Sunbeam 2004 Annual Report Download - page 15

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Selected Financial Data (cont’d)
inconsistencies in the method of calculation. Because of these limitations, EBITDA should not be
considered a primary measure of the Company’s performance and should be reviewed in conjunction
with, and not as substitute for, financial measurements prepared in accordance with GAAP that are
presented in this Form 10-K. A reconciliation of the calculation of EBITDA, is presented below.
(k) For the year ended December 31, 2002, cash flows from operations included $38.6 million of income
tax refunds resulting primarily from the 2001 loss on divestiture of assets.
(m) Working capital is defined as current assets (including cash and cash equivalents) less current
liabilities.
Reconciliation of non-GAAP Measure
For the year ended December 31,
2004 2003 2002 2001 2000
(dollars in thousands)
Net income (loss) ............................. $ 42,434 $31,778 $36,309 $(85,429) $ 4,922
Income tax provision (benefit) .................. 26,041 20,488 16,189 (40,443) 2,402
Interest expense, net .......................... 27,608 19,184 12,611 11,791 11,917
Depreciation and amortization .................. 19,175 15,045 10,001 18,797 21,311
EBITDA ..................................... $115,258 $86,495 $75,110 $(95,284) $40,552
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