$MATV
Mativ Holdings, Inc.

2014 Q4 Form 10-Q Financial Statement

#000100062314000106 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $181.7M $204.3M $185.3M
YoY Change -7.53% 10.25% -5.41%
Cost Of Revenue $151.4M $122.1M
YoY Change 24.0% -5.79%
Gross Profit $49.10M $52.90M $63.20M
YoY Change -20.68% -16.3% -4.68%
Gross Profit Margin 27.02% 25.89% 34.11%
Selling, General & Admin $20.80M $17.20M
YoY Change 20.93% 4.24%
% of Gross Profit 39.32% 27.22%
Research & Development $3.600M $3.600M
YoY Change 0.0% 50.0%
% of Gross Profit 6.81% 5.7%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $24.40M $20.80M
YoY Change 17.31% 10.05%
Operating Profit $17.30M $25.20M $41.80M
YoY Change -2571.43% -39.71% -15.38%
Interest Expense $1.800M $600.0K
YoY Change 200.0% -14.29%
% of Operating Profit 7.14% 1.44%
Other Income/Expense, Net $2.700M $500.0K
YoY Change 440.0% 25.0%
Pretax Income $26.10M $41.70M
YoY Change -37.41% -15.07%
Income Tax $2.300M $13.80M
% Of Pretax Income 8.81% 33.09%
Net Earnings $18.50M $23.00M $29.10M
YoY Change -290.72% -20.96% 5.05%
Net Earnings / Revenue 10.18% 11.26% 15.7%
Basic Earnings Per Share $0.61 $0.76 $0.93
Diluted Earnings Per Share $0.61 $0.76 $0.92
COMMON SHARES
Basic Shares Outstanding 30.47M shares 30.10M shares 31.09M shares
Diluted Shares Outstanding 30.23M shares 31.28M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $290.3M $286.0M $222.5M
Short-Term Investments
Other Short-Term Assets $6.100M $5.800M $8.100M
YoY Change 29.79% -28.4% 113.16%
Inventory $108.4M $112.3M $111.0M
Prepaid Expenses
Receivables $93.90M $130.8M $100.7M
Other Receivables
Total Short-Term Assets $519.4M $562.3M $456.1M
YoY Change -3.3% 23.28% 25.79%
LONG-TERM ASSETS
Property, Plant & Equipment $362.0M $369.6M $384.6M
YoY Change -7.93% -3.9% -4.49%
Goodwill $126.1M $120.7M $5.900M
YoY Change 4.13% 1945.76% 5.36%
Intangibles $89.30M $78.40M
YoY Change 10.66%
Long-Term Investments $67.80M $66.90M $61.70M
YoY Change 7.45% 8.43% 4.75%
Other Assets $20.40M $30.70M $25.40M
YoY Change -35.44% 20.87% -10.56%
Total Long-Term Assets $665.6M $666.3M $484.7M
YoY Change -3.11% 37.47% -4.92%
TOTAL ASSETS
Total Short-Term Assets $519.4M $562.3M $456.1M
Total Long-Term Assets $665.6M $666.3M $484.7M
Total Assets $1.185B $1.229B $940.8M
YoY Change -3.19% 30.59% 7.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.80M $46.80M $35.80M
YoY Change -9.31% 30.73% -25.73%
Accrued Expenses $76.40M $80.70M $81.70M
YoY Change -17.58% -1.22% 8.36%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $2.300M $8.900M $4.600M
YoY Change -45.24% 93.48% -37.84%
Total Short-Term Liabilities $123.5M $136.4M $122.1M
YoY Change -15.58% 11.71% -6.79%
LONG-TERM LIABILITIES
Long-Term Debt $435.6M $437.9M $146.6M
YoY Change 14.27% 198.7% -7.8%
Other Long-Term Liabilities $31.40M $25.50M $29.60M
YoY Change 10.95% -13.85% 11.7%
Total Long-Term Liabilities $467.0M $463.4M $176.2M
YoY Change 14.04% 163.0% -5.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.5M $136.4M $122.1M
Total Long-Term Liabilities $467.0M $463.4M $176.2M
Total Liabilities $696.0M $707.7M $373.8M
YoY Change 4.6% 89.33% -3.34%
SHAREHOLDERS EQUITY
Retained Earnings $512.7M $505.7M $540.9M
YoY Change -1.4% -6.51% 14.69%
Common Stock $3.000M $3.000M $3.100M
YoY Change -3.23% -3.23% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $489.0M $520.9M $567.0M
YoY Change
Total Liabilities & Shareholders Equity $1.185B $1.229B $940.8M
YoY Change -3.41% 30.59% 7.84%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $18.50M $23.00M $29.10M
YoY Change -290.72% -20.96% 5.05%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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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 is 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%;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%;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;">In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606). The new guidance specifies how and when an entity will recognize revenue arising from contracts with customers and requires entities to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual periods beginning on or after December 15, 2016 and may be implemented using a full retrospective or a modified retrospective application. 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%;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:9pt;">I</font><font style="font-family:inherit;font-size:10pt;">n August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern" (Subtopic 205-40). The Update provides U.S. GAAP guidance on management&#8217;s responsibility in evaluating whether there is substantial doubt about a company&#8217;s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company&#8217;s ability to continue as a going concern within one year from the date the financial statements are issued. This update is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption on the consolidated financial statements.</font></div></div>
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CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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117800 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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0 USD
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swm Effective Income Tax Rate Reconciliation French Business Tax Reclassified As Income Tax
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CY2014Q3 swm Effective Income Tax Rate Reconciliation French Business Tax Reclassified As Income Tax
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swm Income Tax Reconciliation French Business Tax Reclassified As Income Tax
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1700000 USD
CY2013Q3 swm Income Tax Reconciliation French Business Tax Reclassified As Income Tax
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CY2014Q3 swm Income Tax Reconciliation French Business Tax Reclassified As Income Tax
IncomeTaxReconciliationFrenchBusinessTaxReclassifiedAsIncomeTax
400000 USD
swm Income Tax Reconciliation Other Foreign Taxes Net
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CY2014Q3 swm Income Tax Reconciliation Other Foreign Taxes Net
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500000 USD
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CY2014Q3 swm Number Of Production Locations
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001000623
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
30465744 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SCHWEITZER MAUDUIT INTERNATIONAL INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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