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This excerpt taken from the SMG 8-K filed Apr 28, 2009. Item 2.02. Results of
Operation and Financial Condition
On April
28, 2009, The Scotts Miracle-Gro Company (“the Company”) issued a News Release
concerning information regarding its results of operations for the
three and six month periods ended March 28, 2009 and its financial
condition as of March 28, 2009. The News Release is attached hereto as
Exhibit 99.1.
The News
Release includes the following non-GAAP financial measures as defined in
Regulation G:
Adjusted
net income and adjusted diluted income per share - These measures
exclude charges or credits relating to refinancings, impairments,
restructurings, product registration and recall matters, and other unusual
items such as costs or gains related to discrete projects or transactions that
are apart from and not indicative of the results of the operations of the
business.
Adjusted
EBITDA - This measure is provided as a convenience to the Company’s lenders
because adjusted EBITDA is a component of certain debt compliance covenants.
Adjusted EBITDA, as defined by the Company’s credit facility, is calculated as
net income or loss before interest, taxes, depreciation and amortization as well
as certain other items such as the impact of discontinued operations, the
cumulative effect of changes in accounting, costs associated with debt
refinancing and other non-recurring, non-cash items affecting net income. The
Company’s calculation of adjusted EBITDA does not represent and should not be
considered as an alternative to net income or cash flow from operations as
determined by accounting principles generally accepted in the United States of
America. The Company makes no representation or assertion that adjusted EBITDA
is indicative of its cash flows from operations or results of operations. The
Company has provided a reconciliation of net income to adjusted EBITDA solely
for the purpose of complying with Regulation G and not as an indication that
adjusted EBITDA is a substitute measure for income from operations.
The
Company’s management believes that the disclosure of these non-GAAP financial
measures provides useful information to investors or other users of the
financial statements, such as lenders.
This excerpt taken from the SMG 8-K filed Feb 3, 2009. Item 2.02. Results of
Operation and Financial Condition
On
February 3, 2009, The Scotts Miracle-Gro Company (“the Company”) issued a News
Release concerning information regarding its results of operations for the
three month period ended December 27, 2008 and its financial condition
as of December 27, 2008. The News Release is attached hereto as
Exhibit 99.1.
The News
Release includes the following non-GAAP financial measures as defined in
Regulation G:
Adjusted
net loss and adjusted diluted loss per share - These measures exclude
charges or credits relating to refinancings, impairments, restructurings,
product registration and recall matters, and other unusual items such as
costs or gains related to discrete projects or transactions that are apart from
and not indicative of the results of the operations of the
business.
Adjusted
EBITDA - This measure is provided as a convenience to the Company’s lenders
because adjusted EBITDA is a component of certain debt compliance covenants.
Adjusted EBITDA, as defined by the Company’s credit facility, is calculated as
net income or loss before interest, taxes, depreciation and amortization as well
as certain other items such as the impact of discontinued operations, the
cumulative effect of changes in accounting, costs associated with debt
refinancing and other non-recurring, non-cash items effecting income. The
Company’s calculation of adjusted EBITDA does not represent and should not be
considered as an alternative to net income or cash flow from operations as
determined by accounting principles generally accepted in the United States of
America. The Company makes no representation or assertion that adjusted EBITDA
is indicative of its cash flows from operations or results of operations. The
Company has provided a reconciliation of net income to adjusted EBITDA solely
for the purpose of complying with Regulation G and not as an indication that
adjusted EBITDA is a substitute measure for income from operations.
The
Company’s management believes that the disclosure of these non-GAAP financial
measures provides useful information to investors or other users of the
financial statements, such as lenders.
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