Exhibit 99

THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (Unaudited)
(dollars in thousands)

EBITDA and Adjusted EBITDA are not measures made in accordance with U.S. generally accepted accounting principles (“GAAP”), and as such, should not be considered a measure of financial performance or condition, liquidity, or profitability. It should not be considered an alternative to GAAP-based net income or income from operations or operating cash flows. Further, because not all companies use identical calculations, amounts reflected by Hillman as EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is included to satisfy a reporting obligation under our indenture. Adjusted EBITDA as presented herein does not include certain adjustments and pro forma run rate measures contemplated by our senior secured credit facilities and our indenture and may also include additional adjustments that were not applicable at the time of the offering of the senior notes governed by our indenture. Adjusted EBITDA is also one of the performance criteria for the Company's annual performance-based bonus plan. The reconciliation of Net loss to Adjusted EBITDA is presented below.

 
 
Thirteen Weeks Ended
 
 
March 30,
 
March 31,
 
 
2019
 
2018
Net loss
 
$
(35,268
)
 
$
(10,317
)
Income tax provision (benefit)
 
4,800

 
2,806

Interest expense, net
 
26,563

 
13,571

Interest expense on junior subordinated debentures
 
3,152

 
3,152

Investment income on trust common securities
 
(95
)
 
(95
)
Depreciation
 
15,816

 
8,942

Amortization
 
14,765

 
9,723

EBITDA
 
29,733

 
27,782

 
 
 
 
 
   Stock compensation expense
 
361

 
487

   Management fees
 
131

 
128

   Acquisition and integration expense
 
1,098

 
94

Retention and long term incentive bonuses
 
2,030

 
—

   Canada Restructuring (1)
 
(64
)
 
—

   Restructuring and other costs (2)
 
4,726

 
2,846

   Anti-dumping duties
 
—

 
(4,128
)
   Mark-to-market adjustment on interest rate swaps
 
1,113

 
(1,057
)
Adjusted EBITDA
 
$
39,128

 
$
26,152




1.
Includes charges related to a restructuring plan announced in our Canada segment in 2018, including facility consolidation and charges relating to exiting certain lines of business. See Note 9 - Restructuring of the Notes to the Condensed Consolidated Financial statements for additional information.
2.
Includes restructuring and other costs associated with the implementation of a new pricing program, cost associated with implementing our ERP system in Canada, costs to relocate our distribution center in Edmonton, Canada, costs associated with relocating our distribution center in Dallas, Texas, and one time charges associated with new business wins.