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Vought Aircraft Industries, Inc.:
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Summary of Financial Results
$ in millions
1st Quarter
------------------------------
2007 2006 Change
----------- ----------- ------
Sales $ 380.7 $ 322.8 18%
Operating income (loss) $ 34.2 $ (35.1) 197%
Net income (loss) $ 19.2 $ (51.5) 137%
Adjusted EBITDA * $ 74.2 $ 36.3 104%
Free Cash Flow* $ 2.3 (11.9)
* Non-GAAP measure. A complete definition and reconciliation of non-
GAAP measures, identified with an asterisk, is provided later in the
text.
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Vought Aircraft Industries, Inc. today reported financial results
for its first quarter ending April 1, 2007.
First Quarter Results
Net sales for the first quarter 2007 were $380.7 million, an
increase of 18 percent compared with $322.8 million for the same
period last year. The growth in sales was attributable to increases
from commercial and business jet programs.
-- Commercial sales increased by approximately $55.6 million, or
40 percent, compared with the first quarter of 2006. The
increase was primarily due to timing of deliveries of $34.0
million for the Boeing 747 program and $6.2 million for the
Boeing 777 program.
-- Military sales decreased approximately $14.2 million, or 11
percent from last year, primarily due to lower non-recurring
sales for the C-5 program than the amount recorded in the
first quarter last year.
-- Business jet sales increased by approximately $16.5 million,
or 29 percent, primarily due to timing of deliveries and price
increases on various programs.
Funded backlog increased 46 percent to $3.2 billion at the end of
the quarter compared to $2.2 billion for the same period last year,
primarily due to increased orders for the 787 program. The calculation
of backlog includes only funded orders, which causes backlog to be
substantially lower than the estimated aggregate dollar value of the
company's contracts.
Net income for the first quarter of 2007 was $19.2 million,
compared to a net loss of $51.5 million for the same period last year.
This increase was primarily due to higher sales and improved program
margins resulting from cost reduction efforts and price increases.
These improvements were partially offset by higher non-recurring
program period expenses related to the Boeing 787 program.
Adjusted EBITDA*, as defined in Vought's senior secured credit
agreement, was $74.2 million for the first quarter of 2007, compared
to $36.3 million for the same period last year, an increase of $37.9
million. First quarter 2007 Adjusted EBITDA* includes lower
non-recurring program costs, compared with 2006.
Free Cash Flow* was $2.3 million for the first quarter, an
increase of $14.2 million from last year, primarily due to lower
capital expenditures. For the three months ended April 1, 2007, the
net cash expenditures for the 787 program were $46 million including
start-up, capital and production costs offset by advances and
settlements.
"We are pleased by the first quarter results. Clearly, the hard
work that the company has put into improving our gross margin rate is
showing up in the income statement," said Vought's President and Chief
Executive Officer Elmer Doty. "The continuous improvement initiatives
necessary to sustain these kinds of results are taking hold in our
operations, but we still have far to go. Our most significant
challenge remains our cash position, given the large investments in
new programs and the working capital required to support the
additional revenue."
787 Program Update
The 787 program continues to be on track, meeting all customer
requirements. Last week Vought marked an important milestone, with
delivery of its first aft fuselage barrels to Boeing. Doty added, "At
this stage, we remain pleased with our progress. Our 787 team has
delivered exceptionally well in their efforts, and I am confident in
our ability to help 'Deliver the Dream.' We are looking forward to
celebrating the rollout of the first 787 in July."
Non-GAAP Measure Disclosure
EBITDA, Adjusted EBITDA and Free Cash Flow (indicated by an
asterisk *) as presented in this press release are supplemental
measures of performance and Vought's ability to satisfy its debt
covenants. None of these measures is required by, or presented in
accordance with, Generally Accepted Accounting Principles (GAAP) in
the United States. EBITDA, Adjusted EBITDA and Free Cash Flow are not
measurements of the company's financial performance under GAAP and
should not be considered as alternatives to net income, operating
income or any other performance measures derived in accordance with
GAAP or as alternatives to cash flow from operating activities as
measures of liquidity. The senior secured credit agreement signed in
December 2004 contains maintenance ratios and other financial
covenants that are based on the calculation of Adjusted EBITDA. The
company believes it is necessary to present Adjusted EBITDA to enable
investors to assess the strength of its underlying business.
Reconciliation between these measures and GAAP is presented later in
the text.
Conference Call Details
Vought Aircraft Industries, Inc. will host a conference call on
Monday, May 21 at 11 a.m. Eastern time (10 a.m. Central time) to
discuss its first quarter results. To access the conference call, dial
(800)-299-7098 (United States) or (617)-801-9715 (International) with
passcode 96203550. Please call 10 minutes prior to the start time.
If you cannot listen to the conference call at its scheduled time,
there will be a replay available through May 28, which can be accessed
by dialing 888-286-8010 (United States) or 617-801-6888
(International) with passcode 18444056.
Vought's conference call will be supplemented by a series of
slides appearing on the company's Web site. Listeners are encouraged
to view these materials in conjunction with the call. The presentation
will be posted on the home page of the Web site on the morning of the
call.
About Vought
Vought Aircraft Industries, Inc. (www.voughtaircraft.com) is one
of the world's largest independent suppliers of aerostructures.
Headquartered in Dallas, the company designs and manufactures major
airframe structures such as wings, fuselage subassemblies, empennages,
nacelles and other components for prime manufacturers of aircraft.
Vought has annual sales of approximately $1.6 billion and about 5,900
employees in nine U.S. locations.
Disclaimer on Forward Looking Statements
This release contains forward-looking statements within the
meaning of section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements involve known and unknown risks and uncertainties. Vought's
actual financial results could differ materially from those
anticipated due to the company's dependence on conditions in the
airline industry, the level of new commercial aircraft orders,
production rates for commercial and military aircraft, the level of
defense spending, competitive pricing pressures, manufacturing
inefficiencies, start-up costs and possible overruns on new contracts,
technology and product development risks and uncertainties,
availability of materials and components from suppliers and other
factors beyond the company's control. Additional risk factors are
described in the Company's filings with the SEC.
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Vought Aircraft Industries, Inc.
Consolidated Balance Sheets
($ in millions, except per share amounts)
April 1, December 31,
2007 2006
(unaudited)
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 90.0 $ 93.4
Accounts receivable 121.4 82.1
Inventories 323.7 337.8
Other current assets 19.2 7.3
------------- -------------
Total current assets 554.3 520.6
Property, plant and equipment, net 526.1 530.4
Goodwill 527.7 527.7
Identifiable intangible assets, net 62.6 64.9
Debt origination costs, net and other
assets 14.2 15.1
------------- -------------
Total assets $1,684.9 $1,658.7
============= =============
Liabilities and stockholders' equity
(deficit)
Current liabilities:
Accounts payable, trade $ 103.4 $ 118.4
Accrued and other liabilities 64.9 76.2
Accrued payroll and employee benefits 31.1 40.8
Accrued post-retirement benefits-current 51.3 51.3
Accrued pension-current 37.0 25.6
Current portion of long-term bank debt 4.0 4.0
Capital lease obligation 1.1 1.3
Accrued contract liabilities 383.8 333.7
------------- -------------
Total current liabilities 676.6 651.3
Long-term liabilities:
Accrued post-retirement benefits 477.0 478.8
Accrued pension 334.6 352.0
Long-term bank debt, net of current
portion 412.0 413.0
Long-term bond debt 270.0 270.0
Other non-current liabilities 183.5 186.9
------------- -------------
Total liabilities 2,353.7 2,352.0
Stockholders' equity (deficit):
Common stock, par value $.01 per share;
50,000,000 shares authorized, 24,772,312 and
24,755,248 issued and outstanding at April 1,
2007 and December 31, 2006, respectively 0.3 0.3
Additional paid-in capital 415.5 414.8
Shares held in rabbi trust (1.6) (1.6)
Stockholders' loans (1.0) (1.0)
Accumulated deficit (622.1) (641.3)
Accumulated other comprehensive loss (459.9) (464.5)
------------- -------------
Total stockholders' equity (deficit) $ (668.8) $ (693.3)
------------- -------------
Total liabilities and stockholders' equity
(deficit) $1,684.9 $1,658.7
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Vought Aircraft Industries, Inc.
Consolidated Statements of Operations
($ in millions)
(unaudited)
For the Three Months
Ended
-----------------------
April 1, March 26,
2007 2006
----------- -----------
Net sales $380.7 $322.8
Costs and expenses
Cost of sales 292.5 299.9
Selling, general and administrative expenses 54.0 58.0
----------- -----------
Total costs and expenses 346.5 357.9
----------- -----------
Operating income (loss) 34.2 (35.1)
Other income (expense)
Interest income 1.3 0.3
Other income (loss) (0.1) -
Equity in earnings (loss) of joint venture (0.3) (1.7)
Interest expense (15.9) (15.0)
----------- -----------
Income (loss) before income taxes 19.2 (51.5)
Income taxes - -
----------- -----------
Net income (loss) $ 19.2 $(51.5)
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Vought Aircraft Industries, Inc.
Consolidated Statements of Cash Flows
($ in millions) (Unaudited)
Three Months Ended
-----------------------
April 1, March 26,
2007 2006
----------- -----------
Operating activities
Net income (loss) $ 19.2 $(51.5)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating
activities:
Depreciation and amortization 15.1 14.3
Stock compensation (income) expense 0.7 -
Equity in losses of joint venture 0.3 1.7
Loss from asset sales 0.4 0.1
Changes in current assets and liabilities:
Accounts receivable (39.3) (14.0)
Inventories, net of advances and progress
billings 14.1 (26.6)
Other current assets (3.2) (3.0)
Accounts payable, trade (15.0) 9.8
Accrued payroll and employee benefits (9.7) (0.7)
Accrued and other liabilities - (1.0)
Accrued contract liabilities 50.1 94.2
Other assets and liabilities--long-term (12.9) 5.6
----------- -----------
Net cash provided by (used in) operating
activities 19.8 28.9
Investing activities
Capital expenditures (17.5) (40.8)
Investment in joint venture (4.5) -
----------- -----------
Net cash provided by (used in) investing
activities (22.0) (40.8)
Financing activities
Proceeds from short-term bank debt - 65.0
Payments on short-term bank debt - (65.0)
Payments on long-term bank debt (1.0) -
Payments on capital leases (0.2) (0.2)
Proceeds from governmental grants - 16.4
----------- -----------
Net cash provided by (used in) financing
activities (1.2) 16.2
Net increase (decrease) in cash and cash
equivalents (3.4) 4.3
Cash and cash equivalents at beginning of
period 93.4 10.1
----------- -----------
Cash and cash equivalents at end of period $ 90.0 $ 14.4
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Vought Aircraft Industries Inc.
Supplemental Financial Data
($ in millions)
(Unaudited)
Three Months Ended
-----------------------------
April 1, March 26,
2007 2006 Change
--------- --------- ---------
Sales as Reported:
Commercial $193.8 $138.2 $55.6
Military 114.5 128.7 (14.2)
Business jets 72.4 55.9 16.5
--------- --------- ---------
Total $380.7 $322.8 $57.9
========= ========= =========
Three Months Ended
-----------------------------
April 1, March 26,
2007 2006
--------- ---------
% Mix for Ongoing Sales
Commercial 51% 43%
Military 30% 40%
Business jets 19% 17%
--------- ---------
Total 100% 100%
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Three Months Ended
-----------------------------
April 1, March 26,
2007 2006 Change
--------- --------- ---------
Sales Backlog
Commercial $2,034.7 $1,263.0 $771.7
Military 598.8 618.4 (19.6)
Business jets 606.8 341.8 265.0
--------- --------- ---------
Total sales backlog $3,240.3 $2,223.2 $1,017.1
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Vought Aircraft Industries, Inc.
Reconciliation of Non-GAAP Measures
In addition to disclosing results that are determined in
accordance with U.S. generally accepted accounting principles (GAAP),
we also disclose non-GAAP results that exclude certain significant
charges or credits that are important to an understanding of the
company's ongoing operations. We provide reconciliations of these
non-GAAP measures to the most comparable GAAP reporting. We believe
that discussion of these non-GAAP measures excluding certain
significant charges or credits provides additional insights into
underlying business performance. EBITDA, Adjusted EBITDA and Free Cash
Flow are not measures recognized under GAAP. The determination of
significant charges or credits may not be comparable to similarly
titled measures used by other companies and may vary from quarter to
quarter.
We believe that the inclusion of Adjusted EBITDA and Free Cash
Flow in the earnings release is appropriate to provide additional
information to investors because these non-GAAP financial measures are
used:
-- by securities analysts, bondholders, and other investors as an
important measure of assessing our operating performance
across periods on a consistent basis and our ongoing ability
to meet our obligations and manage our levels of indebtedness;
-- as the measure for calculating metrics and covenants contained
in the agreements governing our indebtedness;
-- by our management for assessing operating performance across
periods on a consistent basis; and
-- by our board of directors and management for determining
whether our operating performance has met specified targets
and thresholds.
Adjusted EBITDA and Free Cash Flow have limitations as analytical
tools and such measures should not be considered in isolation or as a
substitute for analysis of our results as reported under GAAP. Some of
the limitations of these non-GAAP financial measures are:
-- they do not reflect our cash expenditures, or future
requirements, for all contractual commitments;
-- they do not reflect our significant interest expense, or the
cash requirements necessary to service our indebtedness;
-- they do not reflect cash requirements for the payment of
income taxes when due;
-- Free Cash Flow does not represent residual cash flow available
for discretionary expenditures, because debt service
requirements and other non-discretionary expenditures are not
deducted;
-- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to
be replaced in the future and Adjusted EBITDA does not reflect
any cash requirements for such replacements; and
-- they do not reflect the impact of earnings or charges
resulting from matters we consider not to be indicative of our
ongoing operations but may nonetheless have a material impact
on our results of operations.
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Vought Aircraft Industries, Inc.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA
(Unaudited)
($ in millions)
Three Months Ended
-----------------------
April 1 March 26,
2007 2006
----------- -----------
Net Income (loss) $ 19.2 $(51.5)
Plus:
Interest expense, net 14.6 14.7
Depreciation and amortization 14.3 13.5
----------- -----------
EBITDA $ 48.1 $(23.3)
----------- -----------
Adjusted EBITDA
Plus:
Non-recurring investment in Boeing 787 23.8 21.1
Unusual charges -- Plant consolidation
and other non recurring program costs 0.6 29.8
Loss on disposal of property, plant and
equipment 0.4 0.1
Pension & OPEB curtailment and non-cash
expense related to FAS 87 & FAS 106 - 8.0
Other 1.3 0.6
----------- -----------
Total Adjusted EBITDA $ 74.2 $ 36.3
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Vought Aircraft Industries, Inc.
Reconciliation of Non-GAAP Measures
Free Cash Flow
(Unaudited)
($ in millions)
Three Months Ended
-----------------------
April 1 March 26,
2007 2006
----------- -----------
Cash flow provided by (used in) operating
activities $ 19.8 $ 28.9
Less: Capital expenditures (17.5) (40.8)
----------- -----------
Free Cash Flow $ 2.3 $(11.9)
----------- -----------
Settlements - -
----------- -----------
Free Cash Flow from Ongoing Operations $ 2.3 $(11.9)
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