$MAGN

2020 Q1 Form 10-Q Financial Statement

#000156459020021022 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $231.6M $229.1M
YoY Change 1.06% -44.2%
Cost Of Revenue $194.7M $193.5M
YoY Change 0.6% 10.8%
Gross Profit $36.88M $35.62M
YoY Change 3.53% -2.58%
Gross Profit Margin 15.92% 15.54%
Selling, General & Admin $24.59M $24.62M
YoY Change -0.11% -17.74%
% of Gross Profit 66.7% 69.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.40M $12.79M
YoY Change 20.44% 12.81%
% of Gross Profit 41.77% 35.9%
Operating Expenses $24.59M $24.62M
YoY Change -0.11% -17.74%
Operating Profit $12.28M $11.66M
YoY Change 5.29% 50.6%
Interest Expense -$2.100M $4.746M
YoY Change -144.25% 37.57%
% of Operating Profit -17.1% 40.69%
Other Income/Expense, Net -$2.267M -$5.203M
YoY Change -56.43% 39.9%
Pretax Income $10.01M $6.461M
YoY Change 54.99% 60.48%
Income Tax $2.600M $1.858M
% Of Pretax Income 25.96% 28.76%
Net Earnings $7.406M $5.286M
YoY Change 40.11% -7.52%
Net Earnings / Revenue 3.2% 2.31%
Basic Earnings Per Share $0.17 $0.12
Diluted Earnings Per Share $0.17 $0.12
COMMON SHARES
Basic Shares Outstanding 44.28M 44.03M
Diluted Shares Outstanding 44.53M 44.28M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.2M $76.70M
YoY Change 35.85% -34.61%
Cash & Equivalents $105.5M $76.67M
Short-Term Investments
Other Short-Term Assets $39.00M $40.20M
YoY Change -2.99% -91.82%
Inventory $189.4M $184.9M
Prepaid Expenses
Receivables $128.7M $129.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $461.4M $430.9M
YoY Change 7.07% -29.21%
LONG-TERM ASSETS
Property, Plant & Equipment $532.7M $544.8M
YoY Change -2.21% -37.43%
Goodwill $151.9M
YoY Change
Intangibles $89.89M
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.40M $80.38M
YoY Change -70.89% -42.99%
Total Long-Term Assets $782.8M $866.9M
YoY Change -9.71% -25.0%
TOTAL ASSETS
Total Short-Term Assets $461.4M $430.9M
Total Long-Term Assets $782.8M $866.9M
Total Assets $1.244B $1.298B
YoY Change -4.13% -26.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.9M $120.0M
YoY Change -5.94% -36.05%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $24.95M $19.85M
YoY Change 25.69% 71.14%
Total Short-Term Liabilities $211.8M $221.6M
YoY Change -4.44% -34.56%
LONG-TERM LIABILITIES
Long-Term Debt $325.5M $370.6M
YoY Change -12.15% -25.0%
Other Long-Term Liabilities $91.60M $92.16M
YoY Change -0.61% -24.95%
Total Long-Term Liabilities $325.5M $462.7M
YoY Change -29.65% -24.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.8M $221.6M
Total Long-Term Liabilities $325.5M $462.7M
Total Liabilities $701.3M $761.7M
YoY Change -7.93% -26.8%
SHAREHOLDERS EQUITY
Retained Earnings $769.9M
YoY Change
Common Stock $61.11M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $542.9M $536.2M
YoY Change
Total Liabilities & Shareholders Equity $1.244B $1.298B
YoY Change -4.13% -26.45%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $7.406M $5.286M
YoY Change 40.11% -7.52%
Depreciation, Depletion And Amortization $15.40M $12.79M
YoY Change 20.44% 12.81%
Cash From Operating Activities -$5.603M -$24.15M
YoY Change -76.79% 237.74%
INVESTING ACTIVITIES
Capital Expenditures $7.014M $5.865M
YoY Change 19.59% -70.77%
Acquisitions $1.974M
YoY Change
Other Investing Activities $0.00 $90.00K
YoY Change -100.0% 221.43%
Cash From Investing Activities -$7.014M -$7.240M
YoY Change -3.12% -61.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.089M $2.646M
YoY Change 16.74% -8.82%
Cash From Financing Activities -6.847M -23.61M
YoY Change -71.0% -249.04%
NET CHANGE
Cash From Operating Activities -5.603M -24.15M
Cash From Investing Activities -7.014M -7.240M
Cash From Financing Activities -6.847M -23.61M
Net Change In Cash -20.40M -55.65M
YoY Change -63.34% 443.18%
FREE CASH FLOW
Cash From Operating Activities -$5.603M -$24.15M
Capital Expenditures $7.014M $5.865M
Free Cash Flow -$12.62M -$30.01M
YoY Change -57.96% 10.26%

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AccumulatedOtherComprehensiveIncomeLossNetOfTax
-139535000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10000000.0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-4000000.0
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
32700000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
30500000
CY2020Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
21900000
CY2020Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2019Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2020Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
500000
CY2019Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
400000
CY2020Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.10
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
55940000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
59164000
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
94059000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
92231000
CY2020Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
39450000
CY2019Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
39020000
CY2020Q1 us-gaap Inventory Net
InventoryNet
189449000
CY2019Q4 us-gaap Inventory Net
InventoryNet
190415000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15240000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11701000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0331
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0292
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1442000
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1606000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3553000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4076000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2641000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1343000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
939000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4218000
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
2182000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
585000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
352730000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
362255000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
24952000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
22940000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2246000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2396000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
325532000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
336919000
CY2019Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0125
CY2020Q1 glt Debt Instrument Covenant Compliance Leverage Ratio Threshold
DebtInstrumentCovenantComplianceLeverageRatioThreshold
4.0
CY2020Q1 glt Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
2.2
CY2020Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-02-08
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
352730000
CY2020Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
350754000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
362255000
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
362663000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5900000
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
5859000
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
3004000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
463000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3641000
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
4140000
CY2019Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
6060000
CY2020Q1 glt Number Of Operable Units
NumberOfOperableUnits
5
CY2020Q1 glt Term Of Agreement With Third Party
TermOfAgreementWithThirdParty
P30Y
CY2020Q1 glt Difference Recorded In Escrow Account
DifferenceRecordedInEscrowAccount
1800000
CY2020Q1 glt Amount Available In Escrow Account
AmountAvailableInEscrowAccount
9000000.0
CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
21870000
CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
45001000
CY2020Q1 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
131000
CY2019Q1 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
20535000
CY2019Q1 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForRevisionInEstimates
-2509000
CY2020Q1 glt Accrual For Environmental Loss Contingencies Accretion Of Discount
AccrualForEnvironmentalLossContingenciesAccretionOfDiscount
52000
CY2019Q1 glt Accrual For Environmental Loss Contingencies Accretion Of Discount
AccrualForEnvironmentalLossContingenciesAccretionOfDiscount
56000
CY2020Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
21791000
CY2019Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
22013000
CY2020Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
8000000.0
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
231560000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
229133000
CY2020Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
194685000
CY2019Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
193516000
CY2020Q1 us-gaap Gross Profit
GrossProfit
36875000
CY2019Q1 us-gaap Gross Profit
GrossProfit
35617000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24594000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24622000
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
669000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
12281000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11664000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2267000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5203000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10014000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6461000
CY2020Q1 glt Amount Of Tons Sold
AmountOfTonsSold
71022000
CY2019Q1 glt Amount Of Tons Sold
AmountOfTonsSold
64706000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15402000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12788000
CY2020Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7014000
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5865000

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