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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DXP Enterprises Inc | NASDAQ:DXPE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 0.62% | 49.06 | 48.98 | 49.11 | 50.1399 | 48.91 | 48.91 | 38,471 | 18:22:55 |
Texas
|
76-0509661
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
7272 Pinemont, Houston, Texas 77040
|
(713) 996-4700
|
(Address of principal executive offices)
|
Registrant’s telephone number, including area code.
|
·
|
Fiscal year 2014 sales grew 20.8%, or $258.2 million with organic growth of 3.8%
|
·
|
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $139.9 million, or 9.3% of sales
|
·
|
Free Cash Flow of $87.6 million
|
·
|
$4.0 million increase in B27 amortization
|
·
|
$117.6 million pretax goodwill impairment
|
·
|
Adjusted EPS of $3.83, excluding impairment charges and B27 amortization increase
|
·
|
Sales were $382.5 million for the fourth quarter of 2014, compared to $313.8 million for the fourth quarter of 2013, an increase of 21.9%. Organic sales increased 5.6%, acquisitions positively impacted sales by $51.1 million.
|
·
|
Gross profit was $106.7 million, or 27.9% of sales for the fourth quarter of 2014, compared to $94.6 million, or 30.2% of sales for the fourth quarter of 2013.
|
·
|
Amortization expense for 2014 was increased by $4.0 million ($1.0 million per quarter) due to DXP finalizing its purchase accounting for customer relationships for the B27 acquisition and amortizing the customer relationships on an accelerated basis. The first three quarters of 2014 have been revised to reflect the increased amortization.
|
·
|
Selling, general & administrative (SG&A) expenses were $81.1 million, or 21.2% of sales for the fourth quarter of 2014, compared to $66.5 million, or 21.2% of sales for the fourth quarter of 2013.
|
·
|
EBITDA was $34.2 million for the current quarter, compared to $33.6 million for the fourth quarter of 2013. EBITDA as a percentage of sales was 9.0% and 10.7% in 2014 and 2013, respectively.
|
·
|
Fourth quarter 2014 net loss includes a non-cash pre-tax goodwill impairment charge of $117.6 million. Excluding this non-cash impairment charge and the $1.0 million increased amortization charge for B27, fourth quarter 2014 adjusted diluted earnings per share was $0.95.
|
·
|
Free cash flow (cash flow from operating activities less capital expenditures) for the fourth quarter of 2014 was $32.8 million, or 95.7% of EBITDA compared to $13.2 million, or 39.3% of EBITDA for the fourth quarter of 2013.
|
·
|
Sales were $1.5 billion for fiscal year 2014, compared to $1.2 billion for the fiscal year 2013, an increase of 20.8%. Organic sales increased 3.8%, acquisitions positively impacted sales by $211.5 million for 2014.
|
·
|
Gross profit was $432.8 million, or 28.9% of sales for the fiscal year 2014, compared to $372.3 million, or 30.0% of sales for the fiscal year 2013.
|
·
|
Selling, general & administrative (SG&A) expenses were $327.9 million, or 21.9% of sales for fiscal 2014, compared to $271.4 million, or 21.9% of sales for fiscal 2013.
|
·
|
EBITDA was $139.9 million for the year, compared to $122.7 million for 2013. EBITDA as a percentage of sales was 9.3% and 9.9% in 2014 and 2013, respectively.
|
·
|
Income before taxes, before a non-cash goodwill impairment charge of $117.6 million and a $4.0 million amortization charge resulting from finalization of B27 purchase accounting for customer relationships and amortizing customer relationships on an accelerated basis, was $96.0 million for 2014 which was up 1.4% compared to $94.7 million for fiscal 2013.
|
·
|
Earnings per diluted share for the fiscal year 2014 was a loss of $2.99, excluding a non-cash impairment charge of $117.6 million and the $4.0 amortization charge for B27, earnings per diluted share was $3.83 per share, based on 15.5 million diluted shares, compared to $3.94 per share in fiscal 2013, based on 15.3 million diluted shares.
|
·
|
Free cash flow (cash flow from operating activities less capital expenditures) for 2014 was $87.6 million, or 62.6% of EBITDA compared to $74.5 million, or 60.7% of EBITDA for the fiscal year 2013.
|
·
|
Service Centers revenue for the fiscal year was up 11.6% year over year with a 10.9% operating income margin. Organic revenue was up 2.5% year over year.
|
o
|
For the fourth quarter, revenue was up 12.6% with a 11.2% operating income margin
|
·
|
Innovative Pumping Solutions revenue for the fiscal year was up 66.4% year over year with a 14.7% operating income margin. Organic revenue was up 3.9% year over year.
|
o
|
For the fourth quarter, revenue was up 66.2% with a 12.2% operating income margin.
|
·
|
Supply Chain Services revenue for the fiscal year was up 11.2% year over year with an 8.4% operating margin.
|
o
|
For the fourth quarter, revenue was up 14.2% with a 8.2% operating income margin
|
DXP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
|
||||
Years ending
December 31,
|
Three Months Ending
December 31,
|
|||
2014*
|
2013
|
2014*
|
2013
|
|
Sales
|
$ 1,499,662
|
$ 1,241,510
|
$ 382,502
|
$ 313,752
|
Cost of sales
|
1,066,822
|
869,165
|
275,824
|
219,150
|
Gross profit
|
432,840
|
372,345
|
106,678
|
94,602
|
Selling, general and administrative expense
|
327,899
|
271,421
|
81,081
|
66,545
|
Impairment expense
|
117,569
|
-
|
117,569
|
-
|
Operating income (loss)
|
(12,628)
|
100,924
|
(91,972)
|
28,057
|
Other income (expense)
|
(131)
|
75
|
(130)
|
59
|
Interest expense
|
12,797
|
6,282
|
2,929
|
1,352
|
Income (loss) before provision for income taxes
|
(25,556)
|
94,717
|
(95,031)
|
26,764
|
Provision for income taxes
|
19,682
|
34,480
|
6,956
|
9,860
|
Net income (loss)
|
(45,238)
|
60,237
|
(88,075)
|
16,904
|
Diluted earnings (loss) per share
|
$ (2.99)
|
$ 3.94
|
$ (5.75)
|
$ 1.10
|
Common and common equivalent shares
outstanding
|
15,479
|
15,279
|
15,311
|
15,303
|
*During the fourth quarter of 2014 DXP finalized the purchase accounting for customer relationships for the acquisition of B27 and is amortizing customer relationships on an accelerated basis. This revision resulted in increasing amortization of intangibles by $4,027,000 for the year and $1,007,000 per quarter. The first three quarters of 2014 have been revised to reflect this increased amortization.
|
SEGMENT DATA
(in thousands)
|
|||||||||
Year Ended December 31,
|
Three Months Ended December 31,
|
||||||||
Service
Centers
|
IPS
|
SCS
|
Total
|
Service
Centers
|
IPS
|
SCS
|
Total
|
||
2014
|
|||||||||
Sales
|
$ 987,561
|
$ 348,134
|
$ 163,967
|
$1,499,662
|
$ 252,456
|
$ 89,064
|
$ 40,982
|
$ 382,502
|
|
Operating income for reportable segments
|
$ 107,699
|
$ 51,162
|
$ 13,794
|
$172,655
|
$ 28,344
|
$10,833
|
$3,370
|
$42,547
|
|
2013
|
|||||||||
Sales
|
$ 884,821
|
$ 209,175
|
$ 147,514
|
$1,241,510
|
$ 224,269
|
$ 53,603
|
$ 35,880
|
$ 313,752
|
|
Operating income for reportable segments
|
$ 107,142
|
$ 33,766
|
$ 12,490
|
$ 153,398
|
$ 31,166
|
$ 9,499
|
$2,940
|
$43,605
|
Years Ended
December 31,
|
Three Months Ended
December 31,
|
||||||
2014
|
2013
|
2014
|
2013
|
||||
Income (loss) before income taxes
|
$ (25,556)
|
$ 94,717
|
$ (95,031)
|
$ 26,764
|
|||
Impairment expense
|
117,569
|
-
|
117,569
|
-
|
|||
Plus interest expense
|
12,797
|
6,282
|
2,929
|
1,352
|
|||
Plus depreciation and amortization
|
35,078
|
21,660
|
8,765
|
5,505
|
|||
EBITDA
|
$ 139,888
|
$ 122,659
|
$ 34,232
|
$ 33,621
|
|||
**EBITDA – earnings before impairments, interest, taxes, depreciation and amortization
|
1 Year DXP Enterprises Chart |
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