EBTDAEarnings Before Taxes, Depreciation and Amortization
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Additionally, management believes that the presentation of EBTDA as a percentage of net sales is useful to investors because it provides a reliable and consistent approach to measuring the Company's performance from year to year and in assessing the Company's performance against other companies.
We use EBTDA as a key performance indicator of how we are performing compared to prior periods and compared to our operating plan.
A reconciliation of EBTDA to net earnings is included below.
Leverage, as measured by total debt to EBTDA, has steadily declined while cash balances had build up.
EBITDA margin is calculated as EBTDA divided by total revenues.
The Company's cash position at year-end was approximately $36 million which, based on management's current projections, is expected to be sufficient to take the Company to EBTDA profitability.