- Revenue of $128.2 million
- Net loss of $0.4 million, or $0.01 per share
- Adjusted net income of $2.7 million, or $0.08 per share
- Adjusted EBITDA of $11.6 million
-
Announces a Global Growth Acceleration Plan focused on growth
with excellence and efficiency, including an immediate 7% global
workforce reduction and planned expansion of the U.S. sales force
- Reiterates full year 2019 outlook
MP MENASHE, Israel--(BUSINESS WIRE)--May 1, 2019--
Caesarstone Ltd. (NASDAQ:CSTE), a leading developer and manufacturer of
high-quality engineered quartz surfaces, today reported financial
results for its first quarter ended March 31, 2019 and announced Global
Growth Acceleration Plan.
Yuval Dagim, Chief Executive Officer, commented, “We are excited
to announce today our Global Growth Acceleration Plan to further
distinguish the Caesarstone brand. We believe that this plan will yield
better allocation of our resources while more efficiently positioning
our business for sustained profitable growth. Through this plan, we are
implementing our new matrix organization structure, shifting our
resources to invest in the right talent and technology to more
efficiently manage our go-to-market, supply chain, and production
processes. In North America, we are making good progress on the
integration of our U.S. and Canadian operations and look forward to
capture the great opportunity in this region. We believe our collective
actions are starting to position our Company to better navigate an
evolving global landscape to improve results and generate greater value
in the coming years.”
Ophir Yakovian, Chief Financial Officer, added, “We achieved
improvement in certain financial and operational measurements, primarily
reflecting our efforts to control costs and improve our operational
efficiency as we operate in more challenging global market conditions.
While our core business in the U.S. grew for a third consecutive
quarter, overall sales declined year-over-year on a constant currency
basis mainly due to softer markets in our major territories outside the
U.S. With the Global Growth Acceleration Plan announced today, we
believe we are taking the right steps to support the accomplishment of
our objectives in 2019 and we continue to expect the significant
improvement of our results to be weighted towards the second half of the
year.”
First Quarter 2019 Results
Revenue in the first quarter of 2019 was $128.2 million compared
to $136.1 million in the prior year quarter. On a constant currency
basis, first quarter revenue was lower by 1.9% year-over-year, with
sales improvement in Europe and the Company’s core business in the U.S.
more than offset by softer performance in Ikea U.S. and in other regions.
Gross margin in the first quarter was 24.4% compared to 25.2% in
the prior year quarter. Adjusted gross margin in the first quarter was
25.3% compared to 25.2% in the prior year quarter. The similar adjusted
gross margin mainly reflects increased manufacturing unit costs due to
lower fixed cost absorption and foreign exchange headwinds, offset by
more favorable geographic and product mix, lower raw material costs and
improved supply chain efficiencies.
Operating income in the first quarter was $0.6 million compared
to $1.4 million in the prior year quarter.
Adjusted EBITDA, which excludes expenses for share-based
compensation, legal settlements and loss contingencies and for
non-recurring items, was $11.6 million in the first quarter,
representing a margin of 9.1%. This compares to adjusted EBITDA of $11.2
million, representing a margin of 8.2%, in the prior year quarter. This
year-over-year margin comparison primarily reflects lower operating
expenses more than offsetting the revenue decline.
Finance expenses in the first quarter were $0.3 million compared
to finance income of $0.5 million in the prior year quarter. The
difference was primarily due to the negative impact of the U.S. dollar
appreciation against the Company’s other main currencies.
The Company reported a net loss attributable to controlling
interest for the first quarter of $0.4 million, compared to net income
of $1.5 million in the prior year quarter. Diluted net loss per share
for the first quarter was $0.01, compared to diluted net income per
share of $0.05 in the prior year quarter. Adjusted diluted net income
per share for the first quarter was $0.08 on 34.5 million shares,
compared to $0.10 on 34.4 million shares in the prior year quarter.
Balance Sheet
The Company's balance sheet as of March 31, 2019 remained strong,
including cash, cash equivalents and short-term bank deposits of $86.8
million with no financial debts to banks.
The Company’s dividend policy provides for a quarterly cash dividend in
the range of $0.10 to $0.15 per share up to the lesser of 50% of
reported net income attributable to controlling interest (i) on a
quarterly basis or (ii) on a year-to-date basis, subject in each case to
approval by its board of directors. Pursuant to the Company’s dividend
policy, the Company does not intend to pay a dividend for the first
quarter, based on its first quarter reported net loss attributable to
controlling interest.
Global Growth Acceleration Plan
The Company today announced its Global Growth Acceleration Plan. The
plan is an outcome of a thorough analysis performed by the management
over the recent months to define priorities and strategic focus while
identifying the main operational inefficiencies and aiming to support
growth objectives through a more strategic alignment of resources.
The cost reduction measures are intended to move the Company towards a
more efficient and lean structure. Accordingly, today the Company
announced an immediate reduction in its global headcount by
approximately 7% across all business units and regions. Through these
actions the Company expects to gain efficiencies in a range of areas
including production, supply chain and general & administrative
functions. As part of the headcount reductions, the Company will
temporarily reduce effective capacity at its U.S. manufacturing facility
by 50%, which is expected to provide for increased production efficiency
and reduced inventory levels over the next 12 months.
The Company also plans to embark on a range of investments to enhance
its innovative portfolio of premier product offerings, expand its
selling efforts in key markets, implement a digital transformation
within the Company and streamline processes. The Company plans to expand
its US sales force by 15-20% over the next twelve months, primarily
targeting large metropolitan areas and markets with weak presence
locations. The technology and digital investments will be geared towards
operational enhancements in inventory management and production, along
with improvement of the Company’s go-to-market tools.
In alignment with the plan, the Company recently bolstered its global
management team with the appointment of Ms. Rinat Efrima as the new
Global Chief Marketing Officer, and Ms. Suzie Roth for the newly created
role of Chief Information Officer.
The Company expects to fund its growth and operational investments with
a portion of the anticipated savings from the cost reduction measures.
The financial impact of the Global Growth Acceleration Plan is reflected
in the Company’s unchanged outlook for 2019 and intended to drive
additional growth in revenue and Adjusted EBITDA in the coming years. In
connection with the headcount reductions, the Company intends to incur a
one-time charge of approximately $1 million, including severance, in the
second quarter of 2019.
Beyond currently identified opportunities, the Company will continue to
pursue additional avenues to drive efficiencies and accelerate growth
through its multi-year Global Growth Acceleration Plan.
Mr. Dagim, commented, “The Global Growth Acceleration Plan will
better position the Company and strengthen its core business,
operational and technological activities.”
Outlook
The Company reiterates its 2019 outlook and expects revenue to be in the
range of $580 million to $600 million and adjusted EBITDA to be in the
range of $72 million to $80 million. The Company expects to show
improvement in key metrics beginning in the second half of 2019.
Conference Call Details
The Company 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 First
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
13689655. The replay will be available beginning at 11:30 a.m. ET on
Wednesday, May 1, 2019 and will last through 11:59 p.m. ET on Wednesday,
May 8, 2019.
About Caesarstone
Caesarstone is a concept and lifestyle-driven company with a
customer-centered approach to designing, developing, and producing
high-end engineered quartz surfaces used in residential and commercial
buildings. Caesarstone® products offer superior aesthetic appeal and
perfected functionality through a distinct variety of colors, styles,
textures and finishes used in countertops, vanities, wall cladding,
floors, and other interior surfaces. Marked by their inherent longevity
characteristics such as non-porousness, scratch and stain resistance,
and durability, the company’s product umbrella offers a highly desirable
alternative to other surfaces. Strong commitment to service has fostered
growing customer loyalty in over 50 countries where the four distinct
Caesarstone product collections are available: Classico, Supernatural,
Metropolitan and Concetto. For more information please visit our
website: www.caesarstone.com.
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.
Reconciliations of GAAP gross profit to adjusted gross profit, 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 to 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 relate to the Company's plans, objectives and
expectations for future operations, including expectations of the
results of its business optimization initiative and its projected
results of operations. 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 ability of the company to realign aspects of its
business based on the business optimization initiative, the strength of
the home renovation and construction sectors; intense competitive
pressures; the outcome of silicosis and other bodily injury claims;
regulatory requirements relating to hazards associated with exposure to
silica dust; manufacturing of existing products and managing required
changes in production; economic conditions within any of our key
existing markets changes in raw material prices; fluctuations in
currency exchange rates; the success of our expansion efforts in the
United States; 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 |
|
March 31, 2019
|
|
December 31, 2018
|
|
|
(Unaudited) |
|
(Audited) |
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits
|
|
$
|
86,750
|
|
|
$
|
|
93,562
|
|
Trade receivables, net
|
|
|
74,563
|
|
|
|
|
72,555
|
|
Other accounts receivable and prepaid expenses
|
|
|
29,339
|
|
|
|
|
25,495
|
|
Inventories
|
|
|
147,523
|
|
|
|
|
158,492
|
|
|
|
|
|
|
Total current assets
|
|
|
338,175
|
|
|
|
|
350,104
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
|
|
|
Severance pay fund
|
|
|
3,538
|
|
|
|
|
3,591
|
|
Other long-term receivables
|
|
|
6,333
|
|
|
|
|
5,435
|
|
Deferred tax assets, net
|
|
|
7,066
|
|
|
|
|
6,372
|
|
Long-term deposits and prepaid expenses
|
|
|
2,813
|
|
|
|
|
2,799
|
|
Right of use assets
|
|
|
71,987
|
|
|
|
|
-
|
|
Property, plant and equipment, net
|
|
|
211,112
|
|
|
|
|
213,338
|
|
Goodwill
|
|
|
35,353
|
|
|
|
|
35,283
|
|
|
|
|
|
|
Total long-term assets
|
|
|
338,202
|
|
|
|
|
266,818
|
|
|
|
|
|
|
Total assets
|
|
$
|
676,377
|
|
|
$
|
|
616,922
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Short-term bank credit
|
|
$
|
-
|
|
|
$
|
|
7,567
|
|
Trade payables
|
|
|
44,777
|
|
|
|
|
55,787
|
|
Related party and other loan
|
|
|
3,033
|
|
|
|
|
2,908
|
|
Short term legal settlements and loss contingencies
|
|
|
17,452
|
|
|
|
|
13,146
|
|
Accrued expenses and other liabilities
|
|
|
40,488
|
|
|
|
|
31,873
|
|
|
|
|
|
|
Total current liabilities
|
|
|
105,750
|
|
|
|
|
111,281
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Long-term loan and financing leaseback from a related party
|
|
|
7,155
|
|
|
|
|
7,089
|
|
Legal settlements and loss contingencies long-term
|
|
|
25,980
|
|
|
|
|
26,089
|
|
Long-term lease liabilities
|
|
|
62,869
|
|
|
|
|
-
|
|
Accrued severance pay
|
|
|
4,646
|
|
|
|
|
4,695
|
|
Long-term warranty provision
|
|
|
1,276
|
|
|
|
|
1,267
|
|
Deferred tax liabilities, net
|
|
|
160
|
|
|
|
|
-
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
102,086
|
|
|
|
|
39,140
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
|
371
|
|
|
|
|
371
|
|
Treasury shares - at cost
|
|
|
(39,430
|
)
|
|
|
|
(39,430
|
)
|
Additional paid-in capital
|
|
|
154,644
|
|
|
|
|
153,593
|
|
Capital fund related to non-controlling interest
|
|
|
(5,587
|
)
|
|
|
|
(5,587
|
)
|
Accumulated other comprehensive loss
|
|
|
(1,783
|
)
|
|
|
|
(3,177
|
)
|
Retained earnings
|
|
|
360,326
|
|
|
|
|
360,731
|
|
|
|
|
|
|
Total equity
|
|
|
468,541
|
|
|
|
|
466,501
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
676,377
|
|
|
$
|
|
616,922
|
|
|
|
|
|
|
|
|
|
|
|
Caesarstone Ltd. and its subsidiaries Condensed consolidated statements of income (loss)
|
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands (except per share data) |
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
|
|
|
|
Revenues
|
|
$
|
128,197
|
|
|
$
|
136,058
|
|
Cost of revenues
|
|
|
96,928
|
|
|
|
101,814
|
|
|
|
|
|
|
Gross profit
|
|
|
31,269
|
|
|
|
34,244
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Research and development
|
|
|
942
|
|
|
|
756
|
|
Marketing and selling
|
|
|
17,074
|
|
|
|
18,360
|
|
General and administrative
|
|
|
11,033
|
|
|
|
11,204
|
|
Legal settlements and loss contingencies, net
|
|
|
1,576
|
|
|
|
2,497
|
|
|
|
|
|
|
Total operating expenses
|
|
|
30,625
|
|
|
|
32,817
|
|
|
|
|
|
|
Operating income
|
|
|
644
|
|
|
|
1,427
|
|
Finance expenses (income), net
|
|
|
322
|
|
|
|
(540
|
)
|
|
|
|
|
|
Income before taxes on income
|
|
|
322
|
|
|
|
1,967
|
|
Taxes on income
|
|
|
727
|
|
|
|
511
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(405
|
)
|
|
$
|
1,456
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
-
|
|
|
|
37
|
|
Net income (loss) attributable to controlling interest
|
|
$
|
(405
|
)
|
|
$
|
1,493
|
|
Basic net income (loss) per ordinary share (*)
|
|
$
|
(0.01
|
)
|
|
$
|
0.05
|
|
Diluted net income (loss) per ordinary share (*)
|
|
$
|
(0.01
|
)
|
|
$
|
0.05
|
|
Weighted average number of ordinary shares used in computing basic
income per ordinary share
|
|
|
34,366,954
|
|
|
|
34,343,749
|
|
Weighted average number of ordinary shares used in computing diluted
income per ordinary share
|
|
|
34,366,954
|
|
|
|
34,383,006
|
|
(*) The numerator for the calculation of net income per share for
the three months ended March 31, 2018 has been increased by
approximately $0.1 million 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
|
|
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands |
|
2019 |
|
2018 |
|
|
(Unaudited) |
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(405
|
)
|
|
$
|
1,456
|
|
Adjustments required to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
6,763
|
|
|
|
7,250
|
|
Share-based compensation expense
|
|
|
1,052
|
|
|
|
30
|
|
Accrued severance pay, net
|
|
|
2
|
|
|
|
(513
|
)
|
Changes in deferred tax, net
|
|
|
(520
|
)
|
|
|
(2,829
|
)
|
Capital gain
|
|
|
(17
|
)
|
|
|
-
|
|
Legal settlements and loss contingencies, net
|
|
|
1,576
|
|
|
|
2,497
|
|
Increase in trade receivables
|
|
|
(1,647
|
)
|
|
|
(173
|
)
|
Increase in other accounts receivable and prepaid expenses
|
|
|
(1,816
|
)
|
|
|
(3,924
|
)
|
Decrease (increase) in inventories
|
|
|
11,069
|
|
|
|
(9,863
|
)
|
Decrease in trade payables
|
|
|
(10,117
|
)
|
|
|
(1,334
|
)
|
Increase (decrease) in warranty provision
|
|
|
(94
|
)
|
|
|
53
|
|
Changes in right of use assets
|
|
|
(71,987
|
)
|
|
|
-
|
|
Changes in lease liabilities
|
|
|
73,414
|
|
|
|
-
|
|
Increase (decrease) in accrued expenses and other liabilities
including related party
|
|
|
143
|
|
|
|
(13,616
|
)
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
7,416
|
|
|
|
(20,966
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(6,276
|
)
|
|
|
(4,112
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
29
|
|
|
|
-
|
|
Increase in long term deposits
|
|
|
7
|
|
|
|
(42
|
)
|
|
|
|
|
|
Net cash used in investing activities (*)
|
|
|
(6,240
|
)
|
|
|
(4,154
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Dividend paid
|
|
|
-
|
|
|
|
(9,960
|
)
|
Dividend paid by subsidiary to non-controlling interest
|
|
|
-
|
|
|
|
(559
|
)
|
Changes in short-term bank credit and loans, net
|
|
|
(7,771
|
)
|
|
|
9,294
|
|
Repayment of a financing leaseback related to Bar-Lev transaction
|
|
|
(293
|
)
|
|
|
(294
|
)
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(8,064
|
)
|
|
|
(1,519
|
)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate differences on cash and cash equivalents
|
|
|
76
|
|
|
|
43
|
|
|
|
|
|
|
Decrease in cash and cash equivalents and short-term bank deposits
|
|
|
(6,812
|
)
|
|
|
(26,596
|
)
|
Cash and cash equivalents and short-term bank deposits at beginning
of the period
|
|
|
93,562
|
|
|
|
138,707
|
|
|
|
|
|
|
Cash and cash equivalents and short-term bank deposits at end of the
period
|
|
$
|
86,750
|
|
|
$
|
112,111
|
|
|
|
|
|
|
Non - cash investing:
|
|
|
|
|
Changes in trade payables balances related to purchase of fixed
assets
|
|
|
(1,832
|
)
|
|
|
366
|
|
|
Caesarstone Ltd. and its subsidiaries |
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands |
|
2019
|
|
2018
|
|
|
(Unaudited) |
Reconciliation of Gross profit to Adjusted Gross profit: |
|
|
|
|
Gross profit
|
|
$
|
31,269
|
|
|
$
|
34,244
|
|
Non-recurring import related expenses
|
|
|
1,110
|
|
|
|
-
|
|
Adjusted Gross profit (Non-GAAP)
|
|
$
|
32,379
|
|
|
$
|
34,244
|
|
|
Caesarstone Ltd. and its subsidiaries |
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands |
|
2019 |
|
2018 |
|
|
(Unaudited) |
Reconciliation of Net Income to Adjusted EBITDA: |
|
|
|
|
Net income (loss)
|
|
$
|
(405
|
)
|
|
$
|
1,456
|
|
Finance expenses (income), net
|
|
|
322
|
|
|
|
(540
|
)
|
Taxes on income
|
|
|
727
|
|
|
|
511
|
|
Depreciation and amortization
|
|
|
6,763
|
|
|
|
7,250
|
|
Legal settlements and loss contingencies, net (a)
|
|
|
1,576
|
|
|
|
2,497
|
|
Share-based compensation expense (b)
|
|
|
1,052
|
|
|
|
30
|
|
Non-recurring items (c)
|
|
|
1,599
|
|
|
|
-
|
|
|
|
|
|
|
Adjusted EBITDA (Non-GAAP)
|
|
$
|
11,634
|
|
|
$
|
11,204
|
|
(a)
|
|
Consists of legal settlements expenses and loss contingencies,
net, related to product liability claims and other adjustments to
on-going legal claims.
|
(b)
|
|
Share-based compensation includes expenses related to stock options
and restricted stock units granted to employees and directors of the
Company.
|
(c)
|
|
Relates mainly to non-recurring import related expenses and expenses
related to North American region establishment.
|
|
Caesarstone Ltd. and its subsidiaries |
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands (except per share data) |
|
2019 |
|
2018
|
|
|
(Unaudited) |
Reconciliation of net income (loss) attributable to controlling
interest to adjusted net income attributable to controlling interest: |
|
|
|
|
Net income (loss) attributable to controlling interest
|
|
$
|
(405
|
)
|
|
$
|
1,493
|
|
Legal settlements and loss contingencies, net (a)
|
|
|
1,576
|
|
|
|
2,497
|
|
Share-based compensation expense (b)
|
|
|
1,052
|
|
|
|
30
|
|
Non-recurring items (c)
|
|
|
1,599
|
|
|
|
-
|
|
Total adjustments
|
|
|
4,227
|
|
|
|
2,527
|
|
Less tax on non-tax adjustments (d)
|
|
|
1,099
|
|
|
|
656
|
|
Total adjustments after tax
|
|
|
3,128
|
|
|
|
1,871
|
|
|
|
|
|
|
Adjusted net income attributable to controlling interest (Non-GAAP)
|
|
$
|
2,723
|
|
|
$
|
3,364
|
|
Adjusted diluted EPS (e)
|
|
$
|
0.08
|
|
|
$
|
0.10
|
|
(a)
|
Consists of legal settlements expenses and loss contingencies,
net, related to product liability claims and other adjustments to
on-going legal claims.
|
(b)
|
Share-based compensation includes expenses related to stock options
and restricted stock units granted to employees and directors of the
Company.
|
(c)
|
Relates mainly to non-recurring import related expenses and expenses
related to North American region establishment.
|
(d)
|
Tax adjustment for the three months ended March 31, 2018 was based
on the effective tax rates for this period.
|
|
For the three months ended March 31, 2019 the Company applied the
effective tax rate used in the comparable figure as current
effective tax rate is not indicative for the on-going business.
|
(e)
|
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 |
|
|
|
Three months ended March 31,
|
U.S. dollars in thousands |
|
2019
|
|
2018
|
|
|
(Unaudited) |
|
|
|
|
|
USA (*)
|
|
$
|
56,417
|
|
|
$
|
56,750
|
|
Australia (incl. New Zealand)
|
|
|
25,214
|
|
|
|
28,903
|
|
Canada (*)
|
|
|
20,178
|
|
|
|
23,355
|
|
Israel
|
|
|
10,741
|
|
|
|
11,790
|
|
Europe
|
|
|
8,806
|
|
|
|
7,433
|
|
Rest of World
|
|
|
6,841
|
|
|
|
7,827
|
|
|
|
$
|
128,197
|
|
|
$
|
136,058
|
|
(*)
|
|
Total revenues for the three months ended March 31, 2019 and 2018 in
the North American region were $76,595 and $80,105, respectively.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190501005487/en/
Source: Caesarstone Ltd.
Public Relations:
Caesarstone - Maya Lustig
Maya.Lustig@caesarstone.com
+
972 54 677 8100
Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1
646 277-1237