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Cyalume Technologies Holdings, Inc. Reports Fourth Quarter And Fiscal Year 2012 Financial Results

In addition, components of Adjusted EBITDA are a key component in the determination of our compliance with certain covenants under our credit agreements. Adjusted EBITDA is not a measure of financial performance under GAAP. Adjusted EBITDA should not be considered in isolation, or as a substitute for net income, cash flows, or other consolidated income or cash flow data presented in accordance with GAAP or as a measure of our liquidity or financial condition. Because Adjusted EBITDA is not a measure determined in accordance with GAAP and is thus susceptible to varying calculations, Adjusted EBITDA as discussed may not be comparable to other similarly titled measures of other companies.

The use of Adjusted EBITDA as a supplemental liquidity measure is useful as it assists management in understanding and evaluating the Company's capacity, excluding the impact of interest, taxes, and non-cash depreciation and amortization charges, for servicing debt and other cash needs, prior to our consideration of the impacts of other potential sources and uses of cash, such as working capital items. Investors may find it useful for these purposes as well. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net cash provided by operating activities, as determined in accordance with GAAP, since it omits the impact of interest, taxes and changes in working capital that use or provide cash (such as receivables, payables and inventories) as well as the sources or uses of cash associated with changes in other balance sheet items (such as long-term loss accruals and deferred items). Because Adjusted EBITDA excludes depreciation and amortization, Adjusted EBITDA does not reflect any cash requirements for the replacement of the assets being depreciated and amortized, which assets will often have to be replaced in the future. Further, Adjusted EBITDA, because it also does not reflect the impact of debt service, income taxes, cash dividends, capital expenditures and other cash commitments, does not represent how much discretionary cash we have available for other purposes. Nonetheless, Adjusted EBITDA is a key measure expected by and useful to our investors, rating agencies and the banking community in the analysis of a Company's ability to service debt, fund capital expenditures and otherwise meet cash needs, respectively. Cyalume also evaluates Adjusted EBITDA because it is clear that movements in these non-GAAP measures impact the Company's ability to attract financing. Adjusted EBITDA, as calculated, may not be comparable to similarly titled measures reported by other companies.

 
 

Cyalume Technologies Holdings, Inc.

Reconciliation of Net Income to Adjusted EBITDA

(Unaudited, in thousands)

               
For the Three For the Three For the Year For the Year
Months Ended Months Ended Ended Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
 
Net Income $ (1,692 ) $ (1,133 ) $ (50,218 ) $ 327
 
Adjustments to arrive at EBITDA:
Interest expense, net 545 567 2,238 2,373

Provision for (benefit from) income taxes

(1,437 ) 209 (2,969 ) (365 )
Depreciation 343 331 1,374 1,150
Amortization 438 549 1,858 1,805
Impairment of goodwill, intangibles and equipment (1)   0     0     47,642     0  
 
EBITDA (1,803 ) 523 (75 ) 5,290
 
Adjustments to arrive at Adjusted EBITDA:
Contingent consideration 3,139 59 3,380 59
Other expenses (2)   346     262     862     1,330  

Adjusted EBITDA

$ 1,682   $ 844   $ 4,167   $ 6,679  
     

(1)

 

The year ended 12/31/12 includes $47.4 million of non-cash impairment charges related to an acquisition made several years ago.

(2)

Inventory step-up amortization, non-cash stock-based compensation and foreign exchange (gains)/losses

 




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