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8-K - 8-K - Multi Packaging Solutions International Ltdmpsx-20160512x8k.htm
EX-99.2 - EX-99.2 - Multi Packaging Solutions International Ltdmpsx-20160512ex9925438de.htm

Exhibit 99.1

 

W:\Word Team Jobs\Bridge\2016\03_March\22\Multi Packaging Solutions 8K\Wip\mps_logo_color_hr.jpg

 

 

Multi Packaging Solutions Announces Third Quarter Results

Adjusted nine month EBITDA of $205 million, Adjusted nine month EPS of $0.64 per share

Strong cash flow provides for additional repayment of $15.0 million of debt in quarter

 

New York, NY, May 12, 2016 – Multi Packaging Solutions International Limited (NYSE: MPSX), (“MPS” or “the Company”), a global leader in value-added print and packaging solutions for the branded consumer, healthcare, and multi-media markets, today announced results for 3Q  FY 2016.

 

3Q FY 2016 vs 3Q FY 2015:

 

·

GAAP sales of $399.2 million vs $416.2 million

·

Negative foreign exchange impact of $13.3 million

·

GAAP operating income of $26.0 million vs $18.8 million

·

GAAP net income attributable to MPS of $3.8 million vs $6.8 million

·

GAAP net income attributable to MPS of $0.05 per share vs $0.11 per share

·

Non GAAP net income attributable to MPS of $8.8 million vs $3.7 million

·

Non GAAP net income attributable to MPS per share of $0.11 vs $0.06

·

Adjusted EBITDA of $58.4 million vs $57.3 million

·

Adjusted EBITDA margin of 14.6% vs 13.8%

·

Early debt repayment of $15.0 million in March 2016

 

YTD FY 2016 vs YTD FY 2015:

 

·

GAAP sales of $1.29 billion vs $1.22 billion

·

Negative foreign exchange impact of $71.2 million

·

GAAP operating income of $73.8 million vs $61.5 million

·

GAAP net income attributable to MPS of $8.9 million vs $11.4 million

·

GAAP net income attributable to MPS of $0.12 per share vs $0.18 per share

·

Non GAAP net income attributable to MPS of $45.8 million vs $16.6 million

·

Non GAAP net income attributable to MPS of $0.64 per share vs $0.27 per share

·

Adjusted EBITDA of $205.0 million vs $176.9 million.

·

Adjusted EBITDA margin of 15.9% vs 14.6%.

·

Early debt repayments totaling $40.0 million in YTD 2016, excluding debt repayments from the IPO proceeds

 

 

Marc Shore, Chief Executive Officer, commented, “We are pleased with our third fiscal quarter and nine months results notwithstanding certain challenges. Our nine month EBITDA results were a record $205 million with a record EBITDA margin of 15.9%.  Further, we have significantly deleveraged our balance sheet which includes an additional $15 million voluntary debt prepayment

Page 1 of 9


 

on March 9, 2016.  On the negative side, foreign exchange rates impacted EBITDA by $12.2 million year to date, the cold and flu season was soft, and certain consumer customers had lower than expected sales.  On the positive side, global and cross selling sales initiatives are beginning to generate meaningful traction and operational improvements continue.  We have successfully integrated our acquisitions, have achieved our original synergy targets, and will continue to optimize our operations over the next several quarters.  For example, we have announced the intention to relocate our Stuttgart, Germany business and are working with the European Works Councils to this end.  We expect to consolidate this facility into other existing facilities in Germany in order to better serve our customers and gain operational efficiencies.  Our plans also include evaluating several other opportunities over the next few quarters in order to maximize the efficiency of our global manufacturing footprint.  In connection with these plans, the Company expects to record $5 million of restructuring and closure cost charges over the next four quarters.  We look forward to continued progress in global and cross selling sales initiatives, further self-help operational improvements and margin improvement, and opportunistic tuck–in acquisitions like Chicago Paper Tube in the quarters to come.”

   

 

Discussion of Third Quarter Fiscal 2016 Results

 

GAAP net sales for 3Q FY 2016 and YTD FY 2016 were $399.2 million and $1,287.6 million vs net sales for 3Q FY 2015 and YTD FY 2015 of $416.2 million and $1,215.1 million.  3Q FY 2016 and YTD FY 2016 include negative foreign exchange effects of $13.3 million and $71.2 million.  Adjusted for acquisitions in fiscal 2015, net sales for 3Q FY 2016 were down $26.9 million vs. 3Q FY 2015.   This decrease was principally due to the impact of unfavorable foreign exchange rates, the anticipated and continuing decline in multi-media sales and the year over year decrease in sales to three consumer product companies.   

 

Gross margin for 3Q FY 2016 was 21.7%, up 140 basis points, vs. 20.3% for 3Q FY 2015.  This increase reflects the Company’s improved manufacturing efficiencies in our facilities, returns from our targeted capital spending programs, and $2.8 million of realized synergies from acquisitions.

 

GAAP operating income for 3Q FY 2016 was $26.0 million, up approximately 200 basis points, vs $18.8 million for 3Q 2015.  GAAP operating income for YTD FY 2016 was $73.8 million vs $61.5 million for YTD FY 2015.  Included in the current YTD period is approximately $27.0 million of stock compensation recorded in connection with the vesting of shares from the Company’s initial public offering.  Excluding this charge, operating income for YTD FY 2016 would have been $100.8 million, an increase of $39.3 million or approximately 280 basis points when compared to the same period in the prior year.

 

GAAP net income attributable to MPS for 3Q FY 2016 and YTD FY 2016 was $3.8 million and $8.9 million as compared to $6.8 million and $11.4 million for 3Q FY 2015 and YTD FY 2015. GAAP net income in 3Q FY 2016 and YTD FY 2016 include negative foreign exchange effects of $1.6 million and $12.2 million. In addition, GAAP net income for YTD 2016 includes the previously mentioned stock compensation expense.

 

Page 2 of 9


 

Non GAAP net income attributable to MPS for 3Q FY 2016 and YTD FY 2016 were $8.8 million and $45.8 million vs non GAAP net income attributable to MPS for 3Q FY 2015 and YTD FY 2015 of $3.7 million and $16.6 million.  Adjustments to non GAAP net income are principally net of tax adjustments related to stock compensation expense, restructuring charges associated with plant closures, foreign exchange, expenses associated with acquisition transactions and debt extinguishment related costs.

 

Adjusted EBITDA for 3Q FY 2016 was $58.4 million, up $1.1 million, vs. $57.3 million in 3Q FY 2015.  Adjusted EBITDA margin of 14.6% was driven by the Company’s targeted capital spending programs, plant improvement initiatives, and purchasing and cost savings programs. Acquisition adjusted pro forma EBITDA for 3Q FY 2016 of $58.4 million was down $0.2 million as compared to results from 3Q FY 2015.

 

Cash balances as of March 31, 2016 were $46.6 million. There were no amounts outstanding under our revolving credit facility.  Total debt net of cash was $899.8 million including deferred debt discount of $14.0 million. At March 31, 2016, trailing twelve months acquisition adjusted pro forma EBITDA was $260.4 million, and the pro forma leverage ratio was 3.5.

 

Third Quarter Earnings Conference Call and Webcast

 

The Company will host a conference call on May 12, 2016 at 4:30pm ET, which can be accessed by dialing 877-705-6003 (domestic) or 201-493-6725 (international). 

Supplemental materials for today’s call can also be found on the investor relations portion of the Company’s website.

 

The Company will also host a live webcast of its conference call which may be accessed on the Investor Relations section of the Company's website at multipkg.com.

A replay will be available approximately three hours after the call, through May 19, 2016, accessible by dialing 877-870-5176 (domestic), or 858-384-5517 (international). The passcode for the replay is 13636725.

 

 

Non GAAP Financial Measures

The historical financial information included in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA.  Management uses these non GAAP financial measures in the analysis of financial and operating performance because they assist in the evaluation of underlying trends in our business. Our use of the terms Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA may differ from that of others in our industry. Adjusted Net Income, Adjusted Operating Income and Adjusted EBITDA should not be considered as alternatives to net income (loss), operating income (loss), or any other performance measures prepared in accordance with GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Adjusted Net Income, Adjusted Operating Income, and Adjusted EBITDA have important limitations as analytical tools and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. This presentation includes a reconciliation of certain non GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP.

 

Page 3 of 9


 

About Multi Packaging Solutions

Multi Packaging Solutions is a leading global provider of value-added packaging solutions to a diverse customer base across the healthcare, consumer and multi-media markets.  MPS provides its customers with an extensive array of print-based specialty packaging solutions, including premium folding cartons, inserts, labels and rigid packaging across a variety of substrates and finishes. MPS has manufacturing locations across North America, Europe and Asia.

 

Cautionary Statement Concerning Forward-Looking Statements

This release contains certain forward-looking statements regarding MPS and its subsidiaries. All of these statements are based on management’s expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of MPS’ control that may cause its business, industry, strategy, financing activities or actual results to differ materially. MPS undertakes no obligation to update or revise any of the forward looking statements contained herein, whether as a result of new information, future events or otherwise.

 

Contact:

Multi Packaging Solutions

Paul Hatty, VP Finance - Investor Relations

Richard Zubek, Investor Relations

646-885-0005

ir@multipkg.com 

 

Source: Multi Packaging Solutions International Limited

MPSX-IR

Page 4 of 9


 

 

Multi Packaging Solutions International Limited And Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

    

March 31, 

    

June 30, 

 

 

 

2016

 

2015

 

 

 

(unaudited)

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

46,551

 

$

55,675

 

Accounts receivable, net

 

 

253,659

 

 

240,110

 

Inventories

 

 

161,831

 

 

171,836

 

Prepaid expenses and other current assets

 

 

28,147

 

 

26,892

 

Deferred income taxes

 

 

7,787

 

 

8,454

 

Total current assets

 

 

497,975

 

 

502,967

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

Land

 

 

55,345

 

 

58,316

 

Buildings and improvements

 

 

65,368

 

 

58,368

 

Machinery and equipment

 

 

387,955

 

 

373,639

 

Furniture and fixtures

 

 

15,513

 

 

13,056

 

Construction in progress

 

 

9,173

 

 

12,255

 

Total

 

 

533,354

 

 

515,634

 

Less: Accumulated depreciation

 

 

(136,434)

 

 

(86,691)

 

Total property, plant and equipment, net

 

 

396,920

 

 

428,943

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

Intangible assets, net

 

 

367,041

 

 

419,733

 

Goodwill

 

 

474,030

 

 

474,901

 

Deferred financing costs, net

 

 

3,202

 

 

4,311

 

Deferred income taxes

 

 

13,247

 

 

14,568

 

Other assets

 

 

34,973

 

 

36,702

 

Total assets

 

$

1,787,388

 

$

1,882,125

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

$

163,067

 

$

176,431

 

Payroll and benefits

 

 

37,958

 

 

51,606

 

Other current liabilities

 

 

38,254

 

 

46,097

 

Short-term foreign borrowings

 

 

4,559

 

 

3,488

 

Current portion of long-term debt

 

 

9,619

 

 

11,740

 

Income taxes payable

 

 

8,685

 

 

6,022

 

Total current liabilities

 

 

262,142

 

 

295,384

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

932,123

 

 

1,173,161

 

Deferred income taxes

 

 

86,144

 

 

93,061

 

Other long-term liabilities

 

 

31,500

 

 

31,829

 

Total liabilities

 

 

1,311,909

 

 

1,593,435

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Authorized share capital – $1.00 par value, 1,000,000,000 shares authorized

 

 

 

 

 

 

 

Preference shares – no shares issued

 

 

 —

 

 

 —

 

Common shares – 77,452,946 and 61,939,432 issued and outstanding

 

 

77,453

 

 

61,939

 

Additional paid-in capital

 

 

469,688

 

 

278,695

 

Accumulated deficit

 

 

(36,492)

 

 

(45,365)

 

Accumulated other comprehensive loss

 

 

(38,061)

 

 

(13,287)

 

Total Multi Packaging Solutions International Limited shareholders’ equity

 

 

472,588

 

 

281,982

 

Noncontrolling interest

 

 

2,891

 

 

6,708

 

Total shareholders’ equity

 

 

475,479

 

 

288,690

 

Total liabilities and shareholders’ equity

 

$

1,787,388

 

$

1,882,125

 

Page 5 of 9


 

 

 

Multi Packaging Solutions International Limited And Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31, 

 

March 31, 

 

 

    

2016

    

2015

    

2016

    

2015

 

Net sales

 

$

399,184

 

$

416,207

 

$

1,287,592

 

$

1,215,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

312,437

 

 

331,877

 

 

1,005,779

 

 

966,069

 

Gross profit

 

 

86,747

 

 

84,330

 

 

281,813

 

 

249,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

60,259

 

 

63,069

 

 

178,149

 

 

180,052

 

Stock based and deferred compensation expense

 

 

104

 

 

517

 

 

27,064

 

 

1,403

 

Transaction related expenses

 

 

371

 

 

1,914

 

 

2,785

 

 

6,098

 

Total selling, general and administrative expenses

 

 

60,734

 

 

65,500

 

 

207,998

 

 

187,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

26,013

 

 

18,830

 

 

73,815

 

 

61,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

 

(1,262)

 

 

9,100

 

 

(4,797)

 

 

10,643

 

Debt extinguishment charges

 

 

(64)

 

 

 —

 

 

(3,931)

 

 

 —

 

Interest expense

 

 

(14,896)

 

 

(17,631)

 

 

(49,641)

 

 

(54,042)

 

Total other expense, net

 

 

(16,222)

 

 

(8,531)

 

 

(58,369)

 

 

(43,399)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

9,791

 

 

10,299

 

 

15,446

 

 

18,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(6,178)

 

 

(3,309)

 

 

(6,753)

 

 

(6,212)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

 

3,613

 

 

6,990

 

 

8,693

 

 

11,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to noncontrolling interest

 

 

170

 

 

(207)

 

 

180

 

 

(525)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders of
Multi Packaging Solutions International Limited

 

$

3,783

 

$

6,783

 

$

8,873

 

$

11,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders of
Multi Packaging Solutions International Limited per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

$

0.11

 

$

0.12

 

$

0.18

 

Diluted

 

$

0.05

 

$

0.11

 

$

0.12

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

77,452

 

 

61,939

 

 

71,076

 

 

61,939

 

Diluted

 

 

77,452

 

 

61,939

 

 

71,076

 

 

61,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative foreign currency translation adjustment

 

$

(1,192)

 

$

(12,718)

 

$

(22,764)

 

$

(52,831)

 

Adjustment on available-for-sale securities

 

 

111

 

 

127

 

 

89

 

 

114

 

Pension adjustments

 

 

(3,541)

 

 

(1,428)

 

 

(2,087)

 

 

(790)

 

Total other comprehensive loss

 

 

(4,622)

 

 

(14,019)

 

 

(24,762)

 

 

(53,507)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

(1,009)

 

 

(7,029)

 

 

(16,069)

 

 

(41,624)

 

Comprehensive loss attributable to non-controlling interests

 

 

 —

 

 

(441)

 

 

(17)

 

 

(554)

 

Comprehensive loss attributable to shareholders of
Multi Packaging Solutions International Limited

 

$

(1,009)

 

$

(7,470)

 

$

(16,086)

 

$

(42,178)

 

 

Page 6 of 9


 

 

Multi Packaging Solutions International Limited And Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended  March 31, 

 

 

 

2016

 

2015

 

Operating Activities

    

 

 

    

 

 

 

Net income

 

$

8,693

 

$

11,883

 

Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:

 

 

 

 

 

 

 

Depreciation expense

 

 

55,825

 

 

58,085

 

Amortization expense

 

 

41,665

 

 

39,900

 

Amortization of deferred financing fees

 

 

3,102

 

 

3,350

 

Debt extinguishment charges

 

 

3,931

 

 

 

Deferred income taxes

 

 

(4,496)

 

 

(5,407)

 

Stock compensation

 

 

26,044

 

 

981

 

Unrealized foreign currency loss (gain)

 

 

2,818

 

 

(2,865)

 

Other

 

 

1,837

 

 

420

 

Change in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

(11,887)

 

 

(12,962)

 

Inventories

 

 

5,231

 

 

13,336

 

Prepaid expenses and other current assets

 

 

355

 

 

(4,136)

 

Other assets

 

 

(7,201)

 

 

4,813

 

Accounts payable

 

 

(13,495)

 

 

(39,495)

 

Payroll and benefits

 

 

(13,110)

 

 

(2,111)

 

Other current liabilities

 

 

(10,010)

 

 

6,996

 

Income taxes payable

 

 

2,205

 

 

6,941

 

Other long-term liabilities

 

 

(2,590)

 

 

(14,508)

 

Net cash and cash equivalents provided by operating activities

 

 

88,917

 

 

65,221

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(36,719)

 

 

(37,678)

 

Additions to intangible assets

 

 

(265)

 

 

(176)

 

Proceeds from sale of assets

 

 

2,616

 

 

5,962

 

Acquisitions of businesses, net of cash acquired

 

 

(10,685)

 

 

(137,783)

 

Net cash and cash equivalents used in investing activities

 

 

(45,053)

 

 

(169,675)

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

Proceeds from initial public offering

 

 

186,424

 

 

 

Payments of offering costs

 

 

(7,024)

 

 

 

Proceeds from issuance of long-term debt

 

 

 —

 

 

136,845

 

Proceeds from short-term borrowings

 

 

44,502

 

 

148,849

 

Payments on short-term borrowings

 

 

(43,755)

 

 

(151,394)

 

Payments on long-term debt

 

 

(235,627)

 

 

(12,592)

 

Deferred financing costs

 

 

 

 

(4,959)

 

Net cash and cash equivalents (used in) provided by financing activities

 

 

(55,480)

 

 

116,749

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

2,492

 

 

(673)

 

(Decrease) increase in cash and cash equivalents

 

 

(9,124)

 

 

11,622

 

Cash and cash equivalents—beginning

 

 

55,675

 

 

27,533

 

Cash and cash equivalents—ending

 

$

46,551

 

$

39,155

 

 

Page 7 of 9


 

 

Multi Packaging Solutions International Limited And Subsidiaries

Reconciliation of NonGAAP Results

Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjusted EBITDA

 

For the Three Months Ended

 

For the Nine Months Ended

 

Trailing 12 Months

 

 

 

March 31, 

 

March 31, 

 

Ended March 31,

 

(amounts in thousands)

    

2016

    

2015

    

2016

    

2015

 

2016

 

Consolidated net income

 

$

3,613

 

$

6,990

 

$

8,693

 

$

11,883

 

$

3,836

 

Depreciation and amortization

 

 

31,452

 

 

32,405

 

 

97,490

 

 

97,985

 

 

131,208

 

Interest expense

 

 

14,896

 

 

17,631

 

 

49,641

 

 

54,042

 

 

71,036

 

Income tax expense

 

 

6,178

 

 

3,309

 

 

6,753

 

 

6,212

 

 

(1,338)

 

EBITDA

 

 

56,139

 

 

60,335

 

 

162,577

 

 

170,122

 

 

204,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments related to operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related expenses

 

 

371

 

 

1,914

 

 

2,785

 

 

6,098

 

 

10,317

 

Stock based and deferred compensation expenses

 

 

104

 

 

517

 

 

27,064

 

 

1,403

 

 

31,380

 

Purchase accounting adjustments

 

 

255

 

 

1,171

 

 

878

 

 

2,024

 

 

1,948

 

Restructuring related costs

 

 

693

 

 

1,700

 

 

4,269

 

 

5,490

 

 

5,198

 

Loss on sale of fixed assets

 

 

236

 

 

237

 

 

598

 

 

645

 

 

537

 

Other adjustments to operating income

 

 

(773)

 

 

575

 

 

(2,179)

 

 

1,224

 

 

(5,331)

 

Adjustments related to operating income (A)

 

 

886

 

 

6,114

 

 

33,415

 

 

16,884

 

 

44,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments related to non-operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (gains) losses

 

 

510

 

 

(9,259)

 

 

3,850

 

 

(13,835)

 

 

5,514

 

Debt extinguishment charges

 

 

64

 

 

 —

 

 

3,931

 

 

 —

 

 

4,950

 

Other adjustments to non-operating income

 

 

752

 

 

128

 

 

1,180

 

 

3,777

 

 

(290)

 

Adjustments related to non-operating income

 

 

1,326

 

 

(9,131)

 

 

8,961

 

 

(10,058)

 

 

10,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total adjustments (B)

 

 

2,212

 

 

(3,017)

 

 

42,376

 

 

6,826

 

 

54,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

58,351

 

$

57,318

 

$

204,953

 

$

176,948

 

$

258,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-acquisition Adjusted EBITDA

 

 

76

 

 

1,311

 

 

851

 

 

15,559

 

 

1,464

 

Proforma Adjusted EBITDA

 

$

58,427

 

$

58,629

 

$

205,804

 

$

192,507

 

$

260,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjusted Operating Income

 

For the Three Months Ended

 

For the Nine Months Ended

 

Trailing 12 Months

 

 

 

March 31, 

 

March 31, 

 

Ended March 31,

 

(amounts in thousands)

    

2016

    

2015

    

2016

    

2015

 

2016

 

Operating income

 

$

26,013

 

$

18,830

 

$

73,815

 

$

61,494

 

$

82,254

 

Adjustments related to operating income (A)

 

 

886

 

 

6,114

 

 

33,415

 

 

16,884

 

 

44,049

 

Adjusted operating income

 

$

26,899

 

$

24,944

 

$

107,230

 

$

78,378

 

$

126,303

 

 

 

Page 8 of 9


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjusted Net Income

 

For the Three Months Ended

 

For the Nine Months Ended

 

Trailing 12 Months

 

 

 

March 31, 

 

March 31, 

 

Ended March 31,

 

(amounts in thousands, except per share data)

    

2016

    

2015

    

2016

    

2015

 

2016

 

Consolidated net income

 

$

3,613

 

$

6,990

 

$

8,693

 

$

11,883

 

$

3,836

 

Adjustments related to net income (B)

 

 

2,212

 

 

(3,017)

 

 

42,376

 

 

6,826

 

 

54,223

 

Tax impact of adjusting entries

 

 

2,813

 

 

(38)

 

 

(5,445)

 

 

(1,634)

 

 

(7,307)

 

Adjusted net income

 

 

8,638

 

 

3,935

 

 

45,624

 

 

17,075

 

 

50,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to noncontrolling interest

 

 

170

 

 

(207)

 

 

180

 

 

(525)

 

 

178

 

Adjusted net income attributable to shareholders of
Multi Packaging Solutions International Limited

 

$

8,808

 

$

3,728

 

$

45,804

 

$

16,550

 

$

50,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of
common shares outstanding – diluted

 

 

77,452

 

 

61,939

 

 

71,076

 

 

61,939

 

 

68,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share

 

$

0.11

 

$

0.06

 

$

0.64

 

$

0.27

 

$

0.74

 

 

Page 9 of 9