- Revenue Increased 13% to $202
Million
- Building Products Segment Revenue
Increased 21%
- Adjusted EBITDA Increased 21% to $29
Million
- Adjusted EPS Increased 117% to
$0.13
(NYSE: HW) HEADWATERS INCORPORATED, a building products
company dedicated to improving lives through innovative
advancements in construction materials, today announced results for
its second quarter of fiscal 2016.
Second Quarter 2016 Highlights
- Revenue increased 13% to $202 million,
including 9% organic growth
- Gross profit increased 17% and gross
margin expanded by 90 basis points
- Adjusted EBITDA increased 21% and
Adjusted EBITDA margin expanded by 100 basis points
- Building products organic revenue
growth was 16% and Adjusted EBITDA margin expanded by nearly 400
basis points
- Construction materials Adjusted EBITDA
margin increased to 18.4%, the highest margin in a March quarter
since 2007, reflecting strong demand for fly ash and increased
pricing
- Completed three bolt-on acquisitions
since January, expanding our offerings to include a high end
decking product and synthetic gypsum, and increasing our concrete
roof tile product line
- Increasing the lower end of our 2016
Adjusted EBITDA guidance to $185 million, resulting in a new range
of $185 million to $200 million
CEO Commentary
“We were extremely pleased with 21% year-over-year revenue
growth in our building products segment, of which 16% was organic.
It was the highest building products organic growth rate since
2012, and we experienced double digit growth in all four major
product groups. Adjusted EBITDA in building products grew by 59%,
and Adjusted EBITDA margins expanded by almost 400 basis points,”
said Kirk A. Benson, Chairman and Chief Executive Officer of
Headwaters. “Our consolidated Adjusted EBITDA margin grew to a
March quarter record of 14.4%, and a record 18.9% on a trailing
twelve month basis. Since the integration of our recent bolt-on
acquisitions is still in the early stages, we anticipate that
margin expansion could continue.
“All of our end markets in building products were strong during
the March quarter and we were particularly pleased with the
strength of the repair and remodel market. Our repair and remodel
sales, which included some market share gains, contributed
meaningfully to the near 400 basis point improvement in our
building products Adjusted EBITDA margin.
“Construction materials Adjusted EBITDA margin was 18.4%, up 60
basis points over last year. The increase in revenue and
corresponding margin improvement was primarily the result of
increased pricing as fly ash supplies tightened during the
unseasonably warm winter months. We anticipate volume increases for
the remainder of 2016 as we believe demand for fly ash will
continue to be strong.
“We have raised the low end of our Adjusted EBITDA guidance from
$180 million to $185 million, raising the mid-point of our 2016
guidance by $2.5 million to $192.5 million.”
Second Quarter Summary
Headwaters’ second quarter 2016 consolidated revenue increased
by 13% to $202.3 million from $179.7 million for the second quarter
of 2015, and gross profit increased by 17% to $54.9 million,
compared to $47.1 million in 2015. Operating income improved from
$8.2 million in 2015 to $12.2 million in 2016, and Adjusted EBITDA
increased by $5.0 million to $29.1 million, or 21% over 2015.
Second quarter adjusted income from continuing operations was
$10.0 million, or $0.13 per diluted share in 2016, compared to $4.5
million, or $0.06 per diluted share in 2015, representing increases
of more than 100% year-over-year. On an unadjusted basis, income
from continuing operations was $2.6 million, or $0.03 per diluted
share, for the second quarter of 2016, compared to a loss from
continuing operations of $(25.0) million, or $(0.34) per diluted
share, for the second quarter of 2015. The 2015 results include the
impact of $24.8 million of interest expense related to early debt
repayments. Discontinued operations were immaterial in both 2015
and 2016.
Second Quarter Business Segment Highlights
BusinessSegment
2016Revenue
2016AdjustedEBITDA
2016
AdjustedEBITDAMargin
2015
AdjustedEBITDAMargin
Building Products $129.2 million $21.4
million 16.60% 12.70% Construction
Materials $71.8 million $13.2 million
18.40% 17.80%
BusinessSegment
2016OperatingIncome
2015OperatingIncome
2016OperatingIncomeMargin
2015OperatingIncomeMargin
Building Products $10.8 million $4.7
million 8.40% 4.40% Construction
Materials $9.2 million $8.2 million
12.80% 12.10%
Six Months Ended March 31, 2016
Our total revenue for the six months ended March 31, 2016 was
$420.8 million, up 11% from $379.3 million for 2015. Gross profit
increased 16%, from $102.8 million in 2015 to $119.1 million in
2016. Operating income of $27.4 million in 2015 improved by 35%, to
$37.0 million in 2016. The 2015 loss from continuing operations of
$(17.8) million, or a diluted loss per share of $(0.25), improved
to income from continuing operations of $15.5 million, or $0.20 per
diluted share, in 2016. The 2015 results include $24.8 million of
incremental interest expense related to early debt repayments.
Discontinued operations were immaterial in both 2015 and 2016.
Adjusted EBITDA increased by $11.4 million or 20%, from $57.9
million to $69.3 million for the six months ended March 31, 2016 as
compared to 2015, and Adjusted EPS increased by 78%, from $0.23 in
2015 to $0.41 in 2016.
Building Products Segment
Headwaters’ building products segment is a national brand leader
in innovative building products through superior design,
manufacturing and channel distribution. The segment markets a wide
variety of niche building products, including siding accessories,
manufactured architectural stone, block, and specialty roofing
products.
Building products revenue increased 21%, from $106.4 million in
the second quarter of 2015 to $129.2 million in the second quarter
of 2016, including 16% organic growth. In the second quarter of
2016, gross profit increased 34% to $36.0 million from $26.9
million in 2015, and operating income increased 130% to $10.8
million from $4.7 million. Adjusted EBITDA in the second quarter of
2016 increased 59% from $13.5 million in 2015 to $21.4 million.
Organic revenue growth was strong as all major product groups
experienced higher sales, primarily due to demand driven volume
increases. In particular, our siding products, which predominantly
sell into the repair and remodel market, experienced over 20%
revenue growth and contributed significantly to the expansion in
Adjusted EBITDA margins. We also improved our two-step distribution
repair and remodel product offering with a bolt-on acquisition in
decking and railing. Strong volume growth and continuous
improvement efforts in our stone and block categories also drove
margin expansion.
During the quarter, we made progress integrating the
stone-coated metal and composite roofing acquisitions previously
announced. By the end of the fiscal year all of our stone-coated
products should be manufactured in one, state-of-the-art facility.
Plant consolidation is also underway for our composite roofing
products. The integration efforts are on track and on budget, and
are expected to result in 2017 margin expansion.
In April, we acquired a third bolt-on roofing company that
manufactures concrete tiles in Florida and Texas. We plan to
consolidate all of the acquired Florida operations into our
existing Florida facility, resulting in improved tile manufacturing
efficiencies and margins.
In 2016, we have completed one bolt-on acquisition in each of
our three specialty roofing product categories, building on the
respective business platforms and capturing significant synergies.
Including our 2016 acquisitions, fiscal 2015 roofing revenue would
have been approximately $120 million on a pro forma basis, up from
our actual roofing revenue of approximately $10 million in 2012. We
have experienced high single-digit organic growth, and after
completion of our integration efforts, we anticipate further margin
expansion.
Revenue growth contributed to margin increases in the March 2016
quarter, with gross margin increasing by 260 basis points,
operating margin increasing by 400 basis points and Adjusted EBITDA
margin increasing by nearly 400 basis points. Several of our
product groups continued to benefit from lower raw material,
transportation and energy costs, which more than offset increased
costs in other areas.
Construction Materials Segment
Headwaters is the largest domestic manager and marketer of coal
combustion products (CCPs), including fly ash. Utilization of these
materials improves performance of concrete and concrete
construction products while creating significant environmental
benefits.
Second quarter 2016 revenues increased by 6% to $71.8 million,
compared to $67.5 million in 2015. The increase in revenue is
primarily attributable to positive pricing for high-value CCPs.
Service revenue represented approximately 25% of total segment
revenue for both second quarter periods. Service revenue was 21%
for all of fiscal 2015.
Net price increases for the March quarter averaged approximately
7% year-over-year. The continued favorable pricing environment is
the result of solid demand for high value CCPs as well as
improvement in portland cement demand and pricing. Based on demand
for high quality CCPs during the March quarter, we expect that
sales volumes for CCPs will grow in the second half of fiscal
2016.
Gross profit increased by 7% to $17.9 million in 2016, compared
to $16.8 million in 2015, and gross margin increased by 20 basis
points to 25.0%. Operating income increased $1.0 million, or 12%,
from $8.2 million in 2015 to $9.2 million in 2016, with a 70 basis
point increase in operating margin. Adjusted EBITDA increased $1.2
million from $12.0 million in 2015 to $13.2 million in 2016, or
10%. Adjusted EBITDA margin of 18.4% in the quarter represents an
increase of 60 basis points as compared to last year, which was
primarily attributable to the increase in revenues from high-value
CCPs.
In March 2016, we completed the previously disclosed Synthetic
Materials LLC (“SynMat”) acquisition. SynMat is a leader in the
synthetic gypsum processing and management industry. Synthetic
gypsum is a valuable by-product most often used as a direct
replacement for mined gypsum in wallboard manufacturing, cement
production, and agriculture soil amendments. SynMat provides
operations and maintenance services at ten different utility sites
and manages over 4 million tons of bulk synthetic gypsum on an
annual basis, generating approximately $25 million in annual
revenue. Headwaters will benefit from SynMat’s utility
relationships and expertise to add value to our existing 2.5
million tons of synthetic gypsum under contract. This bolt-on
acquisition fits nicely into our utility based supply network,
providing us with a strong margin business, highly complementary to
our construction material segment.
Other Matters
Our effective income tax rate for continuing operations for the
2016 fiscal year is currently estimated to be approximately 39%. In
the prior year, our estimated effective income tax rate was
approximately 10% because our net amortizable deferred tax assets
were fully reserved. In the September 2015 quarter, we reversed
most of the valuation allowance on NOL and tax credit carryforwards
and certain other deferred tax assets. Income taxes for the six
months ended March 31, 2015 and 2016 also reflect approximately
$0.9 million and $3.0 million, respectively, of discrete income tax
benefits.
Even though we are now recording income tax expense at a
normalized rate of approximately 39%, until our NOL and tax credit
carryforwards are exhausted, cash payments for income taxes are
expected to be modest. For example, in 2016, we currently expect
cash payments for income taxes to be approximately $5.0 million. In
our calculation of Adjusted Earnings Per Share, we are using cash
taxes paid rather than accrued taxes at a normalized rate. As of
March 31, 2016, we have a pre-tax NOL in the amount of
approximately $142 million and unused tax credits of approximately
$25 million, both of which can be carried forward for up to 20
years from the year they were generated.
Liquidity and Long-term Debt
The components of our long-term debt (reflected net of
applicable discounts and debt issue costs) as of March 31, 2016,
are shown in the following table:
(dollars in millions)
AmountOutstanding
Interest Rate Maturity
Date Senior secured term loan $ 413.1
LIBOR plus 3.50% (with 1.0% LIBOR floor) March
2022 7-1/4% senior unsecured notes 144.5
7.25% January 2019 Asset based loan
facility ($70.0 million limit) 0.0
LIBOR plus 1.50% March 2020
Total
$ 557.6
During the March 2016 quarter, we repaid $4.8 million of
long-term debt. We had $58.5 million of cash and cash equivalents
on hand at March 31, 2016, and total liquidity of approximately
$117.7 million, which includes the impact of providing $8.8 million
for letters of credit for various purposes. As of March 31, 2016,
our net debt to Adjusted EBITDA ratio was 2.8x.
Outlook
“We saw strong fundamental demand during the second quarter in
both our core business segments,” said Don P. Newman, Headwaters’
Chief Financial Officer. “Due to our performance in the first half
of our fiscal year combined with the acquisitions that we recently
closed, we are raising the bottom end of our Adjusted EBITDA
guidance by $5 million to a range of $185 million to $200 million,
representing growth of between 12% and 21% from 2015.
“Our Adjusted EBITDA increased by 20% for the first half of our
fiscal year, consistent with our compounded annual growth rate
since 2011. We believe further margin expansion in 2016 and 2017 is
possible, due to revenue growth and synergies associated with
recent acquisitions.
“We anticipate generating free cash flow between $80 million and
$90 million in fiscal 2016 and continue to see opportunities to
invest in growth capex and bolt-on acquisitions at returns above
our weighted average cost of capital. Our plans to continue to
reduce debt during the last half of the fiscal year include the
partial redemption of senior unsecured notes.”
Non-GAAP Financial Measures
Headwaters currently uses two non-GAAP financial measures:
Adjusted EBITDA and Adjusted EPS. Headwaters defines Adjusted
EBITDA as net income plus net interest expense, income taxes,
depreciation and amortization, equity-based compensation,
cash-based compensation tied to stock price, goodwill and other
impairments, and other non-routine adjustments that arise from time
to time, all as detailed in the table that follows. Headwaters
currently defines Adjusted EPS as diluted EPS from continuing
operations plus the effect of amortization expense related to
acquired intangible assets and other non-routine adjustments that
arise from time to time, again as detailed below.
Adjusted EBITDA and Adjusted EPS are used by management,
investors and analysts to measure operating performance, as a
supplement to our consolidated financial statements presented in
accordance with generally accepted accounting principles (GAAP).
Adjusted EBITDA is also used by management, investors and analysts
as one measure of a company’s ability to service its debt and meet
its other cash needs. Our presentations of Adjusted EBITDA and
Adjusted EPS have limitations as analytical tools, and should not
be considered in isolation, or as substitutes for analysis of our
results as reported under GAAP. Because the definitions of Adjusted
EBITDA and Adjusted EPS vary among companies and industries, our
definitions of these non-GAAP financial measures may not be
comparable to similarly-titled measures used by other
companies.
Headwaters’ calculations of Adjusted EBITDA, trailing twelve
months (TTM) Adjusted EBITDA and Adjusted EPS are reflected in the
following tables. All amounts which follow are presented on a
continuing operations basis and do not include the results from the
discontinued coal cleaning business for any period.
Reconciliation of
Income from Continuing Operations to Adjusted EBITDA
(in millions)
Quarter
Ended Six Months Ended
3/31/2015
3/31/2016
3/31/2015
3/31/2016
Income (loss) from continuing operations (GAAP)
$
(25.0
)
$
2.6
$
(17.9
)
$
15.5
Non-controlling interest of subsidiary
(0.3
)
(0.3
)
(0.5
)
(0.6
)
Net interest expense
36.0
8.1 47.9
16.3 Income taxes
(2.8
)
1.5
(3.0
)
5.1
Depreciation, amortization, and
equity-based compensation
13.5 14.8
26.9 29.2
Non-routine customer and business
acquisition-related costs and adjustments
0.4 2.4
0.9 3.8
Asset impairments, write-offs and other
non-routine items
0.9
0.0
0.9
0.0
Cash-based compensation tied to stock price
1.4
0.0
2.7
0.0
Adjusted EBITDA
$
24.1
$
29.1
$
57.9
$
69.3
Segment Adjusted
EBITDA
Building products
$
13.5
$
21.4
$
34.1
$
46.3
Construction materials 12
13.2 29.3
34.1 Energy technology
1.8
(0.8
)
0.6
(2.1
)
Corporate
(4.6
)
(4.7
)
(8.8
)
(9.0
)
Cash-based compensation tied to stock price
1.4
0.0
2.7
0.0
Adjusted EBITDA
$
24.1
$
29.1
$
57.9
$
69.3
TTM Adjusted
EBITDA
(in millions)
Twelve Months Ended
9/30/2014
9/30/2015
3/31/2016
Income from continuing operations (GAAP)
$
16.5
$
132.1
$
165.5
Non-controlling interest of subsidiary
(0.8
)
(0.9
)
(1.0
)
Net interest expense 46.3
64.2 32.6 Income taxes
3.6
(94.5
)
(86.4
)
Depreciation, amortization, and
equity-based compensation
56.9 56.2
58.5
Non-routine customer and business
acquisition-related costs and adjustments
6.1 1.8
4.7
Asset impairments, write-offs and other
non-routine items
3.1 0.6
(0.3
)
Cash-based compensation tied to stock price
6.1 6.1 3.4
TTM Adjusted EBITDA
$
137.8
$
165.6
$
177.0
Segment TTM Adjusted
EBITDA
Building products
$
88.1
$
101.9
$
114.1
Construction materials 66.8
80.5 85.3
Energy technology
(2.0
)
2.2
(0.5
)
Corporate
(21.2
)
(25.1
)
(25.3
)
Cash-based compensation tied to stock price
6.1 6.1 3.4
TTM Adjusted EBITDA
$
137.8
$
165.6
$
177.0
Reconciliation of
Diluted EPS from Continuing Operations to Adjusted EPS
Quarter
Ended Six Months Ended (in millions,
except per-share amounts)
3/31/2015
3/31/2016 3/31/2015
3/31/2016 Numerator:
Reported numerator for diluted earnings
per share from continuing operations in accordance with GAAP –
income (loss) from continuing operations attributable to Headwaters
Incorporated
$
(25.0
)
$
2.3
$
(18.4
)
$
14.9
Adjustments to numerator:
Amortization expense
related to intangible assets 4.5
4.7 8.9
9.2
Non-routine customer and business
acquisition-related costs and adjustments
0.4 2.5
0.9 3.9
Asset impairments, write-offs and other
non-routine items
0.9
0.0
0.9
0.0
Interest expense related to early debt repayments
24.8
0.0
24.8
0.0
Cash-based compensation tied to stock price
1.4
0.0
2.7
0.0
Income tax effect of above adjustments and
reversal of non-cash income taxes
(2.5
)
0.5
(2.6
)
3.1
Total adjustments to income from
continuing operations, net of income tax effect
29.5 7.7
35.6 16.2
Numerator for adjusted diluted earnings
per share from continuing operations
$
4.5
$
10.0
$
17.2
$
31.1
Denominator:
Reported denominator for diluted earnings
per share in accordance with GAAP
73.6 75.3
73.5 75.4
Effect of above adjustments on calculation
of dilutive securities
2.1
0.0
2.0
0.0
Denominator for adjusted earnings per
share, after effect of adjustments on calculation of dilutive
securities
75.7 75.3
75.5 75.4
Reported diluted income (loss) per
share from continuing operations (GAAP)
$
(0.34
)
$ 0.03
$
(0.25
)
$
0.20
Effect of adjustments on diluted income
per share calculation
0.40
0.10
0.48 0.21
Adjusted diluted income per share from
continuing operations (Adjusted EPS)
$ 0.06 $
0.13 $ 0.23
$ 0.41
Conference Call
Management will host a conference call with a simultaneous web
cast today at 11:00 a.m. Eastern Time, 9:00 a.m. Mountain Time to
discuss the Company’s financial results and business outlook. The
call will be available live via the Internet by accessing
Headwaters’ web site at www.headwaters.com and clicking on the
Investor Relations section. To listen to the live broadcast, please
go to the web site at least fifteen minutes early to register,
download, and install any necessary audio software. There will also
be corresponding slides with the webcast. For those who cannot
listen to the live broadcast, an online replay will be available
for 90 days on www.headwaters.com, or a phone replay will be
available through May 10, 2016, by dialing 877-344-7529 or
412-317-0088 and entering the passcode 10085419.
About Headwaters Incorporated
Headwaters Incorporated is improving lives through innovative
advancements in construction materials through application, design,
and purpose. Headwaters is a diversified growth company providing
products, technologies and services to the construction materials
and building products markets. Through its construction materials
and building products businesses, the Company has been able to
improve sustainability by transforming underutilized resources into
valuable products. www.headwaters.com
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking statements relating
to Headwaters’ operations that are based on management’s current
expectations, estimates and projections about the industries in
which Headwaters operates. Words such as “may,” “should,”
“anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “budgets,” “goals,” “outlook” and similar expressions
are intended to help identify such forward-looking statements.
Forward-looking statements include Headwaters’ expectations as to
the managing and marketing of coal combustion products, the
production and marketing of building products, the sales to oil
refineries of residue hydrocracking catalysts, the development,
commercialization, and financing of new products and other
strategic business opportunities and acquisitions, and other
information about Headwaters which are not purely historical by
nature, including those statements regarding Headwaters’ future
business plans, the operation of facilities, the availability of
feedstocks, and the marketability of the coal combustion products,
building products and catalysts. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, many of which are beyond the
Company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. The reader should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless legally
required, Headwaters undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the important
factors that could cause actual results to differ materially from
those in the forward-looking statements are: changing feedstock and
energy prices; actions of competitors or regulators; technological
developments; potential disruption of the Company’s production
facilities, transportation networks and information technology
systems due to war, terrorism, malicious attack, civil accidents,
political events, civil unrest or severe weather; potential
environmental liability or product liability under existing or
future laws and litigation; potential liability resulting from
other pending or future litigation; changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; and the factors set forth under the heading
“Risk Factors” in the Company’s Annual Report on Form 10-K,
quarterly reports on Form 10-Q and other periodic reports. In
addition, such results could be affected by general domestic and
international economic and political conditions and other
unpredictable or unknown factors not discussed in this press
release which could have material adverse effects on
forward-looking statements.
HEADWATERS INCORPORATED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except
per-share amounts)
Quarter Ended March 31,
Six Months Ended March 31,
2015 2016 2015 2016 Revenue:
Building products $ 106,406 $ 129,195 $ 223,940 $ 261,040
Construction materials 67,498 71,755 148,902 157,753 Energy
technology 5,821 1,382 6,480
1,957
Total revenue 179,725
202,332 379,322 420,750 Cost of
revenue: Building products 79,481 93,174 163,673 186,333
Construction materials 50,738 53,812 110,249 114,482 Energy
technology 2,365 469 2,572
787
Total cost of revenue
132,584 147,455 276,494 301,602
Gross profit 47,141
54,877 102,828 119,148 Operating
expenses: Selling, general and administrative 34,351 37,882
66,380 72,764 Amortization 4,560 4,815
9,046 9,381
Total operating
expenses 38,911 42,697 75,426
82,145 Operating income
8,230 12,180 27,402 37,003 Net
interest expense (35,965 ) (8,056 ) (47,917 ) (16,273 ) Other
income (expense), net (33 ) (12 ) (302 ) (81 )
Income (loss) from continuing operations before income
taxes (27,768 ) 4,112 (20,817
) 20,649 Income tax benefit (provision) 2,780
(1,500 ) 2,980 (5,100 )
Income
(loss) from continuing operations (24,988 )
2,612 (17,837 ) 15,549 Loss from
discontinued operations, net of income taxes (210 ) (228 ) (277 )
(444 )
Net income (loss)
(25,198 ) 2,384 (18,114 )
15,105 Net income attributable to non-controlling
interest (259 ) (283 ) (504 ) (579 )
Net income (loss) attributable to Headwaters Incorporated
$ (25,457 ) $ 2,101
$ (18,618 ) $ 14,526
Diluted income (loss) per share
attributable to Headwaters Incorporated:
From continuing operations $ (0.34 ) $ 0.03 $ (0.25 ) $ 0.20 From
discontinued operations 0.00
0.00 0.00 (0.01 )
$ (0.34 ) $ 0.03
$ (0.25 ) $
0.19 Diluted weighted average shares
outstanding: 73,555 75,341
73,501 75,353
Operating income (loss) by segment: Building
products $ 4,679 $ 10,820 $ 16,627 $ 25,905 Construction materials
8,175 9,215 21,663 26,168 Energy technology 1,473 (1,163 ) (138 )
(2,884 ) Corporate (6,097 ) (6,692 ) (10,750 )
(12,186 )
Total $ 8,230 $
12,180 $ 27,402 $
37,003 HEADWATERS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in
thousands)
September 30,
March 31, Assets: 2015 2016 Current
assets: Cash and cash equivalents $ 142,597 $ 58,491 Trade
receivables, net 134,384 106,152 Inventories 55,074 66,080 Other
12,156 13,592
Total current
assets 344,211 244,315 Property, plant and
equipment, net 185,718 194,377 Goodwill 178,199 246,167 Intangible
assets, net 143,718 161,762 Deferred income taxes 92,852 83,626
Other assets 34,321 40,407
Total assets
$ 979,019 $ 970,654
Liabilities and Stockholders' Equity: Current
liabilities: Accounts payable $ 25,306 $ 20,017 Accrued
liabilities 104,325 89,738 Current portion of long-term debt
4,250 4,250
Total current liabilities
133,881 114,005 Long-term debt, net 558,080
553,330 Income taxes 6,590 2,930 Other long-term liabilities
30,186 34,260
Total liabilities
728,737 704,525
Redeemable non-controlling interest in consolidated
subsidiary 12,431 12,275 Stockholders'
equity: Common stock - par value 74 74 Capital in excess of par
value 728,667 730,349 Retained earnings (accumulated deficit)
(489,889 ) (475,363 ) Treasury stock (1,001 ) (1,206
)
Total stockholders' equity 237,851 253,854
Total liabilities and stockholders' equity
$ 979,019 $ 970,654
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version on businesswire.com: http://www.businesswire.com/news/home/20160503005612/en/
Headwaters Incorporated:Sharon Madden, 801-984-9400Vice
President of Investor RelationsorAnalysts:Financial
ProfilesTricia Ross, 310-622-8226
Headwaters (NYSE:HW)
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Headwaters (NYSE:HW)
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