Civitas Solutions (CIVI) Reaffirms FY15 Guidance
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On September 29, 2015, Civitas Solutions(NYSE: CIVI) announced a secondary offering of shares of the Company’s common stock by affiliates of Vestar Capital Partners and certain current and former employees of the Company, including members of senior management. A copy of the press release announcing the secondary offering is attached hereto as Exhibit 99.1. In connection with the secondary offering, the Company is reaffirming the guidance that it issued on August 12, 2015. The Company expects its fiscal year 2015 net revenue to be in the range of $1.355 billion to $1.375 billion and its Adjusted EBITDA to be in the range of $152 million to $154 million.
Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided a quantitative reconciliation of its Adjusted EBITDA estimate for fiscal 2015 to estimated net income, the most comparable financial measure calculated and presented in accordance with GAAP, due to the difficulty in forecasting and quantifying the exact amount of the items excluded from Adjusted EBITDA that will be included in net income, such that it is not practicable to prepare such reconciliation without unreasonable effort.
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