Thermadyne Holdings Corporation (Nasdaq:THMD) today reported
results for the three and nine months ended September 30, 2010.
| |
|
|
| OVERVIEW |
Three Months |
Nine Months |
| ($ millions except EPS) |
2010 |
2009 |
2010 |
2009 |
| Net Sales |
$106.5 |
$89.5 |
$311.7 |
$257.6 |
| Net Income from continuing
operations |
$4.8 |
$3.7 |
$9.7 |
$1.8 |
| Earnings per diluted share from
continuing operations |
$0.35 |
$0.27 |
$0.71 |
$0.13 |
| Earnings (loss) per diluted share from
continuing operations, excluding 2010 loss on debt extinguishment
and 2009 settlement gain |
$0.35 |
$(0.16) |
$0.84 |
$(0.30) |
Financial Review for the Third Quarter Ended September
30, 2010
Net sales in the third quarter of 2010 were $106.5 million, an
increase of 19.0% as compared to the third quarter of 2009.
Stated in local currencies, net sales increased 16.6%, with
U.S. sales increasing 17.3% and international sales increasing
15.8%.
Gross margin, as a percentage of sales, of 34.8% increased 260
basis points for the third quarter of 2010 as compared to the prior
year third quarter. This improvement in gross margin arises
primarily from the benefits of increased leverage of labor and
overhead costs resulting from higher production volumes as compared
to the prior year third quarter.
Selling, general and administrative (SG&A) expenses were
$23.9 million, or 22.5% of sales, in the third quarter of 2010
compared to $21.8 million, or 24.3% of sales, in the 2009 third
quarter. The 2010 increase in the SG&A expenses results
from $3.0 million of increased sales commissions and
performance-based incentive compensation, and $1.6 million of
increased salaries, selling and other expenses. The 2009 third
quarter included charges of $1.4 million of severance expenses and
$1.0 million for assessments by a foreign jurisdiction of customs
duties related to prior years.
Interest costs declined to $5.0 million in the third quarter of
2010 as compared to $5.6 million in the third quarter of 2009.
The decrease in interest expense resulted from the reduced
amount of indebtedness during the third quarter of 2010 as compared
to the prior year and a 20 basis point decrease in the effective
interest rate to approximately 10.1%. This reduction in the average
indebtedness and the effective interest rate is primarily
attributable to the repayment of the Second Lien indebtedness
during the second quarter of 2010. Effective October 1, 2010,
the quarterly Special Interest adjustment for the Senior
Subordinated Notes declined from 1.25% to 0.75% and effective
January 1, 2011, resets to 0.25% as determined based on the
Company's debt-to-EBITDA leverage ratio.
During the third quarter of 2009, the Company terminated
commitments to provide future supplemental medical benefits for
retirees. Accordingly, the Company reduced its recorded liabilities
and recognized a $5.9 million settlement gain in the third quarter
of 2009.
For the 2010 third quarter, the income tax expense represented
an effective income tax rate of 33.0% as compared to 41.5% in the
prior year third quarter. The decline in the effective tax
rate for the third quarter of 2010 as compared to 2009 results
primarily from the U.S. based losses in 2009 for which tax
recoveries could not be recorded due to the uncertainty of
realization.
For the three months ended September 30, 2010, net income from
continuing operations was $4.8 million, or $0.35 per diluted share,
as compared to $3.7 million, or $0.27 per diluted share for the
three months ended September 30, 2009. Excluding the
settlement gain, continuing operations incurred a net loss of $2.1
million, or $0.16 loss per diluted share, for the three months
ended September 30, 2009.
Net income for the three months ended September 30, 2010 was
$4.8 million, or $0.35 per diluted share, as compared to $4.8
million, or $0.35 per diluted share, in the third quarter of 2009.
The third quarter of 2009 included a net gain from discontinued
Brazilian operations of $1.1 million, or $0.08 per diluted
share.
Financial Review of Continuing Operations for Nine
Months Ended September 30, 2010
Net sales for the nine months ended September 30, 2010 were
$311.7 million, an increase of 21.0% as compared with the net sales
of $257.6 million in first nine months of 2009. Stated in
local currencies, net sales increased 17.1% with the U.S. markets
increasing 15.0% and international sales increasing 19.8%.
For the nine months ended September 30, 2010, gross margin was
34.2% of net sales, as compared to 29.2% of net sales for first
nine months of 2009. The improvement in gross margin arises
primarily from the benefits of increased leverage of labor and
overhead costs due to higher production volumes. The nine months
ended September 30, 2010, also includes charges of $1.3 million for
U.S. customs duties and legal expenses relating to manufacturing
activities of prior periods.
SG&A expenses for the nine months ended September 30, 2010
and 2009 were $70.8 million, or 22.7% of net sales, and $59.5
million, or 23.1% of net sales, respectively. The increase in
SG&A costs in 2010 arises primarily from $9.5 million of
increased sales commissions and performance-based incentive
compensation and $4.5 million from increased salaries, selling and
other expenses, and approximately $0.9 million in foreign currency
losses. The nine months ending September 30, 2009 included
charges of $2.6 million for severance expenses and a $1.0 million
charge for customs duties assessed by a foreign jurisdiction
related to export sales activities.
Interest costs of $17.3 million increased $2.1 million during
the nine-month period ended September 30, 2010, as compared to the
first nine months of 2009. The effective interest rate
increased approximately 220 basis points during the first nine
months of 2010 as compared to 2009 as a result of the increased
interest rates for the Second Lien borrowings and the Senior
Subordinated Notes.
The nine months ending September 30, 2009 includes a settlement
gain of $5.9 million related to medical benefits for retirees as
discussed above.
For the nine months ended September 30, 2010, the Company
recorded income tax expense at an effective income tax rate of
30.5% as compared to 49.7% for the comparable 2009 period.
The decline in the effective tax rate for 2010 as compared to
2009 results primarily from the U.S. based losses in 2009 for which
tax recoveries could not be recorded due to the uncertainty of
realization.
For the nine months ended September 30, 2010, net income from
continuing operations was $9.7 million, or $0.71 per diluted share.
Excluding the loss on early debt extinguishment, net income
was $11.5 million, or $0.84 per diluted share, for the nine months
ended September 30, 2010. For the nine months ended September
30, 2009, net income from continuing operations was $1.8 million,
or $0.13 per diluted share. Excluding the settlement gain,
continuing operations for the nine months ended September 30, 2009
incurred a net loss of $4.1 million, or $0.30 loss per diluted
share.
Net income for the nine months ended September 30, 2010 was $9.7
million, or $0.71 per diluted share, compared to $1.8 million, or
$0.13 per diluted share, for the nine months ended September 30,
2009. The 2009 nine month period included gain from
discontinued operations of $3.1 million, or $0.22 per diluted
share, arising from the final settlement and receipt of a
contingent payment due to the Company in connection with the sale
in May 2007 of its South African businesses and from the sale of
the Company's remaining facilities in Brazil.
Cash Flows From Operating Activities and
Liquidity
For the third quarter of 2010, operating activities used $3.4
million of cash, which consisted of $9.6 million provided from
operational income and $13.0 million used for increased working
capital. For the nine months ended September 30, 2010,
operating activities provided $25.5 million of cash, which
consisted of $21.5 million from operational income and $4.0 million
from reductions of working capital, including the benefits of the
early payment of supplier invoices and customer rebates during
2009. These early payments reduced cash usage requirements by
approximately $14 million in 2010.
As of September 30, 2010, combined cash and availability under
the Company's Working Capital Facility was $53.9 million.
Operating EBITDA, As Adjusted
In the third quarter of 2010, operating EBITDA from continuing
operations, as adjusted, was $15.6 million, or 14.7% of net sales,
compared to $9.0 million, or 10.1% of net sales in the third
quarter of 2009.
Use of Non-GAAP Measures
Our discussions of operations include reference to "Operating
EBITDA, as adjusted." While a non-GAAP measure, management
believes this measure enhances the reader's understanding of
underlying and continuing operating results in the periods
presented. The Company defines "Operating EBITDA" as earnings
before interest, taxes, depreciation, amortization, LIFO
adjustments, stock-based compensation expense, minority interest,
post-retirement benefit expense in excess of cash payments and the
nonrecurring items of severance accruals and restructuring costs
and losses on debt extinguishments. The presentation of
"Operating EBITDA, as adjusted" facilitates the reader's ability to
compare current period results to other periods by isolating
certain unusual items of income or expense, such as those detailed
in an attached schedule. Operating EBITDA, as adjusted, for
certain items as described, is reflective of management
measurements which focus on recurring operating spending levels and
efficiencies and less on the non-cash and other described items.
Additionally, non-GAAP measures such as Operating EBITDA and
Operating EBITDA, as adjusted, are commonly used to value the
business by investors and lenders.
A schedule is attached which reconciles Net Income (Loss) as
shown in the Consolidated Statements of Operations to Operating
EBITDA and Operating EBITDA, as adjusted.
Non-GAAP measurements such as "Operating EBITDA" and "Operating
EBITDA, as adjusted" are not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of
performance. Use of Operating EBITDA and Operating EBITDA, as
adjusted, has material limitations, and therefore management
provides reconciliation for the reader, of Operating EBITDA and
Operating EBITDA, as adjusted, to Net Income.
The financial statement information presented in accordance with
generally accepted accounting principles (GAAP) and the non-GAAP
measure have not been reviewed by an independent, registered public
accounting firm.
About Thermadyne
Thermadyne, headquartered in St. Louis, Missouri, is a leading
global manufacturer and marketer of metal cutting and welding
products and accessories under a variety of leading premium brand
names including Victor®, Tweco® / Arcair®, Thermal Dynamics®,
Thermal Arc®, Stoody®, TurboTorch®, Firepower® and Cigweld®.
Its common shares trade on the NASDAQ under the symbol THMD.
For more information about Thermadyne, its products and
services, visit the Company's web site at www.Thermadyne.com.
On October 5, 2010, Thermadyne announced it had entered into a
definitive agreement to be acquired by affiliates of Irving Place
Capital, a middle-market private equity firm. Under the terms
of the agreement, Thermadyne's shareholders will receive $15.00 per
share in cash for each share of Thermadyne's common stock.
The transaction is subject to shareholder approval and other
customary closing conditions and is targeted to close in December
2010.
The Thermadyne Holdings Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4937
Cautionary Statement Regarding Forward-Looking
Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements reflect management's current
expectations and involve a number of risks and
uncertainties. Actual results may differ materially from such
statements due to a variety of factors that could adversely affect
the Company's operating results. These risks and factors
include the risk that the proposed merger between the Company and a
subsidiary of Irving Place Capital does not occur, the risk that
key employees of the Company will not be retained, the expenses of
the proposed merger and other risks as identified in documents the
Company files with the Securities and Exchange Commission (the
"SEC"), specifically in the Company's most recent Annual Report on
Form 10-K and other reports it files from time to time, which
contain and identify important factors that could cause the actual
results to differ materially from those contained in the
forward-looking statements. The Company assumes no obligation
to update any forward-looking statement contained in this
document.
Additional Information and Where to Find It
In connection with the proposed merger, the Company filed a
Preliminary Proxy Statement on Schedule 14A on October 18, 2010,
and will file a definitive proxy statement and other related
materials with the SEC at a later date. BEFORE MAKING ANY
VOTING DECISION, STOCKHOLDERS ARE URGED TO READ THE
PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT
(WHEN IT BECOMES AVAILABLE), ALL RELATED SUPPLEMENTS AND AMENDMENTS
(IF ANY AND WHEN THEY BECOME AVAILABLE) AND ALL OTHER RELATED
MATERIALS CAREFULLY BECAUSE THEY CONTAIN (AND WILL CONTAIN)
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND RELATED
MATTERS. Investors and stockholders may obtain free copies of
the Preliminary Proxy Statement (and the definitive proxy statement
and other related materials when they become available) as well as
other documents filed with the SEC by the Company through the
website maintained by the SEC at www.sec.gov, at the Company's
website at www.thermadyne.com/investor-relations by clicking on the
link "SEC Filings" and from the Company by contacting the Company's
corporate secretary, Nick H. Varsam, by mail at 16052 Swingley
Ridge Road, Suite 300, Chesterfield, Missouri 63017 or by telephone
at 636-728-3000.
Participants in the Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
stockholders of the Company in connection with the proposed
merger. Information regarding the interests of these directors
and executive officers and their ownership of the Company's common
stock is included in the Preliminary Proxy Statement filed with the
SEC on October 18, 2010 under "The Merger – Interests of Our
Directors and Executive Officers" and "Information about Stock
Ownership." Additional information regarding these directors
and executive officers is also included in the Company's proxy
statement for its 2010 Annual Meeting of Stockholders, which was
filed with the SEC on April 7, 2010. This document is
available free of charge at the SEC's website at www.sec.gov and
from the Company by contacting the Company's corporate secretary,
Nick H. Varsam, by mail at 16052 Swingley Ridge Road, Suite 300,
Chesterfield, Missouri 63017 or by telephone at 636-728-3000.
| |
| THERMADYNE HOLDINGS
CORPORATION |
| FINANCIAL HIGHLIGHTS |
| (In thousands, except per share
data) |
| UNAUDITED |
| |
|
|
|
|
|
|
|
|
| Schedule 1 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
| |
Three Months Ended
September 30 |
Nine Months Ended
September 30 |
| |
2010 |
% of Sales |
2009 |
% of Sales |
2010 |
% of Sales |
2009 |
% of Sales |
| |
|
|
|
|
|
|
|
|
| Net sales |
$ 106,483 |
100.0% |
$ 89,501 |
100.0% |
$ 311,696 |
100.0% |
$ 257,617 |
100.0% |
| Cost of goods sold |
69,439 |
65.2% |
60,706 |
67.8% |
205,036 |
65.8% |
182,517 |
70.8% |
| Gross margin |
37,044 |
34.8% |
28,795 |
32.2% |
106,660 |
34.2% |
75,100 |
29.2% |
| Selling, general and administrative
expenses |
23,936 |
22.5% |
21,767 |
24.3% |
70,785 |
22.7% |
59,477 |
23.1% |
| Amortization of intangibles |
681 |
0.6% |
673 |
0.8% |
2,038 |
0.7% |
2,016 |
0.8% |
| Operating income |
12,427 |
11.7% |
6,355 |
7.1% |
33,837 |
10.9% |
13,607 |
5.3% |
| Other income (expenses): |
|
|
|
|
|
|
|
|
| Interest |
(4,995) |
(4.7%) |
(5,577) |
(6.2%) |
(17,270) |
(5.5%) |
(15,121) |
(5.9%) |
| Amortization of deferred financing
costs |
(238) |
(0.2%) |
(276) |
(0.3%) |
(753) |
(0.2%) |
(749) |
(0.3%) |
| Settlement of retiree medical
obligations |
-- |
0.0% |
5,863 |
6.6% |
-- |
0.0% |
5,863 |
2.3% |
| Loss on debt extinguishment |
-- |
0.0% |
-- |
0.0% |
(1,867) |
(0.6%) |
-- |
0.0% |
| |
|
|
|
|
|
|
|
|
| Income from continuing operations before
income tax provision and discontinued operations |
7,194 |
6.8% |
6,365 |
7.1% |
13,947 |
4.5% |
3,600 |
1.4% |
| Income tax provision |
2,373 |
2.2% |
2,639 |
2.9% |
4,259 |
1.4% |
1,788 |
0.7% |
| Net income from continuing
operations |
$ 4,821 |
4.5% |
$ 3,726 |
4.2% |
9,688 |
3.1% |
1,812 |
0.7% |
| Income from discontinued operations, net of
tax |
-- |
0.0% |
1,118 |
1.2% |
-- |
0.0% |
3,051 |
1.2% |
| Net income |
$ 4,821 |
4.5% |
$ 4,844 |
5.4% |
$ 9,688 |
3.1% |
$ 4,863 |
1.9% |
| |
|
|
|
|
|
|
|
|
| Basic net income per share |
|
|
|
|
|
|
|
|
| Continuing operations |
$ 0.36 |
|
$ 0.27 |
|
$ 0.72 |
|
$ 0.13 |
|
| Discontinued operations |
-- |
|
0.09 |
|
-- |
|
0.23 |
|
| Net income |
$ 0.36 |
|
$ 0.36 |
|
$ 0.72 |
|
$ 0.36 |
|
| |
|
|
|
|
|
|
|
|
| Diluted net income per share : |
|
|
|
|
|
|
|
|
| Continuing operations |
$ 0.35 |
|
$ 0.27 |
|
$ 0.71 |
|
$ 0.13 |
|
| Discontinued operations |
-- |
|
0.08 |
|
-- |
|
0.22 |
|
| Net income |
$ 0.35 |
|
$ 0.35 |
|
$ 0.71 |
|
$ 0.35 |
|
| |
| |
| THERMADYNE HOLDINGS
CORPORATION |
| FINANCIAL HIGHLIGHTS |
| (In thousands) |
| UNAUDITED |
| |
|
|
|
|
| Schedule 2 |
|
|
|
|
| |
|
|
|
|
| Condensed Consolidated Cash Flow
Data |
|
|
|
|
| |
Three Months
Ended |
Nine Months
Ended |
| |
September 30,
2010 |
September 30,
2009 |
September 30,
2010 |
September 30,
2009 |
| Cash flows from continuing operations |
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
| Net income |
$ 4,821 |
$ 4,844 |
$ 9,688 |
$ 4,863 |
| Adjustments to reconcile net
income to net cash used in operating activities: |
|
|
|
|
| (Income) from discontinued
operations |
-- |
(1,118) |
-- |
(3,051) |
| Depreciation and amortization |
3,236 |
3,398 |
10,067 |
9,601 |
| Deferred income taxes |
1,002 |
1,623 |
(1,266) |
(270) |
| Stock compensation expense |
274 |
52 |
522 |
(616) |
| Net Periodic post-retirement benefits,
including 2009 settlement gain of $5,863 |
260 |
(6,064) |
608 |
(6,055) |
| Loss on debt extinguishment |
-- |
-- |
1,867 |
-- |
| |
9,593 |
2,735 |
21,486 |
4,472 |
| Changes in operating assets and
liabilities: |
|
|
|
|
| Accounts receivable |
(3,738) |
564 |
(13,231) |
18,598 |
| Inventories |
(3,228) |
6,913 |
(10,062) |
28,774 |
| Prepaids |
(348) |
(396) |
(28) |
887 |
| Accounts payable |
(5,360) |
(63) |
18,066 |
(9,872) |
| Accrued and other liabilities |
4,876 |
2,738 |
13,059 |
(6,350) |
| Accrued interest |
(5,212) |
(4,111) |
(4,475) |
(3,416) |
| Accrued taxes |
721 |
1,001 |
2,814 |
(1,936) |
| Other long-term liabilities |
(637) |
(283) |
(1,607) |
(796) |
| Other, net |
(34) |
-- |
(544) |
-- |
| |
(12,960) |
6,363 |
3,992 |
25,889 |
| Net cash provided by operating
activities |
(3,367) |
9,098 |
25,478 |
30,361 |
| Cash flows from investing activities: |
|
|
|
|
| Capital expenditures |
(1,447) |
(653) |
(5,921) |
(4,626) |
| Other, net |
(75) |
(111) |
(328) |
(245) |
| Net cash used in investing
activities |
(1,522) |
(764) |
(6,249) |
(4,871) |
| Cash flows from financing activities: |
|
|
|
|
| Borrowings under Working Capital
Facility |
14,766 |
-- |
15,927 |
8,923 |
| Repayments of Working Capital
Facility |
(11,872) |
(12,066) |
(13,014) |
(41,454) |
| Borrowings under Second-Lien Facility and
other |
-- |
25,000 |
-- |
25,075 |
| Repayments of Second-Lien Facility and
other |
(574) |
(16,395) |
(26,305) |
(16,630) |
| Advances to discontinued operations |
-- |
465 |
-- |
2,398 |
| Termination payment from derivative
counterparty |
-- |
|
-- |
2,313 |
| Other, net |
56 |
(187) |
102 |
(723) |
| Net cash used in financing
activities |
2,375 |
(3,183) |
(23,291) |
(20,098) |
| Effect of exchange rate changes on cash and
cash equivalents |
951 |
647 |
521 |
1,552 |
| Net cash provided by (used in) continuing
operations |
$ (1,563) |
$ 5,798 |
$ (3,541) |
$ 6,944 |
| Net cash used in discontinued operation |
$ -- |
$ (217) |
$ -- |
$ (585) |
| Total increase (decrease) in cash and cash
equivalents |
$ (1,563) |
$ 5,581 |
$ (3,541) |
$ 6,359 |
| Total cash and cash equivalents beginning of
period (including cash of discontinued operations) |
12,908 |
13,279 |
14,886 |
12,501 |
| Total cash and cash equivalents end of period
(including cash of discontinued operations) |
$ 11,345 |
$ 18,860 |
$ 11,345 |
$ 18,860 |
| |
| |
| THERMADYNE HOLDINGS
CORPORATION |
| FINANCIAL HIGHLIGHTS |
| (In thousands) |
| |
| Schedule 3 |
|
|
| |
September 30,
2010 |
December 31,
2009 |
| |
UNAUDITED |
|
| ASSETS |
|
|
| |
|
|
| Cash and cash equivalents |
$ 11,345 |
$ 14,886 |
| Accounts receivable, net |
71,330 |
56,589 |
| Inventories |
86,139 |
74,381 |
| Prepaid expenses and other |
9,702 |
9,255 |
| Deferred tax assets |
3,008 |
3,008 |
| Total current assets |
181,524 |
158,119 |
| Property, plant and equipment, net |
46,644 |
46,687 |
| Goodwill |
188,782 |
187,818 |
| Intangibles, net |
56,741 |
58,451 |
| Other assets |
2,835 |
3,870 |
| Total assets |
$ 476,526 |
$ 454,945 |
| |
|
|
| LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
| |
|
|
| Working capital facility |
$ 12,556 |
$ 9,643 |
| Current maturities of long-term
obligations |
2,905 |
8,915 |
| Accounts payable |
28,995 |
9,598 |
| Accrued and other liabilities |
37,317 |
23,119 |
| Accrued interest |
3,133 |
7,608 |
| Income taxes payable |
3,726 |
705 |
| Deferred tax liabilities |
2,793 |
2,793 |
| Total current liabilities |
91,425 |
62,381 |
| Long-term obligations, less current
maturities |
179,505 |
198,466 |
| Deferred tax liabilities |
52,805 |
52,835 |
| Other long-term liabilities |
12,289 |
13,471 |
| Total shareholders' equity |
140,502 |
127,792 |
| Total liabilities and shareholders'
equity |
$ 476,526 |
$ 454,945 |
| |
|
|
| |
|
|
| Long-term Obligations |
September 30,
2010 |
December 31,
2009 |
| |
|
|
| Working Capital Facility |
$ 12,556 |
$ 9,643 |
| Second-Lien Facility |
-- |
25,000 |
| Issuance discount on Second-Lien
Facility |
-- |
(1,703) |
| Senior Subordinated Notes, due February 1,
2014, 9 1/4% interest payable semiannually on February 1 and
August 1 |
172,327 |
172,327 |
| Capital leases and other |
10,083 |
11,757 |
| |
194,966 |
217,024 |
| Current maturities and working capital
facility |
(15,461) |
(18,558) |
| |
$ 179,505 |
$ 198,466 |
| |
| |
| THERMADYNE HOLDINGS
CORPORATION |
| FINANCIAL HIGHLIGHTS |
| (In thousands) |
| UNAUDITED |
| |
|
|
|
|
|
| Schedule 4 |
|
|
|
|
|
| |
|
|
|
|
|
| Working Capital Efficiency
Information |
|
|
|
|
|
| |
|
|
|
|
|
| |
2010 |
2009 |
| |
September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
| Accounts receivable, net |
$ 71,330 |
$ 64,938 |
$ 62,248 |
$ 56,589 |
$ 57,018 |
| Inventories |
86,139 |
80,368 |
75,540 |
74,381 |
77,476 |
| Accounts payable |
(28,995) |
(32,894) |
(29,727) |
(9,598) |
(21,596) |
| |
$ 128,474 |
$ 112,412 |
$ 108,061 |
$ 121,372 |
$ 112,898 |
| % Annualized Sales |
30.2% |
25.9% |
28.0% |
33.7% |
31.5% |
| |
|
|
|
|
|
| DSO |
60.3 |
53.8 |
58.0 |
56.6 |
57.3 |
| Inventory Turns |
3.22 |
3.55 |
3.40 |
3.30 |
3.13 |
| DPO |
37.6 |
41.5 |
41.7 |
14.1 |
32.0 |
| |
|
|
|
|
|
| Calculation Notes |
|
|
|
|
|
| % Annualized Sales = Net amount
compared to annualized quarterly sales |
| DSO = Accounts receivable
compared to related quarterly sales multiplied by 90 |
| Inventory Turns = Quarterly cost
of sales annualized divided by inventory |
| DPO = Accounts payable compared
to related quarterly cost of sales multiplied by 90 |
| |
| |
| THERMADYNE HOLDINGS
CORPORATION |
| FINANCIAL HIGHLIGHTS |
| (In millions) |
| UNAUDITED |
| Schedule 5 |
|
|
| |
|
|
| Reconciliations of Net
Income (Loss) to Operating EBITDA (1) and Operating EBITDA, as
adjusted (1) |
| |
|
|
| |
Three Months Ended
September 30 |
| |
2010 |
2009 |
| Net income (loss) from continuing
operations |
$ 4.8 |
$ 3.7 |
| Plus: |
|
|
| Depreciation and amortization including
deferred financing fees |
3.4 |
3.4 |
| Interest expense, net |
5.0 |
5.6 |
| Provision for income taxes |
2.4 |
2.6 |
| EBITDA (1) |
$ 15.5 |
$ 15.3 |
| |
|
|
| Net periodic postretirement cash payments
in excess of benefits |
(0.4) |
(6.1) |
| LIFO |
-- |
(1.8) |
| Severance accrual |
-- |
1.4 |
| Stock compensation expense |
0.5 |
0.2 |
| Operating EBITDA from continuing
operations, as adjusted (1) |
$ 15.6 |
$ 9.0 |
| Percentage of Net Sales |
14.7% |
10.1% |
| EBITDA from discontinued operations |
-- |
1.1 |
| Operating EBITDA, as adjusted
(1) |
$ 15.6 |
$ 10.1 |
| (1) A Non-GAAP measure |
|
|
| |
|
|
| |
Nine Months Ended
September 30 |
| |
2010 |
2009 |
| Net income (loss) from continuing
operations |
$ 9.7 |
$ 1.8 |
| Plus: |
|
|
| Depreciation and amortization including
deferred financing fees |
10.2 |
9.6 |
| Interest expense, net |
17.2 |
14.6 |
| Provision for income taxes |
4.2 |
1.8 |
| EBITDA (1) |
$ 41.2 |
$ 27.8 |
| |
|
|
| Net periodic postretirement cash payments
in excess of benefits |
(1.0) |
(6.2) |
| LIFO |
0.1 |
(4.1) |
| Severance accrual |
0.4 |
3.0 |
| Stock compensation expense |
1.0 |
(0.5) |
| Loss on debt retirement |
1.9 |
-- |
| Operating EBITDA from continuing
operations, as adjusted (1) |
$ 43.6 |
$ 20.0 |
| Percentage of Net Sales |
14.0% |
7.8% |
| EBITDA from discontinued operations |
-- |
3.0 |
| Operating EBITDA, as adjusted
(1) |
$ 43.6 |
$ 23.0 |
| (1) A Non-GAAP measure |
|
|
| |
| |
| THERMADYNE HOLDINGS
CORPORATION |
| NET INCOME AND OTHER
INFORMATION - TRAILING FIVE QUARTERS |
| (In thousands) |
| UNAUDITED |
| |
|
|
|
|
|
| Schedule 6 |
|
|
|
|
|
| |
2010 |
2009 |
| |
September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
| Net sales |
$ 106,483 |
$ 108,596 |
$ 96,617 |
$ 90,038 |
$ 89,501 |
| Gross Margin % of Sales |
34.8% |
34.3% |
33.5% |
31.9% |
32.2% |
| SGA % of Sales |
22.5% |
23.1% |
22.5% |
24.4% |
24.3% |
| Net income (loss) from continuing
operations |
4,821 |
2,571 |
2,296 |
(681) |
3,726 |
| Income from discontinued operations, net of
tax |
-- |
-- |
-- |
-- |
1,118 |
| Net income (loss) |
$ 4,821 |
$ 2,571 |
$ 2,296 |
$ (681) |
$ 4,844 |
| |
|
|
|
|
|
| Diluted net income (loss) per share : |
|
|
|
|
|
| Continuing operations |
$ 0.35 |
$ 0.19 |
$ 0.17 |
$ (0.05) |
$ 0.27 |
| Discontinued operations |
-- |
-- |
-- |
-- |
0.08 |
| Net income (loss) |
$ 0.35 |
$ 0.19 |
$ 0.17 |
$ (0.05) |
$ 0.35 |
| |
|
|
|
|
|
| Other Information: |
|
|
|
|
|
| Gross Margin, excluding LIFO, % of Sales |
34.8% |
34.3% |
33.6% |
31.6% |
30.2% |
| |
|
|
|
|
|
| Operating EBITDA, as adjusted |
$ 15,629 |
$ 14,700 |
$ 13,200 |
$ 10,100 |
$ 9,000 |
| % of Sales |
14.7% |
13.5% |
13.7% |
11.2% |
10.1% |
| |
|
|
|
|
|
| Cash Flows: |
|
|
|
|
|
| Net cash provided by/(used in) operating
activities * |
$ (3,367) |
$ 10,197 |
$ 18,648 |
$ (8,857) |
$ 9,098 |
| Capital expenditures incurred, excluding
effects of unpaid amounts reflected in accounts payable |
1,447 |
2,838 |
1,636 |
3,069 |
653 |
| Free Cash Flow |
$ (4,814) |
$ 7,359 |
$ 17,012 |
$ (11,926) |
$ 8,445 |
| |
|
|
|
|
|
| * Net cash provided by/(used in)
operating activities adjusted to include stock compensation
expense. |
CONTACT: Thermadyne Holdings Corporation
Debbie Bockius
636-728-3031
Thermadyne Hldgs Corp (MM) (NASDAQ:THMD)
過去 株価チャート
から 5 2024 まで 6 2024
Thermadyne Hldgs Corp (MM) (NASDAQ:THMD)
過去 株価チャート
から 6 2023 まで 6 2024
