Blue Bird Corporation (BLBD) Updates Q3 Results for Non-Cash Compensation Expnse

August 16, 2016 5:04 PM EDT
Get Alerts BLBD Hot Sheet
Trade BLBD Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Blue Bird Corporation (Nasdaq: BLBD) announced that it is adjusting its fiscal 2016 third quarter results that were presented in last week’s earnings press release and conference call.

On August 4, 2016, Blue Bird issued a press release and filed a Form 8-K announcing preliminary financial results for the third quarter and nine months ended July 2, 2016. As noted as a possibility during the earnings conference call, Blue Bird subsequently identified necessary adjustments to the recognition of non-cash compensation expense relating to amounts due but unpaid associated with the Phantom Award Plan participants and the June 2016 change in control transaction. This payment will be funded by a contribution from Blue Bird's former majority stockholder.

The following table presents the impact of the non-cash adjustments to the GAAP operating results for the fiscal 2016 third quarter. Note that the previously reported non-GAAP financial measures do not change as the adjustments only impact the items to reconcile from GAAP to the non-GAAP financial measures. A full reconciliation of adjustments follows this press release.

Form 8-K filed Form 10-Q to be
(in thousands except for share data) August 4, 2016 Adjustments filed
Three Months Ended July 2, 2016 (unaudited) (unaudited) (unaudited)
Selling, general and administrative expenses $44,150 $1,355 $45,505
Operating profit 2,658 (1,355) 1,303
(Loss) income before income taxes (1,375) (1,355) (2,730)
Income tax expense (1,085) 198 (887)
Net (loss) income from continuing operations (1,764) (1,157) (2,921)
Net (loss) income (1,777) (1,157) (2,934)

Per Share Amounts

Basic earnings (loss) per share $(0.13) $(0.05) $(0.18)
Diluted earnings (loss) per share (0.13) (0.05) (0.18)

Reconciliation of Adjustments
Form 8-K filed Form 10-Q to be
(in thousands except for share data) August 4, 2016 Adjustments filed
(unaudited) (unaudited) (unaudited)
Consolidated Statements of Financial Condition
July 2, 2016
Deferred tax asset - current $7,039 $342 $7,381
Deferred tax asset - long-term 7,521 (144) 7,377
Total Assets 310,054 198 310,252
Additional paid-in capital 38,942 1,355 40,297
Accumulated deficit (138,476) (1,157) (139,633)
Total stockholder's deficit (99,249) 198 (99,051)
Total liabilities and stockholder's deficit 310,054 198 310,252
October 3, 2015
Deferred tax asset - long-term $15,055 $411 $15,466
Total Assets 266,314 411 266,725
Accumulated deficit (135,756) 411 (135,345)
Total stockholder's deficit (121,641) 411 (121,230)
Total liabilities and stockholder's deficit 266,314 411 266,725
Consolidated Results of Operations
Three Months Ended July 2, 2016
Selling, general and administrative expenses $44,150 $1,355 $45,505
Operating profit 2,658 (1,355) 1,303
(Loss) income before income taxes (1,375) (1,355) (2,730)
Income tax expense (1,085) 198 (887)
Net (loss) income from continuing operations (1,764) (1,157) (2,921)
Net (loss) income (1,777) (1,157) (2,934)

Per Share Amounts

Basic earnings (loss) per share $(0.13) $(0.05) $(0.18)
Diluted earnings (loss) per share (0.13) (0.05) (0.18)
Nine Months Ended July 2, 2016
Selling, general and administrative expenses $79,974 $1,355 $81,329
Operating profit 10,701 (1,355) 9,346
(Loss) income before income taxes (1,901) (1,355) (3,256)
Income tax expense (2,267) 198 (2,069)
Net (loss) income from continuing operations (2,674) (1,157) (3,831)
Net (loss) income (2,720) (1,157) (3,877)

Per Share Amounts

Basic earnings (loss) per share $(0.27) $(0.05) $(0.32)
Diluted earnings (loss) per share (0.27) (0.05) (0.32)
Consolidated Statements of Cash Flows
Nine Months Ended July 2, 2016
Net loss $(2,720) $(1,157) $(3,877)
Unfunded portion of Phantom Equity Plan 1,355 1,355
Deferred taxes 8,659 (198) 8,461
Total adjustments 23,981 1,157 25,138
Non-GAAP Measures (1)
Three Months Ended July 2, 2016
Special compensation payment (2) $15,757 $1,355 $17,112
Nine Months Ended July 2, 2016
Special compensation payment (2) $15,757 $1,355 $17,112

(1) The non-GAAP financial measures do not change as the adjustments only impact the items to reconcile from GAAP to the non-GAAP financial measures.(2) We made a $15.7 million special compensation payment to the Phantom Award Plan participants, which was primarily funded by a contribution from our former majority shareholder concurrent with the change in control transaction in June 2016. An additional $1.4 million payment remains due, which will also be funded by a contribution from our former major stockholder.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Corporate News, Earnings, Hot Corp. News

Related Entities

Earnings

Add Your Comment