Full Year Fiscal 2020 Results
Fourth Quarter Fiscal 2020 Results
On
Commenting on the financial results,
Segment Results
Heavy Materials: Cement, Concrete and Aggregates
Fiscal 2020 revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, and joint venture and intersegment Cement revenue, was
Fiscal 2020 Cement revenue, including joint venture and intersegment revenue, was up 15% to
Cement revenue for the quarter, including joint venture and intersegment revenue, was up 30% to
Fiscal 2020 revenue from Concrete and Aggregates increased 31% to
Concrete and Aggregates revenue for the quarter was
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, declined 4% to
Gypsum Wallboard and Paperboard revenue for the fourth quarter totaled
The average Paperboard net sales price for the fourth quarter was
Gypsum Wallboard and Paperboard reported fourth quarter operating earnings of
Oil and Gas Proppants
Eagle’s Oil and Gas Proppants segment reported fiscal 2020 revenue of
Revenue for this segment in the fourth quarter was down 42% to
In the fourth quarter of fiscal 2020, the Company completed the disposition of its Wildcat Minerals distribution business, and we continue to pursue alternatives for the remaining Oil and Gas Proppants business.
Planned Separation of Heavy Materials and Light Materials Businesses
As previously announced on
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture,
In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About
Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in or changes in the nature of activity in the oil and gas industry, including fluctuations in the level of fracturing activities and the demand for frac sand and changes in processes or substitutions in materials used in well fracturing; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; cyber-attacks or data security breaches; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction; risks related to pursuit of acquisitions, joint ventures and other transactions; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. With respect to our acquisition of certain assets from
Attachment 1 |
Statement of Consolidated Earnings |
|
Attachment 2 |
Revenue and Earnings by Lines of Business (Quarter and Fiscal Year) |
|
Attachment 3 |
Sales Volume, Net Sales Prices and Intersegment and Cement Revenue |
|
Attachment 4 |
Consolidated Balance Sheets |
|
Attachment 5 |
Depreciation, Depletion and Amortization by Lines of Business |
|
Attachment 6 |
Reconciliation of Non-GAAP Financial Measures |
|
Attachment 1 |
||||||||||||||||
Statement of Consolidated Earnings (dollars in thousands, except per share data) (unaudited) |
||||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||||
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue |
$ |
315,442 |
|
|
$ |
284,701 |
|
|
$ |
1,450,814 |
|
|
$ |
1,393,241 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of Goods Sold |
|
251,529 |
|
|
|
228,119 |
|
|
|
1,119,552 |
|
|
|
1,066,673 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross Profit |
|
63,913 |
|
|
|
56,582 |
|
|
|
331,262 |
|
|
|
326,568 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Equity in Earnings of Unconsolidated JV |
|
10,096 |
|
|
|
9,634 |
|
|
|
42,585 |
|
|
|
38,565 |
|
|
Corporate General and Administrative Expense |
|
(16,904 |
) |
|
|
(10,038 |
) |
|
|
(65,410 |
) |
|
|
(37,371 |
) |
|
Litigation Settlement Expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,800 |
) |
|
Impairment Losses |
|
- |
|
|
|
(220,265 |
) |
|
|
(224,267 |
) |
|
|
(220,265 |
) |
|
Other Non-Operating (Expense) Income |
|
(1,992 |
) |
|
|
121 |
|
|
|
(25 |
) |
|
|
2,412 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings (Loss) before Interest and Income Taxes |
|
55,113 |
|
|
|
(163,966 |
) |
|
|
84,145 |
|
|
|
108,109 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Expense, Net |
|
(9,895 |
) |
|
|
(7,631 |
) |
|
|
(38,421 |
) |
|
|
(28,374 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Earnings (Loss) before Income Taxes |
|
45,218 |
|
|
|
(171,597 |
) |
|
|
45,724 |
|
|
|
79,735 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Income Tax Benefit (Expense) |
|
27,211 |
|
|
|
43,800 |
|
|
|
25,170 |
|
|
|
(10,875 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net Earnings (Loss) |
$ |
72,429 |
|
|
$ |
(127,797 |
) |
|
$ |
70,894 |
|
|
$ |
68,860 |
|
|
|
|
|
|
|
|
|
|
|||||||||
NET EARNINGS (LOSS) PER SHARE |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.75 |
|
|
$ |
(2.82 |
) |
|
$ |
1.69 |
|
|
$ |
1.48 |
|
|
Diluted |
$ |
1.74 |
|
|
$ |
(2.82 |
) |
|
$ |
1.68 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|||||||||
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|||||||||
Basic |
|
41,343,649 |
|
|
|
45,280,991 |
|
|
|
42,021,892 |
|
|
|
46,620,894 |
|
|
Diluted |
|
41,554,357 |
|
|
|
45,280,991 |
|
|
|
42,285,343 |
|
|
|
46,932,380 |
|
|
|
|
|
|
|
|
|
|
Attachment 2 |
||||||||||||||||
Revenue and Earnings by Lines of Business (dollars in thousands) (unaudited) |
||||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||||
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Revenue* |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Heavy Materials: |
|
|
|
|
|
|
|
|||||||||
Cement (Wholly Owned) |
$ |
114,515 |
|
|
$ |
84,058 |
|
|
$ |
616,967 |
|
|
$ |
537,858 |
|
|
Concrete and Aggregates |
|
39,511 |
|
|
|
28,504 |
|
|
|
181,273 |
|
|
|
138,751 |
|
|
|
|
154,026 |
|
|
|
112,562 |
|
|
|
798,240 |
|
|
|
676,609 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Light Materials: |
|
|
|
|
|
|
|
|||||||||
Gypsum Wallboard |
$ |
127,691 |
|
|
$ |
129,734 |
|
|
$ |
508,145 |
|
|
$ |
532,712 |
|
|
Gypsum Paperboard |
|
23,478 |
|
|
|
24,684 |
|
|
|
97,648 |
|
|
|
100,933 |
|
|
|
|
151,169 |
|
|
|
154,418 |
|
|
|
605,793 |
|
|
|
633,645 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Oil and Gas Proppants |
|
10,247 |
|
|
|
17,721 |
|
|
|
46,781 |
|
|
|
82,987 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Revenue |
$ |
315,442 |
|
|
$ |
284,701 |
|
|
$ |
1,450,814 |
|
|
$ |
1,393,241 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Segment Operating Earnings |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Heavy Materials: |
|
|
|
|
|
|
|
|||||||||
Cement (Wholly Owned) |
$ |
14,407 |
|
|
$ |
13,070 |
|
|
$ |
138,745 |
|
|
$ |
126,217 |
|
|
Cement (Joint Venture) |
|
10,096 |
|
|
|
9,634 |
|
|
|
42,585 |
|
|
|
38,565 |
|
|
Concrete and Aggregates |
|
2,535 |
|
|
|
2,245 |
|
|
|
17,558 |
|
|
|
12,866 |
|
|
|
$ |
27,038 |
|
|
$ |
24,949 |
|
|
$ |
198,888 |
|
|
$ |
177,648 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Light Materials: |
|
|
|
|
|
|
|
|||||||||
Gypsum Wallboard |
$ |
39,742 |
|
|
$ |
41,137 |
|
|
$ |
154,614 |
|
|
$ |
180,831 |
|
|
Gypsum Paperboard |
|
5,919 |
|
|
|
9,271 |
|
|
|
34,979 |
|
|
|
35,349 |
|
|
|
|
45,661 |
|
|
|
50,408 |
|
|
|
189,593 |
|
|
|
216,180 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Oil and Gas Proppants |
|
1,310 |
|
|
|
(9,141 |
) |
|
|
(14,634 |
) |
|
|
(28,695 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Sub-total |
|
74,009 |
|
|
|
66,216 |
|
|
|
373,847 |
|
|
|
365,133 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate General and Administrative Expense |
|
(16,904 |
) |
|
|
(10,038 |
) |
|
|
(65,410 |
) |
|
|
(37,371 |
) |
|
Litigation Settlement Expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,800 |
) |
|
Impairment Losses |
|
- |
|
|
|
(220,265 |
) |
|
|
(224,267 |
) |
|
|
(220,265 |
) |
|
Other Non-Operating (Expense) Income |
|
(1,992 |
) |
|
|
121 |
|
|
|
(25 |
) |
|
|
2,412 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings before Interest and Income Taxes |
$ |
55,113 |
|
|
$ |
(163,966 |
) |
|
$ |
84,145 |
|
|
$ |
108,109 |
|
|
* Net of Intersegment and Joint Venture Revenue listed on Attachment 3. |
Attachment 3 |
||||||||||||||
Sales Volume, Net Sales Prices and Intersegment and Cement Revenue (unaudited) |
||||||||||||||
|
Sales Volume |
|||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cement (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly Owned |
929 |
|
701 |
|
+33 |
% |
|
4,975 |
|
4,441 |
|
+12 |
% |
|
Joint Venture |
235 |
|
227 |
|
+4 |
% |
|
956 |
|
899 |
|
+6 |
% |
|
|
1,164 |
|
928 |
|
+25 |
% |
|
5,931 |
|
5,340 |
|
+11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Concrete (M Cubic Yards) |
293 |
|
228 |
|
+29 |
% |
|
1,388 |
|
1,074 |
|
+29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Aggregates (M Tons) |
705 |
|
552 |
|
+28 |
% |
|
3,313 |
|
3,168 |
|
+5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gypsum Wallboard (MMSFs) |
684 |
|
659 |
|
+4 |
% |
|
2,694 |
|
2,651 |
|
+2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Paperboard (M Tons): |
|
|
|
|
|
|
|
|
|
|
|
|||
Internal |
30 |
|
31 |
|
-3 |
% |
|
129 |
|
126 |
|
+2 |
% |
|
External |
49 |
|
45 |
|
+9 |
% |
|
197 |
|
185 |
|
+6 |
% |
|
|
79 |
|
76 |
|
+4 |
% |
|
326 |
|
311 |
|
+5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Frac Sand (M Tons) |
301 |
|
445 |
|
-32 |
% |
|
1,264 |
|
1,574 |
|
-20 |
% |
|
Average |
|||||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||||||
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cement (Ton) |
$ |
111.09 |
|
$ |
109.15 |
|
+2 |
% |
|
$ |
109.96 |
|
$ |
108.15 |
|
+2 |
% |
|
Concrete (Cubic Yard) |
$ |
113.46 |
|
$ |
103.93 |
|
+9 |
% |
|
$ |
109.28 |
|
$ |
102.98 |
|
+6 |
% |
|
Aggregates (Ton) |
$ |
9.50 |
|
$ |
9.19 |
|
+3 |
% |
|
$ |
9.39 |
|
$ |
9.29 |
|
+1 |
% |
|
Gypsum Wallboard (MSF) |
$ |
146.62 |
|
$ |
156.29 |
|
-6 |
% |
|
$ |
148.03 |
|
$ |
160.30 |
|
-8 |
% |
|
Paperboard (Ton) |
$ |
457.13 |
|
$ |
532.38 |
|
-14 |
% |
|
$ |
476.20 |
|
$ |
523.05 |
|
-9 |
% |
|
*Net of freight and delivery costs billed to customers. |
|
Intersegment and Cement Revenue |
|||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
Intersegment Revenue: |
|
|
|
|
|
|
|
|||||
Cement |
$ |
4,369 |
|
$ |
2,639 |
|
$ |
21,499 |
|
$ |
14,408 |
|
Concrete and Aggregates |
|
368 |
|
|
244 |
|
|
1,502 |
|
|
1,422 |
|
Paperboard |
|
14,125 |
|
|
16,924 |
|
|
62,315 |
|
|
66,723 |
|
|
$ |
18,862 |
|
$ |
19,807 |
|
$ |
85,316 |
|
$ |
82,553 |
|
|
|
|
|
|
|
|
|
|||||
Cement Revenue: |
|
|
|
|
|
|
|
|||||
Wholly Owned |
$ |
114,515 |
|
$ |
84,058 |
|
$ |
616,967 |
|
$ |
537,858 |
|
Joint Venture |
|
27,761 |
|
|
26,381 |
|
|
113,536 |
|
|
104,493 |
|
|
$ |
142,276 |
|
$ |
110,439 |
|
$ |
730,503 |
|
$ |
642,351 |
Attachment 4 |
||||||||
Consolidated Balance Sheets (dollars in thousands) (unaudited) |
||||||||
|
|
|||||||
|
2020 |
|
2019 |
|||||
ASSETS |
|
|
|
|
|
|||
Current Assets – |
|
|
|
|
|
|||
Cash and Cash Equivalents |
$ |
118,648 |
|
|
$ |
8,601 |
|
|
Accounts and Notes Receivable, net |
|
151,786 |
|
|
|
128,722 |
|
|
Inventories |
|
272,508 |
|
|
|
275,194 |
|
|
Federal Income Tax Receivable |
|
128,413 |
|
|
|
5,480 |
|
|
Prepaid and Other Assets |
|
6,862 |
|
|
|
9,624 |
|
|
Total Current Assets |
|
678,217 |
|
|
|
427,621 |
|
|
|
|
|
|
|
|
|||
Property, Plant and Equipment, net |
|
1,762,109 |
|
|
|
1,426,939 |
|
|
Investments in Joint Venture |
|
73,958 |
|
|
|
64,873 |
|
|
Operating Lease Right of Use Asset |
|
30,530 |
|
|
|
- |
|
|
Notes Receivable |
|
9,139 |
|
|
|
2,898 |
|
|
|
|
396,463 |
|
|
|
229,115 |
|
|
Other Assets |
|
10,604 |
|
|
|
17,717 |
|
|
|
$ |
2,961,020 |
|
|
$ |
2,169,163 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|||
Current Liabilities – |
|
|
|
|
|
|||
Accounts Payable |
$ |
86,197 |
|
|
$ |
80,884 |
|
|
Accrued Liabilities |
|
73,293 |
|
|
|
61,949 |
|
|
Operating Lease Liabilities |
|
10,207 |
|
|
|
- |
|
|
Current Portion of Senior Notes |
|
- |
|
|
|
36,500 |
|
|
Total Current Liabilities |
|
169,697 |
|
|
|
179,333 |
|
|
|
|
|
|
|
|
|||
Long-term Liabilities |
|
39,689 |
|
|
|
34,492 |
|
|
Non-current Lease Liabilities |
|
49,809 |
|
|
|
- |
|
|
Bank Credit Facility |
|
560,000 |
|
|
|
310,000 |
|
|
Bank Term Loan |
|
660,761 |
|
|
|
- |
|
|
4.500% Senior Unsecured Notes due 2026 |
|
346,554 |
|
|
|
345,092 |
|
|
Deferred Income Taxes |
|
166,667 |
|
|
|
90,759 |
|
|
Stockholders’ Equity – |
|
|
|
|
|
|||
Preferred Stock, Par Value |
|
|
|
|
|
|||
Shares; None Issued |
|
- |
|
|
|
- |
|
|
Common Stock, Par Value |
|
|
|
|
|
|||
Issued and Outstanding 41,649,041 and 45,117,393 Shares, respectively. |
|
416 |
|
|
|
451 |
|
|
Capital in Excess of Par Value |
|
10,943 |
|
|
|
- |
|
|
Accumulated Other Comprehensive Losses |
|
(3,581 |
) |
|
|
(3,316 |
) |
|
Retained Earnings |
|
960,065 |
|
|
|
1,212,352 |
|
|
Total Stockholders’ Equity |
|
967,843 |
|
|
|
1,209,487 |
|
|
|
$ |
2,961,020 |
|
|
$ |
2,169,163 |
|
|
Attachment 5 |
||||||||||||
Depreciation, Depletion and Amortization by Lines of Business (unaudited) |
||||||||||||
|
||||||||||||
The following table presents depreciation, depletion and amortization by lines of business for the quarter and fiscal year ended |
||||||||||||
|
||||||||||||
|
Depreciation, Depletion and Amortization
|
|||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
|
|
|
|
|
|
|
|
|||||
Cement |
$ |
16,806 |
|
$ |
13,893 |
|
$ |
59,081 |
|
$ |
52,802 |
|
Concrete and Aggregates |
|
3,092 |
|
|
2,022 |
|
|
11,142 |
|
|
8,176 |
|
Gypsum Wallboard |
|
5,171 |
|
|
5,011 |
|
|
20,320 |
|
|
20,020 |
|
Paperboard |
|
2,335 |
|
|
2,154 |
|
|
8,945 |
|
|
8,541 |
|
Oil and Gas Proppants |
|
223 |
|
|
6,925 |
|
|
11,310 |
|
|
31,328 |
|
Corporate and Other |
|
919 |
|
|
569 |
|
|
2,720 |
|
|
1,668 |
|
|
$ |
28,546 |
|
$ |
30,574 |
|
$ |
113,518 |
|
$ |
122,535 |
|
|
|
|
|
|
|
|
|
Attachment 6 |
||||||||||||||||
Reconciliation of Non-GAAP Financial Measures (unaudited) (Dollars in thousands, other than earnings per share amounts, and number of shares in thousands) |
||||||||||||||||
|
||||||||||||||||
Adjusted Earnings per Diluted Share (Adjusted EPS) |
||||||||||||||||
Adjusted EPS is a non-GAAP financial measure and represents earnings per diluted share excluding the impacts from non-routine items, such as impairment losses and business development costs (Non-routine Items). Management uses measures of earnings excluding the impact of Non-routine Items as a basis for comparing operating results of the Company from period to period and for purposes of its budgeting and planning processes. Although management believes that Adjusted EPS is useful in evaluating the Company’s business, this information should be considered as supplemental in nature and is not meant to be considered in isolation, or as a substitute for, earnings per diluted share and the related financial information prepared in accordance with GAAP. In addition, our presentation of Adjusted EPS may not be the same as similarly titled measures reported by other companies, limiting its usefulness as a comparative measure. The following shows the calculation of Adjusted EPS and reconciles Adjusted EPS to earnings per diluted share in accordance with GAAP for the quarter and fiscal year ended |
||||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
|||||||||||||
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|||||||||
As reported net earnings (loss) |
$ |
72,429 |
|
|
$ |
(127,797 |
) |
|
$ |
70,894 |
|
|
$ |
68,860 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-routine Items: |
|
|
|
|
|
|
|
|||||||||
Impairment Losses 1 |
$ |
- |
|
|
$ |
220,265 |
|
|
$ |
224,267 |
|
|
$ |
220,265 |
|
|
Business Development Costs 2 |
|
6,537 |
|
|
|
- |
|
|
|
18,489 |
|
|
|
- |
|
|
Kosmos outage and purchase accounting 3 |
|
6,756 |
|
|
|
- |
|
|
|
6,756 |
|
|
|
- |
|
|
Plant Expansion Costs 4 |
|
3,000 |
|
|
|
- |
|
|
|
4,500 |
|
|
|
- |
|
|
Total Non-routine Items before Taxes |
$ |
16,293 |
|
|
$ |
220,265 |
|
|
$ |
254,012 |
|
|
$ |
220,265 |
|
|
Tax Impact on Non-routine Items 5 |
|
(3,859 |
) |
|
|
(52,265 |
) |
|
|
(57,458 |
) |
|
|
(52,265 |
) |
|
Adjust tax benefit from CARES Act 5 |
|
(31,736 |
) |
|
|
- |
|
|
|
(31,736 |
) |
|
|
- |
|
|
After-tax Impact of Non-routine Items |
$ |
(19,302 |
) |
|
$ |
168,000 |
|
|
$ |
164,818 |
|
|
$ |
168,000 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Net Earnings |
$ |
53,127 |
|
|
$ |
40,203 |
|
|
$ |
235,712 |
|
|
$ |
236,860 |
|
|
|
|
|
|
|
|
|
|
|||||||||
As reported diluted average shares outstanding 6 |
|
41,554 |
|
|
|
45,281 |
|
|
|
42,285 |
|
|
|
46,932 |
|
|
Adjusted diluted average shares outstanding 6 |
|
41,554 |
|
|
|
45,495 |
|
|
|
42,285 |
|
|
|
46,932 |
|
|
|
|
|
|
|
|
|
|
|||||||||
As reported net earnings (loss) per diluted share |
$ |
1.74 |
|
|
$ |
(2.82 |
) |
|
$ |
1.68 |
|
|
$ |
1.47 |
|
|
Adjusted net earnings per diluted share |
$ |
1.28 |
|
|
$ |
0.88 |
|
|
$ |
5.57 |
|
|
$ |
5.05 |
|
1 Represents asset impairment losses related to the Frac Sand business recorded in Fiscal 2020 and 2019 |
2 Represents non-routine expenses associated with acquisitions and separation costs |
3 Represents the expenses of the annual maintenance outage at the Kosmos Cement Business which occurred shortly after the acquisition and the impact of purchase accounting on inventory costs |
4 Represents the impact of an outage at the Republic Paperboard papermill associated with the planned expansion |
5 Represents the tax effect of impairments and other charges during the respective periods. Additionally, during the three months ended |
6 As reported diluted average shares outstanding for the three months ended |
Attachment 6 (Continued) |
|||||||||||||||
|
|||||||||||||||
EBITDA and Adjusted EBITDA |
|||||||||||||||
|
|||||||||||||||
Similar to the presentation of Adjusted EPS, we present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the same non-routine items excluded in the calculation of Adjusted Earnings per Diluted Share as described above and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance in accordance with GAAP. The following shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings (loss) in accordance with GAAP for the quarter and fiscal year ended |
|||||||||||||||
|
Quarter Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
||||||||||
Net Earnings (Loss) |
$ |
72,429 |
|
$ |
(127,797 |
) |
|
$ |
70,894 |
|
$ |
68,860 |
|||
Income Tax (Benefit) Expense |
|
(27,211 |
) |
|
(43,800 |
) |
|
|
(25,170 |
) |
|
10,875 |
|||
Interest Expense |
|
9,895 |
|
|
7,631 |
|
|
|
38,421 |
|
|
28,374 |
|||
Depreciation, Depletion and Amortization |
|
28,546 |
|
|
30,574 |
|
|
|
113,518 |
|
|
122,535 |
|||
EBITDA |
$ |
83,659 |
|
$ |
(133,392 |
) |
|
$ |
197,663 |
|
$ |
230,644 |
|||
Impairment Losses |
|
- |
|
|
220,265 |
|
|
|
224,267 |
|
|
220,265 |
|||
Business Development Costs |
|
6,537 |
|
|
- |
|
|
|
18,489 |
|
|
- |
|||
Kosmos outage and purchase accounting |
|
6,756 |
|
|
- |
|
|
|
6,756 |
|
|
- |
|||
Stock-based Compensation |
|
3,416 |
|
|
3,500 |
|
|
|
19,823 |
|
|
15,109 |
|||
Plant Expansion Costs |
|
3,000 |
|
|
- |
|
|
|
4,500 |
|
|
- |
|||
Adjusted EBITDA |
$ |
103,368 |
|
$ |
90,373 |
|
|
$ |
471,498 |
|
$ |
466,018 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200519005125/en/
For additional information, contact at 214-432-2000.
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer
Executive Vice President, Strategy,
Source: