News Releases
Outlook Reaffirmed for Fiscal Year 2016
Key first quarter highlights include:
-
Revenues increased 31.9% to a record
$192.1 million -
Free cash flow increased 46.5% to
$42.7 million - Organic sales growth of 3.7%, excluding the impact of foreign currency fluctuations
-
Adjusted earnings per share increased 26.8% to
$0.52
First Fiscal Quarter Ended
Revenues for the first quarter of fiscal 2016 were
Reported net income for the first quarter of fiscal 2016 totaled
Free Cash Flow & Balance Sheet
The Company's free cash flow for the quarter ended
The Company's net debt at
Segment Review
Revenues for the
Commentary & Outlook
“We are very pleased with our first quarter results, highlighted by
record revenues driven by strong organic growth of 3.7%, excluding the
impact of foreign currency fluctuations, and solid performance of our
Insight and Hydralyte acquisitions,” said
“With first quarter results under our belt, strong consumption trends across many of our key brands, and a growing international business, we believe the Company is on track to achieve our previously provided outlook. For the full fiscal year 2016, we are reconfirming our revenue growth projection to be in the range of 10% to 12%, including the estimated impact of foreign currency fluctuations. We continue to anticipate revenue growth for the first half of the fiscal year of 20% to 23% and 1.5% to 2% for the second half as we annualize the Insight and Hydralyte acquisitions which closed during the first half of fiscal 2015,” he said.
“In addition, we continue to expect fiscal 2016 adjusted earnings per
share in the range of
Q1 Conference Call & Accompanying Slide Presentation
The Company will host a conference call to review its first quarter
results on
Non-GAAP Financial Information
In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release.
About
The Company markets and distributes brand name over-the-counter
healthcare and household cleaning products throughout the U.S.,
Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the
meaning of the federal securities laws that are intended to qualify for
the Safe Harbor from liability established by the Private Securities
Litigation Reform Act of 1995. "Forward-looking statements" generally
can be identified by the use of forward-looking terminology such as
"assumptions," "target," "guidance," “strategy,” "outlook," "plans,"
"projection," "may," "will," "would," "expect," "intend," "estimate,"
"anticipate," "believe”, "potential," or "continue"
(or the negative or other derivatives of each of these terms) or similar
terminology. The "forward-looking statements" include,
without limitation, statements regarding the Company's expectations
regarding future operating results including revenues, adjusted earnings
per share and free cash flow, the strength of consumption of the
Company's products, the growth of the Company's international business
and the Company's expectations of rapid de-levering, building M&A
capacity and investing in brand building. These statements are based on
management's estimates and assumptions with respect to future events and
financial performance and are believed to be reasonable, though are
inherently uncertain and difficult to predict. Actual results could
differ materially from those expected as a result of a variety of
factors, including the impact of our advertising and promotional
initiatives, the severity of the cold and flu season, general economic
and business conditions, fluctuating foreign exchange rates, consumer
trends, competition in our industry, the ability of our third party
manufacturers and suppliers to meet demand for our products, and
introductions of new products. A discussion of other factors that could
cause results to vary is included in the Company's Annual Report on Form
10-K for the year ended
Prestige Brands Holdings, Inc. |
|||||||||||
Three Months Ended June 30, |
|||||||||||
(In thousands, except per share data) |
2015 |
2014 | |||||||||
Revenues | |||||||||||
Net sales |
$ |
|
191,287 |
$ |
|
144,541 | |||||
Other revenues | 845 | 1,161 | |||||||||
Total revenues | 192,132 | 145,702 | |||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 79,896 | 63,836 | |||||||||
Gross profit | 112,236 | 81,866 | |||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 26,422 | 19,096 | |||||||||
General and administrative | 17,589 | 17,006 | |||||||||
Depreciation and amortization | 5,720 | 2,961 | |||||||||
Total operating expenses | 49,731 | 39,063 | |||||||||
Operating income |
62,505 |
42,803 | |||||||||
Other (income) expense | |||||||||||
Interest income |
(27 |
) |
(32 |
) |
|||||||
Interest expense |
21,911 |
14,685 |
|||||||||
Loss on extinguishment of debt |
451 |
— |
|||||||||
Total other expense |
22,335 |
14,653 |
|||||||||
Income before income taxes |
40,170 |
28,150 |
|||||||||
Provision for income taxes |
13,997 |
11,418 |
|||||||||
Net income |
$ |
|
26,173 |
$ |
|
16,732 |
|||||
Earnings per share: |
|||||||||||
Basic |
$ |
|
0.50 |
$ |
|
0.32 |
|||||
Diluted |
$ |
|
0.49 |
$ |
|
0.32 |
|||||
Weighted average shares outstanding: |
|||||||||||
Basic | 52,548 | 51,956 | |||||||||
Diluted | 52,958 | 52,533 | |||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | (405 | ) | 2,726 | ||||||||
Total other comprehensive income (loss) | (405 | ) | 2,726 | ||||||||
Comprehensive income |
$ |
|
25,768 |
$ |
|
19,458 |
|||||
Prestige Brands Holdings, Inc. |
|||||||||
|
|||||||||
(In thousands) |
June 30, |
March 31, |
|||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 21,598 | $ | 21,318 | |||||
Accounts receivable, net | 85,576 | 87,858 | |||||||
Inventories | 74,077 | 74,000 | |||||||
Deferred income tax assets | 7,918 | 8,097 | |||||||
Prepaid expenses and other current assets | 11,890 | 10,434 | |||||||
Total current assets | 201,059 | 201,707 | |||||||
Property and equipment, net | 13,154 | 13,744 | |||||||
Goodwill | 290,867 | 290,651 | |||||||
Intangible assets, net | 2,129,860 | 2,134,700 | |||||||
Other long-term assets | 1,562 | 1,165 | |||||||
Total Assets | $ | 2,636,502 | $ | 2,641,967 | |||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities | |||||||||
Current portion of long term debt | $ | 8,525 |
$ |
— |
|||||
Accounts payable | 47,170 | 46,115 | |||||||
Accrued interest payable | 9,359 | 11,974 | |||||||
Other accrued liabilities | 36,738 | 40,948 | |||||||
Total current liabilities |
101,792 |
99,037 | |||||||
Long-term debt | |||||||||
Principal amount | 1,540,075 | 1,593,600 | |||||||
Less unamortized debt costs | (33,534 | ) | (32,327 | ) | |||||
Long-term debt, net | 1,506,541 | 1,561,273 | |||||||
Deferred income tax liabilities | 362,928 | 351,569 | |||||||
Other long-term liabilities | 2,517 | 2,464 | |||||||
Total Liabilities | 1,973,778 | 2,014,343 | |||||||
Stockholders' Equity | |||||||||
Preferred stock - $0.01 par value | |||||||||
Authorized - 5,000 shares | |||||||||
Issued and outstanding - None | — | — | |||||||
Common stock - $0.01 par value | |||||||||
Authorized - 250,000 shares | |||||||||
Issued - 53,032 shares at June 30, 2015 and 52,562 shares at March 31, 2015 | 530 | 525 | |||||||
Additional paid-in capital | 437,554 | 426,584 | |||||||
Treasury stock, at cost - 306 shares at June 30, 2015 and 266 shares at March 31, 2015 | (5,121 | ) | (3,478 | ) | |||||
Accumulated other comprehensive loss, net of tax | (23,817 | ) | (23,412 | ) | |||||
Retained earnings | 253,578 | 227,405 | |||||||
Total Stockholders' Equity | 662,724 | 627,624 | |||||||
Total Liabilities and Stockholders' Equity | $ | 2,636,502 | $ | 2,641,967 | |||||
Prestige Brands Holdings, Inc. |
|||||||
Three Months Ended June 30, |
|||||||
(In thousands) |
2015 |
2014 |
|||||
Operating Activities |
|||||||
Net income | $ | 26,173 | $ | 16,732 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 5,720 | 2,961 | |||||
Gain on sale of asset | (36) | — | |||||
Deferred income taxes | 11,536 | 7,140 | |||||
Amortization of debt origination costs | 2,138 | 995 | |||||
Stock-based compensation costs | 3,047 | 1,858 | |||||
Loss on extinguishment of debt | 451 | — | |||||
Changes in operating assets and liabilities, net of effects from acquisitions |
|||||||
Accounts receivable | 2,578 | 6,956 | |||||
Inventories | (211) | 1,540 | |||||
Prepaid expenses and other current assets | (1,522) | (2,203) | |||||
Accounts payable | 783 | (3,096) | |||||
Accrued liabilities | (7,136) | (3,212) | |||||
Net cash provided by operating activities | 43,521 | 29,671 | |||||
Investing Activities |
|||||||
Purchases of property and equipment | (780) | (496) | |||||
Proceeds from the sale of property and equipment | 344 | — | |||||
Acquisition of the Hydralyte brand | — | (77,991) | |||||
Net cash used in investing activities | (436) | (78,487) | |||||
Financing Activities |
|||||||
Term loan repayments | (25,000) | — | |||||
Borrowings under revolving credit agreement | 15,000 | 65,000 | |||||
Repayments under revolving credit agreement | (35,000) | (30,000) | |||||
Payment of debt origination costs | (4,172) | (74) | |||||
Proceeds from exercise of stock options | 6,328 | 1,294 | |||||
Proceeds from restricted stock exercises | 544 | 57 | |||||
Excess tax benefits from share-based awards | 1,600 | 950 | |||||
Fair value of shares surrendered as payment of tax withholding | (2,187) | (1,171) | |||||
Net cash (used in) provided by financing activities | (42,887) | 36,056 | |||||
Effects of exchange rate changes on cash and cash equivalents | 82 | 104 | |||||
Increase (decrease) in cash and cash equivalents |
280 |
(12,656) | |||||
Cash and cash equivalents - beginning of period | 21,318 | 28,331 | |||||
Cash and cash equivalents - end of period |
|
$ |
21,598 |
$ | 15,675 | ||
Interest paid |
|
$ |
22,444 |
$ | 13,867 | ||
Income taxes paid |
|
$ |
1,914 |
$ | 707 | ||
Prestige Brands Holdings, Inc. |
||||||||||||||
Three Months Ended June 30, 2015 |
||||||||||||||
(In thousands) |
North |
International |
Household |
Consolidated |
||||||||||
Gross segment revenues |
$ |
156,339 |
$ |
14,209 |
$ |
21,467 |
$ |
192,015 |
||||||
Elimination of intersegment revenues |
(728 |
) |
— |
— |
(728 |
) |
||||||||
Third-party segment revenues |
155,611 |
14,209 |
21,467 |
191,287 |
||||||||||
Other revenues |
40 |
— |
805 |
845 |
||||||||||
Total segment revenues |
155,651 |
14,209 |
22,272 |
192,132 |
||||||||||
Cost of sales |
58,126 |
5,290 |
16,480 |
79,896 |
||||||||||
Gross profit | 97,525 | 8,919 | 5,792 | 112,236 | ||||||||||
Advertising and promotion | 23,195 | 2,723 | 504 | 26,422 | ||||||||||
Contribution margin |
$ |
74,330 |
$ |
6,196 |
$ |
5,288 |
85,814 |
|||||||
Other operating expenses |
23,309 |
|||||||||||||
Operating income | 62,505 | |||||||||||||
Other expense | 22,335 | |||||||||||||
Income before income taxes | 40,170 | |||||||||||||
Provision for income taxes | 13,997 | |||||||||||||
Net income | $ | 26,173 |
Three Months Ended June 30, 2014 |
||||||||||||||
(In thousands) |
North |
International |
Household |
Consolidated |
||||||||||
Gross segment revenues |
$ |
110,973 |
$ |
13,692 |
$ |
20,593 |
$ |
145,258 |
||||||
Elimination of intersegment revenues |
(717 |
) |
— |
— |
(717 |
) |
||||||||
Third-party segment revenues |
110,256 |
13,692 |
20,593 |
144,541 |
||||||||||
Other revenues |
177 |
35 |
949 |
1,161 |
||||||||||
Total segment revenues |
110,433 |
13,727 |
21,542 |
145,702 |
||||||||||
Cost of sales |
42,340 |
5,078 |
16,418 |
63,836 |
||||||||||
Gross profit | 68,093 | 8,649 | 5,124 | 81,866 | ||||||||||
Advertising and promotion | 16,353 | 2,339 | 404 | 19,096 | ||||||||||
Contribution margin |
$ |
51,740 |
$ |
6,310 |
$ |
4,720 |
$ |
62,770 |
||||||
Other operating expenses |
19,967 |
|||||||||||||
Operating income | 42,803 | |||||||||||||
Other expense | 14,653 | |||||||||||||
Income before income taxes | 28,150 | |||||||||||||
Provision for income taxes | 11,418 | |||||||||||||
Net income | $ | 16,732 | ||||||||||||
About Non-GAAP Financial Measures
We define Non-GAAP Organic Revenues as Total Revenues excluding revenues associated with products acquired or divested in the periods presented. We define Non-GAAP Organic Revenues on a Constant Currency basis as Total Revenues excluding acquisitions and divestitures and the impact of current year foreign exchange rates on total revenues. We define Non-GAAP Adjusted EBITDA as earnings before interest expense (income), income taxes, depreciation and amortization, certain other legal and professional fees, other acquisition-related costs, and costs associated with our CEO transition. Non- GAAP Adjusted EBITDA Margin is calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues. We define Non-GAAP Adjusted Gross Margin as Gross Profit before inventory step up charges, and certain other acquisition and integration-related costs. Non-GAAP Adjusted Gross Margin percentage is calculated based on Non-GAAP Adjusted Gross Margin divided by GAAP Total Revenues. We define Non-GAAP Adjusted General and Administrative expenses as General and Administrative expenses minus certain other legal and professional fees, acquisition and other integration costs, and costs associated with our CEO transition. Non-GAAP Adjusted General and Administrative expense percentage is calculated based on Non-GAAP Adjusted General and Administrative expense divided by GAAP Total Revenues. We define Non-GAAP Adjusted Net Income as Net Income before inventory step-up charges, certain other legal and professional fees, other acquisition and integration-related costs, costs associated with our CEO transition, the applicable tax impacts associated with these items and the tax impacts of state tax rate adjustments and other non-deductible items. Non-GAAP Adjusted EPS is calculated based on Non-GAAP Adjusted Net Income, divided by the weighted average number of common and potential common shares outstanding during the period. We define Non-GAAP Free Cash Flow as net cash provided by operating activities less cash paid for capital expenditures. Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, and Non-GAAP Free Cash Flow may not be comparable to similarly titled measures reported by other companies.
We are presenting Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non- GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, and Non-GAAP Free Cash Flow, because they provide additional ways to view our operation when considered with both our GAAP results and the reconciliation to net income and net cash provided by operating activities, respectively, which we believe provides a more complete understanding of our business than could be obtained absent this disclosure. Each of Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, and Non-GAAP Free Cash Flow is presented solely as a supplemental disclosure because (i) we believe it is a useful tool for investors to assess the operating performance of the business without the effect of these items; (ii) we believe that investors will find this data useful in assessing shareholder value; and (iii) we use Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, and Non-GAAP Free Cash Flow internally to evaluate the performance of our personnel and also as a benchmark to evaluate our operating performance or compare our performance to that of our competitors. The use of Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, and Non-GAAP Free Cash Flow have limitations, and you should not consider these measures in isolation from or as an alternative to GAAP measures such as Total Revenues, General and Administrative expense, Operating income, Net income, and Net cash flow provided by operating activities, or cash flow statement data prepared in accordance with GAAP, or as a measure of profitability or liquidity.
The following tables set forth the reconciliation of Non-GAAP Organic Revenues, Non-GAAP Organic Revenues on a Constant Currency basis, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense percentage, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, Non-GAAP Free Cash Flow, all of which are non-GAAP financial measures, to GAAP Gross Profit, GAAP General and Administrative expense, GAAP Net Income, GAAP Diluted EPS and GAAP Net cash provided by operating activities, our most directly comparable financial measures presented in accordance with GAAP.
Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and Non-GAAP Organic Revenues on a Constant |
Currency basis and related growth percentages: |
Three Months Ended |
||||||||||
2015 |
2014 |
|||||||||
(In thousands) |
||||||||||
GAAP Total Revenues |
$ |
192,132 |
$ |
145,702 |
||||||
Adjustments: |
||||||||||
Hydralyte revenues (1) |
(1,217 |
) |
— |
|||||||
Insight revenues(2) |
(42,638 |
) |
— |
|||||||
Total adjustments |
(43,855 |
) |
— |
|||||||
Non-GAAP Organic Revenues |
148,277 |
145,702 |
||||||||
Organic Revenue Growth (decline) |
1.8 |
% |
||||||||
Impact of foreign currency exchange rates (3) |
(2,689 |
) |
||||||||
Non-GAAP Organic Revenues on a constant currency basis |
$ |
148,277 |
$ |
143,013 |
||||||
Constant Currency Organic Revenue Growth |
3.7 |
% |
(1) | Revenue adjustments relate to our International OTC Healthcare segment | |
(2) | Revenue adjustments relate to our North American OTC Healthcare segment | |
(3) | Foreign currency exchange rate adjustments relate to all segments | |
Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Margin and related Adjusted Gross Margin percentage:
|
Three Months Ended June 30, |
||||||
2015 |
2014 |
||||||
(In thousands) |
|||||||
GAAP Total Revenues | $ | 192,132 | $ | 145,702 | |||
GAAP Gross Profit | $ | 112,236 | $ | 81,866 | |||
Adjustments: |
|||||||
Inventory step-up charges and other costs associated | |||||||
with the Hydralyte acquisition (1) | — | 130 | |||||
Total adjustments | — | 130 | |||||
Non-GAAP Adjusted Gross Margin |
$ | 112,236 | $ | 81,996 | |||
Non-GAAP Adjusted Gross Margin % |
58.4% |
56.3% |
(1) Inventory step-up charges and other costs relate to our
Reconciliation of GAAP General and Administrative Expense to Non-GAAP Adjusted General and Administrative Expense and related Non-GAAP Adjusted General and Administrative Expense percentage:
Three Months Ended June 30, |
|||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
GAAP General and Administrative Expense | $ | 17,589 | $ | 17,006 | |||||
Adjustments: |
|||||||||
Costs associated with CEO transition | 1,406 | — | |||||||
Legal and professional fees associated with acquisitions |
— |
1,799 |
|||||||
Stamp/Duty Tax on Australian acquisition | — | 2,940 | |||||||
Integration, transition and other costs associated with |
|||||||||
acquisitions | — | 411 | |||||||
Total adjustments | 1,406 | 5,150 | |||||||
Non-GAAP Adjusted General and Administrative |
|||||||||
Expense | $ | 16,183 | $ | 11,856 | |||||
Non-GAAP Adjusted General and Administrative |
|||||||||
Expense Percentage | 8.4 | % | 8.1 | % | |||||
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and related Non-GAAP Adjusted EBITDA Margin:
Three Months Ended |
|||||||
2015 |
2014 |
||||||
(In thousands) |
|||||||
GAAP Net Income | $ | 26,173 | $ | 16,732 | |||
Interest expense, net | 21,884 | 14,653 | |||||
Provision for income taxes | 13,997 | 11,418 | |||||
Depreciation and amortization | 5,720 | 2,961 | |||||
Non-GAAP EBITDA: | 67,774 | 45,764 | |||||
Adjustments: |
|||||||
Costs associated with CEO transition | 1,406 |
— |
|||||
Inventory step-up charges and other costs associated with the Hydralyte acquisition (1) |
— |
130 | |||||
Legal and professional fees associated with acquisitions (2) |
— |
1,799 | |||||
Stamp/Duty Tax on Australian acquisition (2) |
— |
2,940 | |||||
Integration, transition and other costs associated with acquisitions (2) |
— |
411 | |||||
Loss on extinguishment of debt |
451 |
— |
|||||
Total adjustments |
1,857 | 5,280 | |||||
Non-GAAP Adjusted EBITDA | $ | 69,631 | $ | 51,044 | |||
Non-GAAP Adjusted EBITDA Margin | 36.2% |
35.0% |
(1) | Inventory step-up charges and other costs relate to our International OTC Healthcare segment | |
(2) | Adjustments relate to G&A expenses | |
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and related Adjusted Earnings Per Share:
|
Three Months Ended June 30, |
|||||||||||||||||
2015 |
2015 |
2014 |
2014 |
|||||||||||||||
(In thousands) |
||||||||||||||||||
GAAP Net Income | $ | 26,173 | $ | 0.49 |
|
$ |
16,732 |
$ |
0.32 |
|||||||||
Adjustments: |
||||||||||||||||||
Costs associated with CEO transition | 1,406 | 0.03 |
— |
— |
||||||||||||||
Inventory step-up charges and other costs |
|
|||||||||||||||||
associated with the Hydralyte acquisition (1) |
— |
— |
130 |
— |
||||||||||||||
Legal and professional fees associated with |
||||||||||||||||||
acquisitions (2) |
— |
— |
1,799 |
0.03 |
||||||||||||||
Stamp/Duty Tax on Australian acquisition (2) | — | — | 2,940 | 0.06 | ||||||||||||||
Integration, transition and other costs |
||||||||||||||||||
associated with acquisitions (2) |
— |
— | 411 | 0.01 | ||||||||||||||
Loss on extinguishment of debt | 451 | 0.01 | — | — | ||||||||||||||
Tax impact of adjustments | (657 | ) | (0.01 | ) | (528 | ) | (0.01 | ) | ||||||||||
Total adjustments |
1,200 |
0.03 |
4,752 |
0.09 |
||||||||||||||
Non-GAAP Adjusted Net Income and |
||||||||||||||||||
Adjusted EPS | $ | 27,373 | $ | 0.52 | $ |
21,484 |
$ |
0.41 |
(1) | Inventory step-up charges and other costs relate to our International OTC Healthcare segment | |
(2) | Adjustments relate to G&A expenses | |
Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow:
Three Months Ended |
|||||||||
2015 |
2014 |
||||||||
(In thousands) | |||||||||
GAAP Net Income | $ | 26,173 | $ | 16,732 | |||||
Adjustments: |
|||||||||
Adjustments to reconcile net income to net cash |
22,856 |
12,954 |
|||||||
Changes in operating assets and liabilities, net of |
(5,508 |
) |
(15 |
) |
|||||
Total adjustments | 17,348 | 12,939 | |||||||
GAAP Net cash provided by operating activities | 43,521 | 29,671 | |||||||
Purchases of property and equipment | (780 | ) | (496 | ) | |||||
Non-GAAP Free Cash Flow | $ | 42,741 | $ | 29,175 | |||||
Outlook for Fiscal Year 2016:
Reconciliation of Projected GAAP EPS to Projected Non-GAAP Adjusted EPS:
2016 Projected EPS |
|||||||
Low | High | ||||||
Projected FY'16 GAAP EPS | $ | 2.00 | $ | 2.05 | |||
Adjustments: |
|||||||
Costs associated with term loan refinancing and CEO transition | 0.05 | 0.05 | |||||
Total Adjustments | 0.05 | 0.05 | |||||
Projected Non-GAAP Adjusted EPS | $ | 2.05 | $ | 2.10 | |||
Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Free Cash Flow:
2016 |
||||
(In millions) | ||||
Projected FY'16 GAAP Net cash provided by operating activities | $ | 181 | ||
Additions to property and equipment for cash | (6 | ) | ||
Projected Non-GAAP Free Cash Flow | $ | 175 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806005396/en/
Source:
Investors:
Prestige Brands Holdings, Inc.
Dean Siegal,
914-524-6819
or
ICR
John Mills, 646-277-1254
John.mills@icrinc.com