Attached files
| file | filename |
|---|---|
| 8-K - INVESTOR_PSI_SALE - New Enterprise Stone & Lime Co., Inc. | psiandinvestor8k.htm |
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA (dollars in millions) | |||||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Twelve Months Ended | |||||||||||||||||||
February 29, 2016 | February 28, 2015 | February 28, 2014 | February 28, 2013 | August 31, 2016 | August 31, 2015 | August 31, 2016 | |||||||||||||||
Net income (loss) | $ | (21.1 | ) | $ | (62.5 | ) | $ | (92.1 | ) | $ | (56.1 | ) | $ | (1.8 | ) | $ | 8.9 | $ | (31.8 | ) | |
Income tax expense (benefit) | (5.1 | ) | (4.9 | ) | (9.1 | ) | (41.6 | ) | (0.1 | ) | 0.4 | (5.7 | ) | ||||||||
Interest expense, net | 85.3 | 81.7 | 86.5 | 75.9 | 61.0 | 42.3 | 104.2 | ||||||||||||||
Depreciation, cost depletion, amortization, impairment | 42.1 | 50.0 | 56.4 | 55.6 | 21.0 | 20.5 | 42.6 | ||||||||||||||
EBITDA | $ | 101.2 | $ | 64.3 | $ | 41.7 | $ | 33.8 | $ | 80.1 | $ | 72.1 | $ | 109.3 | |||||||
Add back: | |||||||||||||||||||||
PF Construction contract roll-off | 2.6 | 5.3 | (3.0 | ) | — | 3.0 | 0.7 | 4.9 | |||||||||||||
Consultant and financial advisors | 3.0 | 3.0 | 3.0 | 3.0 | 0.7 | 1.8 | 1.8 | ||||||||||||||
Severance costs | 0.6 | 1.0 | 1.0 | — | 0.1 | 0.1 | 0.5 | ||||||||||||||
Noncontrolling interest in net loss | (0.6 | ) | (0.7 | ) | (1.3 | ) | (1.4 | ) | (0.3 | ) | (0.3 | ) | (0.6 | ) | |||||||
Accretion of ARO | 1.5 | 1.5 | 0.8 | 0.7 | 0.7 | 0.7 | 1.5 | ||||||||||||||
Less: | |||||||||||||||||||||
Unusual / non-recurring income | 0.6 | — | — | — | — | 0.6 | — | ||||||||||||||
Non-cash income | 0.1 | — | — | — | — | 0.1 | — | ||||||||||||||
Adjusted EBITDA | $ | 107.6 | $ | 74.4 | $ | 42.2 | $ | 36.1 | $ | 84.3 | $ | 74.4 | $ | 117.4 | |||||||
Other Data: | |||||||||||||||||||||
Less: | |||||||||||||||||||||
Capital expenditures | 44.3 | 30.0 | 19.4 | 44.6 | 28.8 | 17.8 | 55.3 | ||||||||||||||
Adjusted EBITDA less Capital expenditures | $ | 63.3 | $ | 44.4 | $ | 22.8 | $ | (8.5 | ) | $ | 55.5 | $ | 56.6 | $ | 62.1 | ||||||
Roll-Forward of Adjusted EBITDA from year ended February 28, 2013 to six months ended August 31, 2016
(dollars in millions)
Adjusted EBITDA for year ended Feb. 28, 2013 | $ | 36.1 | |
Increased by savings and improvements from: | |||
Selling, general and administrative | 34.4 | ||
Construction | (6.0 | ) | |
Gain on asset sales | 2.4 | ||
Price enhancements, variable and fixed cost enhancements and other | 45.6 | ||
Subtotal of Increases | 76.4 | ||
Adjusted EBITDA for 12 months ended August 31, 2016 (Pre-Construction Contract Roll-off) | $ | 112.5 | |
Increased by pro forma savings and improvements from: | |||
Pro forma construction contract roll-off for 12 months ended August 31, 2016 | 4.9 | ||
Adjusted EBITDA for 12 months ended August 31, 2016 | $ | 117.4 | |
Profit Enhancements Resulting from Cost Savings and Operational Improvements
Achieved from year ended February 28, 2014 to six months ended August 31, 2016
(dollars in millions)
Achieved from year ended February 28, 2014 to six months ended August 31, 2016
(dollars in millions)
FYs Ended February 28, 2014 and February 28, 2015 | Fiscal Year Ended February 29, 2016 | Six Months Ended August 31, 2016 | Total profit enhancements by type | |||||||||
Cost savings and operational improvements from: | ||||||||||||
Selling, general and administrative | $ | 20.6 | $ | 7.2 | $ | 6.6 | $ | 34.4 | ||||
Construction | (1.7 | ) | 2.1 | (6.4 | ) | (6.0 | ) | |||||
Gain on asset sales | 1.4 | 4.0 | (3.0 | ) | 2.4 | |||||||
Price enhancements, variable and fixed cost enhancements and other | 12.7 | 22.7 | 10.2 | 45.6 | ||||||||
Total Profit Enhancements | $ | 33.0 | $ | 36.0 | $ | 7.4 | $ | 76.4 | ||||
Backlog Growth from Fiscal Q2 2016 to Q2 2017
(dollars in millions)
(dollars in millions)
Backlog as of August 31, 2015 | $ | 186.4 | |
12-month increase in backlog | 79.0 | ||
Backlog as of August 31, 2016 | $ | 265.4 | |