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Hexcel Reports 2012 Second Quarter Results

(b) Other operating income for the three and six months ended June 30, 2012 includes income from a $9.6 million business interruption insurance settlement related to a prior year claim, a $4.9 million gain on the sale of land and a $5.0 million charge for additional environmental reserves primarily for remediation of a manufacturing facility sold in 1986. For the six months ended June 30, 2011 other operating income is a $5.7 million benefit from the curtailment of a pension plan.

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

June 30,

  Six Months Ended

June 30,

(In millions)   2012   2011   2012   2011
   
GAAP operating income $ 73.9 49.4 $ 134.5 $ 96.6
- Other operating (income) expense (a)     (9.5 )         (9.5 )     (5.7 )
Adjusted Operating Income $ 64.4 49.4 $ 125.0 $ 90.9
% of Net Sales 16.1 % 14.0 % 15.6 % 13.3 %
- Stock Compensation Expense $ 3.0 2.4 $ 10.5 $ 8.8
- Depreciation and Amortization     14.3     13.8       28.3       27.9  
Adjusted EBITDA   $ 81.7     65.6     $ 163.8     $ 127.6  
     
  Unaudited
Quarter Ended June 30,
2012   2011
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
     
GAAP net income $ 48.0 $ 0.47 $ 37.4 $ 0.37
- Other operating (income) expense (net of tax) (a) (6.0 ) (0.06 )
- Non-operating expense (net of tax) (b) 0.7 0.01
- Benefit from tax audit settlement (c)               (5.5 )   (0.05 )
Adjusted net income   $ 42.7     $ 0.42     $ 31.9     $ 0.32  
Unaudited
Six Months Ended June 30,
2012   2011
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
 
GAAP net income $ 87.6 $ 0.86 $ 63.8 $ 0.63
- Other operating (income) expense (net of tax) (a) (6.0 ) (0.06 ) (4.1 ) (0.04 )
- Non-operating expense (net of tax) (b) 0.7 0.01 3.0 0.03
- Benefit from tax audit settlement (c)               (5.5 )   (0.05 )
Adjusted net income   $ 82.3     $ 0.81     $ 57.2     $ 0.57  

(a) Other operating income for the three and six months ended June 30, 2012 includes income from a $9.6 million business interruption insurance settlement related to a prior year claim, a $4.9 million gain on the sale of land and a $5.0 million charge for additional environmental reserves primarily for remediation of a manufacturing facility sold in 1986. For the six months ended June 30, 2011 other operating income for the six months ended June 30, 2011 is a $5.7 million benefit from the curtailment of a pension plan.

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