UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2018
Mistras Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001- 34481 | 22-3341267 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
195 Clarksville Road | ||
Princeton Junction, New Jersey | 08550 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (609) 716-4000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On August 6, 2018, Mistras Group, Inc. (the “Company,” “we” or “us”) issued a press release announcing the financial results for our second quarter, which ended June 30, 2018. A copy of the press release is attached as Exhibit 99.1 to this report.
Disclosure of Non-GAAP Financial Measures
In the press release attached, the Company uses the terms “Adjusted EBITDA”, “free cash flow” and "net debt", which are not measures of financial performance under U.S. generally accepted accounting principles (“GAAP”). Also, in the tables to the press release, the non-GAAP financial measures "Segment and Total Company Income before Special Items” and "Diluted EPS excluding Special Items", are presented and reconciled to financial measures under GAAP. Information about these non-GAAP measures are included in the press release.
Our management uses these non-GAAP measurements as a measure of operating performance and liquidity to assist in comparing performance from period to period on a consistent basis, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations. Adjusted EBITDA and free cash flow are also performance evaluation metrics used to determine incentive compensation for executive officers.
We believe that investors and other users of the financial statements benefit from the presentation of these non-GAAP measurements because they provide additional metrics to compare the Company's operating performance and liquidity on a consistent basis and measure underlying trends and results of the Company's business. Adjusted EBITDA and Segment and Total Company Income (Loss) before Special Items assist in evaluating our operating performance because they remove the impact of certain items that management believes do not directly reflect our core operations. For instance, Adjusted EBITDA generally excludes interest expense, taxes and depreciation and amortization, each of which can vary substantially from company to company depending upon accounting methods and the book value and age of assets, capital structure, capital investment cycles and the method by which assets were acquired. It also eliminates stock-based compensation, which is a non-cash expense and is excluded by management when evaluating the underlying performance of our business operations.
Our management uses free cash flow when evaluating the performance of our business operations. This measurement also takes into account cash used to purchase fixed assets needed for business operations which are not expensed. We believe this measurement provides an additional tool to compare cash generated by our operations on a consistent basis and measure underlying trends and results in our business.
While Adjusted EBITDA and free cash flow are terms and financial measurements commonly used by investors and securities analysts, they have limitations. As non-GAAP measurements, Adjusted EBITDA and free cash flows have no standard meaning and, therefore, may not be comparable with similar measurements for other companies. Similarly, segment and total company income before special items and diluted EPS excluding special items has no standard meaning and may not be comparable to measurements for other companies. Adjusted EBITDA and free cash flow are generally limited as analytical tools because they exclude charges and expenses we do incur as part of our operations as well as cash uses which are included in a GAAP cash flow statement. In addition, free cash flow does not represent residual cash flow available for discretionary expenditures since items such as debt repayments are not deducted in determining such measurement.
None of these non-GAAP financial measurements should be considered in isolation or as a substitute for analyzing our results as reported under U.S. generally accepted accounting principles.
Item 9.01. Financial Statement and Exhibits
(d) Exhibits
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MISTRAS GROUP, INC. | |||
Date: August 6, 2018 | By: | /s/ Michael C. Keefe | |
Name: | Michael C. Keefe | ||
Title: | Executive Vice President, General Counsel and Secretary | ||
Exhibit No. | Description | |
3
Exhibit 99.1
Mistras Group Announces Second Quarter Results
Highlights of the Second Quarter 2018*
• | Q2 - $191.8 million of revenues; increased 13% |
• | Q2 - $10.3 million of income from operations; increased 106% |
• | Q2 - $6.0 million of net income; increased 171% |
• | Q2 - $21.1 million of adjusted EBITDA; increased 35% |
• | Q2 - $0.20 earnings per diluted share (GAAP) and $0.21 earnings per diluted share (non-GAAP) |
*- All comparisons are versus the equivalent prior year period.
MISTRAS Group, Inc. August 6, 2018 4:01 PM
PRINCETON JUNCTION, N.J., August 6, 2018 (GLOBE NEWSWIRE) - Mistras Group, Inc. (MG: NYSE), a leading "one source" global provider of technology-enabled asset protection solutions, reported financial results for its second quarter ended June 30, 2018.
Consolidated revenues for the second quarter of 2018 were $191.8 million, 13% higher than the prior year period of $170.4 million. Services segment revenues were $147.7 million for the second quarter of 2018, 10% higher than $134.0 million in the prior year. The increase in revenues was due to the combined effects of organic growth, acquisition expansion and favorable FX rates. All three segments had organic revenue increases year-over-year.
Operating income for the second quarter was $10.3 million, 106% higher than the prior year period of $5.0 million. Second quarter 2018 net income was $6.0 million or $0.20 per diluted share, compared with $2.2 million and $0.07 per diluted share in the prior year period.
The Company generated $20.1 million of net cash from operations during the first six months of 2018. Adjusted EBITDA for the first six months of 2018 was $36.4 million. The Company’s net debt (total debt and capital leases of $165.9 million less cash and cash equivalents of $17.5 million) was $148.4 million at June 30, 2018.
Performance by segment was as follows:
Services segment Q2 revenues increased by $13.7 million or 10% over prior year, attributable to high-single digit acquisition growth coupled with low-single digit organic growth. Services segment Q2 operating income increased by $4.2 million or 35% over prior year. Services segment operating income margin increased by 200 bps.
International segment Q2 revenue increased by $7.2 million or 21% over prior year, attributable to mid-teens organic growth and mid-single digit favorable FX rates. International Q2 operating income increased $2.6 million from the prior year's operating loss.
Products and Systems segment Q2 revenue increased by $0.3 million or 6% over prior year. Products and Systems Q2 operating loss improved by $0.2 million compared with the prior year.
Dennis Bertolotti, Chief Executive Officer stated, "I am very pleased with our robust top-line growth during Q2, as each segment grew revenue organically. Our services segment also reached another all-time high for Q2 revenue, even after excluding the effect of all 2017 acquisitions. It is particularly noteworthy that our Services segment achieved organic growth in Q2, offsetting the previously disclosed large contract loss that discontinued at the beginning of April 2018. Our strong overall performance was attributable to solid organic growth, the benefit of acquisitions completed last year as well as favorable FX rates. Our consolidated operating margin improved by 250 basis points, driven by a 150 basis point improvement in our gross margin and a 100 basis point improvement in our operating expense ratio.”
Mr. Bertolotti added “Market conditions that strengthened during the second half of 2017 continued to improve in the first half of 2018, with oil and gas customer spending patterns rebounding from low prior year levels. In addition, we have a growing aerospace business and have also continued our successful push into expanding our complimentary mechanical services." Mr. Bertolotti concluded, stating “I believe macro-level economics drivers will be positive throughout the second half of 2018, and am confident in maintaining the forward momentum that we've built up over the past several successive quarters."
The Company’s 2018 financial guidance was reaffirmed, with expected revenue and capital expenditures trending towards the high end of the stated ranges, as follows:
• | Total revenues expected to be between $715 million to $730 million; |
• | Net income expected to be between $21 million to $24 million; |
• | Earnings per diluted share expected to be between $0.71 to $0.83; |
• | Adjusted EBITDA expected to be between $78 million to $83 million; |
• | Operating cash flow expected to be approximately $70 million; and |
• | Capital expenditures expected to be between $15 million and $20 million. |
Conference Call
In connection with this release, Mistras will hold a conference call on August 7, 2018 at 9:00 a.m. (Eastern). The call will be broadcast over the Web and can be accessed on Mistras' Website, www.mistrasgroup.com. Individuals in the U.S. wishing to
participate in the conference call by phone may call 1-844-832-7227 and use confirmation code 6486346 when prompted. The International dial-in number is 1-224-633-1529.
About Mistras Group, Inc.
MISTRAS is a leading “one source” global provider of technology-enabled asset protection solutions used to evaluate the structural integrity of critical energy, industrial and public infrastructure. Mission critical services and solutions are delivered globally and provide customers with asset life extension, improved productivity and profitability, compliance with government safety and environmental regulations, and enhanced risk management operational decisions.
MISTRAS uniquely combines its industry-leading products and technologies - 24/7 on-line monitoring of critical assets; mechanical integrity (MI) and non-destructive testing (NDT) services; destructive testing (DT) services; process and fixed asset engineering and consulting services; and its world class enterprise inspection data management and analysis software (PCMS™) to provide comprehensive and competitive products, systems and services solutions from a single source provider.
For more information, please visit the company's website at www.mistrasgroup.com or contact Nestor S. Makarigakis, Group Director, Marketing Communications at marcom@mistrasgroup.com.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are "forward-looking statements" about Mistras' financial results and estimates, products and services, business model, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2018, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and Mistras undertakes no obligation to update such statements as a result of new information, future events or otherwise.
Use of Non-GAAP Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. The term "Adjusted EBITDA" used in this release is a financial measurement not calculated in accordance with GAAP and is defined as net income attributable to Mistras Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense and certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss and, if applicable, certain special items which are noted. A reconciliation of Adjusted EBITDA to a financial measurement under GAAP is set forth in a table attached to this press release. In addition, the Company has also included in the attached tables
non-GAAP measurement” “Segment and Total Company Income (Loss) Before Special Items”, reconciling these measurements to financial measurements under GAAP. The Company uses the term “free cash flow”, a non-GAAP measurement the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company also uses the term “net debt”, a non-GAAP measurement defined as the sum of the current and long-term portions of long-term debt and capital lease obligations, less cash and cash equivalents.
Mistras Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited) | ||||||||
June 30, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 17,530 | $ | 27,541 | ||||
Accounts receivable, net | 144,200 | 138,080 | ||||||
Inventories | 11,580 | 10,503 | ||||||
Prepaid expenses and other current assets | 17,995 | 18,884 | ||||||
Total current assets | 191,305 | 195,008 | ||||||
Property, plant and equipment, net | 87,215 | 87,143 | ||||||
Intangible assets, net | 59,171 | 63,739 | ||||||
Goodwill | 199,656 | 203,438 | ||||||
Deferred income taxes | 1,549 | 1,606 | ||||||
Other assets | 5,093 | 3,507 | ||||||
Total assets | $ | 543,989 | $ | 554,441 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 14,627 | $ | 10,362 | ||||
Accrued expenses and other current liabilities | 63,922 | 65,561 | ||||||
Current portion of long-term debt | 2,225 | 2,358 | ||||||
Current portion of capital lease obligations | 5,294 | 5,875 | ||||||
Income taxes payable | 3,365 | 6,069 | ||||||
Total current liabilities | 89,433 | 90,225 | ||||||
Long-term debt, net of current portion | 150,024 | 164,520 | ||||||
Obligations under capital leases, net of current portion | 8,370 | 8,738 | ||||||
Deferred income taxes | 9,247 | 8,803 | ||||||
Other long-term liabilities | 9,061 | 11,363 | ||||||
Total liabilities | 266,135 | 283,649 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Preferred stock, 10,000,000 shares authorized | — | — | ||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 28,373,535 and 28,294,968 shares issued | 283 | 282 | ||||||
Additional paid-in capital | 224,634 | 222,425 | ||||||
Retained earnings | 73,624 | 64,717 | ||||||
Accumulated other comprehensive loss | (20,870 | ) | (16,805 | ) | ||||
Total Mistras Group, Inc. stockholders’ equity | 277,671 | 270,619 | ||||||
Non-controlling interests | 183 | 173 | ||||||
Total equity | 277,854 | 270,792 | ||||||
Total liabilities and equity | $ | 543,989 | $ | 554,441 | ||||
Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Three months ended | Six months ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Revenue | $ | 191,793 | $ | 170,439 | $ | 379,423 | $ | 333,757 | |||||||
Cost of revenue | 131,084 | 118,825 | 264,872 | 233,828 | |||||||||||
Depreciation | 5,626 | 5,271 | 11,323 | 10,433 | |||||||||||
Gross profit | 55,083 | 46,343 | 103,228 | 89,496 | |||||||||||
Selling, general and administrative expenses | 41,267 | 37,973 | 80,301 | 75,273 | |||||||||||
Research and engineering | 913 | 552 | 1,669 | 1,195 | |||||||||||
Depreciation and amortization | 2,965 | 2,613 | 5,916 | 5,116 | |||||||||||
Acquisition-related expense (benefit), net | (366 | ) | 202 | (1,360 | ) | (341 | ) | ||||||||
Income from operations | 10,304 | 5,003 | 16,702 | 8,253 | |||||||||||
Interest expense | 1,895 | 1,015 | 3,686 | 2,033 | |||||||||||
Income before provision for income taxes | 8,409 | 3,988 | 13,016 | 6,220 | |||||||||||
Provision for income taxes | 2,409 | 1,770 | 4,096 | 2,304 | |||||||||||
Net income | 6,000 | 2,218 | 8,920 | 3,916 | |||||||||||
Less: net income attributable to non-controlling interests, net of taxes | — | 1 | 12 | 7 | |||||||||||
Net income attributable to Mistras Group, Inc. | $ | 6,000 | $ | 2,217 | $ | 8,908 | $ | 3,909 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.21 | $ | 0.08 | $ | 0.31 | $ | 0.14 | |||||||
Diluted | $ | 0.20 | $ | 0.07 | $ | 0.30 | $ | 0.13 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 28,346 | 28,437 | 28,325 | 28,562 | |||||||||||
Diluted | 29,334 | 29,599 | 29,349 | 29,754 | |||||||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Operating Data by Segment
(in thousands)
Three months ended | Six months ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Revenues | |||||||||||||||
Services | $ | 147,718 | $ | 134,043 | $ | 293,313 | $ | 260,372 | |||||||
International | 41,111 | 33,904 | 79,567 | 68,160 | |||||||||||
Products and Systems | 5,386 | 5,107 | 11,570 | 10,657 | |||||||||||
Corporate and eliminations | (2,422 | ) | (2,615 | ) | (5,027 | ) | (5,432 | ) | |||||||
$ | 191,793 | $ | 170,439 | $ | 379,423 | $ | 333,757 | ||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Gross profit | |||||||||||||||
Services | $ | 40,127 | $ | 35,490 | $ | 74,837 | $ | 65,703 | |||||||
International | 12,689 | 8,828 | 23,396 | 19,288 | |||||||||||
Products and Systems | 2,213 | 1,966 | 5,103 | 4,560 | |||||||||||
Corporate and eliminations | 54 | 59 | (108 | ) | (55 | ) | |||||||||
$ | 55,083 | $ | 46,343 | $ | 103,228 | $ | 89,496 | ||||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Segment and Total Company Income from Operations (GAAP) to Income before Special Items (non-GAAP)
(in thousands)
Three months ended | Six months ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Services: | |||||||||||||||
Income from operations (GAAP) | $ | 16,328 | $ | 12,132 | $ | 28,603 | $ | 19,513 | |||||||
Bad debt provision for a customer bankruptcy | — | — | — | 1,200 | |||||||||||
Reorganization and other related costs | — | 437 | — | 453 | |||||||||||
Acquisition-related expense (benefit), net | 43 | 201 | (990 | ) | 78 | ||||||||||
Income before special items (non-GAAP) | 16,371 | 12,770 | 27,613 | 21,244 | |||||||||||
International: | |||||||||||||||
Income (loss) from operations (GAAP) | 2,455 | (190 | ) | 3,375 | 2,843 | ||||||||||
Reorganization and other related costs | 492 | 63 | 581 | 76 | |||||||||||
Acquisition-related expense (benefit), net | (409 | ) | — | (409 | ) | (501 | ) | ||||||||
Income (loss) before special items (non-GAAP) | 2,538 | (127 | ) | 3,547 | 2,418 | ||||||||||
Products and Systems: | |||||||||||||||
Loss from operations (GAAP) | (656 | ) | (892 | ) | (384 | ) | (1,340 | ) | |||||||
Reorganization and other related costs | 29 | — | 29 | — | |||||||||||
Loss before special items (non-GAAP) | (627 | ) | (892 | ) | (355 | ) | (1,340 | ) | |||||||
Corporate and Eliminations: | |||||||||||||||
Loss from operations (GAAP) | (7,823 | ) | (6,047 | ) | (14,892 | ) | (12,763 | ) | |||||||
Acquisition-related expense (benefit), net | — | 1 | 39 | 82 | |||||||||||
Loss before special items (non-GAAP) | (7,823 | ) | (6,046 | ) | (14,853 | ) | (12,681 | ) | |||||||
Total Company | |||||||||||||||
Income from operations (GAAP) | $ | 10,304 | $ | 5,003 | $ | 16,702 | $ | 8,253 | |||||||
Bad debt provision for a customer bankruptcy | — | — | — | 1,200 | |||||||||||
Reorganization and other related costs | 521 | 500 | 610 | 529 | |||||||||||
Acquisition-related expense (benefit), net | (366 | ) | 202 | (1,360 | ) | (341 | ) | ||||||||
Income before special items (non-GAAP) | $ | 10,459 | $ | 5,705 | $ | 15,952 | $ | 9,641 | |||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Summary Cash Flow Information
(in thousands)
Six months ended | |||||||
June 30, 2018 | June 30, 2017 | ||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | 20,095 | $ | 22,972 | |||
Investing activities | (10,287 | ) | (14,218 | ) | |||
Financing activities | (19,257 | ) | (2,726 | ) | |||
Effect of exchange rate changes on cash | (562 | ) | 1,602 | ||||
Net change in cash and cash equivalents | $ | (10,011 | ) | $ | 7,630 | ||
Mistras Group, Inc. and Subsidiaries
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)
(in thousands)
Six months ended | |||||||
June 30, 2018 | June 30, 2017 | ||||||
GAAP: Net cash provided by operating activities | $ | 20,095 | $ | 22,972 | |||
Less: | |||||||
Purchases of property, plant and equipment | (10,963 | ) | (9,789 | ) | |||
Purchases of intangible assets | (265 | ) | (688 | ) | |||
non-GAAP: Free cash flow | $ | 8,867 | $ | 12,495 | |||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Net Income to Adjusted EBITDA
(in thousands)
Three months ended | Six months ended | ||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Net income | $ | 6,000 | $ | 2,218 | $ | 8,920 | $ | 3,916 | |||||||
Less: net income attributable to noncontrolling interests, net of taxes | — | 1 | 12 | 7 | |||||||||||
Net income attributable to Mistras Group, Inc. | $ | 6,000 | $ | 2,217 | $ | 8,908 | $ | 3,909 | |||||||
Interest expense | 1,895 | 1,015 | 3,686 | 2,033 | |||||||||||
Provision for income taxes | 2,409 | 1,770 | 4,096 | 2,304 | |||||||||||
Depreciation and amortization | 8,591 | 7,884 | 17,239 | 15,549 | |||||||||||
Share-based compensation expense | 1,703 | 1,697 | 2,829 | 3,380 | |||||||||||
Acquisition-related expense (benefit), net | (366 | ) | 202 | (1,360 | ) | (341 | ) | ||||||||
Reorganization and other related costs | 521 | 500 | 610 | 529 | |||||||||||
Bad debt provision for unexpected customer bankruptcy | — | — | — | 1,200 | |||||||||||
Foreign exchange loss | 338 | 349 | 389 | 326 | |||||||||||
Adjusted EBITDA | $ | 21,091 | $ | 15,634 | $ | 36,397 | $ | 28,889 | |||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Net Income (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP)
and Diluted EPS Excluding Special Items (non-GAAP)
(in thousands, except per share data)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (GAAP) | $ | 6,000 | $ | 2,217 | $ | 8,908 | $ | 3,909 | ||||||||
Special items, net of tax | 44 | 396 | (598 | ) | 1,166 | |||||||||||
Net Income Excluding Special Items (non-GAAP) | $ | 6,044 | $ | 2,613 | $ | 8,310 | $ | 5,075 | ||||||||
Diluted EPS (GAAP) | $ | 0.20 | $ | 0.07 | $ | 0.30 | $ | 0.13 | ||||||||
Special items, net of tax | 0.01 | 0.02 | (0.02 | ) | 0.04 | |||||||||||
Diluted EPS Excluding Special Items (non-GAAP) | $ | 0.21 | $ | 0.09 | $ | 0.28 | $ | 0.17 | ||||||||