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Headwaters Incorporated Announces Results For First Quarter Of Fiscal 2013

Headwaters’ calculations of Adjusted EBITDA and trailing twelve months (TTM) Adjusted EBITDA are reflected in the following tables. All amounts which follow are presented on a continuing operations basis and do not include the results from coal cleaning for any period. Additionally, due to the sale of our interest in the Blue Flint Ethanol facility, Adjusted EBITDA does not include any results from Blue Flint for any period.

Adjusted EBITDA – Consolidated
( in millions)       Quarter Ended
        12/31/2011       12/31/2012
Loss from continuing operations       $ (13.3 )       $ (3.9 )
Blue Flint         6.0           0.0  
Net interest expense         12.4           10.4  
Income taxes         1.1           (0.5 )
Depreciation, amortization, and stock-based compensation        

13.8
         

12.8
 
Restructuring costs         1.4           0.0  
Thames bankruptcy         1.0           0.0  
Gain on early debt repayments         (2.0 )         0.0  
Kleer acquisition costs         0.0           0.9  

Adjusted EBITDA
      $ 20.4         $ 19.7  
           
Adjusted EBITDA by segment                
Light building products       $ 11.3         $ 11.9  
Heavy construction materials         13.3           10.8  
Energy technology         (1.5 )         0.7  
Corporate         (2.7 )         (3.7 )
Adjusted EBITDA       $ 20.4         $ 19.7  
 

Adjusted EBITDA – Light Building Products Segment
( in millions)       Quarter Ended
          12/31/2011         12/31/2012
Operating income       $ 0.8       $ 3.1
Depreciation, amortization, and stock-based compensation        

9.1
       

8.8
Restructuring costs         1.4         0.0
Adjusted EBITDA       $ 11.3       $ 11.9
           

Adjusted EBITDA – Heavy Construction Materials Segment
( in millions)       Quarter Ended
          12/31/2011         12/31/2012
Operating income       $ 8.7       $ 7.6
Depreciation, amortization, and stock-based compensation        

3.6
       

3.2
Thames bankruptcy         1.0         0.0
Adjusted EBITDA       $ 13.3       $ 10.8
           

Adjusted EBITDA – Energy Technology Segment
( in millions)       Quarter Ended
          12/31/2011           12/31/2012
Operating income (loss)       $ (2.0 )       $ 0.1
Other income (expense)         (6.1 )         0.0
Blue Flint         6.0           0.0
Depreciation, amortization, and stock-based compensation        

0.6
         

0.6
Adjusted EBITDA       $ (1.5 )       $ 0.7
           

TTM Adjusted EBITDA – Consolidated
( in millions)       Twelve Months Ended
          9/30/2011           9/30/2012           12/31/2012  
Loss from continuing operations       $ (133.9 )       $ (26.5 )       $ (17.1 )
Blue Flint         (4.7 )         6.3           0.3  
Net interest expense         126.2           52.7           50.7  
Income taxes         (0.2 )         0.7           (0.9 )
Depreciation, amortization, and stock-based compensation        

57.3
         

53.2
         

52.2
 
Litigation settlement / accrual         15.0           0.0           0.0  
Restructuring costs         18.0           2.2           0.8  
Thames bankruptcy         0.0           1.0           0.0  
Gain on early debt repayments         0.0           (2.4 )         (0.4 )
Write-off of R&D joint venture         0.0           3.2           3.2  
Kleer acquisition costs         0.0           0.0           0.9  
TTM Adjusted EBITDA       $ 77.7         $ 90.4         $ 89.7  
                 

TTM Adjusted EBITDA by Segment
Light building products       $ 39.6         $ 63.3         $ 63.9  
Heavy construction materials         46.2           54.8           52.3  
Energy technology         2.5           (3.6 )         (1.4 )
Corporate         (10.6 )         (24.1 )         (25.1 )
TTM Adjusted EBITDA       $ 77.7         $ 90.4         $ 89.7  
                 

Liquidity and Long-term Debt

The components of our long-term debt (net of discounts) as of December 31, 2012, are shown in the following table:
      Amount       Interest      
(in millions)       Outstanding       Rate       Maturity Date
Senior secured notes       $400.0       7.625%       April 2019
Asset based loan facility ($70.0 million limit)      

0.0
      LIBOR plus 2.75%      

October 2014
Convertible senior subordinated notes, 52.0 2.50% February 2014
net of discounts       49.3       8.75%       February 2016
Total       $501.3                
 

We had approximately $78.4 million of cash on hand at December 31, 2012 and total liquidity of approximately $116.3 million, which includes the impact of providing $18.9 million for letters of credit for various purposes.

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