o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
PAGE | |||||
Item 2.02. | 1 | ||||
Item 9.01. | 1 | ||||
2 | |||||
3 |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 | Press release entitled “Rayonier Advanced Materials Reports Second Quarter Results” issued August 1, 2016. |
Rayonier Advanced Materials Inc. (Registrant) | ||
BY: | /s/ JOHN P. CARR | |
John P. Carr | ||
Chief Accounting Officer and Vice President | ||
Exhibit No. | Description | Location | ||
99.1 | Press release entitled “Rayonier Advanced Materials Reports Second Quarter Results” issued August 1, 2016. | Furnished herewith |
Contacts: | ||
Media | Russell Schweiss | 904-357-9158 |
Investors | Mickey Walsh | 904-357-9162 |
• | Second quarter net income of $19 million and pro forma EBITDA of $58 million |
• | Transformation Initiative targeting $75 to $90 million cost reduction by 2018 on-track |
• | 2016 net income expected to be $51 to $57 million |
• | 2016 pro forma EBITDA outlook raised to $195 to $205 million |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 25, | March 26, | June 27, | June 25, | June 27, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Cellulose specialties | $ | 175 | $ | 165 | 183 | $ | 340 | $ | 362 | |||||||||||
Commodity products and other | 39 | 53 | 38 | 91 | 80 | |||||||||||||||
Total Net Sales | 214 | 218 | 221 | 431 | 442 | |||||||||||||||
Cost of Sales | 165 | 178 | 176 | 342 | 360 | |||||||||||||||
Gross Margin | 49 | 40 | 45 | 89 | 82 | |||||||||||||||
Selling, general and administrative expenses | 9 | 7 | 10 | 17 | 22 | |||||||||||||||
Other operating expense, net | 1 | 1 | 27 | (a) | 2 | 27 | (a) | |||||||||||||
Operating Income | 39 | 32 | 8 | 70 | 33 | |||||||||||||||
Interest and other expense, net | 9 | 9 | 9 | 17 | 19 | |||||||||||||||
Gain on debt extinguishment | — | 9 | — | 9 | — | |||||||||||||||
Income (Loss) Before Income Taxes | 30 | 32 | (1 | ) | 62 | 14 | ||||||||||||||
Income tax expense (benefit) | 11 | 11 | (1 | ) | 22 | 4 | ||||||||||||||
Net Income | $ | 19 | $ | 21 | $ | — | $ | 40 | $ | 10 | ||||||||||
Earnings Per Share of Common Stock | ||||||||||||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.50 | $ | (0.01 | ) | $ | 0.95 | $ | 0.24 | |||||||||
Diluted earnings per share | $ | 0.46 | $ | 0.49 | $ | (0.01 | ) | $ | 0.95 | $ | 0.24 | |||||||||
Pro forma net income per share (b) | $ | 0.46 | $ | 0.36 | $ | 0.39 | $ | 0.82 | $ | 0.64 | ||||||||||
Shares Used for Determining | ||||||||||||||||||||
Basic EPS | 42,229,476 | 42,205,767 | 42,192,913 | 42,217,952 | 42,189,598 | |||||||||||||||
Diluted EPS | 42,480,021 | 42,272,536 | 42,192,913 | 42,377,789 | 42,301,122 |
(a) | Other operating expense, net for the three and six months ended June 27, 2015 included a $28 million pre-tax, non-cash impairment charge associated with the Company’s strategic asset realignment at its Jesup, Georgia plant. |
(b) | Pro forma net income per share is a non-GAAP measure. See Schedule D for a reconciliation to the nearest GAAP measure. |
June 25, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 166 | $ | 101 | |||
Other current assets | 181 | 227 | |||||
Property, plant and equipment, net | 807 | 804 | |||||
Other assets | 121 | 147 | |||||
$ | 1,275 | $ | 1,279 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current maturities of long-term debt | $ | 8 | $ | 8 | |||
Other current liabilities | 138 | 124 | |||||
Long-term debt | 795 | 850 | |||||
Non-current liabilities for disposed operations | 142 | 145 | |||||
Other non-current liabilities | 168 | 169 | |||||
Total stockholders’ equity (deficit) | 24 | (17 | ) | ||||
$ | 1,275 | $ | 1,279 |
Six Months Ended | |||||||
June 25, 2016 | June 27, 2015 | ||||||
Cash Provided by Operating Activities: | |||||||
Net income | $ | 40 | $ | 10 | |||
Depreciation and amortization | 42 | 42 | |||||
Non-cash impairment charge | — | 28 | |||||
Other items to reconcile net income to cash provided by operating activities | 21 | 9 | |||||
Changes in working capital and other assets and liabilities | 48 | (1 | ) | ||||
151 | 88 | ||||||
Cash Used for Investing Activities: | |||||||
Capital expenditures | (38 | ) | (41 | ) | |||
Other | 2 | — | |||||
(36 | ) | (41 | ) | ||||
Cash Used for Financing Activities: | |||||||
Changes in debt | (47 | ) | (37 | ) | |||
Dividends paid | (3 | ) | (3 | ) | |||
(50 | ) | (40 | ) | ||||
Cash and Cash Equivalents: | |||||||
Change in cash and cash equivalents | 65 | 7 | |||||
Balance, beginning of year | 101 | 66 | |||||
Balance, end of period | $ | 166 | $ | 73 |
Three Months Ended | Six Months Ended | ||||||||||||||
EBITDA (a): | June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||
Net Income | $ | 19 | $ | — | $ | 40 | $ | 10 | |||||||
Depreciation and amortization | 19 | 21 | 42 | 42 | |||||||||||
Interest expense, net | 9 | 9 | 17 | 19 | |||||||||||
Income tax expense | 11 | (1 | ) | 22 | 4 | ||||||||||
EBITDA | $ | 58 | $ | 29 | $ | 121 | $ | 75 | |||||||
Non-cash impairment charge | — | 28 | — | 28 | |||||||||||
One-time separation and legal costs | — | (1 | ) | — | (1 | ) | |||||||||
Insurance recovery | — | (1 | ) | — | (1 | ) | |||||||||
Gain on debt extinguishment | — | — | (9 | ) | — | ||||||||||
Pro Forma EBITDA | $ | 58 | $ | 55 | $ | 112 | $ | 101 |
(a) | Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) is defined by the Securities and Exchange Commission. We define pro forma EBITDA as EBITDA before non-cash impairment, one-time separation and legal costs, insurance recovery and gain on debt extinguishment. EBITDA and pro forma EBITDA are not necessarily indicative of results that may be generated in future periods. |
Six Months Ended | |||||||
Adjusted Free Cash Flows (b): | June 25, 2016 | June 27, 2015 | |||||
Cash provided by operating activities | $ | 151 | $ | 88 | |||
Capital expenditures | (38 | ) | (41 | ) | |||
Adjusted Free Cash Flows | $ | 113 | $ | 47 |
(b) | We define adjusted free cash flows as cash provided by operating activities adjusted for capital expenditures excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted free cash flows is not necessarily indicative of the adjusted free cash flows that may be generated in future periods. |
Adjusted Net Debt (c): | June 25, 2016 | December 31, 2015 | |||
Current maturities of long-term debt | 8 | 8 | |||
Long-term debt | 795 | 850 | |||
Total debt | 803 | 858 | |||
Original issue discount and debt issuance costs | 9 | 11 | |||
Cash and cash equivalents | (166 | ) | (101 | ) | |
Adjusted net debt | 646 | 768 |
(c) | We define adjusted net debt as the amount of debt after the consideration of the original issue discount and debt issuance costs, less cash. Adjusted net debt is a non-GAAP measure of debt and is not necessarily indicative of the adjusted net debt that may occur in future periods. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 25, 2016 | March 26, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||||||||||||||||||||||||||
Pro Forma Operating Income and Net Income (a): | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | |||||||||||||||||||||||||||||
Operating Income | $ | 39 | $ | 32 | $ | 8 | $ | 70 | $ | 33 | |||||||||||||||||||||||||||||
Non-cash impairment charge | — | — | 28 | — | 28 | ||||||||||||||||||||||||||||||||||
One-time separation and legal costs | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||||||||||
Insurance recovery | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||||||||||
Pro Forma Operating Income | $ | 39 | $ | 32 | $ | 34 | $ | 70 | $ | 59 | |||||||||||||||||||||||||||||
Net Income | $ | 19 | $ | 0.46 | $ | 21 | $ | 0.49 | $ | — | $ | (0.01 | ) | $ | 40 | $ | 0.95 | $ | 10 | $ | 0.24 | ||||||||||||||||||
Non-cash impairment charge | — | — | — | — | 28 | 0.67 | — | — | 28 | 0.67 | |||||||||||||||||||||||||||||
One-time separation and legal costs | — | — | — | — | (1 | ) | (0.02 | ) | — | — | (1 | ) | (0.02 | ) | |||||||||||||||||||||||||
Insurance recovery | — | — | — | — | (1 | ) | (0.02 | ) | — | — | (1 | ) | (0.02 | ) | |||||||||||||||||||||||||
Gain on debt extinguishment | — | — | (9 | ) | (0.21 | ) | — | — | (9 | ) | (0.21 | ) | — | — | |||||||||||||||||||||||||
Tax effects of Pro Forma adjustments | — | — | 3 | 0.08 | (10 | ) | (0.23 | ) | 3 | 0.08 | (10 | ) | (0.23 | ) | |||||||||||||||||||||||||
Pro Forma Net Income | $ | 19 | $ | 0.46 | $ | 15 | $ | 0.36 | $ | 16 | $ | 0.39 | $ | 34 | $ | 0.82 | $ | 26 | $ | 0.64 |
(a) | Pro forma operating income is defined as operating income adjusted for non-cash impairment, one-time separation and legal costs and insurance recovery. Pro forma net income is defined as net income adjusted net of tax for non-cash impairment, one-time separation and legal costs, insurance recovery and gain on debt extinguishment. Pro forma operating income and pro forma net income are not necessarily indicative of results that may be generated in future periods. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | ||||||||||||
Sales Volume, thousands of metric tons | |||||||||||||||
Cellulose specialties | 113 | 111 | 219 | 219 | |||||||||||
Commodity products | 55 | 55 | 130 | 113 | |||||||||||
Total | 168 | 166 | 349 | 332 | |||||||||||
Average Sales Price, $ per metric ton | |||||||||||||||
Cellulose specialties | $ | 1,548 | $ | 1,638 | $ | 1,551 | $ | 1,653 | |||||||
Commodity products | $ | 668 | $ | 666 | $ | 675 | $ | 676 |
Minimum | Maximum | ||||||
2016 Pro Forma EBITDA Guidance | $ | 195 | $ | 205 | |||
Gain on debt extinguishment | 9 | 9 | |||||
2016 EBITDA Guidance | 204 | 214 | |||||
Income tax expense (a) | 28 | 32 | |||||
Interest expense, net | 35 | 35 | |||||
Depreciation and amortization | 90 | 90 | |||||
2016 Net Income Guidance | $ | 51 | 57 |
(a) | Income tax expense for the full year 2016 is based on an expected effective tax rate of approximately 36 percent. |
Minimum | Maximum | ||||||
2016 Operating Cash Flows Guidance | $ | 190 | $ | 195 | |||
Capital expenditures | 90 | 90 | |||||
2016 Adjusted Free Cash Flows Guidance | $ | 100 | 105 |
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