Form 8-K RAVEN INDUSTRIES INC For: May 19
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E-mailUNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K | ||||
CURRENT REPORT | ||||
Pursuant To Section 13 Or 15(d) of The Securities Exchange Act of 1934 | ||||
May 19, 2015 | ||||
Date of Report | ||||
(Date of Earliest Event Reported) | ||||
RAVEN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
South Dakota | 001-07982 | 46-0246171 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
205 East 6th Street, P.O. Box 5107, Sioux Falls, SD 57117-5107 | ||
(Address of principal executive offices) | ||
(605) 336-2750 | ||
(Registrant's telephone number including area code) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
Attached as Exhibit 99.1 to this current report on Form 8-K is a press release issued by Raven Industries, Inc. (herein referred to as the “Registrant”) on May 19, 2015 regarding earnings for the first quarter of fiscal year 2016. The information in this report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and Section 11 of the Securities Act of 1933 or otherwise subject to the liabilities of those sections. Furnishing this current report on Form 8-K does not constitute an admission by Raven Industries, Inc. as to the materiality of any information contained in this current report that is required to be disclosed solely by Item 2.02.
Item 9.01. Financial Statements and Exhibits
Exhibit No. | Description | |
99.1 | Raven Industries, Inc. press release dated May 19, 2015. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RAVEN INDUSTRIES, INC. |
/s/ Steven E. Brazones |
Steven E. Brazones |
Vice President and Chief Financial Officer |
(Principal Financial and Accounting Officer) |
Dated: May 19, 2015
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Raven Industries, Inc. press release dated May 19, 2015. | |
Exhibit 99.1 |
RAVEN INDUSTRIES, INC. | NASDAQ: RAVN | SIOUX FALLS, SD | RAVENIND.COM |
Raven Industries Reports First Quarter Fiscal 2016 Results
End-market Weakness Continues to Challenge the Business
Sioux Falls, S.D.-May 19, 2015-Raven Industries, Inc. (NASDAQ: RAVN) today reported financial results for the first quarter that ended April 30, 2015.
Noteworthy Items:
• | Announced leadership change of Applied Technology Division to enhance execution capabilities and drive increased accountability; |
• | Applied Technology Division operating profit margin increased from 12.9 percent in the fourth quarter to 27.0 percent this quarter primarily as a result of the restructuring actions taken; |
• | $13 million annualized restructuring plan on target to deliver full cost reduction realization in the second quarter; |
• | Completed the planned run-off of the contract manufacturing business in both Applied Technology and Aerostar; |
• | Initiated activity on the repurchase plan during the quarter, repurchased approximately 150 thousand shares, equivalent to about $3.0 million in stock. |
First Quarter Results:
Net sales for the first quarter of 2016 were $70.3 million, down 31.4 percent versus the first quarter of 2015. Excluding sales from contract manufacturing, first quarter net sales were $68.2 million, down 29.1 percent versus the first quarter of 20151.
Operating income for the first quarter of 2016 was $7.2 million, down $9.3 million or 56.4 percent versus the first quarter of 2015. The decline was principally due to weakness in Applied Technology and Engineered Films. Both divisions experienced deteriorating end-market demand, leading to significant declines in division operating profit year-over-year.
Net income for the first quarter of 2016 was $4.9 million, or $0.13 per diluted share, versus net income of $11.0 million, or $0.30 per diluted share, in last year's first quarter.
Balance Sheet and Cash Flow:
At the end of the first quarter of 2016, cash and cash equivalents totaled $47.7 million, down $4.5 million versus the previous quarter. Net working capital as a percentage of annualized sales increased from 24.2 percent to 33.8 percent year-over-year principally due to higher inventory levels2. Cash flow from operations was $9.3 million in the first quarter versus $18.2 million in the previous year’s first quarter.
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Raven Industries First Quarter 2016 Results
May 19, 2015
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The decline in cash flow from operations was primarily due to the decline in net income year-over-year. Capital expenditures were $5.0 million in this year’s first quarter, up $2.1 million versus the first quarter of 2015. The increase in capital expenditures was primarily due to the timing of projects, particularly within Engineered Films. The Company continues to expect capital expenditures for the year to be between $13 and $15 million dollars.
Engineered Films Division First Quarter Results:
Net sales for Engineered Films were $31.3 million, down 25.8 percent year-over-year. The decline in sales was driven primarily by a sharp decline in Energy market sales, which declined approximately 75 percent year-over-year. The remaining markets, in aggregate, were up slightly in the first quarter on a reported basis.
Operating income was $4.5 million, down $1.4 million or 23.7 percent versus the first quarter of 2015. The decline in operating income was driven primarily by the significant decline in Energy market volume, which constituted approximately 35 percent of the division’s sales in last year’s first quarter. Despite declining volume, value engineering, pricing discipline, and favorable raw material cost comparisons led to operating margin increasing 40 basis points year-over-year and 300 basis points sequentially.
“The decline in oil prices has resulted in a reduction in land-based rig counts of approximately 50 percent year-over-year in the first quarter,” said Dan Rykhus, president and CEO. “Unfortunately, oil well completion rates have fallen even more, putting significant pressure on the division and delaying the accretion realization of the Integra acquisition. With the actions we are taking to adjust the cost structure of Engineered Films, the division will be in a strong position to capitalize on the rebound in drilling activity when that occurs. In the meantime, we are aggressively pursuing volume opportunities in other markets and managing costs to help offset the Energy market decline in 2016.”
Applied Technology Division First Quarter Results:
Net sales for Applied Technology in the first quarter of 2016 were $32.4 million, down 30.0 percent versus the first quarter of 2015. The decline in sales was driven by the significant contraction in demand in both the OEM and aftermarket segments which declined approximately 40 percent and 30 percent, respectively, excluding the impact from acquisitions.
Operating income was $8.7 million, down $7.1 million or 44.9 percent versus the first quarter of 2015. Although division operating income was down meaningfully year-over-year due to reduced volume, the restructuring actions taken brought the cost structure of the division more in-line with the current level of demand. As a result, division profit margin increased significantly versus the fourth quarter, increasing from 12.9 percent to 27.0 percent.
According to Rykhus, “The challenging end-market conditions have continued to worsen for Applied Technology. The division has taken actions to adjust its cost structure and took a big step in restoring the operating margin of the business this quarter. We expect further improvement in the second quarter as we realize the full benefit of the restructuring actions implemented.”
“Given the significant challenges facing the division and the need for enhanced execution and accountability, we announced a leadership change for the division earlier this month. Brian Meyer, who had most recently served as our CIO, has taken over leadership responsibilities for the Applied Technology Division. Brian will bring a fresh perspective and accelerate the execution of our strategy while at the same time preserving the investment and resources dedicated to innovation. Brian has extensive experience across disciplines and is particularly talented at building and leading high-
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Raven Industries First Quarter 2016 Results
May 19, 2015
Page 3
performing teams. We’re confident that in his new role the Division will benefit greatly from his leadership,” continued Rykhus.
Aerostar Division First Quarter Results:
Net sales for Aerostar for the first quarter of 2016 were $6.6 million, down 62.9 percent versus the first quarter of 2015. Excluding sales from contract manufacturing, first quarter net sales were $5.0 million, down 47.1 percent versus the first quarter of 20151.
Operating income was a loss of $0.9 million versus break-even in the first quarter of 2015. The decline was primarily the result of the planned reduction in contract manufacturing sales and lower sales of proprietary products. Sales of proprietary products were impacted partially by the timing of orders and contract wins relative to the prior year within the Vista radar business and lower volumes of stratospheric balloons.
Said Rykhus, “As we expected, the first quarter was a challenging start to the year for Aerostar, with proprietary product sales declining. The second half of the year is our seasonally-stronger half for proprietary products and we expect momentum to build throughout the year. The Division continues to develop new opportunities and make progress on key strategic programs relating to both radar and stratospheric balloon opportunities.”
Fiscal 2016 Outlook:
“For Applied Technology we have seen end-market demand deteriorate since the beginning of the year and we believe conditions will remain challenging throughout this fiscal year, and may persist well into next fiscal year. Corn prices have continued to slide since the beginning of the year and are now at 8-year lows. Farmer sentiment is weak and productivity investments are being delayed. Based on what we see now and the feedback we are getting from our strategic OEM partners, we believe the market will bottom-out sometime during the remainder of this year,” said Rykhus.
“At the same time, we have seen the Energy market served by our Engineered Films division take a substantial hit. Although oil prices have rebounded somewhat lately, rig counts and oil well completion rates continue to decline. As a result, we are not anticipating a quick recovery, rather a slower and more measured return in demand for films,” continued Rykhus.
“Despite these challenges, we are a financially strong Company with a resilient organization. We have adjusted our cost structure for the current level of demand and we continue to look for opportunities to reduce expenses and further optimize our structure as necessary. While current end-market conditions are not conducive to growth, we believe in the long-term fundamentals of the markets we serve. We are committed and confident that we will return to the growth rates consistent with our strategic objectives when commodity market conditions cycle in our favor,” concluded Rykhus.
Regulation G:
The information presented in this earnings release regarding net sales excluding contract manufacturing sales and earnings before interest, taxes, depreciation, and amortization (EBITDA) do not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below.
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Raven Industries First Quarter 2016 Results
May 19, 2015
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Conference Call Information:
The Company will host an investor conference call to discuss first quarter fiscal 2016 results today, Tuesday, May 19, 2015 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). The conference call audio will be available to all interested parties via a simultaneous webcast that can be accessed at www.RavenInd.com under the Investor Relations section. Analysts and investors are invited to join the conference call by dialing: 1-866-393-0676. The event is scheduled to last one hour. For those unable to listen live, an audio replay of the event along with the accompanying presentation will be archived on the Company's website.
About Raven Industries, Inc.:
Since 1956, Raven Industries has designed and manufactured high-quality, high-value technical products. Raven is publicly traded on NASDAQ (RAVN) and has earned an international reputation for innovation, product quality, high performance, and unmatched service. Raven’s purpose is to solve great challenges in areas of safety, feeding the world, energy independence and resource preservation. To realize this purpose, we utilize our strengths in engineering, manufacturing and technological innovation to serve the precision agriculture, high performance specialty films, aerospace and situational awareness markets. Visit www.RavenInd.com for more information.
Forward-Looking Statements:
This news 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, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” and similar expressions are intended to identify forward-looking statements. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. Assumptions involve important risks and uncertainties that could significantly affect results in the future. These risks and uncertainties include, but are not limited to, those relating to weather conditions and commodity prices, which could affect sales and profitability in some of the Company’s primary markets, such as agriculture, construction and oil and gas drilling; or changes in competition, raw material availability, technology or relationships with the Company’s largest customers, risks and uncertainties relating to development of new technologies to satisfy customer requirements, possible development of competitive technologies, ability to scale production of new products without negatively impacting quality and cost, and ability to finance investment and working capital needs for new development projects, as well as other risks described in the Company’s 10-K under Item 1A. This list is not exhaustive, and the Company does not have an obligation to revise any forward-looking statements to reflect events or circumstances after the date these statements are made.
1. | Net sales excluding contract manufacturing sales is a non-GAAP financial measure and excludes sales generated from contract manufacturing activities. Net sales excluding contract manufacturing sales is reconciled in the accompanying Regulation G tables. |
2. | Net working capital is a ratio defined as accounts receivable (net) plus inventories less accounts payable. Net working capital percentage is defined as net working capital divided by four times quarterly sales. |
3. | EBITDA is a non-GAAP financial measure defined on a consolidated basis as net income attributable to Raven Industries, Inc., plus income taxes, plus depreciation expense, plus amortization expense, plus interest expense (net). On a segment basis it is defined as operating income, plus depreciation expense, plus amortization expense. EBITDA margin is defined as EBITDA divided by net sales. EBITDA is reconciled in the accompanying Regulation G tables. |
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Raven Industries First Quarter 2016 Results
May 19, 2015
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Contact Information: | |
Shaylee Healy, Director of Investor Relations | |
Raven Industries, Inc. | |
605-331-0371 | |
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Raven Industries First Quarter 2016 Results
May 19, 2015
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RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except earnings per share) (Unaudited)
Three Months Ended April 30, | ||||||||||
2015 | 2014 | Fav (Un)Change | ||||||||
Net sales | $ | 70,273 | $ | 102,510 | (31.4 | )% | ||||
Cost of goods sold | 49,914 | 70,744 | ||||||||
Gross profit | 20,359 | 31,766 | (35.9 | )% | ||||||
Gross profit percentage | 29.0 | % | 31.0 | % | ||||||
Research and development expenses | 3,536 | 4,972 | ||||||||
Selling, general and administrative expenses | 9,609 | 10,262 | ||||||||
Operating income | 7,214 | 16,532 | (56.4 | )% | ||||||
Operating income percentage | 10.3 | % | 16.1 | % | ||||||
Other (expense), net | (44 | ) | (79 | ) | ||||||
Income before income taxes | 7,170 | 16,453 | (56.4 | )% | ||||||
Income taxes | 2,309 | 5,419 | ||||||||
Net income | 4,861 | 11,034 | (55.9 | )% | ||||||
Net income (loss) attributable to the noncontrolling interest | 6 | (4 | ) | |||||||
Net income attributable to Raven Industries | $ | 4,855 | $ | 11,038 | (56.0 | )% | ||||
Net income per common share: | ||||||||||
- basic | $ | 0.13 | $ | 0.30 | (56.7 | )% | ||||
- diluted | $ | 0.13 | $ | 0.30 | (56.7 | )% | ||||
Weighted average common shares: | ||||||||||
- basic | 38,070 | 36,497 | ||||||||
- diluted | 38,202 | 36,728 | ||||||||
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Raven Industries First Quarter 2016 Results
May 19, 2015
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RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) (Unaudited)
April 30 | January 31 | April 30 | |||||||||
2015 | 2015 | 2014 | |||||||||
ASSETS | |||||||||||
Cash, cash equivalents and short-term investments | $ | 47,702 | $ | 52,199 | $ | 63,652 | |||||
Accounts receivable, net | 45,233 | 56,576 | 55,255 | ||||||||
Inventories | 58,981 | 55,152 | 55,066 | ||||||||
Other current assets | 9,942 | 7,052 | 7,525 | ||||||||
Total current assets | 161,858 | 170,979 | 181,498 | ||||||||
Property, plant and equipment, net | 118,429 | 117,513 | 96,745 | ||||||||
Goodwill and amortizable intangibles, net | 69,951 | 70,638 | 30,082 | ||||||||
Other assets, net | 4,359 | 3,743 | 3,752 | ||||||||
Total Assets | $ | 354,597 | $ | 362,873 | $ | 312,077 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 9,123 | $ | 11,545 | $ | 11,294 | |||||
Accrued and other liabilities | 17,743 | 20,298 | 22,140 | ||||||||
Total current liabilities | 26,866 | 31,843 | 33,434 | ||||||||
Other liabilities | 25,581 | 25,793 | 19,399 | ||||||||
Shareholders' equity | 302,150 | 305,237 | 259,244 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 354,597 | $ | 362,873 | $ | 312,077 | |||||
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Raven Industries First Quarter 2016 Results
May 19, 2015
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RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) (Unaudited)
Three Months Ended April 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 4,861 | $ | 11,034 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 4,363 | 4,115 | |||||
Other operating activities, net | 27 | 3,029 | |||||
Net cash provided by operating activities | 9,251 | 18,178 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (5,000 | ) | (2,900 | ) | |||
Receipts (payments) related to business acquisitions | 351 | — | |||||
Other investing activities, net | 216 | (112 | ) | ||||
Net cash used in investing activities | (4,433 | ) | (3,012 | ) | |||
Cash flows from financing activities: | |||||||
Dividends paid | (4,940 | ) | (4,371 | ) | |||
Payments for shares repurchased | (2,563 | ) | — | ||||
Payment of acquisition-related contingent liabilities | (614 | ) | (454 | ) | |||
Debt issuance costs paid | (454 | ) | — | ||||
Other financing activities, net | (701 | ) | 30 | ||||
Net cash used in financing activities | (9,272 | ) | (4,795 | ) | |||
Effect of exchange rate changes on cash | (43 | ) | 44 | ||||
Net (decrease) increase in cash and cash equivalents | (4,497 | ) | 10,415 | ||||
Cash and cash equivalents at beginning of period | 51,949 | 52,987 | |||||
Cash and cash equivalents at end of period | 47,452 | 63,402 | |||||
Short-term investments | 250 | 250 | |||||
Cash, cash equivalents and short-term investments | $ | 47,702 | $ | 63,652 | |||
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Raven Industries First Quarter 2016 Results
May 19, 2015
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RAVEN INDUSTRIES, INC.
SALES AND OPERATING INCOME BY SEGMENT
(Dollars in thousands) (Unaudited)
Three Months Ended April 30, | |||||||||||
2015 | 2014 | Fav (Un) Change | |||||||||
Net sales | |||||||||||
Applied Technology | $ | 32,410 | $ | 46,288 | (30.0 | )% | |||||
Engineered Films | 31,321 | 42,207 | (25.8 | )% | |||||||
Aerostar | 6,554 | 17,665 | (62.9 | )% | |||||||
Intersegment eliminations | (12 | ) | (3,650 | ) | |||||||
Total Company | $ | 70,273 | $ | 102,510 | (31.4 | )% | |||||
Operating income (loss) | |||||||||||
Applied Technology | $ | 8,741 | $ | 15,856 | (44.9 | )% | |||||
Engineered Films | 4,471 | 5,863 | (23.7 | )% | |||||||
Aerostar | (853 | ) | 11 | (7854.5 | )% | ||||||
Intersegment eliminations | 59 | 62 | |||||||||
Total segment income | $ | 12,418 | $ | 21,792 | (43.0 | )% | |||||
Corporate expenses | (5,204 | ) | (5,260 | ) | 1.1 | % | |||||
Total Company | $ | 7,214 | $ | 16,532 | (56.4 | )% | |||||
Operating income percentages | |||||||||||
Applied Technology | 27.0 | % | 34.3 | % | (730bps) | ||||||
Engineered Films | 14.3 | % | 13.9 | % | 40bps | ||||||
Aerostar | (13.0 | )% | 0.1 | % | (1,310bps) | ||||||
Total Company | 10.3 | % | 16.1 | % | (580bps) | ||||||
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Raven Industries First Quarter 2016 Results
May 19, 2015
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RAVEN INDUSTRIES, INC. | ||||||||||||
ADJUSTED SALES REGULATION G RECONCILIATION1 | ||||||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||
Three Months Ended April 30, | |||||||||||
Fav (Un) | |||||||||||
2015 | 2014 | Change | |||||||||
Applied Technology | |||||||||||
Reported net sales | $ | 32,410 | $ | 46,288 | (30.0 | )% | |||||
Less: Contract manufacturing sales | 547 | 1,515 | (63.9 | )% | |||||||
Applied Technology net sales, excluding contract manufacturing sales | $ | 31,863 | $ | 44,773 | (28.8 | )% | |||||
Aerostar | |||||||||||
Reported net sales | $ | 6,554 | $ | 17,665 | (62.9 | )% | |||||
Less: Contract manufacturing sales | 1,555 | 8,217 | (81.1 | )% | |||||||
Aerostar net sales, excluding contract manufacturing sales | $ | 4,999 | $ | 9,448 | (47.1 | )% | |||||
Consolidated Raven | |||||||||||
Reported net sales | $ | 70,273 | $ | 102,510 | (31.4 | )% | |||||
Less: Contract manufacturing sales | 2,102 | 9,732 | (78.4 | )% | |||||||
Plus: Aerostar sales to Applied Technology | — | 3,386 | (100.0 | )% | |||||||
Consolidated net sales, excluding contract manufacturing sales | $ | 68,171 | $ | 96,164 | (29.1 | )% | |||||
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May 19, 2015
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RAVEN INDUSTRIES, INC. | ||||||||||||
EBITDA REGULATION G RECONCILIATION3 | ||||||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||
Three Months Ended April 30, | |||||||||||
Fav (Un) | |||||||||||
Segments | 2015 | 2014 | Change | ||||||||
Applied Technology (ATD) | |||||||||||
Reported operating income | $ | 8,741 | $ | 15,856 | (44.9 | )% | |||||
Plus: Depreciation and amortization | 1,128 | 1,341 | (15.9 | )% | |||||||
ATD EBITDA | $ | 9,869 | $ | 17,197 | (42.6 | )% | |||||
ATD EBITDA % of Net Sales | 30.5 | % | 37.2 | % | |||||||
Engineered Films (EFD) | |||||||||||
Reported operating income | $ | 4,471 | $ | 5,863 | (23.7 | )% | |||||
Plus: Depreciation and amortization | 1,876 | 1,366 | 37.3 | % | |||||||
EFD EBITDA | $ | 6,347 | $ | 7,229 | (12.2 | )% | |||||
EFD EBITDA % of Net Sales | 20.3 | % | 17.1 | % | |||||||
Aerostar (Aero) | |||||||||||
Reported operating (loss) income | $ | (853 | ) | $ | 11 | (7,854.5 | )% | ||||
Plus: Depreciation and amortization | 901 | 828 | 8.8 | % | |||||||
Aerostar EBITDA | $ | 48 | $ | 839 | (94.3 | )% | |||||
Aerostar EBITDA % of Net Sales | 0.7 | % | 4.7 | % | |||||||
Consolidated Raven | |||||||||||
EBITDA | $ | 11,525 | $ | 20,566 | (44.0 | )% | |||||
Income taxes | 2,309 | 5,419 | |||||||||
Interest (income), net | (2 | ) | (6 | ) | |||||||
Depreciation and amortization | 4,363 | 4,115 | |||||||||
Net Income | $ | 4,855 | $ | 11,038 | (56.0 | )% | |||||
EBITDA % of Net Sales | 16.4 | % | 20.1 | % | |||||||
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