EX-99.1 2 tv488993_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

RECAST (UNAUDITED) QUARTERLY AND FULL YEAR SEGMENT INFORMATION

FOR 2017 AND 2016

 

Effective January 1, 2018, the Company changed its segment reporting by combining its Thermal/Acoustical Metals and Thermal/Acoustical Fibers segments into a single operating segment named Thermal Acoustical Solutions. The Company’s other reportable segments, Technical Nonwovens and Performance Materials, remain unchanged.

 

The following unaudited historical quarterly and full-year financial data for 2017 and 2016 has been recast (unaudited) to reflect this new Thermal Acoustical Solutions segment reporting structure.

 

Recast of Segment Financial Data – Thermal Acoustical Solutions

 

In thousands
of dollars
  Q1-2017   Q2-2017   Q3-2017   Q4-2017   FY-2017   Q1-2016   Q2-2016   Q3-2016   Q4-2016   FY-2016 
                                         
Thermal/Acoustical Metals (Reported)                                   
Parts sales  $41,694   $40,827   $41,522   $44,952   $168,995   $36,783   $41,053   $39,807   $38,544   $156,187 
Tooling sales   2,586    2,558    8,297    6,110    19,551    5,214    4,192    4,830    4,551    18,787 
Total sales   44,280    43,385    49,819    51,062    188,546    41,997    45,245    44,637    43,095    174,974 
                                                   
Operating income  $2,443   $3,174   $1,836   $2,619   $10,072   $3,557   $4,082   $5,451   $(1,528)  $11,562 
Operating margin   5.5%   7.3%   3.7%   5.1%   5.3%   8.5%   9.0%   12.2%   -3.5%   6.6%
                                                   
Thermal/Acoustical Fibers (Reported)                                   
Parts sales  $40,987   $40,704   $34,739   $36,994   $153,424   $35,677   $36,934   $35,073   $36,661   $144,345 
Tooling sales   385    2,795    884    273    4,337    184    3,234    1,356    293    5,067 
Total sales   41,372    43,499    35,623    37,267    157,761    35,861    40,168    36,429    36,954    149,412 
                                                   
Operating income  $12,289   $12,157   $8,716   $9,708   $42,870   $10,324   $10,630   $10,026   $10,472   $41,452 
Operating margin   29.7%   27.9%   24.5%   26.0%   27.2%   28.8%   26.5%   27.5%   28.3%   27.7%
                                                   
Thermal Acoustical Solutions (Recast) (unaudited)                              
Parts sales  $81,814   $80,648   $75,195   $80,559   $318,216   $71,840   $77,278   $74,339   $74,559   $298,016 
Tooling sales   2,971    5,354    9,180    6,383    23,888    5,398    7,426    5,628    4,724    23,176 
Total sales   84,785    86,002    84,375    86,942    342,104    77,238    84,704    79,967    79,283    321,192 
                                                   
Operating income  $14,734   $15,326   $10,553   $12,264   $52,877   $13,790   $14,609   $15,463   $8,994   $52,856 
Operating margin   17.4%   17.8%   12.5%   14.1%   15.5%   17.9%   17.2%   19.3%   11.3%   16.5%

 

Non-GAAP Measures

 

The following table reconciles the non-GAAP measures to the most directly comparable GAAP measures:

 

In thousands of dollars  Q1-2017   Q2-2017   Q3-2017   Q4-2017   FY-2017   Q1-2016   Q2-2016   Q3-2016   Q4-2016   FY-2016 
                                         
Thermal Acoustical Solutions (Recast) (unaudited)                              
Operating income, as recasted  $14,734   $15,326   $10,553   $12,264   $52,877   $13,790   $14,609   $15,463   $8,994   $52,856 
German Cartel settlement   -    -    -    -    -    -    -    -    3,479    3,479 
Automotive segments consolidation expenses   -    -    1,089    277    1,366    -    -    -    -    - 
Severance expenses   714    -    -    -    714    -    -    -    -    - 
Operating income, adjusted  $15,448   $15,326   $11,642   $12,541   $54,957   $13,790   $14,609   $15,463   $12,473   $56,335 
                                                   
Operating margin, as recasted   17.4%   17.8%   12.5%   14.1%   15.5%   17.9%   17.2%   19.3%   11.3%   16.5%
Operating margin, adjusted   18.2%   17.8%   13.8%   14.4%   16.1%   17.9%   17.2%   19.3%   15.7%   17.5%