|
Delaware
|
| |
13-1840497
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer Identification No.)
|
|
|
Glenpointe Centre East, 3rd Floor
300 Frank W. Burr Boulevard, Suite 21 Teaneck, New Jersey (Address of Principal Executive Offices) |
| |
07666-6712
(Zip Code) |
|
|
Class A Common Stock, $0.0001 par value per share
(Title of each class) |
| |
NASDAQ Stock Market
(Name of each exchange on which registered) |
|
| Large accelerated filer | | | ☐ | | | | | | Accelerated filer | | | ☒ | |
| Non-accelerated filer | | | ☐ | | | | | | Smaller reporting company | | | ☐ | |
| | |
Page
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| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
PART I | | ||||||
| | | | 6 | | | |
| | | | 26 | | | |
| | | | 49 | | | |
| | | | 50 | | | |
| | | | 50 | | | |
| | | | 50 | | | |
PART II | | ||||||
| | | | 51 | | | |
| | | | 53 | | | |
| | | | 55 | | | |
| | | | 74 | | | |
| | | | 76 | | | |
| | | | 112 | | | |
| | | | 112 | | | |
| | | | 113 | | | |
PART III | | ||||||
| | | | 114 | | | |
| | | | 114 | | | |
| | | | 114 | | | |
| | | | 114 | | | |
| | | | 114 | | | |
PART IV | | ||||||
| | | | 115 | | | |
| | | | 116 | | |
| | |
Segments
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 486 | | | | | $ | 471 | | | | | $ | 431 | | | | | $ | 15 | | | | |
|
3%
|
| | | | $ | 40 | | | | |
|
9%
|
| | | |
|
65%
|
| | | |
|
63%
|
| | | |
|
62%
|
| |
Mineral Nutrition
|
| | | | 217 | | | | | | 227 | | | | | | 202 | | | | | | (10) | | | | |
|
(5)%
|
| | | | | 26 | | | | |
|
13%
|
| | | |
|
29%
|
| | | |
|
30%
|
| | | |
|
29%
|
| |
Performance Products
|
| | | | 49 | | | | | | 51 | | | | | | 59 | | | | | | (2) | | | | |
|
(4)%
|
| | | | | (9) | | | | |
|
(14)%
|
| | | |
|
6%
|
| | | |
|
7%
|
| | | |
|
9%
|
| |
Total
|
| | | $ | 752 | | | | | $ | 749 | | | | | $ | 692 | | | | | $ | 3 | | | | |
|
0%
|
| | | | $ | 57 | | | | |
|
8%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Species
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Poultry
|
| | | $ | 292 | | | | | $ | 280 | | | | | $ | 284 | | | | | $ | 12 | | | | |
|
4%
|
| | | | $ | (4) | | | | |
|
(2)%
|
| | | |
|
39%
|
| | | |
|
37%
|
| | | |
|
41%
|
| |
Swine
|
| | | | 100 | | | | | | 102 | | | | | | 90 | | | | | | (1) | | | | |
|
(1)%
|
| | | | | 12 | | | | |
|
13%
|
| | | |
|
13%
|
| | | |
|
14%
|
| | | |
|
13%
|
| |
Dairy
|
| | | | 146 | | | | | | 135 | | | | | | 120 | | | | | | 12 | | | | |
|
9%
|
| | | | | 15 | | | | |
|
12%
|
| | | |
|
19%
|
| | | |
|
18%
|
| | | |
|
17%
|
| |
Cattle
|
| | | | 96 | | | | | | 100 | | | | | | 83 | | | | | | (4) | | | | |
|
(4)%
|
| | | | | 17 | | | | |
|
20%
|
| | | |
|
13%
|
| | | |
|
13%
|
| | | |
|
12%
|
| |
Other(1) | | | | | 116 | | | | | | 132 | | | | | | 115 | | | | | | (16) | | | | |
|
(12)%
|
| | | | | 17 | | | | |
|
15%
|
| | | |
|
15%
|
| | | |
|
18%
|
| | | |
|
17%
|
| |
Total
|
| | | $ | 752 | | | | | $ | 749 | | | | | $ | 692 | | | | | $ | 3 | | | | |
|
0%
|
| | | | $ | 57 | | | | |
|
8%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Regions(2)
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
| | | $ | 493 | | | | | $ | 483 | | | | | $ | 445 | | | | | $ | 9 | | | | |
|
2%
|
| | | | $ | 38 | | | | |
|
9%
|
| | | |
|
66%
|
| | | |
|
65%
|
| | | |
|
64%
|
| |
Brazil & Latin America
|
| | | | 109 | | | | | | 107 | | | | | | 92 | | | | | | 2 | | | | |
|
2%
|
| | | | | 15 | | | | |
|
17%
|
| | | |
|
15%
|
| | | |
|
14%
|
| | | |
|
13%
|
| |
China & Asia Pacific
|
| | | | 61 | | | | | | 61 | | | | | | 62 | | | | | | (1) | | | | |
|
(1)%
|
| | | | | (1) | | | | |
|
(1)%
|
| | | |
|
8%
|
| | | |
|
8%
|
| | | |
|
9%
|
| |
Israel & Other
|
| | | | 89 | | | | | | 97 | | | | | | 93 | | | | | | (8) | | | | |
|
(8)%
|
| | | | | 4 | | | | |
|
4%
|
| | | |
|
12%
|
| | | |
|
13%
|
| | | |
|
13%
|
| |
Total
|
| | | $ | 752 | | | | | $ | 749 | | | | | $ | 692 | | | | | $ | 3 | | | | |
|
0%
|
| | | | $ | 57 | | | | |
|
8%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Adjusted EBITDA(1)
|
| |
Change
|
| |
Percentage of total(2)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 127 | | | | | $ | 120 | | | | | $ | 100 | | | | | $ | 7 | | | | |
|
6%
|
| | | | $ | 20 | | | | |
|
20%
|
| | | |
|
89%
|
| | | |
|
88%
|
| | | |
|
86%
|
| |
Mineral Nutrition
|
| | | | 15 | | | | | | 14 | | | | | | 12 | | | | | | 1 | | | | |
|
4%
|
| | | | | 3 | | | | |
|
24%
|
| | | |
|
10%
|
| | | |
|
11%
|
| | | |
|
10%
|
| |
Performance Products
|
| | | | 1 | | | | | | 3 | | | | | | 5 | | | | | | (2) | | | | |
|
(63)%
|
| | | | | (2) | | | | |
|
(43)%
|
| | | |
|
1%
|
| | | |
|
2%
|
| | | |
|
4%
|
| |
Corporate
|
| | | | (29) | | | | | | (27) | | | | | | (26) | | | | | | (2) | | | | |
|
*
|
| | | | | (1) | | | | |
|
*
|
| | | | | |||||||||||||||
Total
|
| | | $ | 114 | | | | | $ | 110 | | | | | $ | 91 | | | | | $ | 4 | | | | |
|
4%
|
| | | | $ | 19 | | | | |
|
21%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Net Identifiable Assets
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Animal Health
|
| | | $ | 445 | | | | | $ | 349 | | | | | $ | 349 | | | | | $ | 95 | | | | |
|
27%
|
| | | | $ | 1 | | | | |
|
0%
|
| | | |
|
73%
|
| | | |
|
71%
|
| | | |
|
74%
|
| |
Mineral Nutrition
|
| | | | 58 | | | | | | 59 | | | | | | 57 | | | | | | (1) | | | | |
|
(1)%
|
| | | | | 1 | | | | |
|
2%
|
| | | |
|
9%
|
| | | |
|
12%
|
| | | |
|
12%
|
| |
Performance Products
|
| | | | 22 | | | | | | 22 | | | | | | 23 | | | | | | (0) | | | | |
|
(2)%
|
| | | | | (1) | | | | |
|
(5)%
|
| | | |
|
4%
|
| | | |
|
4%
|
| | | |
|
5%
|
| |
Corporate
|
| | | | 86 | | | | | | 63 | | | | | | 43 | | | | | | 23 | | | | |
|
36%
|
| | | | | 20 | | | | |
|
46%
|
| | | |
|
14%
|
| | | |
|
13%
|
| | | |
|
9%
|
| |
Total
|
| | | $ | 610 | | | | | $ | 493 | | | | | $ | 472 | | | | | $ | 117 | | | | |
|
24%
|
| | | | $ | 21 | | | | |
|
4%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Product Groups
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
MFAs and other
|
| | | $ | 340 | | | | | $ | 336 | | | | | $ | 327 | | | | | $ | 4 | | | | |
|
1%
|
| | | | $ | 9 | | | | |
|
3%
|
| | | |
|
70%
|
| | | |
|
71%
|
| | | |
|
76%
|
| |
Nutritional specialties
|
| | | | 94 | | | | | | 82 | | | | | | 63 | | | | | | 12 | | | | |
|
15%
|
| | | | | 19 | | | | |
|
30%
|
| | | |
|
19%
|
| | | |
|
17%
|
| | | |
|
15%
|
| |
Vaccines
|
| | | | 52 | | | | | | 53 | | | | | | 41 | | | | | | (1) | | | | |
|
(2)%
|
| | | | | 12 | | | | |
|
29%
|
| | | |
|
11%
|
| | | |
|
11%
|
| | | |
|
10%
|
| |
Animal Health
|
| | | $ | 486 | | | | | $ | 471 | | | | | $ | 431 | | | | | $ | 15 | | | | |
|
3%
|
| | | | $ | 40 | | | | |
|
9%
|
| | | | | | | | | | | | | | | | | | | |
|
| | |
Regions(1)
|
| |
Change
|
| |
Percentage of total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||||||||
| | |
($ in millions)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
U.S. & Canada
|
| | | $ | 235 | | | | | $ | 219 | | | | | $ | 195 | | | | | $ | 17 | | | | |
|
8%
|
| | | | $ | 24 | | | | |
|
12%
|
| | | |
|
48%
|
| | | |
|
46%
|
| | | |
|
45%
|
| |
Brazil & Latin America
|
| | | | 104 | | | | | | 99 | | | | | | 85 | | | | | | 6 | | | | |
|
6%
|
| | | | | 14 | | | | |
|
16%
|
| | | |
|
21%
|
| | | |
|
21%
|
| | | |
|
20%
|
| |
China & Asia Pacific
|
| | | | 61 | | | | | | 61 | | | | | | 62 | | | | | | (1) | | | | |
|
(1)%
|
| | | | | (1) | | | | |
|
(1)%
|
| | | |
|
12%
|
| | | |
|
13%
|
| | | |
|
14%
|
| |
Israel & Other
|
| | | | 86 | | | | | | 92 | | | | | | 89 | | | | | | (6) | | | | |
|
(7)%
|
| | | | | 3 | | | | |
|
4%
|
| | | |
|
18%
|
| | | |
|
20%
|
| | | |
|
21%
|
| |
Total
|
| | | $ | 486 | | | | | $ | 471 | | | | | $ | 431 | | | | | $ | 15 | | | | |
|
3%
|
| | | | $ | 40 | | | | |
|
9%
|
| | | | | | | | | | | | | | | | | | | |
|
Product
|
| |
Active Ingredient
|
| |
Market Entry of
Active Ingredient |
| |
Description
|
|
Terramycin®/TM-50®/TM-100™ | | | oxytetracycline | | |
1951
|
| | Antibacterial with multiple applications for a wide number of species | |
Nicarb® | | | nicarbazin | | |
1954
|
| | Anticoccidial for poultry | |
amprolium | | | amprolium | | |
1960
|
| | Anticoccidial for poultry and cattle | |
Bloat Guard® | | | poloxalene | | |
1967
|
| | Anti-bloat treatment for cattle | |
Banminth® | | | pyrantel tartrate | | |
1972
|
| | Anthelmintic for livestock | |
Mecadox® | | | carbadox | | |
1972
|
| | Antibacterial for swine to control Salmonellosis and dysentery | |
Stafac®/Eskalin™/V-Max® | | | virginiamycin | | |
1975
|
| | Antibacterial used to prevent and control diseases in poultry, swine and cattle | |
Coxistac™/Posistac™ | | | salinomycin | | |
1979
|
| | Anticoccidial for poultry and cattle; disease preventative in swine | |
Product
|
| |
Active Ingredient
|
| |
Market Entry of
Active Ingredient |
| |
Description
|
|
Rumatel® | | | morantel tartrate | | |
1981
|
| | Anthelmintic for livestock | |
Cerditac™/Cerdimix™ | | | oxibendazole | | |
1982
|
| | Anthelmintic for livestock | |
Aviax®/Aviax II™ | | | semduramicin | | |
1995
|
| | Anticoccidial for poultry | |
Neo-Terramycin®/Neo-TM™ | | | oxytetracycline + neomycin | | |
1999
|
| | Combination of two antibacterials with multiple applications for a wide number of species | |
Aviax Plus™ | | | semduramicin + nicarbazin | | |
2010
|
| | Anticoccidial for poultry | |
Product
|
| |
Market
Entry |
| |
Description
|
|
AB20® | | |
1989
|
| | Natural flow agent that improves overall feed quality | |
Chromax® | | |
1992
|
| | Source of organic chromium used to optimize swine production through reproductive efficiency | |
Biosaf® | | |
1997
|
| | Heat stable live-cell yeast that optimizes production efficiency | |
Procreatin 7® | | |
1997
|
| | Live-cell yeast product for ruminant nutrition | |
Animate® | | |
1999
|
| | Maintains proper blood calcium levels in dairy cows during critical transition period | |
Safmannan® | | |
2000
|
| | Yeast cell wall components that inhibit pathogen proliferation in poultry and young livestock | |
OmniGen-AF® | | |
2004
|
| | Optimizes immune status in dairy cows | |
Provia 6086™ | | |
2013
|
| | Direct fed microbial for all classes of livestock | |
Magni-Phi® | | |
2015
|
| | Proprietary blend that improves immune response to enhance absorption and utilization of nutrients for poultry | |
Product
|
| |
Market
Entry |
| |
Description
|
|
TAbic M.B. | | |
2004
|
| | Live vaccine for the prevention of Infectious Bursal Disease in poultry | |
TAbic IB VAR | | |
2009
|
| | Live vaccine for the prevention of Infectious Bronchitis variant 1 strain 233A in poultry | |
TAbic IB VAR206 | | |
2010
|
| | Live vaccine for the prevention of Infectious Bronchitis variant 206 in poultry | |
V.H.® | | |
1974
|
| | Live vaccine for the prevention of Newcastle Disease in poultry | |
MJPRRS® | | |
2007
|
| | Autogenous vaccine for the prevention of PRRS in swine | |
SRP® Autogenous Vaccines | | |
2014
|
| | Autogenous vaccines using Epitopix’s proprietary SRP vaccine technology for prevention of various diseases in chickens including Salmonella and E. coli bacteria | |
Business Segment(s)
|
| |
Location
|
| |
Owned/Leased
|
| |
Approx. sq.
Footage |
| |
Purpose(s)
|
|
Animal Health | | | Beit Shemesh, Israel | | | Owned/land lease | | | 56,000 | | | Manufacturing and Research | |
Animal Health | | |
Braganca Paulista, Brazil
|
| | Owned | | | 44,000 | | | Manufacturing and Administrative | |
Animal Health | | | Corvallis, Oregon | | | Owned | | | 5,000 | | | Research | |
Animal Health | | | Guarulhos, Brazil | | | Owned | | | 1,294,000 | | | Manufacturing, Sales, Premixing, Research and Administrative | |
Animal Health | | | Neot Hovav, Israel | | | Owned/land lease | | | 140,000 | | | Manufacturing and Research | |
Mineral Nutrition
|
| | Omaha, Nebraska | | | Owned | | | 84,000 | | | Manufacturing | |
Animal Health | | | Omaha, Nebraska | | | Owned | | | 36,000 | | | Manufacturing, Sales and Research | |
Animal Health | | | Petach Tikva, Israel | | | Owned | | | 60,000 | | | Manufacturing | |
Animal Health and Mineral Nutrition | | | Quincy, Illinois | | | Owned | | | 325,000 | | | Manufacturing, Sales, Research and Administrative | |
Performance Products | | | Santa Fe Springs, California | | | Owned | | | 108,000 | | | Manufacturing | |
Animal Health | | | State College, Pennsylvania | | | Owned | | | 13,000 | | | Research | |
Animal Health | | | St. Paul, Minnesota | | | Leased | | | 4,000 | | | Research | |
Corporate | | | Teaneck, New Jersey | | | Leased | | | 50,000 | | | Corporate and Administrative | |
Quarter Ended
|
| |
High
|
| |
Low
|
| ||||||
September 30, 2014
|
| | | $ | 23.12 | | | | | $ | 17.82 | | |
December 31, 2014
|
| | | $ | 33.89 | | | | | $ | 21.01 | | |
March 31, 2015
|
| | | $ | 37.56 | | | | | $ | 26.95 | | |
June 30, 2015
|
| | | $ | 39.14 | | | | | $ | 31.29 | | |
Quarter Ended
|
| | | ||||||||||
September 30, 2015
|
| | | $ | 40.54 | | | | | $ | 30.11 | | |
December 31, 2015
|
| | | $ | 34.65 | | | | | $ | 29.75 | | |
March 31, 2016
|
| | | $ | 35.69 | | | | | $ | 23.21 | | |
June 30, 2016
|
| | | $ | 27.99 | | | | | $ | 16.80 | | |
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||
| | |
(in thousands, except per share amounts)
|
| |||||||||||||||||||||||||||
Results of operations data | | | | | | | |||||||||||||||||||||||||
Net sales
|
| | | $ | 751,526 | | | | | $ | 748,591 | | | | | $ | 691,914 | | | | | $ | 653,151 | | | | | $ | 654,101 | | |
Cost of goods sold
|
| | | | 512,494 | | | | | | 515,311 | | | | | | 487,500 | | | | | | 476,307 | | | | | | 491,045 | | |
Gross profit
|
| | | | 239,032 | | | | | | 233,280 | | | | | | 204,414 | | | | | | 176,844 | | | | | | 163,056 | | |
Selling, general and administrative expenses
|
| | | | 153,288 | | | | | | 145,612 | | | | | | 140,620 | | | | | | 120,113 | | | | | | 113,731 | | |
Operating income
|
| | | | 85,744 | | | | | | 87,668 | | | | | | 63,794 | | | | | | 56,731 | | | | | | 49,325 | | |
Interest expense, net
|
| | | | 16,592 | | | | | | 14,305 | | | | | | 32,962 | | | | | | 35,629 | | | | | | 35,419 | | |
Foreign currency (gains) losses, net
|
| | | | (7,609) | | | | | | (5,400) | | | | | | 1,753 | | | | | | 3,103 | | | | | | 1,192 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 22,771 | | | | | | — | | | | | | — | | |
Other (income) expense, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 151 | | | | | | (400) | | |
Income before income taxes
|
| | | | 76,761 | | | | | | 78,763 | | | | | | 6,308 | | | | | | 17,848 | | | | | | 13,114 | | |
Provision (benefit) for income taxes
|
| | | | (5,967) | | | | | | 18,483 | | | | | | 9,435 | | | | | | (7,043) | | | | | | 6,138 | | |
Net income (loss)
|
| | | $ | 82,728 | | | | | $ | 60,280 | | | | | $ | (3,127) | | | | | $ | 24,891 | | | | | $ | 6,976 | | |
Net income (loss) per share | | | | | | | |||||||||||||||||||||||||
basic
|
| | | $ | 2.11 | | | | | $ | 1.55 | | | | | $ | (0.10) | | | | | $ | 0.82 | | | | | $ | 0.23 | | |
diluted
|
| | | $ | 2.07 | | | | | $ | 1.51 | | | | | $ | (0.10) | | | | | $ | 0.82 | | | | | $ | 0.23 | | |
Weighted average common shares outstanding | | | | | | | |||||||||||||||||||||||||
basic
|
| | | | 39,254 | | | | | | 38,969 | | | | | | 32,193 | | | | | | 30,458 | | | | | | 30,458 | | |
diluted
|
| | | | 39,962 | | | | | | 39,815 | | | | | | 32,193 | | | | | | 30,458 | | | | | | 30,458 | | |
Dividends per share
|
| | | $ | 0.40 | | | | | $ | 0.40 | | | | | $ | 0.82 | | | | | $ | 0.10 | | | | | $ | — | | |
Other financial data | | | | | | | |||||||||||||||||||||||||
Adjusted EBITDA(1)
|
| | | $ | 114,060 | | | | | $ | 110,019 | | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | |
Cash provided (used) by operating activities(2)
|
| | | | 37,218 | | | | | | 68,704 | | | | | | (712) | | | | | | 1,437 | | | | | | 31,988 | | |
Capital expenditures
|
| | | | 36,352 | | | | | | 20,058 | | | | | | 19,846 | | | | | | 19,947 | | | | | | 14,824 | | |
As of June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Balance sheet data | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 33,605 | | | | | $ | 29,216 | | | | | $ | 11,821 | | | | | $ | 27,369 | | | | | $ | 53,900 | | |
Working capital(3)
|
| | | | 203,356 | | | | | | 175,988 | | | | | | 177,999 | | | | | | 153,677 | | | | | | 127,472 | | |
Total assets
|
| | | | 610,373 | | | | | | 493,318 | | | | | | 472,323 | | | | | | 474,142 | | | | | | 440,908 | | |
Total debt(4)
|
| | | | 352,710 | | | | | | 289,518 | | | | | | 289,391 | | | | | | 365,604 | | | | | | 350,121 | | |
Long-term debt and other liabilities
|
| | | | 411,220 | | | | | | 352,357 | | | | | | 344,736 | | | | | | 427,676 | | | | | | 403,271 | | |
Total stockholders’ equity (deficit)
|
| | | | 90,480 | | | | | | 29,628 | | | | | | 15,149 | | | | | | (68,938) | | | | | | (88,228) | | |
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net income (loss)
|
| | | $ | 82,728 | | | | | $ | 60,280 | | | | | $ | (3,127) | | | | | $ | 24,891 | | | | | $ | 6,976 | | |
Plus: | | | | | | | |||||||||||||||||||||||||
Interest expense, net
|
| | | | 16,592 | | | | | | 14,305 | | | | | | 32,962 | | | | | | 35,629 | | | | | | 35,419 | | |
Provision (benefit) for income taxes
|
| | | | (5,967) | | | | | | 18,483 | | | | | | 9,435 | | | | | | (7,043) | | | | | | 6,138 | | |
Depreciation and amortization
|
| | | | 23,452 | | | | | | 21,604 | | | | | | 21,453 | | | | | | 19,023 | | | | | | 17,527 | | |
EBITDA
|
| | | | 116,805 | | | | | | 114,672 | | | | | | 60,723 | | | | | | 72,500 | | | | | | 66,060 | | |
Acquisition-related cost of goods sold
|
| | | | 2,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition-related accrued compensation
|
| | | | 1,680 | | | | | | 747 | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition-related transaction costs
|
| | | | 618 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on insurance claim
|
| | | | — | | | | | | — | | | | | | 5,350 | | | | | | — | | | | | | — | | |
Foreign currency (gains) losses, net
|
| | | | (7,609) | | | | | | (5,400) | | | | | | 1,753 | | | | | | 3,103 | | | | | | 1,192 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 22,771 | | | | | | — | | | | | | — | | |
Other (income) expense, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 151 | | | | | | (400) | | |
Adjusted EBITDA
|
| | | $ | 114,060 | | | | | $ | 110,019 | | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | |
|
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
EBITDA | | | | $ | 116,805 | | | | | $ | 114,672 | | | | | $ | 60,723 | | | | | $ | 72,500 | | | | | $ | 66,060 | | |
Acquisition-related cost of goods sold
|
| | | | 2,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition-related accrued compensation
|
| | | | 1,680 | | | | | | 747 | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition-related transaction costs
|
| | | | 618 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on insurance claim
|
| | | | — | | | | | | — | | | | | | 5,350 | | | | | | — | | | | | | — | | |
Foreign currency (gains) losses, net
|
| | | | (7,609) | | | | | | (5,400) | | | | | | 1,753 | | | | | | 3,103 | | | | | | 1,192 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 22,771 | | | | | | — | | | | | | — | | |
Payment of premiums and costs on extinguished debt
|
| | | | — | | | | | | — | | | | | | (17,205) | | | | | | — | | | | | | — | | |
Other (income) expense, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 151 | | | | | | (400) | | |
Interest paid
|
| | | | (14,215) | | | | | | (12,912) | | | | | | (45,370) | | | | | | (33,824) | | | | | | (34,059) | | |
Income taxes paid
|
| | | | (16,828) | | | | | | (10,780) | | | | | | (12,207) | | | | | | (7,061) | | | | | | (7,217) | | |
Changes in operating assets and liabilities and other items
|
| | | | (45,799) | | | | | | (17,623) | | | | | | (16,527) | | | | | | (33,432) | | | | | | 6,412 | | |
Net cash provided (used) by operating activities
|
| | | $ | 37,218 | | | | | $ | 68,704 | | | | | $ | (712) | | | | | $ | 1,437 | | | | | $ | 31,988 | | |
|
| | | | | |
Change
|
| ||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |||||||||||||||||||||||||||
| | |
(in thousands, except per share)
|
| |||||||||||||||||||||||||||||||||||||||
Net sales
|
| | | $ | 751,526 | | | | | $ | 748,591 | | | | | $ | 691,914 | | | | | $ | 2,935 | | | | |
|
0%
|
| | | | $ | 56,677 | | | | |
|
8%
|
| |
Gross profit
|
| | | | 239,032 | | | | | | 233,280 | | | | | | 204,414 | | | | | | 5,752 | | | | |
|
2%
|
| | | | | 28,866 | | | | |
|
14%
|
| |
Selling, general and administrative expenses
|
| | | | 153,288 | | | | | | 145,612 | | | | | | 140,620 | | | | | | 7,676 | | | | |
|
5%
|
| | | | | 4,992 | | | | |
|
4%
|
| |
Operating income
|
| | | | 85,744 | | | | | | 87,668 | | | | | | 63,794 | | | | | | (1,924) | | | | |
|
(2)%
|
| | | | | 23,874 | | | | |
|
37%
|
| |
Interest expense, net
|
| | | | 16,592 | | | | | | 14,305 | | | | | | 32,962 | | | | | | 2,287 | | | | |
|
16%
|
| | | | | (18,657) | | | | |
|
(57)%
|
| |
Foreign currency (gains) losses,
net |
| | | | (7,609) | | | | | | (5,400) | | | | | | 1,753 | | | | | | (2,209) | | | | |
|
*
|
| | | | | (7,153) | | | | |
|
*
|
| |
Loss on extinguishment of
debt |
| | | | — | | | | | | — | | | | | | 22,771 | | | | | | — | | | | |
|
*
|
| | | | | (22,771) | | | | |
|
*
|
| |
Income before income taxes
|
| | | | 76,761 | | | | | | 78,763 | | | | | | 6,308 | | | | | | (2,002) | | | | |
|
(3)%
|
| | | | | 72,455 | | | | |
|
1149%
|
| |
Provision (benefit) for income
taxes |
| | | | (5,967) | | | | | | 18,483 | | | | | | 9,435 | | | | | | (24,450) | | | | |
|
*
|
| | | | | 9,048 | | | | |
|
96%
|
| |
Net income (loss)
|
| | | $ | 82,728 | | | | | $ | 60,280 | | | | | $ | (3,127) | | | | | $ | 22,448 | | | | |
|
37%
|
| | | | $ | 63,407 | | | | |
|
*
|
| |
Net income (loss) per share | | | | | | | | | |||||||||||||||||||||||||||||||||||
basic
|
| | | $ | 2.11 | | | | | $ | 1.55 | | | | | $ | (0.10) | | | | | $ | 0.56 | | | | | | | | | | | $ | 1.65 | | | | |||||
diluted
|
| | | $ | 2.07 | | | | | $ | 1.51 | | | | | $ | (0.10) | | | | | $ | 0.56 | | | | | | | | | | | $ | 1.61 | | | | |||||
Weighted average number of shares outstanding
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
basic
|
| | | | 39,254 | | | | | | 38,969 | | | | | | 32,193 | | | | | | | ||||||||||||||||||||
diluted
|
| | | | 39,962 | | | | | | 39,815 | | | | | | 32,193 | | | | | | | ||||||||||||||||||||
Ratio to net sales | | | | | | | | | |||||||||||||||||||||||||||||||||||
Gross profit
|
| | | | 31.8% | | | | | | 31.2% | | | | | | 29.5% | | | | | | | ||||||||||||||||||||
Selling, general and administrative
expenses |
| | | | 20.4% | | | | | | 19.5% | | | | | | 20.3% | | | | | | | ||||||||||||||||||||
Operating income
|
| | | | 11.4% | | | | | | 11.7% | | | | | | 9.2% | | | | | | | ||||||||||||||||||||
Income before income taxes
|
| | | | 10.2% | | | | | | 10.5% | | | | | | 0.9% | | | | | | | ||||||||||||||||||||
Net income (loss)
|
| | | | 11.0% | | | | | | 8.1% | | | | | | (0.5)% | | | | | | | ||||||||||||||||||||
Effective tax rate
|
| | | | (7.8)% | | | | | | 23.5% | | | | | | 149.6% | | | | | | |
| | | | | |
Change
|
| ||||||||||||||||||||||||||||||||||||
For the Years Ended June 30
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2016 / 2015
|
| |
2015 / 2014
|
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net sales | | | | | | | | | |||||||||||||||||||||||||||||||||||
MFAs and other
|
| | | $ | 339,916 | | | | | $ | 335,735 | | | | | $ |