UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 8-K | ||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 7, 2015
TRIMAS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 001-10716 | 38-2687639 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
39400 Woodward Avenue, Suite 130, Bloomfield Hills, Michigan | 48304 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code (248) 631-5450
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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 2.02 Results of Operations and Financial Condition.
On June 30, 2015, TriMas Corporation (the "Company" or the "Corporation") completed the previously announced spin-off of its Cequent businesses, creating a new independent publicly traded company, Horizon Global Corporation ("Horizon"), through a distribution of 100% of the Company's interest in Horizon to holders of the Company's common shares. Exhibit 99.1 to this Current Report on Form 8-K provides annual and quarterly financial information for the years 2015, 2014 and 2013, presenting the results of the Company's former Cequent businesses as discontinued operations.
The Company uses certain non-GAAP financial information to provide supplemental information regarding financial and business trends used in assessing its financial condition and results of operations. Exhibit 99.2 to this Current Report on Form 8-K provides annual and quarterly historical non-GAAP financial information on a continuing operations basis of presentation for the years 2015, 2014 and 2013.
The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Corporation under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |||
99.1 | Consolidated Financial Statements of TriMas Corporation. | |||
99.2 | Company and Business Segment Financial Information of TriMas Corporation. | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRIMAS CORPORATION | ||||||
Date: | October 7, 2015 | By: | /s/ David M. Wathen | |||
Name: | David M. Wathen | |||||
Title: | Chief Executive Officer | |||||
EXHIBIT INDEX
Exhibit No. | Description | |||
99.1 | Consolidated Financial Statements of TriMas Corporation. | |||
99.2 | Company and Business Segment Financial Information of TriMas Corporation. | |||
Exhibit 99.1
TriMas Corporation
Consolidated Statement of Income
(Unaudited, dollars in thousands, except for per share amounts)
2015 quarterly periods ended | ||||||||
March 31 | June 30 | |||||||
Net sales | $ | 224,130 | $ | 224,900 | ||||
Cost of sales | (161,210 | ) | (163,180 | ) | ||||
Gross profit | 62,920 | 61,720 | ||||||
Selling, general and administrative expenses | (39,900 | ) | (42,510 | ) | ||||
Operating profit | 23,020 | 19,210 | ||||||
Other expense, net: | ||||||||
Interest expense | (3,450 | ) | (3,720 | ) | ||||
Debt financing and extinguishment costs | — | (1,970 | ) | |||||
Other expense, net | (1,320 | ) | (290 | ) | ||||
Other expense, net | (4,770 | ) | (5,980 | ) | ||||
Income from continuing operations before income tax expense | 18,250 | 13,230 | ||||||
Income tax expense | (6,310 | ) | (4,740 | ) | ||||
Income from continuing operations | 11,940 | 8,490 | ||||||
Income (loss) from discontinued operations, net of tax | 2,040 | (6,780 | ) | |||||
Net income | $ | 13,980 | $ | 1,710 | ||||
Basic earnings per share: | ||||||||
Continuing operations | $ | 0.26 | $ | 0.19 | ||||
Discontinued operations | 0.05 | (0.15 | ) | |||||
Net income per share | $ | 0.31 | $ | 0.04 | ||||
Weighted average common shares—basic | 44,997,961 | 45,150,827 | ||||||
Diluted earnings per share: | ||||||||
Continuing operations | $ | 0.26 | $ | 0.19 | ||||
Discontinued operations | 0.05 | (0.15 | ) | |||||
Net income per share | $ | 0.31 | $ | 0.04 | ||||
Weighted average common shares—diluted | 45,400,843 | 45,418,907 | ||||||
TriMas Corporation
Consolidated Statement of Income
(Unaudited, dollars in thousands, except for per share amounts)
2014 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2014 | ||||||||||||||||
Net sales | $ | 216,830 | $ | 224,710 | $ | 222,330 | $ | 223,430 | $ | 887,300 | ||||||||||
Cost of sales | (156,390 | ) | (161,950 | ) | (162,460 | ) | (169,490 | ) | (650,290 | ) | ||||||||||
Gross profit | 60,440 | 62,760 | 59,870 | 53,940 | 237,010 | |||||||||||||||
Selling, general and administrative expenses | (36,270 | ) | (37,270 | ) | (39,100 | ) | (33,950 | ) | (146,590 | ) | ||||||||||
Net loss on dispositions of property and equipment | (60 | ) | (120 | ) | (250 | ) | (3,340 | ) | (3,770 | ) | ||||||||||
Operating profit | 24,110 | 25,370 | 20,520 | 16,650 | 86,650 | |||||||||||||||
Other expense, net: | ||||||||||||||||||||
Interest expense | (2,110 | ) | (2,120 | ) | (2,080 | ) | (3,280 | ) | (9,590 | ) | ||||||||||
Debt financing and extinguishment costs | — | — | — | (3,360 | ) | (3,360 | ) | |||||||||||||
Other expense, net | (340 | ) | (1,380 | ) | (1,730 | ) | (650 | ) | (4,100 | ) | ||||||||||
Other expense, net | (2,450 | ) | (3,500 | ) | (3,810 | ) | (7,290 | ) | (17,050 | ) | ||||||||||
Income from continuing operations before income tax expense | 21,660 | 21,870 | 16,710 | 9,360 | 69,600 | |||||||||||||||
Income tax expense | (7,970 | ) | (7,430 | ) | (5,620 | ) | (1,690 | ) | (22,710 | ) | ||||||||||
Income from continuing operations | 13,690 | 14,440 | 11,090 | 7,670 | 46,890 | |||||||||||||||
Income (loss) from discontinued operations, net of tax | 5,690 | 11,760 | 11,140 | (6,200 | ) | 22,390 | ||||||||||||||
Net income | 19,380 | 26,200 | 22,230 | 1,470 | 69,280 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 810 | — | — | — | 810 | |||||||||||||||
Net income attributable to TriMas | $ | 18,570 | $ | 26,200 | $ | 22,230 | $ | 1,470 | $ | 68,470 | ||||||||||
Basic earnings per share attributable to TriMas Corporation: | ||||||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.32 | $ | 0.24 | $ | 0.17 | $ | 1.03 | ||||||||||
Discontinued operations | 0.12 | 0.26 | 0.25 | (0.14 | ) | 0.50 | ||||||||||||||
Net income per share | $ | 0.41 | $ | 0.58 | $ | 0.49 | $ | 0.03 | $ | 1.53 | ||||||||||
Weighted average common shares—basic | 44,768,594 | 44,901,090 | 44,919,340 | 44,938,675 | 44,881,925 | |||||||||||||||
Diluted earnings per share attributable to TriMas Corporation: | ||||||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.32 | $ | 0.24 | $ | 0.17 | $ | 1.02 | ||||||||||
Discontinued operations | 0.12 | 0.26 | 0.25 | (0.14 | ) | 0.49 | ||||||||||||||
Net income per share | $ | 0.41 | $ | 0.58 | $ | 0.49 | $ | 0.03 | $ | 1.51 | ||||||||||
Weighted average common shares—diluted | 45,186,114 | 45,230,862 | 45,276,199 | 45,384,460 | 45,269,409 | |||||||||||||||
TriMas Corporation
Consolidated Statement of Income
(Unaudited, dollars in thousands, except for per share amounts)
2013 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2013 | ||||||||||||||||
Net sales | $ | 194,490 | $ | 210,930 | $ | 203,060 | $ | 191,220 | $ | 799,700 | ||||||||||
Cost of sales | (139,950 | ) | (148,700 | ) | (146,190 | ) | (138,820 | ) | (573,660 | ) | ||||||||||
Gross profit | 54,540 | 62,230 | 56,870 | 52,400 | 226,040 | |||||||||||||||
Selling, general and administrative expenses | (34,760 | ) | (35,710 | ) | (34,660 | ) | (33,410 | ) | (138,540 | ) | ||||||||||
Net gain (loss) on dispositions of property and equipment | — | (10 | ) | 10,360 | (640 | ) | 9,710 | |||||||||||||
Operating profit | 19,780 | 26,510 | 32,570 | 18,350 | 97,210 | |||||||||||||||
Other expense, net: | ||||||||||||||||||||
Interest expense | (3,800 | ) | (3,810 | ) | (3,910 | ) | (3,750 | ) | (15,270 | ) | ||||||||||
Debt financing and extinguishment costs | — | — | — | (2,460 | ) | (2,460 | ) | |||||||||||||
Other income (expense), net | (2,050 | ) | 370 | (400 | ) | (1,250 | ) | (3,330 | ) | |||||||||||
Other expense, net | (5,850 | ) | (3,440 | ) | (4,310 | ) | (7,460 | ) | (21,060 | ) | ||||||||||
Income from continuing operations before income tax expense | 13,930 | 23,070 | 28,260 | 10,890 | 76,150 | |||||||||||||||
Income tax expense | (2,120 | ) | (6,580 | ) | (3,550 | ) | (4,660 | ) | (16,910 | ) | ||||||||||
Income from continuing operations | 11,810 | 16,490 | 24,710 | 6,230 | 59,240 | |||||||||||||||
Income from discontinued operations, net of tax | 2,230 | 11,310 | 5,240 | 2,050 | 20,830 | |||||||||||||||
Net income | 14,040 | 27,800 | 29,950 | 8,280 | 80,070 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 860 | 910 | 1,320 | 1,430 | 4,520 | |||||||||||||||
Net income attributable to TriMas | $ | 13,180 | $ | 26,890 | $ | 28,630 | $ | 6,850 | $ | 75,550 | ||||||||||
Basic earnings per share attributable to TriMas Corporation: | ||||||||||||||||||||
Continuing operations | $ | 0.28 | $ | 0.39 | $ | 0.58 | $ | 0.10 | $ | 1.34 | ||||||||||
Discontinued operations | 0.06 | 0.29 | 0.13 | 0.05 | 0.51 | |||||||||||||||
Net income per share | $ | 0.34 | $ | 0.68 | $ | 0.71 | $ | 0.15 | $ | 1.85 | ||||||||||
Weighted average common shares—basic | 39,234,780 | 39,425,471 | 40,345,828 | 44,698,948 | 40,926,257 | |||||||||||||||
Diluted earnings per share attributable to TriMas Corporation: | ||||||||||||||||||||
Continuing operations | $ | 0.27 | $ | 0.39 | $ | 0.57 | $ | 0.10 | $ | 1.32 | ||||||||||
Discontinued operations | 0.06 | 0.28 | 0.13 | 0.05 | 0.51 | |||||||||||||||
Net income per share | $ | 0.33 | $ | 0.67 | $ | 0.70 | $ | 0.15 | $ | 1.83 | ||||||||||
Weighted average common shares—diluted | 39,790,524 | 39,886,593 | 40,746,503 | 45,159,205 | 41,395,706 | |||||||||||||||
TriMas Corporation
Consolidated Statement of Cash Flow
(Unaudited, dollars in thousands)
2015 year to date period ended | ||||||||
March 31 | June 30 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 13,980 | $ | 15,690 | ||||
Income (loss) from discontinued operations | 2,040 | (4,740 | ) | |||||
Income from continuing operations | 11,940 | 20,430 | ||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||
Loss on dispositions of property and equipment | 100 | 300 | ||||||
Depreciation | 5,080 | 10,830 | ||||||
Amortization of intangible assets | 5,360 | 10,580 | ||||||
Amortization of debt issue costs | 510 | 1,020 | ||||||
Deferred income taxes | 280 | (250 | ) | |||||
Non-cash compensation expense | 1,980 | 2,870 | ||||||
Excess tax benefits from stock based compensation | (200 | ) | (270 | ) | ||||
Debt financing and extinguishment costs | — | 1,970 | ||||||
Increase in receivables | (7,310 | ) | (8,930 | ) | ||||
Increase in inventories | (1,930 | ) | (9,210 | ) | ||||
(Increase) decrease in prepaid expenses and other assets | (2,280 | ) | 510 | |||||
Decrease in accounts payable and accrued liabilities | (7,980 | ) | (8,550 | ) | ||||
Other, net | (1,690 | ) | (820 | ) | ||||
Net cash provided by operating activities of continuing operations | 3,860 | 20,480 | ||||||
Net cash used for operating activities of discontinued operations | (27,130 | ) | (14,030 | ) | ||||
Net cash provided by (used for) operating activities | (23,270 | ) | 6,450 | |||||
Cash Flows from Investing Activities: | ||||||||
Capital expenditures | (5,690 | ) | (12,890 | ) | ||||
Net proceeds from disposition of property and equipment | 520 | 690 | ||||||
Net cash used for investing activities of continuing operations | (5,170 | ) | (12,200 | ) | ||||
Net cash used for investing activities of discontinued operations | (2,200 | ) | (2,510 | ) | ||||
Net cash used for investing activities | (7,370 | ) | (14,710 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from borrowings on term loan facilities | — | 275,000 | ||||||
Repayments of borrowings on term loan facilities | (5,860 | ) | (441,360 | ) | ||||
Proceeds from borrowings on revolving credit and accounts receivable facilities | 289,440 | 697,890 | ||||||
Repayments of borrowings on revolving credit and accounts receivable facilities | (245,880 | ) | (703,390 | ) | ||||
Payments for deferred purchase price | (5,400 | ) | (5,710 | ) | ||||
Debt financing fees | — | (1,850 | ) | |||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (2,560 | ) | (2,620 | ) | ||||
Proceeds from exercise of stock options | 430 | 430 | ||||||
Excess tax benefits from stock based compensation | 200 | 270 | ||||||
Cash transferred to the Cequent businesses | — | (17,050 | ) | |||||
Net cash provided by (used for) financing activities of continuing operations | 30,370 | (198,390 | ) | |||||
Net cash provided by (used for) financing activities of discontinued operations | (420 | ) | 208,400 | |||||
Net cash provided by financing activities | 29,950 | 10,010 | ||||||
Cash and Cash Equivalents: | ||||||||
Net increase (decrease) for the period | (690 | ) | 1,750 | |||||
At beginning of period | 24,420 | 24,420 | ||||||
At end of period | $ | 23,730 | $ | 26,170 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 4,710 | $ | 9,690 | ||||
Cash paid for taxes | $ | 8,340 | $ | 17,390 | ||||
TriMas Corporation
Consolidated Statement of Cash Flow
(Unaudited, dollars in thousands)
2014 year to date period ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income | $ | 19,380 | $ | 45,580 | $ | 67,810 | $ | 69,280 | ||||||||
Income from discontinued operations | 5,690 | 17,450 | 28,590 | 22,390 | ||||||||||||
Income from continuing operations | 13,690 | 28,130 | 39,220 | 46,890 | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact: | ||||||||||||||||
Loss on dispositions of property and equipment | 60 | 180 | 430 | 3,770 | ||||||||||||
Depreciation | 5,150 | 10,380 | 15,350 | 21,380 | ||||||||||||
Amortization of intangible assets | 3,580 | 7,180 | 10,900 | 16,060 | ||||||||||||
Amortization of debt issue costs | 480 | 960 | 1,430 | 1,940 | ||||||||||||
Deferred income taxes | (2,540 | ) | (3,110 | ) | (7,120 | ) | (6,530 | ) | ||||||||
Non-cash compensation expense | 2,180 | 4,190 | 6,450 | 7,110 | ||||||||||||
Excess tax benefits from stock based compensation | (760 | ) | (1,030 | ) | (1,100 | ) | (1,180 | ) | ||||||||
Debt financing and extinguishment costs | — | — | — | 3,360 | ||||||||||||
Increase in receivables | (17,270 | ) | (22,370 | ) | (24,610 | ) | (9,790 | ) | ||||||||
(Increase) decrease in inventories | 4,110 | 2,030 | (1,970 | ) | (6,010 | ) | ||||||||||
Decrease in prepaid expenses and other assets | 1,360 | 1,380 | 1,320 | 5,250 | ||||||||||||
Increase in accounts payable and accrued liabilities | 5,560 | 10,750 | 11,970 | 11,830 | ||||||||||||
Other, net | (620 | ) | 560 | 370 | (1,560 | ) | ||||||||||
Net cash provided by operating activities of continuing operations | 14,980 | 39,230 | 52,640 | 92,520 | ||||||||||||
Net cash provided by (used for) operating activities of discontinued operations | (39,650 | ) | (16,240 | ) | 12,260 | 30,880 | ||||||||||
Net cash provided by (used for) operating activities, net of acquisition impact | (24,670 | ) | 22,990 | 64,900 | 123,400 | |||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Capital expenditures | (5,240 | ) | (12,940 | ) | (18,320 | ) | (23,000 | ) | ||||||||
Acquisition of businesses, net of cash acquired | — | — | (27,510 | ) | (382,880 | ) | ||||||||||
Net proceeds from disposition of property and equipment | 40 | 40 | 50 | 200 | ||||||||||||
Net cash used for investing activities of continuing operations | (5,200 | ) | (12,900 | ) | (45,780 | ) | (405,680 | ) | ||||||||
Net cash used for investing activities of discontinued operations | (3,590 | ) | (7,350 | ) | (2,510 | ) | (4,410 | ) | ||||||||
Net cash used for investing activities | (8,790 | ) | (20,250 | ) | (48,290 | ) | (410,090 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from borrowings on term loan facilities | — | — | — | 275,000 | ||||||||||||
Repayments of borrowings on term loan facilities | (2,250 | ) | (4,440 | ) | (6,660 | ) | (8,910 | ) | ||||||||
Proceeds from borrowings on revolving credit and accounts receivable facilities | 331,120 | 552,110 | 732,480 | 1,063,960 | ||||||||||||
Repayments of borrowings on revolving credit and accounts receivable facilities | (239,900 | ) | (489,310 | ) | (687,520 | ) | (989,090 | ) | ||||||||
Debt financing fees | — | — | — | (3,840 | ) | |||||||||||
Distributions to noncontrolling interests | (580 | ) | (580 | ) | (580 | ) | (580 | ) | ||||||||
Payment for noncontrolling interests | (51,000 | ) | (51,000 | ) | (51,000 | ) | (51,000 | ) | ||||||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (2,670 | ) | (2,740 | ) | (2,780 | ) | (2,910 | ) | ||||||||
Proceeds from exercise of stock options | 140 | 430 | 480 | 640 | ||||||||||||
Excess tax benefits from stock based compensation | 760 | 1,030 | 1,100 | 1,180 | ||||||||||||
Net cash provided by (used for) financing activities of continuing operations | 35,620 | 5,500 | (14,480 | ) | 284,450 | |||||||||||
Net cash provided by (used for) financing activities of discontinued operations | 2,660 | 3,140 | 940 | (340 | ) | |||||||||||
Net cash provided by (used for) financing activities | 38,280 | 8,640 | (13,540 | ) | 284,110 | |||||||||||
Cash and Cash Equivalents: | ||||||||||||||||
Net increase (decrease) for the period | 4,820 | 11,380 | 3,070 | (2,580 | ) | |||||||||||
At beginning of period | 27,000 | 27,000 | 27,000 | 27,000 | ||||||||||||
At end of period | $ | 31,820 | $ | 38,380 | $ | 30,070 | $ | 24,420 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for interest | $ | 3,010 | $ | 5,550 | $ | 7,960 | $ | 10,870 | ||||||||
Cash paid for taxes | $ | 2,660 | $ | 10,740 | $ | 25,610 | $ | 41,110 | ||||||||
TriMas Corporation
Consolidated Statement of Cash Flow
(Unaudited, dollars in thousands)
Year ended December 31, 2013 | ||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 80,070 | ||
Income from discontinued operations | 20,830 | |||
Income from continuing operations | 59,240 | |||
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: | ||||
Gain on dispositions of businesses and other assets | (9,710 | ) | ||
Depreciation | 18,810 | |||
Amortization of intangible assets | 12,290 | |||
Amortization of debt issue costs | 1,780 | |||
Deferred income taxes | (4,540 | ) | ||
Non-cash compensation expense | 8,800 | |||
Excess tax benefits from stock based compensation | (1,550 | ) | ||
Debt extinguishment costs | 2,460 | |||
Increase in receivables | (11,380 | ) | ||
Increase in inventories | (5,750 | ) | ||
Increase in prepaid expenses and other assets | (6,380 | ) | ||
Increase in accounts payable and accrued liabilities | 2,860 | |||
Other, net | 1,290 | |||
Net cash provided by operating activities of continuing operations | 68,220 | |||
Net cash provided by operating activities of discontinued operations | 19,390 | |||
Net cash provided by operating activities, net of acquisition impact | 87,610 | |||
Cash Flows from Investing Activities: | ||||
Capital expenditures | (24,230 | ) | ||
Acquisition of businesses, net of cash acquired | (84,790 | ) | ||
Net proceeds from disposition of property and equipment | 10,560 | |||
Net cash used for investing activities of continuing operations | (98,460 | ) | ||
Net cash used for investing activities of discontinued operations | (31,880 | ) | ||
Net cash used for investing activities | (130,340 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs | 174,670 | |||
Proceeds from borrowings on term loan facilities | 175,040 | |||
Repayments of borrowings on term loan facilities | (400,780 | ) | ||
Proceeds from borrowings on revolving credit and accounts receivable facilities | 1,222,980 | |||
Repayments of borrowings on revolving credit and accounts receivable facilities | (1,113,910 | ) | ||
Debt financing fees | (3,610 | ) | ||
Distributions to noncontrolling interests | (2,710 | ) | ||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations | (4,440 | ) | ||
Proceeds from exercise of stock options | 1,620 | |||
Excess tax benefits from stock based compensation | 1,550 | |||
Net cash provided by financing activities of continuing operations | 50,410 | |||
Net cash used for financing activities of discontinued operations | (1,260 | ) | ||
Net cash provided by financing activities | 49,150 | |||
Cash and Cash Equivalents: | ||||
Net increase for the period | 6,420 | |||
At beginning of period | 20,580 | |||
At end of period | $ | 27,000 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | $ | 16,750 | ||
Cash paid for taxes | $ | 37,700 | ||
Exhibit 99.2
TriMas Corporation
Company and Business Segment Financial Information
Continuing Operations
(Unaudited, dollars in thousands)
2015 quarterly periods ended | ||||||||
March 31 | June 30 | |||||||
Packaging | ||||||||
Net sales | $ | 78,960 | $ | 89,580 | ||||
Operating profit | $ | 17,510 | $ | 20,710 | ||||
Special Items to consider in evaluating operating profit: | ||||||||
Severance and business restructuring costs | $ | 150 | $ | 280 | ||||
Excluding Special Items, operating profit would have been | $ | 17,660 | $ | 20,990 | ||||
Aerospace | ||||||||
Net sales | $ | 45,740 | $ | 43,220 | ||||
Operating profit | $ | 8,080 | $ | 7,220 | ||||
Special Items to consider in evaluating operating profit: | ||||||||
Severance and business restructuring costs | $ | 790 | $ | 830 | ||||
Excluding Special Items, operating profit would have been | $ | 8,870 | $ | 8,050 | ||||
Energy | ||||||||
Net sales | $ | 51,160 | $ | 50,150 | ||||
Operating profit (loss) | $ | 340 | $ | (7,170 | ) | |||
Special Items to consider in evaluating operating profit: | ||||||||
Severance and business restructuring costs | $ | 1,430 | $ | 3,910 | ||||
Excluding Special Items, operating profit (loss) would have been | $ | 1,770 | $ | (3,260 | ) | |||
Engineered Components | ||||||||
Net sales | $ | 48,270 | $ | 41,950 | ||||
Operating profit | $ | 5,970 | $ | 6,220 | ||||
Special Items to consider in evaluating operating profit: | ||||||||
Severance and business restructuring costs | $ | 80 | $ | 60 | ||||
Excluding Special Items, operating profit would have been | $ | 6,050 | $ | 6,280 | ||||
Corporate Expenses | ||||||||
Operating loss | $ | (8,880 | ) | $ | (7,770 | ) | ||
Total Continuing Operations | ||||||||
Net sales | $ | 224,130 | $ | 224,900 | ||||
Operating profit | $ | 23,020 | $ | 19,210 | ||||
Total Special Items to consider in evaluating operating profit | $ | 2,450 | $ | 5,080 | ||||
Excluding Special Items, operating profit would have been | $ | 25,470 | $ | 24,290 | ||||
TriMas Corporation
Company and Business Segment Financial Information
Continuing Operations
(Unaudited, dollars in thousands)
2014 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2014 | ||||||||||||||||
Packaging | ||||||||||||||||||||
Net sales | $ | 81,430 | $ | 86,250 | $ | 89,320 | $ | 80,710 | $ | 337,710 | ||||||||||
Operating profit | $ | 18,360 | $ | 20,540 | $ | 20,770 | $ | 18,180 | $ | 77,850 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Severance and business restructuring costs | $ | — | $ | — | $ | 620 | $ | 2,220 | $ | 2,840 | ||||||||||
Excluding Special Items, operating profit would have been | $ | 18,360 | $ | 20,540 | $ | 21,390 | $ | 20,400 | $ | 80,690 | ||||||||||
Aerospace | ||||||||||||||||||||
Net sales | $ | 27,190 | $ | 31,820 | $ | 27,410 | $ | 35,090 | $ | 121,510 | ||||||||||
Operating profit | $ | 4,860 | $ | 5,660 | $ | 3,870 | $ | 3,440 | $ | 17,830 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Severance and business restructuring costs | $ | — | $ | — | $ | — | $ | 620 | $ | 620 | ||||||||||
Excluding Special Items, operating profit would have been | $ | 4,860 | $ | 5,660 | $ | 3,870 | $ | 4,060 | $ | 18,450 | ||||||||||
Energy | ||||||||||||||||||||
Net sales | $ | 52,780 | $ | 52,320 | $ | 50,290 | $ | 51,330 | $ | 206,720 | ||||||||||
Operating profit (loss) | $ | 2,600 | $ | (630 | ) | $ | (1,100 | ) | $ | (7,530 | ) | $ | (6,660 | ) | ||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Severance and business restructuring costs | $ | — | $ | 2,350 | $ | 2,080 | $ | 7,460 | $ | 11,890 | ||||||||||
Release of historical translation adjustments related to the closure of Brazilian manufacturing facility | $ | — | $ | — | $ | — | $ | 1,270 | $ | 1,270 | ||||||||||
Excluding Special Items, operating profit would have been | $ | 2,600 | $ | 1,720 | $ | 980 | $ | 1,200 | $ | 6,500 | ||||||||||
Engineered Components | ||||||||||||||||||||
Net sales | $ | 55,430 | $ | 54,320 | $ | 55,310 | $ | 56,300 | $ | 221,360 | ||||||||||
Operating profit | $ | 7,880 | $ | 8,950 | $ | 8,090 | $ | 9,160 | $ | 34,080 | ||||||||||
Corporate Expenses | ||||||||||||||||||||
Operating loss | $ | (9,590 | ) | $ | (9,150 | ) | $ | (11,110 | ) | $ | (6,600 | ) | $ | (36,450 | ) | |||||
Total Continuing Operations | ||||||||||||||||||||
Net sales | $ | 216,830 | $ | 224,710 | $ | 222,330 | $ | 223,430 | $ | 887,300 | ||||||||||
Operating profit | $ | 24,110 | $ | 25,370 | $ | 20,520 | $ | 16,650 | $ | 86,650 | ||||||||||
Total Special Items to consider in evaluating operating profit | $ | — | $ | 2,350 | $ | 2,700 | $ | 11,570 | $ | 16,620 | ||||||||||
Excluding Special Items, operating profit would have been | $ | 24,110 | $ | 27,720 | $ | 23,220 | $ | 28,220 | $ | 103,270 | ||||||||||
TriMas Corporation
Company and Business Segment Financial Information
Continuing Operations
(Unaudited, dollars in thousands)
2013 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2013 | ||||||||||||||||
Packaging | ||||||||||||||||||||
Net sales | $ | 74,350 | $ | 78,640 | $ | 82,010 | $ | 78,220 | $ | 313,220 | ||||||||||
Operating profit | $ | 14,630 | $ | 19,600 | $ | 31,320 | $ | 18,220 | $ | 83,770 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Release of historical translation adjustments related to the sale of Italian business | $ | — | $ | — | $ | (7,910 | ) | $ | — | $ | (7,910 | ) | ||||||||
Excluding Special Items, operating profit would have been | $ | 14,630 | $ | 19,600 | $ | 23,410 | $ | 18,220 | $ | 75,860 | ||||||||||
Aerospace | ||||||||||||||||||||
Net sales | $ | 18,950 | $ | 23,450 | $ | 25,830 | $ | 27,300 | $ | 95,530 | ||||||||||
Operating profit | $ | 3,650 | $ | 5,810 | $ | 6,350 | $ | 7,020 | $ | 22,830 | ||||||||||
Energy | ||||||||||||||||||||
Net sales | $ | 54,920 | $ | 58,820 | $ | 47,680 | $ | 44,160 | $ | 205,580 | ||||||||||
Operating profit (loss) | $ | 5,870 | $ | 5,210 | $ | 1,450 | $ | (3,910 | ) | $ | 8,620 | |||||||||
Engineered Components | ||||||||||||||||||||
Net sales | $ | 46,270 | $ | 50,020 | $ | 47,540 | $ | 41,540 | $ | 185,370 | ||||||||||
Operating profit | $ | 5,700 | $ | 5,890 | $ | 2,860 | $ | 5,000 | $ | 19,450 | ||||||||||
Corporate Expenses | ||||||||||||||||||||
Operating loss | $ | (10,070 | ) | $ | (10,000 | ) | $ | (9,410 | ) | $ | (7,980 | ) | $ | (37,460 | ) | |||||
Total Continuing Operations | ||||||||||||||||||||
Net sales | $ | 194,490 | $ | 210,930 | $ | 203,060 | $ | 191,220 | $ | 799,700 | ||||||||||
Operating profit | $ | 19,780 | $ | 26,510 | $ | 32,570 | $ | 18,350 | $ | 97,210 | ||||||||||
Total Special Items to consider in evaluating operating profit | $ | — | $ | — | $ | (7,910 | ) | $ | — | $ | (7,910 | ) | ||||||||
Excluding Special Items, operating profit would have been | $ | 19,780 | $ | 26,510 | $ | 24,660 | $ | 18,350 | $ | 89,300 | ||||||||||
TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures
(Unaudited, dollars in thousands, except per share amounts)
2015 quarterly periods ended | ||||||||
March 31 | June 30 | |||||||
Income from continuing operations, as reported | $ | 11,940 | $ | 8,490 | ||||
After-tax impact of Special Items to consider in evaluating quality of income from continuing operations: | ||||||||
Severance and business restructuring costs | 1,900 | 4,030 | ||||||
Debt extinguishment costs | — | 1,240 | ||||||
Excluding Special Items, income from continuing operations would have been | $ | 13,840 | $ | 13,760 | ||||
2015 quarterly periods ended | ||||||||
March 31 | June 30 | |||||||
Diluted earnings per share from continuing operations, as reported | $ | 0.26 | $ | 0.19 | ||||
After-tax impact of Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||
Severance and business restructuring costs | 0.05 | 0.08 | ||||||
Debt extinguishment costs | — | 0.03 | ||||||
Excluding Special Items, EPS from continuing operations would have been | $ | 0.31 | $ | 0.30 | ||||
Weighted-average shares outstanding | 45,400,843 | 45,418,907 | ||||||
TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures
(Unaudited, dollars in thousands, except per share amounts)
2014 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2014 | ||||||||||||||||
Income from continuing operations, as reported | $ | 13,690 | $ | 14,440 | $ | 11,090 | $ | 7,670 | $ | 46,890 | ||||||||||
Less: Net income attributable to noncontrolling interests | 810 | — | — | — | 810 | |||||||||||||||
Income from continuing operations attributable to TriMas Corporation | 12,880 | 14,440 | 11,090 | 7,670 | 46,080 | |||||||||||||||
After-tax impact of Special Items to consider in evaluating quality of income 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 | — | 2,270 | 2,530 | 9,180 | 13,980 | |||||||||||||||
Debt financing and extinguishment costs | — | — | — | 2,120 | 2,120 | |||||||||||||||
Excluding Special Items, income from continuing operations attributable to TriMas Corporation would have been | $ | 12,880 | $ | 16,710 | $ | 13,620 | $ | 20,240 | $ | 63,450 | ||||||||||
2014 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2014 | ||||||||||||||||
Diluted earnings per share from continuing operations attributable to TriMas Corporation, as reported | $ | 0.29 | $ | 0.32 | $ | 0.24 | $ | 0.17 | $ | 1.02 | ||||||||||
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 | — | 0.05 | 0.05 | 0.20 | 0.31 | |||||||||||||||
Debt financing and extinguishment costs | — | — | — | 0.04 | 0.04 | |||||||||||||||
Excluding Special Items, EPS from continuing operations would have been | $ | 0.29 | $ | 0.37 | $ | 0.29 | $ | 0.44 | $ | 1.40 | ||||||||||
Weighted-average shares outstanding | 45,186,114 | 45,230,862 | 45,276,199 | 45,384,460 | 45,269,409 | |||||||||||||||
TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures
(Unaudited, dollars in thousands, except per share amounts)
2013 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2013 | ||||||||||||||||
Income from continuing operations, as reported | $ | 11,810 | $ | 16,490 | $ | 24,710 | $ | 6,230 | $ | 59,240 | ||||||||||
Less: Net income attributable to noncontrolling interests | 860 | 910 | 1,320 | 1,430 | 4,520 | |||||||||||||||
Income from continuing operations attributable to TriMas Corporation | 10,950 | 15,580 | 23,390 | 4,800 | 54,720 | |||||||||||||||
After-tax impact of Special Items to consider in evaluating quality of income from continuing operations: | ||||||||||||||||||||
Release of historical translation adjustments related to the sale of Italian business | — | — | (7,910 | ) | — | (7,910 | ) | |||||||||||||
Debt financing and extinguishment costs | — | — | — | 1,530 | 1,530 | |||||||||||||||
Tax restructuring | — | — | 2,200 | — | 2,200 | |||||||||||||||
Excluding Special Items, income from continuing operations attributable to TriMas Corporation would have been | $ | 10,950 | $ | 15,580 | $ | 17,680 | $ | 6,330 | $ | 50,540 | ||||||||||
2013 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2013 | ||||||||||||||||
Diluted earnings per share from continuing operations attributable to TriMas Corporation, as reported | $ | 0.27 | $ | 0.39 | $ | 0.57 | $ | 0.10 | $ | 1.32 | ||||||||||
After-tax impact of Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||||||||||||||
Release of historical translation adjustments related to the sale of Italian business | — | — | (0.19 | ) | — | (0.19 | ) | |||||||||||||
Debt financing and extinguishment costs | — | — | — | 0.03 | 0.04 | |||||||||||||||
Tax restructuring | — | — | 0.05 | — | 0.05 | |||||||||||||||
Excluding Special Items, EPS from continuing operations would have been | $ | 0.27 | $ | 0.39 | $ | 0.43 | $ | 0.13 | $ | 1.22 | ||||||||||
Weighted-average shares outstanding | 39,790,524 | 39,886,593 | 40,746,503 | 45,159,205 | 41,395,706 | |||||||||||||||