$MAGN
MAGNERA CORP

2020 Q2 Form 10-Q Financial Statement

#000156459020035876 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $216.2M $231.0M $235.1M
YoY Change -8.03% 0.65% 8.95%
Cost Of Revenue $184.1M $194.6M $197.6M
YoY Change -6.8% -2.11% 8.31%
Gross Profit $32.06M $36.40M $37.50M
YoY Change -14.5% 18.68% 12.61%
Gross Profit Margin 14.83% 15.76% 15.95%
Selling, General & Admin $23.55M $23.80M $22.80M
YoY Change 3.29% -20.13% -12.98%
% of Gross Profit 73.45% 65.38% 60.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.21M $12.70M $12.73M
YoY Change 11.58% -0.78% 6.99%
% of Gross Profit 44.31% 34.89% 33.95%
Operating Expenses $23.55M $23.80M $22.80M
YoY Change 3.29% -20.13% -12.98%
Operating Profit $9.109M $12.60M $15.12M
YoY Change -39.77% 1342.11% 96.4%
Interest Expense -$1.700M -$900.0K -$1.900M
YoY Change -10.53% -78.57% -58.7%
% of Operating Profit -18.66% -7.14% -12.56%
Other Income/Expense, Net -$8.837M -$77.00M -$3.175M
YoY Change 178.33% 12733.33% -30.98%
Pretax Income $272.0K -$64.60M $11.95M
YoY Change -97.72% 2384.62% 285.42%
Income Tax $2.600M -$19.90M $5.700M
% Of Pretax Income 955.88% 47.71%
Net Earnings -$2.416M -$44.90M $5.831M
YoY Change -141.43% -43.95% -178.8%
Net Earnings / Revenue -1.12% -19.44% 2.48%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share -$54.18K -$1.016M $0.13
COMMON SHARES
Basic Shares Outstanding 44.34M 44.17M 44.14M
Diluted Shares Outstanding 44.34M 44.38M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.60M $126.2M $58.90M
YoY Change 30.05% -11.56% -45.06%
Cash & Equivalents $76.62M $126.2M $58.95M
Short-Term Investments
Other Short-Term Assets $37.50M $36.30M $42.70M
YoY Change -12.18% -88.89% -91.41%
Inventory $196.0M $190.4M $192.1M
Prepaid Expenses
Receivables $121.7M $124.4M $136.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $431.9M $477.3M $430.4M
YoY Change 0.35% 1.71% -28.78%
LONG-TERM ASSETS
Property, Plant & Equipment $517.5M $537.4M $541.9M
YoY Change -4.49% -3.35% -35.83%
Goodwill $150.1M $150.8M $153.2M
YoY Change -1.99% -1.72% 90.38%
Intangibles $78.57M $83.74M $88.88M
YoY Change -11.6% -10.55% 62.34%
Long-Term Investments
YoY Change
Other Assets $48.81M $34.49M $81.72M
YoY Change -40.27% -48.79% -46.62%
Total Long-Term Assets $795.0M $806.5M $865.6M
YoY Change -8.16% -7.35% -23.58%
TOTAL ASSETS
Total Short-Term Assets $431.9M $477.3M $430.4M
Total Long-Term Assets $795.0M $806.5M $865.6M
Total Assets $1.227B $1.284B $1.296B
YoY Change -5.33% -4.18% -25.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.63M $130.0M $115.2M
YoY Change -18.76% 7.74% -40.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.87M $22.94M $23.24M
YoY Change -1.6% 112.7% 111.6%
Total Short-Term Liabilities $194.5M $230.5M $225.1M
YoY Change -13.6% -0.99% -33.17%
LONG-TERM LIABILITIES
Long-Term Debt $324.7M $336.9M $361.8M
YoY Change -10.25% -15.97% -29.09%
Other Long-Term Liabilities $93.89M $84.04M $86.96M
YoY Change 7.97% -4.98% -31.54%
Total Long-Term Liabilities $418.6M $421.0M $448.8M
YoY Change -6.72% -13.99% -29.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $194.5M $230.5M $225.1M
Total Long-Term Liabilities $418.6M $421.0M $448.8M
Total Liabilities $685.9M $727.8M $752.9M
YoY Change -8.9% -9.12% -28.31%
SHAREHOLDERS EQUITY
Retained Earnings $719.0M $725.8M $769.9M
YoY Change -6.61% -5.78% -19.6%
Common Stock $60.53M $60.44M $60.46M
YoY Change 0.1% -3.73% -4.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $10.11M
Shareholders Equity $541.0M $556.0M $543.1M
YoY Change
Total Liabilities & Shareholders Equity $1.227B $1.284B $1.296B
YoY Change -5.33% -4.18% -25.39%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.416M -$44.90M $5.831M
YoY Change -141.43% -43.95% -178.8%
Depreciation, Depletion And Amortization $14.21M $12.70M $12.73M
YoY Change 11.58% -0.78% 6.99%
Cash From Operating Activities $4.000M $86.10M $3.000M
YoY Change 33.33% -74.49% -276.47%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$9.800M -$4.700M
YoY Change 6.38% -1.01% -72.02%
Acquisitions
YoY Change
Other Investing Activities $600.0K $1.500M $500.0K
YoY Change 20.0% -100.85% -58.33%
Cash From Investing Activities -$4.400M -$8.300M -$4.400M
YoY Change 0.0% -95.57% -71.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.40M -10.10M -16.80M
YoY Change -2.38% -95.79% -229.23%
NET CHANGE
Cash From Operating Activities 4.000M 86.10M 3.000M
Cash From Investing Activities -4.400M -8.300M -4.400M
Cash From Financing Activities -16.40M -10.10M -16.80M
Net Change In Cash -16.80M 67.70M -18.20M
YoY Change -7.69% -175.56% 313.64%
FREE CASH FLOW
Cash From Operating Activities $4.000M $86.10M $3.000M
Capital Expenditures -$5.000M -$9.800M -$4.700M
Free Cash Flow $9.000M $95.90M $7.700M
YoY Change 16.88% -72.39% -49.01%

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us-gaap Use Of Estimates
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Accounting Estimates <span 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 actual results may differ from those estimates and assumptions.</span>
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
Restricted cash represents amounts contributed to a 401(k) suspense accounts in connection with the termination of the Company’s qualified pension plan in 2019 and subsequent reversion of excess plan assets to the Company in 2020. The amounts contributed to the 401(k)-suspense account can only be used to pay 401(k) contributions to employees for a period not to exceed the next seven years from its establishment in 2020.
glt Severance And Benefit Continuation Costs Payment Description
SeveranceAndBenefitContinuationCostsPaymentDescription
The severance and benefit continuation costs are primarily expected to be paid out ratably over the next 6 months.
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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glt Debt Instrument Covenant Compliance Leverage Ratio Threshold
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glt Debt Instrument Covenant Compliance Leverage Ratio Actual
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us-gaap Debt Instrument Maturity Date
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glt Number Of Operable Units
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5
glt Term Of Agreement With Third Party
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AmountAvailableInEscrowAccount
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2020Q2 us-gaap Depreciation Depletion And Amortization
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CY2019Q4 us-gaap Accrual For Environmental Loss Contingencies
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us-gaap Accrual For Environmental Loss Contingencies Payments1
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us-gaap Accrual For Environmental Loss Contingencies Payments1
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glt Accrual For Environmental Loss Contingencies Accretion Of Discount
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CY2020Q2 us-gaap Accrual For Environmental Loss Contingencies
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CY2019Q2 us-gaap Accrual For Environmental Loss Contingencies
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CY2020Q2 us-gaap Accrued Environmental Loss Contingencies Current
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CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q2 us-gaap Cost Of Goods And Services Sold
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CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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272000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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11948000
CY2020Q2 glt Amount Of Tons Sold
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CY2019Q2 us-gaap Depreciation Depletion And Amortization
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CY2020Q2 us-gaap Payments To Acquire Productive Assets
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Cost Of Goods And Services Sold
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us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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18409000
glt Amount Of Tons Sold
AmountOfTonsSold
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glt Amount Of Tons Sold
AmountOfTonsSold
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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PaymentsToAcquireProductiveAssets
12011000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
10633000

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