Form 8-K SCHULMAN A INC For: Oct 22
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 22, 2014����
A. SCHULMAN, INC. | ||||
(Exact name of registrant as specified in its charter)
Delaware | 0-7459 | 34-0514850 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
3637 Ridgewood Road, Fairlawn, Ohio | 44333 | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(330) 666-3751 | ||||
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02����RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 22, 2014, A. Schulman, Inc. (the Company ) announced earnings for the quarter and fiscal year ended August 31, 2014. A copy of the press release announcing these results is attached as Exhibit 99.1 hereto and incorporated by reference herein.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.
ITEM 9.01����FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit Number | Description |
99.1 | Press Release, dated October 22, 2014, announcing earnings results. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
A. Schulman, Inc. | |||
By: | /s/ David C. Minc | ||
David C. Minc | |||
Vice President, Chief Legal Officer and Secretary | |||
Date: October 22, 2014
Exhibit 99.1
FOR IMMEDIATE RELEASE ����
A. SCHULMAN REPORTS STRONG FISCAL 2014 FOURTH-QUARTER AND FULL-YEAR RESULTS
" | Full-year fiscal 2014 net income from continuing operations was $53.0 million, or $1.80 per diluted share, compared with $32.8 million, or $1.12 per diluted share, in fiscal 2013 |
" | Adjusted net income from continuing operations for fiscal 2014, excluding certain items, was $69.3 million, or $2.36 per diluted share, a 29% improvement over the prior year |
" | Company announces fiscal 2015 adjusted net income guidance of $2.60 to $2.65 per diluted share, a double-digit increase compared with fiscal 2014 results |
����
AKRON, Ohio - October 22, 2014 - A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today earnings for the fiscal fourth quarter and full fiscal year ended August 31, 2014.
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Joseph M. Gingo, Chairman, President and Chief Executive Officer, said, I want to thank our global teams in helping us to achieve a record year in fiscal 2014. Our successful acquisitions and organic growth strategy, combined with our ongoing focus on improving operational performance and efficiency, enabled us to deliver strong double-digit sales and income growth in 2014. While we are very pleased with these results, our focus is on the future. Despite anticipated slow growth globally, I am very confident that our seasoned team, which has weathered many challenging conditions in Europe and other parts of the world in the recent past, will take the proactive steps necessary to drive double-digit adjusted earnings-per-share growth in fiscal 2015. I am also encouraged that our recent acquisitions over the past year in the U.S. are performing well and are helping us offset global economic slowdowns. Through successful execution of our strategy, we are improving our position in target markets, diversifying our product mix and increasing our prospects for sustainable and profitable growth.
Bernard Rzepka, Chief Operating Officer, stated, Net sales and operating income increased for the full year in each of our operating regions, as our recent acquisitions and organic growth contributed to our improved results in all three regions. Our team is highly focused and executing on our safety, smart sales, smart savings initiatives and our 2014 results demonstrate what we can achieve. Our acquisition of Compco in September and the recently announced restructuring program in Europe are examples of the proactive actions we are taking to drive profitable growth.
Fiscal Fourth-Quarter Results
Net sales for the fiscal 2014 fourth quarter were $627.4 million, an increase of 16.8% compared with $537.3 million in the prior-year quarter.
Net sales in the EMEA segment were $388.6 million, an increase of 11.2% or $39.2 million in the fourth quarter compared with the same period last year. Volume increased 7.7% or 22.6 million pounds for the quarter to 314.8 million pounds in the fourth quarter of 2014. During the quarter, the incremental contribution of the two acquisitions in the EMEA segment was $26.6 million and 17.4 million pounds in net sales and volume, respectively. Foreign currency translation favorably impacted the segments net sales by $9.6 million. EMEA gross profit was $50.0 million for the quarter, an increase of $4.5 million or 9.9% compared with the same three-month period last year. Foreign currency translation positively impacted EMEA gross profit by $1.2 million.
Net sales for the Americas were $188.3 million, an increase of 21.9% or $33.8 million in the fourth quarter compared with the prior-year period. Volume increased 3.8% or 6.7 million pounds during the quarter. During the quarter, the incremental net sales and volume contribution of the three acquisitions in the Americas segment was $32.9 million and 21.2 million pounds, respectively. Foreign currency translation negatively impacted the segments net sales by $2.3 million. Gross profit for the Americas was $28.6 million in the quarter, an increase of $7.4 million or 35.1% compared with the same period last year.
Net sales for APAC were $50.4 million, an increase of 50.8% or $17.0 million in the fourth quarter compared with the prior-year period. Volume increased 52.6% or 13.8 million pounds during the quarter. The contribution of the Perrite acquisition in APAC was $14.9 million and 11.1 million pounds in net sales and volume, respectively. Gross profit for APAC for the quarter increased $0.4 million or 6.5% compared with the prior-year period.
Fiscal 2014 Results
Net sales for the fiscal year ended August 31, 2014, were approximately $2.5 billion, an increase of $313.6 million or 14.7% compared with fiscal 2013. Volume increased 8.7% or 167.4 million pounds during the year. Incremental net sales and volume from the Companys recent acquisitions contributed $217.0 million and 147.8 million pounds, respectively, in fiscal 2014. Excluding the impact of recent acquisitions, net sales were positively affected by a 3.5% increase in price per pound and a 1% increase in volume. Foreign currency translation favorably impacted net sales by $38.1 million.
The Companys SG&A expenses, excluding certain items, increased $32.7 million compared with the prior year, to $232.7 million. The increase was primarily attributable to incremental SG&A expense of $12.1 million from recent acquisitions, higher variable incentive compensation expense of $11.5 million attributable to the Companys fiscal performance and unfavorable foreign currency translation of $3.0 million. SG&A expense, excluding certain items, was 9.5% of net sales for fiscal 2014. Operating income increased $19.2 million for fiscal 2014 compared with the prior year. Total operating income, before certain items, was $99.9 million, an increase of $17.0 million or 20.5% compared with fiscal 2013.
Working Capital/Cash Flow From Operations
Cash provided from operations was $113.1 million in fiscal 2014 compared with $83.7 million in fiscal 2013. Working capital was 57 days at the end of fiscal 2014 compared with 58 days at the end of fiscal 2013.
Capital expenditures for fiscal 2014 were $35.1 million compared with $26.6 million for the prior year, and were primarily related to the regular and ongoing investment in the Company's global manufacturing facilities.
During the fourth quarter and full year ended August 31, 2014, the Company declared and paid cash dividends of $0.20 and $0.80 per common share, respectively. The total amount of these dividends was $5.9 million for the fourth quarter and $23.7 million for the full year.
Business Outlook
Rzepka said, With 10 acquisitions in the past four years and our numerous value-added organic growth initiatives, we continue to aggressively drive profits. We are actively focusing on pricing, cross-selling, attractive markets and driving profitable new products. Through our acquisition strategy, we will continue to expand our footprint, engage new customers and strengthen our ability to serve local and global customers.� In combination, we believe we can be successful despite weak macroeconomic conditions especially in Europe. As we continue to focus on execution, we expect this progress to continue in fiscal 2015.
Rzepka continued, Our goal remains to control what we can control, manage our operational footprint proactively and efficiently, execute on our acquisition strategy, support sales and marketing initiatives, and drive year-over-year growth in adjusted earnings per diluted share.� As a result, we anticipate that our fiscal 2015 adjusted net income will increase to a range of $2.60 to $2.65 per diluted share.
Conference Call on the Web
A live Internet broadcast of A. Schulmans conference call regarding fiscal 2014 fourth-quarter and full-year earnings can be accessed at 10:00 a.m. Eastern Time on Thursday, October 23, 2014, on the Companys website, www.aschulman.com. An archived replay of the call will also be available on the website.
Investor Presentation Materials
Senior executives of the Company may participate in meetings with analysts and investors throughout the fiscal year. The Company has posted presentation materials, portions of which may be used during such meetings, in the Investors section of its website at www.aschulman.com. The presentation will remain on the website as long as it is in use.
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio.� Since 1928, the Company has been providing innovative solutions to meet its customers' demanding requirements.� The Company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others.� The Company employs approximately 3,900 people and has 42 manufacturing facilities globally.� A. Schulman reported net sales of approximately $2.5 billion for the fiscal year ended August 31, 2014. Additional information about A. Schulman can be found at www.aschulman.com.
Use of Non-GAAP Financial Measures
This release includes certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States ( GAAP ). These non-GAAP financial measures include segment gross profit, SG&A expenses excluding certain items, operating income excluding certain items, net income excluding certain items and net income per diluted share excluding certain items, as discussed further in the Reconciliation of GAAP and Non-GAAP Financial Measures below. These non-GAAP financial measures are considered relevant to aid analysis and understanding of the Companys results and business trends. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures, and tables included in this release reconcile each non-GAAP financial measure with the most directly comparable GAAP financial measure. The most directly comparable GAAP financial measures for these purposes are gross profit, SG&A expenses, operating income, net income and net income per diluted share. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
While the Company believes that these non-GAAP financial measures provide useful supplemental information to investors, there are very significant limitations associated with their use. These non-GAAP financial measures are not prepared in accordance with GAAP, may not be reported by all of the Companys competitors and may not be directly comparable to similarly titled measures of the Companys competitors due to potential differences in the exact method of calculation. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.
Cautionary Statements
A number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and relate to future events and expectations. Forward-looking statements contain such words as anticipate, estimate, expect, project, intend, plan, believe, and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements are based on managements current expectations and include known and unknown risks, uncertainties and other factors, many of which management is unable to predict or control, that may cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Companys future financial performance, include, but are not limited to, the following:
"worldwide and regional economic, business and political conditions, including continuing economic uncertainties in some or all of the Companys major product markets or countries where the Company has operations;
"the effectiveness of the Companys efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques;
"competitive factors, including intense price competition;
"fluctuations in the value of currencies in major areas where the Company operates;
"volatility of prices and availability of the supply of energy and raw materials that are critical to the manufacture of the Companys products, particularly plastic resins derived from oil and natural gas;
"changes in customer demand and requirements;
"effectiveness of the Company to achieve the level of cost savings, productivity improvements, growth and other benefits anticipated from acquisitions, joint ventures and restructuring initiatives;
"escalation in the cost of providing employee health care;
"uncertainties regarding the resolution of pending and future litigation and other claims;
"the performance of the global automotive market as well as other markets served;
"further adverse changes in economic or industry conditions, including global supply and demand conditions and prices for products; and
"operating problems with our information systems as a result of system security failures such as viruses, computer "hackers or other causes.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risk factors that could affect the Companys performance are set forth in the Companys Annual Report on Form 10-K for the fiscal year ended August�31, 2014. In addition, risks and uncertainties not presently known to the Company or that it believes to be immaterial also may adversely affect the Company. Should any known or unknown risks or uncertainties develop into actual events, or underlying assumptions prove inaccurate, these developments could have material adverse effects on the Companys business, financial condition and results of operations.
SHLM_ALL
Contact information:
Jennifer K. Beeman
Director of Corporate Communications & Investor Relations
A. Schulman, Inc.
3637 Ridgewood Road
Fairlawn, Ohio 44333
Tel: 330-668-7346
email: [email protected]
www.aschulman.com
A. SCHULMAN, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
� | Three months ended August 31, | Year ended August 31, | |||||||||||||
� | 2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited (In thousands, except per share data) | |||||||||||||||
Net sales | $ | 627,358 | $ | 537,288 | $ | 2,446,998 | $ | 2,133,402 | |||||||
Cost of sales | 542,721 | 465,019 | 2,116,990 | 1,852,223 | |||||||||||
Selling, general and administrative expenses | 60,838 | 47,627 | 242,486 | 205,370 | |||||||||||
Restructuring expense | 300 | 5,087 | 4,883 | 10,500 | |||||||||||
Asset impairment | 254 | 104 | 1,873 | ||||||||||||
Curtailment and settlement (gains) losses | 214 | 214 | 333 | ||||||||||||
Operating income | 23,285 | 19,301 | 82,321 | 63,103 | |||||||||||
Interest expense | 2,391 | 2,098 | 8,503 | 7,657 | |||||||||||
Interest income | (75 | ) | (87 | ) | (286 | ) | (495 | ) | |||||||
Foreign currency transaction (gains) losses | 86 | 1,747 | 2,206 | 2,426 | |||||||||||
Other (income) expense, net | (167 | ) | 156 | (434 | ) | (217 | ) | ||||||||
Income from continuing operations before taxes | 21,050 | 15,387 | 72,332 | 53,732 | |||||||||||
Provision (benefit) for U.S. and foreign income taxes | 5,886 | 16,149 | 18,542 | 19,733 | |||||||||||
Income from continuing operations | 15,164 | (762 | ) | 53,790 | 33,999 | ||||||||||
Income (loss) from discontinued operations, net of tax | 223 | (1,571 | ) | 3,202 | (6,671 | ) | |||||||||
Net income | 15,387 | (2,333 | ) | 56,992 | 27,328 | ||||||||||
Noncontrolling interests | (215 | ) | (349 | ) | (799 | ) | (1,229 | ) | |||||||
Net income attributable to A. Schulman, Inc. | $ | 15,172 | $ | (2,682 | ) | $ | 56,193 | $ | 26,099 | ||||||
Weighted-average number of shares outstanding: | |||||||||||||||
Basic | 29,088 | 29,213 | 29,061 | 29,260 | |||||||||||
Diluted | 29,517 | 29,295 | 29,362 | 29,337 | |||||||||||
Basic earnings per share attributable to A. Schulman, Inc. | |||||||||||||||
Income from continuing operations | $ | 0.51 | $ | (0.04 | ) | $ | 1.82 | $ | 1.12 | ||||||
Income (loss) from discontinued operations | $ | 0.01 | $ | (0.05 | ) | $ | 0.11 | $ | (0.23 | ) | |||||
Net income attributable to A. Schulman, Inc. | $ | 0.52 | $ | (0.09 | ) | $ | 1.93 | $ | 0.89 | ||||||
Diluted earnings per share attributable to A. Schulman, Inc. | |||||||||||||||
Income from continuing operations | $ | 0.51 | $ | (0.04 | ) | $ | 1.80 | $ | 1.12 | ||||||
Income (loss) from discontinued operations | $ | 0.01 | $ | (0.05 | ) | $ | 0.11 | $ | (0.23 | ) | |||||
Net income attributable to A. Schulman, Inc. | $ | 0.52 | $ | (0.09 | ) | $ | 1.91 | $ | 0.89 | ||||||
Cash dividends per common share | $ | 0.200 | $ | 0.195 | $ | 0.800 | $ | 0.780 | |||||||
A. SCHULMAN, INC.
CONSOLIDATED BALANCE SHEETS
August�31, 2014 | August�31, 2013 | ||||||
Unaudited (In thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 135,493 | $ | 134,054 | |||
Accounts receivable, net | 384,444 | 310,749 | |||||
Inventories | 292,141 | 261,658 | |||||
Prepaid expenses and other current assets | 40,473 | 41,224 | |||||
Total current assets | 852,551 | 747,685 | |||||
Property, plant and equipment, at cost: | |||||||
Land and improvements | 28,439 | 27,954 | |||||
Buildings and leasehold improvements | 160,858 | 146,647 | |||||
Machinery and equipment | 398,563 | 356,144 | |||||
Furniture and fixtures | 41,255 | 39,065 | |||||
Construction in progress | 16,718 | 7,149 | |||||
Gross property, plant and equipment | 645,833 | 576,959 | |||||
Accumulated depreciation | 391,912 | 366,438 | |||||
Net property, plant and equipment | 253,921 | 210,521 | |||||
Deferred charges and other noncurrent assets | 65,079 | 48,723 | |||||
Goodwill | 202,299 | 139,526 | |||||
Intangible assets, net | 138,634 | 91,887 | |||||
Total assets | $ | 1,512,484 | $ | 1,238,342 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 314,957 | $ | 265,477 | |||
U.S. and foreign income taxes payable | 6,385 | 6,423 | |||||
Accrued payroll, taxes and related benefits | 54,199 | 40,759 | |||||
Other accrued liabilities | 46,054 | 48,689 | |||||
Short-term debt | 31,748 | 8,373 | |||||
Total current liabilities | 453,343 | 369,721 | |||||
Long-term debt | 339,546 | 207,435 | |||||
Pension plans | 129,949 | 98,599 | |||||
Deferred income taxes | 23,826 | 20,873 | |||||
Other long-term liabilities | 29,369 | 26,970 | |||||
Total liabilities | 976,033 | 723,598 | |||||
Commitments and contingencies | |||||||
Stockholders equity: | |||||||
Common stock, $1 par value, authorized - 75,000 shares, issued - 48,185 shares in 2014 and 48,094 shares in 2013 | 48,185 | 48,094 | |||||
Additional paid-in capital | 268,545 | 263,158 | |||||
Accumulated other comprehensive income (loss) | (16,691 | ) | 682 | ||||
Retained earnings | 606,898 | 574,370 | |||||
Treasury stock, at cost, 18,973 shares in 2014 and 18,940 shares in 2013 | (379,894 | ) | (378,927 | ) | |||
Total A. Schulman, Inc.s stockholders equity | 527,043 | 507,377 | |||||
Noncontrolling interests | 9,408 | 7,367 | |||||
Total equity | 536,451 | 514,744 | |||||
Total liabilities and equity | $ | 1,512,484 | $ | 1,238,342 | |||
A. SCHULMAN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
� | Year ended August 31, | ||||||
� | 2014 | 2013 | |||||
Unaudited (In thousands) | |||||||
Operating from continuing and discontinued operations: | |||||||
Net income | $ | 56,992 | $ | 27,328 | |||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||||||
Depreciation | 33,697 | 29,982 | |||||
Amortization | 14,207 | 11,469 | |||||
Deferred tax provision | (3,007 | ) | (1,194 | ) | |||
Pension, postretirement benefits and other compensation | 10,802 | 6,282 | |||||
Asset impairment | 104 | 5,873 | |||||
Curtailment and settlement (gains) losses | 214 | 333 | |||||
Gain on sale of assets from discontinued operations | (3,365 | ) | |||||
Changes in assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (5,875 | ) | 1,790 | ||||
Inventories | 7,099 | (6,376 | ) | ||||
Accounts payable | (3,497 | ) | 8,924 | ||||
Income taxes | (1,372 | ) | (320 | ) | |||
Accrued payroll and other accrued liabilities | 5,189 | 5,415 | |||||
Other assets and long-term liabilities | 1,954 | (5,793 | ) | ||||
Net cash provided from (used in) operating activities | 113,142 | 83,713 | |||||
Investing from continuing and discontinued operations: | |||||||
Expenditures for property, plant and equipment | (35,089 | ) | (26,568 | ) | |||
Proceeds from the sale of assets | 6,004 | 13,886 | |||||
Business acquisitions, net of cash | (206,625 | ) | (36,805 | ) | |||
Net cash provided from (used in) investing activities | (235,710 | ) | (49,487 | ) | |||
Financing from continuing and discontinued operations: | |||||||
Cash dividends paid | (23,665 | ) | (22,934 | ) | |||
Increase (decrease) in short-term debt | 13,774 | 3,324 | |||||
Borrowings on long-term debt | 795,745 | 264,908 | |||||
Repayments on long-term debt including current portion | (653,894 | ) | (264,613 | ) | |||
Payment of debt issuance costs | (1,782 | ) | |||||
Noncontrolling interests' contributions (distributions) | 600 | ||||||
Issuances of stock, common and treasury | 487 | 1,561 | |||||
Redemptions of common stock | (361 | ) | (396 | ) | |||
Purchases of treasury stock | (1,116 | ) | (8,091 | ) | |||
Net cash provided from (used in) financing activities | 129,788 | (26,241 | ) | ||||
Effect of exchange rate changes on cash | (5,781 | ) | 2,038 | ||||
Net increase (decrease) in cash and cash equivalents | 1,439 | 10,023 | |||||
Cash and cash equivalents at beginning of year | 134,054 | 124,031 | |||||
Cash and cash equivalents at end of year | $ | 135,493 | $ | 134,054 | |||
Cash paid during the year for: | |||||||
Interest | $ | 7,578 | $ | 5,487 | |||
Income taxes | $ | 21,720 | $ | 15,598 | |||
A. SCHULMAN, INC.
Reconciliation of GAAP and Non-GAAP Financial Measures
Unaudited
Three months ended August 31, 2014 | Cost of Sales | Gross margin | SG&A | Restructuring expense | Asset impairment | Operating income | Operating income per pound | Income tax expense (benefit) | Net income attributable to A. Schulman, Inc. | Diluted EPS | |||||||||||||||||||||||||||||||
(In thousands, except for %'s, per pound and per share data) | |||||||||||||||||||||||||||||||||||||||||
As reported | $ | 542,721 | 13.5 | % | $ | 60,838 | $ | 300 | $ | $ | 23,285 | $ | 0.043 | $ | 5,886 | $ | 15,172 | $ | 0.52 | ||||||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||||
Asset write-downs (1) | |||||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions (2) | (2,644 | ) | 2,644 | 9 | 2,635 | 0.09 | |||||||||||||||||||||||||||||||||||
Restructuring and related costs (3) | (285 | ) | (710 | ) | (300 | ) | 1,509 | 46 | 1,463 | 0.05 | |||||||||||||||||||||||||||||||
Inventory step-up (4) | (269 | ) | 269 | (54 | ) | 323 | 0.01 | ||||||||||||||||||||||||||||||||||
Tax benefits (charges) | (110 | ) | 110 | ||||||||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | (222 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||||||||
Total certain items | (554 | ) | 1.0 | % | (3,354 | ) | (300 | ) | 4,422 | 0.009 | (109 | ) | 4,309 | 0.14 | |||||||||||||||||||||||||||
As Adjusted | $ | 542,167 | 13.6 | % | $ | 57,484 | $ | $ | $ | 27,707 | $ | 0.052 | $ | 5,777 | $ | 19,481 | $ | 0.66 | |||||||||||||||||||||||
Percentage of Revenue | 9.2 | % | 4.4 | % | 3.1 | % | |||||||||||||||||||||||||||||||||||
Three months ended August 31, 2013 | Cost of Sales | Gross margin | SG&A | Restructuring expense | Asset impairment | Operating income | Operating income per pound | Income tax expense (benefit) | Net income attributable to A. Schulman, Inc. | Diluted EPS | |||||||||||||||||||||||||||||||
(In thousands, except for %'s, per pound and per share data) | |||||||||||||||||||||||||||||||||||||||||
As reported | $ | 465,019 | 13.5 | % | $ | 47,627 | $ | 5,087 | $ | 254 | $ | 19,301 | $ | 0.039 | $ | 16,149 | $ | (2,682 | ) | $ | (0.09 | ) | |||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||||
Asset write-downs (1) | (111 | ) | (254 | ) | 365 | 365 | 0.01 | ||||||||||||||||||||||||||||||||||
Costs related to acquisitions (2) | (824 | ) | 824 | 88 | 736 | 0.03 | |||||||||||||||||||||||||||||||||||
Restructuring and related costs (3) | (471 | ) | (1,357 | ) | (5,087 | ) | 6,915 | 1,338 | 5,577 | 0.19 | |||||||||||||||||||||||||||||||
Inventory step-up (4) | |||||||||||||||||||||||||||||||||||||||||
Tax benefits (charges) (5) | (10,595 | ) | 10,595 | 0.36 | |||||||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | 1,571 | 0.05 | |||||||||||||||||||||||||||||||||||||||
Total certain items | (582 | ) | 0.1 | % | (2,181 | ) | (5,087 | ) | (254 | ) | 8,104 | 0.016 | (9,169 | ) | 18,844 | 0.64 | |||||||||||||||||||||||||
As Adjusted | $ | 464,437 | 13.6 | % | $ | 45,446 | $ | $ | $ | 27,405 | $ | 0.055 | $ | 6,980 | $ | 16,162 | $ | 0.55 | |||||||||||||||||||||||
Percentage of Revenue | 8.5 | % | 5.1 | % | 3.0 | % | |||||||||||||||||||||||||||||||||||
1 - Asset write-downs primarily relate to asset impairments and accelerated depreciation. | |||||||||||||||||||||||||||||||||||||||||
2 - Costs related to acquisitions include third party professional, legal and other expenses associated with successful and unsuccessful full or partial acquisition and divestiture/dissolution transactions, as well as certain employee-related expenses such as travel, one-time bonuses and post-acquisition severance separate from a formal restructuring plan. | |||||||||||||||||||||||||||||||||||||||||
3 - Restructuring and related costs include items such as employee severance charges, lease termination charges, curtailment and settlement gains/losses, other employee ������termination costs and charges related to the reorganization of the legal entity structure. | |||||||||||||||||||||||||||||||||||||||||
4 - Inventory step-up costs include the adjustment for fair value of inventory acquired as a result of acquisition purchase accounting. | |||||||||||||||||||||||||||||||||||||||||
5 - Tax benefits (charges) include the effect of the adjustments to the Germany and Brazil valuation allowances in fiscal 2013. | |||||||||||||||||||||||||||||||||||||||||
A. SCHULMAN, INC.
Reconciliation of GAAP and Non-GAAP Financial Measures
(continued)
Year ended August 31, 2014 | Cost of Sales | Gross margin | SG&A | Restructuring expense | Asset impairment | Operating income | Operating income per pound | Income tax expense (benefit) | Net income attributable to A. Schulman, Inc. | Diluted EPS | |||||||||||||||||||||||||||||||
(In thousands, except for %'s, per pound and per share data) | |||||||||||||||||||||||||||||||||||||||||
As reported | $ | 2,116,990 | 13.5 | % | $ | 242,486 | $ | 4,883 | $ | 104 | $ | 82,321 | $ | 0.039 | $ | 18,542 | $ | 56,193 | $ | 1.91 | |||||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||||
Asset write-downs (1) | (107 | ) | (104 | ) | 211 | 34 | 177 | 0.01 | |||||||||||||||||||||||||||||||||
Costs related to acquisitions (2) | (34 | ) | (5,987 | ) | 6,021 | 154 | 5,875 | 0.20 | |||||||||||||||||||||||||||||||||
Restructuring and related costs (3) | (935 | ) | (3,800 | ) | (4,883 | ) | 9,832 | 963 | 9,156 | 0.31 | |||||||||||||||||||||||||||||||
Inventory step-up (4) | (1,468 | ) | 1,468 | 44 | 1,424 | 0.05 | |||||||||||||||||||||||||||||||||||
Tax benefits (charges) | 316 | (316 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | (3,202 | ) | (0.11 | ) | |||||||||||||||||||||||||||||||||||||
Total certain items | (2,544 | ) | 0.1 | % | (9,787 | ) | (4,883 | ) | (104 | ) | 17,532 | 0.009 | 1,511 | 13,114 | 0.45 | ||||||||||||||||||||||||||
As Adjusted | $ | 2,114,446 | 13.6 | % | $ | 232,699 | $ | $ | $ | 99,853 | $ | 0.048 | $ | 20,053 | $ | 69,307 | $ | 2.36 | |||||||||||||||||||||||
Percentage of Revenue | 9.5 | % | 4.1 | % | 2.8 | % | |||||||||||||||||||||||||||||||||||
Year ended August 31, 2013 | Cost of Sales | Gross margin | SG&A | Restructuring expense | Asset impairment | Operating income | Operating income per pound | Income tax expense (benefit) | Net income attributable to A. Schulman, Inc. | Diluted EPS | |||||||||||||||||||||||||||||||
(In thousands, except for %'s, per pound and per share data) | |||||||||||||||||||||||||||||||||||||||||
As reported | $ | 1,852,223 | 13.2 | % | $ | 205,370 | $ | 10,500 | $ | 1,873 | $ | 63,103 | $ | 0.033 | $ | 19,733 | $ | 26,099 | $ | 0.89 | |||||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||||
Asset write-downs (1) | (1,058 | ) | (1,873 | ) | 2,931 | 148 | 2,783 | 0.09 | |||||||||||||||||||||||||||||||||
Costs related to acquisitions (2) | (2,661 | ) | 2,661 | 126 | 2,535 | 0.09 | |||||||||||||||||||||||||||||||||||
Restructuring and related costs (3) | (527 | ) | (2,660 | ) | (10,500 | ) | 14,020 | 2,889 | 11,131 | 0.38 | |||||||||||||||||||||||||||||||
Inventory step-up (4) | (138 | ) | 138 | 138 | |||||||||||||||||||||||||||||||||||||
Tax benefits (charges) (5) | (4,418 | ) | 4,418 | 0.15 | |||||||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | 6,671 | 0.23 | |||||||||||||||||||||||||||||||||||||||
Total certain items | (1,723 | ) | 0.1 | % | (5,321 | ) | (10,500 | ) | (1,873 | ) | 19,750 | 0.010 | (1,255 | ) | 27,676 | 0.94 | |||||||||||||||||||||||||
As Adjusted | $ | 1,850,500 | 13.3 | % | $ | 200,049 | $ | $ | $ | 82,853 | $ | 0.043 | $ | 18,478 | $ | 53,775 | $ | 1.83 | |||||||||||||||||||||||
Percentage of Revenue | 9.4 | % | 3.9 | % | 2.5 | % | |||||||||||||||||||||||||||||||||||
1 - Asset write-downs primarily relate to asset impairments and accelerated depreciation. | |||||||||||||||||||||||||||||||||||||||||
2 - Costs related to acquisitions include third party professional, legal and other expenses associated with successful and unsuccessful full or partial acquisition and �����divestiture/dissolution transactions, as well as certain employee-related expenses such as travel, one-time bonuses and post-acquisition severance separate from a �����formal restructuring plan. | |||||||||||||||||||||||||||||||||||||||||
3 - Restructuring and related costs include items such as employee severance charges, lease termination charges, curtailment and settlement gains/losses, other employee ������termination costs and charges related to the reorganization of the legal entity structure. | |||||||||||||||||||||||||||||||||||||||||
4 - Inventory step-up costs include the adjustment for fair value of inventory acquired as a result of acquisition purchase accounting. | |||||||||||||||||||||||||||||||||||||||||
5 - Tax benefits (charges) include the effect of the adjustments to the Germany and Brazil valuation allowances in fiscal 2013. | |||||||||||||||||||||||||||||||||||||||||
A. SCHULMAN, INC.
SUPPLEMENTAL SEGMENT INFORMATION
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended August 31, | |||||||||||||||||||||||||||
EMEA | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 33,584 | $ | 31,212 | $ | 2,372 | 7.6 | �% | 10,943 | 10,933 | 10 | 0.1 | �% | ||||||||||||||
Masterbatch solutions | 118,153 | 105,853 | 12,300 | 11.6 | �% | 92,267 | 85,097 | 7,170 | 8.4 | �% | |||||||||||||||||
Engineered plastics | 113,322 | 96,354 | 16,968 | 17.6 | �% | 71,785 | 59,960 | 11,825 | 19.7 | �% | |||||||||||||||||
Specialty powders | 43,212 | 41,353 | 1,859 | 4.5 | �% | 44,873 | 43,889 | 984 | 2.2 | �% | |||||||||||||||||
Distribution services | 80,322 | 74,577 | 5,745 | 7.7 | �% | 94,940 | 92,331 | 2,609 | 2.8 | �% | |||||||||||||||||
Total EMEA | $ | 388,593 | $ | 349,349 | $ | 39,244 | 11.2 | �% | 314,808 | 292,210 | 22,598 | 7.7 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended August 31, | |||||||||||||||||||||||||||
Americas | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 7,860 | $ | 4,296 | $ | 3,564 | 83.0 | �% | 2,964 | 1,543 | 1,421 | 92.1 | �% | ||||||||||||||
Masterbatch solutions | 75,406 | 70,126 | 5,280 | 7.5 | �% | 77,021 | 82,422 | (5,401 | ) | (6.6 | )% | ||||||||||||||||
Engineered plastics | 52,921 | 31,372 | 21,549 | 68.7 | �% | 34,200 | 18,666 | 15,534 | 83.2 | �% | |||||||||||||||||
Specialty powders | 39,383 | 36,949 | 2,434 | 6.6 | �% | 53,623 | 58,919 | (5,296 | ) | (9.0 | )% | ||||||||||||||||
Distribution services | 12,768 | 11,767 | 1,001 | 8.5 | �% | 13,717 | 13,304 | 413 | 3.1 | �% | |||||||||||||||||
Total Americas | $ | 188,338 | $ | 154,510 | $ | 33,828 | 21.9 | �% | 181,525 | 174,854 | 6,671 | 3.8 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended August 31, | |||||||||||||||||||||||||||
APAC | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 1,346 | $ | 54 | $ | 1,292 | N/A | 1,048 | 21 | 1,027 | N/A | ||||||||||||||||
Masterbatch solutions | 19,991 | 20,250 | (259 | ) | (1.3 | )% | 18,442 | 18,028 | 414 | 2.3 | �% | ||||||||||||||||
Engineered plastics | 24,906 | 9,755 | 15,151 | 155.3 | �% | 16,640 | 4,848 | 11,792 | 243.2 | �% | |||||||||||||||||
Specialty powders | 3,984 | 3,361 | 623 | 18.5 | �% | 3,625 | 3,312 | 313 | 9.5 | �% | |||||||||||||||||
Distribution services | 200 | 9 | 191 | N/A | 241 | 6 | 235 | N/A | |||||||||||||||||||
Total APAC | $ | 50,427 | $ | 33,429 | $ | 16,998 | 50.8 | �% | 39,996 | 26,215 | 13,781 | 52.6 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended August 31, | |||||||||||||||||||||||||||
Consolidated | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 42,790 | $ | 35,562 | $ | 7,228 | 20.3 | �% | 14,955 | 12,497 | 2,458 | 19.7 | �% | ||||||||||||||
Masterbatch solutions | 213,550 | 196,229 | 17,321 | 8.8 | �% | 187,730 | 185,547 | 2,183 | 1.2 | �% | |||||||||||||||||
Engineered plastics | 191,149 | 137,481 | 53,668 | 39.0 | �% | 122,625 | 83,474 | 39,151 | 46.9 | �% | |||||||||||||||||
Specialty powders | 86,579 | 81,663 | 4,916 | 6.0 | �% | 102,121 | 106,120 | (3,999 | ) | (3.8 | )% | ||||||||||||||||
Distribution services | 93,290 | 86,353 | 6,937 | 8.0 | �% | 108,898 | 105,641 | 3,257 | 3.1 | �% | |||||||||||||||||
Total Consolidated | $ | 627,358 | $ | 537,288 | $ | 90,070 | 16.8 | �% | 536,329 | 493,279 | 43,050 | 8.7 | �% | ||||||||||||||
A. SCHULMAN, INC.
SUPPLEMENTAL SEGMENT INFORMATION
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Year ended August 31, | |||||||||||||||||||||||||||
EMEA | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 145,074 | $ | 131,762 | $ | 13,312 | 10.1 | % | 48,028 | 45,524 | 2,504 | 5.5 | �% | ||||||||||||||
Masterbatch solutions | 455,130 | 439,678 | 15,452 | 3.5 | % | 355,052 | 347,052 | 8,000 | 2.3 | �% | |||||||||||||||||
Engineered plastics | 474,305 | 364,131 | 110,174 | 30.3 | % | 294,196 | 225,708 | 68,488 | 30.3 | �% | |||||||||||||||||
Specialty powders | 181,153 | 158,572 | 22,581 | 14.2 | % | 181,533 | 169,247 | 12,286 | 7.3 | �% | |||||||||||||||||
Distribution services | 322,205 | 311,739 | 10,466 | 3.4 | % | 383,218 | 380,072 | 3,146 | 0.8 | �% | |||||||||||||||||
Total EMEA | $ | 1,577,867 | $ | 1,405,882 | $ | 171,985 | 12.2 | % | 1,262,027 | 1,167,603 | 94,424 | 8.1 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Year ended August 31, | |||||||||||||||||||||||||||
Americas | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 25,438 | $ | 18,826 | $ | 6,612 | 35.1 | % | 9,590 | 6,996 | 2,594 | 37.1 | �% | ||||||||||||||
Masterbatch solutions | 268,996 | 264,705 | 4,291 | 1.6 | % | 290,922 | 301,729 | (10,807 | ) | (3.6 | )% | ||||||||||||||||
Engineered plastics | 177,197 | 135,335 | 41,862 | 30.9 | % | 112,396 | 81,325 | 31,071 | 38.2 | �% | |||||||||||||||||
Specialty powders | 154,262 | 136,398 | 17,864 | 13.1 | % | 204,725 | 210,598 | (5,873 | ) | (2.8 | )% | ||||||||||||||||
Distribution services | 47,470 | 45,560 | 1,910 | 4.2 | % | 51,384 | 53,266 | (1,882 | ) | (3.5 | )% | ||||||||||||||||
Total Americas | $ | 673,363 | $ | 600,824 | $ | 72,539 | 12.1 | % | 669,017 | 653,914 | 15,103 | 2.3 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Year ended August 31, | |||||||||||||||||||||||||||
APAC | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 3,495 | $ | 302 | $ | 3,193 | N/A | 2,748 | 102 | 2,646 | N/A | ||||||||||||||||
Masterbatch solutions | 81,672 | 77,387 | 4,285 | 5.5 | % | 73,568 | 63,958 | 9,610 | 15.0 | �% | |||||||||||||||||
Engineered plastics | 93,991 | 35,311 | 58,680 | 166.2 | % | 62,021 | 18,537 | 43,484 | 234.6 | �% | |||||||||||||||||
Specialty powders | 15,095 | 13,649 | 1,446 | 10.6 | % | 13,699 | 13,365 | 334 | 2.5 | �% | |||||||||||||||||
Distribution services | 1,515 | 47 | 1,468 | N/A | 1,863 | 32 | 1,831 | N/A | |||||||||||||||||||
Total APAC | $ | 195,768 | $ | 126,696 | $ | 69,072 | 54.5 | % | 153,899 | 95,994 | 57,905 | 60.3 | �% | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Year ended August 31, | |||||||||||||||||||||||||||
Consolidated | 2014 | 2013 | $ Change | % Change | 2014 | 2013 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom performance colors | $ | 174,007 | $ | 150,890 | $ | 23,117 | 15.3 | % | 60,366 | 52,622 | 7,744 | 14.7 | �% | ||||||||||||||
Masterbatch solutions | 805,798 | 781,770 | 24,028 | 3.1 | % | 719,542 | 712,739 | 6,803 | 1.0 | �% | |||||||||||||||||
Engineered plastics | 745,493 | 534,777 | 210,716 | 39.4 | % | 468,613 | 325,570 | 143,043 | 43.9 | �% | |||||||||||||||||
Specialty powders | 350,510 | 308,619 | 41,891 | 13.6 | % | 399,957 | 393,210 | 6,747 | 1.7 | �% | |||||||||||||||||
Distribution services | 371,190 | 357,346 | 13,844 | 3.9 | % | 436,465 | 433,370 | 3,095 | 0.7 | �% | |||||||||||||||||
Total Consolidated | $ | 2,446,998 | $ | 2,133,402 | $ | 313,596 | 14.7 | % | 2,084,943 | 1,917,511 | 167,432 | 8.7 | �% | ||||||||||||||
A. SCHULMAN, INC.
SUPPLEMENTAL SEGMENT INFORMATION
(continued)
Three months ended August 31, | Year ended August 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Unaudited (In thousands, except for %'s) | ||||||||||||||||
Segment gross profit | ||||||||||||||||
EMEA | $ | 50,031 | $ | 45,525 | $ | 206,268 | $ | 179,242 | ||||||||
Americas | 28,595 | 21,160 | 99,517 | 81,315 | ||||||||||||
APAC | 6,565 | 6,166 | 26,767 | 22,345 | ||||||||||||
Total segment gross profit | 85,191 | 72,851 | 332,552 | 282,902 | ||||||||||||
Inventory step-up | (269 | ) | (1,468 | ) | (138 | ) | ||||||||||
Accelerated depreciation and restructuring related costs | (285 | ) | (582 | ) | (1,076 | ) | (1,585 | ) | ||||||||
Total gross profit | $ | 84,637 | $ | 72,269 | $ | 330,008 | $ | 281,179 | ||||||||
Segment operating income | ||||||||||||||||
EMEA | $ | 19,153 | $ | 19,432 | $ | 80,690 | $ | 67,320 | ||||||||
Americas | 13,917 | 9,374 | 38,806 | 28,351 | ||||||||||||
APAC | 2,656 | 3,877 | 12,527 | 12,108 | ||||||||||||
Total segment operating income | 35,726 | 32,683 | 132,023 | 107,779 | ||||||||||||
Corporate | (8,021 | ) | (5,278 | ) | (32,170 | ) | (24,926 | ) | ||||||||
Costs related to acquisitions | (2,644 | ) | (824 | ) | (6,021 | ) | (2,661 | ) | ||||||||
Restructuring and related costs | (1,295 | ) | (6,915 | ) | (9,618 | ) | (13,687 | ) | ||||||||
Accelerated depreciation | (111 | ) | (107 | ) | (1,058 | ) | ||||||||||
Asset impairment | (254 | ) | (104 | ) | (1,873 | ) | ||||||||||
Curtailment and settlement gains (losses) | (214 | ) | (214 | ) | (333 | ) | ||||||||||
Inventory step-up | (269 | ) | (1,468 | ) | (138 | ) | ||||||||||
Operating income | 23,283 | 19,301 | 82,321 | 63,103 | ||||||||||||
Interest expense, net | (2,316 | ) | (2,011 | ) | (8,217 | ) | (7,162 | ) | ||||||||
Foreign currency transaction gains (losses) | (86 | ) | (1,747 | ) | (2,206 | ) | (2,426 | ) | ||||||||
Other income (expense), net | 167 | (156 | ) | 434 | 217 | |||||||||||
Income from continuing operations before taxes | $ | 21,048 | $ | 15,387 | $ | 72,332 | $ | 53,732 | ||||||||
Capacity Utilization | ||||||||||||||||
EMEA | 75 | % | 75 | % | 82 | % | 77 | % | ||||||||
Americas | 67 | % | 73 | % | 65 | % | 67 | % | ||||||||
APAC | 69 | % | 68 | % | 70 | % | 68 | % | ||||||||
Worldwide | 71 | % | 73 | % | 73 | % | 72 | % | ||||||||
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