Luxfer Group (NYSE:LXFR), a global materials technology company, today issued its unaudited financial results for the three-month and nine-month periods ended September 30, 2015. To access a PDF of the complete third-quarter 2015 report, click here. The same document is also available at www.luxfer.com.

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UNAUDITED FINANCIAL RESULTS FOR THE THIRD-QUARTER OF 2015

Results are summarized as follows:

  Three-month periods

ended September 30,

     Nine-month periods

ended September 30,

    2015   2014     2015   2014

Net revenue (excluding surcharge below)

$113.2m

  

$120.5m

$352.9m

  

$364.2m

Rare earth chemical surcharge

-

$0.4m

-

$1.9m

Revenue   $113.2m   $120.9m     $352.9m   $366.1m
Trading profit $10.6m $10.6m $32.8m $34.1m

Trading margin

9.4%

8.8%

9.3%

9.3%

Operating profit   $10.3m   $10.0m     $21.6m   $32.7m
Net income $6.1m $4.5m $8.7m $17.4m

Earnings per share – Basic (1) (2)

  

$0.23

  

$0.17

    

$0.32

  

$0.65

Adjusted net income (3)

$7.6m

$6.7m

$22.1m

$22.3m

Adjusted earnings per share – Basic (2)

$0.28

$0.25

$0.82

$0.83

Adjusted earnings per share – Fully diluted (2)

  

$0.28

  

$0.24

    

$0.81

  

$0.79

Adjusted EBITDA (4)

$15.5m $15.9m $47.6m $49.0m

Adjusted EBITDA margin

  

13.7%

  

13.2%

    

13.5%

  

13.4%

Net cash flows from operating activities   $13.3m   $10.4m     $37.6m   $7.0m
Net debt (total debt less cash)   $97.6m   $110.8m     $97.6m   $110.8m
Total equity – book value (net assets) $161.9m $179.3m $161.9m $179.3m

£0.50 ordinary shares outstanding

  

26.9m

  

26.9m

    

26.9m

  

26.9m

 

(1)

   Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period.
 

(2)

 Following the approval of a two-for-one share split at the Annual General Meeting on May 29, 2014 and change in ADR ratio on June 9, 2014, the nominal value of each ordinary share is £0.50 and now represents 1 American Depositary Share (ADS), resulting in the earnings per ordinary share being equivalent to the earnings per ADS. The ADSs are listed on the NYSE under the ticker “LXFR”. Under IAS 33, the number of shares used in the earnings per share calculations for the prior periods shown has been adjusted to achieve comparability.
 

(3)

 Adjusted net income consists of net income for the period adjusted for the post tax impact of non-trading items, including IAS 19R retirement benefits finance charge, certain accounting charges relating to acquisitions and disposals of businesses (comprising other income / (expense) from acquisitions and disposals of businesses, the unwind of the discount on contingent consideration from acquisitions and the amortization on acquired intangibles), restructuring and other income / (expense), gain on purchase of own debt and other share based compensation charges. A reconciliation to net income is disclosed in Note 4 of this release “Reconciliation of non-GAAP measures”.
 

(4)

 Adjusted EBITDA is defined as profit on operations before tax for the period, finance income (which comprises interest received and gain on purchase of own debt) and costs (which comprises interest costs, IAS 19R retirement benefits finance charge and the unwind of the discount on contingent consideration from acquisitions), other income / (expense) from acquisitions and disposals of businesses, restructuring and other income / (expense), gain on purchase of own debt, other share based compensation charges, depreciation and amortization and loss on disposal of property, plant and equipment. A reconciliation to net income is disclosed in Note 4 of this release “Reconciliation of non-GAAP measures”.
 

ABOUT LUXFER GROUP

Luxfer Group is a global materials technology group specializing in the design and manufacture of high-performance materials, components and gas-containment devices for environmental, healthcare, protection and specialty end-markets. Luxfer customers include both end-users of its products and manufacturers that incorporate Luxfer products into finished goods. For more information, visit www.luxfer.com.

Luxfer Group is listed on the New York Stock Exchange, and its American Depositary Shares (ADSs) trade under the ticker “LXFR”.

CONTACTS

Communications should initially be directed to Dan Stracner, Director of Investor Relations, U.S. telephone number: +1 951 341 2375; email: dan.stracner@luxfer.net.