Net income was $8.5 million, or $0.38 per diluted share based on weighted average shares of 22.1 million, in the fourth quarter of 2013 compared to a net loss of ($1.0) million, or ($0.05) per diluted share based on weighted average shares of 21.9 million, in the fourth quarter of 2012. Included in the 2013 results are $0.1 million of non-cash purchase accounting adjustments related to the TrynEx acquisition.
The Company reported Adjusted EBITDA of $19.8 million for the fourth quarter of 2013, compared to Adjusted EBITDA of $4.2 million for the fourth quarter of 2012.
Full Year Results
For the full year 2013, net sales were $194.3 million, representing a 38.8% increase from 2012. This increase was primarily driven by increased sales of both equipment units and parts and accessories, plus the addition of the TrynEx products. Sales of parts and accessories increased 78.5% year-over-year to $29.9 million for the full year 2013 from $16.7 million in 2012. Sales of $12.9 million related to TrynEx products also contributed to the increase in sales revenue.For the full year 2013, cost of sales increased 33.9% from $96.1 million in 2012 to $128.7 million in 2013. This increase was driven primarily by higher unit volume. Net income was $11.6 million, or $0.51 per diluted share based on weighted average shares of 22.1 million shares, for the full year 2013 compared to net income of $6.0 million, or $0.26 per diluted share based on weighted average shares of 22.0 million shares, for the full year 2012. The full-year 2013 results include certain non-cash purchase accounting adjustments attributable to the acquisition of the TrynEx business in May 2013, which negatively impacted earnings per share in 2013 by ($0.20). The adjustments of $4.5 million, net of tax, are primarily reflected in the increase in selling, general and administrative expenses of $12.0 million due to the $4.0 million in earn out compensation expenses recorded in conjunction with the acquisition. As previously disclosed, the TrynEx acquisition is expected to be accretive to earnings per share on a full-year basis in 2014 and free cash flow positive on a stand-alone basis in 2014.
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