AKRON, Ohio, Oct. 26, 2016 /PRNewswire/ -- A. Schulman,
Inc. (Nasdaq: SHLM) today announced earnings for the fiscal
2016 fourth quarter and full-year results for the year ended
August 31, 2016.
Consolidated net sales for the fiscal 2016 fourth quarter
were $604.6 million, compared with $674.0 million in the same prior year
quarter. Net sales fell 8.3% after adjusting for $13.4 million of unfavorable foreign
currency translation. Adjusted gross margin in the fiscal 2016
fourth quarter, as a percent of net sales, dropped slightly to
16.1% compared with 16.2% in the prior year period. Adjusted
operating margin at 5.6% was 50 basis points below the prior year
period. Fourth quarter adjusted EBITDA was $53.9 million, compared to $61.7 million in the prior year period.
On a GAAP basis, the Company experienced a fourth quarter net
loss of $385.1 million, or
$13.12 per share, due to a non-cash
asset impairment charge primarily related to the fiscal 2015
Citadel acquisition. On an adjusted basis, excluding certain items,
the Company generated net income of $13.7
million or $0.47 per diluted
share in the fiscal 2016 fourth quarter.
Europe, Middle East and Africa ("EMEA") net
sales were $299.2 million, down 6.7% excluding unfavorable
foreign currency translation of $5.6 million. EMEA adjusted
gross profit was $41.9 million. Excluding currency
translation, this led to a gross margin of 13.9%, up 40 basis
points, due to improved product mix.
Net sales for the U.S. and Canada ("USCAN")
were $158.9 million, down 18.6%. This volume-driven weakness
was broad-based and impacted a majority of the Company's business
units. USCAN adjusted gross profit was $25.2 million, or a
gross margin of 15.9%, compared with 17.4% in the prior year
period.
Latin America's ("LATAM")
net sales for the quarter were $44.9 million. Excluding
unfavorable foreign currency translation of $5.9 million, net
sales rose 12.2%. This was the fifth consecutive quarter of
double-digit revenue growth. LATAM delivered adjusted gross profit
of $9.7 million, for a gross margin
of 21.8%, excluding currency translation, level with the prior year
period.
Asia Pacific ("APAC") reported net sales of $49.3 million, up 3.2% excluding a slight foreign
currency headwind. APAC adjusted gross profit was $8.1
million, leading to a gross margin of 16.5%, up 270 basis points
from the prior year period, supported by favorable product mix
trends and the transfer of lower margin business into a minority
owned joint venture.
Engineered Composites ("EC") net sales for the quarter
were $52.3 million, down 8.5%. EC gross profit for the quarter
was $12.5 million, for a gross margin of 23.9%, down 150 basis
points, negatively impacted by the weaker oil field services
activity.
Working Capital/Cash Flow
Cash provided from
operations was $148.1 million in the twelve months
ended August 31, 2016, which was more than double the prior
year level. Working capital days were lower at 48 days at fiscal
year-end 2016, an improvement from 53 days in the prior year. The
cash flow was used to reduce total debt by $111 million in fiscal 2016, to a net leverage
ratio slightly below 4.0x. Since the purchase of Citadel in
mid-2015, the Company has paid down $175
million of debt.
Capital expenditures for fiscal 2016 were $51.2
million compared with $42.6 million last year. These
expenditures were primarily related to the Company's new facilities
in Turkey and China as well as additional lines in
Germany, China and Mexico. During the year, the Company declared
and paid quarterly cash dividends to common shareholders
of $24 million, or $0.82 per common share. An
additional dividend of $7.5 million
was paid to holders of the convertible special stock.
Full-Year Results
Net sales for fiscal 2016
were $2.5 billion, compared with $2.4
billion in the prior year. Fiscal 2016 net sales results
included a negative foreign currency translation of $117.2
million.
Adjusted gross profit for the year was $413.3 million, and
operating income was $146.0 million,
compared with $366.2 million and
$120.7 million, respectively, in
fiscal 2015. Excluding the Citadel
acquisition and negative currency translation, this performance led
to a gross margin of 16.1% and an operating margin of 5.8%, each
improved by 80 basis points. Fiscal 2016 incentive-based
compensation expense was $13.8
million lower, or $0.36 per
diluted share, as compared with the prior year, based on the
Company's operating performance. Adjusted EBITDA improved to
$228.9 million, a $49.3 million increase from fiscal 2015 primarily
driven from the full year impact of the
Citadel acquisition.
Adjusted net income for fiscal 2016 was $61.2 million, or $2.08 per share, which exceeded the Company's
previously stated guidance range of $1.90 to
$1.95 per diluted share. These compare with $69.9 million, or $2.37 per share in the prior year period.
On a GAAP basis, the Company reported a net loss of $364.6 million, or $12.44 per share, due to the aforementioned
impairment charge.
Lucent Update
As previously reported, the Company
identified quality reporting issues affecting certain product lines
at two former Citadel manufacturing facilities that were once part
of Lucent Polymers, which was acquired as part of the Citadel acquisition. Specifically, the Company
discovered discrepancies between laboratory data and certifications
provided by Lucent to customers with respect to certain products
using recycled or reclaimed raw materials. In fiscal 2016, the
Company recognized $7.3 million of
certain Lucent related costs which are reported as a non- GAAP
adjustment, including $1.8 million in
litigation related costs, in addition to $4.7 million of recurring production and material
costs.
"The Lucent matter obviously had a big impact on us in fiscal
2016; however, we do not intend to speak to this issue going
forward unless something significant changes," said Joseph M. Gingo, chairman, president and chief
executive officer, "We believe that the sellers are responsible to
compensate us for the damages that the Company has experienced or
may incur. As previously stated, we have filed a lawsuit and are
pursuing it aggressively."
Asset Impairment
A $401.7
million non-cash charge was recorded in the fourth quarter,
as a result of the Company's annual goodwill impairment tests and
the discontinued use of certain intangible assets. Management
concluded that the carrying value of the goodwill and intangibles
primarily associated with the USCAN Engineered Plastics and
Engineered Composites reporting units exceeded their respective
estimated fair values. The goodwill impairment resulted from a
combination of items, including the fraudulent activity discovered
at Citadel's Lucent subsidiary, as well as a sharply lowered
outlook for oil field service activity and other factors that
reduced the long-term outlook for these businesses. The impairment
of intangibles reduced the amortization expense in the fourth
quarter of fiscal 2016 by $1.2
million, or $0.03 per share,
and will reduce amortization expense in fiscal 2017 by $4.8 million or $0.12
cents per share.
Business Outlook
"As I've said previously, the Board
is not satisfied with the Company's performance and the pace of
execution throughout fiscal 2016," said Gingo. "Over the past two
months as chief executive officer, I've led our internal team and
our outside advisors in a thorough review of every aspect of our
business in order to verify our market intelligence, refine our
vision and improve our execution. I believe we have a clear and
realistic path forward to restore and reset A. Schulman's
operational and financial performance worldwide to the sustainable
levels our shareholders previously realized and rightfully expect
of us."
The Company will outline growth and profitability objectives at
its upcoming Investor Day on November 16,
2016 in New York City. At
this event, management will provide operational details
underpinning its fiscal 2017 adjusted net income guidance range
of $2.08 to $2.18 per diluted share, as well as
provide its long-term outlook for A. Schulman.
Conference Call on the Web
A live Internet broadcast
of A. Schulman's conference call regarding fiscal 2016
fourth-quarter earnings can be accessed at 9:00 a.m. Eastern
Time on October 27, 2016, on the
Company's website, www.aschulman.com. An archived replay of
the call will also be available on the website.
Investor Presentation Materials
Senior executives may
participate in meetings with analysts and investors throughout the
fiscal year. The Company has posted presentation materials,
portions of which may be used during such meetings, in the
Investors section of its website at www.aschulman.com. The
presentation will remain on the website as long as it is in
use.
About A. Schulman, Inc.
A. Schulman,
Inc. is a leading international supplier of high-performance
plastic compounds and resins headquartered
in Akron, Ohio. Since 1928, the Company has been
providing innovative solutions to meet its customers' demanding
requirements. The Company's customers span a wide range of markets
such as packaging, mobility, building & construction,
electronics & electrical, agriculture, personal care &
hygiene, sports, leisure & home, custom services and others.
The Company employs approximately 4,800 people and has 54
manufacturing facilities globally. A. Schulman reported
net sales of approximately $2.5 billion for the fiscal
year ended August 31, 2016. Additional information
about A. Schulman can be found at www.aschulman.com.
Use of Non-GAAP Financial Measures
This release
includes certain financial information determined by methods other
than in accordance with accounting principles generally accepted
in the United States ("GAAP"). These non-GAAP financial
measures include segment gross profit, SG&A expenses excluding
certain items, segment operating income, operating income before
certain items, net income excluding certain items, net income per
diluted share excluding certain items and adjusted EBITDA, as
discussed further in the Reconciliation of GAAP and Non-GAAP
Financial Measures below. These non-GAAP financial measures are
considered relevant to aid analysis and understanding of the
Company's results and business trends. However, non-GAAP measures
are not in accordance with, nor are they a substitute for, GAAP
measures, and tables included in this release reconcile each
non-GAAP financial measure with the most directly comparable GAAP
financial measure. The most directly comparable GAAP financial
measures for these purposes are gross profit, SG&A expenses,
operating income, net income and net income per diluted share. The
Company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures, and should be read only in conjunction with the
Company's consolidated financial statements prepared in accordance
with GAAP.
While the Company believes that these non-GAAP financial
measures provide useful supplemental information to investors,
there are very significant limitations associated with their use.
These non-GAAP financial measures are not prepared in accordance
with GAAP, may not be reported by all of the Company's competitors
and may not be directly comparable to similarly titled measures of
the Company's competitors due to potential differences in the exact
method of calculation. The Company compensates for these
limitations by using these non-GAAP financial measures as
supplements to GAAP financial measures and by reviewing the
reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
Cautionary Statements
A number of the matters
discussed in this document that are not historical or current facts
deal with potential future circumstances and developments and may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historic or current facts and relate to future events
and expectations. Forward-looking statements contain such words as
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance. Forward-looking statements are based on management's
current expectations and include known and unknown risks,
uncertainties and other factors, many of which management is unable
to predict or control, that may cause actual results, performance
or achievements to differ materially from those expressed or
implied in the forward-looking statements. Important factors that
could cause actual results to differ materially from those
suggested by these forward-looking statements, and that could
adversely affect the Company's future financial performance,
include, but are not limited to, the following:
- worldwide and regional economic, business and political
conditions, including continuing economic uncertainties in some or
all of the Company's major product markets or countries where the
Company has operations;
- the effectiveness of the Company's efforts to improve operating
margins through sales growth, price increases, productivity gains,
and improved purchasing techniques;
- competitive factors, including intense price competition;
- fluctuations in the value of currencies in areas where the
Company operates;
- volatility of prices and availability of the supply of energy
and raw materials that are critical to the manufacture of the
Company's products, particularly plastic resins derived from oil
and natural gas;
- changes in customer demand and requirements;
- effectiveness of the Company to achieve the level of cost
savings, productivity improvements, growth and other benefits
anticipated from acquisitions and the integration thereof, joint
ventures and restructuring initiatives;
- escalation in the cost of providing employee health care;
- uncertainties regarding the resolution of pending and future
litigation and other claims;
- the performance of the global automotive market as well as
other markets served;
- further adverse changes in economic or industry conditions,
including global supply and demand conditions and prices for
products;
- operating problems with our information systems as a result of
system security failures such as viruses, cyber-attacks or other
causes;
- our current debt position could adversely affect our financial
health and prevent us from fulfilling our financial
obligations;
- integration of acquisitions, including most recently Citadel,
with our existing business, including the risk that the integration
will be more costly or more time consuming and complex or simply
less effective than anticipated;
- our ability to achieve the anticipated synergies, cost savings
and other benefits from the Citadel
acquisition;
- substantial time devoted by management to the integration of
the Citadel acquisition; and
- failure of counterparties to perform under the terms and
conditions of contractual arrangements, including suppliers,
customers, buyers and sellers of a business and other third parties
with which the Company contracts.
The risks and uncertainties identified above are not the only
risks the Company faces. Additional risk factors that could affect
the Company's performance are set forth in ITEM 1A, RISK
FACTORS, of this Annual Report on Form 10-K. In addition, risks and
uncertainties not presently known to the Company or that it
believes to be immaterial also may adversely affect the Company.
Should any known or unknown risks or uncertainties develop into
actual events, or underlying assumptions prove inaccurate, these
developments could have material adverse effects on the Company's
business, financial condition and results of operations.
SHLM_ALL
A. SCHULMAN,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
Three months ended
August 31,
|
|
Year ended August
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
(In thousands, except
per share data)
|
Net
sales
|
$
|
604,586
|
|
|
$
|
674,019
|
|
|
$
|
2,496,005
|
|
|
$
|
2,392,225
|
|
Cost of
sales
|
507,893
|
|
|
568,684
|
|
|
2,095,085
|
|
|
2,031,215
|
|
Selling, general and
administrative expenses
|
74,243
|
|
|
80,762
|
|
|
296,725
|
|
|
276,244
|
|
Restructuring
expense
|
3,763
|
|
|
3,808
|
|
|
11,768
|
|
|
14,338
|
|
Asset
impairment
|
401,667
|
|
|
—
|
|
|
401,667
|
|
|
—
|
|
Operating income
(loss)
|
(382,980)
|
|
|
20,765
|
|
|
(309,240)
|
|
|
70,428
|
|
Interest
expense
|
13,583
|
|
|
15,325
|
|
|
54,548
|
|
|
22,613
|
|
Bridge financing
fees
|
—
|
|
|
—
|
|
|
—
|
|
|
18,750
|
|
Foreign currency
transaction (gains) losses
|
1,420
|
|
|
266
|
|
|
3,491
|
|
|
3,363
|
|
Other (income)
expense, net
|
(528)
|
|
|
(538)
|
|
|
(774)
|
|
|
(1,438)
|
|
Gain on early
extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,290)
|
|
Income (loss) from
continuing operations before taxes
|
(397,455)
|
|
|
5,712
|
|
|
(366,505)
|
|
|
28,430
|
|
Provision (benefit)
for U.S. and foreign income taxes
|
(12,716)
|
|
|
(18,302)
|
|
|
(8,640)
|
|
|
499
|
|
Income (loss) from
continuing operations
|
(384,739)
|
|
|
24,014
|
|
|
(357,865)
|
|
|
27,931
|
|
Income (loss) from
discontinued operations, net of tax
|
1,578
|
|
|
(47)
|
|
|
1,861
|
|
|
(133)
|
|
Net income
(loss)
|
(383,161)
|
|
|
23,967
|
|
|
(356,004)
|
|
|
27,798
|
|
Noncontrolling
interests
|
(43)
|
|
|
(279)
|
|
|
(1,118)
|
|
|
(1,169)
|
|
Net income (loss)
attributable to A. Schulman, Inc.
|
(383,204)
|
|
|
23,688
|
|
|
(357,122)
|
|
|
26,629
|
|
Convertible special
stock dividends
|
1,875
|
|
|
1,875
|
|
|
7,500
|
|
|
2,438
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
(385,079)
|
|
|
$
|
21,813
|
|
|
$
|
(364,622)
|
|
|
$
|
24,191
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
29,347
|
|
|
29,220
|
|
|
29,300
|
|
|
29,149
|
|
Diluted
|
29,347
|
|
|
29,486
|
|
|
29,300
|
|
|
29,483
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share available to A. Schulman, Inc. common
stockholders
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
(13.18)
|
|
|
$
|
0.75
|
|
|
$
|
(12.51)
|
|
|
$
|
0.83
|
|
Income (loss) from
discontinued operations
|
$
|
0.06
|
|
|
$
|
—
|
|
|
$
|
0.07
|
|
|
$
|
—
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
(13.12)
|
|
|
$
|
0.75
|
|
|
$
|
(12.44)
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share available to A. Schulman, Inc. common
stockholders
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
(13.18)
|
|
|
$
|
0.75
|
|
|
$
|
(12.51)
|
|
|
$
|
0.83
|
|
Income (loss) from
discontinued operations
|
$
|
0.06
|
|
|
$
|
(0.01)
|
|
|
$
|
0.07
|
|
|
$
|
(0.01)
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
(13.12)
|
|
|
$
|
0.74
|
|
|
$
|
(12.44)
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
Cash dividends per
common share
|
$
|
0.205
|
|
|
$
|
0.205
|
|
|
$
|
0.820
|
|
|
$
|
0.820
|
|
Cash dividends per
share of convertible special stock
|
$
|
15.00
|
|
|
$
|
14.50
|
|
|
$
|
60.00
|
|
|
$
|
14.50
|
|
A. SCHULMAN,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
August 31,
2016
|
|
August 31,
2015
|
|
Unaudited
(In
thousands)
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
35,260
|
|
|
$
|
96,872
|
|
Restricted
cash
|
8,143
|
|
|
—
|
|
Accounts receivable,
net
|
376,786
|
|
|
413,943
|
|
Inventories
|
263,617
|
|
|
317,328
|
|
Prepaid expenses and
other current assets
|
40,263
|
|
|
60,205
|
|
Total current
assets
|
724,069
|
|
|
888,348
|
|
Property, plant
and equipment, at cost:
|
|
|
|
Land and
improvements
|
32,957
|
|
|
31,674
|
|
Buildings and
leasehold improvements
|
184,291
|
|
|
164,759
|
|
Machinery and
equipment
|
447,932
|
|
|
427,183
|
|
Furniture and
fixtures
|
34,457
|
|
|
34,393
|
|
Construction in
progress
|
20,431
|
|
|
23,866
|
|
Gross property,
plant and equipment
|
720,068
|
|
|
681,875
|
|
Accumulated
depreciation
|
405,246
|
|
|
367,381
|
|
Net property,
plant and equipment
|
314,822
|
|
|
314,494
|
|
Deferred charges and
other noncurrent assets
|
98,403
|
|
|
90,749
|
|
Goodwill
|
257,773
|
|
|
623,583
|
|
Intangible assets,
net
|
362,614
|
|
|
434,537
|
|
Total
assets
|
$
|
1,757,681
|
|
|
$
|
2,351,711
|
|
LIABILITIES AND
EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
280,060
|
|
|
$
|
305,385
|
|
U.S. and foreign
income taxes payable
|
8,985
|
|
|
4,205
|
|
Accrued payroll,
taxes and related benefits
|
47,569
|
|
|
56,192
|
|
Other accrued
liabilities
|
67,704
|
|
|
70,824
|
|
Short-term
debt
|
25,447
|
|
|
20,710
|
|
Total current
liabilities
|
429,765
|
|
|
457,316
|
|
Long-term
debt
|
929,591
|
|
|
1,045,349
|
|
Pension
plans
|
145,108
|
|
|
117,889
|
|
Deferred income
taxes
|
59,013
|
|
|
115,537
|
|
Other long-term
liabilities
|
25,844
|
|
|
22,885
|
|
Total
liabilities
|
1,589,321
|
|
|
1,758,976
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Convertible special
stock, no par value
|
120,289
|
|
|
120,289
|
|
Common stock, $1 par
value, authorized - 75,000 shares, issued - 48,510 shares in 2016
and 48,369 shares in 2015
|
48,510
|
|
|
48,369
|
|
Additional paid-in
capital
|
275,115
|
|
|
274,319
|
|
Accumulated other
comprehensive income (loss)
|
(120,721)
|
|
|
(83,460)
|
|
Retained
earnings
|
219,039
|
|
|
607,690
|
|
Treasury stock, at
cost, 19,069 shares in 2016 and 19,077 shares in 2015
|
(382,963)
|
|
|
(383,121)
|
|
Total A. Schulman,
Inc.'s stockholders' equity
|
159,269
|
|
|
584,086
|
|
Noncontrolling
interests
|
9,091
|
|
|
8,649
|
|
Total
equity
|
168,360
|
|
|
592,735
|
|
Total liabilities
and equity
|
$
|
1,757,681
|
|
|
$
|
2,351,711
|
|
A. SCHULMAN,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Year ended August
31,
|
|
2016
|
|
2015
|
|
Unaudited
|
|
(In
thousands)
|
Operating from
continuing and discontinued operations:
|
|
|
|
Net income
(loss)
|
$
|
(356,004)
|
|
|
$
|
27,798
|
|
Adjustments to
reconcile net income to net cash provided from (used in) operating
activities:
|
|
|
|
Depreciation
|
49,925
|
|
|
37,257
|
|
Amortization
|
39,339
|
|
|
21,983
|
|
Deferred tax
provision
|
(37,919)
|
|
|
(19,253)
|
|
Pension,
postretirement benefits and other compensation
|
3,516
|
|
|
7,560
|
|
Restricted stock
compensation - CEO transition costs, net of cash
|
—
|
|
|
4,789
|
|
Asset
impairment
|
401,667
|
|
|
—
|
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
28,227
|
|
|
(2,395)
|
|
Inventories
|
44,627
|
|
|
(17,382)
|
|
Accounts
payable
|
(27,465)
|
|
|
(8,139)
|
|
Income
taxes
|
12,549
|
|
|
(3,342)
|
|
Tax windfall related
to share-based incentive compensation
|
—
|
|
|
(506)
|
|
Accrued payroll and
other accrued liabilities
|
(9,319)
|
|
|
18,359
|
|
Other assets and
long-term liabilities
|
(1,016)
|
|
|
(6,559)
|
|
Net cash provided
from (used in) operating activities
|
148,127
|
|
|
60,170
|
|
Investing from
continuing and discontinued operations:
|
|
|
|
Expenditures for
property, plant and equipment
|
(51,238)
|
|
|
(42,587)
|
|
Proceeds from the
sale of assets
|
1,366
|
|
|
1,985
|
|
Restricted
cash
|
(8,143)
|
|
|
—
|
|
Investment in equity
investees
|
—
|
|
|
(12,456)
|
|
Business
acquisitions, net of cash
|
—
|
|
|
(808,258)
|
|
Net cash provided
from (used in) investing activities
|
(58,015)
|
|
|
(861,316)
|
|
Financing from
continuing and discontinued operations:
|
|
|
|
Cash dividends paid
to common stockholders
|
(24,029)
|
|
|
(24,024)
|
|
Cash dividends paid
to special stockholders
|
(7,500)
|
|
|
(1,813)
|
|
Increase (decrease)
in short-term debt
|
2,945
|
|
|
(8,759)
|
|
Borrowings on
long-term debt
|
244,231
|
|
|
1,430,513
|
|
Repayments on
long-term debt including current portion
|
(362,002)
|
|
|
(713,717)
|
|
Payment of debt
issuance costs
|
—
|
|
|
(15,007)
|
|
Noncontrolling
interests' contributions (distributions)
|
—
|
|
|
(1,750)
|
|
Tax windfall related
to share-based incentive compensation
|
—
|
|
|
506
|
|
Issuances of common
stock, common and treasury
|
258
|
|
|
289
|
|
Issuances of
convertible special stock, net
|
—
|
|
|
120,289
|
|
Redemptions of common
stock
|
(1,139)
|
|
|
(4,999)
|
|
Purchases of treasury
stock
|
—
|
|
|
(3,335)
|
|
Net cash provided
from (used in) financing activities
|
(147,236)
|
|
|
778,193
|
|
Effect of exchange
rate changes on cash
|
(4,488)
|
|
|
(15,668)
|
|
Net increase
(decrease) in cash and cash equivalents
|
(61,612)
|
|
|
(38,621)
|
|
Cash and cash
equivalents at beginning of year
|
96,872
|
|
|
135,493
|
|
Cash and cash
equivalents at end of year
|
$
|
35,260
|
|
|
$
|
96,872
|
|
|
|
|
|
Cash paid during
the year for:
|
|
|
|
Interest
|
$
|
54,432
|
|
|
$
|
11,187
|
|
Income
taxes
|
$
|
22,392
|
|
|
$
|
22,651
|
|
A. SCHULMAN,
INC.
|
Reconciliation of
GAAP and Non-GAAP Financial Measures
|
Unaudited
|
|
Three months ended
August 31, 2016
|
|
Cost of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
Asset
Impairment
|
|
Operating Income
(Loss)
|
|
Operating Income
per Pound
|
|
Non Operating
(Income) Expense
|
|
Income tax expense
(benefit)
|
|
Net Income
(Loss)Available to ASI Common Stockholders
|
|
Diluted
EPS
|
|
|
|
(In thousands, except
for %'s, per pound and per share data)
|
As
reported
|
|
$
|
507,893
|
|
|
16.0
|
%
|
|
$
|
74,243
|
|
|
$
|
3,763
|
|
|
$
|
401,667
|
|
|
$
|
(382,980)
|
|
|
$
|
(0.627)
|
|
|
$
|
14,475
|
|
|
$
|
(12,716)
|
|
|
$
|
(385,079)
|
|
|
$
|
(13.12)
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments
(1)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(401,667)
|
|
|
401,667
|
|
|
|
|
—
|
|
|
90,375
|
|
|
311,292
|
|
|
10.62
|
|
Accelerated
depreciation (2)
|
|
(1,509)
|
|
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
1,513
|
|
|
|
|
—
|
|
|
292
|
|
|
1,221
|
|
|
0.04
|
|
Costs related to
acquisitions & integrations (3)
|
|
(247)
|
|
|
|
|
(972)
|
|
|
—
|
|
|
—
|
|
|
1,219
|
|
|
|
|
—
|
|
|
199
|
|
|
1,020
|
|
|
0.03
|
|
Restructuring &
related costs (4)
|
|
1,249
|
|
|
|
|
(5,289)
|
|
|
(3,763)
|
|
|
—
|
|
|
7,803
|
|
|
|
|
1
|
|
|
1,548
|
|
|
6,254
|
|
|
0.22
|
|
Lucent costs
(5)
|
|
(241)
|
|
|
|
|
(752)
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
|
|
—
|
|
|
161
|
|
|
832
|
|
|
0.03
|
|
Deferred financing
fees (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(165)
|
|
|
33
|
|
|
132
|
|
|
0.00
|
CEO transition costs
(7)
|
|
—
|
|
|
|
|
(3,399)
|
|
|
—
|
|
|
—
|
|
|
3,399
|
|
|
|
|
—
|
|
|
765
|
|
|
2,634
|
|
|
0.09
|
|
Tax (benefits)
charges (8)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(77,021)
|
|
|
77,021
|
|
|
2.62
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(1,578)
|
|
|
(0.06)
|
|
Total certain
items
|
|
(748)
|
|
|
0.1
|
%
|
|
(10,416)
|
|
|
(3,763)
|
|
|
(401,667)
|
|
|
416,594
|
|
|
0.682
|
|
|
(164)
|
|
|
16,352
|
|
|
398,828
|
|
|
13.59
|
|
As
Adjusted
|
|
$
|
507,145
|
|
|
16.1
|
%
|
|
$
|
63,827
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,614
|
|
|
$
|
0.055
|
|
|
$
|
14,311
|
|
|
$
|
3,636
|
|
|
$
|
13,749
|
|
|
$
|
0.47
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.6
|
%
|
|
|
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
2.3
|
%
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
August 31, 2015
|
|
Cost of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
Asset
Impairment
|
|
Operating
Income
|
|
Operating Income
per Pound
|
|
Non Operating
(Income) Expense
|
|
Income tax expense
(benefit)
|
|
Net Income
Available to ASI Common Stockholders
|
|
Diluted
EPS
|
|
|
|
(In thousands, except
for %'s, per pound and per share data)
|
As
reported
|
|
$
|
568,684
|
|
|
15.6
|
%
|
|
$
|
80,762
|
|
|
$
|
3,808
|
|
|
—
|
|
|
$
|
20,765
|
|
|
$
|
0.032
|
|
|
$
|
15,053
|
|
|
$
|
(18,302)
|
|
|
$
|
21,813
|
|
|
$
|
0.74
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (2)
|
|
(81)
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|
|
|
—
|
|
|
28
|
|
|
53
|
|
|
—
|
|
Costs related to
acquisitions & integrations (3)
|
|
(93)
|
|
|
|
|
(9,143)
|
|
|
—
|
|
|
—
|
|
|
9,236
|
|
|
|
|
(80)
|
|
|
116
|
|
|
9,200
|
|
|
0.31
|
|
Restructuring &
related costs (4)
|
|
(1,041)
|
|
|
|
|
(3,259)
|
|
|
(3,808)
|
|
|
—
|
|
|
8,108
|
|
|
|
|
—
|
|
|
1,181
|
|
|
6,927
|
|
|
0.23
|
|
Inventory step-up
(9)
|
|
(2,741)
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,741
|
|
|
|
|
—
|
|
|
110
|
|
|
2,631
|
|
|
0.09
|
|
Acquisition-related
interest (10)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(1,312)
|
|
|
122
|
|
|
1,190
|
|
|
0.05
|
|
Tax (benefits)
charges (8)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
23,106
|
|
|
(23,106)
|
|
|
(0.78)
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
Total certain
items
|
|
(3,956)
|
|
|
0.6
|
%
|
|
(12,402)
|
|
|
|
(3,808)
|
|
|
—
|
|
|
|
20,166
|
|
|
0.031
|
|
|
(1,392)
|
|
|
24,663
|
|
|
(3,058)
|
|
|
(0.10)
|
|
As
Adjusted
|
|
$
|
564,728
|
|
|
16.2
|
%
|
|
$
|
68,360
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,931
|
|
|
$
|
0.063
|
|
|
$
|
13,661
|
|
|
$
|
6,361
|
|
|
$
|
18,755
|
|
|
$
|
0.64
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.1
|
%
|
|
|
|
|
|
6.1
|
%
|
|
|
|
|
|
|
|
2.8
|
%
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. SCHULMAN,
INC.
|
Reconciliation of
GAAP and Non-GAAP Financial Measures, (continued)
|
|
Year Ended August
31, 2016
|
|
Cost of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
Asset
Impairment
|
|
Operating Income
(Loss)
|
|
Operating Income
per Pound
|
|
Non Operating
(Income) Expense
|
|
Income tax expense
(benefit)
|
|
Net Income
(Loss)Available to ASI Common Stockholders
|
|
Diluted
EPS
|
|
|
|
(In thousands, except
for %'s, per pound and per share data)
|
As
reported
|
|
$
|
2,095,085
|
|
|
16.1
|
%
|
|
$
|
296,725
|
|
|
$
|
11,768
|
|
|
$
|
401,667
|
|
|
$
|
(309,240)
|
|
|
$
|
(0.124)
|
|
|
$
|
57,265
|
|
|
$
|
(8,640)
|
|
|
$
|
(364,622)
|
|
|
$
|
(12.44)
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments
(1)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(401,667)
|
|
|
401,667
|
|
|
|
|
—
|
|
|
90,375
|
|
|
311,292
|
|
|
10.59
|
|
Accelerated
depreciation (2)
|
|
(6,288)
|
|
|
|
|
(21)
|
|
|
—
|
|
|
—
|
|
|
6,309
|
|
|
|
|
—
|
|
|
1,420
|
|
|
4,889
|
|
|
0.17
|
|
Costs related to
acquisitions & integrations (3)
|
|
(2,769)
|
|
|
|
|
(6,020)
|
|
|
—
|
|
|
—
|
|
|
8,789
|
|
|
|
|
—
|
|
|
1,978
|
|
|
6,811
|
|
|
0.24
|
|
Restructuring &
related costs (4)
|
|
(1,283)
|
|
|
|
|
(14,711)
|
|
|
(11,768)
|
|
|
—
|
|
|
27,762
|
|
|
|
|
(770)
|
|
|
6,420
|
|
|
22,113
|
|
|
0.76
|
|
Lucent costs
(5)
|
|
(2,085)
|
|
|
|
|
(5,176)
|
|
|
—
|
|
|
|
|
7,261
|
|
|
|
|
—
|
|
|
1,634
|
|
|
5,627
|
|
|
0.19
|
|
Deferred financing
fees (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(600)
|
|
|
135
|
|
|
465
|
|
|
0.02
|
|
CEO transition costs
(7)
|
|
—
|
|
|
|
|
(3,399)
|
|
|
—
|
|
|
—
|
|
|
3,399
|
|
|
|
|
—
|
|
|
765
|
|
|
2,634
|
|
|
0.09
|
|
Tax (benefits)
charges (8)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(73,824)
|
|
|
73,824
|
|
|
2.53
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(1,861)
|
|
|
(0.07)
|
|
Total certain
items
|
|
(12,425)
|
|
|
0.5
|
%
|
|
(29,327)
|
|
|
(11,768)
|
|
|
(401,667)
|
|
|
455,187
|
|
|
0.182
|
|
|
(1,370)
|
|
|
28,903
|
|
|
425,794
|
|
|
14.52
|
|
As
Adjusted
|
|
$
|
2,082,660
|
|
|
16.6
|
%
|
|
$
|
267,398
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
145,947
|
|
|
$
|
0.058
|
|
|
$
|
55,895
|
|
|
$
|
20,263
|
|
|
$
|
61,172
|
|
|
$
|
2.08
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.7
|
%
|
|
|
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
2.5
|
%
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August
31, 2015
|
|
Cost of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
Asset
Impairment
|
|
Operating
Income
|
|
Operating Income
per Pound
|
|
Non Operating
(Income) Expense
|
|
Income tax expense
(benefit)
|
|
Net Income
Available to ASI Common Stockholders
|
|
Diluted
EPS
|
|
|
|
(In thousands, except
for %'s, per pound and per share data)
|
As
reported
|
|
$
|
2,031,215
|
|
|
15.1
|
%
|
|
$
|
276,244
|
|
|
$
|
14,338
|
|
|
$
|
—
|
|
|
$
|
70,428
|
|
|
$
|
0.031
|
|
|
$
|
41,998
|
|
|
$
|
499
|
|
|
$
|
24,191
|
|
|
$
|
0.82
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (2)
|
|
(408)
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
408
|
|
|
|
|
—
|
|
|
28
|
|
|
380
|
|
|
0.01
|
|
Costs related to
acquisitions & integrations (3)
|
|
(267)
|
|
|
|
|
(16,941)
|
|
|
—
|
|
|
—
|
|
|
17,208
|
|
|
|
|
(81)
|
|
|
417
|
|
|
16,872
|
|
|
0.57
|
|
Restructuring and
related costs (4)
|
|
(1,388)
|
|
|
|
|
(7,685)
|
|
|
(14,338)
|
|
|
—
|
|
|
23,411
|
|
|
|
|
—
|
|
|
4,335
|
|
|
19,076
|
|
|
0.65
|
|
Gain on early
extinguishment of debt (11)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
1,290
|
|
|
(427)
|
|
|
(863)
|
|
|
(0.03)
|
|
CEO transition costs
(7)
|
|
—
|
|
|
|
|
(6,167)
|
|
|
—
|
|
|
—
|
|
|
6,167
|
|
|
|
|
—
|
|
|
—
|
|
|
6,167
|
|
|
0.21
|
|
Inventory step-up
(9)
|
|
(3,082)
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,082
|
|
|
|
|
—
|
|
|
212
|
|
|
2,870
|
|
|
0.10
|
|
Acquisition-related
interest (10)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(20,445)
|
|
|
121
|
|
|
20,324
|
|
|
0.69
|
|
Tax (benefits)
charges (8)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
19,265
|
|
|
(19,265)
|
|
|
(0.65)
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
—
|
|
Total certain
items
|
|
(5,145)
|
|
|
0.2
|
%
|
|
(30,793)
|
|
|
|
(14,338)
|
|
|
|
—
|
|
|
50,276
|
|
|
0.023
|
|
|
(19,236)
|
|
|
23,951
|
|
|
45,694
|
|
|
1.55
|
|
As
Adjusted
|
|
$
|
2,026,070
|
|
|
15.3
|
%
|
|
$
|
245,451
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
120,704
|
|
|
$
|
0.054
|
|
|
$
|
22,762
|
|
|
$
|
24,450
|
|
|
$
|
69,885
|
|
|
$
|
2.37
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.3
|
%
|
|
|
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
2.9
|
%
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Asset impairments are related to goodwill and intangible
assets, and also include information technology assets, in the
Company's USCAN, EC and EMEA segments. Refer to Note 4 and
Note 19 of the 2016 Annual Report on Form 10-K for further
discussion.
2 - Accelerated depreciation is related to restructuring plans
in the Company's USCAN, LATAM and EMEA segments. Refer to Note 14
of the 2016 Annual Report on Form 10-K for further discussion.
3 - Costs related to acquisitions and integrations primarily
include third party professional, legal, IT and other expenses
associated with successful and unsuccessful full or partial
acquisition and divestiture/dissolution transactions, as well as
certain employee-related expenses such as travel, bonuses and
post-acquisition severance separate from a formal restructuring
plan.
4 - Restructuring and related costs include items such as
employee severance charges, lease termination charges, curtailment
gains/losses, other employee termination costs, and professional
fees related to the reorganization of the Company's legal entity
structure and facility operations. Refer to Note 16 of the
2016 Annual Report on Form 10-K for further discussion.
5 - Lucent costs primarily represent legal and investigation
costs related to resolving the Lucent matter, product manufacturing
costs for reworking existing Lucent inventory, obsolete Lucent
inventory reserve costs, and dedicated internal personnel costs
that would have otherwise been focused on normal operations.
6 - Accelerated amortization of deferred financing costs related
to the €108.6 million prepayment of the Euro Term Loan B.
7 - CEO transition costs in 2016 represent charges for deferred
compensation granted to Bernard
Rzepka. Costs in 2015 represent a charge for the
modification and accelerated vesting upon retirement of the
outstanding equity compensation awards granted to Joseph M. Gingo in 2013 and 2014.
8 - Tax (benefits) charges represent the Company's adjustment of
reported tax expense to non-GAAP tax based on the overall estimated
annual non-GAAP effective tax rates.
9 - Inventory step-up costs represent the amortization of
adjustments to fair value of inventory acquired for acquisition
purchase accounting.
10 - Primarily relates to bridge financing fees and the
write-off of deferred debt costs of $18.8
million and $1.5 million,
respectively. Refer to Note 5 of the 2016 Annual Report on Form
10-K for further discussion.
11 - Represents a pre-tax net gain of $1.3 million on the early extinguishment of
debt
A. SCHULMAN,
INC.
|
ADJUSTED EBITDA
RECONCILIATION
|
|
|
Three months ended
August 31,
|
|
Year ended August
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
(In
thousands)
|
|
|
|
|
|
|
|
|
Net income
available to A. Schulman, Inc. common stockholders
|
$
|
(385,079)
|
|
|
$
|
21,813
|
|
|
$
|
(364,622)
|
|
|
$
|
24,191
|
|
Interest expense and bridge
financing fees
|
13,583
|
|
|
15,325
|
|
|
54,548
|
|
|
41,363
|
|
Provision for U.S. and
foreign income taxes
|
(12,716)
|
|
|
(18,302)
|
|
|
(8,640)
|
|
|
499
|
|
Depreciation and
Amortization
|
21,754
|
|
|
20,860
|
|
|
89,264
|
|
|
59,240
|
|
Noncontrolling
interests
|
43
|
|
|
279
|
|
|
1,118
|
|
|
1,169
|
|
Convertible special stock
dividends
|
1,875
|
|
|
1,875
|
|
|
7,500
|
|
|
2,438
|
|
Other (1)
|
892
|
|
|
(272)
|
|
|
2,717
|
|
|
635
|
|
EBITDA, as
calculated
|
$
|
(359,648)
|
|
|
$
|
41,578
|
|
|
$
|
(218,115)
|
|
|
$
|
129,535
|
|
Non-GAAP Adjustments
(2)
|
413,505
|
|
|
20,141
|
|
|
447,006
|
|
|
50,061
|
|
EBITDA, as
adjusted
|
$
|
53,857
|
|
|
$
|
61,719
|
|
|
$
|
228,891
|
|
|
$
|
179,596
|
|
|
|
|
|
|
|
|
|
(1) - Other includes Foreign currency transaction (gains)
losses, Other (income) expense, net, and Gain on early
extinguishment of debt.
(2) - For details on Non-GAAP adjustments, refer to
"Reconciliation of GAAP and Non-GAAP Financial Measures", items
(1), (3) - (11) and Loss (income) from discontinued
operations. Amounts are included in Operating Income (Loss)
and Loss (income) from discontinued operations. Accelerated
depreciation on the "Reconciliation of GAAP and Non-GAAP Financial
Measures" has been excluded as it is already included in
Depreciation and Amortization above.
A. SCHULMAN,
INC.
|
SUPPLEMENTAL
SEGMENT INFORMATION
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
August 31,
|
EMEA
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
29,324
|
|
|
$
|
29,253
|
|
|
$
|
71
|
|
|
0.2
|
%
|
|
11,907
|
|
|
11,768
|
|
|
139
|
|
|
1.2
|
%
|
Masterbatch
Solutions
|
|
96,076
|
|
|
100,787
|
|
|
(4,711)
|
|
|
(4.7)
|
%
|
|
97,260
|
|
|
99,920
|
|
|
(2,660)
|
|
|
(2.7)
|
%
|
Engineered
Plastics
|
|
91,064
|
|
|
96,201
|
|
|
(5,137)
|
|
|
(5.3)
|
%
|
|
72,312
|
|
|
70,895
|
|
|
1,417
|
|
|
2.0
|
%
|
Specialty
Powders
|
|
31,866
|
|
|
40,062
|
|
|
(8,196)
|
|
|
(20.5)
|
%
|
|
38,682
|
|
|
43,576
|
|
|
(4,894)
|
|
|
(11.2)
|
%
|
Distribution
Services
|
|
50,839
|
|
|
60,460
|
|
|
(9,621)
|
|
|
(15.9)
|
%
|
|
78,059
|
|
|
78,873
|
|
|
(814)
|
|
|
(1.0)
|
%
|
Total EMEA
|
|
$
|
299,169
|
|
|
$
|
326,763
|
|
|
$
|
(27,594)
|
|
|
(8.4)
|
%
|
|
298,220
|
|
|
305,032
|
|
|
(6,812)
|
|
|
(2.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
August 31,
|
USCAN
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
9,028
|
|
|
$
|
12,734
|
|
|
$
|
(3,706)
|
|
|
(29.1)
|
%
|
|
3,502
|
|
|
4,358
|
|
|
(856)
|
|
|
(19.6)
|
%
|
Masterbatch
Solutions
|
|
29,348
|
|
|
37,033
|
|
|
(7,685)
|
|
|
(20.8)
|
%
|
|
42,073
|
|
|
53,061
|
|
|
(10,988)
|
|
|
(20.7)
|
%
|
Engineered
Plastics
|
|
84,272
|
|
|
104,158
|
|
|
(19,886)
|
|
|
(19.1)
|
%
|
|
88,033
|
|
|
101,198
|
|
|
(13,165)
|
|
|
(13.0)
|
%
|
Specialty
Powders
|
|
23,044
|
|
|
22,692
|
|
|
352
|
|
|
1.6
|
%
|
|
32,838
|
|
|
33,776
|
|
|
(938)
|
|
|
(2.8)
|
%
|
Distribution
Services
|
|
13,240
|
|
|
18,655
|
|
|
(5,415)
|
|
|
(29.0)
|
%
|
|
16,697
|
|
|
23,403
|
|
|
(6,706)
|
|
|
(28.7)
|
%
|
Total
USCAN
|
|
$
|
158,932
|
|
|
$
|
195,272
|
|
|
$
|
(36,340)
|
|
|
(18.6)
|
%
|
|
183,143
|
|
|
215,796
|
|
|
(32,653)
|
|
|
(15.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
August 31,
|
LATAM
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
1,547
|
|
|
$
|
1,129
|
|
|
$
|
418
|
|
|
37.0
|
%
|
|
583
|
|
|
488
|
|
|
95
|
|
|
19.5
|
%
|
Masterbatch
Solutions
|
|
23,908
|
|
|
25,232
|
|
|
(1,324)
|
|
|
(5.2)
|
%
|
|
18,833
|
|
|
17,895
|
|
|
938
|
|
|
5.2
|
%
|
Engineered
Plastics
|
|
12,296
|
|
|
11,363
|
|
|
933
|
|
|
8.2
|
%
|
|
10,240
|
|
|
9,137
|
|
|
1,103
|
|
|
12.1
|
%
|
Specialty
Powders
|
|
7,161
|
|
|
7,604
|
|
|
(443)
|
|
|
(5.8)
|
%
|
|
7,731
|
|
|
7,607
|
|
|
124
|
|
|
1.6
|
%
|
Distribution
Services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Total
LATAM
|
|
$
|
44,912
|
|
|
$
|
45,328
|
|
|
$
|
(416)
|
|
|
(0.9)
|
%
|
|
37,387
|
|
|
35,127
|
|
|
2,260
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
August 31,
|
APAC
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
2,903
|
|
|
$
|
2,544
|
|
|
$
|
359
|
|
|
14.1
|
%
|
|
2,376
|
|
|
2,826
|
|
|
(450)
|
|
|
(15.9)
|
%
|
Masterbatch
Solutions
|
|
20,944
|
|
|
20,070
|
|
|
874
|
|
|
4.4
|
%
|
|
24,245
|
|
|
20,907
|
|
|
3,338
|
|
|
16.0
|
%
|
Engineered
Plastics
|
|
24,358
|
|
|
25,433
|
|
|
(1,075)
|
|
|
(4.2)
|
%
|
|
19,192
|
|
|
20,444
|
|
|
(1,252)
|
|
|
(6.1)
|
%
|
Specialty
Powders
|
|
986
|
|
|
1,148
|
|
|
(162)
|
|
|
(14.1)
|
%
|
|
1,065
|
|
|
1,195
|
|
|
(130)
|
|
|
(10.9)
|
%
|
Distribution
Services
|
|
85
|
|
|
328
|
|
|
(243)
|
|
|
(74.1)
|
%
|
|
83
|
|
|
506
|
|
|
(423)
|
|
|
(83.6)
|
%
|
Total APAC
|
|
$
|
49,276
|
|
|
$
|
49,523
|
|
|
$
|
(247)
|
|
|
(0.5)
|
%
|
|
46,961
|
|
|
45,878
|
|
|
1,083
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. SCHULMAN,
INC.
|
SUPPLEMENTAL
SEGMENT INFORMATION
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Year ended August
31,
|
EMEA
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
125,897
|
|
|
$
|
131,565
|
|
|
$
|
(5,668)
|
|
|
(4.3)
|
%
|
|
51,331
|
|
|
50,088
|
|
|
1,243
|
|
|
2.5
|
%
|
Masterbatch
Solutions
|
|
401,750
|
|
|
412,501
|
|
|
(10,751)
|
|
|
(2.6)
|
%
|
|
402,153
|
|
|
392,522
|
|
|
9,631
|
|
|
2.5
|
%
|
Engineered
Plastics
|
|
370,512
|
|
|
391,406
|
|
|
(20,894)
|
|
|
(5.3)
|
%
|
|
286,719
|
|
|
278,038
|
|
|
8,681
|
|
|
3.1
|
%
|
Specialty
Powders
|
|
136,379
|
|
|
154,701
|
|
|
(18,322)
|
|
|
(11.8)
|
%
|
|
163,152
|
|
|
177,618
|
|
|
(14,466)
|
|
|
(8.1)
|
%
|
Distribution
Services
|
|
205,425
|
|
|
249,182
|
|
|
(43,757)
|
|
|
(17.6)
|
%
|
|
315,939
|
|
|
354,973
|
|
|
(39,034)
|
|
|
(11.0)
|
%
|
Total EMEA
|
|
$
|
1,239,963
|
|
|
$
|
1,339,355
|
|
|
$
|
(99,392)
|
|
|
(7.4)
|
%
|
|
1,219,294
|
|
|
1,253,239
|
|
|
(33,945)
|
|
|
(2.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Year ended August
31,
|
USCAN
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
39,040
|
|
|
$
|
44,258
|
|
|
$
|
(5,218)
|
|
|
(11.8)
|
%
|
|
14,426
|
|
|
15,099
|
|
|
(673)
|
|
|
(4.5)
|
%
|
Masterbatch
Solutions
|
|
128,001
|
|
|
156,541
|
|
|
(28,540)
|
|
|
(18.2)
|
%
|
|
187,174
|
|
|
213,413
|
|
|
(26,239)
|
|
|
(12.3)
|
%
|
Engineered
Plastics
|
|
379,184
|
|
|
245,004
|
|
|
134,180
|
|
|
54.8
|
%
|
|
378,408
|
|
|
191,150
|
|
|
187,258
|
|
|
98.0
|
%
|
Specialty
Powders
|
|
88,540
|
|
|
94,265
|
|
|
(5,725)
|
|
|
(6.1)
|
%
|
|
124,848
|
|
|
145,159
|
|
|
(20,311)
|
|
|
(14.0)
|
%
|
Distribution
Services
|
|
56,604
|
|
|
70,425
|
|
|
(13,821)
|
|
|
(19.6)
|
%
|
|
73,244
|
|
|
79,890
|
|
|
(6,646)
|
|
|
(8.3)
|
%
|
Total
USCAN
|
|
$
|
691,369
|
|
|
$
|
610,493
|
|
|
$
|
80,876
|
|
|
13.2
|
%
|
|
778,100
|
|
|
644,711
|
|
|
133,389
|
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Year ended August
31,
|
LATAM
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
5,245
|
|
|
$
|
4,586
|
|
|
$
|
659
|
|
|
14.4
|
%
|
|
1,964
|
|
|
1,834
|
|
|
130
|
|
|
7.1
|
%
|
Masterbatch
Solutions
|
|
92,057
|
|
|
91,204
|
|
|
853
|
|
|
0.9
|
%
|
|
71,792
|
|
|
64,211
|
|
|
7,581
|
|
|
11.8
|
%
|
Engineered
Plastics
|
|
44,466
|
|
|
46,220
|
|
|
(1,754)
|
|
|
(3.8)
|
%
|
|
36,703
|
|
|
34,912
|
|
|
1,791
|
|
|
5.1
|
%
|
Specialty
Powders
|
|
29,882
|
|
|
35,453
|
|
|
(5,571)
|
|
|
(15.7)
|
%
|
|
33,622
|
|
|
31,064
|
|
|
2,558
|
|
|
8.2
|
%
|
Distribution
Services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Total
LATAM
|
|
$
|
171,650
|
|
|
$
|
177,463
|
|
|
$
|
(5,813)
|
|
|
(3.3)
|
%
|
|
144,081
|
|
|
132,021
|
|
|
12,060
|
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Year ended August
31,
|
APAC
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
11,556
|
|
|
$
|
11,044
|
|
|
$
|
512
|
|
|
4.6
|
%
|
|
9,441
|
|
|
8,636
|
|
|
805
|
|
|
9.3
|
%
|
Masterbatch
Solutions
|
|
79,131
|
|
|
81,108
|
|
|
(1,977)
|
|
|
(2.4)
|
%
|
|
89,266
|
|
|
81,807
|
|
|
7,459
|
|
|
9.1
|
%
|
Engineered
Plastics
|
|
92,411
|
|
|
104,628
|
|
|
(12,217)
|
|
|
(11.7)
|
%
|
|
75,519
|
|
|
76,251
|
|
|
(732)
|
|
|
(1.0)
|
%
|
Specialty
Powders
|
|
3,336
|
|
|
9,809
|
|
|
(6,473)
|
|
|
(66.0)
|
%
|
|
3,576
|
|
|
10,279
|
|
|
(6,703)
|
|
|
(65.2)
|
%
|
Distribution
Services
|
|
477
|
|
|
1,192
|
|
|
(715)
|
|
|
(60.0)
|
%
|
|
686
|
|
|
1,569
|
|
|
(883)
|
|
|
(56.3)
|
%
|
Total APAC
|
|
$
|
186,911
|
|
|
$
|
207,781
|
|
|
$
|
(20,870)
|
|
|
(10.0)
|
%
|
|
178,488
|
|
|
178,542
|
|
|
(54)
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
August 31,
|
Consolidated
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
42,802
|
|
|
$
|
45,660
|
|
|
$
|
(2,858)
|
|
|
(6.3)
|
%
|
|
18,368
|
|
|
19,440
|
|
|
(1,072)
|
|
|
(5.5)
|
%
|
Engineered
Composites
|
|
52,297
|
|
|
57,133
|
|
|
(4,836)
|
|
|
(8.5)
|
%
|
|
44,782
|
|
|
46,082
|
|
|
(1,300)
|
|
|
(2.8)
|
%
|
Masterbatch
Solutions
|
|
170,276
|
|
|
183,122
|
|
|
(12,846)
|
|
|
(7.0)
|
%
|
|
182,411
|
|
|
191,783
|
|
|
(9,372)
|
|
|
(4.9)
|
%
|
Engineered
Plastics
|
|
211,990
|
|
|
237,155
|
|
|
(25,165)
|
|
|
(10.6)
|
%
|
|
189,777
|
|
|
201,674
|
|
|
(11,897)
|
|
|
(5.9)
|
%
|
Specialty
Powders
|
|
63,057
|
|
|
71,506
|
|
|
(8,449)
|
|
|
(11.8)
|
%
|
|
80,316
|
|
|
86,154
|
|
|
(5,838)
|
|
|
(6.8)
|
%
|
Distribution
Services
|
|
64,164
|
|
|
79,443
|
|
|
(15,279)
|
|
|
(19.2)
|
%
|
|
94,839
|
|
|
102,782
|
|
|
(7,943)
|
|
|
(7.7)
|
%
|
Total
Consolidated
|
|
$
|
604,586
|
|
|
$
|
674,019
|
|
|
$
|
(69,433)
|
|
|
(10.3)
|
%
|
|
610,493
|
|
|
647,915
|
|
|
(37,422)
|
|
|
(5.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Year ended August
31,
|
Consolidated
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom Performance
Colors
|
|
$
|
181,738
|
|
|
$
|
191,453
|
|
|
$
|
(9,715)
|
|
|
(5.1)
|
%
|
|
77,162
|
|
|
75,657
|
|
|
1,505
|
|
|
2.0
|
%
|
Engineered
Composites
|
|
206,112
|
|
|
57,133
|
|
|
148,979
|
|
|
N/A
|
|
|
175,120
|
|
|
46,082
|
|
|
129,038
|
|
|
N/A
|
|
Masterbatch
Solutions
|
|
700,939
|
|
|
741,354
|
|
|
(40,415)
|
|
|
(5.5)
|
%
|
|
750,385
|
|
|
751,953
|
|
|
(1,568)
|
|
|
(0.2)
|
%
|
Engineered
Plastics
|
|
886,573
|
|
|
787,258
|
|
|
99,315
|
|
|
12.6
|
%
|
|
777,349
|
|
|
580,351
|
|
|
196,998
|
|
|
33.9
|
%
|
Specialty
Powders
|
|
258,137
|
|
|
294,228
|
|
|
(36,091)
|
|
|
(12.3)
|
%
|
|
325,198
|
|
|
364,120
|
|
|
(38,922)
|
|
|
(10.7)
|
%
|
Distribution
Services
|
|
262,506
|
|
|
320,799
|
|
|
(58,293)
|
|
|
(18.2)
|
%
|
|
389,869
|
|
|
436,432
|
|
|
(46,563)
|
|
|
(10.7)
|
%
|
Total
Consolidated
|
|
$
|
2,496,005
|
|
|
$
|
2,392,225
|
|
|
$
|
103,780
|
|
|
4.3
|
%
|
|
2,495,083
|
|
|
2,254,595
|
|
|
240,488
|
|
|
10.7
|
%
|
A. SCHULMAN,
INC.
|
SUPPLEMENTAL
SEGMENT INFORMATION
|
(continued)
|
|
|
|
Three months ended
August 31,
|
|
Year ended August
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Unaudited
(In thousands, except
for %'s)
|
|
|
|
|
|
|
|
|
|
Segment gross
profit
|
|
|
|
|
|
|
|
|
EMEA
|
|
$
|
41,887
|
|
|
$
|
43,952
|
|
|
$
|
178,376
|
|
|
$
|
189,860
|
|
USCAN
|
|
25,234
|
|
|
34,072
|
|
|
115,329
|
|
|
100,550
|
|
LATAM
|
|
9,660
|
|
|
9,896
|
|
|
36,886
|
|
|
31,971
|
|
APAC
|
|
8,140
|
|
|
6,835
|
|
|
32,293
|
|
|
29,238
|
|
EC
|
|
12,520
|
|
|
14,536
|
|
|
50,461
|
|
|
14,536
|
|
Total segment gross
profit
|
|
97,441
|
|
|
109,291
|
|
|
413,345
|
|
|
366,155
|
|
Inventory
step-up
|
|
—
|
|
|
(2,741)
|
|
|
—
|
|
|
(3,082)
|
|
Accelerated
depreciation and restructuring related costs
|
|
(260)
|
|
|
(1,122)
|
|
|
(7,571)
|
|
|
(1,796)
|
|
Costs related to
acquisitions
|
|
(247)
|
|
|
(93)
|
|
|
(2,769)
|
|
|
(267)
|
|
Lucent
costs
|
|
(241)
|
|
|
—
|
|
|
(2,085)
|
|
|
—
|
|
Total gross
profit
|
|
$
|
96,693
|
|
|
$
|
105,335
|
|
|
$
|
400,920
|
|
|
$
|
361,010
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income
|
|
|
|
|
|
|
|
|
EMEA
|
|
$
|
17,429
|
|
|
$
|
17,281
|
|
|
$
|
76,576
|
|
|
$
|
78,313
|
|
USCAN
|
|
8,896
|
|
|
15,414
|
|
|
47,062
|
|
|
40,713
|
|
LATAM
|
|
5,687
|
|
|
5,530
|
|
|
20,268
|
|
|
13,061
|
|
APAC
|
|
4,436
|
|
|
3,498
|
|
|
17,953
|
|
|
14,401
|
|
EC
|
|
4,302
|
|
|
5,454
|
|
|
14,885
|
|
|
5,454
|
|
Total segment
operating income
|
|
40,750
|
|
|
47,177
|
|
|
176,744
|
|
|
151,942
|
|
Corporate
|
|
(7,136)
|
|
|
(6,246)
|
|
|
(30,797)
|
|
|
(31,238)
|
|
Costs related to
acquisitions and integrations
|
|
(1,219)
|
|
|
(9,236)
|
|
|
(8,789)
|
|
|
(17,208)
|
|
Restructuring and
related costs
|
|
(7,803)
|
|
|
(8,108)
|
|
|
(27,762)
|
|
|
(23,411)
|
|
Accelerated
depreciation
|
|
(1,513)
|
|
|
(81)
|
|
|
(6,309)
|
|
|
(408)
|
|
CEO transition
costs
|
|
(3,399)
|
|
|
—
|
|
|
(3,399)
|
|
|
(6,167)
|
|
Asset
impairment
|
|
(401,667)
|
|
|
—
|
|
|
(401,667)
|
|
|
—
|
|
Lucent
costs
|
|
(993)
|
|
|
—
|
|
|
(7,261)
|
|
|
—
|
|
Inventory
step-up
|
|
—
|
|
|
(2,741)
|
|
|
—
|
|
|
(3,082)
|
|
Operating income
(loss)
|
|
(382,980)
|
|
|
20,765
|
|
|
(309,240)
|
|
|
70,428
|
|
Interest
expense
|
|
(13,583)
|
|
|
(15,325)
|
|
|
(54,548)
|
|
|
(22,613)
|
|
Bridge financing
fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,750)
|
|
Foreign currency
transaction gains (losses)
|
|
(1,420)
|
|
|
(266)
|
|
|
(3,491)
|
|
|
(3,363)
|
|
Other income
(expense), net
|
|
528
|
|
|
538
|
|
|
774
|
|
|
1,438
|
|
Gain on early
extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,290
|
|
Income (loss) from
continuing operations before taxes
|
|
$
|
(397,455)
|
|
|
$
|
5,712
|
|
|
$
|
(366,505)
|
|
|
$
|
28,430
|
|
|
|
|
|
|
|
|
|
|
Capacity
Utilization
|
|
|
|
|
|
|
|
|
EMEA
|
|
78
|
%
|
|
83
|
%
|
|
81
|
%
|
|
87
|
%
|
USCAN
|
|
62
|
%
|
|
70
|
%
|
|
66
|
%
|
|
66
|
%
|
LATAM
|
|
64
|
%
|
|
81
|
%
|
|
70
|
%
|
|
73
|
%
|
APAC
|
|
71
|
%
|
|
61
|
%
|
|
67
|
%
|
|
64
|
%
|
EC
|
|
70
|
%
|
|
72
|
%
|
|
69
|
%
|
|
72
|
%
|
Worldwide
|
|
69
|
%
|
|
75
|
%
|
|
72
|
%
|
|
75
|
%
|
A. SCHULMAN,
INC.
|
Sales by
Geographical Region
|
|
|
|
Three months ended
August 31, 2016
|
|
|
Unaudited (In
thousands, except for %'s)
|
|
|
Thermoplastics
|
|
Engineered
Composites
|
|
Total
|
Geographical
Region
|
|
Sales by
Region
|
|
% of
TP
|
|
Sales by
Region
|
|
% of
EC
|
|
Total
Sales
|
|
Total
%
|
United States /
Canada
|
|
$
|
158,932
|
|
|
28.8
|
%
|
|
$
|
36,829
|
|
|
70.5
|
%
|
|
$
|
195,761
|
|
|
32.4
|
%
|
|
Europe
|
|
299,169
|
|
|
54.2
|
%
|
|
5,724
|
|
|
10.9
|
%
|
|
304,893
|
|
|
50.4
|
%
|
|
Mexico / South
America
|
|
44,912
|
|
|
8.1
|
%
|
|
9,744
|
|
|
18.6
|
%
|
|
54,656
|
|
|
9.0
|
%
|
|
Asia
Pacific
|
|
49,276
|
|
|
8.9
|
%
|
|
—
|
|
|
—
|
%
|
|
49,276
|
|
|
8.2
|
%
|
|
Total
|
|
$
|
552,289
|
|
|
100.0
|
%
|
|
$
|
52,297
|
|
|
100.0
|
%
|
|
$
|
604,586
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
August 31, 2015
|
|
|
Unaudited (In
thousands, except for %'s)
|
|
|
Thermoplastics
|
|
Engineered
Composites
|
|
Total
|
Geographical
Region
|
|
Sales by
Region
|
|
% of
TP
|
|
Sales by
Region
|
|
% of
EC
|
|
Total
Sales
|
|
Total
%
|
United States /
Canada
|
|
$
|
195,272
|
|
|
31.7
|
%
|
|
$
|
41,831
|
|
|
73.2
|
%
|
|
$
|
237,103
|
|
|
35.2
|
%
|
|
Europe
|
|
326,763
|
|
|
53.0
|
%
|
|
5,892
|
|
|
10.3
|
%
|
|
332,655
|
|
|
49.4
|
%
|
|
Mexico / South
America
|
|
45,328
|
|
|
7.3
|
%
|
|
9,410
|
|
|
16.5
|
%
|
|
54,738
|
|
|
8.1
|
%
|
|
Asia
Pacific
|
|
49,523
|
|
|
8.0
|
%
|
|
—
|
|
|
—
|
%
|
|
49,523
|
|
|
7.3
|
%
|
|
Total
|
|
$
|
616,886
|
|
|
100.0
|
%
|
|
$
|
57,133
|
|
|
100.0
|
%
|
|
$
|
674,019
|
|
|
100.0
|
%
|
|
|
|
|
|
|
Twelve months
ended August 31, 2016
|
|
|
Unaudited (In
thousands, except for %'s)
|
|
|
Thermoplastics
|
|
Engineered
Composites
|
|
Total
|
Geographical
Region
|
|
Sales by
Region
|
|
% of
TP
|
|
Sales by
Region
|
|
% of
EC
|
|
Total
Sales
|
|
Total
%
|
United States /
Canada
|
|
$
|
691,369
|
|
|
30.2
|
%
|
|
$
|
147,028
|
|
|
71.3
|
%
|
|
$
|
838,397
|
|
|
33.6
|
%
|
|
Europe
|
|
1,239,963
|
|
|
54.1
|
%
|
|
23,013
|
|
|
11.2
|
%
|
|
1,262,976
|
|
|
50.6
|
%
|
|
Mexico / South
America
|
|
171,650
|
|
|
7.5
|
%
|
|
36,071
|
|
|
17.5
|
%
|
|
207,721
|
|
|
8.3
|
%
|
|
Asia
Pacific
|
|
186,911
|
|
|
8.2
|
%
|
|
—
|
|
|
—
|
%
|
|
186,911
|
|
|
7.5
|
%
|
|
Total
|
|
$
|
2,289,893
|
|
|
100.0
|
%
|
|
$
|
206,112
|
|
|
100.0
|
%
|
|
$
|
2,496,005
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended August 31, 2015
|
|
|
Unaudited (In
thousands, except for %'s)
|
|
|
Thermoplastics
|
|
Engineered
Composites
|
|
Total
|
Geographical
Region
|
|
Sales by
Region
|
|
% of
TP
|
|
Sales by
Region
|
|
% of
EC
|
|
Total
Sales
|
|
Total
%
|
United States /
Canada
|
|
$
|
610,493
|
|
|
26.1
|
%
|
|
$
|
41,831
|
|
|
73.2
|
%
|
|
$
|
652,324
|
|
|
27.3
|
%
|
|
Europe
|
|
1,339,355
|
|
|
57.4
|
%
|
|
5,892
|
|
|
10.3
|
%
|
|
1,345,247
|
|
|
56.2
|
%
|
|
Mexico / South
America
|
|
177,463
|
|
|
7.6
|
%
|
|
9,410
|
|
|
16.5
|
%
|
|
186,873
|
|
|
7.8
|
%
|
|
Asia
Pacific
|
|
207,781
|
|
|
8.9
|
%
|
|
—
|
|
|
—
|
%
|
|
207,781
|
|
|
8.7
|
%
|
|
Total
|
|
$
|
2,335,092
|
|
|
100.0
|
%
|
|
$
|
57,133
|
|
|
100.0
|
%
|
|
$
|
2,392,225
|
|
|
100.0
|
%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/a-schulman-reports-fiscal-2016-fourth-quarter-full-year-results-300352032.html
SOURCE A. Schulman, Inc.