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TheStreet Open House

Luxfer Reports Fourth-Quarter 2012 Results

Stocks in this article: LXFR

Luxfer Holdings PLC (Luxfer Group) (NYSE:LXFR), a global materials technology company, today issued its unaudited financial results for the fourth quarter and full year ended December 31, 2012.

UNAUDITED FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR OF 2012

The results are summarised as follows:

 

Three-month periods- ended December 31,

   

Twelve-month periods- ended December 31,

    2012   2011     2012   2011

 

   

Net revenue (excluding price surcharge below)

$125.7m $108.8m $471.1m $441.0m

Rare earth chemical surcharge

$4.3m $17.1m $40.5m $69.8m
Revenue   $130.0m   $125.9m     $511.6m   $510.8m
Trading profit $16.1m $14.5m $68.8m $66.0m

Trading margin

12.4% 11.5% 13.4% 12.9%
Operating profit   $14.0m   $13.1m     $66.7m   $66.2m
Net income

$9.9m

$11.2m

$42.4m $43.4m

Earnings per ADS – Basic (1)

$0.37 N/a N/a N/a

Earnings per £1 Ord. share – Basic (2)

  $0.74   $1.13     $3.95   $4.39

Adjusted net income (3)

$12.7m $12.1m $45.0m $43.4m

Earnings per ADS Adj. Net Income – Basic

  $0.47   N/a     N/a   N/a

Adjusted EBITDA (4)

$20.0m $18.3m $83.5m $80.5m

Adjusted EBITDA margin

  15.4%   14.5%     16.3%   15.8%
Net cash inflow from operating activities   $17.3m   $32.5m     $69.0m   $29.1m
Net Debt (Total debt less cash)   $23.3m   $110.3m     $23.3m   $110.3m

(1)

    Each ADS represents one-half of an ordinary share. Earnings per ADS has only been disclosed for Q4 2012, as there was no ADR facility before this period.

(2)

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period. The IPO of 3 rd October 2012, resulted in 3.5 million new ordinary shares being issued, and therefore the weighted average calculation for ordinary shares does not reflect the fully dilutive impact of the newly-issued ordinary shares on our outstanding ordinary shares.

(3)

Adjusted net income consists of net income adjusted for the post tax impact of non-trading items (being acquisition, disposal, IPO, rationalization and non-trading retirement benefit charges or credits). A reconciliation to net income is disclosed in Note 1 to the financial results “Reconciliation of non-GAAP measures”.

(4)

Adjusted EBITDA consists of profit for the period before tax expense, interest items, other income (expense) items and depreciation and amortization. A reconciliation to net income is disclosed in Note 1 to the financial results “Reconciliation of non-GAAP measures”.

The above are unaudited summary results for 2012 – Draft primary financial statements are contained at the end of this report.

Note on preliminary announcement

The information in this preliminary announcement does not constitute statutory accounts of Luxfer Holdings PLC or the Luxfer Group within the meaning of sections 434 to 436 of the Companies Act 2006. No statutory accounts have been delivered to the Registrar of Companies for the year ended 31 December 2012 yet. Statutory accounts for the year ended 31 December 2011 have been delivered to the Registrar of Companies. The auditors’ report on the accounts for the year ended 31 December 2011 was unqualified and did not contain an emphasis of matter, nor did it contain statements under sections 498(2) and 498(3) of the Companies Act 2006.

COMMENTARY FOR THE THREE-MONTH AND TWELVE-MONTH PERIODS-ENDED DECEMBER 31, 2012

RELEASE OF AUDITED 2012 FINANCIAL STATEMENTS & OTHER YEAR END DOCUMENTS

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