$MATV
Mativ Holdings, Inc.

2013 Q1 Form 10-Q Financial Statement

#000100062313000069 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $194.5M $195.0M
YoY Change -0.26% 10.11%
Cost Of Revenue $131.8M $130.7M
YoY Change 0.84% -2.1%
Gross Profit $62.70M $64.30M
YoY Change -2.49% 37.1%
Gross Profit Margin 32.24% 32.97%
Selling, General & Admin $15.60M $18.20M
YoY Change -14.29% 2.25%
% of Gross Profit 24.88% 28.3%
Research & Development $3.800M $2.200M
YoY Change 72.73% 10.0%
% of Gross Profit 6.06% 3.42%
Depreciation & Amortization $8.500M $9.800M
YoY Change -13.27% -8.41%
% of Gross Profit 13.56% 15.24%
Operating Expenses $19.40M $20.40M
YoY Change -4.9% 3.03%
Operating Profit $41.70M $25.20M
YoY Change 65.48% -4.55%
Interest Expense $700.0K $900.0K
YoY Change -22.22%
% of Operating Profit 1.68% 3.57%
Other Income/Expense, Net $1.300M $300.0K
YoY Change 333.33% 50.0%
Pretax Income $42.30M $24.60M
YoY Change 71.95% -7.52%
Income Tax $12.40M $8.000M
% Of Pretax Income 29.31% 32.52%
Net Earnings $30.10M $14.60M
YoY Change 106.16% -9.88%
Net Earnings / Revenue 15.48% 7.49%
Basic Earnings Per Share $0.96 $0.45
Diluted Earnings Per Share $0.96 $0.45
COMMON SHARES
Basic Shares Outstanding 30.95M shares 31.75M shares
Diluted Shares Outstanding 31.11M shares 32.06M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $181.1M $85.30M
Short-Term Investments
Other Short-Term Assets $16.80M $4.500M
YoY Change 273.33%
Inventory $112.2M $122.1M
Prepaid Expenses
Receivables $101.7M $110.5M
Other Receivables
Total Short-Term Assets $423.0M $340.3M
YoY Change 24.3%
LONG-TERM ASSETS
Property, Plant & Equipment $381.1M $420.4M
YoY Change -9.35%
Goodwill $5.500M $5.800M
YoY Change -5.17%
Intangibles
YoY Change
Long-Term Investments $61.90M $43.70M
YoY Change 41.65%
Other Assets $24.90M $33.50M
YoY Change -25.67%
Total Long-Term Assets $482.1M $520.3M
YoY Change -7.34%
TOTAL ASSETS
Total Short-Term Assets $423.0M $340.3M
Total Long-Term Assets $482.1M $520.3M
Total Assets $905.1M $860.6M
YoY Change 5.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.30M $54.80M
YoY Change -20.99%
Accrued Expenses $75.40M $78.40M
YoY Change -3.83%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $4.600M $3.300M
YoY Change 39.39%
Total Short-Term Liabilities $130.3M $141.7M
YoY Change -8.05%
LONG-TERM LIABILITIES
Long-Term Debt $157.3M $144.2M
YoY Change 9.08%
Other Long-Term Liabilities $25.30M $25.00M
YoY Change 1.2%
Total Long-Term Liabilities $182.6M $169.2M
YoY Change 7.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.3M $141.7M
Total Long-Term Liabilities $182.6M $169.2M
Total Liabilities $382.4M $378.5M
YoY Change 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $504.1M $431.1M
YoY Change 16.93%
Common Stock $3.100M $1.900M
YoY Change 63.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $150.3M
YoY Change -100.0%
Treasury Stock Shares 0.000 shares 2.857M shares
Shareholders Equity $529.5M $482.1M
YoY Change
Total Liabilities & Shareholders Equity $905.1M $860.6M
YoY Change 5.17%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $30.10M $14.60M
YoY Change 106.16% -9.88%
Depreciation, Depletion And Amortization $8.500M $9.800M
YoY Change -13.27% -8.41%
Cash From Operating Activities $41.30M $48.40M
YoY Change -14.67% -24300.0%
INVESTING ACTIVITIES
Capital Expenditures $5.600M $7.800M
YoY Change -28.21% -71.84%
Acquisitions $0.00
YoY Change
Other Investing Activities $3.000M $4.100M
YoY Change -26.83% -305.0%
Cash From Investing Activities -$8.600M -$16.50M
YoY Change -47.88% -37.74%
FINANCING ACTIVITIES
Cash Dividend Paid $9.400M $2.400M
YoY Change 291.67% -11.11%
Common Stock Issuance & Retirement, Net $1.700M $21.60M
YoY Change -92.13% -52.84%
Debt Paid & Issued, Net $3.100M $5.100M
YoY Change -39.22% 2450.0%
Cash From Financing Activities -$2.800M -$23.30M
YoY Change -87.98% -240.36%
NET CHANGE
Cash From Operating Activities $41.30M $48.40M
Cash From Investing Activities -$8.600M -$16.50M
Cash From Financing Activities -$2.800M -$23.30M
Net Change In Cash $29.90M $8.600M
YoY Change 247.67% -185.15%
FREE CASH FLOW
Cash From Operating Activities $41.30M $48.40M
Capital Expenditures $5.600M $7.800M
Free Cash Flow $35.70M $40.60M
YoY Change -12.07% -245.52%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Schweitzer-Mauduit International, Inc., or SWM or the Company, is a multinational diversified producer of premium specialty papers headquartered in the United States of America. The Company manufactures and sells paper and reconstituted tobacco products to the tobacco industry as well as specialized paper products for use in other applications. The Company&#8217;s tobacco-related products include cigarette, plug wrap and base tipping papers, or Cigarette Papers, used to wrap various parts of a cigarette, reconstituted tobacco leaf, or RTL, which is used as a blend with virgin tobacco in cigarettes and reconstituted tobacco wrappers and binders for machine-made cigars. These products are sold directly to the major tobacco companies or their designated converters in the Americas, Europe, Asia and elsewhere. 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The unaudited consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2012, as filed with the SEC on March 1, 2013.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Principles of Consolidation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of the Company and wholly-owned, majority-owned and controlled subsidiaries. The Company&#8217;s share of the net income of its </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">50%</font><font style="font-family:inherit;font-size:10pt;"> owned joint ventures in China are included in the consolidated statements of income as income from equity affiliates. 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Estimates are used for, but not limited to, inventory valuation, useful lives of tangible and intangible assets, fair values, sales returns, receivables valuation, pension, postretirement and other benefits, restructuring and impairment, taxes and contingencies. 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The ASU amends and clarifies disclosure requirements for reclassifications from Other Comprehensive Income. The adoption of this guidance expanded the disclosure included in Note 2. Other Comprehensive Income, but it did not have a material impact on our condensed consolidated financial statements.</font></div></div>
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UndistributedEarningsAllocatedToParticipatingSecurities
200000 USD
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
310400 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
163300 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32057400 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31108900 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30945600 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31747000 shares
CY2013Q1 swm Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesTax
-900000 USD
CY2012Q4 swm Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesTax
-1500000 USD
CY2012Q4 swm Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
23300000 USD
CY2013Q1 swm Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax
22500000 USD
CY2013Q1 swm Effective Income Tax Rate Reconcilation French Business Tax Reclassified As Income Tax
EffectiveIncomeTaxRateReconcilationFrenchBusinessTaxReclassifiedAsIncomeTax
0.014
CY2012Q1 swm Effective Income Tax Rate Reconcilation French Business Tax Reclassified As Income Tax
EffectiveIncomeTaxRateReconcilationFrenchBusinessTaxReclassifiedAsIncomeTax
0.028
CY2013Q1 swm Effective Income Tax Rate Reconciliaiton Tax Expense Benefit Of Change In Foreign Legal Structure
EffectiveIncomeTaxRateReconciliaitonTaxExpenseBenefitOfChangeInForeignLegalStructure
-0.007
CY2012Q1 swm Effective Income Tax Rate Reconciliaiton Tax Expense Benefit Of Change In Foreign Legal Structure
EffectiveIncomeTaxRateReconciliaitonTaxExpenseBenefitOfChangeInForeignLegalStructure
-0.016
CY2012Q1 swm Effective Income Tax Rate Reconciliation Other Foreign Taxes Net
EffectiveIncomeTaxRateReconciliationOtherForeignTaxesNet
0.028
CY2013Q1 swm Effective Income Tax Rate Reconciliation Other Foreign Taxes Net
EffectiveIncomeTaxRateReconciliationOtherForeignTaxesNet
-0.018
CY2012Q4 swm Goodwill And Intangible Assets
GoodwillAndIntangibleAssets
6100000 USD
CY2013Q1 swm Goodwill And Intangible Assets
GoodwillAndIntangibleAssets
5800000 USD
CY2012Q1 swm Income Tax Reconciliation French Business Tax Reclassified As Income Tax
IncomeTaxReconciliationFrenchBusinessTaxReclassifiedAsIncomeTax
700000 USD
CY2013Q1 swm Income Tax Reconciliation French Business Tax Reclassified As Income Tax
IncomeTaxReconciliationFrenchBusinessTaxReclassifiedAsIncomeTax
600000 USD
CY2013Q1 swm Income Tax Reconciliation Other Foreign Taxes Net
IncomeTaxReconciliationOtherForeignTaxesNet
-800000 USD
CY2012Q1 swm Income Tax Reconciliation Other Foreign Taxes Net
IncomeTaxReconciliationOtherForeignTaxesNet
700000 USD
CY2013Q1 swm Income Tax Reconciliation Tax Expense Benefit Of Change In Foreign Legal Structure
IncomeTaxReconciliationTaxExpenseBenefitOfChangeInForeignLegalStructure
-300000 USD
CY2012Q1 swm Income Tax Reconciliation Tax Expense Benefit Of Change In Foreign Legal Structure
IncomeTaxReconciliationTaxExpenseBenefitOfChangeInForeignLegalStructure
-400000 USD
CY2013Q1 swm Number Of Production Locations
NumberOfProductionLocations
9
CY2012Q1 swm Operating Profit Percentage
OperatingProfitPercentage
1.000
CY2013Q1 swm Operating Profit Percentage
OperatingProfitPercentage
1.000
CY2012Q1 swm Pension And Other Postretirement Benefit Expense Net Of Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitExpenseNetOfPensionAndOtherPostretirementBenefitContributions
1300000 USD
CY2013Q1 swm Pension And Other Postretirement Benefit Expense Net Of Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitExpenseNetOfPensionAndOtherPostretirementBenefitContributions
800000 USD
CY2013Q1 swm Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.000
CY2012Q1 swm Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.000
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001000623
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31375169 shares
CY2013Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q2 dei Entity Public Float
EntityPublicFloat
1000000000 USD
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
SCHWEITZER MAUDUIT INTERNATIONAL INC
CY2013Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
0001000623-13-000069-index-headers.html Edgar Link pending
0001000623-13-000069-index.html Edgar Link pending
0001000623-13-000069.txt Edgar Link pending
0001000623-13-000069-xbrl.zip Edgar Link pending
ex10_9x2performancesharepa.htm Edgar Link pending
ex10_9x3cliffvestingpartic.htm Edgar Link pending
ex10_9x4frenchperformances.htm Edgar Link pending
ex10_9x5frenchcliffvesting.htm Edgar Link pending
ex311_2013331.htm Edgar Link pending
ex312_2013331.htm Edgar Link pending
ex32_2013331.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
form10-q3312013.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
swm-20130331.xml Edgar Link completed
swm-20130331.xsd Edgar Link pending
swm-20130331_cal.xml Edgar Link unprocessable
swm-20130331_def.xml Edgar Link unprocessable
swm-20130331_lab.xml Edgar Link unprocessable
swm-20130331_pre.xml Edgar Link unprocessable