Item 8.01 Other Events. | ||||||||
| Item 9.01 Financial Statements and Exhibits. | ||||||||
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| EX-99.1 | ||||||||
| EX-99.2 | ||||||||
Table of Contents
Section 8 Other Events
Item 8.01 Other Events.
On October 29, 2009, the Registrant held an investor conference for stockholders, financial
analysts and others. A transcript of the conference is filed herewith as Exhibit 99.1, and the
written materials are filed herewith as Exhibit 99.2.
The conference presentation makes reference to the Registrants EBITDA for certain periods. EBITDA,
or earnings before interest, taxes, depreciation and amortization, is calculated by adding back
to net income interest expense, taxes, depreciation and amortization. While not recognized by
generally accepted accounting principles, or GAAP, EBITDA is generally recognized as a good
measure of cash flow generated by operations. A reconciliation of EBITDA amounts presented at the
conference to the Registrants net income, as determined according to GAAP, is as follows:
Non GAAP Financial Statement Reconcilation
($ in millions)
($ in millions)
| Description | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | LTM | ||||||||||||||||||||||||||||||
Net Income(loss) |
(5 | ) | 28 | 29 | 54 | 91 | 71 | (12 | ) | 79 | (43 | ) | 11 | |||||||||||||||||||||||||||
Add: Interest Income (Expense) |
8 | 6 | 3 | 2 | 1 | (1 | ) | 2 | 5 | 8 | 10 | |||||||||||||||||||||||||||||
Income Taxes Expense (Benefit) |
(3 | ) | 17 | 18 | 34 | 58 | 44 | (14 | ) | 42 | (31 | ) | 1 | |||||||||||||||||||||||||||
EBIT |
| 51 | 50 | 90 | 150 | 114 | (24 | ) | 126 | (66 | ) | 22 | ||||||||||||||||||||||||||||
Depreciaton and Amortization |
26 | 26 | 25 | 25 | 26 | 24 | 31 | 33 | 42 | 43 | ||||||||||||||||||||||||||||||
EBITDA |
26 | 77 | 75 | 115 | 176 | 138 | 7 | 159 | (24 | ) | 65 | |||||||||||||||||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||||||||||||||
Inventory Adjustment |
48 | 48 | ||||||||||||||||||||||||||||||||||||||
Hurricane Cost |
1 | 1 | ||||||||||||||||||||||||||||||||||||||
Legal Settlement(Donning & Doffing) |
3 | | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA |
26 | 77 | 75 | 115 | 176 | 138 | 7 | 159 | 28 | 114 | ||||||||||||||||||||||||||||||
Non GAAP Financial Statement Reconciliation
Last Twelve Months
($ in millions)
Last Twelve Months
($ in millions)
| Qtr | 4TH | 1ST | 2ND | 3RD | ||||||||||||||||
| Year | 2008 | 2009 | 2009 | 2009 | LTM | |||||||||||||||
| Description | ||||||||||||||||||||
Net Income (Loss) |
(51.8 | ) | (6.7 | ) | 26.2 | 43.0 | 10.7 | |||||||||||||
Add: Interest Income (Expense) |
2.4 | 3.2 | 2.5 | 2.0 | 10.1 | |||||||||||||||
Income Taxes Expenses (Benefit) |
(34.9 | ) | (3.4 | ) | 14.4 | 24.4 | 0.5 | |||||||||||||
EBIT |
(84.3 | ) | (6.9 | ) | 43.1 | 69.5 | 21.4 | |||||||||||||
Depreciation and Amortization |
10.8 | 10.9 | 10.8 | 10.9 | 43.4 | |||||||||||||||
EBITDA |
(73.5 | ) | 4.0 | 53.9 | 80.4 | 64.8 | ||||||||||||||
Adjustments: |
||||||||||||||||||||
Inventory Adjustment |
48.0 | 48.0 | ||||||||||||||||||
Hurricane Cost |
1.00 | 1.0 | ||||||||||||||||||
Adjusted EBITDA |
(24.5 | ) | 4.0 | 53.9 | 80.4 | 113.8 | ||||||||||||||
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(c) The following exhibits are filed with this Current Report: