Actualizado 29/08/2006 20:57
- Comunicado -

TK Aluminum Ltd. Reports Financial Results for the Second Quarter Ended June 30, 2006 and for the First Six-Months Perio

Management believes Adjusted EBITDA facilitates comparisons of operating performance from period to period and company to company by eliminating potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of tangible assets (affecting depreciation expense). The Company presents Adjusted EBITDA as it is the basis against which certain financial tests are measured under its senior credit facility. The Company also presents EBITDA because management believes it is frequently used by securities analysts, investors and other interested parties in evaluating similar companies, the vast majority of which present EBITDA when reporting their results. Nevertheless, both EBITDA and Adjusted EBITDA have limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of, the Company's results of operations as reported under U.S. GAAP. Some of these limitations are: such measurements do not reflect the Company's cash expenditures or future requirements for capital expenditures or contractual commitments; such measurements do not reflect changes in, or cash requirements for, the Company's working capital needs; such measurements do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debt; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, such measurements do not reflect any cash requirements for such replacements; such measurements are not adjusted for all non-cash income or expense items that are reflected in the Company's statements of cash flows; and other companies in the Company's industry may calculate such measurements differently than the Company, limiting such measurements' usefulness as a comparative measure.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as a measure of discretionary cash available to the Company to invest in the growth of its business.

For further information please call Massimiliano Chiara, Finance Director, at +39-011-979-4889

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