Delaware | 001-36272 | 37-1744899 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1450 Centrepark Boulevard Suite 210 West Palm Beach, Florida | 33401 |
(Address of principal executive offices) | (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company o |
Exhibit Number | Exhibit Title |
99.1 | Press release dated May 8, 2017 relating to Platform's financial results for the three months ended March 31, 2017 (furnished only). |
PLATFORM SPECIALTY PRODUCTS CORPORATION | ||
(Registrant) | ||
May 8, 2017 | /s/ John P. Connolly | |
(Date) | John P. Connolly | |
Chief Financial Officer |
Exhibit Number | Exhibit Title |
99.1 | Press release dated May 8, 2017 relating to Platform's financial results for the three months ended March 31, 2017 (furnished only). |
• | Net sales increased 5% to $862 million; organic sales increased 3% |
• | GAAP fully diluted loss per share of $0.09; adjusted earnings per share of $0.16, an increase of $0.06 |
• | Reported net loss attributable to common stockholders of $24 million, a $110 million improvement |
• | Adjusted EBITDA increased 15% to $193 million |
• | Repriced $1.93 billion of term loans in April, reducing estimated annual interest expense by approximately $20 million |
• | Full year adjusted EBITDA guidance range of $800 million to $830 million reaffirmed |
• | Net sales on a reported basis for the first quarter of 2017 were $862 million, an increase of 5%. Organic sales, which excludes the impact of currency changes, metal prices, and acquisitions, increased 3%. |
◦ | MacDermid Performance Solutions (the Performance Solutions segment) increased net sales 6% to $447 million. Organic sales increased 5%. |
◦ | Arysta LifeScience (the Agricultural Solutions segment) increased net sales 3% to $415 million. Organic sales increased 2%. |
• | Reported net loss attributable to common stockholders was $24 million, a $110 million improvement. |
• | Adjusted EBITDA for the first quarter of 2017 was $193 million, an increase of 15%. On a constant currency basis, adjusted EBITDA increased 18%. |
◦ | MacDermid Performance Solutions: Adjusted EBITDA was $102 million, an increase of 23%. On a constant currency basis, adjusted EBITDA increased 27%. |
◦ | Arysta LifeScience: Adjusted EBITDA was $91 million, an increase of 6%. On a constant currency basis, adjusted EBITDA increased 8%. |
◦ | Adjusted EBITDA margin for the combined company improved by 200 basis points to 22.4%. |
• | Additional cost synergies of $7 million were achieved in the first quarter of 2017 from the ongoing integration within the Performance Solutions segment. |
• | Basic and fully diluted loss per share was $0.09; an improvement of $0.50 per share. |
• | Adjusted earnings per share were $0.16, an improvement of $0.06 per share. |
Three Months Ended March 31, | |||||||
(amounts in millions, except loss per share data) | 2017 | 2016 | |||||
Net sales | $ | 861.8 | $ | 823.8 | |||
Cost of sales | 483.4 | 467.8 | |||||
Gross profit | 378.4 | 356.0 | |||||
Operating expenses: | |||||||
Selling, technical, general and administrative | 257.5 | 284.0 | |||||
Research and development | 21.6 | 19.9 | |||||
Total operating expenses | 279.1 | 303.9 | |||||
Operating profit | 99.3 | 52.1 | |||||
Other expense: | |||||||
Interest expense, net | (89.4 | ) | (93.8 | ) | |||
Foreign exchange loss | (12.6 | ) | (71.1 | ) | |||
Other expense, net | (2.2 | ) | (3.2 | ) | |||
Total other expense | (104.2 | ) | (168.1 | ) | |||
Loss before income taxes and non-controlling interests | (4.9 | ) | (116.0 | ) | |||
Income tax expense | (18.7 | ) | (18.4 | ) | |||
Net loss | (23.6 | ) | (134.4 | ) | |||
Net income attributable to the non-controlling interests | (0.8 | ) | (0.4 | ) | |||
Net loss attributable to common stockholders | $ | (24.4 | ) | $ | (134.8 | ) | |
Loss per share | |||||||
Basic | $ | (0.09 | ) | $ | (0.59 | ) | |
Diluted | $ | (0.09 | ) | $ | (0.59 | ) | |
Weighted average shares outstanding | |||||||
Basic | 284.5 | 229.5 | |||||
Diluted | 284.5 | 229.5 |
3 |
March 31, | December 31, | ||||||
(amounts in millions) | 2017 | 2016 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 366.4 | $ | 422.6 | |||
Accounts receivable, net | 1,189.5 | 1,054.8 | |||||
Inventories | 516.7 | 416.4 | |||||
Prepaid expenses | 78.3 | 71.3 | |||||
Other current assets | 104.6 | 106.1 | |||||
Total current assets | 2,255.5 | 2,071.2 | |||||
Property, plant and equipment, net | 456.4 | 460.5 | |||||
Goodwill | 4,270.1 | 4,178.9 | |||||
Intangible assets, net | 3,241.1 | 3,233.3 | |||||
Other assets | 126.8 | 110.2 | |||||
Total assets | $ | 10,349.9 | $ | 10,054.1 | |||
Liabilities & stockholders' equity | |||||||
Accounts payable | $ | 410.4 | $ | 383.6 | |||
Current installments of long-term debt and revolving credit facilities | 207.7 | 116.1 | |||||
Accrued salaries, wages and employee benefits | 86.8 | 103.5 | |||||
Accrued income taxes payable | 79.0 | 82.5 | |||||
Accrued expenses and other current liabilities | 417.0 | 397.0 | |||||
Total current liabilities | 1,200.9 | 1,082.7 | |||||
Debt and capital lease obligations | 5,141.8 | 5,122.9 | |||||
Accrued post-retirement benefits | 73.4 | 73.8 | |||||
Deferred income taxes | 668.2 | 663.2 | |||||
Contingent consideration | 76.8 | 75.8 | |||||
Other liabilities | 138.9 | 145.9 | |||||
Total liabilities | 7,300.0 | 7,164.3 | |||||
Stockholders' equity | |||||||
Preferred stock - Series A | — | — | |||||
Common stock: 400.0 shares authorized (2017: 285.7 shares issued; 2016: 284.2 shares issued) | 2.8 | 2.8 | |||||
Additional paid-in capital | 4,000.6 | 3,981.3 | |||||
Treasury stock (2017: 0.0 shares) | (0.1 | ) | — | ||||
Accumulated deficit | (597.9 | ) | (573.5 | ) | |||
Accumulated other comprehensive loss | (498.4 | ) | (674.5 | ) | |||
Total stockholders equity | 2,907.0 | 2,736.1 | |||||
Non-controlling interests | 142.9 | 153.7 | |||||
Total equity | 3,049.9 | 2,889.8 | |||||
Total liabilities and stockholders' equity | $ | 10,349.9 | $ | 10,054.1 |
4 |
Three Months Ended | |||||||
(amounts in millions) | March 31, 2017 | March 31, 2016 | |||||
Cash flows from operating activities: | |||||||
Net loss | $ | (23.6 | ) | $ | (134.4 | ) | |
Reconciliation of net loss to net cash flows used in operating activities: | |||||||
Depreciation and amortization | 85.9 | 82.6 | |||||
Deferred income taxes | (14.2 | ) | (14.2 | ) | |||
Manufacturer's profit in inventory adjustment | — | 12.0 | |||||
Unrealized foreign exchange loss | 13.7 | 61.8 | |||||
Other, net | 12.8 | 20.3 | |||||
Changes in assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (120.1 | ) | (102.6 | ) | |||
Inventories | (83.9 | ) | (86.5 | ) | |||
Accounts payable | 32.9 | (38.7 | ) | ||||
Accrued expenses | (15.9 | ) | (14.1 | ) | |||
Other assets and liabilities | (8.0 | ) | 3.4 | ||||
Net cash flows used in operating activities | (120.4 | ) | (210.4 | ) | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (14.9 | ) | (11.6 | ) | |||
Investment in registrations of products | (12.9 | ) | (7.5 | ) | |||
Other, net | 2.4 | (0.8 | ) | ||||
Net cash flows used in investing activities | (25.4 | ) | (19.9 | ) | |||
Cash flows from financing activities: | |||||||
Change in lines of credit, net | 89.0 | 132.5 | |||||
Repayments of borrowings | (9.0 | ) | (8.7 | ) | |||
Other, net | — | (3.1 | ) | ||||
Net cash flows provided by financing activities | 80.0 | 120.7 | |||||
Effect of exchange rate changes on cash and cash equivalents | 9.6 | 7.1 | |||||
Net decrease in cash and cash equivalents | (56.2 | ) | (102.5 | ) | |||
Cash and cash equivalents at beginning of period | 422.6 | 432.2 | |||||
Cash and cash equivalents at end of period | $ | 366.4 | $ | 329.7 |
5 |
I. UNAUDITED SEGMENT RESULTS | |||||||||||||||||
Three Months Ended March 31, | Constant Currency | Organic | |||||||||||||||
(amounts in millions) | 2017 | 2016 | % Change | 2017 | % Change | % Change | |||||||||||
Net Sales | |||||||||||||||||
Performance Solutions | $ | 447.1 | $ | 420.0 | 6% | $ | 456.4 | 9% | 5% | ||||||||
Agricultural Solutions | 414.7 | 403.8 | 3% | 411.2 | 2% | 2% | |||||||||||
Total | $ | 861.8 | $ | 823.8 | 5% | $ | 867.6 | 5% | 3% | ||||||||
Adjusted EBITDA | |||||||||||||||||
Performance Solutions | $ | 102.3 | $ | 83.0 | 23% | $ | 105.7 | 27% | |||||||||
Agricultural Solutions | 90.8 | 85.4 | 6% | 92.6 | 8% | ||||||||||||
Total | $ | 193.1 | $ | 168.4 | 15% | $ | 198.3 | 18% | |||||||||
Adjusted EBITDA Margin | |||||||||||||||||
Performance Solutions | 22.9 | % | 19.8 | % | 310 bps | 23.2 | % | 340 bps | |||||||||
Agricultural Solutions | 21.9 | % | 21.1 | % | 80 bps | 22.5 | % | 140 bps | |||||||||
Total | 22.4 | % | 20.4 | % | 200 bps | 22.9 | % | 250 bps | |||||||||
Adjusted EBITDA excluding corporate costs | |||||||||||||||||
Performance Solutions | $ | 110.1 | $ | 92.0 | 20% | $ | 113.5 | 23% | |||||||||
Agricultural Solutions | $ | 98.7 | $ | 94.5 | 4% | $ | 100.5 | 6% | |||||||||
Adjusted EBITDA Margin excluding corporate costs | |||||||||||||||||
Performance Solutions | 24.6 | % | 21.9 | % | 270 bps | 24.9 | % | 300 bps | |||||||||
Agricultural Solutions | 23.8 | % | 23.4 | % | 40 bps | 24.4 | % | 100 bps |
6 |
II. UNAUDITED CAPITAL STRUCTURE | |||||||
(amounts in millions) | Maturity | Coupon | March 31, 2017 | ||||
Instrument | |||||||
Corporate Revolver ($500M) | 6/7/2019 | $ | 85.0 | ||||
Term Loan B4 - USD (1) (2) | 6/7/2023 | L + 400 | 1,467.6 | ||||
Term Loan B5 - USD (2) | 6/7/2020 | L + 350 | 606.9 | ||||
Term Loan C3 - EUR (1) (2) | 6/7/2023 | E + 375 | 458.8 | ||||
Term Loan C4 - EUR (2) | 6/7/2020 | E + 325 | 741.7 | ||||
Other Secured Debt | 14.5 | ||||||
Total First Lien Debt | 3,374.5 | ||||||
10.375% Senior Notes due 2021 | 5/1/2021 | 10.375% | 500.0 | ||||
6.5% Senior Notes due 2022 | 2/1/2022 | 6.5% | 1,100.0 | ||||
6.0% Senior Notes due 2023 (Euro) | 2/1/2023 | 6.0% | 372.7 | ||||
Other Unsecured Debt | 93.8 | ||||||
Total Unsecured Debt | 2,066.5 | ||||||
Total Debt | 5,441.0 | ||||||
Cash Balance as of 3/31/2017 | 366.4 | ||||||
Net Debt | $ | 5,074.6 | |||||
Adjusted Shares Outstanding (3) | 300.3 | ||||||
Market Capitalization (4) | $ | 3,909.9 | |||||
Total Capitalization | $ | 8,984.5 |
(1) | These term loans mature on June 7, 2023, provided that the Company prepays, redeems or otherwise retires and/or refinances in full its 6.50% USD Notes due 2022, as permitted under its Amended and Restated Credit Agreement, on or prior to November 2, 2021, otherwise the maturity reverts to November 2, 2021. |
(2) | Platform has swapped certain amounts of its floating term loans to fixed rate including $1.1 billion of its USD tranches and €281 million of its Euro tranches. At March 31, 2017, approximately 37% of debt was floating and 63% was fixed. |
(3) | See "Calculation of Non-GAAP Adjusted Shares at March 31, 2017 (unaudited)" below the Adjusted Earnings Per Share table. |
(4) | Based on Platform's closing price of $13.02 at March 31, 2017. |
III. SELECTED FINANCIAL DATA | |||||||
(amounts in millions) | Three Months Ended March 31, | ||||||
2017 | 2016 | ||||||
Interest Expense | $ | 89.9 | $ | 96.6 | |||
Interest Paid | 93.4 | 100.1 | |||||
Income Tax Expense | 18.7 | 18.4 | |||||
Income Taxes Paid | 42.6 | 26.2 | |||||
Capital Expenditures | 14.9 | 11.6 | |||||
Investments in Product Registrations | 12.9 | 7.5 |
7 |
Three Months Ended March 31, | ||||||||
(amounts in millions, except per share amounts) | 2017 | 2016 | ||||||
Net loss attributable to common stockholders | $ | (24.4 | ) | $ | (134.8 | ) | ||
Reversal of amortization expense | (1) | 68.6 | 64.4 | |||||
Adjustment for investment in registration of products | (1) | (12.9 | ) | (7.5 | ) | |||
Long-term compensation issued in connection with acquisitions | (2) | — | 0.3 | |||||
Restructuring expense | (3) | 2.3 | 5.1 | |||||
Manufacturer's profit in inventory purchase accounting adjustments | (4) | — | 12.0 | |||||
Acquisition and integration costs | (5) | 3.6 | 18.9 | |||||
Non-cash change in fair value of contingent consideration | (6) | 1.1 | 2.8 | |||||
Foreign exchange loss on foreign denominated external and internal long-term debt | (7) | 11.8 | 66.1 | |||||
Other, net | (8) | 3.9 | 2.8 | |||||
Tax effect of pre-tax non-GAAP adjustments | (9) | (27.4 | ) | (57.7 | ) | |||
Adjustment to estimated effective tax rate | (9) | 20.4 | 59.0 | |||||
Adjustment to reverse income (loss) attributable to certain non-controlling interests | (10) | 1.9 | (1.2 | ) | ||||
Adjusted net income attributable to common stockholders | $ | 48.9 | $ | 30.2 | ||||
Adjusted earnings per share | (11) | $ | 0.16 | $ | 0.10 | |||
Adjusted shares outstanding | 300.3 | 300.3 |
(1) | The Company eliminates amortization related to (i) intangible assets recognized in purchase accounting for acquisitions and (ii) costs capitalized in connection with obtaining regulatory approval of its products ("registration rights") as part of ongoing operations, and deducts capital expenditures associated with obtaining these registration rights. The Company believes this adjustment provides insight with respect to the cash flows necessary to maintain and enhance the Company's product portfolio. |
(2) | Adjustment for the portion of long-term compensation plans associated with acquisitions. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. The Company does not adjust for the cost of ongoing non-acquisition related long-term compensation plans. |
(3) | Adjusted for cost of restructuring acquired businesses in both the Agricultural Solutions and Performance Solutions segments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(4) | Adjustment for purchase accounting fair value adjustment to inventory associated with the acquisitions of Alent plc and OMG Electronic Chemicals (M) Sdn Bhd ("OMG Malaysia"), charged to cost of sales. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(5) | The Company adjusts for costs associated with acquisitions, including costs of obtaining related financing such as investment banking, legal, and accounting fees, and transfer taxes in 2017 and 2016. 2016 adjustments also included the costs associated with a closed investigation related to certain past business practices of Arysta, an acquired company, and costs of integrating acquisitions. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(6) | The Company adjusts for the change in fair value of the contingent consideration related to the acquisition of MacDermid, Incorporated (the "MacDermid Acquisition"). The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(7) | The Company adjusts for foreign exchanges gains and losses on long-term intercompany and third-party debt because the period to period movement of these currencies are out of its control, are expected to offset on a long-term basis, and, due to their long-term nature, are not fully realized. The Company does not exclude foreign exchange gains and losses on short-term intercompany and third-party payables and receivables. |
(8) | 2017 adjustments include non-recurring senior executive severance and costs associated with non-recourse factoring programs that are not included in interest expense. 2016 adjustments primarily corresponded to the write down of certain fixed assets that were subsequently disposed. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(9) | The Company adjusts its effective tax rate to 35%. This adjustment does not reflect the Company’s current or near-term tax structure, including limitations on its ability to utilize net operating losses and foreign tax credits in certain jurisdictions. These factors significantly increase the Company's effective tax rate from 35%. As a result of current tax structure, the Company’s effective tax rate in accordance with GAAP was (382)% and (15.9)% for the three months ended March 31, 2017 and 2016, respectively. The Company also applies an effective tax rate of 35% to pre-tax non-GAAP adjustments. The Company adjusts the effective tax rate because it believes it provides a meaningful comparison of its performance between periods. |
(10) | The Company adjusts for the non-controlling interest expense or income related to the non-controlling interest created at the time of the MacDermid Acquisition because holders of such equity interest are expected to convert their holdings into shares of Platform's common stock. Further, the Company adjusts for the impact a sale of a business has on non-controlling interests. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(11) | The Company defines "Adjusted shares" as the outstanding shares of Platform's common stock at March 31, 2017 plus the number of shares that would be issued if all convertible stock were converted to Platform's common stock, vested stock options were exercised, and awarded equity grants were vested as of March 31, 2017. The Company adjusts the outstanding shares of Platform's common stock for this calculation to provide an understanding of the Company’s results of operations on a per share basis. |
Basic outstanding shares | 285.7 | |
Number of shares issuable upon conversion of PDH Common Stock | 6.4 | |
Number of shares issuable upon conversion of Series A Preferred Stock | 2.0 | |
Stock options | 0.7 | |
Equity awards granted | 5.5 | |
Adjusted shares | 300.3 |
10 |
Three Months Ended March 31, | ||||||||
(amounts in millions) | 2017 | 2016 | ||||||
Net loss attributable to common stockholders | $ | (24.4 | ) | $ | (134.8 | ) | ||
Net income attributable to the non-controlling interests | 0.8 | 0.4 | ||||||
Income tax expense | 18.7 | 18.4 | ||||||
Loss before income taxes and non-controlling interests | (4.9 | ) | (116.0 | ) | ||||
Adjustments to reconcile to adjusted EBITDA: | ||||||||
Interest expense, net | 89.4 | 93.8 | ||||||
Depreciation expense | 17.3 | 18.2 | ||||||
Amortization expense | 68.6 | 64.4 | ||||||
Long-term compensation issued in connection with acquisitions | (2) | — | 0.3 | |||||
Restructuring expense | (3) | 2.3 | 5.1 | |||||
Manufacturer's profit in inventory purchase accounting adjustments | (4) | — | 12.0 | |||||
Acquisition and integration costs | (5) | 3.6 | 18.9 | |||||
Non-cash change in fair value of contingent consideration | (6) | 1.1 | 2.8 | |||||
Foreign exchange loss on foreign denominated external and internal long-term debt | (7) | 11.8 | 66.1 | |||||
Other, net | (8) | 3.9 | 2.8 | |||||
Adjusted EBITDA | $ | 193.1 | $ | 168.4 |
11 |
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