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Share Name | Share Symbol | Market | Type |
---|---|---|---|
A. Schulman, Inc. (delisted) | NASDAQ:SHLM | 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% | 44.00 | 0.05 | 47.25 | 0 | 01:00:00 |
A. SCHULMAN, INC. |
Delaware | 0-7459 | 34-0514850 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
3637 Ridgewood Rd, Fairlawn, Ohio | 44333 | ||||
(Address of principal executive offices) | (Zip Code) |
(330) 666-3751 |
Exhibit Number | Description |
99.1 | Press Release, dated April 6, 2015 (filed herewith) |
A. Schulman, Inc. | |||
By: | /s/ David C. Minc | ||
David C. Minc | |||
Vice President, Chief Legal Officer and Secretary |
• | Solid gross margin expansion within legacy businesses in all regions, despite negative foreign currency translation |
• | Net sales for the Company’s U.S. and Canada business increased over 22% compared with the prior-year period |
• | Net loss from continuing operations of $888 thousand, or $0.03 per diluted share, includes impact of one-time CEO transition costs, restructuring, acquisition and integration and related costs; adjusted net income from continuing operations, excluding certain items, was $11.5 million, or $0.39 per diluted share, as previously estimated |
• | Maintains previously revised full-year fiscal 2015 adjusted net income guidance to a range of $2.50 to $2.55 per diluted share, which does not include the impact of the previously announced acquisition of Citadel Plastics, which is expected to close on track in the third quarter of fiscal 2015 |
• | worldwide and regional economic, business and political conditions, including continuing economic uncertainties in some or all of the Company’s major product markets or countries where the Company has operations; |
• | the effectiveness of the Company’s 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 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 Company’s 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 and the integration thereof, 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; |
• | operating problems with our information systems as a result of system security failures such as viruses, cyber-attacks or other causes; |
• | our ability to consummate the Citadel acquisition and the timing of the closing thereof for any reason, whether or not the fault of the Company; |
• | the failure to obtain the necessary financing in connection with the Citadel acquisition for any reason, whether or not the fault of the Company; |
• | the impact of the indebtedness incurred to finance the Citadel acquisition; |
• | integration of the business of Citadel with our existing business, including the risk that the integration will be more costly or more time consuming and complex or simply less effective than anticipated; |
• | our ability to achieve the anticipated synergies, cost savings and other benefits from the Citadel acquisition; |
• | transaction and acquisition-related costs incurred in connection with the Citadel acquisition and related transactions; and |
• | substantial time devoted by management to the integration after the closing of the Citadel acquisition. |
Three months ended February 28, | Six months ended February 28, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Unaudited (In thousands, except per share data) | |||||||||||||||
Net sales | $ | 542,295 | $ | 588,508 | $ | 1,157,348 | $ | 1,173,905 | |||||||
Cost of sales | 464,221 | 514,209 | 992,430 | 1,020,498 | |||||||||||
Selling, general and administrative expenses | 70,093 | 58,713 | 130,640 | 116,111 | |||||||||||
Restructuring expense | 2,662 | 1,727 | 7,881 | 3,505 | |||||||||||
Asset impairment | — | 104 | — | 104 | |||||||||||
Operating income | 5,319 | 13,755 | 26,397 | 33,687 | |||||||||||
Interest expense | 2,311 | 2,488 | 4,670 | 4,679 | |||||||||||
Interest income | (66 | ) | (81 | ) | (161 | ) | (143 | ) | |||||||
Foreign currency transaction (gains) losses | 1,141 | 1,466 | 2,240 | 2,148 | |||||||||||
Other (income) expense, net | (245 | ) | (193 | ) | (404 | ) | (271 | ) | |||||||
Gain on early extinguishment of debt | (1,290 | ) | — | (1,290 | ) | — | |||||||||
Income (loss) from continuing operations before taxes | 3,468 | 10,075 | 21,342 | 27,274 | |||||||||||
Provision (benefit) for U.S. and foreign income taxes | 3,971 | 3,427 | 8,457 | 7,995 | |||||||||||
Income (loss) from continuing operations | (503 | ) | 6,648 | 12,885 | 19,279 | ||||||||||
Income (loss) from discontinued operations, net of tax | (58 | ) | 347 | (68 | ) | 3,002 | |||||||||
Net income (loss) | (561 | ) | 6,995 | 12,817 | 22,281 | ||||||||||
Noncontrolling interests | (327 | ) | (136 | ) | (547 | ) | (351 | ) | |||||||
Net income (loss) attributable to A. Schulman, Inc. | $ | (888 | ) | $ | 6,859 | $ | 12,270 | $ | 21,930 | ||||||
Weighted-average number of shares outstanding: | |||||||||||||||
Basic | 29,138 | 29,059 | 29,078 | 29,038 | |||||||||||
Diluted | 29,138 | 29,277 | 29,538 | 29,240 | |||||||||||
Basic earnings per share attributable to A. Schulman, Inc. | |||||||||||||||
Income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.23 | $ | 0.42 | $ | 0.65 | ||||||
Income (loss) from discontinued operations | — | 0.01 | — | 0.11 | |||||||||||
Net income (loss) attributable to A. Schulman, Inc. | $ | (0.03 | ) | $ | 0.24 | $ | 0.42 | $ | 0.76 | ||||||
Diluted earnings per share attributable to A. Schulman, Inc. | |||||||||||||||
Income (loss) from continuing operations | $ | (0.03 | ) | $ | 0.22 | $ | 0.42 | $ | 0.65 | ||||||
Income (loss) from discontinued operations | — | 0.01 | — | 0.10 | |||||||||||
Net income (loss) attributable to A. Schulman, Inc. | $ | (0.03 | ) | $ | 0.23 | $ | 0.42 | $ | 0.75 | ||||||
Cash dividends per common share | $ | 0.205 | $ | 0.200 | $ | 0.410 | $ | 0.400 |
February 28, 2015 | August 31, 2014 | ||||||
Unaudited (In thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 91,872 | $ | 135,493 | |||
Accounts receivable, less allowance for doubtful accounts of $9,520 at February 28, 2015 and $10,844 at August 31, 2014 | 354,257 | 384,444 | |||||
Inventories | 257,464 | 292,141 | |||||
Prepaid expenses and other current assets | 40,399 | 40,473 | |||||
Total current assets | 743,992 | 852,551 | |||||
Property, plant and equipment, at cost: | |||||||
Land and improvements | 25,883 | 28,439 | |||||
Buildings and leasehold improvements | 144,951 | 160,858 | |||||
Machinery and equipment | 373,938 | 398,563 | |||||
Furniture and fixtures | 32,020 | 41,255 | |||||
Construction in progress | 20,523 | 16,718 | |||||
Gross property, plant and equipment | 597,315 | 645,833 | |||||
Accumulated depreciation | 357,346 | 391,912 | |||||
Net property, plant and equipment | 239,969 | 253,921 | |||||
Deferred charges and other noncurrent assets | 73,211 | 65,079 | |||||
Goodwill | 192,940 | 202,299 | |||||
Intangible assets, net | 123,932 | 138,634 | |||||
Total assets | $ | 1,374,044 | $ | 1,512,484 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 251,091 | $ | 314,957 | |||
U.S. and foreign income taxes payable | 4,426 | 6,385 | |||||
Accrued payroll, taxes and related benefits | 42,232 | 54,199 | |||||
Other accrued liabilities | 46,067 | 46,054 | |||||
Short-term debt | 24,197 | 31,748 | |||||
Total current liabilities | 368,013 | 453,343 | |||||
Long-term debt | 365,406 | 339,546 | |||||
Pension plans | 112,501 | 129,949 | |||||
Deferred income taxes | 22,003 | 23,826 | |||||
Other long-term liabilities | 26,485 | 29,369 | |||||
Total liabilities | 894,408 | 976,033 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $1 par value, authorized - 75,000 shares, issued - 48,367 shares at February 28, 2015 and 48,185 shares at August 31, 2014 | 48,367 | 48,185 | |||||
Additional paid-in capital | 272,934 | 268,545 | |||||
Accumulated other comprehensive income (loss) | (73,801 | ) | (16,691 | ) | |||
Retained earnings | 607,162 | 606,898 | |||||
Treasury stock, at cost, 19,079 shares at February 28, 2015 and 18,973 shares at August 31, 2014 | (383,170 | ) | (379,894 | ) | |||
Total A. Schulman, Inc.’s stockholders’ equity | 471,492 | 527,043 | |||||
Noncontrolling interests | 8,144 | 9,408 | |||||
Total equity | 479,636 | 536,451 | |||||
Total liabilities and equity | $ | 1,374,044 | $ | 1,512,484 |
Six months ended February 28, | |||||||
2015 | 2014 | ||||||
Unaudited (In thousands) | |||||||
Operating from continuing and discontinued operations: | |||||||
Net income | $ | 12,817 | $ | 22,281 | |||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | |||||||
Depreciation | 17,990 | 16,419 | |||||
Amortization | 8,271 | 6,669 | |||||
Deferred tax provision (benefit) | (96 | ) | (2,895 | ) | |||
Pension, postretirement benefits and other compensation | 6,173 | 4,494 | |||||
Restricted stock compensation - CEO transition costs, net of cash | 4,789 | — | |||||
Asset impairment | — | 104 | |||||
Gain on sale of assets from discontinued operations | — | (3,331 | ) | ||||
Changes in assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (4,197 | ) | (21,283 | ) | |||
Inventories | 3,838 | (13,107 | ) | ||||
Accounts payable | (38,126 | ) | (15,534 | ) | |||
Income taxes | (1,210 | ) | 229 | ||||
Accrued payroll and other accrued liabilities | (3,159 | ) | 375 | ||||
Other assets and long-term liabilities | (6,003 | ) | (3,100 | ) | |||
Net cash provided from (used in) operating activities | 1,087 | (8,679 | ) | ||||
Investing from continuing and discontinued operations: | |||||||
Expenditures for property, plant and equipment | (21,238 | ) | (16,541 | ) | |||
Investment in equity investees | (12,456 | ) | — | ||||
Proceeds from the sale of assets | 1,366 | 4,738 | |||||
Business acquisitions, net of cash | (6,698 | ) | (115,624 | ) | |||
Net cash provided from (used in) investing activities | (39,026 | ) | (127,427 | ) | |||
Financing from continuing and discontinued operations: | |||||||
Cash dividends paid | (12,006 | ) | (11,777 | ) | |||
Increase (decrease) in short-term debt | (3,415 | ) | 2,469 | ||||
Borrowings on long-term debt | 122,330 | 686,955 | |||||
Repayments on long-term debt including current portion | (91,381 | ) | (583,914 | ) | |||
Payment of debt issuance costs | — | (1,782 | ) | ||||
Noncontrolling interests' contributions (distributions) | (1,750 | ) | — | ||||
Issuances of stock, common and treasury | 132 | 276 | |||||
Redemptions of common stock | (4,999 | ) | (361 | ) | |||
Purchases of treasury stock | (3,335 | ) | (1,116 | ) | |||
Net cash provided from (used in) financing activities | 5,576 | 90,750 | |||||
Effect of exchange rate changes on cash | (11,258 | ) | 1,355 | ||||
Net increase (decrease) in cash and cash equivalents | (43,621 | ) | (44,001 | ) | |||
Cash and cash equivalents at beginning of period | 135,493 | 134,054 | |||||
Cash and cash equivalents at end of period | $ | 91,872 | $ | 90,053 |
Three months ended February 28, 2015 | 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 | $ | 464,221 | 14.4 | % | $ | 70,093 | $ | 2,662 | $ | — | $ | 5,319 | $ | 0.010 | $ | 3,971 | $ | (888 | ) | $ | (0.03 | ) | |||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions and integrations (1) | (65 | ) | (3,272 | ) | — | — | 3,337 | 202 | 3,135 | 0.11 | |||||||||||||||||||||||||||||
Restructuring and related costs (2) | (298 | ) | (819 | ) | (2,662 | ) | — | 3,779 | 519 | 3,260 | 0.11 | ||||||||||||||||||||||||||||
CEO transition costs (3) | — | (6,167 | ) | — | — | 6,167 | — | 6,167 | 0.21 | ||||||||||||||||||||||||||||||
Asset write-downs (4) | (298 | ) | — | — | — | 298 | — | 298 | 0.01 | ||||||||||||||||||||||||||||||
Gain on early extinguishment of debt (6) | — | — | — | — | — | (428 | ) | (863 | ) | (0.03 | ) | ||||||||||||||||||||||||||||
Tax benefits (charges) | — | — | — | — | — | (283 | ) | 283 | 0.01 | ||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | 58 | — | ||||||||||||||||||||||||||||||||
Total certain items | (661 | ) | 0.1 | % | (10,258 | ) | (2,662 | ) | — | 13,581 | 0.026 | 10 | 12,338 | 0.42 | |||||||||||||||||||||||||
As Adjusted | $ | 463,560 | 14.5 | % | $ | 59,835 | $ | — | $ | — | $ | 18,900 | $ | 0.037 | $ | 3,981 | $ | 11,450 | $ | 0.39 | |||||||||||||||||||
Percentage of Revenue | 11.0 | % | 3.5 | % | 2.1 | % | |||||||||||||||||||||||||||||||||
Three months ended February 28, 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 | $ | 514,209 | 12.6 | % | $ | 58,713 | $ | 1,727 | $ | 104 | $ | 13,755 | $ | 0.027 | $ | 3,427 | $ | 6,859 | $ | 0.23 | |||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions and integrations (1) | (34 | ) | (1,817 | ) | — | — | 1,851 | 30 | 1,821 | 0.06 | |||||||||||||||||||||||||||||
Restructuring and related costs (2) | (137 | ) | (928 | ) | (1,727 | ) | — | 2,792 | 279 | 2,513 | 0.09 | ||||||||||||||||||||||||||||
Asset write-downs (4) | — | — | — | (104 | ) | 104 | 34 | 70 | — | ||||||||||||||||||||||||||||||
Inventory step-up (5) | (782 | ) | — | — | — | 782 | — | 782 | 0.03 | ||||||||||||||||||||||||||||||
Tax benefits (charges) | — | — | — | — | — | 426 | (426 | ) | (0.01 | ) | |||||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | — | — | (347 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
Total certain items | (953 | ) | 0.2 | % | (2,745 | ) | (1,727 | ) | (104 | ) | 5,529 | 0.012 | 769 | 4,413 | 0.16 | ||||||||||||||||||||||||
As Adjusted | $ | 513,256 | 12.8 | % | $ | 55,968 | $ | — | $ | — | $ | 19,284 | $ | 0.039 | $ | 4,196 | $ | 11,272 | $ | 0.39 | |||||||||||||||||||
Percentage of Revenue | 9.5 | % | 3.3 | % | 1.9 | % |
Six months ended February 28, 2015 | 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 | $ | 992,430 | 14.2 | % | $ | 130,640 | $ | 7,881 | $ | — | $ | 26,397 | $ | 0.025 | $ | 8,457 | $ | 12,270 | $ | 0.42 | |||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions and integrations (1) | (115 | ) | (4,274 | ) | — | — | 4,389 | 278 | 4,111 | 0.14 | |||||||||||||||||||||||||||||
Restructuring and related costs (2) | (298 | ) | (1,180 | ) | (7,881 | ) | — | 9,359 | 2,002 | 7,357 | 0.24 | ||||||||||||||||||||||||||||
CEO transition costs (3) | — | (6,167 | ) | — | — | 6,167 | — | 6,167 | 0.21 | ||||||||||||||||||||||||||||||
Asset write-downs (4) | (298 | ) | — | — | — | 298 | — | 298 | 0.01 | ||||||||||||||||||||||||||||||
Inventory step-up (5) | (341 | ) | — | — | — | 341 | 102 | 239 | 0.01 | ||||||||||||||||||||||||||||||
Gain on early extinguishment of debt (6) | — | — | — | — | — | (428 | ) | (863 | ) | (0.03 | ) | ||||||||||||||||||||||||||||
Tax benefits (charges) | — | — | — | — | — | (282 | ) | 282 | 0.01 | ||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | — | 68 | — | ||||||||||||||||||||||||||||||||
Total certain items | (1,052 | ) | 0.1 | % | (11,621 | ) | (7,881 | ) | — | 20,554 | 0.019 | 1,672 | 17,659 | 0.59 | |||||||||||||||||||||||||
As Adjusted | $ | 991,378 | 14.3 | % | $ | 119,019 | $ | — | $ | — | $ | 46,951 | $ | 0.044 | $ | 10,129 | $ | 29,929 | $ | 1.01 | |||||||||||||||||||
Percentage of Revenue | 10.3 | % | 4.1 | % | 2.6 | % | |||||||||||||||||||||||||||||||||
Six months ended February 28, 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 | $ | 1,020,498 | 13.1 | % | $ | 116,111 | $ | 3,505 | $ | 104 | $ | 33,687 | $ | 0.034 | $ | 7,995 | $ | 21,930 | $ | 0.75 | |||||||||||||||||||
Certain items: | |||||||||||||||||||||||||||||||||||||||
Costs related to acquisitions and integrations (1) | (34 | ) | (2,453 | ) | — | — | 2,487 | 125 | 2,370 | 0.08 | |||||||||||||||||||||||||||||
Restructuring and related costs (2) | (500 | ) | (2,159 | ) | (3,505 | ) | — | 6,164 | 601 | 5,852 | 0.20 | ||||||||||||||||||||||||||||
Asset write-downs (4) | (108 | ) | — | — | (104 | ) | 212 | 34 | 178 | 0.01 | |||||||||||||||||||||||||||||
Inventory step-up (5) | (1,199 | ) | — | — | — | 1,199 | 98 | 1,101 | 0.04 | ||||||||||||||||||||||||||||||
Tax benefits (charges) | — | 427 | (427 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||||
Loss (income) from discontinued operations | (3,002 | ) | (0.10 | ) | |||||||||||||||||||||||||||||||||||
Total certain items | (1,841 | ) | 0.1 | % | (4,612 | ) | (3,505 | ) | (104 | ) | 10,062 | 0.010 | 1,285 | 6,072 | 0.21 | ||||||||||||||||||||||||
As Adjusted | $ | 1,018,657 | 13.2 | % | $ | 111,499 | $ | — | $ | — | $ | 43,749 | $ | 0.044 | $ | 9,280 | $ | 28,002 | $ | 0.96 | |||||||||||||||||||
Percentage of Revenue | 9.5 | % | 3.7 | % | 2.4 | % |
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended February 28, | |||||||||||||||||||||||||||
EMEA | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 29,235 | $ | 35,913 | $ | (6,678 | ) | (18.6 | )% | 10,770 | 11,641 | (871 | ) | (7.5 | )% | ||||||||||||
Masterbatch Solutions | 99,779 | 105,625 | (5,846 | ) | (5.5 | )% | 93,068 | 83,217 | 9,851 | 11.8 | % | ||||||||||||||||
Engineered Plastics | 89,695 | 115,132 | (25,437 | ) | (22.1 | )% | 63,491 | 69,605 | (6,114 | ) | (8.8 | )% | |||||||||||||||
Specialty Powders | 35,286 | 43,368 | (8,082 | ) | (18.6 | )% | 43,603 | 42,469 | 1,134 | 2.7 | % | ||||||||||||||||
Distribution Services | 61,151 | 82,986 | (21,835 | ) | (26.3 | )% | 97,926 | 99,284 | (1,358 | ) | (1.4 | )% | |||||||||||||||
Total EMEA | $ | 315,146 | $ | 383,024 | $ | (67,878 | ) | (17.7 | )% | 308,858 | 306,216 | 2,642 | 0.9 | % | |||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended February 28, | |||||||||||||||||||||||||||
USCAN | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 10,093 | $ | 8,417 | $ | 1,676 | 19.9 | % | 3,395 | 2,849 | 546 | 19.2 | % | ||||||||||||||
Masterbatch Solutions | 39,101 | 30,397 | 8,704 | 28.6 | % | 50,533 | 44,923 | 5,610 | 12.5 | % | |||||||||||||||||
Engineered Plastics | 44,894 | 31,827 | 13,067 | 41.1 | % | 27,972 | 20,439 | 7,533 | 36.9 | % | |||||||||||||||||
Specialty Powders | 22,390 | 21,041 | 1,349 | 6.4 | % | 33,678 | 34,619 | (941 | ) | (2.7 | )% | ||||||||||||||||
Distribution Services | 16,956 | 17,010 | (54 | ) | (0.3 | )% | 17,891 | 17,734 | 157 | 0.9 | % | ||||||||||||||||
Total USCAN | $ | 133,434 | $ | 108,692 | $ | 24,742 | 22.8 | % | 133,469 | 120,564 | 12,905 | 10.7 | % | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended February 28, | |||||||||||||||||||||||||||
LATAM | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 1,236 | $ | 864 | $ | 372 | 43.1 | % | 504 | 344 | 160 | 46.5 | % | ||||||||||||||
Masterbatch Solutions | 20,247 | 23,667 | (3,420 | ) | (14.5 | )% | 14,544 | 15,737 | (1,193 | ) | (7.6 | )% | |||||||||||||||
Engineered Plastics | 10,775 | 12,197 | (1,422 | ) | (11.7 | )% | 7,892 | 8,638 | (746 | ) | (8.6 | )% | |||||||||||||||
Specialty Powders | 8,875 | 11,679 | (2,804 | ) | (24.0 | )% | 7,453 | 10,951 | (3,498 | ) | (31.9 | )% | |||||||||||||||
Distribution Services | — | — | — | N/A | — | — | — | N/A | |||||||||||||||||||
Total LATAM | $ | 41,133 | $ | 48,407 | $ | (7,274 | ) | (15.0 | )% | 30,393 | 35,670 | (5,277 | ) | (14.8 | )% | ||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended February 28, | |||||||||||||||||||||||||||
APAC | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 2,702 | $ | 571 | $ | 2,131 | 373.2 | % | 1,823 | 429 | 1,394 | 324.9 | % | ||||||||||||||
Masterbatch Solutions | 19,324 | 19,883 | (559 | ) | (2.8 | )% | 19,715 | 17,930 | 1,785 | 10.0 | % | ||||||||||||||||
Engineered Plastics | 27,466 | 23,884 | 3,582 | 15.0 | % | 19,426 | 16,013 | 3,413 | 21.3 | % | |||||||||||||||||
Specialty Powders | 2,682 | 3,776 | (1,094 | ) | (29.0 | )% | 2,776 | 3,461 | (685 | ) | (19.8 | )% | |||||||||||||||
Distribution Services | 408 | 271 | 137 | 50.6 | % | 517 | 361 | 156 | 43.2 | % | |||||||||||||||||
Total APAC | $ | 52,582 | $ | 48,385 | $ | 4,197 | 8.7 | % | 44,257 | 38,194 | 6,063 | 15.9 | % | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Six months ended February 28, | |||||||||||||||||||||||||||
EMEA | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 62,694 | $ | 71,986 | $ | (9,292 | ) | (12.9 | )% | 22,280 | 23,972 | (1,692 | ) | (7.1 | )% | ||||||||||||
Masterbatch Solutions | 216,179 | 214,527 | 1,652 | 0.8 | % | 190,398 | 168,557 | 21,841 | 13.0 | % | |||||||||||||||||
Engineered Plastics | 198,968 | 237,348 | (38,380 | ) | (16.2 | )% | 135,181 | 144,762 | (9,581 | ) | (6.6 | )% | |||||||||||||||
Specialty Powders | 76,735 | 90,408 | (13,673 | ) | (15.1 | )% | 87,045 | 89,467 | (2,422 | ) | (2.7 | )% | |||||||||||||||
Distribution Services | 131,761 | 161,217 | (29,456 | ) | (18.3 | )% | 190,412 | 191,678 | (1,266 | ) | (0.7 | )% | |||||||||||||||
Total EMEA | $ | 686,337 | $ | 775,486 | $ | (89,149 | ) | (11.5 | )% | 625,316 | 618,436 | 6,880 | 1.1 | % | |||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Six months ended February 28, | |||||||||||||||||||||||||||
USCAN | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 20,315 | $ | 15,557 | $ | 4,758 | 30.6 | % | 6,817 | 5,028 | 1,789 | 35.6 | % | ||||||||||||||
Masterbatch Solutions | 82,437 | 61,095 | 21,342 | 34.9 | % | 108,693 | 92,564 | 16,129 | 17.4 | % | |||||||||||||||||
Engineered Plastics | 92,668 | 56,599 | 36,069 | 63.7 | % | 58,053 | 37,401 | 20,652 | 55.2 | % | |||||||||||||||||
Specialty Powders | 48,659 | 43,228 | 5,431 | 12.6 | % | 77,820 | 75,245 | 2,575 | 3.4 | % | |||||||||||||||||
Distribution Services | 34,062 | 28,154 | 5,908 | 21.0 | % | 35,050 | 30,110 | 4,940 | 16.4 | % | |||||||||||||||||
Total USCAN | $ | 278,141 | $ | 204,633 | $ | 73,508 | 35.9 | % | 286,433 | 240,348 | 46,085 | 19.2 | % | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Six months ended February 28, | |||||||||||||||||||||||||||
LATAM | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 2,403 | $ | 1,890 | $ | 513 | 27.1 | % | 951 | 769 | 182 | 23.7 | % | ||||||||||||||
Masterbatch Solutions | 42,202 | 46,445 | (4,243 | ) | (9.1 | )% | 29,527 | 30,624 | (1,097 | ) | (3.6 | )% | |||||||||||||||
Engineered Plastics | 22,968 | 24,509 | (1,541 | ) | (6.3 | )% | 16,579 | 17,281 | (702 | ) | (4.1 | )% | |||||||||||||||
Specialty Powders | 19,741 | 26,149 | (6,408 | ) | (24.5 | )% | 16,280 | 22,446 | (6,166 | ) | (27.5 | )% | |||||||||||||||
Distribution Services | — | — | — | N/A | — | — | — | N/A | |||||||||||||||||||
Total LATAM | $ | 87,314 | $ | 98,993 | $ | (11,679 | ) | (11.8 | )% | 63,337 | 71,120 | (7,783 | ) | (10.9 | )% | ||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Six months ended February 28, | |||||||||||||||||||||||||||
APAC | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 5,932 | $ | 1,273 | $ | 4,659 | 366.0 | % | 4,194 | 962 | 3,232 | 336.0 | % | ||||||||||||||
Masterbatch Solutions | 39,663 | 40,409 | (746 | ) | (1.8 | )% | 38,568 | 35,473 | 3,095 | 8.7 | % | ||||||||||||||||
Engineered Plastics | 52,742 | 45,282 | 7,460 | 16.5 | % | 36,331 | 29,593 | 6,738 | 22.8 | % | |||||||||||||||||
Specialty Powders | 6,455 | 7,026 | (571 | ) | (8.1 | )% | 6,467 | 6,423 | 44 | 0.7 | % | ||||||||||||||||
Distribution Services | 764 | 803 | (39 | ) | (4.9 | )% | 927 | 1,005 | (78 | ) | (7.8 | )% | |||||||||||||||
Total APAC | $ | 105,556 | $ | 94,793 | $ | 10,763 | 11.4 | % | 86,487 | 73,456 | 13,031 | 17.7 | % | ||||||||||||||
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Three months ended February 28, | |||||||||||||||||||||||||||
Consolidated | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 43,266 | $ | 45,765 | $ | (2,499 | ) | (40.0 | )% | 16,492 | 15,263 | 1,229 | (31.3 | )% | |||||||||||||
Masterbatch Solutions | 178,451 | 179,572 | (1,121 | ) | (34.0 | )% | 177,860 | 161,807 | 16,053 | (27.1 | )% | ||||||||||||||||
Engineered Plastics | 172,830 | 183,040 | (10,210 | ) | (37.4 | )% | 118,781 | 114,695 | 4,086 | (32.9 | )% | ||||||||||||||||
Specialty Powders | 69,233 | 79,864 | (10,631 | ) | (43.5 | )% | 87,510 | 91,500 | (3,990 | ) | (36.9 | )% | |||||||||||||||
Distribution Services | 78,515 | 100,267 | (21,752 | ) | (49.0 | )% | 116,334 | 117,379 | (1,045 | ) | (38.6 | )% | |||||||||||||||
Total Consolidated | $ | 542,295 | $ | 588,508 | $ | (46,213 | ) | (39.4 | )% | 516,977 | 500,644 | 16,333 | (33.0 | )% |
Net Sales | Pounds Sold | ||||||||||||||||||||||||||
Six months ended February 28, | |||||||||||||||||||||||||||
Consolidated | 2015 | 2014 | $ Change | % Change | 2015 | 2014 | Lbs. Change | % Change | |||||||||||||||||||
(In thousands, except for %'s) | |||||||||||||||||||||||||||
Custom Performance Color | $ | 91,344 | $ | 90,706 | $ | 638 | (16.7 | )% | 34,242 | 30,731 | 3,511 | (8.1 | )% | ||||||||||||||
Masterbatch Solutions | 380,481 | 362,476 | 18,005 | (11.6 | )% | 367,186 | 327,218 | 39,968 | (6.1 | )% | |||||||||||||||||
Engineered Plastics | 367,346 | 363,738 | 3,608 | (15.0 | )% | 246,144 | 229,037 | 17,107 | (10.8 | )% | |||||||||||||||||
Specialty Powders | 151,590 | 166,811 | (15,221 | ) | (23.6 | )% | 187,612 | 193,581 | (5,969 | ) | (18.4 | )% | |||||||||||||||
Distribution Services | 166,587 | 190,174 | (23,587 | ) | (26.8 | )% | 226,389 | 222,793 | 3,596 | (18.3 | )% | ||||||||||||||||
Total Consolidated | $ | 1,157,348 | $ | 1,173,905 | $ | (16,557 | ) | (17.2 | )% | 1,061,573 | 1,003,360 | 58,213 | (12.3 | )% |
Three months ended February 28, | Six months ended February 28, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Unaudited (In thousands, except for %'s) | ||||||||||||||||
Segment gross profit | ||||||||||||||||
EMEA | $ | 44,507 | $ | 47,499 | $ | 94,213 | $ | 99,439 | ||||||||
USCAN | 19,745 | 13,370 | 44,374 | 27,120 | ||||||||||||
LATAM | 7,101 | 7,856 | 12,751 | 15,539 | ||||||||||||
APAC | 7,382 | 6,527 | 14,632 | 13,150 | ||||||||||||
Total segment gross profit | 78,735 | 75,252 | 165,970 | 155,248 | ||||||||||||
Inventory step-up | — | (782 | ) | (341 | ) | (1,199 | ) | |||||||||
Accelerated depreciation, restructuring and related costs | (596 | ) | (137 | ) | (596 | ) | (608 | ) | ||||||||
Costs related to acquisitions and integrations | (65 | ) | (34 | ) | (115 | ) | (34 | ) | ||||||||
Total gross profit | $ | 78,074 | $ | 74,299 | $ | 164,918 | $ | 153,407 | ||||||||
Segment operating income | ||||||||||||||||
EMEA | $ | 16,277 | $ | 17,553 | $ | 36,316 | $ | 37,972 | ||||||||
USCAN | 5,925 | 2,839 | 17,317 | 6,699 | ||||||||||||
LATAM | 2,281 | 3,430 | 2,877 | 6,933 | ||||||||||||
APAC | 3,423 | 3,176 | 6,931 | 6,542 | ||||||||||||
Total segment operating income | 27,906 | 26,998 | 63,441 | 58,146 | ||||||||||||
Corporate | (9,006 | ) | (7,714 | ) | (16,490 | ) | (14,397 | ) | ||||||||
Costs related to acquisitions and integrations | (3,337 | ) | (1,851 | ) | (4,389 | ) | (2,487 | ) | ||||||||
Restructuring and related costs | (3,779 | ) | (2,792 | ) | (9,359 | ) | (6,164 | ) | ||||||||
CEO transition costs | (6,167 | ) | — | (6,167 | ) | — | ||||||||||
Asset impairment | — | (104 | ) | — | (104 | ) | ||||||||||
Accelerated depreciation | (298 | ) | — | (298 | ) | (108 | ) | |||||||||
Inventory step-up | — | (782 | ) | (341 | ) | (1,199 | ) | |||||||||
Operating income | 5,319 | 13,755 | 26,397 | 33,687 | ||||||||||||
Interest expense, net | (2,245 | ) | (2,407 | ) | (4,509 | ) | (4,536 | ) | ||||||||
Foreign currency transaction gains (losses) | (1,141 | ) | (1,466 | ) | (2,240 | ) | (2,148 | ) | ||||||||
Other income (expense), net | 245 | 193 | 404 | 271 | ||||||||||||
Gain on early extinguishment of debt | 1,290 | — | 1,290 | — | ||||||||||||
Income from continuing operations before taxes | $ | 3,468 | $ | 10,075 | $ | 21,342 | $ | 27,274 | ||||||||
Capacity utilization | ||||||||||||||||
EMEA | 74 | % | 77 | % | 81 | % | 82 | % | ||||||||
USCAN | 60 | % | 56 | % | 63 | % | 60 | % | ||||||||
LATAM | 64 | % | 74 | % | 68 | % | 80 | % | ||||||||
APAC | 62 | % | 72 | % | 64 | % | 70 | % | ||||||||
Worldwide | 67 | % | 69 | % | 71 | % | 73 | % |
1 Year A. Schulman, Inc. (delisted) Chart |
1 Month A. Schulman, Inc. (delisted) Chart |
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