ALPHARETTA, GA, May 1, 2019
-- Schweitzer-Mauduit International, Inc. ("SWM" or the "Company")
(NYSE: SWM) reported earnings results for the three month period
ended March 31, 2019.
Adjusted measures
are reconciled to GAAP at the end of this release. Financial
and operating comparisons are versus the prior year period and are
from continuing operations. Figures may not sum to total due
to rounding. Definitions: Advanced Materials & Structures
(AMS), reverse osmosis (RO), Engineered Papers (EP), low ignition
propensity (LIP), reconstituted tobacco leaf (RTL), heat-not-burn
(HnB)
First Quarter
2019 Financial Results Summary
-
Total sales decreased 1% to $258.0 million,
increased 1% excluding currency impact
-
GAAP operating profit was $30.4
million, or 11.8% of sales, down 13%; adjusted operating profit was
$35.5 million, or 13.8% of sales, also down 13%
-
GAAP EPS was $0.56; Adjusted EPS
was $0.68, down $0.15 due primarily to higher deferred compensation
(driven by strong first quarter stock price performance), increased
interest expense, and currency impacts totaling $0.12
-
Maintaining 2019 Adjusted EPS guidance
First Quarter 2019 Business Highlights
-
AMS segment sales increased 5% with
transportation, medical, and filtration products leading the
portfolio
-
AMS GAAP and adjusted operating profit margin
expanded 320 and 250 basis points, respectively, due to sales
growth, synergy realization, and favorable resin costs
-
EP segment sales decreased 6%, or 2% absent
currency impacts; 9% volume decline offset 7% favorable price/mix
performance
-
EP GAAP and adjusted operating profit margins
each contracted 220 basis points, due primarily to lower volumes
and higher input costs
Dr. Jeff Kramer, Chief Executive
Officer, commented, "We were generally pleased with our operating
results to start the year, highlighted by AMS profit growth
exceeding 20% on strong organic sales gains. Overall, adjusted EPS
was in line with our expectations and reflected approximately $0.12
of negative impacts from higher deferred compensation, increased
interest, and currency."
"Within AMS, momentum continued
for our fastest growing transportation film and water filtration
product lines, with growth also coming from our medical business.
We are benefiting from healthy end-market demand across many of the
specialty applications and markets we serve, and our product
development and commercial organizations are translating these
opportunities into solid sales results. In addition, we
are realizing cost savings from the late-2018 AMS site closure and
are seeing lower polypropylene resin costs benefit margins.
Our EP segment results reflected good performance within our
cigarette paper portfolio, but recon volumes were down in large
part due to a challenging comparison to last year's first quarter
when we had large HnB orders to fill our customers'
pipelines. A strategic de-emphasis of certain lower-margin
non-tobacco paper products also contributed to the volume
decline. The negative volume impact was nearly offset by
positive price/mix results as we continued to drive performance of
our highest-value products. Importantly, our wood pulp price
escalators took effect during the quarter and we recovered most of
the year-over-year cost increase, however other inflationary
pressures, such as rising energy costs, contributed to some margin
compression."
Dr. Kramer concluded, "With the
Conwed acquisition integrated and completion of our synergy plan,
we remain well positioned in the marketplace and are working
diligently to achieve our 2019 operating plan. Our teams are
focused on several key strategic projects, including capacity
investments in our growing transportation and filtration
businesses, commercialization of our recently launched filtration
paper product, IT investments to support continued growth, and
innovative product development and operational improvement plans
across all our segments."
First Quarter
2019 Financial Results
Advanced Materials & Structures segment sales
were $120.5 million, up 5%. Continued double-digit growth in
transportation driven by paint protection films, and filtration
sales largely driven by RO water applications, were the largest
factors. Medical products sales also performed well, with
gains in both consumer-driven finger bandage products as well as
more advanced woundcare and specialty hospital products.
Infrastructure and construction was generally flat while industrial
sales declined. GAAP operating profit was $14.9 million, up
41%. Adjusted operating profit was $20.0 million, up 23%,
with margin expanding 250 basis points to 16.6%. Sales growth,
reduced fixed costs from a site closure, and lower resin input
costs drove the increased profitability.
Engineered Papers segment
sales were $137.5 million, down 6%, or 2% absent negative currency
impacts due mostly to a lower Euro. Positive price/mix
performance of 7% was offset by a volume decline of 9%.
Price/mix benefited from contractual wood pulp-based price
escalators on cigarette papers as well as a higher mix of LIP
volume compared to the prior year period. The volume decline
was driven primarily by the continued de-emphasis on certain low
margin non-tobacco products and lower sales of HnB recon products
versus a strong prior year period, which offset growth in cigarette
papers, including LIP. GAAP and adjusted operating profit
were each $28.7 million, down 15%, with operating profit margin
contracting by 220 basis points to 20.9%. Margins contracted
due to reduced manufacturing efficiencies as a result of lower
volume, as well as higher input costs. Unfavorable currency
movements resulted in a $0.9 million impact to operating
profit.
Unallocated GAAP and adjusted expenses were each
$13.2 million, up $3.7 million, and were 5.1% of total sales, up
150 basis points. The primary driver of the increase was
higher deferred compensation expense, which resulted from the
increase in SWM's stock price following significant volatility
during the fourth quarter of 2018. This factor contributed
more than half of the year-over-year unallocated expense increase,
with the remainder comprised mostly of higher IT expenses.
Consolidated sales were $258.0 million, down 1%.
GAAP operating profit was $30.4 million, down 13%, and GAAP
operating profit margin was 11.8%. Adjusted operating profit
was $35.5 million, also down 13%, and adjusted operating profit
margin was 13.8%, down 170 basis points. Adjusted EBITDA was $44.7
million, down 12%, and adjusted EBITDA margin was 17.3%, down 210
basis points.
GAAP income was $17.4 million,
versus $20.9 million; this equated to GAAP EPS of $0.56. Adjusted
income was $21.0 million, down 18%; this equated to Adjusted EPS of
$0.68. Interest expense was $7.8 million, up $1.6 million,
reflecting higher effective interest rates as a result of the bond
issuance during the third quarter of 2018. The Company reported a
tax rate of 20.0%, versus 25.6% in the prior year period, due to a
favorable geographic mix of earnings as well as discrete tax items
related to tax legislation changes. Absent discrete items,
the first quarter 2019 tax rate would have been approximately
22.7%. The Company's Chinese JVs generated a $0.01 loss for
both GAAP and adjusted EPS, consistent with historical seasonal
pattern and flat with the prior year period. Net currency
movements had a 3% negative impact on sales and a $1.1 million
negative impact on operating profits; the translation impact of net
currency movements was negative $0.02 to both GAAP EPS and Adjusted
EPS.
Non-GAAP Adjustments reflect items included in GAAP
operating profit, income, and EPS, but excluded from adjusted
operating profit, income, and EPS. The adjustments to first quarter
2019 results were purchase accounting expenses of $0.14 per share
(purchase accounting expenses reflect the ongoing non-cash
intangible asset amortization, as well as any non-cash one-time
inventory step-up charges, associated with AMS acquisitions) and a
$0.02 benefit related to tax legislation changes.
Cash Flow, Debt,
& Dividend
First quarter 2019 cash provided
by operating activities was $13.0 million, down from $22.0 million.
The Company's working capital-related cash outflows were $22.0
million, compared to $18.4 million in the first quarter of 2018.
Capital spending and capitalized software totaled $8.7 million, up
$2.3 million, due to increased capacity and IT investments to
support growth. Free cash flow was $4.3 million, down from $15.6
million, due to lower earnings, working capital changes and higher
capital spending. Year-to-date, the Company has paid dividends to
stockholders totaling $13.6 million.
Total debt was $620.3 million on
March 31, 2019, down $1.8 million from year end 2018; net debt
was $536.9 million on March 31, 2019, up $8.6 million from
year end 2018. Pursuant to the debt covenants, the Company's
net debt to adjusted EBITDA was approximately 2.6x as of
March 31, 2019, versus 2.5x at year end 2018.
The Company announced a quarterly
cash dividend of $0.44 per share. The dividend will be payable on
June 21, 2019 to stockholders of record as of May 24,
2019.
Conference Call
SWM will hold a conference call to
review first quarter 2019 results with investors and analysts at
8:30 a.m. Eastern time on Thursday, May 2, 2019. The earnings
conference call will be simultaneously broadcast over the Internet
at www.swmintl.com. To listen to the call, please go to the
Company's Web site at least 15 minutes prior to the call to
register and to download and install any necessary audio software.
For those unable to listen to the live broadcast, a replay will be
available on the Company's Web site shortly after the call.
SWM will use a presentation in
conjunction with its conference call. The presentation can be
found on the Company's Web site under the Investor Relations
section in advance of the earnings conference call. The
presentation can also be accessed via the earnings conference call
webcast.
About SWM
SWM is a leading global provider
of highly engineered papers, films, nets, and non-wovens for a
variety of applications and industries. As experts in
manufacturing materials made from fibers, resins, and polymers, we
provide our customers critical components that enhance the
performance of their end products. The Advanced Materials
& Structures segment focuses on resin-based rolled goods for
the filtration, transportation, infrastructure & construction,
medical, and industrial end-markets. This segment was
established in 2013 as part of a strategic transformation intended
to diversify SWM's historical concentration in the tobacco industry
and reposition the Company for long-term growth. The Company
currently generates approximately half of its total sales outside
the tobacco industry. The Engineered Papers segment remains
primarily focused on supplying major cigarette manufacturers with a
variety of specialty papers. SWM and its subsidiaries conduct
business in over 90 countries and employ approximately 3,500 people
worldwide. For further information, please visit SWM's Web
site at www.swmintl.com.
Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws that are subject to the safe harbor created by such
laws and other legal protections. Forward-looking
statements include, without limitation, those regarding 2019
guidance and future performance, 2019 capital expenditures,
future market and EPS trends, sales and volume trends, growth
prospects, capital spending, currency rates and trends and impact
on EPS, future cash flows, the Tax Act, effective tax
rates, diversification efforts of our AMS segment, future
results of AMS operations, future growth of non-tobacco sales, and
other statements generally identified by words such as "believe,"
"expect," "intend," "guidance," "plan," "forecast," "potential,"
"anticipate," "confident," "project," "appear," "future," "should,"
"likely," "could," "may," "typically," "will," and similar
words. These statements are not guarantees of future
performance and certain risks, uncertainties (some of which are
beyond the Company's control) and assumptions that may cause actual
results to differ materially from our expectations as of the date
of this release. These risks include, among other
things, those set forth in Part I, Item 1A. Risk Factors of our
Annual Report on Form 10-K for the year ended December 31,
2018, which can be found at the SEC's website www.sec.gov, as well
as the following factors:
-
Recent changes to U.S. federal income tax law,
the overall impact and interpretation of which remain uncertain and
could be material, in addition to the extent to which states may
conform to the newly enacted federal tax law as well as the impact
of the tax reform on holders of our common stock;
-
Changes in sales or production volumes, pricing
and/or manufacturing costs of Recon products, cigarette paper
(including for LIP cigarettes), including any change by our
customers in their tobacco and tobacco-related blends for their
cigarettes, their target inventory levels and/or the overall demand
for their products, new technologies such as e-cigarettes,
inventory adjustments and rebalancings in our EP segment.
Additionally, competition and changes in AMS end-market products
due to changing customer demands;
-
Changes in the Chinese economy, including
relating to the demand for reconstituted tobacco, premium
cigarettes and netting;
-
Risks associated with the implementation of our
strategic growth initiatives, including diversification, and the
Company's understanding of, and entry into, new industries and
technologies;
-
Changes in the source and intensity of
competition in our commercial segments. We operate in highly
competitive markets in which alternative supplies and technologies
may attract our customers away from our products. In
additional, our customers may, in some cases, produce for
themselves the components that the Company sells to them for
incorporation into their products, thus reducing or eliminating
their purchases from us;
-
Our ability to attract and retain key personnel,
due to our prior restructuring actions, the tobacco industry in
which we operate or otherwise;
-
Weather conditions, including potential impacts,
if any, from climate change, known and unknown, seasonality factors
that affect the demand for virgin tobacco leaf and natural
disasters or unusual weather events;
-
Seasonal or cyclical market and industry
fluctuations which may result in reduced net sales and operating
profits during certain periods;
-
Increases in commodity prices and lack of
availability of such commodities, including energy, wood pulp and
resins, could impact the sales and profitability of our
products;
-
Adverse changes in the oil, gas, automotive,
construction and infrastructure, and mining sectors impacting key
AMS segment customers;
-
Increases in operating costs due to inflation or
otherwise, such as labor expense, compensation and benefits
costs;
-
Employee retention and labor
shortages;
-
Changes in employment, wage and hour laws and
regulations in the U.S., France and elsewhere, including loi de
Securisation de l'emploi, unionization rule and regulations by the
National Labor Relations Board, equal pay initiatives, additional
anti-discrimination rules or tests and different interpretations of
exemptions from overtime laws;
-
Labor strikes, stoppages, disruptions or other
disruptions at our facilities;
-
The impact of tariffs, and the imposition of any
future tariffs and other trade barriers, and the effects of
retaliatory trade measures;
-
Existing and future governmental regulation and
the enforcement thereof, for example relating to the tobacco
industry, taxation and the environment (including the impact
thereof on our Chinese joint ventures);
-
New reports as to the effect of smoking on human
health or the environment;
-
Changes in general economic, financial and
credit conditions in the U.S., Europe, China and elsewhere,
including the impact thereof on currency exchange rates (including
any weakening of the euro and Real) and on interest
rates;
-
Changes in the method pursuant to which LIBOR
rates are determined and the potential phasing out of LIBOR after
2021;
-
Changes in the manner in which we finance our
debt and future capital needs, including potential
acquisitions;
-
The success of, and costs associated with, our
current or future restructuring initiatives, including the granting
of any needed governmental approvals and the occurrence of work
stoppages or other labor disruptions;
-
Changes in the discount rates, revenue growth,
cash flow growth rates or other assumptions used by the Company in
its assessment for impairment of assets and adverse economic
conditions or other factors that would result in significant
impairment charges;
-
The failure of one or more material suppliers,
including energy, resin and pulp suppliers, to supply materials as
needed to maintain our product plans and cost structure;
-
International conflicts and disputes, such as
those involving the Russian Federation, Korea and the Middle East,
which restrict our ability to supply products into affected
regions, due to the corresponding effects on demand, the
application of international sanctions, or practical consequences
on transportation, banking transactions, and other commercial
activities in troubled regions;
-
Compliance with the FCPA and other
anti-corruption laws or trade control laws, as well as other laws
governing our operations;
-
The pace and extent of further international
adoption of LIP cigarette standards and the nature of standards so
adopted;
-
Risks associated with our 50%-owned, non-U.S.
joint ventures relating to control and decision-making, compliance,
accounting standards, transparency and customer relations, among
others;
-
A failure in our risk management and/or currency
or interest rate swaps and hedging programs, including the failures
of any insurance company or counterparty;
-
The number, type, outcomes (by judgment or
settlement) and costs of legal, tax, regulatory or administrative
proceedings, litigation and/or amnesty programs, including those in
Brazil, France and Germany;
-
The outcome and cost of LIP-related intellectual
property infringement and validity litigation in Europe and the
Glatz's German Patent Court invalidation proceedings;
-
Risks associated with our technological
advantages in our intellectual property and the likelihood that our
current technological advantages are unable to continue
indefinitely;
-
Risks associated with acquisitions or other
strategic transactions, including acquired liabilities and
restrictions, retaining customers from businesses acquired,
achieving any expected results or synergies from acquired
businesses, complying with new regulatory frameworks, difficulties
in integrating acquired businesses or implementing strategic
transactions generally and risks associated with international
acquisition transactions, including in countries where we do not
currently have a material presence;
-
Risks associated with dispositions, including
post-closing claims being made against us, disruption to our other
businesses during a sale process or thereafter, credit risks
associated with any buyer of such disposed assets and our ability
to collect funds due from any such buyer;
-
Risks associated with our global asset
realignment initiatives, including: changes in tax law, treaties,
interpretations, or regulatory determinations; audits made by
applicable regulatory authorities and/or our auditor; and our
ability to operate our business in a manner consistent with the
regulatory requirements for such realignment;
-
Increased taxation on tobacco-related
products;
-
Costs and timing of implementation of any
upgrades or changes to our information technology
systems;
-
Failure by us to comply with any privacy or data
security laws or to protect against theft of customer, employee and
corporate sensitive information;
-
Changes in tax rates, the adoption of new U.S.
or international tax legislation or exposure to additional tax
liabilities;
-
Changes in construction and infrastructure
spending and its impact on demand for certain
products;
-
Potential loss of consumer awareness and demand
for acquired companies' products if it is decided to rebrand those
products under the Company's legacy brand names; and
-
Other factors described elsewhere in this
document and from time to time in documents that we file with the
SEC.
All forward-looking statements
made in this document are qualified by these cautionary
statements. These forward-looking statements are made only as
of the date of this document, and we do not undertake any
obligation, other than as may be required by law, to update or
revise any forward-looking or cautionary statements to reflect
changes in assumptions, the occurrence of events, unanticipated or
otherwise, or changes in future operating results over time or
otherwise.
Comparisons of results for current
and any prior periods are not intended to express any future trends
or indications of future performance unless expressed as such, and
should only be viewed as historical data.
For additional factors and further
discussion of these factors, please see SWM's Annual Report on Form
10-K for the period ended December 31, 2018, and other reports
we file from time to time, which can be found at the SEC's website
www.sec.gov. The discussion of these risks is specifically
incorporated by reference into this release. The financial results
reported in this release are unaudited.
Non-GAAP
Financial Measures
Certain financial measures and
comments contained in this press release exclude restructuring
expenses, certain purchase accounting adjustments related to AMS
segment acquisitions, interest expense, income tax provision,
capital spending, capitalized software, and depreciation and
amortization. This press release also provides certain
information regarding the Company's financial results excluding
currency impacts. This information estimates the impact of
changes in foreign currency rates on the translation of the
Company's current financial results as compared to the applicable
comparable period and is derived by translating the current local
currency results into U.S. Dollars based upon the foreign currency
exchange rates for the applicable comparable period.
Financial measures which exclude or include these items have not
been determined in accordance with accounting principles generally
accepted in the United States (GAAP) and are therefore "non-GAAP"
financial measures. Reconciliations of these non-GAAP financial
measures to the most closely analogous measure determined in
accordance with GAAP are included in the financial schedules
attached to this release.
The Company believes that the
presentation of non-GAAP financial measures in addition to the
related GAAP measures provides investors with greater transparency
to the information used by the Company's management in its
financial and operational decision-making. Management also
believes that the non-GAAP financial measures provide additional
insight for analysts and investors in evaluating the Company's
financial and operational performance in the same way that
management evaluates the Company's financial performance.
Management believes that providing this information enables
investors to better understand the Company's operating performance
and financial condition. These non-GAAP financial measures
are not calculated or presented in accordance with, and are not
intended to be considered in isolation or as alternatives or
substitutes for, or superior to, financial measures prepared and
presented in accordance with GAAP, and should be read only in
conjunction with the Company's financial measures prepared and
presented in accordance with GAAP. The non-GAAP financial measures
used in this release may be different from the measures used by
other companies.
(Tables to Follow)
SOURCE SWM:
CONTACT
Andrew Wamser
Chief Financial Officer
+1-770-569-4271
Or
Mark Chekanow
Director of Investor Relations
+1-770-569-4229
Web site:
http://www.swmintl.com
SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REPORTING
(Dollars in millions)
(Unaudited)
Net Sales |
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2019 |
|
2018 |
|
% Change |
AMS |
$ |
120.5 |
|
|
$ |
115.3 |
|
|
4.5 |
% |
EP |
137.5 |
|
|
146.6 |
|
|
(6.2 |
)% |
Total Consolidated |
$ |
258.0 |
|
|
$ |
261.9 |
|
|
(1.5 |
)% |
Operating
Profit (Loss) |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
AMS |
$ |
14.9 |
|
|
$ |
10.6 |
|
|
12.4 |
% |
|
9.2 |
% |
EP |
28.7 |
|
|
33.9 |
|
|
20.9 |
% |
|
23.1 |
% |
Unallocated |
(13.2 |
) |
|
(9.5 |
) |
|
|
|
|
Total Consolidated |
$ |
30.4 |
|
|
$ |
35.0 |
|
|
11.8 |
% |
|
13.4 |
% |
Restructuring
& Impairment Expenses and Purchase Accounting
Adjustments |
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
AMS - Restructuring &
Impairment Expenses |
$ |
- |
|
|
$ |
0.4 |
|
AMS - Purchase Accounting Adjustments |
5.1 |
|
|
5.2 |
|
Total Consolidated |
$ |
5.1 |
|
|
$ |
5.6 |
|
Adjusted
Operating Profit (Loss) * |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
AMS |
$ |
20.0 |
|
|
$ |
16.2 |
|
|
16.6 |
% |
|
14.1 |
% |
EP |
28.7 |
|
|
33.9 |
|
|
20.9 |
% |
|
23.1 |
% |
Unallocated |
(13.2 |
) |
|
(9.5 |
) |
|
|
|
|
Total Consolidated |
$ |
35.5 |
|
|
$ |
40.6 |
|
|
13.8 |
% |
|
15.5 |
% |
* Adjusted Operating Profit (Loss), a
non-GAAP financial measure, is calculated by adding Restructuring
& Impairment Expenses and Purchase Accounting Adjustments to
Operating Profit.
SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND
SUPPLEMENTAL DATA
(Dollars in millions, except per share
amounts)
|
Three Months
Ended March 31, |
|
2019 |
|
2018 |
Operating profit |
$ |
30.4 |
|
|
$ |
35.0 |
|
Plus: Restructuring and impairment expense |
- |
|
|
0.4 |
|
Plus: Purchase accounting
adjustments |
5.1 |
|
|
5.2 |
|
Adjusted Operating Profit |
$ |
35.5 |
|
|
$ |
40.6 |
|
|
|
|
|
Income |
$ |
17.4 |
|
|
$ |
20.9 |
|
Plus: Restructuring and
impairment expense |
- |
|
|
0.4 |
|
Less: Tax impact of restructuring and impairment
expense |
- |
|
|
(0.1 |
) |
Plus: Purchase accounting
adjustments |
5.1 |
|
|
5.4 |
|
Less: Tax impact of purchase accounting adjustments |
(0.9 |
) |
|
(1.0 |
) |
Less: Tax legislative changes,
net of other discrete items |
(0.6 |
) |
|
- |
|
Adjusted Income |
$ |
21.0 |
|
|
$ |
25.6 |
|
|
|
|
|
Earnings per share - diluted |
$ |
0.56 |
|
|
$ |
0.67 |
|
Plus: Loss per share from
discontinued operations |
- |
|
|
0.01 |
|
Earnings per share from continuing operations |
0.56 |
|
|
0.68 |
|
Plus: Restructuring and
impairment expense |
- |
|
|
0.01 |
|
Plus: Purchase accounting adjustments |
0.17 |
|
|
0.18 |
|
Less: Tax impact of purchase
accounting adjustment |
(0.03 |
) |
|
(0.04 |
) |
Less: Tax legislative changes, net of other discrete
items |
(0.02 |
) |
|
- |
|
Adjusted Earnings Per Share -
Diluted |
$ |
0.68 |
|
|
$ |
0.83 |
|
SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND
SUPPLEMENTAL DATA
(Dollars in millions, except per share
amounts)
|
Three Months
Ended March 31, |
|
2019 |
|
2018 |
Net income |
$ |
17.4 |
|
|
$ |
20.5 |
|
Plus: Loss from discontinued operations |
- |
|
|
0.4 |
|
Income from continuing
operations |
17.4 |
|
|
20.9 |
|
Plus: Interest expense |
7.8 |
|
|
6.2 |
|
Plus: Provision for income
taxes |
4.4 |
|
|
7.3 |
|
Plus: Depreciation & amortization |
14.3 |
|
|
15.3 |
|
Plus: Restructuring and
impairment expense |
- |
|
|
0.4 |
|
Plus: Loss from equity affiliates |
0.2 |
|
|
0.3 |
|
Plus: Other expense, net |
0.6 |
|
|
0.3 |
|
Adjusted EBITDA from continuing operations |
$ |
44.7 |
|
|
$ |
50.7 |
|
|
|
|
|
AMS adjusted EBITDA |
$ |
23.3 |
|
|
$ |
20.2 |
|
EP adjusted EBITDA |
34.5 |
|
|
40.1 |
|
Unallocated adjusted EBITDA |
(13.1 |
) |
|
(9.6 |
) |
Adjusted EBITDA from
continuing operations |
$ |
44.7 |
|
|
$ |
50.7 |
|
|
|
|
|
Cash provided by operating
activities |
$ |
13.0 |
|
|
$ |
22.0 |
|
Less: Capital spending |
(7.3 |
) |
|
(6.0 |
) |
Less: Capitalized software
costs |
(1.4 |
) |
|
(0.4 |
) |
Free Cash Flow |
$ |
4.3 |
|
|
$ |
15.6 |
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
Total Debt |
$ |
620.3 |
|
|
$ |
622.1 |
|
Less: Cash |
83.4 |
|
|
93.8 |
|
Net Debt |
$ |
536.9 |
|
|
$ |
528.3 |
|
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Schweitzer-Mauduit International Inc via
Globenewswire
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