Tecnoglass Reports First Quarter 2015 Results
First Quarter 2015
-
Adjusted EBITDA of
$14.2 million , up 28% from$11.1 million in the year ago quarter. Adjusted EBITDA margin continued to expand, rising 415 basis points from the year ago quarter. -
Quarter end backlog of
$320 million , up 14% fromDecember 31, 2014 .
Reiterates Fiscal 2015 Guidance and 2016 Outlook
-
FY 2015: expects revenues and Adjusted EBITDA of
$240 million and$60 million , respectively. -
FY 2016: expects 20% revenue growth over 2015, with Adjusted EBITDA of
$80-$85 million .
"The second important development is the new coating line, which we
expect will commence operating in mid-to-late Q3 of 2015. Consisting of
custom-ordered machinery, the total cost of the project is in excess of
He concluded, "We remain pleased with our performance and with our strategic industry position. We recently raised guidance and we are off to a very strong start to the year, and backlog continues to build. We look forward to sharing our expected growing cash flows by returning meaningful capital to our shareholders."
First Quarter 2015 Results
Revenues for Q1 2015 increased 8.8% to
Gross profit improved to
Operating expenses in Q1 2015 rose to
Non-operating revenues rose to
Net income for Q1 2015 was
Excluding the
Adjusted EBITDA in Q1 2015 was
Conference Call
Management will host a conference call on
- (877) 423-9820 (Domestic)
- (201) 493-6749 (International)
The conference call will also be broadcast live via the Investor Information sector of Tecnoglass's website at www.tecnoglass.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the website for approximately 90 days.
About
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's 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's filings with the
|
||||||||||
Three Months Ended |
||||||||||
2015 | 2014 | |||||||||
Operating revenues | $ | 52,043 | $ | 47,841 | ||||||
Cost of sales | 34,861 | 33,245 | ||||||||
Gross profit | 17,182 | 14,596 | ||||||||
Operating expenses, net | 9,180 | 6,739 | ||||||||
Operating income | 8,002 | 7,857 | ||||||||
Loss on change in fair value of warrant liability | 5,078 | (8,880) | ||||||||
Non-operating revenues | 3,725 | 1,286 | ||||||||
Interest expense | 2,152 | 1,973 | ||||||||
Income (Loss) before taxes | 14,653 | (1,710) | ||||||||
Income tax provision | 4,772 | 2,971 | ||||||||
Net income (loss) | $ | 9,881 | $ | (4,681) | ||||||
Comprehensive income: | ||||||||||
Net income (loss) | 9,881 | (4,681) | ||||||||
Foreign currency translation adjustments | (5,167) | (176) | ||||||||
Total comprehensive (loss) income | $ | 4,714 | $ | (4,857) | ||||||
Basic income (loss) per share | $ | 0.40 | $ | (0.19) | ||||||
Diluted income (loss) per share | $ | 0.36 | $ | (0.19) | ||||||
Basic weighted average common shares outstanding | 24,801,132 | 24,242,315 | ||||||||
Diluted weighted average common shares outstanding | 27,614,251 | 24,242,315 | ||||||||
|
||||||||||
|
|
|||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 17,132 | $ | 15,930 | ||||||
Trade accounts receivable, net | 47,504 | 44,955 | ||||||||
Due from related parties | 32,671 | 28,327 | ||||||||
Inventories, net | 31,473 | 28,965 | ||||||||
Other current assets | 25,653 | 23,319 | ||||||||
Total current assets | 154,433 | 141,496 | ||||||||
Long term assets: | ||||||||||
Property, plant and equipment, net | 108,237 | 103,980 | ||||||||
Long term receivables from related parties | 3,392 | 4,220 | ||||||||
Other long term assets | 5,734 | 6,195 | ||||||||
Total long term assets | 117,363 | 114,395 | ||||||||
Total assets | $ | 271,796 | $ | 255,891 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
Current liabilities: |
||||||||||
Accounts payable and accrued expenses | $ | 35,780 | $ | 33,493 | ||||||
Due to related parties | 3,588 | 1,456 | ||||||||
Current portion of customer advances on uncompleted contracts | 12,048 | 5,782 | ||||||||
Short-term debt and current portion of long term debt | 59,886 | 54,925 | ||||||||
Note payable to shareholder | 80 | 80 | ||||||||
Other current liabilities | 21,712 | 17,300 | ||||||||
Total current liabilities |
133,094 | 113,036 | ||||||||
Long term liabilities: | ||||||||||
Warrant liability | 14,913 | 19,991 | ||||||||
Customer advances on uncompleted contracts | 6,767 | 8,333 | ||||||||
Long term debt | 37,050 | 39,273 | ||||||||
Total liabilities | 191,824 | 180,633 | ||||||||
COMMITMENTS AND CONTINGENCIES |
||||||||||
Shareholders' equity | ||||||||||
Preferred shares, |
- | - | ||||||||
Ordinary shares, |
2 | 2 | ||||||||
Legal Reserves | 1,367 | 1,367 | ||||||||
Additional paid-in capital | 46,514 | 46,514 | ||||||||
Retained earnings |
48,687 | 38,806 | ||||||||
Accumulated other comprehensive income | (16,598) | (11,431) | ||||||||
Total shareholders' equity | 79,972 | 75,258 | ||||||||
Total liabilities and shareholders' equity | $ | 271,796 | $ | 255,891 | ||||||
Adjusted EBITDA Reconciliation
Adjusted EBITDA is not a measure of financial performance under
generally accepted accounting principles ("GAAP"). Management believes
Adjusted EBITDA, in addition to operating profit, net 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 might not be comparable to similarly-titled measures of
other companies. This measure should be considered in addition to, and
not as a substitute for or superior to, any measure of performance
prepared in accordance with GAAP. A reconciliation of Adjusted EBITDA to
the most directly comparable GAAP measure in accordance with
Adjusted |
Depreciation |
Adjusted |
Warrants |
Interest |
Tax |
Net |
Net |
|||||||||||||||||
Q1 2014 | 11,095 | 1,952 | 9,143 | (8,880) | 1,973 | 2,971 | (4,681) | (4,199) | ||||||||||||||||
Q1 2015 | 14,228 | 2,501 | 11,727 | 5,078 | 2,152 | 4,772 | 9,881 | 4,803 | ||||||||||||||||
2014 | 48,009 | 8,542 | 39,467 | 1,711 | 8,900 | 8,538 | 20,318 | 22,029 | ||||||||||||||||
2015 (E) | 60,000 | 12,400 | 47,600 | - | 12,600 | 12,700 | 22,300 | 22,300 | ||||||||||||||||
2016 (E) | 80,000 | 17,200 | 62,800 | - | 13,500 | 16,700 | 32,600 | 32,600 | ||||||||||||||||
Chief Executive Officer
jdaes@energiasolarsa.com
or
Chief Operating Officer
chris@tecnoglass.com
or
Deputy CFO
sbarake@tecnoglass.com
or
Senior Vice
President
dsullivan@equityny.com
or
Senior Associate
kahl@equityny.com
Source:
News Provided by Acquire Media