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Atkore International Holdings Inc. Announces Second Quarter Fiscal Year 2013 Financial Results

Release Date:2013-05-21  Hits:10302
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Net sales decreased $21 million for the three months ended March 29, 2013 to $406 million, from $427 million for the thr
Net sales decreased $21 million for the three months ended March 29, 2013 to $406 million, from $427 million for the three months ended March 30, 2012. The decrease was due primarily to the impact of lower average selling prices from our Global Pipe, Tube & Conduit ("GPTC") and Global Cable & Cable Management ("GCCM") products of $25 million and an unfavorable foreign currency exchange impact of $5 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real. This decrease was partially offset by $8 million from higher volume and $5 million of freight recovery classified as revenue in the current period. Full quarter revenue generated by a business acquired in fiscal year 2012, partially offset by the absence of revenue of the Gem Fabrication manufacturing facility sold in fiscal year 2012, had an unfavorable impact of $4 million.
Net sales decreased $7 million for the six months ended March 29, 2013 to $791 million, from $798 million for the six months ended March 30, 2012. The decrease was due primarily to the impact of lower average selling prices from our GPTC and GCCM products of about $32 million and an unfavorable foreign currency exchange impact of $8 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real. This decrease was partially offset by a higher volume of GPTC and GCCM products of approximately $27 million and $11 million of freight recovery classified as revenue in the current period. The year to date revenue generated by a business acquired in fiscal year 2012, partially offset by the absence of revenue of the Gem Fabrication manufacturing facility sold in fiscal year 2012, had an unfavorable impact of  $5 million.
Operating IncomeWorld Steel Tube The editor was informed
Operating income decreased by $10 million to $11 million for the three months ended March 29, 2013, compared to $21 million for the three months ended March 30, 2012. The decrease was due primarily to lower gross margins of $15 million mainly as a result of lower average selling prices for GPTC products, offset by lower selling, general and administrative expense of $5 million.
Operating income decreased by $5 million to $18 million for the six months ended March 29, 2013, compared to $23 million for the six months ended March 30, 2012. The decrease was due primarily to lower gross margins of $8 million, partly offset by lower selling, general and administrative expense of $3 million.World Steel Tube The editor was informed
Adjusted EBITDA (Non-GAAP): Adjusted EBITDA was $28 million and $37 million for the three months ended March 29, 2013 and March 30, 2012, respectively, and $55 million and $56 million for the six months ended March 29, 2013 and March 30, 2012, respectively.World Steel Tube The editor was informed
Adjusted Economic EBITDA (Non-GAAP): In the fourth quarter of fiscal year 2012, the Company began considering results in terms of Adjusted Economic EBITDA to evaluate the performance of the Company. Adjusted Economic EBITDA is a metric used internally by management and differs from Adjusted EBITDA results by substituting an estimate of the current period, current market steel materials cost in the GPTC business for the accounting cost, which is done on a FIFO basis. The Company believes Adjusted Economic EBITDA provides a more accurate view of the economic performance of the business by aligning the relationship between pricing and steel cost in the same period. Use of the FIFO costing method, as we do in our GAAP accounting records, results in higher spreads when steel costs are rising and lower spreads when steel costs are falling. The difference may be significant and may result in distorted performance comparisons. The use of Adjusted Economic EBITDA eliminates a significant portion of this volatility. Adjusted Economic EBITDA was $34 million and $36 million for the three months ended March 29, 2013 and March 30, 2012, respectively, and $69 million and $70 million for the six months ended March 29, 2013 and March 30, 2012, respectively.
Total Net Debt (Non-GAAP): The total net debt was $397 million and $382 million as of March 29, 2013 and September 28, 2012, respectively. The total net debt is defined as total debt net of cash and cash equivalents limited to $35 million. The reconciliation between total debt and total net debt was shown in supplemental schedule F.World Steel Tube The editor was informed
Disclaimer: The above "Atkore International Holdings Inc. Announces Second Quarter Fiscal Year 2013 Financial Results" header information shown by the enterprises themselves, the authenticity of the content, accuracy and legitimacy of responsibility by the publisher. China Steel Harbor does not undertake any guarantee responsibility.
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