Attached files
file | filename |
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8-K - CALLAWAY GOLF CO | v191721_8k.htm |
EX-99.2 - CALLAWAY GOLF CO | v191721_ex99-2.htm |
Exhibit 99.1
Contacts: Brad
Holiday
Eric
Struik
Tim
Buckman
(760)
931-1771
CALLAWAY
GOLF COMPANY ANNOUNCES
SECOND
QUARTER AND FIRST HALF 2010 RESULTS
CARLSBAD,
CA /July 28, 2010/ Callaway Golf Company (NYSE:ELY) today announced its
financial results for the second quarter and first half of the year ended June
30, 2010, which were consistent with the Company’s June 14th
guidance.
For the
second quarter, the Company reported:
|
·
|
Net
sales of $304 million, an increase of 1% compared to $302 million for the
second quarter of 2009. Changes in foreign currency rates
favorably affected net sales by $6 million in the second quarter of 2010
compared to the same period in
2009.
|
|
·
|
Gross
profit of $124 million (41% of net sales), compared to gross profit of
$110 million (36% of net sales) for the second quarter of
2009.
|
|
·
|
Operating
expenses for the quarter of $99 million (32% of net sales) compared to
$100 million (33% of net sales) for the same period in
2009.
|
|
·
|
Operating
profit of $25 million (8% of net sales) compared to $10 million (3% of net
sales) for the same period in 2009.
|
|
·
|
Earnings
per diluted share of $0.14 (on 84.3 million weighted average shares
outstanding), compared to $0.10 (on 66.8 million weighted average shares
outstanding) in 2009. Fully diluted earnings per share for the
second quarter include after-tax charges for the Company’s Global
Operations Strategy initiatives of $0.01 per share in 2010 and $0.02 per
share in 2009.
|
For the
first six months, the Company reported:
|
·
|
Net
sales of $606 million, an increase of 6% compared to last year’s net sales
of $574 million. Changes in foreign currency rates favorably affected net
sales by $21 million for the first six months of 2010 compared to the same
period in 2009.
|
|
·
|
Gross
profit of $261 million (43% of net sales) compared to $226 million (39% of
net sales) for 2009.
|
|
·
|
Operating
expenses of $207 million (34% of net sales) compared to $202 million (35%
of net sales) for 2009.
|
|
·
|
Operating
profit of $53 million (9% of net sales) compared to $24 million (4% of net
sales) for 2009.
|
|
·
|
Earnings
per diluted share of $0.38 (on 84.1 million weighted average shares
outstanding) compared to earnings per diluted share of $0.21 (on 65.1
million weighted average shares outstanding) for 2009. Fully
diluted earnings per share for the period include after-tax charges for
the Company’s Global Operations Strategy initiatives of $0.02 per share in
2010 and $0.03 per share in 2009.
|
“Global
economic conditions and the golf industry have recovered more slowly than our
original expectations coming into 2010,” commented George Fellows, President and
CEO. “Consumer spending remains constrained by high
unemployment, modest income growth, lower housing wealth and tight credit. These
constraints, together with unfavorable weather conditions in many key markets
for a significant portion of 2010, have resulted in an overall decline in sales
in the golf industry for the year. Despite this industry decline, our first half
results have improved over last year, driven in large part by our improved gross
margins, more favorable foreign currency rates, and significant growth in our
putters and accessories businesses.”
“While
the golf industry will recover, given recent increased uncertainty regarding
retailer and consumer spending in the back half of the year, it does not appear
that the industry will fully recover during 2010,” continued Mr. Fellows. “We
are therefore focused on the controllable portions of our business, including
tight management of discretionary spending, investment in emerging markets and
other key growth initiatives to drive long-term shareholder value, and
improvements in our operations such as the restructuring of our global
operations announced yesterday. These actions, together with the strength of our
brands, will allow us to maximize results in the current environment and prepare
us to take advantage of a better market once global conditions
improve.”
Restructuring of Global
Operations
The
Company announced yesterday that it will be restructuring its global
operations over the next 18 months as a part of its overall Global
Operations Strategy to add speed and flexibility to customer service demands,
optimize efficiencies and facilitate long-term gross margin
improvements. This initiative will include the reorganization of the
Company’s manufacturing and distribution centers located in Carlsbad, California
and Toronto Canada and the creation of third party logistics sites in Dallas,
Texas and Toronto, Canada as well as the establishment of a new production
facility in Monterrey, Mexico.
Business
Outlook
“While we
expect that our overall financial results will be better than last year, the
unusual uncertainty caused by the current macroeconomic and market conditions
make it impossible to forecast retailer and consumer demand for golf products
with any reliability,” commented Brad Holiday, Chief Financial Officer of the
Company. “We do expect that our full year gross margins will be
improved compared to last year and that our full year operating expenses will be
approximately flat compared to last year, even after taking into account the
restoration of employee compensation and benefits that were temporarily
suspended in 2009. Because of the lack of visibility into sales,
however, we are not providing specific financial guidance for the balance of the
year.”
The
Company previously estimated that charges for 2010 for its overall Global
Operations Strategy initiatives would be approximately $.10 per
share. The scope of the initiatives has been expanded and the Company
now estimates that charges for such initiatives in 2010 will be approximately
$0.16 per share. Given the expanded scope of the initiatives, the Company now
estimates that the savings from its overall Global Operations Strategy
initiatives will be approximately $45-$55 million from 2010-2013 as compared to
its prior estimate of $25-$45 million through 2012.
Conference Call and
Webcast
The
Company will be holding a conference call at 2:00 p.m. PDT today to discuss the
Company’s financial results and the recently announced restructuring of its
global operations. The call will be broadcast live over the Internet
and can be accessed at www.callawaygolf.com. To listen to the call,
please go to the website at least 15 minutes before the call to register and for
instructions on how to access the broadcast. A replay of the
conference call will be available approximately three hours after the call ends,
and will remain available through 9:00 p.m. PDT on Wednesday, August 4,
2010. The replay may be accessed through the Internet at
www.callawaygolf.com or by telephone by calling 1-800-642-1687 toll free for
calls originating within the United States or 706-645-9291 for International
calls. The replay pass code is 85601986.
* * * *
*
Disclaimer: Statements
used in this press release that relate to future plans, events, financial
results, performance or prospects, including statements relating to a golf
industry recovery, the Company’s future performance, estimated 2010 gross
margins and operating expenses, and the estimated amount and timing of the
charges and savings related to the Company’s global operations strategy
initiatives, are forward-looking statements as defined under the Private
Securities Litigation Reform Act of 1995. These estimates and
statements are based upon current information and expectations. Accurately
estimating the forward-looking statements is based upon various unknowns,
including future changes in foreign currency exchange rates, consumer acceptance
and demand for the Company’s products, the level of promotional activity in the
marketplace, as well as future consumer discretionary purchasing activity, which
can be significantly adversely affected by unfavorable economic or market
conditions. Actual results may differ materially from those estimated or
anticipated as a result of these unknowns or other risks and uncertainties,
including continued compliance with the terms of the Company’s credit facility;
delays, difficulties or increased costs in the supply of components needed to
manufacture the Company’s products, in manufacturing the Company’s products, or
in connection with the implementation of the Company’s planned global operations
strategy initiatives or the implementation of future initiatives; adverse
weather conditions and seasonality; any rule changes or other actions taken by
the USGA or other golf association that could have an adverse impact upon demand
or supply of the Company’s products; a decrease in participation levels in golf;
and the effect of terrorist activity, armed conflict, natural disasters or
pandemic diseases on the economy generally, on the level of demand for the
Company's products or on the Company's ability to manage its supply and delivery
logistics in such an environment. For additional information concerning these
and other risks and uncertainties that could affect these statements and the
golf industry and the Company’s business, see the Company’s Annual Report on
Form 10-K for the year ended December 31, 2009 as well as other risks and
uncertainties detailed from time to time in the Company’s reports on Forms 10-Q
and 8-K subsequently filed from time to time with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to republish revised
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Regulation
G: The financial statement schedules attached to this press
release have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”). In addition to these
schedules, the Company has also provided certain supplemental financial
information concerning its results, which include certain financial measures not
prepared in accordance with GAAP. The non-GAAP financial measures
included in the supplemental financial information present certain of the
Company’s financial results (i) excluding charges for the Company’s global
operations strategy and (ii) excluding interest, taxes, depreciation and
amortization expenses, and changes in the Company’s prior derivative valuation
account (“Adjusted EBITDA”). These non-GAAP financial measures should not be
considered a substitute for any measure derived in accordance with
GAAP. These non-GAAP financial measures may also be inconsistent with
the manner in which similar measures are derived or used by other
companies. Management believes that the presentation of such non-GAAP
financial measures, when considered in conjunction with the most directly
comparable GAAP financial measures, provides additional useful information for
investors as to the underlying performance of the Company’s business without
regard to these items. The Company has provided reconciling
information within the supplemental financial information attached to this press
release.
*****
About
Callaway Golf
Through an unwavering commitment to
innovation, Callaway Golf Company (NYSE: ELY) creates products and services
designed to make every golfer a better golfer. Callaway Golf Company
manufactures and sells golf clubs and golf balls, and sells golf accessories,
under the Callaway Golf®, Odyssey®, Top-Flite®, Ben Hogan® and uPro™ brands in
more than 110 countries worldwide. For more information please visit
www.callawaygolf.com
or Shop.CallawayGolf.com
Callaway
Golf Company
Consolidated
Condensed Balance Sheets
(In
thousands)
(Unaudited)
June
30,
|
December
31,
|
|||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 53,594 | $ | 78,314 | ||||
Accounts
receivable, net
|
254,549 | 139,776 | ||||||
Inventories
|
214,490 | 219,178 | ||||||
Deferred
taxes, net
|
21,251 | 21,276 | ||||||
Income
taxes receivable
|
584 | 19,730 | ||||||
Other
current assets
|
35,246 | 34,713 | ||||||
Total
current assets
|
579,714 | 512,987 | ||||||
Property,
plant and equipment, net
|
132,700 | 143,436 | ||||||
Intangible
assets, net
|
170,455 | 174,017 | ||||||
Other
assets
|
46,167 | 45,490 | ||||||
Total
assets
|
$ | 929,036 | $ | 875,930 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ | 134,558 | $ | 118,294 | ||||
Accrued
employee compensation and benefits
|
22,574 | 22,219 | ||||||
Accrued
warranty expense
|
9,390 | 9,449 | ||||||
Income
tax liability
|
14,730 | 1,492 | ||||||
Total
current liabilities
|
181,252 | 151,454 | ||||||
Long-term
liabilities
|
13,011 | 14,594 | ||||||
Shareholders'
equity
|
734,773 | 709,882 | ||||||
Total
liabilities and shareholders' equity
|
$ | 929,036 | $ | 875,930 |
Statements
of Operations
(In
thousands, except per share data)
(Unaudited)
Quarter
Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
Net
sales
|
$ | 303,609 | $ | 302,219 | ||||
Cost
of sales
|
179,983 | 192,371 | ||||||
Gross
profit
|
123,626 | 109,848 | ||||||
Operating
expenses:
|
||||||||
Selling
|
70,730 | 72,394 | ||||||
General
and administrative
|
19,147 | 19,358 | ||||||
Research
and development
|
8,648 | 7,837 | ||||||
Total
operating expenses
|
98,525 | 99,589 | ||||||
Income
from operations
|
25,101 | 10,259 | ||||||
Other
(expense) income, net
|
(4,704 | ) | 512 | |||||
Other
income before income taxes
|
20,397 | 10,771 | ||||||
Income
tax provision
|
8,932 | 3,859 | ||||||
Net
income
|
11,465 | 6,912 | ||||||
Dividends
on convertible preferred stock
|
2,625 | 438 | ||||||
Net
income allocable to common shareholders
|
$ | 8,840 | $ | 6,474 | ||||
Earnings
per common share:
|
||||||||
Basic
|
$ | 0.14 | $ | 0.10 | ||||
Diluted
|
$ | 0.14 | $ | 0.10 | ||||
Weighted-average
common shares outstanding:
|
||||||||
Basic
|
63,844 | 63,121 | ||||||
Diluted
|
84,259 | 66,807 |
Six
Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
Net
sales
|
$ | 606,484 | $ | 574,083 | ||||
Cost
of sales
|
345,563 | 348,054 | ||||||
Gross
profit
|
260,921 | 226,029 | ||||||
Operating
expenses:
|
||||||||
Selling
|
145,358 | 147,044 | ||||||
General
and administrative
|
44,123 | 39,345 | ||||||
Research
and development
|
17,966 | 15,940 | ||||||
Total
operating expenses
|
207,447 | 202,329 | ||||||
Income
from operations
|
53,474 | 23,700 | ||||||
Other
expense, net
|
(3,133 | ) | (1,869 | ) | ||||
Income
before income taxes
|
50,341 | 21,831 | ||||||
Income
tax provision
|
18,573 | 8,107 | ||||||
Net
income
|
31,768 | 13,724 | ||||||
Dividends
on convertible preferred stock
|
5,250 | 438 | ||||||
Net
income allocable to common shareholders
|
$ | 26,518 | $ | 13,286 | ||||
Earnings
per common share:
|
||||||||
Basic
|
$ | 0.42 | $ | 0.21 | ||||
Diluted
|
$ | 0.38 | $ | 0.21 | ||||
Weighted-average
common shares outstanding:
|
||||||||
Basic
|
63,749 | 63,060 | ||||||
Diluted
|
84,093 | 65,105 |
Callaway
Golf Company
Consolidated
Condensed Statements of Cash Flows
(In
thousands)
(Unaudited)
Six
Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 31,768 | $ | 13,724 | ||||
Adjustments
to reconcile net income to net cash used in operating
activities:
|
||||||||
Depreciation
and amortization
|
19,555 | 20,116 | ||||||
Deferred
taxes, net
|
(1,914 | ) | (5,509 | ) | ||||
Non-cash
share-based compensation
|
5,002 | 3,684 | ||||||
Gain
(loss) on disposal of long-lived assets
|
73 | (375 | ) | |||||
Changes
in assets and liabilities
|
(64,216 | ) | (40,708 | ) | ||||
Net
cash used in operating activities
|
(9,732 | ) | (9,068 | ) | ||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(7,549 | ) | (19,448 | ) | ||||
Other
investing activities
|
(1,870 | ) | (31 | ) | ||||
Net
cash used in investing activities
|
(9,419 | ) | (19,479 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Issuance
of common stock
|
1,683 | 1,498 | ||||||
Issuance
of preferred stock
|
- | 140,000 | ||||||
Equity
issuance cost
|
(60 | ) | (5,871 | ) | ||||
Dividends
paid, net
|
(6,530 | ) | (4,430 | ) | ||||
Payments
on credit facilities, net
|
- | (90,000 | ) | |||||
Other
financing activities
|
(249 | ) | 54 | |||||
Net
cash (used in) provided by financing activities
|
(5,156 | ) | 41,251 | |||||
Effect
of exchange rate changes on cash and cash equivalents
|
(413 | ) | (570 | ) | ||||
Net
(decrease) increase in cash and cash equivalents
|
(24,720 | ) | 12,134 | |||||
Cash
and cash equivalents at beginning of period
|
78,314 | 38,337 | ||||||
Cash
and cash equivalents at end of period
|
$ | 53,594 | $ | 50,471 |
Callaway
Golf Company
Consolidated
Net Sales and Operating Segment Information
(In
thousands)
(Unaudited)
Net Sales by Product
Category
|
||||||||||||||||||||||||||||||||
Quarter
Ended
|
Six
Months Ended
|
|||||||||||||||||||||||||||||||
June 30,
|
Growth/(Decline)
|
June 30,
|
Growth/(Decline)
|
|||||||||||||||||||||||||||||
2010
|
2009
|
Dollars
|
Percent
|
2010
|
2009
|
Dollars
|
Percent
|
|||||||||||||||||||||||||
Net
sales:
|
||||||||||||||||||||||||||||||||
Woods
|
$ | 63,263 | $ | 75,956 | $ | (12,693 | ) | -17 | % | $ | 157,752 | $ | 155,838 | $ | 1,914 | 1 | % | |||||||||||||||
Irons
|
71,489 | 72,222 | (733 | ) | -1 | % | 128,924 | 137,409 | (8,485 | ) | -6 | % | ||||||||||||||||||||
Putters
|
33,520 | 26,421 | 7,099 | 27 | % | 71,667 | 54,112 | 17,555 | 32 | % | ||||||||||||||||||||||
Golf
balls
|
58,003 | 58,245 | (242 | ) | 0 | % | 109,138 | 105,593 | 3,545 | 3 | % | |||||||||||||||||||||
Accessories
and other
|
77,334 | 69,375 | 7,959 | 11 | % | 139,003 | 121,131 | 17,872 | 15 | % | ||||||||||||||||||||||
$ | 303,609 | $ | 302,219 | $ | 1,390 | 0 | % | $ | 606,484 | $ | 574,083 | $ | 32,401 | 6 | % |
Net Sales by Region
|
||||||||||||||||||||||||||||||||
Quarter
Ended
|
Six
Months Ended
|
|||||||||||||||||||||||||||||||
June 30,
|
Growth/(Decline)
|
June 30,
|
Growth/(Decline)
|
|||||||||||||||||||||||||||||
2010
|
2009
|
Dollars
|
Percent
|
2010
|
2009
|
Dollars
|
Percent
|
|||||||||||||||||||||||||
Net
sales:
|
||||||||||||||||||||||||||||||||
United
States
|
$ | 162,363 | $ | 163,739 | $ | (1,376 | ) | -1 | % | $ | 313,419 | $ | 305,020 | $ | 8,399 | 3 | % | |||||||||||||||
Europe
|
41,475 | 42,477 | (1,002 | ) | -2 | % | 83,734 | 85,480 | (1,746 | ) | -2 | % | ||||||||||||||||||||
Japan
|
30,179 | 37,061 | (6,882 | ) | -19 | % | 83,562 | 84,456 | (894 | ) | -1 | % | ||||||||||||||||||||
Rest
of Asia
|
24,726 | 21,300 | 3,426 | 16 | % | 49,315 | 37,852 | 11,463 | 30 | % | ||||||||||||||||||||||
Other
foreign countries
|
44,866 | 37,642 | 7,224 | 19 | % | 76,454 | 61,275 | 15,179 | 25 | % | ||||||||||||||||||||||
$ | 303,609 | $ | 302,219 | $ | 1,390 | 0 | % | $ | 606,484 | $ | 574,083 | $ | 32,401 | 6 | % |
Operating Segment
Information
|
||||||||||||||||||||||||||||||||
Quarter
Ended
|
Six
Months Ended
|
|||||||||||||||||||||||||||||||
June 30,
|
Growth/(Decline)
|
June 30,
|
Growth/(Decline)
|
|||||||||||||||||||||||||||||
2010
|
2009
|
Dollars
|
Percent
|
2010
|
2008
|
Dollars
|
Percent
|
|||||||||||||||||||||||||
Net
sales:
|
||||||||||||||||||||||||||||||||
Golf
clubs
|
$ | 245,606 | $ | 243,974 | $ | 1,632 | 1 | % | $ | 497,346 | $ | 468,490 | $ | 28,856 | 6 | % | ||||||||||||||||
Golf
balls
|
58,003 | 58,245 | (242 | ) | 0 | % | 109,138 | 105,593 | 3,545 | 3 | % | |||||||||||||||||||||
$ | 303,609 | $ | 302,219 | $ | 1,390 | 0 | % | $ | 606,484 | $ | 574,083 | $ | 32,401 | 6 | % | |||||||||||||||||
Income
(loss) before income taxes:
|
||||||||||||||||||||||||||||||||
Golf
clubs
|
$ | 30,838 | $ | 25,367 | $ | 5,471 | 22 | % | $ | 74,453 | $ | 53,648 | $ | 20,805 | 39 | % | ||||||||||||||||
Golf
balls
|
5,751 | (965 | ) | 6,716 |
NM
|
7,646 | (2,663 | ) | 10,309 |
NM
|
||||||||||||||||||||||
Reconciling
items (1)
|
(16,192 | ) | (13,631 | ) | (2,561 | ) | -19 | % | (31,758 | ) | (29,154 | ) | (2,604 | ) | -9 | % | ||||||||||||||||
$ | 20,397 | $ | 10,771 | $ | 9,626 | 89 | % | $ | 50,341 | $ | 21,831 | $ | 28,510 | 131 | % |
(1)
Represents corporate general and administrative expenses and other income
(expense) not utilized by management in determining segment
profitability.
Callaway
Golf Company
Supplemental
Financial Information
(In
thousands, except per share data)
(Unaudited)
Quarter Ended June 30,
|
Quarter Ended June 30,
|
|||||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||||||
Pro Forma
Callaway Golf
|
Global
Operations
Strategy
Initiatives
|
Total as
Reported
|
Pro Forma
Callaway Golf
|
Global
Operations
Strategy
Initiatives
|
Total as
Reported
|
|||||||||||||||||||
Net
sales
|
$ | 303,609 | $ | - | $ | 303,609 | $ | 302,219 | $ | - | $ | 302,219 | ||||||||||||
Gross
profit
|
124,823 | (1,197 | ) | 123,626 | 111,662 | (1,814 | ) | 109,848 | ||||||||||||||||
%
of sales
|
41 | % | n/a | 41 | % | 37 | % | n/a | 36 | % | ||||||||||||||
Operating
expenses
|
98,417 | 108 | 98,525 | 99,589 | - | 99,589 | ||||||||||||||||||
Income
(loss) from operations
|
26,406 | (1,305 | ) | 25,101 | 12,073 | (1,814 | ) | 10,259 | ||||||||||||||||
Other
income (loss), net
|
(4,704 | ) | - | (4,704 | ) | 512 | - | 512 | ||||||||||||||||
Income
(loss) before income taxes
|
21,702 | (1,305 | ) | 20,397 | 12,585 | (1,814 | ) | 10,771 | ||||||||||||||||
Income
tax provision (benefit)
|
9,428 | (496 | ) | 8,932 | 4,557 | (698 | ) | 3,859 | ||||||||||||||||
Net
income (loss)
|
12,274 | (809 | ) | 11,465 | 8,028 | (1,116 | ) | 6,912 | ||||||||||||||||
Dividends
on convertible preferred stock
|
2,625 | - | 2,625 | 438 | - | 438 | ||||||||||||||||||
Net
income (loss) allocable to common shareholders
|
$ | 9,649 | $ | (809 | ) | $ | 8,840 | $ | 7,590 | $ | (1,116 | ) | $ | 6,474 | ||||||||||
Diluted
earnings (loss) per share:
|
$ | 0.15 | $ | (0.01 | ) | $ | 0.14 | $ | 0.12 | $ | (0.02 | ) | $ | 0.10 | ||||||||||
Weighted-average
shares outstanding:
|
84,259 | 84,259 | 84,259 | 66,807 | 66,807 | 66,807 |
Six Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||||||
Pro Forma
Callaway Golf
|
Global
Operations
Strategy
Initiatives
|
Total as
Reported
|
Pro Forma
Callaway Golf
|
Global
Operations
Strategy
Initiatives
|
Total as
Reported
|
|||||||||||||||||||
Net
sales
|
$ | 606,484 | $ | - | $ | 606,484 | $ | 574,083 | $ | - | $ | 574,083 | ||||||||||||
Gross
profit
|
263,118 | (2,197 | ) | 260,921 | 229,399 | (3,370 | ) | 226,029 | ||||||||||||||||
%
of sales
|
43 | % | n/a | 43 | % | 40 | % | n/a | 39 | % | ||||||||||||||
Operating
expenses
|
207,286 | 161 | 207,447 | 202,329 | - | 202,329 | ||||||||||||||||||
Income
(loss) from operations
|
55,832 | (2,358 | ) | 53,474 | 27,070 | (3,370 | ) | 23,700 | ||||||||||||||||
Other
expense, net
|
(3,133 | ) | - | (3,133 | ) | (1,869 | ) | - | (1,869 | ) | ||||||||||||||
Income
(expense) before income taxes
|
52,699 | (2,358 | ) | 50,341 | 25,201 | (3,370 | ) | 21,831 | ||||||||||||||||
Income
tax provision (benefit)
|
19,493 | (920 | ) | 18,573 | 9,404 | (1,297 | ) | 8,107 | ||||||||||||||||
Net
income (loss)
|
33,206 | (1,438 | ) | 31,768 | 15,797 | (2,073 | ) | 13,724 | ||||||||||||||||
Dividends
due to preferred shareholders
|
5,250 | - | 5,250 | 438 | - | 438 | ||||||||||||||||||
Net
income (loss) available to common shareholders
|
$ | 27,956 | $ | (1,438 | ) | $ | 26,518 | $ | 15,359 | $ | (2,073 | ) | $ | 13,286 | ||||||||||
Diluted
earnings (loss) per share:
|
$ | 0.40 | $ | (0.02 | ) | $ | 0.38 | $ | 0.24 | $ | (0.03 | ) | $ | 0.21 | ||||||||||
Weighted-average
shares outstanding:
|
84,093 | 84,093 | 84,093 | 65,105 | 65,105 | 65,105 |
2010 Trailing Twelve Months Adjusted
EBITDA
|
||||||||||||||||||||
Adjusted
EBITDA:
|
Quarter Ended
|
|||||||||||||||||||
September
30,
|
December
31,
|
March
31,
|
June
30,
|
|||||||||||||||||
2009
|
2009
|
2010
|
2010
|
Total
|
||||||||||||||||
Net
income (loss)
|
$ | (13,429 | ) | $ | (15,555 | ) | $ | 20,303 | $ | 11,465 | $ | 2,784 | ||||||||
Interest
expense (income), net
|
(46 | ) | (435 | ) | (118 | ) | (242 | ) | (841 | ) | ||||||||||
Income
tax provision (benefit)
|
(11,308 | ) | (11,142 | ) | 9,641 | 8,932 | (3,877 | ) | ||||||||||||
Depreciation
and amortization expense
|
10,128 | 10,504 | 9,949 | 9,606 | 40,187 | |||||||||||||||
Change
in energy derivative valuation acct.
|
- | - | - | - | - | |||||||||||||||
Adjusted
EBITDA
|
$ | (14,655 | ) | $ | (16,628 | ) - | $ | 39,775 | $ | 29,761 | $ | 38,253 |
2009 Trailing Twelve Months Adjusted
EBITDA
|
||||||||||||||||||||
Adjusted
EBITDA:
|
Quarter Ended
|
|||||||||||||||||||
September
30,
|
December
31,
|
March
31,
|
June
30,
|
|||||||||||||||||
2008
|
2008
|
2009
|
2009
|
Total
|
||||||||||||||||
Net
income (loss)
|
$ | (7,443 | ) | $ | (3,154 | ) | $ | 6,812 | $ | 6,912 | $ | 3,127 | ||||||||
Interest
expense (income), net
|
497 | 272 | (123 | ) | 551 | 1,197 | ||||||||||||||
Income
tax provision (benefit)
|
(6,676 | ) | (4,766 | ) | 4,248 | 3,859 | (3,335 | ) | ||||||||||||
Depreciation
and amortization expense
|
9,463 | 9,216 | 9,944 | 10,172 | 38,795 | |||||||||||||||
Change
in energy derivative valuation acct.
|
- | (19,922 | ) | - | - | (19,922 | ) | |||||||||||||
Adjusted
EBITDA
|
$ | (4,159 | ) | $ | (18,354 | ) | $ | 20,881 | $ | 21,494 | $ | 19,862 |