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Columbus McKinnon Corp
Columbus McKinnon Reports Revenue Growth of 30% for Third Quarter Fiscal Year 2022 (Businesswire)

2022-01-27 12:30
Columbus McKinnon (Nasdaq: CMCO) Reports Revenue Growth of 30% for Third Quarter Fiscal Year 2022

Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2022 third quarter, which ended December 31, 2021. Results include the additions of Dorner Manufacturing Corporation and Garvey Corporation, which were acquired on April 7, 2021 and December 1, 2021, respectively.

Third Quarter Highlights (compared with prior-year period)

  • Advancing Columbus McKinnon’s transformation to intelligent motion solutions for material handling
  • Garvey acquisition enhances precision conveyance platform with leading accumulation systems
  • Sales grew 30% from acquisitions, strong organic volume and improved pricing
  • Orders up 14% year-over-year excluding acquisitions; strong demand across end markets; Backlog at quarter end was record $295 million
  • Gross margin was 34.7%; adjusted gross margin of 36.7% matched record set in second quarter
  • Solid cash generation while building inventory to address strong demand amidst supply chain constraints

David Wilson, President and CEO of Columbus McKinnon, commented, “We believe our strong results in the quarter reflect our successful execution of the Blueprint for Growth 2.0 strategy as we advance the transformation of Columbus McKinnon. The acquisition of Garvey Corporation completed in December 2021 was an excellent example of an ideal bolt-on acquisition that expands our precision conveyance capabilities and deepens our reach into the fast growing and less cyclical food & beverage and pharmaceutical industries. In addition, strong volume and productivity, combined with pricing that more than offset material inflation, delivered record third quarter gross margin. We are successfully navigating a dynamic and challenging environment and delivering solid results while experiencing strong demand across the business. As a result, we are entering our fiscal fourth quarter with record backlog.”

He added, “As a global expert in floor-to-ceiling intelligent motion solutions for material handling, we see our solutions as uniquely positioned to drive value in this global economy. Our solutions are enabling our customers in e-commerce, food & beverage, life sciences, aerospace and automotive to address some of the most pressing issues that they are facing today. We are providing critical support for vaccine deliveries, e-commerce expansion, supply chain rebalancing, labor shortages, capacity expansion and modernization.”

Third Quarter Fiscal 2022 Sales

($ in millions)

 

Q3 FY 22

 

Q3 FY 21

 

Change

 

% Change

Net sales

 

$

216.1

 

 

$

166.5

 

 

$

49.5

 

 

29.7

%

U.S. sales

 

$

128.7

 

 

$

87.6

 

 

$

41.1

 

 

46.9

%

% of total

 

60

%

 

53

%

 

 

 

 

Non-U.S. sales

 

$

87.4

 

 

$

78.9

 

 

$

8.5

 

 

10.8

%

% of total

 

40

%

 

47

%

 

 

 

 

For the quarter, sales increased $49.5 million, or 29.7%. Acquisitions added $36.4 million in sales. In the U.S., volume improved $6.5 million, or 7.5%, and price improved $3.2 million, or 3.6%. U.S. sales related to acquisitions were $31.4 million. Outside the U.S., volume improved $2.4 million, or 3.1%, and price improved $2.5 million, or 3.1%. This more than offset unfavorable foreign currency translation of

$1.5 million, or 0.9% of total sales. Acquisitions added $5.0 million of sales outside the U.S.

Third Quarter Fiscal 2022 Operating Results

($ in millions)

 

Q3 FY 22

 

Q3 FY 21

 

Change

 

% Change

Gross profit

 

$

75.1

 

 

$

55.3

 

 

$

19.7

 

 

35.7%

Gross margin

 

34.7

%

 

33.2

%

 

150 bps

 

 

Income from operations

 

$

15.3

 

 

$

10.4

 

 

$

4.9

 

 

46.6%

Operating margin

 

7.1

%

 

6.3

%

 

80 bps

 

 

Adjusted income from operations*

 

$

20.5

 

 

$

11.2

 

 

$

9.3

 

 

83.5%

Adjusted operating margin*

 

9.5

%

 

6.7

%

 

280 bps

 

 

Net income (loss)

 

$

9.9

 

 

$

6.6

 

 

$

3.3

 

 

50.0%

Net income (loss) margin

 

4.6

%

 

4.0

%

 

60 bps

 

 

Diluted EPS

 

$

0.34

 

 

$

0.27

 

 

$

0.07

 

 

25.9%

Adjusted EPS*

 

$

0.60

 

 

$

0.36

 

 

$

0.24

 

 

66.7%

Adjusted EBITDA*

 

$

30.7

 

 

$

18.1

 

 

$

12.6

 

 

69.4%

Adjusted EBITDA margin*

 

14.2

%

 

10.9

%

 

330 bps

 

 

*Adjusted operating income, adjusted operating margin, adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. See accompanying discussion and reconciliation tables in this release regarding adjusted operating income, adjusted operating margin, adjusted EPS, and the reconciliation of GAAP net income (loss) to adjusted EBITDA.

Acquisitions added $6.8 million in adjusted operating income. Adjusted earnings per diluted share were $0.60 in the fiscal 2022 third quarter compared with $0.36 in the prior year. Adjusted EPS excludes amortization of intangible assets related to acquisitions. The Company believes this better represents its inherent earnings power and cash generation capability.

Fourth Quarter Fiscal 2022 Outlook

Columbus McKinnon expects fourth quarter fiscal 2022 sales of approximately $235 million at current exchange rates. Mr. Wilson commented, “We have had great momentum throughout fiscal 2022 and expect to end on a strong note. As we look beyond this fiscal year, we are greatly encouraged with the progress we are making as an organization as we focus on faster growing markets, enhance our capabilities with new technologies and build a world-class organization that will be central to the automation of material handling around the world.”

Teleconference/webcast

Columbus McKinnon will host a conference call and live webcast today at 10:00 AM Eastern Time, at which management will review the Company’s financial results and strategy. The review will be accompanied by a slide presentation, which will be available on Columbus McKinnon’s website at investors.columbusmckinnon.com. A question-and-answer session will follow the formal discussion.

The conference call can be accessed by dialing 201-493-6780. The listen-only audio webcast can be monitored at investors.columbusmckinnon.com. To listen to the archived call, dial 412-317-6671 and enter the passcode 13725924. The telephonic replay will be available from 1:00 PM Eastern Time on the day of the call through Thursday, February 3. Alternatively, an archived webcast of the call can be found on the Company’s website. In addition, a transcript of the call will be posted to the website once available.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.columbusmckinnon.com.

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future sales and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the impact of supply chain challenges and inflation, the ability of the Company to scale the organization, achieve its Blueprint for Growth 2.0 strategy and execute CMBS; and the Company’s ability to achieve revenue expectations, global economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the ability to expand into new markets and geographic regions, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

Financial tables follow.

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Income Statements - UNAUDITED

(In thousands, except per share and percentage data)

 

 

 

Three Months Ended

 

 

 

 

December 31,
2021

 

December 31,
2020

 

Change

Net sales

 

$

216,088

 

 

$

166,547

 

 

29.7%

Cost of products sold

 

141,031

 

 

111,232

 

 

26.8%

Gross profit

 

75,057

 

 

55,315

 

 

35.7%

Gross profit margin

 

34.7

%

 

33.2

%

 

 

Selling expenses

 

24,468

 

 

18,829

 

 

29.9%

% of net sales

 

11.3

%

 

11.3

%

 

 

General and administrative expenses

 

25,144

 

 

19,859

 

 

26.6%

% of net sales

 

11.6

%

 

11.9

%

 

 

Research and development expenses

 

3,875

 

 

3,038

 

 

27.6%

% of net sales

 

1.8

%

 

1.8

%

 

 

Amortization of intangibles

 

6,254

 

 

3,142

 

 

99.0%

Income from operations

 

15,316

 

 

10,447

 

 

46.6%

Operating margin

 

7.1

%

 

6.3

%

 

 

Interest and debt expense

 

4,375

 

 

2,986

 

 

46.5%

Investment (income) loss

 

(76)

 

 

(495)

 

 

(84.6)%

Foreign currency exchange (gain) loss

 

512

 

 

602

 

 

(15.0)%

Other (income) expense, net

 

(455)

 

 

144

 

 

NM

Income (loss) before income tax expense (benefit)

 

10,960

 

 

7,210

 

 

52.0%

Income tax expense (benefit)

 

1,066

 

 

616

 

 

73.1%

Net income (loss)

 

$

9,894

 

 

$

6,594

 

 

50.0%

 

 

 

 

 

 

 

Average basic shares outstanding

 

28,469

 

 

23,928

 

 

19.0%

Basic income (loss) per share

 

$

0.35

 

 

$

0.28

 

 

25.0%

 

 

 

 

 

 

 

Average diluted shares outstanding

 

28,840

 

 

24,201

 

 

19.2%

Diluted income (loss) per share

 

$

0.34

 

 

$

0.27

 

 

25.9%

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.06

 

 

$

0.06

 

 

 

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Income Statements - UNAUDITED

(In thousands, except per share and percentage data)

 

 

 

Nine Months Ended

 

 

 

 

December 31,
2021

 

December 31,
2020

 

Change

Net sales

 

$

653,187

 

 

$

463,407

 

 

41.0%

Cost of products sold

 

422,932

 

 

307,270

 

 

37.6%

Gross profit

 

230,255

 

 

156,137

 

 

47.5%

Gross profit margin

 

35.3

%

 

33.7

%

 

 

Selling expenses

 

72,107

 

 

56,087

 

 

28.6%

% of net sales

 

11.0

%

 

12.1

%

 

 

General and administrative expenses

 

78,495

 

 

53,842

 

 

45.8%

% of net sales

 

12.0

%

 

11.6

%

 

 

Research and development expenses

 

11,283

 

 

8,703

 

 

29.6%

% of net sales

 

1.7

%

 

1.9

%

 

 

Amortization of intangibles

 

18,648

 

 

9,449

 

 

97.4%

Income from operations

 

49,722

 

 

28,056

 

 

77.2%

Operating margin

 

7.6

%

 

6.1

%

 

 

Interest and debt expense

 

14,774

 

 

9,192

 

 

60.7%

Cost of debt refinancing

 

14,803

 

 

 

 

NM

Investment (income) loss

 

(624)

 

 

(1,429)

 

 

(56.3)%

Foreign currency exchange (gain) loss

 

1,047

 

 

1,083

 

 

(3.3)%

Other (income) expense, net

 

(744)

 

 

20,081

 

 

NM

Income (loss) before income tax expense (benefit)

 

20,466

 

 

(871)

 

 

NM

Income tax expense (benefit)

 

2,632

 

 

(392)

 

 

NM

Net income (loss)

 

$

17,834

 

 

$

(479)

 

 

NM

 

 

 

 

 

 

 

Average basic shares outstanding

 

27,887

 

 

23,871

 

 

16.8%

Basic income (loss) per share

 

$

0.64

 

 

$

(0.02)

 

 

NM

 

 

 

 

 

 

 

Average diluted shares outstanding

 

28,255

 

 

23,871

 

 

18.4%

Diluted income (loss) per share

 

$

0.63

 

 

$

(0.02)

 

 

NM

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.12

 

 

$

0.12

 

 

 

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

December 31,
2021

 

March 31, 2021

 

 

(unaudited)

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

106,699

 

 

$

202,127

 

Trade accounts receivable

 

125,879

 

 

105,464

 

Inventories

 

175,099

 

 

111,488

 

Prepaid expenses and other

 

33,449

 

 

22,763

 

Total current assets

 

441,126

 

 

441,842

 

 

 

 

 

 

Property, plant, and equipment, net

 

98,219

 

 

74,753

 

Goodwill

 

657,084

 

 

331,176

 

Other intangibles, net

 

400,560

 

 

213,362

 

Marketable securities

 

11,099

 

 

7,968

 

Deferred taxes on income

 

2,138

 

 

20,080

 

Other assets

 

61,247

 

 

61,251

 

Total assets

 

$

1,671,473

 

 

$

1,150,432

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Trade accounts payable

 

$

74,061

 

 

$

68,593

 

Accrued liabilities

 

116,410

 

 

110,816

 

Current portion of long-term debt and finance lease obligations

 

40,530

 

 

4,450

 

Total current liabilities

 

231,001

 

 

183,859

 

 

 

 

 

 

Term loan and finance lease obligations

 

480,589

 

 

244,504

 

Other non-current liabilities

 

214,248

 

 

191,920

 

Total liabilities

 

925,838

 

 

620,283

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Common stock

 

285

 

 

240

 

Additional paid-in capital

 

503,701

 

 

296,093

 

Retained earnings

 

308,223

 

 

293,802

 

Accumulated other comprehensive loss

 

(66,574)

 

 

(59,986)

 

Total shareholders’ equity

 

745,635

 

 

530,149

 

Total liabilities and shareholders’ equity

 

$

1,671,473

 

 

$

1,150,432

 

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Statements of Cash Flows - UNAUDITED

(In thousands)

 

 

 

Nine Months Ended

 

 

December 31,
2021

 

December 31,
2020

Operating activities:

 

 

 

 

Net income (loss)

 

$

17,834

 

 

$

(479)

 

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:

 

 

 

 

Depreciation and amortization

 

31,245

 

 

21,203

 

Deferred income taxes and related valuation allowance

 

(1,940)

 

 

(7,344)

 

Net loss (gain) on sale of real estate, investments, and other

 

(390)

 

 

(1,262)

 

Stock based compensation

 

8,485

 

 

5,840

 

Amortization of deferred financing costs

 

1,274

 

 

1,986

 

Cost of debt refinancing

 

14,803

 

 

 

Loss (gain) on hedging instruments

 

682

 

 

 

Non-cash pension settlement expense

 

 

 

18,933

 

Gain on sale of building

 

(375)

 

 

(2,638)

 

Non-cash lease expense

 

5,936

 

 

5,721

 

Changes in operating assets and liabilities, net of effects of business acquisitions:

 

 

 

 

Trade accounts receivable

 

3,931

 

 

34,254

 

Inventories

 

(42,215)

 

 

20,786

 

Prepaid expenses and other

 

(5,544)

 

 

(1,564)

 

Other assets

 

(298)

 

 

545

 

Trade accounts payable

 

(4,229)

 

 

(8,764)

 

Accrued liabilities

 

2,608

 

 

(9,922)

 

Non-current liabilities

 

(8,080)

 

 

(5,347)

 

Net cash provided by (used for) operating activities

 

23,727

 

 

71,948

 

 

 

 

 

 

Investing activities:

 

 

 

 

Proceeds from sales of marketable securities

 

3,441

 

 

4,231

 

Purchases of marketable securities

 

(6,357)

 

 

(4,067)

 

Capital expenditures

 

(9,506)

 

 

(5,904)

 

Proceeds from sale of building, net of transaction costs

 

461

 

 

5,453

 

Proceeds from insurance reimbursement

 

482

 

 

100

 

Purchases of businesses, net of cash acquired

 

(539,778)

 

 

 

Dividend received from equity method investment

 

324

 

 

587

 

Proceeds from sale of fixed assets

 

 

 

446

 

Net cash provided by (used for) investing activities

 

(550,933)

 

 

846

 

 

 

 

 

 

Financing activities:

 

 

 

 

Proceeds from issuance of common stock

 

2,520

 

 

1,828

 

Borrowings under line-of-credit agreements

 

 

 

25,000

 

Payments under line-of-credit agreements

 

 

 

(25,000)

 

Repayment of debt

 

(467,725)

 

 

(3,338)

 

Proceeds from issuance of long-term debt

 

725,000

 

 

 

Proceeds from equity offering

 

207,000

 

 

 

Fees related to debt and equity offering

 

(26,184)

 

 

 

Cash inflows from hedging activities

 

13,234

 

 

 

Cash outflows from hedging activities

 

(13,687)

 

 

 

Fees paid for revolver extension

 

 

 

(826)

 

Payment of dividends

 

(4,852)

 

 

(4,294)

 

Other

 

(2,054)

 

 

(1,050)

 

Net cash provided by (used for) financing activities

 

433,252

 

 

(7,680)

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(1,474)

 

 

8,062

 

 

 

 

 

 

Net change in cash and cash equivalents

 

(95,428)

 

 

73,176

 

Cash, cash equivalents, and restricted cash at beginning of year

 

202,377

 

 

114,700

 

Cash, cash equivalents, and restricted cash at end of period

 

$

106,949

 

 

$

187,876

 

COLUMBUS McKINNON CORPORATION

Q3 FY 2022 Sales Bridge

 

 

 

Quarter

 

Year To Date

($ in millions)

 

$ Change

 

% Change

 

$ Change

 

% Change

Fiscal 2021 Sales

 

$

166.5

 

 

 

 

$

463.4

 

 

 

Acquisitions

 

36.4

 

 

21.8%

 

104.1

 

 

22.5%

Volume

 

9.1

 

 

5.4%

 

66.7

 

 

14.4%

Pricing

 

5.6

 

 

3.4%

 

11.6

 

 

2.5%

Foreign currency translation

 

(1.5)

 

 

(0.9)%

 

7.4

 

 

1.6%

Total change

 

$

49.6

 

 

29.7%

 

$

189.8

 

 

41.0%

Fiscal 2022 Sales

 

$

216.1

 

 

 

 

$

653.2

 

 

 

COLUMBUS McKINNON CORPORATION

Q3 FY 2022 Gross Profit Bridge

 

($ in millions)

Quarter

 

Year To Date

Fiscal 2021 Gross Profit

$

55.3

 

 

$

156.1

 

Acquisitions

16.7

 

 

44.0

 

Sales volume and mix

3.2

 

 

23.1

 

Productivity, net of other cost changes

3.6

 

 

11.9

 

Price, net of material cost inflation

1.4

 

 

3.0

 

Prior year factory closure costs

0.3

 

 

2.7

 

Foreign currency translation

(0.5)

 

 

2.4

 

Prior year business realignment costs

0.2

 

 

0.6

 

Acquisition integration costs

 

 

(0.5)

 

Acquisition amortization of backlog

(0.5)

 

 

(0.5)

 

Business realignment costs

(0.7)

 

 

(1.6)

 

Prior year gain on sale of building

 

 

(2.2)

 

Tariffs

(0.4)

 

 

(2.2)

 

Product liability

(3.0)

 

 

(3.0)

 

Acquisition inventory step-up expense

(0.5)

 

 

(3.5)

 

Total change

19.8

 

 

74.2

 

Fiscal 2022 Gross Profit

$

75.1

 

 

$

230.3

 

U.S. Shipping Days by Quarter

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Total

FY 22

 

63

 

64

 

61

 

63

 

251

 

 

 

 

 

 

 

 

 

 

 

FY 21

 

63

 

64

 

61

 

63

 

251

COLUMBUS McKINNON CORPORATION

Additional Data - UNAUDITED

 

 

 

December 31,
2021

 

September 30,
2021

 

March 31, 2021

 

December 31,
2020

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Backlog

 

$

294.7

 

 

 

$

255.6

 

 

 

$

171.7

 

 

 

$

152.4

 

 

Long-term backlog

 

 

 

 

 

 

 

 

 

 

 

 

Expected to ship beyond 3 months

 

$

116.3

 

 

 

$

110.5

 

 

 

$

68.0

 

 

 

$

62.1

 

 

Long-term backlog as % of total backlog

 

39.5

 

%

 

43.2

 

%

 

39.6

 

%

 

40.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

 

 

 

 

 

 

 

 

 

 

Days sales outstanding (3)

 

50.6

 

days

 

51.0

 

days

 

51.5

 

days

 

51.5

 

days

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory turns per year (3)

 

 

 

 

 

 

 

 

 

 

 

 

(based on cost of products sold)

 

3.3

 

turns

 

3.9

 

turns

 

4.4

 

turns

 

3.9

 

turns

Days' inventory (3)

 

111.4

 

days

 

94.7

 

days

 

83.3

 

days

 

93.1

 

days

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

 

 

 

 

 

 

 

 

 

 

 

Days payables outstanding (3)

 

56.9

 

days

 

54.3

 

days

 

58.7

 

days

 

46.6

 

days

 

 

 

 

 

 

 

 

 

 

 

 

 

Working capital as a % of sales (2)

 

15.2

 

%

 

14.4

 

%

 

9.3

 

%

 

13.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used for) operating activities

 

$

5.8

 

 

 

$

25.3

 

 

 

$

26.9

 

 

 

$

25.0

 

 

Capital expenditures

 

$

(2.8)

 

 

 

$

3.1

 

 

 

$

6.4

 

 

 

$

3.1

 

 

Free cash flow (1)

 

$

3.0

 

 

 

$

22.2

 

 

 

$

20.5

 

 

 

$

21.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt to total capitalization percentage

 

41.1

 

%

 

38.1

 

%

 

32.0

 

%

 

33.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt, net of cash, to net total capitalization

 

35.7

 

%

 

32.1

 

%

 

8.1

 

%

 

11.1

 

%

(1) Free cash flow is defined as cash from operations less capital expenditures. Free cash flow is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as free cash flow, is important for investors and other readers of the Company’s financial statements.
Components may not add due to rounding.
(2) December 31, 2021 and September 30, 2021 figures exclude the impact of the acquisitions of Dorner and Garvey.
(3) December 31, 2021 figures exclude the impact of the acquisition of Garvey.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Profit

($ in thousands, except per share data)

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

2021

 

2020

 

2021

 

2020

GAAP gross profit

$

75,057

 

 

$

55,315

 

 

$

230,255

 

 

$

156,137

 

Add back (deduct):

 

 

 

 

 

 

 

Acquisition inventory step-up expense

515

 

 

 

 

3,496

 

 

 

Product liability settlement

2,850

 

 

 

 

2,850

 

 

 

Business realignment costs

692

 

 

237

 

 

1,606

 

 

566

 

Acquisition integration costs

 

 

 

 

521

 

 

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Factory closures

 

 

250

 

 

 

 

2,671

 

Gain on sale of building

 

 

 

 

 

 

(2,189)

 

Non-GAAP adjusted gross profit

$

79,564

 

 

$

55,802

 

 

$

239,178

 

 

$

157,185

 

 

 

 

 

 

 

 

 

Sales

$

216,088

 

 

$

166,547

 

 

$

653,187

 

 

$

463,407

 

Add back:

 

 

 

 

 

 

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Non-GAAP sales

$

216,538

 

 

$

166,547

 

 

$

653,637

 

 

$

463,407

 

 

 

 

 

 

 

 

 

Gross margin - GAAP

34.7

%

 

33.2

%

 

35.3

%

 

33.7

%

Adjusted gross margin - Non-GAAP

36.7

%

 

33.5

%

 

36.6

%

 

33.9

%

Adjusted gross profit is defined as gross profit as reported, adjusted for certain items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted gross profit, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's gross profit to the historical periods' gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit to that of other companies.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Income from Operations

($ in thousands, except per share data)

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

2021

 

2020

 

2021

 

2020

GAAP income from operations

$

15,316

 

 

$

10,447

 

 

$

49,722

 

 

$

28,056

 

Add back (deduct):

 

 

 

 

 

 

 

Acquisition deal and integration costs

370

 

 

 

 

10,244

 

 

 

Acquisition inventory step-up expense

515

 

 

 

 

3,496

 

 

 

Product liability settlement

2,850

 

 

 

 

2,850

 

 

 

Business realignment costs

964

 

 

237

 

 

2,787

 

 

1,058

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Factory closures

 

 

469

 

 

 

 

3,472

 

Insurance recovery legal costs

 

 

 

 

 

 

229

 

Gain on sale of building

 

 

 

 

 

 

(2,638)

 

Non-GAAP adjusted income from operations

$

20,465

 

 

$

11,153

 

 

$

69,549

 

 

$

30,177

 

 

 

 

 

 

 

 

 

Sales

$

216,088

 

 

$

166,547

 

 

$

653,187

 

 

$

463,407

 

Add back:

 

 

 

 

 

 

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Non-GAAP sales

$

216,538

 

 

$

166,547

 

 

$

653,637

 

 

$

463,407

 

 

 

 

 

 

 

 

 

Operating margin - GAAP

7.1

%

 

6.3

%

 

7.6

%

 

6.1

%

Adjusted operating margin - Non-GAAP

9.5

%

 

6.7

%

 

10.6

%

 

6.5

%

Adjusted income from operations is defined as income from operations as reported, adjusted for certain items. Adjusted income from operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from operations, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations, as well as facilitates a more meaningful comparison of the Company’s income from operations to that of other companies.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Net Income and Diluted Earnings per Share to

Non-GAAP Adjusted Net Income and Diluted Earnings per Share

($ in thousands, except per share data)

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

2021

 

2020

 

2021

 

2020

GAAP net income (loss)

$

9,894

 

 

$

6,594

 

 

$

17,834

 

 

$

(479)

 

Add back (deduct):

 

 

 

 

 

 

 

Amortization of intangibles

6,254

 

 

3,142

 

 

18,648

 

 

9,449

 

Cost of debt refinancing

 

 

 

 

14,803

 

 

 

Acquisition deal and integration costs

370

 

 

 

 

10,244

 

 

 

Acquisition inventory step-up expense

515

 

 

 

 

3,496

 

 

 

Product liability settlement

2,850

 

 

 

 

2,850

 

 

 

Business realignment costs

964

 

 

237

 

 

2,787

 

 

1,058

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Non-cash pension settlement expense

 

 

 

 

 

 

19,046

 

Factory closures

 

 

469

 

 

 

 

3,472

 

Insurance recovery legal costs

 

 

 

 

 

 

229

 

Gain on sale of building

 

 

 

 

 

 

(2,638)

 

Normalize tax rate to 22% (1)

(3,854)

 

 

(1,817)

 

 

(13,592)

 

 

(6,936)

 

Non-GAAP adjusted net income

$

17,443

 

 

$

8,625

 

 

$

57,520

 

 

$

23,201

 

 

 

 

 

 

 

 

 

Average diluted shares outstanding

28,840

 

 

24,201

 

 

28,255

 

 

24,088

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share - GAAP

$

0.34

 

 

$

0.27

 

 

$

0.63

 

 

$

(0.02)

 

 

 

 

 

 

 

 

 

Diluted income per share - Non-GAAP

$

0.60

 

 

$

0.36

 

 

$

2.04

 

 

$

0.96

 

(1) Applies a normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.

Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangible assets, and also adjusted for a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that representing adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

($ in thousands)

 

 

Three Months Ended
December 31,

 

Nine Months Ended
December 31,

 

2021

 

2020

 

2021

 

2020

GAAP net income (loss)

$

9,894

 

 

$

6,594

 

 

$

17,834

 

 

$

(479)

 

Add back (deduct):

 

 

 

 

 

 

 

Income tax expense (benefit)

1,066

 

 

616

 

 

2,632

 

 

(392)

 

Interest and debt expense

4,375

 

 

2,986

 

 

14,774

 

 

9,192

 

Investment (income) loss

(76)

 

 

(495)

 

 

(624)

 

 

(1,429)

 

Foreign currency exchange (gain) loss

512

 

 

602

 

 

1,047

 

 

1,083

 

Other (income) expense, net

(455)

 

 

144

 

 

(744)

 

 

20,081

 

Depreciation and amortization expense

10,276

 

 

6,993

 

 

31,245

 

 

21,203

 

Cost of debt refinancing

 

 

 

 

14,803

 

 

 

Acquisition deal and integration costs

370

 

 

 

 

10,244

 

 

 

Acquisition inventory step-up expense

515

 

 

 

 

3,496

 

 

 

Product liability settlement

2,850

 

 

 

 

2,850

 

 

 

Business realignment costs

964

 

 

237

 

 

2,787

 

 

1,058

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Factory closures

 

 

469

 

 

 

 

3,472

 

Insurance recovery legal costs

 

 

 

 

 

 

229

 

Gain on sale of building

 

 

 

 

 

 

(2,638)

 

Non-GAAP adjusted EBITDA

$

30,741

 

 

$

18,146

 

 

$

100,794

 

 

$

51,380

 

 

 

 

 

 

 

 

 

Sales

$

216,088

 

 

$

166,547

 

 

$

653,187

 

 

$

463,407

 

Add back:

 

 

 

 

 

 

 

Acquisition amortization of backlog

450

 

 

 

 

450

 

 

 

Non-GAAP sales

$

216,538

 

 

$

166,547

 

 

$

653,637

 

 

$

463,407

 

 

 

 

 

 

 

 

 

Net income (loss) margin - GAAP

4.6

%

 

4.0

%

 

2.7

%

 

(0.1)

%

Adjusted EBITDA margin - Non-GAAP

14.2

%

 

10.9

%

 

15.4

%

 

11.1

%

Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted EBITDA, is important for investors and other readers of the Company’s financial statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005285/en/


Gregory P. Rustowicz
Senior Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com

Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
dpawlowski@keiadvisors.com

Copyright Business Wire 2022

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