EX-99.1 2 d566083dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

API Technologies Reports Results for the Fiscal Second Quarter

Ended May 31, 2013

 

  Revenue of $68.1 million, up 11.6% sequentially over prior fiscal quarter

 

  Book-to-Bill ratio of 1.1

 

  Term debt repayment of $75.9 million as of July 10, 2013

 

  Net income of $7.5 million

ORLANDO, FL – (Business Wire) – July 10, 2013 – API Technologies Corp. (NASDAQ:ATNY) (“API”, “API Technologies”, or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced results for the fiscal second quarter ended May 31, 2013. Results for continuing operations for the second quarter and comparable historical periods do not include the Sensors business, which was sold on April 17, 2013. Sensors business results are reported under discontinued operations.

“This quarter we delivered growth in revenue, bookings, and profitability. At the same time, we drove two divestitures that were part of the previously announced and on-going strategic review, which primarily contributed to the reduction of our term debt by $75.9 million,” said Bel Lazar, President and Chief Executive Officer of API Technologies Corp. “Through a combined emphasis on top line growth, new product introductions, and operational efficiencies, we are successfully executing on our strategy to deliver short and long-term value to our customers and shareholders alike.”

Results for the Quarter Ended May 31, 2013

API Technologies reported revenue of $68.1 million for the quarter ended May 31, 2013, compared to $61.0 million for the quarter ended February 28, 2013 and $72.2 million for the quarter ended May 31, 2012.

Gross profit, as a percent of sales, was 23.3% for the quarter ended May 31, 2013, compared to 22.2% for the quarter ended February 28, 2013, versus 11.5% for the quarter ended May 31, 2012. Adjusted EBITDA from continuing operations for the quarter ended May 31, 2013 was $8.7 million (12.8% margin), versus $6.5 million (10.6% margin) for the quarter ended February 28, 2013, compared to $9.6 million (13.3% margin) in the quarter ended May 31, 2012.

API Technologies posted a net income of $7.5 million in the quarter ended May 31, 2013, versus a net loss of $14.4 million for the quarter ended February 28, 2013 and a net loss of $109.5 million for the quarter ended May 31, 2012. The quarter-over-quarter net income gain is largely due to a $12.0 million gain on the sale of the Sensors business, partially offset by tax expense; a $10.2 million reduction in expenses associated with the amortization of note discounts and deferred financing costs; and higher revenue in the quarter-ended May 31, 2013. The year-over-year net income gain is attributable to the write-down of $87.0 million of Goodwill related to the Company’s EMS segment and the write-down of approximately $12.6 million of discounts related to the Note that converted to shares of Series A Preferred Stock during the quarter ended May 31, 2012. At the end of the quarter, the Company had $10.2 million in cash and cash equivalents, including $1.5 million in restricted cash, and $137.7 million in debt obligations, net of discounts. During the fiscal second quarter, the Company paid down $47.1 million of term debt, primarily from the sale of the Sensors business.

Results for the Six Months Ended May 31, 2013

API Technologies reported revenue of $129.1 million for the six months ended May 31, 2013, compared to $136.5 million in the prior-year period. Gross margin was 22.7% for the six-month period ended May 31, 2013, compared to 17.4% for the six-month period ended May 31, 2012.


API Technologies posted a net loss of $7.0 million for the six months ended May 31, 2013 versus a $108.7 net loss for the six months ended May 31, 2012. Restructuring costs recorded in the six months ended May 31, 2013 were approximately $0.7 million compared to approximately $12.1 million in the comparable period of 2012.

Subsequent Events

On July 5, 2013, the Company divested its Data Bus product line for $32.5 million. Cash proceeds of $28.8 million from the Data Bus transaction were used for additional term loan repayment.

From the beginning of the fiscal second quarter through July 10, 2013, total term debt repayment was $75.9 million, which included the fiscal second quarter repayment of $47.1 million and the $28.8 million repayment from the sale of the Data Bus product line. As of July 10, 2013, the Company’s term loan balance was $89.1 million.

Conference Call

API Technologies will host a conference call to review the Company’s fiscal second quarter results tomorrow, July 11, at 10:00 a.m. Eastern Time. Bel Lazar, President and Chief Executive Officer, and Phil Rehkemper, Executive Vice President and Chief Financial Officer, will host the call.

The call will be available by dialing 1-877-317-6789 or 1-412-317-6789 and accessible by webcast at http://www.apitech.com. Recorded replays of the webcast will be available on the Company’s Investor Relations App, and for 30 days on the Company’s website and by telephone at 1-877-344-7529 or 1-412-317-0088, replay passcode #10030566, beginning 2:00 p.m. Eastern Daylight Time on July 11, 2013.

The API Technologies Investor Relations App is available free for iPhone® and iPad® via the Apple iTunes store and for Android™ devices via Google Play. For more information, visit http://www.apitech.com/investor-relations.

About API Technologies Corp.

API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies’ customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitech.com.

Non-GAAP Financial Information

In this press release, API has provided non-GAAP financial measures for Adjusted EBITDA, both excluding and including discontinued operations (the Sensors business). Non-GAAP Adjusted EBITDA including discontinued operations (Earnings before interest, taxes, depreciation and amortization) excludes restructuring charges, acquisition and divestiture-related charges, C-MAC pro forma adjustments, foreign exchange losses, stock-based compensation expenses, amortization of note discounts and deferred financing costs, goodwill impairment, SenDEC earn-out reversal, and certain other adjustments. Non-GAAP Adjusted EBITDA from continuing operations also excludes discontinued operations. Management believes the supplemental non-GAAP presentations provide investors an additional analytical tool for understanding the Company’s financial performance by excluding the impact of items which may obscure trends in the operating performance of the business. These are not recognized measures under US GAAP, do not have a standardized meaning, and are unlikely to be comparable to similar measures used by other companies. In addition, some of the Adjusted EBITDA measures include operations that are no longer part of the Company’s ongoing operations. Accordingly, investors are cautioned that these non-GAAP measures should not be construed as an alternative to net earnings or loss determined in accordance with GAAP as an indicator of the financial performance of the Company or as a measure of the Company’s liquidity and cash flows. We expect our financial statements to continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.


Safe Harbor for Forward-Looking Statements

Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the ability of our review of strategic alternatives to maximize stockholder value and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.

Investor Relations Contacts:

Phil Rehkemper

EVP and Chief Financial Officer

+1 855-294-3800

investors@apitech.com

Tara Condon

Vice President, Corporate Marketing & Investor Relations

+1 908-546-3903

investors@apitech.com


API Technologies Corp.

Financial Results

For the Three and Six Months Ended May 31, 2013

Consolidated Statement of Operations (unaudited)

in thousands USD

 

     For the Three
Months Ended
May 31,
2013
    For the Three
Months Ended
May 31,
2012
    For the Six
Months Ended
May 31,
2013
    For the Six
Months Ended
May 31,
2012
 

Revenue, net

   $ 68,101      $ 72,240      $ 129,113      $ 136,504   

Cost of revenues

        

Cost of revenues

     52,203        56,362        99,585        104,845   

Restructuring charges

     62        7,588        166        7,893   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenues

     52,265        63,950        99,751        112,738   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     15,836        8,290        29,362        23,766   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

        

General and administrative

     6,411        6,233        13,230        12,536   

Selling expenses

     4,121        3,750        7,838        7,170   

Research and development

     2,337        2,553        4,641        4,846   

Business acquisition and related charges

     620        2,378       1,088        2,669   

Restructuring charges

     322        3,905        563        4,244   
  

 

 

   

 

 

   

 

 

   

 

 

 
     13,811        18,819        27,360        31,465   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     2,025        (10,529     2,002        (7,699

Other expenses (income), net

        

Goodwill impairment

     —         87,000        —          87,000   

Interest expense, net

     4,478        4,534        8,822        7,904   

Amortization of note discounts and deferred financing costs

     521        13,494        11,275        14,089   

Other expenses (income), net

     421        (1,986     (376     (2,045
  

 

 

   

 

 

   

 

 

   

 

 

 
     5,420        103,042        19,721        106,948   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations before income taxes

     (3,395     (113,572     (17,719     (114,647

Expense (benefit) for income taxes

     (93     (3,254     549        (4,306
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations, net of income taxes

     (3,302     (110,318     (18,268     (110,341

Income from discontinued operations, net of income taxes

     10,774       811       11,314        1,607   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 7,472      $ (109,507   $ (6,954   $ (108,734

Accretion on preferred stock

     (290     —          (290     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (loss) attributable to common shareholders

   $ 7,182      $ (109,507   $ (7,244   $ (108,734
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss per share from continuing operations—Basic and diluted

   $ (0.06   $ (1.99   $ (0.33   $ (2.00

Income per share from discontinued operations—Basic and diluted

   $ 0.19      $ 0.01      $ 0.20      $ 0.03   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share—Basic and diluted

   $ 0.13      $ (1.98   $ (0.13   $ (1.97
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

        

Basic

     55,402,595        55,329,607        55,386,031        55,261,526   

Diluted

     55,402,595        55,329,607        55,386,031        55,261,526   

 


Consolidated Balance Sheets (unaudited)

in thousands USD

 

     May 31,
2013
    November 30,
2012
 

Assets

    

Current

    

Cash and cash equivalents

   $ 8,729      $ 20,550   

Restricted cash

     1,500        700   

Accounts receivable

     42,404        41,624   

Inventories, net

     63,706        61,896   

Deferred income taxes

     1,039        1,038   

Prepaid expenses and other current assets

     2,722        2,560   

Current assets of discontinued operations

     —          9,803   
  

 

 

   

 

 

 
     120,100        138,171   

Fixed assets, net

     37,677        40,317   

Fixed assets held for sale

     150        900   

Goodwill

     131,572        131,572   

Intangible assets, net

     43,217        47,934   

Other non-current assets

     3,593        5,760   

Long-lived assets of discontinued operations

     —          28,061   
  

 

 

   

 

 

 

Total assets

   $ 336,309      $ 392,715   
  

 

 

   

 

 

 

Liabilities, Redeemable Preferred Stock and Shareholders’ Equity

    

Current

    

Accounts payable and accrued expenses

   $ 34,939      $ 39,599   

Deferred revenue

     1,934        385   

Current portion of long-term debt

     8,387        2,328   

Current liabilities of discontinued operations

     —          1,888   
  

 

 

   

 

 

 
     45,260        44,200   

Deferred income taxes

     4,176        3,410   

Other long-term liabilities

     1,013        1,048   

Long-term debt, net of current portion and discount

     129,343        179,503   
  

 

 

   

 

 

 
     179,792        228,161   
  

 

 

   

 

 

 

Redeemable Preferred Stock

     25,478        25,581   

Shareholders’ equity

    

Common stock

     55        55   

Special voting stock

     —          —     

Additional paid-in capital

     327,573        326,973   

Common stock subscribed but not issued

     2,373        2,373   

Accumulated deficit

     (199,757     (192,513

Accumulated other comprehensive income

     795        2,085   
  

 

 

   

 

 

 
     131,039        138,973   
  

 

 

   

 

 

 

Total Liabilities, Redeemable Preferred Stock and Shareholders’ Equity

   $ 336,309      $ 392,715   
  

 

 

   

 

 

 


Consolidated Adjusted EBITDA

in thousands USD

The following table reconciles three and six months GAAP loss from continuing operations to non-GAAP Adjusted EBITDA from continuing operations and to non-GAAP Adjusted EBITDA, including discontinued operations.

 

     Three Months Ended
May 31,
    Six Months Ended
May 31,
 
     2013     2012     2013     2012  

Loss from continuing operations

   $ (3,302   $ (110,318   $ (18,268   $ (110,341

Adjustments

        

Interest expense, net

     4,478        4,534        8,822        7,904   

Amortization of note discounts and deferred financing costs

     521        13,494        11,275        14,089   

Depreciation and amortization

     4,354        4,674        8,702        8,440   

Goodwill impairment

     —          87,000          87,000   

Income and franchise taxes

     56        (3,254     726        (4,307

Stock based compensation

     210        635        600        1,493   

Restructuring charges

     384        11,494        729        12,138   

Acquisition related charges

     620        2,378        1,088        2,669   

Other adjustments (A)

     1,293        474        1,397        1,351   

SenDEC earn-out reversal

     —          (2,213     —          (2,213

C-MAC pro-forma adjustment

     —          650        —          650   

Foreign exchange loss

     116        64        116        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from continuing operations

   $ 8,730      $ 9,612      $ 15,187      $ 18,872   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA Margin from discontinued operations

     12.8     13.3     11.8     13.8
  

 

 

   

 

 

   

 

 

   

 

 

 

Revenue from discontinued operations

     3,124        6,667        9,270        13,119   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA from discontinued operations

     412        1,594        1,584        3,162   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue including discontinued operations

   $ 71,225      $ 78,907      $ 138,383      $ 149,623   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA including discontinued operations

   $ 9,142      $ 11,206      $ 16,771      $ 22,034   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA Margin including discontinued operations

     12.8     14.2     12.1     14.7
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Charges in 2013were primarily related to$1.5 million of non-cash inventory provisions, $0.4 million financing related charges, partially offset by a $0.5 million reduction of the contingency accrual. Charges in 2012 primarily related to $1.0 million of non-cash inventory provisions and a $0.1 million loss on the sale of real estate held for sale.


Additional Adjusted EBITDA Reconciliations

in thousands USD

 

Three Months Ending

May 31, 2013

   SSC     SSIA     Sub-total
SSC &
SSIA
    EMS     Corporate     Total  
     Q2     Q2     Q2     Q2     Q2     Q2  

Revenue

   $ 46,737      $ 5,135      $ 51,872      $ 16,229      $ —        $ 68,101   

Income (loss) from continuing operations

     6,143        948        7,091        (346     (10,047     (3,302

Adjustments

            

Interest expense, Net

     (547     (14     (561     42        4,997        4,478   

Amortization of note discounts and deferred financing costs

     —          —          —          —          521        521   

Depreciation and amortization

     2,930        93        3,023        1,247        84        4,354   

Income and franchise taxes

     (1,441     122        (1,319     —          1,375        56   

Stock based compensation

     —          —          —          —          210        210   

Restructuring charges

     228        37        265        25        94        384   

Acquisition related charges

     25        —           25        6        589        620   

Other adjustments (A)

     864        —           864        100        329        1,293   

Foreign exchange loss

     —          —          —          —          116        116   

Net corporate costs (B)

     (1,189     (131     (1,320     (412     1,732        —     

Add-Back Total

     870        107        977        1,008        10,047        12,032   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from continuing operations

   $ 7,013      $ 1,055      $ 8,068      $ 662      $ —        $ 8,730   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA Margin from continuing operations

     15.0     20.5     15.6     4.1     0.0     12.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue from discontinued operations

     3,124        —          3,124        —          —          3,124   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA from discontinued operations

     412        —          412        —          —          412   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue including discontinued operations

   $ 49,861      $ 5,135      $ 54,996      $ 16,229      $ —        $ 71,225   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA including discontinued operations

   $ 7,425      $ 1,055      $ 8,480      $ 662      $ —        $ 9,142   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA Margin

     14.9     20.5     15.4     4.1     0.0     12.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Charges primarily related to non-cash reserves, inventory provisions, and finance related charges.
(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.


Additional Adjusted EBITDA Reconciliations

in thousands USD

 

Three Months Ending

February 28, 2013

   SSC     SSIA     Sub-total
SSC &
SSIA
    EMS     Corporate     Total  
     Q1     Q1     Q1     Q1     Q1     Q1  

Revenue

   $ 42,302      $ 3,842      $ 46,144      $ 14,868      $ —        $ 61,012   

Income (loss) from continuing operations

     2,656        713        3,369        (934     (17,401     (14,966

Adjustments

            

Interest expense, Net

     656        (2     654        36        3,654        4,344   

Amortization of note discounts and deferred financing costs

     —          —          —          —          10,754        10,754   

Depreciation and amortization

     2,941        98        3,039        1,227        82        4,348   

Income and franchise taxes

     (412     58        (354     —          1,024        670   

Stock based compensation

     —          —          —          —          390        390   

Restructuring charges

     238        43        281        26        38        345   

Acquisition related charges

     49        —           49        6        413        468   

Other adjustments (A)

     428        —           428        215        (539     104   

Foreign exchange loss

     —          —          —          —          —          —     

Net corporate costs (B)

     (1,100     (100     (1,200     (385     1,585        —      

Add-Back Total

     2,800        97        2,897        1,125        17,401        21,423   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from continuing operations

   $ 5,456      $ 810      $ 6,266      $ 191      $ —        $ 6,457   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA Margin from continuing operations

     12.9     21.1     13.6     1.3     0.0     10.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue from discontinued operations

     6,146        —          6,146        —          —          6,146   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA from discontinued operations

     1,172        —          1,172        —          —          1,172   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue including discontinued operations

   $ 48,448      $ 3,842      $ 52,290      $ 14,868      $ —        $ 67,158   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA including discontinued operations

   $ 6,628      $ 810      $ 7,438      $ 191      $ —        $ 7,629   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA Margin

     13.7     21.1     14.2     1.3     0.0     11.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Charges primarily related to non-cash reserves, inventory provisions, and finance related charges, partially offset by the reduction of the contingency accrual.
(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.


Additional Adjusted EBITDA Reconciliations

in thousands USD

 

Three Months Ending

May 31, 2012

   SSC     SSIA     Sub-total
SSC &
SSIA
    EMS     Corporate     Total  
     Q2     Q2     Q2     Q2     Q2     Q2  

Revenue

   $ 47,865      $ 8,044      $ 55,909      $ 16,331      $ —        $ 72,240   

Income (loss) from continuing operations

     6,059        1,021        7,080        (100,172     (17,226     (110,318

Adjustments

            

Interest expense, Net

     17        2        19        —          4,515        4,534   

Amortization of note discounts and deferred financing costs

     —          —          —          —          13,494        13,494   

Depreciation and amortization

     3,423        90        3,513        1,111        50        4,674   

Goodwill impairment

     —          —          —          87,000        —          87,000   

Income and franchise taxes

     (843     425        (418     —          (2,836     (3,254

Stock based compensation

     —          —          —          —          635        635   

Restructuring charges

     732        56        788        10,633        73        11,494   

Acquisition related charges

     454        —           454        —          1,924        2,378   

C-MAC pro-forma adjustments

     650        —          650        —          —          650   

Other adjustments (A)

     2        472        474        —          —          474   

SenDEC earn-out reversal

     —          —          —          —          (2,213     (2,213

Foreign exchange loss

     14        (22     (8     —          72        64   

Net corporate costs (B)

     (1,002     (168     (1,170     (342     1,512        —     

Add-Back Total

     3,447        855        4,302        98,402        17,226        119,930   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from continuing operations

   $ 9,506      $ 1,876      $ 11,382      $ (1,770   $ —        $ 9,612   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA Margin from continuing operations

     19.9     23.3     20.4     -10.8     0.0     13.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenue from discontinued operations

     6,667        —          6,667        —          —          6,667   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA from discontinued operations

     1,594        —          1,594        —          —          1,594   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue including discontinued operations

   $ 54,532      $ 8,044      $ 62,576      $ 16,331      $ —        $ 78,907   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA including discontinued operations

   $ 11,100      $ 1,876      $ 12,976      $ (1,770   $ —        $ 11,206   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjusted EBITDA Margin

     20.4     23.3     20.7     -10.8     0.0     14.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Charges primarily related to non-cash reserves, inventory provisions, and finance related charges.
(B) Net Corporate costs are allocated to the three segments by percentage of total consolidated revenues.