$MAGN

2018 Q2 Form 10-Q Financial Statement

#000156459018018081 Filed on July 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $215.7M $388.3M
YoY Change -44.44% -4.92%
Cost Of Revenue $182.4M $358.6M
YoY Change -49.13% -1.94%
Gross Profit $33.30M $35.10M
YoY Change -5.12% -17.85%
Gross Profit Margin 15.44% 9.04%
Selling, General & Admin $26.20M $31.55M
YoY Change -16.94% -15.18%
% of Gross Profit 78.68% 89.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.90M $17.70M
YoY Change -32.77% 5.36%
% of Gross Profit 35.74% 50.43%
Operating Expenses $26.20M $31.55M
YoY Change -16.94% -15.18%
Operating Profit $7.700M -$1.752M
YoY Change -539.5% -131.68%
Interest Expense -$4.600M $4.476M
YoY Change -202.77% 13.23%
% of Operating Profit -59.74%
Other Income/Expense, Net -$4.600M -$4.333M
YoY Change 6.16% 21.2%
Pretax Income $3.100M -$6.085M
YoY Change -150.94% -411.25%
Income Tax $2.000M -$371.0K
% Of Pretax Income 64.52%
Net Earnings -$7.400M -$5.714M
YoY Change 29.51% -390.79%
Net Earnings / Revenue -3.43% -1.47%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$168.9K -$0.13
COMMON SHARES
Basic Shares Outstanding 43.77M 43.60M
Diluted Shares Outstanding 44.49M 43.60M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.2M $69.40M
YoY Change 54.47% 18.63%
Cash & Equivalents $107.2M $69.44M
Short-Term Investments
Other Short-Term Assets $497.1M $470.8M
YoY Change 5.6% 1.01%
Inventory $271.0M $261.7M
Prepaid Expenses
Receivables $188.1M $172.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $604.3M $540.2M
YoY Change 11.87% 2.98%
LONG-TERM ASSETS
Property, Plant & Equipment $844.5M $838.0M
YoY Change 0.77% 12.03%
Goodwill $80.45M $78.86M
YoY Change 2.02% 2.35%
Intangibles $54.75M $58.44M
YoY Change -6.31% -5.17%
Long-Term Investments
YoY Change
Other Assets $153.1M $126.3M
YoY Change 21.25% 10.87%
Total Long-Term Assets $1.133B $1.102B
YoY Change 2.83% 10.09%
TOTAL ASSETS
Total Short-Term Assets $604.3M $540.2M
Total Long-Term Assets $1.133B $1.102B
Total Assets $1.737B $1.642B
YoY Change 5.81% 7.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $193.1M $178.8M
YoY Change 8.02% 5.25%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.98M $10.40M
YoY Change 5.6% 14.31%
Total Short-Term Liabilities $336.9M $339.8M
YoY Change -0.85% 9.11%
LONG-TERM LIABILITIES
Long-Term Debt $510.2M $431.5M
YoY Change 18.24% 20.41%
Other Long-Term Liabilities $127.0M $124.8M
YoY Change 1.81% 19.92%
Total Long-Term Liabilities $637.2M $556.3M
YoY Change 14.55% 20.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $336.9M $339.8M
Total Long-Term Liabilities $637.2M $556.3M
Total Liabilities $1.050B $956.7M
YoY Change 9.76% 12.7%
SHAREHOLDERS EQUITY
Retained Earnings $957.6M $957.4M
YoY Change 0.02% -1.34%
Common Stock $63.37M $61.11M
YoY Change 3.69% 10.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.4M
YoY Change -0.32%
Treasury Stock Shares
Shareholders Equity $687.0M $685.0M
YoY Change
Total Liabilities & Shareholders Equity $1.737B $1.642B
YoY Change 5.81% 7.64%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$7.400M -$5.714M
YoY Change 29.51% -390.79%
Depreciation, Depletion And Amortization $11.90M $17.70M
YoY Change -32.77% 5.36%
Cash From Operating Activities -$1.700M $21.20M
YoY Change -108.02% -15.87%
INVESTING ACTIVITIES
Capital Expenditures -$16.80M -$34.20M
YoY Change -50.88% -7.82%
Acquisitions
YoY Change
Other Investing Activities $1.200M $100.0K
YoY Change 1100.0% 0.0%
Cash From Investing Activities -$15.70M -$34.20M
YoY Change -54.09% -7.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.00M 22.00M
YoY Change -40.91% 2100.0%
NET CHANGE
Cash From Operating Activities -1.700M 21.20M
Cash From Investing Activities -15.70M -34.20M
Cash From Financing Activities 13.00M 22.00M
Net Change In Cash -4.400M 9.000M
YoY Change -148.89% -183.33%
FREE CASH FLOW
Cash From Operating Activities -$1.700M $21.20M
Capital Expenditures -$16.80M -$34.20M
Free Cash Flow $15.10M $55.40M
YoY Change -72.74% -11.08%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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%;">Reclassification <font style="font-weight:normal;">&nbsp;&nbsp;As a result of adopting the provisions of Accounting Standards Update (&#8220;ASU&#8221;) No. 2017-07, </font><font style="font-style:italic;font-weight:normal;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost</font><font style="font-weight:normal;"> we reclassified certain amounts of periodic benefit expense for previously reported periods from Cost of products sold and Selling, general and administrative expense to Non Operating Expense.&nbsp;&nbsp;As a result of applying the ASU, Costs of products sold for the second quarter of 2017 was increased by $0.7 million and Selling, general and administrative expenses were reduced by $0.4 million and the offsetting net reclassification reduced Non-operating expense by $0.3 million.&nbsp;&nbsp;The comparable amounts for the first six months of 2017 were $2.0 million, $0.7 million and $1.3 million, respectively.</font></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2018Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4202000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
856000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2393000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1327000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2393000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
591000
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-148953000
CY2018Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-29855000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-25653000
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-197413000
CY2017Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
24318000
CY2017Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2014000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
26332000
CY2017Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-171081000
CY2017Q4 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
-22298000
CY2017Q4 glt Accumulated Other Comprehensive Income Loss Net Of Tax Adjusted Balance
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAdjustedBalance
-162973000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-20325000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-8692000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-11633000
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-204606000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
30128000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-3397000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
33525000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
glt Tax Cuts And Jobs Act Of2017 Change In Effective Tax Rate Due To Global Intangible Low Taxed Income Provisions
TaxCutsAndJobsActOf2017ChangeInEffectiveTaxRateDueToGlobalIntangibleLowTaxedIncomeProvisions
0.10
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28200000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26900000
CY2018Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
18000000
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
200000
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
300000
CY2018Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1000000
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
800000
CY2018Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
65426000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
60806000
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
127311000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
116678000
CY2018Q2 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
78258000
CY2017Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
4880000
CY2017Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
74580000
us-gaap Interest Costs Incurred
InterestCostsIncurred
11405000
CY2018Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
5814000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20100000
us-gaap Interest Costs Incurred
InterestCostsIncurred
9477000
CY2017Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
404000
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
396000
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
993000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
522760000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
483330000
CY2018Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-1601000
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-1934000
glt Debt Instrument Covenant Compliance Leverage Ratio Threshold
DebtInstrumentCovenantComplianceLeverageRatioThreshold
3.5
glt Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
3.1
CY2018Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
525705000
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
487724000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-5640000
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
1882000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
288000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4801000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-3595000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1716000
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-1757000
CY2017Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-4635000
glt Number Of Operable Units
NumberOfOperableUnits
5
glt Term Of Agreement With Third Party
TermOfAgreementWithThirdParty
P30Y
glt Accrual For Environmental Loss Contingencies Assumption Of Escrow
AccrualForEnvironmentalLossContingenciesAssumptionOfEscrow
4746000
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
43144000
CY2016Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
52788000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
2708000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
128000
us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Acquisitions And Divestitures
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForAcquisitionsAndDivestitures
66000
CY2018Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
45248000
CY2017Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
52660000
CY2018Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
26000000
CY2018Q2 glt Amount Of Tons Sold
AmountOfTonsSold
240600
CY2017Q2 glt Amount Of Tons Sold
AmountOfTonsSold
251500
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17700000
CY2018Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
10400000
CY2017Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
34300000
glt Amount Of Tons Sold
AmountOfTonsSold
495400
glt Amount Of Tons Sold
AmountOfTonsSold
512400
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36900000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
71000000
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
497136000
CY2018Q2 glt Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
288305000
CY2018Q2 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
76064000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
468752000
CY2017Q4 glt Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
280081000
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
83571000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
41013000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
63708000

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