Financial Performance - Q4 2014 - Revenues for Q4 2014 were $492 million, a decrease of 3% compared to Q4 2013[11] - Adjusted operating income was $29 million, a decrease of 4% compared to Q4 2013[11] - Adjusted diluted earnings per share were $007, a decrease of 65% compared to Q4 2013, impacted by a $3 million loss from the Brand Energy JV due to FX translation and restructuring[11] - Free cash flow was negative $25 million, a decrease of 42% compared to Q4 2013[11] - ROIC trended positively to 66%[11] Financial Performance - FY 2014 - Revenues for 2014 were $2066 million, an increase of 3% compared to 2013[12] - Adjusted operating income was comparable with the prior year[12] - Adjusted diluted earnings per share were $072, a decrease of 17% compared to 2013, influenced by Brand Energy JV loss and unit adjustment fair value change as well as higher taxes[12] - Free cash flow improved to $52 million, an increase of 162% compared to 2013, mainly due to Rail advances[12] - ROIC trended positively to 66%[12] 2015 Outlook - Adjusted operating income is projected to be between $155 million and $170 million, compared to $153 million in 2014[34] - Free cash flow is projected to be between $75 million and $100 million, compared to $52 million in 2014[34] - ROIC is projected to be between 75% and 85%, compared to 66% in 2014[34] - Adjusted diluted earnings per share are projected to be between $073 and $091, compared to $072 in 2014[34]

Financial Performance - Q4 2015 - Revenues decreased to $387 million, a 21% decline compared to 2014[7] - Adjusted operating income was $26 million, a 13% decrease from the previous year[7] - Adjusted diluted earnings per share increased by 22% to $0.11[7] - Free cash flow improved significantly to $6 million[7] - Return on invested capital (ROIC) decreased to 6.3%[7] Financial Performance - FY 2015 - Revenues decreased by 17% to $1.723 billion[9] - Adjusted operating income decreased by 13% to $135 million[9] - Adjusted diluted earnings per share decreased by 24% to $0.56[9] - Free cash flow decreased by 53% to $24 million[9] - ROIC decreased to 6.3%[9] Segment Performance & Outlook - Metals & Minerals (M&M) revenues decreased by 23% to $243 million, and adjusted operating income decreased by 39% to $12 million[10] - Industrial revenues decreased by 26% to $75 million, while operating income decreased by 18% to $12 million[15] - Rail revenues decreased by 7% to $69 million, but operating income increased to $10 million[19] - 2016 outlook projects adjusted operating income between $80 to $100 million and free cash flow between $50 to $70 million[24]