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Columbus McKinnon Reports Record Gross Margins for Fourth Quarter and Fiscal Year 2018 

BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (NASDAQ:CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced financial results for its fiscal year 2018 fourth quarter and full year, which ended March 31, 2018. Fiscal year 2018 fourth quarter and full year results include the January 31, 2017 acquisition of STAHL CraneSystems (“STAHL”).

Fourth Quarter and Fiscal Year Highlights (compared with prior-year period)

  • Sales for the quarter grew 16.6% to $214.1 million; organic sales increased 4.2%
  • Achieved record gross margin of 34.8% in the quarter
  • Fiscal year organic sales grew 6.8% with record gross margin of 33.9%
  • Backlog expanded to $177.4 million and was up 16% over backlog at December 31, 2017
  • Strong cash from operations of $69.7 million in fiscal year
  • Increasing STAHL synergies by $4 million to $15 million
  • Paid down $60.1 million of debt in fiscal 2018, net leverage of 2.6x, ahead of target

“We believe our strong financial results validate the effectiveness of our strategic plan, Blueprint 2021, to improve the earnings power of the Company as well as the execution driven focus provided by our operating system, E-PAS™ (Earnings Power Acceleration System). We had strong sales for the quarter and the year while achieving record gross margins for both periods,” commented Mark Morelli, President and CEO of Columbus McKinnon.

“Our focus in fiscal 2019 will be on Phase II of our strategic plan which will simplify the business, improve productivity, ramp our growth engine and further transform our culture. We expect this to translate into expanding operating margins as well as continuing to deliver exceptionally strong cash generation. We have a solid balance sheet and are creating significant financial flexibility for our future growth initiatives.”

                 

Fourth Quarter Fiscal 2018 Sales

 
($ in millions) Q4 FY 18 Q4 FY 17 Change % Change
Net sales $ 214.1 $ 183.7 $ 30.5 16.6 %
U.S. sales $ 111.8 $ 104.2 $ 7.6 7.3 %
% of total 52 % 57 %
Non-U.S. sales $ 102.3 $ 79.5 $ 22.8 28.7 %
% of total 48 % 43 %
 

STAHL's January 2018 U.S. and non-U.S. sales were $1.4 million and $12.2 million, respectively. Volume drove growth in the U.S., EMEA region and Canada. Excluding the effect of foreign currency translation (“FX”) and the one month of STAHL, non-U.S. sales were up 2.0%.

                 

Fourth Quarter Fiscal 2018 Operating Results

 
($ in millions) Q4 FY 18 Q4 FY 17 Change % Change
Gross profit $ 74.6 $ 50.3 $ 24.3 48.2%
Gross margin 34.8 % 27.4 % 740 bps
Income (loss) from operations $ 16.3 $ (3.2 ) $ 19.5 NM
Operating margin 7.6 % (1.7 )% 930 bps
Net income (loss) $ 8.5 $ (4.7 ) $ 13.2 NM
Diluted EPS $ 0.36 $ (0.22 ) $ 0.58 NM
Adjusted EBITDA* $ 29.9 $ 24.4 $ 5.5 22.4%
Adjusted EBITDA margin 13.9 % 13.3 % 60 bps
 

*A non-GAAP measure, Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Please see the attached tables for a reconciliation of adjusted EBITDA to GAAP net income.

Adjusted gross profit was $74.0 million, or 34.6% of sales. Adjustments included removing the $0.6 million benefit associated with insurance settlements. For more information on changes in gross profit, please see the attached tables.

Adjusted income from operations was $20.6 million, which was up $3.7 million from the prior year. Adjustments include $3.9 million in STAHL integration costs, $0.4 million in legal costs related to litigation against previous insurance carriers, and debt repricing fees of $0.6 million, partially offset by cash received from a partial insurance settlement of $0.6 million. Please see the attached tables for a reconciliation of GAAP income from operations to adjusted income from operations.

The effective tax rate for the quarter and full year were 23.5% and 55.6%, respectively.

Net income for the fourth quarter and full year were $8.5 million and $22.1 million, respectively. On an adjusted basis, net income for the fourth quarter and full year were $12.0 million and $46.8 million, which excludes STAHL integration costs, costs for a legal action against prior product liability insurance carriers, debt repricing fees, Magnetek litigation, and an insurance settlement received and includes a normalized tax rate. Please see the attached tables for a reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share.

Generating Cash and Reducing Debt

Cash generated from operating activities in the fourth quarter was $18.4 million. Working capital as a percentage of sales was down to 17.9% compared with 18.6% as of March 31, 2017. Capital expenditures for the fiscal year ended March 31, 2018 were $14.5 million. Please see the attached additional data table for further details.

Total debt was $363.3 million at March 31, 2018 compared with $421.3 million at March 31, 2017. Net debt to net total capitalization at March 31, 2018 was 42.4%, compared with 50.2% at March 31, 2017.

Fiscal Year 2019 Outlook

Backlog grew 16% to $177.4 million as of March 31, 2018 compared with $152.3 million at December 31, 2017 and was up 15% over backlog of $154.5 million at the end of fiscal 2017. Given the level of backlog and current market conditions, the Company expects revenue to grow 7% to 9% including the benefit of FX in the first quarter of fiscal 2019. Research, selling and general and administrative (RSG&A) expenses are expected to be approximately $48 million in the first quarter, excluding integration and realignment costs, with an additional $2 million in annualized RSG&A savings to be realized in the remainder of the year. U.S. GAAP pension accounting changes effective in fiscal 2019 will result in approximately $2 million of annual pension income being reported in other income and expense which will negatively impact income from operations on a comparative basis.

Mr. Morelli concluded, “The strong results for fiscal 2018 represent our team’s capability and the relevance of our Blueprint 2021 strategy. We executed well as our performance culture is taking hold. Our global leadership team and associates are pulling together to achieve our goals and I thank them for their efforts. As we further advance Phase II of our strategy supported by markets favorable for growth, I expect that we will build on our positive momentum. With the strength that we see in our markets, we anticipate solid performance in fiscal 2019 and earnings expansion that outpaces organic revenue growth.”

Teleconference/webcast

Columbus McKinnon will host a conference call and live webcast today at 10:00 AM Eastern Time, at which management will review the Company’s financial results and strategy. The review will be accompanied by a slide presentation, which will be available on Columbus McKinnon’s website at www.cmworks.com/investors. A question and answer session will follow the formal discussion.

The conference call can be accessed by dialing 201-493-6780 and asking for the “Columbus McKinnon conference call.” The webcast can be monitored at www.cmworks.com/investors. An audio recording will be available from 1:00 PM Eastern Time on the day of the call through Wednesday, June 6, 2018 by dialing 412-317-6671 and entering the passcode 13678787. Alternatively, an archived webcast of the call can be found on the Company’s website. In addition, a transcript of the call will be posted to the website once available.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies, systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators, rigging tools, light rail work stations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at http://www.cmworks.com.

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the effect of operating leverage, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the speed at which shipments improve, the effectiveness of new products and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

Financial tables follow.

         

COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - UNAUDITED
(In thousands, except per share and percentage data)

 
Three Months Ended
March 31, 2018     March 31, 2017 Change
Net sales $ 214,140 $ 183,688 16.6%
Cost of products sold 139,538   133,353   4.6%
Gross profit 74,602 50,335 48.2%
Gross profit margin 34.8 % 27.4 %
Selling expenses 27,647 21,485 28.7%
% of net sales 12.9 % 11.7 %
General and administrative expenses 22,947 25,108 (8.6)%
% of net sales 10.7 % 13.7 %
Research and development expenses 3,679 2,956 24.5%
% of net sales 1.7 % 1.6 %
Impairment of intangible asset 1,125 (100.0)%
Amortization of intangibles 4,005   2,825   41.8%
Income (loss) from operations 16,324   (3,164 ) NM
Operating margin 7.6 % (1.7 )%
Interest and debt expense 4,661 3,568 30.6%
Cost of debt refinancing 1,303 (100.0)%
Investment (income) loss, net 4 (96 ) NM
Foreign currency exchange loss (gain) 834 342 143.9%
Other (income) expense, net (239 ) 145   NM
Income before income tax expense (benefit) 11,064 (8,426 ) NM
Income tax expense (benefit) 2,598   (3,688 ) NM
Net income (loss) $ 8,466   $ (4,738 ) NM
 
Average basic shares outstanding 23,031 21,809 5.6%
Basic income (loss) per share $ 0.37   $ (0.22 ) NM
 
Average diluted shares outstanding 23,628 21,809 8.3%
Diluted income (loss) per share $ 0.36   $ (0.22 ) NM
 
Dividends declared per common share $ 0.09   $ 0.08  
 
         

COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - UNAUDITED
(In thousands, except per share and percentage data)

 
Year Ended
March 31, 2018     March 31, 2017 Change
Net sales $ 839,419 $ 637,123 31.8 %
Cost of products sold 554,845   444,191   24.9 %
Gross profit 284,574 192,932 47.5 %
Gross profit margin 33.9 % 30.3 %
Selling expenses 101,956 77,319 31.9 %
% of net sales 12.1 % 12.1 %
General and administrative expenses 83,350 69,928 19.2 %
% of net sales 9.9 % 11.0 %
Research and development expenses 13,617 10,482 29.9 %
% of net sales 1.6 % 1.6 %
Impairment of intangible asset 1,125 (100.0 )%
Amortization of intangibles 15,552   8,105   91.9 %
Income from operations 70,099   25,973   169.9 %
Operating margin 8.4 % 4.1 %
Interest and debt expense 19,733 10,966 79.9 %
Cost of debt refinancing 1,303 (100.0 )%
Investment (income) loss, net (157 ) (462 ) (66.0 )%
Foreign currency exchange loss (gain) 1,539 1,232 24.9 %
Other (income) expense, net (701 ) (93 ) 653.8 %
Income before income tax expense 49,685 13,027 281.4 %
Income tax expense 27,620   4,043   583.2 %
Net income $ 22,065   $ 8,984   145.6 %
 
Average basic shares outstanding 22,841 20,591 10.9 %
Basic income per share $ 0.97   $ 0.44   120.5 %
 
Average diluted shares outstanding 23,335 20,888 11.7 %
Diluted income per share $ 0.95   $ 0.43   120.9 %
 
Dividends declared per common share $ 0.17   $ 0.16  
 
         

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Balance Sheets

(In thousands)

 

March 31,
2018

March 31,
2017
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 63,021 $ 77,591
Trade accounts receivable 127,806 111,569
Inventories 152,886 130,643
Prepaid expenses and other 16,582   21,147  
Total current assets 360,295   340,950  
 
Property, plant, and equipment, net 113,079 113,028
Goodwill 347,434 319,299
Other intangibles, net 263,764 256,183
Marketable securities 7,673 7,686
Deferred taxes on income 32,442 61,857
Other assets 17,759   14,840  
Total assets $ 1,142,446   $ 1,113,843  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable $ 46,970 $ 40,994
Accrued liabilities 99,963 97,397
Current portion of long-term debt 60,064   52,568  
Total current liabilities 206,997   190,959  
 
Senior debt, less current portion 33 41
Term loan and revolving credit facility 303,221 368,710
Other non-current liabilities 223,966   212,783  
Total liabilities 734,217   772,493  
 
Shareholders’ equity:
Common stock 230 226
Additional paid-in capital 269,360 258,853
Retained earnings 197,897 179,735
Accumulated other comprehensive loss (59,258 ) (97,464 )
Total shareholders’ equity 408,229   341,350  
Total liabilities and shareholders’ equity $ 1,142,446   $ 1,113,843  
 
     

COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows - UNAUDITED
(In thousands)

 
Year Ended
March 31, 2018     March 31, 2017
Operating activities:
Net income $ 22,065 $ 8,984
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 36,136 25,162
Deferred income taxes and related valuation allowance 19,968 489
Loss on sale of real estate, investments, and other 47 14
Cost of debt repricing/refinancing 619 1,303
Stock based compensation 5,586 5,914
Amortization of deferred financing costs and discount on debt 2,681 1,015
Net loss on foreign exchange option 1,590
Purchase accounting adjustment related to working capital amortization 8,852
Impairment of intangible asset 1,125
Changes in operating assets and liabilities, net of effects of business acquisitions:
Trade accounts receivable (9,308 ) (785 )
Inventories (12,249 ) 8,173
Prepaid expenses and other 1,727 6,121
Other assets 3,338 (3,044 )
Trade accounts payable 3,833 1,002
Accrued liabilities 11,918 (2,380 )
Non-current liabilities (16,700 ) (3,085 )
Net cash provided by operating activities 69,661   60,450  
 
Investing activities:
Proceeds from sales of marketable securities 653 12,336
Purchases of marketable securities (327 ) (1,571 )
Capital expenditures (14,515 ) (14,368 )
Purchase of business, net of cash acquired (218,846 )
Net loss on foreign exchange option (1,590 )
Net payment to former STAHL owner (14,750 )
Cash paid for equity investment (3,359 )  
Net cash provided by (used for) investing activities (32,298 ) (224,039 )
 
Financing activities:
Proceeds from the issuance of common stock 6,332 50,439
Net borrowings (repayments) under lines of credit (155,000 )
Repayment of debt (60,144 ) (125,730 )
Proceeds from issuance of long-term debt 445,000
Fees related to debt repricing/refinancing and equity offerings (619 ) (19,409 )
Restricted cash related to purchase of business (588 )
Payment of dividends (3,658 ) (3,326 )
Other (1,413 ) (1,265 )
Net cash provided by (used for) financing activities (59,502 ) 190,121  
 
Effect of exchange rate changes on cash 7,569   (544 )
 
Net change in cash and cash equivalents (14,570 ) 25,988
Cash and cash equivalents at beginning of year 77,591   51,603  
Cash and cash equivalents at end of period $ 63,021   $ 77,591  
 
         

COLUMBUS McKINNON CORPORATION
Q4 FY 2018 Sales Bridge

 
Fourth Quarter Fiscal Year
($ in millions) $ Change     % Change $ Change     % Change
Fiscal 2017 Sales $ 183.7 $ 637.1
STAHL acquisition 13.6 7.4% 144.7 22.7%
Volume 7.0 3.8% 41.0 6.5%
Pricing 0.7 0.4% 2.5 0.4%
Foreign currency translation 9.1 5.0% 14.1 2.2%
Total change $ 30.4 16.6% $ 202.3 31.8%
Fiscal 2018 Sales $ 214.1 $ 839.4
 
         

COLUMBUS McKINNON CORPORATION
Q4 FY 2018 Gross Profit Bridge

 
($ in millions) Fourth Quarter Fiscal Year
Fiscal 2017 Gross Profit $ 50.3 $     192.9
STAHL acquisition 5.6 53.8
Sales volume and mix 2.7 13.1
Prior year inventory step-up expense 8.9 8.9
Productivity, net of other cost changes 3.2 4.8
Foreign currency translation 3.2 4.6
Product liability (0.1 ) 3.0
Insurance settlement 0.6 2.4
Pricing, net of material cost inflation 0.2 1.4
STAHL integration costs       (0.3 )
Total change $ 24.3   $     91.7  
Fiscal 2018 Gross Profit $ 74.6   $     284.6  
 
             

COLUMBUS McKINNON CORPORATION
Additional Data - UNAUDITED

 

 

March 31,
2018

December 31,
2017

March 31,
2017
($ in millions)      
Backlog $ 177.4 $ 152.3 $ 154.5
Long-term backlog (expected to ship beyond 3 months) $ 59.5 $ 50.9 $ 53.5
Long-term backlog as % of total backlog 33.5 % 33.4 % 34.6 %
 
Trade accounts receivable (2)
Days sales outstanding 54.3 days 53.8 days 46.2 days
 
Inventory turns per year (2)
(based on cost of products sold) 3.7 turns 3.9 turns 4.1 turns
Days' inventory (2) 100.0 days 93.6 days 89.0 days
 
Trade accounts payable
Days payables outstanding (2) 30.6 days 28.0 days 28.3 days
 
Working capital as a % of sales (1) (2) 17.9 % 17.4 % 18.6 %
 
Debt to total capitalization percentage 47.1 % 49.6 % 55.2 %
 
Debt, net of cash, to net total capitalization 42.4 % 44.9 % 50.2 %
(1) December 31, 2017 and March 31, 2017 figures exclude the impact of the acquisition of STAHL.
(2) March 31, 2017 figures exclude the impact of the acquisition of STAHL.
 
 
U.S. Shipping Days by Quarter
      Q1     Q2     Q3     Q4     Total
FY 19 64 63 60 63 250
 
FY 18 63 62 60 63 248
 
FY 17 64 63 60 64 251
 
         

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Profit and Margin
($ in thousands)

 

Three Months Ended
March 31,

Year Ended March 31,
2018     2017 2018     2017
Gross profit $ 74,602 $ 50,335 $ 284,574 $ 192,932
Add back (deduct):
Acquisition inventory step-up expense 8,852 8,852
Insurance settlement (621 ) (2,362 )
STAHL integration costs 36     307    
Non-GAAP adjusted gross profit $ 74,017   $ 59,187   $ 282,519   $ 201,784  
 
Sales $ 214,140 $ 183,688 $ 839,419 $ 637,123
Adjusted gross margin 34.6 % 32.2 % 33.7 % 31.7 %
 

Adjusted gross profit is defined as gross profit as reported, adjusted for certain items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable with the measure as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information such as adjusted gross profit is important for investors and other readers of the Company’s financial statements, and assists in understanding the comparison of the current quarter’s gross profit to the historical period’s gross profit, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

         

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Income from Operations to
Non-GAAP Adjusted Income from Operations and Adjusted Operating Margin
($ in thousands, except per share data)

 

Three Months Ended
March 31,

Year Ended March 31,
2018     2017 2018     2017
Income (loss) from operations $ 16,324 $ (3,164 ) $ 70,099 $ 25,973
Add back (deduct):
Acquisition deal, integration, and severance costs 3,917 5,675 8,763 8,815
Insurance recovery legal costs 356 1,359 2,948 1,359
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement (621 ) (2,362 )
Acquisition inventory step-up expense 8,852 8,852
CEO retirement pay and search costs 3,085 3,085
Impairment of intangible asset 1,125 1,125
Canadian pension lump sum settlements       247  
Non-GAAP adjusted income from operations $ 20,595   $ 16,932   $ 80,467   $ 49,456  
 
Sales $ 214,140 $ 183,688 $ 839,419 $ 637,123
Adjusted operating margin 9.6 % 9.2 % 9.6 % 7.8 %
 

Adjusted income from operations is defined as income from operations as reported, adjusted for certain items and to apply a normalized tax rate. Adjusted income from operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from operations, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

     

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Net Income and Diluted Earnings per Share to
Non-GAAP Adjusted Net Income and Diluted Earnings per Share
($ in thousands, except per share data)

 

Three Months Ended
March 31,

Year Ended March 31,
2018   2017 2018   2017
Net income (loss) $ 8,466 $ (4,738 ) $ 22,065 $ 8,984
Add back (deduct):
Acquisition deal, integration, and severance costs 3,917 5,675 8,763 8,815
Insurance recovery legal costs 356 1,359 2,948 1,359
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement (621 ) (2,362 )
Acquisition inventory step-up expense 8,852 8,852
CEO retirement pay and search costs 3,085 3,085
Impairment of intangible asset 1,125 1,125
Canadian pension lump sum settlements 247
(Gain) loss on foreign exchange option for acquisition (236 ) 1,590
Loss on extinguishment of debt 1,303 1,303
Normalize tax rate to 22% (1) (776 ) (6,490 ) 14,408   (4,626 )
Non-GAAP adjusted net income $ 11,961   $ 9,935   $ 46,841   $ 30,734  
 
Average diluted shares outstanding 23,628 22,201 23,335 20,888
       
Diluted income (loss) per share - GAAP $ 0.36   $ (0.22 ) $ 0.95   $ 0.43  
       
Diluted income per share - Non-GAAP $ 0.51   $ 0.45   $ 2.01   $ 1.47  
(1) Applies a normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
 

Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items and to apply a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable to the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

       

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
($ in thousands)

 

Three Months Ended
March 31,

Year Ended March 31,

2018   2017 2018 2017  
Net income (loss) $ 8,466 $ (4,738 ) $ 22,065   $ 8,984
Add back (deduct):
Income tax expense (benefit) 2,598 (3,688 ) 27,620 4,043
Interest and debt expense 4,661 3,568 19,733 10,966
Cost of debt refinancing 1,303 1,303
Investment income 4 (96 ) (157 ) (462 )
Foreign currency exchange loss 834 342 1,539 1,232
Other (income) expense, net (239 ) 145 (701 ) (93 )
Depreciation and amortization expense 9,263 7,467 36,136 25,162
Acquisition deal, integration, and severance costs 3,917 5,675 8,763 8,815
Insurance recovery legal costs 356 1,359 2,948 1,359
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement (621 ) (2,362 )
Acquisition inventory step-up expense 8,852 8,852
CEO retirement pay and search costs 3,085 3,085
Impairment of intangible asset 1,125 1,125
Canadian pension lump sum settlements       247  
Non-GAAP adjusted EBITDA $ 29,858 $ 24,399 $ 116,603 $ 74,618

 

Sales $ 214,140 $ 183,688 $ 839,419 $ 637,123
Adjusted EBITDA margin 13.9 % 13.3 % 13.9 % 11.7 %
 

Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted EBITDA, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

Contacts

Columbus McKinnon Corporation
Gregory P. Rustowicz, 716-689-5442
Vice President - Finance and Chief Financial Officer
greg.rustowicz@cmworks.com
or
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com



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