Post Holdings Reports Results for the Second Quarter of Fiscal Year 2016
Highlights:
- Net sales of
$1.3 billion and Adjusted EBITDA of$247.8 million - Announced Adjusted EBITDA guidance for the second half of fiscal 2016 to be between
$410 million and $430 million - Announced an additional
$25 million in synergies within the Post Consumer Brands segment
Second Quarter Consolidated Operating Results
Second quarter net sales were
Gross profit for the second quarter was
Adjusted EBITDA was
Net earnings available to common shareholders were
Six Month Consolidated Operating Results
Net sales for the six months ended
Adjusted EBITDA was
For the six months ended
Post Consumer Brands
Post Consumer Brands includes the ready-to-eat (“RTE”) cereal businesses.
Net sales were
Segment profit was
For the six months ended
Net sales were
Segment profit was
For the six months ended
Active Nutrition
Active Nutrition includes the protein shakes, bars and powders and nutritional supplement products of the PowerBar, Premier Protein and Dymatize brands.
Net sales were
For the six months ended
Private Brands
Private Brands primarily includes nut butters, dried fruit and nuts, and granola.
Net sales were
For the six months ended
Interest, Other Expense and Income Tax
Interest expense, net was
Other expense relates to non-cash mark-to-market adjustments on interest rate swaps and was
Income tax benefit was
Outlook
Post management has raised its fiscal 2016 Adjusted EBITDA guidance range to be between
Post management continues to expect capital expenditures for fiscal 2016 to be between
Post management continues to expect to achieve
Use of Non-GAAP Measures
Certain financial measures in this release are non-GAAP measures, including Adjusted EBITDA and Adjusted net earnings available to common shareholders. Management believes the use of such non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of the Company and its segments and in the analysis of ongoing operating trends. These measures may not be comparable to similarly-titled measures of other companies. See the tables provided in this release for reconciliations to the most directly comparable GAAP financial measures.
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 release and on the conference call are forward-looking statements, including our expectations regarding the timing of realizing the run-rate annualized cost synergies for the Post Consumer Brands segment; our Adjusted EBITDA outlook for fiscal 2016 and for the second half of fiscal 2016 and our capital expenditures expectations, including expectations for growth and integration activities and maintenance. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include our ability to realize the synergies contemplated by the acquisition of MOM Brands; our ability to promptly and effectively integrate the
About
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
(in millions, except per share data) | ||||||||||||||||
Quarter Ended March 31, |
Six Months Ended March 31, |
|||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net Sales | $ | 1,271.1 | $ | 1,052.7 | $ | 2,519.9 | $ | 2,126.6 | ||||||||
Cost of goods sold | 861.8 | 777.2 | 1,748.1 | 1,602.0 | ||||||||||||
Gross Profit | 409.3 | 275.5 | 771.8 | 524.6 | ||||||||||||
Selling, general and administrative expenses | 205.6 | 176.4 | 392.6 | 343.6 | ||||||||||||
Amortization of intangible assets | 38.1 | 33.7 | 76.2 | 67.2 | ||||||||||||
Other operating expenses, net | 3.1 | 15.7 | 7.6 | 23.2 | ||||||||||||
Operating Profit | 162.5 | 49.7 | 295.4 | 90.6 | ||||||||||||
Interest expense, net | 77.2 | 59.8 | 155.0 | 119.9 | ||||||||||||
Other expense | 90.9 | 28.8 | 106.8 | 83.4 | ||||||||||||
(Loss) Earnings before Income Taxes | (5.6 | ) | (38.9 | ) | 33.6 | (112.7 | ) | |||||||||
Income tax (benefit) provision | (10.5 | ) | (69.4 | ) | 3.2 | (45.9 | ) | |||||||||
Net Earnings (Loss) | 4.9 | 30.5 | 30.4 | (66.8 | ) | |||||||||||
Preferred stock dividends | (3.4 | ) | (4.2 | ) | (18.4 | ) | (8.5 | ) | ||||||||
Net Earnings (Loss) Available to Common Shareholders | $ | 1.5 | $ | 26.3 | $ | 12.0 | $ | (75.3 | ) | |||||||
Net Earnings (Loss) per Common Share: | ||||||||||||||||
Basic | $ | 0.02 | $ | 0.48 | $ | 0.18 | $ | (1.45 | ) | |||||||
Diluted | $ | 0.02 | $ | 0.45 | $ | 0.17 | $ | (1.45 | ) | |||||||
Weighted-Average Common Shares Outstanding: | ||||||||||||||||
Basic | 69.1 | 54.5 | 68.3 | 52.1 | ||||||||||||
Diluted | 70.5 | 67.6 | 69.7 | 52.1 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
(in millions) | |||||||
March 31, 2016 | September 30, 2015 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 868.2 | $ | 841.4 | |||
Restricted cash | 8.4 | 18.8 | |||||
Receivables, net | 386.8 | 366.2 | |||||
Inventories | 491.5 | 465.3 | |||||
Deferred income taxes | — | 47.7 | |||||
Prepaid expenses and other current assets | 55.0 | 42.3 | |||||
Total Current Assets | 1,809.9 | 1,781.7 | |||||
Property, net | 1,341.9 | 1,333.2 | |||||
Goodwill | 3,081.4 | 3,072.8 | |||||
Other intangible assets, net | 2,911.3 | 2,969.3 | |||||
Other assets | 60.0 | 63.4 | |||||
Total Assets | $ | 9,204.5 | $ | 9,220.4 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 15.7 | $ | 16.0 | |||
Accounts payable | 224.3 | 265.2 | |||||
Other current liabilities | 316.6 | 329.8 | |||||
Total Current Liabilities | 556.6 | 611.0 | |||||
Long-term debt | 4,498.2 | 4,511.4 | |||||
Deferred income taxes | 774.4 | 831.8 | |||||
Other liabilities | 368.6 | 290.2 | |||||
Total Liabilities | 6,197.8 | 6,244.4 | |||||
Shareholders’ Equity | |||||||
Preferred stock | — | 0.1 | |||||
Common stock | 0.7 | 0.6 | |||||
Additional paid-in capital | 3,506.9 | 3,538.8 | |||||
Accumulated deficit | (390.6 | ) | (421.0 | ) | |||
Accumulated other comprehensive loss | (56.9 | ) | (89.1 | ) | |||
Treasury stock, at cost | (53.4 | ) | (53.4 | ) | |||
Total Shareholders’ Equity | 3,006.7 | 2,976.0 | |||||
Total Liabilities and Shareholders’ Equity | $ | 9,204.5 | $ | 9,220.4 |
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited) |
||||||||
(in millions) | ||||||||
Six Months Ended March 31, |
||||||||
2016 | 2015 | |||||||
Cash provided by (used in): | ||||||||
Operating activities | $ | 196.4 | $ | 158.4 | ||||
Investing activities, including capital expenditures of $44.8 and $45.6 | (122.0 | ) | (160.6 | ) | ||||
Financing activities | (48.5 | ) | 314.3 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.9 | (1.5 | ) | |||||
Net increase in cash and cash equivalents | $ | 26.8 | $ | 310.6 |
SEGMENT INFORMATION (Unaudited) | |||||||||||||||||
(in millions) | |||||||||||||||||
Quarter Ended March 31, |
Six Months Ended March 31, |
||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net Sales | |||||||||||||||||
Post Consumer Brands | $ | 440.1 | $ | 243.9 | $ | 851.7 | $ | 461.4 | |||||||||
Michael Foods Group | 557.7 | 550.3 | 1,144.1 | 1,149.6 | |||||||||||||
Active Nutrition | 143.8 | 134.6 | 259.6 | 265.0 | |||||||||||||
Private Brands | 129.7 | 124.9 | 265.3 | 252.7 | |||||||||||||
Eliminations | (0.2 | ) | (1.0 | ) | (0.8 | ) | (2.1 | ) | |||||||||
Total | $ | 1,271.1 | $ | 1,052.7 | $ | 2,519.9 | $ | 2,126.6 | |||||||||
Segment Profit (Loss) | |||||||||||||||||
Post Consumer Brands | $ | 74.7 | $ | 50.8 | $ | 137.6 | $ | 88.4 | |||||||||
Michael Foods Group | 89.6 | 39.8 | 170.4 | 81.9 | |||||||||||||
Active Nutrition | 13.8 | (4.5 | ) | 24.3 | (10.8 | ) | |||||||||||
Private Brands | 7.7 | 10.4 | 20.6 | 17.3 | |||||||||||||
Total segment profit | 185.8 | 96.5 | 352.9 | 176.8 | |||||||||||||
General corporate expenses and other | 23.3 | 46.8 | 57.5 | 86.2 | |||||||||||||
Interest expense | 77.2 | 59.8 | 155.0 | 119.9 | |||||||||||||
Other expense, net | 90.9 | 28.8 | 106.8 | 83.4 | |||||||||||||
(Loss) Earnings before Income Taxes | $ | (5.6 | ) | $ | (38.9 | ) | $ | 33.6 | $ | (112.7 | ) |
SUPPLEMENTAL SEGMENT INFORMATION
Results include one acquisition completed in fiscal 2016 and three acquisitions completed in fiscal 2015. Each acquired business is included in results as of its respective closing date as listed below. Results also include one divestiture completed in fiscal 2016 and one divestiture completed in fiscal 2015. Each divested business is no longer included in results as of its respective sale date as listed below.
Comparable basis, as referred to within the text of this release, is defined as a comparison of the three-month period ended
Business | Type | Segment | Effective Date | |||
PowerBar and related assets | Acquisition | Active Nutrition | October 1, 2014 | |||
American Blanching Company | Acquisition | Private Brands | November 1, 2014 | |||
MOM Brands Company | Acquisition | Post Consumer Brands | May 4, 2015 | |||
Australian business and Musashi trademark | Divestiture | Active Nutrition | July 1, 2015 | |||
Willamette Egg Farms | Acquisition | Michael Foods Group | October 3, 2015 | |||
MFI Food Canada Ltd. | Divestiture | Michael Foods Group | March 1, 2016 |
RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED EBITDA (Unaudited) | |||||||||||||||
(in millions) | |||||||||||||||
Quarter Ended March 31, |
Six Months Ended March 31, |
||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Earnings (Loss) | $ | 4.9 | $ | 30.5 | $ | 30.4 | $ | (66.8 | ) | ||||||
Income tax (benefit) provision | (10.5 | ) | (69.4 | ) | 3.2 | (45.9 | ) | ||||||||
Interest expense, net | 77.2 | 59.8 | 155.0 | 119.9 | |||||||||||
Non-cash mark-to-market adjustments on interest rate swaps | 90.9 | 28.8 | 106.8 | 83.4 | |||||||||||
Depreciation and amortization, including accelerated depreciation | 76.4 | 63.2 | 151.2 | 126.3 | |||||||||||
Non-cash stock-based compensation | 4.9 | 10.4 | 8.4 | 16.7 | |||||||||||
Transaction costs | 0.1 | 1.7 | 1.1 | 6.7 | |||||||||||
Integration costs | 5.8 | 2.8 | 13.7 | 4.9 | |||||||||||
Restructuring and plant closure costs | 0.8 | 3.8 | 5.3 | 4.6 | |||||||||||
Loss on assets held for sale | 4.4 | 15.4 | 8.4 | 22.5 | |||||||||||
Inventory valuation adjustments on acquired businesses | — | — | 1.1 | 3.2 | |||||||||||
Mark-to-market adjustments on commodity hedges | (4.2 | ) | 0.6 | 1.0 | (1.4 | ) | |||||||||
Gain on sale of business | (2.0 | ) | — | (2.0 | ) | — | |||||||||
Foreign currency (gain) loss on intercompany loans | (0.9 | ) | 2.7 | (0.2 | ) | 4.1 | |||||||||
Gain from insurance proceeds | — | (1.0 | ) | — | (1.0 | ) | |||||||||
Gain on change in fair value of acquisition earn-out | — | — | — | (0.7 | ) | ||||||||||
Purchase price adjustment on acquisition | — | (0.2 | ) | — | (0.2 | ) | |||||||||
Spin-Off costs/post Spin-Off costs | — | 0.1 | — | 0.5 | |||||||||||
Adjusted EBITDA | $ | 247.8 | $ | 149.2 | $ | 483.4 | $ | 276.8 | |||||||
Adjusted EBITDA as a percentage of Net Sales | 19.5 | % | 14.2 | % | 19.2 | % | 13.0 | % |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) |
|||||||||||||||||||||||
QUARTER ENDED MARCH 31, 2016 |
|||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total | ||||||||||||||||||
Segment Profit | $ | 74.7 | $ | 89.6 | $ | 13.8 | $ | 7.7 | $ | — | $ | 185.8 | |||||||||||
General corporate expenses and other | — | — | — | — | (23.3 | ) | (23.3 | ) | |||||||||||||||
Operating Profit (Loss) | 74.7 | 89.6 | 13.8 | 7.7 | (23.3 | ) | 162.5 | ||||||||||||||||
Depreciation and amortization, including accelerated depreciation | 26.2 | 36.1 | 6.2 | 6.2 | 1.7 | 76.4 | |||||||||||||||||
Non-cash stock-based compensation | — | — | — | — | 4.9 | 4.9 | |||||||||||||||||
Transaction costs | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||
Integration costs | 5.8 | — | — | — | — | 5.8 | |||||||||||||||||
Restructuring and plant closure costs | — | — | — | — | 0.8 | 0.8 | |||||||||||||||||
Loss on assets held for sale | — | — | — | — | 4.4 | 4.4 | |||||||||||||||||
Mark-to-market adjustments on commodity hedges | (0.4 | ) | (0.9 | ) | — | — | (2.9 | ) | (4.2 | ) | |||||||||||||
Gain on sale of business | — | (2.0 | ) | — | — | — | (2.0 | ) | |||||||||||||||
Foreign currency gain on intercompany loans | — | (0.9 | ) | — | — | — | (0.9 | ) | |||||||||||||||
Adjusted EBITDA | $ | 106.3 | $ | 121.9 | $ | 20.0 | $ | 13.9 | $ | (14.3 | ) | $ | 247.8 | ||||||||||
Adjusted EBITDA as a percentage of Net Sales | 24.2 | % | 21.9 | % | 13.9 | % | 10.7 | % | — | 19.5 | % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) |
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QUARTER ENDED MARCH 31, 2015 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total | ||||||||||||||||||
Segment Profit (Loss) | $ | 50.8 | $ | 39.8 | $ | (4.5 | ) | $ | 10.4 | $ | — | $ | 96.5 | ||||||||||
General corporate expenses and other | — | — | — | — | (46.8 | ) | (46.8 | ) | |||||||||||||||
Operating Profit (Loss) | 50.8 | 39.8 | (4.5 | ) | 10.4 | (46.8 | ) | 49.7 | |||||||||||||||
Depreciation and amortization | 12.0 | 36.5 | 6.9 | 6.5 | 1.3 | 63.2 | |||||||||||||||||
Non-cash stock-based compensation | — | — | — | — | 10.4 | 10.4 | |||||||||||||||||
Transaction costs | — | — | — | — | 1.7 | 1.7 | |||||||||||||||||
Integration costs | — | — | 1.5 | — | 1.3 | 2.8 | |||||||||||||||||
Restructuring and plant closure costs | — | — | — | — | 3.8 | 3.8 | |||||||||||||||||
Loss on assets held for sale | — | — | — | — | 15.4 | 15.4 | |||||||||||||||||
Mark-to-market adjustments on commodity hedges | — | 1.0 | — | — | (0.4 | ) | 0.6 | ||||||||||||||||
Foreign currency loss on intercompany loans | — | 1.4 | 0.2 | — | 1.1 | 2.7 | |||||||||||||||||
Gain from insurance proceeds | — | (1.0 | ) | — | — | — | (1.0 | ) | |||||||||||||||
Purchase price adjustment on acquisition | — | — | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
Spin-Off costs/post Spin-Off costs | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||
Adjusted EBITDA | $ | 62.8 | $ | 77.7 | $ | 4.1 | $ | 16.9 | $ | (12.3 | ) | $ | 149.2 | ||||||||||
Adjusted EBITDA as a percentage of Net Sales | 25.7 | % | 14.1 | % | 3.0 | % | 13.5 | % | — | 14.2 | % |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||||||||||||||||
SIX MONTHS ENDED MARCH 31, 2016 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total | ||||||||||||||||||
Segment Profit | $ | 137.6 | $ | 170.4 | $ | 24.3 | $ | 20.6 | $ | — | $ | 352.9 | |||||||||||
General corporate expenses and other | — | — | — | — | (57.5 | ) | (57.5 | ) | |||||||||||||||
Operating Profit (Loss) | 137.6 | 170.4 | 24.3 | 20.6 | (57.5 | ) | 295.4 | ||||||||||||||||
Depreciation and amortization, including accelerated depreciation | 52.5 | 70.5 | 12.4 | 12.4 | 3.4 | 151.2 | |||||||||||||||||
Non-cash stock-based compensation | — | — | — | — | 8.4 | 8.4 | |||||||||||||||||
Transaction costs | — | — | — | — | 1.1 | 1.1 | |||||||||||||||||
Integration costs | 13.7 | — | — | — | — | 13.7 | |||||||||||||||||
Restructuring and plant closure costs | — | — | — | — | 5.3 | 5.3 | |||||||||||||||||
Loss on assets held for sale | — | — | — | — | 8.4 | 8.4 | |||||||||||||||||
Inventory valuation adjustments on acquired businesses | — | 1.1 | — | — | — | 1.1 | |||||||||||||||||
Mark-to-market adjustments on commodity hedges | (0.3 | ) | 0.4 | — | — | 0.9 | 1.0 | ||||||||||||||||
Gain on sale of business | — | (2.0 | ) | — | — | — | (2.0 | ) | |||||||||||||||
Foreign currency (gain) loss on intercompany loans | — | (0.5 | ) | — | — | 0.3 | (0.2 | ) | |||||||||||||||
Adjusted EBITDA | $ | 203.5 | $ | 239.9 | $ | 36.7 | $ | 33.0 | $ | (29.7 | ) | $ | 483.4 | ||||||||||
Adjusted EBITDA as a percentage of Net Sales | 23.9 | % | 21.0 | % | 14.1 | % | 12.4 | % | — | 19.2 | % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) |
|||||||||||||||||||||||
SIX MONTHS ENDED MARCH 31, 2015 |
|||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total | ||||||||||||||||||
Segment Profit (Loss) | $ | 88.4 | $ | 81.9 | $ | (10.8 | ) | $ | 17.3 | $ | — | $ | 176.8 | ||||||||||
General corporate expenses and other | — | — | — | — | (86.2 | ) | (86.2 | ) | |||||||||||||||
Operating Profit (Loss) | 88.4 | 81.9 | (10.8 | ) | 17.3 | (86.2 | ) | 90.6 | |||||||||||||||
Depreciation and amortization | 24.2 | 73.1 | 13.8 | 12.5 | 2.7 | 126.3 | |||||||||||||||||
Non-cash stock-based compensation | — | — | — | — | 16.7 | 16.7 | |||||||||||||||||
Transaction costs | — | — | — | — | 6.7 | 6.7 | |||||||||||||||||
Integration costs | — | — | 3.5 | — | 1.4 | 4.9 | |||||||||||||||||
Restructuring and plant closure costs | — | — | — | — | 4.6 | 4.6 | |||||||||||||||||
Loss on assets held for sale | — | — | — | — | 22.5 | 22.5 | |||||||||||||||||
Inventory valuation adjustments on acquired businesses | — | — | 1.9 | 1.3 | — | 3.2 | |||||||||||||||||
Mark-to-market adjustments on commodity hedges | — | (6.1 | ) | — | — | 4.7 | (1.4 | ) | |||||||||||||||
Foreign currency loss on intercompany loans | — | 2.2 | 0.4 | 0.1 | 1.4 | 4.1 | |||||||||||||||||
Gain from insurance proceeds | — | (1.0 | ) | — | — | — | (1.0 | ) | |||||||||||||||
Gain on change in fair value of acquisition earn-out | — | — | — | — | (0.7 | ) | (0.7 | ) | |||||||||||||||
Purchase price adjustment on acquisition | — | — | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||
Spin-Off costs/post Spin-Off costs | — | — | — | — | 0.5 | 0.5 | |||||||||||||||||
Adjusted EBITDA | $ | 112.6 | $ | 150.1 | $ | 8.8 | $ | 31.2 | $ | (25.9 | ) | $ | 276.8 | ||||||||||
Adjusted EBITDA as a percentage of Net Sales | 24.4 | % | 13.1 | % | 3.3 | % | 12.3 | % | — | 13.0 | % |
RECONCILIATION OF NET EARNINGS (LOSS) AVAILABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||
TO ADJUSTED NET EARNINGS (LOSS) AVAILABLE TO COMMON SHAREHOLDERS (Unaudited) |
||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||
Quarter Ended March 31, |
Six Months Ended March 31, |
|||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Net Earnings (Loss) Available to Common Shareholders | $ | 1.5 | $ | 26.3 | $ | 12.0 | $ | (75.3 | ) | |||||||||
Adjustments: | ||||||||||||||||||
Non-cash mark-to-market adjustments on interest rate swaps | 90.9 | 28.8 | 106.8 | 83.4 | ||||||||||||||
Transaction costs | 0.1 | 1.7 | 1.1 | 6.7 | ||||||||||||||
Integration costs | 5.8 | 2.8 | 13.7 | 4.9 | ||||||||||||||
Restructuring and plant closure costs, including accelerated depreciation | 0.9 | 3.8 | 5.7 | 4.6 | ||||||||||||||
Loss on assets held for sale | 4.4 | 15.4 | 8.4 | 22.5 | ||||||||||||||
Inventory valuation adjustments on acquired businesses | — | — | 1.1 | 3.2 | ||||||||||||||
Mark-to-market adjustments on commodity hedges | (4.2 | ) | 0.6 | 1.0 | (1.4 | ) | ||||||||||||
Gain on sale of business | (2.0 | ) | — | (2.0 | ) | — | ||||||||||||
Foreign currency (gain) loss on intercompany loans | (0.9 | ) | 2.7 | (0.2 | ) | 4.1 | ||||||||||||
Gain from insurance proceeds | — | (1.0 | ) | — | (1.0 | ) | ||||||||||||
Gain on change in fair value of acquisition earn-out | — | — | — | (0.7 | ) | |||||||||||||
Purchase price adjustment on acquisition | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Spin-Off costs/post Spin-Off costs | — | 0.1 | — | 0.5 | ||||||||||||||
Total Net Adjustments | 95.0 | 54.7 | 135.6 | 126.6 | ||||||||||||||
Income tax effect on adjustments | (30.9 | ) | (22.3 | ) | (44.1 | ) | (51.5 | ) | ||||||||||
Preferred stock dividends adjustment (1) | 3.4 | — | 6.8 | — | ||||||||||||||
Adjusted Net Earnings (Loss) Available to Common Shareholders | $ | 69.0 | $ | 58.7 | $ | 110.3 | $ | (0.2 | ) | |||||||||
Weighted-Average Shares Outstanding – Diluted (1) | 79.6 | 67.6 | 78.8 | 52.1 | ||||||||||||||
Adjusted Diluted Net Earnings (Loss) per Common Share | $ | 0.87 | $ | 0.87 | $ | 1.40 | $ | 0.00 | ||||||||||
(1) Adjusted Diluted Net Earnings per Common Share for the quarter ended March 31, 2016 and the six months ended March 31, 2016 both include 9.1 million incremental shares on the assumed conversion of remaining outstanding preferred stock and exclude $3.4 million and $6.8 million, respectively, of preferred stock dividends. |