Full Year Results
For the full year ended December 31, 2012, revenues increased by 14.2% to $296.6 million compared to the prior year. Growth was the result of the successful execution of the Company’s acquisition strategy in North America as well as organic growth in several other markets.
Full year gross margin improved to 43.0% of revenues, up from 40.2% for the full year of 2011. This improvement was primarily driven by economies of scale.
Full year operating expenses were 26.1% of revenues as compared to the prior year’s level of 25.6% of revenues. Reductions in some categories of expense were offset by the impact of acquisitions and by investment in the Company’s sales and marketing infrastructure in the United States in anticipation of future growth.
Operating income for the full year increased by 32.4% to $50.0 million from $37.7 million in the prior year. Operating margin increased to 16.8% of revenues from 14.5% in 2011.
Adjusted EBITDA for the full year was $69.4 million, an increase of 18.2% compared to the prior year level of $58.8 million. Adjusted EBITDA margin for 2012 improved to 23.4% of revenues from 22.6% in 2011.
Net income attributable to controlling interest for 2012 increased by 36.4% to $39.6 million compared to the prior year level of $29.1 million. Adjusted net income attributable to controlling interest for 2012 increased by 26.6% to $44.0 million compared to the prior year level of $34.8 million. Per diluted ordinary share, full year adjusted net income was $1.35 on 32.7 million weighted shares outstanding. This compares to adjusted earnings per ordinary share of $1.27 on shares outstanding of 19.6 million in 2011.
Capacity Expansion Plans
The Company remains on track to complete a 15% expansion of capacity in its existing facilities by October of 2013. It also continues to make progress on its larger project to build a new production facility in the United States, expected to be opened in the fourth quarter of 2014.