WALTHAM, Mass.--(BUSINESS WIRE)--Jun. 8, 2015--
ModusLink Global Solutions™, Inc. (the “Company”) (NASDAQ:
MLNK) today reported financial results for its third quarter of fiscal
year 2015 ended April 30, 2015. Results for the three and nine month
periods ended April 30, 2015 are summarized in the following paragraphs.
For a full discussion of the results, please see the Company's quarterly
report on Form 10-Q, which can be accessed through www.moduslink.com.
Third Quarter Financial Summary
-
Net revenue of $106.2 million for the three months ended April 30,
2015, a decrease of 38.7% compared to the same period in the prior
year.
-
Gross margin of 8.5% for the three months ended April 30, 2015, a 0.6
percentage point decrease compared to 9.1% in the same period in the
prior year.
-
SG&A expenses of $14.4 million for the three months ended April 30,
2015, a 15.6% reduction compared to the same period in the prior year.
-
Operating loss of $7.6 million for the three months ended April 30,
2015, compared to operating loss of $5.1 million in the same period in
the prior year.
-
Negative adjusted EBITDA of $0.9 million for the three months ended
April 30, 2015, compared to adjusted EBITDA of $3.4 million in the
same period in the prior year.
-
Net loss of $12.1 million, or $0.23 per basic and diluted share, for
the three months ended April 30, 2015, compared with net loss of $9.5
million, or $0.18 per basic and diluted share, in the same period in
the prior year.
Year-to-Date Financial Summary
-
Net revenue of $442.0 million for the nine months ended April 30,
2015, a decrease of 20.9% compared to the same period in the prior
year.
-
Gross margin of 10.1% for the nine months ended April 30, 2015, a 0.7
percentage point decrease compared to 10.8% in the same period in the
prior year.
-
SG&A expenses of $44.6 million for the nine months ended April 30,
2015, a 18.6% reduction compared to the same period in the prior year.
-
Operating loss of $5.8 million for the nine months ended April 30,
2015, compared to operating loss of $1.3 million in the same period in
the prior year.
-
Adjusted EBITDA of $11.3 million for the nine months ended April 30,
2015, compared to $20.8 million in the same period in the prior year.
-
Net loss of $13.4 million, or $0.26 per basic and diluted share, for
the nine months ended April 30, 2015, compared with net loss of $7.8
million, or $0.15 per basic and diluted share, in the same period in
the prior year.
The Company reported net revenue of $106.2 million for the three months
ended April 30, 2015, compared to $173.3 million in the same period in
the prior year. Operating loss for the three months ended April 30, 2015
was $7.6 million, as compared to an operating loss of $5.1 million in
the same period in the prior year. Net loss for the three months ended
April 30, 2015 was $12.1 million, or $0.23 per basic and diluted share,
compared to a net loss of $9.5 million, or $0.18 per basic and diluted
share for same period in the prior year.
The Company reported net revenue of $442.0 million for the nine months
ended April 30, 2015, compared to $558.7 million in the same period in
the prior year. Operating loss for the nine months ended April 30, 2015
was $5.8 million, as compared to an operating loss of $1.3 million in
the same period in the prior year. Net loss for the nine months ended
April 30, 2015 was $13.4 million, or $0.26 per basic and diluted share,
compared to a net loss of $7.8 million, or $0.15 per basic and diluted
share for same period in the prior year.
The decrease in net revenue for the three and nine months ended April
30, 2015 was primarily a result of lower volumes from a major computing
market client, as well as lower revenues from an aftermarket services
program related to the repair and refurbishment of mobile devices and
lower revenue from another computing market client. The lower revenue
from the computing market clients affected results in the Americas, Asia
and Europe. The lower revenue from aftermarket services program affected
results in the Americas. The decline in gross margin, operating income
and Adjusted EBITDA for the three and nine months ended April 30, 2015
was primarily driven by the lower volumes from the two computing market
clients and the aftermarket services program.
For the three months ended April 30, 2015, negative Adjusted EBITDA was
$0.9 million compared to Adjusted EBITDA of $3.4 million for the same
period in fiscal 2014. For the nine months ended April 30, 2015,
Adjusted EBITDA was $11.3 million compared to $20.8 million for the same
period in fiscal 2014. EBITDA represents earnings before interest,
income tax expense, depreciation and amortization, and Adjusted EBITDA
represents EBITDA excluding certain items. Please refer to the non-GAAP
information and table reconciling the Company’s Adjusted EBITDA to its
GAAP net loss below.
In addition to an acquisition that would enhance our existing
comprehensive supply chain logistics services business, we are
interested in acquiring (including but not limited to) industrial,
defense or electronics related businesses with at least $25 million of
EBITDA. We prefer companies with significant operations in the United
States, good gross margins and returns on invested capital, sustainable
competitive advantages, strong brands and excellent management.
About ModusLink Global Solutions, Inc.
ModusLink Global Solutions, Inc. (NASDAQ: MLNK), through its
wholly-owned subsidiaries, ModusLink Corporation and ModusLink PTS, Inc.
(together “ModusLink"), executes comprehensive supply chain and
logistics services that are designed to improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software and retail. ModusLink’s operations are supported by more than
25 sites across North America, Europe, and the Asia/Pacific region. For
details on ModusLink’s flexible and scalable solutions visit www.moduslink.com
and www.valueunchained.com,
the blog for supply chain professionals.
Non-GAAP Information
In addition to the financial measures prepared in accordance with
generally accepted accounting principles, the Company uses Adjusted
EBITDA, a non-GAAP financial measure, to assess its performance. EBITDA
represents earnings before interest, income tax expense, depreciation
and amortization. We define Adjusted EBITDA as EBITDA excluding the
effects of SEC potential penalties on resolution, professional fees
associated with our SEC inquiry and financial restatement, strategic
consulting and other professional fees, executive severance and employee
retention, restructuring, share-based compensation, impairments of
goodwill and long-lived assets, unrealized foreign exchange gains or
losses, net, other non-operating gains or losses, net, equity in gains
and losses of affiliates and impairments, and discontinued operations.
We believe that providing Adjusted EBITDA to investors is useful, as
this measure provides important supplemental information of our
performance to investors and permits investors and management to
evaluate the operating performance of our core supply chain business. We
use Adjusted EBITDA in internal forecasts and models when establishing
internal operating budgets, supplementing the financial results and
forecasts reported to our Board of Directors, determining a component of
incentive compensation for executive officers and other key employees
based on operating performance and evaluating short-term and long-term
operating trends in our core supply chain business. We believe that the
Adjusted EBITDA financial measure assists in providing an enhanced
understanding of our underlying operational measures to manage the core
supply chain business, to evaluate performance compared to prior periods
and the marketplace, and to establish operational goals. We believe that
these non-GAAP financial adjustments are useful to investors because
they allow investors to evaluate the effectiveness of the methodology
and information used by management in our financial and operational
decision making.
Adjusted EBITDA is a non-GAAP financial measure and should not be
considered in isolation or as a substitute for financial information
provided in accordance with U.S. GAAP. This non-GAAP financial measure
may not be computed in the same manner as similarly titled measures used
by other companies.
A table reconciling the Company’s EBITDA and Adjusted EBITDA to its GAAP
net loss is included in this release.
ModusLink Global Solutions is a registered trademark of ModusLink Global
Solutions, Inc. All other company names and products are trademarks or
registered trademarks of their respective companies.
This release contains forward-looking statements, which address a
variety of subjects. All statements other than statements of historical
fact, including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: the
Company’s ability to execute on its business strategy, including any
cost reduction plans and the continued and increased demand for and
market acceptance of its services, which could negatively affect the
Company’s ability to meet its revenue, operating income and cost savings
targets, maintain and improve its cash position, expand its operations
and revenue, lower its costs, improve its gross margins, reach and
sustain profitability, reach its long-term objectives and operate
optimally; failure to realize expected benefits of restructuring and
cost-cutting actions; the Company’s ability to preserve and monetize
it’s net operating losses; difficulties integrating technologies,
operations and personnel in accordance with the Company’s business
strategy; client or program losses; demand variability in supply chain
management clients to which the Company sells on a purchase order basis
rather than pursuant to contracts with minimum purchase requirements;
failure to settle disputes and litigation on terms favorable to the
Company; risks inherent with conducting international operations; and
increased competition and technological changes in the markets in which
the Company competes. For a detailed discussion of cautionary statements
that may affect the Company’s future results of operations and financial
results, please refer to the Company’s filings with the Securities and
Exchange Commission, including the Company’s most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking
statements represent management’s current expectations and are
inherently uncertain. The Company does not undertake any obligations to
update forward-looking statements made by it.
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ModusLink Global Solutions, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheets
|
(in thousands)
|
(unaudited)
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April 30,
|
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July 31,
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2015
|
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|
2014
|
Assets:
|
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|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
151,425
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|
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|
$
|
183,515
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Trading securities
|
|
|
|
74,835
|
|
|
|
|
22,793
|
Accounts receivable, net
|
|
|
|
121,689
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|
|
|
|
123,948
|
Inventories
|
|
|
|
65,746
|
|
|
|
|
65,269
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Prepaid and other current assets
|
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|
25,180
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|
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|
10,243
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Total current assets
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|
438,875
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|
405,768
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Property and equipment, net
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23,764
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|
25,126
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Investments in affiliates
|
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|
|
2,278
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|
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|
|
7,172
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Goodwill
|
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|
3,058
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|
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|
|
3,058
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Other intangible assets, net
|
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-
|
|
|
|
|
667
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Other assets
|
|
|
|
7,600
|
|
|
|
|
9,855
|
Total assets
|
|
|
$
|
475,575
|
|
|
|
$
|
451,646
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|
|
|
|
|
|
Liabilities:
|
|
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|
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|
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Accounts payable
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$
|
162,001
|
|
|
|
$
|
105,045
|
Accrued restructuring
|
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|
|
2,469
|
|
|
|
|
2,246
|
Accrued expenses
|
|
|
|
37,608
|
|
|
|
|
39,544
|
Other current liabilities
|
|
|
|
36,733
|
|
|
|
|
51,759
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Total current liabilities
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|
|
238,811
|
|
|
|
|
198,594
|
Long-term portion of accrued restructuring
|
|
|
|
-
|
|
|
|
|
39
|
Notes payable
|
|
|
|
76,696
|
|
|
|
|
73,391
|
Other long-term liabilities
|
|
|
|
8,022
|
|
|
|
|
8,004
|
Total liabilities
|
|
|
|
323,529
|
|
|
|
|
280,028
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|
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Stockholders' equity:
|
|
|
|
152,046
|
|
|
|
|
171,618
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
475,575
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|
|
|
$
|
451,646
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|
|
ModusLink Global Solutions, Inc. and Subsidiaries
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Condensed Consolidated Statements of Operations
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(in thousands, except per share data)
|
(unaudited)
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Three Months Ended April 30,
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Nine Months Ended April 30,
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2015
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2014
|
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|
Fav (Unfav)
|
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2015
|
|
|
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2014
|
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|
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Fav (Unfav)
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Net revenue
|
|
|
$
|
106,234
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|
|
|
|
$
|
173,274
|
|
|
|
|
(38.7
|
%)
|
|
|
|
$
|
441,988
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|
|
|
|
$
|
558,700
|
|
|
|
|
(20.9
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%)
|
Cost of revenue
|
|
|
|
97,222
|
|
|
|
|
|
157,575
|
|
|
|
|
38.3
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%
|
|
|
|
|
397,544
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|
|
|
|
|
498,426
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|
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20.2
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%
|
Gross profit
|
|
|
|
9,012
|
|
|
|
|
|
15,699
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|
(42.6
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%)
|
|
|
|
|
44,444
|
|
|
|
|
|
60,274
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|
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|
|
(26.3
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%)
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|
|
8.5
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%
|
|
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|
|
9.1
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%
|
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|
|
(0.6
|
%)
|
|
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|
|
10.1
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%
|
|
|
|
|
10.8
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%
|
|
|
|
(0.7
|
%)
|
Operating expenses:
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Selling, general and administrative
|
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14,439
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|
|
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|
17,100
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|
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|
|
15.6
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%
|
|
|
|
|
44,600
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|
|
|
|
|
54,787
|
|
|
|
|
18.6
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%
|
Amortization of intangible assets
|
|
|
|
131
|
|
|
|
|
|
269
|
|
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|
|
51.3
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%
|
|
|
|
|
667
|
|
|
|
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|
829
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|
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|
19.5
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%
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Impairment of long-lived assets
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-
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-
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-
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|
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|
500
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Restructuring, net
|
|
|
|
1,994
|
|
|
|
|
|
3,468
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|
|
|
|
42.5
|
%
|
|
|
|
|
4,936
|
|
|
|
|
|
5,440
|
|
|
|
|
9.3
|
%
|
Total operating expenses
|
|
|
|
16,564
|
|
|
|
|
|
20,837
|
|
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|
|
20.5
|
%
|
|
|
|
|
50,203
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|
|
|
|
|
61,556
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|
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|
|
18.4
|
%
|
Operating loss
|
|
|
|
(7,552
|
)
|
|
|
|
|
(5,138
|
)
|
|
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|
(47.0
|
%)
|
|
|
|
|
(5,759
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)
|
|
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|
|
(1,282
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)
|
|
|
|
(349.2
|
%)
|
Other expense, net
|
|
|
|
(3,860
|
)
|
|
|
|
|
(3,640
|
)
|
|
|
|
(6.0
|
%)
|
|
|
|
|
(5,489
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)
|
|
|
|
|
(3,871
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)
|
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|
|
(41.8
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%)
|
Loss from continuing operations before taxes
|
|
|
|
(11,412
|
)
|
|
|
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|
(8,778
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)
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|
(30.0
|
%)
|
|
|
|
|
(11,248
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)
|
|
|
|
|
(5,153
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)
|
|
|
|
(118.3
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%)
|
Income tax expense
|
|
|
|
694
|
|
|
|
|
|
700
|
|
|
|
|
0.9
|
%
|
|
|
|
|
2,400
|
|
|
|
|
|
2,590
|
|
|
|
|
7.3
|
%
|
Equity in (gains) losses of affiliates, net of tax
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
(208
|
)
|
|
|
|
|
134
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|
|
|
|
(255.2
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%)
|
Loss from continuing operations
|
|
|
|
(12,106
|
)
|
|
|
|
|
(9,478
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)
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|
|
(27.7
|
%)
|
|
|
|
|
(13,440
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)
|
|
|
|
|
(7,877
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)
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|
|
|
(70.6
|
%)
|
Discontinued operations, net of income taxes:
|
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|
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|
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|
|
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Income from discontinued operations
|
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|
|
-
|
|
|
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|
|
-
|
|
|
|
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|
|
|
|
|
-
|
|
|
|
|
|
80
|
|
|
|
|
|
Net loss
|
|
|
$
|
(12,106
|
)
|
|
|
|
$
|
(9,478
|
)
|
|
|
|
(27.7
|
%)
|
|
|
|
$
|
(13,440
|
)
|
|
|
|
$
|
(7,797
|
)
|
|
|
|
(72.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic and diluted net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(0.23
|
)
|
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
|
|
$
|
(0.26
|
)
|
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
Net loss
|
|
|
$
|
(0.23
|
)
|
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
|
|
$
|
(0.26
|
)
|
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
Weighted average common shares used in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
51,750
|
|
|
|
|
|
51,498
|
|
|
|
|
|
|
|
|
|
51,917
|
|
|
|
|
|
51,502
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
51,750
|
|
|
|
|
|
51,498
|
|
|
|
|
|
|
|
|
|
51,917
|
|
|
|
|
|
51,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ModusLink Global Solutions, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Operations Information by
Operating Segment
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
Nine Months Ended April 30,
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
|
32,732
|
|
|
|
|
$
|
74,429
|
|
|
|
|
$
|
167,772
|
|
|
|
|
$
|
229,791
|
|
Asia
|
|
|
|
35,082
|
|
|
|
|
|
41,387
|
|
|
|
|
|
123,530
|
|
|
|
|
|
134,307
|
|
Europe
|
|
|
|
30,720
|
|
|
|
|
|
48,423
|
|
|
|
|
|
125,761
|
|
|
|
|
|
165,790
|
|
All other
|
|
|
|
7,700
|
|
|
|
|
|
9,035
|
|
|
|
|
|
24,925
|
|
|
|
|
|
28,812
|
|
|
Total net revenue
|
|
|
$
|
106,234
|
|
|
|
|
$
|
173,274
|
|
|
|
|
$
|
441,988
|
|
|
|
|
$
|
558,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
$
|
(2,771
|
)
|
|
|
|
$
|
2,736
|
|
|
|
|
$
|
(1,292
|
)
|
|
|
|
$
|
8,304
|
|
Asia
|
|
|
|
895
|
|
|
|
|
|
2,342
|
|
|
|
|
|
8,925
|
|
|
|
|
|
14,001
|
|
Europe
|
|
|
|
(2,700
|
)
|
|
|
|
|
(4,439
|
)
|
|
|
|
|
(5,030
|
)
|
|
|
|
|
(8,934
|
)
|
All other
|
|
|
|
(12
|
)
|
|
|
|
|
(411
|
)
|
|
|
|
|
510
|
|
|
|
|
|
98
|
|
|
Total segment operating income (loss)
|
|
|
|
(4,588
|
)
|
|
|
|
|
228
|
|
|
|
|
|
3,113
|
|
|
|
|
|
13,469
|
|
|
Corporate-level activity
|
|
|
|
(2,964
|
)
|
|
|
|
|
(5,366
|
)
|
|
|
|
|
(8,872
|
)
|
|
|
|
|
(14,751
|
)
|
|
Total operating loss
|
|
|
$
|
(7,552
|
)
|
|
|
|
$
|
(5,138
|
)
|
|
|
|
$
|
(5,759
|
)
|
|
|
|
$
|
(1,282
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ModusLink Global Solutions, Inc. and Subsidiaries
|
Reconciliation of Selected Non-GAAP Measures to GAAP Measures
|
(in thousands)
|
(unaudited)
|
Net loss to Adjusted EBITDA1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
|
|
Nine Months Ended April 30,
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
2014
|
|
Net loss
|
|
|
|
$
|
(12,106
|
)
|
|
|
|
$
|
(9,478
|
)
|
|
|
|
|
$
|
(13,440
|
)
|
|
|
|
$
|
(7,797
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
(247
|
)
|
|
|
|
|
(159
|
)
|
|
|
|
|
|
(666
|
)
|
|
|
|
|
(326
|
)
|
|
Interest expense
|
|
|
|
2,613
|
|
|
|
|
|
2,049
|
|
|
|
|
|
|
7,899
|
|
|
|
|
|
2,461
|
|
|
Income tax expense
|
|
|
|
694
|
|
|
|
|
|
700
|
|
|
|
|
|
|
2,400
|
|
|
|
|
|
2,590
|
|
|
Depreciation
|
|
|
|
1,903
|
|
|
|
|
|
3,627
|
|
|
|
|
|
|
6,632
|
|
|
|
|
|
10,198
|
|
|
Amortization of intangible assets
|
|
|
|
131
|
|
|
|
|
|
269
|
|
|
|
|
|
|
667
|
|
|
|
|
|
829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
(7,012
|
)
|
|
|
|
|
(2,992
|
)
|
|
|
|
|
|
3,492
|
|
|
|
|
|
7,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in (gains) losses of affiliates and impairments
|
|
|
|
5,017
|
|
|
|
|
|
1,243
|
|
|
|
|
|
|
4,809
|
|
|
|
|
|
1,554
|
|
|
Restructuring
|
|
|
|
1,994
|
|
|
|
|
|
3,468
|
|
|
|
|
|
|
4,936
|
|
|
|
|
|
5,440
|
|
|
SEC potential penalties on resolution
|
|
|
|
1,500
|
|
|
|
|
|
-
|
|
|
|
|
|
|
1,500
|
|
|
|
|
|
-
|
|
|
Share-based compensation
|
|
|
|
442
|
|
|
|
|
|
513
|
|
|
|
|
|
|
1,297
|
|
|
|
|
|
1,663
|
|
|
Strategic consulting and other professional fees
|
|
|
|
60
|
|
|
|
|
|
30
|
|
|
|
|
|
|
669
|
|
|
|
|
|
85
|
|
|
SEC inquiry and financial restatement costs
|
|
|
|
129
|
|
|
|
|
|
103
|
|
|
|
|
|
|
136
|
|
|
|
|
|
3,320
|
|
|
Executive severance and employee retention
|
|
|
|
-
|
|
|
|
|
|
1,080
|
|
|
|
|
|
|
-
|
|
|
|
|
|
1,080
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
500
|
|
|
Discontinued operations
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(80
|
)
|
|
Unrealized foreign exchange (gains) losses, net
|
|
|
|
687
|
|
|
|
|
|
25
|
|
|
|
|
|
|
(904
|
)
|
|
|
|
|
(323
|
)
|
|
Other non-operating losses, net
|
|
|
|
(3,746
|
)
|
|
|
|
|
(30
|
)
|
|
|
|
|
|
(4,645
|
)
|
|
|
|
|
(391
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
(929
|
)
|
|
|
|
$
|
3,440
|
|
|
|
|
|
$
|
11,290
|
|
|
|
|
$
|
20,803
|
|
1 The Company defines Adjusted EBITDA as net income (loss)
excluding net charges related to interest income, interest expense,
income tax expense, depreciation, amortization of intangible assets, SEC
inquiry and financial restatement costs, SEC potential penalties on
resolution, strategic consulting and other professional fees, executive
severance and employee retention, restructuring, share-based
compensation, impairment of goodwill and long-lived assets, unrealized
foreign exchange (gains) losses, net, other non-operating (gains)
losses, net, equity in (gains) losses of affiliates and impairments and
discontinued operations.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150608006635/en/
Source: ModusLink Global Solutions
ModusLink Global Solutions Mary Conway, 781-663-5012 ir@moduslink.com
|