Axiall Corporation (NYSE: AXLL) today announced financial
results for the quarter ended June 30, 2016.
The company reported net sales of $776.1 million for the second
quarter of 2016, compared to net sales of $869.2 million for the
second quarter of 2015. The company reported net loss attributable
to Axiall of $27.8 million, or $0.39 loss per diluted share, for
the second quarter of 2016, compared to net income attributable to
Axiall of $20.6 million, or $0.29 per diluted share, for the second
quarter of 2015. The company reported Adjusted Net Income of $8.4
million and Adjusted Earnings Per Share of $0.12 for the second
quarter of 2016, compared to Adjusted Net Income of $34.7 million
and Adjusted Earnings Per Share of $0.49 for the second quarter of
2015. The company reported Adjusted EBITDA of $60.7 million for the
second quarter of 2016, compared to Adjusted EBITDA of $105.7
million for the second quarter of 2015.
“I am pleased that our employees remained focused on their work
– improving our safety record year over year – and serving our
customers across our chlor-alkali, compounds and building products
businesses,” said Axiall President and CEO Tim Mann. “We believe
our pending strategic combination with Westlake Chemical
Corporation will drive significant value for our customers and
business partners as we create a North American chlorovinyls leader
with a highly integrated chain, diverse product portfolio and a
globally competitive cost structure. We are working closely with
the Westlake team to ensure a smooth transition and plan to
complete the transaction as expeditiously as possible.”
Chlorovinyls
In the Chlorovinyls segment, net sales were $578.4 million for
the second quarter of 2016 compared to $666.1 million for the same
quarter of the prior year. The segment posted operating loss and
Adjusted EBITDA of $37.1 million and $42.0 million, respectively,
in the second quarter of 2016, compared to operating income and
Adjusted EBITDA of $37.8 million and $89.0 million, respectively,
for the same quarter in the prior year. The decreases in net
sales and Adjusted EBITDA were primarily due to lower PVC, VCM and
chlorinated derivatives sales prices; lower electrochemical unit
(“ECU”) values, especially with respect to caustic soda prices; and
lower sales volume driven primarily by the extended timing of a
scheduled turnaround at our Plaquemine, La., VCM facility. The
unfavorable factors for Adjusted EBITDA were partially offset by
decreases in the cost of ethylene and natural gas.
Building Products
In the Building Products segment, net sales were $197.7 million
for the second quarter of 2016, decreasing 3 percent compared to
$203.1 million for the same quarter in the prior year. The net
sales decrease was driven by the impact of a stronger United States
dollar relative to a weaker Canadian dollar, as well as a 3 percent
decrease in sales volumes in Canada, partially offset by a 4
percent increase in sales volumes in the United States. On a
constant currency basis, net sales decreased by 1 percent for the
three months ended June 30, 2016 compared to the three months ended
June 30, 2015. The segment’s operating income and Adjusted EBITDA
was $26.7 million and $33.8 million, respectively, for the second
quarter of 2016, compared to $23.3 million and $29.0 million,
respectively, during the same quarter of the prior year. The
increase in Adjusted EBITDA was primarily a result of lower
material costs, lower selling, general and administrative expenses
and higher sales volumes, offset in part by the impact of a
stronger United States dollar relative to a weaker Canadian
dollar.
Pending Merger
On June 10, 2016, the company entered into an agreement and plan
of merger with Westlake Chemical Corporation (“Westlake”) and
Lagoon Merger Sub, Inc., a newly formed wholly owned subsidiary of
Westlake.
On August 1, 2016, Axiall filed a definitive proxy statement
with the United States Securities and Exchange Commission (the
“SEC”) to notify the company’s shareholders of a special meeting to
be held on August 30, 2016 to vote on the proposed merger with
Westlake (the “Merger”). Axiall and Westlake have received all
regulatory approvals required for the Merger, including approvals
required by U.S. and Canadian competition laws.
The company has terminated its previously announced sales
process for the remainder of its Building Products business.
About Axiall
Axiall Corporation is a leading integrated chemicals and
building products company. Headquartered in Atlanta, Axiall has
manufacturing facilities located throughout North America and in
Asia to provide industry-leading materials and services to
customers. For more information, visit www.axiall.com.
Additional Information
For additional information relating to the Merger, see the
definitive proxy statement contained in Schedule 14A filed with the
SEC on August 1, 2016. This proxy statement provided notice and
information about the special meeting of the Company’s shareholders
to vote on the Merger Agreement that will be held on August 30,
2016.
Cautionary Statements About Forward-Looking
Information
This news release contains “forward looking statements” as
defined in, and subject to the safe harbor provisions of, the
federal securities laws. These forward-looking statements relate
to, among other things, the company’s expectations regarding the
expected benefits of the Merger and the expected timing for
completion of the Merger, the company’s anticipated financial
performance and prospects, the company’s plans and objectives for
future operations, and other statements of expectations concerning
matters that are not historical facts. These statements are based
on the current expectations of the company’s management. There are
a number of risks and uncertainties that could cause the company’s
actual results to differ materially from the forward-looking
statements included in this news release. These risks and
uncertainties include, among other things:
• the failure to receive the required approval for the Merger
from the company’s shareholders;
• the risk that a condition to the closing of the Merger may not
be satisfied;
• the diversion of management’s time on Merger-related issues
and other potential operational disruption caused by the Merger
that may make it more difficult to maintain relationships with
customers, employees or suppliers;
• the risk of potential litigation related to the Merger;
• changes, seasonality and/or cyclicality in the industries in
which the company’s products are sold and changes in demand for the
company’s products or increases in overall industry capacity that
could affect production volumes and/or pricing;
• the costs and operating restrictions associated with
compliance with current and future environmental, health and safety
laws and regulations;
• the availability and pricing of energy and raw materials;
• risks, hazards and potential liabilities associated with
manufacturing and transporting chemicals and building products,
including, among others, explosions and fires, mechanical failures,
unscheduled downtime and related litigation;
• legislative and regulatory developments;
• changes in the general economy, including the impacts of the
current, and any potential future, economic uncertainties in the
housing and construction markets;
• the company’s level of indebtedness and debt service
obligations and ability to continue to comply with the covenants in
the credit agreements and indentures governing the company’s
indebtedness;
• the company’s reliance on a limited number of suppliers for
specified feedstock and services and the company’s reliance on
third-party transportation;
• risks, costs and liabilities associated with pension and other
post-retirement employment benefit plans;
• competition within the industry in which the company
operates;
• complications resulting from multiple enterprise resource
planning (“ERP”) systems and the implementation of new ERP
systems;
• strikes and work stoppages relating to the workforce under
collective bargaining agreements;
• any impairment of goodwill, indefinite-lived intangible assets
or other intangible assets;
• the failure to realize the benefits of, and/or disruptions
resulting from, any asset dispositions, asset acquisitions, joint
ventures, business combinations or other transactions;
• shared control of the company’s joint ventures and similar
arrangements with unaffiliated third parties, including the ability
of such joint venture partners and other counterparties to fulfill
their obligations;
• costs resulting from complications or delays relating to the
company’s arrangements with Lotte Chemical USA Corporation related
to the ethane cracker (ethylene manufacturing plant) being
constructed in Lake Charles, Louisiana;
• fluctuations in foreign currency exchange and interest
rates;
• the failure to adequately protect the company’s data and
technology systems;
• the company’s ability to successfully implement and administer
its cost-saving initiatives (including restructuring programs) and
produce the desired results (including projected savings); and
• other factors discussed in the company’s SEC filings from time
to time, including the Company’s Annual Report on Form 10-K for the
year ended December 31, 2015 and subsequent quarterly reports on
Form 10-Q.
The risks and uncertainties above are not the only risks the
company faces. Additional risks and uncertainties not presently
known to the company or that it believes may be immaterial also may
adversely affect the company. Should any known or unknown risks and
uncertainties develop into actual events, these developments could
have material adverse effects on the company’s business, financial
condition and results of operations. The company does not undertake
to publicly update or revise its forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied herein will not be realized.
AXIALL CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
June 30, December 31,
(In millions,
except share data)
2016 2015 Assets: Cash and cash equivalents
$ 128.4 $ 258.0 Receivables, net of allowance for
doubtful accounts of $10.5 million at June 30, 2016 and $5.9
million at December 31, 2015
455.0 355.3 Inventories
276.0 280.9 Prepaid expenses and other
100.5 58.9
Current assets of discontinued operations
0.8
36.9 Total current assets
960.7 990.0
Property, plant and equipment, net
1,558.8 1,556.5 Goodwill
856.4 852.1 Customer relationships, net
923.2 950.3
Other intangible assets, net
60.8 63.4 Non-current assets of
discontinued operations
- 62.0 Other assets, net
81.7 65.1 Total assets
$
4,441.6 $ 4,539.4
Liabilities and
Equity: Current portion of long-term debt
$ 2.5 $
2.5 Accounts payable
256.3 244.8 Interest payable
15.2 15.4 Income taxes payable
2.4 2.2 Accrued
compensation
60.2 41.0 Other accrued liabilities
135.9 94.7 Current liabilities of discontinued operations
6.8 15.5 Total current
liabilities
479.3 416.1 Long-term debt, excluding the
current portion of long-term debt
1,364.8 1,364.5 Lease
financing obligation
46.8 44.0 Deferred income taxes
661.1 683.0 Pension and other post-retirement benefits
189.7 202.8 Non-current liabilities of discontinued
operations
- 35.6 Other non-current liabilities
132.3 140.3 Total liabilities
2,874.0 2,886.3 Commitments and
contingencies Equity: Preferred stock—$0.01 par value;
75,000,000 shares authorized; no shares issued
- - Common
stock—$0.01 par value; shares authorized: 200,000,000 at June 30,
2016 and December 31, 2015; issued and outstanding: 70,733,747 at
June 30, 2016 and 70,581,543 at December 31, 2015
0.7 0.7
Additional paid-in capital
2,290.1 2,287.5 Retained deficit
(697.2 ) (591.9 ) Accumulated other comprehensive
loss, net of tax
(96.5 ) (118.0 ) Total
Axiall stockholders’ equity
1,497.1 1,578.3 Noncontrolling
interest
70.5 74.8 Total equity
1,567.6 1,653.1 Total
liabilities and equity
$ 4,441.6 $ 4,539.4
AXIALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited) Three
Months Ended June 30, Six Months Ended June 30,
(In millions,
except per share data)
2016 2015 2016 2015 Net sales
$
776.1 $ 869.2
$ 1,475.3 $ 1,653.8 Operating
costs and expenses: Cost of sales
705.5 745.7
1,324.5
1,426.4 Selling, general and administrative expenses
69.8
75.8
139.9 151.8 Restructuring and divestiture costs
4.5 0.4
41.2 1.1 Integration-related costs and other,
net
2.1 4.2
5.5 9.3 Legal and settlement claims, net
23.4 -
23.4 - Fees associated with unsolicited offer
and strategic alternatives
8.4 -
13.6 - Total operating costs and
expenses
813.7 826.1
1,548.1 1,588.6 Operating income (loss)
(37.6 ) 43.1
(72.8 ) 65.2 Interest
expense, net
(18.0 ) (18.3 )
(35.0 )
(35.9 ) Debt refinancing costs
- -
- (3.2 ) Foreign
currency exchange loss
(0.1 ) (0.1 )
(1.0 ) (0.8 ) Income (loss) from
continuing operations before income taxes
(55.7 )
24.7
(108.8 ) 25.3 Provision for (benefit from)
income taxes
(28.4 ) 1.9
(51.2 ) 4.9 Net income (loss) from
continuing operations
(27.3 ) 22.8
(57.6
) 20.4 Discontinued operations: Loss from discontinued
operations
(1.7 ) (1.7 )
(33.1 ) (8.9 )
Less: Benefit from income taxes of discontinued operations
(1.7 ) (0.8 )
(10.1 )
(1.6 ) Net loss from discontinued operations
-
(0.9 )
(23.0 ) (7.3 )
Consolidated net income (loss)
(27.3 ) 21.9
(80.6 ) 13.1 Less: net income attributable to
noncontrolling interest
0.5 1.3
0.8 3.1 Net income (loss)
attributable to Axiall
$ (27.8 ) $ 20.6
$ (81.4 ) $ 10.0
Basic
earnings (loss) per share attributable to Axiall: Basic
earnings (loss) per share from continuing operations
$
(0.39 ) $ 0.30
$ (0.83 ) $ 0.25
Basic loss per share from discontinued operations
-
(0.01 )
(0.32 ) (0.11 )
Basic earnings (loss) per share attributable to Axiall
$ (0.39 ) $ 0.29
$ (1.15
) $ 0.14
Diluted earnings (loss) per share
attributable to Axiall: Diluted earnings (loss) per share from
continuing operations
$ (0.39 ) $ 0.30
$ (0.83 ) $ 0.25 Diluted loss per share from
discontinued operations
- (0.01 )
(0.32 ) (0.11 )
Diluted earnings
(loss) per share attributable to Axiall $ (0.39
) $ 0.29
$ (1.15 ) $ 0.14
Weighted average common shares outstanding: Basic
70.6 70.4
70.6 70.3 Diluted
70.6 70.9
70.6 70.9 Dividends per common share
$
0.16 $ 0.16
$ 0.32 $ 0.32
Axiall
Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(In
millions)
2016 2015 2016 2015 Cash flows from
operating activities: Consolidated net income (loss)
$
(27.3 ) $ 21.9
$ (80.6 ) $ 13.1
Less: net loss from discontinued operations
-
(0.9 )
(23.0 ) (7.3 ) Net income
(loss) from continuing operations
(27.3 ) 22.8
(57.6 ) 20.4
Adjustments to reconcile consolidated net
income (loss) to net cash
provided by (used in) operating
activities:
Depreciation
43.7 41.7
87.1 84.2 Amortization
18.2 18.3
36.4 36.7 Deferred income taxes
(16.2 ) (16.5 )
(25.3 ) (30.0 ) Loss
(gain) on sales of businesses
- (0.1 )
19.9 (0.1 )
Other non-cash items
(2.7 ) 0.5
(3.8 )
6.5 Change in operating assets and liabilities, net of dispositions
(6.1 ) (2.4 )
(68.1
) (72.6 )
Cash provided by (used in) operating
activities - continuing operations 9.6 64.3
(11.4
) 45.1 Cash provided by (used in) operating activities -
discontinued operations
1.2 (9.3 )
5.2 (8.9 )
Net cash provided by
(used in) operating activities 10.8
55.0
(6.2 ) 36.2
Cash
flows from investing activities: Capital expenditures
(62.3 ) (38.8 )
(119.6 ) (73.9 )
Proceeds from sales of business assets and other
0.4
6.3
11.5 6.3
Cash used in investing activities - continuing
operations (61.9 ) (32.5 )
(108.1 )
(67.6 ) Cash provided by (used in) investing activities -
discontinued operations
- 0.8
26.8 (0.9 )
Net cash used in
investing activities (61.9 ) (31.7
)
(81.3 ) (68.5 )
Cash flows from
financing activities: Issuance of long-term debt
- -
- 248.8 Long-term debt payments
(0.9 ) (0.9 )
(1.7 ) (196.1 ) Fees paid related to financing
activities
- (0.5 )
- (3.5 ) Deferred acquisition
payments
- -
(15.0 ) (10.0 ) Dividends paid
(11.5 ) (11.9 )
(22.8 ) (23.1 )
Distribution to noncontrolling interest
(7.1 ) (8.4 )
(7.1 ) (8.4 ) Share-based compensation plan activity
(2.0 ) (5.8 )
(0.9
) (6.2 )
Net cash provided by (used in) financing
activities (21.5 ) (27.5 )
(47.5 ) 1.5 Effect of exchange rate
changes on cash and cash equivalents
(0.4 )
0.9
5.4 (4.6 )
Net
change in cash and cash equivalents (73.0 ) (3.3
)
(129.6 ) (35.4 ) Cash and cash equivalents at
beginning of period
201.4 134.7
258.0 166.8
Cash and cash
equivalents at end of period $ 128.4 $
131.4
$ 128.4 $ 131.4
AXIALL CORPORATION
SEGMENT INFORMATION
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(In
millions)
2016 2015 2016 2015 Sales: Chlorovinyls
$ 578.4 $ 666.1
$ 1,134.5 $ 1,314.5
Building products
197.7 203.1
340.8 339.3 Net sales
$
776.1 $ 869.2
$ 1,475.3 $
1,653.8 Operating income (loss): Chlorovinyls
$
(37.1 ) $ 37.8
$ (46.7 ) $ 81.6
Building products
26.7 23.3
30.8 19.8 Unallocated
corporate
(27.2 ) (18.0 )
(56.9 ) (36.2 ) Total operating income (loss)
$ (37.6 ) $ 43.1
$ (72.8
) $ 65.2
Reconciliation of Non-GAAP Financial Measures
In addition to its consolidated financial statements prepared in
accordance with accounting principles generally accepted in the
United States of America (GAAP), Axiall reports four non-GAAP
financial measures: (i) Adjusted Net Income;
(ii) Adjusted Earnings Per Share; (iii) Adjusted EBITDA;
and (iv) building products net sales on a constant currency
basis.
Adjusted Earnings or Loss Per Share is calculated using Adjusted
Net Income or Loss rather than consolidated net income or loss
attributable to Axiall calculated in accordance with GAAP.
Adjusted Net Income or Loss is defined as consolidated net
income or loss attributable to Axiall excluding adjustments for
tax-effected restructuring and certain other charges, if any,
related to discontinued operations, financial restructuring and
business improvement initiatives, gains or losses on sales of
certain assets, debt refinancing costs, certain acquisition
accounting and non-income tax reserve adjustments, certain
professional fees associated with various potential and completed
mergers and acquisitions, divestitures, joint ventures and other
transactions, costs to attain synergies related to the integration
of the former chlor-alkali and derivatives business of PPG (the
“Merged Business”), legal and professional fees related to
Westlake’s unsolicited offer to acquire the Company and our
exploration of strategic alternatives, including negotiation and
execution of the Merger Agreement relating to the proposed Merger,
certain favorable and unfavorable legal claims, amortization of
definite-lived intangible assets, impairment charges for goodwill,
intangible assets, and other long-lived assets. For the three and
six months ended June 30, 2016 and 2015, we have excluded
amortization of definite-lived intangible assets from our
calculation of Adjusted Net Income and intend to do so in future
periods. We believe excluding this item from our calculation of
Adjusted Net Income is helpful to investors because the
amortization of our intangible assets is a non-cash charge that
does not impact our liquidity and is not representative of our
operational performance.
Adjusted EBITDA is defined as Earnings or Loss Before Interest,
Taxes, Depreciation and Amortization, restructuring and certain
other charges, if any, related to discontinued operations,
financial restructuring and business improvement initiatives, gains
or losses on sales of certain assets, debt refinancing costs,
certain acquisition accounting and non-income tax reserve
adjustments, certain professional fees associated with various
potential and completed mergers and acquisitions, divestitures,
joint ventures and other transactions, costs to attain synergies
related to the integration of the Merged Business, legal and
professional fees related to Westlake’s unsolicited offer to
acquire the Company, and our exploration of strategic alternatives,
including negotiation and execution of the Merger Agreement
relating to the proposed Merger, certain favorable and unfavorable
legal claims, impairment charges for goodwill, intangible assets,
and other long-lived assets, certain pension and other
post-retirement plan curtailment gains and settlement losses and
interest expense related to the lease-financing transaction
discussed in our Form 10-K for the year ended December 31,
2015.
Axiall reports Adjusted Net Income or Loss and Adjusted Earnings
or Loss Per Share because investors commonly use financial measures
such as Adjusted Net Income or Loss and Adjusted Earnings or Loss
Per Share as a component of performance and valuation analysis for
companies, such as Axiall, that recently have engaged in
transactions and have incurred expenses such as professional fees
related to potential transactions, that result in non-recurring
pre-tax charges or benefits that have a significant impact on the
calculation of consolidated net income or loss attributable to
Axiall pursuant to GAAP, in order to approximate the amount of net
income or loss that such a company would have achieved absent those
non-recurring, transaction-related charges or benefits. In
addition, Axiall reports Adjusted Net Income or Loss and Adjusted
Earnings or Loss Per Share because we believe these financial
measures will be helpful to investors in approximating what our net
income or loss would have been absent the impact of certain
non-recurring, pre-tax charges and benefits. We have reported
Adjusted EBITDA because investors commonly use Adjusted EBITDA as a
main component of valuation analysis of cyclical companies such as
Axiall.
In addition, we may compare certain financial information,
including building products net sales on a constant currency basis.
We present such information to provide a framework for investors to
assess how our underlying businesses performed, excluding the
effect of foreign currency rate fluctuations, primarily
fluctuations in the Canadian dollar. To present this information,
current and comparative prior period financial information for
certain businesses reporting in currencies other than United States
dollars are converted into United States dollars at the average
exchange rate in effect during the base period, rather than the
average exchange rates in effect during the respective periods.
Adjusted Earnings or Loss Per Share, Adjusted Net Income or
Loss, Adjusted EBITDA and building products net sales on a constant
currency basis, are not measurements of financial performance under
GAAP and should not be considered as an alternative to net income
or loss, GAAP diluted earnings or loss per share or net sales, as a
measure of performance or as an alternative to cash provided by or
used in operating activities as a measure of liquidity. In
addition, our calculation of these various non-GAAP measurements
may be different from the calculations used by other companies and,
therefore, comparability may be limited.
Reconciliations of our non-GAAP financial measures to the most
comparable GAAP measures are presented in the tables set forth
below.
Adjusted Net Income
Reconciliation
Three Months Ended June
30, Six Months Ended June 30,
(In
millions)
2016 2015 2016 2015 Net income (loss)
attributable to Axiall
$ (27.8 ) $ 20.6
$ (81.4 ) $ 10.0 Pre-tax charges:
Restructuring and divestiture costs
4.5 0.4
41.2 1.1
Integration-related costs and other, net
2.1 4.2
5.5 9.9
(1)
Legal and settlement claims, net(2)
23.4 -
23.4 -
Fees associated with unsolicited offer and strategic alternatives
8.4 -
13.6 - Debt refinancing costs - -
- 3.2
Amortization of intangible assets
17.1 17.2
34.1 34.3
Loss from the sale of discontinued operations
-
-
25.1 - Total pre-tax
charges
55.5 21.8
142.9 48.5 Provision for income
taxes related to these items
19.3 7.7
41.4 16.6 After-tax effect of above
items
36.2 14.1
101.5
31.9 Adjusted Net Income
$ 8.4 $
34.7
$ 20.1 $ 41.9 (1) Includes $0.6
million of plant reliability improvement initiatives that are
included in cost of sales on our unaudited condensed consolidated
statements of operations for the six months ended June 30, 2015.
(2) Relates to a $25.0 million charge to legal and settlement
claims, net, pertaining to an accident at our Natrium Facility in
September 2014, partially offset by a $1.6 million favorable
recovery from the BP Deepwater Oil Spill.
Adjusted
Earnings Per Share Reconciliation
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016 2015 Diluted
earnings (loss) per share attributable to Axiall
$
(0.39 ) $ 0.29
$ (1.15 ) $ 0.14
Earnings per share related to adjustments between
net income (loss) attributable to Axiall
and Adjusted
Net Income
0.51 0.20
1.43
0.45 Adjusted Earnings Per Share
$ 0.12
$ 0.49
$ 0.28 $ 0.59
Building Products Constant Currency Net
Sales Reconciliation
Three Months Ended June
30, Six Months Ended June 30,
(In
millions)
2016 2015 2016 2015 Building products
net sales
$ 197.7 $ 203.1
$ 340.8 $
339.3 Impact of currency exchange rate
3.4 -
7.9 - Building products constant currency
sales
$ 201.1 $ 203.1
$ 348.7 $ 339.3
Adjusted EBITDA Reconciliations
Three Months Ended June 30,
2016
(In
millions)
Chlorovinyls
BuildingProducts
UnallocatedCorporate
&Non-operatingexpenses, net
Total Adjusted EBITDA
$
42.0
$
33.8
$
(15.1
)
$
60.7
Restructuring and divestiture costs
(1.1
)
(1.4
)
(2.0
)
(4.5
)
Integration-related costs and other, net
-
-
(2.1
)
(2.1
)
Legal and settlement claims, net(1)
(23.4
)
-
-
(23.4
)
Fees associated with unsolicited offer and strategic alternatives
-
-
(8.4
)
(8.4
)
Interest expense, net
-
-
(18.0
)
(18.0
)
Depreciation and amortization
(54.5
)
(5.7
)
(1.7
)
(61.9
)
Benefit from income taxes
-
-
28.4
28.4
Other(2)
-
-
1.9
1.9
Net income (loss) from continuing
operations(3)
$
(37.0
)
$
26.7
$
(17.0
)
$
(27.3
)
(1)
Relates to a $25.0 million charge to legal
and settlement claims, net, pertaining to an accident at our
Natrium Facility in September 2014, partially offset by a $1.6
million favorable recovery from the BP Deepwater Oil Spill.
(2)
Includes $0.8 million of lease financing obligations interest and
$1.1 million for debt issuance cost amortization.
(3)
Earnings of our segments exclude interest
income and expense, unallocated corporate expenses and general
plant services, and benefit from income taxes.
Three Months Ended June 30, 2015
(In
millions)
Chlorovinyls
BuildingProducts
UnallocatedCorporate
&Non-operatingexpenses, net
Total Adjusted EBITDA $ 89.0
$
29.0
$ (12.3 ) $ 105.7 Restructuring and divestiture costs - - (0.4 )
(0.4 ) Integration-related costs and other, net 0.4 - (4.6 ) (4.2 )
Interest expense, net - - (18.3 ) (18.3 ) Depreciation and
amortization (51.6 ) (5.8 ) (2.6 ) (60.0 ) Provision for income
taxes - - (1.9 ) (1.9 ) Other(1) - -
1.9 1.9
Net income (loss) from continuing
operations(2)
$ 37.8 $ 23.2 $ (38.2 ) $ 22.8
(1)
Includes $0.8 million of lease financing obligations interest and
$1.1 million for debt issuance cost amortization.
(2)
Earnings of our segments exclude interest
income and expense, unallocated corporate expenses and general
plant services, and provision for income taxes.
Six Months Ended June 30, 2016
(In
millions)
Chlorovinyls
BuildingProducts
UnallocatedCorporate
&Non-operatingexpenses, net
Total
Adjusted EBITDA
$
113.3
$
45.3
$
(28.9
)
$
129.7
Restructuring and divestiture costs
(28.8
)
(3.9
)
(8.5
)
(41.2
)
Integration-related costs and other,
net
-
-
(5.5
)
(5.5
)
Legal and settlement claims, net(1)
(23.4
)
-
-
(23.4
)
Fees associated with unsolicited offer
and strategic alternatives
-
-
(13.6
)
(13.6
)
Interest expense, net
-
-
(35.0
)
(35.0
)
Depreciation and amortization
(107.7
)
(11.3
)
(4.5
)
(123.5
)
Benefit from income taxes
-
-
51.2
51.2
Other(2)
-
-
3.7
3.7
Net income (loss) from continuing
operations(3)
$
(46.6
)
$
30.1
$
(41.1
)
$
(57.6
)
(1)
Relates to a $25.0 million charge to legal
and settlement claims, net, pertaining to an accident at our
Natrium Facility in September 2014, partially offset by a $1.6
million favorable recovery from the BP Deepwater Oil Spill.
(2)
Includes $1.5 million of lease financing obligations interest and
$2.2 million for debt issuance cost amortization.
(3)
Earnings of our segments exclude interest
income and expense, unallocated corporate expenses and general
plant services, and benefit from income taxes.
Six Months Ended June 30, 2015
(In
millions)
Chlorovinyls
BuildingProducts
UnallocatedCorporate
&Non-operatingexpenses, net
Total Adjusted EBITDA $ 185.7 $ 31.9 $ (25.1 ) $ 192.5
Restructuring and divestiture costs 0.1 (0.1 ) (1.1 ) (1.1 )
Integration-related costs and other, net(1) (0.8 ) (0.6 ) (8.5 )
(9.9 ) Interest expense, net - - (35.9 ) (35.9 ) Depreciation and
amortization (104.2 ) (11.3 ) (5.4 ) (120.9 ) Debt refinancing
costs - - (3.2 ) (3.2 ) Provision for income taxes - - (4.9 ) (4.9
) Other(2) - - 3.8
3.8
Net income from continuing
operations(3)
$ 80.8 $ 19.9 $ (80.3 ) $ 20.4
__________________________________
(1)
Includes $0.6 million of plant reliability
improvement initiatives that are included in cost of sales on our
consolidated statements of operations.
(2)
Includes $1.6 million of lease financing obligations interest and
$2.2 million for debt issuance cost amortization.
(3)
Earnings of our segments exclude interest
income and expense, unallocated corporate expenses and general
plant services, and provision for income taxes.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160808005240/en/
Axiall CorporationInvestor RelationsMartin Jarosick,
770-395-4524orMediaChip Swearngan, 678-507-0554
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