Carriage Services Announces 2011 Third Quarter Results
Three Months Ended | Nine Months Ended September 30, | ||||||||
2010 | 2011 | 2010 | 2011 | ||||||
Revenues | $ 45.5 | $ 44.1 | $ 136.8 | $ 142.8 | |||||
Net income attributable to common shareholders | $ 0.9 | $ 0.8 | $ 5.9 | $ 6.7 | |||||
Diluted earnings per share | $ 0.05 | $ 0.04 | $ 0.33 | $ 0.36 | |||||
Special items (pre-tax) | $ 1.5 | $ 1.8 | $ 2.6 | $ 5.8 | |||||
Non-GAAP net income attributable to common shareholders including special items | $ 1.7 | $ 1.9 | $ 7.5 | $ 10.1 | |||||
Non-GAAP diluted earnings per share including special items | $ 0.10 | $ 0.10 | $ 0.42 | $ 0.55 | |||||
Diluted weighted average shares outstanding | 17.7 | 18.5 | 17.8 | 18.4 | |||||
Free | $ 0.4 | $ 7.2 | $ 11.5 | $ 19.9 | |||||
MANAGEMENT REORGANIZATION
"Two months ago
Near Term Goals:
- Lead an updating and roll out of Carriage's Standards Operating Model with a goal over the next five years of achieving same store revenue growth of 3% annually at sustainable Field EBITDA Margins as appropriate for each business.
- Lead a portfolio optimization process whereby businesses that cannot grow revenue over time at the standard portfolio growth rate will be sold and the proceeds allocated to our acquisition program for reinvestment in higher revenue growth and return businesses.
- Lead a complete revamping of Training and Development as a strategic function focused more heavily on recruiting and/or developing
Managing Partners with 4E Leadership skills and local staff with motivations and skills to provide high value personal services and sales to our client families.
Near Term Goals:
- Lead the development and execution of a much more advanced Strategic Acquisition Model that will directly link to our Standards Operating Model to create a long term Value Creation Model within the Carriage portfolio of funeral and cemetery businesses.
- Lead the investor relations effort to attract new long term shareholders by explaining the value of Carriage's Operating Model when properly executed and the compounding value creation dynamic of adding high quality acquisitions that can quickly be integrated successfully into the Standards Operating Model framework.
- Lead the revision of our external reporting to a consistent Non-GAAP valuation format that is transparently reconciled to GAAP in press releases and in our Company and Investment Profile.
THIRD QUARTER, YEAR TO DATE RESULTS
"Funeral Field EBITDA Margins increased substantially in the third quarter and nine months in both our same store and acquisition portfolios, resulting in an increase in Total Funeral Field EBITDA of
"Overhead increased substantially in the third quarter and nine months, in large part due to special items that are included in GAAP results that will now be specifically scheduled below our GAAP reported results and reconciled, along with Non-GAAP withdrawable trust income, with our Non-GAAP reported results. Starting with this release, we will report Non-GAAP and GAAP results, but believe the recurring Non-GAAP performance to be more relevant for valuation purposes."
"Non-GAAP Consolidated EBITDA increased
"Our Non-GAAP EPS performance of
"Lastly, and most importantly, we produced Free Cash Flow of
"Management strongly views the Non-GAAP Consolidated EBITDA, EPS and Free Cash Flow metrics as the more relevant metrics for valuation of the intrinsic market value of the Company's equity. We will therefore be referring only to these metrics as we report our results in the future," concluded
NON- GAAP UNAUDITED INCOME STATEMENT | |||||
Period Ended | |||||
( | |||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||
Same Store Contracts | |||||
Atneed Contracts | 3,964 | 3,696 | 12,120 | 11,915 | |
Preneed Contracts | 890 | 941 | 2,896 | 3,118 | |
Total Same Store Funeral Contracts | 4,854 | 4,637 | 15,016 | 15,033 | |
Acquisition Contracts | |||||
Atneed Contracts | 1,233 | 1,470 | 3,084 | 4,529 | |
Preneed Contracts | 295 | 383 | 799 | 1,137 | |
Total Acquisition Funeral Contracts | 1,528 | 1,853 | 3,883 | 5,666 | |
Total Funeral Contracts | 6,382 | 6,490 | 18,899 | 20,699 | |
Funeral Operating Revenue | |||||
Same Store Revenue | |||||
Acquisition Revenue | 5,630 | 7,262 | 15,314 | 22,000 | |
Total Funeral Operating Revenue | |||||
Cemetery Operating Revenue | |||||
Same Store Revenue | |||||
Acquisition Revenue | 1,670 | 1,641 | 4,758 | 5,003 | |
Total Cemetery Operating Revenue | |||||
Financial Revenue | |||||
Preneed Funeral Commission Income | |||||
Preneed Funeral Trust Earnings | 1,553 | 1,526 | 4,574 | 4,856 | |
Cemetery Trust Earnings | 1,121 | 983 | 3,369 | 3,872 | |
Preneed Cemetery Finance Charges | 372 | 335 | 1,203 | 1,024 | |
Total Financial Revenue | |||||
Total Revenue | |||||
Field EBITDA from Continuing Operations | |||||
Same Store Funeral Field EBITDA | |||||
Same Store Funeral Field EBITDA Margin | 30.6% | 33.8% | 33.6% | 35.5% | |
Acquisition Funeral Field EBITDA | 847 | 2,221 | 3,599 | 6,396 | |
Acquisition Funeral Field EBITDA Margin | 15.0% | 30.6% | 23.5% | 29.1% | |
Total Funeral Field EBITDA | |||||
Total Funeral Field EBITDA Margin | 27.8% | 33.1% | 32.0% | 34.1% | |
Same Store Cemetery Field EBITDA | |||||
Same Store Cemetery Field EBITDA Margin | 20.9% | 16.0% | 21.9% | 23.7% | |
Acquisition Cemetery Field EBITDA | 486 | 530 | 1,369 | 1,605 | |
Acquisition Cemetery Field EBITDA Margin | 29.1% | 32.3% | 28.8% | 32.1% | |
Total Cemetery Field EBITDA | |||||
Total Cemetery Field EBITDA Margin | 22.2% | 19.0% | 23.0% | 25.1% | |
Funeral Financial EBITDA | 1,772 | 1,667 | 5,320 | 5,151 | |
Cemetery Financial EBITDA | 1,493 | 1,318 | 4,572 | 4,896 | |
Total Financial EBITDA | |||||
Total Financial EBITDA Margin | 88.8% | 88.9% | 90.2% | 90.1% | |
Total Field EBITDA | |||||
Total Field EBITDA Margin | 31.4% | 34.4% | 34.7% | 36.6% | |
Overhead | |||||
Total Variable Overhead | |||||
Total Regional Fixed Overhead | 1,021 | 974 | 2,578 | 2,970 | |
Total Corporate Fixed Overhead | 3,552 | 3,856 | 10,651 | 11,698 | |
Total Overhead | |||||
11.9% | 15.9% | 11.3% | 13.7% | ||
Other Income | - | 481 | 465 | 846 | |
Consolidated EBITDA from Continuing Operations | |||||
Consolidated EBITDA Margin from Continuing Operations | 19.5% | 19.7% | 23.7% | 23.5% | |
GAAP diluted EPS | |||||
Special Items | |||||
Withdrawable trust income | |||||
Gain on Repurchase of Convertible Junior Subordinated Debenture | - | (481) | (316) | (846) | |
Securities Transactions Expenses | - | 40 | - | 501 | |
Loss on Early Extinguishment of Debt | - | 201 | - | 201 | |
Acquisition Expenses | 192 | 728 | 581 | 971 | |
Recovery of Legal fees | - | - | (650) | - | |
Termination Expenses | - | - | - | 117 | |
Sum of Special Items | |||||
Non-GAAP Consolidated EBITDA | |||||
Non-GAAP Consolidated EBITDA Margin | 22.8% | 23.7% | 25.6% | 27.6% | |
Property Depreciation & Amortization | |||||
Non Cash Stock Compensation | 447 | 491 | 1,359 | 1,584 | |
Interest Expense | 4,570 | 4,551 | 13,691 | 13,594 | |
Pretax Income | |||||
Income tax | 1,156 | 1,264 | 5,072 | 6,906 | |
Non-GAAP Net Income | |||||
3.7% | 4.2% | 5.4% | 7.1% | ||
Non-GAAP Diluted EPS from Continuing Operations | |||||
TRUST FUND PERFORMANCE
We executed a major asset reallocation starting in early
Shown below are consolidated performance metrics for the combined trust fund portfolios (preneed funeral, cemetery merchandise and services, and cemetery perpetual care) at key dates.
Investment Performance | |||||||||
Investment Performance | Index Performance | ||||||||
Timeframe | Discretionary | DJIA | S&P 500 | NASDAQ | 50/50 index Benchmark | ||||
5 years ended | 64.7% | 60.7% | 24.4% | 25.8% | 39.6% | 12.4% | |||
3 years ended | 47.7% | 44.6% | 1.7% | 4.5% | 20.3% | 11.3% | |||
1 year ended | 21.2% | 18.4% | 16.7% | 15.1% | 16.9% | 10.8% | |||
9 months ended | -10.2% | -10.8% | -5.7% | -8.7% | -9.0% | -1.0% | |||
(1) Investment performance includes realized income and unrealized appreciation (depreciation). | |||||||||
CSV Trust Funds: Portfolio Profile | ||||||||||||
Discretionary Trust Funds | Total Trust Funds | |||||||||||
Asset Class | MV | % | MV | % | ||||||||
Equities | $ 59,638 | 40% | $ 71,967 | 35% | ||||||||
Fixed Income | $ 87,781 | 59% | 58% | |||||||||
Cash | $ 2,141 | 1% | $ 14,916 | 7% | ||||||||
Total Portfolios | $ 149,560 | 100% | 100% | |||||||||
FREE
Carriage produced Free Cash Flow of
2010 | 2011 | |||
Cash flow provided by operations | $ 16.5 | $ 25.3 | ||
Cash used for maintenance capital expenditures | (5.0) | (5.4) | ||
Free | $ 11.5 | $ 19.9 | ||
Cash at beginning of year | 3.6 | 1.3 | ||
Borrowing (payments) against bank credit facility | 5.0 | (0.6) | ||
Acquisitions | (16.8) | (10.3) | ||
Cash used for dividends | — | (0.9) | ||
Cash used for the repurchase of convertible junior subordinated debenture | (0.6) | (2.2) | ||
Cash used for growth capital expenditures — funeral homes | (0.2) | (0.5) | ||
Cash used for growth capital expenditures — cemeteries | (1.6) | (1.9) | ||
Payment of loan origination fees | — | (0.3) | ||
Other investing and financing activities, net | 0.4 | (0.2) | ||
Cash at | $ 1.3 | $ 4.3 | ||
At
Effective
FOUR QUARTER OUTLOOK
The Four Quarter Outlook ranges for the rolling four quarter period ending September 30, 2012 are intended to approximate what the Company believes will be the sustainable earning power of its portfolio of operating businesses over the next four quarters as its three models are effectively executed. Performance drivers include funeral contract volumes, cremation mix, cemetery preneed property sales, preneed maturities and deliveries, average revenue per service, financial revenue, overhead items, and the timing and integration of new acquisitions. Other variables that affect earnings and Free Cash Flow include the outstanding amounts under our bank credit facility, our effective tax rate which is currently estimated to be approximately 40%, preneed trust fund income withdrawals, and the estimated number of diluted shares outstanding which is currently estimated to be approximately 18.4 million.
The Four Quarter Outlook ending
ROLLING FOUR QUARTER OUTLOOK — Period Ending | |
(amounts in millions, except per share amounts) | |
Range | ||
Revenues | ||
Field EBITDA | ||
Field EBITDA Margin | 36.0% | |
Total Overhead | ||
Consolidated EBITDA | ||
Consolidated EBITDA Margin | 24.0% | |
Interest | ||
Depreciation, Amortization and Stock Compensation | ||
Income Taxes | ||
Net Income | ||
Diluted Earnings Per Share | ||
Free | ||
Revenue, earnings and Consolidated Free Cash Flow for the four quarter period ending September 30, 2012 are expected to increase materially relative to the full calendar year ended December 31, 2010, in which Carriage earned
- Increase in same store Funeral Revenue averages and same store Funeral Field EBITDA Margins;
- Increase in acquired Funeral Revenue and acquired Funeral Field EBITDA from the 2010 and 2011 acquisitions;
- Increase in Financial Revenue and Financial EBITDA from trust funds; and
- Increase in Cemetery Revenue, Cemetery Field EBITDA and Cemetery Field EBITDA Margins.
Estimates involved in forecasting Free Cash Flow for the four quarter period ending September 30, 2012 include approximately
CONFERENCE CALL
USE OF NON-GAAP FINANCIAL MEASURES
This press release uses Non-GAAP financial measures to present the financial earnings of the Company. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. Reconciliations of the Non-GAAP financial measures to GAAP measures are provided at the end of the press release.
Certain state regulations allow the withdrawal of financial income from preneed cemetery merchandise and services trust funds when realized in the trust. Under current generally accepted accounting principles, trust income is only recognized in the Company's financial statements at a later time when the related merchandise and services sold on the preneed contract is delivered at the time of death. Carriage has provided financial income from the trusts on a Non-GAAP proforma basis that are withdrawable at the time that the income is realized in the trusts instead of at the time of delivery to reflect the current cash results.
The Non-GAAP financial measures "Free Cash Flow" and "EBITDA" are also reflected in the press release. Both Free Cash Flow and EBITDA are used by investors to value common stock. The Company considers Free Cash Flow to be an important indicator of its ability to generate cash for acquisitions and other strategic investments. The Company has included EBITDA in this press release because it is widely used by investors to compare the Company's financial performance with the performance of other death care companies. EBITDA does not give effect to the cash the Company must use to service its debt or pay its income taxes and thus does not reflect the funds actually available for capital expenditures. In addition, the Company's presentation of EBITDA may not be comparable to similarly titled measures other companies report.
FORWARD-LOOKING STATEMENTS
Certain statements made herein or elsewhere by, or on behalf of, the Company that are not historical facts are intended to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions that the Company believes are reasonable; however, many important factors, as discussed under "Forward-Looking Statements" in the Company's Annual Report and Form 10-K for the year ended December 31, 2010, could cause the Company's results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company. The Company assumes no obligation to update or publicly release any revisions to forward-looking statements made herein or any other
forward-looking statements made by, or on behalf of, the Company. A copy of the Company's Form 10-K, and other
— Financial Statements and Tables to Follow — | |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, expect share data) | |||||
ASSETS | 2010 | 2011 | |||
Current assets: | |||||
Cash and cash equivalents | $ 1,279 | $ 4,264 | |||
Accounts receivable, net of allowance for bad debts | 15,587 | 13,393 | |||
Inventories and other current assets | 10,828 | 11,281 | |||
Total current assets | 27,694 | 28,938 | |||
Preneed cemetery and funeral trust investments | 206,569 | 171,053 | |||
Preneed receivables, net of allowance for bad debts | 24,099 | 24,224 | |||
Receivables from preneed funeral trusts | 21,866 | 22,380 | |||
Property, plant and equipment, net of accumulated depreciation | 128,472 | 131,493 | |||
Cemetery property | 71,128 | 71,450 | |||
Goodwill | 183,324 | 190,430 | |||
Deferred charges and other non-current assets | 7,860 | 11,844 | |||
Total assets | $ 671,012 | $ 651,812 | |||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||||
Current liabilities: | |||||
Current portion of long-term debt and obligations under capital leases | $ 563 | $ 574 | |||
Accounts payable and accrued liabilities | 24,596 | 28,365 | |||
Total current liabilities | 25,159 | 28,939 | |||
Senior long-term debt, net of current portion | 132,416 | 131,471 | |||
Convertible junior subordinated debenture due in 2029 to an affiliated trust | 92,858 | 89,770 | |||
Obligations under capital leases, net of current portion | 4,289 | 4,187 | |||
Deferred preneed cemetery and funeral revenue | 89,642 | 99,245 | |||
Deferred preneed cemetery and funeral receipts held in trust | 160,834 | 133,120 | |||
Care trusts' corpus | 45,941 | 37,927 | |||
Total liabilities | 551,139 | 524,659 | |||
Redeemable Preferred Stock | 200 | 200 | |||
Stockholders' equity | |||||
Common Stock | 213 | 216 | |||
Additional paid-in capital | 200,987 | 201,020 | |||
Accumulated deficit | (70,951) | (64,283) | |||
Treasury stock | (10,576) | (10,000) | |||
Total stockholders' equity | 119,673 | 126,953 | |||
Total liabilities and stockholders' equity | $ 671,012 | $ 651,812 | |||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) | ||||||||
For the three months ended | For the nine months ended September 30, | |||||||
2010 | 2011 | 2010 | 2011 | |||||
Revenues | $ 45,485 | $ 44,078 | $ 136,849 | $ 142,843 | ||||
Field costs and expenses | 35,426 | 33,433 | 101,240 | 103,529 | ||||
Gross profit | 10,059 | 10,645 | 35,609 | 39,314 | ||||
General and administrative expenses | 4,122 | 5,043 | 12,413 | 15,140 | ||||
Operating income | 5,937 | 5,602 | 23,196 | 24,174 | ||||
Interest expense | (4,571) | (4,564) | (13,696) | (13,628) | ||||
Gain on repurchase of subordinated debenture | — | 481 | 316 | 846 | ||||
Loss on early extinguishment of debt | — | (201) | — | (201) | ||||
Other income | 1 | 13 | 154 | 34 | ||||
Income before income taxes | 1,367 | 1,331 | 9,970 | 11,225 | ||||
Provision for income taxes | (508) | (539) | (4,038) | (4,546) | ||||
Net income | 859 | 792 | 5,932 | 6,679 | ||||
Preferred stock dividend | 4 | 5 | 11 | 12 | ||||
Net income attributable to common stockholders | $ 855 | $ 787 | $ 5,921 | $ 6,667 | ||||
Basic earnings per common share: | $ 0.05 | $ 0.04 | $ 0.34 | $ 0.36 | ||||
Diluted earnings per common share: | $ 0.05 | $ 0.04 | $ 0.33 | $ 0.36 | ||||
Weighted average number of common and common equivalent shares outstanding: | ||||||||
Basic | 17,520 | 18,414 | 17,549 | 18,339 | ||||
Diluted | 17,726 | 18,461 | 17,775 | 18,381 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands, except per share data) | ||||
For the nine months ended September 30, | ||||
2010 | 2011 | |||
Cash flows from operating activities: | ||||
Net income | $ 5,932 | $ 6,679 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 8,000 | 7,743 | ||
Provision for losses on accounts receivable | 2,813 | 2,360 | ||
Stock-based compensation expense | 1,396 | 1,558 | ||
Gain on repurchase convertible junior subordinated debenture | (316) | (846) | ||
Deferred income taxes | 500 | (3,642) | ||
Loss on early extinguishment of debt | — | 201 | ||
Other | (149) | (37) | ||
Changes in operating assets and liabilities that provided (required) cash: | ||||
Accounts and preneed receivables | (2,252) | 250 | ||
Inventories and other current assets | 2,015 | (775) | ||
Deferred charges and other | — | (38) | ||
Preneed funeral and cemetery trust investments | (987) | 3,465 | ||
Accounts payable and accrued liabilities | (1,799) | 3,460 | ||
Deferred preneed funeral and cemetery revenue | 316 | 8,708 | ||
Deferred preneed funeral and cemetery receipts held in trust | 1,080 | (3,816) | ||
Net cash provided by operating activities | 16,549 | 25,270 | ||
Cash flows from investing activities: | ||||
Acquisitions | (16,792) | (10,300) | ||
Growth capital expenditures | (1,843) | (2,409) | ||
Maintenance capital expenditures | (5,049) | (5,365) | ||
Net proceeds from the sale of assets | 400 | — | ||
Net cash used in investing activities | (23,284) | (18,074) | ||
Cash flows from financing activities: | ||||
Net borrowings (payments) under credit facility | 5,000 | (600) | ||
Payments on senior long-term debt and obligations under capital leases | (346) | (436) | ||
Repurchase of convertible junior subordinated debenture | (576) | (2,241) | ||
Proceeds from the exercise of stock options and employee stock purchase plan | 441 | 325 | ||
Dividends on common stock | — | (920) | ||
Dividends on redeemable preferred stock | (11) | (12) | ||
Payment of loan origination fees | — | (333) | ||
Other financing expenses | (43) | 6 | ||
Net cash provided by (used in) financing activities | 4,465 | (4,211) | ||
Net decrease in cash and cash equivalents | (2,270) | 2,985 | ||
Cash and cash equivalents at beginning of period | 3,616 | 1,279 | ||
Cash and cash equivalents at end of period | $ 1,346 | $ 4,264 | ||
Selected Financial Data | |||||
(unaudited) | |||||
Selected Balance Sheet Data: | 2010 | 2011 | |||
Cash and short-term investments | $ 1,279 | $ 4,264 | |||
Total Senior Debt (a) | $ 137,268 | $ 136,232 | |||
Days sales in funeral accounts receivable | 20.3 | 18.9 | |||
Senior Debt to Total Capitalization | 39.2% | 38.6% | |||
Senior Debt to Consolidated EBITDA (rolling twelve months) | 3.3x | 3.1x | |||
Senior Debt to Non-GAAP Consolidated EBITDA (rolling twelve months) | 2.9x | 2.6x | |||
a) - Senior debt does not include the convertible junior subordinated debentures. | |||||
Reconciliation of Non-GAAP Financial Measures (unaudited): This press release includes the use of certain financial measures that are not GAAP measures. The Non-GAAP financial measures are presented for additional information and are reconciled to their most comparable GAAP measures below. Reconciliation of Net Income to Non-GAAP Net Income for the three and nine months ended September 30, 2010 and 2011: | |
Three months ended | Nine months ended September 30, | |||||||
2010 | 2011 | 2010 | 2011 | |||||
Net Income | $ 859 | $ 792 | $ 5,932 | $ 6,679 | ||||
Special items, net of tax | 839 | 1,064 | 1,520 | 3,466 | ||||
Non-GAAP Net Income | $ 1,698 | $ 1,856 | $ 7,452 | $ 10,145 | ||||
Reconciliation of Non-GAAP Financial Measures (unaudited), Continued: Reconciliation of Net Income to Non-GAAP Consolidated EBITDA for the three and nine months ended September 30, 2010 and 2011 and the estimated rolling four quarters ended September 30, 2012 (presented at approximately the midpoint of the range identified in the release)(in 000's): | |
Three months ended | Nine months ended September 30, | |||||||
2010 | 2011 | 2010 | 2011 | |||||
Net income | $ 859 | $ 792 | $ 5,932 | $ 6,679 | ||||
Provision for income taxes | 508 | 539 | 4,038 | 4,546 | ||||
Pre-tax earnings | 1,367 | 1,331 | 9,970 | 11,225 | ||||
Interest expense, including loan cost amortization | 4,570 | 4,551 | 13,696 | 13,594 | ||||
Noncash stock compensation | 447 | 491 | 1,359 | 1,584 | ||||
Depreciation & amortization | 2,498 | 2,290 | 7,450 | 7,209 | ||||
Special items | 1,487 | 1,788 | 2,554 | 5,826 | ||||
Non-GAAP Consolidated EBITDA | $ 10,369 | $ 10,452 | $ 35,029 | $ 39,438 | ||||
Rolling Four Quarter | |||
Outlook | |||
September 30, 2012 E | |||
Net income | $ 11,900 | ||
Provision for income taxes | 8,100 | ||
Pre-tax earnings | 20,000 | ||
Interest expense, including loan cost amortization | 18,200 | ||
Depreciation & amortization, including stock compensation | 12,200 | ||
Consolidated EBITDA | $ 50,400 | ||
Revenue | $ 210,000 | ||
Consolidated EBITDA Margin | 24.0% | ||
Reconciliation of Diluted EPS to Non-GAAP Diluted EPS for the three and nine months ended September 30, 2010 and 2011: | |
Three months ended | Nine months ended September 30, | |||||||
2010 | 2011 | 2010 | 2011 | |||||
Diluted EPS | $ 0.05 | $ 0.04 | $ 0.33 | $ 0.36 | ||||
Effect of special items | 0.05 | 0.06 | 0.09 | 0.19 | ||||
Non-GAAP Diluted EPS | $ 0.10 | $ 0.10 | $ 0.42 | $ 0.55 | ||||
Reconciliation of Non-GAAP Financial Measures (unaudited), Continued: | |
Reconciliation of cash provided by operating activities to Free Cash Flow (in 000's): | |
Three months ended September 30, | ||||
2010 | 2011 | |||
Cash provided by operating activities | $ 2,032 | $ 9,176 | ||
Less maintenance capital expenditures | (1,611) | (2,002) | ||
Free | $ 421 | $ 7,174 | ||
Reconciliation of cash provided by operating activities to Free Cash Flow (in 000's): | |
Nine months ended September 30, | ||||
2010 | 2011 | |||
Cash provided by operating activities | $ 16,549 | $ 25,270 | ||
Less maintenance capital expenditures | (5,049) | (5,365) | ||
Free | $ 11,500 | $ 19,905 | ||
Reconciliation of Consolidated EBITDA to Free Cash Flow for the estimated rolling four quarters ending | |
Rolling Four Quarter | |||
Outlook | |||
September 30, 2012 E | |||
Consolidated EBITDA | $ 50,400 | ||
Interest paid | (17,800) | ||
Cash Income taxes | (4,800) | ||
Maintenance capital expenditures | (6,800) | ||
Free | $ 21,000 | ||
SOURCE
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