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Business Segments
 6 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Business Segments

14. Business Segments

​ 

The Animal Health segment manufactures and markets products for the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The business includes net sales of medicated feed additives and other related products, nutritional specialty products and vaccines. The Mineral Nutrition segment manufactures and markets trace minerals for the cattle, swine, poultry and pet food markets. The Performance Products segment manufactures and markets a variety of products for use in the personal care, automotive, industrial chemical and chemical catalyst industries.

 

We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments and such costs are referred to as Corporate. We do not allocate such items to the principal segments because they are not used to evaluate their operating results or financial position. Assets include cash and cash equivalents, debt issue costs and certain other assets.

 

We evaluate performance of our segments based on adjusted EBITDA. We define adjusted EBITDA as EBITDA plus (a) (income) loss from, and disposal of, discontinued operations, (b) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (c) certain items that we consider to be unusual or non-recurring. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes or less benefit for income taxes and (iii) depreciation and amortization.

 

The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein.

​ ​ ​
Three Months
 ​ ​
Six Months
 ​
For the Periods Ended December 31
 ​ ​
2015
 ​ ​
2014
 ​ ​
2015
 ​ ​
2014
 ​
Net sales ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 121,504 ​ ​ ​ ​ $ 118,785 ​ ​ ​ ​ $ 241,638 ​ ​ ​ ​ $ 236,010 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 58,853 ​ ​ ​ ​ ​ 58,742 ​ ​ ​ ​ ​ 113,322 ​ ​ ​ ​ ​ 114,189 ​ ​
Performance Products
 ​ ​ ​ ​ 11,416 ​ ​ ​ ​ ​ 11,161 ​ ​ ​ ​ ​ 23,933 ​ ​ ​ ​ ​ 25,947 ​ ​
​ ​ ​ ​ $ 191,773 ​ ​ ​ ​ $ 188,688 ​ ​ ​ ​ $ 378,893 ​ ​ ​ ​ $ 376,146 ​ ​
Depreciation and amortization ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 3,829 ​ ​ ​ ​ $ 3,710 ​ ​ ​ ​ $ 7,705 ​ ​ ​ ​ $ 7,538 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 612 ​ ​ ​ ​ ​ 605 ​ ​ ​ ​ ​ 1,220 ​ ​ ​ ​ ​ 1,209 ​ ​
Performance Products
 ​ ​ ​ ​ 194 ​ ​ ​ ​ ​ 147 ​ ​ ​ ​ ​ 388 ​ ​ ​ ​ ​ 293 ​ ​
Corporate
 ​ ​ ​ ​ 758 ​ ​ ​ ​ ​ 779 ​ ​ ​ ​ ​ 1,509 ​ ​ ​ ​ ​ 1,554 ​ ​
​ ​ ​ ​ $ 5,393 ​ ​ ​ ​ $ 5,241 ​ ​ ​ ​ $ 10,822 ​ ​ ​ ​ $ 10,594 ​ ​
​

 
​ ​ ​
Three Months
 ​ ​
Six Months
For the Periods Ended December 31
 ​ ​
2015
 ​ ​
2014
 ​ ​
2015
 ​ ​
2014
Adjusted EBITDA ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 32,351 ​ ​ ​ ​ $ 28,296 ​ ​ ​ ​ $ 63,827 ​ ​ ​ ​ $ 60,750
Mineral Nutrition
 ​ ​ ​ ​ 4,189 ​ ​ ​ ​ ​ 3,754 ​ ​ ​ ​ ​ 7,349 ​ ​ ​ ​ ​ 7,233
Performance Products
 ​ ​ ​ ​ (8) ​ ​ ​ ​ ​ 162 ​ ​ ​ ​ ​ 78 ​ ​ ​ ​ ​ 1,198
Corporate
 ​ ​ ​ ​ (8,098) ​ ​ ​ ​ ​ (7,184) ​ ​ ​ ​ ​ (15,113) ​ ​ ​ ​ ​ (13,695)
​ ​ ​ ​ $ 28,434 ​ ​ ​ ​ $ 25,028 ​ ​ ​ ​ $ 56,141 ​ ​ ​ ​ $ 55,486
Reconciliation of Adjusted EBITDA to income before income taxes
 ​ ​ ​ ​ ​
Adjusted EBITDA
 ​ ​ ​ $ 28,434 ​ ​ ​ ​ $ 25,028 ​ ​ ​ ​ $ 56,141 ​ ​ ​ ​ $ 55,486
Depreciation and amortization
 ​ ​ ​ ​ (5,393) ​ ​ ​ ​ ​ (5,241) ​ ​ ​ ​ ​ (10,822) ​ ​ ​ ​ ​ (10,594)
Acquisition related accrued compensation
 ​ ​ ​ ​ (420) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (840) ​ ​ ​ ​ ​ —
Interest expense, net
 ​ ​ ​ ​ (3,967) ​ ​ ​ ​ ​ (3,515) ​ ​ ​ ​ ​ (7,786) ​ ​ ​ ​ ​ (7,005)
Foreign currency gains (losses), net
 ​ ​ ​ ​ (2,557) ​ ​ ​ ​ ​ 1,018 ​ ​ ​ ​ ​ 2,896 ​ ​ ​ ​ ​ 2,222
Income before income taxes
 ​ ​ ​ $ 16,097 ​ ​ ​ ​ $ 17,290 ​ ​ ​ ​ $ 39,589 ​ ​ ​ ​ $ 40,109
​
As of
 ​ ​
December 31,
2015
 ​ ​
June 30,
2015
 ​
Identifiable assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 370,522 ​ ​ ​ ​ $ 361,078 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 62,771 ​ ​ ​ ​ ​ 59,881 ​ ​
Performance Products
 ​ ​ ​ ​ 23,718 ​ ​ ​ ​ ​ 22,255 ​ ​
Corporate
 ​ ​ ​ ​ 64,486 ​ ​ ​ ​ ​ 50,104 ​ ​
​ ​ ​ ​ $ 521,497 ​ ​ ​ ​ $ 493,318 ​ ​
​

 
The Animal Health segment includes all goodwill of the Company. The Animal Health segment includes advances to and investment in an equity method investee of  $4,061 and $4,364 as of December 31, 2015 and June 30, 2015, respectively. The Performance Products segment includes an investment in equity method investee of  $452 and $361 as of December 31, 2015 and June 30, 2015, respectively. Corporate includes all cash and cash equivalents.