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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NYSE:GTI | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.05 | 0.00 | 01:00:00 |
Delaware | 1-13888 | 27-2496053 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Suite 300 Park Center I |
6100 Oak Tree Boulevard |
Independence, Ohio 44131 |
(Address of Principal Executive Offices, including Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 9.01. | Financial Statements and Exhibits. |
99.1 | Press release of GrafTech International Ltd., dated November 4, 2015 |
GRAFTECH INTERNATIONAL LTD. | |||
Date: | November 4, 2015 | By: | /s/ Quinn J Coburn |
Quinn J Coburn | |||
Vice President and Chief Financial Officer |
99.1 | Press release of GrafTech International Ltd., dated November 4, 2015 |
• | Net sales* (on a combined basis) were $160 million, a decrease of 38 percent, compared to net sales of $260 million in the third quarter of 2014. Lower sales volume and weaker pricing in both business segments drove the reduction in revenue. |
• | Reported net loss* (on a combined basis) was $(50) million, compared to a net loss of $(35) million in the same period of the prior year. The net loss in the third quarter of 2015 includes $23 million of special charges1, net of tax. The third quarter of 2014 included special charges of $22 million, net of tax. |
• | Adjusted net loss* (on a combined basis), which excludes special charges, was $(27) million, compared to adjusted net loss* of $(13) million in the third quarter of 2014. |
• | EBITDA* (on a combined basis), which excludes special charges, was $9 million, versus $24 million in the same period of the prior year. |
• | Net cash provided by operating activities* (on a combined basis) was $8 million, compared to $27 million in the third quarter of 2014. Rationalization and transaction-related cash outlays of approximately $13 million negatively impacted operating cash flow in the quarter. |
Combined | |||||||||||
Q3 2014 | Q2 2015 | Q3 2015 | |||||||||
Industrial Materials net sales: | $ | 208,573 | $ | 125,012 | $ | 126,004 | |||||
Industrial Materials adjusted operating income: | 12,283 | 3,995 | 3,030 | ||||||||
Industrial Materials adjusted operating income margin: | 5.9 | % | 3.2 | % | 2.4 | % |
Combined | ||||||||||||
Q3 2014 | Q2 2015 | Q3 2015 | ||||||||||
Engineered Solutions net sales: | $ | 51,885 | $ | 40,110 | $ | 34,184 | ||||||
Engineered Solutions adjusted operating income: | 1,225 | (138 | ) | (3,509 | ) | |||||||
Engineered Solutions adjusted operating income margin: | 2.4 | % | (0.3 | )% | (10.3 | )% |
Predecessor | Successor | ||||||
As of December 31, 2014 | As of September 30, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 17,550 | $ | 13,461 | |||
Accounts and notes receivable, net of allowance for doubtful accounts of $7,471 as of December 31, 2014 and $6,422 as of September 30, 2015 | 162,919 | 111,024 | |||||
Inventories | 382,903 | 322,268 | |||||
Prepaid expenses and other current assets | 81,623 | 66,562 | |||||
Total current assets | 644,995 | 513,315 | |||||
Property, plant and equipment | 1,500,821 | 657,247 | |||||
Less: accumulated depreciation | 846,781 | 6,899 | |||||
Net property, plant and equipment | 654,040 | 650,348 | |||||
Deferred income taxes | 16,819 | 55,011 | |||||
Goodwill | 420,129 | 170,021 | |||||
Other assets | 97,822 | 162,474 | |||||
Total assets | $ | 1,833,805 | $ | 1,551,169 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 86,409 | $ | 61,987 | |||
Short-term debt | 188,104 | 9,600 | |||||
Accrued income and other taxes | 24,506 | 17,750 | |||||
Rationalizations | 9,563 | 5,263 | |||||
Other accrued liabilities | 43,319 | 37,072 | |||||
Total current liabilities | 351,901 | 131,672 | |||||
Long-term debt | 341,615 | 368,589 | |||||
Other long-term obligations | 107,566 | 89,643 | |||||
Deferred income taxes | 28,197 | 120,434 | |||||
Stockholders’ equity: | |||||||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | — | — | |||||
Common stock, par value $.01, 225,000,000 shares authorized, 152,821,011 shares issued as of December 31, 2014 and 1,000 shares authorized and 1,000 issued as of September 30, 2015 | 1,528 | — | |||||
Additional paid-in capital | 1,825,880 | 854,337 | |||||
Accumulated other comprehensive loss | (336,524 | ) | (6,203 | ) | |||
Accumulated deficit | (245,751 | ) | (7,303 | ) | |||
Less: cost of common stock held in treasury, 15,922,729 shares as of December 31, 2014 and 0 shares as of September 30, 2015 | (239,811 | ) | — | ||||
Less: common stock held in employee benefit and compensation trusts, 80,967 shares as of December 31, 2014 and 0 shares as of September 30, 2015 | (796 | ) | — | ||||
Total stockholders’ equity | 1,004,526 | 840,831 | |||||
Total liabilities and stockholders’ equity | $ | 1,833,805 | $ | 1,551,169 |
Predecessor | Successor | ||||||||||
For the Three Months Ended September 30, 2014 | For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
Net sales | $ | 260,458 | $ | 65,598 | $ | 94,591 | |||||
Cost of sales | 242,814 | 64,187 | 85,600 | ||||||||
Gross profit | 17,644 | 1,411 | 8,991 | ||||||||
Research and development | 2,871 | 1,211 | 660 | ||||||||
Selling and administrative expenses | 26,980 | 29,604 | 9,806 | ||||||||
Rationalizations | 10,844 | 244 | 637 | ||||||||
Operating loss | (23,051 | ) | (29,648 | ) | (2,112 | ) | |||||
Other expense (income), net | 1,149 | 243 | 678 | ||||||||
Interest expense | 9,069 | 9,002 | 3,701 | ||||||||
Interest income | (144 | ) | (22 | ) | (21 | ) | |||||
Loss before provision for income taxes | (33,125 | ) | (38,871 | ) | (6,470 | ) | |||||
Provision for income taxes | 1,818 | 3,353 | 833 | ||||||||
Net loss | $ | (34,943 | ) | $ | (42,224 | ) | $ | (7,303 | ) | ||
Basic loss per common share: | |||||||||||
Net loss per share | $ | (0.26 | ) | $ | (0.31 | ) | N/A | ||||
Weighted average common shares outstanding | 136,375 | 137,433 | N/A | ||||||||
Diluted loss per common share: | |||||||||||
Net loss per share | $ | (0.26 | ) | $ | (0.31 | ) | N/A | ||||
Weighted average common shares outstanding | 136,375 | 137,433 | N/A | ||||||||
Predecessor | Successor | ||||||||||
For the Nine Months Ended September 30, 2014 | For the Period January 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
Net sales | $ | 825,433 | $ | 437,931 | $ | 94,591 | |||||
Cost of sales | 764,142 | 399,817 | 85,600 | ||||||||
Gross profit | 61,291 | 38,114 | 8,991 | ||||||||
Research and development | 8,544 | 5,556 | 660 | ||||||||
Selling and administrative expenses | 89,024 | 81,147 | 9,806 | ||||||||
Rationalizations | 11,761 | 4,507 | 637 | ||||||||
Impairments | 121,570 | 35,381 | — | ||||||||
Operating loss | (169,608 | ) | (88,477 | ) | (2,112 | ) | |||||
Other expense (income), net | 1,902 | 1,335 | 678 | ||||||||
Interest expense | 27,223 | 27,118 | 3,701 | ||||||||
Interest income | (257 | ) | (367 | ) | (21 | ) | |||||
Loss before provision for income taxes | (198,476 | ) | (116,563 | ) | (6,470 | ) | |||||
Provision for income taxes | 3,417 | 4,086 | 833 | ||||||||
Net loss | $ | (201,893 | ) | $ | (120,649 | ) | $ | (7,303 | ) | ||
Basic loss per common share: | |||||||||||
Net loss per share | $ | (1.48 | ) | $ | (0.88 | ) | N/A | ||||
Weighted average common shares outstanding | 136,007 | 137,152 | N/A | ||||||||
Diluted loss per common share: | |||||||||||
Net loss per share | $ | (1.48 | ) | $ | (0.88 | ) | N/A | ||||
Weighted average common shares outstanding | 136,007 | 137,152 | N/A | ||||||||
Predecessor | Successor | ||||||||||
For the Three Months Ended September 30, 2014 | For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
Cash flow from operating activities: | |||||||||||
Net loss | $ | (34,943 | ) | $ | (42,224 | ) | $ | (7,303 | ) | ||
Adjustments to reconcile net loss to cash provided by operations: | |||||||||||
Depreciation and amortization | 26,616 | 6,078 | 10,604 | ||||||||
Inventory write-downs | 8,100 | — | |||||||||
Deferred income tax provision | (3,219 | ) | 5,871 | 863 | |||||||
Post-retirement and pension plan changes | 1,004 | 746 | 486 | ||||||||
Stock-based compensation | 1,257 | 12,729 | — | ||||||||
Interest expense | 3,634 | 6,481 | 786 | ||||||||
Other charges, net | 1,264 | 1,421 | (492 | ) | |||||||
Increase (decrease) in working capital* | 28,861 | 15,199 | (47 | ) | |||||||
Increase in long-term assets and liabilities | (5,585 | ) | (2,199 | ) | (985 | ) | |||||
Net cash provided by operating activities | 26,989 | 4,102 | 3,912 | ||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures | (22,850 | ) | (6,681 | ) | (5,239 | ) | |||||
Proceeds from the sale of assets | 1,556 | 8 | 542 | ||||||||
Proceeds from derivative instruments | (379 | ) | (458 | ) | 84 | ||||||
Net cash used in investing activities | (21,673 | ) | (7,131 | ) | (4,613 | ) | |||||
Cash flow from financing activities: | |||||||||||
Short-term debt, net | 1,002 | 14,005 | (10,180 | ) | |||||||
Revolving Facility borrowings | 20,000 | 86,000 | 22,000 | ||||||||
Revolving Facility reductions | (35,000 | ) | (33,000 | ) | (21,000 | ) | |||||
Repayment of Senior Subordinated Notes | — | (200,000 | ) | — | |||||||
Issuance of Preferred Shares | — | 150,000 | — | ||||||||
Principal payments on long-term debt | (32 | ) | (22 | ) | (12 | ) | |||||
Proceeds from exercise of stock options | — | 32 | — | ||||||||
Purchase of treasury shares | (185 | ) | — | — | |||||||
Revolving Facility refinancing fees | (105 | ) | (2,346 | ) | — | ||||||
Other | 93 | (649 | ) | (1,385 | ) | ||||||
Net cash (used in) provided by financing activities | (14,227 | ) | 14,020 | (10,577 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (8,911 | ) | 10,991 | (11,278 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (939 | ) | (463 | ) | (294 | ) | |||||
Cash and cash equivalents at beginning of period | 20,728 | 14,505 | 25,033 | ||||||||
Cash and cash equivalents at end of period | $ | 10,878 | $ | 25,033 | $ | 13,461 | |||||
* Net change in working capital due to the following components: | |||||||||||
Accounts and notes receivable, net | $ | 7,535 | $ | 26,150 | $ | (16,927 | ) | ||||
Inventories | 14,826 | (2,110 | ) | 18,436 | |||||||
Prepaid expenses and other current assets | 3,100 | (3,688 | ) | 3,375 | |||||||
Decrease in accounts payable and accruals | (10,788 | ) | (6,921 | ) | (5,822 | ) | |||||
Rationalizations | 9,405 | (494 | ) | (1,642 | ) | ||||||
Increase in interest payable | 4,783 | 2,262 | 2,533 | ||||||||
Change in working capital | $ | 28,861 | $ | 15,199 | $ | (47 | ) |
Predecessor | Successor | Combined | |||||||||
For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | Three Months Ended September 30, 2015 | |||||||||
Net sales | $ | 65,598 | $ | 94,591 | $ | 160,189 | |||||
Cost of sales | 64,187 | 85,600 | 149,787 | ||||||||
Gross profit | 1,411 | 8,991 | 10,402 | ||||||||
Research and development | 1,211 | 660 | 1,871 | ||||||||
Selling and administrative expenses | 29,604 | 9,806 | 39,410 | ||||||||
Rationalizations | 244 | 637 | 881 | ||||||||
Operating loss | (29,648 | ) | (2,112 | ) | (31,760 | ) | |||||
Other expense (income), net | 243 | 678 | 921 | ||||||||
Interest expense | 9,002 | 3,701 | 12,703 | ||||||||
Interest income | (22 | ) | (21 | ) | (43 | ) | |||||
Loss before provision for income taxes | (38,871 | ) | (6,470 | ) | (45,341 | ) | |||||
Provision for income taxes | 3,353 | 833 | 4,186 | ||||||||
Net loss | $ | (42,224 | ) | $ | (7,303 | ) | $ | (49,527 | ) | ||
Predecessor | Successor | Combined | ||||||||||
For the Period January 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | For the Nine Months Ended September 30, 2015 | ||||||||||
Net sales | $ | 437,931 | $ | 94,591 | $ | 532,522 | ||||||
Cost of sales | 399,817 | 85,600 | 485,417 | |||||||||
Gross profit | 38,114 | 8,991 | 47,105 | |||||||||
Research and development | 5,556 | 660 | 6,216 | |||||||||
Selling and administrative expenses | 81,147 | 9,806 | 90,953 | |||||||||
Rationalizations | 4,507 | 637 | 5,144 | |||||||||
Impairments | 35,381 | — | 35,381 | |||||||||
Operating loss | (88,477 | ) | (2,112 | ) | (90,589 | ) | ||||||
Other expense (income), net | 1,335 | 678 | 2,013 | |||||||||
Interest expense | 27,118 | 3,701 | 30,819 | |||||||||
Interest income | (367 | ) | (21 | ) | (388 | ) | ||||||
Loss before provision for income taxes | (116,563 | ) | (6,470 | ) | (123,033 | ) | ||||||
Provision for income taxes | 4,086 | 833 | 4,919 | |||||||||
Net loss | $ | (120,649 | ) | $ | (7,303 | ) | $ | (127,952 | ) | |||
Predecessor | Successor | Combined | |||||||||
For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | For the Three Months Ended September 30, 2015 | |||||||||
Cash flow from operating activities: | |||||||||||
Net loss | $ | (42,224 | ) | $ | (7,303 | ) | $ | (49,527 | ) | ||
Adjustments to reconcile net loss to cash provided by operations: | |||||||||||
Depreciation and amortization | 6,078 | 10,604 | 16,682 | ||||||||
Impairments | — | — | — | ||||||||
Inventory write-downs | — | — | |||||||||
Deferred income tax provision | 5,871 | 863 | 6,734 | ||||||||
Post-retirement and pension plan changes | 746 | 486 | 1,232 | ||||||||
Stock-based compensation | 12,729 | — | 12,729 | ||||||||
Interest expense | 6,481 | 786 | 7,267 | ||||||||
Other charges, net | 1,421 | (492 | ) | 929 | |||||||
Increase (decrease) in working capital* | 15,199 | (47 | ) | 15,152 | |||||||
Increase in long-term assets and liabilities | (2,199 | ) | (985 | ) | (3,184 | ) | |||||
Net cash provided by operating activities | 4,102 | 3,912 | 8,014 | ||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures | (6,681 | ) | (5,239 | ) | (11,920 | ) | |||||
Proceeds from the sale of assets | 8 | 542 | 550 | ||||||||
Proceeds from derivative instruments | (458 | ) | 84 | (374 | ) | ||||||
Net cash used in investing activities | (7,131 | ) | (4,613 | ) | (11,744 | ) | |||||
Cash flow from financing activities: | |||||||||||
Short-term debt, net | 14,005 | (10,180 | ) | 3,825 | |||||||
Revolving Facility borrowings | 86,000 | 22,000 | 108,000 | ||||||||
Revolving Facility reductions | (33,000 | ) | (21,000 | ) | (54,000 | ) | |||||
Repayment of Senior Subordinated Notes | (200,000 | ) | — | (200,000 | ) | ||||||
Issuance of Preferred Shares | 150,000 | — | 150,000 | ||||||||
Supply chain financing | (22 | ) | — | (22 | ) | ||||||
Proceeds from exercise of stock options | 32 | — | 32 | ||||||||
Purchase of treasury shares | — | — | |||||||||
Revolving Facility refinancing fees | (2,346 | ) | — | (2,346 | ) | ||||||
Other | (649 | ) | (1,385 | ) | (2,034 | ) | |||||
Net cash provided by (used in) financing activities | 14,020 | (10,565 | ) | 3,455 | |||||||
Net increase (decrease) in cash and cash equivalents | 10,991 | (11,266 | ) | (275 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (463 | ) | (294 | ) | (757 | ) | |||||
Cash and cash equivalents at beginning of period | 14,505 | 25,033 | 39,538 | ||||||||
Cash and cash equivalents at end of period | $ | 25,033 | $ | 13,473 | $ | 38,506 | |||||
Accounts and notes receivable, net | $ | 26,150 | $ | (16,927 | ) | $ | 9,223 | ||||
Inventories | (2,110 | ) | 18,436 | 16,326 | |||||||
Prepaid expenses and other current assets | (3,688 | ) | 3,375 | (313 | ) | ||||||
Decrease in accounts payable and accruals | (6,921 | ) | (5,822 | ) | (12,743 | ) | |||||
Rationalizations | (494 | ) | (1,642 | ) | (2,136 | ) | |||||
Increase in interest payable | 2,262 | 2,533 | 4,795 | ||||||||
Increase (decrease) in working capital | $ | 15,199 | $ | (47 | ) | $ | 15,152 |
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES SEGMENT DATA SUMMARY AND RECONCILIATION (Dollars in thousands) (Unaudited) | ||||||||||||||||||||
Combined | Combined | |||||||||||||||||||
For the Three Months Ended September 30, 2014 | For the Three Months Ended June 30, 2015 | For the Three Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | ||||||||||||||||
Net sales: | ||||||||||||||||||||
Industrial Materials | $ | 208,573 | $ | 125,012 | $ | 126,004 | $ | 634,004 | $ | 416,052 | ||||||||||
Engineered Solutions | 51,885 | 40,110 | 34,184 | 191,429 | 116,468 | |||||||||||||||
Total net sales | $ | 260,458 | $ | 165,122 | $ | 160,188 | $ | 825,433 | $ | 532,520 | ||||||||||
Segment operating income (loss): | ||||||||||||||||||||
Industrial Materials | 5,082 | 3,094 | (480 | ) | 7,742 | (23,285 | ) | |||||||||||||
Engineered Solutions | (12,445 | ) | (3,455 | ) | (8,070 | ) | (131,704 | ) | (15,918 | ) | ||||||||||
Corporate, R&D, and Other | (15,688 | ) | (12,636 | ) | (23,208 | ) | (45,646 | ) | (51,387 | ) | ||||||||||
Total segment operating loss | $ | (23,051 | ) | $ | (12,997 | ) | $ | (31,758 | ) | $ | (169,608 | ) | $ | (90,590 | ) | |||||
Reconciling Items: | ||||||||||||||||||||
Rationalization and Rationalization Related and Impairment Charges | ||||||||||||||||||||
Industrial Materials | 7,201 | 901 | 272 | 33,652 | 38,263 | |||||||||||||||
Engineered Solutions | 8,841 | 3,317 | 2,040 | 142,387 | 8,465 | |||||||||||||||
Corporate, R&D, and Other | 2,960 | (86 | ) | 135 | 2,960 | 1,736 | ||||||||||||||
Proxy contest and transaction expenses | ||||||||||||||||||||
Industrial Materials | — | — | 3,238 | — | 3,238 | |||||||||||||||
Engineered Solutions | 4,829 | — | 2,521 | 4,829 | 2,521 | |||||||||||||||
Corporate, R&D, and Other | — | 3,310 | 15,425 | 2,438 | 20,400 | |||||||||||||||
Total Reconciling Items | 23,831 | 7,442 | 23,631 | 186,266 | 74,623 | |||||||||||||||
Segment adjusted operating income: | ||||||||||||||||||||
Industrial Materials | 12,283 | 3,995 | 3,030 | 41,394 | 18,216 | |||||||||||||||
Engineered Solutions | 1,225 | (138 | ) | (3,509 | ) | 15,512 | (4,932 | ) | ||||||||||||
Corporate, R&D, and Other | (12,728 | ) | (9,412 | ) | (7,648 | ) | (40,248 | ) | (29,251 | ) | ||||||||||
Total adjusted operating income | $ | 780 | $ | (5,555 | ) | $ | (8,127 | ) | $ | 16,658 | $ | (15,967 | ) | |||||||
Adjusted operating income margin: | ||||||||||||||||||||
Industrial Materials | 5.9 | % | 3.2 | % | 2.4 | % | 6.5 | % | 4.4 | % | ||||||||||
Engineered Solutions | 2.4 | % | (0.3 | )% | (10.3 | )% | 8.1 | % | (4.2 | )% | ||||||||||
Total adjusted operating income margin | 0.3 | % | (3.4 | )% | (5.1 | )% | 2.0 | % | (3.0 | )% |
Combined | Combined | ||||||||||||||||
For the Three Months Ended September 30, 2014 | For the Three Months Ended September 30, 2015 | For the Nine Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | ||||||||||||||
EBITDA | $ | 23,749 | $ | 8,555 | $ | 84,458 | $ | 38,727 | |||||||||
Adjustments | |||||||||||||||||
Depreciation and amortization | (22,971 | ) | (16,682 | ) | (67,799 | ) | (54,693 | ) | |||||||||
Rationalization related depreciation | (3,645 | ) | — | (25,324 | ) | (1,373 | ) | ||||||||||
Rationalizations | (10,843 | ) | (881 | ) | (11,761 | ) | (5,143 | ) | |||||||||
Impairments | — | — | (121,570 | ) | (35,381 | ) | |||||||||||
Rationalizations related charges | (4,512 | ) | (1,568 | ) | (20,345 | ) | (6,567 | ) | |||||||||
Advanced graphite materials customer bad debt and inventory charge | (4,829 | ) | — | (4,829 | ) | — | |||||||||||
Proxy contest and transaction expenses | — | (21,184 | ) | (2,438 | ) | (26,159 | ) | ||||||||||
Operating income | (23,051 | ) | (31,760 | ) | (169,608 | ) | (90,589 | ) | |||||||||
Other (expense) income, net | (1,149 | ) | (921 | ) | (1,902 | ) | (2,013 | ) | |||||||||
Interest expense | (9,069 | ) | (12,703 | ) | (27,223 | ) | (30,819 | ) | |||||||||
Interest income | 144 | 43 | 257 | 388 | |||||||||||||
Income taxes | (1,818 | ) | (4,186 | ) | (3,417 | ) | (4,919 | ) | |||||||||
Net loss | $ | (34,943 | ) | $ | (49,527 | ) | $ | (201,893 | ) | $ | (127,952 | ) | |||||
Adjusted Net Income and Earnings Per Share Reconciliation | |||||||||||||
Combined | |||||||||||||
For the Three Months Ended September 30, 2014 | For the Three Months Ended September 30, 2015 | ||||||||||||
Income (Loss) | EPS | Income (Loss) | EPS | ||||||||||
Total Company | |||||||||||||
Net loss | $ | (34,943 | ) | $ | (0.26 | ) | $ | (49,527 | ) | N/A | |||
Rationalizations, net of tax | 7,123 | 0.05 | 640 | N/A | |||||||||
Rationalization related, net of tax | 5,088 | 0.05 | 1,048 | N/A | |||||||||
Valuation allowance | 6,786 | 0.05 | 7,825 | N/A | |||||||||
Advanced graphite materials customer bad debt and inventory charge, net of tax | 3,062 | 0.02 | — | N/A | |||||||||
Proxy contest and transaction expenses, net of tax | — | — | 13,311 | N/A | |||||||||
Adjusted net loss | $ | (12,884 | ) | $ | (0.09 | ) | $ | (26,703 | ) | N/A | |||
Combined | |||||||||||||
For the Nine Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2015 | ||||||||||||
Income (Loss) | EPS | Income (Loss) | EPS | ||||||||||
Total Company | |||||||||||||
Net loss | $ | (201,893 | ) | $ | (1.48 | ) | $ | (127,952 | ) | N/A | |||
Rationalizations, net of tax | 7,760 | 0.06 | 3,308 | N/A | |||||||||
Impairment, net of tax | 76,544 | 0.56 | 30,902 | N/A | |||||||||
Rationalization related, net of tax | 30,346 | 0.22 | 5,301 | N/A | |||||||||
Valuation allowance | 65,715 | 0.49 | 15,209 | N/A | |||||||||
Advanced graphite materials customer bad debt and inventory charge, net of tax | 3,062 | 0.02 | — | N/A | |||||||||
Proxy contest and transaction expenses, net of tax | 1,521 | 0.01 | 16,435 | N/A | |||||||||
Adjusted net loss | $ | (16,945 | ) | $ | (0.12 | ) | $ | (56,797 | ) | N/A |
1 Year Graftech Chart |
1 Month Graftech Chart |
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