Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - TRIMAS CORP | trs123119exhibit991.htm |
| 8-K - 8-K - TRIMAS CORP | trs1231198k.htm |
Exhibit 99.2
TriMas Corporation
Supplemental Business Segment Financial Information - As Previously Reported
(Unaudited, dollars in thousands)
2019 quarterly periods ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Packaging | ||||||||||||||||
Net sales | $ | 88,840 | $ | 103,990 | $ | 105,480 | $ | 94,030 | ||||||||
Operating profit | $ | 17,640 | $ | 22,640 | $ | 19,740 | $ | 20,750 | ||||||||
Special Items(1) to consider in evaluating operating profit: | ||||||||||||||||
Reversal of a contingent deferred purchase price liability | — | — | — | (3,950 | ) | |||||||||||
Purchase accounting costs | 1,020 | 260 | — | — | ||||||||||||
Business restructuring and severance costs | — | — | 360 | 2,700 | ||||||||||||
Adjusted operating profit | $ | 18,660 | $ | 22,900 | $ | 20,100 | $ | 19,500 | ||||||||
Aerospace | ||||||||||||||||
Net sales | $ | 38,330 | $ | 42,240 | $ | 43,140 | $ | 41,130 | ||||||||
Operating profit | $ | 5,740 | $ | 7,010 | $ | 8,230 | $ | 7,420 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | 440 | — | — | — | ||||||||||||
Adjusted operating profit | $ | 6,180 | $ | 7,010 | $ | 8,230 | $ | 7,420 | ||||||||
Specialty Products | ||||||||||||||||
Net sales | $ | 94,120 | $ | 93,140 | $ | 88,210 | $ | 35,760 | ||||||||
Operating profit | $ | 10,860 | $ | 10,170 | $ | 8,400 | $ | 2,530 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | — | — | — | 200 | ||||||||||||
Adjusted operating profit | $ | 10,860 | $ | 10,170 | $ | 8,400 | $ | 2,730 | ||||||||
Corporate Expenses | ||||||||||||||||
Operating loss | $ | (8,390 | ) | $ | (8,710 | ) | $ | (7,680 | ) | $ | (9,910 | ) | ||||
Special Items to consider in evaluating operating loss: | ||||||||||||||||
M&A diligence and transaction costs | 1,120 | 700 | 700 | 1,440 | ||||||||||||
Adjusted operating loss | $ | (7,270 | ) | $ | (8,010 | ) | $ | (6,980 | ) | $ | (8,470 | ) | ||||
Total Company | ||||||||||||||||
Net sales | $ | 221,290 | $ | 239,370 | $ | 236,830 | $ | 170,920 | ||||||||
Operating profit | $ | 25,850 | $ | 31,110 | $ | 28,690 | $ | 20,790 | ||||||||
Total Special Items to consider in evaluating operating profit | 2,580 | 960 | 1,060 | 390 | ||||||||||||
Adjusted operating profit | $ | 28,430 | $ | 32,070 | $ | 29,750 | $ | 21,180 | ||||||||
(1) Certain costs, expenses and other amounts or charges, collectively described as "Special Items," that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non-GAAP financial measures, adjusted to remove the impact of Special Items, provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures.
1
TriMas Corporation
Supplemental Business Segment Financial Information -
Recast for Prospective Segment Change
(Unaudited, dollars in thousands)
2019 quarterly periods ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Aerospace - as previously reported | ||||||||||||||||
Net sales | $ | 38,330 | $ | 42,240 | $ | 43,140 | $ | 41,130 | ||||||||
Operating profit | $ | 5,740 | $ | 7,010 | $ | 8,230 | $ | 7,420 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | 440 | — | — | — | ||||||||||||
Adjusted operating profit | $ | 6,180 | $ | 7,010 | $ | 8,230 | $ | 7,420 | ||||||||
Aerospace - recast for segment change | ||||||||||||||||
Net sales | $ | 45,580 | $ | 49,510 | $ | 50,560 | $ | 48,460 | ||||||||
Operating profit | $ | 5,810 | $ | 7,650 | $ | 7,810 | $ | 7,680 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | 440 | — | — | — | ||||||||||||
Adjusted operating profit | $ | 6,250 | $ | 7,650 | $ | 7,810 | $ | 7,680 | ||||||||
Specialty Products - as previously reported | ||||||||||||||||
Net sales | $ | 94,120 | $ | 93,140 | $ | 88,210 | $ | 35,760 | ||||||||
Operating profit | $ | 10,860 | $ | 10,170 | $ | 8,400 | $ | 2,530 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | — | — | — | 200 | ||||||||||||
Adjusted operating profit | $ | 10,860 | $ | 10,170 | $ | 8,400 | $ | 2,730 | ||||||||
Specialty Products - recast for segment change | ||||||||||||||||
Net sales | $ | 86,870 | $ | 85,870 | $ | 80,790 | $ | 28,430 | ||||||||
Operating profit | $ | 10,790 | $ | 9,530 | $ | 8,820 | $ | 2,270 | ||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||
Business restructuring and severance costs | — | — | — | 200 | ||||||||||||
Adjusted operating profit | $ | 10,790 | $ | 9,530 | $ | 8,820 | $ | 2,470 | ||||||||
2
TriMas Corporation
Supplemental Business Segment Financial Information -
Recast for Lamons Discontinued Operations and Prospective Segment Change
(Unaudited, dollars in thousands)
2019 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2019 | ||||||||||||||||
Packaging | ||||||||||||||||||||
Net sales | $ | 88,840 | $ | 103,990 | $ | 105,480 | $ | 94,030 | $ | 392,340 | ||||||||||
Operating profit | $ | 17,640 | $ | 22,640 | $ | 19,740 | $ | 20,750 | $ | 80,770 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Reversal of a contingent deferred purchase price liability | — | — | — | (3,950 | ) | (3,950 | ) | |||||||||||||
Purchase accounting costs | 1,020 | 260 | — | — | 1,280 | |||||||||||||||
Business restructuring and severance costs | — | — | 360 | 2,700 | 3,060 | |||||||||||||||
Adjusted operating profit | $ | 18,660 | $ | 22,900 | $ | 20,100 | $ | 19,500 | $ | 81,160 | ||||||||||
Aerospace | ||||||||||||||||||||
Net sales | $ | 45,580 | $ | 49,510 | $ | 50,560 | $ | 48,460 | $ | 194,110 | ||||||||||
Operating profit | $ | 5,810 | $ | 7,650 | $ | 7,810 | $ | 7,680 | $ | 28,950 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Business restructuring and severance costs | 440 | — | — | — | 440 | |||||||||||||||
Adjusted operating profit | $ | 6,250 | $ | 7,650 | $ | 7,810 | $ | 7,680 | $ | 29,390 | ||||||||||
Specialty Products | ||||||||||||||||||||
Net sales | $ | 38,950 | $ | 37,330 | $ | 32,370 | $ | 28,430 | $ | 137,080 | ||||||||||
Operating profit | $ | 4,700 | $ | 5,410 | $ | 3,620 | $ | 2,270 | $ | 16,000 | ||||||||||
Special Items to consider in evaluating operating profit: | ||||||||||||||||||||
Business restructuring and severance costs | — | — | — | 200 | 200 | |||||||||||||||
Adjusted operating profit | $ | 4,700 | $ | 5,410 | $ | 3,620 | $ | 2,470 | $ | 16,200 | ||||||||||
Corporate Expenses | ||||||||||||||||||||
Operating loss | $ | (8,350 | ) | $ | (8,640 | ) | $ | (7,600 | ) | $ | (9,910 | ) | $ | (34,500 | ) | |||||
Special Items to consider in evaluating operating loss: | ||||||||||||||||||||
M&A diligence and transaction costs | 1,120 | 700 | 700 | 1,440 | 3,960 | |||||||||||||||
Adjusted operating loss | $ | (7,230 | ) | $ | (7,940 | ) | $ | (6,900 | ) | $ | (8,470 | ) | $ | (30,540 | ) | |||||
Total Company | ||||||||||||||||||||
Net sales | $ | 173,370 | $ | 190,830 | $ | 188,410 | $ | 170,920 | $ | 723,530 | ||||||||||
Operating profit | $ | 19,800 | $ | 27,060 | $ | 23,570 | $ | 20,790 | $ | 91,220 | ||||||||||
Total Special Items to consider in evaluating operating profit | 2,580 | 960 | 1,060 | 390 | 4,990 | |||||||||||||||
Adjusted operating profit | $ | 22,380 | $ | 28,020 | $ | 24,630 | $ | 21,180 | $ | 96,210 | ||||||||||
3
TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures - As Previously Reported
(Unaudited - dollars in thousands, except share and per share amounts)
2019 quarterly periods ended | ||||||||||||||||
March 31 | June 30 | September 30 | Nine months ended September 30, 2019 | |||||||||||||
Income from continuing operations, as previously reported | $ | 19,090 | $ | 22,020 | $ | 19,110 | $ | 60,220 | ||||||||
Special Items to consider in evaluating quality of income from continuing operations: | ||||||||||||||||
M&A diligence and transaction costs | 1,120 | 700 | 700 | 2,520 | ||||||||||||
Business restructuring and severance costs | 440 | — | 360 | 800 | ||||||||||||
Purchase accounting costs | 1,020 | 260 | — | 1,280 | ||||||||||||
Income tax effect of Special Items (1) | (560 | ) | (100 | ) | (200 | ) | (860 | ) | ||||||||
Adjusted income from continuing operations | $ | 21,110 | $ | 22,880 | $ | 19,970 | $ | 63,960 | ||||||||
2019 quarterly periods ended | ||||||||||||||||
March 31 | June 30 | September 30 | Nine months ended September 30, 2019 | |||||||||||||
Diluted earnings per share from continuing operations, as previously reported | $ | 0.42 | $ | 0.48 | $ | 0.42 | $ | 1.32 | ||||||||
Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||||||||||
M&A diligence and transaction costs | 0.02 | 0.01 | 0.01 | 0.05 | ||||||||||||
Business restructuring and severance costs | 0.01 | — | 0.01 | 0.02 | ||||||||||||
Purchase accounting costs | 0.02 | 0.01 | — | 0.03 | ||||||||||||
Income tax effect of Special Items (1) | (0.01 | ) | — | — | (0.02 | ) | ||||||||||
Adjusted diluted EPS from continuing operations | $ | 0.46 | $ | 0.50 | $ | 0.44 | $ | 1.40 | ||||||||
Weighted-average shares outstanding | 45,992,182 | 45,828,315 | 45,415,767 | 45,745,421 | ||||||||||||
(1) Income tax effect of Special Items is calculated on an item-by-item basis, utilizing the tax rate in the jurisdiction where the Special Item occurred. For the quarterly periods ended in 2019, the income tax effect of Special Items varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes.
4
TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures -
Recast for Lamons Discontinued Operations
(Unaudited - dollars in thousands, except share and per share amounts)
Recast | As reported | |||||||||||||||||||
2019 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2019 | ||||||||||||||||
Income from continuing operations | $ | 14,550 | $ | 18,720 | $ | 15,240 | $ | 13,430 | $ | 61,940 | ||||||||||
Special Items to consider in evaluating quality of income from continuing operations: | ||||||||||||||||||||
M&A diligence and transaction costs | 1,120 | 700 | 700 | 1,440 | 3,960 | |||||||||||||||
Business restructuring and severance costs | 440 | — | 360 | 2,900 | 3,700 | |||||||||||||||
Purchase accounting costs | 1,020 | 260 | — | — | 1,280 | |||||||||||||||
Reversal of a contingent deferred purchase price liability | — | — | — | (3,950 | ) | (3,950 | ) | |||||||||||||
Income tax effect of Special Items (1) | (560 | ) | (100 | ) | (200 | ) | 120 | (740 | ) | |||||||||||
Adjusted income from continuing operations | $ | 16,570 | $ | 19,580 | $ | 16,100 | $ | 13,940 | $ | 66,190 | ||||||||||
Recast | As reported | |||||||||||||||||||
2019 quarterly periods ended | ||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year ended December 31, 2019 | ||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.32 | $ | 0.41 | $ | 0.34 | $ | 0.30 | $ | 1.36 | ||||||||||
Special Items to consider in evaluating quality of EPS from continuing operations: | ||||||||||||||||||||
M&A diligence and transaction costs | 0.02 | 0.01 | 0.01 | 0.03 | 0.09 | |||||||||||||||
Business restructuring and severance costs | 0.01 | — | 0.01 | 0.07 | 0.08 | |||||||||||||||
Purchase accounting costs | 0.02 | 0.01 | — | — | 0.03 | |||||||||||||||
Reversal of a contingent deferred purchase price liability | — | — | — | (0.09 | ) | (0.09 | ) | |||||||||||||
Income tax effect of Special Items (1) | (0.01 | ) | — | — | — | (0.02 | ) | |||||||||||||
Adjusted diluted EPS from continuing operations | $ | 0.36 | $ | 0.43 | $ | 0.36 | $ | 0.31 | $ | 1.45 | ||||||||||
Weighted-average shares outstanding | 45,992,182 | 45,828,315 | 45,415,767 | 45,144,353 | 45,595,154 | |||||||||||||||
5