Company Quick10K Filing
Glatfelter
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 44 $728
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-30 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-07-31 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-10-31 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-Q 2017-05-02 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-01 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-04 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-05 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-08 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-03-09 Annual: 2011-10-12
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-11 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2020-02-20 Amend Bylaw, Exhibits
8-K 2020-02-06 Earnings, Exhibits
8-K 2019-12-11
8-K 2019-11-12 Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-08-01 Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-31 Officers
8-K 2019-05-09 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-28 Officers, Regulation FD, Exhibits
8-K 2019-02-08 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2019-01-25 Other Events
8-K 2019-01-03 Enter Agreement, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-31 M&A, Officers, Other Events, Exhibits
8-K 2018-10-10 Officers
8-K 2018-10-01 M&A, Other Events, Exhibits
8-K 2018-09-17 Regulation FD
8-K 2018-09-07 Enter Agreement, Exhibits
8-K 2018-08-21 Regulation FD, Other Events, Exhibits
8-K 2018-08-21 Enter Agreement, Officers, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-06-19 Enter Agreement, Other Events, Exhibits
8-K 2018-05-03 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-06 Earnings, Regulation FD, Exhibits
GLT 2019-09-30
Part I
Item 1 - Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II
Item 6. Exhibits
EX-10.1 glt-ex101_63.htm
EX-10.2 glt-ex102_462.htm
EX-31.1 glt-ex311_7.htm
EX-31.2 glt-ex312_11.htm
EX-32.1 glt-ex321_6.htm
EX-32.2 glt-ex322_10.htm

Glatfelter Earnings 2019-09-30

GLT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NP 1,095 858 451 990 170 50 108 1,310 17% 12.1 6%
MERC 996 2,030 1,383 1,241 0 148 392 1,739 0% 4.4 7%
SWM 978 1,489 917 1,037 276 86 202 1,511 27% 7.5 6%
GLT 728 1,296 753 904 134 -165 -83 1,058 15% -12.7 -13%
VRS 653 1,659 824 2,640 116 96 303 694 4% 2.3 6%
RFP 613 3,752 2,152 3,456 2,365 220 373 895 68% 2.4 6%
ESND 474 1,791 1,358 4,987 647 -58 -11 963 13% -89.5 -3%
VRTV 294 2,697 2,178 8,323 0 -27 73 1,062 0% 14.5 -1%
CLW 284 1,956 1,521 1,736 183 -150 -34 875 11% -25.6 -8%
TIS 9 334 230 187 -2 -38 7 197 -1% 26.6 -11%

glt-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2019

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from           to

 

 

96 South George Street, Suite 520

York, Pennsylvania 17401

(Address of principal executive offices)

(717) 850-0170

(Registrant's telephone number, including area code)

 

 

Commission file

number

 

Exact name of registrant as

specified in its charter

 

IRS Employer

Identification No.

 

State or other jurisdiction of

incorporation or organization

 

 

1-03560

 

P. H. Glatfelter Company

 

23-0628360

 

Pennsylvania

 

 

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

GLT

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at the past 90 days.    Yes      No  .

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  .

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  .

Common Stock outstanding on October 21, 2019 totaled 44,171,151 shares.

 

 

 


 

P. H. GLATFELTER COMPANY AND SUBSIDIARIES

REPORT ON FORM 10-Q

For the QUARTERLY PERIOD ENDED

September 30, 2019

Table of Contents

 

 

 

Page

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1

Financial Statements

 

 

 

Condensed Consolidated Statements of Income for the three months and nine months ended September 30, 2019 and 2018 (unaudited)

 

2

 

Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended September 30, 2019 and 2018 (unaudited)

 

3

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 (unaudited)

 

4

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)

 

5

 

Statements of Shareholders’ Equity for the three months and nine months ended September 30, 2019 and 2018 (unaudited)

 

6

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

7

 

1.

Organization

 

7

 

2.

Accounting Policies

 

7

 

3.

Acquisition

 

8

 

4.

Revenue

 

9

 

5.

Discontinued Operations

 

10

 

6.

Gain on Disposition of Plant, Equipment and Timberlands

 

11

 

7.

Earnings Per Share

 

11

 

8.

Accumulated Other Comprehensive Income

 

12

 

9.

Income Taxes

 

13

 

10.

Stock-based Compensation

 

14

 

11.

Retirement Plans and Other Post- Retirement Benefits

 

16

 

12.

Inventories

 

16

 

13.

Capitalized Interest

 

17

 

14.

Leases

 

17

 

15.

Long-term Debt

 

18

 

16.

Fair Value of Financial Instruments

 

19

 

17.

Financial Derivatives and Hedging Activities

 

19

 

18.

Commitments, Contingencies and Legal Proceedings

 

22

 

19.

Segment Information

 

23

 

 

 

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

Item 3

Quantitative and Qualitative Disclosures About Market Risks

 

36

Item 4

Controls and Procedures

 

36

 

 

 

 

PART II – OTHER INFORMATION

 

37

 

 

 

 

Item 6

Exhibits

 

37

 

 

 

 

 

SIGNATURES

 

37

 

 

 

 

 


 

PART I

Item 1 – Financial Statements

P. H. GLATFELTER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

 

 

Three months ended

September 30

 

 

Nine months ended

September 30

 

In thousands, except per share

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

232,515

 

 

$

209,855

 

 

$

696,701

 

 

$

636,806

 

Costs of products sold

 

 

194,494

 

 

 

179,983

 

 

 

585,563

 

 

 

537,073

 

Gross profit

 

 

38,021

 

 

 

29,872

 

 

 

111,138

 

 

 

99,733

 

Selling, general and administrative expenses

 

 

23,721

 

 

 

25,799

 

 

 

71,143

 

 

 

81,915

 

Gains on dispositions of plant, equipment and timberlands, net

 

 

(235

)

 

 

(249

)

 

 

(1,327

)

 

 

(1,939

)

Operating income

 

 

14,535

 

 

 

4,322

 

 

 

41,322

 

 

 

19,757

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,902

)

 

 

(3,965

)

 

 

(8,513

)

 

 

(11,237

)

Interest income

 

 

185

 

 

 

147

 

 

 

931

 

 

 

227

 

Other, net

 

 

(1,034

)

 

 

2,253

 

 

 

(3,547

)

 

 

1,131

 

Total non-operating expense

 

 

(2,751

)

 

 

(1,565

)

 

 

(11,129

)

 

 

(9,879

)

Income from continuing operations before income taxes

 

 

11,784

 

 

 

2,757

 

 

 

30,193

 

 

 

9,878

 

Income tax provision

 

 

3,141

 

 

 

3,462

 

 

 

10,654

 

 

 

7,037

 

Income (loss) from continuing operations

 

 

8,643

 

 

 

(705

)

 

 

19,539

 

 

 

2,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

1,062

 

 

 

(114,656

)

 

 

1,291

 

 

 

(128,714

)

Income tax benefit

 

 

(2,519

)

 

 

(19,530

)

 

 

(2,511

)

 

 

(28,361

)

Income (loss) from discontinued operations

 

 

3,581

 

 

 

(95,126

)

 

 

3,802

 

 

 

(100,353

)

Net income (loss)

 

$

12,224

 

 

$

(95,831

)

 

$

23,341

 

 

$

(97,512

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.19

 

 

$

(0.02

)

 

$

0.44

 

 

$

0.06

 

Income (loss) from discontinued operations

 

 

0.09

 

 

 

(2.17

)

 

 

0.09

 

 

 

(2.29

)

Basic earnings (loss) per share

 

$

0.28

 

 

$

(2.19

)

 

$

0.53

 

 

$

(2.23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.19

 

 

$

(0.02

)

 

$

0.44

 

 

$

0.06

 

Income (loss) from discontinued operations

 

 

0.09

 

 

 

(2.17

)

 

 

0.09

 

 

$

(2.29

)

Diluted earnings (loss) per share

 

$

0.28

 

 

$

(2.19

)

 

$

0.53

 

 

$

(2.23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.13

 

 

$

0.13

 

 

$

0.39

 

 

$

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,171

 

 

 

43,792

 

 

 

44,113

 

 

 

43,754

 

Diluted

 

 

44,442

 

 

 

43,792

 

 

 

44,405

 

 

 

43,754

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

- 2 -

GLATFELTER

Form 10-Q


 

P. H. GLATFELTER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three months ended

September 30

 

 

Nine months ended

September 30

 

In thousands

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss)

 

$

12,224

 

 

$

(95,831

)

 

$

23,341

 

 

$

(97,512

)

Foreign currency translation adjustments

 

 

(17,073

)

 

 

(3,217

)

 

 

(20,452

)

 

 

(23,693

)

Net change in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred gains on cash flow hedges, net of taxes

   of $(873), $(582), $(1,629) and $(1,718), respectively

 

 

2,365

 

 

 

1,616

 

 

 

4,608

 

 

 

4,363

 

Unrecognized retirement obligations, net of taxes

   of $(220), $(1,932), $(1,606) and $(3,874), respectively

 

 

2,817

 

 

 

21,572

 

 

 

7,657

 

 

 

27,668

 

Other comprehensive income (loss)

 

 

(11,891

)

 

 

19,971

 

 

 

(8,187

)

 

 

8,338

 

Comprehensive income (loss)

 

$

333

 

 

$

(75,860

)

 

$

15,154

 

 

$

(89,174

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

- 3 -

GLATFELTER

Form 10-Q


 

P. H. GLATFELTER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

September 30

 

 

December 31

 

In thousands

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,046

 

 

$

142,685

 

Accounts receivable, net

 

 

121,050

 

 

 

119,772

 

Inventories

 

 

190,574

 

 

 

173,411

 

Prepaid expenses and other current assets

 

 

40,637

 

 

 

33,418

 

Total current assets

 

 

409,307

 

 

 

469,286

 

 

 

 

 

 

 

 

 

 

Plant, equipment and timberlands, net

 

 

524,021

 

 

 

556,044

 

Goodwill

 

 

146,093

 

 

 

153,463

 

Intangible assets, net

 

 

83,129

 

 

 

93,614

 

Other assets

 

 

83,016

 

 

 

67,347

 

Total assets

 

$

1,245,566

 

 

$

1,339,754

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

22,235

 

 

$

10,785

 

Accounts payable

 

 

109,609

 

 

 

120,701

 

Dividends payable

 

 

5,742

 

 

 

5,719

 

Environmental liabilities

 

 

7,700

 

 

 

23,000

 

Other current liabilities

 

 

72,160

 

 

 

72,597

 

Total current liabilities

 

 

217,446

 

 

 

232,802

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

329,771

 

 

 

400,962

 

Deferred income taxes

 

 

79,151

 

 

 

78,651

 

Other long-term liabilities

 

 

80,441

 

 

 

88,441

 

Total liabilities

 

 

706,809

 

 

 

800,856

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

544

 

 

 

544

 

Capital in excess of par value

 

 

60,965

 

 

 

62,239

 

Retained earnings

 

 

776,424

 

 

 

770,305

 

Accumulated other comprehensive loss

 

 

(145,627

)

 

 

(137,440

)

 

 

 

692,306

 

 

 

695,648

 

Less cost of common stock in treasury

 

 

(153,549

)

 

 

(156,750

)

Total shareholders’ equity

 

 

538,757

 

 

 

538,898

 

Total liabilities and shareholders’ equity

 

$

1,245,566

 

 

$

1,339,754

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

- 4 -

GLATFELTER

Form 10-Q


 

P. H. GLATFELTER COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

Nine months ended

September 30

 

In thousands

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

23,341

 

 

$

(97,512

)

(Income) loss from discontinued operations, net of taxes

 

 

(3,802

)

 

 

100,353

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile to net cash provided (used) by continuing operations:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

38,114

 

 

 

34,731

 

Amortization of debt issue costs and original issue discount

 

 

1,525

 

 

 

870

 

Deferred income tax benefit (provision)

 

 

441

 

 

 

(5,466

)

Gains on dispositions of plant, equipment and timberlands, net

 

 

(1,327

)

 

 

(1,939

)

Share-based compensation

 

 

2,683

 

 

 

4,594

 

Change in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(5,431

)

 

 

(10,421

)

Inventories

 

 

(23,728

)

 

 

(40,314

)

Prepaid and other current assets

 

 

(4,512

)

 

 

(2,935

)

Accounts payable

 

 

(5,347

)

 

 

(2,019

)

Accruals and other current liabilities

 

 

(5,891

)

 

 

3,768

 

Other

 

 

(472

)

 

 

78

 

Net cash provided (used) by operating activities from continuing operations

 

 

15,594

 

 

 

(16,212

)

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Expenditures for purchases of plant, equipment and timberlands

 

 

(18,017

)

 

 

(32,155

)

Proceeds from disposals of plant, equipment and timberlands, net

 

 

1,363

 

 

 

2,073

 

Acquisition, net of cash acquired

 

 

(1,974

)

 

 

 

Other

 

 

(163

)

 

 

(68

)

Net cash used by investing activities from continuing operations