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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 6, 2021

 

TECNOGLASS INC.

(Exact Name of Registrant as Specified in Charter)

 

Cayman Islands   001-35436   98-1271120
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)

 

Avenida Circunvalar a 100 mts de la Via 40, Barrio Las Flores, Barranquilla, Colombia

(Address of Principal Executive Offices) (Zip Code)

 

(57)(5) 3734000

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Ordinary Shares   TGLS   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

  

Item 2.02. Results of Operations and Financial Condition.

 

On August 6, 2021, Tecnoglass Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2021. The press release is included as Exhibit 99.1 hereto.

 

The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit

No.

  Description
99.1   Press release dated August 6, 2021

 

2
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 6, 2021

 

  TECNOGLASS INC.
     
  By: /s/ Jose M. Daes
  Name: Jose M. Daes
  Title: Chief Executive Officer

 

3

 

 

Exhibit 99.1

 

 

 

Tecnoglass Reports Record Second Quarter 2021 Results

 

- Single-Family Residential Revenues Increased 159% Year-Over-Year, Representing 37% of U.S. Revenues -

 

- Commercial Revenues Expanded 22% Year-Over-Year Driven by Continued End Market Recovery -

 

- Total Revenues Up 49% Year-Over-Year to a Record $121.7 Million -

 

- Record Second Quarter Gross Margin of 40.0%, Up 120 Basis Points Year-Over-Year -

 

- Net Profit of $19.2 Million; Adjusted Net Income1 of $19.7 Million, or $0.41 Per Diluted Share

 

- Adjusted EBITDA1 Up 52.7% Year-Over-Year to a Record $35.6 Million, or 29.3% of Total Revenues -

 

- Record Cash Flow From Operations of $31.8 Million -

 

- Backlog Expands to a Record $559 Million, Despite Single Family Residential Activity Largely Underrepresented in Backlog -

 

- Increases Full Year 2021 Growth Outlook to Adjusted EBITDA1 of $125 Million to $135 Million on Total Revenues of $450 Million to $465 Million -

 

BARRANQUILLA, Colombia – August 6, 2021 – Tecnoglass, Inc. (NASDAQ: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products serving the global residential and commercial end markets, today reported financial results for the second quarter ended June 30, 2021.

 

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “I am thrilled to announce our most profitable quarter on record, building on our team’s outstanding performance which again drove record results in nearly all financial metrics. During the quarter, we were able to drive substantial operating leverage while expanding our mix of single-family residential sales in the U.S., resulting in another quarter of record revenues, margin expansion, and our 5th straight quarter of significant cash flow generation. Our strategically located, vertically integrated and low cost operations have provided us with sustainable competitive advantages that truly differentiate Tecnoglass in the tight supply environment that our industry is experiencing. We are winning new business and strengthening our existing customer relationships because we are able to supply superior quality products with short lead times at an attractive value, which is undoubtedly advancing our reputation as a global leader in both architectural glass innovation and service. Moving forward, we will continue to execute our proven strategy to capture elevated demand in the U.S., while approaching capital allocation with a returns oriented mindset. Our strong balance sheet, very low leverage profile and ample capital resources squarely position us to do so as we plan to further invest in operational enhancements. The future remains extremely bright for Tecnoglass and we are firmly situated to deliver another year of record results in 2021.”

 

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our ability to timely deliver best-in-class products led to outsized revenue growth and market share gains in the U.S. during the second quarter. Revenues in single-family residential increased by almost 160% year-over-year and nearly doubled compared to the second quarter of 2019. This accomplishment is a testament to the market leading platform we have created and we could not be more pleased with our progress since we entered the single-family residential business four years ago. This attractive category now represents 34% of our total revenues compared to 19% in the prior year period. Additionally, we ended the second quarter with a record backlog across our growing footprint as large scale commercial projects continue to resume construction activity. Looking to the remainder of 2021, we are pleased with our positioning and continue to expect strength in residential demand to drive the majority of our growth.”

 

 

 

 

Second Quarter 2021 Results

 

Total revenues for the second quarter of 2021 increased 48.5% to $121.7 million, compared to $81.9 million in the prior year quarter. U.S. revenues of $109.9 million, which represented 90% of total revenues, grew 38.8% compared to $79.1 million in the prior year quarter, driven by strong growth in single family residential activity, a continued recovery in commercial construction activity, and market share gains. Colombia revenue, a majority of which is represented by long-term contracts priced in Colombian Pesos but indexed to the U.S. Dollar, grew to $8.2 million, compared to $1.8 million in the prior year quarter. Changes in foreign currency exchange rates had a negligible impact on Colombia and total revenues in the quarter.

 

Gross profit for the second quarter of 2021 grew 52.9% to $48.6 million, representing a 40.0% gross margin, compared to gross profit of $31.8 million, representing a 38.8% gross margin in the prior year quarter. The 120 basis point improvement in gross margin mainly reflected greater operating efficiencies and a higher mix of revenue from manufacturing versus installation activity as Tecnoglass increased its mix of single family residential products. Selling, general and administrative expense (“SG&A”) was $20.2 million compared to $16.6 million in the prior year quarter, primarily attributable to higher variable expenses related to ground and marine transportation. As a percent of total revenues, SG&A improved to 16.6% compared to 20.2% in the prior year quarter, primarily due to higher sales and better operating leverage on personnel, professional fees and other fixed expenses.

 

Net income was $19.2 million, or $0.40 per diluted share, in the second quarter of 2021 compared to net income of $16.2 million, or $0.35 per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $0.2 million in the second quarter of 2021 and a $13.3 million gain in the second quarter of 2020. As previously disclosed, these non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

 

Adjusted net income1 was $19.7 million, or $0.41 per diluted share, in the second quarter of 2021 compared to adjusted net income of $9.4 million, or $0.20 per diluted share, in the prior year quarter. Adjusted net income1, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

 

Adjusted EBITDA1, as reconciled in the table below, increased 52.7% to $35.6 million, or 29.3% of total revenues in the second quarter of 2021, compared to $23.3 million, or 28.4% of total revenues, in the prior year quarter. The improvement was driven by higher sales, a stronger gross margin and operating leverage on SG&A. Adjusted EBITDA1 in the second quarter 2021 included $0.5 million in contribution from the Company’s joint venture with Saint-Gobain, compared to $0.9 million in the prior year quarter.

 

Dividend

 

The Company declared a quarterly cash dividend of $0.0275 per share for the second quarter of 2021, which was paid on July 30, 2021 to shareholders of record as of the close of business on June 30, 2021.

 

 

 

 

Balance Sheet & Liquidity

 

The Company ended the second quarter of 2021 with total liquidity of approximately $167 million, including cash and cash equivalents of $100.3 million and availability under its committed revolving credit facilities of $66.9 million. Cash provided by operating activities of $31.8 million improved by $7.6 million compared to the prior year quarter, attributable to higher profitability as well as more efficient inventory and working capital management. Given the Company’s continued growth in adjusted EBITDA1 and strong cash generation, debt leverage continues to trend lower and now stands at 1.1 times LTM net debt to adjusted EBITDA1, compared to 2.2 times in the prior year quarter.

 

Full Year 2021 Outlook

 

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are increasing our full year 2021 outlook for total revenues and adjusted EBITDA1 growth to reflect our continued outperformance in the first half of 2021, including strong demand into July and August and further share gains. We now expect full year 2021 total revenues to grow to a range of $450 million to $465 million. We now anticipate full year adjusted EBITDA1 to increase to a range of $125 million to $135 million, implying year-over-year growth of approximately 33% at the midpoint. We continue to believe our ability to efficiently manage costs while providing exceptional delivery lead times should collectively allow us to achieve above market growth and record results for the full year 2021.”

 

Webcast and Conference Call

 

Management will host a webcast and conference call on Friday, August 6, 2021 at 9:00 a.m. eastern time (8:00 a.m. Bogota, Colombia time) to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. Due to potential extended wait times to access the conference call via dial-in, the Company encourages use of the webcast. For those unable to access the webcast, the conference call will be accessible by dialing 1-877-705-6003 (domestic) or 1-201-493-6725 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2021 Earnings Conference Call.

 

If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and entering pass code: 13721832.

 

About Tecnoglass

 

Tecnoglass Inc. is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 2.7 million square foot, vertically-integrated and state-of-the-art manufacturing complex provides efficient access to over 1,000 global customers, with the U.S. accounting for more than 90% of revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.

 

 

 

 

Forward Looking Statements

 

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.

 

1 Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.

 

Investor Relations:

 

Santiago Giraldo

CFO

305-503-9062

investorrelations@tecnoglass.com

 

 

 

 

Tecnoglass Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

 

   June 30,   December 31, 
   2021   2020 
ASSETS          
Current assets:          
Cash and cash equivalents  $100,295   $66,899 
Investments   2,078    2,387 
Trade accounts receivable, net   91,233    88,368 
Due from related parties   8,543    8,574 
Inventories   74,717    80,742 
Contract assets – current portion   24,068    26,288 
Other current assets   16,946    13,545 
Total current assets  $317,880   $286,803 
Long-term assets:          
Property, plant and equipment, net  $149,566   $152,266 
Deferred income taxes   1,252    268 
Contract assets – non-current   10,785    10,228 
Due from related parties - long term   -    484 
Long-term trade accounts receivable   4,361    2,985 
Intangible assets   4,320    5,112 
Goodwill   23,561    23,561 
Long-term investments   49,414    47,535 
Other long-term assets   4,537    2,783 
Total long-term assets   247,796    245,222 
Total assets  $565,676   $532,025 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Short-term debt and current portion of long-term debt  $13,376   $1,764 
Trade accounts payable and accrued expenses   56,303    42,178 
Accrued interest expense   4    7,175 
Due to related parties   4,502    4,750 
Dividends payable   1,353    1,352 
Contract liability – current portion   36,670    24,694 
Other current liabilities   11,806    9,630 
Total current liabilities  $124,014   $91,543 
Long-term liabilities:          
Deferred income taxes  $278   $3,170 
Long-term liabilities from related parties   656    645 
Contract liability – non-current   884    977 
Long-term debt   218,949    222,722 
Total long-term liabilities   220,767    227,514 
Total liabilities  $344,781   $319,057 
SHAREHOLDERS’ EQUITY          
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively  $-   $- 
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,674,773 and 47,674,773 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively   5    5 
Legal Reserves   2,273    2,273 
Additional paid-in capital   219,290    219,290 
Retained earnings   59,104    34,326 
Accumulated other comprehensive (loss)   (60,490)   (43,512)
Shareholders’ equity attributable to controlling interest   220,182    212,382 
Shareholders’ equity attributable to non-controlling interest   713    586 
Total shareholders’ equity   220,895    212,968 
Total liabilities and shareholders’ equity  $565,676   $532,025 

 

 

 

 

Tecnoglass Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share data)

(Unaudited)

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
Operating revenues:                    
External customers  $120,136   $81,590   $230,395   $167,696 
Related parties   1,578    352    2,199    1,544 
Total operating revenues   121,714    81,942    232,594    169,240 
Cost of sales   -73,087    -50,146    -138,824    -107,017 
Gross profit   48,627    31,796    93,770    62,223 
Operating expenses:                    
Selling expense   (12,030)   (8,961)   (23,111)   (18,629)
General and administrative expense   (8,200)   (7,610)   (16,869)   (15,220)
Total operating expenses   (20,230)   (16,571)   (39,980)   (33,849)
Operating income   28,397    15,225    53,790    28,374 
Non-operating income (expenses), net   (240)   7    (81)   (94)
Equity method income   788    (166)   1,879    94 
Foreign currency transactions gains (loss)   190    13,309    145    (19,157)
Loss on extinguishment of debt   169    -    (10,978)   - 
Interest expense and deferred cost of financing   (2,442)   (5,446)   (5,964)   (11,089)
Income (loss) before taxes   26,862    22,929    38,791    (1,872)
Income tax (provision) benefit   (7,587)   (6,875)   (11,264)   (742)
Net income (loss)  $19,275   $16,054   $27,527   $(2,614)
Income attributable to non-controlling interest   (41)   143    (127)   45 
Income (Loss) attributable to parent  $19,234   $16,197   $27,400   $(2,569)
Comprehensive income:                    
Net income (loss)  $19,275   $16,054   $27,527   $(2,614)
Foreign currency translation adjustments   (1,184)   4,367    (16,819)   (14,921)
Change in fair value derivative contracts   -    2,618    (159)   (1,447)
Total comprehensive income  $18,090   $23,039   $10,548   $(18,982)
Comprehensive income attributable to non-controlling interest   (41)   143    (127)   45 
Total comprehensive income (loss) attributable to parent  $18,049   $23,182   $10,421   $(18,937)
Basic income (loss) per share  $0.40   $0.35   $0.58   $(0.06)
Diluted income (loss) per share  $0.40   $0.35   $0.58   $(0.06)
Basic weighted average common shares outstanding   47,674,773    46,117,631    47,674,773    46,117,631 
Diluted weighted average common shares outstanding   47,674,773    46,117,631    47,674,773    46,117,631 

 

 

 

 

Tecnoglass Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

   Six months ended June 30, 
   2021   2020 
         
CASH FLOWS FROM OPERATING ACTIVITIES          
Net (loss) income  $27,527   $(2,614)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Allowance for bad debts   748    691 
Depreciation and amortization   10,507    10,206 
Deferred income taxes   424    (6,478)
Equity method income   (1,879)   (94)
Deferred cost of financing   623    861 
Other non-cash adjustments   (19)   42 
Loss on Debt Extinguishment   2,333    - 
Unrealized currency translation losses   2,555    23,585 
Changes in operating assets and liabilities:          
Trade accounts receivables   (6,743)   13,785 
Inventories   (1,385)   (8,252)
Prepaid expenses   (2,024)   (1,017)
Other assets   (7,169)   1,363 
Trade accounts payable and accrued expenses   24,556    (10,358)
Accrued interest expense   (7,171)   (84)
Taxes payable   3,396    (5,911)
Labor liabilities   (148)   (982)
Contract assets and liabilities   14,677    11,246 
Related parties   (23)   (1,200)
CASH PROVIDED BY OPERATING ACTIVITIES  $60,785   $24,789 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from sale of investments   166    364 
Purchase of investments   (49)   (167)
Acquisition of property and equipment   (18,323)   (7,395)
CASH USED IN INVESTING ACTIVITIES  $(18,206)  $(7,198)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Cash dividend   (2,621)   (1,265)
Loss on Debt Extinguishment - Call Premium   (8,610)   - 
Deferred financing transaction costs   (88)   - 
Proceeds from debt   221,146    17,796 
Repayments of debt   (216,676)   (14,698)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES  $(6,849)  $1,833 
           
Effect of exchange rate changes on cash and cash equivalents  $(2,334)  $(3,862)
           
NET (DECREASE) INCREASE IN CASH   33,396    15,562 
CASH - Beginning of period   66,899    47,862 
CASH - End of period  $100,295   $63,424 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during the period for:          
Interest  $12,286   $9,513 
Income Tax  $9,471   $7,014 
           
NON-CASH INVESTING AND FINANCING ACTIVITES:          
Assets acquired under credit or debt  $937   $907 

 

 

 

 

Revenues by Region

(Amounts in thousands)

(Unaudited)

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2021   2020   % Change   2021   2020   % Change 
Revenues by Region                              
United States   109,879    79,148    38.8%   210,686    157,946    33.4%
Colombia   8,166    1,820    348.7%   15,831    8,292    90.9%
Other Countries   3,669    974    276.6%   6,077    3,002    102.4%
Total Revenues by Region   121,714    81,942    48.5%   232,594    169,240    37.4%

 

Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures

(In thousands)

(Unaudited)

 

The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

 

   Three months ended 
   June 30, 
   2021   2020   % Change 
             
Total Revenues with Foreign Currency Held Neutral  $121,385   $81,942    48.1%
Impact of changes in foreign currency   329    -    0.4%
Total Revenues, as Reported  $121,714   $81,942    48.5%

 

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

 

 

 

 

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income

(In thousands, except share and per share data)

(Unaudited)

 

Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

 

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

 

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

 

   Three months ended   Six months ended 
   Jun 30,   Jun 30, 
   2021   2020   2021   2020 
                 
Net (loss) income   19,275    16,054    27,527    (2,614)
Less: Income (loss) attributable to non-controlling interest   (41)   143    (127)   45 
(Loss) Income attributable to parent   19,234    16,197    27,400    (2,569)
Foreign currency transactions losses (gains)   (190)   (13,309)   (145)   19,157 
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   975    1,418    2,256    2,753 
Extinguishment of debt - Call Option Premium   -    -    8,610    - 
Extinguishment of debt - Deferred Costs   (169)   -    2,368    - 
Joint Venture VA (Saint Gobain) adjustments   68    567    147    939 
Change in FV of Hedging Derivatives   3    1,358    (182)   1,358 
Tax impact of adjustments at statutory rate   (206)   3,189    (3,916)   (7,746)
Adjusted net (loss) income   19,715    9,420    36,538    13,892 
                     
Basic income (loss) per share   0.40    0.35    0.58    (0.06)
Diluted income (loss) per share   0.40    0.35    0.58    (0.06)
Diluted Adjusted net income (loss) per share   0.41    0.20    0.77    0.30 
                     
Diluted Weighted Average Common Shares Outstanding in thousands   47,675    46,118    47,675    46,118 
Basic weighted average common shares outstanding in thousands   47,675    46,118    47,675    46,118 
Diluted weighted average common shares outstanding in thousands   47,675    46,118    47,675    46,118 

 

   Three months ended   Six months ended 
   Jun 30,   Jun 30, 
   2021   2020   2021   2020 
                 
Net (loss) income   19,275    16,054    27,527    (2,614)
Less: Income (loss) attributable to non-controlling interest   (41)   143    (127)   45 
(Loss) Income attributable to parent   19,234    16,197    27,400    (2,569)
Interest expense and deferred cost of financing   2,442    5,446    5,964    11,089 
Income tax (benefit) provision   7,587    6,875    11,264    742 
Depreciation & amortization   5,218    4,965    10,507    10,206 
Foreign currency transactions losses (gains)   (190)   (13,309)   (145)   19,157 
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   975    910    2,001    1,805 
Extinguishment of debt - Call Option Premium   -    -    8,610    - 
Extinguishment of debt - Deferred Costs   (169)   -    2,368    - 
Joint Venture VA (Saint Gobain) EBITDA adjustments   503    869    1,341    1,868 
Change in FV of Hedging Derivatives   3    1,358    (182)   1,358 
Adjusted EBITDA   35,603    23,311    69,128    43,656