Tronox Inc. (TROX)

[Madclown]

I used $5 million as an estimated D & A expense to arrive at $14.3 million monthly EBITDA and a $170+ run rate EBITDA. However, it was pointed out to me by a really brilliant chap that the D & A might have actually been $7.9 million due to decreased in PP&E and other LTA's which would put the run-rate EBITDA at $206 million.

Absent any discussion of writedowns or non-core sales of assets or some other reason for the decrease in PP&E and other Long-Term Assets it might appear that the decrease was due to a more advanced depreciation rate. The decline in the other Long-Term Assets account was a bit more steep this month.