E.P.S. of $(2.98) per share, Adjusted E.P.S. of
$(0.08) per share
Neenah, Inc. (NYSE:NP) today reported second quarter 2020
results.
Second Quarter Highlights / Events
- Net sales of $161.4 million decreased 36 percent compared with
$253.4 million in the prior year. Technical Products segment sales
decreased 28 percent and Fine Paper and Packaging revenues declined
48 percent. The decline in revenues in both segments resulted
primarily from lower volumes caused by impacts of the COVID-19
pandemic.
- An operating loss of $(58.5) million compared with operating
income of $19.8 million in the prior year period. Excluding
adjusting items of $59.0 million in 2020 and $3.5 million in 2019,
adjusted operating income declined from $23.3 million in 2019 to
$0.5 million in 2020 as a result of lower sales and production
volumes and related manufacturing fixed cost inefficiencies, partly
offset by reductions in manufacturing and selling, general and
administrative ("SG&A") costs, and benefits of lower input
prices net of selling price changes.
- Pre-tax adjusting items of $59.0 million in 2020 consisted of
charges for asset impairment and write-offs, loss on debt
extinguishment, incremental COVID-19 costs, and other restructuring
and non-routine costs. In 2019, adjusting items of $3.5 million
included accelerated depreciation due to idling a fine paper
machine and other restructuring and non-routine costs. In 2020, a
$4.0 million ($0.24 per share) adjustment to increase the valuation
allowance against state deferred tax assets was also excluded.
Additional detail on these items can be found in the GAAP
reconciliation table later in this release.
- GAAP earnings per diluted common share (E.P.S.) of $(2.98)
compared with earnings of $0.80 per share in 2019. On an adjusted
basis, E.P.S. of $(0.08) in the quarter decreased from $0.95 in the
prior year period.
- Cash generated from operations was $29.4 million and compared
to $38.0 million in the prior year. Actions to increase working
capital efficiencies and reduce discretionary spending were able to
partly offset the impact of lower earnings.
- Liquidity as of June 30, 2020 was $159 million, comprised of
$26 million of cash on hand and $133 million of available borrowing
capacity on existing credit facilities.
- Quarterly cash dividends paid of $0.47 per share increased 4
percent from $0.45 per share in the prior year.
- On May 13, Paul DeSantis assumed the role of Chief Financial
Officer, replacing Bonnie Lind, who will remain with Neenah through
her retirement date of October 1 to ensure a smooth
transition.
- On June 30, the Company entered into a new $200 million Term
Loan B Facility with an initial variable interest rate of
approximately 5%. Subsequent to quarter-end, proceeds under the
Facility were used to redeem in full the $175 million of 2021
Senior Notes and repay borrowings under the Company’s senior
secured revolving credit facility.
Adjusted earnings is a non-GAAP measure used to enhance
understanding and comparability of year-on-year results. Details on
adjusting items and a reconciliation to comparable GAAP measures
are included later in this release.
“I was pleased with the strong execution and aggressive cost
reductions our teams delivered in response to the COVID-19 slowdown
in our markets. Demand in each of our business segments
sequentially improved throughout the quarter, and the actions we’ve
taken will make us more efficient going forward. While these
actions along with impacts on demand from the pandemic resulted in
a large non-cash charge in the quarter, our financial position and
liquidity remain sound, as evidenced by our strong cash flow and
successful debt refinancing”, said Julie Schertell, Chief Executive
Officer. “This financial strength gives us flexibility to continue
to execute our growth strategies, while maintaining a prudent
balance sheet and providing returns to shareholders, including a
meaningful dividend.”
Impact of COVID-19
The safety of our employees remains our number one priority. We
continue to operate in a manner that protects their health and
safety, with additional personal protective equipment, temperature
checks, social distancing, extensive cleaning processes, and other
COVID-19 related practices.
Financial results in the second quarter of 2020 reflected
material adverse impacts from the COVID-19 pandemic, including a
steep decline in global economic activity that significantly
reduced demand for our products. In response, numerous actions were
taken to carefully control and reduce spending, preserve liquidity,
and prepare to emerge strongly as demand recovers. Actions have
included the following:
- reducing spending in all areas;
- minimizing capital expenditures and discretionary contributions
to pension plans;
- reducing payroll costs through a freeze on wage increases and
hiring, furloughs or direct pay reductions for virtually all
employees, and restructuring to lower headcount;
- suspending purchases under the 2020 Stock Purchase Plan;
- utilizing available government initiatives and subsidies;
- consolidating the manufacturing footprint through idling a fine
paper machine and other smaller assets and reallocating volume to
alternative assets with available capacity;
- eliminating certain brands and SKUs;
- aggressively managing working capital; and
- initiating production of filtration media for the face mask
market in Europe.
Lower near-term demand as a result of the pandemic resulted in
an extension of our ramp curve and triggered a reduction in the
carrying value of the Company's U.S. transportation filtration
asset. The combined amount of asset write-offs, impairments, and
other restructuring and non-routine charges totaled $59.0 million
in the quarter, almost all of which were non-cash.
As a result of our actions, we believe Neenah has a strong
financial position and more than adequate liquidity to withstand
the current economic environment.
- In addition to $26 million of cash on hand, over $130 of
availability remains undrawn on our Global Revolving Credit
Facility as of June 30, 2020; and
- There are no near term debt maturities; the Global Revolving
Credit Facility matures in December 2023 and Term Loan B matures in
June 2027; and
- The recent 7-year Term Loan B Facility provides an option to
solicit an incremental facility of $125 million.
Quarterly Consolidated Results
Income Statement
Consolidated net sales of $161.4 million in the second quarter
of 2020 decreased 36 percent compared with $253.4 million in the
second quarter of 2019. The decline in revenues resulted primarily
from lower volumes caused by major adverse impacts of COVID-19. Net
sales declined 28% in Technical Products and 48% in Fine Paper and
Packaging, with a more pronounced decline in the Fine Paper and
Packaging segment due to its shorter supply chain and reductions in
end use demand for commercial print papers used primarily in
advertising and marketing campaigns. Impacts from lower net selling
prices and unfavorable currency translation effects were minimal in
the quarter.
Selling, general and administrative (SG&A) expense of $20.8
million in the second quarter of 2020 decreased $6.1 million
compared with $26.9 million in the prior year. Costs in 2020 were
lower due to actions taken to reduce advertising, travel, and
payroll costs, including impacts of furloughs, salary and headcount
reductions, and wage and hiring freezes.
An operating loss of $(58.5) million in the second quarter of
2020 compared to operating income of $19.8 million in 2019. The
primary reason for the decline was $59.0 million of mostly non-cash
costs for impairments and write-offs as noted earlier and presented
in the GAAP reconciliation table. Excluding adjusting items in both
years, operating income of $0.5 million decreased $22.8 million
from $23.3 million in the prior year. The decline in operating
income was due to lower sales volumes and related fixed
manufacturing cost inefficiencies in both segments that were partly
offset by spending reductions in manufacturing and SG&A, as
well as benefits from lower input prices net of selling price
changes.
Net interest expense of $3.0 million in the second quarter of
2020 was equal to the second quarter of 2019.
In the second quarter of each year, the effective income tax
rate applied to the pre-tax loss in 2020 and pre-tax income in 2019
was 19 percent. The tax rate in 2020 reflected a $4.0 million
charge to increase the valuation allowance against the deferred tax
asset for state tax credits and net operating losses. The tax rate
in 2019 included the benefit of research and development tax
credits.
Cash Flow and Balance Sheet Items
Cash provided from operations of $29.4 million in the second
quarter of 2020 decreased from $38.0 million in the second quarter
of 2019 as actions to decrease working capital and reduce
discretionary spending partly offset the reduction in cash flow due
to lower earnings.
Capital spending of $3.2 million in the second quarter of 2020
decreased $1.5 million compared with $4.7 million in the prior
year. For the full year 2020, aggregate annual capital expenditures
are expected to be $15 million, or half of typical annual
spending.
Cash, cash equivalents and restricted cash as of June 30, 2020
were $202.7 million and increased $125.2 million compared to $77.5
million as of March 31, 2020. Debt as of June 30, 2020 of $381.4
million increased $109.5 million compared to $271.9 million as of
March 31, 2020. Both “Restricted cash” and “Debt payable within one
year” on the consolidated balance sheet include $176.5 million of
principal and accrued interest that the Company deposited with the
2021 Note Trustee as a result of the call for redemption of the
$175 million of 2021 Senior Notes, and after drawing down $200
million on the new Term Loan B Facility. The redemption of the 2021
Senior Notes was completed on July 16, 2020.
Quarterly Segment Results
Technical Products quarterly net sales of $106.1 million
in 2020 decreased 28 percent from $146.4 million in the prior year.
The revenue decline was primarily due to lower sales volumes
resulting from the COVID-19 pandemic. Modestly lower selling
prices, sales mix, and currency translation effects in 2020 also
contributed to the decline in revenue.
Operating income decreased $59.8 million from the prior year to
a loss of $47.3 million due to unfavorable adjusting items of $52.0
million for restructuring and impairment costs. Excluding these
items, adjusted operating income decreased $8.2 million from $12.9
million to $4.7 million, primarily as a result of lower sales and
production volumes and related fixed manufacturing cost
inefficiencies. The impact of lower volumes was partly offset by
spending reductions and benefits of lower input costs net of
selling price changes.
Fine Paper and Packaging quarterly net sales of $55.3
million in 2020 decreased 48 percent, from $107.0 million in the
prior year. The decline was primarily due to lower volumes
resulting from the COVID-19 pandemic, with more pronounced declines
in commercial print compared with premium packaging and consumer
channel sales. In addition, net selling prices were modestly lower
in 2020.
Operating income decreased $17.0 million from the prior year
period to a loss of $4.1 million. Excluding unfavorable adjusting
items of $4.6 million, adjusted operating income of $0.5 million in
2020 decreased $15.4 million from $15.9 million in the prior year
primarily as a result of lower sales and production volumes and
related manufacturing cost inefficiencies. The impact of lower
volumes was partly offset by spending reductions and benefits of
lower input costs net of selling price changes.
Unallocated Corporate costs in the second quarter of 2020
of $7.1 million increased $1.5 million from the prior year.
Excluding adjustments of $2.3 million in 2020 related to loss on
debt extinguishment, COVID-19 costs and restructuring and other
non-routine costs, adjusted unallocated corporate expenses
decreased $0.8 million due to reduced SG&A spending.
Year-to-Date
Consolidated net sales of $395.0 million for the six months
ended June 30, 2020 decreased $98.1 million from the prior year
period. The decline in revenues resulted primarily from major
adverse volume impacts because of COVID-19; with net sales
declining 13% in Technical Products and 29% in Fine Paper and
Packaging. Other smaller negative impacts on net sales resulted
from lower selling prices, a lower value mix of products sold, and
unfavorable currency translation effects. The decline in net sales
was more pronounced in the Fine Paper and Packaging segment due to
its shorter supply chain and reductions in end use demand for
commercial print papers used in advertising and marketing.
Consolidated operating income decreased $72.1 million from the
prior year period to a loss of $34.9 million for the six months
ended June 30, 2020. Excluding adjusting items noted below,
operating income of $27.6 million decreased $13.1 million from
$40.7 million in the prior year period due, primarily to lower
sales and production volumes and related fixed manufacturing cost
inefficiencies related to the COVID-19 pandemic. The impact of
lower volumes was only partly offset by spending reductions and
lower input costs net of selling price reductions. In addition, as
presented on the reconciliation table, we recorded $59.0 million of
non-cash asset restructuring and impairment costs for long-lived
assets, loss on extinguishment of debt, incremental costs of
responding to COVID-19, other restructuring and non-routine costs,
and acquisition and due diligence costs. Adjusting items of $3.5
million in 2019 included accelerated depreciation due to idling of
a paper machine, restructuring and other non-routine costs, and
indirect tax costs.
Year-to-date net income from continuing operations decreased
$59.1 million to a loss of $33.7 million compared with an income of
$25.4 million in 2019. After excluding the 2020 after-tax
adjustments of $51.4 million, and the 2019 after-tax adjustments of
$2.6 million, the decrease in adjusted net income of $10.3 million
in 2020 was due to lower adjusted operating income driven by the
adverse impacts of the pandemic.
Year-to-date earnings (loss) per diluted common share from
continuing operations of $(2.01) in 2020 decreased from $1.49 in
2019. After excluding $3.05 per share of adjustments in 2020 and
$0.16 per share of adjustments in 2019, year-to-date adjusted
earnings per share in 2020 and 2019 were $1.04 and $1.65,
respectively.
Cash provided by operating activities of $43.6 million for the
six months ended June 30, 2020 was $2.6 million higher than $41.0
million in the prior year period. Actions to improve working
capital by managing inventory and to reduce other discretionary
spending more than offset the impact from lower earnings.
Capital expenditures for the six months ended June 30, 2020 were
$8.0 million compared to $9.0 million in the prior year period. For
the full year 2020, aggregate annual capital expenditures are
expected to be $15 million,
Debt as of June 30, 2020 of $381.4 million was $180.6 million
higher compared with $200.8 million as of December 31, 2019. Cash
and cash equivalents and restricted cash of $202.7 million as of
June 30, 2020 increased $193.7 million compared with cash and cash
equivalents of $9.0 million as of December 31, 2019. Both
“Restricted cash” and “Debt payable within one year” on the
consolidated balance sheet as of June 30, 2020 include $176.5
million of principal and accrued interest that the Company
deposited with the 2021 Note Trustee as a result of the call for
redemption of the $175 million of 2021 Senior Notes, and after
drawing down $200 million on the new Term Loan B Facility. The
redemption of the 2021 Senior Notes was completed in July 2020.
Reconciliation to GAAP Measures
The Company will report adjustments to GAAP figures when they
are believed to improve the comparability and understanding of
results. In assessing COVID-19 impacts, only costs which were
unusual, incremental and directly attributable to mitigating the
effects COVID-19 on operations were excluded.
A reconciliation of adjusted income measures to comparable GAAP
measures is provided below:
Second Quarter
YTD
Continuing Operations ($ Millions, except share and per share
data)
2020
2019
2020
2019
GAAP Operating Income (Loss)
$
(58.5
)
$
19.8
$
(34.9
)
$
37.2
Asset restructuring and impairment costs
55.3
2.0
55.3
2.0
Other restructuring and non-routine costs
1.3
1.5
2.7
1.5
Loss on debt extinguishment
1.9
-
1.9
-
COVID-19 costs
0.4
-
1.5
-
Acquisition and due diligence costs
0.1
-
1.1
-
Adjusted Operating Income
$
0.5
$
23.3
$
27.6
$
40.7
GAAP Income (Loss)
$
(50.1
)
$
13.6
$
(33.7
)
$
25.4
Asset restructuring and impairment costs
42.0
1.5
42.0
1.5
Other restructuring and non-routine costs
1.0
1.1
2.0
1.1
Loss on debt extinguishment
1.4
-
1.4
-
COVID-19 costs
0.4
-
1.2
-
Acquisition and due diligence costs
-
-
0.8
-
Valuation allowance adjustment for income taxes
4.0
-
4.0
-
Adjusted Income (Loss)
$
(1.3
)
$
16.2
$
17.7
$
28.0
GAAP Earnings (Loss) per Diluted Common Share
$
(2.98
)
$
0.80
$
(2.01
)
$
1.49
Asset restructuring and impairment costs
2.50
0.08
2.50
0.09
Other restructuring and non-routine costs
0.06
0.07
0.12
0.07
Loss on debt extinguishment
0.08
-
0.08
-
COVID-19 costs
0.02
-
0.07
-
Acquisition and due diligence costs
-
-
0.04
-
Valuation allowance adjustment for income taxes
0.24
-
0.24
-
Adjusted Earnings (Loss) per Share
$
(0.08
)
$
0.95
$
1.04
$
1.65
Diluted Shares (in thousands)
16,797
16,910
16,812
16,914
Conference Call
A conference call and webcast to discuss second quarter earnings
and other matters of interest will be held as noted below.
Investors and participants who wish to actively participate in the
call should register for the earnings call in advance by visiting
http://www.directeventreg.com/registration/event/8066449.
After registering, instructions will be shared on how to join the
call.
Interested parties are invited to listen to the call live via
webcast by visiting www.neenah.com and clicking on Investor
Relations. Supplemental Information can be found on the Company’s
web site under the Investor Relations - Presentations & Events
section. An archive of the webcast will be available on the
Company's web site until September 2, 2020.
A replay of the call will be available until August 12, 2020 and
can be accessed as follows:
Dial In #: (800) 585-8367 or (416) 621-4642
Access Code: 8066449
About Neenah
Neenah is a leading global specialty materials company focused
on premium niche markets that value performance and image. Key
products and markets include advanced filtration media, specialized
performance substrates used for digital transfer, tape and abrasive
backings, labels and other products, and premium printing and
packaging papers. The Company is headquartered in Alpharetta,
Georgia and its products are sold worldwide from manufacturing
operations in the United States, Europe and the United Kingdom.
Additional information can be found at the Company’s web site,
www.neenah.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements as defined in Section 27A of the
Securities Act of 1933 (the “Securities Act”), Section 21E of the
Securities Exchange Act of 1934 (the “Exchange Act”), the Private
Securities Litigation Reform Act of 1995 (the “PSLRA”), or in
releases made by the U.S. Securities and Exchange Commission
(“SEC”), all as may be amended from time to time. Statements
contained in this press release that are not historical facts may
be forward-looking statements within the meaning of the PSLRA and
caution is given to investors that any forward-looking statements
are not guarantees or indicative of future performance. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to risks, uncertainties
and other factors, many of which are outside the Company's control
and could cause actual results to materially differ from such
statements. Such risks, uncertainties and other factors include,
but are not necessarily limited to, those set forth under the
captions “Cautionary Note Regarding Forward-Looking Statements”
and/or “Risk Factors” of the latest Form 10-K filed with the SEC as
periodically updated by subsequently filed Form 10-Qs (these
securities filings can be located at www.neenah.com). Unless
specifically required by law, the Company assumes no obligation to
update or revise these forward-looking statements to reflect new
events or circumstances. These cautionary statements are being made
pursuant to the Securities Act, the Exchange Act and the PSLRA with
the intention of obtaining the benefits of the “safe harbor”
provisions of such laws.
NEENAH, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(In millions, except share and per share
data)(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Net sales
$
161.4
$
253.4
$
395.0
$
493.1
Cost of products sold
140.0
202.7
319.6
398.7
Gross profit
21.4
50.7
75.4
94.4
Selling, general and administrative expenses
20.8
26.9
47.4
52.2
Asset restructuring and impairment costs
55.3
2.0
55.3
2.0
Other restructuring and non-routine costs
1.3
1.5
2.7
1.5
Loss on debt extinguishment
1.9
-
1.9
-
COVID-19 costs
0.4
-
1.5
-
Acquisition and due diligence costs
0.1
-
1.1
-
Other expense - net
0.1
0.5
0.4
1.5
Operating income (loss)
(58.5
)
19.8
(34.9
)
37.2
Interest expense - net
3.0
3.0
5.9
6.2
Income (loss) from continuing operations before income taxes
(61.5
)
16.8
(40.8
)
31.0
Provision (benefit) for income taxes
(11.4
)
3.2
(7.1
)
5.6
Net income (loss)
$
(50.1
)
$
13.6
$
(33.7
)
$
25.4
Earnings (Loss) Per Common Share Basic
$
(2.98
)
$
0.80
$
(2.01
)
$
1.50
Diluted
$
(2.98
)
$
0.80
$
(2.01
)
$
1.49
Weighted Average Common Shares Outstanding (in
thousands) Basic
16,797
16,863
16,812
16,861
Diluted
16,797
16,910
16,812
16,914
NEENAH, INC. AND SUBSIDIARIESBUSINESS SEGMENT DATA(In
millions)(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Net Sales: Technical Products
$
106.1
$
146.4
$
248.3
$
286.4
Fine Paper and Packaging
55.3
107.0
146.7
206.7
Consolidated
$
161.4
$
253.4
$
395.0
$
493.1
Operating Income (Loss): Technical Products
$
(47.3
)
$
12.5
$
(31.1
)
$
23.8
Fine Paper and Packaging
(4.1
)
12.9
10.7
24.8
Unallocated corporate costs
(7.1
)
(5.6
)
(14.5
)
(11.4
)
Consolidated
$
(58.5
)
$
19.8
$
(34.9
)
$
37.2
RECONCILIATION OF SEGMENT OPERATING INCOME (LOSS)(In
millions)(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Technical Products GAAP Operating Income (Loss)
$
(47.3
)
$
12.5
$
(31.1
)
$
23.8
Asset restructuring and impairment costs
51.6
-
51.6
-
Other restructuring and non-routine costs
0.2
0.4
0.4
0.4
Loss on debt extinguishment
0.1
-
0.1
-
COVID-19 costs
0.1
-
0.7
-
Adjusted Operating Income
4.7
12.9
21.7
24.2
Fine Paper and Packaging GAAP Operating Income (Loss)
(4.1
)
12.9
10.7
24.8
Asset restructuring and impairment costs
3.7
2.0
3.7
2.0
Other restructuring and non-routine costs
0.8
1.0
1.7
1.0
COVID-19 costs
0.1
-
0.6
-
Adjusted Operating Income
0.5
15.9
16.7
27.8
Unallocated Corporate Costs GAAP Operating Loss
(7.1
)
(5.6
)
(14.5
)
(11.4
)
Other restructuring and non-routine costs
0.3
0.1
0.6
0.1
Loss on debt extinguishment
1.8
-
1.8
-
COVID-19 costs
0.2
-
0.2
-
Acquisition and due diligence costs
0.1
-
1.1
-
Adjusted Operating Loss
(4.7
)
(5.5
)
(10.8
)
(11.3
)
Consolidated GAAP Operating Income (Loss)
(58.5
)
19.8
(34.9
)
37.2
Asset restructuring and impairment costs
55.3
2.0
55.3
2.0
Other restructuring and non-routine costs
1.3
1.5
2.7
1.5
Loss on debt extinguishment
1.9
-
1.9
-
COVID-19 costs
0.4
-
1.5
-
Acquisition and due diligence costs
0.1
-
1.1
-
Adjusted Operating Income
$
0.5
$
23.3
$
27.6
$
40.7
NEENAH, INC. AND SUBSIDIARIESSELECTED BALANCE SHEET DATA(In
millions)(Unaudited)
June 30, 2020
December 31, 2019
ASSETS
Current Assets Cash and cash equivalents
$
26.2
$
9.0
Restricted cash
176.5
-
Accounts receivable - net
91.8
102.6
Inventories
115.0
122.8
Prepaid and other current assets
16.1
18.3
Total Current Assets
425.6
252.7
Property, Plant and Equipment - net
319.5
380.6
Lease Right-of-Use Assets
21.0
13.9
Deferred Income Taxes
22.3
13.4
Goodwill and Other Intangibles - net
146.4
149.8
Other Noncurrent Assets
17.6
17.4
Total Assets
$
952.4
$
827.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Liabilities Debt payable within one year
$
179.7
$
2.6
Lease liabilities payable within one year
2.8
1.9
Accounts payable
37.0
48.9
Accrued expenses
47.0
47.0
Total Current Liabilities
266.5
100.4
Long-term Debt
201.7
198.2
Noncurrent Lease Liabilities
19.3
13.0
Noncurrent Employee Benefits
89.3
93.1
Deferred Income Taxes
12.1
12.9
Other Noncurrent Obligations
5.5
3.9
Total liabilities
594.4
421.5
Stockholders’ Equity
358.0
406.3
Total Liabilities and Stockholders’ Equity
$
952.4
$
827.8
NEENAH, INC. AND SUBSIDIARIES
SELECTED CASH FLOW DATA (In millions) (Unaudited)
Six Months Ended June
30,
2020
2019
Operating Activities Net income (loss)
$
(33.7
)
$
25.4
Depreciation and amortization
19.7
19.0
Stock-based compensation
3.1
3.6
Deferred income tax provision (benefit)
(10.3
)
1.9
Asset impairment costs
52.3
-
Loss on debt extinguishment
1.9
-
Loss on asset dispositions
0.1
0.1
Provision for uncollectible accounts receivable
1.1
-
Non-cash effects of changes in liabilities for uncertain income tax
positions
-
(0.4
)
Decrease (increase) in working capital
7.9
(7.3
)
Pension and other postretirement benefits
(0.1
)
(0.9
)
Long-term payroll taxes
1.7
-
Other
(0.1
)
(0.4
)
Net cash provided by operating activities
43.6
41.0
Investing Activities Capital expenditures
(8.0
)
(9.0
)
Purchase of marketable securities
(0.1
)
(0.3
)
Other
(0.2
)
(0.3
)
Cash used in investing activities
(8.3
)
(9.6
)
Financing Activities Long-term borrowings
291.0
124.3
Repayments of long-term debt
(107.5
)
(139.9
)
Debt issuance costs
(5.2
)
(0.4
)
Cash dividends paid
(16.0
)
(15.2
)
Shares purchased
(3.8
)
(2.0
)
Cash used in financing activities
158.5
(33.2
)
Effect of exchange rates on cash and cash equivalents
(0.1
)
-
Net increase (decrease) in cash and cash equivalents and
restricted cash
193.7
(1.8
)
Cash and cash equivalents, beginning of the year
9.0
9.9
Cash and cash equivalents and restricted cash, end of period
$
202.7
$
8.1
Reconciliation to the condensed consolidated balance
sheet: Cash and cash equivalents
$
26.2
$
8.1
Restricted cash
176.5
-
Cash and cash equivalents and restricted cash, end of period
$
202.7
$
8.1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200804006054/en/
Neenah, Inc. Bill McCarthy Vice President — Investor
Relations 678-518-3278
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