-
Third Quarter Revenue grew 5.5% to a new record of $144.3 million;
Up 3.8% on a Constant Currency basis
-
Third Quarter Diluted EPS of $0.65; Adjusted Diluted EPS of $0.70
-
Revises Full-Year 2016 Guidance Range for Revenue and Adjusted
EBITDA
MP MENASHE, Israel--(BUSINESS WIRE)--
Caesarstone Ltd. (NASDAQ:CSTE), a manufacturer of high quality
engineered quartz surfaces, today reported financial results for its
third quarter ended September 30, 2016.
Revenue in the third quarter of 2016 increased by 5.5% to a new record
of $144.3 million as compared to $136.8 million in the same quarter of
the prior year. On a constant currency basis, third quarter revenue
growth was 3.8%. Growth in reported revenue was driven primarily by
continued strong performances in Australia and Canada, which grew 21.8%
and 13.0%, respectively; Israel and Rest of World, up 6.4% and 14.8%,
respectively, also contributed to overall growth, partially offset by
the United States and Europe, which declined 5.4% and 1.2%, respectively.
Yonathan Melamed, Chairman, commented, "We are pleased to continue to
achieve record revenue with growth in many regions demonstrating the
strength of our brand globally and the success of our innovative
products. At the same time, given the strength of the ongoing market
opportunity for quartz, we are not satisfied with our third-quarter
performance in the United States. We have taken significant actions to
enhance a number of key operating capabilities. We have a strong
business with excellent products, high level service and a tremendous
brand and we believe we can reaccelerate our business in the United
States."
Gross margin in the third quarter was 40.5%, an increase of a full
percentage point as compared to a margin of 39.5% in the same period in
the prior year. The improved margin was primarily attributable to lower
raw material costs.
Operating expenses in the third quarter were $30.3 million, or 21.0% of
revenues, as compared to $29.4 million, or 21.5% of revenues, in the
same quarter last year. The Company noted that legal settlements and
loss contingencies expenses were $1.0 million in third quarter of 2016
compared with $4.7 million in the same quarter last year, when the
Company initially recorded a liability related to Silicosis claims.
Excluding these costs, operating expenses were $29.3 million, or 20.3%
of revenues, as compared to $24.7 million, or 18.0% of revenues, in the
same quarter last year. This increase reflects a significant expansion
of the Company's sales and marketing capabilities in the United States
to support its plan to resume growth in all channels of distribution.
Operating income in the third quarter was $28.2 million, a margin of
19.5%, compared to $24.7 million, an operating margin of 18.1%, in the
third quarter of 2015.
Adjusted EBITDA, which excludes share-based compensation, legal
settlements and loss contingencies expenses and non-recurring items, was
$37.5 million in the third quarter of 2016, a margin of 26.0%. This
compares to adjusted EBITDA of $36.2 million in the prior year's third
quarter, a margin of 26.5%. This year-over-year margin decrease reflects
increased sales and marketing investments, primarily in the United
States, partially offset by improved gross margin, as described above.
Finance expense in the third quarter was $1.1 million compared to $0.1
million during the same period in the prior year. The change was
primarily due to net losses related to currency exchange rates
fluctuations in the third quarter of 2016 of $0.2 million as compared
with net gains of $0.7 million in the third quarter of 2015.
The Company's reported net income attributable to controlling interest
increased by 12.8% to $22.3 million for the third quarter of 2016 as
compared to $19.8 million in the same quarter last year. Adjusted
diluted net income per share for the third quarter was $0.70 on 34.5
million shares as compared to last year's third quarter level of $0.69
on 35.5 million shares. This lower share count reflects the impact of
the Company's recently completed share repurchase program that was
initiated in February 2016. Through the end of the third quarter, the
Company repurchased 1.1 million shares for a total of $39.4 million.
The Company's balance sheet as of September 30, 2016 remained strong
with cash, cash equivalents and short-term bank deposits of $74.5
million, sequential growth of $18.9 million as compared to June 30,
2016, despite $9.7 million of cash deployed for share repurchase during
the third quarter.
Guidance
The Company reduced its 2016 annual guidance to reflect the third
quarter results and the continued organizational and operational
transition in the United States. The Company now anticipates full year
2016 revenue in the range of $524 million to $534 million and for
adjusted EBITDA in the range of $125 million to $130 million.
Conference Call Details
Yonathan Melamed, the Company's Chairman, and Yair Averbuch, the
Company's Chief Financial Officer, will host a conference call today at
8:30 a.m. ET to discuss the results, followed by a question and answer
session for the investment community. A live webcast of the call can be
accessed at ir.caesarstone.com.
To access the call, dial toll-free 1-877-407-4018 or +1-201-689-8471
(international). The toll-free Israeli number is 1 80 940 6247. Upon
dialing in, please request to join the Caesarstone Third Quarter
Earnings Call.
To listen to a telephonic replay of the conference call, dial toll-free
1-877-870-5176 or +1-858-384-5517 (international) and enter pass code
13647437. The replay will be available beginning at 11:30 a.m. ET on
Wednesday, November 2, 2016 and will last through 11:59 p.m. ET on
November 16, 2016.
About Caesarstone
Caesarstone manufactures high quality engineered quartz surfaces, which
are used in both residential and commercial buildings as countertops,
vanities, wall cladding, floors and other interior surfaces. The wide
variety of colors, styles, designs and textures of Caesarstone®
products, along with Caesarstone's inherent characteristics such as
hardness, non-porous, scratch and stain resistance and durability,
provide consumers with excellent surfaces for their internal spaces
which are highly competitive to granite, manufactured solid surfaces and
laminate, as well as to other engineered quartz surfaces. Caesarstone's
four collections of products — Classico, Supernatural, Motivo, and
Concetto — are available in over 50 countries around the world. For more
information about the Company, please visit our website www.caesarstone.com.
(CSTE-E)
Non-GAAP Financial Measures
The non-GAAP measures presented by the Company should be considered in
addition to, and not as a substitute for, comparable GAAP measures. A
reconciliation of GAAP net income attributable to controlling interest
to adjusted net income attributable to controlling interest and net
income to Adjusted EBITDA are provided in the schedules within this
release. The Company provides these non-GAAP financial measures because
it believes that they present a better measure of the Company's core
business and management uses the non-GAAP measures internally to
evaluate the Company's ongoing performance. Accordingly, the Company
believes that they are useful to investors in enhancing an understanding
of the Company's operating performance.
Forward-Looking Statements
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and projections
about future events that are "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally relate to the Company's plans,
objectives and expectations for future operations, including its
projected results of operations and the expected timing of expanding its
manufacturing facilities. These forward-looking statements are based
upon management's current estimates and projections of future results or
trends. Actual results may differ materially from those projected as a
result of certain risks and uncertainties. These factors include, but
are not limited to: the strength of the home renovation and construction
sectors; economic conditions within any of our key existing markets;
actions by our competitors; changes in raw material prices, particularly
polymer resins and pigments; fluctuations in currency exchange rates;
the success of our expansion efforts in the United States; the outcome
of silicosis claims and the claim by our former quartz processor;
unpredictability of seasonal fluctuations in revenues; delays in
manufacturing; and other factors discussed under the heading "Risk
Factors" in our most recent annual report on Form 20-F and other
documents filed with the Securities and Exchange Commission. These
forward-looking statements are made only as of the date hereof, and the
Company undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.
|
Caesarstone Ltd. and its subsidiaries
|
Condensed consolidated balance sheets
|
|
|
|
|
|
|
|
|
|
|
As of
|
U.S. dollars in thousands
|
|
|
September 30, 2016
|
|
December 31, 2015
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits
|
|
|
$
|
74,542
|
|
|
|
$
|
62,807
|
|
Trade receivables, net
|
|
|
|
73,873
|
|
|
|
|
59,185
|
|
Other accounts receivable and prepaid expenses
|
|
|
|
37,880
|
|
|
|
|
32,230
|
|
Inventories
|
|
|
|
102,005
|
|
|
|
|
95,479
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
288,300
|
|
|
|
|
249,701
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
Severance pay fund
|
|
|
|
3,418
|
|
|
|
|
3,296
|
|
Other receivables long-term
|
|
|
|
7,912
|
|
|
|
|
8,603
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
11,330
|
|
|
|
|
11,899
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
|
|
222,100
|
|
|
|
|
225,438
|
|
|
|
|
|
|
|
|
OTHER ASSETS
|
|
|
|
5,123
|
|
|
|
|
6,883
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
|
36,548
|
|
|
|
|
35,821
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
563,401
|
|
|
|
$
|
529,742
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank credit
|
|
|
$
|
8,667
|
|
|
|
$
|
3,241
|
|
Trade payables
|
|
|
|
44,958
|
|
|
|
|
46,382
|
|
Related party and other loan
|
|
|
|
3,387
|
|
|
|
|
3,251
|
|
Accrued expenses and other liabilities
|
|
|
|
29,463
|
|
|
|
|
27,986
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
86,475
|
|
|
|
|
80,860
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term loan and financing leaseback from a related party
|
|
|
8,398
|
|
|
|
|
8,472
|
|
Legal settlements and loss contingencies long-term
|
|
|
|
12,684
|
|
|
|
|
11,190
|
|
Accrued severance pay
|
|
|
|
4,370
|
|
|
|
|
4,309
|
|
Long-term warranty provision
|
|
|
|
1,022
|
|
|
|
|
934
|
|
Deferred tax liabilities, net
|
|
|
|
14,223
|
|
|
|
|
14,767
|
|
Share-based payment
|
|
|
|
30
|
|
|
|
|
148
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
40,727
|
|
|
|
|
39,820
|
|
|
|
|
|
|
|
|
REDEEMABLE NON-CONTROLLING INTEREST
|
|
|
|
10,702
|
|
|
|
|
8,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Ordinary shares
|
|
|
|
370
|
|
|
|
|
370
|
|
Treasury shares - at cost
|
|
|
|
(39,430
|
)
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
|
145,772
|
|
|
|
|
142,765
|
|
Accumulated other comprehensive (loss) income
|
|
|
|
280
|
|
|
|
|
(1,892
|
)
|
Retained earnings
|
|
|
|
318,505
|
|
|
|
|
258,978
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
425,497
|
|
|
|
|
400,221
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
563,401
|
|
|
|
$
|
529,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
Condensed consolidated statements of income
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
U.S. dollars in thousands (except per share data)
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
144,306
|
|
|
|
$
|
136,816
|
|
|
|
$
|
403,568
|
|
|
|
$
|
372,154
|
|
Cost of revenues
|
|
|
|
85,845
|
|
|
|
|
82,729
|
|
|
|
|
242,514
|
|
|
|
|
220,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
58,461
|
|
|
|
|
54,087
|
|
|
|
|
161,054
|
|
|
|
|
152,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
929
|
|
|
|
|
630
|
|
|
|
|
2,578
|
|
|
|
|
2,059
|
|
Marketing and selling
|
|
|
|
17,967
|
|
|
|
|
14,116
|
|
|
|
|
51,775
|
|
|
|
|
44,474
|
|
General and administrative
|
|
|
|
10,370
|
|
|
|
|
9,904
|
|
|
|
|
30,251
|
|
|
|
|
27,012
|
|
Legal settlements and loss contingencies, net
|
|
|
|
1,020
|
|
|
|
|
4,719
|
|
|
|
|
2,753
|
|
|
|
|
4,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
30,286
|
|
|
|
|
29,369
|
|
|
|
|
87,357
|
|
|
|
|
78,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
28,175
|
|
|
|
|
24,718
|
|
|
|
|
73,697
|
|
|
|
|
73,743
|
|
Finance expenses, net
|
|
|
|
1,120
|
|
|
|
|
106
|
|
|
|
|
2,318
|
|
|
|
|
2,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
|
27,055
|
|
|
|
|
24,612
|
|
|
|
|
71,379
|
|
|
|
|
71,346
|
|
Taxes on income
|
|
|
|
4,282
|
|
|
|
|
4,193
|
|
|
|
|
10,213
|
|
|
|
|
11,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
22,773
|
|
|
|
$
|
20,419
|
|
|
|
$
|
61,166
|
|
|
|
$
|
60,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interest
|
|
|
|
(430
|
)
|
|
|
|
(613
|
)
|
|
|
|
(1,639
|
)
|
|
|
|
(1,010
|
)
|
Net income attributable to controlling interest
|
|
|
$
|
22,343
|
|
|
|
$
|
19,806
|
|
|
|
$
|
59,527
|
|
|
|
$
|
59,056
|
|
Basic net income per ordinary share
|
|
|
$
|
0.65
|
|
|
|
$
|
0.56
|
|
|
|
$
|
1.71
|
|
|
|
$
|
1.68
|
|
Diluted net income per ordinary share
|
|
|
$
|
0.65
|
|
|
|
$
|
0.56
|
|
|
|
$
|
1.70
|
|
|
|
$
|
1.67
|
|
Weighted average number of ordinary shares used in computing
basic income per ordinary share
|
|
|
|
34,412,294
|
|
|
|
|
35,294,755
|
|
|
|
|
34,867,064
|
|
|
|
|
35,238,001
|
|
Weighted average number of ordinary shares used in computing
diluted income per ordinary share
|
|
|
|
34,450,561
|
|
|
|
|
35,464,130
|
|
|
|
|
34,927,479
|
|
|
|
|
35,468,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
Selected Condensed consolidated statements of cash flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
U.S. dollars in thousands
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
61,166
|
|
|
|
$
|
60,066
|
|
Adjustments required to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
21,043
|
|
|
|
|
15,628
|
|
Share-based compensation expense
|
|
|
|
2,533
|
|
|
|
|
608
|
|
Accrued severance pay, net
|
|
|
|
(74
|
)
|
|
|
|
191
|
|
Changes in deferred tax, net
|
|
|
|
(5,975
|
)
|
|
|
|
(2,116
|
)
|
Capital loss
|
|
|
|
27
|
|
|
|
|
-
|
|
Legal settlements and loss contingencies, net
|
|
|
|
2,753
|
|
|
|
|
4,719
|
|
Compensation paid by a shareholder
|
|
|
|
266
|
|
|
|
|
-
|
|
Increase in trade receivables
|
|
|
|
(13,595
|
)
|
|
|
|
(4,944
|
)
|
Increase in other accounts receivable and prepaid expenses
|
|
|
|
(1,027
|
)
|
|
|
|
(2,288
|
)
|
Increase in inventories
|
|
|
|
(3,715
|
)
|
|
|
|
(14,078
|
)
|
Decrease in trade payables
|
|
|
|
(413
|
)
|
|
|
|
(9,484
|
)
|
Increase (decrease) in warranty provision
|
|
|
|
30
|
|
|
|
|
(506
|
)
|
Increase in accrued expenses and other liabilities including related
party
|
|
|
|
2,613
|
|
|
|
|
3,637
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
65,632
|
|
|
|
|
51,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
(16,961
|
)
|
|
|
|
(57,542
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
|
21
|
|
|
|
|
-
|
|
Decrease in long term deposits
|
|
|
|
27
|
|
|
|
|
131
|
|
|
|
|
|
|
|
|
Net cash used in investing activities (*)
|
|
|
|
(16,913
|
)
|
|
|
|
(57,411
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid by subsidiary to non-controlling interest
|
|
|
|
(243
|
)
|
|
|
|
-
|
|
Changes in short-term bank credit and loans, net
|
|
|
|
5,121
|
|
|
|
|
6,770
|
|
Repayment of a financing leaseback related to Bar-Lev transaction
|
|
|
|
(826
|
)
|
|
|
|
(819
|
)
|
Purchase of treasury shares at cost
|
|
|
|
(39,430
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(35,378
|
)
|
|
|
|
5,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate differences on cash and cash equivalents
|
|
|
|
(1,606
|
)
|
|
|
|
(1,706
|
)
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents and short-term bank deposits
|
|
|
|
11,735
|
|
|
|
|
(1,733
|
)
|
Cash and cash equivalents and short-term bank deposits at
beginning of the period
|
|
|
|
62,807
|
|
|
|
|
54,327
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits at end of
the period
|
|
|
$
|
74,542
|
|
|
|
$
|
52,594
|
|
|
|
|
|
|
|
|
Non - cash investing:
|
|
|
|
|
|
|
Changes in trade payables balances related to purchase of fixed
assets
|
|
|
|
(1,126
|
)
|
|
|
|
2,115
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Cash used in investing activities does not include changes in
bank deposits as such balance is included in the "cash and cash
equivalents and short term bank deposits" line at the beginning and
end of the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
U.S. dollars in thousands
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(Unaudited)
|
Reconciliation of Net Income to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
22,773
|
|
|
$
|
20,419
|
|
|
$
|
61,166
|
|
|
$
|
60,066
|
Finance expenses, net
|
|
|
|
1,120
|
|
|
|
106
|
|
|
|
2,318
|
|
|
|
2,397
|
Taxes on income
|
|
|
|
4,282
|
|
|
|
4,193
|
|
|
|
10,213
|
|
|
|
11,280
|
Depreciation and amortization
|
|
|
|
7,074
|
|
|
|
6,030
|
|
|
|
21,043
|
|
|
|
15,628
|
Legal settlements and loss contingencies, net (a)
|
|
|
|
1,020
|
|
|
|
4,719
|
|
|
|
2,753
|
|
|
|
4,719
|
Compensation paid by a shareholder (b)
|
|
|
|
266
|
|
|
|
-
|
|
|
|
266
|
|
|
|
-
|
Share-based compensation expense (c)
|
|
|
|
986
|
|
|
|
745
|
|
|
|
2,533
|
|
|
|
1,146
|
Adjusted EBITDA (Non-GAAP)
|
|
|
$
|
37,521
|
|
|
$
|
36,212
|
|
|
$
|
100,292
|
|
|
$
|
95,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Consists of legal settlements expenses and loss contingencies, net,
related to individual silicosis claims.
|
(b)
|
|
One time bonus paid by a shareholder to Company's employees.
|
(c)
|
|
Share-based compensation includes expenses related to stock options
and restricted stock units granted to employees of the Company.
|
|
|
In addition, includes expenses for phantom awards granted and
related payroll expenses as a result of exercises.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
U.S. dollars in thousands (except per share data)
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
2015
|
|
|
|
(Unaudited)
|
Reconciliation of net income attributable to controlling interest
to adjusted net income attributable to controlling interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to controlling interest
|
|
|
$
|
22,343
|
|
|
$
|
19,806
|
|
|
$
|
59,527
|
|
|
|
$
|
59,056
|
Legal settlements and loss contingencies, net (a)
|
|
|
|
1,020
|
|
|
|
4,719
|
|
|
|
2,753
|
|
|
|
|
4,719
|
Compensation paid by a shareholder (b)
|
|
|
|
266
|
|
|
|
-
|
|
|
|
266
|
|
|
|
|
-
|
Share-based compensation expense (c)
|
|
|
|
986
|
|
|
|
745
|
|
|
|
2,533
|
|
|
|
|
1,146
|
Tax adjustment (d)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,158
|
)
|
|
|
|
-
|
Total adjustments
|
|
|
|
2,272
|
|
|
|
5,464
|
|
|
|
4,394
|
|
|
|
|
5,865
|
Less tax on non-tax adjustments (e)
|
|
|
|
360
|
|
|
|
866
|
|
|
|
884
|
|
|
|
|
927
|
Total adjustments after tax
|
|
|
|
1,912
|
|
|
|
4,598
|
|
|
|
3,509
|
|
|
|
|
4,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to controlling interest (Non-GAAP)
|
|
|
$
|
24,255
|
|
|
$
|
24,404
|
|
|
$
|
63,036
|
|
|
|
$
|
63,994
|
Adjusted diluted EPS (f)
|
|
|
$
|
0.70
|
|
|
$
|
0.69
|
|
|
$
|
1.80
|
|
|
|
$
|
1.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Consists of legal settlements expenses and loss contingencies, net,
related to individual silicosis claims.
|
(b)
|
|
One time bonus paid by a shareholder to Company's employees.
|
(c)
|
|
Share-based compensation includes expenses related to stock
options and restricted stock units granted to employees of the
Company. In addition, includes expenses for phantom awards granted
and the related payroll expenses as a result of exercises.
|
(d)
|
|
Tax adjustment as a result of tax settlement with the Israeli tax
authorities.
|
(e)
|
|
Tax adjustments for the three and nine months ended September 30,
2016 and 2015 were based on the effective tax rates for these
periods, respectively.
|
(f)
|
|
In calculating adjusted diluted (Non-GAAP) EPS, the diluted
weighted average number of shares outstanding excludes the effects
of share-based compensation expense in accordance with FASB ASC
718.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
Geographic breakdown of revenues by region (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
U.S. dollars in thousands
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
|
$
|
58,379
|
|
|
$
|
61,685
|
|
|
$
|
167,634
|
|
|
$
|
166,792
|
Australia |
|
|
|
35,637
|
|
|
|
29,258
|
|
|
|
94,848
|
|
|
|
79,603
|
Canada |
|
|
|
22,379
|
|
|
|
19,804
|
|
|
|
64,280
|
|
|
|
52,860
|
Israel |
|
|
|
11,316
|
|
|
|
10,632
|
|
|
|
32,729
|
|
|
|
30,054
|
Europe |
|
|
|
6,985
|
|
|
|
7,067
|
|
|
|
20,407
|
|
|
|
18,469
|
Rest of World
|
|
|
|
9,610
|
|
|
|
8,371
|
|
|
|
23,670
|
|
|
|
24,376
|
|
|
|
$
|
144,306
|
|
|
$
|
136,816
|
|
|
$
|
403,568
|
|
|
$
|
372,154
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102005711/en/
Investor Relations
ICR, Inc.
James Palczynski,
+1-203-682-8229
Partner
Source: Caesarstone Ltd.
News Provided by Acquire Media