2019 BBNC Annual Report - Page 31

The following table reconciles EBITDA to net earnings attributable to BBNC for the fiscal year ended (in thousands): FISCAL YEAR Net earnings attributable to BBNC $ Interest expense 2019 2018 2017 53,148 103,063 41,021 1,707 1,885 1,714 Income tax expense (benefit) 14,010 (46,348) 23,564 Depreciation 17,166 19,241 21,742 - 3,292 8,916 3,359 3,347 2,414 89,390 84,480 99,371 Impairment of fixed assets Amortization of intangibles EBITDA BBNC’s FY2019 earnings from operations were more than experienced in the previous fiscal year. Revenues from the operating business lines were $38.0 million higher than the prior year primarily due to the effect the increase in gallons sold and fuel price per gallon had on the revenues of Industrial Services. Revenues from BBNC’s Portfolio investment earnings were less than the prior year by $16.5 million, primarily due to less than expected returns from the Corporation’s liquid alternative holdings and U.S. equity holdings. $ Costs of the operating business lines were more than the prior year by $25.1 million which was primarily due to the effect the increase in gallons sold and fuel price per gallon had on the expenses of Industrial Services. BBNC’s net earnings were $49.9 million less than the prior year, which equates to a decrease in earnings per share of $93 from the prior year. The following comments are specific to each business line. INDUSTRIAL SERVICES The following table displays results of Industrial Services earnings, before interest and taxes for the fiscal year ended (in thousands): FISCAL YEAR 2019 2018 2017 981,197 867,764 764,541 956,205 872,822 767,941 24,992 (5,058) (3,400) REVENUES Industrial Services $ COSTS AND EXPENSES Industrial Services Earnings from Industrial Services $ The following table displays results of Industrial Services EBITDA for the fiscal year ended (in thousands): EBITDA $ 2019 2018 2017 39,919 15,909 25,054 M anagement ' s D iscussion and A nalysis 29