SOUTHFIELD, Mich., Feb. 25, 2016 /PRNewswire/ -- Metaldyne
Performance Group Inc. (NYSE: MPG), a leading provider of
highly-engineered components for use in powertrain and
safety-critical applications for the global light, commercial and
industrial vehicle markets, today reported the following financial
results for its fourth quarter and full year 2015 results.
Fourth Quarter 2015 Financial Highlights:
- Net sales were $735.3 million
compared to $762.2 million in the
fourth quarter of 2014. Quarterly sales, normalized for metals and
FX, were $783.8 million resulting in
a 2.8% increase.
- Gross profit increased 1% to $119.3
million for the quarter compared to $118.0 million the same quarter in 2014.
- Net income attributable to stockholders for the quarter was
$20.7 million, resulting in diluted
earnings per share of $0.29.
- Adjusted EBITDA for the quarter was $123.2 million, or 16.8% of net sales.
- Adjusted Free Cash Flow, defined as Adjusted EBITDA less
capital expenditures, was $52.6
million for the quarter, or 7.2% of net sales.
- A fourth consecutive quarterly dividend declared of
$0.09 per share for shareholders of
record as of April 12th,
payable April 26th.
Full Year 2015 Financial Highlights:
- Net sales increased 12.2% to $3,047.3
million, compared to $2,717.0
million for the full year in 2014.
- Gross profit increased 22.0% to $516.1
million for 2015, compared to $422.9
million in 2014.
- Net income attributable to stockholders for the period was
$125.4 million, resulting in diluted
earnings per share of $1.80.
- Adjusted EBITDA was $538.2
million or 17.7% of net sales, an increase of nearly
$60 million from 2014.
- Adjusted Free Cash Flow, defined as Adjusted EBITDA less
capital expenditures, was $318.6
million or 10.5% of net sales.
- Record new business awards (based upon peak annual net sales)
of $727 million.
- Total net debt reduction of $89
million in 2015.
- 2015 dividends totaling $18
million or $0.27 per
share
- MPG's board of directors has authorized a share repurchase
program of up to $25 million.
Commenting on the Company's results, George Thanopoulos, Chief Executive Officer of
MPG, stated,
"We are very pleased with our record results in our first full
year as a public company. Our new business wins reflect our belief
that by creating MPG we can accelerate long-term profitable
growth.
We continued our focus on value creation through a balanced
capital allocation by reinvesting in our business, prepaying debt
and continuing to pay dividends. In addition, our Board of
Directors recently authorized a share repurchase program of up to
$25 million allowing us to use
current valuation levels as an opportunity for value creation.
We are very proud of our accomplishments in 2015 and we remain
committed to executing our core value creation and growth strategy
in 2016 and beyond."
Business Outlook:
For fiscal 2016, MPG maintains
guidance as follows:
- Net sales $2.75 - $2.95
billion
- Adjusted EBITDA between $500 and $540
million
- Capital expenditures between $190 and
$210 million
- Adjusted Free Cash Flow between $310 and
$330 million
Conference Call:
The Company will hold a conference
call to discuss its fourth quarter and full year 2015 results today
at 8:00 a.m. EST on February 25. A live webcast of the call may be
accessed over the Internet from the Company's Investor Relations
website at investors.mpgdriven.com. Participants should follow the
instructions provided on the website to download and install the
necessary audio applications.
The dial-in phone number for the conference call is:
U.S.
|
1-877-201-0168
|
International
|
1-647-788-4901
|
Conference
ID
|
26205877
|
A live webcast of the conference call and the fourth quarter and
full year 2015 press release will also be available online at
http://investors.mpgdriven.com.
For those unable to participate in the conference call, a replay
will be available from 11:00 a.m. EST
on February 25th until
11:59 p.m. EST on March 3rd. The replay dial-in phone
number is:
U.S.
|
1-855-859-2056
|
International
|
1-404-537-3406
|
Passcode
|
26205877
|
About MPG:
MPG is a leading provider of
highly-engineered components for use in powertrain and
safety-critical platforms for the global light, commercial and
industrial vehicle markets. MPG produces these components using
complex metal-forming manufacturing technologies and processes for
a global customer base of vehicle OEMs and Tier I suppliers. MPG's
metal-forming manufacturing technologies and processes include
aluminum die casting, forging, iron casting and powder metal
forming as well as advanced machining and assembly. Headquartered
in Southfield, Michigan, MPG
has a global footprint spanning 60 locations in 13 countries
across North America, South
America, Europe and Asia with approximately
12,000 employees. For more information, visit
www.mpgdriven.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release and any related statements contain certain
"forward-looking statements" about MPG's financial results and
estimates and business prospects within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as "expects," "intends,"
"anticipates," "plans," "projects," "believes," "seeks," "targets,"
"forecasts," "estimates," "will" or other words of similar meaning
and include, but are not limited to, statements regarding the
outlook for the Company's future business, prospects and financial
performance; the industry outlook, our backlog and our 2016
financial guidance. Forward-looking statements are based on
management's current expectations and assumptions, which are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes
and results may differ materially due to global political,
economic, business, competitive, market, regulatory, and other
factors and risks, among them being: volatility in the global
economy impacting demand for new vehicles and our products; a
decline in vehicle production levels, particularly with respect to
platforms for which we are a significant supplier, or the financial
distress of any of our major customers; cyclicality and seasonality
in the light vehicle, industrial and commercial vehicle markets;
our significant competition; our dependence on large-volume
customers for current and future sales; a reduction in outsourcing
by our customers, the loss or discontinuation of material
production or programs, or a failure to secure sufficient
alternative programs; our failure to offset continuing pressure
from our customers to reduce our prices; our inability to realize
all of the sales expected from awarded business or fully recover
pre-production costs; our failure to increase production capacity
or over-expanding our production in times of overcapacity; our
reliance on key machinery and tooling to manufacture components for
powertrain and safety-critical systems that cannot be easily
replicated; program launch difficulties; a disruption in our supply
or delivery chain which causes one or more of our customers to halt
production; the damage to or termination of our relationships with
key third-party suppliers; work stoppages or production limitations
at one or more of our customer's facilities; a catastrophic loss of
one of our key manufacturing facilities; failure to protect our
know-how and intellectual property; the disruption or harm to our
business as a result of any acquisitions or joint ventures we make;
a significant increase in the prices of raw materials and
commodities we use; our failure to maintain our cost structure; the
incurrence of significant costs if we close any of our
manufacturing facilities; potential significant costs at our
facility in Sandusky, Ohio; the
incurrence of significant costs, liabilities, and obligations as a
result of environmental requirements and other regulatory risks;
extensive and growing governmental regulations; the incurrence of
material costs related to legal proceedings; our inability to
recruit and retain key personnel; any failure to maintain
satisfactory labor relations; pension and other postretirement
benefit obligations; risks related to our global operations;
competitive threats posed by global operations and entering new
markets; foreign exchange rate fluctuations; our substantial
indebtedness; our inability, or the inability of our customers or
our suppliers, to obtain and maintain sufficient debt financing,
including working capital lines; our exposure to a number of
different tax uncertainties; the mix of profits and losses in
various jurisdictions adversely affecting our tax rate.
For the reasons described above, we caution you against relying
on any forward-looking statements, which should also be read in
conjunction with the other cautionary statements that are included
elsewhere in this press release and in our public filings,
including under the heading "Risk Factors" in our filings that we
make from time to time with the Securities and Exchange
Commission. You should not consider any list of such factors
to be an exhaustive statement of all the risks, uncertainties, or
potentially inaccurate assumptions that could cause our current
expectations or beliefs to change. Further, any
forward-looking statement speaks only as of the date on which it is
made, and we undertake no obligation to update or revise any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events, except as otherwise may be
required by law.
Non-GAAP Financial Measures
Adjusted EBITDA
We define Adjusted EBITDA as net
income (loss) before interest expense, provision for (benefit from)
income taxes and depreciation and amortization, with further
adjustments to reflect the additions and eliminations of certain
income statement items, including (i) gains and losses on foreign
currency and fixed assets and debt transaction expenses, (ii)
stock-based compensation and other non-cash charges, (iii) sponsor
management fees and other income and expense items that we consider
to be not indicative of our ongoing operations, (iv) specified
non-recurring items and (v) other adjustments.
We believe Adjusted EBITDA is used by investors as a
supplemental measure to evaluate the overall operating performance
of companies in our industry. Management uses Adjusted EBITDA (i)
as a measurement to compare our operating performance on a
consistent basis, (ii) to calculate incentive compensation for our
employees, (iii) for planning purposes, including the preparation
of our internal annual operating budget, (iv) to evaluate the
performance and effectiveness of our operational strategies and (v)
to assess compliance with various metrics associated with our
agreements governing our indebtedness. Accordingly, we believe that
Adjusted EBITDA provides useful information to investors and others
in understanding and evaluating our operating performance in the
same manner as our management.
For a reconciliation of Adjusted EBITDA to income before tax,
the most directly comparable measure determined under U.S.
generally accepted accounting principles ("GAAP"), see "US GAAP
RECONCILIATION OF INCOME BEFORE TAX TO ADJUSTED EBITDA AND ADJUSTED
FREE CASH FLOW".
Adjusted Free Cash Flow
We define Adjusted Free Cash
Flow as Adjusted EBITDA less capital expenditures. Capital
expenditures are on an accrual basis of accounting and can be
calculated by taking the capital expenditures found in the
investing section of our consolidated statements of cash flows and
adjusting for the change in the period of the capital expenditures
in accounts payables found in the supplemental cash flow
information on our consolidated statements of cash flows. We
present Adjusted Free Cash Flow because our management considers it
to be a useful, supplemental indicator of our performance. When
measured over time, Adjusted Free Cash Flow provides supplemental
information to investors concerning our results of operations and
our ability to generate cash flows to satisfy mandatory debt
service requirements and make other non-discretionary
expenditures.
For a reconciliation of Adjusted Free Cash Flow to net income,
the most directly comparable GAAP measure, see "US GAAP
RECONCILIATION OF NET INCOME BEFORE TAX TO ADJUSTED EBITDA AND
ADJUSTED FREE CASH FLOW".
Net new business backlog
Net new business backlog,
which we measure as anticipated net product sales from incremental
business for the next four years, net of Programs being phased out
and any contractual pricing changes, was approximately
$222 million as of December 31, 2015. We are typically
awarded Programs one to three years prior to the start of
production on new and replacement business. Due to the timing of
the OEM sourcing cycle, our anticipated net product sales were
measured based on contracts to be fulfilled during 2016 through
2019. Our estimate of anticipated net product sales includes
formally awarded new Programs, Programs which we believe are highly
probable of being awarded to us, and expected volume and pricing
changes on existing Programs. Our estimate may be impacted by
various assumptions including vehicle production levels on new and
replacement Programs, customer price reductions, scrap prices,
material price indices, currency exchange rates and the timing of
Program launches. Therefore, this anticipated net product sales
information could differ significantly from actual firm orders or
firm commitments, and awards of business do not represent
guarantees of production volumes or revenues.
Contacts
Investor Relations
Paul Suber
Vice President, Business Development & Investor Relations
investors@mpgdriven.com
248-727-1829
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In
millions)
|
|
|
|
Year Ended
December 31,
|
|
|
2015
|
|
2014
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
168.2
|
|
156.5
|
Accounts receivable,
net
|
|
|
|
|
Trade
|
|
309.1
|
|
312.9
|
Other
|
|
35.4
|
|
31.9
|
Total receivables,
net
|
|
344.5
|
|
344.8
|
Inventories
|
|
186.8
|
|
204.8
|
Deferred tax
assets
|
|
-
|
|
12.4
|
Prepaid
expenses
|
|
15.0
|
|
13.0
|
Other current
assets
|
|
21.5
|
|
14.5
|
Total current assets
|
|
736.0
|
|
746.0
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
786.0
|
|
750.2
|
Goodwill
|
|
907.7
|
|
907.7
|
Intangible assets,
net
|
|
708.9
|
|
778.5
|
Deferred income
taxes, non current
|
|
1.7
|
|
1.4
|
Other
assets
|
|
36.9
|
|
40.8
|
Total
assets
|
|
$
3,177.2
|
|
3,224.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities /
Equity
|
|
|
|
|
Accounts
payable
|
|
$
248.9
|
|
285.5
|
Accrued
compensation
|
|
55.2
|
|
50.9
|
Accrued
liabilities
|
|
66.8
|
|
79.9
|
Short-term
debt
|
|
0.7
|
|
1.6
|
Current portion of
long-term debt
|
|
14.5
|
|
16.5
|
Total current
liabilities
|
|
386.1
|
|
434.4
|
|
|
|
|
|
Long term
debt
|
|
1,846.7
|
|
1,920.3
|
LT capital lease
obligation
|
|
22.5
|
|
23.4
|
Long-term debt, net
of current portion
|
|
1,869.2
|
|
1,943.7
|
Deferred tax
liabilities
|
|
231.3
|
|
260.7
|
Other
liabilities
|
|
51.6
|
|
60.8
|
Long term
liabilities
|
|
2,152.1
|
|
2,265.2
|
Total liabilities
|
|
2,538.2
|
|
2,699.6
|
|
|
|
|
|
Common
stock
|
|
0.1
|
|
0.1
|
Paid-in
capital
|
|
856.2
|
|
827.3
|
Deficit
|
|
(162.9)
|
|
(269.7)
|
Accumulated other
comprehensive loss
|
|
(57.3)
|
|
(35.2)
|
Total common shareholders'
equity
|
|
636.1
|
|
522.5
|
Noncontrolling
interest
|
|
2.9
|
|
2.5
|
Total equity
|
|
639.0
|
|
525.0
|
Total liability and
equity
|
|
$
3,177.2
|
|
3,224.6
|
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In millions
except per share amounts)
|
|
|
Quarter Ended
December 31, 2015
|
|
Quarter Ended
December 31, 2014
|
|
Year Ended
December 31, 2015
|
|
Year Ended
December 31, 2014
|
Net Sales
|
$
735.3
|
|
762.2
|
|
3,047.3
|
|
2,717.0
|
Cost of
sales
|
616.0
|
|
644.2
|
|
2,531.2
|
|
2,294.1
|
Gross
profit
|
119.3
|
|
118.0
|
|
516.1
|
|
422.9
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
70.9
|
|
60.3
|
|
249.7
|
|
194.6
|
Goodwill
impairment
|
-
|
|
11.8
|
|
-
|
|
11.8
|
Acquisition
costs
|
-
|
|
-
|
|
-
|
|
13.0
|
Operating income
|
48.4
|
|
45.9
|
|
266.4
|
|
203.5
|
Interest expense,
net
|
27.0
|
|
29.5
|
|
107.5
|
|
99.9
|
Loss on debt
transactions
|
-
|
|
60.4
|
|
0.4
|
|
60.7
|
Other, net
|
(7.2)
|
|
(4.2)
|
|
(15.4)
|
|
(11.3)
|
Other
expense, net
|
19.8
|
|
85.7
|
|
92.5
|
|
149.3
|
Income
(loss) before tax
|
28.6
|
|
(39.8)
|
|
173.9
|
|
54.2
|
Income tax provision
(benefit)
|
$
7.8
|
|
(50.2)
|
|
48.1
|
|
(19.1)
|
Net income
|
20.8
|
|
10.4
|
|
125.8
|
|
73.3
|
Income attributable
to noncontrolling interest
|
0.1
|
|
0.1
|
|
0.4
|
|
0.4
|
Net Income
attributable to stockholders
|
$
20.7
|
|
10.3
|
|
125.4
|
|
72.9
|
Weighted average
shares outstanding
|
67.7
|
|
68.4
|
|
67.3
|
|
67.1
|
|
|
|
|
|
|
|
|
Net income per share
attributable to stockholders
|
|
|
|
|
|
|
|
Basic
|
0.30
|
|
0.15
|
|
1.86
|
|
1.09
|
Diluted
|
0.29
|
|
0.15
|
|
1.80
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
December
31,
2015
|
|
|
Year
Ended
December
31,
2014
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
125.8
|
|
|
|
73.3
|
|
|
|
Adjustments to
reconcile net income (loss) to cash provided
by (used for)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
229.8
|
|
|
|
210.8
|
|
|
|
Debt fee
amortization
|
|
|
3.2
|
|
|
|
6.3
|
|
|
|
Loss on debt
extinguishment
|
|
|
0.4
|
|
|
|
60.7
|
|
|
|
Goodwill
impairment
|
|
|
-
|
|
|
|
11.8
|
|
|
|
Loss on fixed asset
dispositions
|
|
|
2.9
|
|
|
|
2.1
|
|
|
|
Deferred income
taxes
|
|
|
(14.8)
|
|
|
|
(88.4)
|
|
|
|
Recognition of
deferred revenue
|
|
|
(0.8)
|
|
|
|
(1.0)
|
|
|
|
Noncash interest
expense
|
|
|
1.1
|
|
|
|
0.9
|
|
|
|
Write-down of purchase
price receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
Stock-based
compensation expense
|
|
|
27.7
|
|
|
|
17.3
|
|
|
|
Foreign currency
adjustment
|
|
|
(11.2)
|
|
|
|
(12.7)
|
|
|
|
Other
|
|
|
6.2
|
|
|
|
3.8
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(5.8)
|
|
|
|
20.2
|
|
|
|
Inventories
|
|
|
12.0
|
|
|
|
(15.6)
|
|
|
|
Prepaid expenses and
other assets
|
|
|
(10.3)
|
|
|
|
(1.0)
|
|
|
|
Accounts payable,
accrued liabilities and accrued
compensation
|
|
|
(28.5)
|
|
|
|
22.6
|
|
|
|
Long-term assets and
liabilities, other
|
|
|
(7.7)
|
|
|
|
(5.9)
|
|
|
|
Net cash provided by
operating activities
|
|
|
330.0
|
|
|
|
305.4
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(226.3)
|
|
|
|
(156.4)
|
|
|
|
Proceeds from sale of
fixed assets
|
|
|
4.0
|
|
|
|
1.4
|
|
|
|
Capitalized patent
costs
|
|
|
(0.4)
|
|
|
|
(0.2)
|
|
|
|
Grede Transaction, net
of cash acquired
|
|
|
-
|
|
|
|
(829.7)
|
|
|
|
Release of escrow from
the Metaldyne Transaction
|
|
|
-
|
|
|
|
-
|
|
|
|
Net cash used for
investing activities
|
|
|
(222.7)
|
|
|
|
(984.9)
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends
|
|
|
(18.2)
|
|
|
|
(111.3)
|
|
|
|
Other stock
activity
|
|
|
-
|
|
|
|
(2.4)
|
|
|
|
Proceeds from stock
issuance
|
|
|
3.0
|
|
|
|
260.5
|
|
|
|
Excess tax benefit on
stock-based compensation
|
|
|
1.9
|
|
|
|
-
|
|
|
|
Cash settlement of
equity awards
|
|
|
(3.6)
|
|
|
|
-
|
|
|
|
Borrowings of
short-term debt
|
|
|
14.3
|
|
|
|
388.8
|
|
|
|
Repayments of
short-term debt
|
|
|
(14.6)
|
|
|
|
(407.4)
|
|
|
|
Proceeds of long-term
debt
|
|
|
1,326.6
|
|
|
|
2,658.3
|
|
|
|
Principal payments of
long-term debt
|
|
|
(1,391.8)
|
|
|
|
(1,952.1)
|
|
|
|
Payment of debt issue
costs
|
|
|
(0.1)
|
|
|
|
(45.4)
|
|
|
|
Proceeds of other
debt
|
|
|
1.4
|
|
|
|
0.9
|
|
|
|
Principal payments of
other debt
|
|
|
(5.0)
|
|
|
|
(7.7)
|
|
|
|
Payment of offering
related costs
|
|
|
(0.1)
|
|
|
|
(5.6)
|
|
|
|
Payment of contingent
consideration for the Metaldyne Transaction
|
|
|
-
|
|
|
|
-
|
|
|
|
Net cash provided by
(used for) financing activities
|
|
|
(86.2)
|
|
|
|
776.7
|
|
|
|
Effect of exchange
rates on cash
|
|
|
(9.4)
|
|
|
|
(8.9)
|
|
|
|
Net increase in cash
and cash equivalents
|
|
$
|
11.7
|
|
|
|
88.3
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
$
|
156.5
|
|
|
|
68.2
|
|
|
|
Net increase in cash
and cash equivalents
|
|
|
11.7
|
|
|
|
88.3
|
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
168.2
|
|
|
|
156.5
|
|
|
|
Supplementary cash
flow information:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net
|
|
$
|
67.6
|
|
|
|
63.9
|
|
|
|
Cash paid for
interest
|
|
|
102.6
|
|
|
|
74.6
|
|
|
|
Noncash
transactions:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
in accounts payables
|
|
|
29.5
|
|
|
|
36.2
|
|
|
|
Dividends on
restricted stock awards not yet paid
|
|
|
0.3
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
US GAAP
RECONCILIATION OF INCOME BEFORE TAX TO ADJUSTED
EBITDA
|
AND ADJUSTED FREE
CASH FLOW
|
|
(In
millions)
|
|
|
Quarter End December
31,
|
|
Year End December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Income before
tax
|
$ 19.5
|
|
(39.8)
|
|
173.9
|
|
54.2
|
|
|
|
|
|
|
|
|
Addbacks to Arrive
at Unadjusted EBITDA
|
|
|
|
|
|
|
|
Interest expense,
net
|
$ 27.0
|
|
29.6
|
|
107.5
|
|
99.9
|
Loss on debt
extinguishment
|
-
|
|
60.4
|
|
0.4
|
|
60.7
|
Depreciation and
amortization
|
57.7
|
|
58.4
|
|
229.8
|
|
210.8
|
Unadjusted
EBITDA
|
$ 113.3
|
|
108.6
|
|
511.6
|
|
425.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Arrive at Adjusted EBITDA
|
$ (8.5)
|
|
(4.2)
|
|
(20.2)
|
|
(15.7)
|
Gain on foreign
currency
|
|
|
|
Loss on fixed
assets
|
0.9
|
|
0.7
|
|
2.8
|
|
2.1
|
Debt transaction
expenses
|
-
|
|
0.1
|
|
1.7
|
|
3.0
|
Stock-based
compensation expense
|
12.3
|
|
2.8
|
|
27.7
|
|
17.3
|
Sponsor management
fee
|
-
|
|
1.4
|
|
-
|
|
5.1
|
Non-recurring
acquisition and purchase accounting related items
|
1.6
|
|
0.2
|
|
3.0
|
|
23.0
|
Non-recurring
operational items
|
3.6
|
|
16.1
|
|
11.6
|
|
18.2
|
Adjusted
EBITDA
|
$ 123.2
|
|
125.7
|
|
538.2
|
|
478.6
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
70.6
|
|
78.1
|
|
219.6
|
|
177.2
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
$
52.6
|
|
47.6
|
|
318.6
|
|
301.4
|
|
|
|
|
|
|
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
RECONCILATION OF
2016 GUIDANCE
|
OF INCOME BEFORE
TAX TO ADJUSTED EBITDA
|
|
(In
millions)
|
|
|
2016
Guidance
|
|
2016
Guidance
|
|
|
Low End of
Range
|
|
High End of
Range
|
|
Income before
tax
|
$
131.2
|
|
171.2
|
|
|
|
|
|
|
Addbacks to Arrive
at Unadjusted EBITDA
|
|
|
|
|
Interest expense,
net
|
$
104.4
|
|
104.4
|
|
Depreciation and
amortization
|
238.4
|
|
238.4
|
|
Unadjusted
EBITDA
|
$
474.0
|
|
514.0
|
|
|
|
|
|
|
Adjustments to
Arrive at Adjusted EBITDA
|
|
|
|
|
Stock-based
compensation expense
|
$
22.9
|
|
22.9
|
|
Non-recurring
operational items and other (1)
|
3.1
|
|
3.1
|
|
Adjusted
EBITDA
|
$
500.0
|
|
540.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-recurring
operational items include charges for disposed operations and
other.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mpg-reports-record-net-sales-and-adjusted-ebitda-for-full-year-2015-announces-share-repurchase-program-and-fourth-quarter-dividend-300225978.html
SOURCE Metaldyne Performance Group Inc.