Company Quick10K Filing
Schweitzer Mauduit
Price31.66 EPS2
Shares31 P/E13
MCap978 P/FCF8
Net Debt490 EBIT115
TEV1,468 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-06-30 Officers
8-K 2020-05-06
8-K 2020-04-29
8-K 2020-03-17
8-K 2020-02-24
8-K 2020-02-20
8-K 2020-02-18
8-K 2019-11-04
8-K 2019-10-18
8-K 2019-08-07
8-K 2019-05-01
8-K 2019-04-25
8-K 2019-03-29
8-K 2019-02-22
8-K 2019-02-21
8-K 2019-01-28
8-K 2018-11-07
8-K 2018-09-25
8-K 2018-09-14
8-K 2018-09-10
8-K 2018-08-01
8-K 2018-05-02
8-K 2018-04-27
8-K 2018-03-06
8-K 2018-02-22
8-K 2018-02-21
8-K 2018-01-11

SWM 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. Revenue Recognition
Note 3. Other Comprehensive Loss
Note 4. Business Acquisitions
Note 5. Net Income per Share
Note 6. Inventories
Note 7. Goodwill
Note 8. Intangible Assets
Note 9. Restructuring and Impairment Activities
Note 10. Debt
Note 11. Derivatives
Note 12. Commitments and Contingencies
Note 13. Postretirement and Other Benefits
Note 14. Income Taxes
Note 15. Segment Information
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 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31120200630.htm
EX-31.2 ex31220200630.htm
EX-32 ex3220200630.htm

Schweitzer Mauduit Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.61.31.00.60.30.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 For the quarterly period endedJune 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 __________________
1-13948
(Commission file number)
SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter) 
Delaware62-1612879
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 North Point Center East,Suite 600
Alpharetta,Georgia30022
(Address of principal executive offices)(Zip Code)
 
1-800-514-0186
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.10 par valueSWMNew 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, 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 filerAccelerated filer
Non-accelerated filerSmaller 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 

The Company had 31,344,604 shares of common stock issued and outstanding as of August 5, 2020.



SCHWEITZER-MAUDUIT INTERNATIONAL, INC.

TABLE OF CONTENTS
   Page
 Part I. - Financial Information 
Item 1. 
Item 2. 
Item 3. 
Item 4. 
Part II. - Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6. 
 
 




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share amounts)
(Unaudited)
 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net sales$254.2  $269.9  $515.7  $527.9  
Cost of products sold179.9  190.9  367.1  381.0  
Gross profit74.3  79.0  148.6  146.9  
Selling expense8.8  8.6  18.3  17.2  
Research and development expense3.6  3.7  6.8  7.0  
General expense25.9  22.1  53.3  47.7  
Total nonmanufacturing expenses38.3  34.4  78.4  71.9  
Restructuring and impairment expense1.6  0.4  1.7  0.4  
Operating profit34.4  44.2  68.5  74.6  
Interest expense8.1  15.1  15.0  22.9  
Other (expense) income, net(0.3) (2.7) 0.3  (3.3) 
Income from continuing operations before income taxes and income from equity affiliates
26.0  26.4  53.8  48.4  
Provision for income taxes5.4  5.2  10.7  9.6  
Income (loss) from equity affiliates, net of
income taxes
0.9  (0.7) 0.9  (0.9) 
Income from continuing operations21.5  20.5  44.0  37.9  
Net income$21.5  $20.5  $44.0  $37.9  
Net income per share - basic:  
Income per share from continuing operations$0.69  $0.66  $1.41  $1.23  
Net income per share – basic$0.69  $0.66  $1.41  $1.23  
Net income per share – diluted:    
Income per share from continuing operations$0.68  $0.66  $1.40  $1.22  
Net income per share – diluted$0.68  $0.66  $1.40  $1.22  
Weighted average shares outstanding:  
Basic30,792,600  30,661,400  30,752,500  30,641,100  
Diluted31,006,700  30,809,300  30,958,400  30,791,000  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1


SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in millions)
(Unaudited) 
 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net income$21.5  $20.5  $44.0  $37.9  
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments0.6  2.2  (2.9) 3.1  
Less: Reclassification adjustment for realized translation adjustments  (0.2)   (0.4) 
Unrealized (losses) gain on derivative instruments(0.7) 0.9  (13.4) 1.3  
Less: Reclassification adjustment for gains on derivative instruments included in net income0.6  (1.8) 0.6  (2.7) 
Net (loss) from postretirement benefit plans(0.4)   (0.3)   
Reclassification adjustment for amortization of postretirement benefit plans' costs included in net periodic benefit cost1.2  1.0  1.6  1.5  
Other comprehensive income (loss)1.3  2.1  (14.4) 2.8  
Comprehensive income$22.8  $22.6  $29.6  $40.7  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions, except per share amounts)
(Unaudited)
June 30,
2020
December 31,
2019
ASSETS  
Current assets  
Cash and cash equivalents$63.9  $103.0  
Accounts receivable, net151.3  143.2  
Inventories172.1  161.4  
Income taxes receivable8.2  12.5  
Other current assets8.9  7.4  
Total current assets404.4  427.5  
Property, plant and equipment, net325.5  330.3  
Deferred income tax benefits4.1  3.7  
Investment in equity affiliates52.6  52.4  
Goodwill397.9  337.4  
Intangible assets321.2  251.2  
Other assets72.4  69.2  
Total assets$1,578.1  $1,471.7  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Current debt$2.6  $1.9  
Accounts payable53.1  66.4  
Income taxes payable3.4  2.8  
Accrued expenses and other current liabilities77.6  86.5  
Total current liabilities136.7  157.6  
Long-term debt666.4  540.8  
Long-term income tax payable17.6  21.4  
Pension and other postretirement benefits32.2  31.6  
Deferred income tax liabilities46.4  48.2  
Other liabilities71.4  74.4  
Total liabilities970.7  874.0  
Stockholders’ equity:  
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding
    
Common stock, $0.10 par value; 100,000,000 shares authorized; 31,345,414 and 30,896,661 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
3.1  3.1  
Additional paid-in-capital87.2  78.8  
Retained earnings654.1  638.4  
Accumulated other comprehensive loss, net of tax(137.0) (122.6) 
Total stockholders’ equity607.4  597.7  
Total liabilities and stockholders’ equity$1,578.1  $1,471.7  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3



SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(dollars in millions, except per share amounts)
(Unaudited)
 Common Stock Issued    
 SharesAmountAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance, March 31, 201930,889,589  $3.1  $72.0  $610.8  $(123.8) $562.1  
Net income—  —  —  20.5  —  20.5  
Other comprehensive income, net of tax—  —  —  —  2.1  2.1  
Dividends declared ($0.44 per share)
—  —  —  (13.6) —  (13.6) 
Restricted stock issuances, net5,084  —  —  —  —  —  
Stock-based employee compensation expense—  —  1.5  —  —  1.5  
Stock issued to directors as compensation698  —  0.1  —  —  0.1  
Purchases and retirement of common stock(773) —  —  (0.1) —  (0.1) 
Balance, June 30, 201930,894,598  $3.1  $73.6  $617.6  $(121.7) $572.6  
Balance, March 31, 202031,192,522  $3.1  $81.0  $646.2  $(138.3) $592.0  
Net income—  —  —  21.5  —  21.5  
Other comprehensive income, net of tax—  —  —  —  1.3  1.3  
Dividends declared ($0.44 per share)
—  —  —  (13.7) —  (13.7) 
Restricted stock issuances, net1,853  —  —  —  —  —  
Stock-based employee compensation expense—  —  2.0  —  —  2.0  
Modification to director stock-based compensation plan—  —  4.0  —  —  4.0  
Stock issued to directors as compensation1,068  —  0.2  —  —  0.2  
Purchases and retirement of common stock(434) —  —  0.1  —  0.1  
Balance, June 30, 202031,195,009  $3.1  $87.2  $654.1  $(137.0) $607.4  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



4



Common Stock Issued
SharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance, December 31, 2018 30,771,244  $3.1  $71.1  $608.2  $(124.5) $557.9  
Cumulative effects of changes in accounting standards—  —  —  (0.3) —  (0.3) 
Net income—  —  —  37.9  —  37.9  
Other comprehensive income, net of tax—  —  —  —  2.8  2.8  
Dividends declared ($0.88 per share)
—  —  —  (27.2) —  (27.2) 
Restricted stock issuances, net146,105  —  —  —  —  —  
Stock-based employee compensation expense—  —  2.4  —  —  2.4  
Stock issued to directors as compensation2,394  —  0.1  —  —  0.1  
Purchases and retirement of common stock(25,145) —  —  (1.0) —  (1.0) 
Balance, June 30, 201930,894,598  $3.1  $73.6  $617.6  $(121.7) $572.6  
Balance, December 31, 201930,896,661  $3.1  $78.8  $638.4  $(122.6) $597.7  
Net income—  —  —  44.0  —  44.0  
Other comprehensive loss, net of tax—  —  —  —  (14.4) (14.4) 
Dividends declared ($0.88 per share)
—  —  —  (27.4) —  (27.4) 
Restricted stock issuances, net321,858  —  —  —  —  —  
Stock-based employee compensation expense—  —  4.1  —  —  4.1  
Modification to director stock-based compensation plan—  —