In the GAAP Results section of the
The changes noted above did not change the Company's adjusted income from operations, adjusted net income or adjusted earnings per share.
Please see the following reconciliation of changes to the income statement attached in the tables below.
The Company discloses in this press release the non-GAAP financial measures of adjusted income from operations and adjusted net income. Each of adjusted income from operations and adjusted net income provide supplementary information about the impacts of acquisition related expenses, foreign-exchange and other non-operating impacts on its business. The Company believes the presentation of adjusted income from operations and adjusted net income provides useful information in assessing our results of operations
The attached financial tables include a reconciliation of adjusted income from operations and adjusted net income to the GAAP financial measures of income from operations and net income.
Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of
For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the
Financial Tables Follow
NN, Inc. |
||||||
Consolidated Statements of Income |
||||||
(In thousands, except per share amounts) |
||||||
(Unaudited) |
||||||
Three Months Ended December 31, 2015 |
Twelve Months Ended December 31, 2015 |
|||||
(In Thousands of Dollars, Except Per Share Data) |
As Reported |
As Reported in |
Change |
As Reported |
As Reported |
Change |
Net sales |
$183,855 |
$183,855 |
- |
$667,280 |
$667,280 |
- |
Cost of products sold (exclusive of depreciation |
147,773 |
147,773 |
- |
525,993 |
525,993 |
- |
Selling, general and administrative |
14,771 |
13,835 |
(936) |
51,902 |
51,745 |
(157) |
Acquisition related costs excluded from selling, general and administrative |
6,256 |
7,734 |
1,478 |
10,884 |
11,682 |
798 |
Depreciation and amortization |
18,780 |
18,780 |
- |
44,482 |
44,482 |
- |
(Gain) loss on disposal of assets |
- |
(687) |
(687) |
(687) |
(687) |
|
Restructuring and impairment charges |
5,195 |
7,268 |
2,073 |
5,294 |
7,268 |
1,974 |
Income from operations |
(8,920) |
(10,848) |
(1,928) |
28,725 |
26,797 |
(1,928) |
Interest expense |
13,357 |
13,357 |
- |
29,899 |
29,899 |
- |
Write-off of unamortized debt issuance cost |
18,673 |
18,673 |
- |
18,673 |
18,673 |
- |
Other expense, net |
1,091 |
(837) |
(1,928) |
3,103 |
1,175 |
(1,928) |
Income before provision (benefit) for income taxes and share of net income from joint venture |
(42,041) |
(42,041) |
- |
(22,950) |
(22,950) |
- |
Provision (benefit) for income taxes |
(13,923) |
(14,527) |
(604) |
(9,914) |
(10,518) |
(604) |
Share of net income from joint venture |
951 |
2498 |
1,547 |
3,454 |
5,001 |
1,547 |
Net income (loss) |
$(27,167) |
$(25,016) |
2,151 |
$(9,582) |
$(7,431) |
2,151 |
Basic income (loss) per common share: |
$(1.01) |
$(0.93) |
$0.08 |
$(0.45) |
$ (0.35) |
$0.10 |
Weighted average shares outstanding |
26,840 |
26,840 |
- |
21,181 |
21,181 |
- |
Diluted income (loss) per common share: |
$(1.01) |
$(.93) |
$0.08 |
$(0.45) |
$(0.35) |
$.10 |
Weighted average shares outstanding |
26,840 |
26,840 |
- |
21,181 |
21,181 |
- |
Cash dividends per common share |
$ 0.07 |
$ 0.07 |
- |
$ 0.28 |
$ 0.28 |
- |
NN, Inc. |
|||||||
Reconciliation of Non-GAAP to GAAP Financial Measures |
|||||||
(Unaudited) |
|||||||
Reconciliation of net income to adjusted net income: |
|||||||
NN, Inc. – Total Company |
Three Months Ended |
Three Months Ended |
|||||
(In Thousands) |
Diluted |
(In Thousands) |
Diluted |
||||
Net Income |
$(25,016) |
$(0.93) |
$1,618 |
$0.08 |
|||
After tax acquisition and integration expenses |
23,410 |
0.87 |
3,199 |
0.17 |
|||
After-tax foreign exchange loss on inter-company loans |
31 |
0.00 |
317 |
0.02 |
|||
After-tax impairment charges |
4,565 |
0.17 |
577 |
0.03 |
|||
Amortization of intangibles & deferred financing costs, net of tax |
3,796 |
0.14 |
969 |
0.05 |
|||
Adjusted Net Income |
$6,786 |
$0.25 |
$6,680 |
$0.35 |
|||
Reconciliation of net income to adjusted net income: |
|||||||
NN, Inc. – Total Company |
Twelve Months Ended |
Twelve Months Ended |
|||||
(In Thousands) |
Diluted |
(In Thousands) |
Diluted |
||||
Net Income |
$(7,431) |
$(0.35) |
$8,217 |
$0.45 |
|||
After tax acquisition and integration expenses |
27,222 |
1.29 |
13,553 |
0.74 |
|||
After-tax foreign exchange loss on inter-company loans |
952 |
0.04 |
1,197 |
0.07 |
|||
After-tax impairment charges |
4,575 |
0.22 |
577 |
0.03 |
|||
Amortization of intangibles & deferred financing costs, net of tax |
7,040 |
0.33 |
1,435 |
0.08 |
|||
Adjusted Net Income |
$32,358 |
$1.53 |
$24,979 |
$1.37 |
|||
Reconciliation of income from operations to adjusted income from operations: |
|||||||
NN, Inc. – Total Company |
Three Months Ended |
Three Months |
Twelve Months |
Twelve Months |
|||
(In Thousands) |
(In Thousands) |
(In Thousands) |
(In Thousands) |
||||
Income from operations |
$(10,848) |
$8,560 |
$26,797 |
$27,687 |
|||
Restructuring & impairment charges |
7,379 |
875 |
7,379 |
875 |
|||
Acquisition and integration expenses |
17,931 |
1,452 |
23,749 |
11,311 |
|||
Amortization of intangibles |
4,940 |
971 |
7,790 |
1,340 |
|||
Adjusted Income from operations |
$19,402 |
$11,858 |
$65,715 |
$41,213 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nn-inc-files-annual-report-on-form-10-k-for-2015-300236704.html
SOURCE
AT THE COMPANY, Robbie Atkinson, Corporate Treasurer & Investor Relations, (423) 434-8398