Luxfer Reports Third-quarter 2017 Results and Announces Conversion of ADSs into Ordinary Shares

Luxfer Holdings PLC (NYSE: LXFR), a global materials technology company, today issued its unaudited financial results for the three-month and nine-month periods ended September 30, 2017. To access a PDF of the complete third-quarter 2017 report, click here. The same document is also available at www.luxfer.com.

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The company also announced that it has filed a Form 6-K with the U.S. Securities and Exchange Commission to terminate its American Depositary Share (ADS) facility and to convert outstanding ADSs into ordinary shares on the New York Stock Exchange (NYSE). The conversion is a one-for-one exchange with one ADS converted into one ordinary share. For details about the conversion, click here. You may also visit the investor FAQ section at www.luxfer.com.

UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2017

Results are summarized as follows:

 

Three-month periods ended
September 30,

 

Nine-month periods ended
September 30,

    2017   2016   2017   2016
Revenue   $115.2m   $98.9m   $325.2m   $318.7m
Trading profit $11.3m   $7.3m $31.9m   $30.1m
Trading margin 9.8% 7.4% 9.8% 9.4%
Operating profit   $9.3m   $5.8m   $26.8m   $30.5m
Net income $4.7m $3.3m $13.8m $18.7m
Earnings per share – Basic (1)   $0.18   $0.12   $0.52   $0.70
Adjusted net income (2) $7.5m $5.0m $21.3m $21.0m
Adjusted earnings per share – Basic $0.28 $0.19 $0.81 $0.80
Adjusted earnings per share – Diluted   $0.28   $0.19   $0.80   $0.78
Adjusted EBITDA (3) $16.7m $12.0m $47.2m $45.1m
Adjusted EBITDA margin   14.5%   12.1%   14.5%   14.2%
Net cash flows from operating activities   $9.6m   $7.2m   $28.9m   $19.8m
Net debt (total debt less cash)   $101.4m   $105.2m   $101.4m   $105.2m
Total equity – book value (net assets) $172.5m $129.4m $172.5m $129.4m
£0.50 ordinary shares outstanding   26.5m   26.2m   26.4m   26.4m
 
          (1)   Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period.
(2)

Adjusted net income consists of net income for the period adjusted for the post-tax impact of non-trading items, including, certain accounting charges relating to acquisitions and disposals of businesses (comprising the unwind of the discount on deferred contingent consideration from acquisitions and the amortization on acquired intangibles), the IAS 19R retirement benefits finance charge, profit on sale of redundant site, restructuring and other expense, and other share-based compensation charges. A reconciliation to net income is disclosed in Note 4 of this release “Non-GAAP measures.”

(3)

Adjusted EBITDA is defined as profit on operations before taxation for the period, finance income (which comprises interest received) and costs (which comprises interest costs, the IAS 19R retirement benefits finance charge and the unwind of the discount on deferred contingent consideration from acquisitions), profit on sale of redundant site, restructuring and other expense, other share-based compensation charges and depreciation and amortization. A reconciliation to net income is disclosed in Note 4 of this release “Non-GAAP measures.”

ABOUT LUXFER

Luxfer Holdings PLC is an industrial manufacturer of technologically advanced lightweight, high-strength, corrosion-resistant alloys, composites and specialty materials for a wide range of applications in aerospace, industrial, defense, safety and healthcare. Luxfer listed on the NYSE in October 2012 under the symbol LXFR.

CONTACTS

Investor and news agency communications should initially be directed to investor.relations@luxfer.net.