ALPHARETTA, GA, May 2, 2018
-- Schweitzer-Mauduit International, Inc. ("SWM" or the "Company")
(NYSE: SWM) reported earnings results for the three month period
ended March 31, 2018.
Adjusted measures
are reconciled to GAAP at the end of this release. Financial
measures are from continuing operations and per share data is on a
diluted basis. Financial and operational comparisons are
versus the comparable prior year period. Key definitions:
Advanced Materials & Structures (AMS), Engineered Papers (EP),
Low Ignition Propensity (LIP), Reconstituted Tobacco Leaf (RTL),
and Heat-not-Burn (HnB)
First Quarter
2018 Financial Results Summary
- Total sales grew 12% to $261.9 million; Advanced
Materials & Structures sales increased 15% and Engineered
Papers sales increased 10%
- GAAP operating profit was $35.0 million, or 13.4%
of sales, up 27% from $27.6 million, or 11.8% of sales; adjusted
operating profit was $40.6 million, or 15.5% of sales, up 11% from
$36.6 million, or 15.7% of sales
- GAAP earnings per share was $0.68, up 51%;
Adjusted EPS was $0.82, up 24%.
First Quarter 2018 Business
Highlights
-
AMS segment sales increased 15%; organic sales
growth was 7% (pro forma for Conwed acquisition) with strong gains
in transportation and filtration
-
AMS GAAP operating profit margin increased
slightly due to significantly lower purchase accounting expenses;
adjusted operating profit margin contracted 310 basis points due
primarily to short-term pressure from input costs and the planned
site closure
-
EP segment sales increased 10% on 2% volume
growth; favorable currency movements provided an 8% increase
-
EP GAAP and adjusted operating profit margins
expanded 220 and 180 basis points, respectively, with improved
manufacturing performance compared to the prior-year quarter
offsetting higher pulp costs
Dr. Jeff Kramer, Chief Executive
Officer, commented, "2018 is off to a good start with robust
top-line growth in both segments, higher operating profits, and
lower taxes combining to deliver 24% Adjusted EPS growth. AMS
organic sales increased 7%, with healthy gains across most of our
end-markets. Importantly, our transportation sales resumed
the positive momentum we saw throughout most of 2017. Our
filtration sales also delivered strong growth as the expected
rebound in the water filtration market materialized and our process
filtration business continued to expand. Higher sales were
offset by short-term margin pressure from higher resin costs and
expenses and anticipated inefficiencies related to the planned site
closure. We expect recently implemented price increases to
help mitigate the resin impact through the remainder of the year
and second-half synergies from the facility rationalization to
offset the short-term margin pressure."
"Our paper business delivered
solid sales and margin performance. Overall segment volume
increased 2%, with stability in total cigarette paper volume,
Heat-not-Burn essentially offsetting the decline in traditional
RTL, and non-tobacco volume growing, while currency movements
provided a substantial tailwind for sales. Strong plant
performance offset higher pulp costs and contributed to segment
margin expansion compared to a relatively weak first quarter in
2017. In response to rising pulp costs, we have implemented
selective price increases and continue to assess further
actions. We also had a positive legal result involving our
LIP patent, recording a one-time $1.2 million non-operating gain;
however, there are no updates in our primary case where we continue
assessing potential outcomes from the favorable ruling we received
at the end of 2017."
Dr. Kramer concluded, "We also saw
a marked improvement in first quarter free cash flow in conjunction
with strong earnings growth, and we continue to explore
acquisitions to further transform the business while executing on
our 2018 synergy plan and organic growth initiatives."
First Quarter
2018 Financial Results
Advanced Materials & Structures segment sales
were $115.3 million, up 15%, including the 3-week partial period
benefit from the Conwed acquisition in 2018. Pro forma
(assuming SWM had owned Conwed for the full first quarter of 2017)
organic growth was 7%. Strong sales increases in
transportation, filtration, industrial, and medical products were
key drivers. These gains were partially offset by softness in
infrastructure and construction. GAAP operating profit was
$10.6 million, up 19%; the increase was attributable to a
significant reduction in purchase accounting expenses, specifically
one-time inventory step-up charges. Adjusted operating profit
was $16.2 million, down 6%, with margin contracting 310 basis
points to 14.1%. Higher resin costs and accelerated depreciation
and anticipated manufacturing inefficiencies at the site scheduled
for closure in the second half of 2018 negatively impacted
profitability.
Engineered Papers segment
sales were $146.6 million, up 10%, with favorable currency
movements of $11.0 million, or 8%. Overall volume increased
2% with stable tobacco-driven volumes and growth in non-tobacco
papers. Price and mix were net neutral and LIP royalties were
flat. GAAP operating profit was $33.9 million, up 22%, and
adjusted operating profit was $33.9 million, up 19%; GAAP and
adjusted operating profit margins expanded 220 and 180 basis
points, respectively. The improvement was primarily driven by
better manufacturing efficiencies and overhead absorption versus a
prior year quarter that was negatively impacted by certain
production issues. Those gains were partially offset by higher pulp
costs. Favorable currency movements resulted in a $2.5
million benefit to operating profit.
Unallocated GAAP and adjusted expenses were both
$9.5 million, up 3% and 6%, respectively. Adjusted unallocated
expenses were 3.6% of total sales, down 30 basis points.
Consolidated sales were $261.9 million, up 12%, and
9% on an organic basis (pro forma assuming SWM had owned Conwed for
the full first quarter of 2017). GAAP operating profit was
$35.0 million, up 27%, and GAAP operating profit margin was 13.4%,
up 160 basis points. Adjusted operating profit was $40.6
million, up 11%, and adjusted operating profit margin was 15.5%,
down 20 basis points. Adjusted EBITDA was $50.7 million, up
13%, and adjusted EBITDA margin was 19.4%, up 10 basis points.
GAAP income was $20.9 million, up
53%; this equated to GAAP EPS of $0.68. Adjusted income was
$25.3 million, up 28%; this equated to Adjusted EPS of $0.82.
Interest expense was $6.2 million, up $0.4 million due to primarily
to higher interest rates. Other expense was $0.3 million,
down from a $1.1 million expense, and included a $1.2 million gain
related to a favorable LIP patent infringement action. The
Company's effective tax rate was 25.6%, down from 34.3%, due
primarily to the impact of new tax legislation in the U.S. as well
as higher discrete items in the prior year period. The
Chinese JVs generated a $0.01 loss for both GAAP EPS and Adjusted
EPS, versus breakeven in the prior year period. Net currency
movements had a 5% positive impact on sales and a $2.9 million
positive impact on operating profits; translation impact of net
currency movements was positive $0.03 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 of $0.13 per share, down
$0.05. 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. Restructuring and impairment expenses were
$0.01 per share, down $0.02.
Cash Flow, Debt, &
Dividend
First quarter 2018 cash provided
by operating activities was $22.0 million, up $9.1 million.
The Company's working capital-related cash outflows were $18.4
million, down $0.9 million. The use of cash reflected the Company's
typical seasonal pattern and overall growth of the business.
Capital spending and capitalized software totaled $6.4 million,
down $5.5 million, due mainly to timing of capital projects.
Free cash flow increased to $15.6 million, from $1.0 million in the
prior year quarter, due mostly to higher profits and favorable
timing of capital spending. The Company paid dividends to
shareholders totaling $13.2 million during the quarter.
Total debt was $674.6 million on
March 31, 2018, down $9.6 million from year-end 2017, and net
debt was $578.5 million on March 31, 2018, up $1.2 million
from year-end 2017. 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 2.9x as of March 31, 2018, down from
3.0x at year-end 2017.
The Company announced that a
quarterly cash dividend of $0.43 per share will be payable on
June 22, 2018 to stockholders of record as of May 25,
2018.
Conference Call
SWM will hold a conference call to
review first quarter 2018 results with investors and analysts at
10:00 a.m. Eastern time on Thursday, May 3, 2018. 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 3,600 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 2018
guidance and future performance, future market and EPS trends,
future EPS contributions of our China JVs and RTL, AMS margins,
sales and volume trends, growth prospects, capital spending,
currency rates and trends and impact on EPS, 2018 momentum, impact
of recently initiated price increases, expected second half
synergies, future cash flows, the Tax Act, effective tax rates,
2018 LIP sales trends, future RTL volumes, LIP pricing and
royalties, diversification efforts of our AMS segment, integration
of and accretion from the Conwed acquisition, future results of
legacy AMS operations, 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," "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, 2017, 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 reconstituted tobacco products,
cigarette paper (including for LIP cigarettes), AMS end-market
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;
-
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;
-
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;
-
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 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 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 and France;
-
The outcome and cost of LIP-related intellectual
property infringement and validity litigation in Europe and the
European Patent Office opposition proceedings;
-
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, 2017 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, |
|
2018 |
|
2017 |
|
% Change |
AMS |
$ |
115.3 |
|
|
$ |
100.0 |
|
|
15.3 |
% |
EP |
146.6 |
|
|
133.3 |
|
|
10.0 |
% |
Total
Consolidated |
$ |
261.9 |
|
|
$ |
233.3 |
|
|
12.3 |
% |
Operating Profit (Loss) |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
AMS |
$ |
10.6 |
|
|
$ |
8.9 |
|
|
9.2 |
% |
|
8.9 |
% |
EP |
33.9 |
|
|
27.9 |
|
|
23.1 |
% |
|
20.9 |
% |
Unallocated |
(9.5 |
) |
|
(9.2 |
) |
|
|
|
|
Total
Consolidated |
$ |
35.0 |
|
|
$ |
27.6 |
|
|
13.4 |
% |
|
11.8 |
% |
Restructuring & Impairment Expenses
and Purchase Accounting Adjustments |
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
AMS -
Restructuring & Impairment Expenses |
$ |
0.4 |
|
|
$ |
0.4 |
|
AMS -
Purchase Accounting Adjustments |
5.2 |
|
|
7.9 |
|
EP -
Restructuring & Impairment Expenses |
- |
|
|
0.5 |
|
Unallocated |
- |
|
|
0.2 |
|
Total
Consolidated |
$ |
5.6 |
|
|
$ |
9.0 |
|
Adjusted Operating Profit (Loss)
* |
|
Three Months Ended March 31, |
|
|
|
|
|
Return on Net Sales |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
AMS |
$ |
16.2 |
|
|
$ |
17.2 |
|
|
14.1 |
% |
|
17.2 |
% |
EP |
33.9 |
|
|
28.4 |
|
|
23.1 |
% |
|
21.3 |
% |
Unallocated |
(9.5 |
) |
|
(9.0 |
) |
|
|
|
|
Total
Consolidated |
$ |
40.6 |
|
|
$ |
36.6 |
|
|
15.5 |
% |
|
15.7 |
% |
* 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, |
|
2018 |
|
2017 |
Operating profit |
$ |
35.0 |
|
|
$ |
27.6 |
|
Plus:
Restructuring and impairment expense |
0.4 |
|
|
1.1 |
|
Plus:
Purchase accounting adjustments |
5.2 |
|
|
7.9 |
|
Adjusted Operating Profit |
$ |
40.6 |
|
|
$ |
36.6 |
|
|
|
|
|
Income |
$ |
20.9 |
|
|
$ |
13.7 |
|
Plus:
Restructuring and impairment expense |
0.4 |
|
|
1.1 |
|
Less:
Tax impact of restructuring and impairment expense |
(0.1 |
) |
|
(0.4 |
) |
Plus:
Purchase accounting adjustments |
5.4 |
|
|
7.9 |
|
Less:
Tax impact of purchase accounting adjustments |
(1.3 |
) |
|
(2.5 |
) |
Adjusted Income |
$ |
25.3 |
|
|
$ |
19.8 |
|
|
|
|
|
Earnings per share - diluted |
$ |
0.67 |
|
|
$ |
0.45 |
|
Plus:
Loss per share from discontinued operations |
0.01 |
|
|
- |
|
Earnings per share from continuing operations |
0.68 |
|
|
0.45 |
|
Plus:
Restructuring and impairment expense |
0.01 |
|
|
0.04 |
|
Less:
Tax impact of restructuring and impairment expense |
- |
|
|
(0.01 |
) |
Plus:
Purchase accounting adjustments |
0.18 |
|
|
0.26 |
|
Less:
Tax impact of purchase accounting adjustments |
(0.05 |
) |
|
(0.08 |
) |
Adjusted Earnings Per Share - Diluted |
$ |
0.82 |
|
|
$ |
0.66 |
|
|
|
|
|
Net
Income |
$ |
20.5 |
|
|
$ |
13.7 |
|
Plus:
Loss from discontinued operations |
0.4 |
|
|
- |
|
Income
from continuing operations |
20.9 |
|
|
13.7 |
|
Plus:
Interest expense |
6.2 |
|
|
5.8 |
|
Plus:
Provision for income taxes |
7.3 |
|
|
7.1 |
|
Plus:
Depreciation & amortization |
15.3 |
|
|
16.2 |
|
Plus:
Restructuring and impairment expense |
0.4 |
|
|
1.1 |
|
Plus:
Loss (income) from equity affiliates |
0.3 |
|
|
(0.1 |
) |
Plus:
Other expense, net |
0.3 |
|
|
1.1 |
|
Adjusted EBITDA from continuing operations |
$ |
50.7 |
|
|
$ |
44.9 |
|
|
|
|
|
Cash
provided by operating activities |
$ |
22.0 |
|
|
$ |
12.9 |
|
Less:
Capital spending |
(6.0 |
) |
|
(11.1 |
) |
Less:
Capitalized software costs |
(0.4 |
) |
|
(0.8 |
) |
Free
Cash Flow |
$ |
15.6 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
|
|
|
|
Total
Debt |
$ |
674.6 |
|
|
$ |
684.2 |
|
Less:
Cash |
96.1 |
|
|
106.9 |
|
Net
Debt |
$ |
578.5 |
|
|
$ |
577.3 |
|
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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