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TheStreet Open House

Harry Winston Diamond Corporation Reports Fiscal 2013 Second Quarter Results (2 Of 2)

Stocks in this article: HWHWD

TORONTO, September 6, 2012 /PRNewswire/ --

Non-IFRS Measure

In addition to discussing earnings measures in accordance with IFRS, the MD&A provides the following non-IFRS measure, which is also used by management to monitor and evaluate the performance of the Company and its business segments.

The term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have a standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as sales minus cost of sales and selling, general and administrative expenses, meaning it represents operating profit before depreciation and amortization.

EBITDA is a measure commonly reported and widely used by investors and analysts as an indicator of the Company's operating performance and ability to incur and service debt and as a valuation metric. EBITDA margin is defined as the ratio obtained by dividing EBITDA by sales.

CONSOLIDATED

            (expressed in thousands of United States dollars)
                    (quarterly results are unaudited)
                         2013     2013     2012      2012       2012
                           Q2       Q1       Q4        Q3         Q2
    Operating profit
    (loss)           $ 16,384 $ 18,658 $ 30,710 $ (1,963)   $ 23,100
    Depreciation and
    amortization       16,980   25,546   27,512    23,121     20,716
    EBITDA           $ 33,364 $ 44,204 $ 58,222 $  21,158   $ 43,816

TABLE CONT'D

                                                          Six         Six
                                                       months      months
                                                        ended       ended
                         2012      2011      2011    July 31,    July 31,
                           Q1        Q4        Q3        2012        2011
    Operating profit
    (loss)           $  4,685  $ 21,245  $ 14,830  $   35,042  $   27,785
    Depreciation and
    amortization       20,291    24,635    18,657      42,527      41,007
    EBITDA           $ 24,976  $ 45,880  $ 33,487  $   77,569  $   68,792

MINING SEGMENT

                   (expressed in thousands of United States dollars)
                           (quarterly results are unaudited)
                                2013       2013       2012        2012       2012
                                  Q2         Q1         Q4          Q3         Q2
    Operating profit (loss) $ 11,723   $ 16,385   $ 27,388   $ (1,147)   $ 18,506
    Depreciation and
    amortization              13,160     22,172     24,284      19,932     17,461
    EBITDA                  $ 24,883   $ 38,557   $ 51,672   $  18,785   $ 35,967

TABLE CONT'D

                                                                 Six         Six
                                                              months      months
                                                               ended       ended
                                2012      2011      2011    July 31,    July 31,
                                  Q1        Q4        Q3        2012        2011
    Operating profit (loss) $  3,962  $ 17,858  $ 12,638  $   28,108  $   22,468
    Depreciation and
    amortization              17,083    20,669    15,428      35,332      34,544
    EBITDA                  $ 21,045  $ 38,527  $ 28,066  $   63,440  $   57,012

LUXURY BRAND SEGMENT

              (expressed in thousands of United States dollars)
                      (quarterly results are unaudited)
                         2013       2013      2012      2012       2012
                           Q2         Q1        Q4        Q3         Q2
    Operating profit $  8,019   $  7,106   $ 6,832   $ 1,464   $  6,926
    Depreciation and
    amortization        3,681      3,235     3,089     3,048      3,115
    EBITDA           $ 11,700   $ 10,341   $ 9,921   $ 4,512   $ 10,041

TABLE CONT'D

                                                       Six         Six
                                                    months      months
                                                     ended       ended
                        2012     2011     2011    July 31,    July 31,
                          Q1       Q4       Q3        2012        2011
    Operating profit $ 4,223  $ 5,277  $ 5,552  $   15,125  $   11,149
    Depreciation and
    amortization       3,069    3,688    2,882       6,916       6,184
    EBITDA           $ 7,292  $ 8,965  $ 8,434  $   22,041  $   17,333

CORPORATE SEGMENT

                               (expressed in thousands of United States dollars)
                                       (quarterly results are unaudited)
                          2013         2013         2012         2012            2012
                            Q2           Q1           Q4           Q3              Q2
    Operating loss   $ (3,358)    $ (4,833)    $ (3,510)    $ (2,280)       $ (2,332)
    Depreciation and
    amortization          139          139          139          141             140
    EBITDA           $ (3,219)    $ (4,694)    $ (3,371)    $ (2,139)       $ (2,192)

TABLE CONT'D

                                                             Six         Six
                                                          months      months
                                                           ended       ended
                          2012       2011       2011    July 31,    July 31,
                            Q1         Q4         Q3        2012        2011
    Operating loss   $ (3,500) $  (1,890)  $ (3,360)  $  (8,191)  $  (5,832)
    Depreciation and
    amortization           139        278        347         279         279
    EBITDA           $ (3,361) $  (1,612)  $ (3,013)  $  (7,912)  $  (5,553)

Risks and Uncertainties

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