PPT Slide
*Definition = Debt at end of period / EBITDA for rolling 4 Quarters
**Definition = EBITDA/Interest Expense for rolling 4 Quarters
EBITDA = Operating Income excluding Restructuring Program Charges, Long-lived Asset Impairment and Motorsports Contract Termination plus depreciation and amortization
- Debt to EBITDA*
- Turnaround Target: < 2x
- Progress:
- Second Quarter 2004 at 2.7
- Improved from December 2003 at 3.1
- Interest Coverage**
- Turnaround Target: > 8x
- Progress:
- Second Quarter 2004 at 4.9
- Improved from December 2003 at 4.7
We are unable to provide a reconciliation of future EBITDA targets to the most directly comparable GAAP measures, net income and operating income, because certain items are out of our control and/or cannot be reasonably predicted, including future interest rates, restructuring charges, tax rates and other matters discussed as risk factors and in cautionary statements about forward looking statements in our filings with the SEC.
Note: See reconciliation on slide 32.