Q1 Fiscal Year 2016 Earnings Conference Call

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1 NASDAQ: CMCO Q1 Fiscal Year 2016 Earnings Conference Call July 31, 2015 Timothy T. Tevens President & Chief Executive Officer Gregory P. Rustowicz Vice President - Finance & Chief Financial Officer 2015 by Columbus McKinnon Corp.

2 Safe Harbor Statement These slides contain (and the accompanying oral discussion will contain) forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company s customers and suppliers, competitor responses to the Company s products and services, the overall market acceptance of such products and services, the integration of acquisitions and other factors disclosed in the Company s periodic reports filed with the Securities and Exchange Commission. Consequently such forward looking statements should be regarded as the Company s current plans, estimates and beliefs. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 2

3 Long-Term Objectives Growth Sales: $1 billion Achieve 1/3 of sales in developing markets and 2/3 in developed markets Efficiency & Productivity Operating margin: 12% - 14% Working capital/sales: 17% Financial Flexibility Debt to total capitalization: 30% Flex to 50% for acquisitions Organic growth (trend line): - U.S. & Western Europe at GDP+ - Emerging markets at double digits Acquisitions: $200 - $300 million Inventory turns: 6x DSO: < 50 days Global Resources in Place to Execute Plan New products: 20% of sales 3

4 Q1 FY16 Highlights Sales of $136.2 million, up 1.5% excluding impact of foreign currency translation Strong dollar resulted in unfavorable foreign currency translation of $8.9 million Non-U.S. sales increased $2.4 million over prior-year quarter excluding FX; emerging markets grew 10.3% excluding FX Sales in the U.S. were flat; impacted by weakness in oil and gas Nineteenth consecutive quarter of year-over-year margin improvement Adjusted gross margin* improved 50 bps to 32.4% Gross profit was $43.6 million, or 32.0% of sales Adjusted income from operations* was $12.0 million, or 8.8% of sales GAAP operating income was $11.3 million or 8.3% of sales. Debt refinancing completed in February added $0.07 to diluted EPS * Adjusted gross profit and margin and adjusted operating income and margin are non-gaap financial measures. Please see supplemental slides for a reconciliation from GAAP gross profit and operating income to non-gaap adjusted gross profit and operating income and other important disclosures regarding the use of non-gaap financial measures. 4

5 Magnetek Acquisition (NASDAQ: MAG) Purchase Agreement announced July 27, 2015 Magnetek March 2015 TTM financial data: Revenue: $112.2 million Adj. Operating income: $12.4 million, 11.1% of sales EBITDA: $13.2 million or 11.8% of sales Magnetek 2014 Revenue Mix 5% 21% 74% America s largest supplier of digital power control systems for industrial cranes and hoists Leading position in radio controls Material Handling Elevator Mining World leading independent designer of digital motion-control systems for elevators Serves sub-surface mining industry with new generation of digital drive systems Founded in 1984; ~ 340 employees HQ: Menomonee Falls, WI NASDAQ: MAG 5

6 Strategic Value of Acquisition Stronger Value Proposition Revenue Synergies Cost Synergies Blending strong brands in lifting and positioning Complete solutions for key vertical markets Improves safety with wireless control Larger addressable market combined Sell Magnetek products through CMCO global sales force Bring smart power solutions to vertical markets Public company costs Administrative costs Manufacturing and sourcing costs 6

7 Magnetek Transaction Highlights Purchase Price Consideration Pro Forma Financials 1 Cost Synergies EPS Impact Transaction Close $50 per share: $188.9 million total value 55% premium to 7/24/15 close 8.9x on first full fiscal year Adj. EBITDA with cost synergies & PV of NOLs 100% cash consideration financed with cash and available committed line Pro forma revenue: $690 million Pro forma adjusted EBITDA: $85 million Expected savings in first full year of at least $5 million Expect approximately $0.40 per share accretive impact in first full fiscal year following close excluding purchase accounting; $7.5 to $8.5 million pre-tax one-time costs Tender offer subject to HSR, 50% minimum tender and other customary conditions; closing expected by September 30th (1) Pro forma is sum of CMCO and MAG financials for trailing 12 months as of March 2015, adjusted for consolidation. Pro forma does not include transaction costs, estimates for purchase accounting adjustments and synergy benefits. See reconciliation of GAAP to Non-GAAP measures on slide 22. 7

8 Q1 Sales Impacted by Currency Sales ($ in millions) First quarter sales up 1.5% excluding FX Including FX, sales down 4.7% Foreign currency translation $ (8.9) (6.2) % $142.9 Q1 FY15 $136.2 Q1 FY16 Volume $ (2.9) (2.1) % Pricing $ % Acquisition $ % U.S. sales flat at $81.7 million Pricing offset most of the $0.8 million decline in sales volume Sales impacted by oil and gas ~ $2 to $3 million Sales outside U.S. up 4.0%, excluding FX Excluding Foreign currency translation: Asia Pacific up 5.0% EMEA up 2.5% Latin America up 13.0% Including FX, sales down 10.6% to $54.6 million 8

9 Improving Gross Margin Adjusted Gross Profit (1) ($ in millions) $ %* Q1 FY15 GAAP Gross Profit * as % of sales $44.2 $0.6 $ % * Q1 FY16 Adjustments Adjusted gross profit margin (1) expanded 50 basis points to 32.4% Nineteenth consecutive quarter of year-over-year gross margin improvement GAAP gross margin was 32.0% GAAP gross profit decreased $2.0 million Pricing net of material cost inflation Productivity net of other mfg. costs Acquisition Product liability Sales volume and mix Foreign currency translation $ 1.6 million $ 0.4 million $ 0.3 million $ 0.2 million $(1.0) million $(2.9) million Acquisition inventory step-up expense (1) $(0.4) million European facility consolidation costs (1) $(0.2) million (1) Adjusted gross profit and margin is a non-gaap financial measure. Please see supplemental slides for a reconciliation from GAAP gross profit to non-gaap adjusted gross profit and other important disclosures regarding the use of non-gaap financial measures. 9

10 Total SG&A Expenses Flat $ %* Selling Expense ($ in millions) $ %* $ %* G&A Expense ($ in millions) $ %* Selling expense decreased $1.3 million to 12.2% of sales Acquisition added $0.1 million Favorable FX of $1.7 million G&A increased $1.0 million to 11.1% of sales Acquisition added $0.3 million Facility consolidation added $0.1 million Favorable FX of $0.7 million Q1 FY15 benefitted from a higher level of IT salaries capitalized as part of the global ERP project Q1 FY15 Q1 FY16 * as % of sales Q1 FY15 Q1 FY16 SG&A run rate expected to be ~ $32 to $33 million per quarter in fiscal

11 Operating Income and Margin Adjusted Operating Income (1) ($ in millions) Adjusted operating margin (1) was 8.8% $13.0 $12.0 $0.7 $11.3 Impacted by lower sales volumes Adjusted gross margin improved 50 bps SG&A down slightly year-over-year (-$0.3 million) GAAP operating margin was 8.3% 9.1% * 8.8% * Q1 FY15 Q1 FY16 GAAP Operating Income Adjustments Adjusted operating income (1) decreased $1.0 million, or 8.0% * as % of sales Operating margin of 12% to 14% achievable with return to peak sales and continued productivity improvements (1) Adjusted operating income and margin is a non-gaap financial measure. Please see supplemental slides for a reconciliation from GAAP operating income to non-gaap adjusted operating income and other important disclosures regarding the use of non-gaap financial measures. 11

12 Earnings per Share Adjusted EPS (1) (Diluted) $0.36 $0.34 Adjusted diluted EPS (1) of $0.36 Reflects favorable impact of debt restructuring (+$0.07 per share) Q1 FY15 Q1 FY16 Adjustments include: Exclusion of acquisition inventory step-up expense GAAP EPS (Diluted) $0.34 $0.34 Exclusion of European facility consolidation costs Fiscal 2016 full year effective tax rate expected to fall within a 32% - 36% range Q1 FY15 Q1 FY16 (1) Adjusted earnings per diluted share (EPS) is a non-gaap financial measure. Please see supplemental slides for a reconciliation from GAAP EPS to non-gaap adjusted EPS and other important disclosures regarding the use of non-gaap financial measures. 12

13 Creating Shareholder Value Return on Invested Capital (ROIC) ROIC/WACC 10.9% 13.9% 12.8% 11.2% 10.8% 1.0x 1.2x 1.3x 1.1x 1.0x (2) (2) FY12 FY13 FY14 FY15 Q1 FY15 TTM WACC (3) FY12 FY13 FY14 FY 15 Q1 FY15 TTM 11.4% 11.1% 9.9% 10.1% 10.7% FY12 FY13 FY14 FY15 Q1 FY15 TTM (1) ROIC is defined as income from operations, net of 30% tax rate, for the trailing 12 months divided by the average of debt plus equity less cash (average capital) for the trailing 13 months. (2) Average capital within the ROIC calculation for FY 2012 through FY 2013 removes the effect of the deferred tax asset valuation allowance, which was reversed in FY (3) Source: Bloomberg 13

14 Working Capital Expected to Improve Working capital as a % of sales was 21.9%* Working Capital as a Percent of TTM Sales Up from 20.8% at end of fiscal 2015, but down from prior-year levels 19.9% 21.7% 22.4% 22.1% 19.6% * 20.8% * 21.9% * Driven by increased inventory related to large projects in backlog Expected to improve by end of fiscal 2016 Acquired $7.5 million of inventory with STB acquisition Low inventory turn business Project inventory also increasing in advance of shipments 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 Inventory Turns 4.5x 3.9x 4.0x 3.8x 3.9x * 4.0x 3.3x 12/31/13 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 * Excludes impact of STB Acquisition which closed on 12/30/

15 History of Strong Cash Flow ($ in millions) Three Months Ended June 30, Net cash provided by operating activities $ 3.2 $ 6.5 Capital expenditures (4.1) (4.6) Operating free cash flow $ (0.9) $ 1.9 (Components may not add up to totals due to rounding) U.S. Pension contribution of $5 million in Q1 FY 2016 impacted cash flow Fiscal 2016 capital expenditures expected to be in range of $18 to $22 million Paid $0.8 million in dividends in Q1 FY 2016 Cash flow to be used to de-lever balance sheet after Magnetek acquisition 15

16 Strong Balance Sheet Financial Flexibility Supports Growth Strategy ($ in millions) at June 30, 2015 Cash Total debt Shareholders equity Total capitalization Net debt Debt / total capitalization 30.6 % Net debt / net total capitalization* 18.9 % $ $ $ Refinanced debt in Feb. 2015, reducing cash interest by ~$7.6 million Capital allocation priorities include: dividends, acquisitions, and other strategic growth initiatives * Net total capitalization = total capitalization minus cash 16

17 Acquisition Financing and Balance Sheet Sources & Uses Sources: Amount Uses: Amount Existing $150 million RC facility $ Purchase Price $ Incremental $75 million RC facility 75.0 CMCO Cash 5.0 Magnetek Cash CM Est. Fees & Expenses 5.0 Total Sources $ Total Uses $ Pro Forma Capitalization 3/31/2015 Reported 3/31/2015 Pro Forma Cash and cash equivalents $ 63.1 $ 58.1 Existing $150 million revolving credit facility due Existing $125 million term loan facility due New incremental $75 million revolving credit facility due Secured new incremental $75 million revolving facility Same terms as existing credit facility Ample liquidity 2 of ~$94.8 million after closing Debt/total capitalization of 53.4% in line with strategic target when flexed for acquisition Combination quickly de-levers the Balance Sheet Capital leases Total debt Total net debt Shareholders equity Total capitalization $ $ Debt/total capitalization 32.0% 53.4% Net debt/net total capitalization 19.2% 48.2% 1 Balance as of 3/29/15 2 Liquidity calculated as undrawn Revolver plus Cash minus estimated outstanding letters of credit ($6.5 million) 17

18 Moderate Growth; Expanding Margins Fiscal 2016 outlook: Moderate sales growth with improved operating margins, excluding impact of Magnetek Growing market share in target markets and sales synergies with recent acquisitions driving growth Strong results in Asia Pacific Currency translation will remain a headwind for several quarters Improving operating margins through productivity and operating leverage Significant cash interest savings from recent debt refinancing Gaining ERP system efficiencies Strong backlog Project-related backlog of $32.4 million, or 38% of total backlog, scheduled for shipment after September 30, 2015 Project-related backlog down from $34.0 million at March 31, 2015 but up from $27.3 million at June 30, 2014 Promising long-term outlook to drive profitable growth Magnetek to add significantly to profitable growth Emerging market strategy driving growth in China; expanding into Southeast Asia Acceleration of new product introductions to address customers needs 18

19 Conference Call Playback Info Replay Number: passcode: Telephone replay available through August 7, 2015 Webcast / PowerPoint / Replay available at Transcript, when available, at 19

20 Supplemental Information

21 Pro Forma Adjusted EBITDA Reconciliation Pro Forma Reconciliation for Trailing Twelve Months March 2015 Magnetek TTM CMCO FYE Eliminations/ Adjustments 3/29/2015 3/31/2015 Pro Forma Revenue $112,212 $579,643 ($1,500) $690,355 GAAP Net Income (26,013) 27,190 1,177 Add Back: Income tax expense 516 8,825 9,341 Interest and debt expense 12,390 12,390 Cost of bond redemption 8,567 8,567 Investment (income) (2,725) (2,725) Foreign currency exchange loss Other income, net (462) (462) Depreciation & amortization ,562 15,372 European facility consolidation costs 1,726 1,726 Acquisition inventory step-up expense Loss from discontinued operations One time pension settlement charge 37,092 37,092 Total Adjusted EBITDA 13,242 71,595 84,837 Pro forma is the sum of Columbus McKinnon and Magnetek financials for the trailing 12 months as of 3/31/2015, adjusted for the impact of the merger. Pro forma excludes transaction costs, estimates for purchase accounting adjustments and synergy benefits. 21

22 Adjusted Gross Profit Reconciliation Three Months Ended June 30, Gross profit $ 43,584 $ 45,565 Add back: Acquisition inventory step-up expense European facility consolidation costs Non-GAAP adjusted gross profit $ 44,169 $ 45,565 Sales $ 136,236 $ 142,932 Adjusted gross margin 32.4% 31.9% Adjusted gross profit is defined as gross profit as reported, adjusted for unusual items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable to the measure as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-gaap information such as adjusted gross profit is important for investors and other readers of the Company s financial statements, and assists in understanding the comparison of the current quarter s gross profit to the historical period s gross profit. 22

23 Adjusted Operating Income Reconciliation Three Months Ended June 30, Operating income $ 11,291 $ 13,006 Add back: Acquisition inventory step-up expense European facility consolidation costs Non-GAAP adjusted operating income $ 11,962 $ 13,006 Sales $ 136,236 $ 142,932 Adjusted operating margin 8.8% 9.1% Adjusted operating income is defined as operating income as reported, adjusted for unusual items. Adjusted operating income is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable to the measure as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-gaap information such as adjusted operating income is important for investors and other readers of the Company s financial statements, and assists in understanding the comparison of the current quarter s operating income to the historical period s operating income. 23

24 Adjusted Diluted EPS Reconciliation Three Months Ended June 30, $ per diluted share $ per diluted share Net Income $6,911 $ 0.34 $ 6,733 $ 0.34 Add back: Acquisition inventory step-up expense* European Facility consolidation costs* Non-GAAP adjusted net income $7,354 $ 0.36 $6,733 $ 0.34 *Net of normalized 34% tax rate Adjusted net income and diluted EPS is defined as net income and diluted EPS as reported, adjusted for unusual items and to apply a normalized tax rate. Adjusted net income and diluted EPS are not a measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP and may not be comparable to the measure as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-gaap information such as adjusted diluted EPS is important for investors and other readers of the Company s financial statements, and assists in understanding the comparison of the current quarter s net income and diluted EPS to the historical period s net income and diluted EPS. 24

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