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Luxfer Reports 2013 Third-Quarter Results

Luxfer Group (NYSE:LXFR), a global materials technology company, today issued its unaudited financial results for the three-month and nine-month periods ended September 30, 2013.

UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2013

The results are summarized as follows:

Three-month periods ended September 30,

Nine-month periods

ended September 30,

2013 2012 2013 2012
   

Restated under IAS 19 Revised

   

Restated under IAS 19 Revised

Net revenue (excluding surcharge below)

$

118.3m

$

109.2m

$

357.9m

$

345.4m

Rare earth chemical surcharge

$

1.6m

$

5.3m

$

7.4m

$

36.2m

Revenue

$

119.9m  

$

114.5m   $ 365.3m  

$

381.6m
Trading profit $ 14.0m

$

16.3m $ 44.2m $ 52.4m

Trading margin

11.7

%

14.2

%

12.1

%

13.7

%

Operating profit $ 13.7m   $ 16.3m   $ 43.3m   $ 52.4m
Net income $ 8.4m $ 9.7m $ 25.3m $ 30.3m

Earnings per £1 ord. share – Basic (1)

$

0.63

 

$

0.98

 

$

1.89

 

$

3.07

Adjusted net income (2)

$ 9.3m

$

10.1m

$ 28.7m $

32.1m

Adjusted earnings per £1 ord. share – Basic

$

0.69

$

1.02

$

2.14

$

3.25

Adjusted earnings per ADS – Basic (3)

$

0.35

 

N/a

 

$

1.07

  N/a

Adjusted EBITDA (4)

$ 18.3m $ 19.9m $ 56.8m $ 63.2m

Adjusted EBITDA margin

 

15.3

%

 

17.4

%

 

15.5

%

 

16.6

%

Net cash inflow from operating activities $ 13.3m   $ 6.8m   $ 29.8m   $ 51.7m
Net Debt (Total debt less cash) $ 25.6m   $ 88.8m   $ 25.6m   $ 88.8m
Total Equity – book value (Net Assets) $ 176.2m $ 92.2m $ 176.2m $

92.2m

£1 ordinary shares outstanding

13.4m

9.9m

13.4m

9.9m

LXFR – ADS equivalent outstanding (5)

 

26.8m

    19.8m    

26.8m

    19.8m

(1) 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 October 3, 2012, resulted in 3.5 million new ordinary shares being issued.

(2) Adjusted net income consists of net income adjusted for the post tax impact of non-trading items (being IPO costs, restructuring and rationalization costs, share-based compensation and acquisition and disposal charges or credits). A reconciliation to net income is disclosed in Note 4 to the financial results “Reconciliation of non-GAAP measures”.

(3) Each ADS represents one-half of an ordinary share and they are listed on the NYSE under the ticker LXFR. Stock prices quoted for LXFR on the NYSE are per ADS and not ordinary share. Earnings per ADS has only been disclosed for Q3 2013, as there was no ADR facility in Q3 2012. The first day of trading was October 3, 2012.

(4) Adjusted EBITDA consists of profit for the period before tax expense, interest items, restructuring and other income (expense) items, share based compensation, acquisition and disposal charges or credits and depreciation and amortization. A reconciliation to net income is disclosed in Note 4 to the financial results “Reconciliation of non-GAAP measures”.

(5) Assumes all £1 ordinary shares are converted into 2 ADSs.

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