TriMas Corporation Reports Fourth Quarter and Full Year 2015 Results
Achieved 2015 EPS of
For the year, the Company reported net sales from continuing operations of
TriMas Full Year 2015 Highlights
- Achieved the high end of its previously provided 2015 EPS guidance range, as well as Free Cash Flow within the previous guidance range, despite macroeconomic weakness, most notably in the oil and industrial end markets.
- Implemented a broadly-focused Financial Improvement Plan, targeting cost actions which are now expected to yield approximately
$22 million of annual savings, and improve the Company's profitability, cash flow conversion and operational efficiencies. - Improved operating profit margin, excluding Special Items(2), by 20 basis points as compared to 2015 with improvements in Packaging and Aerospace, and a reduction in corporate expenses, partially offset by declines in the Company's energy-facing businesses.
Increased Aerospace operating profit margin, excluding Special Items(2), by 290 basis points due to higher sales related to the Allfast acquisition in 2014, improved manufacturing efficiencies, and continued productivity and cost reduction initiatives.- Within Engineered Components, achieved margin expansion on lower revenue through favorable product mix and productivity efforts in the Norris Cylinder business, while remaining profitable in the Arrow Engine business despite a nearly 60% decline in year-over-year sales due to the impact of lower oil prices and declines in related oil production activity.
- Completed the tax-free spin-off of the Cequent businesses to
TriMas' shareholders as a newly formed company, Horizon Global Corporation. - Authorized a share repurchase program that enables the Company to purchase up to
$50 million of its outstanding common stock.
"Our actions taken in 2015 demonstrate our efforts to continuously improve our company, as our focus continues to trend toward our higher-margin, highly-engineered product solutions," said
Wathen continued,
"Given that we experienced additional demand softness during the fourth quarter of 2015, and we expect these macroeconomic pressures to persist in 2016, we recently announced a set of incremental actions in response to this environment, increasing our previously communicated Financial Improvement Plan by 50 percent to
"As we look forward to 2016, we are estimating a flat top-line, as the positive impact of our organic initiatives are expected to be offset by the continued macroeconomic pressures and anticipated sales declines in our energy-facing businesses year-over-year. We expect our full-year 2016 diluted EPS to range between
Full Year 2015 Financial Results - From Continuing Operations
TriMas reported 2015 net sales of$864.0 million , a decrease of 2.6% as compared to$887.3 million in 2014. The positive impacts of the Company's organic sales initiatives and the Allfast acquisition completed inOctober 2014 were more than offset by sales declines resulting from the impact of lower oil prices, macroeconomic uncertainty and$13.1 million of unfavorable currency exchange, primarily in Packaging and Energy.- The Company reported a 2015 operating loss of
$4.3 million , compared to an operating profit of$86.7 million for 2014. Excluding the impact of Special Items(2), primarily related to the non-cash goodwill and indefinite-lived intangible asset impairment charges in the Company's energy-facing businesses and severance and business restructuring costs, 2015 operating profit would have been$101.7 million in 2015, as compared to$103.3 million in 2014. Operating profit margin (excluding Special Items(2)) in 2015 was 11.8%, an increase of 20 basis points compared to 2014, as increases in operating profit margin in Packaging and Aerospace, as a result of productivity and manufacturing efficiencies, the favorable product sales mix impact of the Allfast acquisition, and a reduction in corporate costs and expenses, more than offset the reductions in profit margin in Energy and Engineered Components. - The Company reported a 2015 loss of
$28.7 million , or$0.64 per diluted share, compared to income of$46.1 million , or$1.02 per diluted share, during 2014. Excluding the impact of Special Items(1) described above, 2015 income would have been$58.7 million , as compared to$63.5 million in 2014, primarily as a result of lower operating profit and higher interest expense. Excluding Special Items(1), 2015 diluted EPS would have been$1.29 . - The Company achieved its previously provided Free Cash Flow (defined as Cash Flow from Operating Activities, excluding the cash impact of the Financial Improvement Plan, less Capital Expenditures) guidance by generating
$50.8 million , as compared to$69.5 million in 2014, while continuing to invest in capital expenditures, and future growth and productivity programs. Free Cash Flow was approximately 87% of net income for 2015, excluding Special Items. - During 2015, the Company invested
$28.7 million in capital expenditures (included in Free Cash Flow above) primarily in support of future growth, productivity and lower cost manufacturing opportunities, and$10.0 million in acquisitions, net of cash acquired.
Fourth Quarter 2015 Financial Results - From Continuing Operations
TriMas reported fourth quarter net sales of$192.8 million , a decrease of 13.7% as compared to$223.4 million in fourth quarter 2014, as increased weakness in the industrial and energy-facing end markets and approximately$2.4 million of unfavorable currency exchange more than offset organic initiatives and the results of acquisitions.- The Company reported an operating loss of
$68.0 million in fourth quarter 2015, as compared to an operating profit of$16.7 million during fourth quarter 2014. Excluding Special Items(2) primarily related to the non-cash goodwill and indefinite-lived intangible asset impairment charges in the Company's energy-facing businesses and severance and business restructuring costs, fourth quarter 2015 operating profit would have been$22.1 million , as compared to$28.2 million during fourth quarter 2014. Fourth quarter 2015 operating profit margin declined as the impact of reduced sales and the related lower fixed cost absorption more than offset the positive impact of the Financial Improvement Plan and other productivity and manufacturing efficiency initiatives. - The
Company reported a fourth quarter 2015 loss of
$60.8 million , or$1.35 per diluted share, as compared to income of$7.7 million , or$0.17 per diluted share, during fourth quarter 2014. Excluding Special Items(1) fourth quarter 2015 income would have been$13.2 million , or$0.29 per diluted share, as compared to$0.44 in fourth quarter 2014. - The Company generated Free Cash Flow (defined as Cash Flow from Operating Activities, excluding the cash impact of the Financial Improvement Plan, less Capital Expenditures) of
$41.7 million for fourth quarter 2015, as compared to$35.2 million in fourth quarter 2014.
Impairment Charges
As previously noted, given the market conditions and the decline in profitability of its energy-facing businesses, the Company recorded pre-tax, non-cash goodwill and indefinite-lived intangible asset impairment charges of
Discontinued Operations
On
Financial Position
Fourth Quarter Business Segment Results - From Continuing Operations(2)
Packaging
Net sales for fourth quarter decreased 3.6% as compared to the year ago period, primarily due to unfavorable currency exchange and lower industrial closure sales as a result of a weaker industrial end market. Operating profit and the related margin percentage for the quarter decreased slightly due to lower sales levels, continued investment in global capabilities and unfavorable currency exchange, partially offset by lower material costs, productivity and cost reduction actions. The Company continues to develop specialty dispensing and closure applications for growing end markets, including food and beverage, and health, beauty and home, as well as follow its customers into growing geographies.
Aerospace
Net sales for fourth quarter increased 20.1% as compared to the year ago period, primarily due to the results of the acquisitions of Allfast in
Energy
Fourth quarter net sales decreased 21.1% as compared to the year ago period, primarily due to expenditure reductions and deferrals at large refinery and petrochemical customers, reduced demand levels from upstream oil and gas customers related to lower oil production activity, and the impact of unfavorable currency exchange. Fourth quarter operating profit and the related margin percentage declined as the cost savings
achieved due to the restructuring and cost reduction initiatives were more than offset by the impact of the reduced sales levels and related lower fixed cost absorption. During the fourth quarter, the Company recorded pre-tax non-cash goodwill and intangible asset impairment charges of approximately
Engineered Components
Net sales for fourth quarter decreased 42.6% as compared to the year ago period, primarily due to lower sales of engines and compressors resulting from the impact of lower oil prices and significantly reduced oil production activity. Sales of industrial cylinders also decreased as a result of weaker demand in industrial end markets and lower levels of export sales due to the strong
2016 Outlook
The Company is estimating that 2016 sales will be relatively flat, ranging between a decline of 2% to an increase of 2%, as compared to 2015. The Company expects full-year 2016 diluted earnings per share to be between
Wathen commented, "We are not counting on an upturn in demand in 2016, and are expecting the weak macroeconomic environment to persist, most notably in the energy-facing and industrial end markets. As a result, we continue to take actions to mitigate the impact of these external challenges and to improve our business performance, while continuing to invest in development programs and capital in our growth businesses. We are focusing on what we can control and believe we have created a solid foundation for the future with a focus of enhancing long-term shareholder value."
Conference Call Information
Cautionary Notice Regarding Forward-looking Statements
Any "forward-looking" statements contained herein, including, but not limited to, those relating to the Company's business, financial condition or future results, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to: the Company's leverage; liabilities imposed by the Company's debt instruments; market demand; competitive factors; supply
constraints; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; technology factors; litigation; government and regulatory actions; the Company's accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company's business and industry; the Company's ability to integrate Allfast and attain the expected synergies, including that the acquisition is accretive; the Company's ability to attain the Financial Improvement Plan targeted savings and free cash flow amounts; future prospects of the Company; and other risks that are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended
In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found at the end of this release. Additional information is available at www.trimascorp.com under the "Investors" section.
About
Headquartered in
(1) Appendix I details certain
costs, expenses and other charges, collectively described as "Special Items," that are included in the determination of net income from continuing operations attributable to
(2) Business Segment Results include Operating Profit that excludes the impact of Special Items. For a complete schedule of Special Items by segment, see "Company and Business Segment Financial Information - Continuing Operations."
| Condensed Consolidated Balance Sheet | ||||||||
| (dollars in thousands) | ||||||||
2015 | 2014 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,450 | $ | 24,420 | ||||
| Receivables, net | 121,990 | 132,800 | ||||||
| Inventories | 167,370 | 171,260 | ||||||
| Prepaid expenses and other current assets | 17,810 | 8,690 | ||||||
| Current assets, discontinued operations | — | 192,580 | ||||||
| Total current assets | 326,620 | 529,750 | ||||||
| Property and equipment, net | 181,130 | 177,470 | ||||||
| 378,920 | 460,080 | |||||||
| Other intangibles, net | 273,870 | 297,420 | ||||||
| Other assets | 9,760 | 20,030 | ||||||
| Non-current assets, discontinued operations | — | 140,680 | ||||||
| Total assets | $ | 1,170,300 | $ | 1,625,430 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Current maturities, long-term debt | $ | 13,850 | $ | 23,400 | ||||
| Accounts payable | 88,420 | 103,510 | ||||||
| Accrued liabilities | 50,480 | 60,150 | ||||||
| Current liabilities, discontinued operations | — | 119,900 | ||||||
| Total current liabilities | 152,750 | 306,960 | ||||||
| Long-term debt, net | 405,780 | 607,410 | ||||||
| Deferred income taxes | 11,260 | 22,120 | ||||||
| Other long-term liabilities | 53,320 | 67,410 | ||||||
| Non-current liabilities, discontinued operations | — | 30,900 | ||||||
| Total liabilities | 623,110 | 1,034,800 | ||||||
| Total shareholders' equity | 547,190 | 590,630 | ||||||
| Total liabilities and shareholders' equity | $ | 1,170,300 | $ | 1,625,430 | ||||
| Consolidated Statement of Operations | ||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Net sales | $ | 192,760 | $ | 223,430 | $ | 863,980 | $ | 887,300 | ||||||||
| Cost of sales | (143,760 | ) | (169,490 | ) | (627,870 | ) | (650,290 | ) | ||||||||
| Gross profit | 49,000 | 53,940 | 236,110 | 237,010 | ||||||||||||
| Selling, general and administrative expenses | (39,630 | ) | (33,960 | ) | (162,350 | ) | (146,590 | ) | ||||||||
| Net loss on dispositions of property and equipment | (1,730 | ) | (3,330 | ) | (2,330 | ) | (3,770 | ) | ||||||||
| Impairment of goodwill and indefinite-lived intangible assets | (75,680 | ) | — | (75,680 | ) | — | ||||||||||
| Operating profit (loss) | (68,040 | ) | 16,650 | (4,250 | ) | 86,650 | ||||||||||
| Other expense, net: | ||||||||||||||||
| Interest expense | (3,450 | ) | (3,280 | ) | (14,060 | ) | (9,590 | ) | ||||||||
| Debt financing and extinguishment costs | — | (3,360 | ) | (1,970 | ) | (3,360 | ) | |||||||||
| Other expense, net | 490 | (650 | ) | (1,840 | ) | (4,100 | ) | |||||||||
| Other expense, net | (2,960 | ) | (7,290 | ) | (17,870 | ) | (17,050 | ) | ||||||||
| Income (loss) from continuing operations before income tax expense | (71,000 | ) | 9,360 | (22,120 | ) | 69,600 | ||||||||||
| Income tax benefit (expense) | 10,200 | (1,690 | ) | (6,540 | ) | (22,710 | ) | |||||||||
| Income (loss) from continuing operations | (60,800 | ) | 7,670 | (28,660 | ) | 46,890 | ||||||||||
| Income (loss) from discontinued operations, net of income taxes | — | (6,200 | ) | (4,740 | ) | 22,390 | ||||||||||
| Net income (loss) | (60,800 | ) | 1,470 | (33,400 | ) | 69,280 | ||||||||||
| Less: Net income attributable to noncontrolling interests | — | — | — | 810 | ||||||||||||
| Net income (loss) attributable to | $ | (60,800 | ) | $ | 1,470 | $ | (33,400 | ) | $ | 68,470 | ||||||
| Basic earnings (loss) per share attributable to | ||||||||||||||||
| Continuing operations | $ | (1.35 | ) | $ | 0.17 | $ | (0.64 | ) | $ | 1.03 | ||||||
| Discontinued operations | — | (0.14 | ) | (0.10 | ) | 0.50 | ||||||||||
| Net income (loss) per share | $ | (1.35 | ) | $ | 0.03 | $ | (0.74 | ) | $ | 1.53 | ||||||
| Weighted average common shares - basic | 45,188,303 | 44,938,675 | 45,123,626 | 44,881,925 | ||||||||||||
| Diluted earnings (loss) per share attributable to | ||||||||||||||||
| Continuing operations | $ | (1.35 | ) | $ | 0.17 | $ | (0.64 | ) | $ | 1.02 | ||||||
| Discontinued operations | — | (0.14 | ) | (0.10 | ) | 0.49 | ||||||||||
| Net income (loss) per share | $ | (1.35 | ) | $ | 0.03 | $ | (0.74 | ) | $ | 1.51 | ||||||
| Weighted average common shares - diluted | 45,188,303 | 45,384,460 | 45,123,626 | 45,269,409 | ||||||||||||
| Consolidated Statement of Cash Flow | ||||||||
| (dollars in thousands) | ||||||||
| Twelve months ended | ||||||||
| 2015 | 2014 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income (loss) | $ | (33,400 | ) | $ | 69,280 | |||
| Income (loss) from discontinued operations | (4,740 | ) | 22,390 | |||||
| Income (loss) from continuing operations | (28,660 | ) | 46,890 | |||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisition impact: | ||||||||
| Impairment of goodwill and indefinite-lived intangible assets | 75,680 | — | ||||||
| Loss on dispositions of businesses and other assets | 2,330 | 3,770 | ||||||
| Depreciation | 22,570 | 21,380 | ||||||
| Amortization of intangible assets | 20,970 | 16,060 | ||||||
| Amortization of debt issue costs | 1,710 | 1,940 | ||||||
| Deferred income taxes | (8,750 | ) | (6,530 | ) | ||||
| Non-cash compensation expense | 6,340 | 7,110 | ||||||
| Excess tax benefits from stock based compensation | (590 | ) | (1,180 | ) | ||||
| Debt financing and extinguishment expenses | 1,970 | 3,360 | ||||||
| (Increase) decrease in receivables | 5,300 | (9,790 | ) | |||||
| (Increase) decrease in inventories | 3,250 | (6,010 | ) | |||||
| Decrease in prepaid expenses and other assets | 4,730 | 5,250 | ||||||
| Increase (decrease) in accounts payable and accrued liabilities | (29,530 | ) | 11,830 | |||||
| Other, net | (750 | ) | (1,560 | ) | ||||
| Net cash provided by operating activities of continuing operations, net of acquisition impact | 76,570 | 92,520 | ||||||
| Net cash provided by (used for) operating activities of discontinued operations | (14,030 | ) | 30,880 | |||||
| Net cash provided by operating activities, net of acquisition impact | 62,540 | 123,400 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Capital expenditures | (28,660 | ) | (23,000 | ) | ||||
| Acquisition of businesses, net of cash acquired | (10,000 | ) | (382,880 | ) | ||||
| Net proceeds from disposition of businesses and other assets | 1,700 | 200 | ||||||
| Net cash used for investing activities of continuing operations | (36,960 | ) | (405,680 | ) | ||||
| Net cash used for investing activities of discontinued operations | (2,510 | ) | (4,410 | ) | ||||
| Net cash used for investing activities | (39,470 | ) | (410,090 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from borrowings on term loan facilities | 275,000 | 275,000 | ||||||
| Repayments of borrowings on term loan facilities | (444,890 | ) | (8,910 | ) | ||||
| Proceeds from borrowings on revolving credit and accounts receivable facilities | 1,129,840 | 1,063,960 | ||||||
| Repayments of borrowings on revolving credit and accounts receivable facilities | (1,169,370 | ) | (989,090 | ) | ||||
| Payments for deferred purchase price | (6,440 | ) | — | |||||
| Debt financing fees | (1,850 | ) | (3,840 | ) | ||||
| Distributions to noncontrolling interests | — | (580 | ) | |||||
| Payment for noncontrolling interests | — | (51,000 | ) | |||||
| Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (2,770 | ) | (2,910 | ) | ||||
| Proceeds from exercise of stock options | 500 | 640 | ||||||
| Excess tax benefits from stock based compensation | 590 | 1,180 | ||||||
| Cash transferred to the Cequent businesses | (17,050 | ) | — | |||||
| Net cash provided by (used for) financing activities of continuing operations | (236,440 | ) | 284,450 | |||||
| Net cash provided by (used for) financing activities of discontinued operations | 208,400 | (340 | ) | |||||
| Net cash provided by (used for) financing activities | (28,040 | ) | 284,110 | |||||
| Cash and Cash Equivalents: | ||||||||
| Decrease for the year | (4,970 | ) | (2,580 | ) | ||||
| At beginning of year | 24,420 | 27,000 | ||||||
| At end of year | $ | 19,450 | $ | 24,420 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 15,170 | $ | 10,870 | ||||
| Cash paid for income taxes | $ | 30,580 | $ | 41,110 | ||||
| Company and Business Segment Financial Information | ||||||||||||||||
| Continuing Operations | ||||||||||||||||
| (Unaudited - dollars in thousands) | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Packaging | ||||||||||||||||
| Net sales | $ | 77,800 | $ | 80,710 | $ | 334,270 | $ | 337,710 | ||||||||
| Operating profit | $ | 18,380 | $ | 18,180 | $ | 78,470 | $ | 77,850 | ||||||||
| Special Items to consider in evaluating operating profit: | ||||||||||||||||
| Severance and business restructuring costs | $ | 1,050 | $ | 2,220 | $ | 1,760 | $ | 2,840 | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 19,430 | $ | 20,400 | $ | 80,230 | $ | 80,690 | ||||||||
| Aerospace | ||||||||||||||||
| Net sales | $ | 42,140 | $ | 35,090 | $ | 176,480 | $ | 121,510 | ||||||||
| Operating profit | $ | 5,910 | $ | 3,440 | $ | 28,320 | $ | 17,830 | ||||||||
| Special Items to consider in evaluating operating profit: | ||||||||||||||||
| Severance and business restructuring costs | $ | 870 | $ | 620 | $ | 3,610 | $ | 620 | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 6,780 | $ | 4,060 | $ | 31,930 | $ | 18,450 | ||||||||
| Energy | ||||||||||||||||
| Net sales | $ | 40,480 | $ | 51,330 | $ | 193,390 | $ | 206,720 | ||||||||
| Operating loss | $ | (86,770 | ) | $ | (7,530 | ) | $ | (97,160 | ) | $ | (6,660 | ) | ||||
| Special Items to consider in evaluating operating profit (loss): | ||||||||||||||||
| Severance and business restructuring costs | $ | 11,940 | $ | 7,460 | $ | 23,140 | $ | 11,890 | ||||||||
| Release of historical translation adjustments related to the closure of Brazilian manufacturing facility | $ | — | $ | 1,270 | $ | — | $ | 1,270 | ||||||||
| Impairment of goodwill and indefinite-lived intangible assets | $ | 72,500 | $ | — | $ | 72,500 | $ | — | ||||||||
| Excluding Special Items, operating profit (loss) would have been: | $ | (2,330 | ) | $ | 1,200 | $ | (1,520 | ) | $ | 6,500 | ||||||
| Engineered Components | ||||||||||||||||
| Net sales | $ | 32,340 | $ | 56,300 | $ | 159,840 | $ | 221,360 | ||||||||
| Operating profit | $ | 1,670 | $ | 9,160 | $ | 18,240 | $ | 34,080 | ||||||||
| Special Items to consider in evaluating operating profit: | ||||||||||||||||
| Severance and business restructuring costs | $ | 50 | $ | — | $ | 280 | $ | — | ||||||||
| Impairment of goodwill and indefinite-lived intangible assets | $ | 3,180 | $ | — | $ | 3,180 | $ | — | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 4,900 | $ | 9,160 | $ | 21,700 | $ | 34,080 | ||||||||
| Corporate Expenses | ||||||||||||||||
| Operating loss | $ | (7,230 | ) | $ | (6,600 | ) | $ | (32,120 | ) | $ | (36,450 | ) | ||||
| Special Items to consider in evaluating operating loss: | ||||||||||||||||
| Severance and business restructuring costs | $ | 500 | $ | — | $ | 1,440 | $ | — | ||||||||
| Excluding Special Items, operating loss would have been: | $ | (6,730 | ) | $ | (6,600 | ) | $ | (30,680 | ) | $ | (36,450 | ) | ||||
| Net sales | $ | 192,760 | $ | 223,430 | $ | 863,980 | $ | 887,300 | ||||||||
| Operating profit (loss) | $ | (68,040 | ) | $ | 16,650 | $ | (4,250 | ) | $ | 86,650 | ||||||
| Total Special Items to consider in evaluating operating profit: | $ | 90,090 | $ | 11,570 | $ | 105,910 | $ | 16,620 | ||||||||
| Excluding Special Items, operating profit would have been: | $ | 22,050 | $ | 28,220 | $ | 101,660 | $ | 103,270 | ||||||||
Appendix I
| Additional Information Regarding Special Items Impacting | ||||||||||||||||
| Reported GAAP Financial Measures | ||||||||||||||||
| (Unaudited - dollars in thousands, except per share amounts) | ||||||||||||||||
| Three months ended December 31, | Twelve months ended | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Income (loss) from continuing operations, as reported | $ | (60,800 | ) | $ | 7,670 | $ | (28,660 | ) | $ | 46,890 | ||||||
| Less: Net income attributable to noncontrolling interests | — | — | — | 810 | ||||||||||||
| Income (loss) from continuing operations attributable to | $ | (60,800 | ) | $ | 7,670 | $ | (28,660 | ) | $ | 46,080 | ||||||
| After-tax impact of Special Items to consider in evaluating quality of income (loss) from continuing operations: | ||||||||||||||||
| Release of historical translation adjustments related to the closure of Brazilian manufacturing facility | — | 1,270 | — | 1,270 | ||||||||||||
| Severance and business restructuring costs | 9,760 | 9,180 | 21,810 | 13,980 | ||||||||||||
| Impairment of goodwill and indefinite-lived intangible assets | 64,260 | — | 64,260 | — | ||||||||||||
| Debt financing and extinguishment costs | — | 2,120 | 1,240 | 2,120 | ||||||||||||
| Excluding Special Items, income from continuing operations attributable to | $ | 13,220 | $ | 20,240 | $ | 58,650 | $ | 63,450 | ||||||||
|
Three months ended | Twelve months ended | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Diluted earnings (loss) per share from continuing operations attributable to | $ | (1.35 | ) | $ | 0.17 | $ | (0.64 | ) | $ | 1.02 | ||||||
| Dilutive impact (a) | 0.02 | — | 0.01 | — | ||||||||||||
| After-tax impact of Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||||||||||
| Release of historical translation adjustments related to the closure of Brazilian manufacturing facility | — | 0.03 | — | 0.03 | ||||||||||||
| Severance and business restructuring costs | 0.21 | 0.20 | 0.48 | 0.31 | ||||||||||||
| Impairment of goodwill and indefinite-lived intangible assets | 1.41 | — | 1.41 | — | ||||||||||||
| Debt financing and extinguishment costs | — | 0.04 | 0.03 | 0.04 | ||||||||||||
| Excluding Special Items, diluted EPS from continuing operations would have been | $ | 0.29 | $ | 0.44 | $ | 1.29 | $ | 1.40 | ||||||||
| Weighted-average shares outstanding for the three and twelve months ended | 45,613,000 | 45,384,460 | 45,482,964 | 45,269,409 | ||||||||||||
| (a) Impact of 424,697 and 359,338 shares for the three months and twelve months ended | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net cash provided by operating activities of continuing operations | $ | 47,830 | $ | 39,880 | $ | 76,570 | $ | 92,520 | ||||||||
| Add: Cash impact of Financial Improvement Plan | 2,160 | — | 2,890 | — | ||||||||||||
| Cash Flows from operating activities excluding special items | 50,940 | 39,880 | 80,410 | 92,520 | ||||||||||||
| Less: Capital expenditures of continuing operations | (8,300 | ) | (4,680 | ) | (28,660 | ) | (23,000 | ) | ||||||||
| Free Cash Flow from continuing operations | $ | 41,690 | $ | 35,200 | $ | 50,800 | $ | 69,520 | ||||||||
CONTACT:Sherry Lauderback VP, Investor Relations& Communications (248) 631-5506 sherrylauderback@trimascorp.com
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