Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2015 |
- Revenue for Fiscal First Quarter of 2016 was $353 million - - Adjusted EBITDA for Fiscal First Quarter was $5.1 million - - Company Reiterates Annual Fiscal 2016 Modeling Assumptions -
Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service
agricultural and construction equipment stores, today reported financial
results for the fiscal first quarter ended April 30, 2015.
Fiscal 2015 First Quarter Results
For the first quarter of fiscal 2016, revenue was $353.2 million,
compared to $465.5 million in the first quarter last year. Equipment
sales were $245.0 million for the first quarter of fiscal 2016, compared
to $345.0 million in the first quarter last year. Parts sales were $61.5
million for the first quarter of fiscal 2016, compared to $68.4 million
in the first quarter last year. Revenue generated from service was $32.9
million for the first quarter of fiscal 2016, compared to $37.1 million
in the first quarter last year. Revenue from rental and other decreased
to $13.8 million for the first quarter of fiscal 2016 from $15.0 million
in the first quarter last year.
Gross profit for the first quarter of fiscal 2016 was $60.4 million,
compared to $75.9 million in the first quarter last year, primarily
reflecting a decrease in Agriculture equipment revenue. The Company's
gross profit margin was 17.1% in the first quarter of fiscal 2016,
compared to 16.3% in the first quarter last year. This increase in gross
profit margin primarily reflects a larger portion of gross profit coming
from the Company's higher margin parts, service, and rental and other
businesses. Gross profit from parts and service for the first quarter of
fiscal 2016 was 65.3% of overall gross profit, compared to 56.7% in the
first quarter last year.
Operating expenses were 16.2% of revenue or, $57.1 million, for the
first quarter of fiscal 2016, compared to 15.3% of revenue or, $71.2
million, for the first quarter of last year. The decrease in operating
expenses was primarily due to cost savings associated with the Company's
realignment activities implemented in the first quarters of fiscal 2016
and 2015. The increase in operating expenses as a percentage of revenue
was primarily due to the deleveraging of fixed expenses as total revenue
decreased from the prior year.
In the first quarter of fiscal 2016, the Company recognized impairment
and realignment costs of $1.6 million, primarily related to store
closings and headcount reductions as part of the Company's realignment
plan. In the first quarter of fiscal 2015, the Company recognized
impairment and realignment costs of $2.8 million. The Company recognized
charges of $2.0 million and $3.1 million from the balance sheet impact
of the Ukrainian hryvnia devaluation in the first quarters of 2016 and
2015, respectively.
Floorplan interest expense was $4.6 million for both the first quarter
of fiscal 2016 and first quarter of fiscal 2015.
In the first quarter of fiscal 2016, the Company generated $5.1 million
in adjusted EBITDA, compared to $7.6 million in the first quarter of
last year. The Company includes floorplan interest expense in its EBITDA
calculation.
Pre-tax loss for the first quarter of fiscal 2016 was $8.8 million,
which is essentially flat compared to pre-tax loss of $8.6 million in
the first quarter of last year. Excluding all non-GAAP adjustments,
adjusted pre-tax loss for the first quarter of fiscal 2016 was $4.6
million. For the first quarter of 2015, excluding the non-GAAP
adjustments, adjusted pre-tax loss was $2.3 million. Adjusted pre-tax
Agriculture segment loss was $0.4 million for the first quarter of
fiscal 2016, compared to adjusted pre-tax income of $4.2 million in the
first quarter last year. Adjusted pre-tax Construction segment loss was
$2.9 million for the first quarter of fiscal 2016, compared to adjusted
pre-tax loss of $3.7 million in the first quarter last year. Adjusted
pre-tax International segment loss was $2.3 million for the first
quarter of fiscal 2016, compared to adjusted pre-tax loss of $2.1
million in the first quarter last year.
Net loss attributable to common stockholders for the first quarter of
fiscal 2016 was $6.2 million, or loss per diluted share of $0.29,
compared to $6.5 million, or $0.31 per diluted share, for the first
quarter of fiscal 2015. The net loss for the first quarter of fiscal
2016 includes adjustments totaling $3.3 million, or $0.16 per diluted
share, compared to adjustments totaling $5.0 million, or $0.24 per
diluted share, for the first quarter of fiscal 2015. Excluding all
non-GAAP adjustments, adjusted net loss attributable to common
stockholders for the first quarter of fiscal 2016 was $2.9 million, or
$0.13 per diluted share, compared to adjusted net loss attributable to
common stockholders for the first quarter of fiscal 2015 of $1.5
million, or $0.07 per diluted share.
Balance Sheet
The Company ended the first quarter of fiscal 2016 with cash of $104.4
million. The Company's inventory level, including amounts classified as
held for sale, was $890.0 million as of April 30, 2015, compared to
inventory of $1.1 billion as of April 30, 2014. The Company had,
including amounts classified as held for sale, $608.0 million
outstanding floorplan payables on $1.1 billion total discretionary
floorplan lines of credit as of April 30, 2015, reflecting a decrease of
$190.5 million from the balance of $798.5 million as of April 30, 2014.
The reduced floorplan levels has improved the Company's total
liabilities to tangible net worth to 2.6 as of April 30, 2015 from 3.2
as of April 30, 2014.
First Quarter Fiscal 2016 Realignment
In order to better align its business in certain markets, the Company
previously announced that during the first quarter of fiscal 2016 it
reduced headcount by approximately 14%, which includes headcount
reductions at stores in each of its operating segments and its Shared
Resource Center. This included the closing of three Agriculture stores
and one Construction store. In addition, the Company has reduced
discretionary spending levels across all parts of the business and is
restructuring certain employee compensation and benefit programs to
better align pay for performance. The realignment costs associated with
the headcount reductions and store closings are estimated to total
approximately $2.0 million. The Company recognized $0.1 million in the
fourth quarter of fiscal 2015 and $1.9 million (or $0.05 per diluted
share) is expected to be recognized in fiscal 2016. The full-year pro
forma benefit to pre-tax earnings of this headcount reduction is
estimated to be approximately $21 million (or $0.59 per share), which
equates to a pro forma benefit of approximately $20 million (or $0.56
per share) for fiscal 2016.
Management Comments
David Meyer, Titan Machinery's Chairman and Chief Executive Officer,
stated, "Our financial results in the first quarter were in-line with
our expectations, as ongoing headwinds in the agriculture industry
continue to impact our results. In the first quarter, we remained
focused on managing the controllable aspects of our business, including
implementing a realignment plan that significantly reduces our operating
costs and is expected to generate approximately $20 million in cost
savings beginning in the current fiscal year. We also continue to
diligently manage our inventory levels and expect to achieve meaningful
reductions in fiscal 2016."
Mr. Meyer continued, "We believe that we have taken the necessary steps
to navigate the challenging macroeconomic conditions by better aligning
our cost structure with the current environment. While we continue to
face a number of headwinds, we are focused on execution in all three
business segments and strengthening our balance sheet. We remain
confident that we are on the right track to improve our long-term
financial performance and capitalize on future growth opportunities."
Fiscal 2016 Modeling Assumptions
The Company is reiterating the following modeling assumptions for fiscal
2016 that it believes will provide investors with relevant information
about expectations regarding financial results and business trends:
-
Agriculture Same Store Sales Down 20.0% to 25.0%
-
Construction Same Store Sales Flat
-
International Same Store Sales Flat
-
Equipment Margins Between 7.7% and 8.3%
-
Expects to be profitable on an adjusted diluted earnings per share
basis
Conference Call and Presentation Information
The Company will host a conference call and audio webcast today at 7:30
a.m. Central time (8:30 a.m. Eastern time). A copy of the presentation
that will accompany the prepared remarks from the conference call is
available on the Company's website under Investor Relations at www.titanmachinery.com.
An archive of the audio webcast will be available on the Company's
website under Investor Relations at www.titanmachinery.com
for 30 days following the audio webcast.
Investors interested in participating in the live call can dial (888)
505-4369 from the U.S. International callers can dial (719) 785-1765. A
telephone replay will be available approximately two hours after the
call concludes and will be available through Thursday, June 11, 2015, by
dialing (877) 870-5176 from the U.S., or (858) 384-5517 from
international locations, and entering confirmation code 1050277.
Non-GAAP Financial Measures
Within this announcement, the Company makes reference to certain
adjusted financial measures, which have directly comparable GAAP
financial measures as identified in this release. These adjusted
measures are provided so that investors have the same financial data
that management uses with the belief that it will assist the investment
community in properly assessing the underlying performance of the
Company for the periods being reported. This includes adjusted EBITDA,
which the Company defines as net income (loss) including noncontrolling
interest, adjusted for net interest (excluding floorplan interest
expense), income taxes, depreciation, amortization, and items included
in its non-GAAP pre-tax income (loss) reconciliation for each of the
respective periods. The presentation of this additional information is
not meant to be considered a substitute for measures prepared in
accordance with GAAP. Investors are encouraged to review the
reconciliations of adjusted financial measures used in this press
release to their most directly comparable GAAP financial measures as
provided with the financial statements attached to this press release.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo,
North Dakota, is a multi-unit business with mature locations and
newly-acquired locations. The Company owns and operates a network of
full service agricultural and construction equipment stores in the
United States and Europe. The Titan Machinery network consists of 92
North American dealerships in North Dakota, South Dakota, Iowa,
Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and
New Mexico, including three outlet stores, and 16 European dealerships
in Romania, Bulgaria, Serbia, and Ukraine. The Titan Machinery
dealerships represent one or more of the CNH Industrial Brands (CNHI),
including CaseIH, New Holland Agriculture, Case Construction, New
Holland Construction, and CNH Capital. Additional information about
Titan Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Except for historical information contained herein, the statements in
this release are forward-looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements made herein, which include statements
regarding Agriculture, Construction, and International segment
initiatives and improvements, segment revenue realization, growth and
profitability expectations, inventory expectations, leverage
expectations, and modeling assumptions and expected results of
operations for the fiscal year ending January 31, 2016, involve known
and unknown risks and uncertainties that may cause Titan Machinery's
actual results in current or future periods to differ materially from
the forecasted assumptions and expected results. The Company's risks and
uncertainties include, among other things, a substantial dependence on a
single distributor, the continued availability of organic growth and
acquisition opportunities, potential difficulties integrating acquired
stores, industry supply levels, fluctuating agriculture and construction
industry economic conditions, the success of recently implemented
initiatives within the Company's operating segments, the uncertainty and
fluctuating conditions in the capital and credit markets, difficulties
in conducting international operations, foreign currency risks,
governmental agriculture policies, seasonal fluctuations, the ability of
the Company to reduce inventory levels, climate conditions, disruption
in receiving ample inventory financing, and increased competition in the
geographic areas served. These and other risks are more fully described
in Titan Machinery's filings with the Securities and Exchange
Commission, including the Company's most recently filed Annual Report on
Form 10-K. Titan Machinery conducts its business in a highly competitive
and rapidly changing environment. Accordingly, new risk factors may
arise. It is not possible for management to predict all such risk
factors, nor to assess the impact of all such risk factors on Titan
Machinery's business or the extent to which any individual risk factor,
or combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Titan Machinery
disclaims any obligation to update such factors or to publicly announce
results of revisions to any of the forward-looking statements contained
herein to reflect future events or developments.
| TITAN MACHINERY INC. | Consolidated Balance Sheets | (in thousands, except per share data) | (Unaudited) | |
|
|
| |
|
|
| | | | | | April 30, 2015 | | | | January 31, 2015 | Assets | | | | | | | | |
Current Assets
| | | | | | | | |
Cash
| | | |
$
|
104,355
| | | | |
$
|
127,528
| |
Receivables, net
| | | |
64,892
| | | | |
76,382
| |
Inventories
| | | |
880,060
| | | | |
879,440
| |
Prepaid expenses and other
| | | |
5,179
| | | | |
10,634
| |
Income taxes receivable
| | | |
3,003
| | | | |
166
| |
Deferred income taxes
| | | |
18,488
| | | | |
19,025
| |
Assets held for sale
| | | |
14,946
|
| | | |
15,312
|
|
Total current assets
| | | |
1,090,923
|
| | | |
1,128,487
|
|
Intangibles and Other Assets
| | | | | | | | |
Intangible assets, net of accumulated amortization
| | | |
5,360
| | | | |
5,458
| |
Other
| | | |
6,649
|
| | | |
7,122
|
|
Total intangibles and other assets
| | | |
12,009
|
| | | |
12,580
|
|
Property and Equipment, net of accumulated depreciation
| | | |
194,788
|
| | | |
208,680
|
| Total Assets | | | |
$
|
1,297,720
|
| | | |
$
|
1,349,747
|
| | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | |
Current Liabilities
| | | | | | | | |
Accounts payable
| | | |
$
|
17,539
| | | | |
$
|
17,659
| |
Floorplan payable
| | | |
606,673
| | | | |
627,249
| |
Current maturities of long-term debt
| | | |
24,677
| | | | |
7,749
| |
Customer deposits
| | | |
26,247
| | | | |
35,090
| |
Accrued expenses
| | | |
33,362
| | | | |
35,496
| |
Income taxes payable
| | | |
-
| | | | |
3,529
| |
Liabilities held for sale
| | | |
1,540
|
| | | |
2,835
|
|
Total current liabilities
| | | |
710,038
|
| | | |
729,607
|
|
Long-Term Liabilities
| | | | | | | | |
Senior convertible notes
| | | |
133,245
| | | | |
132,350
| |
Long-term debt, less current maturities
| | | |
45,660
| | | | |
67,123
| |
Deferred income taxes
| | | |
39,244
| | | | |
38,996
| |
Other long-term liabilities
| | | |
3,488
|
| | | |
3,312
|
|
Total long-term liabilities
| | | |
221,637
|
| | | |
241,781
|
|
Stockholders' Equity
| | | | | | | | |
Common stock
| | | |
-
| | | | |
-
| |
Additional paid-in-capital
| | | |
240,505
| | | | |
240,180
| |
Retained earnings
| | | |
131,114
| | | | |
137,418
| |
Accumulated other comprehensive loss
| | | |
(5,729
|
)
| | | |
(1,099
|
)
|
Total Titan Machinery Inc. stockholders' equity
| | | |
365,890
| | | | |
376,499
| |
Noncontrolling interest
| | | |
155
|
| | | |
1,860
|
|
Total stockholders' equity
| | | |
366,045
|
| | | |
378,359
|
| Total Liabilities and Stockholders' Equity | | | |
$
|
1,297,720
|
| | | |
$
|
1,349,747
|
| | | | | | | | | | | | |
|
| TITAN MACHINERY INC. | Consolidated Statements of Operations | (in thousands, except per share data) | (Unaudited) | |
|
|
| |
|
|
| | | | | |
Three Months Ended April 30,
| | | | |
2015
| | | |
2014
|
Revenue
| | | | | | | | |
Equipment
| | | |
$
|
244,983
| | | | |
$
|
345,045
| |
Parts
| | | |
61,520
| | | | |
68,379
| |
Service
| | | |
32,902
| | | | |
37,084
| |
Rental and other
| | | |
13,791
|
| | | |
14,955
|
|
Total Revenue
| | | |
353,196
|
| | | |
465,463
|
|
Cost of Revenue
| | | | | | | | |
Equipment
| | | |
227,033
| | | | |
316,282
| |
Parts
| | | |
43,571
| | | | |
48,014
| |
Service
| | | |
11,360
| | | | |
14,403
| |
Rental and other
| | | |
10,797
|
| | | |
10,825
|
|
Total Cost of Revenue
| | | |
292,761
|
| | | |
389,524
|
|
Gross Profit
| | | |
60,435
| | | | |
75,939
| |
Operating Expenses
| | | |
57,110
| | | | |
71,152
| |
Impairment and Realignment Costs
| | | |
1,601
|
| | | |
2,801
|
|
Income from Operations
| | | |
1,724
| | | | |
1,986
| |
Other Income (Expense)
| | | | | | | | |
Interest income and other income (expense)
| | | |
(2,124
|
)
| | | |
(2,578
|
)
|
Floorplan interest expense
| | | |
(4,599
|
)
| | | |
(4,593
|
)
|
Other interest expense
| | | |
(3,827
|
)
| | | |
(3,441
|
)
|
Loss Before Income Taxes
| | | |
(8,826
|
)
| | | |
(8,626
|
)
|
Benefit from Income Taxes
| | | |
(1,936
|
)
| | | |
(1,733
|
)
|
Net Loss Including Noncontrolling Interest
| | | |
(6,890
|
)
| | | |
(6,893
|
)
|
Less: Net Loss Attributable to Noncontrolling Interest
| | | |
(586
|
)
| | | |
(344
|
)
|
Net Loss Attributable to Titan Machinery Inc.
| | | |
(6,304
|
)
| | | |
(6,549
|
)
|
Net Loss Allocated to Participating Securities
| | | |
105
|
| | | |
60
|
|
Net Loss Attributable to Titan Machinery Inc. Common Stockholders
| | | |
$
|
(6,199
|
)
| | | |
$
|
(6,489
|
)
| | | | | | | | |
|
Earnings (Loss) per Share - Diluted
| | | |
$
|
(0.29
|
)
| | | |
$
|
(0.31
|
)
|
Weighted Average Common Shares - Diluted
| | | |
21,044
|
| | | |
20,951
|
| | | | | | | | | | |
|
| TITAN MACHINERY INC. | Consolidated Condensed Statements of Cash Flows | (in thousands) | (Unaudited) | |
|
|
| |
|
|
| | | | | |
Three Months Ended April 30,
| | | | |
2015
| | | |
2014
|
Operating Activities
| | | | | | | | |
Net loss including noncontrolling interest
| | | |
$
|
(6,890
|
)
| | | |
$
|
(6,893
|
)
|
Adjustments to reconcile net income including noncontrolling
interest to net cash used for operating activities
| | | | | | | | |
Depreciation and amortization
| | | |
6,667
| | | | |
6,729
| |
Impairment
| | | |
152
| | | | |
-
| |
Deferred income taxes
| | | |
497
| | | | |
232
| |
Other, net
| | | |
2,522
| | | | |
978
| |
Changes in assets and liabilities
| | | | | | | | |
Inventories
| | | |
522
| | | | |
(41,963
|
)
|
Manufacturer floorplan payable
| | | |
12,980
| | | | |
(17,308
|
)
|
Other working capital
| | | |
(2,144
|
)
| | | |
3,623
|
|
Net Cash Provided by (Used for) Operating Activities
| | | |
14,306
|
| | | |
(54,602
|
)
|
Investing Activities
| | | | | | | | |
Property and equipment purchases
| | | |
(2,282
|
)
| | | |
(5,707
|
)
|
Proceeds from sale of property and equipment
| | | |
634
| | | | |
471
| |
Other, net
| | | |
198
|
| | | |
(887
|
)
|
Net Cash Used for Investing Activities
| | | |
(1,450
|
)
| | | |
(6,123
|
)
|
Financing Activities
| | | | | | | | |
Net change in non-manufacturer floorplan payable
| | | |
(30,001
|
)
| | | |
65,305
| |
Net proceeds from (payments on) long-term debt borrowings
| | | |
(4,876
|
)
| | | |
3,327
| |
Other, net
| | | |
(443
|
)
| | | |
(207
|
)
|
Net Cash Provided by (Used for) Financing Activities
| | | |
(35,320
|
)
| | | |
68,425
|
|
Effect of Exchange Rate Changes on Cash
| | | |
(709
|
)
| | | |
69
| |
Net Change in Cash
| | | |
(23,173
|
)
| | | |
7,769
| |
Cash at Beginning of Period
| | | |
127,528
|
| | | |
74,242
|
|
Cash at End of Period
| | | |
$
|
104,355
|
| | | |
$
|
82,011
|
| | | | | | | | | | | | |
|
| TITAN MACHINERY INC. | Segment Results | (in thousands) | (Unaudited) | |
|
|
|
| | | | |
Three Months Ended April 30,
| | | | |
2015
|
|
|
|
2014
|
|
|
|
% Change
| Revenue | | | | | | | | | | | | |
Agriculture
| | | |
$
|
239,855
| | | | |
$
|
344,381
| | | | |
(30.4
|
)%
|
Construction
| | | |
81,171
| | | | |
91,765
| | | | |
(11.5
|
)%
|
International
| | | |
32,170
|
| | | |
29,317
|
| | | |
9.7
|
%
|
Total
| | | |
$
|
353,196
|
| | | |
$
|
465,463
|
| | | |
(24.1
|
)%
| | | | | | | | | | | | |
| Income (Loss) Before Income Taxes | | | | | | | | | | | | |
Agriculture
| | | |
$
|
(1,086
|
)
| | | |
$
|
3,505
| | | | |
(131.0
|
)%
|
Construction
| | | |
(3,565
|
)
| | | |
(5,993
|
)
| | | |
40.5
|
%
|
International
| | | |
(4,371
|
)
| | | |
(5,265
|
)
| | | |
17.0
|
%
|
Segment income (loss) before income taxes
| | | |
(9,022
|
)
| | | |
(7,753
|
)
| | | |
(16.4
|
)%
|
Shared Resources
| | | |
196
|
| | | |
(873
|
)
| | | |
122.5
|
%
|
Loss Before Income Taxes
| | | |
$
|
(8,826
|
)
| | | |
$
|
(8,626
|
)
| | | |
(2.3
|
)%
| | | | | | | | | | | | | | | | | |
|
| TITAN MACHINERY INC. | Non-GAAP Reconciliations | (in thousands, except per share data) | (Unaudited) | |
|
|
| |
|
|
| | | | | |
Three Months Ended April 30,
| | | | |
2015
| | | |
2014
| Pre-Tax Loss | | | | | | | | |
Loss Before Income Taxes
| | | |
$
|
(8,826
|
)
| | | |
$
|
(8,626
|
)
|
Non-GAAP Adjustments
| | | | | | | | |
Debt Issuance Cost Write-Off
| | | |
539
| | | | |
-
| |
Realignment / Store Closing Costs
| | | |
1,601
| | | | |
3,205
| |
Ukraine Remeasurement
| | | |
2,040
|
| | | |
3,122
|
|
Total Non-GAAP Adjustments
| | | |
4,180
|
| | | |
6,327
|
|
Adjusted Pre-Tax Loss
| | | |
$
|
(4,646
|
)
| | | |
$
|
(2,299
|
)
| | | | | | | | |
| Adjusted EBITDA | | | | | | | | |
Net Loss Including Noncontrolling Interest
| | | |
$
|
(6,890
|
)
| | | |
$
|
(6,893
|
)
|
Adjustments
| | | | | | | | |
Interest Expense, Net of Interest Income
| | | |
3,097
| | | | |
3,211
| |
Benefit from Income Taxes
| | | |
(1,936
|
)
| | | |
(1,733
|
)
|
Depreciation and amortization
| | | |
6,667
| | | | |
6,729
| |
Total Non-GAAP Adjustments to Pre-Tax Income (Loss)
| | | |
4,180
|
| | | |
6,327
|
|
Total Adjustments
| | | |
12,008
|
| | | |
14,534
|
|
Adjusted EBITDA
| | | |
$
|
5,118
|
| | | |
$
|
7,641
|
| | | | | | | | |
| Net Loss Attributable to Titan Machinery Inc. Common Stockholders | | | | | | | | |
Net Loss Attributable to Titan Machinery Inc. Common Stockholders
| | | |
$
|
(6,199
|
)
| | | |
$
|
(6,489
|
)
|
Non-GAAP Adjustments (1)
| | | | | | | | |
Debt Issuance Cost Write-Off
| | | |
318
| | | | |
-
| |
Realignment / Store Closing Costs
| | | |
945
| | | | |
1,896
| |
Ukraine Remeasurement
| | | |
2,006
|
| | | |
3,078
|
|
Total Non-GAAP Adjustments
| | | |
$
|
3,269
|
| | | |
$
|
4,974
|
|
Adjusted Net Loss Attributable to Titan Machinery Inc. Common
Stockholders
| | | |
$
|
(2,930
|
)
| | | |
$
|
(1,515
|
)
| | | | | | | | |
| Earnings (Loss) per Share - Diluted | | | | | | | | |
Earnings (Loss) per Share - Diluted
| | | |
$
|
(0.29
|
)
| | | |
$
|
(0.31
|
)
|
Non-GAAP Adjustments (1)
| | | | | | | | |
Debt Issuance Cost Write-Off
| | | |
0.02
| | | | |
-
| |
Realignment / Store Closing Costs
| | | |
0.04
| | | | |
0.09
| |
Ukraine Remeasurement
| | | |
0.10
|
| | | |
0.15
|
|
Total Non-GAAP Adjustments
| | | |
$
|
0.16
|
| | | |
$
|
0.24
|
|
Adjusted Earnings (Loss) per Share - Diluted
| | | |
$
|
(0.13
|
)
| | | |
$
|
(0.07
|
)
| | | | | | | | |
|
(1) Adjustments are net of the impact of amounts related to income
taxes, attributable to noncontrolling interests, and allocated to
participating securities.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150528005368/en/ Investor Relations: ICR, Inc. John Mills, Partner 310-954-1105 jmills@icrinc.com |
May 28, 2015 |
|