Completes New Credit Facility, Strengthens Balance Sheet, and
Continues to Streamline Operations
LOS ANGELES--(BUSINESS WIRE)--Aug. 5, 2015--
Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today
reported results for its second quarter ended July 4, 2015.
Second Quarter 2015 Recap
-
Second quarter revenue was $174.8 million
-
Net income was $1.8 million, or $0.16 per diluted share
-
EBITDA for the quarter was $18.9 million
-
New $475 million credit facility completed and, on July 27, redeemed
all $200 million of the Company’s senior unsecured notes
“During the second quarter, Ducommun made solid progress on a number of
fronts to further strengthen the Company’s position going forward,” said
Anthony J. Reardon, chairman and chief executive officer. “While again
posting revenue growth in commercial aerospace and winning new business
on several key aircraft, we are executing on initiatives to right-size
certain operations, reduce costs and working capital, and expand overall
margins. Our military and oil and gas end-use markets continue to be
down year-over-year, but we expect to see run rates stabilize in the
second half of 2015.
“Cash flow remains strong, and we completed a new credit facility that
is expected to save Ducommun a significant amount of interest expense
annually -- a major accomplishment that will have an immediate, positive
impact on net income. Given our improved financial profile, continued
focus on margins, and additional streamlining activities, we are setting
the stage for Ducommun to be on sound footing heading into 2016.”
Second Quarter Results
Net revenue for the second quarter of 2015 was $174.8 million compared
to $186.5 million for the second quarter of 2014. The net revenue
decrease year-over-year primarily reflects 16.9% lower revenue in the
Company’s military and space end-use markets and 4.3% lower revenue in
the Company’s non-aerospace and defense (“non-A&D”) end-use markets,
partially offset by 9.4% higher revenue in the Company’s commercial
aerospace end-use markets.
The net income for the second quarter of 2015 was $1.8 million, or $0.16
per diluted share compared to $6.6 million, or $0.60 per diluted share,
for the second quarter of 2014. The lower net income for the second
quarter of 2015 was primarily due to lower revenue, loss of efficiencies
resulting from lower manufacturing volume, loss on extinguishment of
debt, unfavorable product mix, and higher forward loss reserves,
partially offset by lower income tax expense, lower compensation and
benefit costs, insurance recoveries related to property and equipment,
and lower interest expense. The current quarter effective income tax
rate was 41.8% compared to an effective income tax rate of 32.6% for the
comparable prior year’s quarter.
Operating income for the second quarter of 2015 was $10.8 million, or
6.2% of revenue, compared to $16.8 million, or 9.0% of revenue, in the
comparable period last year. The decrease in operating income in the
second quarter of 2015 was primarily due to lower revenue, loss of
efficiencies resulting from lower manufacturing volume, unfavorable
product mix, and higher forward loss reserves, partially offset by lower
compensation and benefit costs.
During the three months ended July 4, 2015, the Company recorded a $2.8
million loss on extinguishment of debt as part of paying off the
existing senior secured term loan and $1.5 million of other income for
insurance recoveries related to property and equipment and none in the
comparable prior year period.
Interest expense decreased to $6.4 million in the second quarter of
2015, compared to $7.0 million in the previous year’s second quarter,
primarily due to lower outstanding debt balances as a result of
voluntary principal prepayments on the term loan each quarter during
2014 and the first quarter of 2015 as the Company continued to de-lever
its balance sheet.
EBITDA for the second quarter of 2015 was $18.9 million, or 10.8% of
revenue, compared to $24.5 million, or 13.1% of revenue, for the
comparable period in 2014.
During the second quarter of 2015, the Company generated $14.1 million
of cash from operations compared to $25.3 million during the second
quarter of 2014.
The Company’s firm backlog as of July 4, 2015 was approximately $524
million.
Ducommun AeroStructures (“DAS”)
The Company’s DAS segment net revenue for the current second quarter was
$76.1 million, compared to $78.6 million for the second quarter of 2014.
The lower net revenue was primarily due to a 25.5% decrease in military
and space revenue, partially offset by a 10.8% increase in commercial
aerospace revenue.
DAS segment operating income for the current second quarter was $6.9
million, or 9.0% of revenue, compared to operating income of $10.1
million, or 12.8% of revenue, for the second quarter of 2014. The lower
operating income was primarily due to unfavorable product mix, higher
forward loss reserves, loss of efficiencies resulting from lower
manufacturing volume, and lower revenue, partially offset by lower
compensation and benefit costs. EBITDA was $10.5 million for the current
quarter, or 13.8% of revenue, compared to $13.6 million, or 17.3% of
revenue, for the comparable quarter in the prior year.
Ducommun LaBarge Technologies (“DLT”)
The Company’s DLT segment net revenue for the current second quarter was
$98.8 million, compared to $107.9 million for second quarter 2014. The
lower net revenue reflected a 12.8% decrease in military and space
revenue and a 4.3% decrease in non-A&D revenue.
DLT’s operating income for the current second quarter was $7.7 million,
or 7.8% of revenue, compared to $10.8 million, or 10.0% of revenue, for
the second quarter of 2014, primarily due to loss of efficiencies
resulting from lower manufacturing volume and lower revenue. EBITDA was
$12.1 million for the current quarter, or 12.2% of revenue, compared to
$14.8 million, or 13.7% of revenue, in the comparable quarter of the
prior year.
Corporate General and Administrative Expenses
(“CG&A”)
CG&A expenses for the second quarter of 2015 were $3.7 million, or 2.1%
of total Company revenue, a decrease from $4.0 million, or 2.2% of total
Company revenue in the comparable prior-year period. CG&A expenses
decreased primarily due to lower compensation and benefit costs.
New Five Year, $475 Million Credit Facility
As announced on June 26, 2015, the Company completed a new five year,
$475 million credit agreement (“New Credit Facility”) consisting of a
$200 million revolving credit facility (“New Revolving Credit Facility”)
and a $275 million term loan facility (“New Term Loan Facility”). The
New Credit Facility has a final maturity date of June 2020. Upon closing
of the New Credit Facility, the Company repaid the $80 million existing
term loan. Subsequent to the quarter end, on July 27, 2015, the Company
completed the redemption of all $200 million of its senior unsecured
notes by paying a call premium of $9.75 million and will also write off
the associated unamortized debt issuance costs of approximately $2.1
million in the Company’s fiscal third quarter. The variable interest
rate on the New Revolving Credit Facility and the New Term Loan Facility
will initially be at LIBOR plus 2.50%, subject to adjustments based on
the Company’s leverage ratio. The Company estimates the initial
effective interest rate will be approximately 3.50%.
Year-To-Date Results
Net revenue for the six months ended July 4, 2015 was $347.8 million
compared to $366.3 million for the six months ended June 28, 2014. The
net revenue decrease year-over-year primarily reflects 19.7% lower
revenue in the Company’s military and space end-use markets partially
offset by 12.4% higher revenue in the Company’s commercial aerospace
end-use markets and 5.2% higher revenue in the Company’s non-A&D end-use
markets.
The net loss for the six months ended July 4, 2015 was $(0.2) million,
or $(0.02) per share compared to net income of $11.8 million, or $1.06
per diluted share, for the six months ended June 28, 2014. The lower net
income for the first six months of 2015 was primarily due to unfavorable
product mix, lower revenue, loss of efficiencies resulting from lower
manufacturing volume, loss on extinguishment of debt, and higher
professional service fees, partially offset by lower income tax expense,
insurance recoveries related to property and equipment, and lower
interest expense. The current six month period effective income tax rate
was 807.4% compared to an income tax rate of 32.8% for the comparable
period of 2014.
Operating income for the six months ended July 4, 2015 was $14.5
million, or 4.2% of revenue, compared to $31.6 million, or 8.6% of
revenue, in the comparable period last year. The decrease in operating
income in the first six months of 2015 was primarily due to unfavorable
product mix, lower revenue, loss of efficiencies resulting from lower
manufacturing volume, higher compensation and benefit costs, and higher
professional service fees.
During the six months ended July 4, 2015, the Company recorded a $2.8
million loss on extinguishment of debt as part of paying off the
existing senior secured term loan and $1.5 million of other income for
insurance recoveries related to property and equipment and none in the
comparable prior year period.
Interest expense decreased to $13.1 million for the six months ended
July 4, 2015, compared to $14.1 million in the previous year’s
comparable six months, primarily due to lower outstanding debt balances
as a result of voluntary principal prepayments on the term loan each
quarter during 2014 and the first quarter of 2015 as the Company
continued to de-lever its balance sheet.
EBITDA for the six months ended July 4, 2015 was $29.4 million, or 8.5%
of revenue, compared to $46.8 million, or 12.8% of revenue, for the
comparable period in 2014.
During the six months ended July 4, 2015, the Company generated $17.6
million of cash from operations compared to $15.5 million during the
comparable period in 2014.
Ducommun AeroStructures (“DAS”)
The Company’s DAS segment net revenue for the six months ended July 4,
2015 was $148.1 million, compared to $160.3 million for the six months
ended June 28, 2014. The lower net revenue was primarily due to a 34.9%
decrease in military and space revenue, partially offset by a 10.8%
increase in commercial aerospace revenue.
DAS segment operating income for the six months ended July 4, 2015 was
$9.0 million, or 6.1% of revenue, compared to operating income of $21.2
million, or 13.2% of revenue, for the six months ended June 28, 2014.
The lower operating income was primarily due to unfavorable product mix,
loss of efficiencies resulting from lower manufacturing volume, higher
forward loss reserves, and lower revenue. EBITDA was $15.1 million for
the current six month period, or 10.2% of revenue, compared to $27.1
million, or 16.9% of revenue, for the comparable six month period in the
prior year.
Ducommun LaBarge Technologies (“DLT”)
The Company’s DLT segment net revenue for the six months ended July 4,
2015 was $199.6 million, compared to $206.0 million for six months ended
June 28, 2014. The lower net revenue reflected a 11.5% decrease in
military and space revenue, partially offset by a 19.7% increase in
commercial aerospace electronics revenue and a 5.2% increase in non-A&D
revenue.
DLT’s operating income for the six months ended July 4, 2015 was $14.0
million, or 7.0% of revenue, compared to $17.8 million, or 8.6% of
revenue, for the six months ended June 28, 2014, primarily due to loss
of efficiencies resulting from lower manufacturing volume, lower
revenue, higher forward loss reserves, and unfavorable product mix.
EBITDA was $22.7 million for the current six month period, or 11.4% of
revenue, compared to $26.9 million, or 13.0% of revenue, in the
comparable six month period of the prior year.
Corporate General and Administrative Expenses
(“CG&A”)
CG&A expenses for the six months ended July 4, 2015 were $8.5 million,
or 2.4% of total Company revenue, an increase from $7.3 million, or 2.0%
of total Company revenue in the comparable six month period in
prior-year. CG&A expenses increased primarily due to higher professional
service fees and higher compensation and benefit costs.
Conference Call
A teleconference hosted by Anthony J. Reardon, the Company’s chairman
and chief executive officer, and Joseph P. Bellino, the Company’s vice
president, chief financial officer and treasurer, will be held today,
August 5, 2015 at 2:00 p.m. PT (5:00 p.m. ET) to review these financial
results. To participate in the teleconference, please call 866-271-6130
(international 617-213-8894) approximately ten minutes prior to the
conference time. The participant passcode is 23701061. Mr. Reardon and
Mr. Bellino will be speaking on behalf of the Company and anticipate the
meeting and Q&A period to last approximately 45 minutes.
This call is being webcast by Thomson Reuters and can be accessed
directly at the Ducommun website at www.ducommun.com.
Conference call replay will be available after that time at the same
link or by dialing 888-286-8010, passcode 65449729.
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other industries
through a wide spectrum of electronic and structural applications. The
company is an established supplier of critical components and assemblies
for commercial aircraft and military and space vehicles as well as for
the energy market, medical field, and industrial automation. It operates
through two primary business units – Ducommun AeroStructures (“DAS”) and
Ducommun LaBarge Technologies (“DLT”). Additional information can be
found at www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements. These
statements are identified by words such as “may,” “will,” “ begin,” “
look forward,” “expect,” “believe,” “intend,” “anticipate,” “should,”
“potential,” “estimate,” “continue,” “momentum” and other words
referring to events to occur in the future. These statements reflect the
Company’s current view of future events and are based on its assessment
of, and are subject to, a variety of risks and uncertainties beyond its
control, including, but not limited to, the state of the world
financial, credit, commodities and stock markets, and uncertainties
regarding the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no obligation
to (and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
[Financial Tables Follow]
|
|
|
|
|
|
|
DUCOMMUN INCORPORATED AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
July 4,
2015
|
|
December 31,
2014
|
|
Assets
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
26,842
|
|
|
$
|
45,627
|
|
|
Accounts receivable, net
|
|
91,194
|
|
|
91,060
|
|
|
Inventories
|
|
138,014
|
|
|
142,842
|
|
|
Production cost of contracts
|
|
9,772
|
|
|
11,727
|
|
|
Deferred income taxes
|
|
12,371
|
|
|
13,783
|
|
|
Other current assets
|
|
16,835
|
|
|
23,702
|
|
|
Total Current Assets
|
|
295,028
|
|
|
328,741
|
|
|
Property and Equipment, Net
|
|
99,347
|
|
|
99,068
|
|
|
Goodwill
|
|
157,569
|
|
|
157,569
|
|
|
Intangibles, Net
|
|
150,088
|
|
|
155,104
|
|
|
Other Assets
|
|
7,938
|
|
|
7,117
|
|
|
Total Assets
|
|
$
|
709,970
|
|
|
$
|
747,599
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
27
|
|
|
$
|
26
|
|
|
Accounts payable
|
|
55,313
|
|
|
58,979
|
|
|
Accrued liabilities
|
|
41,901
|
|
|
52,066
|
|
|
Total Current Liabilities
|
|
97,241
|
|
|
111,071
|
|
|
Long-Term Debt, Less Current Portion
|
|
265,012
|
|
|
290,026
|
|
|
Deferred Income Taxes
|
|
69,613
|
|
|
69,448
|
|
|
Other Long-Term Liabilities
|
|
19,583
|
|
|
20,484
|
|
|
Total Liabilities
|
|
451,449
|
|
|
491,029
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
|
|
|
Common stock
|
|
111
|
|
|
110
|
|
|
Additional paid-in capital
|
|
74,069
|
|
|
72,206
|
|
|
Retained earnings
|
|
190,714
|
|
|
190,905
|
|
|
Accumulated other comprehensive loss
|
|
(6,373
|
)
|
|
(6,651
|
)
|
|
Total Shareholders’ Equity
|
|
258,521
|
|
|
256,570
|
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
709,970
|
|
|
$
|
747,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DUCOMMUN INCORPORATED AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
July 4,
2015
|
|
June 28,
2014
|
|
July 4,
2015
|
|
June 28,
2014
|
|
|
|
|
|
As Restated
|
|
|
|
As Restated
|
|
Net Revenues
|
|
$
|
174,845
|
|
|
$
|
186,516
|
|
|
$
|
347,765
|
|
|
$
|
366,269
|
|
|
Cost of Sales
|
|
143,638
|
|
|
148,838
|
|
|
289,797
|
|
|
292,676
|
|
|
Gross Profit
|
|
31,207
|
|
|
37,678
|
|
|
57,968
|
|
|
73,593
|
|
|
Selling, General and Administrative Expenses
|
|
20,368
|
|
|
20,868
|
|
|
43,502
|
|
|
41,955
|
|
|
Operating Income
|
|
10,839
|
|
|
16,810
|
|
|
14,466
|
|
|
31,638
|
|
|
Interest Expense
|
|
(6,446
|
)
|
|
(6,994
|
)
|
|
(13,107
|
)
|
|
(14,119
|
)
|
|
Loss on Extinguishment of Debt
|
|
(2,842
|
)
|
|
—
|
|
|
(2,842
|
)
|
|
—
|
|
|
Other Income
|
|
1,510
|
|
|
—
|
|
|
1,510
|
|
|
—
|
|
|
Income Before Taxes
|
|
3,061
|
|
|
9,816
|
|
|
27
|
|
|
17,519
|
|
|
Income Tax Expense
|
|
1,279
|
|
|
3,197
|
|
|
218
|
|
|
5,741
|
|
|
Net Income (Loss)
|
|
$
|
1,782
|
|
|
$
|
6,619
|
|
|
$
|
(191
|
)
|
|
$
|
11,778
|
|
|
Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
|
$
|
0.16
|
|
|
$
|
0.61
|
|
|
$
|
(0.02
|
)
|
|
$
|
1.08
|
|
|
Diluted earnings (loss) per share
|
|
$
|
0.16
|
|
|
$
|
0.60
|
|
|
$
|
(0.02
|
)
|
|
$
|
1.06
|
|
|
Weighted-Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
11,062
|
|
|
10,871
|
|
|
11,012
|
|
|
10,864
|
|
|
Diluted
|
|
11,276
|
|
|
11,045
|
|
|
11,012
|
|
|
11,122
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit %
|
|
17.8
|
%
|
|
20.2
|
%
|
|
16.7
|
%
|
|
20.1
|
%
|
|
SG&A %
|
|
11.6
|
%
|
|
11.2
|
%
|
|
12.5
|
%
|
|
11.5
|
%
|
|
Operating Income %
|
|
6.2
|
%
|
|
9.0
|
%
|
|
4.2
|
%
|
|
8.6
|
%
|
|
Net Income (Loss) %
|
|
1.0
|
%
|
|
3.5
|
%
|
|
(0.1
|
)%
|
|
3.2
|
%
|
|
Effective Tax Rate
|
|
41.8
|
%
|
|
32.6
|
%
|
|
807.4
|
%
|
|
32.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DUCOMMUN INCORPORATED AND SUBSIDIARIES
|
|
BUSINESS SEGMENT PERFORMANCE
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
%
Change
|
|
July 4,
2015
|
|
June 28,
2014
|
|
%
of Net Revenues
2015
|
|
%
of Net Revenues
2014
|
|
%
Change
|
|
July 4,
2015
|
|
June 28,
2014
|
|
%
of Net Revenues
2015
|
|
%
of Net Revenues
2014
|
|
|
|
|
|
|
|
As Restated
|
|
|
|
As Restated
|
|
|
|
|
|
As Restated
|
|
|
|
As Restated
|
|
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
(3.2
|
)%
|
|
$
|
76,078
|
|
|
$
|
78,616
|
|
|
43.5
|
%
|
|
42.1
|
%
|
|
(7.6
|
)%
|
|
$
|
148,136
|
|
|
$
|
160,270
|
|
|
42.6
|
%
|
|
43.8
|
%
|
|
DLT
|
|
(8.5
|
)%
|
|
98,767
|
|
|
107,900
|
|
|
56.5
|
%
|
|
57.9
|
%
|
|
(3.1
|
)%
|
|
199,629
|
|
|
205,999
|
|
|
57.4
|
%
|
|
56.2
|
%
|
|
Total Net Revenues
|
|
(6.3
|
)%
|
|
$
|
174,845
|
|
|
$
|
186,516
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(5.1
|
)%
|
|
$
|
347,765
|
|
|
$
|
366,269
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Segment Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
$
|
6,870
|
|
|
$
|
10,068
|
|
|
9.0
|
%
|
|
12.8
|
%
|
|
|
|
$
|
9,008
|
|
|
$
|
21,159
|
|
|
6.1
|
%
|
|
13.2
|
%
|
|
DLT
|
|
|
|
7,692
|
|
|
10,757
|
|
|
7.8
|
%
|
|
10.0
|
%
|
|
|
|
13,977
|
|
|
17,801
|
|
|
7.0
|
%
|
|
8.6
|
%
|
|
|
|
|
|
14,562
|
|
|
20,825
|
|
|
|
|
|
|
|
|
22,985
|
|
|
38,960
|
|
|
|
|
|
|
Corporate General and Administrative Expenses (1) |
|
|
|
(3,723
|
)
|
|
(4,015
|
)
|
|
(2.1
|
)%
|
|
(2.2
|
)%
|
|
|
|
(8,519
|
)
|
|
(7,322
|
)
|
|
(2.4
|
)%
|
|
(2.0
|
)%
|
|
Total Operating Income
|
|
|
|
$
|
10,839
|
|
|
$
|
16,810
|
|
|
6.2
|
%
|
|
9.0
|
%
|
|
|
|
$
|
14,466
|
|
|
$
|
31,638
|
|
|
4.2
|
%
|
|
8.6
|
%
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
$
|
6,870
|
|
|
$
|
10,068
|
|
|
|
|
|
|
|
|
$
|
9,008
|
|
|
$
|
21,159
|
|
|
|
|
|
|
Other Income (2) |
|
|
|
1,510
|
|
|
—
|
|
|
|
|
|
|
|
|
1,510
|
|
|
—
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
2,111
|
|
|
3,554
|
|
|
|
|
|
|
|
|
4,624
|
|
|
5,970
|
|
|
|
|
|
|
|
|
|
|
10,491
|
|
|
13,622
|
|
|
13.8
|
%
|
|
17.3
|
%
|
|
|
|
15,142
|
|
|
27,129
|
|
|
10.2
|
%
|
|
16.9
|
%
|
|
DLT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
7,692
|
|
|
10,757
|
|
|
|
|
|
|
|
|
13,977
|
|
|
17,801
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
4,361
|
|
|
4,043
|
|
|
|
|
|
|
|
|
8,720
|
|
|
9,051
|
|
|
|
|
|
|
|
|
|
|
12,053
|
|
|
14,800
|
|
|
12.2
|
%
|
|
13.7
|
%
|
|
|
|
22,697
|
|
|
26,852
|
|
|
11.4
|
%
|
|
13.0
|
%
|
|
Corporate General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(3,723
|
)
|
|
(4,015
|
)
|
|
|
|
|
|
|
|
(8,519
|
)
|
|
(7,322
|
)
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
42
|
|
|
102
|
|
|
|
|
|
|
|
|
84
|
|
|
104
|
|
|
|
|
|
|
|
|
|
|
(3,681
|
)
|
|
(3,913
|
)
|
|
|
|
|
|
|
|
(8,435
|
)
|
|
(7,218
|
)
|
|
|
|
|
|
EBITDA
|
|
|
|
$
|
18,863
|
|
|
$
|
24,509
|
|
|
10.8
|
%
|
|
13.1
|
%
|
|
|
|
$
|
29,404
|
|
|
$
|
46,763
|
|
|
8.5
|
%
|
|
12.8
|
%
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
$
|
2,417
|
|
|
$
|
1,435
|
|
|
|
|
|
|
|
|
$
|
5,751
|
|
|
$
|
2,720
|
|
|
|
|
|
|
DLT
|
|
|
|
948
|
|
|
2,078
|
|
|
|
|
|
|
|
|
2,438
|
|
|
2,975
|
|
|
|
|
|
|
Corporate Administration
|
|
|
|
2
|
|
|
14
|
|
|
|
|
|
|
|
|
6
|
|
|
24
|
|
|
|
|
|
|
Total Capital Expenditures
|
|
|
|
$
|
3,367
|
|
|
$
|
3,527
|
|
|
|
|
|
|
|
|
$
|
8,195
|
|
|
$
|
5,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes costs not allocated to either the DLT or DAS operating
segments.
(2) Insurance recoveries related to property and
equipment.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805006420/en/
Source: Ducommun Incorporated
Ducommun Incorporated
Joseph P. Bellino, Vice President, Chief
Financial Officer and Treasurer
310.513.7211
or
Chris
Witty, Investor Relations
646.438.9385
cwitty@darrowir.com
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