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RockTenn Reports Fourth Quarter Fiscal 2012 Results

Non-GAAP Financial Measures and Reconciliations

We have included financial measures that are not prepared in accordance with GAAP. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Below, we define the non-GAAP financial measures, provide a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP, and discuss the reasons that we believe this information is useful to management and may be useful to investors. These measures may differ from similarly captioned measures of other companies in our industry. The following non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.

Net Debt

We have defined the non-GAAP measure “net debt” to include the aggregate debt obligations reflected in our consolidated balance sheet, less the hedge adjustments resulting from fair value interest rate derivatives or swaps and the balance of our cash and cash equivalents.

Our management uses net debt, along with other factors, to evaluate our financial condition. We believe that net debt is an appropriate supplemental measure of financial condition because it provides a more complete understanding of our financial condition before the impact of our decisions regarding the appropriate use of cash and liquid investments. Set forth below is a reconciliation of net debt to the most directly comparable GAAP measures, Current portion of debt and Long-term debt due after one year for the current quarter and the prior quarter.

(In Millions)   September 30,     June 30,
  2012     2012  
 
Current Portion of Debt $ 261.3 $ 257.7
Long-Term Debt Due After One Year   3,151.2     3,102.6  
Total Debt 3,412.5 3,360.3
Less: Hedge Adjustments Resulting From Fair
Value Interest Rate Derivatives or Swaps   (0.1 )   (0.2 )
3,412.4 3,360.1
Less: Cash and Cash Equivalents   (37.2 )   (19.5 )
Net Debt $ 3,375.2   $ 3,340.6  
 
 




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