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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ico (MM) | NASDAQ:ICOC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.57 | 0 | 01:00:00 |
| Reported a net loss of $6.8 million for the quarter compared with a loss of $10.5 million in last years second quarter | ||
| Excluding certain one-time charges, net income for the quarter was $3.2 million, or $0.12 per share, a $9.9 million improvement compared with a loss of $6.7 million, or $0.26 per share, for the prior-year period | ||
| Excluding certain one-time items and a bad debt expense item, fiscal second-quarter earnings would have been $0.24 per diluted share | ||
| Companys second-half earnings, excluding non-operating items, are expected to closely approach fiscal 2008 second-half levels |
1
2
| As previously announced on December 2, 2009, the Company signed a definitive agreement to acquire all of the outstanding stock of ICO, Inc. (Nasdaq: ICOC) (ICO). The Company has received the necessary regulatory approvals to complete the transaction. A special meeting of ICO stockholders to vote on the agreement is scheduled for April 28, 2010. Under the terms of the agreement, the total consideration to be paid is comprised of $105.0 million in cash and 5.1 million shares of A. Schulman common stock. The merger agreement was filed as an exhibit to the Companys Form 8-K dated December 3, 2009. If the agreement is approved, ICO stockholders will own approximately 16% of the combined company and be represented by two additional directors. The transaction is not subject to a financing contingency. A. Schulman intends to pay the cash portion of the purchase price out of its available liquidity. The transaction is expected to close during the Companys fiscal 2010 third quarter ending May 31, 2010. |
3
| On March 1, 2010, A. Schulman announced the acquisition of McCann Color, Inc., a producer of high-quality color concentrates, based in North Canton, Ohio, for less than $10 million in cash. The acquisition is the latest step in the Companys growth strategy to be a leading global manufacturer in the masterbatch business, and is expected to advance the profitable growth of its North American color operations. The Company also has decided to close its Polybatch Color Center located in Sharon Center, Ohio, and consolidate production to the McCann facility in North Canton. The closure and consolidation of production are expected to be completed by August 31, 2010. The fiscal 2010 second quarter included impairment charges of $5 million and restructuring charges of $0.8 million related to this closure. |
4
5
6
Three months ended February 28, | Six months ended February 28, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Unaudited | Unaudited | |||||||||||||||
|
||||||||||||||||
Net sales
|
$ | 331,023 | $ | 272,648 | $ | 693,883 | $ | 660,964 | ||||||||
Cost of sales
|
279,686 | 243,375 | 579,389 | 589,689 | ||||||||||||
Selling, general and administrative expenses
|
48,764 | 37,448 | 89,515 | 72,244 | ||||||||||||
Interest expense
|
1,136 | 1,146 | 2,190 | 2,395 | ||||||||||||
Interest income
|
(198 | ) | (582 | ) | (451 | ) | (1,431 | ) | ||||||||
Foreign currency transaction (gains) losses
|
(180 | ) | (1,342 | ) | (77 | ) | (8,648 | ) | ||||||||
Other (income) expense
|
(659 | ) | (790 | ) | (1,886 | ) | (1,012 | ) | ||||||||
Curtailment gain
|
| (2,609 | ) | | (2,609 | ) | ||||||||||
Asset impairment
|
5,281 | 2,179 | 5,331 | 2,179 | ||||||||||||
Restructuring expense
|
1,218 | 4,648 | 1,647 | 5,249 | ||||||||||||
|
||||||||||||||||
|
335,048 | 283,473 | 675,658 | 658,056 | ||||||||||||
|
||||||||||||||||
Income (loss) from continuing operations before taxes
|
(4,025 | ) | (10,825 | ) | 18,225 | 2,908 | ||||||||||
Provision for U.S. and foreign income taxes
|
2,794 | (982 | ) | 7,906 | 3,353 | |||||||||||
|
||||||||||||||||
Income (loss) from continuing operations
|
(6,819 | ) | (9,843 | ) | 10,319 | (445 | ) | |||||||||
Income (loss) from discontinued operations, net of tax of $0
|
12 | (980 | ) | 9 | (2,047 | ) | ||||||||||
|
||||||||||||||||
Net income (loss)
|
(6,807 | ) | (10,823 | ) | 10,328 | (2,492 | ) | |||||||||
Noncontrolling interests
|
32 | 308 | (70 | ) | 150 | |||||||||||
|
||||||||||||||||
Net income (loss) attributable to A. Schulman, Inc.
|
(6,775 | ) | (10,515 | ) | 10,258 | (2,342 | ) | |||||||||
Preferred stock dividends
|
| (13 | ) | | (26 | ) | ||||||||||
|
||||||||||||||||
Net income (loss) attributable to A. Schulman, Inc. common stockholders
|
$ | (6,775 | ) | $ | (10,528 | ) | $ | 10,258 | $ | (2,368 | ) | |||||
|
||||||||||||||||
|
||||||||||||||||
Weighted-average number of shares outstanding:
|
||||||||||||||||
Basic
|
25,916 | 25,753 | 25,880 | 25,781 | ||||||||||||
Diluted
|
25,916 | 25,753 | 26,346 | 25,781 | ||||||||||||
|
||||||||||||||||
Earnings (losses) per share of common stock attributable to A. Schulman, Inc. Basic:
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.26 | ) | $ | (0.37 | ) | $ | 0.40 | $ | (0.01 | ) | |||||
Income (loss) from discontinued operations
|
| (0.04 | ) | | (0.08 | ) | ||||||||||
|
||||||||||||||||
Net income (loss) attributable to common stockholders
|
$ | (0.26 | ) | $ | (0.41 | ) | $ | 0.40 | $ | (0.09 | ) | |||||
|
||||||||||||||||
|
||||||||||||||||
Earnings (losses) per share of common stock attributable to A. Schulman, Inc. Diluted:
|
||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.26 | ) | $ | (0.37 | ) | $ | 0.39 | $ | (0.01 | ) | |||||
Income (loss) from discontinued operations
|
| (0.04 | ) | | (0.08 | ) | ||||||||||
|
||||||||||||||||
Net income (loss) attributable to common stockholders
|
$ | (0.26 | ) | $ | (0.41 | ) | $ | 0.39 | $ | (0.09 | ) | |||||
|
7
February 28, 2010 | August 31, 2009 | |||||||
Unaudited | ||||||||
(In thousands except share data) | ||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 215,603 | $ | 228,674 | ||||
Accounts receivable, less allowance for doubtful
accounts of $15,678 at February
28, 2010 and $10,279 at August 31, 2009
|
210,769 | 206,450 | ||||||
Inventories, average cost or market, whichever is lower
|
160,392 | 133,536 | ||||||
Prepaid expenses and other current assets
|
15,713 | 20,779 | ||||||
|
||||||||
Total current assets
|
602,477 | 589,439 | ||||||
|
||||||||
|
||||||||
Other assets:
|
||||||||
Cash surrender value of life insurance
|
3,509 | 3,101 | ||||||
Deferred charges and other assets
|
22,710 | 23,715 | ||||||
Goodwill
|
11,282 | 11,577 | ||||||
Intangible assets
|
291 | 217 | ||||||
|
||||||||
|
37,792 | 38,610 | ||||||
|
||||||||
|
||||||||
Property, plant and equipment, at cost:
|
||||||||
Land and improvements
|
15,029 | 16,236 | ||||||
Buildings and leasehold improvements
|
136,990 | 147,121 | ||||||
Machinery and equipment
|
324,430 | 345,653 | ||||||
Furniture and fixtures
|
38,111 | 39,581 | ||||||
Construction in progress
|
6,924 | 4,546 | ||||||
|
||||||||
|
521,484 | 553,137 | ||||||
Accumulated depreciation and investment grants of $863
at February 28, 2010
and $988 at August 31, 2009
|
364,786 | 383,697 | ||||||
|
||||||||
Net property, plant and equipment
|
156,698 | 169,440 | ||||||
|
||||||||
Total assets
|
$ | 796,967 | $ | 797,489 | ||||
|
||||||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Revolver and notes payable
|
$ | 7,520 | $ | 2,519 | ||||
Accounts payable
|
153,277 | 147,476 | ||||||
U.S. and foreign income taxes payable
|
10,596 | 8,858 | ||||||
Accrued payrolls, taxes and related benefits
|
32,448 | 36,207 | ||||||
Other accrued liabilities
|
38,624 | 32,562 | ||||||
|
||||||||
Total current liabilities
|
242,465 | 227,622 | ||||||
|
||||||||
|
||||||||
Long-term debt
|
98,350 | 102,254 | ||||||
Other long-term liabilities
|
88,950 | 92,688 | ||||||
Deferred income taxes
|
4,807 | 3,954 | ||||||
Commitments and contingencies
|
| | ||||||
Stockholders equity:
|
||||||||
Preferred stock, 5% cumulative, $100 par value,
authorized, issued and outstanding
15 shares at February 28, 2010 and August 31, 2009
|
2 | 2 | ||||||
Common stock, $1 par value, authorized 75,000,000
shares, issued 42,435,098
shares at February 28, 2010 and 42,295,492 shares
at August 31, 2009
|
42,435 | 42,295 | ||||||
Other capital
|
117,805 | 115,358 | ||||||
Accumulated other comprehensive income
|
25,177 | 38,714 | ||||||
Retained earnings
|
494,817 | 492,513 | ||||||
Treasury stock, at cost, 16,207,011 shares at February
28, 2010 and
August 31, 2009
|
(322,812 | ) | (322,812 | ) | ||||
|
||||||||
Total A. Schulman, Inc. stockholders equity
|
357,424 | 366,070 | ||||||
Noncontrolling interests
|
4,971 | 4,901 | ||||||
|
||||||||
Total equity
|
362,395 | 370,971 | ||||||
|
||||||||
Total liabilities and equity
|
$ | 796,967 | $ | 797,489 | ||||
|
8
Six months ended February 28, | ||||||||
2010 | 2009 | |||||||
Unaudited | ||||||||
(In thousands) | ||||||||
Provided from (used in) operating activities:
|
||||||||
Net income (loss)
|
$ | 10,328 | $ | (2,492 | ) | |||
Adjustments to reconcile net income to net cash
provided from (used in) operating activities:
|
||||||||
Depreciation and amortization, including $69 and $474 of accelerated
depreciation related to restructuring in fiscal 2010
and 2009, respectively
|
11,281 | 12,292 | ||||||
Deferred tax provision
|
(379 | ) | 143 | |||||
Pension and other deferred compensation
|
3,366 | (228 | ) | |||||
Postretirement benefit obligation
|
(61 | ) | 68 | |||||
Net (gains) losses on asset sales
|
(298 | ) | 176 | |||||
Curtailment gain
|
| (2,609 | ) | |||||
Asset impairment
|
5,331 | 2,179 | ||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
(11,495 | ) | 77,545 | |||||
Inventories
|
(33,281 | ) | 63,002 | |||||
Accounts payable
|
11,457 | (52,518 | ) | |||||
Restructuring accrual
|
(181 | ) | 2,152 | |||||
Income taxes
|
3,681 | 4,796 | ||||||
Accrued payrolls and other accrued liabilities
|
4,929 | (8,429 | ) | |||||
Changes in other assets and other long-term liabilities
|
3,427 | (1,344 | ) | |||||
|
||||||||
Net cash provided from operating activities
|
8,105 | 94,733 | ||||||
|
||||||||
Provided from (used in) investing activities:
|
||||||||
Expenditures for property, plant and equipment
|
(8,608 | ) | (17,051 | ) | ||||
Proceeds from the sale of assets
|
1,415 | 349 | ||||||
|
||||||||
Net cash used in investing activities
|
(7,193 | ) | (16,702 | ) | ||||
|
||||||||
Provided from (used in) financing activities:
|
||||||||
Cash dividends paid
|
(7,954 | ) | (7,899 | ) | ||||
Increase (decrease) in notes payable
|
(48 | ) | (7,208 | ) | ||||
Borrowings on revolving credit facilities
|
10,000 | 19,000 | ||||||
Repayments on revolving credit facilities
|
(5,000 | ) | (19,000 | ) | ||||
Common stock issued, net
|
252 | 12 | ||||||
Purchases of treasury stock
|
| (1,646 | ) | |||||
|
||||||||
Net cash used in financing activities
|
(2,750 | ) | (16,741 | ) | ||||
|
||||||||
Effect of exchange rate changes on cash
|
(11,233 | ) | (17,764 | ) | ||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(13,071 | ) | 43,526 | |||||
|
||||||||
Cash and cash equivalents at beginning of period
|
228,674 | 97,728 | ||||||
|
||||||||
Cash and cash equivalents at end of period
|
$ | 215,603 | $ | 141,254 | ||||
|
9
Three months ended February 28, | Six months ended February 28, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Unaudited | Unaudited | |||||||||||||||
(In thousands, except for %) | (In thousands, except for %) | |||||||||||||||
Net sales to unaffiliated customers
|
||||||||||||||||
Europe
|
$ | 247,374 | $ | 198,646 | $ | 519,317 | $ | 479,492 | ||||||||
NAMB
|
26,869 | 23,245 | 54,703 | 51,290 | ||||||||||||
NAEP
|
28,778 | 25,379 | 63,420 | 69,646 | ||||||||||||
NADS
|
13,581 | 16,384 | 27,434 | 42,355 | ||||||||||||
Asia
|
14,421 | 8,994 | 29,009 | 18,181 | ||||||||||||
|
||||||||||||||||
Total net sales to unaffiliated customers
|
$ | 331,023 | $ | 272,648 | $ | 693,883 | $ | 660,964 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Segment gross profit
|
||||||||||||||||
Europe
|
$ | 41,525 | $ | 26,552 | $ | 92,057 | $ | 60,950 | ||||||||
NAMB
|
3,141 | 230 | 6,643 | 2,520 | ||||||||||||
NAEP
|
2,916 | 572 | 7,612 | 3,328 | ||||||||||||
NADS
|
1,637 | 1,300 | 3,401 | 3,145 | ||||||||||||
Asia
|
2,118 | 619 | 4,781 | 1,332 | ||||||||||||
|
||||||||||||||||
Total segment gross profit
|
$ | 51,337 | $ | 29,273 | $ | 114,494 | $ | 71,275 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Segment operating income (loss)
|
||||||||||||||||
Europe
|
$ | 9,235 | $ | 4,795 | $ | 34,390 | $ | 18,827 | ||||||||
NAMB
|
1,419 | (835 | ) | 3,909 | (143 | ) | ||||||||||
NAEP
|
538 | (3,386 | ) | 2,710 | (4,311 | ) | ||||||||||
NADS
|
932 | 15 | 1,810 | 938 | ||||||||||||
Asia
|
564 | (315 | ) | 1,678 | (462 | ) | ||||||||||
All other North America
|
(2,673 | ) | (2,699 | ) | (5,342 | ) | (5,708 | ) | ||||||||
|
||||||||||||||||
Total segment operating income (loss)
|
$ | 10,015 | $ | (2,425 | ) | $ | 39,155 | $ | 9,141 | |||||||
|
||||||||||||||||
Corporate and other
|
(7,442 | ) | (5,750 | ) | (14,176 | ) | (10,110 | ) | ||||||||
Interest expense, net
|
(938 | ) | (564 | ) | (1,739 | ) | (964 | ) | ||||||||
Foreign currency transaction gains (losses)
|
180 | 1,342 | 77 | 8,648 | ||||||||||||
Other income (expense)
|
659 | 790 | 1,886 | 1,012 | ||||||||||||
Curtailment gain
|
| 2,609 | | 2,609 | ||||||||||||
Asset impairment
|
(5,281 | ) | (2,179 | ) | (5,331 | ) | (2,179 | ) | ||||||||
Restructuring expense
|
(1,218 | ) | (4,648 | ) | (1,647 | ) | (5,249 | ) | ||||||||
|
||||||||||||||||
Income (loss) from continuing operations before taxes
|
$ | (4,025 | ) | $ | (10,825 | ) | $ | 18,225 | $ | 2,908 | ||||||
|
||||||||||||||||
|
||||||||||||||||
Capacity utilization
|
||||||||||||||||
Europe
|
87 | % | 65 | % | 92 | % | 69 | % | ||||||||
NAMB
|
66 | % | 49 | % | 68 | % | 66 | % | ||||||||
NAEP
|
65 | % | 45 | % | 74 | % | 66 | % | ||||||||
Asia
|
74 | % | 44 | % | 80 | % | 44 | % | ||||||||
Worldwide
|
82 | % | 59 | % | 86 | % | 67 | % |
10
Three months ended | Three months ended | |||||||||||||||
February 28, 2010 | February 28, 2009 | |||||||||||||||
Diluted EPS | Diluted EPS | |||||||||||||||
Income (loss) | impact | Income (loss) | impact | |||||||||||||
Net income (loss) attributable to A. Schulman, Inc. common stockholders
|
$ | (6,775 | ) | $ | (0.26 | ) | $ | (10,528 | ) | $ | (0.41 | ) | ||||
|
||||||||||||||||
Adjustments, net of tax, per diluted share:
|
||||||||||||||||
Asset impairment
|
5,187 | 1,863 | ||||||||||||||
Tax valuation allowance
|
2,252 | | ||||||||||||||
Costs related to proposed acquisitions
|
1,421 | | ||||||||||||||
Restructuring expense
|
1,083 | 4,070 | ||||||||||||||
Accelerated depreciation, included in cost of sales
|
| 474 | ||||||||||||||
Curtailment gain
|
| (2,609 | ) | |||||||||||||
|
||||||||||||||||
Net income (loss) attributable to A. Schulman, Inc. common
stockholders before certain items
|
$ | 3,168 | $ | 0.12 | $ | (6,730 | ) | $ | (0.26 | ) | ||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted-average number of shares outstanding Diluted
|
25,916 | 25,753 |
Six months ended | Six months ended | |||||||||||||||
February 28, 2010 | February 28, 2009 | |||||||||||||||
Diluted EPS | Diluted EPS | |||||||||||||||
Income (loss) | impact | Income (loss) | impact | |||||||||||||
Net income (loss) attributable to A. Schulman, Inc. common stockholders
|
$ | 10,258 | $ | 0.39 | $ | (2,368 | ) | $ | (0.09 | ) | ||||||
|
||||||||||||||||
Adjustments, net of tax, per diluted share:
|
||||||||||||||||
Asset impairment
|
5,237 | 1,863 | ||||||||||||||
Costs related to proposed acquisitions
|
3,687 | | ||||||||||||||
Tax valuation allowance
|
2,252 | | ||||||||||||||
Restructuring expense
|
1,382 | 4,505 | ||||||||||||||
Accelerated depreciation, included in cost of sales
|
48 | 474 | ||||||||||||||
Curtailment gain
|
| (2,609 | ) | |||||||||||||
Other employee termination costs
|
| 101 | ||||||||||||||
|
||||||||||||||||
Net income (loss) attributable to A. Schulman, Inc. common
stockholders before certain items
|
$ | 22,864 | $ | 0.87 | $ | 1,966 | $ | 0.07 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted-average number of shares outstanding Diluted
|
26,346 | 25,781 |
11
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