THIRD QUARTER FINANCIAL SUMMARY
-Earnings per diluted share ("EPS") under U.S. generally accepted accounting principles ("GAAP") in the third quarter of 2013 were $0.65 compared to GAAP EPS of ($0.03) in the third quarter of 2012.
The 2013 results reflect transaction and integration costs related to the acquisition of Sealy Corporation ("Sealy") and interest fees related to the Company's refinancing of its Term A Facility under its senior secured credit facility. The 2012 loss reflects tax charges related to the Sealy acquisition.
-Adjusted EPS were $0.73 in the third quarter of 2013 as compared to adjusted EPS of $0.70 in the third quarter of 2012. The Company completed its acquisition of Sealy in March 2013, and results for 2012 do not include Sealy.
-GAAP net income in the third quarter of 2013 was $40.2 million as compared to a GAAP net loss of $2.0 million for the third quarter of 2012. The Company reported adjusted net income of $44.9 million for the third quarter of 2013 as compared to adjusted net income of $42.3 million for the third quarter of 2012.
-Total net sales increased 111.4% to $735.5 million in the third quarter of 2013 from $347.9 million in the third quarter of 2012. The net sales increase was due to the inclusion of $389.9 million of Sealy net sales for the third quarter of 2013.
-Gross profit margin was 40.6% as compared to 49.2% in the third quarter of 2012. The gross profit margin decreased primarily as a result of the inclusion of Sealy, which has lower margins than the Tempur North America and Tempur International segments, and changes in product mix, offset partially by lower sourcing costs.
-Operating income was $81.2 million as compared to $63.4 million in the third quarter of 2012. Operating income in the third quarter of 2013 included $8.5 million of transaction and integration costs related to the Sealy acquisition. The higher operating income reflects the inclusion of Sealy.
-Adjusted EBITDA (which is a non-GAAP measure) for the third quarter of 2013 was $115.5 million. EBITDA (which is a non-GAAP measure) for the third quarter of 2012 was $69.3 million.
-The Company ended the quarter with consolidated funded debt less qualified cash of $1.8 billion. The ratio of consolidated funded debt less qualified cash to adjusted EBITDA was 4.3 times, calculated on a combined basis for Tempur-Pedic and Sealy in accordance with the Company's new senior secured credit facility.
Tempur Sealy International, Inc. CEO Mark Sarvary commented, "Overall our third quarter was in line with our expectations. The steps we have taken to improve Tempur North America's performance showed progress and led to a slight sales increase during the quarter. Our Sealy business also showed growth during the quarter.
"However, Tempur International results were slightly below our plan due to continued weakness in Europe. The integration with Sealy continues to progress well, cost synergies continue to track to our plan, and we remain very excited about our ability to capture significant revenue synergies."
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