AKRON, Ohio, June 28, 2016 /PRNewswire/ -- A. Schulman,
Inc. (Nasdaq: SHLM) announced today earnings for the fiscal
2016 third quarter ended May 31, 2016 of $0.53 per diluted share, compared to a loss of
($0.34) per share in the prior year
period. On an adjusted basis, reported earnings per share were
$0.79 compared with $0.72 in the prior year period.
Consolidated net sales for the fiscal 2016 third quarter were
$650.4 million, compared with
$560.9 million in the same
prior-year quarter. After adjusting for negative foreign currency
translation of $6.2 million, and net
sales from the Citadel acquisition of $112.4
million during the quarter, legacy revenues declined 3%,
approximately the same as in the prior quarter due to the reduction
of our commodity portfolio embedded within the Company's
Distribution Services and Specialty Powders product families. As a
result of the Company's relentless focus on growing value-added
products, the Company improved its product mix. Adjusted gross
margin in the fiscal third quarter increased to 17.4% compared with
16.2% in the prior year period and adjusted operating income
increased to 7% compared with 5.9% in the prior year period. Both
Citadel and legacy portfolios contributed to these improved
adjusted gross and operating margins.
"We are encouraged by the continued improvement in our adjusted
margins which validates our strategy to provide superior value to a
vast array of market leading customers," said Bernard Rzepka, President and Chief Executive
Officer. "Much of this profit improvement was a result of our Smart
Sales, Savings and Safety initiative that is entrenched within our
businesses and is positioning us as the preferred premier materials
solutions provider."
Europe, Middle East and Africa ("EMEA") net sales were $322.4
million, compared with $326.3
million in the same prior-year period. Excluding the favorable
impact of foreign currency translation of $4.3 million,
revenues fell 2.5% primarily related to commodity products in the
Specialty Powders and Distribution Services product families. This
decrease was partially offset by increased activity in the
Masterbatch solutions product family. Adjusted gross profit for the
segment fell 30 basis points to 15.5% when compared to the same
prior year period.
Net sales for United States and
Canada ("USCAN") were $183.3
million, compared with $137.1
million in the third quarter of fiscal 2015. The incremental
contribution from the Citadel
acquisition was $57.9 million in net
sales in the Company's Engineered Product family. Excluding the
contribution of Citadel's Engineered Plastics sales, legacy
revenues declined 8.5% in the third quarter of fiscal 2016.
Softness in the agricultural and sports & leisure markets, and
continued focus to replace commodity product offerings contributed
to the sales decline. The combination of improved mix of product
sales; lower production costs and the contribution of Citadel
Engineered Plastic revenues resulted in adjusted gross margin
improving to 17.8% compared with 16.1% in the prior year
period.
"While we are in no way satisfied with the results in these
regions, our teams have done a good job controlling what they could
control as evidenced by the USCAN adjusted gross margin
improvement," said Rzepka. "With the claims and operational issues
at Lucent largely identified and addressed, we can now focus on
realizing our full growth potential. As we enter our fiscal fourth
quarter, our priorities will be to further deepen our engagement
with existing customers, increase our share in attractive target
markets, and continue to invest smartly in R&D while
aggressively managing our costs through productivity initiatives
and supply chain efficiencies."
LATAM net sales for the quarter were $43.4 million,
compared with $44.8 million a year
ago. Excluding the unfavorable impact of foreign currency
translation of $7.3 million, revenues increased 13.1%.
Excluding a $1.5 million negative
impact of foreign currency, gross profit rose 13% over the prior
year period yielding an adjusted gross margin of 20.9%.
"This marks our fourth consecutive quarter of double-digit
growth in this region," Rzepka said. "We saw strength in the
agricultural market in the LATAM region. Our business also
increased in packaging and we experienced improved product mix in
our Engineered Plastics business related to the strong automotive
markets. Lastly, our export business in Brazil increased roughly 18% during the
quarter to further improve our performance in the
region."
Asia Pacific ("APAC") net sales were $46.9 million,
compared with $52.7 million in the
third quarter of fiscal 2015. Adjusting for a negative foreign
exchange impact of $2.9 million, revenues fell 5.5% primarily
related to lower sales in Specialty Powders due to the transfer of
our rotational molded product line into a minority owned joint
venture during fiscal 2016. APAC adjusted gross profit margin was
17.2%, up 250 basis points from the prior period due to improved
product mix.
Engineered Composites ("EC") net sales for the quarter
were $54.5 million, compared with $56.9
million in the year-ago comparable period, prior to the
June 1 acquisition. On a
year-over-year comparison, revenues from the
Citadel business declined 4.2% due to the impact of weak oil
and gas customer activity. On the lower volumes, gross margin fell
110 basis points to 25.2%, but operating margin increased
considerably to 9.2% as restructuring and integration synergies
begin to impact the operating performance.
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.
"The fact that we were able to identify and address this matter
as quickly as we did without the need for any product recalls
speaks volumes to the strength of our team and culture. As a result
of the tireless efforts and excellent work of our team, we are now
focusing our attention toward organic growth instead of resolving
issues of the past," said Rzepka. "We thank our customers for their
patience and support as we addressed this critical matter."
The Company incurred costs of $1.8
million in the quarter related to the Lucent remediation
matter, including $1.1 million of
recurring production and material costs down from the prior quarter
and $0.7 million of other costs
including settlement of claims and dedicated internal personnel
costs.
A. Schulman believes that the sellers are responsible to
compensate A. Schulman for the Lucent losses that the
Company has experienced or may incur. Therefore, on June 15, 2016, the Company filed a lawsuit
against the sellers of Citadel Plastics in the Court of Chancery of
the State of Delaware. Among other
things, the suit seeks indemnification and damages for the
fraudulent business practices within the Lucent subsidiary.
Previously, the Company provided a written claim notice to this
effect to the sellers and to the escrow agent with respect to
the $31 million indemnity escrow established. During
the fiscal third quarter, the Company incurred $1.2 million of legal costs associated with this
lawsuit.
In accordance with the Company's policy, it will make no further
comments on this ongoing legal matter, nor will it speculate to the
timing or potential outcome of this matter. A. Schulman can make no
assurances it will be able to recoup funds sufficient enough to
offset the substantial costs it has incurred – and will incur – to
investigate, isolate and mitigate these fraudulent practices.
Working Capital/Cash Flow
Cash provided
from operations was $95.7 million in the nine months
ended May 31, 2016, an improvement compared to $56.3 million in the comparable prior year
period. Net working capital days were 61 at May 31, compared to 71 days on February 29, 2016. Both metrics were favorably
impacted by a focus on supply chain leading to significant
improvements in days of inventory on hand.
During the quarter, the Company reduced its debt position by
approximately $40 million. This
brings net debt to $937 million,
which equates to an adjusted net leverage ratio of 3.96 at
quarter-end.
Capital expenditures for the nine months ended May 31,
2016 were $34.6 million, compared with $32.7
million last year. During the three months
ended May 31, 2016, the Company declared and paid quarterly
cash dividends of $6.1 million, or $0.205 per
quarter per common share in accordance to its ongoing goal to
provide an attractive yield to shareholders. In addition, a
quarterly cash dividend of $15.00 per
share was declared and paid on the 125,000 shares of the Company's
convertible special stock, representing a $1.9 million cash outflow.
Business Update and Outlook
"Despite the continued
volatility in the global marketplace, our outlook for the full year
remains unchanged," said Rzepka. "We continue to anticipate
full-year fiscal 2016 adjusted earnings to be in the range
of $2.40 to $2.45 per diluted share."
Rzepka noted that the Company is positioning itself for
accelerating earnings growth in fiscal 2017 and beyond. "We have
organic growth programs as well as cost and productivity
initiatives underway, and with the distraction of addressing the
Lucent matter largely behind us, we fully expect that these focused
efforts will continue to improve our operating margins. We are
actively pursuing different avenues to further advance our strategy
and drive value through additional investments in profitable
growth."
As is customary, the Company will provide fiscal 2017 earnings
and other financial metrics guidance at the end of October when it
releases results for the full year.
Conference Call on the Web
A live Internet broadcast
of A. Schulman's conference call regarding fiscal 2016
third-quarter earnings can be accessed at 10:00 a.m. Eastern
Time on June 29, 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 of
the Company 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 4,900 people and has 57
manufacturing facilities globally. A. Schulman reported
net sales of approximately $2.4 billion for the fiscal
year ended August 31, 2015. 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 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
could 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, joint ventures and restructuring
initiatives;
- escalation in the cost of providing employee health care;
- uncertainties and unanticipated developments regarding
contingencies, such as pending and future litigation and other
claims, including developments that would require increases in our
costs and/or reserves for such contingencies;
- 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 the Company's Annual
Report on Form 10-K for the fiscal year ended August 31, 2015.
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
|
(Unaudited)
|
|
|
|
|
|
Three months ended
May 31,
|
|
Nine months ended
May 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(In thousands, except
per share data)
|
Net
sales
|
$
|
650,439
|
|
|
$
|
560,858
|
|
|
$
|
1,891,419
|
|
|
$
|
1,718,206
|
|
Cost of
sales
|
540,965
|
|
|
470,101
|
|
|
1,587,192
|
|
|
1,462,531
|
|
Selling, general and
administrative expenses
|
73,641
|
|
|
64,842
|
|
|
222,482
|
|
|
195,482
|
|
Restructuring
expense
|
4,245
|
|
|
2,649
|
|
|
8,005
|
|
|
10,530
|
|
Operating
income
|
31,588
|
|
|
23,266
|
|
|
73,740
|
|
|
49,663
|
|
Interest
expense
|
13,557
|
|
|
2,618
|
|
|
40,965
|
|
|
7,288
|
|
Bridge financing
fees
|
—
|
|
|
18,750
|
|
|
—
|
|
|
18,750
|
|
Foreign currency
transaction (gains) losses
|
392
|
|
|
857
|
|
|
2,071
|
|
|
3,097
|
|
Other (income)
expense, net
|
(229)
|
|
|
(335)
|
|
|
(246)
|
|
|
(900)
|
|
Gain on early
extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,290)
|
|
Income (loss) from
continuing operations before taxes
|
17,868
|
|
|
1,376
|
|
|
30,950
|
|
|
22,718
|
|
Provision (benefit)
for U.S. and foreign income taxes
|
312
|
|
|
10,344
|
|
|
4,076
|
|
|
18,801
|
|
Income (loss) from
continuing operations
|
17,556
|
|
|
(8,968)
|
|
|
26,874
|
|
|
3,917
|
|
Income (loss) from
discontinued operations, net of tax
|
82
|
|
|
(18)
|
|
|
283
|
|
|
(86)
|
|
Net income
(loss)
|
17,638
|
|
|
(8,986)
|
|
|
27,157
|
|
|
3,831
|
|
Noncontrolling
interests
|
(241)
|
|
|
(343)
|
|
|
(1,075)
|
|
|
(890)
|
|
Net income (loss)
attributable to A. Schulman, Inc.
|
17,397
|
|
|
(9,329)
|
|
|
26,082
|
|
|
2,941
|
|
Convertible special
stock dividends
|
1,875
|
|
|
563
|
|
|
5,625
|
|
|
563
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
15,522
|
|
|
$
|
(9,892)
|
|
|
$
|
20,457
|
|
|
$
|
2,378
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
29,339
|
|
|
29,219
|
|
|
29,284
|
|
|
29,125
|
|
Diluted
|
29,474
|
|
|
29,219
|
|
|
29,459
|
|
|
29,547
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share available to A. Schulman, Inc. common
stockholders
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.53
|
|
|
$
|
(0.34)
|
|
|
$
|
0.69
|
|
|
$
|
0.08
|
|
Income (loss) from
discontinued operations
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
0.53
|
|
|
$
|
(0.34)
|
|
|
$
|
0.70
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share available to A. Schulman, Inc. common
stockholders
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.53
|
|
|
$
|
(0.34)
|
|
|
$
|
0.68
|
|
|
$
|
0.08
|
|
Income (loss) from
discontinued operations
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Net income (loss)
available to A. Schulman, Inc. common stockholders
|
$
|
0.53
|
|
|
$
|
(0.34)
|
|
|
$
|
0.69
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
Cash dividends per
common share
|
$
|
0.205
|
|
|
$
|
0.205
|
|
|
$
|
0.615
|
|
|
$
|
0.615
|
|
Cash dividends per
share of convertible special stock
|
$
|
15.00
|
|
|
$
|
—
|
|
|
$
|
45.00
|
|
|
$
|
—
|
|
A. SCHULMAN,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
May 31,
2016
|
|
August 31,
2015
|
|
(In
thousands)
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
47,019
|
|
|
$
|
96,872
|
|
Restricted
Cash
|
2,407
|
|
|
—
|
|
Accounts receivable,
less allowance for doubtful accounts of $11,367 at May 31, 2016 and
$10,777 at August 31, 2015
|
405,118
|
|
|
413,943
|
|
Inventories
|
289,656
|
|
|
317,328
|
|
Prepaid expenses and
other current assets
|
72,767
|
|
|
60,205
|
|
Total current
assets
|
816,967
|
|
|
888,348
|
|
Property, plant
and equipment, at cost:
|
|
|
|
Land and
improvements
|
33,160
|
|
|
31,674
|
|
Buildings and
leasehold improvements
|
177,748
|
|
|
164,759
|
|
Machinery and
equipment
|
440,631
|
|
|
427,183
|
|
Furniture and
fixtures
|
34,537
|
|
|
34,393
|
|
Construction in
progress
|
24,032
|
|
|
23,866
|
|
Gross property,
plant and equipment
|
710,108
|
|
|
681,875
|
|
Accumulated
depreciation
|
394,605
|
|
|
367,381
|
|
Net property,
plant and equipment
|
315,503
|
|
|
314,494
|
|
Deferred charges and
other noncurrent assets
|
89,652
|
|
|
90,749
|
|
Goodwill
|
620,649
|
|
|
623,583
|
|
Intangible assets,
net
|
405,539
|
|
|
434,537
|
|
Total
assets
|
$
|
2,248,310
|
|
|
$
|
2,351,711
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
296,308
|
|
|
$
|
305,385
|
|
U.S. and foreign
income taxes payable
|
—
|
|
|
4,205
|
|
Accrued payroll,
taxes and related benefits
|
47,017
|
|
|
56,192
|
|
Other accrued
liabilities
|
81,636
|
|
|
70,824
|
|
Short-term
debt
|
24,515
|
|
|
20,710
|
|
Total current
liabilities
|
449,476
|
|
|
457,316
|
|
Long-term
debt
|
961,569
|
|
|
1,045,349
|
|
Pension
plans
|
118,034
|
|
|
117,889
|
|
Deferred income
taxes
|
109,428
|
|
|
115,537
|
|
Other long-term
liabilities
|
22,525
|
|
|
22,885
|
|
Total
liabilities
|
1,661,032
|
|
|
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 - 48,506 shares at May
31, 2016 and 48,369 shares at August 31, 2015
|
48,506
|
|
|
48,369
|
|
Additional paid-in
capital
|
275,361
|
|
|
274,319
|
|
Accumulated other
comprehensive income (loss)
|
(93,144)
|
|
|
(83,460)
|
|
Retained
earnings
|
610,135
|
|
|
607,690
|
|
Treasury stock, at
cost, 19,071 shares at May 31, 2016 and 19,077 shares at August 31,
2015
|
(382,999)
|
|
|
(383,121)
|
|
Total A. Schulman,
Inc.'s stockholders' equity
|
578,148
|
|
|
584,086
|
|
Noncontrolling
interests
|
9,130
|
|
|
8,649
|
|
Total
equity
|
587,278
|
|
|
592,735
|
|
Total liabilities
and equity
|
$
|
2,248,310
|
|
|
$
|
2,351,711
|
|
A. SCHULMAN,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
Nine months ended
May 31,
|
|
2016
|
|
2015
|
|
(In
thousands)
|
Operating from
continuing and discontinued operations:
|
|
|
|
Net income
|
$
|
27,157
|
|
|
$
|
3,831
|
|
Adjustments to
reconcile net income to net cash provided from (used in) operating
activities:
|
|
|
|
Depreciation
|
37,347
|
|
|
26,481
|
|
Amortization
|
30,163
|
|
|
11,899
|
|
Bridge financing
fees
|
—
|
|
|
18,750
|
|
Deferred tax
provision (benefit)
|
(2,395)
|
|
|
(1,143)
|
|
Pension,
postretirement benefits and other compensation
|
3,161
|
|
|
8,318
|
|
Restricted stock
compensation - CEO transition costs, net of cash
|
—
|
|
|
4,789
|
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
2,574
|
|
|
(13,610)
|
|
Inventories
|
19,900
|
|
|
(13,309)
|
|
Accounts
payable
|
(8,145)
|
|
|
9,599
|
|
Income
taxes
|
(9,955)
|
|
|
2,598
|
|
Accrued payroll and
other accrued liabilities
|
2,583
|
|
|
4,776
|
|
Other assets and
long-term liabilities
|
(6,718)
|
|
|
(6,698)
|
|
Net cash provided
from (used in) operating activities
|
95,672
|
|
|
56,281
|
|
Investing from
continuing and discontinued operations:
|
|
|
|
Expenditures for
property, plant and equipment
|
(34,618)
|
|
|
(32,662)
|
|
Investment in equity
investees
|
—
|
|
|
(12,456)
|
|
Proceeds from the
sale of assets
|
1,184
|
|
|
1,411
|
|
Restricted
cash
|
(2,407)
|
|
|
(3,509)
|
|
Business
acquisitions, net of cash
|
—
|
|
|
(6,698)
|
|
Net cash provided
from (used in) investing activities
|
(35,841)
|
|
|
(53,914)
|
|
Financing from
continuing and discontinued operations:
|
|
|
|
Cash dividends paid
to special stockholders
|
(5,625)
|
|
|
—
|
|
Cash dividends paid
to common stockholders
|
(18,012)
|
|
|
(18,058)
|
|
Increase (decrease)
in short-term debt
|
2,780
|
|
|
(12,995)
|
|
Borrowings on
long-term debt
|
124,671
|
|
|
255,196
|
|
Repayments on
long-term debt including current portion
|
(210,448)
|
|
|
(353,647)
|
|
Noncontrolling
interests' contributions (distributions)
|
—
|
|
|
(1,750)
|
|
Issuances of
convertible special stock, net
|
—
|
|
|
120,296
|
|
Issuances of stock,
common and treasury
|
213
|
|
|
231
|
|
Redemptions of common
stock
|
(1,077)
|
|
|
(4,999)
|
|
Purchases of treasury
stock
|
—
|
|
|
(3,335)
|
|
Net cash provided
from (used in) financing activities
|
(107,498)
|
|
|
(19,061)
|
|
Effect of exchange
rate changes on cash
|
(2,186)
|
|
|
(11,756)
|
|
Net increase
(decrease) in cash and cash equivalents
|
(49,853)
|
|
|
(28,450)
|
|
Cash and cash
equivalents at beginning of period
|
96,872
|
|
|
135,493
|
|
Cash and cash
equivalents at end of period
|
$
|
47,019
|
|
|
$
|
107,043
|
|
|
|
|
|
Non-cash
Activity:
|
|
|
|
Senior Notes funding
held in restricted cash
|
$
|
—
|
|
|
$
|
375,000
|
|
Unpaid debt issuance
costs
|
$
|
—
|
|
|
$
|
11,116
|
|
A. SCHULMAN,
INC.
|
Reconciliation of
GAAP and Non-GAAP Financial Measures
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
May 31, 2016
|
|
Cost
of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
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
|
|
$
|
540,965
|
|
|
16.8
|
%
|
|
$
|
73,641
|
|
|
$
|
4,245
|
|
|
$
|
31,588
|
|
|
$
|
0.048
|
|
|
$
|
13,720
|
|
|
$
|
312
|
|
|
$
|
15,522
|
|
|
$
|
0.53
|
|
Convertible special
stock dividends (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,875
|
|
|
0.03
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (1)
|
|
(1,283)
|
|
|
|
|
(3)
|
|
|
—
|
|
|
1,286
|
|
|
|
|
—
|
|
|
243
|
|
|
1,043
|
|
|
0.03
|
|
Costs related to
acquisitions and integrations (2)
|
|
(423)
|
|
|
|
|
(1,020)
|
|
|
—
|
|
|
1,443
|
|
|
|
|
—
|
|
|
235
|
|
|
1,208
|
|
|
0.04
|
|
Restructuring and
related costs (3)
|
|
(1,647)
|
|
|
|
|
(3,628)
|
|
|
(4,245)
|
|
|
9,520
|
|
|
|
|
(209)
|
|
|
2,099
|
|
|
7,630
|
|
|
0.23
|
|
Lucent costs
(4)
|
|
(466)
|
|
|
|
|
(1,485)
|
|
|
—
|
|
|
1,951
|
|
|
|
|
—
|
|
|
385
|
|
|
1,566
|
|
|
0.05
|
|
Accelerated
amortization of deferred financing fees (5)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(163)
|
|
|
34
|
|
|
129
|
|
|
—
|
|
Tax (benefits)
charges (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
3,664
|
|
|
(3,664)
|
|
|
(0.12)
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(82)
|
|
|
—
|
|
Total certain
items
|
|
(3,819)
|
|
|
0.6
|
%
|
|
(6,136)
|
|
|
(4,245)
|
|
|
14,200
|
|
|
0.022
|
|
|
(372)
|
|
|
6,660
|
|
|
7,830
|
|
|
0.26
|
|
As
Adjusted
|
|
$
|
537,146
|
|
|
17.4
|
%
|
|
$
|
67,505
|
|
|
$
|
—
|
|
|
$
|
45,788
|
|
|
$
|
0.070
|
|
|
$
|
13,348
|
|
|
$
|
6,972
|
|
|
$
|
25,227
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.4
|
%
|
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
May 31, 2015
|
|
Cost
of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
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
|
|
$
|
470,101
|
|
|
16.2
|
%
|
|
$
|
64,842
|
|
|
$
|
2,649
|
|
|
$
|
23,266
|
|
|
$
|
0.043
|
|
|
$
|
21,890
|
|
|
$
|
10,344
|
|
|
$
|
(9,892)
|
|
|
$
|
(0.34)
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (1)
|
|
(29)
|
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
29
|
|
|
—
|
|
Costs related to
acquisitions and integrations (2)
|
|
(59)
|
|
|
|
|
(3,531)
|
|
|
—
|
|
|
3,590
|
|
|
|
|
—
|
|
|
29
|
|
|
3,561
|
|
|
0.12
|
|
Restructuring and
related costs (3)
|
|
(49)
|
|
|
|
|
(3,239)
|
|
|
(2,649)
|
|
|
5,937
|
|
|
|
|
—
|
|
|
1,144
|
|
|
4,793
|
|
|
0.16
|
|
Acquisition related
interest expense (11)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(19,134)
|
|
|
—
|
|
|
19,134
|
|
|
0.66
|
|
Tax (benefits)
charges (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(3,559)
|
|
|
3,559
|
|
|
0.12
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
Total certain
items
|
|
(137)
|
|
|
—
|
%
|
|
(6,770)
|
|
|
(2,649)
|
|
|
9,556
|
|
|
0.017
|
|
|
(19,134)
|
|
|
(2,386)
|
|
|
31,094
|
|
|
1.06
|
|
As
Adjusted
|
|
$
|
469,964
|
|
|
16.2
|
%
|
|
$
|
58,072
|
|
|
$
|
—
|
|
|
$
|
32,822
|
|
|
$
|
0.060
|
|
|
$
|
2,756
|
|
|
$
|
7,958
|
|
|
$
|
21,202
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.4
|
%
|
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
May 31, 2016
|
|
Cost
of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
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
|
|
$
|
1,587,192
|
|
|
16.1
|
%
|
|
$
|
222,482
|
|
|
$
|
8,005
|
|
|
$
|
73,740
|
|
|
$
|
0.039
|
|
|
$
|
42,790
|
|
|
$
|
4,076
|
|
|
$
|
20,457
|
|
|
$
|
0.69
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (1)
|
|
(4,779)
|
|
|
|
|
(17)
|
|
|
—
|
|
|
4,796
|
|
|
|
|
—
|
|
|
1,127
|
|
|
3,669
|
|
|
0.12
|
|
Costs related to
acquisitions and integrations (2)
|
|
(2,522)
|
|
|
|
|
(5,048)
|
|
|
—
|
|
|
7,570
|
|
|
|
|
—
|
|
|
1,779
|
|
|
5,791
|
|
|
0.20
|
|
Restructuring and
related costs (3)
|
|
(2,532)
|
|
|
|
|
(9,422)
|
|
|
(8,005)
|
|
|
19,959
|
|
|
|
|
(771)
|
|
|
4,872
|
|
|
15,858
|
|
|
0.54
|
|
Lucent costs
(4)
|
|
(1,844)
|
|
|
|
|
(4,424)
|
|
|
—
|
|
|
6,268
|
|
|
|
|
—
|
|
|
1,473
|
|
|
4,795
|
|
|
0.17
|
|
Accelerated
amortization of deferred financing fees (5)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(437)
|
|
|
103
|
|
|
334
|
|
|
0.01
|
|
Tax (benefits)
charges (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
3,197
|
|
|
(3,197)
|
|
|
(0.11)
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(283)
|
|
|
(0.01)
|
|
Total certain
items
|
|
(11,677)
|
|
|
0.6
|
%
|
|
(18,911)
|
|
|
(8,005)
|
|
|
38,593
|
|
|
0.021
|
|
|
(1,208)
|
|
|
12,551
|
|
|
26,967
|
|
|
0.92
|
|
As
Adjusted
|
|
$
|
1,575,515
|
|
|
16.7
|
%
|
|
$
|
203,571
|
|
|
$
|
—
|
|
|
$
|
112,333
|
|
|
$
|
0.060
|
|
|
$
|
41,582
|
|
|
$
|
16,627
|
|
|
$
|
47,424
|
|
|
$
|
1.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.8
|
%
|
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
May 31, 2015
|
|
Cost
of
Sales
|
|
Gross
Margin
|
|
SG&A
|
|
Restructuring
Expense
|
|
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
|
|
$
|
1,462,531
|
|
|
14.9
|
%
|
|
$
|
195,482
|
|
|
$
|
10,530
|
|
|
$
|
49,663
|
|
|
$
|
0.031
|
|
|
$
|
26,945
|
|
|
$
|
18,801
|
|
|
$
|
2,378
|
|
|
$
|
0.08
|
|
Certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated
depreciation (1)
|
|
(327)
|
|
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
0.01
|
|
Costs related to
acquisitions and integrations (2)
|
|
(174)
|
|
|
|
|
(7,798)
|
|
|
—
|
|
|
7,972
|
|
|
|
|
—
|
|
|
307
|
|
|
7,665
|
|
|
0.26
|
|
Restructuring and
related costs (3)
|
|
(347)
|
|
|
|
|
(4,426)
|
|
|
(10,530)
|
|
|
15,303
|
|
|
|
|
—
|
|
|
3,146
|
|
|
12,157
|
|
|
0.41
|
|
CEO transition costs
(8)
|
|
—
|
|
|
|
|
(6,167)
|
|
|
—
|
|
|
6,167
|
|
|
|
|
—
|
|
|
—
|
|
|
6,167
|
|
|
0.21
|
|
Inventory step-up
(7)
|
|
(341)
|
|
|
|
|
—
|
|
|
—
|
|
|
341
|
|
|
|
|
—
|
|
|
102
|
|
|
239
|
|
|
0.01
|
|
Gain on early
extinguishment of debt (10)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
1,290
|
|
|
(428)
|
|
|
(862)
|
|
|
(0.03)
|
|
Acquisition related
interest expense (11)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
(19,134)
|
|
|
—
|
|
|
19,134
|
|
|
0.65
|
|
Tax (benefits)
charges (6)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(3,841)
|
|
|
3,841
|
|
|
0.13
|
|
Loss (income) from
discontinued operations
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
Total certain
items
|
|
(1,189)
|
|
|
—
|
%
|
|
(18,391)
|
|
|
(10,530)
|
|
|
30,110
|
|
|
0.019
|
|
|
(17,844)
|
|
|
(714)
|
|
|
48,754
|
|
|
1.65
|
|
As
Adjusted
|
|
$
|
1,461,342
|
|
|
14.9
|
%
|
|
$
|
177,091
|
|
|
$
|
—
|
|
|
$
|
79,773
|
|
|
$
|
0.050
|
|
|
$
|
9,101
|
|
|
$
|
18,087
|
|
|
$
|
51,132
|
|
|
$
|
1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenue
|
|
|
|
|
|
10.3
|
%
|
|
|
|
4.6
|
%
|
|
|
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Accelerated depreciation is related to restructuring plans
in the Company's USCAN and EMEA segments. Refer to Note 14 in the
Company's Quarterly Report on Form 10-Q for further discussion.
2 - 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.
3 - 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.
4 - 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.
5 - Write off of deferred financing costs related to the €79.0
million prepayment of the Euro Term Loan B.
6 - Tax (benefits) charges represent the Company's quarterly
non-GAAP tax based on the overall estimated annual non-GAAP
effective tax rates.
7 - Inventory step-up costs represent the amortization of
adjustments to fair value of inventory acquired for acquisition
purchase accounting.
8 - CEO transition costs 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.
9 - Convertible special stock dividends have been added back as
the 2.4 million shares of convertible special stock were considered
dilutive to the third quarter of fiscal 2016.
10 - Represents a pre-tax net gain of $1.3 million on the early extinguishment of
debt.
11 - Primarily relates to $18.8
million in bridge financing fees.
A. SCHULMAN,
INC.
|
ADJUSTED EBITDA
RECONCILIATION
|
(Unaudited)
|
|
|
|
|
|
Three months ended
May 31,
|
|
Nine months ended
May 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Net income
available to A. Schulman, Inc. common stockholders
|
$
|
15,522
|
|
|
$
|
(9,892)
|
|
|
$
|
20,457
|
|
|
$
|
2,378
|
|
Interest expense and
bridge financing fees
|
13,557
|
|
|
21,368
|
|
|
40,965
|
|
|
26,038
|
|
Provision for U.S.
and foreign income taxes
|
312
|
|
|
10,344
|
|
|
4,076
|
|
|
18,801
|
|
Depreciation and
Amortization
|
22,409
|
|
|
12,145
|
|
|
67,510
|
|
|
38,444
|
|
Noncontrolling
interests
|
241
|
|
|
343
|
|
|
1,075
|
|
|
890
|
|
Convertible special
stock dividends
|
1,875
|
|
|
563
|
|
|
5,625
|
|
|
563
|
|
Other (1)
|
163
|
|
|
522
|
|
|
1,825
|
|
|
907
|
|
EBITDA, as
calculated
|
$
|
54,079
|
|
|
$
|
35,393
|
|
|
$
|
141,533
|
|
|
$
|
88,021
|
|
Non-GAAP adjustments
(2)
|
12,832
|
|
|
9,812
|
|
|
33,501
|
|
|
29,857
|
|
EBITDA, as
adjusted
|
$
|
66,911
|
|
|
$
|
45,205
|
|
|
$
|
175,034
|
|
|
$
|
117,878
|
|
|
|
|
|
|
|
|
|
(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 (2)
- (11) and Loss (income) from discontinued operations.
Amounts are included in Non Operating (Income) Expense, Income Tax
Expense (Benefit) and Net Income Available to ASI Common
Stockholders. 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. The three
months ended May 31, 2015 and nine
months ended May 31, 2016 and
May 31, 2015 also include additional
amortization expense which is in SG&A in the "Reconciliation of
GAAP and Non-GAAP Financial Measures". This expense has been
added back to adjusted EBITDA.
A. SCHULMAN,
INC.
|
SUPPLEMENTAL
SEGMENT INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
May 31,
|
EMEA
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
33,378
|
|
|
$
|
33,800
|
|
|
$
|
(422)
|
|
|
(1.2)
|
%
|
|
13,902
|
|
|
13,924
|
|
|
(22)
|
|
|
(0.2)
|
%
|
Masterbatch
solutions
|
|
107,774
|
|
|
102,188
|
|
|
5,586
|
|
|
5.5
|
%
|
|
108,291
|
|
|
104,355
|
|
|
3,936
|
|
|
3.8
|
%
|
Engineered
plastics
|
|
92,560
|
|
|
95,403
|
|
|
(2,843)
|
|
|
(3.0)
|
%
|
|
72,091
|
|
|
71,926
|
|
|
165
|
|
|
0.2
|
%
|
Specialty
powders
|
|
36,711
|
|
|
37,903
|
|
|
(1,192)
|
|
|
(3.1)
|
%
|
|
43,698
|
|
|
46,997
|
|
|
(3,299)
|
|
|
(7.0)
|
%
|
Distribution
services
|
|
51,945
|
|
|
56,961
|
|
|
(5,016)
|
|
|
(8.8)
|
%
|
|
79,816
|
|
|
85,689
|
|
|
(5,873)
|
|
|
(6.9)
|
%
|
Total EMEA
|
|
$
|
322,368
|
|
|
$
|
326,255
|
|
|
$
|
(3,887)
|
|
|
(1.2)
|
%
|
|
317,798
|
|
|
322,891
|
|
|
(5,093)
|
|
|
(1.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
May 31,
|
USCAN
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
10,840
|
|
|
$
|
11,209
|
|
|
$
|
(369)
|
|
|
(3.3)
|
%
|
|
4,004
|
|
|
3,925
|
|
|
79
|
|
|
2.0
|
%
|
Masterbatch
solutions
|
|
33,575
|
|
|
37,077
|
|
|
(3,502)
|
|
|
(9.4)
|
%
|
|
50,433
|
|
|
51,659
|
|
|
(1,226)
|
|
|
(2.4)
|
%
|
Engineered
plastics
|
|
101,836
|
|
|
48,172
|
|
|
53,664
|
|
|
111.4
|
%
|
|
100,897
|
|
|
31,897
|
|
|
69,000
|
|
|
216.3
|
%
|
Specialty
powders
|
|
22,426
|
|
|
22,914
|
|
|
(488)
|
|
|
(2.1)
|
%
|
|
33,689
|
|
|
33,563
|
|
|
126
|
|
|
0.4
|
%
|
Distribution
services
|
|
14,661
|
|
|
17,708
|
|
|
(3,047)
|
|
|
(17.2)
|
%
|
|
18,024
|
|
|
21,437
|
|
|
(3,413)
|
|
|
(15.9)
|
%
|
Total
USCAN
|
|
$
|
183,338
|
|
|
$
|
137,080
|
|
|
$
|
46,258
|
|
|
33.7
|
%
|
|
207,047
|
|
|
142,481
|
|
|
64,566
|
|
|
45.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
May 31,
|
LATAM
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
1,242
|
|
|
$
|
1,054
|
|
|
$
|
188
|
|
|
17.8
|
%
|
|
468
|
|
|
395
|
|
|
73
|
|
|
18.5
|
%
|
Masterbatch
solutions
|
|
23,103
|
|
|
23,769
|
|
|
(666)
|
|
|
(2.8)
|
%
|
|
17,657
|
|
|
16,789
|
|
|
868
|
|
|
5.2
|
%
|
Engineered
plastics
|
|
11,221
|
|
|
11,889
|
|
|
(668)
|
|
|
(5.6)
|
%
|
|
9,058
|
|
|
9,196
|
|
|
(138)
|
|
|
(1.5)
|
%
|
Specialty
powders
|
|
7,811
|
|
|
8,109
|
|
|
(298)
|
|
|
(3.7)
|
%
|
|
9,445
|
|
|
7,177
|
|
|
2,268
|
|
|
31.6
|
%
|
Distribution
services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Total
LATAM
|
|
$
|
43,377
|
|
|
$
|
44,821
|
|
|
$
|
(1,444)
|
|
|
(3.2)%
|
|
|
36,628
|
|
|
33,557
|
|
|
3,071
|
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
May 31,
|
APAC
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
3,113
|
|
|
$
|
2,567
|
|
|
$
|
546
|
|
|
21.3
|
%
|
|
2,513
|
|
|
1,615
|
|
|
898
|
|
|
55.6
|
%
|
Masterbatch
solutions
|
|
19,705
|
|
|
21,375
|
|
|
(1,670)
|
|
|
(7.8)
|
%
|
|
22,457
|
|
|
22,331
|
|
|
126
|
|
|
0.6
|
%
|
Engineered
plastics
|
|
23,328
|
|
|
26,454
|
|
|
(3,126)
|
|
|
(11.8)
|
%
|
|
18,938
|
|
|
19,479
|
|
|
(541)
|
|
|
(2.8)
|
%
|
Specialty
powders
|
|
713
|
|
|
2,207
|
|
|
(1,494)
|
|
|
(67.7)
|
%
|
|
693
|
|
|
2,617
|
|
|
(1,924)
|
|
|
(73.5)
|
%
|
Distribution
services
|
|
21
|
|
|
99
|
|
|
(78)
|
|
|
(78.8)
|
%
|
|
43
|
|
|
135
|
|
|
(92)
|
|
|
(68.1)
|
%
|
Total APAC
|
|
$
|
46,880
|
|
|
$
|
52,702
|
|
|
$
|
(5,822)
|
|
|
(11.0)
|
%
|
|
44,644
|
|
|
46,177
|
|
|
(1,533)
|
|
|
(3.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Nine months ended
May 31,
|
EMEA
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
96,572
|
|
|
$
|
102,312
|
|
|
$
|
(5,740)
|
|
|
(5.6)
|
%
|
|
39,424
|
|
|
38,320
|
|
|
1,104
|
|
|
2.9
|
%
|
Masterbatch
solutions
|
|
305,688
|
|
|
311,708
|
|
|
(6,020)
|
|
|
(1.9)
|
%
|
|
304,893
|
|
|
292,602
|
|
|
12,291
|
|
|
4.2
|
%
|
Engineered
plastics
|
|
279,435
|
|
|
295,212
|
|
|
(15,777)
|
|
|
(5.3)
|
%
|
|
214,407
|
|
|
207,141
|
|
|
7,266
|
|
|
3.5
|
%
|
Specialty
powders
|
|
104,513
|
|
|
114,637
|
|
|
(10,124)
|
|
|
(8.8)
|
%
|
|
124,470
|
|
|
134,043
|
|
|
(9,573)
|
|
|
(7.1)
|
%
|
Distribution
services
|
|
154,586
|
|
|
188,723
|
|
|
(34,137)
|
|
|
(18.1)
|
%
|
|
237,880
|
|
|
276,101
|
|
|
(38,221)
|
|
|
(13.8)
|
%
|
Total EMEA
|
|
$
|
940,794
|
|
|
$
|
1,012,592
|
|
|
$
|
(71,798)
|
|
|
(7.1)
|
%
|
|
921,074
|
|
|
948,207
|
|
|
(27,133)
|
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Nine months ended
May 31,
|
USCAN
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
30,012
|
|
|
$
|
31,524
|
|
|
$
|
(1,512)
|
|
|
(4.8)
|
%
|
|
10,923
|
|
|
10,742
|
|
|
181
|
|
|
1.7
|
%
|
Masterbatch
solutions
|
|
98,646
|
|
|
119,514
|
|
|
(20,868)
|
|
|
(17.5)
|
%
|
|
145,098
|
|
|
160,352
|
|
|
(15,254)
|
|
|
(9.5)
|
%
|
Engineered
plastics
|
|
294,921
|
|
|
140,840
|
|
|
154,081
|
|
|
109.4
|
%
|
|
290,379
|
|
|
89,950
|
|
|
200,429
|
|
|
222.8
|
%
|
Specialty
powders
|
|
65,495
|
|
|
71,574
|
|
|
(6,079)
|
|
|
(8.5)
|
%
|
|
92,010
|
|
|
111,383
|
|
|
(19,373)
|
|
|
(17.4)
|
%
|
Distribution
services
|
|
43,363
|
|
|
51,769
|
|
|
(8,406)
|
|
|
(16.2)
|
%
|
|
56,547
|
|
|
56,487
|
|
|
60
|
|
|
0.1
|
%
|
Total
USCAN
|
|
$
|
532,437
|
|
|
$
|
415,221
|
|
|
$
|
117,216
|
|
|
28.2
|
%
|
|
594,957
|
|
|
428,914
|
|
|
166,043
|
|
|
38.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Nine months ended
May 31,
|
LATAM
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
3,698
|
|
|
$
|
3,457
|
|
|
$
|
241
|
|
|
7.0
|
%
|
|
1,382
|
|
|
1,347
|
|
|
35
|
|
|
2.6
|
%
|
Masterbatch
solutions
|
|
68,149
|
|
|
65,971
|
|
|
2,178
|
|
|
3.3
|
%
|
|
52,958
|
|
|
46,316
|
|
|
6,642
|
|
|
14.3
|
%
|
Engineered
plastics
|
|
32,170
|
|
|
34,857
|
|
|
(2,687)
|
|
|
(7.7)
|
%
|
|
26,463
|
|
|
25,775
|
|
|
688
|
|
|
2.7
|
%
|
Specialty
powders
|
|
22,721
|
|
|
27,850
|
|
|
(5,129)
|
|
|
(18.4)
|
%
|
|
25,891
|
|
|
23,456
|
|
|
2,435
|
|
|
10.4
|
%
|
Distribution
services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
Total
LATAM
|
|
$
|
126,738
|
|
|
$
|
132,135
|
|
|
$
|
(5,397)
|
|
|
(4.1)
|
%
|
|
106,694
|
|
|
96,894
|
|
|
9,800
|
|
|
10.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Nine months ended
May 31,
|
APAC
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
8,653
|
|
|
$
|
8,500
|
|
|
$
|
153
|
|
|
1.8
|
%
|
|
7,066
|
|
|
5,809
|
|
|
1,257
|
|
|
21.6
|
%
|
Masterbatch
solutions
|
|
58,187
|
|
|
61,038
|
|
|
(2,851)
|
|
|
(4.7)
|
%
|
|
65,022
|
|
|
60,900
|
|
|
4,122
|
|
|
6.8
|
%
|
Engineered
plastics
|
|
68,052
|
|
|
79,196
|
|
|
(11,144)
|
|
|
(14.1)
|
%
|
|
56,326
|
|
|
55,809
|
|
|
517
|
|
|
0.9
|
%
|
Specialty
powders
|
|
2,351
|
|
|
8,661
|
|
|
(6,310)
|
|
|
(72.9)
|
%
|
|
2,510
|
|
|
9,084
|
|
|
(6,574)
|
|
|
(72.4)
|
%
|
Distribution
services
|
|
392
|
|
|
863
|
|
|
(471)
|
|
|
(54.6)
|
%
|
|
603
|
|
|
1,062
|
|
|
(459)
|
|
|
(43.2)
|
%
|
Total APAC
|
|
$
|
137,635
|
|
|
$
|
158,258
|
|
|
$
|
(20,623)
|
|
|
(13.0)
|
%
|
|
131,527
|
|
|
132,664
|
|
|
(1,137)
|
|
|
(0.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Three months ended
May 31,
|
Consolidated
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
48,573
|
|
|
$
|
48,630
|
|
|
$
|
(57)
|
|
|
(0.1)
|
%
|
|
20,887
|
|
|
19,859
|
|
|
1,028
|
|
|
5.2
|
%
|
Engineered
composites
|
|
54,476
|
|
|
—
|
|
|
54,476
|
|
|
N/A
|
|
|
45,417
|
|
|
—
|
|
|
45,417
|
|
|
N/A
|
|
Masterbatch
solutions
|
|
184,157
|
|
|
184,409
|
|
|
(252)
|
|
|
(0.1)
|
%
|
|
198,838
|
|
|
195,134
|
|
|
3,704
|
|
|
1.9
|
%
|
Engineered
plastics
|
|
228,945
|
|
|
181,918
|
|
|
47,027
|
|
|
25.9
|
%
|
|
200,984
|
|
|
132,498
|
|
|
68,486
|
|
|
51.7
|
%
|
Specialty
powders
|
|
67,661
|
|
|
71,133
|
|
|
(3,472)
|
|
|
(4.9)
|
%
|
|
87,525
|
|
|
90,354
|
|
|
(2,829)
|
|
|
(3.1)
|
%
|
Distribution
services
|
|
66,627
|
|
|
74,768
|
|
|
(8,141)
|
|
|
(10.9)
|
%
|
|
97,883
|
|
|
107,261
|
|
|
(9,378)
|
|
|
(8.7)
|
%
|
Total
Consolidated
|
|
$
|
650,439
|
|
|
$
|
560,858
|
|
|
$
|
89,581
|
|
|
16.0
|
%
|
|
651,534
|
|
|
545,106
|
|
|
106,428
|
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
Pounds
Sold
|
|
|
Nine months ended
May 31,
|
Consolidated
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
|
2016
|
|
2015
|
|
Lbs.
Change
|
|
%
Change
|
|
|
(In thousands, except
for %'s)
|
Custom performance
colors
|
|
$
|
138,935
|
|
|
$
|
145,793
|
|
|
$
|
(6,858)
|
|
|
(4.7)
|
%
|
|
58,795
|
|
|
56,218
|
|
|
2,577
|
|
|
4.6
|
%
|
Engineered
composites
|
|
153,815
|
|
|
—
|
|
|
153,815
|
|
|
N/A
|
|
|
130,338
|
|
|
—
|
|
|
130,338
|
|
|
N/A
|
|
Masterbatch
solutions
|
|
530,670
|
|
|
558,231
|
|
|
(27,561)
|
|
|
(4.9)
|
%
|
|
567,971
|
|
|
560,170
|
|
|
7,801
|
|
|
1.4
|
%
|
Engineered
plastics
|
|
674,578
|
|
|
550,105
|
|
|
124,473
|
|
|
22.6
|
%
|
|
587,575
|
|
|
378,675
|
|
|
208,900
|
|
|
55.2
|
%
|
Specialty
powders
|
|
195,080
|
|
|
222,722
|
|
|
(27,642)
|
|
|
(12.4)
|
%
|
|
244,881
|
|
|
277,966
|
|
|
(33,085)
|
|
|
(11.9)
|
%
|
Distribution
services
|
|
198,341
|
|
|
241,355
|
|
|
(43,014)
|
|
|
(17.8)
|
%
|
|
295,030
|
|
|
333,650
|
|
|
(38,620)
|
|
|
(11.6)
|
%
|
Total
Consolidated
|
|
$
|
1,891,419
|
|
|
$
|
1,718,206
|
|
|
$
|
173,213
|
|
|
10.1
|
%
|
|
1,884,590
|
|
|
1,606,679
|
|
|
277,911
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. SCHULMAN,
INC.
|
SUPPLEMENTAL
SEGMENT INFORMATION
|
(Unaudited)
|
|
|
|
|
|
Three months ended
May 31,
|
|
Nine months ended
May 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(In thousands, except
for %'s)
|
Segment gross
profit
|
|
|
|
|
|
|
|
EMEA
|
$
|
49,852
|
|
|
$
|
51,695
|
|
|
$
|
136,489
|
|
|
$
|
145,908
|
|
USCAN
|
32,560
|
|
|
22,104
|
|
|
90,095
|
|
|
66,478
|
|
LATAM
|
9,055
|
|
|
9,324
|
|
|
27,226
|
|
|
22,075
|
|
APAC
|
8,080
|
|
|
7,771
|
|
|
24,153
|
|
|
22,403
|
|
EC
|
13,746
|
|
|
—
|
|
|
37,941
|
|
|
—
|
|
Total segment gross
profit
|
113,293
|
|
|
90,894
|
|
|
315,904
|
|
|
256,864
|
|
Inventory
step-up
|
—
|
|
|
—
|
|
|
—
|
|
|
(341)
|
|
Accelerated
depreciation and restructuring related costs
|
(2,930)
|
|
|
(78)
|
|
|
(7,311)
|
|
|
(674)
|
|
Costs related to
acquisitions and integrations
|
(423)
|
|
|
(59)
|
|
|
(2,522)
|
|
|
(174)
|
|
Lucent
costs
|
(466)
|
|
|
—
|
|
|
(1,844)
|
|
|
—
|
|
Total gross
profit
|
$
|
109,474
|
|
|
$
|
90,757
|
|
|
$
|
304,227
|
|
|
$
|
255,675
|
|
|
|
|
|
|
|
|
|
Segment operating
income
|
|
|
|
|
|
|
|
EMEA
|
$
|
23,382
|
|
|
$
|
24,716
|
|
|
$
|
59,147
|
|
|
$
|
61,032
|
|
USCAN
|
15,576
|
|
|
7,982
|
|
|
38,166
|
|
|
25,299
|
|
LATAM
|
4,748
|
|
|
4,654
|
|
|
14,581
|
|
|
7,531
|
|
APAC
|
4,540
|
|
|
3,972
|
|
|
13,517
|
|
|
10,903
|
|
EC
|
5,031
|
|
|
—
|
|
|
10,583
|
|
|
—
|
|
Total segment
operating income
|
53,277
|
|
|
41,324
|
|
|
135,994
|
|
|
104,765
|
|
Corporate
|
(7,489)
|
|
|
(8,502)
|
|
|
(23,661)
|
|
|
(24,992)
|
|
Costs related to
acquisitions and integrations
|
(1,443)
|
|
|
(3,590)
|
|
|
(7,570)
|
|
|
(7,972)
|
|
Restructuring and
related costs
|
(9,520)
|
|
|
(5,937)
|
|
|
(19,959)
|
|
|
(15,303)
|
|
Accelerated
depreciation
|
(1,286)
|
|
|
(29)
|
|
|
(4,796)
|
|
|
(327)
|
|
Lucent
costs
|
(1,951)
|
|
|
—
|
|
|
(6,268)
|
|
|
—
|
|
Inventory
step-up
|
—
|
|
|
—
|
|
|
—
|
|
|
(341)
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,167)
|
|
Operating
income
|
31,588
|
|
|
23,266
|
|
|
73,740
|
|
|
49,663
|
|
Interest
expense
|
(13,557)
|
|
|
(2,618)
|
|
|
(40,965)
|
|
|
(7,288)
|
|
Bridge financing
fees
|
—
|
|
|
(18,750)
|
|
|
—
|
|
|
(18,750)
|
|
Foreign currency
transaction gains (losses)
|
(392)
|
|
|
(857)
|
|
|
(2,071)
|
|
|
(3,097)
|
|
Other income
(expense), net
|
229
|
|
|
335
|
|
|
246
|
|
|
900
|
|
Gain on early
extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
1,290
|
|
Income from
continuing operations before taxes
|
$
|
17,868
|
|
|
$
|
1,376
|
|
|
$
|
30,950
|
|
|
$
|
22,718
|
|
|
|
|
|
|
|
|
|
Capacity
utilization
|
|
|
|
|
|
|
|
EMEA
|
88
|
%
|
|
94
|
%
|
|
82
|
%
|
|
88
|
%
|
USCAN
|
67
|
%
|
|
62
|
%
|
|
67
|
%
|
|
63
|
%
|
LATAM
|
73
|
%
|
|
76
|
%
|
|
72
|
%
|
|
71
|
%
|
APAC
|
68
|
%
|
|
67
|
%
|
|
66
|
%
|
|
65
|
%
|
EC
|
72
|
%
|
|
—
|
%
|
|
69
|
%
|
|
—
|
%
|
Worldwide
|
75
|
%
|
|
78
|
%
|
|
73
|
%
|
|
75
|
%
|
A. SCHULMAN,
INC.
|
Sales by
Geographical Region
|
(Unaudited)
|
|
|
|
|
|
Three months ended
May 31, 2016
|
|
|
(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
|
|
$
|
183,338
|
|
|
30.8
|
%
|
|
$
|
39,030
|
|
|
71.6
|
%
|
|
$
|
222,368
|
|
|
34.2
|
%
|
Europe
|
|
322,368
|
|
|
54.0
|
%
|
|
5,841
|
|
|
10.8
|
%
|
|
328,209
|
|
|
50.5
|
%
|
Mexico / South
America
|
|
43,377
|
|
|
7.3
|
%
|
|
9,605
|
|
|
17.6
|
%
|
|
52,982
|
|
|
8.1
|
%
|
Asia
Pacific
|
|
46,880
|
|
|
7.9
|
%
|
|
—
|
|
|
—
|
%
|
|
46,880
|
|
|
7.2
|
%
|
Total
|
|
$
|
595,963
|
|
|
100.0
|
%
|
|
$
|
54,476
|
|
|
100.0
|
%
|
|
$
|
650,439
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
May 31, 2015
|
|
|
(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
|
|
$
|
137,080
|
|
|
24.4
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
137,080
|
|
|
24.4
|
%
|
Europe
|
|
326,255
|
|
|
58.2
|
%
|
|
—
|
|
|
—
|
%
|
|
326,255
|
|
|
58.2
|
%
|
Mexico / South
America
|
|
44,821
|
|
|
8.0
|
%
|
|
—
|
|
|
—
|
%
|
|
44,821
|
|
|
8.0
|
%
|
Asia
Pacific
|
|
52,702
|
|
|
9.4
|
%
|
|
—
|
|
|
—
|
%
|
|
52,702
|
|
|
9.4
|
%
|
Total
|
|
$
|
560,858
|
|
|
100.0
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
560,858
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
May 31, 2016
|
|
|
(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
|
|
$
|
532,437
|
|
|
30.6
|
%
|
|
$
|
110,199
|
|
|
71.6
|
%
|
|
$
|
642,636
|
|
|
34.0
|
%
|
Europe
|
|
940,794
|
|
|
54.2
|
%
|
|
17,289
|
|
|
11.2
|
%
|
|
958,083
|
|
|
50.7
|
%
|
Mexico / South
America
|
|
126,738
|
|
|
7.3
|
%
|
|
26,327
|
|
|
17.2
|
%
|
|
153,065
|
|
|
8.0
|
%
|
Asia
Pacific
|
|
137,635
|
|
|
7.9
|
%
|
|
—
|
|
|
—
|
%
|
|
137,635
|
|
|
7.3
|
%
|
Total
|
|
$
|
1,737,604
|
|
|
100.0
|
%
|
|
$
|
153,815
|
|
|
100.0
|
%
|
|
$
|
1,891,419
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
May 31, 2015
|
|
|
(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
|
|
$
|
415,221
|
|
|
24.2
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
415,221
|
|
|
24.2
|
%
|
Europe
|
|
1,012,592
|
|
|
58.8
|
%
|
|
—
|
|
|
—
|
%
|
|
1,012,592
|
|
|
58.9
|
%
|
Mexico / South
America
|
|
132,135
|
|
|
7.7
|
%
|
|
—
|
|
|
—
|
%
|
|
132,135
|
|
|
7.7
|
%
|
Asia
Pacific
|
|
158,258
|
|
|
9.3
|
%
|
|
—
|
|
|
—
|
%
|
|
158,258
|
|
|
9.2
|
%
|
Total
|
|
$
|
1,718,206
|
|
|
100.0
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,718,206
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/a-schulman-reports-fiscal-2016-third-quarter-results-300291690.html
SOURCE A. Schulman, Inc.