Rayonier Advanced Materials Announces Suspension of Dividend on Its Common Stock
September 06 2019 - 4:30PM
Business Wire
Rayonier Advanced Materials Inc. (NYSE:RYAM) announced today
that the Company’s board of directors has suspended its quarterly
cash dividend on the Common Stock of the Company citing the need to
prioritize its cash flow to repay indebtedness and fund the
Company’s capital investments and working capital needs. The
Company is focused on managing through the current challenging
market conditions that have negatively impacted its operating
results.
“The board and management believe this is a prudent decision to
optimize financial flexibility in uncertain economic times and is
in the best interest of all of the Company’s stakeholders,” said
Paul Boynton, President and CEO. “This allows the Company to
redeploy approximately $18 million of cash annually to essential
operating needs and debt obligations.”
About Rayonier Advanced Materials
Rayonier Advanced Materials is a global leader of
cellulose-based technologies, including high purity cellulose
specialties, a natural polymer commonly found in cell phones,
computer screens, filters and pharmaceuticals. The Company also
manufactures products for lumber, paper and packaging markets. With
manufacturing operations in the U.S., Canada and France, Rayonier
Advanced Materials employs approximately 4,200 people and generated
approximately $2.1 billion of revenues in 2018. More information is
available at www.rayonieram.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated
financial, business, legal or other outcomes including business and
market conditions, outlook and other similar statements relating to
Rayonier Advanced Materials’ future events, developments, or
financial or operational performance or results, are
“forward-looking statements” made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking statements
are identified by the use of words such as “may,” “will,” “should,”
“expect,” “estimate,” “believe,” “intend,” “forecast,”
“anticipate,” “guidance,” and other similar language. However, the
absence of these or similar words or expressions does not mean a
statement is not forward-looking. While we believe these
forward-looking statements are reasonable when made,
forward-looking statements are not guarantees of future performance
or events and undue reliance should not be placed on these
statements. Although we believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, we
can give no assurance these expectations will be attained and it is
possible actual results may differ materially from those indicated
by these forward-looking statements due to a variety of risks and
uncertainties. Certain important factors that could cause actual
results or events to differ materially from those expressed in
forward-looking statements that may have been made in this document
are described or will be described in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K, including those described under :Risk Factors” in Item
1A of such document, and Quarterly Reports on Form 10-Q. Rayonier
Advanced Materials assumes no obligation to update these statements
except as is required by law.
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Media: Eric Johnson, 904-357-9134 Investors: Mickey Walsh,
904-357-9162
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