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Hexcel Reports 2011 Fourth Quarter And Full Year Results

(b) The full year 2011 Composite Materials operating income includes a $5.7 million benefit from the curtailment of a pension plan. The full years 2011 and 2010 Corporate and Other includes $2.7 million and $3.5 million, respectively, for charges to the environmental reserves primarily for remediation at a manufacturing facility sold in 1986.

Hexcel Corporation and Subsidiaries
Reconciliation of GAAP and Non-GAAP Operating Income and Net Income   Table C
  Unaudited
Quarter Ended

December 31,
  Year Ended

December 31,
(In millions)     2011   2010     2011     2010
   
GAAP operating income $ 49.4 31.0 $ 192.0 $ 129.8
- Other operating (income) expense (b)               (3.0 )     3.5  
Adjusted Operating Income $ 49.4 31.0 $ 189.0 $ 133.3
% of Net Sales 13.9 % 10.0 % 13.6 % 11.4 %
- Stock Compensation Expense $ 2.6 1.9 $ 13.9 $ 12.4
- Depreciation and Amortization     13.7     13.9       55.3       53.2  
Adjusted EBITDA   $ 65.7     46.8     $ 258.2     $ 198.9  
     
  Unaudited
Quarter Ended December 31,
2011   2010
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
     
GAAP net income $ 39.5 $ 0.39 $ 22.9 $ 0.23
- Benefit from tax adjustments (a)     (5.8 )   (0.06 )     (2.9 )   (0.03 )
Adjusted net income   $ 33.7     $ 0.33     $ 20.0     $ 0.20  
Unaudited
Year Ended December 31,
2011   2010
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
 
GAAP net income $ 135.5 $ 1.35 $ 77.4 $ 0.77
- Other operating (income) expense (net of tax) (b) (2.3 ) (0.02 ) 2.2 0.02
- Non-operating expense (net of tax) (c) 3.0 0.03 4.3 0.04
- Benefit from tax audit settlement and other tax adjustments (a)     (11.3 )   (0.11 )     (6.4 )   (0.06 )
Adjusted net income   $ 124.9     $ 1.24     $ 77.5     $ 0.78  

(a) The quarter ended December 31, 2011 includes a $5.8 million benefit primarily from the reversal of valuation allowances against net operating loss and foreign tax credit carryforwards. The year ended December 31, 2011 also includes a tax benefit from the release of $5.5 million of reserves primarily for uncertain tax positions as a result of an audit settlement. The quarter ended December 31, 2010 includes a $2.9 million benefit from the reversal of valuation allowances against U.S. deferred tax assets. The year ended December 31, 2010 also includes a $3.5 million benefit from New Clean Energy Manufacturing Tax Credits awarded in January 2010 for qualifying capital investments made in our U.S. wind energy facility in 2009.

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