17.

Selected Quarterly Financial Data (Unaudited)

This quarterly financial data was prepared on the same basis as, and should be read in conjunction with, the audited consolidated financial statements and related notes included herein. We previously restated our interim consolidated financial statements for the three and nine months ended March 31, 2015, to correct errors in accounting for income taxes arising from long-term intercompany investments. We incorrectly recorded benefits in the provision for income taxes instead of recording the benefits in other comprehensive income. The correcting adjustments increased the provision for income taxes, reduced net income and increased other comprehensive income. We restated the three and nine months ended March 31, 2015, because we concluded the corrections were material to the interim consolidated financial statements. This quarterly financial data also presents the effects of the corrections on the three months ended September 30, 2014, and the three and six months ended December 31, 2014. We concluded the corrections were not material to those periods.

	Quarters												Year
For the Periods Ended	September 30, 2014 (Revised)			December 31, 2014 (Revised)			March 31, 2015 (Restated)			June 30, 2015			June 30, 2015
	(in thousands)
Net sales
Animal Health		$	117,225		$	118,785		$	117,346		$	117,444		$	470,800
Mineral Nutrition			55,447			58,742			57,320			55,593			227,102
Performance Products			14,786			11,161			12,829			11,913			50,689
Total net sales			187,458			188,688			187,495			184,950			748,591
Cost of goods sold			127,129			132,603			128,385			124,102			512,219
Gross profit			60,329			56,085			59,110			60,848			236,372
Selling, general and administrative expenses			35,224			36,298			37,297			39,885			148,704
Operating income (loss)			25,105			19,787			21,813			20,963			87,668
Interest expense, net			3,490			3,515			3,602			3,698			14,305
Foreign currency (gains) losses, net			(1,204)			(1,018)			(4,633)			1,455			(5,400)
Income before income taxes			22,819			17,290			22,844			15,810			78,763
Provision (benefit) for income taxes			3,887			3,042			6,148			5,406			18,483
Net income		$	18,932		$	14,248		$	16,696		$	10,404		$	60,280
Net income per share
basic		$	0.49		$	0.37		$	0.43		$	0.27		$	1.55
diluted		$	0.48		$	0.36		$	0.42		$	0.26		$	1.51
Adjusted EBITDA
Animal Health		$	32,454		$	28,296		$	29,629		$	29,880		$	120,259
Mineral Nutrition			3,479			3,754			3,761			3,435			14,429
Performance Products			1,036			162			994			454			2,646
Corporate			(6,511)			(7,184)			(6,888)			(6,732)			(27,315)
Adjusted EBITDA		$	30,458		$	25,028		$	27,496		$	27,037		$	110,019
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA		$	30,458		$	25,028		$	27,496		$	27,037		$	110,019
Depreciation and amortization			(5,353)			(5,241)			(5,356)			(5,654)			(21,604)
Acquisition related compensation expense			—			—			(327)			(420)			(747)
Interest expense, net			(3,490)			(3,515)			(3,602)			(3,698)			(14,305)
Foreign currency gains (losses), net			1,204			1,018			4,633			(1,455)			5,400
Income before income taxes		$	22,819		$	17,290		$	22,844		$	15,810		$	78,763

	Quarters												Year
For the Periods Ended	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2014
	(in thousands)
Net sales
Animal Health		$	101,171		$	107,966		$	107,808		$	114,108		$	431,053
Mineral Nutrition			46,186			50,633			49,901			54,879			201,599
Performance Products			14,871			14,143			15,558			14,690			59,262
Total net sales			162,228			172,742			173,267			183,677			691,914
Cost of goods sold			112,716			121,586			120,425			129,412			484,139
Gross profit			49,512			51,156			52,842			54,265			207,775
Selling, general and administrative expenses			33,115			34,138			35,520			41,208			143,981
Operating income (loss)			16,397			17,018			17,322			13,057			63,794
Interest expense, net			8,735			8,719			8,744			6,764			32,962
Foreign currency (gains) losses, net			648			1,165			275			(335)			1,753
Loss on extinguishment of debt			—			—			—			22,771			22,771
Income (loss) before income taxes			7,014			7,134			8,303			(16,143)			6,308
Provision (benefit) for income taxes			1,171			4,832			1,933			1,499			9,435
Net income (loss)		$	5,843		$	2,302		$	6,370		$	(17,642)		$	(3,127)
Net income per share–basic and diluted		$	0.19		$	0.08		$	0.21		$	(0.47)		$	(0.10)
Adjusted EBITDA
Animal Health		$	24,107		$	24,522		$	25,505		$	26,146		$	100,280
Mineral Nutrition			2,460			2,878			2,807			3,491			11,636
Performance Products			1,096			1,103			906			1,521			4,626
Corporate			(6,065)			(6,193)			(6,774)			(6,913)			(25,945)
Adjusted EBITDA		$	21,598		$	22,310		$	22,444		$	24,245		$	90,597
Reconciliation of Adjusted EBITDA to income before income taxes
Adjusted EBITDA		$	21,598		$	22,310		$	22,444		$	24,245		$	90,597
Depreciation and amortization			(5,201)			(5,292)			(5,122)			(5,838)			(21,453)
Loss on insurance claim			—			—			—			(5,350)			(5,350)
Interest expense, net			(8,735)			(8,719)			(8,744)			(6,764)			(32,962)
Foreign currency gains (losses), net			(648)			(1,165)			(275)			335			(1,753)
Loss on extinguishment of debt			—			—			—			(22,771)			(22,771)
Income before income taxes		$	7,014		$	7,134		$	8,303		$	(16,143)		$	6,308