Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AVIENT CORP | d247532d8k.htm |
Exhibit 99.1
ColorMatrix Group, Inc.
Summary Historical Financial Data
| Summary Historical Financial Data | Fiscal Year Ended, | 9 Months Ended, | LTM | |||||||||||||||||||||
| ($ in millions unless otherwise indicated) | 2008A | 2009A | 2010A | 9/30/10 | 9/30/11 | 9/30/11 | ||||||||||||||||||
| Operating Performance |
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| Sales |
$ | 164.1 | $ | 148.8 | $ | 189.4 | $ | 146.5 | $ | 156.0 | $ | 198.9 | ||||||||||||
| Growth |
N/A | (9.3 | %) | 27.3 | % | N/A | 6.5 | % | N/A | |||||||||||||||
| COGS |
100.1 | 89.5 | 113.9 | 83.4 | 90.6 | 121.1 | ||||||||||||||||||
| Gross Profit |
64.0 | 59.3 | 75.5 | 63.1 | 65.4 | 77.8 | ||||||||||||||||||
| Margin |
39.0 | % | 39.9 | % | 39.9 | % | 43.1 | % | 41.9 | % | 39.1 | % | ||||||||||||
| SG&A |
48.4 | 43.7 | 53.5 | 43.2 | 47.5 | 57.8 | ||||||||||||||||||
| Operating Income |
$ | 15.6 | $ | 15.6 | $ | 22.0 | $ | 19.9 | $ | 17.9 | $ | 20.0 | ||||||||||||
| Margin |
9.5 | % | 10.5 | % | 11.6 | % | 13.6 | % | 11.5 | % | 10.1 | % | ||||||||||||
| Adjusted EBITDA |
$ | 35.3 | $ | 34.7 | $ | 43.2 | $ | 36.2 | $ | 36.0 | $ | 43.0 | ||||||||||||
| Margin |
21.5 | % | 23.3 | % | 22.8 | % | 24.7 | % | 23.1 | % | 21.6 | % | ||||||||||||
| Unrealized Foreign Exchange (Gain) Loss |
$ | 25.4 | ($5.3 | ) | ($4.0 | ) | ($3.5 | ) | $ | 1.1 | $ | 0.6 | ||||||||||||
| Interest Expense |
20.9 | 17.4 | 16.4 | 13.5 | 12.9 | 15.8 | ||||||||||||||||||
| Taxes |
(3.2 | ) | (0.3 | ) | 1.4 | 3.4 | 3.1 | 1.1 | ||||||||||||||||
| Net Income |
($27.5 | ) | $ | 3.8 | $ | 8.2 | $ | 6.5 | $ | 0.8 | $ | 2.5 | ||||||||||||
| Balance Sheet |
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| Cash |
$ | 6.8 | $ | 10.4 | $ | 9.0 | $ | 8.5 | $ | 8.5 | $ | 8.5 | ||||||||||||
| Accounts Receivable |
21.1 | 22.7 | 24.2 | 30.2 | 30.9 | 30.9 | ||||||||||||||||||
| Inventories |
19.5 | 16.8 | 21.1 | 23.3 | 29.3 | 29.3 | ||||||||||||||||||
| Plant and Equipment, net |
15.5 | 16.9 | 21.2 | 16.8 | 19.3 | 19.3 | ||||||||||||||||||
| Total Assets |
264.0 | 262.2 | 255.3 | 260.2 | 264.7 | 264.7 | ||||||||||||||||||
| Other Financial Data |
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| Capital Expenditures |
5.2 | 4.8 | 8.2 | 6.6 | 5.4 | 7.0 | ||||||||||||||||||
Note: Financial results for 2010 and 2011 are pro forma for the acquisition of Gayson Silicone Dispersions, Inc. (“Gayson SDI” or “GSDI”)
ColorMatrix Group, Inc.
EBITDA Reconciliation
| ($ in millions) | Fiscal Year Ended, | Nine Months Ended, | LTM | |||||||||||||||||||||
| 12/31/2008 | 12/31/2009 | 12/31/2010 | 9/30/2010 | 9/30/2011 | 9/30/2011 | |||||||||||||||||||
| Net income (loss) |
($27.5 | ) | $ | 3.8 | $ | 8.2 | $ | 6.5 | $ | 0.8 | $ | 2.5 | ||||||||||||
| Income tax expense (benefit) |
(3.2 | ) | (0.3 | ) | 1.4 | 3.4 | 3.1 | 1.1 | ||||||||||||||||
| Interest expense, net |
20.9 | 17.4 | 16.4 | 13.5 | 12.9 | 15.8 | ||||||||||||||||||
| Unrealized foreign exchange (gain) loss |
25.4 | (5.3 | ) | (4.0 | ) | (3.5 | ) | 1.1 | 0.6 | |||||||||||||||
| Depreciation & Amortization |
16.7 | 16.2 | 16.4 | 12.8 | 14.2 | 17.8 | ||||||||||||||||||
| Audax expenses |
1.1 | 1.2 | 1.0 | 0.8 | 0.8 | 1.0 | ||||||||||||||||||
| Other |
1.5 | — | — | — | — | — | ||||||||||||||||||
| Stock based compensation |
— | 0.5 | 0.9 | 0.5 | — | 0.4 | ||||||||||||||||||
| EBITDA |
$ | 34.9 | $ | 33.5 | $ | 40.3 | $ | 34.0 | $ | 32.9 | $ | 39.2 | ||||||||||||
| Due Diligence Adjustments |
0.4 | 1.2 | 2.9 | 2.2 | 3.1 | 3.8 | ||||||||||||||||||
| Adjusted EBITDA |
$ | 35.3 | $ | 34.7 | $ | 43.2 | $ | 36.2 | $ | 36.0 | $ | 43.0 | ||||||||||||
Note: Results for 2010 and 2011 are pro forma for the acquisition of Gayson Silicone Dispersions, Inc. (“Gayson SDI” or “GSDI”)