Company Quick10K Filing
Lydall
Price25.21 EPS0
Shares18 P/E62
MCap442 P/FCF7
Net Debt238 EBIT13
TEV680 TEV/EBIT54
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-21
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10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-03-03
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-05
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-04-24
8-K 2020-04-24
8-K 2020-03-17
8-K 2020-02-25
8-K 2020-01-20
8-K 2019-10-29
8-K 2019-10-11
8-K 2019-07-30
8-K 2019-07-08
8-K 2019-04-30
8-K 2019-02-25
8-K 2018-12-06
8-K 2018-11-05
8-K 2018-08-31
8-K 2018-08-09
8-K 2018-07-31
8-K 2018-05-01
8-K 2018-03-21
8-K 2018-02-21
8-K 2018-02-16

LDL 10Q Quarterly Report

Part I. Financial Information
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 Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 exhbit311-q22020.htm
EX-31.2 exhibit312-q22020.htm
EX-32.1 exhibit321-q22020.htm

Lydall Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.00.80.60.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

ldl-20200630
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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 June 30, 2020
 
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from           to         
 
Commission File Number: 1-7665 
LYDALL INC /DE/
(Exact name of registrant as specified in its charter)
Delaware06-0865505
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
  
One Colonial Road,Manchester,Connecticut06042
(Address of principal executive offices)(zip code)
 
(860) 646-1233
(Registrant’s telephone number, including area code) 
None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueLDLNew 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 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 smaller reporting company or an 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
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Total Shares outstanding July 15, 202017,760,777  




LYDALL, INC.
INDEX
 
   Page
Number
    
    
Part I.Financial Information 
   
 Item 1. 
    
  
    
  
    
  
  
    
  
    
 Item 2.
    
 Item 3.
    
 Item 4.
    
Part II.Other Information 
    
 Item 1.
    
 Item 1A.
    
 Item 2.
 Item 6.
    
Signature  
    
 
2



Lydall, Inc. and its subsidiaries are hereafter collectively referred to as “Lydall,” the “Company” or the “Registrant.” Lydall and its subsidiaries’ names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or trade names of Lydall, Inc. and its subsidiaries.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future operating and financial performance of the Company based on current assumptions relating to the Company’s business, the economy and future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs” and other words of similar meaning in connection with the discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash and other measures of financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Accordingly, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Forward-looking statements in this Quarterly Report on Form 10-Q include, among others, statements relating to:
The impact of the coronavirus pandemic ("COVID-19") on the Company's businesses;
Overall economic and business conditions and the effects on the Company’s markets;
Ability to meet financial covenants in the Company's credit agreement;
Outlook for the third quarter and full year 2020;
Ability to improve operational effectiveness;
Expected vehicle production in the North American, European or Asian markets;
Growth opportunities in markets served by the Company;
Expected costs and future savings associated with restructuring, reduction-in-force, or other cost savings programs;
Expected gross margin, operating margin and working capital improvements from cost control and other improvement programs;
Future impact of raw material commodity costs;
Product development and new business opportunities;
Future strategic transactions, including but not limited to: acquisitions, joint ventures, alliances, licensing agreements and divestitures;
Pension plan funding;
Future cash flow and uses of cash;
Future amounts of stock-based compensation expense;
Future earnings and other measurements of financial performance;
Ability to meet cash operating requirements;
Future levels of indebtedness and capital spending;
Future impact of the variability of interest rates and foreign currency exchange rates and impacts of hedging instruments;
Expected future impact of recently issued accounting pronouncements upon adoption;
Future effective income tax rates and realization of deferred tax assets;
Estimates of fair values of reporting units and long-lived assets used in assessing goodwill and long-lived assets for possible impairment; and
The expected outcomes of legal proceedings and other contingencies, including environmental matters.
3



All forward-looking statements are inherently subject to a number of risks and uncertainties that could cause the actual results of the Company to differ materially from those reflected in forward-looking statements made in this Quarterly Report on Form 10-Q, as well as in press releases and other statements made from time to time by the Company’s authorized officers. Such risks and uncertainties include, among others, the duration, severity, and impact of COVID-19 or other new pandemics and the measures taken in response thereto, worldwide economic cycles and political changes and uncertainties that affect the markets which the Company’s businesses serve, which could have an effect on demand for the Company’s products and impact the Company’s profitability; challenges encountered by the Company in the execution of restructuring programs; disruptions in the global credit and financial markets, including diminished liquidity and credit availability; changes in international trade agreements and policies, including tariff regulation and trade restrictions; swings in consumer confidence and spending; unstable economic growth; volatility in foreign currency exchange rates; raw material pricing and supply issues; fluctuations in unemployment rates; retention of key employees; increases in fuel prices; and outcomes of legal proceedings, claims and investigations, as well as other risks and uncertainties identified in Part II, Item 1A - Risk Factors of this Quarterly Report on Form 10-Q, and Part I, Item 1A - Risk Factors of the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
4




PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
LYDALL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Amounts)
 
Three Months Ended  
June 30,
Six Months Ended  
June 30,
2020201920202019
(Unaudited)(Unaudited)
Net sales$146,160  $220,811  $346,687  $438,836  
Cost of sales117,742  175,536  279,701  351,505  
Gross profit28,418  45,275  66,986  87,331  
Selling, product development and administrative expenses30,164  32,096  63,191  65,102  
Impairment of goodwill and other long-lived assets    61,109    
Operating (loss) income(1,746) 13,179  (57,314) 22,229  
Employee benefit plans settlement expenses  25,515  385  25,515  
Interest expense4,476  3,731  7,333  7,359  
Other expense (income), net248  (873) (170) (474) 
Loss before income taxes(6,470) (15,194) (64,862) (10,171) 
Income tax benefit(595) (8,199) (2,610) (7,093) 
(Income) loss from equity method investment(18) (49) 26  (22) 
Net loss$(5,857) $(6,946) $(62,278) $(3,056) 
Loss per share:
Basic$(0.34) $(0.40) $(3.59) $(0.18) 
Diluted$(0.34) $(0.40) $(3.59) $(0.18) 
Weighted average number of common shares outstanding:
Basic17,372  17,267  17,354  17,260  
Diluted17,372  17,267  17,354  17,260  
 
See accompanying Notes to Condensed Consolidated Financial Statements.




















5




LYDALL, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In Thousands)
 
Three Months Ended  
June 30,
Six Months Ended  
June 30,
2020201920202019
(Unaudited)(Unaudited)
Net loss$(5,857) $(6,946) $(62,278) $(3,056) 
Other comprehensive income (loss):
Foreign currency translation adjustments5,146  2,457  (4,811) 2,330  
Pension liability adjustment, net of tax  19,159  331  19,374  
Unrealized loss on hedging activities, net of tax(685) (1,351) (239) (2,026) 
Comprehensive (loss) income$(1,396) $13,319  $(66,997) $16,622  
 

See accompanying Notes to Condensed Consolidated Financial Statements.
 
6



LYDALL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30,
2020
December 31,
2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$92,546  $51,331  
Accounts receivable, net of allowance for doubtful accounts of $2,647 and $1,842, respectively
100,767  107,786  
Contract assets27,969  28,245  
Inventories80,300  80,544  
Taxes receivable2,235  3,427  
Prepaid expenses4,389  3,814  
Other current assets8,562  8,450  
Total current assets316,768  283,597  
Property, plant and equipment, at cost483,013  487,371  
Accumulated depreciation(276,577) (265,729) 
Property, plant and equipment, net206,436  221,642  
Operating lease right-of-use assets21,392  23,116  
Goodwill 83,951  133,912  
Other intangible assets, net104,595  115,577  
Other assets, net7,391  8,093  
Total assets$740,533  $785,937  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$9,855  $9,928  
Accounts payable78,108  73,426  
Accrued payroll and other compensation20,130  17,198  
Accrued taxes11,152  5,638  
Other accrued liabilities25,106  23,668  
Total current liabilities144,351  129,858  
Long-term debt275,655  262,713  
Long-term operating lease liabilities17,157  18,424  
Deferred tax liabilities28,327  34,561  
Benefit plan liabilities18,528  18,957  
Other long-term liabilities3,253  3,004  
Commitments and Contingencies (Note 15)
Stockholders’ equity:
Preferred stock    
Common stock255  253  
Capital in excess of par value95,985  94,140  
Retained earnings278,351  340,629  
Accumulated other comprehensive loss(30,698) (25,979) 
Treasury stock, at cost(90,631) (90,623) 
Total stockholders’ equity253,262  318,420  
Total liabilities and stockholders’ equity$740,533  $785,937  

See accompanying Notes to Condensed Consolidated Financial Statements.
7



LYDALL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
For the Six Months Ended June 30,
 20202019
 (Unaudited)
Cash flows from operating activities:
Net loss$(62,278) $(3,056) 
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on divestiture  (1,459) 
Depreciation and amortization24,842  24,001  
Impairment of goodwill and long-lived assets61,109    
Deferred income taxes(6,048) (12,358) 
Employee benefit plans settlement expenses385  25,515  
Stock-based compensation1,799  1,475  
Other, net53    
Loss on disposition of property, plant and equipment25    
Loss (Income) from equity method investment26  (22) 
Changes in operating assets and liabilities:
Accounts receivable3,063  (1,988) 
Contract assets222  1,231  
Inventories(353) (4,660) 
Accounts payable8,342  10,227  
Accrued payroll and other compensation2,974  3,000  
Accrued taxes5,833  308  
Other, net421  (5,995) 
Net cash provided by operating activities40,415  36,219  
Cash flows from investing activities:
Capital expenditures(15,472) (20,287) 
Collections of finance receivables3,390    
Proceeds from divestiture  2,298  
Proceeds from the sale of property, plant and equipment2  295  
Business acquisitions, net of cash acquired  869  
Net cash used for investing activities(12,080) (16,825) 
Cash flows from financing activities:
Proceeds from borrowings20,000    
Debt repayments(7,001) (25,169) 
Factoring liability458    
Common stock issued33    
Common stock repurchased(8) (43) 
Net cash provided by (used for) financing activities13,482  (25,212) 
Effect of exchange rate changes on cash(602) (3) 
Increase (decrease) in cash and cash equivalents41,215  (5,821) 
Cash and cash equivalents at beginning of period51,331  49,237  
Cash and cash equivalents at end of period$92,546  $43,416  
 
Non-cash capital expenditures of $2.7 million and $2.3 million were included in accounts payable at June 30, 2020 and 2019, respectively.
See accompanying Notes to Condensed Consolidated Financial Statements.
8



LYDALL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)

For the Three Months Ended June 30, 2020
In thousands of dollars and sharesCommon Stock SharesCommon Stock AmountCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Stockholders' Equity
Balance at March 31, 202025,401  $254  $94,905  $284,208  $(35,159) $(90,631) $253,577  
Net loss   (5,857)   (5,857) 
Other comprehensive income, net of tax    4,461   4,461  
Stock issued under employee plans23  1      1  
Stock-based compensation expense  720     720  
Stock issued to directors43   360     360  
Balance at June 30, 202025,467  $255  $95,985  $278,351  $(30,698) $(90,631) $253,262  


For the Six Months Ended June 30, 2020
In thousands of dollars and sharesCommon Stock SharesCommon Stock AmountCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Stockholders' Equity
Balance at December 31, 201925,328  $253  $94,140  $340,629  $(25,979) $(90,623) $318,420  
Net loss   (62,278)   (62,278) 
Other comprehensive loss, net of tax    (4,719)  (4,719) 
Stock repurchased     (8) (8) 
Stock issued under employee plans93  2  30     32  
Stock-based compensation expense  1,455     1,455  
Stock issued to directors46   360     360  
Balance at June 30, 202025,467  $255  $95,985  $278,351  $(30,698) $(90,631) $253,262  


See accompanying Notes to Condensed Consolidated Financial Statements.













9



LYDALL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - CONTINUED
(Unaudited)

For the Three Months Ended June 30, 2019
In thousands of dollars and sharesCommon Stock SharesCommon Stock AmountCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Stockholders' Equity
Balance at March 31, 201925,228  $252  $91,713  $415,032  $(43,272) $(90,511) $373,214  
Net loss   (6,946)   (6,946) 
Other comprehensive income, net of tax    20,265   20,265  
Stock repurchased     (13) (13) 
Stock issued (canceled) under employee plans(3) 1  12     13  
Stock-based compensation expense  332     332  
Stock issued to directors10   240     240  
Balance at June 30, 201925,235  $253  $92,297  $408,086  $(23,007) $(90,524) $387,105  


For the Six Months Ended June 30, 2019
In thousands of dollars and sharesCommon Stock SharesCommon Stock AmountCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Stockholders' Equity
Balance at December 31, 201825,254  $253  $90,851  $411,325  $(42,685) $(90,469) $369,275  
Net loss   (3,056)   (3,056) 
Other comprehensive income, net of tax