ALPHARETTA, GA, May 3, 2017
-- Schweitzer-Mauduit International, Inc. ("SWM" or the "Company")
(NYSE: SWM) reported earnings results for the three month period
ended March 31, 2017.
Adjusted measures
are reconciled to GAAP at the end of this release. All
financial measures are from continuing operations and per share
data is on a diluted basis. All financial and operational
comparisons are versus the comparable prior year period. Key
definitions: Advanced Materials & Structures segment (AMS),
Engineered Papers segment (EP), Low Ignition Propensity (LIP), and
Reconstituted Tobacco Leaf (RTL)
First Quarter
2017 Financial Summary
-
Net sales increased 9% to $233.3 million;
excluding Conwed acquisition (organic), net sales decreased
4%
-
Operating profit was $26.6
million, or 11.4% of net sales, down from $31.6 million, or
14.7% of net sales; adjusted operating profit was $35.6
million, or 15.3% of net sales, down from $36.5 million, or
17.0% of net sales
-
GAAP EPS was $0.45, down 35%; Adjusted EPS was
$0.66, down 18%
-
Advanced Materials &
Structures' organic net sales increased and Conwed integration is
underway; within Engineered Papers, LIP and RTL volumes both
declined as expected
First Quarter
2017 Business Highlights
-
Advanced Materials & Structures segment
organic net sales increased 3%, driven by strong growth into the
transportation end-market; net sales increased 41% including the
Conwed acquisition
-
AMS segment GAAP and adjusted operating profit
margins expanded 160 and 470 basis points, respectively, reflecting
organic sales growth, solid base business profitability, and the
addition of acquired operations
-
SG&A and procurement synergy execution are
on track for strong expected 2H:17 savings, and management
has begun planning the 2018 consolidation of a legacy AMS
site to drive significant manufacturing synergies
-
Engineered Papers segment net sales decreased
7%, due mainly to anticipated declines in LIP and RTL; total
segment volume declined 5%
-
EP segment GAAP and adjusted operating profit
margins decreased 450 and 470 basis points, respectively, due
primarily to the previously anticipated impact of high-margin LIP
and RTL declines
-
The Company also recently announced a planned
Chief Executive Officer transition
Frederic Villoutreix, Co-CEO,
commented, "First quarter Adjusted EPS of $0.66 was a solid start
to the year, and we are pleased with several positive themes
throughout the business relating to both our 2017 performance and
longer-term outlook. We have returned to delivering organic
sales growth in AMS, as surface protection films led the portfolio
with solid double-digit gains. AMS segment margins benefited
from strength of these high value products, the positive mix effect
of exiting certain commodity-grade industrial sales, and the
addition of Conwed's high margin operations. In addition to
the near-term SG&A and resin purchasing synergies already
materializing through integration, we have initiated a significant
footprint optimization project with the phased closing of a legacy
AMS facility. We intend to absorb that plant's capacity
across the existing infrastructure. These actions are the key
catalysts for realizing our $10 million synergy goal as we leverage
increased scale, reduce fixed costs, and concentrate production in
our best performing
sites."
"Engineered Papers performed
generally as expected with LIP and RTL volume declines impacting
the top line and profit margins. LIP sales faced a difficult
comparison given our customers' inventory builds a year ago ahead
of European packaging regulatory changes, and for RTL we continued
to absorb the effects of certain customers re-blending their
cigarettes to favor oversupplied natural tobacco leaf versus our
products. Despite these challenges, and some manufacturing
inefficiencies in certain sites, adjusted segment operating profit
margin remained above 20%. Though not yet material to
financial results, emerging customer demand for innovative
reconstituted tobacco products used in next-generation
Heat-not-Burn devices supports our optimism that this application
could offer an attractive long-term offset to attrition-based
declines for traditional RTL."
Mr. Villoutreix concluded,
"Looking at the remainder of 2017, our Adjusted EPS guidance of
$3.15 implies relatively stable results versus last year. For
AMS, we expect to deliver continued organic sales growth and strong
year-over-year margin improvements, achieve Conwed's expected
accretion, and execute our synergy plans. For Engineered
Papers, we expect the difficult year-over-year comparisons for LIP
volumes to ease, RTL volume declines to remain challenging,
Heat-not-Burn sales to ramp up, and segment margins to improve
sequentially from first quarter results. With regards to the
announced management transition, it has been a great privilege to
serve as SWM's leader for more than a decade. With nearly 50%
of revenues now outside of the tobacco industry, our strategic
diversification actions since 2013 have repositioned SWM as a more
balanced enterprise. Engineered Papers generates substantial
cash flow for internal investments and shareholder dividends and
AMS offers strong top-and-bottom line growth opportunities across
multiple attractive end-markets. I believe this combination
creates a foundation for sustainable long-term profit growth."
CEO
Transition
At the end of the first quarter,
the Company announced a planned management transition. Effective
Friday, May 5th, Jeffrey
Kramer, PhD will assume the role of sole Chief Executive
Officer. Dr. Kramer recently served as President and CEO of
J.A.M. Distributing, which was acquired by Brenntag AG, a
German-based chemicals distributor. He previously spent 25
years at Air Products and Chemicals, Inc. (NYSE:APD).
Dr. Kramer, Co-CEO, commented,
"SWM's vibrant culture of customer-driven innovation paired with a
rigorous operational excellence discipline provides a firm
foundation to build upon, and I look forward to leading the next
phase of our evolution. We will remain focused on advancing
the strategic momentum of AMS, maximizing the value of the highly
profitable, mature paper franchise, and exploring additional
avenues of internal growth and potential acquisitions. I
believe SWM has significant opportunities ahead to further our
successful transformation into a more growth-oriented enterprise
and create meaningful value for our employees, customers, and
investors."
First Quarter
2017 Financial Results
Advanced Materials & Structures segment net
sales were $100.0 million, up 41%, including the Conwed
acquisition. Organic net sales increased 3%, driven by
double-digit growth in surface protection films for automotive
paint protection and glass lamination applications sold into the
transportation end-market. Filtration sales were flattish
while industrial growth was offset by soft medical sales.
Conwed's overall results for the first three months of 2017 were
generally in line with our expectations, with double-digit growth
in core erosion control products into the infrastructure and
construction end-markets. Base business volume growth and
favorable sales mix shifts, including growth in surface protection
products and the exit of low-margin industrial sales, together with
contributions from Conwed and early-stage synergies, drove margin
expansion. GAAP operating profit was $8.9 million, up 71%;
adjusted operating profit was $17.2 million, up 93%. GAAP and
adjusted operating profit margins expanded 160 and 470 basis
points, respectively.
Engineered Papers segment net
sales were $133.3 million, down 7%, driven primarily by a 5%
overall volume decline. As anticipated, LIP volume was lower
as 1Q:16 results were particularly strong due to customer-driven
inventory builds, and RTL volumes were impacted by re-blending
decisions by certain customers. These declines were partially
offset by non-tobacco volume growth. A net negative price/mix
impact and anticipated lower LIP licensing royalties combined for
the remaining 2% of the sales decrease. Operating profit
margin was negatively affected by the decrease in high-margin LIP
and RTL volumes and manufacturing inefficiencies compared to the
prior year period. In 1Q:16, the LIP inventory build
benefited margins due to high asset utilization and overhead
absorption. In addition, certain production line restarts in
1Q:17 (from planned year-end shutdowns) resulted in inefficiencies,
which were addressed mid-quarter. Segment SG&A expenses were
favorable to the prior year. GAAP operating profit was $26.9
million, down 24%; adjusted operating profit was $27.4 million,
down 25%. GAAP and adjusted operating profit margin declined
450 and 470 basis points, respectively.
Unallocated GAAP expenses were $9.2 million, up 1%;
unallocated adjusted expenses were $9.0 million, up 2%. Costs
associated with the CEO transition more than offset declines in
other areas such as consulting fees and integration.
Consolidated net sales were $233.3 million, up 9%,
but decreased 4% on an organic basis. The Conwed acquisition
(closed on January 20, 2017) contributed $26.6 million of
incremental net sales. GAAP operating profit was $26.6
million, down 16%, and GAAP operating profit margin was 11.4%, down
330 basis points. Adjusted operating profit was $35.6
million, down 2%, and adjusted operating profit margin was 15.3%,
down 170 basis points. Adjusted EBITDA was $43.9 million,
down 5%, and adjusted EBITDA margin was 18.8%, down 280 basis
points.
GAAP income was $13.7 million,
down 35%; this equated to GAAP EPS of $0.45. Adjusted income
was $19.8 million, down 19%; this equated to Adjusted EPS of
$0.66. Interest expense was $5.8 million, up $1.2 million due
to the Conwed acquisition. The Company recognized a $0.04 per
share gain in 1Q:16 related to the sale of water rights; no
comparable gain was recognized this quarter. The Company's
effective tax rate was 34.3%, up from 27.6%, due to a higher
concentration of U.S. profits, lower foreign tax credits, tax rate
increases in certain jurisdictions, and certain discrete
items. Absent the discrete items, the effective tax rate in
1Q:17 would have been 32.1%. The Chinese JVs were neutral
GAAP EPS and Adjusted EPS, similar to last year. Net currency
movements had an immaterial impact on sales and operating profits;
translation impact of net currency movements was negative $0.01 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 most significant item
was purchase accounting expenses, which were $0.18 per share, up
$0.12. These expenses capture the ongoing non-cash
intangible asset amortization, as well as non-cash one-time
inventory step-up charges, associated with AMS acquisitions.
Restructuring and impairment expenses were $0.03 per share, down
$0.02.
Cash Flow, Debt, &
Dividend
Year-to-date cash provided by
operating activities was $12.9 million, down $4.8 million.
The Company's working capital-related cash outflows were $19.3
million, up $5.4 million. Capital spending and capitalized
software totaled $11.9 million, up $7.2 million, due in part to
investments for specialty filtration paper production. Free
Cash Flow was $1.0 million, down $12.0 million due to lower
profitability and capital spending timing. The Company paid
dividends totaling $12.9 million to shareholders in April 2017.
Net debt was $626.3 million on
March 31, 2017, versus $333.0 million at December 31, 2016 due
mainly to the closing of the Conwed acquisition. Pursuant to
the debt covenants and certain adjustments to foreign cash balances
contained in the Company's credit facility, the Company's net debt
to adjusted EBITDA was approximately 3.2x as of March 31,
2017.
The Company announced that a
quarterly cash dividend of $0.42 per share will be payable on
June 23, 2017 to stockholders of record as of May 26,
2017.
2017 Financial Outlook (as issued
in February 2017)
In February 2017, the Company
issued annual guidance of $3.15 for 2017E Adjusted EPS. This
equates to $2.52 of GAAP EPS. The adjusted EPS estimate
excludes $0.09 per share of restructuring expenses and $0.54 per
share of non-cash purchase accounting expenses related to AMS
segment acquisitions.
The Company expects 2017 capital
expenditures and capitalized software spending to total
approximately $35 million.
Conference Call
SWM will hold a conference call to
review first quarter 2017 results with investors and analysts at
8:30 a.m. Eastern time on Thursday, May 4, 2017. 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 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 solutions and advanced materials for a variety
of industries. Historically, SWM primarily served the tobacco
industry, which remains a key focus. SWM also manufactures
specialty papers for other applications and is executing a
strategic transformation to diversify its product portfolio.
SWM's Advanced Materials & Structures segment, which focuses on
resin-based rolled goods, includes DelStar Technologies, acquired
in 2013, Argotec in late 2015, Conwed in early 2017, and other
recent acquisitions. These acquisitions expanded the
Company's product portfolio and end-markets served to include
filtration, transportation, construction & infrastructure,
medical, and industrial. SWM and its subsidiaries conduct
business in over 90 countries and employ approximately 3,400 people
worldwide, with operations in the United States, United Kingdom,
Canada, France, Luxembourg, Russia, Brazil, Poland, Belgium and
China, including two joint ventures. 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 2017
guidance and future performance, future market and EPS trends,
future EPS contributions of our China JVs and RTL, AMS margins,
sales and volume trends, Argotec financial results, growth
prospects, capital spending, currency rates and trends and impact
on EPS, 2017 momentum, future cash flows, effective tax rates, 2017
LIP sales trends, future RTL volumes, LIP pricing and royalties,
diversification efforts of our AMS segment, accretion from the
Conwed acquisition, future results of DelStar, interest rate swap
impacts, future growth of non-tobacco sales, benefits of AMS' new
enterprise resource planning system, and other statements generally
identified by words such as "believe," "expect," "intend," "plan,"
"potential," "anticipate," "project," "appear," "should," "could,"
"may," "typically," "will," and similar words. These
statements are not guarantees of future performance and involve
certain risks and uncertainties 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, 2016, as well as the following
factors:
-
Changes in sales or production
volumes, pricing and/or manufacturing costs of reconstituted
tobacco products, cigarette paper (including for lower ignition
propensity cigarettes), filtration-related products due to changing
customer demands (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, competition or otherwise;
-
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;
-
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;
-
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;
-
Increases in operating costs due
to inflation or otherwise, such as labor expense, compensation and
benefits costs, including costs related to the comprehensive health
care reform law enacted in the US in 2010;
-
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;
-
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);
-
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;
-
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 and the
Middle East, which restrict our ability to supply product in the
affected regions due to the corresponding effects on demand, the
application of international sanctions, or practical consequences
on transportation, banking transactions, or other commercial
activities in troubled regions;
-
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;
-
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;
-
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;
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, 2016 and other reports we
file from time to time. 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
alternatives or substitutes for, financial measures prepared in
accordance with GAAP, and should be read only in conjunction with
the Company's financial measures prepared in accordance with
GAAP.
(Tables to Follow)
SOURCE SWM:
CONTACT
Allison Aden
Chief Financial Officer
+1-770-569-4277
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, |
|
2017 |
|
2016 |
|
% Change |
Advanced
Materials & Structures |
$ |
100.0 |
|
|
$ |
71.0 |
|
|
40.8 |
% |
Engineered Papers |
133.3 |
|
|
143.6 |
|
|
(7.2 |
)% |
Total
Consolidated |
$ |
233.3 |
|
|
$ |
214.6 |
|
|
8.7 |
% |
Operating Profit (Loss) from Continuing Operations |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Advanced
Materials & Structures |
$ |
8.9 |
|
|
$ |
5.2 |
|
|
8.9 |
% |
|
7.3 |
% |
Engineered Papers |
26.9 |
|
|
35.5 |
|
|
20.2 |
% |
|
24.7 |
% |
Unallocated |
(9.2 |
) |
|
(9.1 |
) |
|
|
|
|
Total Consolidated |
$ |
26.6 |
|
|
$ |
31.6 |
|
|
11.4 |
% |
|
14.7 |
% |
Restructuring and Impairment Expenses and Purchase
Accounting Adjustments |
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Advanced
Materials & Structures |
$ |
8.3 |
|
|
$ |
3.7 |
|
Engineered Papers |
0.5 |
|
|
0.9 |
|
Unallocated |
0.2 |
|
|
0.3 |
|
Total Consolidated |
$ |
9.0 |
|
|
$ |
4.9 |
|
Adjusted Operating Profit (Loss) from Continuing
Operations* |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Advanced
Materials & Structures |
$ |
17.2 |
|
|
$ |
8.9 |
|
|
17.2 |
% |
|
12.5 |
% |
Engineered Papers |
27.4 |
|
|
36.4 |
|
|
20.6 |
% |
|
25.3 |
% |
Unallocated |
(9.0 |
) |
|
(8.8 |
) |
|
|
|
|
Total Consolidated |
$ |
35.6 |
|
|
$ |
36.5 |
|
|
15.3 |
% |
|
17.0 |
% |
* Adjusted Operating Profit (Loss)
from Continuing Operations, a non-GAAP financial measure, is
calculated by adding Restructuring and Impairment Expenses and
Purchase Accounting Adjustments to Operating Profit from Continuing
Operations.
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, |
|
2017 |
|
2016 |
Operating
profit from continuing operations |
$ |
26.6 |
|
|
$ |
31.6 |
|
Plus: Restructuring and
impairment expense |
1.1 |
|
|
1.8 |
|
Plus: Purchase
accounting adjustments |
7.9 |
|
|
3.1 |
|
Adjusted Operating Profit from
Continuing Operations |
$ |
35.6 |
|
|
$ |
36.5 |
|
|
|
|
|
Income from continuing
operations |
$ |
13.7 |
|
|
$ |
21.1 |
|
Plus:
Restructuring and impairment expense |
1.1 |
|
|
1.8 |
|
Less: Tax impact of restructuring
and impairment expense |
(0.4 |
) |
|
(0.4 |
) |
Plus: Purchase
accounting adjustments |
7.9 |
|
|
3.1 |
|
Less: Tax impact of purchase
accounting adjustments |
(2.5 |
) |
|
(1.2 |
) |
Adjusted Income
from Continuing Operations |
$ |
19.8 |
|
|
$ |
24.4 |
|
|
|
|
|
Earnings per
share - diluted |
$ |
0.45 |
|
|
$ |
0.69 |
|
Plus: Loss (income) per share
from discontinued operations |
- |
|
|
- |
|
Earnings per
share from continuing operations |
0.45 |
|
|
0.69 |
|
Plus: Restructuring and
impairment expense per share |
0.04 |
|
|
0.06 |
|
Less: Tax
impact of restructuring and impairment expense per share |
(0.01 |
) |
|
(0.01 |
) |
Plus: Purchase accounting
adjustments per share |
0.26 |
|
|
0.10 |
|
Less: Tax
impact of purchase accounting adjustments per share |
(0.08 |
) |
|
(0.04 |
) |
Adjusted Earnings Per Share from
Continuing Operations - Diluted |
$ |
0.66 |
|
|
$ |
0.80 |
|
|
|
|
|
Income from continuing
operations |
$ |
13.7 |
|
|
$ |
21.1 |
|
Plus: Interest
expense |
5.8 |
|
|
4.6 |
|
Plus: Income tax (benefit)
provision |
7.1 |
|
|
8.1 |
|
Plus:
Depreciation & amortization |
16.2 |
|
|
10.8 |
|
Plus: Restructuring and
impairment expense |
1.1 |
|
|
1.8 |
|
Adjusted EBITDA
from Continuing Operations |
$ |
43.9 |
|
|
$ |
46.4 |
|
|
|
|
|
Cash provided
by operating activities of continuing operations |
$ |
12.9 |
|
|
$ |
17.7 |
|
Less: Capital spending |
(11.1 |
) |
|
(4.5 |
) |
Less:
Capitalized software costs |
(0.8 |
) |
|
(0.2 |
) |
Free Cash Flow from Continuing
Operations |
$ |
1.0 |
|
|
$ |
13.0 |
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
|
|
|
Total Debt |
$ |
726.1 |
|
|
$ |
440.4 |
|
Less: Cash |
99.8 |
|
|
107.4 |
|
Net Debt |
$ |
626.3 |
|
|
$ |
333.0 |
|
SCHWEITZER-MAUDUIT
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND
SUPPLEMENTAL DATA
(Dollars in millions, except per share
amounts)
2017
GUIDANCE FROM CONTINUING OPERATIONS |
|
2017E |
2017E Diluted Earnings Per Share
from Continuing Operations |
$ |
2.52 |
|
Plus:
Restructuring/Impairment expense, per share |
0.13 |
|
Less: Tax impact of
restructuring/impairment expense, per share |
(0.04 |
) |
Plus: Purchase
accounting expense, per share |
0.81 |
|
Less: Tax impact of purchase
accounting expense, per share |
(0.27 |
) |
2017E Adjusted
Diluted Earnings Per Share from Continuing Operations |
$ |
3.15 |
|
* Excluded from the above reconciliation are
potential transaction costs associated with future
acquisitions.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions 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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