OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended February 28, 2017 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 93.7 | $ | 80.9 | $ | 174.6 | $ | — | $ | 174.6 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 9.8 | $ | 4.4 | $ | 14.2 | $ | (7.0 | ) | $ | 7.2 | |||||||||
Interest Expense | — | — | — | (5.2 | ) | (5.2 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 9.8 | $ | 4.4 | $ | 14.2 | $ | (12.2 | ) | $ | 2.0 | |||||||||
Management Excluded Items (a) | ||||||||||||||||||||
Restructuring and severance | .5 | — | .5 | .4 | .9 | |||||||||||||||
Environmental costs | — | .1 | .1 | — | .1 | |||||||||||||||
Subtotal for Management Excluded Items | .5 | .1 | .6 | .4 | 1.0 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 10.3 | $ | 4.5 | $ | 14.8 | $ | (11.8 | ) | $ | 3.0 | |||||||||
Tax Expense (30% rate)* | (.9 | ) | ||||||||||||||||||
Adjusted Income | $ | 2.1 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.05 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 11.0 | % | 5.6 | % | 8.5 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.1 | $ | 1.5 | $ | 3.6 | $ | .1 | $ | 3.7 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 10.3 | $ | 4.5 | $ | 14.8 | $ | (11.8 | ) | $ | 3.0 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 5.2 | 5.2 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 10.3 | 4.5 | 14.8 | (6.6 | ) | 8.2 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 3.4 | 2.9 | 6.3 | 0.4 | 6.7 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 13.7 | $ | 7.4 | $ | 21.1 | $ | (6.2 | ) | $ | 14.9 | |||||||||
Adjusted EBITDA as a % of sales | 14.6 | % | 9.1 | % | 12.1 | % | 8.5 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended February 29, 2016 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 89.6 | $ | 85.7 | $ | 175.3 | $ | — | $ | 175.3 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 11.3 | $ | (.9 | ) | $ | 10.4 | $ | (5.4 | ) | $ | 5.0 | ||||||||
Interest Expense | — | — | — | (5.8 | ) | (5.8 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 11.3 | $ | (.9 | ) | $ | 10.4 | $ | (11.2 | ) | $ | (0.8 | ) | |||||||
Management Excluded Items (a) | ||||||||||||||||||||
Restructuring and severance | .1 | 1.5 | 1.6 | — | 1.6 | |||||||||||||||
Accelerated depreciation on production transfer | — | 2.8 | 2.8 | — | 2.8 | |||||||||||||||
Asset impairment, facility closure costs and other | .6 | (.5 | ) | .1 | — | .1 | ||||||||||||||
Corporate Headquarters relocation costs | — | — | — | (.2 | ) | (.2 | ) | |||||||||||||
Vacation policy change | (.3 | ) | (.3 | ) | (.6 | ) | (.2 | ) | (.8 | ) | ||||||||||
Subtotal for Management Excluded Items | .4 | 3.5 | 3.9 | (.4 | ) | 3.5 | ||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 11.7 | $ | 2.6 | $ | 14.3 | $ | (11.6 | ) | $ | 2.7 | |||||||||
Tax Expense (30% rate)* | (.8 | ) | ||||||||||||||||||
Adjusted Income | $ | 1.9 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.04 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 13.1 | % | 3.0 | % | 8.2 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.7 | $ | 2.6 | $ | 5.3 | $ | .8 | $ | 6.1 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 11.7 | $ | 2.6 | $ | 14.3 | $ | (11.6 | ) | $ | 2.7 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 5.8 | 5.8 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 11.7 | 2.6 | 14.3 | (5.8 | ) | 8.5 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 3.1 | 3.4 | 6.5 | .3 | 6.8 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 14.8 | $ | 6.0 | $ | 20.8 | $ | (5.5 | ) | $ | 15.3 | |||||||||
Adjusted EBITDA as a % of sales | 16.5 | % | 7.0 | % | 11.9 | % | 8.7 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended May 31, 2016 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 106.2 | $ | 95.8 | $ | 202.0 | $ | — | $ | 202.0 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 19.4 | $ | 5.2 | $ | 24.6 | $ | (8.5 | ) | $ | 16.1 | |||||||||
Interest Expense | — | — | — | (5.7 | ) | (5.7 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 19.4 | $ | 5.2 | $ | 24.6 | $ | (14.2 | ) | $ | 10.4 | |||||||||
Management Excluded Items (a) | ||||||||||||||||||||
Restructuring and severance | — | 1.0 | 1.0 | .1 | 1.1 | |||||||||||||||
Accelerated depreciation on production transfer | — | .2 | .2 | — | .2 | |||||||||||||||
Operational Improvements costs | — | (.4 | ) | (.4 | ) | — | (.4 | ) | ||||||||||||
Acquisition and integration related expense | — | 1.1 | 1.1 | — | 1.1 | |||||||||||||||
Vacation policy change | (.4 | ) | (.5 | ) | (.9 | ) | (.2 | ) | (1.1 | ) | ||||||||||
Subtotal for Management Excluded Items | (.4 | ) | 1.4 | 1.0 | (.1 | ) | .9 | |||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 19.0 | $ | 6.6 | $ | 25.6 | $ | (14.3 | ) | $ | 11.3 | |||||||||
Tax Expense (30% rate)* | (3.4 | ) | ||||||||||||||||||
Adjusted Income | $ | 7.9 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.18 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 17.9 | % | 6.9 | % | 12.7 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.2 | $ | 2.0 | $ | 4.2 | $ | .4 | $ | 4.6 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 19.0 | $ | 6.6 | $ | 25.6 | $ | (14.3 | ) | $ | 11.3 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 5.7 | 5.7 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 19.0 | 6.6 | 25.6 | (8.6 | ) | 17.0 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 3.3 | 3.2 | 6.5 | .4 | 6.9 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 22.3 | $ | 9.8 | $ | 32.1 | $ | (8.2 | ) | $ | 23.9 | |||||||||
Adjusted EBITDA as a % of sales | 21.0 | % | 10.2 | % | 15.9 | % | 11.8 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended August 31, 2016 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 107.1 | $ | 88.5 | $ | 195.6 | $ | — | $ | 195.6 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 16.9 | $ | 4.3 | $ | 21.2 | $ | (8.7 | ) | $ | 12.5 | |||||||||
Interest Expense | — | — | — | (5.9 | ) | (5.9 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 16.9 | $ | 4.3 | $ | 21.2 | $ | (14.6 | ) | $ | 6.6 | |||||||||
Management Excluded Items (a) | ||||||||||||||||||||
Restructuring and severance | .1 | .3 | .4 | — | .4 | |||||||||||||||
Asset impairment, facility closure costs and other | .2 | .7 | .9 | .1 | 1.0 | |||||||||||||||
Deferred Financing Fees written-off | — | — | — | 1.7 | 1.7 | |||||||||||||||
Acquisition and integration related expense | — | — | — | .4 | .4 | |||||||||||||||
Vacation policy change | (.3 | ) | (.6 | ) | (.9 | ) | (.1 | ) | (1.0 | ) | ||||||||||
Subtotal for Management Excluded Items | — | .4 | .4 | 2.1 | 2.5 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 16.9 | $ | 4.7 | $ | 21.6 | $ | (12.5 | ) | $ | 9.1 | |||||||||
Tax Expense (30% rate)* | (2.7 | ) | ||||||||||||||||||
Adjusted Income | $ | 6.4 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.14 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 15.8 | % | 5.3 | % | 11.0 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.9 | $ | 2.4 | $ | 5.3 | $ | .5 | $ | 5.8 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 16.9 | $ | 4.7 | $ | 21.6 | $ | (12.5 | ) | $ | 9.1 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 5.9 | 5.9 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 16.9 | 4.7 | 21.6 | (6.6 | ) | 15.0 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 3.4 | 3.3 | 6.7 | .1 | 6.8 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 20.3 | $ | 8.0 | $ | 28.3 | $ | (6.5 | ) | $ | 21.8 | |||||||||
Adjusted EBITDA as a % of sales | 19.0 | % | 9.0 | % | 14.5 | % | 11.1 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended November 30, 2016 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 101.4 | $ | 85.6 | $ | 187.0 | $ | — | $ | 187.0 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 6.8 | $ | 5.3 | $ | 12.1 | $ | (11.1 | ) | $ | 1.0 | |||||||||
Interest Expense | — | — | — | (7.3 | ) | (7.3 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 6.8 | $ | 5.3 | $ | 12.1 | $ | (18.4 | ) | $ | (6.3 | ) | ||||||||
Management Excluded Items (a) | ||||||||||||||||||||
Restructuring and severance | — | .5 | .5 | 4.8 | 5.3 | |||||||||||||||
Asset impairment, facility closure costs and other | 6.1 | .1 | 6.2 | (.1 | ) | 6.1 | ||||||||||||||
Environmental costs | — | .3 | .3 | — | .3 | |||||||||||||||
Deferred Financing Fees written-off | — | — | — | 3.2 | 3.2 | |||||||||||||||
Acquisition and integration related expense | — | — | — | .5 | .5 | |||||||||||||||
Vacation policy change | (.3 | ) | (.1 | ) | (.4 | ) | (.1 | ) | (.5 | ) | ||||||||||
Subtotal for Management Excluded Items | 5.8 | .8 | 6.6 | 8.3 | 14.9 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 12.6 | $ | 6.1 | $ | 18.7 | $ | (10.1 | ) | $ | 8.6 | |||||||||
Tax Expense (30% rate)* | (2.6 | ) | ||||||||||||||||||
Adjusted Income | $ | 6.0 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.14 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 12.4 | % | 7.1 | % | 10.0 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 4.1 | $ | 4.9 | $ | 9.0 | $ | .1 | $ | 9.1 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 12.6 | $ | 6.1 | $ | 18.7 | $ | (10.1 | ) | $ | 8.6 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 5.3 | 5.3 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 12.6 | 6.1 | 18.7 | (4.8 | ) | 13.9 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 3.5 | 3.3 | 6.8 | .3 | 7.1 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 16.1 | $ | 9.4 | $ | 25.5 | $ | (4.5 | ) | $ | 21.0 | |||||||||
Adjusted EBITDA as a % of sales | 15.9 | % | 11.0 | % | 13.6 | % | 11.2 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended February 28, 2015 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 100.7 | $ | 106.2 | $ | 206.9 | $ | — | $ | 206.9 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 11.6 | $ | (.9 | ) | $ | 10.7 | $ | (8.3 | ) | $ | 2.4 | ||||||||
Interest Expense | — | — | — | (6.8 | ) | (6.8 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 11.6 | $ | (.9 | ) | $ | 10.7 | $ | (15.1 | ) | $ | (4.4 | ) | |||||||
Management Excluded Items | ||||||||||||||||||||
Operational Improvements costs | .4 | .6 | 1.0 | .4 | 1.4 | |||||||||||||||
Environmental costs | .2 | — | .2 | — | .2 | |||||||||||||||
Shareholder activist costs | — | — | — | 1.9 | 1.9 | |||||||||||||||
Subtotal for Management Excluded Items | .6 | .6 | 1.2 | 2.3 | 3.5 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 12.2 | $ | (.3 | ) | $ | 11.9 | $ | (12.8 | ) | $ | (.9 | ) | |||||||
Tax Expense (30% rate)* | .3 | |||||||||||||||||||
Adjusted Income | $ | (.6 | ) | |||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | (0.01 | ) | |||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 12.1 | % | (0.3 | )% | 5.8 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.0 | $ | 2.1 | $ | 4.1 | $ | .4 | $ | 4.5 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 12.2 | $ | (.3 | ) | $ | 11.9 | $ | (12.8 | ) | $ | (.9 | ) | |||||||
Unallocated Corporate Interest Expense | — | — | — | 6.8 | 6.8 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 12.2 | (.3 | ) | 11.9 | (6.0 | ) | 5.9 | |||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 2.1 | 4.6 | 6.7 | .4 | 7.1 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 14.3 | $ | 4.3 | $ | 18.6 | $ | (5.6 | ) | $ | 13.0 | |||||||||
Adjusted EBITDA as a % of sales | 14.2 | % | 4.0 | % | 9.0 | % | 6.3 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended May 31, 2015 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 112.7 | $ | 107.5 | $ | 220.2 | $ | — | $ | 220.2 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 16.8 | $ | 1.4 | $ | 18.2 | $ | (7.7 | ) | $ | 10.5 | |||||||||
Interest Expense | — | — | — | (6.9 | ) | (6.9 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 16.8 | $ | 1.4 | $ | 18.2 | $ | (14.6 | ) | $ | 3.6 | |||||||||
Management Excluded Items | ||||||||||||||||||||
Restructuring and severance | .2 | .9 | 1.1 | — | 1.1 | |||||||||||||||
Operational Improvements costs | .7 | .8 | 1.5 | — | 1.5 | |||||||||||||||
Asset impairment, facility closure costs and other | .4 | — | .4 | .6 | 1.0 | |||||||||||||||
Environmental costs | (.1 | ) | — | (.1 | ) | — | (.1 | ) | ||||||||||||
Acquisition and integration related expense | — | — | — | .4 | .4 | |||||||||||||||
Subtotal for Management Excluded Items | 1.2 | 1.7 | 2.9 | 1.0 | 3.9 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 18.0 | $ | 3.1 | $ | 21.1 | $ | (13.6 | ) | $ | 7.5 | |||||||||
Tax Expense (30% rate)* | (2.3 | ) | ||||||||||||||||||
Adjusted Income | $ | 5.2 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.11 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 16.0 | % | 2.9 | % | 9.6 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.6 | $ | 2.4 | $ | 5.0 | $ | 1.0 | $ | 6.0 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 18.0 | $ | 3.1 | $ | 21.1 | $ | (13.6 | ) | $ | 7.5 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 6.9 | 6.9 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 18.0 | 3.1 | 21.1 | (6.7 | ) | 14.4 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 1.9 | 4.9 | 6.8 | .2 | 7.0 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 19.9 | $ | 8.0 | $ | 27.9 | $ | (6.5 | ) | $ | 21.4 | |||||||||
Adjusted EBITDA as a % of sales | 17.7 | % | 7.4 | % | 12.7 | % | 9.7 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended August 31, 2015 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 106.4 | $ | 104.5 | $ | 210.9 | $ | — | $ | 210.9 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 11.9 | $ | .8 | $ | 12.7 | $ | (6.0 | ) | $ | 6.7 | |||||||||
Interest Expense | — | — | — | (6.8 | ) | (6.8 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 11.9 | $ | .8 | $ | 12.7 | $ | (12.8 | ) | $ | (.1 | ) | ||||||||
Management Excluded Items | ||||||||||||||||||||
Restructuring and severance | 2.4 | .7 | 3.1 | .1 | 3.2 | |||||||||||||||
Accelerated depreciation on production transfer | — | 2.9 | 2.9 | — | 2.9 | |||||||||||||||
Operational Improvements costs | .7 | .9 | 1.6 | — | 1.6 | |||||||||||||||
Asset impairment, facility closure costs and other | .2 | .7 | .9 | — | .9 | |||||||||||||||
Subtotal for Management Excluded Items | 3.3 | 5.2 | 8.5 | .1 | 8.6 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 15.2 | $ | 6.0 | $ | 21.2 | $ | (12.7 | ) | $ | 8.5 | |||||||||
Tax Expense (30% rate)* | (2.6 | ) | ||||||||||||||||||
Adjusted Income | $ | 5.9 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.13 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 14.3 | % | 5.7 | % | 10.1 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 2.2 | $ | 2.1 | $ | 4.3 | $ | .5 | $ | 4.8 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 15.2 | $ | 6.0 | $ | 21.2 | $ | (12.7 | ) | $ | 8.5 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 6.8 | 6.8 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 15.2 | 6.0 | 21.2 | (5.9 | ) | 15.3 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 1.6 | 5.0 | 6.6 | .3 | 6.9 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 16.8 | $ | 11.0 | $ | 27.8 | $ | (5.6 | ) | $ | 22.2 | |||||||||
Adjusted EBITDA as a % of sales | 15.8 | % | 10.5 | % | 13.2 | % | 10.5 | % |
OMNOVA SOLUTIONS INC. | ||||||||||||||||||||
Non-GAAP and other Financial Matters | ||||||||||||||||||||
Three Months Ended November 30, 2015 | ||||||||||||||||||||
(In millions except per share data) | Specialty Solutions | Performance Materials | Combined Segments | Corporate | Consolidated | |||||||||||||||
Net Sales | $ | 100.1 | $ | 99.9 | $ | 200.0 | $ | — | $ | 200.0 | ||||||||||
Segment Operating Profit / Corporate Expense | $ | 13.8 | $ | (20.6 | ) | $ | (6.8 | ) | $ | (5.6 | ) | $ | (12.4 | ) | ||||||
Interest Expense | — | — | — | (7.8 | ) | (7.8 | ) | |||||||||||||
Income (Loss) Before Income Taxes | $ | 13.8 | $ | (20.6 | ) | $ | (6.8 | ) | $ | (13.4 | ) | $ | (20.2 | ) | ||||||
Management Excluded Items | ||||||||||||||||||||
Restructuring and severance | — | 1.6 | 1.6 | — | 1.6 | |||||||||||||||
Accelerated depreciation on production transfer | — | 2.9 | 2.9 | — | 2.9 | |||||||||||||||
Operational Improvements costs | 1.3 | (.4 | ) | .9 | — | .9 | ||||||||||||||
Asset impairment, facility closure costs and other | (.6 | ) | 19.3 | 18.7 | — | 18.7 | ||||||||||||||
Environmental costs | .1 | 2.8 | 2.9 | — | 2.9 | |||||||||||||||
Deferred Financing Fees written-off | — | — | — | .6 | .6 | |||||||||||||||
Other financing costs | — | — | — | 1.0 | 1.0 | |||||||||||||||
Subtotal for Management Excluded Items | .8 | 26.2 | 27.0 | 1.6 | 28.6 | |||||||||||||||
Adjusted Segment Operating Profit / Corporate Expense before Income Taxes | $ | 14.6 | $ | 5.6 | $ | 20.2 | $ | (11.8 | ) | $ | 8.4 | |||||||||
Tax Expense (30% rate)* | (2.5 | ) | ||||||||||||||||||
Adjusted Income | $ | 5.9 | ||||||||||||||||||
Adjusted Diluted Earnings Per Share from Adjusted Income | $ | 0.13 | ||||||||||||||||||
*Tax rate is based on the Company's estimated normalized annual effective tax rate. | ||||||||||||||||||||
Adjusted segment operating profit as a % of sales | 14.6 | % | 5.6 | % | 10.1 | % | ||||||||||||||
Segment / Corporate Capital Expenditures | $ | 3.8 | $ | 3.9 | $ | 7.7 | $ | 1.0 | $ | 8.7 | ||||||||||
Adjusted segment operating profit / corporate expense before income taxes | $ | 14.6 | $ | 5.6 | $ | 20.2 | $ | (11.8 | ) | $ | 8.4 | |||||||||
Unallocated Corporate Interest Expense | — | — | — | 6.8 | 6.8 | |||||||||||||||
Segment / Consolidated Adjusted EBIT | 14.6 | 5.6 | 20.2 | (5.0 | ) | 15.2 | ||||||||||||||
Depreciation and Amortization excluding accelerated depreciation | 2.4 | 4.6 | 7.0 | .2 | 7.2 | |||||||||||||||
Segment / Consolidated Adjusted EBITDA | $ | 17.0 | $ | 10.2 | $ | 27.2 | $ | (4.8 | ) | $ | 22.4 | |||||||||
Adjusted EBITDA as a % of sales | 17.0 | % | 10.2 | % | 13.6 | % | 11.2 | % |