Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FULLER H B CO | ful20160527_8k.htm |
Exhibit 99.1
H.B. Fuller Segment Results (as revised to reflect new operating segment structure)
Fiscal year ended November 28, 2015
|
Q1 15 |
Q2 15 |
Q3 15 |
Q4 15 |
FY 2015 |
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Net Revenue |
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|
Americas Adhesives |
$ | 194,073 | $ | 217,474 | $ | 206,623 | $ | 212,638 | $ | 830,808 | ||||||||||
|
EIMEA |
$ | 134,115 | $ | 137,418 | $ | 133,512 | $ | 144,524 | $ | 549,569 | ||||||||||
|
Asia Pacific |
$ | 55,343 | $ | 57,553 | $ | 54,645 | $ | 63,130 | $ | 230,671 | ||||||||||
|
Construction Products |
$ | 58,456 | $ | 75,831 | $ | 72,404 | $ | 66,002 | $ | 272,693 | ||||||||||
|
Engineering Adhesives |
$ | 28,674 | $ | 52,486 | $ | 56,949 | $ | 61,810 | $ | 199,919 | ||||||||||
|
Total H.B. Fuller |
$ | 470,661 | $ | 540,762 | $ | 524,133 | $ | 548,104 | $ | 2,083,660 | ||||||||||
|
Operating Income |
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|
Americas Adhesives |
$ | 21,677 | $ | 35,727 | $ | 33,616 | $ | 36,758 | $ | 127,778 | ||||||||||
|
EIMEA |
$ | 685 | $ | 2,294 | $ | 5,325 | $ | 6,813 | $ | 15,117 | ||||||||||
|
Asia Pacific |
$ | 3,145 | $ | 2,944 | $ | 2,749 | $ | 4,115 | $ | 12,953 | ||||||||||
|
Construction Products |
$ | 1,014 | $ | 6,354 | $ | 3,421 | $ | 2,977 | $ | 13,766 | ||||||||||
|
Engineering Adhesives |
$ | (5,148 | ) | $ | 1,036 | $ | 3,432 | $ | 1,551 | $ | 871 | |||||||||
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Total H.B. Fuller |
$ | 21,373 | $ | 48,355 | $ | 48,543 | $ | 52,214 | $ | 170,485 | ||||||||||
|
Depreciation Expense |
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Americas Adhesives |
$ | 3,890 | $ | 3,944 | $ | 3,852 | $ | 4,030 | $ | 15,716 | ||||||||||
|
EIMEA |
$ | 3,901 | $ | 3,708 | $ | 3,616 | $ | 3,999 | $ | 15,224 | ||||||||||
|
Asia Pacific |
$ | 1,398 | $ | 1,427 | $ | 1,402 | $ | 1,359 | $ | 5,586 | ||||||||||
|
Construction Products |
$ | 1,476 | $ | 1,369 | $ | 1,411 | $ | 1,586 | $ | 5,842 | ||||||||||
|
Engineering Adhesives |
$ | 913 | $ | 1,373 | $ | 1,630 | $ | 1,621 | $ | 5,537 | ||||||||||
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Total H.B. Fuller |
$ | 11,578 | $ | 11,821 | $ | 11,911 | $ | 12,595 | $ | 47,905 | ||||||||||
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Amortization Expense |
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|
Americas Adhesives |
$ | 1,074 | $ | 1,071 | $ | 991 | $ | 1,038 | $ | 4,174 | ||||||||||
|
EIMEA |
$ | 1,284 | $ | 1,163 | $ | 1,131 | $ | 1,163 | $ | 4,741 | ||||||||||
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Asia Pacific |
$ | 390 | $ | 347 | $ | 305 | $ | 302 | $ | 1,344 | ||||||||||
|
Construction Products |
$ | 2,391 | $ | 2,408 | $ | 2,335 | $ | 2,345 | $ | 9,479 | ||||||||||
|
Engineering Adhesives |
$ | 1,009 | $ | 2,010 | $ | 2,137 | $ | 2,090 | $ | 7,246 | ||||||||||
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Total H.B. Fuller |
$ | 6,148 | $ | 6,999 | $ | 6,899 | $ | 6,938 | $ | 26,984 | ||||||||||
|
EBITDA |
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Americas Adhesives |
$ | 26,641 | $ | 40,742 | $ | 38,459 | $ | 41,826 | $ | 147,668 | ||||||||||
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EIMEA |
$ | 5,870 | $ | 7,165 | $ | 10,072 | $ | 11,975 | $ | 35,082 | ||||||||||
|
Asia Pacific |
$ | 4,933 | $ | 4,718 | $ | 4,456 | $ | 5,776 | $ | 19,883 | ||||||||||
|
Construction Products |
$ | 4,881 | $ | 10,131 | $ | 7,167 | $ | 6,908 | $ | 29,087 | ||||||||||
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Engineering Adhesives |
$ | (3,226 | ) | $ | 4,419 | $ | 7,199 | $ | 5,262 | $ | 13,654 | |||||||||
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Total H.B. Fuller |
$ | 39,099 | $ | 67,175 | $ | 67,353 | $ | 71,747 | $ | 245,374 | ||||||||||
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EBITDA Margin |
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|
Americas Adhesives |
13.7 | % | 18.7 | % | 18.6 | % | 19.7 | % | 17.8 | % | ||||||||||
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EIMEA |
4.4 | % | 5.2 | % | 7.5 | % | 8.3 | % | 6.4 | % | ||||||||||
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Asia Pacific |
8.9 | % | 8.2 | % | 8.2 | % | 9.1 | % | 8.6 | % | ||||||||||
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Construction Products |
8.3 | % | 13.4 | % | 9.9 | % | 10.5 | % | 10.7 | % | ||||||||||
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Engineering Adhesives |
(11.3 | )% | 8.4 | % | 12.6 | % | 8.5 | % | 6.8 | % | ||||||||||
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Total H.B. Fuller |
8.3 | % | 12.4 | % | 12.9 | % | 13.1 | % | 11.8 | % | ||||||||||
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Adjusted EBITDA |
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|
Americas Adhesives |
$ | 26,818 | $ | 41,513 | $ | 38,935 | $ | 42,019 | $ | 149,285 | ||||||||||
|
EIMEA |
$ | 6,025 | $ | 9,729 | $ | 10,691 | $ | 15,495 | $ | 41,940 | ||||||||||
|
Asia Pacific |
$ | 4,983 | $ | 4,932 | $ | 4,588 | $ | 6,011 | $ | 20,514 | ||||||||||
|
Construction Products |
$ | 5,510 | $ | 12,494 | $ | 9,067 | $ | 7,322 | $ | 34,393 | ||||||||||
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Engineering Adhesives |
$ | (249 | ) | $ | 4,714 | $ | 8,924 | $ | 8,306 | $ | 21,695 | |||||||||
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Total H.B. Fuller |
$ | 43,087 | $ | 73,382 | $ | 72,205 | $ | 79,153 | $ | 267,827 | ||||||||||
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Adjusted EBITDA Margin |
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|
Americas Adhesives |
13.8 | % | 19.1 | % | 18.8 | % | 19.8 | % | 18.0 | % | ||||||||||
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EIMEA |
4.5 | % | 7.1 | % | 8.0 | % | 10.7 | % | 7.6 | % | ||||||||||
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Asia Pacific |
9.0 | % | 8.6 | % | 8.4 | % | 9.5 | % | 8.9 | % | ||||||||||
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Construction Products |
9.4 | % | 16.3 | % | 12.5 | % | 11.1 | % | 12.6 | % | ||||||||||
|
Engineering Adhesives |
(0.9 | )% | 9.0 | % | 15.7 | % | 13.4 | % | 10.9 | % | ||||||||||
|
Total H.B. Fuller |
9.2 | % | 13.5 | % | 13.8 | % | 14.4 | % | 12.8 | % | ||||||||||
Regulation G Disclosure: The information presented in the table above regarding segment operating income and earnings before interest, taxes, depreciation, and amortization (EBITDA), EBITDA margin, adjusted EBITDA and adjusted EBITDA margin does not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted EBITDA excludes non-recurring costs associated with various activities of the Company including: integrating the Tonsan and ProSpec acquisitions; combining Construction Products facilities in Illinois; ramping up new business with Lowes; the start-up of a new electronics facility in Yantai, China; the prior year’s implementation of SAP in North America; and inventory adjustments, plant inefficiencies and restructuring in EIMEA related to operational efficiency improvement projects. Adjusted EBITDA margin is defined as adjusted EBITDA divided by adjusted net revenue.
H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)
|
Adjusted* |
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13 Weeks Ended |
13 Weeks Ended |
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February 28, 2015 |
Adjustments* |
February 28, 2015 |
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Net income including non-controlling interests |
$ | 9,795 | 5,482 | 15,277 | ||||||||
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Income from equity method investments |
(1,291 | ) | - | (1,291 | ) | |||||||
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Income taxes |
4,769 | 967 | 5,736 | |||||||||
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Interest expense |
6,102 | (100 | ) | 6,002 | ||||||||
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Other income (expense), net |
(363 | ) | - | (363 | ) | |||||||
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Special charges |
2,361 | (2,361 | ) | - | ||||||||
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Segment operating income |
21,373 | 3,988 | 25,361 | |||||||||
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Depreciation expense |
11,578 | - | 11,578 | |||||||||
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Amortization expense |
6,148 | - | 6,148 | |||||||||
|
EBITDA |
$ | 39,099 | 3,988 | 43,087 | ||||||||
|
EBITDA margin |
8.3 | % | 9.2 | % | ||||||||
* See disclosure on page 1 of Exhibit 99.1
H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)
|
Adjusted* |
||||||||||||
|
13 Weeks Ended |
13 Weeks Ended |
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May 30, 2015 |
Adjustments* |
May 30, 2015 |
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Net income including non-controlling interests |
$ | 25,316 | 7,046 | 32,362 | ||||||||
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Loss from discontinued operations |
1,300 | (1,300 | ) | - | ||||||||
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Income from equity method investments |
(1,366 | ) | - | (1,366 | ) | |||||||
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Income taxes |
15,387 | 1,625 | 17,012 | |||||||||
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Interest expense |
6,215 | (230 | ) | 5,985 | ||||||||
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Other income (expense), net |
569 | - | 569 | |||||||||
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Special charges |
934 | (934 | ) | - | ||||||||
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Segment operating income |
48,355 | 6,207 | 54,562 | |||||||||
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Depreciation expense |
11,821 | - | 11,821 | |||||||||
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Amortization expense |
6,999 | - | 6,999 | |||||||||
|
EBITDA |
$ | 67,175 | 6,207 | 73,382 | ||||||||
|
EBITDA margin |
12.4 | % | 13.5 | % | ||||||||
* See disclosure on page 1 of Exhibit 99.1
H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)
|
Adjusted* |
||||||||||||
|
13 Weeks Ended |
13 Weeks Ended |
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|
August 29, 2015 |
Adjustments* |
August 29, 2015 |
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Net income including non-controlling interests |
$ | 26,886 | 4,435 | 31,321 | ||||||||
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Income from equity method investments |
(1,500 | ) | - | (1,500 | ) | |||||||
|
Income taxes |
14,372 | 1,568 | 15,940 | |||||||||
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Interest expense |
6,448 | 146 | 6,594 | |||||||||
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Other income (expense), net |
1,040 | - | 1,040 | |||||||||
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Special charges |
1,297 | (1,297 | ) | - | ||||||||
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Segment operating income |
48,543 | 4,852 | 53,395 | |||||||||
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Depreciation expense |
11,911 | - | 11,911 | |||||||||
|
Amortization expense |
6,899 | - | 6,899 | |||||||||
|
EBITDA |
$ | 67,353 | 4,852 | 72,205 | ||||||||
|
EBITDA margin |
12.9 | % | 13.8 | % | ||||||||
* See disclosure on page 1 of Exhibit 99.1
H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)
|
Adjusted* |
||||||||||||
|
13 Weeks Ended |
13 Weeks Ended |
|||||||||||
|
November 28, 2015 |
Adjustments* |
November 25, 2015 |
||||||||||
|
Net income including non-controlling interests |
$ | 25,100 | 7,768 | 32,868 | ||||||||
|
Income from equity method investments |
(1,750 | ) | - | (1,750 | ) | |||||||
|
Income taxes |
21,327 | (225 | ) | 21,102 | ||||||||
|
Interest expense |
6,256 | (75 | ) | 6,181 | ||||||||
|
Other income (expense), net |
1,219 | - | 1,219 | |||||||||
|
Special charges |
62 | (62 | ) | - | ||||||||
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Segment operating income |
52,214 | 7,406 | 59,620 | |||||||||
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Depreciation expense |
12,595 | - | 12,595 | |||||||||
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Amortization expense |
6,938 | - | 6,938 | |||||||||
|
EBITDA |
$ | 71,747 | 7,406 | 79,153 | ||||||||
|
EBITDA margin |
13.1 | % | 14.4 | % | ||||||||
* See disclosure on page 1 of Exhibit 99.1
H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)
|
Adjusted* |
||||||||||||
|
52 Weeks Ended |
52 Weeks Ended |
|||||||||||
|
November 28, 2015 |
Adjustments* |
November 25, 2015 |
||||||||||
|
Net income including non-controlling interests |
$ | 87,097 | 24,731 | 111,828 | ||||||||
|
Loss from discontinued operations |
1,300 | (1,300 | ) | - | ||||||||
|
Income from equity method investments |
(5,907 | ) | - | (5,907 | ) | |||||||
|
Income taxes |
55,855 | 3,935 | 59,790 | |||||||||
|
Interest expense |
25,021 | (259 | ) | 24,762 | ||||||||
|
Other income (expense), net |
2,465 | - | 2,465 | |||||||||
|
Special charges |
4,654 | (4,654 | ) | - | ||||||||
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Segment operating income |
170,485 | 22,453 | 192,938 | |||||||||
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Depreciation expense |
47,905 | - | 47,905 | |||||||||
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Amortization expense |
26,984 | - | 26,984 | |||||||||
|
EBITDA |
$ | 245,374 | 22,453 | 267,827 | ||||||||
|
EBITDA margin |
11.8 | % | 12.8 | % | ||||||||
* See disclosure on page 1 of Exhibit 99.1
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