Forward-Looking Statements
This press release contains statements related to the Company’s future plans and expectations and, as such, includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those statements that are based upon management’s current plans and expectations as opposed to historical and current facts and are often identified in this press release by use of words including but not limited to "may," "believe," "will," "project," "expect," "estimate," "anticipate," and "plan." Although the forward-looking statements contained in this press release reflect management’s current assumptions based upon information currently available to management and based upon that which management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company’s actual results, performance prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the Company’s ability to achieve projected cost savings; consolidation of the Company’s competitors; increased costs of products the Company purchases and its ability to pass on cost increases to its customers; disruptions to the supply of chemicals and plastics that the Company distributes or in the operations of the Company’s customers; the Company’s significant working capital requirements and the risks associated with maintaining large inventories; any disruptions to the Company’s ERP system; the Company’s ability to meet the demands of the Company’s customers on a timely basis; risks and costs related with operating as a stand-alone company; risks related to the Company’s supplier and customer contracts; risks related to the Company’s substantial indebtedness; changes in state, federal or foreign laws affecting the industries in which we operate; the Company’s ability to comply with any new and existing environmental and other laws and regulations; and general business and economic trends in the United States and other countries, including uncertainty as to changes and trends. The Company's future results will depend upon various other risks and uncertainties, including the risks and uncertainties discussed in the Company's SEC filings, including in the sections entitled "Risk Factors" in such SEC filings.
FOR FURTHER INFORMATION PLEASE CONTACT
Investor Relations, Nexeo Solutions
Tel: +1.281.297.0856,
Investor.Relations@nexeosolutions.com
Nexeo Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in millions, except share amounts and par value)
|
June 30,
2018 |
September 30,
2017 | ||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 43.8 | $ | 53.9 | |||
| Accounts and notes receivable (net of allowance for doubtful accounts of $3.8 million and $2.2 million, respectively) | 625.8 | 597.4 | |||||
| Inventories | 360.9 | 315.5 | |||||
| Income taxes receivable | 5.7 | 3.4 | |||||
| Other current assets | 17.4 | 19.8 | |||||
| Total current assets | 1,053.6 | 990.0 | |||||
| Non-Current Assets | |||||||
| Property, plant and equipment, net | 288.0 | 316.1 | |||||
| Goodwill | 700.6 | 703.0 | |||||
| Other intangible assets, net of amortization | 218.9 | 231.5 | |||||
| Deferred income taxes | 2.2 | 2.3 | |||||
| Other non-current assets | 15.4 | 10.6 | |||||
| Total non-current assets | 1,225.1 | 1,263.5 | |||||
| Total Assets | $ | 2,278.7 | $ | 2,253.5 | |||
| Current Liabilities | |||||||
| Short-term borrowings, current portion of long-term debt and capital lease obligations | $ | 47.5 | $ | 51.1 | |||
| Accounts payable | 374.7 | 384.2 | |||||
| Accrued expenses and other liabilities | 56.1 | 58.4 | |||||
| Due to related party pursuant to contingent consideration obligations | 9.2 | 12.5 | |||||
| Income taxes payable | 3.0 | 3.2 | |||||
| Total current liabilities | 490.5 | 509.4 | |||||
| Non-Current Liabilities | |||||||
| Long-term debt and capital lease obligations, less current portion, net | 806.7 | 794.0 | |||||
| Deferred income taxes | 33.4 | 34.9 | |||||
| Due to related party pursuant to contingent consideration obligations | 112.1 | 127.7 | |||||
| Other non-current liabilities | 10.1 | 9.9 | |||||
| Total non-current liabilities | 962.3 | 966.5 | |||||
| Total Liabilities | 1,452.8 | 1,475.9 | |||||
| Commitments and contingencies | |||||||
| Equity | |||||||
| Preferred stock, $0.0001 par value (1,000,000 shares authorized, none issued and outstanding as of June 30, 2018 and September 30, 2017) | — | — | |||||
| Common stock, $0.0001 par value (300,000,000 shares authorized; 89,753,662 shares issued and 89,734,146 shares outstanding as of June 30, 2018 and 89,353,641 shares issued and 89,344,065 shares outstanding as of September 30, 2017) | — | — | |||||
| Additional paid-in capital | 769.7 | 764.4 | |||||
| Retained earnings | 49.2 | 4.8 | |||||
| Accumulated other comprehensive income | 7.2 | 8.5 | |||||
| Treasury stock, at cost: 19,516 and 9,576 shares as of June 30, 2018 and September 30, 2017 | (0.2 | ) | (0.1 | ) | |||
| Total equity | 825.9 | 777.6 | |||||
| Total Liabilities and Equity | $ | 2,278.7 | $ | 2,253.5 | |||
