Matthews International Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported sales of $354,232,000 compared to $343,584,000 for the same period a year ago. Operating profit was $12,038,000 compared to $25,585,000 for the same period a year ago. Income before income taxes was $6,025,000 compared to $19,219,000 for the same period a year ago. Net income attributable to the company was $4,614,000 compared to $14,360,000 for the same period a year ago. Diluted earnings per share were $0.14 compared to $0.43 for the same period a year ago. Non-GAAP per share was $0.60 compared to $0.55 for the same period a year ago. Adjusted EBITDA was $46,979,000 compared to $43,791,000 for the same period a year ago. The increase in consolidated sales for the current quarter compared to a year ago resulted primarily from the acquisition of Aurora Casket Company, which was completed in August 2015, and sales growth in the company's Industrial segment. The company also reported higher sales of memorial products during the current quarter compared to a year ago. Capital expenditures for the quarter were $14.2 million compared to $9.3 million a year ago. The increase primarily resulted from new equipment in the SGK Brand Solutions segment and purchases of new Casket delivery vehicles.

Based on current forecasts, the company remains on course to achieve internal operating objectives for fiscal 2016. From a financial standpoint, the company is targeting over $100 million in adjusted free cash flow for the fiscal year and almost $250 million of adjusted EBITDA. The adjusted free cash flow yield as the current stock pricing approximately -- is approaching 7%, which is believed to represent a significant opportunity. Nevertheless, the company will continue the practice of being opportunistic with the stock repurchase plan, but focusing on reducing the outstanding debt with a targeted reduction of $50 million for fiscal 2016.