Modine Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today reported its
financial results for the third quarter ended December 31, 2013.
Highlights and year-over-year comparisons include:
-
Sales of $347.0 million, up 6 percent;
-
GAAP loss per share of $0.08, an improvement of $0.11;
-
Restructuring and impairment charges of $11.4 million; and
-
Adjusted earnings per share of $0.16, up $0.14.
“Our year-over-year revenue growth was driven by new program launches in
Europe and Asia,” said Modine President and Chief Executive Officer,
Thomas A. Burke. “Higher sales volume and lower material costs
contributed to our earnings improvements. In addition, we took some
significant restructuring charges in the quarter, as we are entering the
final stages of our European restructuring plan.”
Third Quarter Financial Results
Net sales in the third quarter of fiscal 2014 grew $20.9 million, or 6
percent, from the third quarter of fiscal 2013, primarily driven by
increased sales in Europe. Gross profit increased $8.6 million, or 18
percent, and gross margin improved 160 basis points to 16.4 percent
largely due to higher sales volume and favorable material costs.
Selling, general and administrative (SG&A) expenses increased $2.2
million, but declined slightly as a percentage of sales. The company
recorded $9.4 million of restructuring expenses and $2.0 million of
impairment charges related to the ongoing restructuring in Europe. Net
loss attributable to Modine of $3.6 million compares to a loss of $8.7
million for the same period last year, and represents a GAAP loss per
share of $0.08 compared to a loss per share of $0.19 last year.
Excluding restructuring expenses and impairment charges, which totaled
$11.4 million or $0.24 per share, adjusted earnings per share was $0.16
in the third quarter of fiscal 2014, compared with $0.02 in the third
quarter of last year.
Free cash flow in the quarter was $23.1 million, a $21.4 million
improvement from the prior year. Of this amount, $4.0 million related to
the timing of insurance proceeds from the Airedale fire. Net debt was
$82.0 million at December 31, 2013, a decrease of $57.8 million from the
end of fiscal 2013. Cash and cash equivalents at the end of the third
quarter were $86.3 million.
Third Quarter Segment Results
North America segment sales increased one percent to $128.9 million,
compared to $128.2 million one year ago. The increase was driven
primarily by higher sales to automotive and commercial vehicle
customers, partially offset by lower sales to off-highway customers as
economic conditions in these markets remained relatively weak. Operating
income increased $0.5 million to $8.7 million compared to the prior
year, primarily due to the positive impact of favorable material costs,
partially offset by higher SG&A expenses. The increase in SG&A expenses
was primarily due to higher compensation-related expenses and lower
recovery of development costs.
Europe segment sales increased 21 percent to $140.5 million compared to
$115.7 million in the prior year. This growth was primarily due to
higher sales to commercial vehicle customers, higher tooling sales and
the impact of the stronger euro to U.S. dollar exchange rate. On a
constant currency basis, sales increased 16 percent. The operating loss
for the quarter of $5.3 million included $11.4 million of restructuring
and impairment charges primarily relating to the decision to combine two
manufacturing facilities in Germany into one more competitive
manufacturing operation. The operating loss improved by $2.6 million
compared with the third quarter of the prior year, primarily due to
higher sales volume and favorable material costs, partially offset by an
increase in restructuring and impairment charges.
South America segment sales decreased 14 percent to $27.4 million
compared to $31.7 million one year ago. The segment’s revenue was
negatively impacted by a lower Brazilian real to U.S. dollar exchange
rate. On a constant currency basis, sales decreased 5 percent from the
prior year due primarily to lower sales to commercial vehicle,
automotive, and power generation customers as some of our key customers
took extended shutdowns to reduce inventory. Operating income of $1.1
million was lower than the prior year by $1.5 million, due primarily to
lower sales volume and higher compensation-related SG&A expenses.
Asia segment sales increased 30 percent to $17.1 million compared to
$13.2 million one year ago due primarily to higher export sales from our
India operations to European automotive customers, higher domestic sales
to off-highway customers in China and higher customer tooling sales. The
operating loss in the region decreased by $1.9 million to $0.6 million,
primarily as a result of the higher sales volume and ongoing cost
control measures.
Commercial Products segment sales decreased 10 percent to $37.0 million
compared to $41.3 million one year ago. This decrease was driven by a
$7.4 million decrease in sales from our Airedale business in the U.K.
resulting from the fire that halted production at the Airedale
manufacturing facility on September 6th. This was partially
offset by a 17 percent increase in sales of North American heating
products. Despite the lower sales for the segment, operating income of
$5.3 million was up $0.6 million from the prior year due to lower SG&A
expenses and the impact of a favorable product mix on gross margin.
Outlook
“This quarter, Modine benefited from strong unit heater sales in North
America and higher than expected sales in Europe and Asia,” Burke
commented. “With three quarters behind us, we are increasing our
full-year earnings guidance at this time.”
Based on the current market outlook, Modine provides the following
updated expectations for fiscal 2014:
-
Full fiscal year-over-year sales up 5 to 8 percent, increased from the
prior range of 3 to 8 percent; and
-
Adjusted earnings per share of $0.65 to $0.70, increased from $0.50 to
$0.60.
“We continue to be pleased with our results, especially our strong cash
flow generation,” Burke commented. “We are actively evaluating our best
options for growth and have a strong operational base and balance sheet
to support us.”
Conference Call and Webcast
Modine will conduct a conference call and live webcast, with a slide
presentation, on Friday, January 31, 2014 at 8:00 a.m. Central Time
(9:00 a.m. Eastern Time) to discuss its fiscal 2014 third quarter
financial results. The webcast and accompanying slides will be available
on the Investor Relations section of the Modine website at www.modine.com.
Participants are encouraged to log on to the webcast and conference call
about ten minutes prior to the start of the event. A replay of the audio
and slides will be available on the Investor Relations section of the
Modine website at www.modine.com
after January 31, 2014. A call-in replay will be available through
midnight on February 5, 2014, at 855.859.2056, (international replay
404.537.3406); Conference ID# 35504468. The company will furnish a
transcript of the call to the U.S. Securities and Exchange Commission,
and post it on its website, after February 4, 2014.
About Modine
Modine, with fiscal 2013 revenues of $1.4 billion, specializes in
thermal management systems and components, bringing highly engineered
heating and cooling technology and solutions to diversified global
markets. Modine products are used in light, medium and heavy-duty
vehicles, heating, ventilation and air conditioning equipment,
off-highway and industrial equipment and refrigeration systems. Modine
is a global company headquartered in Racine, Wisconsin (USA), with
operations in North America, South America, Europe, Asia and Africa. For
more information about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information about
future financial performance and market conditions, including the
information provided under "Outlook," accompanied by phrases such as
“believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,”
and other similar “forward-looking” statements, as defined in the
Private Securities Litigation Reform Act of 1995. Modine's actual
results, performance or achievements may differ materially from those
expressed or implied in these statements because of certain risks and
uncertainties, including, but not limited to, those described under
“Risk Factors” in Item 1A of Part I of the company's Annual Report on
Form 10-K for the year ended March 31, 2013 and under Forward-Looking
Statements in Item 7 of Part II of that same report and in the company’s
Quarterly Reports on Form 10-Q for the quarters ended June 30, 2013 and
September 30, 2013. Other risks and uncertainties include, but are not
limited to, the following: uncertainties regarding the costs and
benefits of Modine’s European restructuring program; the effects of the
fire at Modine’s Airedale facility, including inefficiencies associated
with resumption of Airedale operations in temporary sites and timely
recovery of insurance proceeds; the overall health of Modine’s
customers, particularly in light of continued weak economic conditions;
operational inefficiencies as a result of program launches and product
transfers; economic, social and political conditions, changes and
challenges in the markets where Modine operates and competes, including
currency exchange rate fluctuations (particularly the value of the euro,
Brazilian real, and Indian rupee relative to the U.S. dollar), tariffs,
inflation, changes in interest rates, recession, restrictions associated
with importing and exporting and foreign ownership, and in particular
the continuing recovery of certain markets in China, Brazil and the U.K.
and the remaining economic uncertainties in the European Union; the
impact on Modine of any significant increases in commodity prices,
particularly aluminum and copper, and our ability to pass these prices
on to customers and/or successfully hedge the associated risk; Modine's
ability to successfully execute its strategic and operational plans; the
nature of the vehicular industry and the dependence of this industry on
the health of the economy; costs and other effects of environmental
remediation or litigation; and other risks and uncertainties identified
by the company in public filings with the U.S. Securities and Exchange
Commission. The company does not assume any obligation to update any
forward-looking statements.
Financial Disclosures
Adjusted operating income, adjusted earnings per share, constant
currency, net debt and free cash flow (which are defined below) as used
in this press release are not measures that are defined in generally
accepted accounting principles (GAAP). These non-GAAP measures are used
by management as performance measures to evaluate the company’s overall
financial performance and liquidity. We believe these measures provide a
more consistent view of performance than the closest GAAP equivalent for
management and investors. Management compensates for this by using these
measures in combination with the GAAP measures. However, these measures
are not, and should not be, viewed as substitutes for the applicable
GAAP measures.
Definition – Adjusted operating income and earnings per share
Operating income or diluted earnings per share plus impairment charges
and restructuring related expenses within the Europe segment and certain
losses directly attributable to the fire at our Airedale manufacturing
facility. These are measures of overall performance not including
non-cash impairment charges, costs associated with our restructuring
program in Europe, and other unusual or infrequently occurring charges.
Definition – Constant currency
Constant currency translates financial data from foreign operations for
a period into U.S. dollars using the same foreign currency exchange
rates as those used to translate financial data for the prior period.
This measure provides a more consistent indication of our performance,
without the effects of currency exchange rate fluctuations.
Definition – Net debt
The sum of debt due within one year and long-term debt, less cash and
cash equivalents. This is an indicator of the company's debt position
after considering on-hand cash balances.
Definition – Free cash flow
Net cash provided by operating activities less expenditures for
property, plant and equipment. This is a measure of cash generated from
operations during the period that is available for strategic capital
decisions.
- Financial tables follow -
Modine Manufacturing Company
|
Consolidated statements of operations (unaudited)
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
Nine months ended December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net sales
|
|
$
|
347.0
|
|
|
$
|
326.1
|
|
|
$
|
1,087.0
|
|
|
$
|
1,016.4
|
|
Cost of sales
|
|
|
290.2
|
|
|
|
277.9
|
|
|
|
911.1
|
|
|
|
863.9
|
|
Gross profit
|
|
|
56.8
|
|
|
|
48.2
|
|
|
|
175.9
|
|
|
|
152.5
|
|
Selling, general & administrative expenses
|
|
|
44.5
|
|
|
|
42.3
|
|
|
|
132.9
|
|
|
|
126.8
|
|
Restructuring expenses
|
|
|
9.4
|
|
|
|
1.4
|
|
|
|
10.5
|
|
|
|
7.3
|
|
Impairment charges
|
|
|
2.0
|
|
|
|
8.3
|
|
|
|
2.0
|
|
|
|
25.1
|
|
Operating income (loss)
|
|
|
0.9
|
|
|
|
(3.8
|
)
|
|
|
30.5
|
|
|
|
(6.7
|
)
|
Interest expense
|
|
|
(3.2
|
)
|
|
|
(2.8
|
)
|
|
|
(9.4
|
)
|
|
|
(9.2
|
)
|
Other expense - net
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
|
|
(0.8
|
)
|
|
|
-
|
|
Earnings (loss) before income taxes
|
|
|
(2.6
|
)
|
|
|
(6.9
|
)
|
|
|
20.3
|
|
|
|
(15.9
|
)
|
Provision for income taxes
|
|
|
(0.8
|
)
|
|
|
(1.5
|
)
|
|
|
(8.1
|
)
|
|
|
(5.3
|
)
|
Net earnings (loss)
|
|
|
(3.4
|
)
|
|
|
(8.4
|
)
|
|
|
12.2
|
|
|
|
(21.2
|
)
|
Net earnings attributable to noncontrolling interest
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
|
(1.2
|
)
|
|
|
(0.9
|
)
|
Net earnings (loss) attributable to Modine
|
|
$
|
(3.6
|
)
|
|
$
|
(8.7
|
)
|
|
$
|
11.0
|
|
|
$
|
(22.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share attributable to Modine shareholders -
diluted:
|
|
$
|
(0.08
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.47
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted:
|
|
|
46.9
|
|
|
|
46.7
|
|
|
|
47.5
|
|
|
|
46.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated balance sheets (unaudited)
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
December 31, 2013
|
|
March 31, 2013
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
86.3
|
|
|
$
|
23.8
|
|
|
|
|
|
Trade receivables
|
|
|
177.4
|
|
|
|
194.5
|
|
|
|
|
|
Inventories
|
|
|
118.9
|
|
|
|
118.8
|
|
|
|
|
|
Other current assets
|
|
|
81.9
|
|
|
|
61.9
|
|
|
|
|
|
Total current assets
|
|
|
464.5
|
|
|
|
399.0
|
|
|
|
|
|
Property, plant and equipment - net
|
|
|
352.8
|
|
|
|
355.9
|
|
|
|
|
|
Other noncurrent assets
|
|
|
72.2
|
|
|
|
63.9
|
|
|
|
|
|
Total assets
|
|
$
|
889.5
|
|
|
$
|
818.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity
|
|
|
|
|
|
|
|
|
Debt due within one year
|
|
$
|
36.9
|
|
|
$
|
31.1
|
|
|
|
|
|
Accounts payable
|
|
|
133.5
|
|
|
|
150.7
|
|
|
|
|
|
Other current liabilities
|
|
|
156.2
|
|
|
|
98.3
|
|
|
|
|
|
Total current liabilities
|
|
|
326.6
|
|
|
|
280.1
|
|
|
|
|
|
Long-term debt
|
|
|
131.4
|
|
|
|
132.5
|
|
|
|
|
|
Other noncurrent liabilities
|
|
|
137.0
|
|
|
|
137.9
|
|
|
|
|
|
Total liabilities
|
|
|
595.0
|
|
|
|
550.5
|
|
|
|
|
|
Total equity
|
|
|
294.5
|
|
|
|
268.3
|
|
|
|
|
|
Total liabilities & equity
|
|
$
|
889.5
|
|
|
$
|
818.8
|
|
|
|
|
|
|
|
|
|
|
|
Modine Manufacturing Company
|
|
|
|
Condensed consolidated statements of cash flows (unaudited)
|
|
(In millions)
|
|
|
Nine months ended December 31,
|
2013
|
2012
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings (loss)
|
$
|
12.2
|
|
$
|
(21.2
|
)
|
|
|
Adjustments to reconcile net earnings (loss) with net cash provided
|
|
|
|
|
by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
45.0
|
|
|
41.8
|
|
|
|
Insurance proceeds from Airedale fire
|
|
16.9
|
|
|
-
|
|
|
|
Impairment charges
|
|
2.0
|
|
|
25.1
|
|
|
|
Other - net
|
|
4.2
|
|
|
9.2
|
|
|
|
Net changes in operating assets and liabilities
|
|
6.4
|
|
|
(13.5
|
)
|
|
|
Net cash provided by operating activities
|
|
86.7
|
|
|
41.4
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(36.0
|
)
|
|
(33.6
|
)
|
|
|
Insurance proceeds from Airedale fire
|
|
7.4
|
|
|
-
|
|
|
|
Costs to replace equipment damaged in Airedale fire
|
|
(2.2
|
)
|
|
-
|
|
|
|
Acquisition - net of cash acquired
|
|
-
|
|
|
(4.9
|
)
|
|
|
Other - net
|
|
3.0
|
|
|
(1.3
|
)
|
|
|
Net cash used for investing activities
|
|
(27.8
|
)
|
|
(39.8
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Net increase in debt
|
|
3.4
|
|
|
0.3
|
|
|
|
Other - net
|
|
(2.0
|
)
|
|
(0.2
|
)
|
|
|
Net cash provided by financing activities
|
|
1.4
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
2.2
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
62.5
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period
|
|
23.8
|
|
|
31.4
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period
|
$
|
86.3
|
|
$
|
32.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating results (unaudited)
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
2013
|
2012
|
|
2013
|
2012
|
Net sales:
|
|
|
|
|
|
North America
|
$
|
128.9
|
|
$
|
128.2
|
|
|
$
|
423.6
|
|
$
|
425.2
|
|
Europe
|
|
140.5
|
|
|
115.7
|
|
|
|
425.6
|
|
|
359.9
|
|
South America
|
|
27.4
|
|
|
31.7
|
|
|
|
93.6
|
|
|
97.1
|
|
Asia
|
|
17.1
|
|
|
13.2
|
|
|
|
51.6
|
|
|
42.8
|
|
Commercial Products
|
|
37.0
|
|
|
41.3
|
|
|
|
104.2
|
|
|
105.3
|
|
Segment net sales
|
|
350.9
|
|
|
330.1
|
|
|
|
1,098.6
|
|
|
1,030.3
|
|
Corporate and eliminations
|
|
(3.9
|
)
|
|
(4.0
|
)
|
|
|
(11.6
|
)
|
|
(13.9
|
)
|
Net sales
|
$
|
347.0
|
|
$
|
326.1
|
|
|
$
|
1,087.0
|
|
$
|
1,016.4
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
North America
|
$
|
8.7
|
|
$
|
8.2
|
|
|
$
|
34.7
|
|
$
|
28.9
|
|
Europe (a) (b)
|
|
(5.3
|
)
|
|
(7.9
|
)
|
|
|
6.0
|
|
|
(22.6
|
)
|
South America
|
|
1.1
|
|
|
2.6
|
|
|
|
6.2
|
|
|
7.6
|
|
Asia
|
|
(0.6
|
)
|
|
(2.5
|
)
|
|
|
(2.0
|
)
|
|
(7.1
|
)
|
Commercial Products
|
|
5.3
|
|
|
4.7
|
|
|
|
7.5
|
|
|
8.3
|
|
Segment operating income
|
|
9.2
|
|
|
5.1
|
|
|
|
52.4
|
|
|
15.1
|
|
Corporate and eliminations (b)
|
|
(8.3
|
)
|
|
(8.9
|
)
|
|
|
(21.9
|
)
|
|
(21.8
|
)
|
Operating income (loss)
|
$
|
0.9
|
|
$
|
(3.8
|
)
|
|
$
|
30.5
|
|
$
|
(6.7
|
)
|
|
|
|
|
|
|
(a) The third quarter of fiscal 2014 operating loss in
the Europe segment included restructuring expenses of $9.4 million
and impairment charges of $2.0 million. The year-to-date fiscal
2014 operating income in the Europe segment included restructuring
expenses of $10.5 million, accelerated depreciation of $4.3
million and impairment charges of $2.0 million. The third quarter
of fiscal 2013 operating loss in the Europe segment included
restructuring expenses of $1.4 million and impairment charges of
$8.3 million. The year-to-date fiscal 2013 operating loss in the
Europe segment included restructuring expenses of $7.3 million and
impairment charges of $24.1 million.
|
|
|
|
|
|
|
(b) Segment operating loss for fiscal 2013 has been
recast to conform to the fiscal 2014 presentation. The company has
modified its internal financial reporting of intercompany charges
for research and development and intercompany royalties between
Corporate and the Europe segment, which totaled $2.2 million and
$6.8 million for the three and nine months ended December 31,
2012, respectively. There was no impact on the total company
consolidated financial results.
|
|
|
|
|
|
|
|
|
|
Modine Manufacturing Company
|
Adjusted operating income and earnings per share (unaudited)
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Operating income (loss)
|
|
$
|
0.9
|
|
|
$
|
(3.8
|
)
|
|
$
|
30.5
|
|
|
$
|
(6.7
|
)
|
Restructuring expenses - Europe (a)
|
|
|
9.4
|
|
|
|
1.4
|
|
|
|
10.5
|
|
|
|
7.3
|
|
Accelerated depreciation - Europe (b)
|
|
|
-
|
|
|
|
-
|
|
|
|
4.3
|
|
|
|
-
|
|
Impairment charges - Europe
|
|
|
2.0
|
|
|
|
8.3
|
|
|
|
2.0
|
|
|
|
24.1
|
|
Impairment charges - North America
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.0
|
|
Loss from Airedale fire (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.5
|
|
|
|
-
|
|
Adjusted operating income
|
|
$
|
12.3
|
|
|
$
|
5.9
|
|
|
$
|
47.8
|
|
|
$
|
25.7
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share attributable to Modine shareholders
- diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.47
|
)
|
Restructuring expenses - Europe (a)
|
|
|
0.20
|
|
|
|
0.03
|
|
|
|
0.22
|
|
|
|
0.15
|
|
Accelerated depreciation - Europe (b)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.09
|
|
|
|
-
|
|
Impairment charges - Europe
|
|
|
0.04
|
|
|
|
0.18
|
|
|
|
0.04
|
|
|
|
0.52
|
|
Impairment charges - North America
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
Loss from Airedale fire (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
Adjusted earnings per share
|
|
$
|
0.16
|
|
|
$
|
0.02
|
|
|
$
|
0.59
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
(a) Restructuring expenses primarily relate to severance
charges in Germany.
|
(b) Accelerated depreciation, which is reported in cost
of sales, relates to production equipment that is no longer used
because of manufacturing process changes in Germany.
|
(c) Losses and costs incurred as a result of the
Airedale fire, which will not be reimbursed by the Company's
insurance provider, primarily relate to the write-off of certain
assets (leasehold improvements) destroyed by the fire.
|
|
|
|
|
|
|
|
|
|
There was no income tax impact as a result of the restructuring
expenses, accelerated depreciation, or impairment charges because
of the income tax valuation allowances in the U.S. and Germany.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt (unaudited)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
March 31, 2013
|
|
|
|
|
Debt due within one year
|
|
$
|
36.9
|
|
|
$
|
31.1
|
|
|
|
|
|
Long-term debt
|
|
|
131.4
|
|
|
|
132.5
|
|
|
|
|
|
Total debt
|
|
|
168.3
|
|
|
|
163.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: cash and cash equivalents
|
|
|
86.3
|
|
|
|
23.8
|
|
|
|
|
|
Net debt
|
|
$
|
82.0
|
|
|
$
|
139.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow (unaudited)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net cash provided by operating activities (a)
|
|
$
|
37.7
|
|
|
$
|
14.6
|
|
|
$
|
86.7
|
|
|
$
|
41.4
|
|
Expenditures for property, plant and equipment
|
|
|
(14.6
|
)
|
|
|
(12.9
|
)
|
|
|
(36.0
|
)
|
|
|
(33.6
|
)
|
Free cash flow
|
|
$
|
23.1
|
|
|
$
|
1.7
|
|
|
$
|
50.7
|
|
|
$
|
7.8
|
|
|
|
|
|
|
|
|
|
|
(a) Net cash provided by operating activities for the
three and nine months ended December 31, 2013 include a $4.0
million benefit related to the timing of insurance proceeds from
the Airedale fire.
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014