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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Libbey Inc | AMEX:LBY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.7957 | 0 | 01:00:00 |
TOLEDO, Ohio, Nov. 6, 2018 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY), one of the world's largest glass tableware manufacturers, today reported results for the third quarter ended September 30, 2018.
Third-quarter 2018 Financial & Operating Highlights
"We were pleased to see many of the positive trends we observed across our business during the first half of the year continue during the third quarter, and we were able to deliver a fourth consecutive quarter of year-over-year net sales growth," said Chief Executive Officer William Foley. "Our efforts to improve product margins remain on track, driven by our new products and e-commerce initiatives along with favorable price and mix. We also believe price competition across the industry remains in balance, and we're maintaining our track record of outperforming foodservice industry sales growth, which gives us confidence that our market share is increasing."
Foley continued, "Our performance in the back half of this year has been impacted by increased storage costs associated with higher inventory, increased utility costs and production downtime to reduce inventory. We have actions in place to lower costs and our inventory levels while ensuring our best-in-class service for customers. In addition, currency translation, most notably in Latin America, had a significant impact on third-quarter results compared to our prior year. Despite these short-term impacts, we're entering the upcoming holiday selling season with great momentum behind our products in the marketplace, and we expect to enter fiscal year 2019 well positioned to stay on track with our long-term financial goals."
Three months ended September 30, (dollars in thousands) | Net Sales | Increase/(Decrease) | Currency | Constant Currency Sales Growth (Decline) | ||||||||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||||||||||
U.S. & Canada | $ | 115,304 | $ | 112,252 | $ | 3,052 | 2.7 | % | $ | (5) | 2.7 | % | ||||||||||
Latin America | 35,406 | 35,339 | 67 | 0.2 | % | (1,449) | 4.3 | % | ||||||||||||||
EMEA | 33,289 | 33,743 | (454) | (1.3) | % | (397) | (0.2) | % | ||||||||||||||
Other | 6,776 | 6,005 | 771 | 12.8 | % | (150) | 15.3 | % | ||||||||||||||
Consolidated | $ | 190,775 | $ | 187,339 | $ | 3,436 | 1.8 | % | $ | (2,001) | 2.9 | % |
First Nine Months of 2018 Financial & Operating Highlights
Nine months ended September 30, (dollars in thousands) | Net Sales | Increase/(Decrease) | Currency | Constant Currency Sales Growth (Decline) | ||||||||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||||||||||
U.S. & Canada | $ | 351,719 | $ | 343,452 | $ | 8,267 | 2.4 | % | $ | 72 | 2.4 | % | ||||||||||
Latin America | 110,029 | 102,564 | 7,465 | 7.3 | % | (338) | 7.6 | % | ||||||||||||||
EMEA | 103,712 | 90,128 | 13,584 | 15.1 | % | 6,344 | 8.0 | % | ||||||||||||||
Other | 20,762 | 21,703 | (941) | (4.3) | % | 838 | (8.2) | % | ||||||||||||||
Consolidated | $ | 586,222 | $ | 557,847 | $ | 28,375 | 5.1 | % | $ | 6,916 | 3.8 | % |
Balance Sheet and Liquidity
Outlook
Today, the Company affirmed its previously provided full-year 2018 sales outlook and expects to achieve the lower end of its full-year profitability outlook. As of the date of this news release, the Company now expects:
Jim Burmeister, senior vice president, chief financial officer, commented, "Cost controls implemented across the business have enabled us to improve our full-year outlook for selling, general, and administrative expenses as a percent of net sales for the second consecutive quarter. These improvements will offset the higher operating costs previously mentioned and improve financial performance in the fourth quarter. We also expect capital spending to come in at the low end of our previously communicated range which will help offset higher inventory. In addition to our focus on improving operating performance, we remain committed to pursuing a capital allocation strategy that assigns greater priority to debt reduction while maintaining appropriate levels of investment in strategic initiatives that are expected to enhance long-term value for shareholders."
Webcast Information
Libbey will hold a conference call for investors on Tuesday, November 6, 2018, at 11 a.m. Eastern Standard Time. The conference call will be webcast live on the Internet and is accessible from the Investor Relations section of www.libbey.com. To listen to the call, please go to the website at least 10 minutes early to register, download and install any necessary software.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the U.S., Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies tabletop products to retail, foodservice and business-to-business customers in over 100 countries. Libbey's global brand portfolio, in addition to its namesake brand, includes Libbey Signature®, Master's Reserve®, Crisa®, Royal Leerdam®, World® Tableware, Syracuse® China, and Crisal Glass®. In 2017, Libbey Inc.'s net sales totaled $781.8 million. Additional information is available at www.libbey.com.
Use of Non-GAAP Financial Measures
To supplement the condensed financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), we use non-GAAP measures of certain components of financial performance. These non-GAAP measures include Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Trade Working Capital, Adjusted Selling, General & Administrative Expense (Adjusted SG&A), Adjusted SG&A Margin and our Debt Net of Cash to Adjusted EBITDA Ratio. Reconciliations to the nearest U.S. GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Our non-GAAP measures, as defined below, are used by analysts, investors and other interested parties to compare our performance with the performance of other companies that report similar non-GAAP measures. Libbey believes these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of core business operating results. We believe the non-GAAP measures, when viewed in conjunction with U.S. GAAP results and the accompanying reconciliations, enhance the comparability of results against prior periods and allow for additional transparency of financial results and business outlook. In addition, we use non-GAAP data internally to assess performance and facilitate management's internal comparison of our financial performance to that of prior periods, as well as trend analysis for budgeting and planning purposes. The presentation of our non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Furthermore, our non-GAAP measures may not be comparable to similarly titled measures reported by other companies and may have limitations as an analytical tool. We define our non-GAAP measures as follows:
Constant Currency
We translate revenue and expense accounts in our non-U.S. operations at current average exchange rates during the year. References to "constant currency," "excluding currency impact" and "adjusted for currency" are considered non-GAAP measures. Constant currency references regarding net sales reflect a simple mathematical translation of local currency results using the comparable prior period's currency conversion rate. Constant currency references regarding Adjusted EBITDA and Adjusted EBITDA Margin comprise a simple mathematical translation of local currency results using the comparable prior period's currency conversion rate plus the transactional impact of changes in exchange rates from revenues, expenses and assets and liabilities that are denominated in a currency other than the functional currency. We believe this non-GAAP constant currency information provides valuable supplemental information regarding our core operating results, better identifies operating trends that may otherwise be masked or distorted by exchange rate changes and provides a higher degree of transparency of information used by management in its evaluation of our ongoing operations. These non-GAAP measures should be viewed in addition to, and not as an alternative to, the reported results prepared in accordance with U.S. GAAP. Our currency market risks include currency fluctuations relative to the U.S. dollar, Canadian dollar, Mexican peso, euro and RMB.
Caution on Forward-Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect only the Company's best assessment at this time and are indicated by words or phrases such as "goal," "expects," " believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward-looking statements involve risks and uncertainty and that actual results may differ materially from these statements. Investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K filed with the Commission on March 1, 2018. Important factors potentially affecting performance include but are not limited to risks related to increased competition from foreign suppliers endeavoring to sell glass tableware, ceramic dinnerware and metalware in our core markets; global economic conditions and the related impact on consumer spending levels; major slowdowns or changes in trends in the retail, travel, restaurant and bar or entertainment industries that impact demand for our products; inability to meet the demand for new products; material restructuring charges related to involuntary employee terminations, facility abandonments, or other various restructuring activities; significant increases in per-unit costs for natural gas, electricity, freight, corrugated packaging, and other purchased materials; our ability to borrow under our ABL credit agreement; high levels of indebtedness; high interest rates that increase the Company's borrowing costs or volatility in the financial markets that could constrain liquidity and credit availability; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the euro that could reduce the cost competitiveness of the Company's products compared to foreign competition; the effect of exchange rate changes to the value of the euro, the Mexican peso, the RMB and the Canadian dollar and the earnings and cash flows of our international operations, expressed under U.S. GAAP; the effect of high levels of inflation in countries in which we operate or sell our products; the inability to achieve savings and profit improvements at targeted levels in the Company's operations or within the intended time periods; the failure of our investments in e-commerce, new technology and other capital expenditures to yield expected returns; failure to prevent unauthorized access, security breaches and cyber attacks to our information technology systems; compliance with, or the failure to comply with, legal requirements relating to health, safety and environmental protection; our failure to protect our intellectual property; and the inability to effectively integrate future business we acquire or joint ventures into which we enter. Any forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release.
Libbey Inc. | |||||||
Condensed Consolidated Statements of Operations | |||||||
(dollars in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months ended September 30, | |||||||
2018 | 2017 (1) | ||||||
Net sales | $ | 190,775 | $ | 187,339 | |||
Freight billed to customers | 780 | 1,058 | |||||
Total revenues | 191,555 | 188,397 | |||||
Cost of sales | 154,315 | 150,396 | |||||
Gross profit | 37,240 | 38,001 | |||||
Selling, general and administrative expenses | 33,336 | 29,460 | |||||
Goodwill impairment | — | 79,700 | |||||
Income (loss) from operations | 3,904 | (71,159) | |||||
Other income (expense) | (1,453) | 193 | |||||
Earnings (loss) before interest and income taxes | 2,451 | (70,966) | |||||
Interest expense | 5,652 | 5,118 | |||||
Loss before income taxes | (3,201) | (76,084) | |||||
Provision for income taxes | 1,758 | 2,731 | |||||
Net loss | $ | (4,959) | $ | (78,815) | |||
Net loss per share: | |||||||
Basic | $ | (0.22) | $ | (3.57) | |||
Diluted | $ | (0.22) | $ | (3.57) | |||
Dividends declared per share | $ | — | $ | 0.1175 | |||
Weighted average shares: | |||||||
Basic | 22,223 | 22,075 | |||||
Diluted | 22,223 | 22,075 |
___________________ | |
(1) | In connection with our January 1, 2018 adoption of ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, we reclassed the 2017 non-service cost components of pension and post-retirement benefit costs previously reported within income from operations to other income (expense). |
Libbey Inc. | |||||||
Condensed Consolidated Statements of Operations | |||||||
(dollars in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Nine months ended September 30, | |||||||
2018 | 2017 (1) | ||||||
Net sales | $ | 586,222 | $ | 557,847 | |||
Freight billed to customers | 2,475 | 2,481 | |||||
Total revenues | 588,697 | 560,328 | |||||
Cost of sales | 471,294 | 449,737 | |||||
Gross profit | 117,403 | 110,591 | |||||
Selling, general and administrative expenses | 98,396 | 96,875 | |||||
Goodwill impairment | — | 79,700 | |||||
Income (loss) from operations | 19,007 | (65,984) | |||||
Other income (expense) | (980) | (3,445) | |||||
Earnings (loss) before interest and income taxes | 18,027 | (69,429) | |||||
Interest expense | 16,192 | 15,123 | |||||
Income (loss) before income taxes | 1,835 | (84,552) | |||||
Provision for income taxes | 5,767 | 1,665 | |||||
Net loss | $ | (3,932) | $ | (86,217) | |||
Net loss per share: | |||||||
Basic | $ | (0.18) | $ | (3.92) | |||
Diluted | $ | (0.18) | $ | (3.92) | |||
Dividends declared per share | $ | 0.1175 | $ | 0.3525 | |||
Weighted average shares: | |||||||
Basic | 22,162 | 22,015 | |||||
Diluted | 22,162 | 22,015 |
___________________________ | ||||||||
(1) | In connection with our January 1, 2018 adoption of ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, we reclassed the 2017 non-service cost components of pension and post-retirement benefit costs previously reported within income from operations to other income (expense). |
Libbey Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(dollars in thousands) | |||||||
September 30, 2018 | December 31, 2017 | ||||||
(unaudited) | |||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 19,088 | $ | 24,696 | |||
Accounts receivable — net | 91,082 | 89,997 | |||||
Inventories — net | 210,591 | 187,886 | |||||
Prepaid and other current assets | 18,051 | 12,550 | |||||
Total current assets | 338,812 | 315,129 | |||||
Pension asset | 4,249 | 2,939 | |||||
Purchased intangible assets — net | 13,685 | 14,565 | |||||
Goodwill | 84,412 | 84,412 | |||||
Deferred income taxes | 25,482 | 24,892 | |||||
Other assets | 9,429 | 9,627 | |||||
Property, plant and equipment — net | 264,057 | 265,675 | |||||
Total assets | $ | 740,126 | $ | 717,239 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY: | |||||||
Accounts payable | $ | 72,927 | $ | 78,346 | |||
Salaries and wages | 27,171 | 27,409 | |||||
Accrued liabilities | 51,568 | 43,223 | |||||
Accrued income taxes | 4,798 | 1,862 | |||||
Pension liability (current portion) | 2,286 | 2,185 | |||||
Non-pension post-retirement benefits (current portion) | 4,181 | 4,185 | |||||
Derivative liability | — | 697 | |||||
Long-term debt due within one year | 4,400 | 7,485 | |||||
Total current liabilities | 167,331 | 165,392 | |||||
Long-term debt | 406,252 | 376,905 | |||||
Pension liability | 41,295 | 43,555 | |||||
Non-pension post-retirement benefits | 48,599 | 49,758 | |||||
Deferred income taxes | 1,864 | 1,850 | |||||
Other long-term liabilities | 12,616 | 12,885 | |||||
Total liabilities | 677,957 | 650,345 | |||||
Common stock and capital in excess of par value | 335,083 | 333,231 | |||||
Retained deficit | (167,417) | (161,165) | |||||
Accumulated other comprehensive loss | (105,497) | (105,172) | |||||
Total shareholders' equity | 62,169 | 66,894 | |||||
Total liabilities and shareholders' equity | $ | 740,126 | $ | 717,239 |
Libbey Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(dollars in thousands) | |||||||
(unaudited) | |||||||
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
Operating activities: | |||||||
Net loss | $ | (3,932) | $ | (86,217) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 34,389 | 33,616 | |||||
Goodwill impairment | — | 79,700 | |||||
Loss on asset sales and disposals | 256 | 224 | |||||
Change in accounts receivable | (1,688) | (2,000) | |||||
Change in inventories | (24,445) | (25,944) | |||||
Change in accounts payable | (5,139) | 3,283 | |||||
Accrued interest and amortization of discounts and finance fees | 801 | 929 | |||||
Pension & non-pension post-retirement benefits, net | 1,154 | 3,007 | |||||
Accrued liabilities & prepaid expenses | 6,938 | 8,716 | |||||
Income taxes | (1,662) | (1,942) | |||||
Share-based compensation expense | 2,127 | 2,930 | |||||
Other operating activities | (1,213) | (94) | |||||
Net cash provided by operating activities | 7,586 | 16,208 | |||||
Investing activities: | |||||||
Additions to property, plant and equipment | (35,123) | (39,140) | |||||
Net cash used in investing activities | (35,123) | (39,140) | |||||
Financing activities: | |||||||
Borrowings on ABL credit facility | 78,850 | 21,004 | |||||
Repayments on ABL credit facility | (46,876) | (12,277) | |||||
Other repayments | (3,077) | (632) | |||||
Repayments on Term Loan B | (3,300) | (18,300) | |||||
Stock options exercised | 5 | 466 | |||||
Taxes paid on distribution of equity awards | (304) | (623) | |||||
Dividends | (2,595) | (7,762) | |||||
Other financing activities | — | 888 | |||||
Net cash provided by (used in) financing activities | 22,703 | (17,236) | |||||
Effect of exchange rate fluctuations on cash | (774) | 731 | |||||
Decrease in cash | (5,608) | (39,437) | |||||
Cash & cash equivalents at beginning of period | 24,696 | 61,011 | |||||
Cash & cash equivalents at end of period | $ | 19,088 | $ | 21,574 |
In accordance with the SEC's Regulation G, the following tables provide non-GAAP measures used in this earnings release and a reconciliation to the most closely related U.S. GAAP measure. See the above text for additional information on our non-GAAP measures. Although Libbey believes that the non-GAAP financial measures presented enhance investors' understanding of Libbey's business and performance, these non-GAAP measures should not be considered an alternative to U.S. GAAP.
Table 1 | ||||||||||||||||
Reconciliation of Net Loss to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Reported net loss (U.S. GAAP) | $ | (4,959) | $ | (78,815) | $ | (3,932) | $ | (86,217) | ||||||||
Add: | ||||||||||||||||
Interest expense | 5,652 | 5,118 | 16,192 | 15,123 | ||||||||||||
Provision for income taxes | 1,758 | 2,731 | 5,767 | 1,665 | ||||||||||||
Depreciation and amortization | 11,270 | 11,233 | 34,389 | 33,616 | ||||||||||||
Add special items before interest and taxes: | ||||||||||||||||
Fees associated with strategic initiative (1) | 2,341 | — | 2,341 | — | ||||||||||||
Goodwill impairment (2) | — | 79,700 | — | 79,700 | ||||||||||||
Reorganization charges (3) | — | — | — | 2,488 | ||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 16,062 | $ | 19,967 | $ | 54,757 | $ | 46,375 | ||||||||
Net sales | $ | 190,775 | $ | 187,339 | $ | 586,222 | $ | 557,847 | ||||||||
Net loss margin (U.S. GAAP) | (2.6) | % | (42.1) | % | (0.7) | % | (15.5) | % | ||||||||
Adjusted EBITDA margin (non-GAAP) | 8.4 | % | 10.7 | % | 9.3 | % | 8.3 | % | ||||||||
(1) Legal and professional fees associated with a strategic initiative that we terminated during the third quarter. | ||||||||||||||||
(2) Non-cash goodwill impairment charge recorded in our Latin America segment. | ||||||||||||||||
(3) Workforce reorganization as a part of our cost savings initiatives. |
Table 2 | ||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | ||||||||
(dollars in thousands) | ||||||||
(unaudited) | ||||||||
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
Net cash provided by operating activities (U.S. GAAP) | $ | 7,586 | $ | 16,208 | ||||
Net cash used in investing activities (U.S. GAAP) | (35,123) | (39,140) | ||||||
Free Cash Flow (non-GAAP) | $ | (27,537) | $ | (22,932) |
Table 3 | ||||||||||||
Reconciliation to Trade Working Capital | ||||||||||||
(dollars in thousands) | ||||||||||||
(unaudited) | ||||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||||
Accounts receivable — net | $ | 91,082 | $ | 89,997 | $ | 89,084 | ||||||
Inventories — net | 210,591 | 187,886 | 200,181 | |||||||||
Less: Accounts payable | 72,927 | 78,346 | 73,645 | |||||||||
Trade Working Capital (non-GAAP) | $ | 228,746 | $ | 199,537 | $ | 215,620 |
Table 4 | ||||||||||||||||
Summary Business Segment Information | ||||||||||||||||
(dollars in thousands) | Three months ended | Nine months ended | ||||||||||||||
Net Sales: | 2018 | 2017 | 2018 | 2017 | ||||||||||||
U.S. & Canada (1) | $ | 115,304 | $ | 112,252 | $ | 351,719 | $ | 343,452 | ||||||||
Latin America (2) | 35,406 | 35,339 | 110,029 | 102,564 | ||||||||||||
EMEA (3) | 33,289 | 33,743 | 103,712 | 90,128 | ||||||||||||
Other (4) | 6,776 | 6,005 | 20,762 | 21,703 | ||||||||||||
Consolidated | $ | 190,775 | $ | 187,339 | $ | 586,222 | $ | 557,847 | ||||||||
Segment Earnings Before Interest & Taxes (Segment EBIT) (5) : | ||||||||||||||||
U.S. & Canada (1) | $ | 7,538 | $ | 10,761 | $ | 25,620 | $ | 33,307 | ||||||||
Latin America (2) | 1,727 | 3,721 | 11,310 | 2,549 | ||||||||||||
EMEA (3) | 1,358 | 1,482 | 4,984 | (1,412) | ||||||||||||
Other (4) | 852 | (1,529) | 383 | (3,598) | ||||||||||||
Segment EBIT | $ | 11,475 | $ | 14,435 | $ | 42,297 | $ | 30,846 | ||||||||
Reconciliation of Segment EBIT to Net Loss: | ||||||||||||||||
Segment EBIT | $ | 11,475 | $ | 14,435 | $ | 42,297 | $ | 30,846 | ||||||||
Retained corporate costs (6) | (6,683) | (5,701) | (21,929) | (18,087) | ||||||||||||
Goodwill impairment | — | (79,700) | — | (79,700) | ||||||||||||
Fees associated with strategic initiative | (2,341) | — | (2,341) | — | ||||||||||||
Reorganization charges | — | — | — | (2,488) | ||||||||||||
Interest expense | (5,652) | (5,118) | (16,192) | (15,123) | ||||||||||||
Provision for income taxes | (1,758) | (2,731) | (5,767) | (1,665) | ||||||||||||
Net loss | $ | (4,959) | $ | (78,815) | $ | (3,932) | $ | (86,217) | ||||||||
Depreciation & Amortization: | ||||||||||||||||
U.S. & Canada (1) | $ | 3,850 | $ | 2,850 | $ | 10,289 | $ | 9,016 | ||||||||
Latin America (2) | 4,208 | 4,850 | 13,412 | 13,757 | ||||||||||||
EMEA (3) | 1,835 | 1,816 | 5,784 | 5,508 | ||||||||||||
Other (4) | 992 | 1,138 | 3,615 | 3,821 | ||||||||||||
Corporate | 385 | 579 | 1,289 | 1,514 | ||||||||||||
Consolidated | $ | 11,270 | $ | 11,233 | $ | 34,389 | $ | 33,616 | ||||||||
(1) U.S. & Canada—includes sales of manufactured and sourced tableware having an end-market destination in the U.S and | ||||||||||||||||
(2) Latin America—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in | ||||||||||||||||
(3) EMEA—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Europe, | ||||||||||||||||
(4) Other—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Asia | ||||||||||||||||
(5) Segment EBIT represents earnings before interest and taxes and excludes amounts related to certain items we consider not | ||||||||||||||||
(6) Retained corporate costs include certain headquarter, administrative and facility costs, and other costs that are not allocable |
Table 5 | |||||||||||
Reconciliation of Net Loss to Adjusted EBITDA and Debt Net of Cash to Adjusted EBITDA Ratio | |||||||||||
(dollars in thousands) | |||||||||||
(unaudited) | |||||||||||
Last twelve months | Year ended | Last twelve months | |||||||||
Reported net loss (U.S. GAAP) | $ | (11,083) | $ | (93,368) | $ | (88,466) | |||||
Add: | |||||||||||
Interest expense | 21,469 | 20,400 | 20,382 | ||||||||
Provision for income taxes | 19,900 | 15,798 | 7,373 | ||||||||
Depreciation and amortization | 46,317 | 45,544 | 45,433 | ||||||||
Special items before interest and taxes | 2,341 | 82,188 | 85,154 | ||||||||
Adjusted EBITDA (non-GAAP) | $ | 78,944 | $ | 70,562 | $ | 69,876 | |||||
Reported debt on balance sheet (U.S. GAAP) | $ | 410,652 | $ | 384,390 | $ | 398,882 | |||||
Plus: Unamortized discount and finance fees | 2,622 | 3,295 | 3,588 | ||||||||
Gross debt | 413,274 | 387,685 | 402,470 | ||||||||
Less: Cash and cash equivalents | 19,088 | 24,696 | 21,574 | ||||||||
Debt net of cash | $ | 394,186 | $ | 362,989 | $ | 380,896 | |||||
Debt Net of Cash to Adjusted EBITDA Ratio (non-GAAP) | 5.0x | 5.1 x | 5.5 x |
Table 6 | ||||
2018 Outlook | ||||
Reconciliation of Net Loss margin to Adjusted EBITDA Margin | ||||
(percent of estimated 2018 net sales) | ||||
(unaudited) | ||||
Outlook for the year ended | ||||
Net loss margin (U.S. GAAP) | (1.0%) - (0.7%) | |||
Add: | ||||
Interest expense | 2.7% | |||
Provision for income taxes | 2.4% - 3.1% | |||
Depreciation and amortization | 5.6% | |||
Special items before interest and taxes | 0.3% | |||
Adjusted EBITDA Margin (non-GAAP) | 10.0% - 11.0% |
Table 7 | ||||||
Adjusted SG&A Margin | ||||||
(percent of net sales) | ||||||
(unaudited) | ||||||
Outlook for the | Year ended | |||||
SG&A margin (U.S. GAAP) | 15.8% - 16.3% | 16.0% | ||||
Deduct special items in SG&A expenses: | ||||||
Fees associated with strategic initiative | (0.3)% | —% | ||||
Reorganization charges | —% | (0.3)% | ||||
Adjusted SG&A Margin (non-GAAP) | 15.5% - 16.0% | 15.7% |
View original content:http://www.prnewswire.com/news-releases/libbey-inc-announces-third-quarter-results-300744678.html
SOURCE Libbey Inc.
Copyright 2018 PR Newswire
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