Horizon Global Reports Financial Results for Second Quarter 2020

Second Quarter Highlights

  • Improved Cash and Availability(3) to $45.5 million
  • Refinanced First and Second Lien Term Loans into single term loan facility; extends maturity, maintains interest rate level and supports Company’s long-term strategic plan
  • Net sales of $120.5 million; down $72.2 million, or 37.5%, compared to prior year comparable period, largely attributable to decreased sales volumes due to impact of COVID-19 pandemic
  • Operating loss of $(8.0) million; unfavorable $10.7 million compared to prior year comparable period
  • Net loss from continuing operations of $(16.7) million; unfavorable $5.6 million compared to prior year comparable period
  • Adjusted EBITDA(2) above break-even; down $12.2 million compared to prior year comparable period

Year to Date Highlights

  • Successfully amended ABL facility to stabilize liquidity and support Company’s long-term strategic plan
  • Generated $4.9 million cash from operating activities; $67.9 million improvement over prior year comparable period
  • Net sales of $283.7 million; down $86.6 million, or 23.4%, compared to prior year comparable period, largely attributable to decreased sales volumes due to impact of COVID-19 pandemic
  • Operating loss of $(14.7) million; unfavorable $4.0 million compared to prior year comparable period
  • Net loss from continuing operations of $(33.3) million; unfavorable $7.2 million compared to prior year comparable period
  • Adjusted EBITDA(2) of $3.0 million; down $8.3 million compared to prior year comparable period

 

PLYMOUTH, Mich.–(BUSINESS WIRE)–Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today reported financial results for the second quarter of 2020.

I want to thank our global team for the tremendous resilience and leadership demonstrated during the global pandemic,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “In the face of extremely difficult and unprecedented circumstances, we came together as one team and continued to improve the business each and every day. These efforts allowed us to support our customers in every geography and protect the health and safety of our colleagues and those in the communities in which we operate.”

Gohl continued, “During a quarter impacted by the global pandemic, we remained laser focused on our liquidity and balance sheet. The significant year-over-year improvement in liquidity and working capital reflects the successful efforts of our team to generate cash flow from operations. We appreciate the confidence and support from our lenders in connection with the recent refinancing of our term loan debt and ABL facility. These transactions extend our debt maturities and provide us long-term stability to execute our strategic plan.”

2020 Second Quarter Segment Results

Horizon Americas. Net sales decreased $34.8 million, or 32.0%, to $74.1 million. Net sales in all channels were negatively impacted by the COVID-19 pandemic. Gross profit decreased $8.8 million, due to lower net sales, partially offset by lower scrap costs, inventory reserves and outbound freight costs. Horizon Americas generated an operating profit of $3.4 million, representing a decrease of $6.1 million, with unfavorable gross profit partially offset by lower SG&A costs. Adjusted EBITDA(2) decreased to $5.9 million for the quarter, as compared to $12.1 million for the prior year comparable period.

Horizon Europe-Africa. Net sales decreased $37.3 million, or 44.6%, to $46.4 million due primarily to the impact of the COVID-19 pandemic. In response, the Company temporarily idled certain manufacturing facilities in line with customer demand and in accordance with applicable government mandated operations restrictions, leading to a $33.5 million decrease in net sales in the automotive OEM and OES channels. Net sales on a constant currency(1) basis decreased $36.5 million, or 43.6%. Gross profit decreased $9.5 million, primarily driven by lower net sales attributable to the impact of the COVID-19 pandemic. Operating loss for the quarter was $(6.0) million, which represented a $7.6 million decrease primarily relating to unfavorable gross profit, partially offset by lower SG&A costs. Adjusted EBITDA(2) was $(2.2) million for the quarter, a decrease of $6.6 million from the prior year comparable period.

Balance Sheet and Liquidity. Gross debt decreased $172.8 million to $275.4 million from the end of the prior year comparable period. Total liquidity, which includes borrowing availability under the ABL and cash on-hand, was $45.5 million, up $9.8 million compared to the end of the prior year comparable period, after removing any prior-year impacts related to the APAC discontinued operations reporting.

Summary

Gohl commented, “Our sales levels through the second quarter and into the third quarter reflect a positive upswing in demand for our products. We believe we are well positioned to meet this demand and emerge from the pandemic as the clear market leader. We realize that the uncertainties associated with the pandemic are not behind us and we cannot overemphasize the importance of maintaining operational and financial flexibility to respond to shifts in customer ordering patterns. To this end, we continue to execute on our operational improvement initiatives and streamline our cost structure, while focusing on throughput and capacity to service our customers. We expect all these efforts to create near- and long-term value for our employees, customers and shareholders.”

Conference Call Details

Horizon Global will host a conference call regarding second quarter 2020 earnings on Friday, August 7, 2020 at 8:30 a.m. Eastern Time. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing (866) 652-5200 and from outside the U.S. at (412) 317-6060. Please use the conference identification number 10146653.

The second quarter 2020 results and supplemental materials, including a presentation in PDF format, will be distributed before the market opens on August 7, 2020 and will be available on the Company’s website at www.horizonglobal.com prior to the start of the call.

The conference call will be webcast simultaneously and in its entirety through the Horizon Global website. Shareholders, media representatives and others may participate in the webcast by registering through the investor relations section on the Company’s website.

A replay of the call will be available on Horizon Global’s website or by phone by dialing (877) 344-7529 and from outside the U.S. at (412) 317-0088. Please use the conference identification number 10146653. The telephone replay will be available approximately two hours after the end of the call and continue through August 21, 2020.

About Horizon Global

Headquartered in Plymouth, MI, Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company’s commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best in-class products for our customers, engage with our employees and realize value creation for our shareholders.

Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 3,600 employees.

For more information, please visit www.horizonglobal.com.

Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the impact of the novel coronavirus (COVID-19) pandemic on the Company’s business, results of operations, financial condition and liquidity; the Company’s ability to regain compliance with the New York Stock Exchange’s continued listing standards; the Company’s leverage; liabilities and restrictions imposed by the Company’s debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation; government and regulatory actions including the impact of any tariffs, quotas, or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the success of the Company’s action plan, including the actual amount of savings and timing thereof; the success of the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company’s exposure to product liability claims from customers and end users, and the costs associated therewith; the Company’s ability to meet its covenants in the agreements governing its debt; factors affecting the Company’s business that are outside of its control, including natural disasters, pandemics, including the current COVID-19 pandemic, accidents and governmental actions; and other risks that are discussed in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

(1)

We evaluate results in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period’s currency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. See Appendix II for reconciliation.

(2)

Please refer to “Company and Business Segment Financial Information” which details certain costs, expense, other charges, that are included in the determination of net income attributable to Horizon Global under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results. The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP.

(3)

“Cash and Availability” as of June 30, 2019 excludes the Asia-Pacific operating segment, which was sold in the third quarter of 2019. “Availability” refers to amounts of cash accessible but undrawn from credit facilities.

Horizon Global Corporation

Condensed Consolidated Balance Sheets

(dollars in thousands)

 

 

 

June 30,
2020

 

December 31,
2019

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

34,230

 

 

$

11,770

 

Restricted cash

 

5,770

 

 

 

Receivables, net

 

86,500

 

 

71,680

 

Inventories

 

116,220

 

 

136,650

 

Prepaid expenses and other current assets

 

8,870

 

 

8,570

 

Total current assets

 

251,590

 

 

228,670

 

Property and equipment, net

 

73,260

 

 

75,830

 

Operating lease right-of-use assets

 

44,130

 

 

45,770

 

Goodwill

 

3,200

 

 

4,350

 

Other intangibles, net

 

56,450

 

 

60,120

 

Deferred income taxes

 

490

 

 

430

 

Other assets

 

7,680

 

 

5,870

 

Total assets

 

$

436,800

 

 

$

421,040

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Short-term borrowings and current maturities, long-term debt

 

$

10,060

 

 

$

4,310

 

Accounts payable

 

85,330

 

 

78,450

 

Short-term operating lease liabilities

 

10,270

 

 

9,880

 

Accrued liabilities

 

50,890

 

 

48,850

 

Total current liabilities

 

156,550

 

 

141,490

 

Gross long-term debt

 

265,290

 

 

236,550

 

Unamortized debt issuance costs and discount

 

(25,330)

 

 

(31,500)

 

Long-term debt

 

239,960

 

 

205,050

 

Deferred income taxes

 

4,040

 

 

4,040

 

Long-term operating lease liabilities

 

46,610

 

 

48,070

 

Other long-term liabilities

 

15,780

 

 

13,790

 

Total liabilities

 

462,940

 

 

412,440

 

Total Horizon Global shareholders’ (deficit) equity

 

(21,730)

 

 

12,340

 

Noncontrolling interest

 

(4,410)

 

 

(3,740)

 

Total shareholders’ (deficit) equity

 

(26,140)

 

 

8,600

 

Total liabilities and shareholders’ equity

 

$

436,800

 

 

$

421,040

 

 

Horizon Global Corporation

Condensed Consolidated Statements of Operations

(Unaudited – dollars in thousands, except share and per share data)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2020

 

2019

 

2020

 

2019

Net sales

 

$

120,490

 

 

$

192,650

 

 

$

283,740

 

 

$

370,320

 

Cost of sales

 

(102,440)

 

 

(156,340)

 

 

(239,440)

 

 

(310,450)

 

Gross profit

 

18,050

 

 

36,310

 

 

44,300

 

 

59,870

 

Selling, general and administrative expenses

 

(26,000)

 

 

(33,670)

 

 

(58,860)

 

 

(72,040)

 

Net (loss) gain on dispositions of property and equipment

 

(20)

 

 

10

 

 

(90)

 

 

1,450

 

Operating (loss) profit

 

(7,970)

 

 

2,650

 

 

(14,650)

 

 

(10,720)

 

Other (expense) income, net

 

(450)

 

 

500

 

 

(2,120)

 

 

(4,970)

 

Interest expense

 

(8,220)

 

 

(15,320)

 

 

(16,410)

 

 

(26,150)

 

Loss from continuing operations before income tax

 

(16,640)

 

 

(12,170)

 

 

(33,180)

 

 

(41,840)

 

Income tax (expense) benefit

 

(80)

 

 

1,040

 

 

(70)

 

 

1,310

 

Net loss from continuing operations

 

(16,720)

 

 

(11,130)

 

 

(33,250)

 

 

(40,530)

 

Income (loss) from discontinued operations, net of tax

 

 

 

2,990

 

 

 

 

6,770

 

Net loss

 

(16,720)

 

 

(8,140)

 

 

(33,750)

 

 

(33,760)

 

Less: Net loss attributable to noncontrolling interest

 

(380)

 

 

(60)

 

 

(670)

 

 

(580)

 

Net loss attributable to Horizon Global

 

$

(16,340)

 

 

$

(8,080)

 

 

$

(33,080)

 

 

$

(33,180)

 

Net (loss) income per share attributable to Horizon Global:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.64)

 

 

$

(0.44)

 

 

$

(1.28)

 

 

$

(1.58)

 

Discontinued operations

 

 

 

0.12

 

 

(0.02)

 

 

0.27

 

Total

 

$

(0.64)

 

 

$

(0.32)

 

 

$

(1.30)

 

 

$

(1.31)

 

Diluted:

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.64)

 

 

$

(0.44)

 

 

$

(1.28)

 

 

$

(1.58)

 

Discontinued operations

 

 

 

0.12

 

 

(0.02)

 

 

0.27

 

Total

 

$

(0.64)

 

 

$

(0.32)

 

 

$

(1.30)

 

 

$

(1.31)

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

25,618,793

 

 

25,282,791

 

 

25,509,794

 

 

25,235,704

 

Diluted

 

25,618,793

 

 

25,282,791

 

 

25,509,794

 

 

25,235,704

 

 

Horizon Global Corporation

Condensed Consolidated Statements of Cash Flows

(unaudited – dollars in thousands)

 

 

 

Six Months Ended June 30,

 

 

2020

 

2019

Cash Flows from Operating Activities:

 

 

 

 

Net loss

 

$

(33,750)

 

 

$

(33,760)

 

Less: (Loss) income from discontinued operations

 

(500)

 

 

6,770

 

Net loss from continuing operations

 

(33,250)

 

 

(40,530)

 

 

 

 

 

 

Adjustments to reconcile net loss from continuing operations to net cash provided by (used for) operating activities:

 

 

 

 

Net loss (gain) on dispositions of property and equipment

 

90

 

 

(1,450)

 

Depreciation

 

7,100

 

 

7,390

 

Amortization of intangible assets

 

3,430

 

 

3,130

 

Amortization of original issuance discount and debt issuance costs

 

8,100

 

 

9,900

 

Deferred income taxes

 

10

 

 

260

 

Non-cash compensation expense

 

1,320

 

 

940

 

Paid-in-kind interest

 

3,660

 

 

4,370

 

Increase in receivables

 

(16,780)

 

 

(28,510)

 

Decrease (increase) in inventories

 

19,270

 

 

(7,820)

 

Increase in prepaid expenses and other assets

 

(2,890)

 

 

(1,040)

 

Increase in accounts payable and accrued liabilities

 

13,460

 

 

4,270

 

Other, net

 

1,380

 

 

(13,920)

 

Net cash provided by (used for) operating activities for continuing operations

 

4,900

 

 

(63,010)

 

Cash Flows from Investing Activities:

 

 

 

 

Capital expenditures

 

(5,450)

 

 

(5,680)

 

Net proceeds from sale of business

 

 

 

4,970

 

Net proceeds from disposition of property and equipment

 

70

 

 

1,550

 

Net cash (used for) provided by investing activities for continuing operations

 

(5,380)

 

 

840

 

Cash Flows from Financing Activities:

 

 

 

 

Net cash provided by financing activities for continuing operations

 

29,320

 

 

37,660

 

Discontinued Operations:

 

 

 

 

Net cash (used for) provided by discontinued operating activities

 

(500)

 

 

14,250

 

Net cash used for discontinued investing activities

 

 

 

(920)

 

Net cash provided by discontinued financing activities

 

 

 

 

Net cash (used for) provided by discontinued operations

 

(500)

 

 

13,330

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(110)

 

 

290

 

Cash, Cash Equivalents and Restricted Cash:

 

 

 

 

Increase (decrease) for the period

 

28,230

 

 

(10,890)

 

At beginning of period

 

11,770

 

 

27,650

 

At end of period

 

$

40,000

 

 

$

16,760

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest

 

$

4,370

 

 

$

11,750

 

Cash paid for taxes, net of refunds

 

$

440

 

 

$

910

 

 

Appendix I

Horizon Global Corporation

Company and Business Segment Financial Information

(Unaudited – dollars in thousands)

The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP. Adjusted EBITDA, as determined and measured by Horizon Global, should also not be compared to similarly titled measures reported by other companies. The Company also uses operating income (loss) to measure stand-alone segment performance.

Adjusted EBITDA is defined as net income attributable to Horizon Global before interest expense, income taxes, depreciation and amortization, and before certain items, as applicable such as severance, restructuring, relocation and related business disruption costs, impairment of goodwill and other intangibles, non-cash stock compensation, certain product liability recall and litigation claims, acquisition and integration costs, gains (losses) on business divestitures and other assets, board transition support and non-cash unrealized foreign currency remeasurement costs.

The following table summarizes Adjusted EBITDA for our operating segments for the three months ended June 30, 2020 (“2Q20”) and 2019 (“2Q19”):

 

 

 

Three Months Ended
June 30, 2020

 

Three Months Ended
June 30, 2019

 

Variance

 

 

Horizon Americas

 

Horizon Europe-Africa

 

Corporate

 

Consolidated

 

Horizon Americas

 

Horizon Europe-Africa

 

Corporate

 

Consolidated

 

Consolidated

 

 

(dollars in thousands)

 

(dollars in thousands)

Net loss attributable to Horizon Global

 

 

 

 

 

 

 

$

(16,340)

 

 

 

 

 

 

 

 

$

(8,080)

 

 

$

(8,260)

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

(380)

 

 

 

 

 

 

 

 

(60)

 

 

(320)

 

Net loss

 

 

 

 

 

 

 

$

(16,720)

 

 

 

 

 

 

 

 

$

(8,140)

 

 

$

(8,580)

 

Interest expense

 

 

 

 

 

 

 

8,220

 

 

 

 

 

 

 

 

15,320

 

 

(7,100)

 

Income tax expense (benefit)

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

(1,040)

 

 

1,120

 

Depreciation and amortization

 

 

 

 

 

 

 

5,470

 

 

 

 

 

 

 

 

5,310

 

 

160

 

EBITDA

 

$

5,350

 

 

$

(3,250)

 

 

$

(5,050)

 

 

$

(2,950)

 

 

$

11,220

 

 

$

5,220

 

 

$

(4,990)

 

 

$

11,450

 

 

$

(14,400)

 

Net loss attributable to noncontrolling interest

 

 

 

380

 

 

 

 

380

 

 

 

 

60

 

 

 

 

60

 

 

320

 

Income from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,990)

 

 

(2,990)

 

 

2,990

 

Severance

 

 

 

 

 

 

 

 

 

(270)

 

 

20

 

 

 

 

(250)

 

 

250

 

Restructuring, relocation and related business disruption costs

 

410

 

 

30

 

 

210

 

 

650

 

 

540

 

 

(10)

 

 

 

 

530

 

 

120

 

Non-cash stock compensation

 

 

 

 

 

900

 

 

900

 

 

 

 

 

 

600

 

 

600

 

 

300

 

Loss on business divestitures and other assets

 

240

 

 

 

 

40

 

 

280

 

 

430

 

 

 

 

1,320

 

 

1,750

 

 

(1,470)

 

Board transition support

 

 

 

 

 

 

 

 

 

 

 

 

 

760

 

 

760

 

 

(760)

 

Debt issuance costs

 

 

 

 

 

560

 

 

560

 

 

 

 

 

 

1,300

 

 

1,300

 

 

(740)

 

Unrealized foreign currency remeasurement costs

 

(100)

 

 

690

 

 

(370)

 

 

220

 

 

150

 

 

(680)

 

 

(190)

 

 

(720)

 

 

940

 

Other

 

 

 

 

 

 

 

 

 

(10)

 

 

(200)

 

 

 

 

(210)

 

 

210

 

Adjusted EBITDA

 

$

5,900

 

 

$

(2,150)

 

 

$

(3,710)

 

 

$

40

 

 

$

12,060

 

 

$

4,410

 

 

$

(4,190)

 

 

$

12,280

 

 

$

(12,240)

 

 

The following table summarizes Adjusted EBITDA for our operating segments for the six months ended June 30, 2020 (“2Q20 YTD”) and 2019 (“2Q19 YTD”):

 

 

 

Six Months Ended
June 30, 2020

 

Six Months Ended
June 30, 2019

 

Variance

 

 

Horizon Americas

 

Horizon Europe-Africa

 

Corporate

 

Consolidated

 

Horizon Americas

 

Horizon Europe-Africa

 

Corporate

 

Consolidated

 

Consolidated

 

 

(dollars in thousands)

 

(dollars in thousands)

Net loss attributable to Horizon Global

 

 

 

 

 

 

 

$

(33,080)

 

 

 

 

 

 

 

 

$

(33,180)

 

 

$

100

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

(670)

 

 

 

 

 

 

 

 

(580)

 

 

(90)

 

Net loss

 

 

 

 

 

 

 

$

(33,750)

 

 

 

 

 

 

 

 

$

(33,760)

 

 

$

10

 

Interest expense

 

 

 

 

 

 

 

16,410

 

 

 

 

 

 

 

 

26,150

 

 

(9,740)

 

Income tax expense (benefit)

 

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

(1,310)

 

 

1,380

 

Depreciation and amortization

 

 

 

 

 

 

 

10,530

 

 

 

 

 

 

 

 

10,520

 

 

10

 

EBITDA

 

$

10,290

 

 

$

(4,340)

 

 

$

(12,690)

 

 

$

(6,740)

 

 

$

11,250

 

 

$

580

 

 

$

(10,230)

 

 

$

1,600

 

 

$

(8,340)

 

Net loss attributable to noncontrolling interest

 

 

 

670

 

 

 

 

670

 

 

 

 

580

 

 

 

 

580

 

 

90

 

Loss (income) from discontinued operations, net of tax

 

 

 

 

 

500

 

 

500

 

 

 

 

 

 

(6,770)

 

 

(6,770)

 

 

7,270

 

Severance

 

530

 

 

20

 

 

(10)

 

 

540

 

 

(190)

 

 

 

 

 

 

(190)

 

 

730

 

Restructuring, relocation and related business disruption costs

 

1,300

 

 

30

 

 

320

 

 

1,650

 

 

1,310

 

 

(1,410)

 

 

 

 

(100)

 

 

1,750

 

Non-cash stock compensation

 

 

 

 

 

1,320

 

 

1,320

 

 

 

 

 

 

970

 

 

970

 

 

350

 

Loss (gain) on business divestitures and other assets

 

600

 

 

(180)

 

 

40

 

 

460

 

 

960

 

 

3,630

 

 

1,320

 

 

5,910

 

 

(5,450)

 

Board transition support

 

 

 

 

 

 

 

 

 

 

 

 

 

1,450

 

 

1,450

 

 

(1,450)

 

Product liability and litigation claims

 

 

 

1,510

 

 

 

 

1,510

 

 

 

 

4,320

 

 

 

 

4,320

 

 

(2,810)

 

Debt issuance costs

 

 

 

 

 

1,310

 

 

1,310

 

 

 

 

 

 

3,040

 

 

3,040

 

 

(1,730)

 

Unrealized foreign currency remeasurement costs

 

(700)

 

 

2,440

 

 

10

 

 

1,750

 

 

(80)

 

 

560

 

 

140

 

 

620

 

 

1,130

 

Other

 

 

 

 

 

 

 

 

 

200

 

 

(310)

 

 

(100)

 

 

(210)

 

 

210

 

Adjusted EBITDA

 

$

12,020

 

 

$

150

 

 

$

(9,200)

 

 

$

2,970

 

 

$

13,450

 

 

$

7,950

 

 

$

(10,180)

 

 

$

11,220

 

 

$

(8,250)

 

 

Contacts

Jeff Tryka, CFA

Investor Relations, Lambert & Co.

(616) 295-2509

jtryka@horizonglobal.com

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