EPS, excluding one-time charges, increases to $0.52;
backlog continues to grow to 15,400 units valued at $1.2
billion
LAKE OSWEGO, Ore., Nov. 3, 2011 /PRNewswire via COMTEX/ --
The Greenbrier Companies (NYSE: GBX) today reported results
for its fiscal fourth quarter and fiscal year ended
August 31, 2011.
Fourth Quarter Highlights
Financial Highlights:
Revenues for the fourth quarter of 2011 were a record
$442.7 million, up from $178.8
million in the prior year's fourth quarter.
Adjusted EBITDA for the quarter was $39.1
million, or 8.8% of revenue, compared to $15.5
million, or 8.7% of revenues in the fourth quarter
of 2010.
Net earnings attributable to Greenbrier ("net
earnings") for the quarter were $12.6
million, or $.42 per diluted share,
compared to net earnings of $7.7 million, or
$.33 per diluted share, in the prior
year's fourth quarter.
Results for the quarter include a loss on extinguishment of
debt of $5.7 million pre-tax, $3.4
million after-tax, for costs associated with the
repayment in full of a $72 million term loan.
Excluding these charges, net earnings were $16.0
million, or $.52 per diluted share.
Net earnings for the prior year's fourth quarter
included earnings of $11.9 million, both pre-
and net of tax, or $.50 per diluted share,
related to a special non-cash item for the release of the
liability related to the 2008 deconsolidation of the
Company's former subsidiary, TrentonWorks. Excluding
this item, net loss for the prior year's fourth quarter
was $4.2 million, or $0.17 per
diluted share.
Fiscal 2011 Highlights
Segment Summary:
New railcar deliveries in the fourth quarter of 2011 were a
record 4,000 units, compared to 700 units in the fourth
quarter of 2010. Total new railcar deliveries were 9,400
units in fiscal 2011, compared to 2,500 units in fiscal
2010.
New railcar orders for 5,300 units were received during the
quarter; orders for 19,500 units were received during the
full fiscal year.
Greenbrier's new railcar manufacturing backlog as of
August 31, 2011 was 15,400 units with an
estimated value of $1.23 billion, compared to
13,600 units with a value of $1.05 billion as
of May 31, 2011, and 5,300 units valued at
$420 million as of August 31,
2010.
Financial Summary:
Revenues for the year were $1.243 billion, an
increase of 64% from $756 million last year.
Adjusted EBITDA for fiscal 2011 was $101.0
million, or 8.1% of revenues, up from 2010 Adjusted
EBITDA of $72.1 million, or 9.5% of revenues.
Net earnings for 2011 were $6.5 million or
$.24 per diluted share compared to last
year's $4.3 million, or $.21
per diluted share. The 2011 results include a charge of
$9.4 million, net of tax, or
$0.35 per diluted share for loss on
extinguishment of debt. The 2010 results include income of
$13.1 million net of tax, or $.65
per diluted share related to special items and gain on
extinguishment of debt.
Liquidity Summary:
The Company ended the year with $50 million of
cash and almost $200 million of committed
additional borrowing capacity. On November 2,
2011, the Company's North American revolving
line of credit was increased by $15 million to
a total of $260 million under existing
provisions of the credit agreement.
During 2011, the Company strengthened its balance sheet,
extended debt maturity dates, and lowered its interest
costs by $10 million per annum through the
issuance of 3 million shares of common stock raising
$63 million of net proceeds, the sale of
$230 million of 3.5% senior convertible notes
and retirement of $235 million 8â...oe senior
unsecured notes, and the refinancing of its North American
credit facility.
Discussion of Quarterly Results and Outlook
William A. Furman, president and chief executive
officer, said, "We ended the quarter and the year with
strong operating momentum, particularly in our manufacturing
segment where we successfully executed at high production
volumes. We continue to see strength in our end markets
across each of our business segments and our new railcar
backlog continued to grow in our fourth quarter. These
factors give us good visibility and confidence that we can
support higher new railcar production levels in fiscal 2012.
We believe our industry fundamentals are sound, and that
several forces are driving new railcar demand that are
uncoupled from the more uncertain economic and political
environments. Among these forces are stronger railroad
balance sheets, truck traffic diversion to rail, replacement
demand, and a growing strength in the US energy market, which
will continue to create increased demand for covered hopper
cars and tank cars."
Mark Rittenbaum, chief financial officer added,
"We achieved the key objectives we outlined for fiscal
2011. Firstly, we delivered 4,000 railcars for the quarter
and 9,400 railcars in the year, consistent with the
expectations we set. Secondly, we successfully ramped
production and opened new production lines, ensuring
sufficient capacity to meet the anticipated increase in
demand during the industry upturn in 2012 and beyond.
Thirdly, we improved operational efficiencies by lowering our
cost structure. Lastly, we strengthened our balance sheet and
liquidity, saving approximately $10 million in
annual pre-tax interest expense and enhancing our capital
base. This savings was achieved by raising additional equity
and refinancing a substantial portion of our debt at lower
interest rates."
Segment Details
The Manufacturing segment consists of marine and new railcar
production in Europe and North
America. Manufacturing segment revenue for the fourth
quarter was $305.6 million, compared to
$69.5 million in the fourth quarter of 2010.
This revenue increase was primarily due to higher railcar
deliveries, including the delivery of leased railcars for
syndication, which were produced in previous periods. This
was partially offset by a decline in marine barge activity
and a change in railcar product mix. Current quarter new
railcar deliveries totaled 4,000 units, compared to 700 units
in the prior comparable period. Manufacturing gross margin
for the fourth quarter was 9.9% of revenues, compared to
10.8% in the fourth quarter of 2010. The gross margin
decrease was primarily a result of a less favorable product
mix, partially offset by operating at higher production
rates.
The Wheel Services, Refurbishment & Parts segment, consisting
of a network of 38 locations, provides wheel services, and
repairs and refurbishes railcars and provides railcar parts
across North America. Revenue for this segment
in the current quarter was $119.3 million,
compared to $90.6 million in the fourth quarter
of 2010. Gross margin for the Wheel Services, Refurbishment &
Parts segment was 10.8% of revenues, compared to 10.4% of
revenues in the prior comparable period. The revenue and
gross margin increases were primarily the result of higher
sales volumes in wheels and repair, and metal scrapping
programs that were in effect for only a portion of the prior
comparable year.
The Leasing & Services segment includes results from the
Company-owned lease fleet of approximately 9,000 railcars and
from fleet management services provided for approximately
216,000 railcars. Revenue for this segment was $17.9
million for the quarter, compared to $18.7
million in the same quarter last year. Leasing &
Services' gross margin for the quarter was 43.7% of
revenue, compared to 48.1% of revenue in the same quarter
last year. The decrease from the prior year's fourth
quarter was primarily a result of certain non-recurring
items. Lease fleet utilization as of the end of the quarter
was 95.7%, compared to 96.8% as of May 31, 2011,
and 94.4% as of August 31, 2010.
Gains on disposition of equipment in the current quarter were
$2.2 million, compared to $2.5
million in the fourth quarter of 2010.
Selling and administrative costs were $22.1
million for the quarter, or 5.0% of revenues, versus
$19.2 million, or 10.7% of revenues, for the
same quarter last year. The increase is primarily due to
increased employee related costs, including restoration of
salary reductions implemented during the down turn and
increases in incentive compensation.
Interest and foreign exchange expense was $6.3
million for the quarter, compared to $10.9
million for the same period in 2010. The current
quarter benefited from lower interest rates from our recent
refinancings.
Business Outlook
Based on current business trends, management anticipates that
both revenues and Adjusted EBITDA will be significantly
higher in fiscal 2012, compared to fiscal 2011. The major
drivers for the year will be continued momentum across all
business segments, particularly our manufacturing segment, as
the new freight car market continues to rebound. New railcar
deliveries are expected to exceed 15,000 units for the year.
The Company has increased its production rates on existing
production lines and its capacity at its facilities in
Mexico. Currently, railcars are being produced
on eight production lines in North America, with
the planned flexibility to produce railcars on three
additional lines later in the fiscal year.
Conference Call
The Greenbrier Companies will host a teleconference to
discuss fourth quarter results. Teleconference details are as
follows:
Please access the site 10 minutes prior to the start time.
Following the call, a replay will be available on the same
website for 30 days. Telephone replay will be available
through November 19, 2011 at 1-203-369-1485.
About Greenbrier Companies
Greenbrier, (www.gbrx.com), headquartered in
Lake Oswego, Oregon, is a leading supplier of
transportation equipment and services to the railroad
industry. Greenbrier builds new railroad freight cars in its
three manufacturing facilities in the U.S. and
Mexico and marine barges at its U.S. facility.
It also repairs and refurbishes freight cars and provides
wheels and railcar parts at 38 locations across North
America. Greenbrier builds new railroad freight cars
and refurbishes freight cars for the European market through
both its operations in Poland and various
subcontractor facilities throughout Europe.
Greenbrier owns approximately 9,000 railcars, and performs
management services for approximately 216,000 railcars.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995: This release may
contain forward-looking statements, including statements
regarding expected new railcar production volumes and
schedules, expected customer demand for the Company's
products and services, plans to increase manufacturing
capacity, new railcar delivery volumes and schedules, growth
in demand for the Company's railcar services and parts
business, and the Company's future financial performance.
Greenbrier uses words such as "anticipates,"
"believes," "forecast,"
"potential," "contemplates,"
"expects," "intends," "plans,"
"seeks," "estimates," "could,"
"would," "will," "may,"
"can," and similar expressions to identify
forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to
certain risks and uncertainties that could cause actual
results to differ materially from in the results contemplated
by the forward-looking statements. Factors that might cause
such a difference include, but are not limited to, reported
backlog is not indicative of our financial results; turmoil
in the credit markets and financial services industry; high
levels of indebtedness and compliance with the terms of our
indebtedness; write-downs of goodwill, intangibles and other
assets in future periods; sufficient availability of
borrowing capacity; fluctuations in demand for newly
manufactured railcars or failure to obtain orders as
anticipated in developing forecasts; loss of one or more
significant customers; customer payment defaults or related
issues; actual future costs and the availability of materials
and a trained workforce; failure to design or manufacture new
products or technologies or to achieve certification or
market acceptance of new products or technologies; steel or
specialty component price fluctuations and availability and
scrap surcharges; changes in product mix and the mix between
segments; labor disputes, energy shortages or operating
difficulties that might disrupt manufacturing operations or
the flow of cargo; production difficulties and product
delivery delays as a result of, among other matters, changing
technologies or non-performance of subcontractors or
suppliers; ability to obtain suitable contracts for the sale
of leased equipment and risks related to car hire and
residual values; difficulties associated with governmental
regulation, including environmental liabilities; integration
of current or future acquisitions; succession planning; all
as may be discussed in more detail under the headings
"Risk Factors" and "Forward Looking
Statements" in our Annual Report on Form 10-K for the
fiscal year ended August 31, 2010 and in our
Quarterly Report on Form 10-Q for the fiscal quarter ended
May 31, 2011, and our other reports on file with
the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking
statements, which reflect management's opinions only as
of the date hereof. Except as otherwise required by law, we
do not assume any obligation to update any forward-looking
statements.
Adjusted EBITDA is not a financial measure under generally
accepted accounting principles (GAAP). We define Adjusted
EBITDA as earnings (loss) attributable to Greenbrier before
special items, loss (gain) on extinguishment of debt,
interest and foreign exchange, income tax expense (benefit),
depreciation and amortization. Adjusted EBITDA is a
performance measurement tool commonly used by rail supply
companies and Greenbrier. You should not consider Adjusted
EBITDA in isolation or as a substitute for other financial
statement data determined in accordance with GAAP. In
addition, because Adjusted EBITDA is not a measure of
financial performance under GAAP and is susceptible to
varying calculations, the Adjusted EBITDA measure presented
may differ from and may not be comparable to similarly titled
measures used by other companies.
THE GREENBRIER COMPANIES, INC.
Condensed Consolidated Balance Sheets Years ended August 31,
(In thousands, unaudited)
August 31, 2011
August 31, 2010
Assets
Cash and cash equivalents
$ 50,222
$ 98,864
Restricted cash
2,113
2,525
Accounts receivable, net
188,443
89,252
Inventories
323,512
204,626
Leased railcars for syndication
30,690
12,804
Equipment on operating leases, net
321,141
302,663
Property, plant and equipment, net
161,200
132,614
Goodwill
137,066
137,066
Intangibles and other assets, net
87,268
92,474
$ 1,301,655
$1,072,888
Liabilities and Equity
Revolving notes
$ 90,339
$ 2,630
Accounts payable and accrued liabilities
316,536
181,638
Deferred income taxes
83,839
81,136
Deferred revenue
5,900
11,377
Notes payable
429,140
498,700
Total equity Greenbrier
361,573
285,938
Noncontrolling interest
14,328
11,469
Total equity
375,901
297,407
$ 1,301,655
$1,072,888
THE GREENBRIER COMPANIES, INC.
Condensed Consolidated Statements of
Operations Years ended August 31,
(In thousands, except per share amounts,
unaudited)
2011
2010
2009
Revenue
Manufacturing
$ 721,102
$ 295,566
$ 462,496
Wheel Services, Refurbishment & Parts
452,865
388,434
475,397
Leasing & Services
69,323
72,280
78,298
1,243,290
756,280
1,016,191
Cost of revenue
Manufacturing
661,127
268,395
458,733
Wheel Services, Refurbishment & Parts
405,449
344,522
420,294
Leasing & Services
37,183
41,365
45,991
1,103,759
654,282
925,018
Margin
139,531
101,998
91,173
Selling and administrative
80,326
69,931
65,743
Gain on disposition of equipment
(8,369)
(8,170)
(1,934)
Goodwill impairment
-
-
55,667
Special items
-
(11,870)
-
Earnings (loss) from operations
67,574
52,107
(28,303)
Other costs
Interest and foreign exchange
36,992
45,204
44,612
Loss (gain) on extinguishment of debt
15,657
(2,070)
1,300
Earnings (loss) before income tax and loss from
unconsolidated affiliates
14,925
8,973
(74,215)
Income tax benefit (expense)
(3,564)
959
16,917
Earnings (loss) before loss from unconsolidated
affiliates
11,361
9,932
(57,298)
Loss from unconsolidated affiliates
(2,974)
(1,601)
(565)
Net earnings (loss)
8,387
8,331
(57,863)
Net (earnings) loss attributable to
noncontrolling interest
(1,921)
(4,054)
1,472
Net earnings (loss) attributable to
Greenbrier
$ 6,466
$ 4,277
$ (56,391)
Basic earnings (loss) per common share:
$ 0.27
$ 0.23
$ (3.35)
Diluted earnings (loss) per common share:
$ 0.24
$ 0.21
$ (3.35)
Weighted average common
shares:
Basic
24,100
18,585
16,815
Diluted
26,501
20,213
16,815
THE GREENBRIER COMPANIES, INC.
Condensed Consolidated Statements of Cash
Flows Years ended August 31,
(In thousands, unaudited)
2011
2010
2009
Cash flows from operating activities:
Net earnings (loss)
$ 8,387
$ 8,331
$ (57,863)
Adjustments to reconcile net earnings (loss) to
net cash (used in) provided by operating
activities:
Deferred income taxes
2,399
15,052
(13,299)
Depreciation and amortization
38,293
37,511
37,669
Gain on sales of leased equipment
(5,121)
(6,543)
(1,167)
Accretion of debt discount
6,583
8,149
4,948
Goodwill impairment
-
-
55,667
Special items
-
(11,870)
-
Loss (gain) on extinguishment of debt (non-cash
portion)
8,453
(2,070)
915
Other
6,762
4,237
3,583
Decrease (increase) in assets:
Accounts receivable
(96,552)
22,430
58,521
Inventories
(116,866)
(45,212)
109,469
Leased railcars for syndication
(20,839)
759
11,123
Other
8,863
6,455
242
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities
130,673
12,777
(86,514)
Deferred revenue
(5,287)
(7,445)
(2,829)
Net cash (used in) provided by operating
activities
(34,252)
42,561
120,465
Cash flows from investing activities:
Proceeds from sales of equipment
18,730
22,978
15,555
Investment in and advances (to) from
unconsolidated affiliates
(2,330)
(927)
-
Contract placement fee
-
(6,050)
-
Decrease (increase) in restricted cash
412
(1,442)
(109)
Capital expenditures
(84,302)
(38,989)
(38,847)
Other
(1,774)
260
429
Net cash used in investing activities
(69,264)
(24,170)
(22,972)
Cash flows from financing activities:
Net changes in revolving notes with maturities of
90 days or less
71,625
(11,934)
(81,251)
Proceeds from revolving notes with maturities
longer than 90 days
25,159
5,698
-
Repayments of revolving notes with maturities
longer than 90 days
(10,000)
(5,698)
-
Proceeds from issuance of notes payable
231,250
2,149
75,000
Debt issuance costs
(11,469)
(109)
(5,232)
Repayments of notes payable
(311,360)
(38,267)
(16,436)
Proceeds from equity offering
63,180
56,250
-
Expenses from equity offering
(420)
(3,542)
-
Investment by joint venture partner
-
-
1,400
Dividends paid
-
-
(2,001)
Other
26
29
3,973
Net cash provided by (used in) financing
activities
57,991
4,576
(24,547)
Effect of exchange rate changes
(3,117)
(290)
(2,716)
Increase (decrease) in cash and cash
equivalents
(48,642)
22,677
70,230
Cash and cash equivalents
Beginning of period
98,864
76,187
5,957
End of period
$ 50,222
$ 98,864
$ 76,187
THE GREENBRIER COMPANIES, INC.
Supplemental Information Quarterly Results of Operations
(Unaudited)
Operating results by quarter for 2011 and 2010
are as follows:
(In thousands, except per share amount)
First
Second
Third
Fourth
Total
2011
Revenue
Manufacturing
$ 85,440
$ 156,621
$ 173,487
$ 305,554
$ 721,102
Wheel Services, Refurbishment & Parts
95,268
112,015
126,317
119,265
452,865
Leasing & Services
18,226
15,704
17,476
17,917
69,323
198,934
284,340
317,280
442,736
1,243,290
Cost of revenue
Manufacturing
79,747
147,552
158,674
275,154
661,127
Wheel Services, Refurbishment & Parts
86,411
101,413
111,202
106,423
405,449
Leasing & Services
9,120
8,725
9,254
10,084
37,183
175,278
257,690
279,130
391,661
1,103,759
Margin
23,656
26,650
38,150
51,075
139,531
Selling and administrative
17,938
17,693
22,580
22,115
80,326
Gain on disposition of equipment
(2,510)
(1,961)
(1,678)
(2,220)
(8,369)
Earnings from operations
8,228
10,918
17,248
31,180
67, 574
Other costs
Interest and foreign exchange
10,304
10,536
9,807
6,345
36,992
Loss on extinguishment of debt
-
-
10,007
5,650
15,657
Earnings before income tax and loss from
unconsolidated affiliates
(2,076)
382
(2,566)
19,185
14,925
Income tax benefit (expense)
611
(100)
301
(4,376)
(3,564)
Loss from unconsolidated affiliates
(587)
(575)
(539)
(1,273)
(2,974)
Net earnings (loss)
(2,052)
(293)
(2,804)
13,536
8,387
Net earnings attributable to Noncontrolling
interest
(252)
(257)
(510)
(902)
(1,921)
Net earnings (loss) attributable to
Greenbrier
$ (2,304)
$ (550)
$ (3,314)
$ 12,634
$ 6,466
Basic earnings (loss) per common share:
$ (0.11)
$ (0.02)
$ (0.14)
$ 0.50
$ 0.27
(1)
Diluted earnings (loss) per common share:
$ (0.11)
$ (0.02)
$ (0.14)
$ 0.42
$ 0.24
(2)
(1)Quarterly amounts do not total
to the year to date amount as each period is calculated
discretely. Unvested restricted stock awards are
excluded from the per share calculation for the first,
second and third quarters due to a net loss in each of
those periods.
(2)Quarterly amounts do not total
to the year to date amount as each period is calculated
discretely. The dilutive effect of warrants is excluded
from per share calculations for the first, second and
third quarters due to net losses for those periods. The
fourth quarter dilutive earnings per common share
includes the outstanding warrants using the treasury
stock method, which equates to 2.3 million shares, and
the dilutive effect of 6.0 million shares underlying
the 2018 Convertible Notes using the "if
converted" method under which $1.4 million of debt
issuance and interest costs, net of tax, were added
back to net earnings.
THE GREENBRIER COMPANIES, INC.
Supplemental Information Quarterly Results of Operations
(Unaudited)
(In thousands, except per share amount)
First
Second
Third
Fourth
Total
2010
Revenue
Manufacturing
$ 60,078
$ 88,065
$ 77,877
$ 69,546
$ 295,566
Wheel Services, Refurbishment & Parts
92,300
94,329
111,242
90,563
388,434
Leasing & Services
17,781
17,455
18,312
18,732
72,280
170,159
199,849
207,431
178,841
756,280
Cost of revenue
Manufacturing
55,847
81,608
68,931
62,009
268,395
Wheel Services, Refurbishment & Parts
83,286
83,387
96,725
81,124
344,522
Leasing & Services
10,918
10,789
9,931
9,727
41,365
150,051
175,784
175,587
152,860
654,282
Margin
20,108
24,065
31,844
25,981
101,998
Selling and administrative
16,208
16,958
17,519
19,246
69,931
Gain on disposition of equipment
(1,534)
(101)
(4,024)
(2,511)
(8,170)
Special items
-
-
-
(11,870)
(11,870)
(1)
Earnings from operations
5,434
7,208
18,349
21,116
52,107
Other costs
Interest and foreign exchange
11,112
12,406
10,811
10,875
45,204
Gain on extinguishment of debt
-
-
(1,275)
(795)
(2,070)
Earnings (loss) before income tax and loss from
unconsolidated affiliates
(5,678)
(5,198)
8,813
11,036
8,973
Income tax benefit (expense)
2,500
944
(2,418)
(67)
959
Loss from unconsolidated affiliates
(183)
(131)
(318)
(969)
(1,601)
Net earnings (loss)
(3,361)
(4,385)
6,077
10,000
8,331
Net loss (earnings) attributable to
noncontrolling interest
117
(367)
(1,514)
(2,290)
(4,054)
Net earnings (loss) attributable to
Greenbrier
$ (3,244)
$ (4,752)
$ 4,563
$ 7,710
$ 4,277
Basic earnings (loss) per common share:
$ (0.19)
$ (0.28)
$ 0.25
$ 0.35
$ 0.23
Diluted earnings (loss) per common share:
$ (0.19)
$ (0.28)
$ 0.23
$ 0.33
$ 0.21
(2)
(1)2010 includes income of $11.9
million net of tax for a special item related to the
release of the liability associated with the 2008
de-consolidation of our former Canadian
subsidiary.
(2)Quarterly amounts do not total
to the year to date amount as each period is calculated
discretely. The dilutive effect of options and warrants
are excluded from per share calculations for the first
and second quarters due to net losses for those
periods.
THE GREENBRIER COMPANIES, INC.
Supplemental Disclosure Reconciliation of Net earnings attributable to
Greenbrier to Adjusted EBITDA(1)
(In thousands, unaudited)
Year ended August 31,
2011
2010
Net earnings attributable to Greenbrier
$ 6,466
$ 4,277
Interest and foreign exchange
36,992
45,204
Income tax expense (benefit)
3,564
(959)
Depreciation and amortization
38,293
37,511
Loss (gain) on extinguishment of debt
15,657
(2,070)
Special Items
-
(11,870)
Adjusted EBITDA
$ 100,972
$ 72,093
Three months ended August 31,
2011
2010
Net earnings attributable to Greenbrier
$ 12,634
$ 7,710
Interest and foreign exchange
6,345
10,875
Income tax expense
4,376
67
Depreciation and amortization
10,119
9,544
Loss (gain) on extinguishment of debt
5,650
(795)
Special Items
-
(11,870)
Adjusted EBITDA
$ 39,124
$ 15,531
(1)
Adjusted EBITDA is not a financial measure under
generally accepted accounting principles (GAAP). We
define Adjusted EBITDA as earnings attributable to
Greenbrier before special items, loss (gain) on
extinguishment of debt, interest and foreign exchange,
income tax expense (benefit), depreciation and
amortization. Adjusted EBITDA is a performance
measurement tool commonly used by rail supply companies
and Greenbrier. You should not consider Adjusted EBITDA
in isolation or as a substitute for other financial
statement data determined in accordance with GAAP. In
addition, because Adjusted EBITDA is not a measure of
financial performance under GAAP and is susceptible to
varying calculations, the Adjusted EBITDA measure
presented may differ from and may not be comparable to
similarly titled measures used by other
companies.
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