EX-99 3 rely-ex991_132.htm EX-99.1 rely-ex991_132.htm

Exhibit 99.1

Item 6.

Selected Financial Data

Note: Capitalized terms not defined herein have the meaning ascribed to them in the Real Industry, Inc. Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 16, 2015.

 

As of or for the Year Ended December 31,

 

(Dollars in thousands, except per share amounts)

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

2,232

 

 

$

6,739

 

 

$

8,049

 

 

$

2,337

 

 

$

353

 

Operating loss

$

(11,698

)

 

$

(9,681

)

 

$

(8,565

)

 

$

(17,134

)

 

$

(13,762

)

Loss from continuing operations

$

(148

)

 

$

(14,185

)

 

$

(8,768

)

 

$

(9,941

)

 

$

(25,433

)

Earnings from discontinued operations

$

5,560

 

 

$

4,151

 

 

$

1,300

 

 

$

6,412

 

 

$

11,381

 

Net earnings (loss) attributable to Real Industry, Inc.

$

5,503

 

 

$

(10,034

)

 

$

(7,468

)

 

$

(3,529

)

 

$

(14,052

)

Basic and diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

—

 

 

$

(1.11

)

 

$

(0.69

)

 

$

(0.76

)

 

$

(2.42

)

Discontinued operations

 

0.41

 

 

 

0.32

 

 

 

0.10

 

 

 

(0.29

)

 

 

(1.34

)

Basic and diluted earnings (loss) per share

$

0.41

 

 

$

(0.79

)

 

$

(0.59

)

 

$

(1.05

)

 

$

(3.76

)

Basic and diluted weighted average shares outstanding

 

13,403,083

 

 

 

12,839,761

 

 

 

12,572,843

 

 

 

12,277,237

 

 

 

10,503,700

 

Cash dividends per common share

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

61,935

 

 

$

47,847

 

 

$

49,799

 

 

$

48,008

 

 

$

67,827

 

Total assets

 

121,923

 

 

 

90,123

 

 

 

125,711

 

 

 

143,018

 

 

 

135,544

 

Long-term debt (including current portion)

 

—

 

 

 

—

 

 

 

37,246

 

 

 

39,000

 

 

 

39,000

 

Other Financial Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

$

(13,932

)

 

$

22,773

 

 

$

3,482

 

 

$

(15,634

)

 

$

(305,189

)

Investing activities

 

2,865

 

 

 

8,708

 

 

 

7,644

 

 

 

(13,581

)

 

 

9,898

 

Financing activities

 

26,015

 

 

 

(34,518

)

 

 

(8,195

)

 

 

10,779

 

 

 

10,060

 

Income (expense) from change in fair value

   of common stock warrant liability

 

3,700

 

 

 

(6,950

)

 

 

(947

)

 

 

4,297

 

 

 

(595

)

Depreciation and amortization

 

1,295

 

 

 

2,133

 

 

 

1,828

 

 

 

1,092

 

 

 

345

 

Capital expenditures

 

73

 

 

 

29

 

 

 

52

 

 

 

—

 

 

 

—

 

Federal net operating loss tax carryforward

 

933,607

 

 

 

932,818

 

 

 

928,699

 

 

 

923,800

 

 

 

923,795

 

 

Upon the completion of the Rights Offering in respect of the common stockholders in February 2015, the Company issued 9,751,773 shares of common stock. As previously discussed, Real Industry distributed subscription rights to all of its existing stockholders as of January 28, 2015, and the subscription price represented a discount to the market value of Real Industry’s common stock upon the closing of the Rights Offering, with respect to common stockholders, on February 27, 2015. The discount in the Rights Offering represents an implied stock dividend, which requires retroactive adjustment of the weighted average shares outstanding reported in reporting periods prior to the completion of the Rights Offering. Adjustments to the weighted average shares outstanding in all reporting periods disclosed in the Selected Financial Data table reflect an 8.3% increase from the weighted average shares outstanding reported in filings made prior to the completion of the Rights Offering, with respect to common stockholders, based on the fair value per share of our common stock immediately preceding the closing of the Rights Offering and the theoretical fair value immediately after the closing of the Rights Offering. Had all of the shares issued in respect of the common stockholders in the Rights Offering been outstanding for all of 2014, the Company’s basic earnings per share would have been $0.28 per share for the year ended December 31, 2014. The information presented in the Selected Financial Data table should be read in conjunction with the information provided in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements in Item 8. Financial Statement and Schedules included as Exhibits 99.2 and 99.3, respectively, of the Company’s Current Report on Form 8-K filed with the SEC on October 6, 2015.