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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Sales        
Sales $ 961,187 $ 852,295 $ 1,728,367 $ 1,597,173
Costs and expenses        
Materials, labor, and other operating expenses (excluding depreciation) 823,532 750,996 1,496,140 1,395,843
Depreciation and amortization 12,482 8,766 24,802 17,243
Selling and distribution expenses 67,181 60,102 126,111 117,106
General and administrative expenses 11,925 10,251 22,590 20,297
Other (income) expense, net 163 (39) (1,737) (173)
Total costs and expenses 915,283 830,076 1,667,906 1,550,316
Income (loss) from operations 45,904 22,219 60,461 46,857
Foreign currency exchange gain (loss) 266 (291) 177 (371)
Interest expense (5,519) (4,781) (11,031) (9,672)
Interest income 53 62 123 124
Total nonoperating income (expense) (5,200) (5,010) (10,731) (9,919)
Income before income taxes 40,704 17,209 49,730 36,938
Income tax (provision) benefit (14,286) (6,797) (17,747) 54,310 [1]
Net income (loss) $ 26,418 $ 10,412 $ 31,983 $ 91,248 [1]
Weighted average common shares outstanding:        
Basic 39,420 43,229 39,399 40,415
Diluted 39,463 43,233 39,458 40,417
Net income per common share:        
Basic $ 0.67 $ 0.24 $ 0.81 $ 2.26
Diluted $ 0.67 $ 0.24 $ 0.81 $ 2.26
[1] EBITDA is defined as income (loss) before interest (interest expense and interest income), income taxes, and depreciation and amortization. EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and to decide how to allocate resources to segments. We believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our company on an ongoing basis using criteria that are used by our internal decision makers and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates. We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance. EBITDA, however, is not a measure of our liquidity or financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), income (loss) from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of EBITDA instead of net income (loss) or segment income (loss) has limitations as an analytical tool, including the inability to determine profitability; the exclusion of interest expense, interest income, and associated significant cash requirements; and the exclusion of depreciation and amortization, which represent unavoidable operating costs. Management compensates for the limitations of EBITDA by relying on our GAAP results. Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.The following is a reconciliation of net income to EBITDA for the consolidated company: Three Months EndedJune 30 Six Months EndedJune 30 2014 2013 2014 2013 (millions)Net income(1) $26.4 $10.4 $32.0 $91.2Interest expense 5.5 4.8 11.0 9.7Interest income (0.1) (0.1) (0.1) (0.1)Income tax provision (benefit)(1) 14.3 6.8 17.7 (54.3)Depreciation and amortization 12.5 8.8 24.8 17.2EBITDA $58.7 $30.7 $85.4 $63.7 _______________________________________ (1)The six months ended June 30, 2013 includes a $68.7 million income tax benefit associated with the recording of net deferred tax assets upon our conversion to a corporation.