$MATV
Mativ Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000100062314000089 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2 2013 Q1
Revenue $203.6M $196.5M $194.5M
YoY Change 3.61% 1.87% -0.26%
Cost Of Revenue $144.4M $131.6M $131.8M
YoY Change 9.73% 1.78% 0.84%
Gross Profit $59.20M $64.90M $62.70M
YoY Change -8.78% 2.04% -2.49%
Gross Profit Margin 29.08% 33.03% 32.24%
Selling, General & Admin $21.30M $18.40M $15.60M
YoY Change 15.76% 1.66% -14.29%
% of Gross Profit 35.98% 28.35% 24.88%
Research & Development $4.200M $3.700M $3.800M
YoY Change 13.51% 42.31% 72.73%
% of Gross Profit 7.09% 5.7% 6.06%
Depreciation & Amortization $8.500M
YoY Change -13.27%
% of Gross Profit 13.56%
Operating Expenses $25.50M $22.10M $19.40M
YoY Change 15.38% 6.76% -4.9%
Operating Profit $30.50M $42.10M $41.70M
YoY Change -27.55% 11.97% 65.48%
Interest Expense $2.100M $700.0K $700.0K
YoY Change 200.0% -22.22% -22.22%
% of Operating Profit 6.89% 1.66% 1.68%
Other Income/Expense, Net $2.800M $1.200M $1.300M
YoY Change 133.33% -271.43% 333.33%
Pretax Income $31.20M $42.60M $42.30M
YoY Change -26.76% 18.33% 71.95%
Income Tax $6.500M $13.80M $12.40M
% Of Pretax Income 20.83% 32.39% 29.31%
Net Earnings $25.00M $26.60M $30.10M
YoY Change -6.02% 26.67% 106.16%
Net Earnings / Revenue 12.28% 13.54% 15.48%
Basic Earnings Per Share $0.82 $0.85 $0.96
Diluted Earnings Per Share $0.81 $0.84 $0.96
COMMON SHARES
Basic Shares Outstanding 30.10M shares 31.10M shares 30.95M shares
Diluted Shares Outstanding 30.21M shares 31.26M shares 31.11M shares

Balance Sheet

Concept 2014 Q2 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $291.4M $212.7M $181.1M
Short-Term Investments
Other Short-Term Assets $5.700M $10.00M $16.80M
YoY Change -43.0% 143.9% 273.33%
Inventory $130.4M $112.3M $112.2M
Prepaid Expenses
Receivables $124.2M $96.70M $101.7M
Other Receivables
Total Short-Term Assets $575.2M $446.1M $423.0M
YoY Change 28.94% 32.45% 24.3%
LONG-TERM ASSETS
Property, Plant & Equipment $389.7M $374.5M $381.1M
YoY Change 4.06% -5.57% -9.35%
Goodwill $121.0M $5.700M $5.500M
YoY Change 2022.81% 5.56% -5.17%
Intangibles $79.20M
YoY Change
Long-Term Investments $66.80M $58.90M $61.90M
YoY Change 13.41% 3.51% 41.65%
Other Assets $32.00M $25.80M $24.90M
YoY Change 24.03% -13.42% -25.67%
Total Long-Term Assets $688.7M $472.9M $482.1M
YoY Change 45.63% -6.43% -7.34%
TOTAL ASSETS
Total Short-Term Assets $575.2M $446.1M $423.0M
Total Long-Term Assets $688.7M $472.9M $482.1M
Total Assets $1.264B $919.0M $905.1M
YoY Change 37.53% 9.12% 5.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.00M $47.60M $43.30M
YoY Change 5.04% -3.84% -20.99%
Accrued Expenses $81.40M $74.80M $75.40M
YoY Change 8.82% 2.19% -3.83%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $4.200M $3.300M $4.600M
YoY Change 27.27% 3.13% 39.39%
Total Short-Term Liabilities $135.6M $125.7M $130.3M
YoY Change 7.88% -0.16% -8.05%
LONG-TERM LIABILITIES
Long-Term Debt $444.9M $161.2M $157.3M
YoY Change 175.99% -5.68% 9.08%
Other Long-Term Liabilities $26.30M $29.10M $25.30M
YoY Change -9.62% 11.92% 1.2%
Total Long-Term Liabilities $471.2M $190.3M $182.6M
YoY Change 147.61% -3.35% 7.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $135.6M $125.7M $130.3M
Total Long-Term Liabilities $471.2M $190.3M $182.6M
Total Liabilities $718.8M $389.5M $382.4M
YoY Change 84.54% -0.15% 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $493.7M $521.3M $504.1M
YoY Change -5.29% 15.92% 16.93%
Common Stock $3.000M $3.100M $3.100M
YoY Change -3.23% 63.16% 63.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0% -100.0%
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $545.1M $529.5M $529.5M
YoY Change
Total Liabilities & Shareholders Equity $1.264B $919.0M $905.1M
YoY Change 37.53% 9.12% 5.17%

Cashflow Statement

Concept 2014 Q2 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income $25.00M $26.60M $30.10M
YoY Change -6.02% 26.67% 106.16%
Depreciation, Depletion And Amortization $8.500M
YoY Change -13.27%
Cash From Operating Activities $41.30M
YoY Change -14.67%
INVESTING ACTIVITIES
Capital Expenditures $5.600M
YoY Change -28.21%
Acquisitions $0.00
YoY Change
Other Investing Activities $3.000M
YoY Change -26.83%
Cash From Investing Activities -$8.600M
YoY Change -47.88%
FINANCING ACTIVITIES
Cash Dividend Paid $9.400M
YoY Change 291.67%
Common Stock Issuance & Retirement, Net $1.700M
YoY Change -92.13%
Debt Paid & Issued, Net $3.100M
YoY Change -39.22%
Cash From Financing Activities -$2.800M
YoY Change -87.98%
NET CHANGE
Cash From Operating Activities $41.30M
Cash From Investing Activities -$8.600M
Cash From Financing Activities -$2.800M
Net Change In Cash $29.90M
YoY Change 247.67%
FREE CASH FLOW
Cash From Operating Activities $41.30M
Capital Expenditures $5.600M
Free Cash Flow $35.70M
YoY Change -12.07%

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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 and filtration media 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 and filtration products for use in other industry applications. We manufacture lightweight specialty papers used in manufacturing ventilated cigarettes, banded papers used in the production of lower ignition propensity, or LIP, cigarettes and resin-based plastic netting through an extrusion process, as well as certain meltblown products and machined plastic core tubes. We are also the leading independent producer of reconstituted tobacco used in producing blended cigarettes. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The primary products we sell to the tobacco industry include cigarette, plug wrap and base tipping papers, or Cigarette Papers, which are used to wrap various parts of a cigarette and reconstituted tobacco leaf, or RTL, which is used as a blend with virgin tobacco in cigarettes, reconstituted tobacco wrappers and binders for cigars. We sell these products directly to tobacco companies or their designated converters in the Americas, Europe, Asia and elsewhere. We also sell a diverse mix of products to non-tobacco industries, including low volume, high-value engineered papers and commodity paper grades produced, among other reasons, to maximize our machine utilization. In December 2013, we acquired DelStar, Inc., or DelStar, a manufacturer of plastic netting and other resin-based products mainly focused on the filtration and medical market segments. The acquisition of DelStar diversifies SWM's global presence in advanced materials, particularly in filtration.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We conduct business in over </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">90</font><font style="font-family:inherit;font-size:10pt;"> countries and operate </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">14</font><font style="font-family:inherit;font-size:10pt;"> production locations worldwide, with facilities in the United States, Canada, France, Brazil, China and Poland. We also have a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">50%</font><font style="font-family:inherit;font-size:10pt;"> equity interest in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> joint ventures in China: China Tobacco Mauduit (Jiangmen) Paper Industry Ltd., or CTM, which produces cigarette and porous plug wrap papers, and China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd., or CTS, which produces RTL.</font></div><div style="line-height:120%;text-align:justify;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;">Basis of Presentation</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 accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions of Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission, or the SEC, and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America, or U.S. GAAP. However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods including the results of a business reclassified as a discontinued operation which is more fully described in Note </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">4</font><font style="font-family:inherit;font-size:10pt;">. Discontinued Operations.</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 results of operations are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the related notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2013, as filed with the SEC on February 28, 2014.</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 condensed 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;">50%</font><font style="font-family:inherit;font-size:10pt;"> owned joint ventures in China are included in the condensed consolidated statements of income as income from equity affiliates. Intercompany balances and transactions have been eliminated.</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;">Use of Estimates</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 preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. 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. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08 (ASU 2014-08) "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. The Company is currently in the process of evaluating the impact of the adoption on the consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606). 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