$MAGN
Magnera Corp

2017 Q1 Form 10-Q Financial Statement

#000156459017008070 Filed on May 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $391.8M $402.9M
YoY Change -2.74% -3.97%
Cost Of Revenue $334.9M $345.0M
YoY Change -2.94% -6.09%
Gross Profit $32.78M $57.84M
YoY Change -43.33% 11.01%
Gross Profit Margin 8.37% 14.36%
Selling, General & Admin $35.09M $31.86M
YoY Change 10.13% 1.87%
% of Gross Profit 107.03% 55.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.28M $16.65M
YoY Change 3.82% 4.2%
% of Gross Profit 52.72% 28.78%
Operating Expenses $35.09M $31.86M
YoY Change 10.13% 1.87%
Operating Profit $21.81M $25.96M
YoY Change -15.99% 10.52%
Interest Expense $4.008M $4.116M
YoY Change -2.62% -8.7%
% of Operating Profit 18.38% 15.85%
Other Income/Expense, Net -$4.174M -$4.725M
YoY Change -11.66% 2.05%
Pretax Income $17.64M $21.24M
YoY Change -16.95% 12.6%
Income Tax $6.034M $5.068M
% Of Pretax Income 34.21% 23.87%
Net Earnings $11.60M $16.17M
YoY Change -28.23% 16.11%
Net Earnings / Revenue 2.96% 4.01%
Basic Earnings Per Share $0.27 $0.37
Diluted Earnings Per Share $0.26 $0.37
COMMON SHARES
Basic Shares Outstanding 43.58M 43.52M
Diluted Shares Outstanding 44.49M 43.87M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.20M $70.30M
YoY Change -18.63% -1.82%
Cash & Equivalents $57.23M $70.26M
Short-Term Investments
Other Short-Term Assets $459.4M $458.4M
YoY Change 0.23% -4.1%
Inventory $260.7M $255.5M
Prepaid Expenses
Receivables $165.4M $167.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $516.7M $528.7M
YoY Change -2.27% -3.81%
LONG-TERM ASSETS
Property, Plant & Equipment $804.0M $735.9M
YoY Change 9.25% 11.03%
Goodwill $74.10M $79.14M
YoY Change -6.37% 5.69%
Intangibles $55.92M $64.45M
YoY Change -13.23% -4.23%
Long-Term Investments
YoY Change
Other Assets $124.1M $113.3M
YoY Change 9.55% -14.64%
Total Long-Term Assets $1.058B $992.8M
YoY Change 6.58% 5.88%
TOTAL ASSETS
Total Short-Term Assets $516.7M $528.7M
Total Long-Term Assets $1.058B $992.8M
Total Assets $1.575B $1.521B
YoY Change 3.5% 2.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $172.3M $158.3M
YoY Change 8.87% 15.71%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.416M $7.704M
YoY Change 22.22% 11.9%
Total Short-Term Liabilities $320.8M $289.3M
YoY Change 10.88% 11.96%
LONG-TERM LIABILITIES
Long-Term Debt $400.5M $356.4M
YoY Change 12.37% -6.15%
Other Long-Term Liabilities $126.8M $103.9M
YoY Change 22.09% -17.38%
Total Long-Term Liabilities $527.3M $460.3M
YoY Change 14.56% -8.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $320.8M $289.3M
Total Long-Term Liabilities $527.3M $460.3M
Total Liabilities $906.0M $831.3M
YoY Change 8.99% -3.83%
SHAREHOLDERS EQUITY
Retained Earnings $968.8M $973.9M
YoY Change -0.52% 4.92%
Common Stock $60.17M $54.63M
YoY Change 10.13% 4.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.8M $163.6M
YoY Change -0.49% -2.44%
Treasury Stock Shares
Shareholders Equity $668.8M $690.2M
YoY Change
Total Liabilities & Shareholders Equity $1.575B $1.521B
YoY Change 3.5% 2.3%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $11.60M $16.17M
YoY Change -28.23% 16.11%
Depreciation, Depletion And Amortization $17.28M $16.65M
YoY Change 3.82% 4.2%
Cash From Operating Activities $7.600M $11.40M
YoY Change -33.33% 418.18%
INVESTING ACTIVITIES
Capital Expenditures $36.78M $43.29M
YoY Change -15.04% 99.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $300.0K
YoY Change -100.0% -81.25%
Cash From Investing Activities -$36.80M -$43.60M
YoY Change -15.6% 111.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.190M $1.926M
YoY Change 13.71%
Cash From Financing Activities 30.50M -4.100M
YoY Change -843.9% -43.06%
NET CHANGE
Cash From Operating Activities 7.600M 11.40M
Cash From Investing Activities -36.80M -43.60M
Cash From Financing Activities 30.50M -4.100M
Net Change In Cash 1.300M -36.30M
YoY Change -103.58% 41.8%
FREE CASH FLOW
Cash From Operating Activities $7.600M $11.40M
Capital Expenditures $36.78M $43.29M
Free Cash Flow -$29.18M -$31.89M
YoY Change -8.5% 63.15%

Facts In Submission

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CY2017Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">Accounting Estimates <font style="font-weight:normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions.</font></p></div>
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UnrecognizedTaxBenefits
16100000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14200000
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
13000000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
375161000
CY2017Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2394000
CY2016Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
16447000
CY2017Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2016Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2017Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
600000
CY2016Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
500000
CY2017Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
65021000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
66359000
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
122792000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
112507000
CY2017Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
72931000
CY2016Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
70803000
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
412280000
CY2016Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2553000
CY2017Q1 glt Debt Instrument Covenant Compliance Leverage Ratio Threshold
DebtInstrumentCovenantComplianceLeverageRatioThreshold
3.5
CY2017Q1 glt Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
2.4
CY2017Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
418755000
CY2016Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
384268000
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
1882000
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-178000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-303000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
307000
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
931000
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
298000
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
648000
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-169000
CY2017Q1 glt Number Of Operable Units
NumberOfOperableUnits
5
CY2016Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
52788000
CY2017Q1 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
85000
CY2017Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
52703000
CY2015Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
17105000
CY2016Q1 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
658000
CY2017Q1 glt Amount Of Tons Sold
AmountOfTonsSold
260800
CY2016Q1 glt Amount Of Tons Sold
AmountOfTonsSold
267200
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36800000
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43300000
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
459427000
CY2017Q1 glt Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
254115000
CY2017Q1 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
57830000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
438815000
CY2016Q4 glt Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
251102000
CY2016Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
54995000
CY2017Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
36046000
CY2016Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-1926000

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