$MATV
Mativ Holdings, Inc.

2015 Q1 Form 10-Q Financial Statement

#000100062315000052 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $188.0M $204.7M
YoY Change -8.16% 5.24%
Cost Of Revenue $136.6M $147.1M
YoY Change -7.14% 11.61%
Gross Profit $51.40M $57.60M
YoY Change -10.76% -8.13%
Gross Profit Margin 27.34% 28.14%
Selling, General & Admin $21.60M $20.30M
YoY Change 6.4% 30.13%
% of Gross Profit 42.02% 35.24%
Research & Development $3.300M $4.100M
YoY Change -19.51% 7.89%
% of Gross Profit 6.42% 7.12%
Depreciation & Amortization $9.700M $13.10M
YoY Change -25.95% 54.12%
% of Gross Profit 18.87% 22.74%
Operating Expenses $24.90M $24.40M
YoY Change 2.05% 25.77%
Operating Profit $22.50M $33.10M
YoY Change -32.02% -20.62%
Interest Expense $1.700M $1.500M
YoY Change 13.33% 114.29%
% of Operating Profit 7.56% 4.53%
Other Income/Expense, Net $2.100M $800.0K
YoY Change 162.5% -38.46%
Pretax Income $22.90M $32.40M
YoY Change -29.32% -23.4%
Income Tax $5.500M $9.800M
% Of Pretax Income 24.02% 30.25%
Net Earnings $18.80M $23.20M
YoY Change -18.97% -22.92%
Net Earnings / Revenue 10.0% 11.33%
Basic Earnings Per Share $0.62 $0.75
Diluted Earnings Per Share $0.61 $0.75
COMMON SHARES
Basic Shares Outstanding 30.18M shares 30.67M shares
Diluted Shares Outstanding 30.29M shares 30.78M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $267.3M $277.9M
Short-Term Investments
Other Short-Term Assets $9.100M $6.200M
YoY Change 46.77% -63.1%
Inventory $100.2M $131.2M
Prepaid Expenses
Receivables $114.8M $126.9M
Other Receivables
Total Short-Term Assets $506.7M $560.0M
YoY Change -9.52% 32.39%
LONG-TERM ASSETS
Property, Plant & Equipment $325.0M $391.8M
YoY Change -17.05% 2.81%
Goodwill $124.5M $121.1M
YoY Change 2.81% 2101.82%
Intangibles $87.70M $80.00M
YoY Change 9.63%
Long-Term Investments $69.00M $65.20M
YoY Change 5.83% 5.33%
Other Assets $21.20M $29.40M
YoY Change -27.89% 18.07%
Total Long-Term Assets $627.4M $687.7M
YoY Change -8.77% 42.65%
TOTAL ASSETS
Total Short-Term Assets $506.7M $560.0M
Total Long-Term Assets $627.4M $687.7M
Total Assets $1.134B $1.248B
YoY Change -9.1% 37.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.90M $48.60M
YoY Change -11.73% 12.24%
Accrued Expenses $78.30M $86.30M
YoY Change -9.27% 14.46%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $3.200M $8.200M
YoY Change -60.98% 78.26%
Total Short-Term Liabilities $124.4M $143.1M
YoY Change -13.07% 9.82%
LONG-TERM LIABILITIES
Long-Term Debt $439.6M $439.4M
YoY Change 0.05% 179.34%
Other Long-Term Liabilities $36.00M $27.30M
YoY Change 31.87% 7.91%
Total Long-Term Liabilities $475.6M $466.7M
YoY Change 1.91% 155.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.4M $143.1M
Total Long-Term Liabilities $475.6M $466.7M
Total Liabilities $699.4M $721.4M
YoY Change -3.05% 88.65%
SHAREHOLDERS EQUITY
Retained Earnings $517.0M $479.9M
YoY Change 7.73% -4.8%
Common Stock $3.000M $3.000M
YoY Change 0.0% -3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $434.7M $526.3M
YoY Change
Total Liabilities & Shareholders Equity $1.134B $1.248B
YoY Change -9.1% 37.85%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $18.80M $23.20M
YoY Change -18.97% -22.92%
Depreciation, Depletion And Amortization $9.700M $13.10M
YoY Change -25.95% 54.12%
Cash From Operating Activities $11.20M $18.30M
YoY Change -38.8% -55.69%
INVESTING ACTIVITIES
Capital Expenditures $5.200M $8.100M
YoY Change -35.8% 44.64%
Acquisitions $0.00 $2.400M
YoY Change -100.0%
Other Investing Activities -$1.500M -$2.300M
YoY Change -34.78% -176.67%
Cash From Investing Activities -$3.900M -$11.60M
YoY Change -66.38% 34.88%
FINANCING ACTIVITIES
Cash Dividend Paid $11.60M $11.10M
YoY Change 4.5% 18.09%
Common Stock Issuance & Retirement, Net $2.900M $52.30M
YoY Change -94.46% 2976.47%
Debt Paid & Issued, Net $3.100M $58.80M
YoY Change -94.73% 1796.77%
Cash From Financing Activities -$1.600M -$400.0K
YoY Change 300.0% -85.71%
NET CHANGE
Cash From Operating Activities $11.20M $18.30M
Cash From Investing Activities -$3.900M -$11.60M
Cash From Financing Activities -$1.600M -$400.0K
Net Change In Cash $5.700M $6.300M
YoY Change -9.52% -78.93%
FREE CASH FLOW
Cash From Operating Activities $11.20M $18.30M
Capital Expenditures $5.200M $8.100M
Free Cash Flow $6.000M $10.20M
YoY Change -41.18% -71.43%

Facts In Submission

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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. In December 2014, we acquired in two separate transactions certain assets from Pronamic Industries, Inc. and Smith &amp; Nephew's (SNN) Advanced Wound Management Division which we expect to complement the DelStar acquisition and which have been incorporated into our Filtration operating segment.</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;">17</font><font style="font-family:inherit;font-size:10pt;"> production locations worldwide, with facilities in the United States, United Kingdom, Canada, France, Luxembourg, Russia, Spain, 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, 2014, as filed with the SEC on February 27, 2015.</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 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:10pt;">In November 2014, the FASB issued ASU 2014-16, "Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity." The update requires an entity to determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of the relevant facts and circumstances (commonly referred to as the whole-instrument approach). This guidance is effective for annual periods beginning after December 15, 2015, and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption will have on our 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 February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This update is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective approach to adoption or a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. 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 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 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This new standard would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liabilities, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in this Update.The ASU is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of the adoption on the consolidated financial statements.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<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;">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>

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