12-01 :: January 2012
pal amount of its 14.75% Convertible Subordinated Notes due 2014 for consideration of approximately $9.1 million, including accrued interest through the purchase date of approximately $0.5 million, pursu- ant to an open market transaction. After the closing of the note purchase, Headwaters has $5.3 million in aggregate principal amount of its 14.75% Notes re- maining. This repurchase brings fiscal year 2012 debt repurchases to $15.2 million. Headwaters’ first quar- ter 2012 revenue increased to $137.4 million from $135.8 million for the first quarter of 2011. Adjusted
EBITDA in the first quarter of 2012 was $20.4 mil- lion, an increase of 49% from $13.7 million in the first quarter of 2011. Gross profit was $34.4 million in the first quarter of 2012, compared to $31.8 milli- on in the first quarter of 2011, and operating income for the first quarter of 2012 increased to $4.4 milli- on, compared to an operating loss of $(1.0) million in the first quarter of 2011.