Post Holdings Reports Results for the Fourth Quarter and Fiscal Year 2014
Highlights:
-
Adjusted EBITDA for the quarter of
$137.3 million -
Adjusted EBITDA for the fiscal year of
$344.5 million -
Net sales for the quarter of
$1,043.1 million -
Net sales for the fiscal year of
$2,411.1 million
In fiscal 2014, Post operated five reportable segments:
Business | Segment | Acquisition Date |
Attune Foods | Attune Foods | December 31, 2012 |
May 2013 Attune Foods | Attune Foods | May 28, 2013 |
Premier Nutrition | Active Nutrition | September 1, 2013 |
Dakota Growers Pasta Company | Private Brands | January 1, 2014 |
Golden Boy Foods | Private Brands | February 1, 2014 |
Dymatize Enterprises | Active Nutrition | February 1, 2014 |
Michael Foods | Michael Foods | June 2, 2014 |
Fourth Quarter Consolidated Operating Results
Fourth quarter net sales were
Gross profit increased
Selling, general and administrative (SG&A) expenses for the fourth quarter increased
Adjusted EBITDA was
Non-cash goodwill and intangible asset impairment charges of
Other expense, net was
For the fourth quarter, the net loss attributable to common stockholders was
Fiscal Year 2014 Consolidated Operating Results
Net sales for fiscal year 2014 were
Gross profit increased
SG&A expenses increased
Losses on foreign currency were
Adjusted EBITDA was
Other expense, net was
For the fiscal year ended
Segment Results
For analysis purposes, net sales on a comparable basis is provided for the
Net sales for the fourth quarter were
Net sales for the fiscal year were
According to
Post completed its final production run out of its
Net sales (including intersegment sales) were
Segment profit and segment Adjusted EBITDA for the fourth quarter were
Net sales (including intersegment sales) were
Active Nutrition
Active Nutrition markets and distributes high protein shakes, bars and powders as well as nutrition supplements through the Premier Protein, Joint Juice, Dymatize and Supreme Protein brands.
Net sales were
For fiscal year 2014, net sales were
Private Brands
Private Brands manufactures dry pasta, peanut butter and other nut butters, dried fruits and baking and snacking nuts, servicing the private label retail, foodservice and ingredient channels.
Net sales were
For the fiscal year, net sales were
Net sales (including intersegment sales) were
For fiscal year 2014, net sales (including intersegment sales) were
Interest and Income Tax
Net interest expense was
Income tax benefit was
The effective income tax rate for both periods was adversely impacted by permanent differences incurred in the current year for certain items, including, but not limited to, nondeductible goodwill impairments and nondeductible acquisition transaction expenses, partially offset by the favorable impact of tax planning strategies implemented for certain acquisitions.
Update on Acquisitions
On
Business Reorganization
On
Outlook
Post management expects fiscal 2015 Adjusted EBITDA to be between
-
Between
$5.0 million and $6.0 million of expenses related to Post’s reorganization; -
Direct and indirect costs at
Michael Foods incurred for corrective actions in connection with isolated fourth quarter fiscal 2014 product quality issues of approximately$6.0 million ; and -
Weakness in RTE cereal net sales, which are expected to decline between
$15 million and $20 million , compared to the first quarter of fiscal 2014.
Post management expects to meaningfully outperform the prior year on a comparable basis in the last nine months of fiscal 2015, resulting from the following key drivers:
-
Michael Foods will be cycling weak prior year periods with volumes continuing to grow while input costs moderate; -
Phasing in anticipated synergies associated with
Michael Foods ; - RTE cereal Adjusted EBITDA is expected to be flat, as continued category volume declines will be offset by lower operational expenses; and
- Progressive improvement in Dymatize’s results; lower dairy protein costs; and strong growth for protein shakes.
Post management expects fiscal 2015 capital expenditures to be between
Use of Non-GAAP Measures
Management has determined that the Adjusted EBITDA, segment Adjusted EBITDA, Adjusted net earnings (loss) available to common stockholders, Adjusted diluted earnings (loss) per common share and total segment profit metrics presented herein are key metrics that will help investors understand the ultimate income and near-term cash flows generated by the Post business.
Adjusted EBITDA and segment Adjusted EBITDA are non-GAAP measures which represent net earnings excluding income taxes, net interest expense, depreciation and amortization, non-cash stock based compensation, restructuring and plant closure costs, acquisition related transaction costs, integration costs, inventory valuation adjustments on acquired businesses, costs to effect Post’s separation from
Adjusted net earnings (loss) available to common stockholders is a non-GAAP measure which represents net earnings available to common stockholders excluding costs to effect Post’s separation from Ralcorp and to establish stand-alone systems and processes, restructuring and plant closure costs, acquisition related transaction costs, integration costs, inventory valuation adjustments on acquired businesses, mark to market adjustments and settlements on commodity hedges, mark to market adjustments on interest rate swaps, losses on asset sales, gain on change in fair value of acquisition earn-out, losses on hedge of purchase price of foreign currency denominated acquisitions, legal settlement, gain from insurance proceeds, foreign currency gains and losses on intercompany loans and intangible asset impairments, if any. The Company believes Adjusted net earnings (loss) available to common stockholders and Adjusted diluted earnings (loss) per common share are useful to investors in evaluating the Company’s operating performance because they exclude items that could affect the comparability of Post’s financial results and could potentially distort the trends in business performance.
Total segment profit is a non-GAAP measure which represents the aggregation of the segment profit for each of Post’s reportable segments. The Company believes total segment profit is useful to investors in evaluating the Company’s operating performance because it facilitates period-to-period comparison of results of segment operations.
The calculations of Adjusted EBITDA, segment Adjusted EBITDA, Adjusted net earnings (loss) available to common stockholders, Adjusted diluted earnings (loss) per common share and total segment profit are not specified by
Conference Call to Discuss Earnings Results and Outlook
The Company will host a conference call on
Interested parties may join the conference call by dialing (877) 540-0891 in
A replay of the conference call will be available through
Forward-Looking Statements
Certain matters discussed in this press release and on the conference call are forward-looking statements, including our Adjusted EBITDA outlook for fiscal 2015, including that Adjusted EBITDA in the first quarter of fiscal 2015 is expected to be between
About
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
(in millions, except per share data) | ||||
Quarter Ended | Year Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
Net Sales | $ 1,043.1 | $ 291.7 | $ 2,411.1 | $ 1,034.1 |
Cost of goods sold | 814.4 | 179.2 | 1,789.9 | 609.2 |
Gross Profit | 228.7 | 112.5 | 621.2 | 424.9 |
Selling, general and administrative expenses | 137.9 | 79.4 | 444.4 | 294.3 |
Amortization of intangible assets | 32.0 | 4.7 | 70.8 | 14.6 |
Loss (Gain) on foreign currency | 1.1 | (0.2) | 14.0 | 0.1 |
Restructuring expense | 0.2 | 0.8 | 1.1 | 3.8 |
Impairment of goodwill and other intangible assets | 295.6 | 2.9 | 295.6 | 2.9 |
Other operating expenses, net | 2.5 | 0.5 | 3.0 | 1.4 |
Operating (Loss) Profit | (240.6) | 24.4 | (207.7) | 107.8 |
Interest expense, net | 60.4 | 25.5 | 183.7 | 85.5 |
Other expense, net | 28.7 | — | 35.5 | — |
(Loss) Earnings before Income Taxes | (329.7) | (1.1) | (426.9) | 22.3 |
Income tax (benefit) provision | (42.3) | (0.2) | (83.7) | 7.1 |
Net (Loss) Earnings | (287.4) | (0.9) | (343.2) | 15.2 |
Preferred stock dividends | (4.3) | (2.3) | (15.4) | (5.4) |
Net (Loss) Earnings Available to Common Stockholders | $ (291.7) | $ (3.2) | $ (358.6) | $ 9.8 |
Net (Loss) Earnings per Common Share: | ||||
Basic | $ (5.86) | $ (0.10) | $ (9.03) | $ 0.30 |
Diluted | $ (5.86) | $ (0.10) | $ (9.03) | $ 0.30 |
Weighted-Average Common Shares Outstanding: | ||||
Basic | 49.8 | 32.7 | 39.7 | 32.7 |
Diluted | 49.8 | 32.7 | 39.7 | 33.0 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
(in millions) | ||
September 30, 2014 | September 30, 2013 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $ 268.4 | $ 402.0 |
Restricted cash | 84.8 | 38.1 |
Receivables, net | 413.7 | 83.2 |
Inventories | 380.7 | 121.9 |
Deferred income taxes | 27.0 | 11.9 |
Prepaid expenses and other current assets | 44.4 | 11.0 |
Total Current Assets | 1,219.0 | 668.1 |
Property, net | 831.9 | 388.5 |
Goodwill | 2,886.7 | 1,489.7 |
Other intangible assets, net | 2,643.0 | 898.4 |
Deferred income taxes | — | 2.4 |
Other assets | 150.5 | 26.7 |
Total Assets | $ 7,731.1 | $ 3,473.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current Liabilities | ||
Current portion of long-term debt | $ 25.6 | $ — |
Accounts payable | 225.0 | 77.1 |
Other current liabilities | 269.3 | 68.9 |
Total Current Liabilities | 519.9 | 146.0 |
Long-term debt | 3,830.5 | 1,408.6 |
Deferred income taxes | 915.1 | 304.3 |
Other liabilities | 182.4 | 116.3 |
Total Liabilities | 5,447.9 | 1,975.2 |
Stockholders’ Equity | ||
Preferred stock | 0.1 | — |
Common stock | 0.5 | 0.3 |
Additional paid-in capital | 2,669.3 | 1,517.2 |
(Accumulated deficit) retained earnings | (305.7) | 47.6 |
Accumulated other comprehensive loss | (27.6) | (13.1) |
Treasury stock, at cost | (53.4) | (53.4) |
Total Stockholders’ Equity | 2,283.2 | 1,498.6 |
Total Liabilities and Stockholders’ Equity | $ 7,731.1 | $ 3,473.8 |
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited) | ||
(in millions) | ||
Year Ended | ||
September 30, | ||
2014 | 2013 | |
Cash provided by (used in): | ||
Operating activities | $ 183.1 | $ 119.2 |
Investing activities, including capital expenditures of $115.5 and $32.8 | (3,793.6) | (423.8) |
Financing activities | 3,484.2 | 648.8 |
Effect of exchange rate changes on cash and cash equivalents | (7.3) | (0.4) |
Net (decrease) increase in cash and cash equivalents | $ (133.6) | $ 343.8 |
SEGMENT INFORMATION (Unaudited) | ||||
(in millions) | ||||
Quarter Ended | Year Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
Net Sales | ||||
Post Foods | $ 248.5 | $ 253.9 | $ 963.1 | $ 982.8 |
Michael Foods | 534.3 | — | 684.8 | — |
Active Nutrition | 98.8 | 13.9 | 293.3 | 13.9 |
Private Brands | 137.5 | — | 377.4 | — |
Attune Foods | 24.8 | 24.2 | 93.9 | 37.8 |
Eliminations | (0.8) | (0.3) | (1.4) | (0.4) |
Total | $1,043.1 | $ 291.7 | $2,411.1 | $1,034.1 |
Segment Profit (Loss) | ||||
Post Foods | $ 50.3 | $ 47.8 | $ 186.7 | $ 187.4 |
Michael Foods | 29.9 | — | 17.4 | — |
Active Nutrition | (3.7) | 1.0 | (1.8) | 1.0 |
Private Brands | 8.1 | — | 14.8 | — |
Attune Foods | 2.2 | 2.9 | 8.7 | 2.5 |
Total segment profit | 86.8 | 51.7 | 225.8 | 190.9 |
General corporate expenses and other | 25.0 | 18.8 | 110.3 | 66.8 |
Accelerated depreciation on plant closure | 1.2 | 4.8 | 8.0 | 9.6 |
Losses on hedge of purchase price of foreign currency denominated acquisition | — | — | 13.1 | — |
Restructuring expenses | 0.2 | 0.8 | 1.1 | 3.8 |
Impairment of goodwill and other intangible assets | 295.6 | 2.9 | 295.6 | 2.9 |
Loss on assets held for sale | 5.4 | — | 5.4 | — |
Interest expense | 60.4 | 25.5 | 183.7 | 85.5 |
Other expense, net | 28.7 | — | 35.5 | — |
(Loss) Earnings before Income Taxes | $ (329.7) | $ (1.1) | $ (426.9) | $ 22.3 |
RECONCILIATION OF NET (LOSS) EARNINGS TO ADJUSTED EBITDA (Unaudited) | ||||
(in millions) | ||||
Quarter Ended | Year Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
Net (Loss) Earnings | (287.4) | (0.9) | (343.2) | 15.2 |
Income tax (benefit) provision | (42.3) | (0.2) | (83.7) | 7.1 |
Interest expense, net | 60.4 | 25.5 | 183.7 | 85.5 |
Depreciation and amortization, including accelerated depreciation | 61.9 | 22.6 | 155.8 | 76.8 |
Restructuring and plant closure costs | 1.8 | 1.8 | 5.6 | 4.8 |
Non-cash stock-based compensation | 3.5 | 2.6 | 14.5 | 10.5 |
Acquisition related transaction costs | 1.4 | 2.0 | 27.7 | 2.7 |
Integration costs | 1.1 | — | 5.3 | — |
Mark to market adjustments and settlements on interest rate swaps | 28.7 | — | 35.5 | — |
Loss on assets held for sale | 5.4 | — | 5.4 | — |
Gain on change in fair value of acquisition earn-out | (2.6) | — | (4.7) | — |
Losses on hedge of purchase price of foreign currency denominated acquisition | — | — | 13.1 | — |
Legal settlement | — | — | (2.0) | — |
Mark to market adjustments on commodity hedges | 9.3 | (0.4) | 9.8 | 0.9 |
Impairment of goodwill and other intangible assets | 295.6 | 2.9 | 295.6 | 2.9 |
Inventory valuation adjustments on acquired businesses | 1.1 | — | 26.1 | 1.4 |
Gain from insurance proceeds | (3.4) | — | (3.4) | — |
Foreign currency loss on intercompany loans | 0.8 | — | 0.8 | — |
Spin-Off costs/post Spin-Off non-recurring costs | 2.0 | 1.3 | 2.6 | 8.9 |
Adjusted EBITDA | $ 137.3 | $ 57.2 | $ 344.5 | $ 216.7 |
Adjusted EBITDA as a percentage of Net Sales | 13.2 % | 19.6 % | 14.3 % | 21.0 % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||
QUARTER ENDED SEPTEMBER 30, 2014 | |||||||
(in millions) | |||||||
Post | Michael | Active | Private | Attune | Corporate/ | ||
Foods | Foods | Nutrition | Brands | Foods | Other | Total | |
Segment Profit (Loss) | $ 50.3 | $ 29.9 | $ (3.7) | $ 8.1 | $ 2.2 | $ — | $ 86.8 |
General corporate expenses and other | — | — | — | — | — | (25.0) | (25.0) |
Accelerated depreciation on plant closure | — | — | — | — | — | (1.2) | (1.2) |
Restructuring expense | — | — | — | — | — | (0.2) | (0.2) |
Impairment of goodwill and other intangible assets | (264.3) | — | (31.3) | — | — | — | (295.6) |
Loss on assets held for sale | — | — | — | — | — | (5.4) | (5.4) |
Operating (Loss) Profit | (214.0) | 29.9 | (35.0) | 8.1 | 2.2 | (31.8) | (240.6) |
Depreciation and amortization, including accelerated depreciation | 12.7 | 30.9 | 5.6 | 8.4 | 1.7 | 2.6 | 61.9 |
Restructuring and plant closure costs | — | — | — | — | — | 1.8 | 1.8 |
Non-cash stock-based compensation | — | — | — | — | — | 3.5 | 3.5 |
Acquisition related transaction costs | — | — | — | — | — | 1.4 | 1.4 |
Integration costs | — | — | 0.5 | — | — | 0.6 | 1.1 |
Loss on assets held for sale | — | — | — | — | — | 5.4 | 5.4 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | — | (2.6) | (2.6) |
Mark to market adjustments on commodity hedges | — | 5.8 | — | — | — | 3.5 | 9.3 |
Impairment of goodwill and other intangible assets | 264.3 | — | 31.3 | — | — | — | 295.6 |
Inventory valuation adjustments on acquired businesses | — | 1.1 | — | — | — | — | 1.1 |
Gain from insurance proceeds | — | (3.4) | — | — | — | — | (3.4) |
Foreign currency loss on intercompany loans | — | 0.6 | — | — | — | 0.2 | 0.8 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 2.0 | 2.0 |
Adjusted EBITDA | $ 63.0 | $ 64.9 | $ 2.4 | $ 16.5 | $ 3.9 | $ (13.4) | $ 137.3 |
Adjusted EBITDA as a percentage of Net Sales | 25.4 % | 12.1 % | 2.4 % | 12.0 % | 15.7 % | — | 13.2 % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||
YEAR ENDED SEPTEMBER 30, 2014 | |||||||
(in millions) | |||||||
Post | Michael | Active | Private | Attune | Corporate/ | ||
Foods | Foods | Nutrition | Brands | Foods | Other | Total | |
Segment Profit (Loss) | $ 186.7 | $ 17.4 | $ (1.8) | $ 14.8 | $ 8.7 | $ — | $ 225.8 |
General corporate expenses and other | — | — | — | — | — | (110.3) | (110.3) |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | — | — | (13.1) | (13.1) |
Accelerated depreciation on plant closure | — | — | — | — | — | (8.0) | (8.0) |
Restructuring expense | — | — | — | — | — | (1.1) | (1.1) |
Impairment of goodwill and other intangible assets | (264.3) | — | (31.3) | — | — | — | (295.6) |
Loss on assets held for sale | — | — | — | — | — | (5.4) | (5.4) |
Operating (Loss) Profit | (77.6) | 17.4 | (33.1) | 14.8 | 8.7 | (137.9) | (207.7) |
Depreciation and amortization, including accelerated depreciation | 51.6 | 41.1 | 17.0 | 24.2 | 7.0 | 14.9 | 155.8 |
Restructuring and plant closure costs | — | — | — | — | — | 5.6 | 5.6 |
Non-cash stock-based compensation | — | — | — | — | — | 14.5 | 14.5 |
Acquisition related transaction costs | — | — | 0.3 | — | — | 27.4 | 27.7 |
Integration costs | — | — | 0.5 | — | — | 4.8 | 5.3 |
Loss on assets held for sale | — | — | — | — | — | 5.4 | 5.4 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | — | (4.7) | (4.7) |
Losses on hedge of purchase price of foreign currency denominated acquisition | — | — | — | — | — | 13.1 | 13.1 |
Legal settlement | — | — | — | — | — | (2.0) | (2.0) |
Mark to market adjustments on commodity hedges | — | 6.9 | — | — | — | 2.9 | 9.8 |
Impairment of goodwill and other intangible assets | 264.3 | — | 31.3 | — | — | — | 295.6 |
Inventory valuation adjustments on acquired businesses | — | 16.9 | 3.9 | 5.3 | — | — | 26.1 |
Gain from insurance proceeds | — | (3.4) | — | — | — | — | (3.4) |
Foreign currency loss on intercompany loans | — | 0.6 | — | — | — | 0.2 | 0.8 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 2.6 | 2.6 |
Adjusted EBITDA | $ 238.3 | $ 79.5 | $ 19.9 | $ 44.3 | $ 15.7 | $ (53.2) | $ 344.5 |
Adjusted EBITDA as a percentage of Net Sales | 24.7 % | 11.6 % | 6.8 % | 11.7 % | 16.7 % | — | 14.3 % |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||
QUARTER ENDED SEPTEMBER 30, 2013 | |||||||
(in millions) | |||||||
Post | Michael | Active | Private | Attune | Corporate/ | ||
Foods | Foods | Nutrition | Brands | Foods | Other | Total | |
Segment Profit | $ 47.8 | $ — | $ 1.0 | $ — | $ 2.9 | $ — | $ 51.7 |
General corporate expenses and other | — | — | — | — | — | (18.8) | (18.8) |
Accelerated depreciation on plant closure | — | — | — | — | — | (4.8) | (4.8) |
Restructuring expense | — | — | — | — | — | (0.8) | (0.8) |
Impairment of goodwill and other intangible assets | (2.9) | — | — | — | — | — | (2.9) |
Operating Profit | 44.9 | — | 1.0 | — | 2.9 | (24.4) | 24.4 |
Depreciation and amortization, including accelerated depreciation | 13.8 | — | 0.5 | — | 1.9 | 6.4 | 22.6 |
Restructuring and plant closure costs | — | — | — | — | — | 1.8 | 1.8 |
Non-cash stock-based compensation | — | — | — | — | — | 2.6 | 2.6 |
Acquisition related transaction costs | — | — | — | — | — | 2.0 | 2.0 |
Mark to market adjustments on commodity hedges | — | — | — | — | — | (0.4) | (0.4) |
Impairment of goodwill and other intangible assets | 2.9 | — | — | — | — | — | 2.9 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 1.3 | 1.3 |
Adjusted EBITDA | $ 61.6 | $ — | $ 1.5 | $ — | $ 4.8 | $ (10.7) | $ 57.2 |
Adjusted EBITDA as a percentage of Net Sales | 24.3 % | — | 10.8 % | — | 19.8 % | — | 19.6 % |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||
YEAR ENDED SEPTEMBER 30, 2013 | |||||||
(in millions) | |||||||
Post | Michael | Active | Private | Attune | Corporate/ | ||
Foods | Foods | Nutrition | Brands | Foods | Other | Total | |
Segment Profit | $ 187.4 | $ — | $ 1.0 | $ — | $ 2.5 | $ — | $ 190.9 |
General corporate expenses and other | — | — | — | — | — | (66.8) | (66.8) |
Accelerated depreciation on plant closure | — | — | — | — | — | (9.6) | (9.6) |
Restructuring expense | — | — | — | — | — | (3.8) | (3.8) |
Impairment of goodwill and other intangible assets | (2.9) | — | — | — | — | — | (2.9) |
Operating Profit | 184.5 | — | 1.0 | — | 2.5 | (80.2) | 107.8 |
Depreciation and amortization, including accelerated depreciation | 58.8 | — | 0.5 | — | 2.6 | 14.9 | 76.8 |
Restructuring and plant closure costs | — | — | — | — | — | 4.8 | 4.8 |
Non-cash stock-based compensation | — | — | — | — | — | 10.5 | 10.5 |
Acquisition related transaction costs | — | — | — | — | — | 2.7 | 2.7 |
Mark to market adjustments on commodity hedges | — | — | — | — | — | 0.9 | 0.9 |
Impairment of goodwill and other intangible assets | 2.9 | — | — | — | — | — | 2.9 |
Inventory valuation adjustment on acquired business | — | — | — | — | 1.4 | — | 1.4 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | — | 8.9 | 8.9 |
Adjusted EBITDA | $ 246.2 | $ — | $ 1.5 | $ — | $ 6.5 | $ (37.5) | $ 216.7 |
Adjusted EBITDA as a percentage of Net Sales | 25.1 % | — | 10.8 % | — | 17.2 % | — | 21.0 % |
RECONCILIATION OF NET (LOSS) EARNINGS AVAILABLE TO COMMON STOCKHOLDERS | ||||
TO ADJUSTED NET (LOSS) EARNINGS AVAILABLE TO COMMON STOCKHOLDERS (Unaudited) | ||||
(in millions, except per share data) | ||||
Quarter Ended | Year Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
Net (Loss) Earnings Available to Common Stockholders | $(291.7) | $ (3.2) | $(358.6) | $ 9.8 |
Adjustments: | ||||
Restructuring and plant closure costs, including accelerated depreciation | 3.0 | 6.6 | 13.6 | 14.4 |
Acquisition related transaction costs | 1.4 | 2.0 | 27.7 | 2.7 |
Integration costs | 1.1 | — | 5.3 | — |
Mark to market adjustments and settlements on interest rate swaps | 28.7 | — | 35.5 | — |
Loss on assets held for sale | 5.4 | — | 5.4 | — |
Gain on change in fair value of acquisition earn-out | (2.6) | — | (4.7) | — |
Losses on hedge of purchase price of foreign currency denominated acquisition | — | — | 13.1 | — |
Legal settlement | — | — | (2.0) | — |
Mark to market adjustments on commodity hedges | 9.3 | (0.4) | 9.8 | 0.9 |
Impairment of goodwill and other intangible assets | 295.6 | 2.9 | 295.6 | 2.9 |
Inventory valuation adjustments on acquired businesses | 1.1 | — | 26.1 | 1.4 |
Gain from insurance proceeds | (3.4) | — | (3.4) | — |
Foreign currency loss on intercompany loans | 0.8 | — | 0.8 | — |
Spin-Off costs/post Spin-Off non-recurring costs | 2.0 | 1.3 | 2.6 | 8.9 |
Total Net Adjustments | 342.4 | 12.4 | 425.4 | 31.2 |
Income tax effect on adjustments | (43.8) | (3.9) | (83.4) | (9.9) |
Adjusted Net Earnings (Loss) Available to Common Stockholders | $ 6.9 | $ 5.3 | $ (16.6) | $ 31.1 |
Weighted-Average Shares Outstanding – Diluted (1) | 51.6 | 32.7 | 39.7 | 33.0 |
Adjusted Diluted Net Earnings (Loss) per Common Share | $ 0.13 | $ 0.16 | $ (0.42) | $ 0.94 |
(1) The quarter ended September 30, 2014 includes 1.8 million incremental shares that were considered anti-dilutive for GAAP earnings for the quarter. | ||||