View - CTS Corp.

CTS Corporation
Reconciliation of Net Earnings (Loss) to Adjusted Net Earnings (Loss)
($ in millions)
As Reported for 2013 Continuing Operations excluding EMS divestiture Discontinued Operations:
Full Year
2012
2011
2010
2009
19.6
8.1
11.4
6.4
5.1
2.0
13.5
11.3
17.7
(15.0)
Charges (credits) to reported net earnings (loss):
Restructuring, restructuring-related, and asset impairment charges
Goodwill impairment
Gain on sale-leaseback
Additional legal costs
Transaction Costs
Additional CEO search, legal costs and acquisition*
6.2
-
2.1
-
4.1
-
3.1
-
1.1
-
11.8
4.1
4.5
(10.3)
1.5
2.5
2.6
0.3
-
1.0
-
2.1
2.4
-
Total adjustments to reported net earnings from continuing operations
Total adjustments, tax affected from continuing operations (B)
6.2
5.1
2.1
1.8
4.1
3.3
3.1
2.4
1.1
0.9
15.9
12.0
(1.8)
(1.4)
3.0
2.1
1.0
0.7
4.5
3.8
Impact of tax repatriation (C)
Impact of UK deferred tax asset write-off (D)
Impact of tax asset write-off related to restructuring (E)
Impact of reversal of tax reserves (F)
0.4
-
-
0.4
-
(0.2)
-
0.6
-
10.5
1.0
-
-
-
-
9.1
2.5
Nine Months
Net earnings / (loss) from continuing operations (A)
2014
First Half
Q3
Q2
Q1
2013
Adjusted net earnings / (loss) from continuing operations (A+B+C+D+E+F)
$
25.1
$
9.9
$
15.2
$
8.5
$
6.6
$
25.5
$
12.1
$
13.4
Total Sales from continuing operations
$
303.6
$
100.0
$
203.7
$
103.0
$
100.7
$
409.5
$
304.5
$
279.9
Adjusted net earnings / (loss) as a percentage of total sales from continuing operations
8.3%
9.9%
7.4%
8.3%
As Historically Reported prior to 2013 Discontinued Operations:
6.6%
6.2%
4.0%
Charges (credits) to reported net earnings (loss):
Restructuring, restructuring-related, and asset impairment charges
Goodwill impairment
Gain on sale-leaseback
Additional legal costs
Transaction Costs
Additional CEO search, legal costs and acquisition*
18.3
$ 282.9
4.8%
$
0.4
$ 213.2
6.5%
0.2%
Q3
2013
First Half
Q1
Q4
Nine Months
2012
Q3 First Half
Q2
Q1
Q4
2011
Q3
Q2
Q1
Q4
2010
Q3
Q2
Q1
Q4
2009
Q3
(0.9)
6.8
(7.8)
(11.3)
3.6
8.8
11.5
5.9
5.6
3.3
2.3
5.9
5.9
4.1
5.1
4.8
6.9
5.9
4.4
4.1
4.5
(7.0)
10.0
1.1
8.9
8.1
0.8
-
3.8
(10.3)
-
4.7
-
0.9
-
3.8
-
3.8
-
-
2.4
-
-
0.7
0.3
-
1.7
-
-
-
-
-
-
-
Nine Months
Net earnings / (loss) (A)
$
Q2
Q2
2012
Full Year
2011
2010
(35.6)
20.3
21.0
22.0
(34.1)
2.2
33.2
-
8.5
(10.3)
-
3.1
0.3
1.7
-
2.2
33.2
-
Q1
2009
0.6
2.3
0.6
0.8
1.5
0.8
0.7
2.7
1.2
0.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.0
-
-
Total adjustments to reported net earnings
Total adjustments, tax affected (B)
12.9
8.7
2.4
1.3
10.4
7.3
8.9
6.3
1.5
1.1
(3.7)
(2.6)
5.9
4.2
1.2
0.8
3.8
2.8
3.8
2.8
-
2.4
1.8
-
1.0
0.7
-
1.7
1.1
-
-
-
-
-
-
35.4
34.5
2.2
1.6
3.5
2.5
1.7
1.1
Impact of tax repatriation (C)
Impact of UK deferred tax asset write-off (D)
Impact of tax treaty (E)
Impact of reversal of tax reserves (F)
10.8
1.0
-
10.8
1.0
10.8
1.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9.1
-
-
-
-
9.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.5
-
-
-
-
-
-
2.5
Adjusted net earnings / (loss) (A+B+C+D+E+F)
$
19.5
$
8.1
$
11.3
Total Sales
$
460.6
$
159.6
$
301.1
Adjusted net earnings / (loss) as a percentage of total sales.
*The 2012 quarterly expenses do not add to the full year or nine months amounts because the expenses in Q1 and Q2 were not material and therefore, not discussed.
4.2%
5.1%
3.8%
$
6.7
$ 151.6
4.4%
$
4.6
$ 149.5
3.1%
$
6.3
$
15.7
$ 138.3
$
438.6
4.5%
3.6%
$
6.7
$ 137.4
4.9%
$
8.4
$ 301.3
2.8%
$
6.1
$ 154.3
4.0%
$
2.3
$ 147.0
1.6%
$
7.7
$ 144.0
5.3%
$
5.9
$ 146.1
4.0%
$
4.8
$ 146.9
3.3%
$
5.1
$ 151.5
3.4%
$
5.9
$ 145.0
4.1%
$
6.9
$ 139.4
4.9%
$
5.9
$ 138.9
4.2%
$
4.4
$ 129.4
3.4%
$
6.6
$ 133.9
4.9%
$
4.5
$ 126.6
3.6%
$
2.1
$ 120.4
1.7%
$
(1.1)
$ 118.1
-0.9%
35.4
34.5
$ 22.0
$ 23.4
$ 23.1
$ 12.0
$ 576.9
$ 588.5
$ 552.6
$ 499.0
3.8%
4.0%
4.2%
2.4%