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8-K - 8-K - KMG CHEMICALS INC | d692510d8k.htm |
Exhibit 99.1
KMG Chemicals, Inc. | ||
9555 W. Sam Houston Parkway South | ||
Suite 600 | ||
Houston, TX 77099 | ||
USA |
KMG Reports Second Quarter 2014 Financial Results
HOUSTON, Texas(BUSINESS WIRE)March 12, 2014KMG Chemicals, Inc. (NYSE: KMG), a global provider of specialty chemicals to select markets, today announced financial results for the fiscal 2014 second quarter ended January 31, 2014.
2014 Second Quarter Financial Review
| Net sales were $84.3 million, an increase of 47.9% from last years second quarter. The sales increase reflected the addition of the Ultra Pure Chemicals (UPC) business, acquired in May 2013. |
| Adjusted EBITDA1 was $6.0 million, compared to $5.6 million last year. Second quarter fiscal 2014 adjusted EBITDA excludes $3.2 million of restructuring charges, while second quarter fiscal 2013 adjusted EBITDA excludes $743,000 in acquisition expenses. |
| Adjusted diluted EPS2, which excludes restructuring charges, was $0.12, as compared to $0.18 in last years second quarter. The decrease in adjusted EPS was primarily due to $1.8 million in depreciation and amortization expense, or approximately $0.10 per diluted share, related to the UPC acquisition. |
| GAAP net loss per share was $(0.24) vs. EPS of $0.14 reported in the same period a year ago. The 2014 loss per share was entirely due to restructuring charges. |
Chris Fraser, KMG chairman and chief executive officer, said, During our second quarter we moved aggressively to integrate the UPC business and capture initial synergies from this key acquisition, which positions KMG as the leading global supplier of high purity process chemicals to the semiconductor industry. The strategic manufacturing realignment of our global Electronic Chemicals business is progressing on schedule, as we continued the closing of our Fremont, California, facility and initiated the consolidation of our manufacturing footprint in Europe. We remain confident these actions will generate significant operating efficiencies as they are completed in 2014 and 2015.
Our second quarter financial results were in line with our expectations, as we experienced seasonal softness in our Electronic Chemicals and Wood Treating Chemicals businesses. In addition, conditions in the rail tie treating market remained challenging. Although seasonality in our Electronic Chemicals business was a headwind during the quarter, this segments performance benefited from volume growth at key customers, ongoing cost controls and the realization of supply chain efficiencies. Overall, second quarter adjusted earnings per share was $0.12, down from $0.18 last year, in part due to increased depreciation and amortization expenses resulting from the UPC acquisition as well as higher audit and tax service fees.
1 | Non-U.S. GAAP measure. See Table 2 for reconciliation. |
2 | Non-U.S. GAAP measure. See Table 1 for reconciliation. |
Phone: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Second Quarter Results |
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Dollars in thousands, except EPS | Fiscal 2014 | Fiscal 2013 | ||||||||||||||
(unaudited) | As | As | ||||||||||||||
Adjusted | Reported | Adjusted | Reported | |||||||||||||
(non-GAAP) | (GAAP) | (non-GAAP) | (GAAP) | |||||||||||||
Net Sales |
$ | 84,253 | $ | 84,253 | $ | 56,959 | $ | 56,959 | ||||||||
Operating Income (Loss) |
2,588 | (1,603 | ) | 3,939 | 3,196 | |||||||||||
Operating Margin |
3.1 | % | (1.9 | %) | 6.9 | % | 5.6 | % | ||||||||
Net Income (Loss) |
1,396 | (2,744 | ) | 2,100 | 1,618 | |||||||||||
Diluted EPS |
$ | 0.12 | ($0.24 | ) | $ | 0.18 | $ | 0.14 |
Electronic Chemicals Second Quarter Results |
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Dollars in thousands | Fiscal 2014 | Fiscal 2013 | ||||||||||
As | As | |||||||||||
Adjusted | Reported | Reported | ||||||||||
(non-GAAP) | (GAAP) | (GAAP) | ||||||||||
Net Sales |
$ | 61,428 | $ | 61,428 | $ | 35,647 | ||||||
Operating Income |
3,155 | 2,995 | 2,429 | |||||||||
Operating Margin |
5.1 | % | 4.9 | % | 6.8 | % |
For the second fiscal quarter, the Electronic Chemicals segment reported:
| Sales of $61.4 million, up from $35.6 million in the same period a year ago. The increase in sales reflected the addition of the UPC business. Electronic Chemicals sales represented 73% of consolidated second quarter sales. |
| Adjusted EBITDA1 of $6.4 million, compared to $3.9 million last year. |
| Depreciation and amortization expense of $3.3 million, compared to $1.5 million last year. |
| Adjusted operating income2 of $3.2 million, up from $2.4 million in the same period of fiscal 2013. Fiscal 2014 second quarter adjusted operating income excludes $160,000 of integration expenses. Electronic Chemicals segment adjusted operating income also excludes restructuring expenses, which are included under corporate operating income (loss). |
| GAAP operating margin of 4.9% vs. 6.8% in the previous year. Excluding the impact of integration expenses, adjusted operating margin was 5.1%. The difference from the prior year was primarily due to increased depreciation and amortization expenses. |
1 | Non-U.S. GAAP measure. See Table 2 for reconciliation. |
2 | Non-U.S. GAAP measure. See Table 1 for reconciliation. |
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Wood Treating Chemicals Second Quarter Results |
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Dollars in thousands | Fiscal 2014 | Fiscal 2013 | ||||||
As | As | |||||||
Reported | Reported | |||||||
(GAAP) | (GAAP) | |||||||
Net Sales |
$ | 22,795 | $ | 21,183 | ||||
Operating Income |
1,111 | 2,220 | ||||||
Operating Margin |
4.9 | % | 10.5 | % |
For the second fiscal quarter, the Wood Treating Chemicals segment reported:
| Sales of $22.8 million, up 7.6% from $21.2 million in the same period a year ago. The sales increase was due to higher volumes to the rail tie treating market. Wood Treating Chemicals sales represented 27% of consolidated second quarter sales. |
| EBITDA1 of $1.2 million, down from $2.3 million last year. |
| Operating income of $1.1 million, or 4.9% of sales, compared to $2.2 million, or 10.5% of sales, last year. The decrease in operating income was due to lower creosote sales prices and a less favorable product mix. Operating income was also negatively impacted by barge cleaning costs in our creosote business. |
Outlook
For fiscal 2014, the company issued the following forecast:
| Consistent with prior guidance, consolidated net sales are forecast to exceed $350 million, benefiting from the acquisition of the UPC business. |
| Projected restructuring charges (excluding accelerated depreciation) remain targeted at $4-5 million, partially offset by an estimated $2-3 million of restructuring-related synergies and commercial benefits. In addition, incremental capital expenditures of approximately $2 million are expected to be incurred to accomplish these plans. |
| Depreciation and amortization expense of approximately $15 million. In addition to this amount, the company expects to incur approximately $3 million in non-cash restructuring charges, representing accelerated depreciation expense related to the closure of the Fremont facility and cessation of manufacturing operations in Milan. |
1 | Non-U.S. GAAP measure. See Table 2 for reconciliation. |
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Conference call
Date: Wednesday, March 12, 2014
Time: 10:00 am ET
Dial in: 877-280-4959 or 857-244-7316
Conference ID: 21431991
The conference call will be webcast live via the Investors section of the Companys website at http://kmgchemicals.com.
If you are unable to listen live, the conference call will be archived on the KMG website. A telephone replay of the call will also be available for one week, starting at 2:00 p.m. ET on March 12, 2014. To access the call, dial 888-286-8010 or 617-801-6888 using participant passcode 77568317.
About KMG
KMG Chemicals, Inc., through its subsidiaries, produces and distributes specialty chemicals to select markets. The Company grows by acquiring and optimizing stable chemical product lines and businesses with established production processes. Its current operations are focused on the electronic and industrial wood treatment chemical markets. For more information, visit the Companys website at http://kmgchemicals.com.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, the impact of competitive services and pricing and general economic risks and uncertainties.
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
(In thousands, except for per share amounts)
Three Months Ended | ||||||||
January 31, | ||||||||
2014 | 2013 | |||||||
Net sales |
$ | 84,253 | $ | 56,959 | ||||
Cost of sales |
59,063 | 41,238 | ||||||
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Gross profit |
25,190 | 15,721 | ||||||
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Distribution expenses |
12,892 | 5,922 | ||||||
Selling, general and administrative expenses |
9,870 | 6,603 | ||||||
Restructuring charges1 |
4,031 | | ||||||
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Operating income (loss) |
(1,603 | ) | 3,196 | |||||
Other income (expense) |
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Interest expense, net |
(661 | ) | (395 | ) | ||||
Other, net |
(120 | ) | (76 | ) | ||||
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Total other expense, net |
(781 | ) | (471 | ) | ||||
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Income (loss) from continuing operations before income taxes |
(2,384 | ) | 2,725 | |||||
Provision for income taxes |
(360 | ) | (1,070 | ) | ||||
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Income (loss) from continuing operations |
(2,744 | ) | 1,655 | |||||
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Discontinued operations |
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Loss from discontinued operations, before income taxes |
| (52 | ) | |||||
Income tax benefit |
| 15 | ||||||
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Loss from discontinued operations |
| (37 | ) | |||||
Net income (loss) |
$ | (2,744 | ) | $ | 1,618 | |||
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Earnings per share: |
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Basic |
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Income (loss) from continuing operations |
$ | (0.24 | ) | $ | 0.14 | |||
Loss from discontinued operations |
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Net income (loss) |
$ | (0.24 | ) | $ | 0.14 | |||
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Diluted |
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Income (loss) from continuing operations |
$ | (0.24 | ) | $ | 0.14 | |||
Loss from discontinued operations |
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Net income (loss) |
$ | (0.24 | ) | $ | 0.14 | |||
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Weighted average shares outstanding: |
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Basic |
11,613 | 11,480 | ||||||
Diluted |
11,613 | 11,578 |
1 | Restructuring charges include $771,000 of accelerated depreciation expense related to the closure of the Milan and Fremont facilities. |
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share amounts)
January 31, | July 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Assets |
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Current assets |
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Cash and cash equivalents |
$ | 14,960 | $ | 13,949 | ||||
Accounts receivable |
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Trade, net of allowances of $250 at January 31, 2014 and $224 at July 31, 2013 |
39,560 | 41,935 | ||||||
Other |
3,366 | 4,210 | ||||||
Inventories, net |
52,120 | 53,387 | ||||||
Current deferred tax assets |
620 | 1,400 | ||||||
Prepaid expenses and other |
2,053 | 3,955 | ||||||
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Total current assets |
112,679 | 118,836 | ||||||
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Property, plant and equipment, net |
96,390 | 96,688 | ||||||
Deferred tax assets |
984 | 1,069 | ||||||
Goodwill |
11,105 | 10,929 | ||||||
Intangible assets, net |
29,006 | 29,261 | ||||||
Restricted cash |
1,000 | 1,000 | ||||||
Other assets, net |
4,376 | 4,232 | ||||||
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Total assets |
$ | 255,540 | $ | 262,015 | ||||
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Liabilities & stockholders equity |
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Current liabilities |
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Accounts payable |
$ | 30,200 | $ | 35,492 | ||||
Accrued liabilities |
15,465 | 10,351 | ||||||
Current maturities of long-term debt |
20,000 | | ||||||
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Total current liabilities |
65,665 | 45,843 | ||||||
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Long-term debt, net of current maturities |
59,000 | 85,000 | ||||||
Deferred tax liabilities |
9,297 | 11,462 | ||||||
Other long-term liabilities |
2,458 | 2,470 | ||||||
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Total liabilities |
136,420 | 144,775 | ||||||
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Commitments and contingencies |
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Stockholders equity |
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Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued |
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Common stock, $.01 par value, 40,000,000 shares authorized, 11,614,246 shares issued and outstanding at January 31, 2014 and 11,522,321 shares issued and outstanding at July 31, 2013 |
116 | 115 | ||||||
Additional paid-in capital |
28,151 | 26,689 | ||||||
Accumulated other comprehensive loss |
| (2,504 | ) | |||||
Retained earnings |
90,853 | 92,940 | ||||||
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Total stockholders equity |
119,120 | 117,240 | ||||||
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Total liabilities and stockholders equity |
$ | 255,540 | $ | 262,015 | ||||
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Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Six Months Ended | ||||||||
January 31, | ||||||||
2014 | 2013 | |||||||
Cash flows from operating activities |
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Net income (loss) |
$ | (1,392 | ) | $ | 5,760 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
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Depreciation and amortization |
7,011 | 3,504 | ||||||
Non-cash restructuring charges |
771 | | ||||||
Amortization of loan costs included in interest expense |
30 | 31 | ||||||
Stock-based compensation expense |
1,434 | 297 | ||||||
Bad debt expense |
130 | 77 | ||||||
Allowance for excess and obsolete inventory |
38 | (301 | ) | |||||
Loss on disposal of property |
63 | 9 | ||||||
Loss on sale of animal health business |
| 57 | ||||||
Deferred income tax benefit |
940 | (5 | ) | |||||
Tax benefit from stock-based awards |
(328 | ) | (436 | ) | ||||
Changes in operating assets and liabilities |
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Accounts receivable trade |
2,578 | 4,437 | ||||||
Accounts receivable other |
140 | (2,617 | ) | |||||
Inventories |
1,733 | (1,687 | ) | |||||
Other current and non-current assets |
1,812 | 791 | ||||||
Accounts payable |
(5,817 | ) | (742 | ) | ||||
Accrued liabilities and other |
2,633 | (559 | ) | |||||
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Net cash provided by operating activities |
11,776 | 8,616 | ||||||
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Cash flows from investing activities |
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Additions to property, plant and equipment |
(5,307 | ) | (2,772 | ) | ||||
Disposals of property, plant and equipment |
17 | | ||||||
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Net cash used in investing activities |
(5,290 | ) | (2,772 | ) | ||||
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Cash flows from financing activities |
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Net payments under revolving credit agreement |
(6,000 | ) | (2,000 | ) | ||||
Proceeds from exercise of stock options |
| 70 | ||||||
Tax benefit from stock-based awards |
328 | 436 | ||||||
Payment of dividends |
(695 | ) | (687 | ) | ||||
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Net cash used in financing activities |
(6,367 | ) | (2,181 | ) | ||||
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Effect of exchange rate changes of cash |
892 | 191 | ||||||
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Net increase (decrease) in cash and cash equivalents |
1,011 | 3,854 | ||||||
Cash and cash equivalents at beginning of period |
13,949 | 1,633 | ||||||
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Cash and cash equivalents at end of period |
$ | 14,960 | $ | 5,487 | ||||
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Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Reconciliation of non-GAAP financial measures to GAAP financial measures
KMG provides non-GAAP financial information to complement reported GAAP results. KMG believes that analysis of our financial performance would be enhanced by an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. Excluding expenses related to the integration and restructuring of the UPC business and CEO transition expenses from current results will allow for more accurate comparisons of our operating performance. KMG intends to continue to provide certain non-GAAP financial information and the appropriate reconciliation to GAAP in its financial results. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP measures should be viewed as a supplement to, and not a substitute for, U.S. GAAP measures of performance.
Table 1
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
Second Quarter Fiscal 2014 |
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Dollars in thousands, except EPS | KMG Chemicals, Inc. | |||||||||||||||
Diluted | ||||||||||||||||
Operating | Net | Earnings | ||||||||||||||
Income | Margin | Income | Per Share | |||||||||||||
Non-GAAP measure |
$ | 2,588 | 3.1 | % | $ | 1,396 | $ | 0.12 | ||||||||
Restructuring charges |
(4,031 | ) | (4.8 | %) | (2,624 | ) | ($0.23 | ) | ||||||||
Restructuring income tax expense1 |
| 0.0 | % | (1,412 | ) | ($0.12 | ) | |||||||||
Integration expenses |
(160 | ) | (0.2 | %) | (104 | ) | ($0.01 | ) | ||||||||
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GAAP measure |
$ | (1,603 | ) | (1.9 | %) | $ (2,744 | ) | ($0.24 | ) | |||||||
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Electronic Chemicals | Wood Treating Chemicals |
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Operating | Operating | |||||||||||||||
Income | Margin | Income | Margin | |||||||||||||
Non-GAAP measure |
$ | 3,155 | 5.1 | % | $ | 1,111 | 4.9 | % | ||||||||
Integration expenses |
(160 | ) | (0.2 | %) | | 0.0 | % | |||||||||
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GAAP measure |
$ | 2,995 | 4.9 | % | $ | 1,111 | 4.9 | % | ||||||||
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Second Quarter Fiscal 2013 |
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Dollars in thousands, except EPS | KMG Chemicals, Inc. | |||||||||||||||
Diluted | ||||||||||||||||
Operating | Net | Earnings | ||||||||||||||
Income | Margin | Income | Per Share | |||||||||||||
Non-GAAP measure |
$ | 3,939 | 6.9 | % | $ | 2,100 | $ | 0.18 | ||||||||
Acquisition expenses |
(743 | ) | (1.3 | %) | (482 | ) | ($0.04 | ) | ||||||||
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GAAP measure |
$ | 3,196 | 5.6 | % | $ | 1,618 | $ | 0.14 | ||||||||
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Electronic Chemicals | Wood Treating Chemicals | |||||||||||||||
Operating | Operating | |||||||||||||||
Income | Margin | Income | Margin | |||||||||||||
Non-GAAP measure |
$ | 2,429 | 6.8 | % | $ | 2,220 | 10.5 | % | ||||||||
Acquisition expenses |
| 0.0 | % | | 0.0 | % | ||||||||||
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GAAP measure |
$ | 2,429 | 6.8 | % | $ | 2,220 | 10.5 | % | ||||||||
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1 | The amount represents a valuation allowance taken against a portion of the companys deferred tax assets as a result of the restructuring. |
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Table 2
RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(In thousands)
Three Months Ended January 31, 2014 | Electronic Chemicals |
Wood Treating Chemicals |
Corporate | Total | ||||||||||||
Operating Income (Loss) |
$ | 2,995 | $ | 1,111 | ($5,709 | ) | ($1,603 | ) | ||||||||
Other (income) expense |
(55 | ) | (10 | ) | (55 | ) | (120 | ) | ||||||||
Depreciation and amortization |
3,345 | 98 | 104 | 3,547 | ||||||||||||
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EBITDA |
6,285 | 1,199 | (5,660 | ) | 1,824 | |||||||||||
Non-cash restructuring charges |
771 | 771 | ||||||||||||||
Acquisition and integration expenses |
160 | 160 | ||||||||||||||
Restructuring charges, excluding accelerated depreciation |
3,260 | 3,260 | ||||||||||||||
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Adjusted EBITDA |
$ | 6,445 | $ | 1,199 | ($1,629 | ) | $ | 6,015 | ||||||||
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Three Months Ended January 31, 2013 | Electronic Chemicals |
Wood Treating Chemicals |
Corporate | Total | ||||||||||||
Operating Income (Loss) |
$ | 2,429 | $ | 2,220 | ($1,453 | ) | $ | 3,196 | ||||||||
Other (income) expense |
(35 | ) | (6 | ) | (35 | ) | (76 | ) | ||||||||
Depreciation and amortization |
1,539 | 105 | 103 | 1,747 | ||||||||||||
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EBITDA |
3,933 | 2,319 | (1,385 | ) | 4,867 | |||||||||||
Non-cash restructuring charges |
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Acquisition and integration expenses |
743 | 743 | ||||||||||||||
Restructuring charges, excluding accelerated depreciation |
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Adjusted EBITDA |
$ | 3,933 | $ | 2,319 | ($642 | ) | $ | 5,610 | ||||||||
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Six Months Ended January 31, 2014 | Electronic Chemicals |
Wood Treating Chemicals |
Corporate | Total | ||||||||||||
Operating Income (Loss) |
$ | 6,333 | $ | 3,616 | ($8,497 | ) | $ | 1,452 | ||||||||
Other (income) expense |
(304 | ) | (31 | ) | (100 | ) | (435 | ) | ||||||||
Depreciation and amortization |
6,592 | 196 | 223 | 7,011 | ||||||||||||
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EBITDA |
12,621 | 3,781 | (8,374 | ) | 8,028 | |||||||||||
Non-cash restructuring charges |
771 | 771 | ||||||||||||||
Acquisition and integration expenses |
660 | 660 | ||||||||||||||
CEO Transition costs |
1,280 | 1,280 | ||||||||||||||
Restructuring charges, excluding accelerated depreciation |
3,260 | 3,260 | ||||||||||||||
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Adjusted EBITDA |
$ | 13,281 | $ | 3,781 | ($3,063 | ) | $ | 13,999 | ||||||||
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Six Months Ended January 31, 2013 | Electronic Chemicals |
Wood Treating Chemicals |
Corporate | Total | ||||||||||||
Operating Income (Loss) |
$ | 7,501 | $ | 5,586 | ($2,787 | ) | $ | 10,300 | ||||||||
Other (income) expense |
(57 | ) | (11 | ) | (58 | ) | (126 | ) | ||||||||
Depreciation and amortization |
3,089 | 212 | 203 | 3,504 | ||||||||||||
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EBITDA |
10,533 | 5,787 | (2,642 | ) | 13,678 | |||||||||||
Non-cash restructuring charges |
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Acquisition and integration expenses |
1,320 | 1,320 | ||||||||||||||
Restructuring charges, excluding accelerated depreciation |
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Adjusted EBITDA |
$ | 10,533 | $ | 5,787 | ($1,322 | ) | $ | 14,998 | ||||||||
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Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG
Source: KMG Chemicals, Inc.
KMG Chemicals, Inc.
Eric Glover, 713-600-3865
Investor Relations Manager
eglover@kmgchemicals.com
Main: 713-600-3800 Fax: 713-600-3850
www.kmgchemicals.com NYSE: KMG