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