$MAGN

2019 Q2 Form 10-Q Financial Statement

#000156459019026977 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $235.1M $215.7M
YoY Change 8.95% -44.44%
Cost Of Revenue $197.6M $182.4M
YoY Change 8.31% -49.13%
Gross Profit $37.50M $33.30M
YoY Change 12.61% -5.12%
Gross Profit Margin 15.95% 15.44%
Selling, General & Admin $22.80M $26.20M
YoY Change -12.98% -16.94%
% of Gross Profit 60.8% 78.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.73M $11.90M
YoY Change 6.99% -32.77%
% of Gross Profit 33.95% 35.74%
Operating Expenses $22.80M $26.20M
YoY Change -12.98% -16.94%
Operating Profit $15.12M $7.700M
YoY Change 96.4% -539.5%
Interest Expense -$1.900M -$4.600M
YoY Change -58.7% -202.77%
% of Operating Profit -12.56% -59.74%
Other Income/Expense, Net -$3.175M -$4.600M
YoY Change -30.98% 6.16%
Pretax Income $11.95M $3.100M
YoY Change 285.42% -150.94%
Income Tax $5.700M $2.000M
% Of Pretax Income 47.71% 64.52%
Net Earnings $5.831M -$7.400M
YoY Change -178.8% 29.51%
Net Earnings / Revenue 2.48% -3.43%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share $0.13 -$168.9K
COMMON SHARES
Basic Shares Outstanding 44.14M 43.77M
Diluted Shares Outstanding 44.38M 44.49M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.90M $107.2M
YoY Change -45.06% 54.47%
Cash & Equivalents $58.95M $107.2M
Short-Term Investments
Other Short-Term Assets $42.70M $497.1M
YoY Change -91.41% 5.6%
Inventory $192.1M $271.0M
Prepaid Expenses
Receivables $136.5M $188.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $430.4M $604.3M
YoY Change -28.78% 11.87%
LONG-TERM ASSETS
Property, Plant & Equipment $541.9M $844.5M
YoY Change -35.83% 0.77%
Goodwill $153.2M $80.45M
YoY Change 90.38% 2.02%
Intangibles $88.88M $54.75M
YoY Change 62.34% -6.31%
Long-Term Investments
YoY Change
Other Assets $81.72M $153.1M
YoY Change -46.62% 21.25%
Total Long-Term Assets $865.6M $1.133B
YoY Change -23.58% 2.83%
TOTAL ASSETS
Total Short-Term Assets $430.4M $604.3M
Total Long-Term Assets $865.6M $1.133B
Total Assets $1.296B $1.737B
YoY Change -25.39% 5.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.2M $193.1M
YoY Change -40.33% 8.02%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $23.24M $10.98M
YoY Change 111.6% 5.6%
Total Short-Term Liabilities $225.1M $336.9M
YoY Change -33.17% -0.85%
LONG-TERM LIABILITIES
Long-Term Debt $361.8M $510.2M
YoY Change -29.09% 18.24%
Other Long-Term Liabilities $86.96M $127.0M
YoY Change -31.54% 1.81%
Total Long-Term Liabilities $448.8M $637.2M
YoY Change -29.57% 14.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $225.1M $336.9M
Total Long-Term Liabilities $448.8M $637.2M
Total Liabilities $752.9M $1.050B
YoY Change -28.31% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings $769.9M $957.6M
YoY Change -19.6% 0.02%
Common Stock $60.46M $63.37M
YoY Change -4.59% 3.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $543.1M $687.0M
YoY Change
Total Liabilities & Shareholders Equity $1.296B $1.737B
YoY Change -25.39% 5.81%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $5.831M -$7.400M
YoY Change -178.8% 29.51%
Depreciation, Depletion And Amortization $12.73M $11.90M
YoY Change 6.99% -32.77%
Cash From Operating Activities $3.000M -$1.700M
YoY Change -276.47% -108.02%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$16.80M
YoY Change -72.02% -50.88%
Acquisitions
YoY Change
Other Investing Activities $500.0K $1.200M
YoY Change -58.33% 1100.0%
Cash From Investing Activities -$4.400M -$15.70M
YoY Change -71.97% -54.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.80M 13.00M
YoY Change -229.23% -40.91%
NET CHANGE
Cash From Operating Activities 3.000M -1.700M
Cash From Investing Activities -4.400M -15.70M
Cash From Financing Activities -16.80M 13.00M
Net Change In Cash -18.20M -4.400M
YoY Change 313.64% -148.89%
FREE CASH FLOW
Cash From Operating Activities $3.000M -$1.700M
Capital Expenditures -$4.700M -$16.80M
Free Cash Flow $7.700M $15.10M
YoY Change -49.01% -72.74%

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CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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glt Tax Cuts And Jobs Act Of2017 Change In Effective Tax Rate Due To Global Intangible Low Taxed Income Provisions
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0.08
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
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1600000
CY2019Q2 us-gaap Unrecognized Tax Benefits
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30600000
CY2018Q4 us-gaap Unrecognized Tax Benefits
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29600000
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
20400000
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1100000
CY2019Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
1900000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
84894000
CY2018Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
38312000
CY2018Q4 us-gaap Inventory Net
InventoryNet
173411000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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us-gaap Interest Costs Incurred
InterestCostsIncurred
7668000
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
396000
us-gaap Interest Expense
InterestExpense
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CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12600000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P37M
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0301
us-gaap Operating Lease Expense
OperatingLeaseExpense
3000000.0
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413023000
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CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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2515000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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1426000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
584000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
383000
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400962000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1700000
glt Debt Instrument Covenant Compliance Leverage Ratio Threshold
DebtInstrumentCovenantComplianceLeverageRatioThreshold
4.0
glt Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
3.5
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-02-08
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
387687000
CY2019Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2018Q4 us-gaap Long Term Debt
LongTermDebt
413023000
CY2018Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
412481000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-3595000
glt Number Of Operable Units
NumberOfOperableUnits
5
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
5044000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
288000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
2045000
CY2018Q4 glt Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Before Taxes
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes
3004000
CY2017Q4 glt Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Before Taxes
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectBeforeTaxes
-5640000
glt Term Of Agreement With Third Party
TermOfAgreementWithThirdParty
P30Y
glt Difference Recorded In Escrow Account
DifferenceRecordedInEscrowAccount
2000000
CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
45001000
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
43144000
us-gaap Accrual For Environmental Loss Contingencies Payments1
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20641000
us-gaap Accrual For Environmental Loss Contingencies Payments1
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2708000
us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
-2509000
glt Accrual For Environmental Loss Contingencies Assumption Of Escrow
AccrualForEnvironmentalLossContingenciesAssumptionOfEscrow
4746000
glt Accrual For Environmental Loss Contingencies Accretion Of Discount
AccrualForEnvironmentalLossContingenciesAccretionOfDiscount
98000
glt Accrual For Environmental Loss Contingencies Accretion Of Discount
AccrualForEnvironmentalLossContingenciesAccretionOfDiscount
66000
CY2019Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
21949000
CY2018Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
45248000
CY2019Q2 us-gaap Accrued Environmental Loss Contingencies Current
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6900000
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
235100000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
215700000
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
197600000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
182400000
CY2019Q2 us-gaap Gross Profit
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37500000
CY2018Q2 us-gaap Gross Profit
GrossProfit
33300000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7700000
CY2018Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
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600000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
15100000
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3200000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4600000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11900000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3100000
CY2019Q2 glt Amount Of Tons Sold
AmountOfTonsSold
68500
CY2018Q2 glt Amount Of Tons Sold
AmountOfTonsSold
61200
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12700000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11900000
CY2019Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
4800000
CY2018Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5900000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
464200000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
426900000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
391100000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
357100000
us-gaap Gross Profit
GrossProfit
73100000
us-gaap Gross Profit
GrossProfit
69900000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
47400000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
56100000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1100000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1700000
us-gaap Operating Income Loss
OperatingIncomeLoss
26800000
us-gaap Operating Income Loss
OperatingIncomeLoss
15400000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8400000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18400000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7100000
glt Amount Of Tons Sold
AmountOfTonsSold
133300
glt Amount Of Tons Sold
AmountOfTonsSold
121400
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
23200000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
10600000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
25900000

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