-
Record Quarterly Revenue of $148.9 million, Up 4.6%; Grows 5.0% on
a Constant Currency Basis
-
Quarterly Diluted EPS of $0.42; Adjusted Diluted EPS of $0.49
-
Maintains Full Year Guidance for Revenue, Narrows Expectation for
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
second quarter, ended June 30, 2017.
The Company grew revenue in the second quarter of 2017 by 4.6% to a new
quarterly record of $148.9 million compared to $142.3 million in the
same quarter of the prior year. On a constant currency basis, the
Company grew second quarter revenue by 5.0%. Growth in revenue was
driven primarily by the United States, up 8.2%, and by Canada, up 4.3%
and 8.7% on a constant currency basis.
Raanan Zilberman, Chief Executive Officer, commented, "Our sales
performance this quarter was in line with our expectations, but we need
to continue to work hard in order to capture our full opportunity for
profitability. We are confident we can mitigate challenges and, based on
our achievements in the first half, we remain comfortable with our goals
for 2017. Our business and brand are fundamentally strong around the
world and our recent product launches continue to excite our markets."
Gross margin in the second quarter was 34.9% compared to 42.1% in the
same period in the prior year. The decrease was primarily due to a
significant increase in polyester prices, lower manufacturing throughput
related to a mix shift toward more sophisticated products, and an
increased proportion, out of total production, from Richmond-Hill, which
continues to require higher costs. Additionally, an increased component
of fabrication and installation revenue and exchange rate fluctuations
also pressured gross margin. These factors were partially offset by the
positive impact of a mix-shift toward differentiated premium products.
Operating expenses in the second quarter were $32.6 million, or 21.9% of
revenue. This compares to the prior year second quarter level of $28.7
million, or 20.2% of revenue. The increase in expenses was primarily due
to planned investments in marketing and sales capabilities to support
sales growth in the United States and to costs associated with the
ramp-up of direct distribution operations in the United Kingdom.
Operating income in the second quarter was $19.3 million, an operating
margin of 13.0%, compared to $31.3 million in the second quarter of
2016, an operating margin of 22.0%.
Adjusted EBITDA, which excludes share-based compensation and legal
settlements and loss contingencies expenses, was $29.6 million in the
second quarter of 2017, a margin of 19.9%. This compares to adjusted
EBITDA of $39.8 million, a margin of 27.9% in the second quarter of the
prior year. This year-over-year margin comparison reflects the gross
margin factors and the increased investment in marketing and sales,
described above.
Finance expenses in the second quarter were $1.4 million, similar to the
same period in the prior year.
The Company reported net income attributable to controlling interest for
the second quarter of 2017 of $14.5 million compared to $25.4 million in
the same quarter in the prior year. Diluted net income per share for the
second quarter was $0.42 compared to $0.73 per diluted share in the
prior year's second quarter. Adjusted net income per diluted share in
the second quarter was $0.49 on 34.6 million shares compared to $0.73 in
the prior year on 34.9 million shares.
The Company's balance sheet as of June 30, 2017 included cash, cash
equivalents and short-term bank deposits of $129.4 million compared to
$106.3 million at December 31, 2016.
Guidance
The Company today reiterated its full-year 2017 guidance for revenue of
$580 million to $595 million. The Company is also maintaining its
guidance for adjusted EBITDA of $119 million to $126 million, noting
that it currently expects it to be toward the low end of the range.
Conference Call Details
Raanan Zilberman, the Company's Chief Executive Officer, and Yair
Averbuch, the Company's Chief Financial Officer, will host a conference
call today, August 2, 2017, at 8:30 a.m. ET to discuss the results of
the second quarter ended June 30, 2017, 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 Second Quarter
Earnings Call.
To listen to a telephonic replay of the conference call, dial toll-free
1-844-512-2921 or +1-412-317-6671 (international) and enter pass code
13666349. The replay will be available beginning at 11:30 a.m. ET on
Wednesday, August 2, 2017 and will last through 11:59 p.m. ET on
Wednesday, August 9, 2017.
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 other claims; unpredictability of seasonal
fluctuations in revenues; delays in manufacturing if our suppliers are
unable to supply raw materials; 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
|
|
|
|
June 30, 2017
|
|
|
December 31, 2016
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits
|
|
|
|
$
|
129,399
|
|
|
|
$
|
106,270
|
|
Trade receivables, net
|
|
|
|
|
73,833
|
|
|
|
|
63,072
|
|
Other accounts receivable and prepaid expenses
|
|
|
|
|
30,823
|
|
|
|
|
39,484
|
|
Inventories
|
|
|
|
|
119,389
|
|
|
|
|
101,474
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
353,444
|
|
|
|
|
310,300
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
|
Severance pay fund
|
|
|
|
|
3,743
|
|
|
|
|
3,403
|
|
Other receivables long-term
|
|
|
|
|
9,951
|
|
|
|
|
7,977
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
|
13,694
|
|
|
|
|
11,380
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
|
|
|
219,854
|
|
|
|
|
222,818
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS
|
|
|
|
|
3,390
|
|
|
|
|
4,546
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
|
|
36,697
|
|
|
|
|
35,656
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
627,079
|
|
|
|
$
|
584,700
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank credit
|
|
|
|
$
|
9,920
|
|
|
|
$
|
8,540
|
|
Trade payables
|
|
|
|
|
64,963
|
|
|
|
|
48,633
|
|
Related party and other loan
|
|
|
|
|
3,493
|
|
|
|
|
3,099
|
|
Accrued expenses and other liabilities
|
|
|
|
|
35,938
|
|
|
|
|
33,065
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
114,314
|
|
|
|
|
93,337
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term loan and financing leaseback from a related party
|
|
|
|
|
8,581
|
|
|
|
|
8,070
|
|
Legal settlements and loss contingencies long-term
|
|
|
|
|
13,106
|
|
|
|
|
12,527
|
|
Accrued severance pay
|
|
|
|
|
5,128
|
|
|
|
|
4,265
|
|
Long-term warranty provision
|
|
|
|
|
1,097
|
|
|
|
|
988
|
|
Deferred tax liabilities, net
|
|
|
|
|
3,116
|
|
|
|
|
14,921
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
|
31,028
|
|
|
|
|
40,771
|
|
|
|
|
|
|
|
|
|
REDEEMABLE NON-CONTROLLING INTEREST
|
|
|
|
|
14,460
|
|
|
|
|
12,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
Ordinary shares
|
|
|
|
|
371
|
|
|
|
|
371
|
|
Treasury shares - at cost
|
|
|
|
|
(39,430
|
)
|
|
|
|
(39,430
|
)
|
Additional paid-in capital
|
|
|
|
|
149,049
|
|
|
|
|
146,536
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
825
|
|
|
|
|
(1,150
|
)
|
Retained earnings
|
|
|
|
|
356,462
|
|
|
|
|
331,326
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
|
467,277
|
|
|
|
|
437,653
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
$
|
627,079
|
|
|
|
$
|
584,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
Condensed consolidated statements of income
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
U.S. dollars in thousands (except per share data)
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
148,914
|
|
|
$
|
142,348
|
|
|
|
$
|
285,325
|
|
|
$
|
259,262
|
|
Cost of revenues
|
|
|
|
|
96,993
|
|
|
|
82,374
|
|
|
|
|
184,163
|
|
|
|
156,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
51,921
|
|
|
|
59,974
|
|
|
|
|
101,162
|
|
|
|
102,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
866
|
|
|
|
825
|
|
|
|
|
1,814
|
|
|
|
1,649
|
|
Marketing and selling
|
|
|
|
|
19,615
|
|
|
|
16,834
|
|
|
|
|
40,774
|
|
|
|
33,808
|
|
General and administrative
|
|
|
|
|
10,706
|
|
|
|
10,029
|
|
|
|
|
22,032
|
|
|
|
19,881
|
|
Legal settlements and loss contingencies, net
|
|
|
|
|
1,420
|
|
|
|
1,000
|
|
|
|
|
2,091
|
|
|
|
1,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
|
32,607
|
|
|
|
28,688
|
|
|
|
|
66,711
|
|
|
|
57,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
19,314
|
|
|
|
31,286
|
|
|
|
|
34,451
|
|
|
|
45,521
|
|
Finance expenses, net
|
|
|
|
|
1,391
|
|
|
|
1,442
|
|
|
|
|
2,915
|
|
|
|
1,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
|
|
17,923
|
|
|
|
29,844
|
|
|
|
|
31,536
|
|
|
|
44,323
|
|
Taxes on income
|
|
|
|
|
3,051
|
|
|
|
3,560
|
|
|
|
|
5,399
|
|
|
|
5,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
14,872
|
|
|
$
|
26,284
|
|
|
|
$
|
26,137
|
|
|
$
|
38,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interest
|
|
|
|
|
(324
|
)
|
|
|
(875
|
)
|
|
|
|
(493
|
)
|
|
|
(1,209
|
)
|
Net income attributable to controlling interest
|
|
|
|
$
|
14,548
|
|
|
$
|
25,409
|
|
|
|
$
|
25,644
|
|
|
$
|
37,184
|
|
Basic net income per ordinary share (*)
|
|
|
|
$
|
0.42
|
|
|
$
|
0.73
|
|
|
|
$
|
0.73
|
|
|
$
|
1.06
|
|
Diluted net income per ordinary share (*)
|
|
|
|
$
|
0.42
|
|
|
$
|
0.73
|
|
|
|
$
|
0.73
|
|
|
$
|
1.06
|
|
Weighted average number of ordinary shares used in computing
basic income per ordinary share
|
|
|
|
|
34,337,060
|
|
|
|
34,811,600
|
|
|
|
|
34,329,403
|
|
|
|
35,012,141
|
|
Weighted average number of ordinary shares used in computing
diluted income per ordinary share
|
|
|
|
|
34,412,160
|
|
|
|
34,901,415
|
|
|
|
|
34,390,118
|
|
|
|
35,120,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) The numerator for the calculation of net income per share for the
three and six months ended June 30, 2017 has been reduced by
approximately $0.2 and $0.5 million respectively, to reflect the
adjustment to redemption value associated with the redeemable
non-controlling interest.
|
Caesarstone Ltd. and its subsidiaries
|
Selected Condensed consolidated statements of cash flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30,
|
U.S. dollars in thousands
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
26,137
|
|
|
|
$
|
38,393
|
|
Adjustments required to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
14,941
|
|
|
|
|
13,969
|
|
Share-based compensation expense
|
|
|
|
|
2,521
|
|
|
|
|
1,547
|
|
Accrued severance pay, net
|
|
|
|
|
509
|
|
|
|
|
(77
|
)
|
Changes in deferred tax, net
|
|
|
|
|
(1,134
|
)
|
|
|
|
(6,927
|
)
|
Capital loss
|
|
|
|
|
-
|
|
|
|
|
8
|
|
Legal settlements and loss contingencies, net
|
|
|
|
|
2,091
|
|
|
|
|
1,733
|
|
Increase in trade receivables
|
|
|
|
|
(9,106
|
)
|
|
|
|
(12,404
|
)
|
Decrease (increase) in other accounts receivable and prepaid expenses
|
|
|
|
|
(4,229
|
)
|
|
|
|
943
|
|
Increase in inventories
|
|
|
|
|
(16,331
|
)
|
|
|
|
(6,052
|
)
|
Increase (decrease) in trade payables
|
|
|
|
|
14,982
|
|
|
|
|
(960
|
)
|
Increase (decrease) in warranty provision
|
|
|
|
|
102
|
|
|
|
|
(93
|
)
|
Increase in accrued expenses and other liabilities including related
party
|
|
|
|
|
3,175
|
|
|
|
|
2,552
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
33,658
|
|
|
|
|
32,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(11,352
|
)
|
|
|
|
(10,812
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
|
|
-
|
|
|
|
|
21
|
|
Increase in long term deposits
|
|
|
|
|
(1
|
)
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities (*)
|
|
|
|
|
(11,353
|
)
|
|
|
|
(10,772
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in short-term bank credit and loans, net
|
|
|
|
|
1,059
|
|
|
|
|
2,395
|
|
Repayment of a financing leaseback related to Bar-Lev transaction
|
|
|
|
|
(579
|
)
|
|
|
|
(548
|
)
|
Purchase of treasury shares at cost
|
|
|
|
|
-
|
|
|
|
|
(29,768
|
)
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
480
|
|
|
|
|
(27,921
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate differences on cash and cash equivalents
|
|
|
|
|
344
|
|
|
|
|
(1,062
|
)
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents and short-term bank deposits
|
|
|
|
|
23,129
|
|
|
|
|
(7,123
|
)
|
Cash and cash equivalents and short-term bank deposits at beginning
of the period
|
|
|
|
|
106,270
|
|
|
|
|
62,807
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits at end of the
period
|
|
|
|
$
|
129,399
|
|
|
|
$
|
55,684
|
|
|
|
|
|
|
|
|
|
Non - cash investing:
|
|
|
|
|
|
|
|
Changes in trade payables balances related to purchase of fixed
assets
|
|
|
|
|
(743
|
)
|
|
|
|
(437
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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 June 30,
|
|
|
Six months ended June 30,
|
U.S. dollars in thousands
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
(Unaudited)
|
Reconciliation of Net Income to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
14,872
|
|
$
|
26,284
|
|
|
$
|
26,137
|
|
|
$
|
38,393
|
Finance expenses, net
|
|
|
|
|
1,391
|
|
|
1,442
|
|
|
|
2,915
|
|
|
|
1,198
|
Taxes on income
|
|
|
|
|
3,051
|
|
|
3,560
|
|
|
|
5,399
|
|
|
|
5,930
|
Depreciation and amortization
|
|
|
|
|
7,512
|
|
|
7,064
|
|
|
|
14,941
|
|
|
|
13,969
|
Legal settlements and loss contingencies, net (a)
|
|
|
|
|
1,420
|
|
|
1,000
|
|
|
|
2,091
|
|
|
|
1,733
|
Share-based compensation expense (b)
|
|
|
|
|
1,367
|
|
|
417
|
|
|
|
2,521
|
|
|
|
1,547
|
Provision for employees fringe benefits (c)
|
|
|
|
|
-
|
|
|
-
|
|
|
|
(114
|
)
|
|
|
-
|
Adjusted EBITDA (Non-GAAP)
|
|
|
|
$
|
29,613
|
|
$
|
39,767
|
|
|
$
|
53,890
|
|
|
$
|
62,770
|
|
|
|
(a)
|
|
Consists of legal settlements expenses and loss contingencies, net,
related to silicosis claims.
|
(b)
|
|
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.
|
(c)
|
|
Relates to an adjustment of provision for taxable employee fringe
benefits as a result of a settlement with the Israeli Tax
Authority and with the National Insurance Institute of Israel.
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
U.S. dollars in thousands (except per share data)
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
(Unaudited)
|
Reconciliation of net income attributable to controlling interest
to adjusted net income attributable to controlling interest:
|
|
|
|
|
|
|
|
|
Net income attributable to controlling interest
|
|
|
|
$
|
14,548
|
|
$
|
25,409
|
|
|
|
$
|
25,644
|
|
|
$
|
37,184
|
|
Legal settlements and loss contingencies, net (a)
|
|
|
|
|
1,420
|
|
|
1,000
|
|
|
|
|
2,091
|
|
|
|
1,733
|
|
Share-based compensation expense (b)
|
|
|
|
|
1,367
|
|
|
417
|
|
|
|
|
2,521
|
|
|
|
1,546
|
|
Provision for employees fringe benefits (c)
|
|
|
|
-
|
|
|
-
|
|
|
|
|
(114
|
)
|
|
|
-
|
|
Tax adjustment (d)
|
|
|
|
|
-
|
|
|
(1,158
|
)
|
|
|
|
-
|
|
|
|
(1,158
|
)
|
Total adjustments
|
|
|
|
|
2,787
|
|
|
259
|
|
|
|
|
4,498
|
|
|
|
2,121
|
|
Less tax on non-tax adjustments (e)
|
|
|
|
|
475
|
|
|
220
|
|
|
|
|
770
|
|
|
|
524
|
|
Total adjustments after tax
|
|
|
|
|
2,312
|
|
|
39
|
|
|
|
|
3,728
|
|
|
|
1,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to controlling interest (Non-GAAP)
|
|
|
|
$
|
16,860
|
|
$
|
25,448
|
|
|
|
$
|
29,372
|
|
|
$
|
38,781
|
|
Adjusted diluted EPS (f)
|
|
|
|
$
|
0.49
|
|
$
|
0.73
|
|
|
|
$
|
0.85
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Consists of legal settlements expenses and loss contingencies, net,
related to silicosis claims.
|
(b)
|
|
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.
|
(c)
|
|
Relates to an adjustment of provision for taxable employee fringe
benefits as a result of a settlement with the Israeli Tax
Authority and with the National Insurance Institute of Israel.
|
(d)
|
|
Tax adjustment as a result of tax settlement with the Israeli tax
authorities.
|
(e)
|
|
Tax adjustments for the three and six months ended June 30, 2017
and 2016 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 June 30,
|
|
|
Six months ended June 30,
|
U.S. dollars in thousands
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
|
|
$
|
64,828
|
|
$
|
59,942
|
|
|
$
|
122,852
|
|
$
|
109,254
|
Australia (incl. New Zealand)
|
|
|
|
|
34,265
|
|
|
33,485
|
|
|
|
63,786
|
|
|
59,211
|
Canada |
|
|
|
|
25,289
|
|
|
24,251
|
|
|
|
47,593
|
|
|
41,901
|
Israel |
|
|
|
|
10,845
|
|
|
11,130
|
|
|
|
22,545
|
|
|
21,413
|
Europe |
|
|
|
|
6,967
|
|
|
6,860
|
|
|
|
13,344
|
|
|
13,422
|
Rest of World
|
|
|
|
|
6,720
|
|
|
6,680
|
|
|
|
15,205
|
|
|
14,061
|
|
|
|
|
$
|
148,914
|
|
$
|
142,348
|
|
|
$
|
285,325
|
|
$
|
259,262
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802005546/en/
Investor Relations
ICR, Inc.
James Palczynski,
+1-203-682-8229
Partner
Source: Caesarstone Ltd.
News Provided by Acquire Media