Advanced Drainage Systems Reports Q1 Adj. EPS Of $0.25 - Quick Facts

(RTTNews) - Advanced Drainage Systems, Inc. (WMS) reported a first-quarter loss to stockholders of $4.17 million, compared to profit of $12.91 million, a year ago. Net income attributable to company was $14.2 million, 12.6% lower compared to $16.3 million, previous year. Loss per share was $0.09, compared to profit of $0.27.

The company noted that its loss per share for the fiscal first quarter 2015 is primarily related to a non-cash charge of $18.4 million for the increase in the fair value of the redeemable convertible preferred stock held in ESOP. Excluding the fair value charge and other miscellaneous adjustments to income available to common shareholders, adjusted earnings per fully converted share was $0.25.

The company reported adjusted EBITDA of $49.2 million, compared to $49.5 million, a year ago. Results for the fiscal first quarter of prior year included a $4.8 million one-time gain related to the sale of a non-core product line. Excluding the one-time gain, Adjusted EBITDA increased 10.1%.

Net sales were $328.3 million, a 12.0% increase compared to $293.1 million, prior year. The company said the growth in the current quarter was primarily driven by improved demand in the domestic construction markets for both Pipe and Allied Products, which offset slower demand in the international markets.

Advanced Drainage Systems expects net sales for fiscal 2015 to be in the range of $1.21 billion to $1.26 billion, and adjusted EBITDA in the range of $165 million to $175 million.