below.
| Change in Preliminary Consolidated Net Income (Loss) | ||||||||||||||||||||||
| (In millions, except per share data; amounts may not sum due to rounding) | Pre-tax Income (Loss) | Income Tax Effect | Net Income (Loss) | Diluted Earnings per Share | ||||||||||||||||||
| Second Quarter 2014 Results | $ | 18.1 | $ | 5.8 | $ | 12.3 | $ | 0.25 | ||||||||||||||
| Change due to: | ||||||||||||||||||||||
| Decrease in operating income (loss) excluding acquisition accounting | (8.1 | ) | (2.6 | ) | (5.5 | ) | (0.11 | ) | ||||||||||||||
| Preliminary acquired intangible asset impairment | (61.6 | ) | (19.8 | ) | (41.7 | ) | (0.86 | ) | ||||||||||||||
| Decreased net interest expense | 0.6 | 0.2 | 0.4 | 0.01 | ||||||||||||||||||
| Change in other expense | (3.5 | ) | (1.1 | ) | (2.4 | ) | (0.05 | ) | ||||||||||||||
| Change in income tax rate | — | 12.6 | (12.6 | ) | (0.26 | ) | ||||||||||||||||
| Second Quarter 2015 Preliminary Results | $ | (54.5 | ) | $ | (4.9 | ) | $ | (49.5 | ) | $ | (1.02 | ) | ||||||||||
Cash Flow and Debt
As of June 30, 2015, the Company had net debt of $395.2 million, an increase of $38.2 million from December 31, 2014 and a decrease from March 31, 2015 of $2.6 million. The Company generated positive free cash flow of $12.1 million in the second quarter of 2015 compared to $19.7 million in the second quarter of 2014. The decrease in free cash flow in the second quarter of 2015 compared to last year was driven mostly by an increased use of cash for working capital. The decrease in net debt since March 31, 2015 was primarily the result of positive free cash flow, partially offset by $4.4 million of share repurchases and $5.2 million of cash costs to refinance the Senior Credit Facility. The Company defines free cash flow as cash flows from operating activities less net capital spending. The ratio of net debt to last-twelve-months ("LTM") Adjusted EBITDA was 3.3x as of June 30, 2015, which is higher compared to December 31, 2014 and reflects higher net debt and reduced Adjusted EBITDA.
Preliminary Non-Cash Charges
The Company recorded non-cash impairment charges of $62.0 million related to goodwill and certain other indefinite-lived intangible assets. All of the preliminary non-cash impairment charges relate to reporting units within the FRAG segment. The preliminary impairment charges were triggered by lower revised forecasts due to the soft global agriculture machinery industry and related results of the reporting units with the FRAG segment.
2015 Financial Outlook
The continued strength of the U.S. Dollar has overridden historic patterns of sales volume growth, particularly in the FLAG segment. The Company has significant foreign sales denominated in U.S. Dollars. As a result, many of the Company's products are effectively priced higher for customers. Additionally, the global agriculture machinery market continues to be soft. As a result of the continued currency headwind and soft market conditions, the Company has revised its estimate for fiscal year 2015 sales and Adjusted EBITDA. The Company expects sales to range between $840 million and $880 million, operating income to range between $55 million to $70 million, excluding asset impairments, and Adjusted EBITDA to range between $105 million and $120 million. The Company's outlook for sales assumes FLAG segment sales decline eight percent to 12 percent and FRAG segment sales decline between five percent and 10 percent, both compared to 2014 levels. In the 2015 guidance, steel material costs are expected to decrease by $1 million to $2 million compared to 2014. At recent U.S. Dollar currency trading levels, the impact of translating foreign operation to U.S. Dollars is expected to be approximately neutral to operating income and Adjusted EBITDA. Free cash flow in 2015 is expected to range between $30 million and $40 million, after approximately $30 million to $40 million of capital expenditures. Interest expense is expected to be approximately $15 million to $16 million in 2015.
A comparison of key operating indicators for 2014 actual results and the 2015 outlook is provided in the table below.
| (In millions) | 2014 Actual | 2015 Outlook Midpoint | |||||||||
| Sales | $ | 944.8 | $ | 860.0 | |||||||
| Operating Income(1) | 64.2 | 0.5 | |||||||||
| Adjusted EBITDA | 138.0 | 112.5 | |||||||||
| Free Cash Flow | 45.6 | 35.0 | |||||||||
| Net Capital Expenditures | 37.1 | 35.0 | |||||||||
| Net Debt at Period End(2) | 356.9 | 352.0 | |||||||||
| Net Debt/Adjusted EBITDA | 2.6x | 3.1x | |||||||||
| (1) 2014 and 2015 Operating Income includes $21.1 million and $62.0 million, respectively, of non-cash charges related to impairment of acquired intangible assets | |||||||||||
| (2) 2015 Outlook does not include potential share repurchases for the period July 1, 2015 through December 31, 2015 | |||||||||||
Adjusted EBITDA and Free Cash Flow are non-GAAP measures and are reconciled to Operating Income and Cash Flow from Operations in the attached financial data table.
Blount is a global manufacturer and marketer of replacement parts, equipment, and accessories for consumers and professionals operating primarily in two market segments: Forestry, Lawn, and Garden (“FLAG”); and Farm, Ranch, and Agriculture (“FRAG”). Blount also sells products in the construction markets and is the market leader in manufacturing saw chain and guide bars for chain saws. Blount has a global manufacturing and distribution footprint and sells its products in more than 110 countries around the world. Blount markets its products primarily under the OREGON®, Carlton®, Woods®, TISCO, SpeeCo®, ICS® and Pentruder® brands. For more information about Blount, please visit our website at http://www.blount.com.
“Forward looking statements” in this release, including without limitation Blount’s “outlook,” “expectations,” “beliefs,” “plans,” “indications,” “estimates,” “anticipations,” “guidance” and their variants, as defined by the Private Securities Litigation Reform Act of 1995, are based upon available information and upon assumptions that Blount believes are reasonable; however, these forward looking statements involve certain risks and should not be considered indicative of actual results that Blount may achieve in the future. In particular, among other things, guidance given in this release is expressly based upon certain assumptions concerning market conditions, foreign currency exchange rates, and raw material costs, especially with respect to the price of steel, the presumed relationship between backlog and future sales trends and certain income tax matters, as well as being subject to the uncertainty of the current global economic situation. To the extent that these assumptions are not realized going forward, or other unforeseen factors arise, actual results for the periods subsequent to the date of this announcement may differ materially.
| Blount International, Inc. Financial Data (Unaudited) | ||||||||||||||||||||
| Preliminary Condensed Consolidated Statements of Income (Loss) (1) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| (Amounts in thousands, except per share data) | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||
| Sales | $ | 235,423 | $ | 212,715 | $ | 467,382 | $ | 418,705 | ||||||||||||
| Cost of goods sold | 166,632 | 155,102 | 331,698 | 305,764 | ||||||||||||||||
| Gross profit | 68,791 | 57,613 | 135,684 | 112,941 | ||||||||||||||||
| Selling, general, and administrative expenses | 45,977 | 42,972 | 90,545 | 87,468 | ||||||||||||||||
| Facility closure and restructuring charges | 463 | — | 2,000 | — | ||||||||||||||||
| Impairment of acquired intangible assets | — | 61,974 | — | 61,974 | ||||||||||||||||
| Operating income (loss) | 22,351 | (47,333 | ) | 43,139 | (36,501 | ) | ||||||||||||||
| Interest expense, net of interest income | (4,462 | ) | (3,835 | ) | (8,950 | ) | (8,043 | ) | ||||||||||||
| Other income (expense), net | 242 | (3,286 | ) | 244 | 3,515 | |||||||||||||||
| Income (loss) before income taxes | 18,131 | (54,454 | ) | 34,433 | (41,029 | ) | ||||||||||||||
| Provision for income taxes | 5,841 | (4,912 | ) | 11,557 | (529 | ) | ||||||||||||||
| Net income (loss) | $ | 12,290 | $ | (49,542 | ) | $ | 22,876 | $ | (40,500 | ) | ||||||||||
| Basic net income (loss) per share: | $ | 0.25 | $ | (1.02 | ) | $ | 0.46 | $ | (0.83 | ) | ||||||||||
| Diluted net income (loss) per share: | $ | 0.25 | $ | (1.02 | ) | $ | 0.46 | $ | (0.83 | ) | ||||||||||
| Weighted shares used in per share calculations: | ||||||||||||||||||||
| Basic | 49,635 | 48,682 | 49,633 | 49,019 | ||||||||||||||||
| Diluted | 50,143 | 48,682 | 50,198 | 49,019 | ||||||||||||||||
| Free Cash Flow | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| (Amounts in thousands) | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||
| Net cash provided by operating activities | $ | 29,011 | $ | 21,756 | $ | 28,737 | $ | 10,398 | ||||||||||||
| Net purchases of property, plant, and equipment | (9,263 | ) | (9,690 | ) | (14,732 | ) | (18,605 | ) | ||||||||||||
| Free cash flow | $ | 19,748 | $ | 12,066 | $ | 14,005 | $ | (8,207 | ) | |||||||||||
| Segment Information(1) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| (Amounts in thousands) | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||
| Sales: | ||||||||||||||||||||
| FLAG | $ | 160,112 | $ | 146,375 | $ | 325,327 | $ | 288,735 | ||||||||||||
| FRAG | 67,349 | 57,565 | 127,230 | 113,456 | ||||||||||||||||
| Corporate and Other | 7,962 | 8,775 | 14,825 | 16,514 | ||||||||||||||||
| Total sales | $ | 235,423 | $ | 212,715 | $ | 467,382 | $ | 418,705 | ||||||||||||
| Contribution to operating income (loss): | ||||||||||||||||||||
| FLAG | $ | 23,834 | $ | 18,886 | $ | 51,912 | $ | 37,141 | ||||||||||||
| FRAG | 2,607 | (61,925 | ) | 1,708 | (63,845 | ) | ||||||||||||||
| Corporate and Other | (4,090 | ) | (4,294 | ) | (10,481 | ) | (9,797 | ) | ||||||||||||
| Total operating income (loss) | $ | 22,351 | $ | (47,333 | ) | $ | 43,139 | $ | (36,501 | ) | ||||||||||
| 1) Results for the three & six months ended June 30, 2015 are preliminary as a result of the preliminary nature of the non-cash charge for certain intangible assets and related estimated income tax impact. | ||||||||||||||||||||
| Preliminary Condensed Consolidated Balance Sheets(1) | December 31, | June 30, | |||||||||
| (Amounts in thousands) | 2014 | 2015 | |||||||||
| Assets: | |||||||||||
| Cash and cash equivalents | $ | 27,254 | $ | 40,801 | |||||||
| Accounts receivable, net | 123,099 | 124,156 | |||||||||
| Inventories | 163,572 | 180,759 | |||||||||
| Assets held for sale | 7,200 | 7,200 | |||||||||
| Other current assets | 41,686 | 42,546 | |||||||||
| Property, plant, and equipment, net | 169,440 | 171,600 | |||||||||
| Other non-current assets | 261,419 | 191,468 | |||||||||
| Total Assets | $ | 793,670 | $ | 758,530 | |||||||
| Liabilities: | |||||||||||
| Current maturities of long-term debt | $ | 15,131 | $ | 15,482 | |||||||
| Other current liabilities | 129,928 | 118,489 | |||||||||
| Long-term debt, excluding current maturities | 369,072 | 420,505 | |||||||||
| Other long-term liabilities | 121,982 | 100,235 | |||||||||
| Total liabilities | 636,113 | 654,711 | |||||||||
| Total stockholders’ equity | 157,557 | 103,819 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 793,670 | $ | 758,530 | |||||||
| Net debt (Current maturities of long-term debt plus | |||||||||||
| Long-term debt less Cash and cash equivalents) | $ | 356,949 | $ | 395,186 | |||||||
1) Results for the three & six months ended June 30, 2015 are preliminary as a result of the preliminary nature of the non-cash charge for certain intangible assets and related estimated income tax impact. | |||||||||||
| Sales and Adjusted EBITDA(1) | |||||||||||||||||||||||||||||||||||||||||
| (Amounts may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Forestry, Lawn and Garden | Farm, Ranch, and Agriculture | Corporate and Other | Total Company | |||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | |||||||||||||||||||||||||||||||||
| Total sales | $ | 160,112 | $ | 146,375 | $ | 67,349 | $ | 57,565 | $ | 7,962 | $ | 8,775 | $ | 235,423 | $ | 212,715 | |||||||||||||||||||||||||
| Operating income (loss) | 23,834 | 18,886 | 2,607 | (61,925 | ) | (4,090 | ) | (4,294 | ) | $ | 22,351 | $ | (47,333 | ) | |||||||||||||||||||||||||||
| Depreciation | 6,137 | 6,343 | 1,353 | 1,336 | 161 | 164 | 7,651 | 7,843 | |||||||||||||||||||||||||||||||||
| Non-cash acquisition accounting charges | 336 | 221 | 2,830 | 2,546 | 169 | 185 | 3,335 | 2,952 | |||||||||||||||||||||||||||||||||
| Impairment of acquired intangible assets | — | — | — | 61,974 | — | — | — | 61,974 | |||||||||||||||||||||||||||||||||
| Stock compensation | — | — | — | — | 964 | 1,422 | 964 | 1,422 | |||||||||||||||||||||||||||||||||
| Facility closure and restructuring charges | — | — | — | — | 463 | — | 463 | — | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 30,307 | $ | 25,450 | $ | 6,790 | $ | 3,931 | $ | (2,333 | ) | $ | (2,523 | ) | $ | 34,764 | $ | 26,858 | |||||||||||||||||||||||
| Six Months Ended June 30, | Forestry, Lawn and Garden | Farm, Ranch, and Agriculture | Corporate and Other | Total Company | |||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | 2014 Actual | 2015 Actual | |||||||||||||||||||||||||||||||||
| Total sales | $ | 325,327 | $ | 288,735 | $ | 127,230 | $ | 113,456 | $ | 14,825 | $ | 16,514 | $ | 467,382 | $ | 418,705 | |||||||||||||||||||||||||
| Operating income (loss) | 51,912 | 37,141 | 1,708 | (63,845 | ) | (10,481 | ) | (9,797 | ) | $ | 43,139 | $ | (36,501 | ) | |||||||||||||||||||||||||||
| Depreciation | 12,284 | 12,650 | 2,520 | 2,547 | 322 | 341 | 15,126 | 15,538 | |||||||||||||||||||||||||||||||||
| Non-cash acquisition accounting charges | 672 | 448 | 5,648 | 5,091 | 318 | 370 | 6,638 | 5,909 | |||||||||||||||||||||||||||||||||
| Impairment of acquired intangible assets | — | — | — | 61,974 | — | — | — | 61,974 | |||||||||||||||||||||||||||||||||
| Stock compensation | — | — | — | — | 2,417 | 2,783 | 2,417 | 2,783 | |||||||||||||||||||||||||||||||||
| Facility closure and restructuring charges | — | — | — | — | 2,000 | — | 2,000 | — | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 64,868 | $ | 50,239 | $ | 9,876 | $ | 5,767 | $ | (5,424 | ) | $ | (6,303 | ) | $ | 69,320 | $ | 49,703 | |||||||||||||||||||||||
| Total Company | |||||||||||
| Twelve Months Ended December 31, | 2014 Actual | 2015 Outlook Midpoint | |||||||||
| Total sales | $ | 944,819 | $ | 860,000 | |||||||
| Operating income | $ | 64,225 | $ | 500 | |||||||
| Depreciation | 31,425 | 32,500 | |||||||||
| Non-cash acquisition accounting charges | 13,600 | 12,000 | |||||||||
| Impairment of acquired intangible assets | 21,074 | 62,000 | |||||||||
| Stock compensation | 4,924 | 5,500 | |||||||||
| Facility closure and restructuring charges | 2,763 | — | |||||||||
| Adjusted EBITDA | $ | 138,011 | $ | 112,500 | |||||||
1) Results for the three & six months ended June 30, 2015 are preliminary as a result of the preliminary nature of the non-cash charge for certain intangible assets and related estimated income tax impact.