After taking into account restructuring and acquisition related charges in 2001 as well as restructuring and terminated acquisition costs in 2000, adjusted EBITDA was $18.5 million in 2001, compared to $12.6 million in 2000, for an increase of $5.9 million or 46.8%. This increase is primarily due to the inclusion of PSM results in 2001. On an unadjusted basis, EBITDA was $18.0 million in 2001 compared to $6.2 million in 2000.
Formica's results of operations include the results of Perstorp Surface Materials AB (PSM) for all periods beginning April 1, 2000 and thereafter. PSM is a worldwide manufacturer of decorative and industrial laminates, finished foils, printed paper and other surfacing materials.