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News   Press Releases

KMG Reports Fourth Quarter and Full Year 2016 Financial Results

October 13, 2016

KMG Reports Fourth Quarter and Full Year 2016 Financial Results

KMG (NYSE: KMG), a global provider of specialty chemicals, today announced financial results for the fourth fiscal quarter and fiscal year ended July 31, 2016.

2016 Fourth Quarter Financial Highlights

  • GAAP diluted earnings per share of $0.31 increased 11% from $0.28 per share in the fourth quarter of fiscal 2015.
  • Adjusted diluted earnings per share1 was $0.38 vs. $0.32 per share reported in the fourth quarter of last year.
  • GAAP net income was $3.7 million compared to $3.3 million in the prior year period.
  • Adjusted EBITDA2 of $11.7 million increased 16% from $10.1 million in the fourth quarter of fiscal 2015.

2016 Fiscal Year Financial Highlights

  • GAAP diluted earnings per share was $1.57 vs. $1.03 in fiscal 2015.
  • Adjusted diluted earnings per share3 was $1.61 vs. $1.21 per share in the prior year.
  • GAAP net income of $18.7 million increased 54% from the prior year.
  • Adjusted EBITDA4 of $45.4 million increased 22% from $37.1 million last year.
  • Long-term debt balance at year-end was $35.8 million, compared to $53 million at the close of fiscal 2015. During fiscal 2016, the company reduced debt by $20 million and borrowed $2.8 million to acquire Nagase FineChem (NFC).

Chris Fraser, KMG chairman and chief executive officer, said, “Fiscal 2016 was a very successful year for KMG. We took significant steps toward building an even stronger company by achieving sustainable efficiency improvements and advancing our growth strategy in Asia with the acquisition of NFC. We generated 54% growth in net income to a record $18.7 million and 22% growth in adjusted EBITDA to a record $45.4 million. Additionally, operating cash flow more than doubled to $41 million, representing an all-time high for KMG.

“Despite a decline in global silicon wafer shipments, fiscal 2016 sales in our electronic chemicals segment grew modestly from the prior year, excluding a $6 million foreign currency translation impact from the strengthening of the U.S. dollar. Segment operating income increased nearly 50% for the year to a record $32.1 million, driven by higher product sales and our expanded global presence. We also benefited from continuing manufacturing efficiency and lower distribution costs.

“Our other chemicals segment delivered strong fiscal 2016 results as well, reporting a 45% year-over-year improvement in operating income, aided by a positive contribution from the industrial lubricants business and improved costs.”

Mr. Fraser continued, “I’m pleased with our 21% year-over-year growth in fourth quarter operating income to $7.1 million, which was fueled in part by continued efficiency enhancements and lower distribution costs. However, our effective tax rate in the fourth quarter was impacted by certain discrete items that raised our tax rate in the period to 42.6%, limiting the growth in earnings per share in the quarter.”

Mr. Fraser concluded, “Currently we are experiencing a pickup in demand from several key semiconductor customers, reflecting improving global PC demand and continued strength in the Internet-of-Things and automotive end markets. For the fiscal 2017 year we project consolidated adjusted EBITDA of $47-49 million, driven by higher sales in both our Electronic Chemicals and Other Chemicals segments as well as our continued focus on enhancing efficiency.”

                 

Consolidated results
 

Fourth Quarter
Dollars in thousands, except EPS Fiscal 2016 Fiscal 2015
 
As Reported Adjusted As Reported Adjusted
(GAAP)    

(non-GAAP)5

 (GAAP)    

(non-GAAP)6
 
Net sales $ 75,301 $ 75,301 $ 75,993 $ 75,993
Operating income 7,085 7,849 5,842 6,506
Operating margin 9.4 % 10.4 % 7.7 % 8.6 %
Net income 3,743 4,483 3,328 3,759
Diluted earnings per share $ 0.31 $ 0.38 $ 0.28 $ 0.32
 

Full Year
Dollars in thousands, except EPS Fiscal 2016 Fiscal 2015
 
As Reported Adjusted As Reported Adjusted
(GAAP)    

(non-GAAP)7

 (GAAP)    

(non-GAAP)8
 
Net sales $ 297,978 $ 297,978 $ 320,498 $ 320,498
Operating income 27,571 31,218 16,589 24,023
Operating margin 9.3 % 10.5 % 5.2 % 7.5 %
Net income 18,675 19,219 12,138 14,241
Diluted earnings per share $ 1.57 $ 1.61 $ 1.03 $ 1.21
     

Business segment results
   
Electronic Chemicals

Fourth Quarter

 Fiscal 2016 Fiscal 2015
Dollars in thousands As Reported As Reported
(GAAP) (GAAP)
Net sales $ 66,282 $ 66,302
Operating income 8,214 5,452
Operating margin 12.4 % 8.2 %

For the fourth fiscal quarter, the Electronic Chemicals segment reported:

  • Sales of $66.3 million, unchanged from fourth quarter of fiscal 2015. Foreign currency translation reduced sales by $450,000 as compared to the prior year period. Excluding the foreign currency impact, sales increased 0.7% due to higher revenue in Asia, partially offset by lower sales volume in North America.
  • Operating income of $8.2 million vs. $5.5 million in the same period of fiscal 2015. Operating income and margin improved primarily due to operating efficiencies and lower distribution costs.
  • Adjusted EBITDA9 of $11.3 million, compared to $8.4 million last year.
         

Electronic Chemicals

Full Year

 Fiscal 2016 Fiscal 2015
Dollars in thousands As Reported As Reported
(GAAP) (GAAP)
Net sales $ 261,523 $ 265,608
Operating income 32,141 21,787
Operating margin 12.3 % 8.2 %

For the fiscal 2016 year, the Electronic Chemicals segment reported:

  • Sales of $261.5 million, down 1.5% from the prior year. The strong U.S. dollar reduced fiscal 2016 sales by $6 million as compared to the prior year. Excluding the impact of foreign currency, sales increased 1% from the prior year due primarily to product volume growth in North America and Asia, including the contribution from NFC.
  • Operating income of $32.1 million, an increase of 48% over the prior year. Operating income margin improved due to operating efficiencies and lower distribution costs.
  • Adjusted EBITDA10 of $43.9 million, compared to $34.0 million in the prior year.

Other Chemicals

As of May 1, 2015, the Other Chemicals segment includes the pentachlorophenol (“penta”) business and the industrial lubricants business.

         

Fourth Quarter
Dollars in thousands Fiscal 2016 Fiscal 2015
As Reported As Reported Adjusted
(GAAP) (GAAP)   (non-GAAP)
Net sales 9,019 $ 9,691 $ 9,691
Operating income 3,210 2,279 2,342
Operating margin 35.6 % 23.5 % 24.2 %

For the fourth fiscal quarter, the Other Chemicals segment reported:

  • Sales of $9.0 million versus $9.7 million in the same period a year ago, reflecting lower sales of both penta and industrial lubricants.
  • Operating income of $3.2 million, or 35.6% of sales, compared to $2.3 million, or 23.5% of sales, last year. The increase in operating income and margin was due to improved costs.
  • Adjusted EBITDA11 of $3.4 million, up from $2.7 million last year.

Full Year

          
Dollars in thousands Fiscal 2016 Fiscal 2015
As Reported As Reported Adjusted
(GAAP) (GAAP)   (non-GAAP)
Net sales 36,455 $ 54,820 $ 54,820
Operating income 12,631 8,735 8,798
Operating margin 34.6 % 15.9 % 16.0 %

For the fiscal 2016 year, the Other Chemicals segment reported:

  • Sales of $36.5 million versus $54.8 million in the same period a year ago. The decrease in sales was due primarily to the divestiture of the creosote product line in January 2015, partially offset by the contribution from the industrial lubricants business.
  • Operating income of $12.6 million, or 34.6% of sales, compared to $8.7 million, or 15.9% of sales, last year. The increase in operating income and margin was due to the contribution from the industrial lubricants business, the absence of creosote sales and improved costs.
  • Adjusted EBITDA12 of $13.7 million, up from $9.3 million last year.

Fiscal 2017 Outlook

  • Sales: Fiscal 2017 consolidated net sales are forecast to be approximately $300-305 million. This forecast includes a projected negative foreign currency impact of approximately $4.5 million.
  • Adjusted EBITDA: We forecast adjusted EBITDA of $47-49 million. Our fiscal 2017 adjusted EBITDA forecast includes approximately $5 million in stock-based compensation expense and a negative foreign currency impact of approximately $700,000.
  • Depreciation and Amortization: Depreciation and amortization expense is forecast to be approximately $15 million.
  • Capital Expenditures: Capital expenditures are forecast to be approximately $20 million, including a portion of our planned capital investment in Singapore.

With respect to the Company’s full year guidance of Adjusted EBITDA, the Company is not able to provide a reconciliation of these fiscal 2017 non-GAAP financial measures to the most comparable GAAP measure without unreasonable efforts; certain items that are included have not yet occurred and cannot be reasonably predicted, and, accordingly, the probable significance of such items cannot be determined at this time. The most comparable GAAP measure and reconciling information that is unavailable, or not reasonably predictable, would include restructuring and realignment charges and acquisition and integration-related expenses.

 

Conference call
Date: Thursday, October 13, 2016
Time: 5:00 p.m. ET
Dial in: 877.789.6981 or 541.797.2420
Participant passcode: 82043840
 

The conference call will be webcast live via the “Investors” section of the Company’s website at http://kmgchemicals.com.

If you are unable to listen live, the conference call will be archived on the KMG website. A telephone replay of the call will also be available for one week, starting at 8:00 p.m. ET on October 13, 2016. To access the call, dial 855.859.2056 (domestic) or 404.537.3406 (international) using participant passcode 82043840.

About KMG

KMG Chemicals, Inc., through its subsidiaries, produces and distributes specialty chemicals to select markets. The Company grows by acquiring and optimizing stable chemical product lines and businesses with established production processes. For more information, visit the Company's website at http://kmgchemicals.com.

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, the impact of competitive services and pricing and general economic risks and uncertainties.

1 Non-U.S. GAAP measure. See Table 2 for reconciliation.
2 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.
3 Non-U.S. GAAP measure. See Table 2 for reconciliation.
4 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.
5 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.
6 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.
7 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.
8 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.
9 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.
10 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.
11 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.
12 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.

       

KMG CHEMICALS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)
 
Three Months Ended Twelve Months Ended
July 31, July 31,
2016     2015 2016     2015
Net sales $ 75,301 $ 75,993 $ 297,978 $ 320,498
Cost of sales   46,444     49,477     182,470     211,021  
Gross profit   28,857     26,516     115,508     109,477  
 
Distribution expenses 8,861 10,802 36,986 48,523
Selling, general and administrative expenses 12,680 9,297 49,192 37,461
Restructuring charges 231 379 1,629 1,279
Realignment charges  

-

     196     130     5,625  
Operating income   7,085     5,842     27,571     16,589  
Other income (expense)
Interest expense, net (194 ) (309 ) (799 ) (1,407 )
Gain on purchase of NFC (243 )

-

 1,826

-
Gain on sale of creosote distribution business, net

-

-

-

 5,448
Other non-operating expense

-

-

-

 (1,250 )
Other, net   (125 )   2     (368 )   (496 )
Total other income (expense), net   (562 )   (307 )   659     2,295  
 
Income before income taxes 6,523 5,535 28,230 18,884
Provision for income taxes   (2,780 )   (2,207 )   (9,555 )   (6,746 )
Net income $ 3,743   $ 3,328   $ 18,675   $ 12,138  
Earnings per share:
Net income per common share basic $ 0.32 $ 0.28 $ 1.59 $ 1.04
Net income per common share diluted $ 0.31 $ 0.28 $ 1.57 $ 1.03
 
Weighted average shares outstanding:
Basic 11,735 11,685 11,719 11,673
Diluted 11,937 11,845 11,926 11,779
       
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share amounts)
 
July 31, July 31,
2016     2015
 
Assets
Current assets
Cash and cash equivalents $ 12,428 $ 7,517
Accounts receivable
Trade, net of allowances of $210 at July 31, 2016 and $144 at July 31, 2015 33,324 36,887
Other 5,572 3,668
Inventories, net 37,401 42,082
Current deferred tax assets - 2,953
Prepaid expenses and other   6,623         3,738  
Total current assets   95,348         96,845  
 
Property, plant and equipment, net 79,739 80,589
Goodwill 22,228 22,408
Intangible assets, net 33,906 36,560
Restricted cash 1,000 1,000
Other assets, net   4,807         4,957  
Total assets $ 237,028       $ 242,359  
 
Liabilities & stockholders’ equity
Current liabilities
Accounts payable $ 26,418 $ 35,980
Accrued liabilities 11,252 9,602
Employee incentive accrual   5,999         4,852  
Total current liabilities 43,669 50,434
 
Long-term debt 35,800 53,000
Deferred tax liabilities 9,948 13,075
Other long-term liabilities   4,422         2,429  
Total liabilities   93,839         118,938  
 
Commitments and contingencies
 
Stockholders’ equity
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued

-

-
Common stock, $.01 par value, 40,000,000 shares authorized, 11,877,282
shares issued and outstanding at July 31, 2016 and 11,690,439 shares issued
and outstanding at July 31, 2015 119 117
Additional paid-in capital 36,553 31,676
Accumulated other comprehensive loss (12,047 ) (9,667 )
Retained earnings   118,564         101,295  
Total stockholders’ equity   143,189         123,421  
Total liabilities and stockholders’ equity $ 237,028       $ 242,359  
 
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
        Twelve Months Ended
July 31,
2016       2015
Cash flows from operating activities
Net income $ 18,675 $ 12,138
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 14,534 13,531
Depreciation related to restructuring and realignment 295 5,640
Amortization of loan costs included in interest expense 167 153
Stock-based compensation expense 4,836 2,766
Allowance for excess and obsolete inventory 173 941
Gain on sale of creosote business - (5,448 )
Gain on NFC acquisition (1,826 ) -
Other 81 -
Deferred income tax expense/(benefit) 258 (3,532 )
Tax benefit from stock-based awards (43 ) 23
Changes in operating assets and liabilities
Accounts receivable — trade 5,154 1,265
Accounts receivable — other (1,889 ) (1,884 )
Inventories 4,348 (740 )
Other current and non-current assets 1,221 (633 )
Accounts payable (9,226 ) 1,234
Accrued liabilities and other   4,276     (7,886 )
Net cash provided by operating activities 41,034 17,568
 
Cash flows from investing activities
Additions to property, plant and equipment (14,358 ) (13,821 )
NFC acquisition, net of cash acquired (2,679 ) -
Disposals of property, plant and equipment - 2,572
Acquisition of industrial lubricants business - (21,938 )
Proceeds from sale of creosote business   -     14,899  
Net cash used in investing activities (17,037 ) (18,288 )
 
Cash flows from financing activities
Net borrowings/(payments) under revolving credit facility - (40,000 )
Deferred financing costs - (666 )

Proceeds from borrowings under credit facility

 2,800 59,100
Net payments under credit facility (20,000 ) (6,100 )
Principal payments on borrowings on term loan - (20,000 )
Tax benefit from stock-based awards 43 (23 )
Payment of dividends   (1,406 )   (1,402 )
Net cash used in financing activities (18,563 ) (9,091 )
 
 
Effect of exchange rate changes of cash   (523 )   (1,924 )
 

 

Net increase (decrease) in cash and cash equivalents

 4,911 (11,735 )
Cash and cash equivalents at beginning of period   7,517     19,252  
Cash and cash equivalents at end of period $ 12,428   $ 7,517  
 

Reconciliation of GAAP financial measures to non-GAAP financial measures

KMG provides non-GAAP financial information to complement reported GAAP results. KMG believes that analysis of our financial performance would be enhanced by an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. We define adjusted EBITDA as earnings from operations before interest, taxes, depreciation, amortization, acquisition and integration expenses, restructuring and realignment charges and other relevant items.

KMG intends to continue to provide certain non-GAAP financial information and the appropriate reconciliation to GAAP in its financial results. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP measures should be viewed as a supplement to, and not a substitute for, U.S. GAAP measures of performance.

 

Table 1
RECONCILIATION OF CONSOLIDATED GAAP NET INCOME TO CONSOLIDATED ADJUSTED EBITDA
(In thousands)
 
        Fourth Quarter       Twelve Months Ended
Fiscal 2016 July 31, 2016
Consolidated GAAP net income $ 3,743 $ 18,675
Add back (deduct):
Income taxes 2,780 9,555
Gain on purchase of NFC 243 (1,826 )
Interest expense 194 799
Depreciation and amortization* 3,927 14,829
Acquisition & integration expenses 102 335
Restructuring charges 231 1,464
Corporate relocation expense   431   1,553  
Consolidated adjusted EBITDA $ 11,651 $ 45,384  

*Includes depreciation related to restructuring and realignment included in non-cash restructuring and

realignment charges on the statement of cash flows.
 
 
Fourth Quarter Twelve Months Ended
Fiscal 2015 July 31, 2015
Consolidated GAAP net income $ 3,328 $ 12,138
Add back (deduct):
Income taxes 2,207 6,746
Other non-operating expense - 1,250
Loss (gain) on sale of creosote distribution business - (5,448 )
Interest expense 309 1,407
Depreciation and amortization* 3,580 19,171
Acquisition & integration expenses 89 530
Restructuring & realignment charges   575   1,264  
Consolidated EBITDA $ 10,088 $ 37,058  

*Includes depreciation related to restructuring and realignment included in non-cash restructuring and

realignment charges on the statement of cash flows.
 
 

Table 1A
RECONCILIATION OF OPERATING INCOME TO ADJUSTED EBITDA
(In thousands)
 

Note that we do not allocate certain financial statement line items below operating income

to our segments; as such, the reconciliations below only reflect the reconciliation of our

operating income by segment to our non-GAAP measures.
 

Fourth Quarter Fiscal 2016

         Electronic     Other        
Chemicals     Chemicals     Corporate     Total
Operating Income (Loss) $ 8,214 $ 3,210 ($4,339 ) $ 7,085
Other income (expense) (45 ) (45 ) (35 ) (125 )
Depreciation and amortization 3,170 282 475 3,927
Acquisition & integration expenses - - 102 102
Restructuring charges* - - 231 231
Corporate relocation expense   -         -       431         431  
Adjusted EBITDA 11,339 3,447 (3,135 ) 11,651
Corporate allocation   2,558         799       (3,357 )       -  
Adjusted EBITDA excl. corporate allocation $ 13,897       $ 4,246       ($6,492 )     $ 11,651  
* Excludes depreciation
 
 
 
 

Twelve Months Ended July 31, 2016

 Electronic Other
Chemicals     Chemicals     Corporate     Total
Operating Income (Loss) $ 32,141 $ 12,631 ($17,201 ) $ 27,571
Other income (expense) (118 ) (120 ) (130 ) (368 )
Depreciation and amortization 11,830 1,150 1,849 14,829
Acquisition & integration expenses - - 335 335
Restructuring & realignment charges* - - 1,464 1,464
Corporate relocation expense   -         -       1,553         1,553  
Adjusted EBITDA 43,853 13,661 (12,130 ) 45,384
Corporate allocation   10,337         3,371       (13,708 )       -  
Adjusted EBITDA excl. corporate allocation $ 54,190       $ 17,032       ($25,838 )     $ 45,384  
* Excludes depreciation
 
 
 
 

Fourth Quarter Fiscal 2015

 Electronic Other
Chemicals     Chemicals     Corporate     Total
 
Operating Income (Loss) $ 5,452 $ 2,279 ($1,889 ) $ 5,842
Other income (expense) - - 2 2
Depreciation and amortization 2,946 340 294 3,580
Acquisition & integration expenses - 63 26 89
Restructuring & realignment charges*   -         -       575         575  
Adjusted EBITDA 8,398 2,682 (992 ) 10,088
Corporate allocation   3,588         1,367       (4,955 )       -  
Adjusted EBITDA excl. corporate allocation $ 11,986       $ 4,049       ($5,947 )     $ 10,088  
* Excludes depreciation
 
 
 
 

Twelve Months Ended July 31, 2015

 Electronic Other
Chemicals     Chemicals     Corporate     Total
 
Operating Income (Loss) $ 21,787 $ 8,735 ($13,933 ) $ 16,589
Other income (expense) (76 ) (90 ) (330 ) (496 )
Depreciation and amortization 12,257 626 6,288 19,171
Acquisition & integration expenses - 63 467 530
Restructuring & realignment charges*   -         -       1,264         1,264  
Adjusted EBITDA 33,968 9,334 (6,244 ) 37,058
Corporate allocation   10,780         4,071       (14,851 )       -  
Adjusted EBITDA excl. corporate allocation $ 44,748       $ 13,405       ($21,095 )     $ 37,058  
* Excludes depreciation
 
 

Table 2

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND

ADJUSTED DILUTED EARNINGS PER SHARE
(in thousands)        
Three Months Ended       Twelve Months Ended
July 31, July 31,
2016       2015 2016       2015
Net income $ 3,743 $ 3,328 $ 18,675 $ 12,138
Items impacting pre-tax income:
Restructuring & realignment charges 231 575 1,759 6,904
Acquisition & integration expenses 102 89 335 530
Corporate relocation expense 431 - 1,553 -
Gain on purchase of NFC 243 - (1,826 ) -
Loss (gain) on sale of creosote business - - - (5,448 )
Environmental site cleanup reserve - - - 1,250
Income taxes*   (267 )   (233 )   (1,277 )   (1,133 )
Adjusted net income $ 4,483 $ 3,759 $ 19,219 $ 14,241
Adjusted diluted earnings per share $ 0.38 $ 0.32 $ 1.61 $ 1.21
Weighted average diluted shares outstanding 11,937 11,845 11,926 11,779
 

*Represents the aggregate tax-effect of the items impacting pre-tax income utilizing a tax rate of 35%,

except for the gain on the purchase of NFC, which is not a recognized gain for tax purposes.
 
 

Table 2A
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
 

Fourth Quarter Fiscal 2016

          
Dollars in thousands, except EPS KMG Chemicals, Inc.
 
Operating       Net       Diluted Earnings

Income

      

Margin

Income

Per Share
GAAP measure $ 7,085 9.4 % $ 3,743 $ 0.31
Acquisition & integration expenses 102 0.1 % 66 0.01
Restructuring charges 231 0.3 % 150 0.01
Gain on purchase of NFC - 0.0 % 243 0.02
Corporate relocation expense   431 0.6 %   281     0.03  
Non-GAAP measure $ 7,849 10.4 % $ 4,483   $ 0.38  
 
 

Twelve Months Ended July 31, 2016
Dollars in thousands, except EPS KMG Chemicals, Inc.
 
Operating Net Diluted Earnings

Income

Margin

Income

Per Share
GAAP measure $ 27,571 9.3 % $ 18,675 $ 1.57
Acquisition & integration expenses 335 0.1 % 218 0.02
Restructuring & realignment charges 1,759 0.6 % 1,143 0.09
Gain on purchase of NFC - 0.0 % (1,826 )

(0.15)

 
Corporate relocation expense   1,553 0.5 %   1,009     0.08  
Non-GAAP measure $ 31,218 10.5 % $ 19,219   $ 1.61  
 
 

Fourth Quarter Fiscal 2015
Dollars in thousands, except EPS KMG Chemicals, Inc.
 
Operating Net Diluted Earnings

Income

Margin

Income

Per Share
GAAP measure $ 5,842 7.7 % $ 3,328 $ 0.28
Restructuring & realignment charges 575 0.8 % 374 0.03
Acquisition & integration expenses   89 0.1 %   57     0.01  
Non-GAAP measure $ 6,506 8.6 % $ 3,759   $ 0.32  
 
 
Electronic Chemicals Other Chemicals
Operating Operating

Income

Margin

Income

Margin
GAAP measure $ 5,452 8.2 % $ 2,279

23.5%

 
Acquisition & integration expenses  

-

-

 

   63    

0.7%

 
Non-GAAP measure $ 5,452 8.2 % $ 2,342    

24.2%

 
 
 
 

Twelve Months Ended July 31, 2015
Dollars in thousands, except EPS KMG Chemicals, Inc.
 
Operating Net Diluted Earnings

Income

Margin

Income

Per Share
GAAP measure $ 16,589 5.2 % $ 12,138 $ 1.03
Restructuring & realignment charges 6,904 2.1 % 4,488 0.38
Acquisition & integration expenses 530 0.2 % 344 0.03
Gain on sale of creosote business - 0.0 % (3,541 )

(0.30)

 
Environmental site cleanup reserve   - 0.0 %   812     0.07  
Non-GAAP measure $ 24,023 7.5 % $ 14,241   $ 1.21  
 
 
Electronic Chemicals Other Chemicals
Operating Operating

Income

Margin

Income

Margin
GAAP measure $ 21,787 8.2 % $ 8,735

15.9%

 
Acquisition & integration expenses   -

-

 

   63    

0.1%

 
Non-GAAP measure $ 21,787 8.2 % $ 8,798    

16.0%

 
 

KMG Investor Relations
Eric Glover, 817.761.6006
eglover@kmgchemicals.com

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