L.B. Foster Reports Third Quarter Operating Results
- Net sales for the 2021 third quarter were
$130.1 million , an$11.7 million increase, or 9.9%, over the third quarter of 2020.
- Gross profit for the 2021 third quarter was
$22.3 million , a$0.2 million improvement, or 1.0%, from the prior year quarter. The 2021 third quarter gross profit margin was 17.1% versus 18.6% in last year's comparable quarter.
- Selling and administrative expenses for the 2021 third quarter were
$20.1 million , a$3.0 million increase, or 17.5%, over the prior year quarter. Selling and administrative expenses as a percent of net sales increased to 15.4% compared to 14.4% last year.
- Net income from continuing operations for the 2021 third quarter was
$2.3 million , or$0.21 per diluted share, a decrease of$1.35 per diluted share from the prior year quarter. Adjusted net income from continuing operations1 was$0.2 million , or$0.02 per diluted share, compared to adjusted net income of$1.0 million , or$0.09 per diluted share, for the prior year quarter. Adjusted net income from continuing operations1 for the 2021 third quarter of 2021 excludes a net gain on the sale of the Company's Piling Products ("Piling") business of$2.0 million . Adjusted net income from continuing operations1 for 2020 third quarter excludes restructuring charges of$0.2 million and a non-recurring income tax benefit of$15.8 million resulting from the divestiture of the IOS Test and Inspection Services business.
- Adjusted EBITDA from continuing operations1 for the 2021 third quarter was
$4.4 million , a$3 .0 million decrease versus the prior year comparable quarter. Adjusted EBITDA from continuing operations for the quarter excludes a$2.7 million pre-tax gain on the sale of the Piling business.
- Net operating cash flow used in the third quarter totaled
$13.7 million , a$21 .7 million decrease compared to the prior year quarter.
- Net debt1 as of
September 30, 2021 was$26.0 million , an$11.4 million decrease fromDecember 31, 2020 . The Company's adjusted net leverage ratio1 was 1.2x as ofSeptember 30, 2021 .
- Backlog, as adjusted for the divestiture of the Piling business, increased by
$20.4 million , or 9.8%, compared to the prior year quarter, driven by a$19.7 million increase in Infrastructure Solutions backlog. New orders totaling$125.6 million for the 2021 third quarter increased 18.5% over the prior year quarter and 10.7% sequentially, both adjusted for the Piling divestiture.
1 See "Non-GAAP Disclosures" at the end of this press release for information regarding the following non-GAAP measures from continuing operations used in this release: adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, net debt, adjusted net leverage ratio, free cash flow.
CEO Comments
Third Quarter Results
- Net sales for the third quarter of 2021 were
$130.1 million , an$11.7 million increase, or 9.9%, compared to the prior year quarter due to a 15.6% increase in the Rail Technologies and Services segment ("Rail") and 3.2% increase in the Infrastructure Solutions segment net sales. The$10.0 million increase in the Rail segment was attributable to both the Rail Products and Rail Technologies business units. The$1.7 million increase in the Infrastructure Solutions segment resulted from increases in both the Fabricated Steel andPrecast Concrete Products business units, partially offset by the Coatings and Measurement business unit which continued to face a challenging environment in the midstream energy market due to excess pipeline infrastructure capacity.
- Gross profit for the 2021 third quarter was
$22.3 million , a$0.2 million increase, or 1.0%, over the prior year quarter. The consolidated gross profit margin of 17.1% decreased by 150 basis points versus last year, with the decline attributable to both segments. Infrastructure Solutions gross profit declined from the prior year quarter by$0.8 million , while Rail gross profit increased by$1.0 million . The decline in gross profit margin in Infrastructure Solutions, which was down 180 basis points compared to the prior year period, is principally attributable to the decline in revenues in the Coatings and Measurement business unit. Rail segment gross profit margin declined by 140 basis points due primarily to the product mix in Rail Technologies business unit during the current quarter.
- Selling and administrative expenses in the third quarter increased
$3.0 million , or 17.5%, over the prior year quarter, primarily attributable to increases in personnel related costs and operating costs associated with the Piling divestiture. Selling and administrative expenses as a percent of net sales increased to 15.4%, a 100-basis point increase from the prior year quarter.
- Net income from continuing operations for the 2021 third quarter was
$2.2 million , or$0.21 per diluted share, a$14.3 million reduction, or$1.35 per diluted share, from the prior year quarter. Adjusted net income from continuing operations1 for the third quarter of 2021 was$0.2 million , or$0.02 per diluted share compared to adjusted net income from continuing operations1 of$1.0 million or$0.09 per diluted share in the prior year quarter. Adjusted net income from continuing operations1 for the third quarter of 2021 excludes the$2.0 million net gain on the sale of the Piling business. Adjusted net income from continuing operations1 for third quarter of 2020 excludes restructuring charges, net of tax, of$0.2 million and a non-recurring income tax benefit of$15.8 million resulting from the divestiture of the IOS Test and Inspection Services business.
- Adjusted EBITDA from continuing operations1 for the 2021 third quarter was
$4.4 million , a 40.7% decrease compared to the prior year quarter. Adjusted EBITDA from continuing operations for the quarter excludes the$2.7 million gain on the sale of the Piling business. Adjusted EBITDA from continuing operations for the prior year quarter excludes restructuring charges of$0.3 million .
- Over the last four quarters, the Company reduced its net debt1 from
$39.8 million to$26.0 million as ofSeptember 30, 2021 , a$13.7 million reduction. The Company's adjusted net leverage ratio1 was 1.2x, with total available funding capacity of$103.5 million as ofSeptember 30, 2021 .
- Third quarter new orders were
$138.9 million , an increase of$8.4 million from the prior year quarter. Excluding Piling Products, new orders were$125.6 million , up$19.6 million , or 18.5%, from the prior year quarter. New orders in the Rail and Infrastructure Solutions segments increased by$15.5 million and$4.1 million , respectively, compared to the prior year quarter excluding new orders for the divested Piling division.
First Nine Months Results
- Net sales for the nine months ended
September 30, 2021 were$400.7 million , a$18.8 million increase, or 4.9%, compared to the prior year period. The sales increase was attributable to the Rail segment, which increased 9.5% from the prior year period, partially offset by a 0.6% decrease in Infrastructure Solutions.
- Gross profit for the nine months ended
September 30, 2021 was$67.3 million , a$6.1 million decrease, or 8.3%, from the prior year period. The 16.8% consolidated gross profit margin decreased by 240 basis points compared to the prior year period, with the decline attributable to Infrastructure Solutions. Gross profit increased$2.9 million in the Rail segment. In Infrastructure Solutions, gross profit declined from the prior year by$9.0 million , driven by the decline in revenues in the Coatings and Measurement business unit. Infrastructure Solutions' gross profit margin was down by 510 basis points compared to the prior year period.
- Selling and administrative expenses for the nine months ended
September 30, 2021 increased by$1.6 million , or 2.8%, over the prior year period, primarily driven by increases in professional services costs. Selling and administrative expenses as a percent of net sales decreased to 14.4%, a 30-basis point decline from the prior year period.
- Net income from continuing operations for the nine months ended
September 30, 2021 was$3.8 million , or$0.36 per diluted share, a$19.7 million reduction, or$1.85 per diluted share, from the prior year period. Adjusted net income from continuing operations1 for the nine months endedSeptember 30, 2021 was$1.8 million , or$0.17 per diluted share compared to adjusted net income from continuing operation of$7.9 million , or$0.75 per diluted share for the prior year period. Adjusted net income from continuing operations1 for the nine months endedSeptember 30, 2021 excludes the$2.0 million net gain on the sale of the Piling business. Adjusted net income from continuing operations1 for the nine months endedSeptember 30, 2020 excludes restructuring and relocation costs, net of tax, of$1.7 million , a non-recurring benefit, net of tax, of$1.4 million from a distribution associated with the Company's interest in an unconsolidated partnership and a non-recurring income tax benefit of$15.8 million resulting from the sale of the IOS Test and Inspection Services business.
- Adjusted EBITDA from continuing operations1 for the nine months ended
September 30, 2021 was$15.5 million , a 38.4% decrease compared to the prior year period. Adjusted EBITDA from continuing operations for the quarter excludes the$2.7 million gain on the sale of the Piling business. Adjusted EBITDA from continuing operations for the nine months endedSeptember 30, 2020 excludes restructuring and relocation costs of$2.2 million and a non-recurring benefit of$1.9 million from a distribution associated with the Company's interest in an unconsolidated partnership.
- Operating cash used for the period was
$6.8 million , as compared to$16.2 million in operating cash provided in the prior year period. The$23.0 million decrease in operating cash flows was primarily as a result of increases in working capital when compared to the prior year period, which is partially attributable to the improvement in sales volume.
- New orders for the nine months ended
September 30, 2021 were$413.1 million , a 4.5% improvement over the prior year period. As adjusted for the Piling Products divestiture, new orders were$354.2 million for the nine months endedSeptember 30, 2021 , a$10.7 million increase, or 3.1%, over the prior year period. New orders in Infrastructure Solutions, excluding Piling, increased$4.8 million , while new orders in the Rail segment increased by$5.9 million compared to the prior year period.
Market Outlook
The Company’s backlog, adjusted for the divestiture of the Piling division, increased by
Third Quarter Conference Call
A conference call replay will be available through
About
This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this earnings release are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: the COVID-19 pandemic, including the impact of any worsening of the pandemic, or the emergence of new variants of the virus, on our financial condition or results of operations, and any future global health crises, and the related social, regulatory, and economic impacts and the response thereto by the Company, our employees, our customers, and national, state, or local governments, including vaccine mandates; volatility in the prices of oil and natural gas and the related impact on the upstream and midstream energy markets, which could result in further cost mitigation actions, including additional shutdowns or furlough periods; a continuation or worsening of the adverse economic conditions in the markets we serve, whether as a result of the current COVID-19 pandemic, including its impact on travel and demand for oil and gas, the volatility in the prices for oil and gas, governmental travel restrictions, project delays, and budget shortfalls, or otherwise; volatility in the global capital markets, including interest rate fluctuations, which could adversely affect our ability to access the capital markets on terms that are favorable to us; restrictions on our ability to draw on our credit agreement, including as a result of any future inability to comply with restrictive covenants contained therein; a continuing decrease in freight or transit rail traffic, including as a result of the COVID-19 pandemic; environmental matters, including any costs associated with any remediation and monitoring; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, and trade restrictions or embargoes; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or to divest businesses, such as the third quarter of 2021 disposition of the Piling Products business, 2020 disposition of the IOS Test and Inspection Services business and acquisition of the LarKen Precast business, and to realize anticipated benefits; costs of and impacts associated with shareholder activism; continued customer restrictions regarding the on-site presence of third party providers due to the COVID-19 pandemic; the timeliness and availability of materials from our major suppliers, including any continuation or worsening of the disruptions in the supply chain experienced as a result of the COVID-19 pandemic, as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers’ concerns about conflict minerals; labor disputes; cyber-security risks such as data security breaches, malware, ransomware, “hacking,” and identity theft, including as experienced in 2020, which could disrupt our business and may result in misuse or misappropriation of confidential or proprietary information, and could result in the significant disruption or damage to our systems, increased costs and losses, or an adverse effect to our reputation; the effectiveness of our continued implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, and reforms regarding the use of LIBOR as a benchmark for establishing applicable interest rates; the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact taxes; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s exit from the
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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Sales of goods | $ | 112,813 | $ | 101,945 | $ | 351,668 | $ | 321,212 | ||||||||
Sales of services | 17,240 | 16,420 | 48,987 | 60,623 | ||||||||||||
Total net sales | 130,053 | 118,365 | 400,655 | 381,835 | ||||||||||||
Cost of goods sold | 93,521 | 82,881 | 292,733 | 263,537 | ||||||||||||
Cost of services sold | 14,256 | 13,423 | 40,655 | 44,977 | ||||||||||||
Total cost of sales | 107,777 | 96,304 | 333,388 | 308,514 | ||||||||||||
Gross profit | 22,276 | 22,061 | 67,267 | 73,321 | ||||||||||||
Selling and administrative expenses | 20,056 | 17,066 | 57,849 | 56,273 | ||||||||||||
Amortization expense | 1,462 | 1,428 | 4,397 | 4,271 | ||||||||||||
Interest expense - net | 722 | 940 | 2,454 | 2,841 | ||||||||||||
Other income - net | (2,880 | ) | (209 | ) | (2,751 | ) | (1,909 | ) | ||||||||
Income from continuing operations before income taxes | 2,916 | 2,836 | 5,318 | 11,845 | ||||||||||||
Income tax expense (benefit) from continuing operations | 676 | (13,742 | ) | 1,494 | (11,698 | ) | ||||||||||
Income from continuing operations | 2,240 | 16,578 | 3,824 | 23,543 | ||||||||||||
Net loss attributable to noncontrolling interest | (30 | ) | — | (64 | ) | — | ||||||||||
Income from continuing operations attributable to |
2,270 | 16,578 | 3,888 | 23,543 | ||||||||||||
Income (loss) from discontinued operations before income taxes | 72 | (13,478 | ) | 72 | (23,565 | ) | ||||||||||
Income tax benefit from discontinued operations | — | (3,730 | ) | — | (5,509 | ) | ||||||||||
Income (loss) from discontinued operations | 72 | (9,748 | ) | 72 | (18,056 | ) | ||||||||||
Net income attributable to |
$ | 2,342 | $ | 6,830 | $ | 3,960 | $ | 5,487 | ||||||||
Basic income (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.21 | $ | 1.57 | $ | 0.36 | $ | 2.24 | ||||||||
From discontinued operations | 0.01 | (0.92 | ) | 0.01 | (1.72 | ) | ||||||||||
Basic income per common share | $ | 0.22 | $ | 0.65 | $ | 0.37 | $ | 0.52 | ||||||||
Diluted income (loss) per common share: | ||||||||||||||||
From continuing operations | $ | 0.21 | $ | 1.56 | $ | 0.36 | $ | 2.21 | ||||||||
From discontinued operations | 0.01 | (0.92 | ) | 0.01 | (1.69 | ) | ||||||||||
Diluted income per common share | $ | 0.22 | $ | 0.64 | $ | 0.37 | $ | 0.52 | ||||||||
Average number of common shares outstanding - Basic | 10,642 | 10,562 | 10,615 | 10,533 | ||||||||||||
Average number of common shares outstanding - Diluted | 10,764 | 10,659 | 10,744 | 10,654 |
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
2021 |
2020 |
|||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,405 | $ | 7,564 | ||||
Accounts receivable - net | 64,601 | 58,298 | ||||||
Inventories - net | 108,895 | 116,460 | ||||||
Other current assets | 14,712 | 12,997 | ||||||
Total current assets | 194,613 | 195,319 | ||||||
Property, plant, and equipment - net | 58,811 | 62,085 | ||||||
Operating lease right-of-use assets - net | 14,403 | 16,069 | ||||||
Other assets: | ||||||||
20,147 | 20,340 | |||||||
Other intangibles - net | 32,450 | 36,897 | ||||||
Deferred tax assets | 38,043 | 38,481 | ||||||
Other assets | 1,336 | 1,204 | ||||||
TOTAL ASSETS | $ | 359,803 | $ | 370,395 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 53,686 | $ | 54,787 | ||||
Deferred revenue | 13,154 | 7,144 | ||||||
Accrued payroll and employee benefits | 10,024 | 9,182 | ||||||
Current portion of accrued settlement | 8,000 | 8,000 | ||||||
Current maturities of long-term debt | 111 | 119 | ||||||
Other accrued liabilities | 12,963 | 15,740 | ||||||
Current liabilities of discontinued operations | — | 330 | ||||||
Total current liabilities | 97,938 | 95,302 | ||||||
Long-term debt | 32,342 | 44,905 | ||||||
Deferred tax liabilities | 3,950 | 4,085 | ||||||
Long-term portion of accrued settlement | 20,000 | 24,000 | ||||||
Long-term operating lease liabilities | 11,959 | 13,516 | ||||||
Other long-term liabilities | 11,240 | 11,757 | ||||||
Stockholders' equity: | ||||||||
Common stock | 111 | 111 | ||||||
Paid-in capital | 44,048 | 44,583 | ||||||
Retained earnings | 169,067 | 165,107 | ||||||
(10,917 | ) | (12,703 | ) | |||||
Accumulated other comprehensive loss | (20,257 | ) | (20,268 | ) | ||||
182,052 | 176,830 | |||||||
Noncontrolling interest | 322 | — | ||||||
Total stockholders’ equity | 182,374 | 176,830 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 359,803 | $ | 370,395 |
Non-GAAP Disclosures
(Unaudited)
This earnings release discloses adjusted net income from continuing operations, adjusted diluted earnings per share from continuing operations, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from continuing operations, adjusted EBITDA from continuing operations, net debt, adjusted net leverage ratio, and free cash flow, which are non-GAAP financial measures. The Company believes that adjusted net income from continuing operations is useful to investors as a supplemental way to compare historical periods without regard to various charges that the Company believes are unusual, non-recurring, unpredictable, or non-cash. The Company believes that EBITDA from continuing operations is useful to investors as a supplemental way to evaluate the ongoing operations of the Company’s business since EBITDA may enhance investors’ ability to compare historical periods as it adjusts for the impact of financing methods, tax law and strategy changes, and depreciation and amortization. In addition, EBITDA is a financial measure that management and the Company’s Board of Directors use in their financial and operational decision-making and in the determination of certain compensation programs. Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share from continuing operations adjusts for certain charges to EBITDA from continuing operations that the Company believes are unusual, non-recurring, unpredictable, or non-cash. In 2021, the Company made adjustments to exclude the gain on the sale of the Piling Products business. In 2020, the Company made adjustments to exclude the impact of a non-recurring benefit from a distribution associated with the Company’s interest in an unconsolidated partnership and restructuring activities and site relocation. In 2019, the Company made adjustments to exclude the impact of the
Non-GAAP financial measures are not a substitute for GAAP financial results and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP. Quantitative reconciliations of adjusted net income from continuing operations, adjusted diluted earnings per share from continuing operations, EBITDA from continuing operations, adjusted EBITDA from continuing operations, net debt, adjusted net leverage ratio, and free cash flow are presented below (in thousands, except per share and ratio):
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation | ||||||||||||||||
Net income from continuing operations, as reported | $ | 2,240 | $ | 16,578 | $ | 3,824 | $ | 23,543 | ||||||||
Relocation and restructuring costs, net of tax benefit of |
— | 213 | — | 1,651 | ||||||||||||
Distribution from unconsolidated partnership, net of tax expense of |
— | — | — | (1,428 | ) | |||||||||||
Income tax benefits resulting from the divestiture of IOS | — | (15,824 | ) | — | (15,824 | ) | ||||||||||
Gain on the divestiture of Piling Products, net of tax expense of |
(2,046 | ) | — | (2,046 | ) | — | ||||||||||
Adjusted net income from continuing operations | $ | 194 | $ | 967 | $ | 1,778 | $ | 7,942 | ||||||||
Average number of common shares outstanding - Diluted, as reported | 10,764 | 10,659 | 10,744 | 10,654 | ||||||||||||
Diluted earnings per common share from continuing operations, as reported | $ | 0.21 | $ | 1.56 | $ | 0.36 | $ | 2.21 | ||||||||
Average number of common shares outstanding - Diluted, as reported | 10,764 | 10,659 | 10,744 | 10,654 | ||||||||||||
Diluted earnings per common share from continuing operations, as adjusted | $ | 0.02 | $ | 0.09 | $ | 0.17 | $ | 0.75 |
Three Months Ended |
Nine Months Ended |
Trailing Twelve Months Ended |
Three Months Ended |
|||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||
Adjusted EBITDA From Continuing Operations Reconciliation | ||||||||||||||||||||||||||||
Net income from continuing operations, as reported | $ | 2,240 | $ | 16,578 | $ | 3,824 | $ | 23,543 | $ | 6,240 | $ | 53,744 | $ | 2,854 | ||||||||||||||
Interest expense - net | 722 | 940 | 2,454 | 2,841 | 3,374 | 3,722 | 861 | |||||||||||||||||||||
Income tax expense (benefit) | 676 | (13,742 | ) | 1,494 | (11,698 | ) | 1,351 | (39,416 | ) | 1,139 | ||||||||||||||||||
Depreciation expense | 2,041 | 1,940 | 6,049 | 5,838 | 8,061 | 7,797 | 2,018 | |||||||||||||||||||||
Amortization expense | 1,462 | 1,428 | 4,397 | 4,271 | 5,855 | 5,769 | 1,470 | |||||||||||||||||||||
Total EBITDA from continuing operations | $ | 7,141 | $ | 7,144 | $ | 18,218 | $ | 24,795 | $ | 24,881 | $ | 31,616 | $ | 8,342 | ||||||||||||||
Relocation and restructuring costs | — | 276 | — | 2,197 | 348 | 3,965 | — | |||||||||||||||||||||
Distribution from unconsolidated partnership | — | — | — | (1,874 | ) | — | (1,874 | ) | — | |||||||||||||||||||
— | — | — | — | — | 2,210 | — | ||||||||||||||||||||||
Gain on divestiture of Piling Products | (2,741 | ) | — | (2,741 | ) | — | (2,741 | ) | — | — | ||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 4,400 | $ | 7,420 | $ | 15,477 | $ | 25,118 | $ | 22,488 | $ | 35,917 | $ | 8,342 |
2021 |
2021 |
2020 |
2020 |
|||||||||||||
Net Debt Reconciliation | ||||||||||||||||
Total debt | $ | 32,453 | $ | 37,245 | $ | 45,024 | $ | 49,104 | ||||||||
Less cash and cash equivalents | (6,405 | ) | (4,140 | ) | (7,564 | ) | (9,311 | ) | ||||||||
Net debt | $ | 26,048 | $ | 33,105 | $ | 37,460 | $ | 39,793 |
2021 |
2020 |
|||||||
Adjusted Net Leverage Ratio Reconciliation | ||||||||
Net debt | $ | 26,048 | $ | 39,793 | ||||
Trailing twelve month adjusted EBITDA from continuing operations | 22,488 | 35,917 | ||||||
Adjusted net leverage ratio | 1.2x | 1.1x |
2021 |
2020 |
|||||||
Free Cash Flow Reconciliation | ||||||||
Net cash (used in) provided by continuing operating activities | $ | (6,810 | ) | $ | 16,201 | |||
Less capital expenditures on property, plant, and equipment | (3,568 | ) | (7,650 | ) | ||||
Free cash flow | $ | (10,378 | ) | $ | 8,551 |
Three Months Ended |
Nine Months Ended |
Three Months Ended |
||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
New Orders Reconciliation | ||||||||||||||||||||
New orders from continuing operations | $ | 138,875 | $ | 130,511 | $ | 413,051 | $ | 395,247 | $ | 138,557 | ||||||||||
Less: Piling Products | 13,234 | 24,469 | 58,898 | 51,782 | 25,089 | |||||||||||||||
New orders from continuing operations excluding Piling Products | $ | 125,641 | $ | 106,042 | $ | 354,153 | $ | 343,465 | $ | 113,468 |
2021 |
2020 |
|||||||
Backlog Reconciliation | ||||||||
Backlog from continuing operations | $ | 231,726 | $ | 235,190 | ||||
Less: Piling Products | 1,961 | 25,851 | ||||||
Backlog from continuing operations excluding Piling Products | $ | 229,765 | $ | 209,339 |
Source: L.B. Foster Company