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 Full Year 2016 Results” issued January 30, 2017. |
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 Full Year 2016 Results” issued January 30, 2017. | Furnished herewith |
Contacts: | ||
Media | Ryan Houck | 904-357-9134 |
Investors | Mickey Walsh | 904-357-9162 |
• | Strong performance drives results exceeding 2016 guidance |
• | Full year 2016 net income and pro forma EBITDA of $73 million and $226 million, respectively |
• | $50 million of Cost Improvements achieved in 2016; surpassing target by $10 million |
• | Strategic focus on Cost Transformation, Market Optimization, New Products and Acquisitions |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 24, | December 31, | December 31, | December 31, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Cellulose specialties | $ | 182 | $ | 173 | $ | 190 | $ | 695 | $ | 767 | ||||||||||
Commodity products and other | 49 | 34 | 52 | 174 | 174 | |||||||||||||||
Total Net Sales | 231 | 207 | 242 | 869 | 941 | |||||||||||||||
Cost of Sales | (189 | ) | (156 | ) | (192 | ) | (687 | ) | (739 | ) | ||||||||||
Gross Margin | 42 | 51 | 50 | 182 | 202 | |||||||||||||||
Selling, general & administrative expenses | (12 | ) | (10 | ) | (14 | ) | (38 | ) | (48 | ) | ||||||||||
Other operating expense, net | (4 | ) | — | (7 | ) | (6 | ) | (34 | ) | (a) | ||||||||||
Operating Income | 26 | 41 | 29 | 138 | 120 | |||||||||||||||
Interest and other expense, net | (9 | ) | (8 | ) | (9 | ) | (35 | ) | (37 | ) | ||||||||||
Gain on debt extinguishment | — | — | — | 9 | — | |||||||||||||||
Income Before Income Taxes | 17 | 33 | 20 | 112 | 83 | |||||||||||||||
Income tax expense | (6 | ) | (11 | ) | (7 | ) | (39 | ) | (28 | ) | ||||||||||
Net Income | $ | 11 | $ | 22 | $ | 13 | $ | 73 | $ | 55 | ||||||||||
Earnings Per Share of Common Stock | ||||||||||||||||||||
Basic earnings per share | $ | 0.19 | $ | 0.46 | $ | 0.30 | $ | 1.61 | $ | 1.31 | ||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.44 | $ | 0.30 | $ | 1.55 | $ | 1.30 | ||||||||||
Pro forma net income per share (b) | $ | 0.18 | $ | 0.44 | $ | 0.32 | $ | 1.43 | $ | 1.74 | ||||||||||
Shares Used for Determining | ||||||||||||||||||||
Basic EPS | 42,337,729 | 42,360,326 | 42,201,778 | 42,279,811 | 42,194,891 | |||||||||||||||
Diluted EPS | 43,012,003 | 49,336,106 | 42,273,621 | 47,145,821 | 42,222,859 |
(a) | Other operating expense, net for the twelve months ended December 31, 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. |
December 31, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 326 | $ | 101 | |||
Other current assets | 193 | 227 | |||||
Property, plant and equipment, net | 801 | 804 | |||||
Other assets | 102 | 147 | |||||
$ | 1,422 | $ | 1,279 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current maturities of long-term debt | $ | 9 | $ | 8 | |||
Other current liabilities | 117 | 124 | |||||
Long-term debt and capital lease obligations | 774 | 850 | |||||
Non-current liabilities for disposed operations | 139 | 145 | |||||
Other non-current liabilities | 171 | 169 | |||||
Total stockholders’ equity (deficit) | 212 | (17 | ) | ||||
$ | 1,422 | $ | 1,279 |
Twelve Months Ended | |||||||
December 31, 2016 | December 31, 2015 | ||||||
Cash Provided by Operating Activities: | |||||||
Net income | $ | 73 | $ | 55 | |||
Depreciation and amortization | 88 | 89 | |||||
Increase in liabilities for disposed operations | 5 | 7 | |||||
Non-cash impairment charge | — | 28 | |||||
Other items to reconcile net income to cash provided by operating activities | 57 | 20 | |||||
Changes in working capital and other assets and liabilities | 9 | 3 | |||||
232 | 202 | ||||||
Cash Used for Investing Activities: | |||||||
Capital expenditures | (89 | ) | (78 | ) | |||
Other | 2 | — | |||||
(87 | ) | (78 | ) | ||||
Cash Provided by (Used for) Financing Activities: | |||||||
Issuance of mandatory convertible preferred stock, net | 167 | — | |||||
Changes in debt | (71 | ) | (77 | ) | |||
Dividends paid - common stock | (12 | ) | (12 | ) | |||
Dividends paid - preferred stock | (4 | ) | — | ||||
80 | (89 | ) | |||||
Cash and Cash Equivalents: | |||||||
Change in cash and cash equivalents | 225 | 35 | |||||
Balance, beginning of year | 101 | 66 | |||||
Balance, end of period | $ | 326 | $ | 101 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
EBITDA (a): | December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||
Net Income | $ | 11 | $ | 13 | $ | 73 | $ | 55 | |||||||
Depreciation and amortization | 24 | 24 | 88 | 89 | |||||||||||
Interest expense, net | 9 | 9 | 35 | 37 | |||||||||||
Income tax expense | 6 | 7 | 39 | 28 | |||||||||||
EBITDA | $ | 50 | $ | 53 | $ | 235 | $ | 209 | |||||||
Non-cash impairment charge | — | — | — | 28 | |||||||||||
One-time separation and legal costs | — | 1 | — | 2 | |||||||||||
Insurance recovery | — | — | — | (1 | ) | ||||||||||
Gain on debt extinguishment | — | — | (9 | ) | — | ||||||||||
Pro Forma EBITDA | $ | 50 | $ | 54 | $ | 226 | $ | 238 |
(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. |
Twelve Months Ended | |||||||
Adjusted Free Cash Flows (b): | December 31, 2016 | December 31, 2015 | |||||
Cash provided by operating activities | $ | 232 | $ | 202 | |||
Capital expenditures | (89 | ) | (78 | ) | |||
Adjusted Free Cash Flows | $ | 143 | $ | 124 |
(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): | December 31, 2016 | December 31, 2015 | |||
Current maturities of long-term debt | 9 | 8 | |||
Long-term debt & capital lease obligation | 774 | 850 | |||
Total debt | 783 | 858 | |||
Original issue discount and debt issuance costs | 9 | 11 | |||
Cash and cash equivalents | (326 | ) | (101 | ) | |
Adjusted net debt | 466 | 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 | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||
December 31, 2016 | September 24, 2016 | December 31, 2015 | December 31, 2016 | December 31, 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 | $ | 26 | $ | 41 | $ | 29 | $ | 138 | $ | 120 | |||||||||||||||||||||||||||||
Non-cash impairment charge | — | — | — | — | 28 | ||||||||||||||||||||||||||||||||||
One-time separation and legal costs | — | — | 1 | — | 2 | ||||||||||||||||||||||||||||||||||
Insurance recovery | — | — | — | — | (1 | ) | |||||||||||||||||||||||||||||||||
Pro Forma Operating Income | $ | 26 | $ | 41 | $ | 30 | $ | 138 | $ | 149 | |||||||||||||||||||||||||||||
Net Income | $ | 11 | $ | 0.18 | $ | 22 | $ | 0.44 | $ | 13 | $ | 0.30 | $ | 73 | $ | 1.55 | $ | 55 | $ | 1.30 | |||||||||||||||||||
Non-cash impairment charge | — | — | — | — | — | — | — | — | 28 | 0.67 | |||||||||||||||||||||||||||||
One-time separation and legal costs | — | — | — | — | 1 | 0.02 | — | — | 2 | 0.04 | |||||||||||||||||||||||||||||
Insurance recovery | — | — | — | — | — | — | — | — | (1 | ) | (0.02 | ) | |||||||||||||||||||||||||||
Gain on debt extinguishment | — | — | — | — | — | — | (9 | ) | (0.19 | ) | — | — | |||||||||||||||||||||||||||
Tax effects of Pro Forma adjustments | — | — | — | — | — | 3 | 0.07 | (11 | ) | (0.25 | ) | ||||||||||||||||||||||||||||
Pro Forma Net Income | $ | 11 | $ | 0.18 | $ | 22 | $ | 0.44 | $ | 14 | $ | 0.32 | $ | 67 | $ | 1.43 | $ | 73 | $ | 1.74 |
(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 | Twelve Months Ended | ||||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | ||||||||||||
Sales Volume, thousands of metric tons | |||||||||||||||
Cellulose specialties | 121 | 116 | 456 | 467 | |||||||||||
Commodity products | 70 | 73 | 249 | 247 | |||||||||||
Total | 191 | 189 | 705 | 714 | |||||||||||
Average Sales Price, $ per metric ton | |||||||||||||||
Cellulose specialties | $ | 1,505 | $ | 1,638 | $ | 1,525 | $ | 1,641 | |||||||
Commodity products | $ | 672 | $ | 670 | $ | 668 | $ | 671 |
Minimum | Maximum | ||||||
2017 Net Income Guidance | $ | 41 | $ | 48 | |||
Income tax expense (a) | 27 | 30 | |||||
Interest expense, net | 37 | 37 | |||||
Depreciation and amortization | 85 | 85 | |||||
2017 EBITDA Guidance | 190 | 200 |
(a) | Income tax expense for the full year 2017 is based on an expected effective tax rate of approximately 35.5 percent. |
Minimum | Maximum | ||||||
2017 Operating Cash Flows Guidance | $ | 140 | $ | 150 | |||
Capital expenditures | (60 | ) | (60 | ) | |||
2017 Adjusted Free Cash Flows Guidance | 80 | 90 |
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