XML 66 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Segments
 3 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Business Segments
14.
Business Segments
​
The Animal Health segment manufactures and markets products for the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The business includes net sales of medicated feed additives and other related products, nutritional specialty products and vaccines. The Mineral Nutrition segment manufactures and markets trace minerals for the cattle, swine, poultry and pet food markets. The Performance Products segment manufactures and markets a variety of products for use in the personal care, automotive, industrial chemical and chemical catalyst industries.
We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments and such costs are referred to as Corporate. We do not allocate such items to the principal segments because they are not used to evaluate their operating results or financial position. Assets include cash and cash equivalents, debt issue costs and certain other assets.
We evaluate performance of our segments based on adjusted EBITDA. We define adjusted EBITDA as EBITDA plus (a) (income) loss from, and disposal of, discontinued operations, (b) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (c) certain items that we consider to be unusual or non-recurring. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes or less benefit for income taxes and (iii) depreciation and amortization.
The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein.
​ ​ ​
Three Months
 ​
For the Periods Ended September 30
 ​ ​
2015
 ​ ​
2014
 ​
Net sales ​ ​ ​ ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 120,134 ​ ​ ​ ​ $ 117,225 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 54,469 ​ ​ ​ ​ ​ 55,447 ​ ​
Performance Products
 ​ ​ ​ ​ 12,517 ​ ​ ​ ​ ​ 14,786 ​ ​
​ ​ ​ ​ $ 187,120 ​ ​ ​ ​ $ 187,458 ​ ​
Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 3,876 ​ ​ ​ ​ $ 3,828 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 608 ​ ​ ​ ​ ​ 604 ​ ​
Performance Products
 ​ ​ ​ ​ 194 ​ ​ ​ ​ ​ 146 ​ ​
Corporate
 ​ ​ ​ ​ 751 ​ ​ ​ ​ ​ 775 ​ ​
​ ​ ​ ​ $ 5,429 ​ ​ ​ ​ $ 5,353 ​ ​
​
​ ​ ​
Three Months
 ​
For the Periods Ended September 30
 ​ ​
2015
 ​ ​
2014
 ​
Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 31,476 ​ ​ ​ ​ $ 32,454 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 3,160 ​ ​ ​ ​ ​ 3,479 ​ ​
Performance Products
 ​ ​ ​ ​ 86 ​ ​ ​ ​ ​ 1,036 ​ ​
Corporate
 ​ ​ ​ ​ (7,015) ​ ​ ​ ​ ​ (6,511) ​ ​
​ ​ ​ ​ $ 27,707 ​ ​ ​ ​ $ 30,458 ​ ​
Reconciliation of adjusted EBITDA to income before income 
taxes
 ​ ​ ​ ​ ​ ​ ​ ​
Adjusted EBITDA
 ​ ​ ​ $ 27,707 ​ ​ ​ ​ $ 30,458 ​ ​
Depreciation and amortization
 ​ ​ ​ ​ (5,429) ​ ​ ​ ​ ​ (5,353) ​ ​
Acquisition related accrued compensation
 ​ ​ ​ ​ (420) ​ ​ ​ ​ ​ — ​ ​
Interest expense, net
 ​ ​ ​ ​ (3,819) ​ ​ ​ ​ ​ (3,490) ​ ​
Foreign currency gains (losses), net
 ​ ​ ​ ​ 5,453 ​ ​ ​ ​ ​ 1,204 ​ ​
Income before income taxes
 ​ ​ ​ $ 23,492 ​ ​ ​ ​ $ 22,819 ​ ​
​
As of
 ​ ​
September 30,
2015
 ​ ​
June 30,
2015
 ​
Identifiable assets ​ ​ ​ ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 355,987 ​ ​ ​ ​ $ 361,078 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 64,301 ​ ​ ​ ​ ​ 59,881 ​ ​
Performance Products
 ​ ​ ​ ​ 21,373 ​ ​ ​ ​ ​ 22,255 ​ ​
Corporate
 ​ ​ ​ ​ 51,817 ​ ​ ​ ​ ​ 50,104 ​ ​
​ ​ ​ ​ $ 493,478 ​ ​ ​ ​ $ 493,318 ​ ​
​
The Animal Health segment includes all goodwill of the Company. The Animal Health segment includes advances to and investment in an equity method investee of  $4,098 and $4,364 as of September 30, 2015 and June 30, 2015, respectively. The Performance Products segment includes an investment in equity method investee of  $461 and $361 as of September 30, 2015 and June 30, 2015, respectively. Corporate includes all cash and cash equivalents.