Exhibit 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE:

 

CONTACT:

 

 

Pfeiffer High Investor Relations, Inc.

 

 

Geoff High

 

 

303-393-7044

 

DYNAMIC MATERIALS REPORTS SECOND QUARTER FINANCIAL RESULTS

 

BOULDER, Colo. — July 30, 2013 — Dynamic Materials Corporation (DMC) (Nasdaq: BOOM), today reported financial results for its second quarter ended June 30, 2013.

 

Second quarter sales were $57.9 million, up 19% from sales of $48.7 million in the same quarter last year, and a sequential increase of 25% from $46.3 million reported in the first quarter.  Management’s prior forecast called for a sales increase of 11% to 14% versus the second quarter last year.  Gross margin was 30% versus 29% in the second quarter a year ago and 28% in this year’s first quarter.

 

Operating income increased 65% to $6.0 million from $3.7 million in last year’s second quarter.  During this year’s first quarter, DMC reported a loss from operations of $1.1 million due to $3.0 million of non-recurring expenses associated with management retirements.

 

Net income in the second quarter was $3.4 million, or $0.25 per diluted share, a 30% increase from net income of $2.7 million, or $0.20 per diluted share, in the year-ago second quarter.  The Company’s first quarter net income of $215,000, or $0.02 per diluted share, included the impact of the $3.0 million in retirement expense, as well as a tax benefit of approximately $1.2 million.

 

Second quarter Adjusted EBITDA was $9.7 million, up 30% from $7.5 million in the second quarter last year, and an improvement from first quarter adjusted EBITDA of $3.3 million.  Adjusted EBITDA is a non-GAAP (generally accepted accounting principles) financial measure used by management to measure operating performance.  See additional information about adjusted EBITDA at the end of this news release, as well as a reconciliation of adjusted EBITDA to GAAP measures.

 

Explosive Metalworking

 

Nobelclad, the Company’s Explosive Metalworking business, reported sales of $32.4 million, up 18% from $27.4 million in the second quarter last year.  Operating income was $5.2 million, an increase of 46% versus $3.6 million in the same quarter a year ago.  Adjusted EBITDA was $6.7 million, versus $5.0 million in the comparable year-ago quarter.  The segment closed the quarter with an order backlog of $44.2 million versus $47.6 million at the end of the first quarter.

 

Oilfield Products

 

Sales at DYNAenergetics, DMC’s Oilfield Products business, were $23.2 million, up 22% from $18.9 million in last year’s second quarter.  Operating income was $2.2 million, up 27% versus $1.7 million in the second quarter last year, while adjusted EBITDA was $3.5 million up 17% versus $3.0 million in the 2012 second quarter.

 

AMK Welding

 

Sales at DMC’s AMK Welding segment were $2.3 million, down 4% from $2.4 million in last year’s second quarter.  Operating income improved to $404,000 from $165,000 in the 2012 second

 



 

quarter.  The improvement was due to a large volume of high-margin repair work during the quarter.  Adjusted EBITDA was $555,000 compared with $290,000 in last year’s second quarter.

 

Six-Month Results

 

Sales for the six-month period increased 5% to $104.1 million from $98.9 during the same period a year ago. Gross margin was flat at 29%. Operating income for the six-month period, which was impacted by $3.0 million in non-recurring expenses associated with management retirements, decreased to $5.0 million from $7.8 million in the same period last year.

 

Net income, which reflects the retirement expense mentioned above, as well as a $1.2 million first quarter tax benefit, was $3.7 million, or $0.27 per diluted share, versus $5.1 million, or $0.38 per diluted share, in the same period a year ago.  Adjusted EBITDA was $13.0 million versus $15.5 million during the 2012 six-month period.  Cash flow from operations increased to $15.4 million from $8.1 million during the first six months of 2012.

 

The Explosive Metalworking segment reported six-month sales of $58.6 million, up 7% from $54.9 million in the comparable prior-year period.  Operating income was flat at $7.7 million. Adjusted EBITDA was $10.6 million versus $10.5 million at the six-month mark last year.

 

Six-month sales at DMC’s Oilfield Products segment increased 5% to $41.8 million from $40.0 million in the 2012 six-month periodThe segment reported six-month operating income of $3.9 million, up 4% from $3.7 million in the comparable prior-year period.  Adjusted EBITDA improved to $6.6 million from $6.5 million in the year-ago period.

 

AMK Welding recorded six-month sales of $3.7 million, down 9% from $4.1 million through the first six months of 2012. Operating income was $110,000 versus $77,000 in the prior year’s six-month period, while adjusted EBITDA was $411,000 versus $326,000.

 

Management Commentary

 

“Second quarter sales exceeded our prior forecast thanks to a strong performance by Nobelclad’s U.S. production team, which capitalized on earlier-than-expected arrival of raw materials that were then efficiently utilized to meet customer requirements.”

 

Longe said quoting activity at Nobelclad has increased in recent months, and is ahead of levels seen at the mid-year mark of 2012. “We are bidding on projects that span a broad cross section of industrial end markets, and inquiries from the chemical, energy and power generation markets have been strong.”

 

Nobelclad is actively pursuing orders related to several international chemical projects, which involve both new-build and upgrade work.  The projects are expected to be awarded during the second half of 2013, although specific timing is difficult to forecast.

 

“Our DYNAenergetics team has also been active, and shipped the full value of a $3.2 million Indian tender order during the second quarter,” Longe said.  “DYNAenergetics also recently commenced marketing its DYNAselect System, an advanced new product offering designed to enhance the reliability and efficiency of the well perforation process.”

 

Equipment installation at DYNAenergetics’ new shaped charge facility in Blum, Texas has been completed, and production testing is underway.  Commercial production is expected to begin by the anticipated September 1 start date.  In addition, construction on DYNAenergetics’ new perforating gun and shaped charge facilities in Russia is on schedule.

 



 

“We are encouraged by the impact of our organizational enhancements, which are reflected in DMC’s improved operating cash flow performance during the first half of 2013,” Longe said.  “The continued operational progress at both DYNAenergetics and AMK Welding is also very gratifying.

 

“We are reasonably optimistic that developments in several of Nobelclad’s industrial end markets foretell an increase in capital spending.  While order timing will always be unpredictable, it appears overall activity is improving.”

 

Guidance

 

Rick Santa, senior vice president and chief financial officer, said, “Although we anticipate Nobelclad will receive multiple large orders from the chemical industry during the second half of the year, uncertainty associated with their specific timing and our ability to deliver them by the close of the fourth quarter has led us to adjust our full year sales forecast, which now anticipates an increase of 6% to 8% versus a previously forecast increase of 8% to 10% over 2012 sales.  Our full-year gross margin forecast is unchanged at 27% to 29%.”

 

Santa said DMC’s expected blended effective tax rate for the full-year has been revised to 24% to 26% from the previously forecasted range of 21% to 23%.  The revision relates principally to approximately $400,000 in non-recurring second quarter tax expense resulting from a recent German tax audit.  Excluding the impact of a previously discussed $900,000 first quarter tax benefit and the $400,000 of second quarter non-recurring expense, the blended effective tax rate for fiscal 2013 is projected to be in a range of 28% to 30% versus the prior forecasted range of 26% to 28%.

 

For the third fiscal quarter, management anticipates sales will increase by 10% to 12% versus sales of $50.1 million in the third quarter of 2012.  Gross margin is expected to be in a range of 27% to 29%.

 

Conference call information

 

Management will hold a conference call to discuss these results today at 5:00 p.m. Eastern (3:00 p.m. Mountain).  Investors are invited to listen to the call live via the Internet at www.dynamicmaterials.com, or by dialing into the teleconference at 877-407-8031 (201-689-8031 for international callers).  No passcode is necessary.  Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days and a telephonic replay will be available through August 6, 2013, by calling 877-660-6853 (201-612-7415 for international callers) and entering the Conference ID #417878.

 

Use of Non-GAAP Financial Measures

 

Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader’s understanding of DMC’s financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided within the schedules attached to this release.

 

EBITDA is defined as net income plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance (as further described in the attached financial schedules). None of these non-GAAP

 



 

financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure.

 

Management uses these non-GAAP measures in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance and the company’s ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews feature the adjusted EBITDA. Management also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. EBITDA and adjusted EBITDA are also used by research analysts, investment bankers and lenders to assess operating performance. For example, a measure similar to EBITDA is required by the lenders under DMC’s credit facility.

 

Because not all companies use identical calculations, DMC’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company’s capital structure on its performance.

 

All of the items included in the reconciliation from net income to EBITDA and adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles and stock-based compensation) or (ii) items that management does not consider to be useful in assessing DMC’s operating performance (e.g., income taxes and gain on sale of assets). In the case of the non-cash items, management believes that investors can better assess the company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect DMC’s ability to generate free cash flow or invest in its business. For example, by adjusting for depreciation and amortization in computing EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

 

About Dynamic Materials Corporation

 

Based in Boulder, Colorado, Dynamic Materials Corporation serves a global network of customers in the energy, infrastructure and industrials markets through two core business segments — Nobelclad and DYNAenergetics — as well as a specialized industrial service provider, AMK Welding. The Nobelclad segment is the world’s largest manufacturer of explosion-welded clad metal plates, which are used to fabricate capital equipment utilized within various process industries and other industrial sectors. DYNAenergetics is an international manufacturer and marketer of advanced explosive components and systems used to perforate oil and gas wells. AMK Welding utilizes various specialized technologies to weld components for use in power-generation turbines, and commercial and military jet engines. For more information, visit the Company’s websites at:

http://www.dynamicmaterials.com and

http://www.dynaenergetics.com.

 



 

Safe Harbor Language

 

Except for the historical information contained herein, this news release contains forward-looking statements, including our guidance for third quarter and full-year 2013 sales, margins, tax rates and tax benefits, expectations regarding our global growth and operational initiatives, Nobelclad sales opportunities in the chemical and other end markets, completion of the new DYNAenergetics shaped charge plant, and the other prospects we are pursuing at each of our three business segments.  These risks and uncertainties include, but are not limited to, the following: our ability to realize sales from our backlog; our ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; fluctuations in customer demand; our ability to successfully execute upon international growth opportunities; the success of planned senior leadership transition; fluctuations in foreign currencies, changes to customer orders; the cyclicality of our business; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; the availability and cost of funds; and general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; as well as the other risks detailed from time to time in the Company’s SEC reports, including the annual report on Form 10-K for the year ended December 31, 2012.

 


 


 

DYNAMIC MATERIALS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Amounts in Thousands, Except Share and Per Share Data)

(unaudited)

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

NET SALES

 

$

57,859

 

$

48,687

 

$

104,129

 

$

98,899

 

COST OF PRODUCTS SOLD

 

40,796

 

34,748

 

74,347

 

70,583

 

Gross profit

 

17,063

 

13,939

 

29,782

 

28,316

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

5,158

 

4,641

 

13,296

 

9,146

 

Selling and distribution expenses

 

4,324

 

4,128

 

8,375

 

8,319

 

Amortization of purchased intangible assets

 

1,568

 

1,520

 

3,153

 

3,064

 

Total costs and expenses

 

11,050

 

10,289

 

24,824

 

20,529

 

INCOME FROM OPERATIONS

 

6,013

 

3,650

 

4,958

 

7,787

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

(420

)

409

 

(124

)

209

 

Interest expense

 

(183

)

(196

)

(355

)

(407

)

Interest income

 

1

 

3

 

4

 

8

 

INCOME BEFORE INCOME TAXES AND NON-CONTROLLING INTEREST

 

5,411

 

3,866

 

4,483

 

7,597

 

INCOME TAX PROVISION

 

1,956

 

1,167

 

785

 

2,509

 

NET INCOME

 

3,455

 

2,699

 

3,698

 

5,088

 

Less: Net income attributable to non-controlling interest

 

15

 

46

 

43

 

9

 

NET INCOME ATTRIBUTABLE TO DYNAMIC MATERIALS CORPORATION

 

$

3,440

 

$

2,653

 

$

3,655

 

$

5,079

 

INCOME PER SHARE:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.25

 

$

0.20

 

$

0.27

 

$

0.38

 

Diluted

 

$

0.25

 

$

0.20

 

$

0.27

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

Basic

 

13,526,623

 

13,205,620

 

13,523,028

 

13,203,310

 

Diluted

 

13,530,588

 

13,209,732

 

13,527,011

 

13,207,562

 

 

 

 

 

 

 

 

 

 

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.04

 

$

0.04

 

$

0.08

 

$

0.08

 

 



 

DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands)

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,323

 

$

8,200

 

Accounts receivable, net

 

41,511

 

36,981

 

Inventory

 

45,563

 

48,320

 

Other current assets

 

7,507

 

7,165

 

Total current assets

 

96,904

 

100,666

 

 

 

 

 

 

 

Property, plant and equipment, net

 

59,860

 

53,976

 

Goodwill, net

 

36,447

 

37,431

 

Purchased intangible assets, net

 

38,121

 

41,958

 

Other long-term assets

 

1,011

 

1,400

 

Total assets

 

$

232,343

 

$

235,431

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,203

 

$

11,281

 

Customer advances

 

4,763

 

1,363

 

Dividend payable

 

549

 

540

 

Accrued income taxes

 

906

 

406

 

Other current liabilities

 

9,538

 

9,742

 

Lines of credit

 

 

981

 

Current portion of long-term debt

 

63

 

65

 

Total current liabilities

 

30,022

 

24,378

 

 

 

 

 

 

 

Lines of credit

 

28,843

 

37,779

 

Long-term debt

 

20

 

55

 

Deferred tax liabilities

 

8,430

 

9,211

 

Other long-term liabilities

 

1,668

 

1,452

 

Stockholders' equity

 

163,360

 

162,556

 

Total liabilities and stockholders' equity

 

$

232,343

 

$

235,431

 

 



 

DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(Amounts in Thousands)

(unaudited)

 

 

 

2013

 

2012

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net income

 

$

3,698

 

$

5,088

 

Adjustments to reconcile net income to net cash provided by operating activities -

 

 

 

 

 

Depreciation (including capital lease amortization)

 

2,874

 

2,729

 

Amortization of purchased intangible assets

 

3,153

 

3,064

 

Amortization of deferred debt issuance costs

 

51

 

66

 

Stock-based compensation

 

2,057

 

1,935

 

Deferred income tax provision (benefit)

 

196

 

(459

)

Loss on disposal of property, plant and equipment

 

21

 

(2

)

Change in working capital, net

 

3,348

 

(4,346

)

Net cash provided by operating activities

 

15,398

 

8,075

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Acquisition of property, plant and equipment

 

(9,726

)

(5,595

)

Acquisition of TRX Industries

 

 

(10,294

)

Change in other non-current assets

 

192

 

126

 

Net cash used in investing activities

 

(9,534

)

(15,763

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Borrowings (repayments) on bank lines of credit, net

 

(9,811

)

9,924

 

Payments on long-term debt

 

(32

)

(1,138

)

Payments on capital lease obligations

 

(25

)

(40

)

Payment of dividends

 

(1,088

)

(1,074

)

Net proceeds from issuance of common stock

 

163

 

98

 

Tax impact of stock-based compensation

 

(836

)

(11

)

Net cash provided by (used in) financing activities

 

(11,629

)

7,759

 

EFFECTS OF EXCHANGE RATES ON CASH

 

(112

)

(132

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(5,877

)

(61

)

CASH AND CASH EQUIVALENTS, beginning of the period

 

8,200

 

5,276

 

CASH AND CASH EQUIVALENTS, end of the period

 

$

2,323

 

$

5,215

 

 



 

DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST

DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS

(Amounts in thousands)

(unaudited)

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Explosive Metalworking

 

$

32,390

 

$

27,374

 

$

58,572

 

$

54,908

 

Oilfield Products

 

23,164

 

18,924

 

41,818

 

39,898

 

AMK Welding

 

2,305

 

2,389

 

3,739

 

4,093

 

Net sales

 

$

57,859

 

$

48,687

 

$

104,129

 

$

98,899

 

 

 

 

 

 

 

 

 

 

 

Explosive Metalworking

 

$

5,245

 

$

3,589

 

$

7,689

 

$

7,688

 

Oilfield Products

 

2,157

 

1,701

 

3,880

 

3,747

 

AMK Welding

 

404

 

165

 

110

 

77

 

Unallocated expenses

 

(1,793

)

(1,805

)

(6,721

)

(3,725

)

Income from operations

 

$

6,013

 

$

3,650

 

$

4,958

 

$

7,787

 

 

 

 

For the three months ended June 30, 2013

 

 

 

Explosive

 

Oilfield

 

AMK

 

Unallocated

 

 

 

 

 

Metalworking

 

Products

 

Welding

 

Expenses

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

5,245

 

$

2,157

 

$

404

 

$

(1,793

)

$

6,013

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interest

 

 

(15

)

 

 

(15

)

Stock-based compensation

 

 

 

 

635

 

635

 

Depreciation

 

946

 

360

 

151

 

––

 

1,457

 

Amortization of purchased intangibles

 

521

 

1,047

 

 

 

1,568

 

Adjusted EBITDA

 

$

6,712

 

$

3,549

 

$

555

 

$

(1,158

)

$

9,658

 

 

 

 

For the three months ended June 30, 2012

 

 

 

Explosive

 

Oilfield

 

AMK

 

Unallocated

 

 

 

 

 

Metalworking

 

Products

 

Welding

 

Expenses

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

3,589

 

$

1,701

 

$

165

 

$

(1,805

)

$

3,650

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interest

 

 

(46

)

 

 

(46

)

Stock-based compensation

 

 

 

 

966

 

966

 

Depreciation

 

865

 

372

 

125

 

 

1,362

 

Amortization of purchased intangibles

 

513

 

1,007

 

 

 

1,520

 

Adjusted EBITDA

 

$

4,967

 

$

3,034

 

$

290

 

$

(839

)

$

7,452

 

 



 

DYNAMIC MATERIALS CORPORATION & SUBSIDIARIES

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST

DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS

(Amounts in thousands)

(unaudited)

 

 

 

For the six months ended June 30, 2013

 

 

 

Explosive

 

Oilfield

 

AMK

 

Unallocated

 

 

 

 

 

Metalworking

 

Products

 

Welding

 

Expenses

 

Total

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

7,689

 

$

3,880

 

$

110

 

$

(6,721

)

$

4,958

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interest

 

 

(43

)

 

 

(43

)

Stock-based compensation

 

 

 

 

2,057

 

2,057

 

Depreciation

 

1,874

 

699

 

301

 

 

2,874

 

Amortization of purchased intangibles

 

1,049

 

2,104

 

 

 

3,153

 

Adjusted EBITDA

 

$

10,612

 

$

6,640

 

$

411

 

$

(4,664

)

$

12,999

 

 

 

 

For the six months ended June 30, 2012

 

 

 

Explosive

 

Oilfield

 

AMK

 

Unallocated

 

 

 

 

 

Metalworking

 

Products

 

Welding

 

Expenses

 

Total

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

7,688

 

$

3,747

 

$

77

 

$

(3,725

)

$

7,787

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interest

 

 

(9

)

 

 

(9

)

Stock-based compensation

 

 

 

 

1,935

 

1,935

 

Depreciation

 

1,744

 

736

 

249

 

 

2,729

 

Amortization of purchased intangibles

 

1,036

 

2,028

 

 

 

3,064

 

Adjusted EBITDA

 

$

10,468

 

$

6,502

 

$

326

 

$

(1,790

)

$

15,506

 

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to DMC

 

$

3,440

 

$

2,653

 

$

3,655

 

$

5,079

 

Interest expense

 

183

 

196

 

355

 

407

 

Interest income

 

(1

)

(3

)

(4

)

(8

)

Provision for income taxes

 

1,956

 

1,167

 

785

 

2,509

 

Depreciation

 

1,457

 

1,362

 

2,874

 

2,729

 

Amortization of purchased intangible assets

 

1,568

 

1,520

 

3,153

 

3,064

 

EBITDA

 

8,603

 

6,895

 

10,818

 

13,780

 

Stock-based compensation

 

635

 

966

 

2,057

 

1,935

 

Other (income) expense, net

 

420

 

(409

)

124

 

(209

)

Adjusted EBITDA

 

$

9,658

 

$

7,452

 

$

12,999

 

$

15,506