| Information About the Company's Segments |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
2018 |
|
2017 |
Sales: |
|
|
SGK Brand Solutions |
|
$ |
185,300 |
|
|
$ |
191,766 |
|
Memorialization |
|
153,886 |
|
|
144,889 |
|
Industrial Technologies |
|
34,991 |
|
|
32,799 |
|
Consolidated Sales |
|
$ |
374,177 |
|
|
$ |
369,454 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
SGK Brand Solutions |
|
$ |
27,351 |
|
|
$ |
30,852 |
|
Memorialization |
|
30,321 |
|
|
28,443 |
|
Industrial Technologies |
|
3,595 |
|
|
3,687 |
|
Corporate and Non-Operating |
|
(14,786 |
) |
|
(16,486 |
) |
Total Adjusted EBITDA |
|
$ |
46,481 |
|
|
$ |
46,496 |
|
|
|
|
|
|
Acquisition costs (1)**
|
|
(2,032 |
) |
|
(1,931 |
) |
ERP integration costs (2)**
|
|
(2,177 |
) |
|
(2,027 |
) |
Strategic initiatives and other charges (3)**
|
|
— |
|
|
(647 |
) |
Loss on divestiture (4)
|
|
(4,465 |
) |
|
— |
|
Stock-based compensation |
|
(3,647 |
) |
|
(5,474 |
) |
Non-service pension and postretirement expense (5)
|
|
(931 |
) |
|
(1,425 |
) |
Depreciation and amortization *
|
|
(19,226 |
) |
|
(17,238 |
) |
Interest expense |
|
(10,301 |
) |
|
(7,801 |
) |
Net loss attributable to noncontrolling interests |
|
(113 |
) |
|
(22 |
) |
Income before income taxes |
|
3,589 |
|
|
9,931 |
|
Income tax (provision) benefit |
|
(605 |
) |
|
25,227 |
|
Net income |
|
$ |
2,984 |
|
|
$ |
35,158 |
|
|
|
(1) Includes certain non-recurring costs associated with recent acquisition activities.
|
(2) Represents costs associated with global ERP system integration efforts.
|
(3) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels.
|
(4) Represents a loss on the sale of a controlling interest in a Memorialization business.
|
(5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets and amortization of actuarial gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
|
* Depreciation and amortization was $11,442 and $11,005 for the SGK Brand Solutions segment, $5,019 and $4,142 for the Memorialization segment, $1,526 and $1,126 for the Industrial Solutions segment, and $1,239 and $965 for Corporate and Non-Operating, for the three months ended December 31, 2018 and 2017, respectively. |
** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $601 and $1,650 for the SGK Brand Solutions segment, $4,465 and $288 for the Memorialization segment, and $3,608 and $2,577 for Corporate and Non-Operating, for the three months ended December 31, 2018 and 2017, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $90 for the Industrial Solutions segment for the three months ended December 31, 2017. |
|