Slide 1: Second Quarter 2006 Earnings Call
Second Quarter 2006 Earnings Call August 11, 2006 Exhibit 99.2
Slide 2: Forward-looking statements
This document contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial condition, results of operations and business. Forward-looking statements include certain anticipated, believed, planned, forecasted, expected, targeted and estimated resu
Slide 3: Agenda
Agenda 2006 Second Quarter Financial Highlights 2006 Second Quarter Operating Highlights 2006 Second Quarter Financial Performance TriMas Capitalization Summary Q&A Appendix
Slide 4: 2006 Second Quarter Financial Highlights
2006 Second Quarter Financial Highlights TriMas is a manufacturer of highly engineered products. Our defining attributes include leading market shares, strong brand names, and diversity of end markets, customers and products. Our second quarter earnings performance had 3 of our 5 segments improve ov
Slide 5: 2006 Second Quarter Financial Highlights
2006 Second Quarter Financial Highlights Adjusted EBITDA during the quarter was $40.0 million, representing an increase of $4.0 million or 11.1% as compared to Q2 2005. The increase in Adjusted EBITDA was due to: Continued earnings expansion within Packaging Systems and Energy Products. Better conve
Slide 6: 2006 Second Quarter Financial Highlights
2006 Second Quarter Financial Highlights TriMas closed on its Amended and Restated Credit Agreement on August 2, 2006. Under the Amended and Restated Credit Agreement, the Company’s Bank LTM EBITDA at June 30, 2006 was $147.9 million, which supported our lending ratios: Leverage ratio was 5.23x vs.
Slide 7: Operating Highlights
¥ So TRIMAS CORPORATION Operating Highlights
Slide 8: Packaging Systems
Packaging Systems Net sales for the quarter were $53.9 million, an increase of 8.0% compared to second quarter 2005, with the increase primarily driven by stronger demand for industrial closure products and specialty tapes, laminates and insulation products, and increased sales of new consumer produ
Slide 9: Energy Products
Energy Products Q2 2006 sales of $38.7 million, an increase of $7.4 million, or 23.6% as compared to the year ago period. Adjusted EBITDA in the quarter was $6.2 million compared to $4.1 million in Q2 2005, an increase of 51.2%. Operating profit improved $2.0 million to $5.5 million from $3.5 millio
Slide 10: Industrial Specialties
Industrial Specialties Net sales for Q2 2006 were $47.1 million, an increase of 2.2% compared to the same period a year ago driven by economic expansion, new product introductions and market share gains. Monogram continues to experience strong demand for its aerospace fasteners with a sales increase
Slide 11: RV & Trailer Products
RV & Trailer Products Q2 2006 sales, operating profit and Adjusted EBITDA were essentially flat as compared to the same period a year ago. Our import competition continues to cause reduced pricing in all markets for standard products. Sourcing initiatives are beginning to deliver results and are bei
Slide 12: Recreational Accessories
Recreational Accessories Q2 2006 sales decreased $1.7 million to $88.4 million, or 1.9%, from $90.1 million in the prior year. Operating profit in Q2 2006 increased (on lower sales) as our cost reduction/sourcing strategy takes hold. Sales in our Consumer business was up modestly at 4% while Towing
Slide 13: 2006 Second Quarter Results
2006 Second Quarter Results (1) The Company has established Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") as an indicator of our operating performance and as a measure of our cash generating capabilities. The Company defines “Adjusted EBITDA” as net income before cumulati
Slide 14: TriMas Capitalization
TriMas Capitalization ($ in millions) At June 30, 2006, TriMas had $1.4 million in cash and approximately $77 million of available liquidity under our Amended and Restated Credit Agreement.
Slide 15: Amended & Restated Credit Agreement Summary
Amended & Restated Credit Agreement Summary Essentially the same-sized facility as the existing Agreement Extended maturities of the Revolver through December 2011 (from 2007) and Term Loan through December 2013 (from 2009) Pricing reduced 75 bps (Revolver) and 100 bps (Term), expect 2007 full year
Slide 16: Summary
Summary TriMas had a solid second quarter. TriMas improved earnings and reduced debt. Earnings momentum has been firmly re-established within TriMas. The Company and our team are focused on continued earnings improvement and debt reduction. Strengthening our balance sheet remains our number one tact
Slide 17: Q & A
Q & A
Slide 18: Appendix
Appendix
Slide 19: Condensed Balance Sheet
Condensed Balance Sheet At June 30, 2006, TriMas had $1.4 million of cash and approximately $77 million of available liquidity under our Amended and Restated Credit Agreement. Receivables and debt reduced $52.0 million and $37.3 million at June 30, 2006 and December 31, 2005, respectively, as receiv
Slide 20: Statement of Operations
Statement of Operations For the Three Months Ended June 30, (unaudited - $ in millions)
Slide 21: Statement of Operations (cont'd)
Statement of Operations (cont’d) For the Three Months Ended June 30, (Unaudited - $ in millions, except per share amounts)
Slide 22: Cash Flow Highlights
Cash Flow Highlights For the Six Months Ended June 30, (Unaudited - $ in millions)
Slide 23: Reconciliation of Non-GAAP Measure Adjusted EBITDA
Reconciliation of Non-GAAP Measure Adjusted EBITDA (1) The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation, amortization, non-cash asset and goodwill impairment write-offs, non-cash losses on sale-leaseback of property and equipment and legacy stock award ex
Slide 24: Key Covenant Calculations
Key Covenant Calculations ($ in millions)
Slide 25: LTM Bank EBITDA
LTM Bank EBITDA (1) (unaudited - $ in millions)