I’ve listened in on conference calls and read reports of similar, other companies and they appear to calculate Adjusted EBITDA differently.
I would prefer if Cenveo presented figures obtained using standard accounting practices, Generally Accepted Accounting Principles (GAAP) first.
I do not like when Pro-forma earnings are presented first and then later reconciled to GAAP. When Pro-forma earnings are presented first and foremost it seems like someone is attempting to obscure or diminish the significance of GAAP results.
I think there is some merit to present Adjusted EBITDA figures to explain the impact of one time negative occurrence(s) which effect the financial performance during a specific reporting period. But, to continually expound Adjusted EBITDA primarily quarter after quarter, year after year, doesn’t seem right.