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8-K - PRIMARY DOCUMENT - General Finance CORP | form_8k.htm |
EXHIBIT
99.1
GENERAL FINANCE CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR
RESULTS FOR FISCAL YEAR 2017
PASADENA,
CA – September 6, 2017 – General Finance Corporation
(NASDAQ: GFN), a leading specialty rental services company offering
portable storage, modular space and liquid containment solutions in
North America and in the Asia-Pacific region of Australia and New
Zealand (the “Company”), today announced its
consolidated financial results for the fourth quarter and fiscal
year ended June 30, 2017.
Fourth Quarter 2017 Highlights
●
Total revenues were
$73.3 million, an increase of 1% over the fourth quarter of fiscal
year 2016.
●
Leasing revenues
were $45.8 million, an increase of 12% over the fourth quarter of
fiscal year 2016.
●
Leasing revenues,
excluding the oil and gas sector and the favorable foreign currency
impact, increased by 10% over the fourth quarter of fiscal year
2016.
●
Leasing revenues
comprised 63% of total non-manufacturing revenues versus 57% for
the fourth quarter of fiscal year 2016.
●
Adjusted EBITDA was
$15.5 million, an increase of approximately 12% over the fourth
quarter of fiscal year 2016.
●
Adjusted EBITDA
margin was 21%, compared to 19% in the fourth quarter of
2016.
●
Net loss
attributable to common shareholders was $1.8 million, or $0.07 per
diluted share, compared to net loss attributable to common
shareholders of $3.8 million, or $0.15 per diluted share, for the
fourth quarter of fiscal year 2016.
●
Average fleet unit
utilization was 77%, compared to 73% in the fourth quarter of
fiscal year 2016.
Fiscal Year 2017 Highlights
●
Total revenues were
$276.9 million, compared to $285.9 million for fiscal year
2016.
●
Leasing revenues
were $176.3 million, an increase of 5% over fiscal year
2016.
●
Leasing revenues,
excluding the oil and gas sector and the favorable foreign currency
impact, increased by 8% over fiscal year 2016.
●
Leasing revenues
comprised 65% of total non-manufacturing revenues versus 60% for
fiscal year 2016.
●
Adjusted EBITDA was
$61.0 million, comparable to $60.8 million for fiscal year
2016.
●
Adjusted EBITDA
margin was 22%, compared to 21% for fiscal year 2016.
●
Net loss
attributable to common shareholders was $6.6 million, or $0.25 per
diluted share, compared to net loss attributable to common
shareholders of $9.0 million, or $0.35 per diluted share, for
fiscal year 2016.
●
Average fleet unit
utilization was 77%, compared to 76% for fiscal year
2016.
●
Completed three
acquisitions during the fiscal year 2017, two in North America and
one in the Asia-Pacific region.
●
Opened six
greenfield locations during fiscal year 2017, four in North America
and two in the Asia-Pacific region.
Management Commentary
“We
finished fiscal year 2017 with solid momentum, delivering
year-over-year adjusted EBITDA growth for the fourth quarter,
primarily driven by improving results at our North America leasing
operations, which generated leasing revenue growth across most
sectors, including oil and gas,” said Ronald Valenta,
Chairman and Chief Executive Officer. “In North America, we
expect continued growth in our core business, and are also
encouraged by the improved results in our liquid containment
business. We have seen liquid containment product utilization rates
increase from 48% to 65% over the last six months and are
optimistic about this sector entering the new fiscal year based on
the oil and gas activity in Texas. In the Asia-Pacific region, it
was a transitional year, as we focused on redeploying our workforce
accommodation fleet into the growing construction sector, and we
were able to maintain overall fleet utilization against a backdrop
of a sluggish Australian economy. We believe there is a more
favorable outlook for the Australian economy and are looking
forward to a successful acquisition of the public noncontrolling
interest of Royal Wolf, converting it to a wholly-owned subsidiary
during the second quarter of our fiscal year
2018.”
1
Charles
Barrantes, Executive Vice President and Chief Financial Officer,
added, “Our fourth quarter and fiscal year 2017 results fell
within the guidance range we provided in conjunction with the
reporting of our third quarter results. For the fiscal year, we
invested approximately $27 million through a combination of organic
net fleet purchases and accretive acquisitions. Our disciplined
investments and successful refinancings during fiscal year 2017,
has put us in a position to continue positive momentum into fiscal
year 2018.”
Fourth Quarter 2017 Operating Summary
North America
Revenues
from our North American leasing operations for the fourth quarter
of fiscal year 2017 totaled $44.9 million, compared to $39.0
million for the fourth quarter of fiscal year 2016, an increase of
15%. Leasing revenues increased by 18% on a year-over-year basis,
most notably in the oil and gas and commercial sectors. Adjusted
EBITDA was $10.9 million for the fourth quarter of fiscal year
2017, compared with $8.6 million for the year-ago quarter, an
increase of 27%. Adjusted EBITDA from Pac-Van and Lone Star
increased by 18% and 83% year-over-year, to $8.7 million and $2.2
million, respectively, from $7.4 million and $1.2 million,
respectively, in the fourth quarter of fiscal year
2016.
North
American manufacturing revenues for the fourth quarter of fiscal
year 2017 totaled $1.7 million and included intercompany sales of
$0.6 million from products sold to our North American leasing
operations. This compares to $1.7 million of total sales, including
intercompany sales of $1.4 million during the fourth quarter of
fiscal year 2016. On a stand-alone basis, prior to intercompany
adjustments, adjusted EBITDA was a loss of $0.4 million for the
quarter, compared to a loss of $0.9 million in the fourth quarter
of fiscal year 2016.
Asia-Pacific
Revenues
from the Asia-Pacific for the fourth quarter of fiscal year 2017
totaled $27.3 million, compared to $33.0 million for the fourth
quarter of fiscal year 2016, a decrease of 17%. The decrease in
revenues occurred primarily in the transportation and oil and gas
sectors. In the year ago period, there were several one-time sales
in the transportation sector that were not repeated in the fourth
quarter of 2017, driving the decline in revenues. These decreases
were partially offset by increases in the construction, industrial
and consumer sectors and were accompanied by an approximately 1%
favorable foreign currency translation effect between periods.
Leasing revenues were relatively flat on a year-over-year basis.
Leasing revenues increased in the construction, transportation and
industrial sectors, but were largely offset by decreases in the oil
and gas and mining sectors. Adjusted EBITDA for the fourth quarter
of 2017 was approximately $6.4 million, compared to $8.2 million
for the year-ago quarter, a decrease of 22%. On a local currency
basis, revenues decreased by 18% and adjusted EBITDA decreased by
23%.
Fiscal Year 2017 Operating Summary
North
America
Revenues
from our North American leasing operations for fiscal year 2017
totaled $163.8 million, compared with $160.0 million in the prior
year, an increase of 2%. Leasing revenues increased by
approximately 4% on a year-over-year basis, primarily as a result
of increases in the commercial, construction and industrial
sectors. These increases were partially offset by decreases in oil
and gas and retail sectors. Sales revenues declined by 1% for the
year, driven primarily by decreases in the construction and
services sectors, and were largely offset by increases in the
commercial, industrial and government sectors. Adjusted EBITDA for
fiscal year 2017 decreased to $39.8 million from $40.6 million in
the prior year. The decrease in adjusted EBITDA was primarily
driven by a lower adjusted EBITDA contribution from Lone Star,
which experienced a year-over-year decline of approximately $3.2
million. Adjusted EBITDA from Pac-Van increased by $2.4 million, or
8%, to $34.0 million in fiscal year 2017, from $31.6 million in
fiscal year 2016.
North
American manufacturing revenues for the fiscal year 2017 totaled
$6.9 million and included intercompany sales of $2.0 million from
products sold to our North American leasing operations. This
compares to $8.1 million of total sales during the fiscal year
2016, which included intercompany sales of $2.0 million. On a
stand-alone basis, prior to intercompany adjustments, adjusted
EBITDA was a loss of approximately $1.6 million for the year, as
compared to an adjusted EBITDA loss of $3.4 million in the prior
year.
2
Asia-Pacific
Revenues
from the Asia-Pacific for fiscal year 2017 totaled $108.2 million,
compared with $119.7 million in the prior year, a decrease of
approximately 10%. The decline in revenues occurred primarily in
the transportation, oil and gas and consumer sectors, and was
partially offset by increases in the construction, events and
industrial sectors, and was accompanied by an approximate 3%
favorable foreign exchange translation effect between periods. The
decline in revenues was impacted by several large one-time sales in
the transportation sector in fiscal year 2016 that were not
repeated in fiscal year 2017. Adjusted EBITDA for fiscal year 2017
was $27.4 million, compared with $28.9 million in the prior year, a
decrease of 5%. On a local currency basis, revenues decreased by
approximately 13% and adjusted EBITDA decreased by 8%.
Balance Sheet and Liquidity Overview
At June
30, 2017, the Company had total debt of $355.6 million and cash and
cash equivalents of $7.8 million, as compared to $352.2 million and
$9.3 million at June 30, 2016, respectively. At June 30, 2017, our
Asia-Pacific leasing operations had $12.3 million (A$16.0 million)
available to borrow under its $115.3 million (A$150.0 million)
credit facility, and our North America leasing operations had $37.7
million available to borrow under its $237 million credit
facility.
During
fiscal year 2017, the Company generated cash from operating
activities of $35.3 million, as compared to $48.8 million for
fiscal year 2016. In fiscal year 2017, the Company invested a net
$21.8 million ($10.7 million in North America and $11.1 million in
the Asia-Pacific) in the lease fleet, as compared to $20.8 million
in net fleet investment ($14.7 million in North America and $6.1
million in the Asia-Pacific) in fiscal year 2016.
Receivables
were $44.4 million at June 30, 2017, as compared to $38.1 million
at June 30, 2016. Days sales outstanding in receivables at June 30,
2017, for our Asia-Pacific and North American leasing operations
was 49 and 46 days, as compared to 36 and 49 days, respectively, as
of June 30, 2016.
Outlook
Overall,
assuming the Australian dollar averages 0.78 versus the U.S.
dollar, which represents a 3% increase from fiscal year 2017,
management estimates that consolidated revenues for fiscal year
2018 will be in the range of $295 million to $315 million and that
consolidated adjusted EBITDA will increase by 8% to 16% in fiscal
year 2018 from fiscal year 2017. This outlook does not take into
account the impact of any acquisitions that may occur in fiscal
year 2018.
Conference Call Details
Management
will host a conference call today at 8:30 a.m. Pacific Time (11:30
a.m. Eastern Time) to discuss the Company's operating results. The
conference call number for U.S. participants is (866) 901-5096 and
the conference call number for participants outside the U.S. is
(706) 643-3717. The conference ID number for both conference call
numbers is 68047728. Additionally, interested parties can listen to
a live webcast of the call in the "Investor Relations" section of
the Company's website at http://www.generalfinance.com.
A
replay of the conference call may be accessed through September 20,
2017 by dialing (800) 585-8367 (U.S.) or (404) 537-3406
(international), using conference ID number 68047728.
After
the replay has expired, interested parties can listen to the
conference call via webcast in the "Investor Relations" section of
the Company's website at http://www.generalfinance.com.
3
About General Finance Corporation
Headquartered
in Pasadena, California, General Finance Corporation (NASDAQ: GFN,
www.generalfinance.com)
is a leading specialty rental services company offering portable
storage, modular space and liquid containment solutions.
Management’s expertise in these sectors drives disciplined
growth strategies, operational guidance, effective capital
allocation and capital markets support for the Company’s
subsidiaries. The Company’s Asia-Pacific leasing operations
in Australia and New Zealand consist of Royal Wolf Holdings Limited
(www.royalwolf.com.au),
the leading provider of portable storage solutions in those
countries. The Company’s North America leasing operations
consist of wholly-owned subsidiaries Pac-Van, Inc. (www.pacvan.com)
and Lone Star Tank Rental Inc. (www.lonestartank.com),
providers of portable storage, office and liquid storage tank
containers, mobile offices and modular buildings. The Company also
owns Southern Frac, LLC (www.southernfrac.com),
a manufacturer of portable liquid storage tank containers and other
steel-related products in North America.
Cautionary Statement about Forward-Looking Statements
Statements
in this news release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements addressing
management’s views with respect to future financial and
operating results, competitive pressures, increases in interest
rates for our variable rate indebtedness, our ability to raise
capital or borrow additional funds, changes in the Australian, New
Zealand or Canadian dollar relative to the U.S. dollar, regulatory
changes, customer defaults or insolvencies, litigation, the
acquisition of businesses that do not perform as we expect or that
are difficult for us to integrate or control, our ability to
procure adequate levels of products to meet customer demand, our
ability to procure adequate supplies for our manufacturing
operations, labor disruptions, adverse resolution of any contract
or other disputes with customers, declines in demand for our
products and services from key industries such as the Australian
resources industry or the U.S. oil and gas and construction
industries, or a write-off of all or a part of our goodwill and
intangible assets. These risks and uncertainties could cause actual
outcomes and results to differ materially from those described in
our forward-looking statements. We believe that the expectations
represented by our forward-looking statements are reasonable, yet
there can be no assurance that such expectations will prove to be
correct. Furthermore, unless otherwise stated, the forward-looking
statements contained in this press release are made as of the date
of the press release, and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise unless required by applicable law. The forward-looking
statements contained in this press release are expressly qualified
by these cautionary statements. Readers are cautioned that these
forward-looking statements involve certain risks and uncertainties,
including those contained in filings with the Securities and
Exchange Commission.
Investor/Media Contact
Larry
Clark
Financial
Profiles, Inc.
310-622-8223
-Financial
Tables Follow-
4
GENERAL FINANCE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
|
Quarter
Ended June 30,
|
Year
Ended June 30,
|
||
|
2016
|
2017
|
2016
|
2017
|
|
(unaudited)
|
|
|
|
Revenues
|
|
|
|
|
Sales:
|
|
|
|
|
Lease inventories
and fleet
|
$31,031
|
$26,448
|
$111,439
|
$95,764
|
Manufactured
units
|
327
|
1,106
|
6,179
|
4,895
|
|
31,358
|
27,554
|
117,618
|
100,659
|
Leasing
|
40,971
|
45,785
|
168,233
|
176,269
|
|
72,329
|
73,339
|
285,851
|
276,928
|
|
|
|
|
|
Costs
and expenses
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
Lease inventories
and fleet (exclusive of the items shown separately
below)
|
22,963
|
19,226
|
82,683
|
68,215
|
Manufactured
units
|
1,861
|
1,420
|
10,063
|
6,336
|
Direct costs of
leasing operations
|
17,447
|
20,485
|
69,134
|
76,306
|
Selling and general
expenses
|
19,002
|
17,449
|
68,697
|
67,705
|
Impairment of
goodwill and tradename
|
387
|
—
|
3,068
|
—
|
Depreciation and
amortization
|
9,926
|
10,063
|
37,823
|
39,300
|
|
|
|
|
|
Operating
income
|
743
|
4,696
|
14,383
|
19,066
|
|
|
|
|
|
Interest
income
|
25
|
12
|
97
|
66
|
Interest
expense
|
(4,830)
|
(4,557)
|
(19,648)
|
(19,653)
|
Foreign currency
exchange gain (loss) and other
|
135
|
(281)
|
(309)
|
(351)
|
|
(4,670)
|
(4,826)
|
(19,860)
|
(19,938)
|
|
|
|
|
|
Loss
before provision (benefit) for income taxes
|
(3,927)
|
(130)
|
(5,477)
|
(872)
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
(1,571)
|
272
|
(2,191)
|
(25)
|
|
|
|
|
|
Net
loss
|
(2,356)
|
(402)
|
(3,286)
|
(847)
|
|
|
|
|
|
Preferred stock
dividends
|
(902)
|
(892)
|
(3,668)
|
(3,658)
|
Noncontrolling
interests
|
(562)
|
(471)
|
(2,071)
|
(2,115)
|
|
|
|
|
|
Net
loss attributable to common stockholders
|
$(3,820)
|
$(1,765)
|
$(9,025)
|
$(6,620)
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
$(0.15)
|
$(0.07)
|
$(0.35)
|
$(0.25)
|
Diluted
|
(0.15)
|
(0.07)
|
(0.35)
|
(0.25)
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
|
26,131,659
|
26,472,633
|
26,060,823
|
26,348,344
|
Diluted
|
26,131,659
|
26,472,633
|
26,060,823
|
26,348,344
|
5
GENERAL FINANCE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
|
June 30, 2016
|
June 30, 2017
|
Assets
|
|
|
Cash
and cash equivalents
|
$9,342
|
$7,792
|
Trade
and other receivables, net
|
38,067
|
44,390
|
Inventories
|
34,609
|
29,648
|
Prepaid
expenses and other
|
9,366
|
8,923
|
Property,
plant and equipment, net
|
26,951
|
23,388
|
Lease
fleet, net
|
419,345
|
427,275
|
Goodwill
|
102,546
|
105,129
|
Other
intangible assets, net
|
33,348
|
28,769
|
Total assets
|
$673,574
|
$675,314
|
|
|
|
Liabilities
|
|
|
Trade
payables and accrued liabilities
|
$43,476
|
$42,774
|
Income
taxes payable
|
175
|
—
|
Unearned
revenue and advance payments
|
14,085
|
15,548
|
Senior
and other debt
|
352,220
|
355,638
|
Deferred
tax liabilities
|
39,006
|
38,106
|
Total liabilities
|
448,962
|
452,066
|
|
|
|
Commitments
and contingencies
|
—
|
—
|
|
|
|
Equity
|
|
|
Cumulative
preferred stock, $.0001 par value: 1,000,000 shares authorized;
400,100 shares issued and outstanding (in series)
|
40,100
|
40,100
|
Common
stock, $.0001 par value: 100,000,000 shares authorized; 26,218,772
and 26,611,688 shares issued and outstanding at June 30, 2016 and
2017, respectively
|
3
|
3
|
Additional
paid-in capital
|
122,568
|
120,370
|
Accumulated
other comprehensive loss
|
(14,129)
|
(12,355)
|
Accumulated
deficit
|
(10,010)
|
(12,972)
|
Total
General Finance Corporation stockholders’ equity
|
138,532
|
135,146
|
Equity
of noncontrolling interests
|
86,080
|
88,102
|
Total equity
|
224,612
|
223,248
|
Total liabilities and equity
|
$673,574
|
$675,314
|
6
Explanation and Use of Non-GAAP Financial Measures
Earnings
before interest, income taxes, impairment, depreciation and
amortization and other non-operating costs and income
(“EBITDA”) and adjusted EBITDA are non-U.S. GAAP
measures. We calculate adjusted EBITDA to eliminate the impact of
certain items we do not consider to be indicative of the
performance of our ongoing operations. In addition, in evaluating
adjusted EBITDA, you should be aware that in the future, we may
incur expenses similar to the expenses excluded from our
presentation of adjusted EBITDA. Our presentation of adjusted
EBITDA should not be construed as an inference that our future
results will be unaffected by unusual or non-recurring items. We
present adjusted EBITDA because we consider it to be an important
supplemental measure of our performance and because we believe it
is frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our industry,
many of which present EBITDA and a form of adjusted EBITDA when
reporting their results. Adjusted EBITDA has limitations as an
analytical tool, and should not be considered in isolation, or as a
substitute for analysis of our results as reported under U.S. GAAP.
We compensate for these limitations by relying primarily on our
U.S. GAAP results and using adjusted EBITDA only supplementally.
The following tables show our adjusted EBITDA and the
reconciliation from net loss on a consolidated basis and from
operating income (loss) for our geographic segments (in
thousands):
|
Quarter
Ended June 30,
|
Year
Ended June 30,
|
||
|
2016
|
2017
|
2016
|
2017
|
Net
loss
|
$(2,356)
|
$(402)
|
$(3,286)
|
$(847)
|
Add (deduct)
—
|
|
|
|
|
Provision
(benefit) for income taxes
|
(1,571)
|
272
|
(2,191)
|
(25)
|
Foreign
currency exchange loss (gain) and other
|
(135)
|
281
|
309
|
351
|
Interest
expense
|
4,830
|
4,557
|
19,648
|
19,653
|
Interest
income
|
(25)
|
(12)
|
(97)
|
(66)
|
Impairment
of goodwill and trade name
|
387
|
-
|
3,068
|
-
|
Depreciation
and amortization
|
10,125
|
10,261
|
38,634
|
40,092
|
Share-based
compensation expense
|
266
|
532
|
2,388
|
1,374
|
Inventory
write-downs and related
|
1,630
|
-
|
1,630
|
-
|
Non-recurring
severance costs and CEO
|
727
|
-
|
727
|
-
|
retirement
compensation at Royal Wolf
|
||||
Refinancing
costs not capitalized
|
-
|
-
|
-
|
437
|
Adjusted
EBITDA
|
$13,878
|
$15,489
|
$60,830
|
$60,969
|
|
Quarter Ended June 30, 2016
|
Quarter Ended June 30, 2017
|
||||||
|
Asia-Pacific
|
North America
|
Asia-Pacific
|
North America
|
||||
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Operating
income (loss)
|
$3,360
|
$2,461
|
$(3,303)
|
$(1,823)
|
$1,837
|
$4,986
|
$(583)
|
$(1,702)
|
Add
(deduct) -
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
3,851
|
5,907
|
554
|
1
|
4,405
|
5,839
|
198
|
9
|
Impairment
of goodwill and trade name
|
----
|
----
|
387
|
----
|
----
|
----
|
----
|
----
|
Share-based
compensation expense
|
296
|
78
|
(1)
|
(107)
|
134
|
109
|
14
|
275
|
Inventory
write-downs and related
|
----
|
123
|
1,507
|
----
|
----
|
----
|
----
|
----
|
Non-recurring
severance costs and CEO retirement compensation at Royal
Wolf
|
727
|
----
|
----
|
----
|
----
|
----
|
----
|
----
|
Adjusted EBITDA
|
$8,234
|
$8,569
|
$(856)
|
$(1,929)
|
$6,376
|
$10,934
|
$(371)
|
$(1,418)
|
Intercompany adjustments
|
|
|
|
$(140)
|
|
|
|
$(32)
|
7
|
Year Ended June 30, 2016
|
Year Ended June 30, 2017
|
||||||
|
Asia-Pacific
|
North
America
|
Asia-Pacific
|
North
America
|
||||
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Operating income
(loss)
|
$12,834
|
$16,443
|
$(9,464)
|
$(6,030)
|
$10,768
|
$15,635
|
$(2,430)
|
$(5,507)
|
Add
(deduct) -
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
14,354
|
23,683
|
1,343
|
2
|
16,699
|
23,329
|
792
|
28
|
Impairment of
goodwill and trade name
|
----
|
----
|
3,068
|
----
|
----
|
----
|
----
|
----
|
Share-based
compensation expense
|
959
|
396
|
100
|
933
|
(74)
|
374
|
62
|
1,012
|
Inventory
write-downs and related
|
----
|
123
|
1,507
|
----
|
----
|
----
|
----
|
----
|
Non-recurring
severance costs and CEO retirement compensation at Royal
Wolf
|
727
|
----
|
----
|
----
|
----
|
----
|
----
|
----
|
Refinancing costs
not capitalized
|
----
|
----
|
----
|
----
|
----
|
437
|
----
|
----
|
Adjusted
EBITDA
|
$28,874
|
$40,645
|
$(3,446)
|
$(5,095)
|
$27,393
|
$39,775
|
$(1,576)
|
$(4,467)
|
Intercompany
adjustments
|
|
|
|
$(148)
|
|
|
|
$(156)
|
8