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18.02.2010 01:02:00
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Georgia Gulf Reports 2009 Financial Results
Georgia Gulf Corporation (NYSE: GGC) today announced financial results for its fourth quarter and year ended December 31, 2009.
Georgia Gulf reported a net loss of $129.7 million for the fourth quarter of 2009, compared to a net loss of $198.7 million during the same quarter in the previous year. For the full year 2009, Georgia Gulf recorded net income of $145.8 million, compared to a net loss of $257.6 million in the prior year.
The Company reported an operating loss of $18.6 million for the fourth quarter of 2009, compared to an operating loss of $172.7 million during the same quarter in the previous year. Georgia Gulf reported an operating loss of $0.6 million for the full year 2009, compared to an operating loss of $140.2 million during the previous year.
Georgia Gulf’s reported financial results for the fourth quarter of 2009 and full year 2009 reflect the impact of the following events: the substantial modification of debt that occurred in the first quarter of 2009, the refinancing of the senior secured credit facility in the fourth quarter of 2009, a gain resulting from the debt for equity exchange in the third quarter of 2009, and long lived impairments, restructuring costs, and fees related to operational and financial restructuring activities in all periods. Excluding these items, Georgia Gulf reported adjusted EBITDA of $161.5 million for 2009, compared to adjusted EBITDA of $163.1 million in 2008. The Company also reported adjusted EBITDA of $18.3 million for the fourth quarter of 2009, compared to $23.2 million of adjusted EBITDA for the same quarter last year. A reconciliation of operating loss determined in accordance with GAAP to adjusted EBITDA is provided in the financial tables at the end of this release.
"In 2009, we achieved significant milestones for restructuring our capital structure by completing a debt for equity exchange and a refinancing of our secured debt. I want to thank our employees for their dedication and fortitude in the face of the worst market downturn our Company has ever experienced,” said Paul Carrico, Georgia Gulf's President and CEO. "With a long-term capital structure in place and encouraging signs in our building products business, we are well positioned to grow as our markets recover,” Mr. Carrico added.
Georgia Gulf reported net sales of $502.1 million for the fourth quarter of 2009 compared to net sales of $535.6 million for the fourth quarter of 2008. The decrease in sales is primarily due to lower sales prices, partially offset by higher volumes in all segments except aromatics. For the year ended December 31, 2009, Georgia Gulf’s sales were $2.0 billion, compared to $2.9 billion during 2008. The decrease in sales is primarily due to lower prices resulting from lower feedstock and energy costs and lower volumes, particularly in aromatics.
Chlorovinyls
In the Chlorovinyls segment, fourth quarter 2009 sales decreased to $237.7 million from $271.5 million during the fourth quarter of 2008 driven by lower sales prices. The segment posted operating income of $4.0 million in the fourth quarter of 2009 compared to an operating loss of $4.5 million during the same quarter in the prior year. The increase in operating income was primarily due to restructuring and impairment charges of $54.0 million in the fourth quarter of 2008, partially offset by lower ECU values in 2009.
Window & Door Profiles and Mouldings
In the Window & Door Profiles and Mouldings segment, sales were $82.0 million for the fourth quarter of 2009, compared to $80.8 million during the same quarter in the prior year. Sales on a constant currency basis declined 4 percent compared to the fourth quarter of 2008. The decrease in sales on a constant currency basis reflects difficult conditions in the U.S. housing and construction markets, particularly related to new home construction. The segment's operating loss was $2.2 million for the fourth quarter of 2009, compared to an operating loss of $121.5 million during the same quarter in the prior year. The reduction in operating losses is primarily the result of non-cash charges of $111.0 million related to impairment of goodwill and intangibles taken in the fourth quarter of 2008, as well as cost reductions.
Outdoor Building Products
In the Outdoor Building Products segment, sales were $89.0 million for the fourth quarter of 2009, compared to $80.6 million during the same quarter in the prior year. Sales on a constant currency basis increased about 1 percent compared to the same quarter in 2008. The increase in sales on a constant currency basis reflects improved Canadian market conditions, partially offset by the difficult conditions in U.S. housing and construction markets. The segment reported operating income of $0.8 million for the fourth quarter of 2009, compared to an operating loss of $12.6 million during the same quarter in the prior year. The increase in operating income is primarily related to $4.4 million of restructuring and impairment charges taken in the fourth quarter of 2008 and cost reductions.
Aromatics
In the Aromatics segment, sales decreased to $93.3 million for the fourth quarter of 2009 from $102.7 million during the fourth quarter of 2008. Sales decreased due to lower volumes and prices. During the fourth quarter of 2009, the segment recorded an operating loss of $0.8 million, compared to an operating loss of $27.6 million during the same quarter in 2008. The decrease in operating loss was driven by stronger margins resulting from raw material inventory holding gains compared to the significant inventory holding losses created by the significant decrease in benzene and propylene prices in the fourth quarter of last year. The decrease in the operating loss for the fourth quarter of 2009 compared to the fourth quarter of 2008 was also due to cost reductions, partially offset by lower volumes than the same quarter last year.
Liquidity and Debt Reduction
As of December 31, 2009, the Company had $38.8 million of cash on hand as well as $134.5 million of borrowing capacity available under its asset based loan facility. The Company reduced total long-term debt by $655.1 million during 2009 primarily due to the debt for equity exchange completed in the third quarter. In the fourth quarter of 2009, the Company completed a refinancing of its senior secured credit agreement and asset securitization facility through the issuance of a new $500 million aggregate principal amount of secured notes due in 2017 and a new asset based loan facility.
Conference Call
The Company will discuss fourth quarter financial results and business developments via conference call and webcast on Thursday, February 18 at 10:00 a.m. ET. To access the Company’s fourth quarter conference call, please dial 888-552-7928 (domestic) or 706-679-6164 (international). To access the conference call via Webcast, log on to http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=112207&eventID=2739500. Playback will be available from 11:00 AM ET Thursday, February 18, to midnight ET Thursday, February 25. Playback numbers are 800-642-1687 (domestic) or 706-645-9291 (international). The conference call ID number is 56505752.
Georgia Gulf
Georgia Gulf Corporation is a leading, integrated North American manufacturer of two chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based building and home improvement products. The Company's vinyl-based building and home improvement products, marketed under Royal Group brands, include window and door profiles, mouldings, siding, pipe and pipe fittings, and deck, fence and rail products. Georgia Gulf, headquartered in Atlanta, Georgia, has manufacturing facilities located throughout North America to provide industry-leading service to customers.
Safe Harbor
This news release contains forward-looking statements subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's assumptions regarding business conditions, and actual results may be materially different. Risks and uncertainties inherent in these assumptions include, but are not limited to, future global economic conditions, economic conditions in the industries to which our products are sold, uncertainties regarding asset sales, operating efficiencies and competitive conditions, industry production capacity, raw materials and energy costs, and other factors discussed in the Securities and Exchange Commission filings of Georgia Gulf Corporation, including our annual report on Form 10-K for the year ended December 31, 2008 and our quarterly report on Form 10-Q for the quarter ended September 30, 2009.
Use of Non-GAAP Measures
Adjusted EBITDA
Georgia Gulf supplements its earnings release with Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization, restructuring and goodwill, intangibles, and other long-lived asset impairment and Gains and Losses on significant asset disposals and other) because investors and management commonly use Adjusted EBITDA to measure the Company's ability to service its indebtedness. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income as a measure of performance or to cash provided by operating activities as a measure of liquidity. In addition, our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
A reconciliation of operating loss determined in accordance with GAAP to Adjusted EBITDA is included in this release.
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GEORGIA GULF CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) |
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| (In thousands, except share data) |
December 31, 2009 |
December 31, 2008 |
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| ASSETS | ||||||
| Cash and cash equivalents | $38,797 | $89,975 | ||||
| Receivables, net of allowance for doubtful accounts of $16,453 in 2009 and $12,307 in 2008 (1) | 208,941 | 117,287 | ||||
| Inventories | 251,397 | 240,199 | ||||
| Prepaid expenses | 24,296 | 21,360 | ||||
| Income tax receivables | 30,306 | 2,264 | ||||
| Deferred income taxes | 14,108 | 22,505 | ||||
| Total current assets | 567,845 | 493,590 | ||||
| Property, plant and equipment, net | 687,570 | 760,760 | ||||
| Goodwill | 203,809 | 189,003 | ||||
| Intangible assets, net of accumulated amortization of $10,996 in 2009 and $9,988 in 2008 | 15,223 | 15,905 | ||||
| Other assets, net | 116,494 | 150,643 | ||||
| Non-current assets held for sale | 14,924 | 500 | ||||
| Total assets | $1,605,865 | $1,610,401 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||
| Current portion of long-term debt | $28,231 | $56,843 | ||||
| Accounts payable | 124,829 | 105,052 | ||||
| Interest payable | 2,844 | 16,115 | ||||
| Income taxes payable | 1,161 | 3,476 | ||||
| Accrued compensation | 16,069 | 9,890 | ||||
| Liability for unrecognized income tax benefits and other tax reserves | 9,529 | 27,334 | ||||
| Other accrued liabilities | 43,236 | 49,693 | ||||
| Total current liabilities | 225,899 | 268,403 | ||||
| Long-term debt | 710,774 | 1,337,307 | ||||
| Liability for unrecognized income tax benefits | 64,371 | 34,592 | ||||
| Deferred income taxes | 174,457 | 70,141 | ||||
| Other non-current liabilities | 37,036 | 39,886 | ||||
| Total liabilities | 1,212,537 | 1,750,329 | ||||
| Stockholders’ equity: | ||||||
| Preferred stock—$0.01 par value; 75,000,000 shares authorized; no shares issued | — | — | ||||
| Common stock—$0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 33,718,367 in 2009 and 1,379,273 in 2008 | 337 | 14 | ||||
| Additional paid-in capital | 472,018 | 105,815 | ||||
| Accumulated deficit | (6,314) | (218,502) | ||||
| Accumulated other comprehensive loss, net of tax | (72,713) | (27,255) | ||||
| Total stockholders’ equity (deficit) | 393,328 | (139,928) | ||||
| Total liabilities and stockholders’ equity (deficit) | $1,605,865 | $1,610,401 | ||||
(1) As of December 31, 2008, $111,000 of accounts receivable had been sold though the asset securitization facility. As of December 31, 2009, the Company no longer had an asset securitization facility and no receivables were sold. The asset securitization facility was replaced with an asset based loan facility. Borrowings under the asset based loan facility are reflected in Total liabilities.
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GEORGIA GULF CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
||||||||||||||||
| (In thousands, except share data) |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Net sales | $ | 502,075 | $ | 535,609 | $ | 1,990,091 | $ | 2,916,477 | ||||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of sales | 465,074 | 499,753 | 1,778,998 | 2,717,409 | ||||||||||||
| Selling, general and administrative expenses | 53,210 | 38,115 | 182,937 | 168,572 | ||||||||||||
| Long-lived asset impairment charges | 1,447 | 157,262 | 21,804 | 175,958 | ||||||||||||
| Restructuring costs | 932 | 13,215 | 6,858 | 21,973 | ||||||||||||
| Losses (gains) on sale of assets |
— |
— |
62 |
(27,282 | ) | |||||||||||
| Total operating costs and expenses | 520,663 | 708,345 | 1,990,659 | 3,056,630 | ||||||||||||
| Operating loss | (18,588 | ) | (172,736 | ) | (568 | ) | (140,153 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (23,318 | ) | (35,275 | ) | (131,102 | ) | (134,513 | ) | ||||||||
| Loss on debt modification and extinguishment, net | (163,830 | ) | — | (42,797 | ) | — | ||||||||||
| Gain on debt exchange | — | — | 400,835 | — | ||||||||||||
| Foreign exchange loss | (419 | ) | (3,679 | ) | (1,400 | ) | (4,264 | ) | ||||||||
| Interest income | 27 | 227 | 583 | 1,308 | ||||||||||||
| (Loss) income before income taxes | (206,128 | ) | (211,463 | ) | 225,551 | (277,622 | ) | |||||||||
| (Benefit) provision for income taxes | (76,434 | ) | (12,774 | ) | 79,762 | (19,979 | ) | |||||||||
| Net (loss) income | $ | (129,694 | ) | $ | (198,689 | ) | $ | 145,789 | $ | (257,643 | ) | |||||
| Earning (loss) per share: | ||||||||||||||||
| Basic: | ||||||||||||||||
| Net (loss) income | $ | (3.92 | ) | $ | (144.06 | ) | $ | 9.20 | $ | (193.00 | ) | |||||
| Diluted: | ||||||||||||||||
| Net (loss) income | $ | (3.92 | ) | $ | (144.06 | ) | $ | 9.19 | $ | (193.00 | ) | |||||
| Weighted average common shares—basic | 33,049 | 1,379 | 14,903 | 1,378 | ||||||||||||
| Weighted average common shares—diluted | 33,049 | 1,379 | 14,908 | 1,378 | ||||||||||||
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GEORGIA GULF CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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| (In thousands) | Three Months Ended December 31, |
Year Ended December 31, |
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| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net (loss) income | $ | (129,694 | ) | $ | (198,689 | ) | $ | 145,789 | $ | (257,643 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 28,543 | 31,222 | 117,690 | 143,718 | ||||||||||||
| Loss on debt modification and extinguishment, net | 163,830 | — | 42,797 | — | ||||||||||||
| Gain on debt exchange | — | — | (400,835 | ) | — | |||||||||||
| Accretion of fair value discount on term loan | 4,056 | — | 12,944 | — | ||||||||||||
| Foreign exchange (gain) loss | (311 | ) | 6,809 | (938 | ) | 7,108 | ||||||||||
| Deferred income taxes | (57,748 | ) | (10,346 | ) | 97,190 | (23,435 | ) | |||||||||
| Tax deficiency related to stock plans | (216 | ) | (85 | ) | (1,630 | ) | (945 | ) | ||||||||
| Long-lived asset impairment charges | 1,447 | 157,262 | 21,866 | 175,958 | ||||||||||||
| Stock based compensation | 7,451 | 810 | 17,663 | 3,302 | ||||||||||||
| Losses (gains) on sale of assets | 155 | (1,287 | ) | 218 | (27,282 | ) | ||||||||||
| Other non-cash items | 5,698 | 8,780 | 7,479 | 12,433 | ||||||||||||
| Securitization of trade receivables | (97,071 | ) | (54,000 | ) | (111,000 | ) | (36,000 | ) | ||||||||
| Change in operating assets, liabilities and other | 25,715 | 115,312 | 51,490 | 44,178 | ||||||||||||
| Net cash (used in) provided by operating activities | (48,145 | ) | 55,788 | 723 | 41,392 | |||||||||||
| Investing activities: | ||||||||||||||||
| Proceeds from insurance recoveries related to property, plant and equipment | — | — | 1,980 | 7,308 | ||||||||||||
| Capital expenditures | (5,127 | ) | (18,522 | ) | (30,085 | ) | (62,545 | ) | ||||||||
| Proceeds from sale of assets | 180 | 1,711 | 2,080 | 79,806 | ||||||||||||
| Net cash (used in) provided by investing activities | (4,947 | ) | (16,811 | ) | (26,025 | ) | 24,569 | |||||||||
| Financing activities: | ||||||||||||||||
| Net change in revolving line of credit | (105,811 | ) | — | (135,222 | ) | 107,718 | ||||||||||
| Net change in ABL revolver | 56,462 | — | 56,462 | — | ||||||||||||
| Long-term debt payments | (347,674 | ) | (909 | ) | (367,402 | ) | (74,004 | ) | ||||||||
| Long-term debt proceeds | 496,739 | — | 496,739 | — | ||||||||||||
| Fees paid to amend or issue debt facilities | (36,493 | ) | — | (79,749 | ) | (9,823 | ) | |||||||||
| Tax benefits from employee share-based exercises | 98 | — | 98 | — | ||||||||||||
| Shares surrendered and retired from stock compensation plan activity | — | — | (25 | ) | (110 | ) | ||||||||||
| Dividends | — | — | — | (8,379 | ) | |||||||||||
| Net cash provided by (used in) financing activities | 63,321 | (909 | ) | (29,099 | ) | 15,402 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 229 | (813 | ) | 3,223 | (615 | ) | ||||||||||
| Net change in cash and cash equivalents | 10,458 | 37,255 | (51,178 | ) | 80,748 | |||||||||||
| Cash and cash equivalents at beginning of period | 28,339 | 52,720 | 89,975 | 9,227 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 38,797 | $ | 89,975 | $ | 38,797 | $ | 89,975 | ||||||||
| GEORGIA GULF CORPORATION AND SUBSIDARIES | |||||||||||||||||||||||||
| SEGMENT INFORMATION | |||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||
| In Thousands | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||
| Segment net sales: | |||||||||||||||||||||||||
| Chlorovinyls | $ | 237,724 | $ | 271,486 | $ | 940,639 | $ | 1,379,957 | |||||||||||||||||
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Window and door profiles and mouldings products |
82,005 | 80,776 | 323,696 | 408,880 | |||||||||||||||||||||
| Outdoor building products | 89,021 | 80,628 | 404,451 | 508,803 | |||||||||||||||||||||
| Aromatics | 93,325 | 102,719 | 321,305 | 618,837 | |||||||||||||||||||||
| Net Sales | $ | 502,075 | $ | 535,609 | $ | 1,990,091 | $ | 2,916,477 | |||||||||||||||||
| Segment operating income (loss): | |||||||||||||||||||||||||
| Chlorovinyls | $ | 4,004 | $ | (4,468 | ) |
4 |
) |
$ | 79,469 | $ | 60,205 |
10 |
) |
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Window and door profiles and mouldings products |
(2,239 | ) |
1 |
) |
(121,472 | ) |
5 |
) |
(33,767 | ) |
7 |
) |
(137,415 | ) |
11 |
) |
|||||||||
| Outdoor building products | 750 |
2 |
) |
(12,622 | ) |
6 |
) |
7,054 |
8 |
) |
(26,917 | ) | |||||||||||||
| Aromatics | (825 | ) | (27,606 | ) | 16,884 | (34,979 | ) | ||||||||||||||||||
| Unallocated corporate | (20,278 | ) |
3 |
) |
(6,568 | ) | (70,208 | ) |
9 |
) |
(1,047 | ) |
12 |
) |
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| Total operating income (loss) | $ | (18,588 | ) | $ | (172,736 | ) | $ | (568 | ) | $ | (140,153 | ) | |||||||||||||
| 1 | ) | Includes $0.3 million for restructuring related costs and $1.4 million for long-lived asset impairment. | |||||||||||||||||||||||
| 2 | ) | Includes $0.5 million for restructuring related costs. | |||||||||||||||||||||||
| 3 | ) |
Includes $3.0 million in additonal expense for existing legal matters, $6.2 million in expense related to the vesting of performance based restricted stock and $3.1 million for fees related to operational and financial restructuring activities. |
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| 4 | ) | Includes $8.3 million for restructuring related costs. Also includes $45.7 million in long-lived asset impairment charges. | |||||||||||||||||||||||
| 5 | ) | Includes $111.0 million in long-lived asset impairment charges. | |||||||||||||||||||||||
| 6 | ) | Includes $3.6 million in restructuring related costs, and $0.8 million in long-lived asset impairment charges. | |||||||||||||||||||||||
| 7 | ) |
Includes $3.3 million of restructuring related costs. Also includes $21.6 million in asset impairment charges. |
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| 8 | ) | Includes $1.0 million of restructuring related costs. | |||||||||||||||||||||||
| 9 | ) |
Includes an increase of $9.3 million for fees related to operational and financial restructuring activities and an increase of $14.4 million in stock compensation primarily in association with the July 27, 2009 restricted stock grant in connection with the completion of our private debt for equity exchange offers. Loan cost amortization increased $4.4 million as a result of the new asset securitization program entered into in March 2009, which was subsequently terminated and refinanced in December 2009. |
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| 10 | ) |
Includes $20.0 million in costs related to the shutdown of the Oklahoma City facility, writedowns and other exit costs and a $2.2 million gain related to the sale and lease back of equipment. In addition, includes $8.3 million for restructuring related costs and $45.7 million in other long-lived asset impairment charges. |
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| 11 | ) | Includes $1.4 million in severance, exit and other restructuring costs, and $112.9 million in long-lived asset impairment charges. | |||||||||||||||||||||||
| 12 | ) | Includes a $28.8 million gain on the sale of idle land and other fixed assets. | |||||||||||||||||||||||
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Georgia Gulf Corporation and Subsidiaries |
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Reconciliation of Operating Loss to Adjusted EBITDA |
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Periods Ended December 31, 2009 and 2008 |
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| (In millions) | Three Months Ended December 31, 2009 | Three Months Ended December 31, 2008 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | ||||||||||||
| Operating Loss | $ | (18.6 | ) | $ | (172.7 | ) | $ | (0.6 | ) | $ | (140.2 | ) | ||||
| Adjustments to operating loss: | ||||||||||||||||
| Restructuring | 0.9 | 13.2 | 6.9 | 21.9 | ||||||||||||
| Long-Lived Asset Impairment | 1.4 | 157.3 | 21.8 | 176.0 | ||||||||||||
| Depreciation and Amortization | 28.5 | 31.2 | 117.7 | 143.7 | ||||||||||||
| Gain on Sale of Assets, net | - | - | - | (27.3 | ) | |||||||||||
| Stock-based compensation related to debt exchange | 6.2 | - | 13.9 | - | ||||||||||||
| Fees related to operational and financial restructuring activities | 3.1 | 1.0 | 13.1 | 1.0 | ||||||||||||
| Loan cost amortization | (2.9 | ) | (1.9 | ) | (9.6 | ) | (6.4 | ) | ||||||||
| Other Adjustments: | ||||||||||||||||
| Foreign exchange loss | (0.4 | ) | (3.7 | ) | (1.4 | ) | (4.3 | ) | ||||||||
| Other | 0.1 | (1.2 | ) | (0.3 | ) | (1.3 | ) | |||||||||
| Adjusted EBITDA | $ | 18.3 | $ | 23.2 | $ | 161.5 | $ | 163.1 | ||||||||
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