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. | ||||
Item 9.01. | ||||
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 2017 Results” issued August 2, 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 Second Quarter 2017 Results” issued August 2, 2017. | Furnished herewith |
Contacts: | ||
Media | Ryan Houck | 904-357-9134 |
Investors | Mickey Walsh | 904-357-9162 |
• | Second quarter net income of $5 million impacted by unfavorable sales mix and acquisition costs; full year projected net income of $32 to $39 million |
• | Reaffirming pro forma EBITDA guidance at the high-end of $190 to $200 million initial range |
• | On-track for $30 million of cost transformation improvements in 2017 with $15 million achieved year-to-date |
• | Acquisition of Tembec approved by its shareholders and cleared by U.S. antitrust regulators; Expected to close in the fourth quarter |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 24, | March 25, | June 25, | June 24, | June 25, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Net Sales | ||||||||||||||||||||
Cellulose specialties | $ | 158 | $ | 157 | $ | 175 | $ | 315 | $ | 340 | ||||||||||
Commodity products and other | 43 | 44 | — | 39 | 88 | 91 | ||||||||||||||
Total Net Sales | 201 | 201 | 214 | 403 | 431 | |||||||||||||||
Cost of Sales | (168 | ) | (165 | ) | (165 | ) | (333 | ) | (342 | ) | ||||||||||
Gross Margin | 33 | 36 | 49 | 70 | 89 | |||||||||||||||
Selling, general & administrative expenses | (18 | ) | (9 | ) | (9 | ) | (28 | ) | (17 | ) | ||||||||||
Other operating expense, net | (2 | ) | (1 | ) | (1 | ) | (3 | ) | (2 | ) | ||||||||||
Operating Income | 13 | 26 | 39 | 39 | 70 | |||||||||||||||
Interest and other expense, net | (8 | ) | (8 | ) | (9 | ) | (17 | ) | (17 | ) | ||||||||||
Unrealized gain on derivative instrument | 2 | — | — | 2 | — | |||||||||||||||
Gain on debt extinguishment | — | — | — | — | 9 | |||||||||||||||
Income Before Income Taxes | 7 | 18 | 30 | 24 | 62 | |||||||||||||||
Income tax expense | (2 | ) | (8 | ) | (11 | ) | (10 | ) | (22 | ) | ||||||||||
Net Income Attributable to Rayonier Advanced Materials Inc. | $ | 5 | $ | 10 | $ | 19 | $ | 14 | $ | 40 | ||||||||||
Mandatory convertible stock dividends | (4 | ) | (3 | ) | — | (7 | ) | — | ||||||||||||
Net Income Available to Rayonier Advanced Materials Inc. Common Stockholders | $ | 1 | $ | 7 | $ | 19 | $ | 7 | $ | 40 | ||||||||||
Earnings Per Share of Common Stock | ||||||||||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.15 | $ | 0.46 | $ | 0.18 | $ | 0.95 | ||||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.15 | $ | 0.46 | $ | 0.18 | $ | 0.95 | ||||||||||
Pro forma net income per share (a) | $ | 0.11 | $ | 0.15 | $ | 0.46 | $ | 0.26 | $ | 0.82 | ||||||||||
Shares Used for Determining | ||||||||||||||||||||
Basic EPS | 42,387,578 | 42,348,148 | 42,229,476 | 42,368,652 | 42,217,952 | |||||||||||||||
Diluted EPS | 43,223,599 | 43,096,360 | 42,480,021 | 43,155,283 | 42,377,789 |
(a) | Pro forma net income per share is a non-GAAP measure. See Schedule D for a reconciliation to the nearest GAAP measure. |
June 24, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 369 | $ | 326 | |||
Other current assets | 202 | 193 | |||||
Property, plant and equipment, net | 787 | 801 | |||||
Other assets | 91 | 102 | |||||
$ | 1,449 | $ | 1,422 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current maturities of long-term debt | $ | 13 | $ | 9 | |||
Other current liabilities | 139 | 117 | |||||
Long-term debt and capital lease obligations | 769 | 774 | |||||
Non-current liabilities for disposed operations | 136 | 139 | |||||
Other non-current liabilities | 170 | 171 | |||||
Total stockholders’ equity | 222 | 212 | |||||
$ | 1,449 | $ | 1,422 |
Six Months Ended | |||||||
June 24, 2017 | June 25, 2016 | ||||||
Cash Provided by Operating Activities: | |||||||
Net income | $ | 14 | $ | 40 | |||
Depreciation and amortization | 42 | 42 | |||||
Other items to reconcile net income to cash provided by operating activities | 18 | 21 | |||||
Changes in working capital and other assets and liabilities | 13 | 48 | |||||
87 | 151 | ||||||
Cash Used for Investing Activities: | |||||||
Capital expenditures | (32 | ) | (38 | ) | |||
Other | — | 2 | |||||
(32 | ) | (36 | ) | ||||
Cash Used for Financing Activities: | |||||||
Changes in debt | (2 | ) | (47 | ) | |||
Dividends paid - preferred stock | (7 | ) | — | ||||
Dividends paid - common stock | (3 | ) | (3 | ) | |||
(12 | ) | (50 | ) | ||||
Cash and Cash Equivalents: | |||||||
Change in cash and cash equivalents | 43 | 65 | |||||
Balance, beginning of year | 326 | 101 | |||||
Balance, end of period | $ | 369 | $ | 166 |
Three Months Ended | Six Months Ended | ||||||||||||||
EBITDA (a): | June 24, 2017 | June 25, 2016 | June 24, 2017 | June 25, 2016 | |||||||||||
Net Income | $ | 5 | $ | 19 | $ | 14 | $ | 40 | |||||||
Depreciation and amortization | 20 | 19 | 43 | 42 | |||||||||||
Interest expense, net | 9 | 9 | 17 | 17 | |||||||||||
Income tax expense | 2 | 11 | 10 | 22 | |||||||||||
EBITDA | $ | 36 | $ | 58 | $ | 84 | $ | 121 | |||||||
Acquisition Related Costs | 8 | — | 8 | — | |||||||||||
Unrealized gain on derivative instrument | (2 | ) | — | (2 | ) | — | |||||||||
Gain on debt extinguishment | — | — | — | (9 | ) | ||||||||||
Pro Forma EBITDA | $ | 42 | $ | 58 | $ | 90 | $ | 112 |
(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 acquisition related costs, unrealized gain on derivative instrument, 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 24, 2017 | June 25, 2016 | |||||
Cash provided by operating activities | $ | 87 | $ | 151 | |||
Capital expenditures | (31 | ) | (38 | ) | |||
Adjusted Free Cash Flows | $ | 56 | $ | 113 |
(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 24, 2017 | December 31, 2016 | |||
Current maturities of long-term debt | 13 | 9 | |||
Long-term debt & capital lease obligation | 769 | 774 | |||
Total debt | 782 | 783 | |||
Original issue discount and debt issuance costs | 8 | 9 | |||
Cash and cash equivalents | (369 | ) | (326 | ) | |
Adjusted Net Debt | 421 | 466 |
(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 24, 2017 | March 25, 2017 | June 25, 2016 | June 24, 2017 | June 25, 2016 | |||||||||||||||||||||||||||||||||||
Pro Forma Net Income (a): | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | |||||||||||||||||||||||||||||
Operating Income | $ | 13 | $ | 26 | $ | 39 | $ | 39 | $ | 70 | |||||||||||||||||||||||||||||
Acquisition related costs | 8 | — | — | 8 | — | ||||||||||||||||||||||||||||||||||
Pro Forma Operating Income | $ | 21 | $ | 26 | $ | 39 | $ | 47 | $ | 70 | |||||||||||||||||||||||||||||
Net Income | $ | 5 | $ | 0.03 | $ | 10 | $ | 0.15 | $ | 19 | $ | 0.46 | $ | 14 | $ | 0.18 | $ | 40 | $ | 0.95 | |||||||||||||||||||
Gain on debt extinguishment | — | — | — | — | — | — | — | — | (9 | ) | $ | (0.21 | ) | ||||||||||||||||||||||||||
Acquisition related costs | 8 | $ | 0.18 | — | — | — | — | 8 | $ | 0.18 | — | — | |||||||||||||||||||||||||||
Unrealized gain on derivative instrument | (2 | ) | $ | (0.05 | ) | — | — | — | — | (2 | ) | $ | (0.05 | ) | — | — | |||||||||||||||||||||||
Tax effects of Pro Forma adjustments | (2 | ) | $ | (0.05 | ) | — | — | — | — | (2 | ) | $ | (0.05 | ) | 3 | $ | 0.08 | ||||||||||||||||||||||
Pro Forma Net Income | $ | 9 | $ | 0.11 | $ | 10 | $ | 0.15 | $ | 19 | $ | 0.46 | $ | 18 | $ | 0.26 | $ | 34 | $ | 0.82 |
(a) | Pro forma operating income is defined as operating income adjusted for acquisition related costs. Pro forma net income is defined as net income adjusted net of tax for gain on debt extinguishment, acquisition related costs and unrealized 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 24, 2017 | June 25, 2016 | June 24, 2017 | June 25, 2016 | ||||||||||||
Sales Volume, thousands of metric tons | |||||||||||||||
Cellulose specialties | 110 | 113 | 217 | 219 | |||||||||||
Commodity products | 54 | 55 | 113 | 130 | |||||||||||
Total | 164 | 168 | 330 | 349 | |||||||||||
Average Sales Price, $ per metric ton | |||||||||||||||
Cellulose specialties | $ | 1,434 | $ | 1,548 | $ | 1,453 | $ | 1,551 | |||||||
Commodity products | $ | 764 | $ | 668 | $ | 740 | $ | 675 |
Minimum | Maximum | ||||||
2017 Net Income Guidance | $ | 32 | $ | 39 | |||
Income tax expense (a) | 20 | 23 | |||||
Acquisition related costs (b) | 12 | 12 | |||||
Interest expense, net | 37 | 37 | |||||
Depreciation and amortization | 89 | 89 | |||||
2017 Pro Forma EBITDA Guidance | 190 | 200 |
(a) | Income tax expense for the full year 2017 is based on an expected effective tax rate of approximately 37.5 percent. |
(b) | Acquisition costs, net of tax, represents the forecasted legal, due-diligence and consulting costs for the Company and excludes all costs that are contingent upon the closing of the acquisition of Tembec. These costs could vary materially from this estimate. |
Minimum | Maximum | ||||||
2017 Operating Cash Flows Guidance | $ | 142 | $ | 152 | |||
Acquisition related costs, net of tax benefit | 8 | 8 | |||||
Capital expenditures | (60 | ) | (60 | ) | |||
2017 Adjusted Free Cash Flows Guidance | 90 | 100 |
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