Wabash National Corporation Announces Second Quarter 2013 Results

Q2 2013 GAAP EPS of $0.20 and Non-GAAP Adjusted EPS of $0.21 per Diluted Share; Operating Income and Operating EBITDA of $30.5 Million and $42.2 Million, Respectively

Marketwired

LAFAYETTE, IN--(Marketwired - Jul 30, 2013) - Wabash National Corporation (NYSE: WNC) reported second quarter 2013 net income of $14.1 million, or $0.20 per diluted share on net sales of $413 million compared to second quarter 2012 net income of $1.9 million, or $0.03 per diluted share on net sales of $362 million. The Company's second quarter 2013 results include the impact of non-recurring acquisition expenses and the early extinguishment of debt related to a $20 million term loan prepayment made in May 2013. Excluding the impact of these items, non-GAAP adjusted earnings for the quarter ended June 30, 2013 were $14.7 million, or $0.21 per diluted share. The second quarter 2012 results also included non-recurring charges related to the Company's acquisition of Walker Group Holdings LLC ("Walker"), totaling $13.6 million. Excluding the impact of these costs, non-GAAP adjusted earnings for the quarter ended June 30, 2012 were $15.5 million, or $0.23 per diluted share. If the prior period results were tax affected at 40.0 percent consistent with the current period, non-GAAP earnings per share would have been lower by $0.08 per diluted share. Net sales for the second quarter of 2013 also included a full quarter impact from the Walker acquisition completed in May 2012 as well as the acquisition of certain assets of Beall Corporation ("Beall") completed in the first quarter of 2013.

The Company reported operating income totaling $30.5 million for the second quarter of 2013, compared to operating income of $8.6 million for the second quarter of 2012. Non-GAAP operating EBITDA, which excludes the effects of certain costs related to the acquisition of Walker and certain assets of Beall, as well as other recurring and non-recurring items, for the second quarter of 2013 was $42.2 million, an improvement of $12.6 million compared to the previous year period. On a trailing twelve months basis, the Company's net sales increased to approximately $1.56 billion, generating operating EBITDA of $145.9 million, or 9.4 percent of net sales. The improvement in operating performance is attributed to the successful execution of the Company's growth strategy and disciplined approach to improving profitability, including an improved mix of higher-margin trailer orders, diversification into higher margin opportunities through the acquisitions of Walker and certain assets of Beall, and operational improvements in our manufacturing facilities.

The following is a summary of select operating and financial results for the past five quarters:

     
    Three Months Ended
    June 30,       September 30,      December 31,      March 31,       June 30,    
(Dollars in thousands)   2012       2012       2012       2013       2013    
                                                   
Net Sales   $ 362,408       $ 405,917       $ 415,847       $ 324,229       $ 413,126    
                                                   
Gross Profit Margin     10.9 %       12.3 %       13.1 %       13.0 %       14.2 %  
                                                   
Income from Operations   $ 8,568   (1)   $ 27,236   (1)   $ 29,231   (1)   $ 14,856   (1)   $ 30,452   (1)
                                                   
Net Income   $ 1,942   (1)   $ 18,441   (1)   $ 80,184   (1) (2)   $ 5,735   (1)   $ 14,135   (1)
                                                   
Diluted EPS   $ 0.03       $ 0.27       $ 1.16       $ 0.08       $ 0.20    
                                                   
Non-GAAP Measures(3):                                                  
Operating EBITDA   $ 29,685       $ 37,695       $ 38,834       $ 27,134       $ 42,246    
                                                   
Operating EBITDA Margin     8.2 %       9.3 %       9.3 %       8.4 %       10.2 %  
                                                   
Adjusted Earnings   $ 15,542       $ 20,887       $ 21,678       $ 6,106       $ 14,697    
                                                   
Adjusted Diluted EPS   $ 0.23       $ 0.30       $ 0.32       $ 0.09       $ 0.21    
                                                   

Notes:

   
(1) Quarterly Income from Operations and Net Income include charges of $13.6 million, $2.4 million, $0.5 million, $0.6 million and $0.2 million for the quarterly periods beginning with the second quarter of 2012 and ending with the second quarter of 2013, respectively, in connection with acquisition related charges associated with the Company's acquisition of Walker as well as the purchase of certain assets of Beall.
(2) Net income for the fourth quarter of 2012 includes an income tax benefit of $59.0 million primarily related to the reversal of a U.S. valuation allowance against its deferred tax assets.
(3) See "Non-GAAP Measures" below for explanation of the non-GAAP results included above.
   

Dick Giromini, president and chief executive officer, stated, "We are very pleased to report such a strong second quarter. Our results were driven by the broad-based execution of our long-term strategy to transform Wabash National into a diversified manufacturer, while implementing operational improvements throughout the business and enhancing our long-term margin and growth profile through the integration of strategic acquisitions. The benefits of our diversification initiatives are evident in our second quarter results including a more balanced contribution from each of our segments to both our top-line and bottom-line. In particular, our composite products exceeded our expectations and recorded the strongest quarter in its history. We maintained the momentum generated during 2012 and followed the first quarter with solid growth during the second quarter, and based on current order rates and industry indicators, we expect continued strong performance in the second half of the year." 

Mr. Giromini continued, "New trailer shipments for the second quarter were approximately 11,400, consistent with our previous guidance of 11,000 to 12,000 trailers. We anticipate a significant increase in customer pickups during the third quarter with trailer shipments expected to be between 12,500 to 13,500 trailers. We now expect the full year trailer shipments to be between 45,500 and 47,500 units. Our backlog increased slightly during the quarter and continues to be at a healthy level of approximately $680 million as of June 30, 2013. Longer-term, we believe the demand environment for trailers remains strong as fleet age, customer profitability, used trailer values, regulatory compliance and improved access to financing all support continued demand for new trailers." 

Second Quarter Business Segment Highlights
The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarter of 2013 and 2012, respectively. A complete disclosure of the results by individual segment is included in the tables following this release.

         
 
 
 
 
Commercial
Trailer Products
 
 
 
 
Diversified
Products
 
 
 
 
 
Retail
 
 
Three months ended June 30,                        
  2013                        
New trailers shipped     10,700       800       800  
Net sales   $ 265,835     $ 135,467     $ 48,136  
Gross profit   $ 21,123     $ 31,744     $ 5,519  
Gross profit margin     7.9 %     23.4 %     11.5 %
Income from operations   $ 14,555     $ 19,262     $ 1,261  
Income from operations margin     5.5 %     14.2 %     2.6 %
                         
  2012                        
New trailers shipped     11,700       500       600  
Net sales   $ 280,730     $ 72,121     $ 38,171  
Gross profit   $ 18,936     $ 16,550     $ 4,131  
Gross profit margin     6.7 %     22.9 %     10.8 %
Income from operations   $ 13,735     $ 9,285     $ 1,027  
Income from operations margin     4.9 %     12.9 %     2.7 %
                         

Commercial Trailer Products' net sales decreased $14.9 million or 5.3 percent, on 10,700 trailers, or 1,000 fewer trailers than the prior year period. However, consistent with the Company's efforts to improve pricing of our products, to recover material cost increases, and to improve the product mix, the Company's average selling prices increased $500, or 2.3 percent compared to the prior year period. As a result, gross margin improved 120 basis points to 7.9 percent compared to the prior year period. Operating income increased to $14.6 million, or $0.8 million higher than the second quarter last year due to improved pricing and operational improvements.

Diversified Products' net sales increased $63.3 million, or 87.8 percent, with our recent acquisitions of Walker and certain Beall assets contributing $98 million during the second quarter of 2013 as compared to $40 million for the previous year quarter. Gross profit improved $15.2 million compared to the prior year period, while gross margin increased 50 basis points from 22.9 percent to 23.4 percent, primarily attributed to the mix effect of Walker being a larger portion of Diversified Products this year. Operating income increased 107 percent, or $10.0 million, as compared to the same period last year, primarily due to the full quarter impact of Walker in 2013 as compared to the partial quarter in 2012 and also due to a strong quarter from our composite products.

Retail's net sales increased $10.0 million, or 26.1 percent, and gross profit improved $1.4 million, gross margins increased 70 basis points to 11.5 percent, and operating income improved $0.2 million during the second quarter of 2013 as compared to the previous year quarter. Results were favorably impacted by the contribution of the Walker parts and service business as well as an increase in new trailer shipments of approximately 200 units.

Non-GAAP Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contain non-GAAP financial measures, including Operating EBITDA, Operating EBITDA margin, adjusted earnings and adjusted earnings per diluted share.

These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated.

Operating EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, and other non-operating income and expense, as well as certain charges in connection with the Company's acquisitions of Walker and certain assets of Beall. Management believes Operating EBITDA provides useful information to investors regarding our results of operations. The Company provides this measure because we believe it is useful for investors to understand our performance period to period with the exclusion of the recurring and non-recurring items identified above. Management believes the presentation of Operating EBITDA, when combined with the primary GAAP presentation of operating income, is beneficial to an investor's understanding of the Company's operating performance. A reconciliation of Operating EBITDA to net income is included in the tables following this release.

Adjusted earnings and adjusted earnings per diluted share reflect adjustments for non-recurring charges related to the Company's acquisitions of Walker and certain assets of Beall, the impact of the release of the valuation allowances recorded against the Company's net deferred tax assets as well as one-time costs related to losses incurred on the early extinguishment of debt for the term loan prepayment made in May 2013. Management believes providing this measure and excluding the impact of the non-recurring expenses attributable to the acquisitions of Walker and certain assets of Beall, the impact of the release of the valuation allowances and early extinguishment of debt costs facilitates comparisons to the Company's prior year periods and, when combined with the primary GAAP presentation of net income and diluted net income per share, is beneficial to an investor's understanding of the Company's performance. A reconciliation of adjusted earnings and adjusted earnings per diluted share to net income and diluted net income per share is included in the tables following this release.

Second Quarter 2013 Conference Call
Wabash National will conduct a conference call to review and discuss its second quarter results on July 31, 2013, at 10:00 a.m. EDT. Access to the live webcast will be available on the Company's website at www.wabashnational.com. For those unable to participate in the live webcast, the call will be archived at www.wabashnational.com within three hours of the conclusion of the live call and will remain available through October 23, 2013. Meeting access also will be available via conference call at 888-771-4371, participant code 35282310.

About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified manufacturer and North America's leading producer of semi trailers and liquid transportation systems. Established in 1985, the Company specializes in the design and production of dry freight vans, refrigerated vans, platform trailers, intermodal equipment, liquid tank trailers, frac tanks, engineered products, and composite products. Wabash National operates three wholly-owned subsidiaries: Transcraft Corporation, Walker Group Holdings LLC, and Wabash National Trailer Centers, Inc. Its innovative products are sold under the following brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®, ArcticLite®, Walker Transport, Walker Stainless Equipment, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner® Tank, Garsite, Progress Tank, TST, Bulk Tank International, Beall® and Extract Technology®. To learn more, visit www.wabashnational.com.

Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company's current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, statements regarding our outlook for new trailer shipments and Operating EBITDA, backlog, expectations regarding trailer demand levels, improved profitability and earnings capacity, customer pickup expectations, opportunity to capture higher margin sales, and the benefits of the acquisitions of Walker and certain assets of Beall. These and the Company's other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the uncertain economic conditions including the possibility that demand expectations may not result in order increases for us, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials, risks in implementing and sustaining improvements in our manufacturing capacity and cost containment, dependence on industry trends and timing, costs of indebtedness incurred in connection with the acquisition of Walker and the failure to achieve the benefit of the Walker acquisition and Beall asset purchase. Readers should review and consider the various disclosures made by the Company in this press release and in the Company's reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

   
WABASH NATIONAL CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(Dollars in thousands, except per share amounts)  
(Unaudited)  
                         
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2013     2012     2013     2012  
                                 
Net sales   $ 413,126     $ 362,408     $ 737,355     $ 640,090  
Cost of sales     354,273       322,727       636,316       580,680  
  Gross profit     58,853       39,681       101,039       59,410  
                                 
General and administrative expenses     14,974       9,953       28,649       18,321  
Selling expenses     7,734       5,482       15,401       8,978  
Amortization of intangibles     5,454       3,454       10,824       4,192  
Acquisition expenses     239       12,224       857       13,902  
  Income from operations     30,452       8,568       45,308       14,017  
                                 
Other income (expense):                                
  Interest expense     (6,577 )     (5,441 )     (14,112 )     (6,174 )
  Other, net     (333 )     (56 )     1,905       (60 )
  Income before income taxes     23,542       3,071       33,101       7,783  
Income tax expense     9,407       1,129       13,231       777  
Net income   $ 14,135     $ 1,942     $ 19,870     $ 7,006  
Basic and diluted net income per share   $ 0.20     $ 0.03     $ 0.29     $ 0.10  
                                 
Comprehensive income                                
  Net income   $ 14,135     $ 1,942     $ 19,870     $ 7,006  
  Foreign currency translation adjustment     (88 )     106       (343 )     106  
Net comprehensive income   $ 14,047     $ 2,048     $ 19,527     $ 7,112  
                                 
                                 
Basic net income per share:                                
  Net income applicable to common stockholders   $ 14,135     $ 1,942     $ 19,870     $ 7,006  
  Undistributed earnings allocated to participating securities     (112 )     (16 )     (169 )     (60 )
  Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 14,023     $ 1,926     $ 19,701     $ 6,946  
  Weighted average common shares outstanding     68,442       68,323       68,419       68,284  
  Basic net income per share   $ 0.20     $ 0.03     $ 0.29     $ 0.10  
                                 
Diluted net income per share:                                
  Net income applicable to common stockholders   $ 14,135     $ 1,942     $ 19,870     $ 7,006  
  Undistributed earnings allocated to participating securities     (112 )     (16 )     (169 )     (60 )
  Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 14,023     $ 1,926     $ 19,701     $ 6,946  
                                 
  Weighted average common shares outstanding     68,442       68,323       68,419       68,284  
  Dilutive stock options and restricted stock     416       202       425       287  
  Diluted weighted average common shares outstanding     68,858       68,525       68,844       68,571  
  Diluted net income per share   $ 0.20     $ 0.03     $ 0.29     $ 0.10  
                                   
                                   
 
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Dollars in thousands)
(Unaudited)
                       
 
Three Months Ended June 30,
 
 
Commercial
Trailer Products
 
 
Diversified
Products
 
 
 
Retail
 
 
Corporate and
Eliminations
 
 
 
 
 
Consolidated
  2013                                
New trailers shipped     10,700     800     800     (900 )     11,400
Used trailers shipped     700     -     400     -       1,100
                                 
New Trailers   $ 254,674   $ 51,232   $ 22,864   $ (21,826 )   $ 306,944
Used Trailers     6,265     671     3,657     -       10,593
Components, parts and service     2,598     33,761     20,225     (3,682 )     52,902
Equipment and other     2,298     49,803     1,390     (10,804 )     42,687
  Total net external sales   $ 265,835   $ 135,467   $ 48,136   $ (36,312 )   $ 413,126
                                 
Gross profit   $ 21,123   $ 31,744   $ 5,519   $ 467     $ 58,853
Income (Loss) from operations   $ 14,555   $ 19,262   $ 1,261   $ (4,626 )   $ 30,452
                                 
  2012                                
New trailers shipped     11,700     500     600     (700 )     12,100
Used trailers shipped     700     -     400     -       1,100
                                 
New Trailers   $ 272,651   $ 21,007   $ 16,513   $ (17,108 )   $ 293,063
Used Trailers     4,825     293     4,294     -       9,412
Components, parts and service     1,086     23,196     16,370     (3,202 )     37,450
Equipment and other     2,168     27,625     994     (8,304 )     22,483
  Total net external sales   $ 280,730   $ 72,121   $ 38,171   $ (28,614 )   $ 362,408
                                 
Gross profit   $ 18,936   $ 16,550   $ 4,131   $ 64     $ 39,681
Income (Loss) from operations   $ 13,735   $ 9,285   $ 1,027   $ (15,479 )   $ 8,568
                                 
Six Months Ended June 30,                                
  2013                                
New trailers shipped     18,700     1,400     1,500     (1,600 )     20,000
Used trailers shipped     1,400     100     600     -       2,100
                                 
New Trailers   $ 443,652   $ 94,753   $ 39,807   $ (35,802 )   $ 542,410
Used Trailers     11,315     1,620     6,310     (5 )     19,240
Components, parts and service     5,417     54,823     40,188     (6,239 )     94,189
Equipment and other     3,526     96,287     2,674     (20,971 )     81,516
  Total net external sales   $ 463,910   $ 247,483   $ 88,979   $ (63,017 )   $ 737,355
                                 
Gross profit   $ 32,757   $ 57,672   $ 10,399   $ 211     $ 101,039
Income (Loss) from operations   $ 19,873   $ 32,782   $ 2,134   $ (9,481 )   $ 45,308
                                 
  2012                                
New trailers shipped     22,100     500     1,000     (1,200 )     22,400
Used trailers shipped     1,300     -     800     -       2,100
                                 
New Trailers   $ 507,740   $ 21,007   $ 26,404   $ (26,898 )   $ 528,253
Used Trailers     8,973     293     7,731     -       16,997
Components, parts and service     1,675     39,849     28,139     (5,635 )     64,028
Equipment and other     5,722     42,562     1,017     (18,489 )     30,812
  Total net external sales   $ 524,110   $ 103,711   $ 63,291   $ (51,022 )   $ 640,090
                                 
Gross profit   $ 30,577   $ 23,008   $ 6,610   $ (785 )   $ 59,410
Income (Loss) from operations   $ 19,922   $ 14,669   $ 952   $ (21,526 )   $ 14,017
                                 
                                 
 
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
         
    June 30,   December 31,
    2013   2012
    (Unaudited)    
ASSETS
Current assets            
  Cash   $ 45,415   $ 81,449
  Accounts receivable     124,600     96,590
  Inventories     243,688     189,487
  Deferred income taxes     41,840     42,330
  Prepaid expenses and other     5,579     8,239
    Total current assets   $ 461,122   $ 418,095
             
Property, plant and equipment     138,474     132,146
             
Deferred income taxes     9,255     21,894
             
Goodwill     150,282     146,444
             
Intangible assets     170,012     171,990
             
Other assets     10,299     12,057
    $ 939,444   $ 902,626
             
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities            
  Current portion of long-term debt   $ 3,923   $ 3,381
  Current portion of capital lease obligations     1,658     1,140
  Accounts payable     126,027     87,299
  Other accrued liabilities     93,992     104,873
    Total current liabilities   $ 225,600   $ 196,693
             
Long-term debt     397,171     416,849
             
Capital lease obligations     7,275     3,781
             
Deferred income taxes     1,009     1,065
             
Other noncurrent liabilities     16,729     15,511
             
Commitments and contingencies            
             
Stockholders' equity     291,660     268,727
    $ 939,444   $ 902,626
             
             
   
WABASH NATIONAL CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Dollars in thousands)  
(Unaudited)  
   
  Six Months Ended June 30,  
  2013   2012  
             
Cash flows from operating activities            
  Net income $ 19,870   $ 7,006  
  Adjustments to reconcile net income to net cash provided by (used in) operating activities            
    Depreciation   8,483     6,640  
    Amortization of intangibles   10,824     4,192  
    Loss on debt extinguishment   698     -  
    Deferred income taxes   13,073     673  
    Stock-based compensation   3,908     2,151  
    Accretion of debt discount   2,268     777  
    Changes in operating assets and liabilities            
      Accounts receivable   (27,933 )   (4,822 )
      Inventories   (53,255 )   (20,285 )
      Prepaid expenses and other   160     (1,450 )
      Accounts payable and accrued liabilities   26,592     (4,835 )
      Other, net   1,952     (1,524 )
        Net cash provided by (used in) operating activities $ 6,640   $ (11,477 )
             
Cash flows from investing activities            
  Capital expenditures   (6,579 )   (3,589 )
  Acquisition, net of cash acquired   (15,985 )   (364,012 )
  Other   2,500     -  
        Net cash used in investing activities $ (20,064 ) $ (367,601 )
             
Cash flows from financing activities            
  Proceeds from exercise of stock options   191     186  
  Borrowings under revolving credit facilities   651     194,179  
  Payments under revolving credit facilities   (651 )   (234,180 )
  Principal payments under capital lease obligations   (884 )   (1,142 )
  Proceeds from issuance of convertible senior notes   -     145,500  
  Proceeds from issuance of term loan credit facility, net of issuance costs   -     292,500  
  Principal payments under term loan credit facility   (20,750 )   (750 )
  Principal payments under industrial revenue bond   (151 )   -  
  Debt issuance costs paid   (981 )   (5,026 )
  Stock repurchase   (35 )   (564 )
        Net cash (used in) provided by financing activities $ (22,610 ) $ 390,703  
             
Net (decrease) increase in cash $ (36,034 ) $ 11,625  
Cash at beginning of period   81,449     19,976  
Cash at end of period $ 45,415   $ 31,601  
             
             
 
WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)
                   
Operating EBITDA:
    Three Months Ended
June 30,
  Six Months Ended
June 30,
    2013   2012   2013     2012
Net income   $ 14,135   $ 1,942   $ 19,870     $ 7,006
Income tax expense     9,407     1,129     13,231       777
Interest expense     6,577     5,441     14,112       6,174
Depreciation and amortization     9,531     7,063     19,307       10,832
Stock-based compensation     2,024     754     3,908       2,151
Acquisition expenses and related charges     239     13,300     857       14,978
Other non-operating expense (income)     333     56     (1,905 )     60
Operating EBITDA   $ 42,246   $ 29,685   $ 69,380     $ 41,978
                           
                           
                   
    Three Months Ended  
    September 30, 2012     December 31, 2012     March 31, 2013  
Net income   $ 18,441     $ 80,184     $ 5,735  
Income tax expense (benefit)     1,246       (58,991 )     3,824  
Interest expense     7,760       7,790       7,535  
Depreciation and amortization     7,003       7,730       9,776  
Stock-based compensation     1,460       1,538       1,884  
Acquisition expenses and related charges     1,996       335       618  
Other non-operating (income) expense     (211 )     248       (2,238 )
Operating EBITDA   $ 37,695     $ 38,834     $ 27,134  
                         
                                 
Adjusted Earnings:
    Three Months Ended June 30,   Six Months Ended June 30,
    2013   2012   2013   2012
    $   Per Share   $   Per Share   $   Per Share   $   Per Share
                                                 
Net Income   $ 14,135   $ 0.21   $ 1,942   $ 0.03   $ 19,870   $ 0.29   $ 7,006   $ 0.10
                                                 
Adjustments:                                                
  Loss on debt extinguishment, net of taxes     419     0.01     -     -     419     0.01     -     -
  Acquisition expenses, net of taxes     143     -     12,224     0.18     514     0.01     13,902     0.20
  Impact of acquired profit in inventories and short term intangible amortization     -     -     1,376     0.02     -     -     1,376     0.02
                                                 
Adjusted earnings   $ 14,697   $ 0.21   $ 15,542   $ 0.23   $ 20,803   $ 0.30   $ 22,284   $ 0.32
                                                 
                             
                             
    Three Months Ended
    September 30, 2012   December 31, 2012     March 31, 2013
    $   Per Share   $     Per Share     $   Per Share
                                         
Net Income   $ 18,441   $ 0.27   $ 80,184     $ 1.17     $ 5,735   $ 0.08
                                         
Adjustments:                                        
  Income tax benefit     -     -     (58,991 )     (0.86 )     -     -
  Acquisition expenses, net of taxes     172     -     335       -       371     0.01
  Impact of acquired profit in inventories and short term intangible amortization     2,274     0.03     150       -       -     -
                                         
Adjusted earnings   $ 20,887   $ 0.30   $ 21,678     $ 0.32     $ 6,106   $ 0.09
                                         
Contact:
Press
Tom Rodak
Director of Corporate Marketing
(765) 771-5555

Investor Relations:
Jeff Taylor
Vice President, Acting CFO & Treasurer
(765) 771-5310
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