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8-K
KOPPERS HOLDINGS INC. filed this Form 8-K on 11/09/2017
Entire Document
 

UNAUDITED RECONCILIATION OF DILUTED EARNINGS PER SHARE AND

ADJUSTED EARNINGS PER SHARE

(In millions except share amounts)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income attributable to Koppers

 

$

19.8

 

 

$

12.1

 

 

$

43.9

 

 

$

22.9

 

Adjusted net income (from above)

 

$

31.5

 

 

$

20.9

 

 

$

72.1

 

 

$

46.2

 

Denominator for diluted earnings per share (in thousands)

 

 

21,911

 

 

 

21,163

 

 

 

21,927

 

 

 

20,975

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.91

 

 

$

0.58

 

 

$

2.00

 

 

$

1.09

 

Adjusted earnings per share

 

$

1.43

 

 

$

0.99

 

 

$

3.29

 

 

$

2.20

 

 

 

 

UNAUDITED RECONCILIATION OF TOTAL DEBT TO NET DEBT AND NET LEVERAGE RATIO

(In millions)

Twelve months ended

 

 

September 30, 2017

 

 

June 30, 2017

 

 

March 31, 2017

 

 

December 31, 2016

 

Total Debt

$

700.8

 

 

$

692.9

 

 

$

708.0

 

 

$

662.4

 

Less: Cash

 

50.2

 

 

 

40.0

 

 

 

23.4

 

 

 

20.8

 

Net Debt

$

650.6

 

 

$

652.9

 

 

$

684.6

 

 

$

641.6

 

Adjusted EBITDA

$

195.6

 

 

$

185.9

 

 

$

182.7

 

 

$

174.2

 

Net Leverage Ratio

 

3.3

 

 

 

3.5

 

 

 

3.7

 

 

 

3.7

 

 

 

 

 

UNAUDITED RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA ON A LATEST TWELVE MONTH BASIS

(In millions)

Twelve months ended

 

 

September 30, 2017

 

 

June 30, 2017

 

 

March 31, 2017

 

 

December 31, 2016

 

Net income

$

50.7

 

 

$

42.7

 

 

$

34.1

 

 

$

27.7

 

Interest expense including refinancing

 

57.5

 

 

 

58.7

 

 

 

62.5

 

 

 

50.8

 

Depreciation and amortization

 

52.2

 

 

 

56.6

 

 

 

57.6

 

 

 

60.5

 

Income tax provision

 

13.3

 

 

 

12.6

 

 

 

12.8

 

 

 

11.4

 

Discontinued operations

 

1.2

 

 

 

1.2

 

 

 

0.1

 

 

 

(0.6

)

EBITDA

 

174.9

 

 

 

171.8

 

 

 

167.1

 

 

 

149.8

 

Unusual items impacting net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment, restructuring and plant closure

 

18.0

 

 

 

19.5

 

 

 

24.5

 

 

 

34.1

 

Net loss on sale of business

 

-

 

 

 

-

 

 

 

-

 

 

 

0.8

 

Non-cash LIFO benefit

 

(7.2

)

 

 

(7.4

)

 

 

(8.5

)

 

 

(9.5

)

Mark-to-market commodity hedging (non-cash)

 

(3.4

)

 

 

(2.5

)

 

 

(2.2

)

 

 

(1.7

)

Reimbursement of environmental costs

 

-

 

 

 

-

 

 

 

(2.7

)

 

 

(2.7

)

Escrow recovery

 

-

 

 

 

-

 

 

 

-

 

 

 

(1.0

)

Debt refinancing costs

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

-

 

Pension settlement charge

 

13.2

 

 

 

4.4

 

 

 

4.4

 

 

 

4.4

 

Adjusted EBITDA with noncontrolling interests

$

195.6

 

 

$

185.9

 

 

$

182.7

 

 

$

174.2

 

 

12