Post Holdings Reports Results for the Third Quarter of Fiscal Year 2015; Raises Fiscal 2015 Adjusted EBITDA Guidance
Highlights:
-
Net sales of
$1,211.8 million ; Adjusted EBITDA of$187.5 million -
Completed the acquisition of MOM Brands on
May 4, 2015 -
Raises fiscal 2015 Adjusted EBITDA guidance to between
$635.0 million and $650.0 million
Third Quarter Consolidated Operating Results
Third quarter net sales were
Gross profit increased
Adjusted EBITDA was
Other operating expenses, net were
Net earnings available to common shareholders were
Nine Month Consolidated Operating Results
Net sales for the nine months ended
SG&A expenses for the nine month period were
Adjusted EBITDA was
Other operating expenses, net were
For the nine months ended
Segment Results
Effective as of the quarter ended
Post Consumer Brands
Post Consumer Brands includes the
Net sales were
For the nine months ended
Net sales were
Egg products sales were up 1.8%, on a comparable basis, with volume down 5.5%. Refrigerated potato products sales were down 4.8%, on a comparable basis, with volume down 11.9%. Pasta products sales were up 11.2%, with volume up 2.3%. Cheese and other dairy case products sales were down 7.8%, on a comparable basis, with volume down 4.3%.
Segment profit (loss) was
For the nine 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 nine months ended
Private Brands
Private Brands primarily includes nut butters, nut and dried fruit snacks and granola businesses.
Net sales were
For the nine months ended
Interest and Income Tax
Net interest expense was
Income tax expense was
Outlook
As a result of better than expected results in the third quarter and expected continued strength in the fourth quarter, Post management has raised its fiscal 2015 Adjusted EBITDA guidance range to be between
Post management expects fiscal 2015 capital expenditures to be between
Use of Non-GAAP Measures
Certain financial measures in this release are non-GAAP measures, including Adjusted EBITDA. 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 Adjusted EBITDA outlook for fiscal 2015 and the assumptions related to avian influenza; and our capital expenditures expectations, including expectations for growth 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, including expected timing and our ability to recognize the benefits of the closure of the
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
(in millions, except per share data) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
Net Sales | $ 1,211.8 | $ 633.0 | $ 3,338.4 | $ 1,368.0 |
Cost of goods sold | 895.3 | 484.4 | 2,497.3 | 975.5 |
Gross Profit | 316.5 | 148.6 | 841.1 | 392.5 |
Selling, general and administrative expenses | 193.3 | 119.9 | 536.9 | 320.3 |
Amortization of intangible assets | 36.7 | 20.4 | 103.9 | 38.8 |
Other operating expenses, net | 5.2 | 0.3 | 28.4 | 0.5 |
Operating Profit | 81.3 | 8.0 | 171.9 | 32.9 |
Interest expense, net | 65.0 | 57.0 | 184.9 | 123.3 |
Other (income) expense | (41.9) | 6.8 | 41.5 | 6.8 |
Earnings (Loss) before Income Taxes | 58.2 | (55.8) | (54.5) | (97.2) |
Income tax expense (benefit) | 34.2 | (20.7) | (11.7) | (41.4) |
Net Earnings (Loss) | 24.0 | (35.1) | (42.8) | (55.8) |
Preferred stock dividends | (4.2) | (4.2) | (12.7) | (11.1) |
Net Earnings (Loss) Available to Common Shareholders | $ 19.8 | $ (39.3) | $ (55.5) | $ (66.9) |
Net Earnings (Loss) per Common Share: | ||||
Basic | $ 0.34 | $ (0.92) | $ (1.02) | $ (1.84) |
Diluted | $ 0.33 | $ (0.92) | $ (1.02) | $ (1.84) |
Weighted-Average Common Shares Outstanding: | ||||
Basic | 58.9 | 42.6 | 54.4 | 36.3 |
Diluted | 60.8 | 42.6 | 54.4 | 36.3 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
(in millions) | ||
June 30, 2015 | September 30, 2014 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $ 274.3 | $ 268.4 |
Restricted cash | 10.7 | 84.8 |
Receivables, net | 399.2 | 413.7 |
Inventories | 491.3 | 380.7 |
Deferred income taxes | 22.8 | 27.0 |
Prepaid expenses and other current assets | 71.0 | 44.4 |
Total Current Assets | 1,269.3 | 1,219.0 |
Property, net | 1,344.6 | 831.9 |
Goodwill | 3,142.1 | 2,886.7 |
Other intangible assets, net | 3,019.1 | 2,643.0 |
Other assets | 84.6 | 150.5 |
Total Assets | $ 8,859.7 | $ 7,731.1 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Current Liabilities | ||
Current portion of long-term debt | $ 32.1 | $ 25.6 |
Accounts payable | 258.2 | 225.0 |
Other current liabilities | 295.3 | 269.3 |
Total Current Liabilities | 585.6 | 519.9 |
Long-term debt | 4,495.9 | 3,830.5 |
Deferred income taxes | 871.5 | 915.1 |
Other liabilities | 237.7 | 182.4 |
Total Liabilities | 6,190.7 | 5,447.9 |
Shareholders’ Equity | ||
Preferred stock | 0.1 | 0.1 |
Common stock | 0.6 | 0.5 |
Additional paid-in capital | 3,130.7 | 2,669.3 |
Accumulated deficit | (348.5) | (305.7) |
Accumulated other comprehensive loss | (60.5) | (27.6) |
Treasury stock, at cost | (53.4) | (53.4) |
Total Shareholders’ Equity | 2,669.0 | 2,283.2 |
Total Liabilities and Shareholders’ Equity | $ 8,859.7 | $ 7,731.1 |
SELECTED CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited) | ||
(in millions) | ||
Nine Months Ended June 30, |
||
2015 | 2014 | |
Cash provided by (used in): | ||
Operating activities | $ 261.7 | $ 74.5 |
Investing activities, including capital expenditures of $74.3 and $78.7 | (1,238.7) | (3,587.6) |
Financing activities | 984.2 | 3,495.3 |
Effect of exchange rate changes on cash and cash equivalents | (1.3) | (6.9) |
Net increase (decrease) in cash and cash equivalents | $ 5.9 | $ (24.7) |
SEGMENT INFORMATION (Unaudited) | ||||
(in millions) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
Net Sales | ||||
Post Consumer Brands | $ 356.9 | $ 238.2 | $ 818.3 | $ 714.6 |
Michael Foods Group | 564.7 | 212.7 | 1,714.3 | 279.4 |
Active Nutrition | 153.8 | 86.7 | 418.8 | 194.5 |
Private Brands | 136.7 | 95.6 | 389.4 | 180.0 |
Eliminations | (0.3) | (0.2) | (2.4) | (0.5) |
Total | $ 1,211.8 | $ 633.0 | $ 3,338.4 | $ 1,368.0 |
Segment Profit (Loss) | ||||
Post Consumer Brands | $ 51.6 | $ 44.8 | $ 140.0 | $ 126.4 |
Michael Foods Group | 48.4 | (9.6) | 130.3 | (10.8) |
Active Nutrition | 7.9 | (2.5) | (2.9) | 1.9 |
Private Brands | 10.5 | 5.0 | 27.8 | 11.5 |
Total segment profit | 118.4 | 37.7 | 295.2 | 129.0 |
General corporate expenses and other | 37.1 | 29.7 | 123.3 | 96.1 |
Interest expense | 65.0 | 57.0 | 184.9 | 123.3 |
Other expense, net | (41.9) | 6.8 | 41.5 | 6.8 |
Earnings (Loss) before Income Taxes | $ 58.2 | $ (55.8) | $ (54.5) | $ (97.2) |
SUPPLEMENTAL SEGMENT INFORMATION | ||
Results include three acquisitions completed in fiscal 2015 and four acquisitions completed in fiscal 2014. Each acquired business is included in results as of its respective closing date as listed below: | ||
Business | Segment | Acquisition Date |
Dakota Growers Pasta Company | Michael Foods Group | January 1, 2014 |
Golden Boy Foods | Private Brands | February 1, 2014 |
Dymatize Enterprises | Active Nutrition | February 1, 2014 |
Michael Foods | Michael Foods Group | June 2, 2014 |
PowerBar and Musashi and related assets | Active Nutrition | October 1, 2014 |
American Blanching Company | Private Brands | November 1, 2014 |
MOM Brands Company | Post Consumer Brands | May 4, 2015 |
RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||
(in millions) | ||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
Net Earnings (Loss) | $ 24.0 | $ (35.1) | $ (42.8) | $ (55.8) |
Income tax expense (benefit) | 34.2 | (20.7) | (11.7) | (41.4) |
Interest expense, net | 65.0 | 57.0 | 184.9 | 123.3 |
Depreciation and amortization, including accelerated depreciation | 70.4 | 42.7 | 196.7 | 93.9 |
Non-cash stock-based compensation | 3.5 | 3.6 | 20.2 | 11.0 |
Transaction costs | 5.4 | 12.4 | 12.1 | 26.3 |
Integration costs | 4.4 | 2.9 | 9.3 | 4.2 |
Restructuring and plant closure costs | 10.7 | 0.3 | 15.3 | 3.8 |
Non-cash mark-to-market adjustments and settlements on interest rate swaps | (41.9) | 6.8 | 41.5 | 6.8 |
Loss on assets held for sale | 4.9 | — | 27.4 | — |
Gain on change in fair value of acquisition earn-out | — | (2.1) | (0.7) | (2.1) |
Losses on hedge of purchase price of foreign currency denominated acquisitions | — | — | — | 13.1 |
Legal settlement | — | — | — | (2.0) |
Mark-to-market adjustments on commodity hedges | (9.7) | 2.0 | (11.1) | 0.5 |
Inventory valuation adjustments on acquired businesses | 17.0 | 17.7 | 20.2 | 25.0 |
Gain from insurance proceeds | — | — | (1.0) | — |
Foreign currency (gain) loss on intercompany loans | (0.5) | — | 3.6 | — |
Purchase price adjustment | — | — | (0.2) | — |
Spin-Off costs/post Spin-Off non-recurring costs | 0.1 | 0.3 | 0.6 | 0.6 |
Adjusted EBITDA | $ 187.5 | $ 87.8 | $ 464.3 | $ 207.2 |
Adjusted EBITDA as a percentage of Net Sales | 15.5 % | 13.9 % | 13.9 % | 15.1 % |
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | ||||||
QUARTER ENDED JUNE 30, 2015 | ||||||
(in millions) | ||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total |
|
Segment Profit | $ 51.6 | $ 48.4 | $ 7.9 | $ 10.5 | $ — | $ 118.4 |
General corporate expenses and other | — | — | — | — | (37.1) | (37.1) |
Operating Profit | 51.6 | 48.4 | 7.9 | 10.5 | (37.1) | 81.3 |
Depreciation and amortization, including accelerated depreciation | 19.4 | 35.7 | 6.8 | 6.3 | 2.2 | 70.4 |
Non-cash stock-based compensation | — | — | — | — | 3.5 | 3.5 |
Transaction costs | 0.1 | — | — | — | 5.3 | 5.4 |
Integration costs | 3.0 | — | 0.7 | 0.7 | — | 4.4 |
Restructuring and plant closure costs | — | — | — | — | 10.7 | 10.7 |
Loss on assets held for sale | — | — | — | — | 4.9 | 4.9 |
Mark-to-market adjustments on commodity hedges | (1.0) | (2.4) | — | — | (6.3) | (9.7) |
Inventory valuation adjustments on acquired businesses | 17.0 | — | — | — | — | 17.0 |
Foreign currency (gain) loss on intercompany loans | — | (0.5) | 0.1 | — | (0.1) | (0.5) |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | 0.1 | 0.1 |
Adjusted EBITDA | $ 90.1 | $ 81.2 | $ 15.5 | $ 17.5 | $ (16.8) | $ 187.5 |
Adjusted EBITDA as a percentage of Net Sales | 25.2 % | 14.4 % | 10.1 % | 12.8 % | — | 15.5 % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||||
NINE MONTHS ENDED JUNE 30, 2015 | ||||||
(in millions) | ||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 140.0 | $ 130.3 | $ (2.9) | $ 27.8 | $ — | $ 295.2 |
General corporate expenses and other | — | — | — | — | (123.3) | (123.3) |
Operating Profit (Loss) | 140.0 | 130.3 | (2.9) | 27.8 | (123.3) | 171.9 |
Depreciation and amortization, including accelerated depreciation | 43.6 | 108.8 | 20.6 | 18.8 | 4.9 | 196.7 |
Non-cash stock-based compensation | — | — | — | — | 20.2 | 20.2 |
Transaction costs | 0.1 | — | — | — | 12.0 | 12.1 |
Integration costs | 3.0 | — | 4.2 | 0.7 | 1.4 | 9.3 |
Restructuring and plant closure costs | — | — | — | — | 15.3 | 15.3 |
Loss on assets held for sale | — | — | — | — | 27.4 | 27.4 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | (0.7) | (0.7) |
Mark-to-market adjustments on commodity hedges | (1.0) | (8.5) | — | — | (1.6) | (11.1) |
Inventory valuation adjustments on acquired businesses | 17.0 | — | 1.9 | 1.3 | — | 20.2 |
Gain from insurance proceeds | — | (1.0) | — | — | — | (1.0) |
Foreign currency loss on intercompany loans | — | 1.7 | 0.5 | 0.1 | 1.3 | 3.6 |
Purchase price adjustment | — | — | — | — | (0.2) | (0.2) |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | 0.6 | 0.6 |
Adjusted EBITDA | $ 202.7 | $ 231.3 | $ 24.3 | $ 48.7 | $ (42.7) | $ 464.3 |
Adjusted EBITDA as a percentage of Net Sales | 24.8 % | 13.5 % | 5.8 % | 12.5 % | — | 13.9 % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||||
QUARTER ENDED JUNE 30, 2014 | ||||||
(in millions) | ||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 44.8 | $ (9.6) | $ (2.5) | $ 5.0 | $ — | $ 37.7 |
General corporate expenses and other | — | — | — | — | (29.7) | (29.7) |
Operating Profit (Loss) | 44.8 | (9.6) | (2.5) | 5.0 | (29.7) | 8.0 |
Depreciation and amortization, including accelerated depreciation | 13.0 | 15.3 | 5.5 | 5.2 | 3.7 | 42.7 |
Non-cash stock-based compensation | — | — | — | — | 3.6 | 3.6 |
Transaction costs | — | — | 0.1 | — | 12.3 | 12.4 |
Integration costs | — | — | — | — | 2.9 | 2.9 |
Restructuring and plant closure costs | — | — | — | — | 0.3 | 0.3 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | (2.1) | (2.1) |
Mark-to-market adjustments on commodity hedges | — | 1.1 | — | — | 0.9 | 2.0 |
Inventory valuation adjustments on acquired businesses | — | 15.8 | 1.9 | — | — | 17.7 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | 0.3 | 0.3 |
Adjusted EBITDA | $ 57.8 | $ 22.6 | $ 5.0 | $ 10.2 | $ (7.8) | $ 87.8 |
Adjusted EBITDA as a percentage of Net Sales | 24.3 % | 10.6 % | 5.8 % | 10.7 % | — | 13.9 % |
RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||||
NINE MONTHS ENDED JUNE 30, 2014 | ||||||
(in millions) | ||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 126.4 | $ (10.8) | $ 1.9 | $ 11.5 | $ — | $ 129.0 |
General corporate expenses and other | — | — | — | — | (96.1) | (96.1) |
Operating Profit (Loss) | 126.4 | (10.8) | 1.9 | 11.5 | (96.1) | 32.9 |
Depreciation and amortization, including accelerated depreciation | 38.9 | 20.5 | 11.4 | 10.8 | 12.3 | 93.9 |
Non-cash stock-based compensation | — | — | — | — | 11.0 | 11.0 |
Transaction costs | — | — | 0.3 | — | 26.0 | 26.3 |
Integration costs | — | — | — | — | 4.2 | 4.2 |
Restructuring and plant closure costs | — | — | — | — | 3.8 | 3.8 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | (2.1) | (2.1) |
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 | — | 1.1 | — | — | (0.6) | 0.5 |
Inventory valuation adjustments on acquired businesses | — | 19.9 | 3.9 | 1.2 | — | 25.0 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | 0.6 | 0.6 |
Adjusted EBITDA | $ 165.3 | $ 30.7 | $ 17.5 | $ 23.5 | $ (29.8) | $ 207.2 |
Adjusted EBITDA as a percentage of Net Sales | 23.1 % | 11.0 % | 9.0 % | 13.1 % | — | 15.1 % |
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 June 30, |
Nine Months Ended June 30, |
|||
2015 | 2014 | 2015 | 2014 | |
Net Earnings (Loss) Available to Common Shareholders | $ 19.8 | $ (39.3) | $ (55.5) | $ (66.9) |
Adjustments: | ||||
Transaction costs | 5.4 | 12.4 | 12.1 | 26.3 |
Integration costs | 4.4 | 2.9 | 9.3 | 4.2 |
Restructuring and plant closure costs, including accelerated depreciation | 11.7 | 2.4 | 16.3 | 10.6 |
Non-cash mark-to-market adjustments and settlements on interest rate swaps | (41.9) | 6.8 | 41.5 | 6.8 |
Loss on assets held for sale | 4.9 | — | 27.4 | — |
Gain on change in fair value of acquisition earn-out | — | (2.1) | (0.7) | (2.1) |
Losses on hedge of purchase price of foreign currency denominated acquisition | — | — | — | 13.1 |
Legal settlement | — | — | — | (2.0) |
Mark-to-market adjustments on commodity hedges | (9.7) | 2.0 | (11.1) | 0.5 |
Inventory valuation adjustments on acquired businesses | 17.0 | 17.7 | 20.2 | 25.0 |
Gain from insurance proceeds | — | — | (1.0) | — |
Foreign currency (gain) loss on intercompany loans | (0.5) | — | 3.6 | — |
Purchase price adjustment | — | — | (0.2) | — |
Spin-Off costs/post Spin-Off non-recurring costs | 0.1 | 0.3 | 0.6 | 0.6 |
Total Net Adjustments | (8.6) | 42.4 | 118.0 | 83.0 |
Income tax effect on adjustments | 5.1 | (15.7) | (25.4) | (35.4) |
Adjusted Net Earnings (Loss) Available to Common Shareholders | $ 16.3 | $ (12.6) | $ 37.1 | $ (19.3) |
Weighted-Average Shares Outstanding – Diluted | 60.8 | 42.6 | 56.1 | 36.3 |
Adjusted Diluted Net Earnings (Loss) per Common Share | $ 0.27 | $ (0.30) | $ 0.66 | $ (0.53) |
HISTORICAL SEGMENT INFORMATION (Unaudited) | ||
(in millions) | ||
Effective as of the quarter ended June 30, 2015, Post has changed its reportable segments to the following: Post Consumer Brands, Michael Foods Group, Active Nutrition and Private Brands. | ||
The following tables present adjusted information about Post’s reportable segments, including the presentation aligned with Post’s segment reporting structure as described above, for the historical periods of the fiscal quarters ended December 31, 2014 and March 31, 2015. | ||
Quarter Ended | ||
December 31, 2014 |
March 31, 2015 |
|
Net Sales | ||
Post Consumer Brands | $ 217.5 | $ 243.9 |
Michael Foods Group | 599.3 | 550.3 |
Active Nutrition | 130.4 | 134.6 |
Private Brands | 127.8 | 124.9 |
Eliminations | (1.1) | (1.0) |
Total | $ 1,073.9 | $ 1,052.7 |
Segment Profit (Loss) | ||
Post Consumer Brands | $ 37.6 | $ 50.8 |
Michael Foods Group | 42.1 | 39.8 |
Active Nutrition | (6.3) | (4.5) |
Private Brands | 6.9 | 10.4 |
Total segment profit | 80.3 | 96.5 |
General corporate expenses and other | 39.4 | 46.8 |
Interest expense | 60.1 | 59.8 |
Other expense, net | 54.6 | 28.8 |
Loss before Income Taxes | $ (73.8) | $ (38.9) |
HISTORICAL RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||
(in millions) | ||
Quarter Ended | ||
December 31, 2014 |
March 31, 2015 |
|
Net (Loss) Earnings | $ (97.3) | $ 30.5 |
Income tax provision (benefit) | 23.5 | (69.4) |
Interest expense, net | 60.1 | 59.8 |
Depreciation and amortization | 63.1 | 63.2 |
Non-cash stock-based compensation | 6.3 | 10.4 |
Transaction costs | 5.0 | 1.7 |
Integration costs | 2.1 | 2.8 |
Restructuring and plant closure costs | 0.8 | 3.8 |
Non-cash mark-to-market adjustments and settlements on interest rate swaps | 54.6 | 28.8 |
Loss on assets held for sale | 7.1 | 15.4 |
Gain on change in fair value of acquisition earn-out | (0.7) | — |
Mark-to-market adjustments on commodity hedges | (2.0) | 0.6 |
Inventory valuation adjustments on acquired businesses | 3.2 | — |
Gain from insurance proceeds | — | (1.0) |
Foreign currency loss on intercompany loans | 1.4 | 2.7 |
Purchase price adjustment | — | (0.2) |
Spin-Off costs/post Spin-Off non-recurring costs | 0.4 | 0.1 |
Adjusted EBITDA | $ 127.6 | $ 149.2 |
Adjusted EBITDA as a percentage of Net Sales | 11.9 % | 14.2 % |
HISTORICAL RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||||
QUARTER ENDED DECEMBER 31, 2014 | ||||||
(in millions) | ||||||
Post Consumer Brands |
Michael Foods Group |
Active Nutrition |
Private Brands |
Corporate/ Other |
Total |
|
Segment Profit (Loss) | $ 37.6 | $ 42.1 | $ (6.3) | $ 6.9 | $ — | $ 80.3 |
General corporate expenses and other | — | — | — | — | (39.4) | (39.4) |
Operating Profit (Loss) | 37.6 | 42.1 | (6.3) | 6.9 | (39.4) | 40.9 |
Depreciation and amortization | 12.2 | 36.6 | 6.9 | 6.0 | 1.4 | 63.1 |
Non-cash stock-based compensation | — | — | — | — | 6.3 | 6.3 |
Transaction costs | — | — | — | — | 5.0 | 5.0 |
Integration costs | — | — | 2.0 | — | 0.1 | 2.1 |
Restructuring and plant closure costs | — | — | — | — | 0.8 | 0.8 |
Loss on assets held for sale | — | — | — | — | 7.1 | 7.1 |
Gain on change in fair value of acquisition earn-out | — | — | — | — | (0.7) | (0.7) |
Mark-to-market adjustments on commodity hedges | — | (7.1) | — | — | 5.1 | (2.0) |
Inventory valuation adjustments on acquired businesses | — | — | 1.9 | 1.3 | — | 3.2 |
Foreign currency loss on intercompany loans | — | 0.8 | 0.2 | 0.1 | 0.3 | 1.4 |
Spin-Off costs/post Spin-Off non-recurring costs | — | — | — | — | 0.4 | 0.4 |
Adjusted EBITDA | $ 49.8 | $ 72.4 | $ 4.7 | $ 14.3 | $ (13.6) | $ 127.6 |
Adjusted EBITDA as a percentage of Net Sales | 22.9 % | 12.1 % | 3.6 % | 11.2 % | — | 11.9 % |
HISTORICAL RECONCILIATION OF SEGMENT PROFIT (LOSS) TO ADJUSTED EBITDA (Unaudited) | ||||||
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 |
Gain from insurance proceeds | — | (1.0) | — | — | — | (1.0) |
Foreign currency loss on intercompany loans | — | 1.4 | 0.2 | — | 1.1 | 2.7 |
Purchase price adjustment | — | — | — | — | (0.2) | (0.2) |
Spin-Off costs/post Spin-Off non-recurring 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 % |