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The Company said it achieved its full-year cash flow target, and paid down
$150 million of debt in 2013. In addition, based on preliminary, unaudited results, the Company expects 2013 sales to decline 5%, when compared to the prior-year pro forma level, to
$1.79 billion, excluding a 2% negative impact from foreign currency (or
$1.76 billion including the currency impact). Fourth quarter 2013 sales were approximately
$500 million including the currency impact. In addition, the Company expects to meet its adjusted earnings per share guidance for 2013, which excluded the anticipated negative impact of foreign currency. The Company estimates that 2013 adjusted earnings per share, excluding an approximately
3 cent currency impact, are likely to be around
$0.75-$0.76 including the currency impact). The Company will only discuss these results in more detail when it reports full year results on
February 12, 2014.
Non-GAAP Financial Measures
To supplement the preliminary, unaudited financial results presented in this press release, we have provided investors an estimate of our 2013 full-year adjusted earnings per share. Adjusted earnings per share excludes the impact of certain items and charges, which could include tax normalization adjustments, asset impairment charges, restructuring and integration charges or debt refinancing charges, which amounts will be determined and reported in conjunction with the reporting of the Company's full-year 2013 financial results on
February 12, 2014. We believe this non-GAAP financial measure is appropriate to enhance an overall understanding of our preliminary 2013 cash flow and sales performance as well as to facilitate comparisons with our historical operating results. These adjustments to our expected GAAP results are made with the intent of providing both management and investors a more complete understanding of our underlying operational results and trends. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside our core operating results. In addition, this non-GAAP financial measure is among the primary indicators management uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States.