02.14.17
Multi Packaging Solutions International has announced results for its second quarter ended December 31, 2016. It completed its initial public offering in October 2015, and the comparability of certain amounts, such as operating income, interest expense and earnings per share, are significantly impacted on a year over year basis due to the offering.
The company has announced a GAAP net sales of $386.1 million vs. $429.4 million last year during the same time period. In addition, the GAAP operating income is $24.9 million compared to $7.1 million, and the Non GAAP net income attributable to MPS is $11.6 million vs. $18.9 million. Multi Packaging Solutions has also claimed an adjusted EBITDA of $57.5 million vs. $69.4 million and a negative foreign exchange impact of $2.3 million. The adjusted EBITDA margin is 14.9% vs. 16.2% in the second quarter of the previous year.
Comparing the YTD in 2017 against 2016, Multi Packaging Solutions has a GAAP net sales of $794.0 million vs. $888.4 million, and a GAAP operating income of $52.6 million vs. $47.8 million.
The company has also had significant activity during the period. It completed acquisitions of i3 Plastic Cards (North America transaction card market) and AJS (European label market, where the combined trailing 12 months revenue of acquired businesses was $25 million. The company also completed debt refinancing transaction in October 2016, resulting in annual run rate savings to interest expense of approximately $10 million.
During the second quarter, Multi Packaging Solutions also announced the closure of a Louisville, KY media plant and a Portsmouth, United Kingdom tobacco plant. There was also a definitive agreement with WestRock Company to acquire all of the outstanding shares of MPS.
“As expected, we continued to face headwinds in our fiscal 2nd quarter," says Marc Shore, chief executive officer. "Notwithstanding, we have taken several steps to drive organic growth and operational improvements. We completed two strategic acquisitions during the quarter and continue to pursue other opportunities. Furthermore, we announced the acquisition of Multi Packaging Solutions with WestRock. We believe this acquisition will further enhance our offering to our customers and have long-term benefit for our employees.”
The company has announced a GAAP net sales of $386.1 million vs. $429.4 million last year during the same time period. In addition, the GAAP operating income is $24.9 million compared to $7.1 million, and the Non GAAP net income attributable to MPS is $11.6 million vs. $18.9 million. Multi Packaging Solutions has also claimed an adjusted EBITDA of $57.5 million vs. $69.4 million and a negative foreign exchange impact of $2.3 million. The adjusted EBITDA margin is 14.9% vs. 16.2% in the second quarter of the previous year.
Comparing the YTD in 2017 against 2016, Multi Packaging Solutions has a GAAP net sales of $794.0 million vs. $888.4 million, and a GAAP operating income of $52.6 million vs. $47.8 million.
The company has also had significant activity during the period. It completed acquisitions of i3 Plastic Cards (North America transaction card market) and AJS (European label market, where the combined trailing 12 months revenue of acquired businesses was $25 million. The company also completed debt refinancing transaction in October 2016, resulting in annual run rate savings to interest expense of approximately $10 million.
During the second quarter, Multi Packaging Solutions also announced the closure of a Louisville, KY media plant and a Portsmouth, United Kingdom tobacco plant. There was also a definitive agreement with WestRock Company to acquire all of the outstanding shares of MPS.
“As expected, we continued to face headwinds in our fiscal 2nd quarter," says Marc Shore, chief executive officer. "Notwithstanding, we have taken several steps to drive organic growth and operational improvements. We completed two strategic acquisitions during the quarter and continue to pursue other opportunities. Furthermore, we announced the acquisition of Multi Packaging Solutions with WestRock. We believe this acquisition will further enhance our offering to our customers and have long-term benefit for our employees.”