UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): August 6, 2009
GRIFFON
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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1-6620
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11-1893410
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(State
or Other Jurisdiction
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(Commission
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(I.R.S.
Employer
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of
Incorporation)
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File
Number)
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Identification
Number)
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100
Jericho Quadrangle
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||
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Jericho,
New York
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11753
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(516)
938-5544
(Registrant’s
telephone number, including area code)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02.
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Results
of Operations and Financial
Condition.
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On August
6, 2009, Griffon Corporation (the “Registrant”) issued a press release
announcing the Registrant’s financial results for the third fiscal quarter ended
June 30, 2009. A copy of the Registrant’s press release is attached
hereto as Exhibit 99.1.
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Item
9.01.
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Financial
Statements and Exhibits.
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(d)
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Exhibits.
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99.1.
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Press
Release, dated August 6, 2009
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The
information filed as an exhibit to this Form 8-K is being furnished in
accordance with Item 2.02 and shall not be deemed to be “filed” for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of such section, nor shall such
information be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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GRIFFON
CORPORATION
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By:
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/s/ Patrick L. Alesia
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Patrick
L. Alesia
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Chief
Financial Officer
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Date: August
6, 2009
Exhibit
Index
99.1 Press
release, dated August 6, 2009
Contact:
Patrick L. Alesia
Chief
Financial Officer
(516)
938-5544
Griffon
Corporation Announces Third Quarter Operating Results
●
Segment adjusted EBITDA of $25.8 million
●
Continuing Operations Diluted EPS of $0.12
JERICHO, NEW YORK, August 6,
2009 – Griffon Corporation (NYSE:GFF) today reported operating results
for the third quarter ended June 30, 2009.
Third
Quarter of Fiscal 2009
Net sales
from continuing operations for the third quarter of fiscal 2009 were $287.4
million, compared to $322.3 million in the third quarter of fiscal 2008. Income
from continuing operations for the third quarter was $6.9 million, or $0.12 per
diluted share, compared to $9.4 million, or $0.29 per diluted share, last year.
Income from discontinued operations for the third quarter was essentially nil,
compared to a loss of $19.2 million, or $0.59 per diluted share, last year. Net
income for the quarter was $6.9 million, or $0.12 per diluted share, compared to
a loss of $9.8 million, or $0.30 per diluted share, last year.
The
Company’s segment adjusted EBITDA for the third quarter of 2009 was $25.8
million compared to $27.9 million in 2008. Segment adjusted EBITDA is defined as
operating income excluding corporate overhead, interest, taxes, depreciation and
amortization, restructuring charges and the impact of debt
extinguishment.
As a
result of the downturn in the residential housing market, in fiscal 2008 the
Company exited substantially all of the operating activities of its former
Installation Services segment. Operating results of substantially all of the
Installation Services segment have been reported as discontinued operations in
the condensed consolidated financial statements for all periods presented
herein, and the Installation Services segment is excluded from segment
reporting. The Company substantially concluded its disposal of the Installation
Services segment in the second quarter of fiscal 2009.
As
announced in June 2009, the Company plans to consolidate facilities in its
Clopay Building Products segment, which is scheduled to be completed
in early 2011. The consolidation is expected to produce annual cost savings of
approximately $10 million. The Company estimates that it will incur
pre-tax exit and restructuring costs of approximately $12 million, substantially
all of which will be cash charges. In addition, the Company expects
to invest approximately $11 million in capital expenditures in order to
effectuate the restructuring plan. These charges and expenditures
will occur primarily in fiscal 2010 and 2011.
In
addition to organic growth, part of the Company's overall growth strategy calls
for the Company to pursue acquisition and investment opportunities,
both within its existing segments and outside of those segments. We
regularly examine and explore such opportunities.
Telephonics
For the
quarter ended June 30, 2009, Telephonics generated sales of $94.1 million, a 7%
increase from the third quarter of fiscal 2008.
The sales
increase was primarily attributable to homeland defense and border patrol
projects. Segment operating profit increased $0.7 million, or 8%, compared to
last year due to a favorable product mix partially offset by increased operating
expenses related to research and development and additional administrative
expenses to support sales growth.
Clopay
Building Products
For the
quarter ended June 30, 2009, Clopay Building Products generated sales of $98.5
million, a 13% decrease from the third quarter of fiscal 2008. Garage Door sales
continued to be impacted by weakness in the residential housing and credit
markets.
The sales
decline was principally due to reduced unit volume, offset partially by product
mix.
Segment
operating profit decreased $1.6 million compared to last year, primarily as a
result of reduced sales volume and the associated plant absorption loss,
partially offset by ongoing cost reduction efforts.
Clopay
Plastic Products
For the
quarter ended June 30, 2009, Clopay Plastic Products generated sales of $94.8
million, a 22% decrease from the third quarter of fiscal 2008.
The lower
sales were principally due to lower volume in our European business, foreign
exchange translation and the pass through of lower resin costs. Segment
operating profit decreased $0.7 million, or 13%. The 50 basis point
margin increase benefited from cost containment efforts, which were partially
offset by the impact of lower volume.
Balance
Sheet and Capital Expenditures
Through a
September 2008 common stock rights offering and investment by GS Direct, L.L.C.,
an affiliate of Goldman Sachs, the Company substantially strengthened its
balance sheet by raising an aggregate of $248.6 million in gross proceeds.
The Company intends to use the proceeds for general corporate purposes
and to fund acquisition and investment opportunities.
The
Company’s total cash and equivalents balance at June 30, 2009 was $289.6
million. Total debt outstanding at June 30, 2009 was $179.8 million, including
$79.4 million of convertible notes. Capital expenditures for the third quarter
were $8.5 million.
In April
2009, the Company purchased $15.1 million face value of the convertible notes
from certain noteholders for $14.3 million. The Company recorded a third quarter
pre-tax gain of approximately $0.6 million from debt extinguishment, net of a
proportionate reduction in the related deferred financing
costs.
2
Conference
Call Information
The
Company will hold a conference call to discuss its results today, August 6,
2009, at 4:30 PM ET. The conference call can be accessed by dialing (800)
322-9079 (U.S. participants) or (973) 582-2717 (International participants).
Callers should ask to be connected to Griffon Corporation’s third quarter fiscal
2009 teleconference and provide the conference ID number 22569921. A replay of
the call will be available from August 6, 2009 at 7:30 PM ET by dialing (800)
642-1687 (U.S.) or (706) 645-9291 (International). The replay access code is
22569921. The replay will be available through August 20,
2009.
Forward-looking
Statements
“Safe
Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
All statements other than statements of historical fact included in this
release, including without limitation statements regarding the Company’s
financial position, business strategy and the plans and objectives of the
Company’s management for future operations, are forward-looking statements. When
used in this release, words such as “anticipate”, “believe”, “estimate”,
“expect”, “intend”, and similar expressions, as they relate to the Company or
its management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of the Company’s management, as well as
assumptions made by and information currently available to the Company’s
management. Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors, including but not
limited to, business, financial market and economic conditions, including, but
not limited to, the credit market, the housing market, results of integrating
acquired businesses into existing operations, the results of the Company’s
restructuring and disposal efforts, competitive factors and pricing pressures
for resin and steel, and capacity and supply constraints. Such statements
reflect the views of the Company with respect to future events and are subject
to these and other risks, uncertainties and assumptions relating to the
operations, results of operations, growth strategy and liquidity of the Company
as previously disclosed in the Company’s SEC filings. Readers are cautioned not
to place undue reliance on these forward-looking statements. The Company does
not undertake to release publicly any revisions to these forward-looking
statements to reflect future events or circumstances or to reflect the
occurrence of unanticipated events.
About
Griffon Corporation
Griffon
Corporation, headquartered in Jericho, New York, is a diversified holding
company consisting of three distinct business segments: Telephonics Corporation,
Clopay Building Products Company and Clopay Plastic Products
Company.
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·
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Telephonics’
high-technology engineering and manufacturing capabilities provide
integrated information, communication and sensor system solutions to
military and commercial markets
worldwide.
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·
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Clopay
Building Products is a leading manufacturer and marketer of residential,
commercial and industrial garage doors to professional installing dealers
and major home center retail
chains.
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·
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Clopay
Plastic Products is an international leader in the development and
production of embossed, laminated and printed specialty plastic films used
in a variety of hygienic, health-care and industrial
markets.
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For more
information on the Company and its operating subsidiaries, please see the
Company's website at www.griffoncorp.com.
3
PRELIMINARY
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GRIFFON
CORPORATION AND SUBSIDIARIES
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OPERATING
HIGHLIGHTS
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(Unaudited)
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(in
thousands)
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Three
months ended June 30,
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Nine
Months Ended June 30,
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|||||||||||||||
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2009
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2008
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2009
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2008
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||||||||||||||
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NET
SALES
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|||||||||||||||||
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Telephonics
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$ | 94,126 | $ | 88,251 | $ | 271,520 | $ | 262,508 | |||||||||
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Clopay
Building Products
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98,497 | 112,869 | 286,566 | 310,912 | |||||||||||||
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Clopay
Plastic Products
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94,762 | 121,147 | 307,720 | 342,220 | |||||||||||||
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Total consolidated net
sales
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$ | 287,385 | $ | 322,267 | $ | 865,806 | $ | 915,640 | |||||||||
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INCOME
(LOSS) FROM CONTINUING OPERATIONS
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|||||||||||||||||
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Segment operating profit
(loss):
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|||||||||||||||||
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Telephonics
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$ | 9,908 | $ | 9,173 | $ | 23,538 | $ | 21,795 | |||||||||
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Clopay
Building Products
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639 | 2,252 | (15,595 | ) | (8,069 | ) | |||||||||||
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Clopay
Plastic Products
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4,780 | 5,506 | 16,894 | 15,856 | |||||||||||||
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Total
segment operating profit
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15,327 | 16,931 | 24,837 | 29,582 | |||||||||||||
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Unallocated
amounts
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(6,281 | ) | (5,335 | ) | (15,489 | ) | (15,692 | ) | |||||||||
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Gain
from debt extinguishment, net
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646 | - | 7,360 | - | |||||||||||||
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Net
interest expense
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(1,814 | ) | (2,312 | ) | (6,780 | ) | (7,466 | ) | |||||||||
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Income
from continuing operations before provision
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|||||||||||||||||
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for
income taxes and discontinued operations
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$ | 7,878 | $ | 9,284 | $ | 9,928 | $ | 6,424 | |||||||||
Unallocated
amounts typically include general corporate expenses not attributable to any
reportable segment.
4
PRELIMINARY
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GRIFFON
CORPORATION AND SUBSIDIARIES
|
||||||||||
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||
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(in
thousands, except per share data)
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||||||||||
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(Unaudited)
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Three
Months Ended June 30,
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Nine
Months Ended June 30,
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|||||||||||||||
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2009
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2008
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2009
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2008
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|||||||||||||
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Net
sales
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$ | 287,385 | $ | 322,267 | $ | 865,806 | $ | 915,640 | ||||||||
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Cost
of sales
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221,099 | 248,887 | 686,588 | 720,052 | ||||||||||||
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Gross
profit
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66,286 | 73,380 | 179,218 | 195,588 | ||||||||||||
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Selling
and administrative expenses
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58,376 | 62,550 | 170,449 | 181,651 | ||||||||||||
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Restructuring
and other related charges
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38 | 180 | 38 | 2,572 | ||||||||||||
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Total
operating expenses
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58,414 | 62,730 | 170,487 | 184,223 | ||||||||||||
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Income
from operations
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7,872 | 10,650 | 8,731 | 11,365 | ||||||||||||
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Other
income (expense)
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||||||||||||||||
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Interest
expense
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(2,157 | ) | (2,588 | ) | (7,790 | ) | (9,222 | ) | ||||||||
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Interest
income
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343 | 276 | 1,010 | 1,756 | ||||||||||||
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Gain
from debt extinguishment, net
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646 | - | 7,360 | - | ||||||||||||
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Other,
net
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1,174 | 946 | 617 | 2,525 | ||||||||||||
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Total
other income (expense)
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6 | (1,366 | ) | 1,197 | (4,941 | ) | ||||||||||
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Income
before taxes and discontinued operations
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7,878 | 9,284 | 9,928 | 6,424 | ||||||||||||
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Provision
(benefit) for income taxes
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986 | (72 | ) | 268 | (325 | ) | ||||||||||
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Income
before discontinued operations
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6,892 | 9,356 | 9,660 | 6,749 | ||||||||||||
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Discontinued
operations:
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||||||||||||||||
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Income
(loss) from operations of the discontinued Installation Services
business
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4 | (28,113 | ) | 1,055 | (52,336 | ) | ||||||||||
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Provision
(benefit) for income taxes
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(45 | ) | (8,957 | ) | 354 | (13,063 | ) | |||||||||
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Income
(loss) from discontinued operations
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49 | (19,156 | ) | 701 | (39,273 | ) | ||||||||||
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Net
Income (loss)
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$ | 6,941 | $ | (9,800 | ) | $ | 10,361 | $ | (32,524 | ) | ||||||
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Basic
earnings (loss) per common share:
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||||||||||||||||
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Income
from continuing operations
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$ | 0.12 | $ | 0.29 | $ | 0.17 | $ | 0.21 | ||||||||
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Income
(loss) from discontinued operations
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0.00 | (0.59 | ) | 0.01 | (1.21 | ) | ||||||||||
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Net
income (loss)
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0.12 | (0.30 | ) | 0.18 | (1.00 | ) | ||||||||||
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Weighted-average
shares outstanding
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58,700 | 32,490 | 58,673 | 32,485 | ||||||||||||
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Diluted
earnings (loss) per common share:
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||||||||||||||||
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Income
from continuing operations
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$ | 0.12 | $ | 0.29 | $ | 0.17 | $ | 0.21 | ||||||||
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Income
(loss) from discontinued operations
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0.00 | (0.59 | ) | 0.01 | (1.21 | ) | ||||||||||
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Net
income (loss)
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0.12 | (0.30 | ) | 0.18 | (1.00 | ) | ||||||||||
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Weighted-average
shares outstanding
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59,097 | 32,689 | 58,862 | 32,657 | ||||||||||||
5
PRELIMINARY
|
GRIFFON
CORPORATION AND SUBSIDIARIES
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CONDENSED
CONSOLIDATED BALANCE SHEETS
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(in
thousands)
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(Unaudited)
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At
June 30, 2009
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At
September 30, 2008
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|||||||
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CURRENT
ASSETS
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||||||||
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Cash
and equivalents
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$ | 289,563 | $ | 311,921 | ||||
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Accounts
receivable, net of allowances of $5,012 and $5,609
|
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153,799 | 163,586 | |||||
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Contract
costs and recognized income not yet billed
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62,972 | 69,001 | ||||||
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Inventories,
net
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150,333 | 167,158 | ||||||
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Prepaid
and other current assets
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36,030 | 52,430 | ||||||
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Assets
of discontinued operations
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4,384 | 9,495 | ||||||
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Total
Current Assets
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697,081 | 773,591 | ||||||
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PROPERTY,
PLANT AND EQUIPMENT, net
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230,867 | 239,003 | ||||||
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GOODWILL
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93,094 | 93,782 | ||||||
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INTANGIBLE
ASSETS, net
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32,949 | 34,777 | ||||||
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OTHER
ASSETS
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24,276 | 22,067 | ||||||
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ASSETS
OF DISCONTINUED OPERATIONS
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9,011 | 8,346 | ||||||
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Total
Assets
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$ | 1,087,278 | $ | 1,171,566 | ||||
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CURRENT
LIABILITIES
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||||||||
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Notes
payable and current portion of long-term debt
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$ | 2,084 | $ | 2,258 | ||||
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Accounts
payable
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99,515 | 129,823 | ||||||
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Accrued
liabilities
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63,167 | 64,450 | ||||||
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Liabilities
of discontinued operations
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5,252 | 14,917 | ||||||
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Total
Current Liabilities
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170,018 | 211,448 | ||||||
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LONG-TERM
DEBT
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177,739 | 230,930 | ||||||
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OTHER
LIABILITIES
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61,552 | 59,460 | ||||||
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LIABILITIES
OF DISCONTINUED OPERATIONS
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9,096 | 10,048 | ||||||
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Total
Liabilities
|
418,405 | 511,886 | ||||||
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COMMITMENTS
AND CONTINGENCIES
|
||||||||
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SHAREHOLDERS'
EQUITY
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||||||||
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Total
Shareholders' Equity
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668,873 | 659,680 | ||||||
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Total
Liabilities and Shareholders' Equity
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$ | 1,087,278 | $ | 1,171,566 | ||||
6
PRELIMINARY
|
GRIFFON
CORPORATION AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
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(in
thousands)
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(Unaudited)
|
|
Nine
Months Ended June 30,
|
||||||||
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2009
|
2008
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|||||||
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CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
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Net
income (loss)
|
$ | 10,361 | $ | (32,524 | ) | |||
|
Adjustments
to reconcile net income (loss) to net cash provided by operating
activities:
|
||||||||
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Loss
(income) from discontinued operations
|
(701 | ) | 39,273 | |||||
|
Depreciation
and amortization
|
31,404 | 31,602 | ||||||
|
Stock-based
compensation
|
3,042 | 2,012 | ||||||
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Provision
for losses on account receivable
|
646 | 447 | ||||||
|
Amortization/write-off
of deferred financing costs
|
1,426 | 1,118 | ||||||
|
Gain
from debt extinguishment, net
|
(7,360 | ) | - | |||||
|
Deferred
income taxes
|
(548 | ) | 874 | |||||
|
Change
in assets and liabilities:
|
||||||||
|
Decrease
in accounts receivable and contract costs and recognized income not yet
billed
|
14,785 | 17,650 | ||||||
|
Decrease
(increase) in inventories
|
16,412 | (18,746 | ) | |||||
|
Decrease
(increase) in prepaid and other assets
|
14,647 | (18,231 | ) | |||||
|
Increase
(decrease) in accounts payable, accrued liabilities and income taxes
payable
|
(42,299 | ) | 29,327 | |||||
|
Other
changes, net
|
511 | (3,260 | ) | |||||
| 31,965 | 82,066 | |||||||
|
Net
cash provided by operating activities
|
42,326 | 49,542 | ||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Acquisition
of property, plant and equipment
|
(20,563 | ) | (49,101 | ) | ||||
|
Acquired
businesses
|
- | (1,829 | ) | |||||
|
Proceeds
from sale of investment
|
- | 1,000 | ||||||
|
Decrease
(increase) in equipment lease deposits
|
(330 | ) | 3,235 | |||||
|
Net
cash used in investing activities
|
(20,893 | ) | (46,695 | ) | ||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Proceeds
from issuance of shares from rights offering
|
7,257 | - | ||||||
|
Purchase
of shares for treasury
|
- | (579 | ) | |||||
|
Proceeds
from issuance of long-term debt
|
10,879 | 84,600 | ||||||
|
Payments
of long-term debt
|
(56,191 | ) | (82,130 | ) | ||||
|
Decrease
in short-term borrowings
|
(796 | ) | (896 | ) | ||||
|
Financing
costs
|
(559 | ) | (2,779 | ) | ||||
|
Purchase
of ESOP shares
|
(4,370 | ) | - | |||||
|
Tax
benefit from vesting of restricted stock
|
- | 909 | ||||||
|
Other,
net
|
465 | (879 | ) | |||||
|
Net
cash used in financing activities
|
(43,315 | ) | (1,754 | ) | ||||
|
CASH
FLOWS FROM DISCONTINUED OPERATIONS:
|
||||||||
|
Net
cash used in discontinued operations
|
(1,111 | ) | (3,842 | ) | ||||
|
Net
cash provided by investing activities
|
- | 3,928 | ||||||
|
Net
cash provided by (used in) discontinued operations
|
(1,111 | ) | 86 | |||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
635 | 1,113 | ||||||
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(22,358 | ) | 2,292 | |||||
|
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
311,921 | 44,747 | ||||||
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 289,563 | $ | 47,039 | ||||
7
PRELIMINARY
The
following is a reconciliation of operating income, which is a GAAP measure of
our operating results, to segment operating income and segment adjusted EBITDA.
Management believes that the presentation of segment operating income and
segment adjusted EBITDA is appropriate to provide additional information about
the Company’s reportable segments. Segment operating income and segment adjusted
EBITDA are not presentations made in accordance with GAAP, are not measures of
financial performance or condition, liquidity or profitability of the Company,
and should not be considered as an alternative to (1) net income, operating
income or any other performance measures determined in accordance with GAAP or
(2) operating cash flows determined in accordance with GAAP. Additionally,
segment operating income and segment adjusted EBITDA are not intended to be
measures of free cash flow for management’s discretionary use, as they do not
consider certain cash requirements such as interest payments, tax payments,
capital expenditures and debt service requirements.
|
GRIFFON
CORPORATION AND SUBSIDIARIES
|
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RECONCILIATION
OF NON-GAAP MEASURES
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SEGMENT
ADJUSTED EBITDA - BY REPORTABLE SEGMENT
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(Unaudited)
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(in
thousands)
|
Three
months ended June 30,
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Nine
Months Ended June 30,
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|
2009
|
2008
|
2009
|
2008
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Telephonics
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Segment operating
income
|
$ | 9,908 | $ | 9,173 | $ | 23,538 | $ | 21,795 | ||||||||||
|
Depreciation
and amortization
|
1,620 | 1,712 | 4,650 | 4,630 | ||||||||||||||
|
Segment adjusted
EBITDA
|
11,528 | 10,885 | 28,188 | 26,425 | ||||||||||||||
|
Clopay
Building Products
|
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Segment operating income
(loss)
|
639 | 2,252 | (15,595 | ) | (8,069 | ) | ||||||||||||
|
Depreciation
and amortization
|
3,546 | 3,331 | 10,032 | 9,811 | ||||||||||||||
|
Restructuring
charges
|
38 | 180 | 38 | 2,572 | ||||||||||||||
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Segment adjusted
EBITDA
|
4,223 | 5,763 | (5,525 | ) | 4,314 | |||||||||||||
|
Clopay Plastic
Products
|
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|
Segment operating
income
|
4,780 | 5,506 | 16,894 | 15,856 | ||||||||||||||
|
Depreciation
and amortization
|
5,239 | 5,770 | 16,248 | 16,940 | ||||||||||||||
|
Segment adjusted
EBITDA
|
10,019 | 11,276 | 33,142 | 32,796 | ||||||||||||||
|
All
segments:
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|
Income
from operations - as reported
|
7,872 | 10,650 | 8,731 | 11,365 | ||||||||||||||
|
Unallocated
amounts
|
6,281 | 5,335 | 15,489 | 15,692 | ||||||||||||||
|
Other,
net
|
1,174 | 946 | 617 | 2,525 | ||||||||||||||
|
Segment
operating income
|
15,327 | 16,931 | 24,837 | 29,582 | ||||||||||||||
|
Depreciation
and amortization
|
10,405 | 10,813 | 30,930 | 31,381 | ||||||||||||||
|
Restructuring
charges
|
38 | 180 | 38 | 2,572 | ||||||||||||||
|
Segment adjusted
EBITDA
|
$ | 25,770 | $ | 27,924 | $ | 55,805 | $ | 63,535 | ||||||||||
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Unallocated
amounts typically include general corporate expenses not attributable to
any reportable segment.
|
8