- Reports Net Income of $16.1 Million, or $0.35 per diluted share -
- Focused Execution and Structural Advantages Produced Record Gross Margin of 38.8%; Adjusted EBITDA of $23.3 million at a Record Margin of 28.4% -
- Generated Record Cash Flow From Operations of $24.3 Million -
- Significant Demand Recovery in U.S. Since April Drove Sequential Monthly Revenue Improvement as Quarter Progressed -
- Backlog Expanded to a Record $550 million; Up 4.8% Year-over-Year -
Second Quarter 2020 Highlights
- Total revenues of $81.9 million, 96.6% from the U.S., and includes two non-invoicing weeks in the first half of April during previously communicated suspension of production facility operations, which deferred a portion of revenues to future quarters
- Adjusted net income1 of $9.4 million, or $0.20 per diluted share
- Gross margin strengthened to 38.8%, driven by lower unit input costs, completion of automation initiatives and favorable revenue mix
- Adjusted EBITDA1 of $23.3 million, representing 28.4% of total revenues
- Cash flow from operations of $24.3 million, in excess of Adjusted EBITDA
- Total liquidity of approximately $136.0 million, including cash of $63.4 million and availability under existing lines of credit
- Declared a $0.0275 per share cash dividend
BARRANQUILLA, Colombia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NASDAQ: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, today reported financial results for the second quarter ended June 30, 2020.
José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “I could not be more pleased with our talented employees for their ability to overcome this unprecedented environment while maintaining dedication to excellence, as demonstrated by our results. We achieved record gross margin, operating margin and Adjusted EBITDA1 margin in the second quarter without taking any headcount reductions related to the economic impacts of the COVID-19 crisis. Since reopening our production facilities in the second half of April, the pace of invoicing improved significantly as we progressed through the quarter, particularly in the U.S. which represented 97% of second quarter revenues. In June, we hit a monthly record level of residential orders, and that momentum carried into July. Our strong working capital management as well as benefits from our high return automation initiatives collectively allowed us to generate record levels of free cash flow. In turn, we were able to deleverage our balance sheet and continue strengthening our financial flexibility, with liquidity of $136 million at quarter end. As we look forward, we believe we have the financial resources to continue executing our growth strategy and further enhancing our position as a premier architectural glass leader.”
Christian Daes, Chief Operating Officer of Tecnoglass, stated, “For the second quarter, taking into account two non-invoicing weeks in early April, we estimate our U.S. revenues would have been down in the high-single digit percent range year-over-year. We believe that the worst of the pandemic-related economic crisis is behind us. In nearly all of our regions, economic lockdowns are easing and business conditions have started to recover. Despite a recent uptick in COVID-19 cases in Florida and the rest of the United States, we are now seeing quoting and bidding activity that is in line with pre-pandemic levels, as reflected by our record backlog. On the residential side, our business has accelerated in recent months supported by low interest rates and de-urbanization trends driving new home starts. We believe these positive tailwinds coupled with our lean cost structure and strong liquidity leave us well positioned to maintain our industry leading margins as we work to deepen our presence and capture additional share in attractive U.S. markets.”
Second Quarter 2020 Results
Total revenues for the second quarter of 2020 were $81.9 million compared to $113.9 million in the prior year quarter. The decrease was primarily attributable to two fewer weeks of invoicing in the first half of April as a result of the previously communicated suspension of plant operations. This proactive action was taken to assess global market conditions at the onset of the COVID-19 pandemic and timed in parallel with shelter-in-place guidelines by the Colombian government, during which time the production facilities were reconfigured to mitigate any potential risks of contagion. Since April, the Company experienced a positive sequential revenue trend in May and June. U.S. revenues were $79.1 million compared to $99.3 million in the prior year quarter, and represented 96.6% of total revenues for the second quarter 2020. Revenues in Colombia and other Latin American regions were significantly impacted by delayed activity at many customer job sites that have required extensive preparations to adhere to varying COVID-19 guidelines. Changes in foreign currency exchange rates had a negligible impact on Colombia and total revenues in the quarter.
Gross profit for the second quarter of 2020 was $31.8 million, representing a 38.8% gross margin, compared to gross profit of $38.8 million, representing a 34.1% gross margin in the prior year quarter. The 470 basis point improvement in gross margin mainly reflected lower raw material costs, greater operating efficiencies from prior automation initiatives, and a higher mix of revenue from manufacturing vs installation activity. Selling, general and administrative expense (“SG&A”) was $16.5 million compared to $20.6 million in the prior year quarter, primarily attributable to lower variable expenses related to shipping, travel and commissions, as well as cost controls. As a percent of total revenues, SG&A was 20.2% compared to 18.1% in the prior year quarter due to lower revenues.
Net income was $16.1 million, or $0.35 per diluted share, in the second quarter of 2020 compared to net income of $7.7 million, or $0.17 per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction gain of $13.3 million in the second quarter 2020 and a $1.2 million loss in the second quarter 2019. As with previous periods, these gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency. Adjusted net income1 was $9.4 million, or $0.20 per diluted share, compared to adjusted a net income of $9.2 million, or $0.20 per diluted share, in the prior year quarter. Adjusted net income1, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.
Adjusted EBITDA1, as reconciled in the table below, was $23.3 million, or 28.4% of revenues, compared to $25.8 million, or 22.6% of revenues, in the prior year quarter. The improvement was driven by stronger gross margin. Adjusted EBITDA1 in the second quarter 2020 included $0.9 million in contribution from the Company’s joint venture with Saint-Gobain, compared to $1.0 million in the prior year quarter.
Dividend
The Company declared a quarterly cash dividend of $0.0275 per share for the second quarter of 2020, which was paid on July 31, 2020 to shareholders of record as of the close of business on July 8, 2020.
Business Outlook
Santiago Giraldo, Chief Financial Officer of Tecnoglass, concluded, “The improving sequential monthly revenue trends that we experienced during the second quarter continued into July. Based on our current invoicing schedule and underlying market environment, we expect revenue in the third quarter to continue on a positive sequential monthly trend. As we execute our strategy during this extraordinary period, we will maintain our focus on safely serving customers, aggressively managing costs and delivering strong cash flow. While uncertainty persists associated with COVID-19 developments, we believe we are well situated to outperform our markets as global economic conditions further improve.”
Webcast and Conference Call
Management will host a webcast and conference call on Thursday, August 6, 2020 at 9:00 a.m. eastern time (8:00 a.m. Bogota, Colombia time) to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass' website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. Due to potential extended wait times to access the conference call via dial-in, the Company encourages use of the webcast. For those unable to access the webcast, the conference call will be accessible by dialing 1-855-327-6837 (domestic) or 1-631-891-4304 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2020 Earnings Conference Call.
If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and entering pass code: 10010493.
About Tecnoglass
Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. Tecnoglass is the #1 architectural glass transformation company in Latin America and the second largest glass fabricator serving the United States. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7 million square foot vertically-integrated, state- of-the-art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies over 1000 customers in North, Central and South America, with the United States accounting for more than 80% of revenues. Tecnoglass' tailored, high-end products are found on some of the world's most distinctive properties, including the El Dorado Airport (Bogota), 50 United Nations Plaza (New York), Trump Plaza (Panama), Icon Bay (Miami), and Salesforce Tower (San Francisco). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.
[1] Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.
Investor Relations:
Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com
Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
| June 30, | December 31, | |||||||||
| 2020 | 2019 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 63,424 | $ | 47,862 | ||||||
| Investments | 1,818 | 2,304 | ||||||||
| Trade accounts receivable, net | 91,010 | 110,558 | ||||||||
| Due from related parties | 8,777 | 8,057 | ||||||||
| Inventories | 79,454 | 82,714 | ||||||||
| Contract assets – current portion | 34,879 | 42,014 | ||||||||
| Other current assets | 24,298 | 29,340 | ||||||||
| Total current assets | $ | 303,660 | $ | 322,849 | ||||||
| Long-term assets: | ||||||||||
| Property, plant and equipment, net | $ | 136,666 | $ | 154,609 | ||||||
| Deferred income taxes | 11,676 | 4,595 | ||||||||
| Contract assets – non-current | 8,707 | 7,059 | ||||||||
| Due from related parties - long term | 1,089 | 1,786 | ||||||||
| Long-term trade accounts receivable | 1,101 | - | ||||||||
| Intangible assets | 5,695 | 6,703 | ||||||||
| Goodwill | 23,561 | 23,561 | ||||||||
| Long-term investments | 45,691 | 45,596 | ||||||||
| Other long-term assets | 2,892 | 2,910 | ||||||||
| Total long-term assets | 237,078 | 246,819 | ||||||||
| Total assets | $ | 540,738 | $ | 569,668 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Short-term debt and current portion of long-term debt | $ | 18,744 | $ | 16,084 | ||||||
| Trade accounts payable and accrued expenses | 51,855 | 61,878 | ||||||||
| Accrued interest expense | 7,502 | 7,645 | ||||||||
| Due to related parties | 5,134 | 4,415 | ||||||||
| Dividends payable | 1,309 | 67 | ||||||||
| Contract liability – current portion | 18,834 | 12,459 | ||||||||
| Due to equity partners | 10,900 | 10,900 | ||||||||
| Other current liabilities | 6,894 | 15,563 | ||||||||
| Total current liabilities | $ | 121,172 | $ | 129,011 | ||||||
| Long-term liabilities: | ||||||||||
| Deferred income taxes | $ | 817 | $ | 411 | ||||||
| Long-term payable associated to GM&P acquisition | 8,500 | 8,500 | ||||||||
| Long-term liabilities from related parties | 634 | 622 | ||||||||
| Contract liability – non-current | 83 | 187 | ||||||||
| Long-term debt | 243,808 | 243,727 | ||||||||
| Total long-term liabilities | 253,842 | 253,447 | ||||||||
| Total liabilities | $ | 375,014 | $ | 382,458 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||||
| Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2020 and December 31, 2019 respectively | $ | - | $ | - | ||||||
| Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,117,631 and 46,117,631 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 5 | 5 | ||||||||
| Legal Reserves | 2,273 | 1,367 | ||||||||
| Additional paid-in capital | 208,390 | 208,283 | ||||||||
| Retained earnings | 10,127 | 16,213 | ||||||||
| Accumulated other comprehensive (loss) | (55,632 | ) | (39,264 | ) | ||||||
| Shareholders’ equity attributable to controlling interest | 165,163 | 186,604 | ||||||||
| Shareholders’ equity attributable to non-controlling interest | 561 | 606 | ||||||||
| Total shareholders’ equity | 165,724 | 187,210 | ||||||||
| Total liabilities and shareholders’ equity | $ | 540,738 | $ | 569,668 | ||||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
| Three months ended | Six months ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Operating revenues: | |||||||||||||||||
| External customers | $ | 81,590 | $ | 112,259 | $ | 167,696 | $ | 217,067 | |||||||||
| Related parties | 352 | 1,624 | 1,544 | 3,984 | |||||||||||||
| Total operating revenues | 81,942 | 113,883 | 169,240 | 221,051 | |||||||||||||
| Cost of sales | 50,146 | 75,046 | 107,017 | 150,322 | |||||||||||||
| Gross profit | 31,796 | 38,837 | 62,223 | 70,729 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Selling expense | (8,961 | ) | (11,219 | ) | (18,629 | ) | (20,781 | ) | |||||||||
| General and administrative expense | (7,610 | ) | (9,354 | ) | (15,220 | ) | (17,448 | ) | |||||||||
| Total operating expenses | (16,571 | ) | (20,573 | ) | (33,849 | ) | (38,229 | ) | |||||||||
| Operating income | 15,225 | 18,264 | 28,374 | 32,500 | |||||||||||||
| Non-operating (expenses) income, net | 7 | 353 | (94 | ) | 628 | ||||||||||||
| Equity method income | (166 | ) | (22 | ) | 94 | (22 | ) | ||||||||||
| Foreign currency transactions (losses) gains | 13,309 | (1,201 | ) | (19,157 | ) | 2,085 | |||||||||||
| Interest expense and deferred cost of financing | (5,446 | ) | (5,757 | ) | (11,089 | ) | (11,344 | ) | |||||||||
| (Loss) Income before taxes | 22,929 | 11,637 | (1,872 | ) | 23,847 | ||||||||||||
| Income tax benefit (provision) | (6,875 | ) | (3,977 | ) | (742 | ) | (8,856 | ) | |||||||||
| Net (loss) income | $ | 16,054 | $ | 7,660 | $ | (2,614 | ) | $ | 14,991 | ||||||||
| (Income) Loss attributable to non-controlling interest | 143 | (181 | ) | 45 | (174 | ) | |||||||||||
| (Loss) Income attributable to parent | $ | 16,197 | $ | 7,479 | $ | (2,569 | ) | $ | 14,817 | ||||||||
| Comprehensive income: | |||||||||||||||||
| Net (loss) income | $ | 16,054 | $ | 7,660 | $ | (2,614 | ) | $ | 14,991 | ||||||||
| Foreign currency translation adjustments | 4,367 | (2,052 | ) | (14,921 | ) | (282 | ) | ||||||||||
| Change in fair value derivative contracts | 2,618 | - | (1,447 | ) | - | ||||||||||||
| Total comprehensive (loss) income | $ | 23,039 | $ | 5,608 | $ | (18,982 | ) | $ | 14,709 | ||||||||
| Comprehensive (income) loss attributable to non-controlling interest | 143 | (181 | ) | 45 | (174 | ) | |||||||||||
| Total comprehensive (loss) income attributable to parent | $ | 23,182 | $ | 5,427 | $ | (18,937 | ) | $ | 14,535 | ||||||||
| Basic (loss) income per share | $ | 0.35 | $ | 0.17 | $ | (0.06 | ) | $ | 0.35 | ||||||||
| Diluted (loss) income per share | $ | 0.35 | $ | 0.17 | $ | (0.06 | ) | $ | 0.34 | ||||||||
| Basic weighted average common shares outstanding | 46,117,631 | 45,653,893 | 46,117,631 | 42,989,592 | |||||||||||||
| Diluted weighted average common shares outstanding | 46,117,631 | 46,144,017 | 46,117,631 | 43,479,716 | |||||||||||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six months ended June 30, | ||||||||||
| 2020 | 2019 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
| Net (loss) income | $ | (2,614 | ) | $ | 14,991 | |||||
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||
| Provision for bad debts | 691 | 524 | ||||||||
| Depreciation and amortization | 10,205 | 11,558 | ||||||||
| Deferred income taxes | (6,478 | ) | (317 | ) | ||||||
| Equity method income | (94 | ) | 22 | |||||||
| Deferred cost of financing | 861 | 808 | ||||||||
| Other non-cash adjustments | 44 | 28 | ||||||||
| Unrealized currency translation losses (gains) | 23,585 | (59 | ) | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Trade accounts receivables | 13,785 | (22,065 | ) | |||||||
| Inventories | (8,252 | ) | 2,078 | |||||||
| Prepaid expenses | (1,017 | ) | (1,232 | ) | ||||||
| Other assets | 1,363 | (1,367 | ) | |||||||
| Trade accounts payable and accrued expenses | (10,358 | ) | 12,635 | |||||||
| Accrued interest expense | (84 | ) | 194 | |||||||
| Taxes payable | (5,911 | ) | (1,787 | ) | ||||||
| Labor liabilities | (982 | ) | (327 | ) | ||||||
| Contract assets and liabilities | 11,246 | (9,682 | ) | |||||||
| Related parties | (1,200 | ) | 1,250 | |||||||
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 24,789 | $ | 7,253 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||
| Proceeds from sale of investments | 364 | 608 | ||||||||
| Joint Venture investment | (34,100 | ) | ||||||||
| Purchase of investments | (167 | ) | (676 | ) | ||||||
| Acquisition of property and equipment | (7,395 | ) | (13,778 | ) | ||||||
| CASH USED IN INVESTING ACTIVITIES | $ | (7,198 | ) | $ | (47,946 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||
| Cash dividend | (1,265 | ) | (2,170 | ) | ||||||
| Proceeds from equity offering | 36,478 | |||||||||
| Proceeds from debt | 17,796 | 38,480 | ||||||||
| Repayments of debt | (14,698 | ) | (17,660 | ) | ||||||
| CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | $ | 1,833 | $ | 55,127 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | $ | (3,962 | ) | $ | 164 | |||||
| NET (DECREASE) INCREASE IN CASH | 15,562 | 14,599 | ||||||||
| CASH - Beginning of period | 47,862 | 33,040 | ||||||||
| CASH - End of period | $ | 63,424 | $ | 47,639 | ||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||
| Cash paid during the period for: | ||||||||||
| Interest | $ | 9,513 | $ | 9,529 | ||||||
| Income Tax | $ | 2,964 | $ | 8,369 | ||||||
| NON-CASH INVESTING AND FINANCING ACTIVITES: | ||||||||||
| Assets acquired under credit or debt | $ | 907 | $ | 1,389 | ||||||
Revenues by Region
(Amounts in thousands)
(Unaudited)
| Three months ended | ||||||
| Jun 30, | ||||||
| 2020 | 2019 | % Change | ||||
| Revenues by Region | ||||||
| United States | 79,148 | 99,327 | -20.3 | % | ||
| Colombia | 1,820 | 12,165 | -85.0 | % | ||
| Other Countries | 973 | 2,392 | -59.3 | % | ||
| Total Revenues by Region | 81,941 | 113,883 | -28.0 | % | ||
Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)
The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States.
| Three months ended | |||||||
| Jun 30, | |||||||
| 2020 | 2019 | % Change | |||||
| Total Revenues with Foreign Currency Held Neutral | 82,107 | 113,883 | -27.9 | % | |||
| Impact of changes in foreign currency | (166 | ) | - | ||||
| Total Revenues, As Reported | 81,941 | 113,883 | -28.0 | % | |||
Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.
Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data)
(Unaudited)
Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.
Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.
A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:
| Three months ended | Six months ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||
| Net (loss) income | 16,054 | 7,660 | (2,614 | ) | 14,991 | ||||||||
| Less: Income (loss) attributable to non-controlling interest | 143 | (181 | ) | 45 | (174 | ) | |||||||
| (Loss) Income attributable to parent | 16,197 | 7,479 | (2,569 | ) | 14,817 | ||||||||
| Foreign currency transactions losses (gains) and FX derivatives settlements | (11,951 | ) | 1.201 | 20,515 | (2,085 | ) | |||||||
| Deferred cost of financing | 508 | 415 | 948 | 808 | |||||||||
| Non-Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) | 910 | 681 | 1,805 | 1,425 | |||||||||
| Joint Venture VA (Saint Gobain) adjustments | 567 | 273 | 939 | 273 | |||||||||
| Tax impact of adjustments at statutory rate | 3,189 | (822 | ) | (7,746 | ) | (135 | ) | ||||||
| Adjusted net (loss) income | 9,420 | 9,227 | 13,892 | 15,103 | |||||||||
| Basic income (loss) per share | 0.35 | 0.17 | (0.06 | ) | 0.35 | ||||||||
| Diluted income (loss) per share | 0.35 | 0.17 | (0.06 | ) | 0.34 | ||||||||
| Diluted Adjusted net income (loss) per share | 0.20 | 0.20 | 0.30 | 0.35 | |||||||||
| Diluted Weighted Average Common Shares Outstanding in thousands | 46,118 | 46,114 | 46,118 | 43,480 | |||||||||
| Basic weighted average common shares outstanding in thousands | 46,118 | 45,654 | 46,118 | 42,990 | |||||||||
| Diluted weighted average common shares outstanding in thousands | 46,118 | 46,114 | 46,118 | 43,480 | |||||||||
| Three months ended | Six months ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||
| Net (loss) income | 16,054 | 7,660 | (2,614 | ) | 14,991 | ||||||||
| Less: Income (loss) attributable to non-controlling interest | 143 | (181 | ) | 45 | (174 | ) | |||||||
| (Loss) Income attributable to parent | 16,197 | 7,479 | (2,569 | ) | 14,817 | ||||||||
| Interest expense and deferred cost of financing | 5,446 | 5,757 | 11,089 | 11,344 | |||||||||
| Income tax (benefit) provision | 6,875 | 3,977 | 742 | 8,856 | |||||||||
| Depreciation & amortization | 4,964 | 5,717 | 10,205 | 11,558 | |||||||||
| Foreign currency transactions losses (gains) and FX derivatives settlements | (11,951 | ) | 1,201 | 20,515 | (2,085 | ) | |||||||
| Non-Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) | 911 | 681 | 1,806 | 1,425 | |||||||||
| Joint Venture VA (Saint Gobain) EBITDA adjustments | 869 | 973 | 1,868 | 973 | |||||||||
| Adjusted EBITDA | 23,311 | 25,785 | 43,656 | 46,888 | |||||||||