December 15, 2009 - EX-99.2 - 8-K: Current report filing

Exhibit 99.2

ITEM 6. SELECTED FINANCIAL DATA

The selected historical financial data presented below are derived from our consolidated financial statements. The selected financial data should be read in conjunction with Managements Discussion and Analysis of Financial Condition and Results of Operations, included elsewhere in this report.

As discussed in Note 2 to our consolidated financial statements, our consolidated financial statements for 2008 have been adjusted for the retrospective application of Financial Accounting Standards Board Staff Position APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement), (FSP APB 14-1), which has been applied to the Convertible Notes issued May 2008.


	Years Ended December 31,
	2008			2007			2006(1)(2)			2005			2004
	As Adjusted
	(In thousands, except per share data)
Consolidated Statement of Operations Data:
Net sales	$	680,981		$	669,458		$	369,316		$	240,209		$	240,650
Cost of goods sold		543,993			539,289			276,168			186,453			172,103

Gross profit		136,988			130,169			93,148			53,756			68,547

Operating expenses:
Selling and marketing		30,436			29,835			16,473			11,977			12,032
General and administrative		33,003			32,628			19,656			14,135			13,223
Amortization of definite-lived intangibles		3,799			4,126			1,786			1,202			1,202
Impairment of goodwill and long-lived assets(3)		123,322
Metal reclamation		(3,700	)
Restructuring charges(4)								199						855

Total operating expenses		186,860			66,589			38,114			27,314			27,312

Operating (loss) income		(49,872	)		63,580			55,034			26,442			41,235
Other income (expense):
Interest expense		(11,065	)		(13,828	)		(3,394	)		(251	)		(515	)
Interest income		1,370			1,379			4,419			2,126			664
Other, net		(1,804	)		137			43						129

(Loss) income before income taxes		(61,371	)		51,268			56,102			28,317			41,513
Income tax benefit (provision)		24,460			(16,585	)		(21,063	)		2,524			(13,183	)

Net (loss) income	$	(36,911	)	$	34,683		$	35,039		$	30,841		$	28,330

Net (loss) income per common share:
Basic	$	(0.86	)	$	0.82		$	0.84		$	0.75		$	0.69
Diluted	$	(0.86	)	$	0.81		$	0.83		$	0.74		$	0.68
Weighted average common shares:
Basic		42,681			42,242			41,740			41,232			40,780
Diluted		42,681			42,568			42,295			41,770			41,868
Other Financial Data:
Depreciation of property, plant and equipment	$	21,324		$	22,772		$	12,178		$	9,290		$	8,213


(1)		Our results for the year ended December 31, 2006, include 65 days of activity of PCG, which we acquired on October 27, 2006.

(2)		Effective January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123R, Share Based Payment and began recording expense related to our stock options. See Note 2 to our consolidated financial statements included herein.

(3)		We recorded an impairment of goodwill and long-lived assets in 2008 as a result of our annual goodwill impairment test and the write-down of certain long-lived assets associated with specific plant facilities and assets held for sale.

(4)		We recorded restructuring charges in 2004 related to the closure of our Burlington, Washington facility and sale of the building. The charges were to further write down the value of the building and equipment. We recorded a restructuring charge in 2006 for severance for certain sales and administrative employees of the acquired business.


	As of December 31,
	2008		2007		2006		2005		2004
	As Adjusted
	(In thousands)
Consolidated Balance Sheet Data:
Working capital	$	280,362	$	98,839	$	127,405	$	111,224	$	82,645
Total assets		540,240		498,798		573,698		273,143		235,770
Convertible senior notes		134,914
Long-term debt, including current maturities				85,000		200,705
Stockholders equity		330,036		328,594		287,315		243,952		211,626


	Year Ended December 31,
	2008			2007			2006			2005			2004
	As Adjusted
	(In thousands)
Supplemental Data:
EBITDA(1)	$	(25,065	)	$	92,110		$	73,577		$	39,176		$	51,560
Cash flows provided by operating activities		75,632			73,984			32,784			31,027			48,810
Cash flows used in investing activities		(21,281	)		(1,705	)		(234,579	)		(13,583	)		(9,276	)
Cash flows provided by (used in) financing activities		74,793			(113,828	)		200,027			626			(5,989	)


(1)		EBITDA means earnings before interest expense, income taxes, depreciation and amortization. We present EBITDA to enhance the understanding of our operating results. EBITDA is a key measure we use to evaluate our operations. We provide our EBITDA because we believe that investors and securities analysts will find EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States. The following provides a reconciliation of EBITDA to the financial information in our consolidated statement of operations.


	Year Ended December 31,
	2008			2007		2006		2005			2004
	As Adjusted
	(In thousands)
Net (loss) income	$	(36,911	)	$	34,683	$	35,039	$	30,841		$	28,330

Add back items:
Income tax (benefit) provision		(24,460	)		16,585		21,063		(2,524	)		13,183
Interest expense		11,065			13,828		3,394		251			515
Depreciation of property, plant and equipment		21,324			22,772		12,178		9,290			8,213
Amortization of intangibles		3,917			4,242		1,903		1,318			1,319

Total		11,846			57,427		38,538		8,335			23,230

EBITDA	$	(25,065	)	$	92,110	$	73,577	$	39,176		$	51,560

Form: 8-K

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