2014

OM Group Announces Fourth Quarter 2012 Financial Results Strong operating cash flow; Debt levels reduced; Significant cost reduction actions underway; 2013 EBITDA levels forecasted

CLEVELAND, Feb. 19, 2013 /PRNewswire/ -- OM Group, Inc. (NYSE: OMG) today announced financial results for the fourth quarter ended December 31, 2012. The Company reported a loss of $(1.06) of diluted earnings per share from continuing operations, which included $(0.38) relating to its Advanced Materials business. On January 21, 2013, the Company announced the sale of this business with an expected close before the end of April. Fourth quarter 2012 results also include accelerated debt repayment charges of $(0.17), a $(0.39) lower-of-cost-or-market charge, $(0.18) resulting from the final impact of inventory step-up charges related to the 2011 acquisition of Vacuumschmelze, and a $0.19 favorable purchase price settlement for the 2010 acquisition of EaglePicher Technologies. Excluding these items, the Company reported adjusted diluted earnings per share from continuing operations of $(0.13).

OM Group also reported $19 million of adjusted EBITDA, excluding the results of Advanced Materials and the LCM charge, and $51 million of cash flow from operations in the fourth quarter of 2012. The Company ended the year with $228 million of cash and $467 million of debt. The Company expects initial cash proceeds of $325 million from the sale of its Advanced Materials business and potential proceeds of up to an additional $110 million based on the business achieving certain revenue targets over three years. The Company is targeting the proceeds from the sale, along with available cash on hand, to repay a substantial portion of its debt and significantly reduce future interest expense.

"Our fourth quarter performance was highlighted by continued strong cash flow performance, enabling us to again accelerate our debt repayment," said Joe Scaminace, Chairman and Chief Executive Officer of OM Group, Inc. "The pending sale of the Advanced Materials business further strengthens our balance sheet, providing us with the capacity and flexibility to execute our plans in spite of challenging business conditions and to support our recently announced share repurchase program."

Fourth quarter 2012 sales of $340 million were 22 percent lower than in the prior year comparable quarter, primarily due to lower prices and volumes in the Advanced Materials business and lower rare-earth pricing effects in the Magnetic Technologies business. The Battery Technologies business achieved higher sales levels than in the fourth quarter of 2011, and Specialty Chemicals sales levels were slightly lower.

"We previously announced a broad range of cost reduction initiatives to improve our financial performance and cost structure," said Mr. Scaminace. "These initiatives are expected to contribute $10-20 million of EBITDA in 2013, and will better position the Company for expanded profitability as macroeconomic conditions improve."

Due to the significant positive change in its profile following the expected sale of its Advanced Materials business, the Company provided a 2013 forecast of $120-140 million of adjusted EBITDA. Results are expected to strengthen in the second half of the year, paced to track anticipated macroeconomic improvements in the Company's primary geographic markets and applications, and benefitting from organic growth initiatives and cost reduction efforts. This forecast excludes Advanced Materials business results and divestiture impacts, related accelerated amortization of deferred financing fees, and restructuring costs associated with cost reduction actions.

Mr. Scaminace concluded, "This is an exciting time at OM Group. We are exiting our commodity business, building a rock-solid balance sheet, improving our cost structure, implementing organic growth programs, and sharpening our focus on synergistic acquisitions. We are well-positioned to execute our strategy and create long-term shareholder value."

Webcast Information

OM Group has scheduled a conference call and live audio broadcast on the Web for 10 AM EST today. Investors may access the live audio broadcast by logging on to http://investor.omgi.com. A copy of management's presentation materials will be available on OMG's website before the call. The company recommends visiting the website at least 15 minutes prior to the webcast to download and install any necessary software. A webcast audio replay will be available on the "Investor Relations - Presentations" page of the company's website three hours after the call.

About OM Group

OM Group is a technology-based industrial growth company serving attractive global markets, including automotive systems, electronic devices, aerospace, general industrial and renewable energy. Its business platforms use innovative technologies and expertise to address customers' complex applications and demanding requirements. For more information, visit the Company's website at www.omgi.com.

Forward-Looking Statements

The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: successful completion of the sale of our Advanced Materials business; successful execution of the GTL supply agreement signed in connection with the Advanced Materials sale; risks arising from uncertainty in worldwide economic conditions; extended business interruption at our facilities; fluctuations in the price and uncertainties in the supply of rare earth materials and other raw materials; our ability to identify, complete and integrate acquisitions aligned with our strategy; restrictive covenants in our Senior Secured Credit Facility which may affect our ability to operate our business successfully; indebtedness may impair our ability to operate our business successfully; changes in effective tax rates or adverse outcomes resulting from examination of our income tax returns; the majority of our operations are outside the United States, which subjects us to risks that may adversely affect our operating results; level of returns on pension plan assets and changes in the actuarial assumptions; the majority of our cash is generated and held outside the United States; the timing and amount of common share repurchases, if any; fluctuations in foreign exchange rates; unanticipated costs or liabilities for compliance with environmental regulation; changes in environmental, health and safety regulatory requirements; technological changes in our industry or in our customers' products; our ability to adequately protect or enforce our intellectual property rights; disruption of our relationship with key customers or any material adverse change in their businesses; and the risk factors set forth in Part 1, Item 1a of our Annual Report on Form 10-K for the year ended December 31, 2011.








OM Group, Inc. and Subsidiaries



Unaudited Condensed Consolidated Balance Sheets












December 31, 2012


December 31, 2011



(In thousands)







ASSETS



Current assets







Cash and cash equivalents


$               227,612


$               292,146



Restricted cash on deposit


22,793


92,813



Accounts receivable, net


174,613


212,152



Inventories


463,093


615,018



Refundable and prepaid income taxes


3,207


42,480



Other current assets


48,258


54,833



Total current assets


939,576


1,309,442



Property, plant and equipment, net


496,755


482,313



Goodwill


543,269


544,471



Intangible assets, net


429,672


433,275



Notes receivable from joint venture partner


16,015


16,015



Other non-current assets


74,140


88,316



Total assets


$            2,499,427


$            2,873,832










LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities







Current portion of long-term debt


$                 13,309


$                 13,265



Accounts payable


128,381


170,466



Liability related to joint venture partner injunction


22,793


92,813



Accrued income taxes


23,913


19,806



Accrued employee costs


41,762


49,699



Deferred income taxes


4,724


23,449



Purchase price of VAC payable to seller


75,351


-



Other current liabilities


69,012


79,026



Total current liabilities


379,245


448,524



Long-term debt


454,054


663,167



Deferred income taxes


121,451


129,945



Pension liabilities


233,823


204,248



Purchase price of VAC payable to seller


11,259


86,513



Other non-current liabilities


55,446


62,032



Stockholders' equity:







Total OM Group, Inc. stockholders' equity


1,206,710


1,234,902



Noncontrolling interests


37,439


44,501



Total equity


1,244,149


1,279,403



Total liabilities and equity


$            2,499,427


$            2,873,832

















  










OM Group, Inc. and Subsidiaries

Unaudited Condensed Statements of Consolidated Operations












Three Months Ended December 31


Year Ended December 31



2012


2011


2012


2011

(In thousands, except per share data)









Net sales


$   340,413


$    438,611


$    1,637,791


$    1,514,535

Cost of goods sold


311,069


347,067


1,381,441


1,258,649

Gross profit


29,344


91,544


256,350


255,886

Selling, general and administrative expenses


64,407


75,401


260,519


229,052

Gain on sale of property


-


-


(2,857)


(9,693)

Operating profit (loss)


(35,063)


16,143


(1,312)


36,527

Other income (expense):









Interest expense


(9,781)


(11,941)


(45,798)


(23,268)

Accelerated amortization of deferred financing fees


(5,275)


-


(6,524)


-

Interest income


244


459


774


1,440

Foreign exchange gain (loss)


877


3,300


(1,007)


10,564

Other, net


4,789


2,585


5,418


3,680



(9,146)


(5,597)


(47,137)


(7,584)

Income (loss) from continuing operations before income tax expense


(44,209)


10,546


(48,449)


28,943

Income tax benefit 


4,063


42,293


2,771


17,796

Income (loss) from continuing operations, net of tax


(40,146)


52,839


(45,678)


46,739

Income (loss) from discontinued operations, net of tax


(156)


36


(266)


(59)

Consolidated net income (loss)


(40,302)


52,875


(45,944)


46,680

Net (income) loss attributable to noncontrolling interests


6,303


147


7,063


(4,669)

Net income (loss) attributable to OM Group, Inc. common stockholders


$    (33,999)


$      53,022


$       (38,881)


$         42,011

Earnings per common share — basic:









Income (loss) from continuing operations attributable to OM Group, Inc.









common stockholders


$       (1.06)


$         1.66


$           (1.21)


$            1.35

Loss from discontinued operations attributable to OM Group, Inc.









common stockholders


$       (0.01)


-


(0.01)


-

Net income (loss) attributable to OM Group, Inc. common









stockholders


$       (1.07)


$         1.66


$           (1.22)


$            1.35

Earnings per common share — assuming dilution:









Income (loss) from continuing operations attributable to OM Group, Inc.









common stockholders


$       (1.06)


$         1.66


$           (1.21)


$            1.35

Loss from discontinued operations attributable to OM Group, Inc.









common stockholders


$       (0.01)


-


(0.01)


-

Net income (loss) attributable to OM Group, Inc. common









stockholders


$       (1.07)


$         1.66


$           (1.22)


$            1.35

Weighted average shares outstanding









Basic


31,896


31,856


31,885


31,079

Assuming dilution


31,896


31,989


31,885


31,244

Amounts attributable to OM Group, Inc. common stockholders:









Income (loss) from continuing operations, net of tax


$    (33,843)


$      52,986


$       (38,615)


$         42,070

Income (loss) from discontinued operations, net of tax


(156)


36


(266)


(59)

Net income (loss)


$    (33,999)


$      53,022


$       (38,881)


$         42,011










    











OM Group, Inc. and Subsidiaries


Unaudited Condensed Statements of Consolidated Cash Flows










Three Months Ended December 31


Year Ended December 31




2012


2011


2012


2011


(In thousands)










Operating activities










Consolidated net income (loss)


$       (40,302)


$    52,875


$       (45,944)


$    46,680


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










(Income) loss from discontinued operations


156


(36)


266


59


Depreciation and amortization


22,914


23,103


89,276


70,367


Amortization of deferred financing fees


1,267


774


5,405


2,305


Accelerated amortization of deferred financing fees


5,275


-


6,524


-


Share-based compensation expense


398


1,392


5,548


6,510


Foreign exchange (gain) loss


(877)


(3,300)


1,007


(10,564)


Deferred income tax provision (benefit)


(10,634)


(4,245)


(30,573)


(31,567)


VAC lower of cost or market ("LCM") charges (a)


24,648


(47,910)


78,399


14,534


Allowance on GTL prepaid tax asset


(5,645)


-


(5,645)


(6,225)


Gain on sale of property


-


-


(2,857)


(9,693)


Other non-cash items


199


(2,330)


(2,954)


(6,173)


Changes in operating assets and liabilities, excluding the
effect of business acquisitions










Accounts receivable


30,888


31,569


37,752


19,391


Inventories (b)


(12,916)


(129)


75,586


(1,702)


Accounts payable


7,069


38,203


(42,406)


24,718


Refundable, prepaid and accrued income taxes


35,196


(45,914)


40,889


(1,345)


Other, net


(6,824)


(5,759)


(1,906)


7,501


Net cash provided by operating activities


50,812


38,293


208,367


124,796


Investing activities










Expenditures for property, plant and equipment


(24,708)


(30,077)


(71,725)


(56,482)


Proceeds from sale of property


-


-


5,138


9,693


Cash (paid) received for acquisitions or purchase price settlements


6,045


(55,493)


6,045


(729,401)


Other, net


-


(2,976)


-


(2,976)


Net cash used for investing activities


(18,663)


(88,546)


(60,542)


(779,166)


Financing activities










Payments on revolving line of credit


-


-


-


(120,000)


Payments of long-term debt


(130,878)


-


(213,532)


-


Proceeds from long-term debt


-


-


-


697,975


Debt issuance costs


-


(893)


-


(30,176)


Payment related to surrendered shares


-


-


(254)


(193)


Proceeds from exercise of stock options


1


-


1


361


Net cash provided by (used for) financing activities


(130,877)


(893)


(213,785)


547,967


Effect of exchange rate changes on cash


987


(3,077)


1,426


(2,048)


Cash and cash equivalents










Decrease in cash and cash equivalents


(97,741)


(54,223)


(64,534)


(108,451)


Balance at the beginning of the period


325,353


346,369


292,146


400,597


Balance at the end of the period


$       227,612


$  292,146


$       227,612


$  292,146






















(a)  See footnote to segment table.  Amounts are VAC purchase accounting lower of cost or market ("LCM") plus additional LCM charges.

(b)  See footnote to segment table.  Amounts include VAC inventory purchase accounting step-up amortization.


 










OM Group, Inc. and Subsidiaries


Unaudited Segment Information












Three Months Ended December 31


Year Ended December 31


(In thousands)

2012


2011


2012


2011


Net Sales









Magnetic Technologies(a)

$ 128,657


$ 169,574


$ 631,582


$ 276,147


Advanced Materials

82,158


142,002


447,049


640,879


Specialty Chemicals

98,265


100,068


417,028


470,022


Battery Technologies

31,644


27,317


143,038


128,814


Intersegment items

(311)


(350)


(906)


(1,327)



$ 340,413


$ 438,611


$ 1,637,791


$ 1,514,535











Operating profit (loss)









Magnetic Technologies(a)(b)

$ (21,991)


$ 10,987


$ (22,265)


$ (66,914)


Advanced Materials

(9,266)


11,438


6,427


81,186


Specialty Chemicals(c)(d)

4,696


5,940


37,990


62,251


Battery Technologies

1,943


(442)


19,587


12,125


Corporate(e)

(10,445)


(11,780)


(43,051)


(52,121)



$ (35,063)


$ 16,143


$ (1,312)


$ 36,527











(a) Includes the activity of VAC since the acquisition on August 2, 2011.

(b) Three months and year ended December 31, 2012 include:


 






Q4


Full Year

VAC inventory purchase accounting step-up amortization


$ 1.8


$ 17.9

VAC purchase accounting LCM




6.6


38.0

Total VAC purchase accounting step-up and LCM charges


8.4


55.9

Additional VAC LCM





18.0


40.4

Total VAC purchase accounting step-up amortization and LCM


$ 26.4


$ 96.3









Three months and year ended December 31, 2011:










Q4


Full Year

VAC inventory purchase accounting step-up amortization


$ 61.0


$ 92.1

VAC purchase accounting LCM




(47.9)


14.5

Total VAC purchase accounting step-up and LCM charges


13.1


106.6

Acquisition-related charges





2.2


4.6

Total VAC purchase accounting, LCM, and acquisition related charges


$ 15.3


$ 111.2

 

(c) Year ended December 31, 2012 includes a $2.9 million property sale gain.
(d) Year ended December 31, 2011 includes a $9.7 million property sale gain.
(e) Includes a $2.5 million settlement charge associated with the lump-sum cash settlement to certain participants in one of our US defined benefit pension plans in the year ended December 31, 2012 and $2.6 million and $15.4 million of acquisition-related fees related to VAC in the three months and year ended December 31, 2011, respectively.

 














OM Group, Inc. and Subsidiaries


Unaudited Non-U.S. GAAP Financial Measures, Adjusted Operating Profit and Adjusted EBITDA















Three Months Ended December 31, 2012


(in thousands)

Magnetic Technologies


Advanced Materials


Specialty
Chemicals


Battery
Technologies


Corporate


Consolidated









Operating profit (loss) - as reported

$                       (21,991)


$                  (9,266)


$                    4,696


$                      1,943


$  (10,445)


$      (35,063)


VAC inventory purchase accounting step-up and LCM charges

8,377


-


-


-


-


8,377


Adjusted operating profit

(13,614)


(9,266)


4,696


1,943


(10,445)


(26,686)


Depreciation and amortization

10,777


4,174


5,210


2,554


199


22,914


Adjusted EBITDA

$                        (2,837)


$                  (5,092)


$                    9,906


$                      4,497


$  (10,246)


$       (3,772)















Three Months Ended December 31, 2011


(in thousands)

Magnetic
Technologies


Advanced
Materials


Specialty
Chemicals


Battery
Technologies


Corporate


Consolidated









Operating profit (loss) - as reported

$                        10,987


$                  11,438


$                    5,940


$                       (442)


$  (11,780)


$       16,143


VAC inventory purchase accounting step-up and LCM charges

13,083


-


-


-


-


13,083


Acquisition-related charges

2,245


-


-


-


2,600


4,845


Adjusted operating profit

26,315


11,438


5,940


(442)


(9,180)


34,071


Depreciation and amortization

9,864


5,239


5,362


2,533


105


23,103


Adjusted EBITDA

$                        36,179


$                  16,677


$                   11,302


$                      2,091


$    (9,075)


$       57,174




























Year Ended December 31, 2012


(in thousands)

Magnetic Technologies


Advanced Materials


Specialty Chemicals


Battery
Technologies


Corporate


Consolidated









Operating profit (loss) - as reported

$                       (22,265)


$                   6,427


$                   37,990


$                    19,587


$  (43,051)


$       (1,312)


VAC inventory purchase accounting step-up and LCM charges

55,874


-


-


-


-


55,874


Pension settlement expense

-


-


-


-


2,469


2,469


Gain on sale of property

-


-


(2,857)


-


-


(2,857)


Adjusted operating profit

33,609


6,427


35,133


19,587


(40,582)


54,174


Depreciation and amortization

40,832


16,897


20,768


10,091


688


89,276


Adjusted EBITDA

$                        74,441


$                  23,324


$                   55,901


$                    29,678


$  (39,894)


$     143,450















Year Ended December 31, 2011


(in thousands)

Magnetic
Technologies(a)


Advanced
Materials


Specialty
Chemicals


Battery
Technologies


Corporate


Consolidated









Operating profit (loss) - as reported

$                       (66,914)


$                  81,186


$                   62,251


$                    12,125


$  (52,121)


$       36,527


VAC inventory purchase accounting step-up and LCM charges

106,600


-


-


-


-


106,600


Acquisition-related charges

4,600


-


-


-


15,400


20,000


Gain on sale of property

-


-


(9,693)


-


-


(9,693)


Adjusted operating profit

44,286


81,186


52,558


12,125


(36,721)


153,434


Depreciation and amortization

17,202


20,687


22,406


9,592


480


70,367


Adjusted EBITDA

$                        61,488


$                101,873


$                   74,964


$                    21,717


$  (36,241)


$     223,801




























(a) Includes activity of VAC since the acquisition on August 2, 2011.















In order to assist readers of our financial statements in understanding the operating results that the Company's management uses to evaluate the business, we are providing adjusted operating profit and adjusted EBITDA, both of which are non-U.S. GAAP financial measures. The Company's management believes that these are important metrics in evaluating the performance of the Company's business, providing a baseline for evaluating and comparing our operating results and isolating the impact of certain items on our results.  The table above presents a reconciliation of the Company's U.S. GAAP operating profit - as reported to adjusted operating profit and adjusted EBITDA. The non-U.S. GAAP financial information set forth in the table above should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.


    









OM Group, Inc. and Subsidiaries

Unaudited Non-U.S. GAAP Financial Measures










Three Months Ended


Three Months Ended


December 31, 2012


December 31, 2011

(in thousands, except per share data)

$


Diluted EPS


$


Diluted EPS









Income (loss) from continuing operations attributable to OM Group, Inc. common stockholders - as reported

$  (33,843)


$        (1.06)


$    52,986


$         1.66









VAC inventory purchase accounting step-up and lower of cost or market charges, net of tax

5,791


0.18


9,244


0.29









Acquisition-related charges, net of tax

-


-


4,150


0.13









Accelerated amortization of deferred financing fees, net of tax

5,275


0.17


-


-









EPT escrow settlement, net of tax

(6,045)


(0.19)


-


-









Other discrete tax items, net

-


-


(40,927)


(1.28)









Adjusted income (loss) from continuing operations attributable to OM Group, Inc. common stockholders

$  (28,822)


$        (0.90)


$    25,453


$         0.80









Weighted average shares outstanding - diluted



31,896




31,989


























Year Ended


Year Ended


December 31, 2012


December 31, 2011

(in thousands, except per share data)

$


Diluted EPS


$


Diluted EPS









Income (loss) from continuing operations attributable to OM Group, Inc. common stockholders - as reported

$  (38,615)


$        (1.21)


$    42,070


$         1.35









VAC inventory purchase accounting step-up and lower of cost or market charges, net of tax

38,623


1.21


75,425


2.41









Acquisition-related charges, net of tax

-


-


18,195


0.58









Pension settlement expense, net of tax

2,469


0.08


-


-









Gain on sale of property, net of tax

(2,857)


(0.09)


(8,568)


(0.27)









Accelerated amortization of deferred financing fees, net of tax

6,524


0.20


-


-









EPT escrow settlement, net of tax

(6,045)


(0.19)


-


-









Adjustment of GTL's prepaid tax allowance (OMG's 55% share)

-


-


(3,424)


(0.11)









Other discrete tax items, net 

-


-


1,327


0.04









Adjusted income from continuing operations attributable to OM Group, Inc. common stockholders

$         99


$            -


$  125,025


$         4.00









Weighted average shares outstanding - diluted



32,011




31,244

















In order to assist readers of our financial statements in understanding the operating results that the Company's management uses to evaluate the business, we are providing adjusted income from continuing operations attributable to OM Group, Inc. common stockholders and adjusted earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution, both of which are non-U.S. GAAP financial measures. The Company's management believes that these are important metrics in evaluating the performance of the Company's business, providing a baseline for evaluating and comparing our operating results and isolating the impact of certain items on our results. The table above presents a reconciliation of the Company's U.S. GAAP income from continuing operations attributable to OM Group, Inc. common stockholders - as reported to adjusted income from continuing operations attributable to OM Group, Inc. common stockholders and earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution - as reported to adjusted earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution. The non-U.S. GAAP financial information set forth in the table above should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

 

OM Group, Inc. and Subsidiaries




Unaudited Non-U.S. GAAP Financial Measures, Pro Forma Adjusted EBITDA









Three Months Ended December 31, 2012




(in thousands)

EBITDA (a)




Operating profit (loss) - as reported

$           (35,063)




Non-GAAP items:





VAC inventory purchase accounting step-up and LCM charges

8,377




Adjusted operating profit (loss)

(26,686)




Depreciation and amortization

22,914




Adjusted EBITDA

(3,772)




Exclude:





Advanced Materials loss

5,092




VAC LCM charge (non-purchase accounting related)

18,011




Pro forma adjusted EBITDA

$            19,331









(a) EBITDA is defined as adjusted operating profit plus depreciation and amortization.  For purposes of this definition, amortization excludes amortization of deferred financing fees, which is recorded in interest expense below the Operating profit line. 









Unaudited Non-U.S. GAAP Financial Measures, Pro Forma Adjusted EPS









Three Months Ended December 31, 2012





Diluted EPS




Diluted EPS - as reported

$               (1.06)




Non-GAAP items:





VAC inventory purchase accounting step-up and LCM charges

0.18




Accelerated amortization of deferred financing fees (b)

0.17




EPT escrow settlement (b)

(0.19)




Adjusted diluted EPS

$               (0.90)




Exclude:





Advanced Materials loss

0.38




VAC LCM charge (non-purchase accounting related)

0.39




Pro forma adjusted diluted EPS

$               (0.13)









(b)  Items are below Operating profit. No impact on EBITDA. 










In order to assist readers of our financial statements in understanding the operating results that the Company's management uses to evaluate the business, we are providing adjusted EBITDA and adjusted earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution, both of which are non-U.S. GAAP financial measures. The table above presents a reconciliation of the Company's U.S. GAAP EBITDA and  earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution - as reported to adjusted EBITDA and adjusted earnings per common share attributable to OM Group, Inc. common stockholders - assuming dilution, and then further to the pro-forma results excluding both the results from the Advanced Materials business and the VAC LCM charge. The Company's management believes that these are important metrics in evaluating the performance of the Company's business, providing a baseline for evaluating and comparing our operating results and isolating the impact of certain items on our results.  The non-U.S. GAAP financial information set forth in the table above should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

 

SOURCE OM Group, Inc.



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