Wesco Aircraft Names Todd Renehan CEO and Alex Murray President and COO; David J. Castagnola Retires
“I am honored to take the helm at Wesco Aircraft,” said Mr. Renehan. “I am confident we will continue to make progress toward realizing our growth and profitability goals while building on our solid platform to offer an even more compelling value proposition with superior customer service. I believe in the company’s future and our ability to deliver for customers, create opportunities for employees, and enhance value for shareholders for years to come.”
Mr. Murray, now President and Chief Operating Officer, has served as Wesco’s Executive Vice President and Chief Operations Officer since 2010 and has served in various other capacities at Wesco since 2000.
“I look forward to advancing Wesco’s strategies and operational execution in this new role as President and COO,” said Mr. Murray. “Todd and I work well together, and I am pleased to step into this role to support our mutual goals of accelerated growth and expanded leadership in the industry for Wesco Aircraft.”
“Todd is an accomplished senior executive who has demonstrated his expertise in global operations, sales and marketing since joining Wesco,” said Chairman of the Board Randy J. Snyder. “He has proven his ability to drive revenue growth, with many new business wins announced over the past several quarters, and has shown he can skillfully move from vision and strategy to execution and implementation. The Board is confident that Todd will be able to foster a high-performing team and deliver strong results.”
“Alex also brings hands-on leadership experience as well as demonstrated operational expertise to his new role as President and COO. Alex has played a key role in developing our customer relationships, in addition to overseeing Wesco’s global operations infrastructure across 17 countries,” continued Mr. Snyder.
“We appreciate Dave Castagnola’s work over the last two years to advance the company’s competitive position, including implementing new processes, focusing on cost structure optimization and completing the integration of
Fiscal 2017 Second Quarter Preliminary Financial Information
Following the live webcast, a replay will be available on the company’s website for one year. A telephonic replay also will be available approximately two hours after the conference call and may be accessed by dialing 888-843-7419 (domestic) or 630-652-3042 (international) and entering passcode 44780493. The telephonic replay will be available until
Todd Renehan Biography
Mr. Renehan joined Wesco as Executive Vice President and Chief Commercial Officer following Wesco’s acquisition of
Alex Murray Biography
Mr. Murray joined Wesco in 2000 and has served as Executive Vice President and Chief Operations Officer (previously, Vice President of Global Operations) since 2010. He previously served as the company’s EU Managing Director from 2005 to 2010, Director of Contract Business from 2003 to 2005 and Logistics Manager from 2000 to 2003. Prior to Wesco, Mr. Murray’s career in the logistics, procurement and supply chain industries started at
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(1) Non-GAAP financial measure – see Exhibit 1 for reconciliations of GAAP to non-GAAP results.
Non-GAAP Financial Information
Adjusted EBITDA represents net income (loss) before: (i) income tax provision (benefit), (ii) net interest expense, (iii) depreciation and amortization and (iv) unusual or non-recurring items.
Adjusted net income represents net income (loss) before: (i) amortization of intangible assets, (ii) amortization or write-off of deferred financing costs, (iii) unusual or non-recurring items and (iv) the tax effect of items (i) through (iii) above calculated using an estimated effective tax rate.
Adjusted diluted earnings per share represent diluted earnings per share calculated using adjusted net income as opposed to net income.
This press release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: general economic and industry conditions; conditions in the credit markets; changes in military spending; risks unique to suppliers of equipment and services to the U.S. government; risks associated with the company’s long-term, fixed-price agreements that have no guarantee of future sales volumes; risks associated with the loss of significant customers, a material reduction in purchase orders by significant customers, or the delay, scaling back or elimination of significant programs on which the company relies; the company’s ability to effectively compete in its industry; the company’s ability to effectively manage its inventory; the company’s suppliers’ ability to provide it with the products the company sells in a timely manner, in adequate quantities and/or at a reasonable cost; the company’s ability to maintain effective information technology systems; the company’s ability to retain key personnel; risks associated with the company’s international operations, including exposure to foreign currency movements; risks associated with assumptions the company makes in connection with its critical accounting estimates (including goodwill) and legal proceedings; the company’s dependence on third-party package delivery companies; fuel price risks; fluctuations in the company’s financial results from period-to-period; environmental risks; risks related to the handling, transportation and storage of chemical products; risks related to the aerospace industry and the regulation thereof; risks related to the company’s indebtedness; and other risks and uncertainties.
The foregoing list of factors is not exhaustive. The reader should carefully consider the foregoing factors and the other risks and uncertainties that affect the company’s business, including those described in Wesco Aircraft’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the
Exhibit 1 – Non-GAAP Financial Information
|Wesco Aircraft Holdings, Inc.|
|Preliminary Non-GAAP Financial Information (UNAUDITED)|
|(In thousands, except share data)|
|March 31, 2017|
|EBITDA and Adjusted EBITDA|
|Provision for income taxes||5,659|
|Interest expense, net||8,842|
|Depreciation and amortization||6,743|
|Unusual or non-recurring items (1)||294|
|Adjusted Net Income|
|Amortization of intangible assets||3,719|
|Amortization of deferred financing costs||921|
|Unusual or non-recurring items (1)||294|
|Adjustments for tax effect||(1,316||)|
|Adjusted net income||$||21,060|
|Adjusted Diluted Earnings Per Share|
|Weighted-average number of diluted shares outstanding||99,017,986|
|Adjusted net income per diluted shares||$||0.21|
|(1) Unusual and non-recurring items consisted of business realignment and other expenses.|
Contact Information: Investors
Wesco Aircraft Holdings, Inc. Jeff MisakianVice President, Investor Relations 661-362-6847 Jeff.Misakian@wescoair.com Media Wesco Aircraft Holdings, Inc. Linda MuellerDirector, Corporate Communications 661-362-6849 Linda.Mueller@wescoair.com