Raven Industries Reports Second Quarter Fiscal 2021 Results
Second Quarter Fiscal 2021 Noteworthy Items
- Net sales in Applied Technology increased nearly 30 percent versus the prior year, leading to an increase in division profit of over 34 percent;
- Aerostar achieved year-over-year revenue growth despite limits on conducting customer flight campaigns as a result of the
Department of Defense travel restrictions that were in place for much of the quarter; - Company generated
$11 million in free cash flow1 through improved working capital management; - Applied Technology generated
$7 million in operating profit on a reported basis, including the investment of$4 million in autonomy-related research and development and selling activities for Raven Autonomy™; - Company acquired full voting control of
DOT Technology Corp. (DOT®), enabling an acceleration in the development of the Dot® platform; Engineered Films was awarded a$4.8 million contract from theFederal Emergency Management Agency (FEMA) for the delivery of film-based medical supplies;Engineered Films' net sales declined 37 percent as the global pandemic is temporarily having an adverse impact on the markets served by the division.
Second Quarter Results
Consolidated net sales for the second quarter of fiscal 2021 were
Consolidated operating income for the second quarter of fiscal 2021 was
Net income for the second quarter of fiscal 2021 was
Balance Sheet and Cash Flow
At the end of the second quarter of fiscal 2021, cash and cash equivalents totaled
Applied Technology Division
Net sales for Applied Technology in the second quarter of fiscal 2021 were
Division operating income in the second quarter of fiscal 2021 was
Engineered Films Division
Net sales for
Division operating income in the second quarter of fiscal 2021 was
Aerostar Division
Net sales for Aerostar in the second quarter of fiscal 2021 were
Division operating income in the second quarter of fiscal 2021 was
Update on Strategic Platforms for Growth
During the second quarter, the Company closed on the transaction to acquire the remaining voting control of DOT® for
The Company continued to progress the capabilities of its core technology, and during the second quarter completed significant enhancements to Applied Technology's VSN® Visual Guidance System. These advancements, which include full canopy guidance and automatic row turnaround, are additional steps toward a fully-autonomous solution. This technology frees the driver from steering and generates a strong return on investment for its users.
At the beginning of the year, the Company intended to commercialize the Dot® and AutoCart® products during fiscal 2021, with AutoCart® expected to be released in advance of the fall harvest. In the second quarter, as a result of challenges arising from the pandemic, the Company made the decision to delay the full commercialization of its autonomous platform technology. While the reception regarding the Company's bold investments in autonomous technology has been very positive and has led to strengthened relationships with the division's strategic partners, additional testing and further development will be conducted over the coming months to ensure the products meet the quality and performance standards upon which Applied Technology is built.
In the second quarter, the Company made the decision to restart its investment in Raven Composites™ as
Aerostar is the leader in stratospheric platform technology, and its investments are leading to new capabilities for its Thunderhead Balloon Systems that hold significant growth potential. The Thunderhead Balloon System is an industry leading technology platform that provides navigation and persistent coverage for payloads in the stratosphere, creating new capabilities for the aerospace and defense industry. The division continues to work closely with agencies within the
Supplemental Raven Autonomy™ Financial Information
The financial impact of Raven Autonomy™ in the second quarter of fiscal 2021 was as follows:
Second Quarter Fiscal 2021 Financial Impact of Raven Autonomy™ |
||||||||
|
|
Increase (Decrease) |
||||||
(dollars in millions, except per share amounts) |
|
Three Months |
|
Six Months Ended |
||||
Net sales |
|
$ |
0.2 |
|
|
$ |
0.9 |
|
Gross profit |
|
— |
|
|
(0.2 |
) |
||
Applied Technology Operating income |
|
(4.0 |
) |
|
(7.8 |
) |
||
Consolidated Operating income |
|
(4.0 |
) |
|
(7.8 |
) |
||
Consolidated EBITDA3 |
|
(3.8 |
) |
|
(7.5 |
) |
||
Net income attributable to |
|
(3.1 |
) |
|
(6.0 |
) |
||
|
|
|
|
|
||||
Net income per common share - Diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.17 |
) |
Suspension of Regular Cash Dividend
The Company's balance sheet continues to be a pillar of strategic strength. Cash flow generation has been exceptionally strong during the first half of the year, and the Company currently has no interest-bearing debt. This is especially impressive given the short-term challenges resulting from the pandemic and highlights the strength of the Company's business model. Total liquidity, defined as cash plus available committed borrowing capacity, is approximately
The decision by the Company's Board of Directors to indefinitely suspend the dividend was not for liquidity reasons, but rather a reflection of the optimism and confidence in the Company's three key strategic platforms for growth: Raven Autonomy™, Raven Composites™ and Raven Thunderhead Balloon Systems. Over the next five years, the Company expects to aggressively invest in these platforms to capture the significant market opportunities each platform enables.
"We are extremely excited about each of our strategic platforms and we are committed to aggressively investing in them to drive long-term growth and value creation," stated
Fiscal 2021 Outlook
"Through leveraging our strong business model, we have overcome significant obstacles and performed very well while keeping our highly-talented team intact and investing significant capital to advance Raven Autonomy™," said
"In Raven Autonomy™, the integration of the acquisitions is complete, and we are moving with conviction to harden the technology platforms to ready them for full commercialization in calendar 2021. My confidence in our ability to capitalize on this tremendous opportunity in the market, and change the way farming is done today, remains very high. We look forward to showcasing our industry-leading technology and providing further updates on Raven Autonomy™ at our virtual investor day occurring tomorrow.
"In Applied Technology, we achieved substantial year-over-year growth in both sales and profitability, as demand for our world-class technology continues to grow. We continue to overcome challenges facing the ag market by designing innovative products that deliver exceptional value and return on investment for our customers and partners. Over the last few months, we have created momentum and an increase in collaboration around substantial opportunities with our strategic partners. This will serve as a key foundation for delivering growth in the future.
"
"In Aerostar, we returned to regular customer activity in the last month of the quarter, and this will extend throughout the remainder of the fiscal year. In fiscal 2021, we are expecting year-over-year revenue growth as the division is able to once again execute on contracts associated with customer flight campaigns. We are actively investing in advanced solutions and technical services within Aerostar. These investments have the division well-positioned for growth in fiscal 2022 and beyond.
"Our ability to effectively manage through unprecedented challenges was evident throughout the first half of fiscal 2021 by our ability to generate strong cash flows while aggressively investing in Raven Autonomy™. We have started to see signs of economic conditions stabilizing. As we navigate the remainder of fiscal 2021, we will capitalize on the opportunities that exist and set the foundation for substantial, long-term growth for our company," concluded Rykhus.
Institutional Investor Event
The Company will host a virtual investor event on
Regulation G
The information presented in this earnings release regarding consolidated and segment earnings before interest, taxes, depreciation, and amortization (EBITDA), do not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Additionally, management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below.
About
Forward-Looking Statements
This news release contains “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, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words such as "may," "will," "plan," "believe," "expect," "intend," "anticipate," "potential," "should," "estimate," "predict," "project," "would," and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future - including statements relating to our future operating or financial performance or events, our strategy, goals, plans, and projections regarding our financial position, our liquidity and capital resources, and our product development - are forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements, because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.
|
|||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||||||||
(Dollars and shares in thousands, except earnings per share) (Unaudited) |
|||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||||||||
|
|
2020 |
|
2019 |
|
Fav (Un) |
|
|
2020 |
|
2019 |
|
Fav (Un) |
||||||||||
Net sales |
|
$ |
85,179 |
|
|
$ |
98,058 |
|
|
(13.1 |
)% |
|
|
$ |
171,675 |
|
|
$ |
196,236 |
|
|
(12.5 |
)% |
Cost of sales |
|
55,047 |
|
|
66,720 |
|
|
|
|
|
113,076 |
|
|
129,832 |
|
|
|
||||||
Gross profit |
|
30,132 |
|
|
31,338 |
|
|
(3.8 |
)% |
|
|
58,599 |
|
|
66,404 |
|
|
(11.8 |
)% |
||||
Gross profit percentage |
|
35.4 |
% |
|
32.0 |
% |
|
|
|
|
34.1 |
% |
|
33.8 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development expenses |
|
10,808 |
|
|
7,067 |
|
|
|
|
|
21,313 |
|
|
14,338 |
|
|
|
||||||
Selling, general, and administrative expenses |
|
13,181 |
|
|
13,701 |
|
|
|
|
|
27,204 |
|
|
26,375 |
|
|
|
||||||
Operating income |
|
6,143 |
|
|
10,570 |
|
|
(41.9 |
)% |
|
|
10,082 |
|
|
25,691 |
|
|
(60.8 |
)% |
||||
Operating income percentage |
|
7.2 |
% |
|
10.8 |
% |
|
|
|
|
5.9 |
% |
|
13.1 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expense), net |
|
377 |
|
|
383 |
|
|
|
|
|
(91 |
) |
|
314 |
|
|
|
||||||
Income before income taxes |
|
6,520 |
|
|
10,953 |
|
|
(40.5 |
)% |
|
|
9,991 |
|
|
26,005 |
|
|
(61.6 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
701 |
|
|
2,187 |
|
|
|
|
|
223 |
|
|
4,029 |
|
|
|
||||||
Net income |
|
5,819 |
|
|
8,766 |
|
|
(33.6 |
)% |
|
|
9,768 |
|
|
21,976 |
|
|
(55.6 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loss attributable to the noncontrolling interest |
|
— |
|
|
— |
|
|
|
|
|
(98 |
) |
|
— |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to |
|
$ |
5,819 |
|
|
$ |
8,766 |
|
|
(33.6 |
)% |
|
|
$ |
9,866 |
|
|
$ |
21,976 |
|
|
(55.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
- Basic |
|
$ |
0.16 |
|
|
$ |
0.24 |
|
|
(33.3 |
)% |
|
|
$ |
0.27 |
|
|
$ |
0.61 |
|
|
(55.7 |
)% |
- Diluted |
|
$ |
0.16 |
|
|
$ |
0.24 |
|
|
(33.3 |
)% |
|
|
$ |
0.27 |
|
|
$ |
0.60 |
|
|
(55.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
- Basic |
|
35,996 |
|
|
36,062 |
|
|
|
|
|
35,962 |
|
|
36,065 |
|
|
|
||||||
- Diluted |
|
36,082 |
|
|
36,247 |
|
|
|
|
|
36,079 |
|
|
36,325 |
|
|
|
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||
(Dollars in thousands) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
2020 |
|
2020 |
|
2019 |
||||||
ASSETS |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
15,813 |
|
|
$ |
20,707 |
|
|
$ |
69,131 |
|
Accounts receivable, net |
|
53,032 |
|
|
62,552 |
|
|
60,700 |
|
|||
Inventories, net |
|
51,302 |
|
|
53,899 |
|
|
61,311 |
|
|||
Other current assets |
|
5,814 |
|
|
5,436 |
|
|
8,727 |
|
|||
Total current assets |
|
125,961 |
|
|
142,594 |
|
|
199,869 |
|
|||
|
|
|
|
|
|
|
||||||
Property, plant and equipment, net |
|
104,937 |
|
|
100,850 |
|
|
104,654 |
|
|||
|
|
105,703 |
|
|
106,509 |
|
|
50,827 |
|
|||
Intangible assets, net |
|
44,175 |
|
|
46,217 |
|
|
15,373 |
|
|||
Other assets |
|
11,001 |
|
|
7,087 |
|
|
5,789 |
|
|||
TOTAL ASSETS |
|
$ |
391,777 |
|
|
$ |
403,257 |
|
|
$ |
376,512 |
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||||||
Accounts payable |
|
$ |
17,960 |
|
|
$ |
14,893 |
|
|
$ |
15,722 |
|
Accrued and other liabilities |
|
23,435 |
|
|
23,030 |
|
|
22,996 |
|
|||
Total current liabilities |
|
41,395 |
|
|
37,923 |
|
|
38,718 |
|
|||
|
|
|
|
|
|
|
||||||
Long-term debt |
|
378 |
|
|
225 |
|
|
— |
|
|||
Other liabilities |
|
32,453 |
|
|
29,161 |
|
|
22,816 |
|
|||
Total liabilities |
|
74,226 |
|
|
67,309 |
|
|
61,534 |
|
|||
|
|
|
|
|
|
|
||||||
Redeemable noncontrolling interest |
|
— |
|
|
21,302 |
|
|
— |
|
|||
|
|
|
|
|
|
|
||||||
Shareholders' equity |
|
317,551 |
|
|
314,646 |
|
|
314,978 |
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
391,777 |
|
|
$ |
403,257 |
|
|
$ |
376,512 |
|
|
||||||||||||
Accounts receivable, net |
|
$ |
53,032 |
|
|
$ |
62,552 |
|
|
$ |
60,700 |
|
Plus: Inventories, net |
|
51,302 |
|
|
53,899 |
|
|
61,311 |
|
|||
Less: Accounts payable |
|
17,960 |
|
|
14,893 |
|
|
15,722 |
|
|||
Net working capital2 |
|
$ |
86,374 |
|
|
$ |
101,558 |
|
|
$ |
106,289 |
|
|
|
|
|
|
|
|
||||||
Annualized net sales |
|
$ |
340,716 |
|
|
$ |
343,044 |
|
|
$ |
392,232 |
|
Net working capital percentage2 |
|
25.4 |
% |
|
29.6 |
% |
|
27.1 |
% |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Dollars in thousands) (Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
|
|
2020 |
|
2019 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
9,768 |
|
|
$ |
21,976 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
8,478 |
|
|
8,122 |
|
||
Other operating activities, net |
|
12,338 |
|
|
(3,938 |
) |
||
Net cash provided by operating activities |
|
30,584 |
|
|
26,160 |
|
||
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
||||
Capital expenditures |
|
(7,783 |
) |
|
(3,784 |
) |
||
Proceeds from sale or maturities of investments |
|
336 |
|
|
993 |
|
||
Purchases of investments |
|
(146 |
) |
|
(907 |
) |
||
Proceeds from sale of assets |
|
251 |
|
|
— |
|
||
Other investing activities, net |
|
24 |
|
|
20 |
|
||
Net cash used in investing activities |
|
(7,318 |
) |
|
(3,678 |
) |
||
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
||||
Dividends paid |
|
(9,318 |
) |
|
(9,353 |
) |
||
Payments for common shares repurchased |
|
— |
|
|
(5,781 |
) |
||
Proceeds from debt |
|
50,150 |
|
|
— |
|
||
Repayments of debt |
|
(50,000 |
) |
|
— |
|
||
Payments for redeemable noncontrolling interest |
|
(17,853 |
) |
|
— |
|
||
Payment of acquisition-related contingent liabilities |
|
— |
|
|
(717 |
) |
||
Other financing activities, net |
|
(959 |
) |
|
(3,241 |
) |
||
Net cash used in financing activities |
|
(27,980 |
) |
|
(19,092 |
) |
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
(180 |
) |
|
(46 |
) |
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents |
|
(4,894 |
) |
|
3,344 |
|
||
Cash and cash equivalents at beginning of period |
|
20,707 |
|
|
65,787 |
|
||
Cash and cash equivalents at end of period |
|
$ |
15,813 |
|
|
$ |
69,131 |
|
|
||||||||||||||||||||
SALES AND OPERATING INCOME BY SEGMENT |
||||||||||||||||||||
(Dollars in thousands) (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
2020 |
|
2019 |
|
Fav (Un) |
|
2020 |
|
2019 |
|
Fav (Un) |
||||||||
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Applied Technology |
|
$ |
35,502 |
|
|
$ |
27,371 |
|
|
29.7% |
|
$ |
77,509 |
|
|
$ |
69,096 |
|
|
12.2% |
|
|
36,252 |
|
|
57,516 |
|
|
(37.0)% |
|
69,650 |
|
|
101,808 |
|
|
(31.6)% |
||||
Aerostar |
|
13,465 |
|
|
13,189 |
|
|
2.1% |
|
24,616 |
|
|
25,379 |
|
|
(3.0)% |
||||
Intersegment eliminations |
|
(40 |
) |
|
(18 |
) |
|
|
|
(100 |
) |
|
(47 |
) |
|
|
||||
Consolidated net sales |
|
$ |
85,179 |
|
|
$ |
98,058 |
|
|
(13.1)% |
|
$ |
171,675 |
|
|
$ |
196,236 |
|
|
(12.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Applied Technology |
|
$ |
6,511 |
|
|
$ |
4,849 |
|
|
34.3% |
|
$ |
15,450 |
|
|
$ |
18,085 |
|
|
(14.6)% |
|
|
4,465 |
|
|
10,150 |
|
|
(56.0)% |
|
6,072 |
|
|
16,513 |
|
|
(63.2)% |
||||
Aerostar |
|
1,751 |
|
|
2,943 |
|
|
(40.5)% |
|
2,044 |
|
|
4,939 |
|
|
(58.6)% |
||||
Intersegment eliminations |
|
11 |
|
|
1 |
|
|
|
|
51 |
|
|
2 |
|
|
|
||||
Total segment income |
|
$ |
12,738 |
|
|
$ |
17,943 |
|
|
(29.0)% |
|
$ |
23,617 |
|
|
$ |
39,539 |
|
|
(40.3)% |
Corporate expenses |
|
(6,595 |
) |
|
(7,373 |
) |
|
10.6% |
|
(13,535 |
) |
|
(13,848 |
) |
|
2.3% |
||||
Consolidated operating income |
|
$ |
6,143 |
|
|
$ |
10,570 |
|
|
(41.9)% |
|
$ |
10,082 |
|
|
$ |
25,691 |
|
|
(60.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income percentages |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Applied Technology |
|
18.3 |
% |
|
17.7 |
% |
|
60bps |
|
19.9 |
% |
|
26.2 |
% |
|
(630)bps |
||||
|
|
12.3 |
% |
|
17.6 |
% |
|
(530)bps |
|
8.7 |
% |
|
16.2 |
% |
|
(750)bps |
||||
Aerostar |
|
13.0 |
% |
|
22.3 |
% |
|
(930)bps |
|
8.3 |
% |
|
19.5 |
% |
|
(1,120)bps |
||||
Consolidated operating income |
|
7.2 |
% |
|
10.8 |
% |
|
(360)bps |
|
5.9 |
% |
|
13.1 |
% |
|
(720)bps |
|
||||||||||||||||||||
EBITDA REGULATION G RECONCILIATION3 |
||||||||||||||||||||
(Dollars in thousands) (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
|
Fav (Un) |
|
|
|
|
|
Fav (Un) |
||||||||
|
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
||||||||
Applied Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reported Operating income |
|
$ |
6,511 |
|
|
$ |
4,849 |
|
|
34.3% |
|
$ |
15,450 |
|
|
$ |
18,085 |
|
|
(14.6)% |
Plus: Depreciation and amortization |
|
1,221 |
|
|
971 |
|
|
25.7% |
|
2,321 |
|
|
1,999 |
|
|
16.1% |
||||
ATD EBITDA |
|
$ |
7,732 |
|
|
$ |
5,820 |
|
|
32.9% |
|
$ |
17,771 |
|
|
$ |
20,084 |
|
|
(11.5)% |
ATD EBITDA % of |
|
21.8 |
% |
|
21.3 |
% |
|
|
|
22.9 |
% |
|
29.1 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reported Operating income |
|
$ |
4,465 |
|
|
$ |
10,150 |
|
|
(56.0)% |
|
$ |
6,072 |
|
|
$ |
16,513 |
|
|
(63.2)% |
Plus: Depreciation and amortization |
|
2,424 |
|
|
2,427 |
|
|
(0.1)% |
|
4,836 |
|
|
4,724 |
|
|
2.4% |
||||
EFD EBITDA |
|
$ |
6,889 |
|
|
$ |
12,577 |
|
|
(45.2)% |
|
$ |
10,908 |
|
|
$ |
21,237 |
|
|
(48.6)% |
EFD EBITDA % of |
|
19.0 |
% |
|
21.9 |
% |
|
|
|
15.7 |
% |
|
20.9 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aerostar |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reported Operating income |
|
$ |
1,751 |
|
|
$ |
2,943 |
|
|
(40.5)% |
|
$ |
2,044 |
|
|
$ |
4,939 |
|
|
(58.6)% |
Plus: Depreciation and amortization |
|
248 |
|
|
219 |
|
|
13.2% |
|
487 |
|
|
440 |
|
|
10.7% |
||||
Aerostar EBITDA |
|
$ |
1,999 |
|
|
$ |
3,162 |
|
|
(36.8)% |
|
$ |
2,531 |
|
|
$ |
5,379 |
|
|
(52.9)% |
Aerostar EBITDA % of |
|
14.8 |
% |
|
24.0 |
% |
|
|
|
10.3 |
% |
|
21.2 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to |
|
$ |
5,819 |
|
|
$ |
8,766 |
|
|
(33.6)% |
|
$ |
9,866 |
|
|
$ |
21,976 |
|
|
(55.1)% |
Interest (income) expense, net |
|
136 |
|
|
(204 |
) |
|
|
|
280 |
|
|
(434 |
) |
|
|
||||
Income tax expense (benefit) |
|
701 |
|
|
2,187 |
|
|
|
|
223 |
|
|
4,029 |
|
|
|
||||
Plus: Depreciation and amortization |
|
4,302 |
|
|
4,040 |
|
|
|
|
8,478 |
|
|
8,122 |
|
|
|
||||
Consolidated EBITDA |
|
$ |
10,958 |
|
|
$ |
14,789 |
|
|
(25.9)% |
|
$ |
18,847 |
|
|
$ |
33,693 |
|
|
(44.1)% |
Consolidated EBITDA % of |
|
12.9 |
% |
|
15.1 |
% |
|
|
|
11.0 |
% |
|
17.2 |
% |
|
|
1 Free cash flow is defined as Net cash provided by operating activities, less capital expenditures, less dividends paid. |
2 Net working capital is defined as accounts receivable, (net) plus inventories, (net) less accounts payable. Net working capital percentage is defined as net working capital divided by four times quarterly sales for each respective period. |
3 EBITDA is a non-GAAP financial measure defined on a consolidated basis as net income attributable to |
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