麻豆传媒在线 Reports Third Quarter 2016 Results

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NEWS RELEASE

麻豆传媒在线 Reports Third Quarter 2016 Results

- Reported GAAP Loss Per Share of ($0.11)

- Reported Adjusted Earnings Per Share* of $0.34

- Completed Refinancing of $600 Million Senior Notes

- Global Realignment Program Remains on Track to Achieve $135 Million of Savings

- Revised 2016 Adjusted EPS* Guidance Range to $1.27 to $1.47 per share

CHARLOTTE, N.C.,听Nov. 2, 2016听// --听麻豆传媒在线, Inc. (NYSE: FLOW) today reported results for the quarter ended听October 1, 2016.

Third Quarter 2016 Overview:

Revenues declined 20.8% to听$466.8 million, from听$589.5 million听in the year-ago quarter. 听Organic revenues* decreased 19.6%, or听$115.4 million, primarily due to the continued impact of lower oil and dairy prices on customers' spending and investment decisions.听 The impact of the stronger U.S. Dollar versus foreign currencies decreased revenues by 1.2%, or听$7.3 million.
Operating Income and margin were听$21.8 million听and 4.7%, compared to operating income and margin of听$6.6 million听and 1.1% in the year-ago quarter.听
- The company recorded听$12.5 million听of special charges related to its previously announced realignment program, compared to听$34.6 million听in the year-ago quarter.
Excluding special charges, adjusted operating income* and margin were听$34.3 million听and 7.3%.
Diluted net loss per share was听($0.11)听including discrete and other tax items of听$0.35听per share听primarily related to the company's expansion in听Poland, early extinguishment of debt charges of听($0.59)听per share, and special charges of听($0.21)听per share related to the global realignment program.听
Excluding discrete and other tax items, early extinguishment of debt and special charges, adjusted earnings per share* was听$0.34.听
Net cash used in operating activities was听($21.4) million听in the period including听($33.0) million听of net pension payments, and听($20.3) million听of cash outflows in support of the company's realignment program.
Free cash flow* was a usage of听($28.6) million听and included the net cash from operating activities described above and听($7.2) million听in capital expenditures, of which听($1.7) million听related to the new manufacturing facility in Bydgoszcz,听Poland.

"We have made good progress this year executing on our realignment program and transitioning to an operating structure that will establish a strong foundation for long-term success.听 We realized听$16 million听of year-over-year cost savings in the third quarter and accelerated actions to streamline our functions globally.听 We remain on track to achieve our goal of听$135 million听of annualized cost savings by 2018.听 In addition, during the third quarter we refinanced听$600 million听of debt and amended our credit facility," said听Marc Michael, President and CEO.

Michael continued, "Despite the continued solid progress on our realignment program, our third quarter results were impacted by a deceleration of short cycle Industrial orders at the outset of the quarter and delayed shipments in our Power and Energy segment.听 Total orders in the third quarter declined 6% sequentially, reflecting lower levels of original equipment orders in energy markets and lower orders for systems in food and beverage markets."

"We revised our 2016 financial guidance to reflect our third quarter results, the impact of the sequential order decline and elevated project costs in our Food and Beverage segment.听 For the full year, we now expect revenue to be just over听$2 billion, adjusted earnings per share to be between听$1.27 and $1.47听and adjusted EBITDA to be approximately听$206 million."

"Given ongoing weakness broadly across our end markets and our order development through the first nine months of 2016, we anticipate organic revenue headwinds in 2017.听 As we plan for next year, we are evaluating additional footprint and cost reduction actions incremental to our current global realignment program," Michael concluded.听

Third Quarter 2016 Results by Segment:

Food and Beverage

Revenues for Q3 2016 were听$173.0 million, compared to听$205.9 million听in Q3 2015, a decrease of听$32.9 million, or 16.0%.听 Organic revenues* declined 16.6%, or听$34.1 million, and currency fluctuations increased revenues 0.6%, or听$1.2 million. The decline in organic revenues was due primarily to lower revenue from large systems projects as low dairy prices have delayed customer spending and investment decisions, particularly for milk powder projects.

Segment income was听$19.6 million, or 11.3% of revenues, in Q3 2016, compared to听$27.1 million, or 13.2% of revenues, in Q3 2015. Segment income and margin decreased primarily due to the organic revenue declines described above and increased cost estimates related to certain large projects.听 These items were partially offset by savings from restructuring actions and cost reduction initiatives.

Power and Energy

Revenues for Q3 2016 were听$127.3 million, compared to听$198.5 million听in Q3 2015, a decrease of听$71.2 million, or 35.9%.听 Organic revenues* declined 32.5%, or听$64.4 million, and currency fluctuations decreased revenues 3.4%, or听$6.8 million.听 The decline in organic revenue was due largely to the impact of lower oil prices on customers' spending behavior, particularly for upstream and midstream original equipment, and to a lesser extent, lower aftermarket sales.

Segment income was听$5.5 million, or 4.3% of revenues, in Q3 2016, compared to听$26.5 million, or 13.4% of revenues, in Q3 2015.听 The decrease in segment income and margin was due primarily to a lower volume of revenue from high margin aftermarket and valve sales as well as low utilization rates at certain manufacturing locations.听 These declines were partially offset by savings from restructuring actions and cost reduction initiatives.

Industrial

Revenues for Q3 2016 were听$166.5 million, compared to听$185.1 million听in Q3 2015, a decline of听$18.6 million, or 10.0%.听 Organic revenues* declined 9.0%, or听$16.7 million, and currency fluctuations decreased revenues 1.0%, or听$1.9 million.听 The organic revenue decline was due primarily to lower sales of hydraulic tools into the oil and gas market, as well as lower sales of heat exchangers, mixers and dehydration equipment.

Segment income was听$23.0 million, or 13.8% of revenues, in Q3 2016, compared to听$25.7 million, or 13.9% of revenues, in Q3 2015.听 The decline in segment income was due primarily to the revenue declines described above which were largely offset by savings from restructuring actions and cost reduction initiatives.

2016 Full Year Financial Guidance:

The company updated its consolidated full year 2016 GAAP and adjusted financial guidance to reflect its year to date 2016 results and revised outlook for fourth quarter of 2016.听

听	Updated 2016 Full Year Financial Guidance
($ millions; except per share data)	GAAP Basis	Adjusted Basis听⁽¹⁾
Revenue	$2,000 to $2,030	$2,000 to $2,030
Special Charges	~($80)	$0
Operating income (loss)	($370) to ($358)	$137 to $149
Earnings (Loss) Per Share	($9.15) to ($8.95)	$1.27 to $1.47
Free Cash Flow (Usage)*	($60) to ($40)	$60 to $80
EBITDA*	($347) to ($335)	$200 to $212

听

(1)

Adjusted guidance excludes $426 million of non-cash impairment charges, ~$80 million of special charges and ~$80 million of cash outflows related to the company's realignment program, $41 million of net cash pension funding for retirees, a $39 million early extinguishment of debt charge related to debt refinancing and tax benefits of $24 million related to the company's expanded manufacturing presence in Poland.听 See attached schedules for reconciliation of GAAP guidance to adjusted guidance.

O听THER ITEMS

Global Realignment Program:听听As previously disclosed, the company announced its intent to further optimize its global footprint, streamline business processes and reduce selling, general and administrative expense through a global realignment program. The realignment program is intended to reduce costs across operating sites and corporate and global functions, in part by making structural changes and process enhancements which are designed to help the company operate more efficiently. 听The realignment program was initiated in 2015 and is expected to be largely compete by the end of 2017.听 The total cost of the program is expected to be approximately听$160 million听with annualized savings of approximately听$135 million听fully realized by 2018.听

Debt Refinancing:听听 In听August 2016, the company completed its issuance and sale of听$600 million听in aggregate principal amount of senior unsecured notes comprised of one tranche of听$300 million听aggregate principal amount of 5.625% senior notes due 2024 and one tranche of听$300 million听aggregate principal amount of 5.875% senior notes due 2026.听 The Company used the net proceeds of this offering, together with borrowings under its credit facility, to tender and redeem the听$600 million听of outstanding aggregate principal, plus prepayment premiums, of its 6.875% senior notes due 2017.

2015 Results:听听The company's condensed combined statements of operations, comprehensive income (loss), equity and cash flows for the three and nine months ended听September 26, 2015, were prepared on a "carve out" basis and were derived from the condensed consolidated financial statements and accounting records of SPX Corporation and SPX Flow for the historical periods presented. These condensed combined statements do not necessarily reflect what the results of operations, financial position, and cash flows would have been had 麻豆传媒在线 operated as an independent company for the historical periods reported.

Form 10-Q:听听The company filed its quarterly report on Form 10-Q for the quarter ended听October 1, 2016听with the Securities and Exchange Commission on听November 2, 2016. This press release should be read in conjunction with that filing, which will be available on the company's website at听, in the Investor Relations section.

About 麻豆传媒在线, Inc.:听听Based in听Charlotte, North Carolina, 麻豆传媒在线 is a global supplier of highly engineered solutions, process equipment and turn-key systems, along with the related aftermarket parts and services, into the food and beverage, power and energy and industrial end markets. 麻豆传媒在线 has approximately听$2 billion听in annual revenues with operations in over 35 countries and sales in over 150 countries around the world. To learn more about 麻豆传媒在线, please visit听.

*Non-GAAP number. See attached schedules for reconciliation from most comparable GAAP number. Management believes these Non-GAAP metrics are commonly used financial measures for investors to evaluate our operating performance for the periods presented, and when read in conjunction with our condensed consolidated financial statements, present a useful tool to evaluate our ongoing operations and provide investors with metrics they can use to evaluate our management of the business from period to period. In addition, these are some of the factors we use in internal evaluations of the overall performance of our business.

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "expect", "anticipate", "plan", "target", "project", "believe" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change.听 Statements in this press release speak only as of the date of this press release, and 麻豆传媒在线 disclaims any responsibility to update or revise such statements.

Investor and Media Contact:
Ryan Taylor, Vice President, Communications and Investor Relations
Phone: 704-752-4486
E-mail:听investor@spxflow.com

听

麻豆传媒在线, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
听	听	听	听	听	听	听	听
听	Three months ended			听	Nine months ended
听	October 1, 2016	听	September 26, 2015	听	October 1, 2016	听	September 26, 2015
Revenues	$ 听听听听听听听听听听 466.8	听	$ 听听听听听听听听听听 589.5	听	$ 听听听听听听听听听1,500.6	听	$ 听听听听听听听听听1,775.8
听	听	听	听	听	听	听	听
Costs and expenses:	听	听	听	听	听	听	听
Cost of products sold	320.7	听	391.6	听	1,028.5	听	1,178.4
Selling, general and administrative	107.4	听	135.9	听	359.8	听	418.0
Intangible amortization	4.4	听	5.8	听	15.8	听	17.7
Impairment of goodwill and intangible assets	-	听	15.0	听	426.4	听	15.0
Special charges, net	12.5	听	34.6	听	64.3	听	41.7
Operating income (loss)	21.8	听	6.6	听	(394.2)	听	105.0
听	听	听	听	听	听	听	听
Other income (expense), net	0.2	听	(2.2)	听	(2.4)	听	2.1
Related party interest income (expense), net	-	听	7.4	听	-	听	(2.2)
Other interest expense, net	(14.2)	听	(0.3)	听	(42.9)	听	(1.0)
Loss on early extinguishment of debt	(38.9)	听	-	听	(38.9)	听	-
Income (loss) before income taxes	(31.1)	听	11.5	听	(478.4)	听	103.9
Income tax benefit (provision)	26.9	听	(15.7)	听	89.8	听	(38.3)
Net income (loss)	(4.2)	听	(4.2)	听	(388.6)	听	65.6
Less: Net income (loss) attributable to noncontrolling interests	0.5	听	(0.1)	听	-	听	(0.8)
Net income (loss) attributable to 麻豆传媒在线, Inc.	$ 听听听听听听听听听听听 (4.7)	听	$ 听听听听听听听听听听听 (4.1)	听	$ 听听听听听听听听听 (388.6)	听	$ 听听听听听听听听听听听 66.4
听	听	听	听	听	听	听	听
Basic income (loss) per share of common stock	$ 听听听听听听听听听听听(0.11)	听	$ 听听听听听听听听听听听(0.10)	听	$ 听听听听听听听听听听听(9.41)	听	$ 听听听听听听听听听听听听1.63
Diluted income (loss) per share of common stock	$ 听听听听听听听听听听听(0.11)	听	$ 听听听听听听听听听听听(0.10)	听	$ 听听听听听听听听听听听(9.41)	听	$ 听听听听听听听听听听听听1.62
听	听	听	听	听	听	听	听
Weighted average number of common shares outstanding - basic	41.383	听	40.809	听	41.307	听	40.809
Weighted average number of common shares outstanding - diluted	41.383	听	40.809	听	41.307	听	40.932

听

听麻豆传媒在线, INC. AND SUBSIDIARIES听
听CONDENSED CONSOLIDATED BALANCE SHEETS听
(Unaudited; in millions)
听	October 1,	听	December 31,
听	2016	听	2015
ASSETS	听	听	听
Current assets:	听	听	听
Cash and equivalents	$ 听听听听听听听听听听 227.9	听	$ 听听听听听听听听听听 295.9
Accounts receivable, net	462.2	听	483.9
Inventories, net	309.0	听	305.2
Other current assets	76.8	听	72.4
Total current assets	1,075.9	听	1,157.4
Property, plant and equipment:	听	听	听
Land	37.5	听	37.7
Buildings and leasehold improvements	250.7	听	224.9
Machinery and equipment	432.7	听	483.9
听	720.9	听	746.5
Accumulated depreciation	(328.6)	听	(314.1)
Property, plant and equipment, net	392.3	听	432.4
Goodwill	759.9	听	1,023.4
Intangibles, net	379.3	听	579.4
Other assets	142.6	听	111.6
TOTAL ASSETS	$ 听听听听听听听听听2,750.0	听	$ 听听听听听听听听听3,304.2
听	听	听	听
LIABILITIES, MEZZANINE EQUITY AND EQUITY	听	听	听
Current liabilities:	听	听	听
Accounts payable	$ 听听听听听听听听听听 209.5	听	$ 听听听听听听听听听听 227.1
Accrued expenses	365.6	听	467.3
Income taxes payable	23.6	听	31.7
Short-term debt	116.2	听	28.0
Current maturities of long-term debt	20.3	听	10.3
Total current liabilities	735.2	听	764.4
Long-term debt	977.8	听	993.8
Deferred and other income taxes	67.5	听	142.0
Other long-term liabilities	128.6	听	133.4
Total long-term liabilities	1,173.9	听	1,269.2
Mezzanine equity	20.6	听	鈥�
Equity:	听	听	听
麻豆传媒在线, Inc. shareholders' equity:	听	听	听
Common stock	0.4	听	0.4
Paid-in capital	1,637.4	听	1,621.7
Retained earnings (accumulated deficit)	(378.4)	听	21.1
Accumulated other comprehensive loss	(436.0)	听	(382.7)
Common stock in treasury	(4.3)	听	(1.4)
Total 麻豆传媒在线, Inc. shareholders' equity	819.1	听	1,259.1
Noncontrolling interests	1.2	听	11.5
Total equity	820.3	听	1,270.6
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	$ 听听听听听听听听听2,750.0	听	$ 听听听听听听听听听3,304.2

听

VIEW NEWS RELEASE FULL SCREEN

麻豆传媒在线, INC. AND SUBSIDIARIES

RESULTS OF REPORTABLE SEGMENTS

(Unaudited; in millions)

听

Three months ended

听

Nine months ended

听

October 1, 2016

听

September 26, 2015

听

Increase
(Decrease)

听

%/bps

听

October 1, 2016

听

September 26, 2015

听

Increase
(Decrease)

听

%/bps

Food and Beverage reportable segment

听

Revenues

$ 听听听听听听听听听听听 173.0

听

$ 听听听听听听听听听听听 205.9

听

$ 听听听 (32.9)

听

(16.0)%

听

$ 听听听听听听听听听听听 545.8

听

$ 听听听听听听听听听听听 650.8

听

$ 听听 (105.0)

听

(16.1)%

Gross profit

51.8

听

67.0

听

(15.2)

听

162.6

听

205.2

听

(42.6)

听

Selling, general and administrative expense

30.3

听

38.0

听

(7.7)

听

100.1

听

121.2

听

(21.1)

听

Intangible amortization expense

1.9

听

1.9

听

5.6

听

5.9

听

(0.3)

听

Income

$ 听听听听听听听听听听听听 19.6

听

$ 听听听听听听听听听听听听 27.1

听

$ 听听听听 (7.5)

听

(27.7)%

听

$ 听听听听听听听听听听听听 56.9

听

$ 听听听听听听听听听听听听 78.1

听

$ 听听听 (21.2)

听

(27.1)%

as a percent of revenues

11.3%

听

13.2%

听

-190bps

听

10.4%

听

12.0%

听

-160bps

听

Power and Energy reportable segment

听

Revenues

$ 听听听听听听听听听听听 127.3

听

$ 听听听听听听听听听听听 198.5

听

$ 听听听 (71.2)

听

(35.9)%

听

$ 听听听听听听听听听听听 432.8

听

$ 听听听听听听听听听听听 556.0

听

$ 听听 (123.2)

听

(22.2)%

Gross profit

36.2

听

64.6

听

(28.4)

听

125.0

听

184.9

听

(59.9)

听

Selling, general and administrative expense

29.6

听

35.5

听

(5.9)

听

101.2

听

111.7

听

(10.5)

听

Intangible amortization expense

1.1

听

2.6

听

(1.5)

听

6.1

听

7.7

听

(1.6)

听

Income

$ 听听听听听听听听听听听听听 5.5

听

$ 听听听听听听听听听听听听 26.5

听

$ 听听听 (21.0)

听

(79.2)%

听

$ 听听听听听听听听听听听听 17.7

听

$ 听听听听听听听听听听听听 65.5

听

$ 听听听 (47.8)

听

(73.0)%

as a percent of revenues

4.3%

听

13.4%

听

-910bps

听

4.1%

听

11.8%

听

-770bps

听

Industrial reportable segment

听

Revenues

$ 听听听听听听听听听听听 166.5

听

$ 听听听听听听听听听听听 185.1

听

$ 听听听 (18.6)

听

(10.0)%

听

$ 听听听听听听听听听听听 522.0

听

$ 听听听听听听听听听听听 569.0

听

$ 听听听 (47.0)

听

(8.3)%

Gross profit

58.1

听

66.3

听

(8.2)

听

184.5

听

207.3

听

(22.8)

听

Selling, general and administrative expense

33.7

听

39.3

听

(5.6)

听

111.1

听

123.8

听

(12.7)

听

Intangible amortization expense

1.4

听

1.3

听

0.1

听

4.1

听

4.1

听

Income

$ 听听听听听听听听听听听听 23.0

听

$ 听听听听听听听听听听听听 25.7

听

$ 听听听听 (2.7)

听

(10.5)%

听

$ 听听听听听听听听听听听听 69.3

听

$ 听听听听听听听听听听听听 79.4

听

$ 听听听 (10.1)

听

(12.7)%

as a percent of revenues

13.8%

听

13.9%

听

-10bps

听

13.3%

听

14.0%

听

-70bps

听

Consolidated and Combined Revenues

$ 听听听听听听听听听听听 466.8

听

$ 听听听听听听听听听听听 589.5

听

$ 听听 (122.7)

听

(20.8)%

听

$ 听听听听听听听听听听1,500.6

听

$ 听听听听听听听听听听1,775.8

听

$ 听听 (275.2)

听

(15.5)%

Consolidated and Combined Segment Income

48.1

听

79.3

听

(31.2)

听

(39.3)%

听

143.9

听

223.0

听

(79.1)

听

(35.5)%

as a percent of revenues

10.3%

听

13.5%

听

-320bps

听

9.6%

听

12.6%

听

-300bps

听

Total income for reportable segments

$ 听听听听听听听听听听听听 48.1

听

$ 听听听听听听听听听听听听 79.3

听

$ 听听听 (31.2)

听

$ 听听听听听听听听听听听 143.9

听

$ 听听听听听听听听听听听 223.0

听

$ 听听听 (79.1)

听

Corporate expense

13.8

听

14.1

听

(0.3)

听

45.3

听

50.3

听

(5.0)

听

Pension and postretirement expense

听

9.0

听

(9.0)

听

2.1

听

11.0

听

(8.9)

听

Impairment of goodwill and intangible assets

听

15.0

听

(15.0)

听

426.4

听

15.0

听

411.4

听

Special charges, net

12.5

听

34.6

听

(22.1)

听

64.3

听

41.7

听

22.6

听

Consolidated and Combined Operating Income (Loss)

$ 听听听听听听听听听听听听 21.8

听

$ 听听听听听听听听听听听听听 6.6

听

$ 听听听听15.2

听

230.3 %

听

$ 听听听听听听听听听听 (394.2)

听

$ 听听听听听听听听听听听 105.0

听

$ 听听 (499.2)

听

(475.4)%

as a percent of revenues

4.7%

听

1.1%

听

360bps

听

-26.3%

听

5.9%

听

-3220bps

听

麻豆传媒在线, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
听	听	听	听	听	听	听	听
听	Three months ended			听	Nine months ended
听	October 1, 2016	听	September 26, 2015	听	October 1, 2016	听	September 26, 2015
Cash flows from (used in) operating activities:	听	听	听	听	听	听	听
Net income (loss)	$ 听听听听听听听 (4.2)	听	$ 听听听听听听听 (4.2)	听	$ 听听听听听 (388.6)	听	$ 听听听听听听听65.6
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:	听	听	听	听	听	听	听
听听听 Special charges, net	12.5	听	34.6	听	64.3	听	41.7
听听听 Impairment of goodwill and intangible assets	鈥�	听	15.0	听	426.4	听	15.0
听听听 Deferred income taxes	(35.9)	听	(7.3)	听	(100.2)	听	(11.2)
听听听 Depreciation and amortization	15.6	听	14.8	听	49.7	听	44.3
听听听 Stock based compensation	3.0	听	鈥�	听	14.2	听	鈥�
听听听 Pension and other employee benefits	1.7	听	8.2	听	7.3	听	9.8
听听听 Gain on asset sales and other, net	(0.1)	听	鈥�	听	(1.4)	听	(1.2)
听听听 Loss on early extinguishment of debt	38.9	听	鈥�	听	38.9	听	鈥�
Changes in operating assets and liabilities:	听	听	听	听	听	听	听
Accounts receivable and other assets	43.9	听	40.9	听	30.7	听	(27.2)
Inventories	(1.3)	听	0.6	听	(5.0)	听	(26.9)
Accounts payable, accrued expenses and other	(21.3)	听	(80.7)	听	(77.2)	听	(41.9)
Domestic pension payments	(53.9)	听	鈥�	听	(65.9)	听	鈥�
Cash spending on restructuring actions	(20.3)	听	(6.3)	听	(43.2)	听	(11.4)
Net cash from (used in) operating activities	(21.4)	听	15.6	听	(50.0)	听	56.6
Cash flows used in investing activities:	听	听	听	听	听	听	听
Proceeds from asset sales and other, net	0.3	听	3.7	听	2.4	听	5.3
Increase in restricted cash	鈥�	听	(0.4)	听	(0.2)	听	(0.5)
Capital expenditures	(7.2)	听	(20.5)	听	(37.3)	听	(43.1)
Net cash used in investing activities	(6.9)	听	(17.2)	听	(35.1)	听	(38.3)
Cash flows from (used in) financing activities:	听	听	听	听	听	听	听
听 Proceeds from issuance of senior notes	600.0	听	鈥�	听	600.0	听	鈥�
听 Repurchases of senior notes (includes premiums paid of $36.4)	(636.4)	听	鈥�	听	(636.4)	听	鈥�
听 Borrowings under senior credit facilities	304.0	听	455.0	听	328.0	听	455.0
听 Repayments of senior credit facilities	(238.0)	听	鈥�	听	(260.0)	听	鈥�
听 Borrowings under trade receivables agreement	46.9	听	鈥�	听	79.9	听	鈥�
听 Repayments of trade receivables agreement	(31.7)	听	鈥�	听	(53.7)	听	鈥�
听 Repayments of related party notes payable	鈥�	听	鈥�	听	鈥�	听	(5.4)
听 Borrowings under other financing arrangements	0.1	听	鈥�	听	1.2	听	1.0
听 Repayments of other financing arrangements	(4.0)	听	(1.4)	听	(12.8)	听	(2.7)
听 Minimum withholdings paid on behalf of employees for net share听听听settlements, net	(0.1)	听	鈥�	听	(3.2)	听	鈥�
听听Financing fees paid	(12.6)	听	(6.2)	听	(12.6)	听	(6.2)
听 Dividends paid to noncontrolling interests in subsidiary	鈥�	听	鈥�	听	(1.2)	听	(0.2)
听 Change in former听parent company investment	鈥�	听	(405.2)	听	鈥�	听	(453.9)
Net cash from (used in) financing activities	28.2	听	42.2	听	29.2	听	(12.4)
Change in cash and equivalents due to changes in foreign currency exchange rates	(1.0)	听	(8.6)	听	(12.1)	听	(15.4)
Net change in cash and equivalents	(1.1)	听	32.0	听	(68.0)	听	(9.5)
Consolidated and combined cash and equivalents, beginning of period	229.0	听	175.1	听	295.9	听	216.6
Consolidated and combined cash and equivalents, end of period	$ 听听听听听听227.9	听	$ 听听听听听听207.1	听	$ 听听听听听听227.9	听	$ 听听听听听听207.1

听

麻豆传媒在线, INC. AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
听	听	听	听
听	Nine months ended	听	听
听	October 1, 2016	听	听
Beginning cash and equivalents	$ 听听听听听听听听听听听 295.9	听	听
听	听	听	听
Net cash used in operating activities	(50.0)	听	听
Proceeds from asset sales and other, net	2.4	听	听
Increase in restricted cash	(0.2)	听	听
Capital expenditures	(37.3)	听	听
Net repurchases of senior notes (premiums paid)听听	(36.4)	听	听
Net borrowings under senior credit facilities	68.0	听	听
Net borrowings under trade receivables financing arrangement	26.2	听	听
Net repayments of other financing arrangements	(11.6)	听	听
Minimum withholdings paid on behalf of employees for net share settlements, net	(3.2)	听	听
Financing fees paid	(12.6)	听	听
Dividends paid to noncontrolling interests in subsidiary	(1.2)	听	听
Change in cash and equivalents due to changes in foreign currency exchange rates	(12.1)	听	听
听	听	听	听
Ending cash and equivalents	$ 听听听听听听听听听听听 227.9	听	听
听	听	听	听
听	听	听	听
听	Debt at	听	Debt at
听	October 1, 2016	听	December 31, 2015
Domestic revolving loan facility	$ 听听听听听听听听听听听听 73.0	听	$ 听听听听听听听听听听听听听鈥�
Term loan	395.0	听	400.0
5.625% senior notes	300.0	听	鈥�
5.875% senior notes	300.0	听	鈥�
6.875% senior notes	鈥�	听	600.0
Trade receivables financing arrangement	26.2	听	鈥�
Other indebtedness	32.9	听	37.3
Totals	$ 听听听听听听听听听听1,127.1	听	$ 听听听听听听听听听 1,037.3
听	听	听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
听	听	听	听	听	听
听	Three months ended October 01, 2016
听	Net Revenue Decline	听	Foreign Currency	听	Organic Revenue Decline
Food and Beverage reportable segment	(16.0)%	听	0.6 %	听	(16.6)%
Power and Energy reportable segment	(35.9)%	听	(3.4)%	听	(32.5)%
Industrial reportable segment	(10.0)%	听	(1.0)%	听	(9.0)%
Consolidated	(20.8)%	听	(1.2)%	听	(19.6)%
听	听	听	听	听	听
听	Nine months ended October 01, 2016
听	Net Revenue Decline	听	Foreign Currency	听	Organic Revenue Decline
Food and Beverage reportable segment	(16.1)%	听	(1.0)%	听	(15.1)%
Power and Energy reportable segment	(22.2)%	听	(3.3)%	听	(18.9)%
Industrial reportable segment	(8.3)%	听	(1.6)%	听	(6.7)%
Consolidated	(15.5)%	听	(1.9)%	听	(13.6)%
听	听	听	听	听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
ADJUSTED OPERATING INCOME RECONCILIATION
(Unaudited; in millions)
听	听
听	Three months ended
听	October 1, 2016
Operating income	$ 听听听听听听听听听听听听听听听21.8
Impairment of goodwill and intangible assets	鈥�
Special charges, net	12.5
Adjusted operating income	$ 听听听听听听听听听听听听听听听34.3
听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
听	听
听	Three months ended
听	October 1, 2016
Diluted loss per share	$ 听听听听听听听听听听听听听听 (0.11)
Impairment of goodwill and intangible assets 听	鈥�
Early extinguishment of debt, net of tax benefit	0.59
Special charges, net of tax	0.21
Discrete and other net tax benefits, primarily Poland incentive	(0.35)
Adjusted diluted earnings per share	$ 听听听听听听听听听听听听听听听 0.34
听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
FREE CASH FLOW AND ADJUSTED FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
听	听	听	听	听	听
听	Three months ended	听	Nine months ended	听	2016
听	October 1, 2016	听	October 1, 2016	听	Mid-Point Target
Net cash used in operating activities	$ 听听听听听听听听听听听听听听 (21.4)	听	$ 听听听听听听听听听听听听听听 (50.0)	听	$ 听听听听听听听听听听听听听听听听听(4)
Capital expenditures	(7.2)	听	(37.3)	听	(45)
Free cash flow used in operations	$ 听听听听听听听听听听听听听听 (28.6)	听	$ 听听听听听听听听听听听听听听 (87.3)	听	$ 听听听听听听听听听听听听听听听听(49)
听	听	听	听	听	听
Free cash flow used in operations	$ 听听听听听听听听听听听听听听 (28.6)	听	$ 听听听听听听听听听听听听听听 (87.3)	听	$ 听听听听听听听听听听听听听听听听(49)
Cash spending on restructuring actions	20.3	听	43.2	听	58
Capital expenditures related to manufacturing expansion in Poland	1.7	听	17.9	听	20
Domestic pension payments, net of tax benefit	33.0	听	41.0	听	41
Adjusted free cash flow from听operations	$ 听听听听听听听听听听听听听听听 26.4	听	$ 听听听听听听听听听听听听听听听14.8	听	$ 听听听听听听听听听听听听听听听听 70
听	听	听	听	听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
ADJUSTED OPERATING INCOME RECONCILIATION
(Unaudited; in millions)
听	听
听	2016
听	Mid-Point Target
Operating loss	$ 听听听听听听听听听(364)
Impairment of goodwill and intangible assets	426
Special charges, net	80
Adjusted operating income	$ 听听听听听听听听听听143

听

麻豆传媒在线, INC. AND SUBSIDIARIES
ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
听	听
听	2016
听	Mid-Point Target
Diluted loss per share	$ 听听听听听听听听 (9.05)
Impairment of goodwill and intangible assets, net of tax	8.71
Special charges, net of tax	1.41
Early extinguishment of debt, net of tax	0.59
Discrete and other net tax benefits, primarily Poland incentive	(0.29)
Adjusted diluted earnings per share	$ 听听听听听听听听听 1.37
听	听

听

麻豆传媒在线, INC. AND SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA RECONCILIATION
(Unaudited; in millions)
听	2016
听	Mid-Point Target
Net loss	$ 听听听听听听听听听(375)
听	听
Income tax benefit	(87)
Interest expense	56
Depreciation and amortization	65
EBITDA	(341)
Early extinguishment of debt	39
Special charges, net	80
Impairment of goodwill and intangible assets	426
ADJUSTED EBITDA	205
Non-cash compensation expense	25
Non-service pension costs	2
Interest income	3
Other	(1)
Bank consolidated EBITDA	$ 听听听听听听听听听听233
听	听

听

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SOURCE 麻豆传媒在线, Inc.

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