0001564590-21-023027.txt : 20210504 0001564590-21-023027.hdr.sgml : 20210504 20210504094418 ACCESSION NUMBER: 0001564590-21-023027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210504 DATE AS OF CHANGE: 20210504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Glatfelter Corp CENTRAL INDEX KEY: 0000041719 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 230628360 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03560 FILM NUMBER: 21886385 BUSINESS ADDRESS: STREET 1: 4350 CONGRESS STREET STREET 2: SUITE 600 CITY: CHARLOTTE STATE: NC ZIP: 28209 BUSINESS PHONE: 866-744-7380 MAIL ADDRESS: STREET 1: 4350 CONGRESS STREET STREET 2: SUITE 600 CITY: CHARLOTTE STATE: NC ZIP: 28209 FORMER COMPANY: FORMER CONFORMED NAME: GLATFELTER P H CO DATE OF NAME CHANGE: 19920703 8-K 1 glt-8k_20210504.htm 8-K RESULTS OF OPERATIONS glt-8k_20210504.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):

 

May 4, 2021

 

Glatfelter Corporation

 

(Exact name of registrant as specified in its charter)

 

Pennsylvania

001-03560

23-0628360

 

 

 

 

 

 

 

 

 

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

  

 

 

4350 Congress Street, Suite 600, Charlotte, North Carolina

 

28209

 

 

 

 

 

 

 

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant’s telephone number, including area code:

 

704 885-2555

(N/A)

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

GLT

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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.  ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2021, the Company reported its results of operations for the three months ended March 31, 2021. A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

99.1

Press release issued May 4, 2021.

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

The information furnished in this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Glatfelter Corporation

  

 

 

 

 

May 4, 2021

 

By:

 

/s/ David C. Elder

 

 

 

 

 

 

 

 

 

Name: David C. Elder

 

 

 

 

Title:   Vice President, Finance and Chief Accounting Officer

 

 

 

 

(Principal accounting officer)

 

 

 EX-99.1 2 glt-ex991_50.htm PRESS RELEASE ISSUED MAY 4, 2021 glt-ex991_50.htm

Exhibit 99.1

 

NEWS RELEASE

 

Corporate Headquarters

 

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

 

 

For Immediate Release

Contacts:

 

 

Investors:

Media:

 

Ramesh Shettigar

Eileen L. Beck

 

(717) 225-2746

(717) 225-2793

 

ramesh.shettigar@glatfelter.com

eileen.beck@glatfelter.com

 

GLATFELTER REPORTS FIRST QUARTER 2021 RESULTS

 

CHARLOTTE, North Carolina – May 4, 2021: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported net income for the first three months of 2021 of $8.4 million, or $0.19 per diluted share, compared with $7.4 million, or $0.17 per diluted share, in the same period a year ago. Adjusted earnings from continuing operations for the three months ended March 31, 2021 and 2020, were $8.5 million, or $0.19 per share, compared with $10.8 million, or $0.24 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. Consolidated net sales for the three months ended March 31, 2021 totaled $225.7 million, compared with $231.6 million for the same period in 2020. On a constant currency basis, Composite Fibers’ and Airlaid Materials’ net sales decreased by 1.4% and 18.8%, respectively.

 

“Glatfelter continued to deliver strong earnings in the first quarter of 2021 by effectively managing costs and driving operating efficiencies, despite a challenging market,” said Dante C. Parrini, Chairman and Chief Executive Officer. “Composite Fibers performed better than expected as volume growth in food and beverage and favorable wallcover demand improved overall product mix and asset utilization, thereby helping to drive a 6% increase in year-over-year operating profit. In Airlaid Materials, volumes were under pressure, especially in the tabletop category that was down 55% compared to last year due to the pandemic as restaurant dining remains slow to recover. We also experienced lower than anticipated demand in wipes, homecare and feminine hygiene products as customers recalibrated order levels to account for COVID-driven year-end inventory reserves. Despite the overall market volatility, both segments achieved healthy EBITDA margins in the mid-teens.”

 

Mr. Parrini added, “Our recently announced price increases in the Composite Fibers segment are contributing to offset the steep raw material, energy and logistics cost inflation we are experiencing. While we continue to navigate the dynamic demand conditions resulting from the pandemic, we remain very optimistic about the long-term growth prospects that our essential consumer staples portfolio has to offer as we focus on strong commercial execution to optimize performance in the near term.”

 

“As recently announced, the regulatory review process has concluded for our pending acquisition of Georgia-Pacific's U.S. nonwovens business. We expect this transaction will close by mid-May, building on our growth strategy and advancing our plans to expand our U.S. footprint. We are excited to begin the integration process that we expect will enable capacity optimization, improve operational enhancements and accelerate innovation efforts to better service our customers' growing needs, especially in the wipes category. Glatfelter is well-positioned to capture and service the growing demand in the broader health and hygiene categories as we continue to make meaningful and accretive investments to add further scale to our platforms,” concluded Mr. Parrini.

Glatfelter Reports First Quarter 2021 Results

page 2

 

First Quarter Results

 

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

 

 

 

Three months ended March 31

 

 

 

2021

 

 

2020

 

In thousands, except per share

 

Amount

 

 

EPS

 

 

Amount

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

8,394

 

 

$

0.19

 

 

$

7,406

 

 

$

0.17

 

Adjustments (pre-tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic initiatives

 

 

603

 

 

 

 

 

 

 

—

 

 

 

 

 

Corporate headquarters relocation

 

 

155

 

 

 

 

 

 

 

—

 

 

 

 

 

Restructuring charge - Metallized operations

 

 

—

 

 

 

 

 

 

 

5,987

 

 

 

 

 

Cost optimization actions

 

 

—

 

 

 

 

 

 

 

1,748

 

 

 

 

 

Pension settlement expenses, net

 

 

—

 

 

 

 

 

 

 

73

 

 

 

 

 

Timberland sales and related costs

 

 

(850

)

 

 

 

 

 

 

—

 

 

 

 

 

Total adjustments (pre-tax)

 

 

(92

)

 

 

 

 

 

 

7,808

 

 

 

 

 

Income taxes (1)

 

 

81

 

 

 

 

 

 

 

(1,835

)

 

 

 

 

CARES Act of 2020 tax provision (benefit) (2)

 

 

93

 

 

 

 

 

 

 

(2,569

)

 

 

 

 

Total after-tax adjustments

 

 

82

 

 

 

—

 

 

 

3,404

 

 

 

0.07

 

Adjusted earnings from continuing operations

 

$

8,476

 

 

$

0.19

 

 

$

10,810

 

 

$

0.24

 

 

 

(1)

Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated.

 

(2)

Tax impact recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) related to provisions that modified the “net operating loss” provisions of previous law to allow certain losses to be carried back five years.

A description of each of the adjustments presented above is included later in this release.

 

 

Composite Fibers

 

 

Three months ended March 31

 

Dollars in thousands

 

2021

 

 

2020

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons shipped (metric)

 

 

34,140

 

 

 

35,983

 

 

 

(1,843

)

 

 

(5.1

)%

Net sales

 

$

141,249

 

 

$

132,711

 

 

$

8,538

 

 

 

6.4

%

Operating income

 

 

16,065

 

 

 

15,102

 

 

 

963

 

 

 

6.4

%

Operating margin

 

 

11.4

%

 

 

11.4

%

 

 

 

 

 

 

 

 

 

Composite Fibers’ net sales increased $8.5 million or 6.4% in the first quarter of 2021, compared to the year-ago quarter, mainly driven by favorable currency translation of $10.3 million. Overall shipments, excluding metallized, which was restructured in the second quarter of 2020, were in-line with the first quarter of 2020.

 

Composite Fibers’ operating income of $16.1 million was $1.0 million higher, or approximately 6% favorable, compared to the first quarter of 2020 as a result of improved sales mix, which favorably impacted results by $1.1 million. Raw material and energy prices were $1.3 million higher than the same period last year, but mostly mitigated by improved operations of $1.2 million.

 

Airlaid Materials

 

 

Three months ended March 31

 

Dollars in thousands

 

2021

 

 

2020

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons shipped (metric)

 

 

28,864

 

 

 

35,039

 

 

 

(6,175

)

 

 

(17.6

)%

Net sales

 

$

84,425

 

 

$

98,849

 

 

$

(14,424

)

 

 

(14.6

)%

Operating income

 

 

7,197

 

 

 

12,022

 

 

 

(4,825

)

 

 

(40.1

)%

Operating margin

 

 

8.5

%

 

 

12.2

%

 

 

 

 

 

 

 

 

 

Airlaid Materials’ net sales decreased $14.4 million in the year-over-year comparison. Shipments were 18% lower driven by continued softness in tabletop demand from delays in restaurants reopening, as well as lower shipments in the hygiene and wipes categories as customers adjusted their buying patterns following elevated year-end inventory levels maintained due to the pandemic. Currency translation was $4.2 million favorable.

 

Glatfelter Reports First Quarter 2021 Results

page 3

 

 

Airlaid Materials’ first quarter 2021 operating income of $7.2 million was $4.8 million lower when compared to the first quarter of 2020. Lower shipping volumes unfavorably impacted earnings by $3.2 million and operations were $1.3 million unfavorable driven by lower production to manage customer demand and inventory levels. Selling price increases due to raw material pass-through provisions were more than offset by higher raw material and energy prices, reducing earnings by net $0.3 million.

 

Other Financial Information

 

The amount of “Other and Unallocated” operating expense in the table of Segment Financial Information totaled $5.9 million in the first quarter of 2021 compared with $14.8 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the first quarter of 2021 decreased $1.0 million compared to the first quarter of 2020.

 

In the first quarter of 2021, income from continuing operations totaled $15.6 million and income tax expense totaled $7.2 million. On adjusted pre-tax income of $15.5 million, income tax expense was $7.0 million in the first quarter of 2021. The comparable amounts in the same quarter of 2020 were $17.8 million and $7.0 million, respectively. The effective tax rate on adjusted earnings was 45% in the first quarter of 2021.

 

Balance Sheet and Other Information

 

Cash and cash equivalents totaled $87.4 million as of March 31, 2021, and net debt was $219.4 million compared with $213.9 million at the end of 2020. Net leverage increased nominally to 1.9 times on March 31, 2021 versus 1.8 times at December 31, 2020. (Refer to the calculation of this measure provided in the tables at the end of this release.)  

 

Capital expenditures during the first quarter of 2021 and 2020 totaled $5.4 million and $7.0 million, respectively. Adjusted free cash flow for the first three months of 2021 was a use of $8.9 million compared with a use of $10.6 million in the same period of 2020. (Refer to the calculation of measure provided in the tables at the end of this release.)

 

 

Conference Call

 

As previously announced, the Company will hold a conference call today at 11:00 a.m. (Eastern) to discuss its first quarter results. The Company will make available on its Investor Relations website this quarter’s earnings release and an accompanying financial presentation that includes significant financial information to be discussed on the conference call including the Company’s outlook pertaining to financial performance. Information related to the conference call is as follows:

 

What:

Glatfelter’s 1st Quarter 2021 Earnings Release Conference Call

 

 

When:

Tuesday, May 4, 2021, 11:00 a.m. (ET)

 

 

Number:

US dial 888.335.5539

 

 

 

International dial 973.582.2857

 

 

Conference ID:

3297372

 

 

Webcast:

https://www.glatfelter.com/investors/webcasts-and-presentations/

 

 

Rebroadcast Dates:

May 4, 2021, 2:00 p.m. through May 18, 12:00 p.m.

 

 

Rebroadcast Number:

Within US dial 855.859.2056

 

 

 

International dial 404.537.3406

 

 

Conference ID:

3297372

 

Interested persons who wish to hear the live webcast should go to the website prior to the starting time to register and ensure any necessary audio software is installed.

 

 

 

 

 

 

Glatfelter Reports First Quarter 2021 Results

page 4

 

 

Glatfelter Corporation and subsidiaries

Consolidated Statements of Income

(unaudited)

 

 

 

Three months ended

March 31

 

In thousands, except per share

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

225,674

 

 

$

231,560

 

Costs of products sold

 

 

186,378

 

 

 

194,685

 

Gross profit

 

 

39,296

 

 

 

36,875

 

Selling, general and administrative expenses

 

 

22,827

 

 

 

24,594

 

Gains on dispositions of plant, equipment and timberlands, net

 

 

(850

)

 

 

—

 

Operating income

 

 

17,319

 

 

 

12,281

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,531

)

 

 

(1,778

)

Interest income

 

 

20

 

 

 

264

 

Other, net

 

 

(224

)

 

 

(753

)

Total non-operating expense

 

 

(1,735

)

 

 

(2,267

)

Income from continuing operations before income taxes

 

 

15,584

 

 

 

10,014

 

Income tax provision

 

 

7,190

 

 

 

2,608

 

Net income

 

$

8,394

 

 

$

7,406

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.19

 

 

$

0.17

 

Income from discontinued operations

 

 

—

 

 

 

—

 

Basic earnings per share

 

$

0.19

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.19

 

 

$

0.17

 

Income from discontinued operations

 

 

—

 

 

 

—

 

Diluted earnings per share

 

$

0.19

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

Cash dividend declared per common share

 

$

0.135

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

44,450

 

 

 

44,275

 

Diluted

 

 

44,869

 

 

 

44,530

 

 

Glatfelter Reports First Quarter 2021 Results

page 5

 

 

Segment Financial Information

(unaudited)

 

Three months ended March 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in thousands

 

Composite Fibers

 

 

Airlaid Materials

 

 

Other and Unallocated

 

 

Total

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

141,249

 

 

$

132,711

 

 

$

84,425

 

 

$

98,849

 

 

$

—

 

 

$

—

 

 

$

225,674

 

 

$

231,560

 

Costs of products sold

 

 

114,267

 

 

 

106,985

 

 

 

72,585

 

 

 

82,246

 

 

 

(474

)

 

 

5,454

 

 

 

186,378

 

 

 

194,685

 

Gross profit (loss)

 

 

26,982

 

 

 

25,726

 

 

 

11,840

 

 

 

16,603

 

 

 

474

 

 

 

(5,454

)

 

 

39,296

 

 

 

36,875

 

SG&A

 

 

10,917

 

 

 

10,624

 

 

 

4,643

 

 

 

4,581

 

 

 

7,267

 

 

 

9,389

 

 

 

22,827

 

 

 

24,594

 

Gains on dispositions of plant, equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   and timberlands, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(850

)

 

 

-

 

 

 

(850

)

 

 

-

 

Total operating income (loss)

 

 

16,065

 

 

 

15,102

 

 

 

7,197

 

 

 

12,022

 

 

 

(5,943

)

 

 

(14,843

)

 

 

17,319

 

 

 

12,281

 

Non operating expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,735

)

 

 

(2,267

)

 

 

(1,735

)

 

 

(2,267

)

Income (loss) before income taxes

 

$

16,065

 

 

$

15,102

 

 

$

7,197

 

 

$

12,022

 

 

$

(7,678

)

 

$

(17,110

)

 

$

15,584

 

 

$

10,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplementary Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metric tons sold

 

 

34,140

 

 

 

35,983

 

 

 

28,864

 

 

 

35,039

 

 

 

—

 

 

 

—

 

 

 

63,004

 

 

 

71,022

 

Depreciation, depletion and amortization ($ in thousands)

 

$

6,981

 

 

$

6,466

 

 

$

5,848

 

 

$

5,451

 

 

$

904

 

 

$

3,485

 

 

$

13,733

 

 

$

15,402

 

Capital expenditures

 

 

2,773

 

 

 

3,956

 

 

 

1,739

 

 

 

2,103

 

 

 

867

 

 

 

955

 

 

 

5,379

 

 

 

7,014

 

 

 

 

(1)

The amount presented in 2020 in the Other and unallocated column includes accelerated depreciation incurred in connection with the restructuring of Composite Fibers’ Metallized operations.

 

 

Selected Financial Information

(unaudited)

 

 

Three months ended

March 31

 

In thousands

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Cash Flow Data

 

 

 

 

 

 

 

 

Cash from continuing operations provided (used) by:

 

 

 

 

 

 

 

 

Operating activities

 

$

(6,046

)

 

$

(5,603

)

Investing activities

 

 

(4,603

)

 

 

(7,014

)

Financing activities

 

 

179

 

 

 

(6,847

)

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

13,733

 

 

 

15,402

 

Capital expenditures

 

 

5,379

 

 

 

7,014

 

 

 

March 31

 

 

December 31

 

 

 

2021

 

 

2020

 

Balance Sheet Data

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

87,366

 

 

$

99,581

 

Total assets

 

 

1,267,879

 

 

 

1,286,881

 

Total debt

 

 

306,746

 

 

 

313,521

 

Shareholders’ equity

 

 

571,061

 

 

 

577,932

 

 

 

Glatfelter Reports First Quarter 2021 Results

page 6

 

 

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

 

This press release includes a measure of earnings before the effects of certain specifically identified items, which is referred to as adjusted earnings, a non-GAAP measure. The Company uses non-GAAP adjusted earnings to supplement the understanding of its consolidated financial statements presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial performance of the Company’s core operations, which consist of the production and sale of composite fibers and airlaid materials. Management and the Company’s Board of Directors use non-GAAP adjusted earnings to evaluate the performance of the Company’s fundamental business in relation to prior periods and established business plans. For purposes of determining adjusted earnings, the following items are excluded:

 

 

•

Strategic initiatives. These adjustments primarily reflect professional and legal fees incurred directly related to evaluating and executing certain strategic initiatives including costs associated with acquisitions and related integrations.

 

•

Corporate headquarters relocation. These adjustments reflect costs incurred in connection with the strategic relocation of the Company’s corporate headquarters to Charlotte, NC. The costs are primarily related to employee relocation costs and exit costs at the former corporate headquarters.

 

•

Restructuring charge – Metallized operations. This adjustment represents the charges incurred in connection with the decision to restructure a portion of the Composite Fibers segment, primarily consisting of the consolidation of our metallizing operation from Gernsbach, Germany to Caerphilly, UK. The charge in the first quarter of 2020 included a non-cash charge of $2.5 million associated with accelerated depreciation and cash severance costs totaling $3.5 million.

 

•

Cost optimization actions. These adjustments reflect charges incurred in connection with initiatives to optimize the cost structure of the Company, including costs related to the organizational change to a functional operating model. The costs are primarily related to executive separations, other headcount reductions, professional fees, asset write-offs and certain contract termination costs. These adjustments, which have occurred at various times in the past, are irregular in timing and relate to specific identified programs to reduce or optimize the cost structure of a particular operating segment or the corporate function.

 

•

COVID-19 incremental costs. This adjustment represents incremental cash costs incurred directly related to the COVID-19 pandemic such as mill employee incentive payments, enhanced hygiene protocols, safety and supplies, and professional fees primarily associated with the CARES Act benefit.

 

•

Asset Impairment Charge. This adjustment represents a non-cash charge recorded to reduce the carrying amount of a tradename intangible asset of the Dresden wallcover business due to the impact of the COVID-19 pandemic on the underlying forecasted revenue stream.

 

•

Pension settlement expenses, net. This adjustment reflects professional fees recorded in connection with the Company’s termination of its qualified pension plan and the related actions to settle all obligations to the plan’s participants. Since the pension plan was fully funded, the settlement of pension obligations did not require the use of the Company’s cash, but instead was accomplished with plan assets.

 

•

Timberland sales and related costs. These adjustments exclude gains from the sales of timberlands as these items are not considered to be part of our core business, ongoing results of operations or cash flows. These adjustments are irregular in timing and amount and may benefit our operating results.

 

•

Coronavirus Aid, Relief, and Economic Security (CARES) Act 2020. This adjustment reflects taxes recorded as a result of the March 27, 2020 change in U.S. tax law which, among others, allows net operating losses to be carried back five years.

 

Glatfelter Reports First Quarter 2021 Results

page 7

 

 

Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does not reflect all charges and gains recorded by the Company for the applicable period and, therefore, does not present a complete picture of the Company’s results of operations for the respective period. However, non-GAAP adjusted earnings provide a measure of how the Company’s core operations are performing, which management believes is useful to investors because it allows comparison of such operations from period to period. Non-GAAP adjusted earnings should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

 

 

Calculation of Adjusted Free Cash Flow

 

Three months ended

March 31

 

In thousands

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Cash from operations

 

$

(6,046

)

 

$

(5,603

)

Capital expenditures

 

 

(5,379

)

 

 

(7,014

)

Free cash flow

 

 

(11,425

)

 

 

(12,617

)

Adjustments:

 

 

 

 

 

 

 

 

Restructuring charge - Metallized operations

 

 

1,135

 

 

 

—

 

Cost optimization actions

 

 

1,156

 

 

 

1,883

 

Corporate headquarters relocation

 

 

268

 

 

 

—

 

Strategic initiatives

 

 

732

 

 

 

—

 

Fox River environmental matter

 

 

321

 

 

 

105

 

Tax refunds on adjustments to adjusted earnings

 

 

(1,115

)

 

 

—

 

Adjusted free cash flow

 

$

(8,928

)

 

$

(10,629

)

 

 

 

Net Debt

 

March 31

 

 

December 31

 

In thousands

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

23,942

 

 

$

25,057

 

Short-term debt

 

 

11,725

 

 

 

—

 

Long term debt

 

 

271,079

 

 

 

288,464

 

Total

 

 

306,746

 

 

 

313,521

 

Less: Cash

 

 

(87,366

)

 

 

(99,581

)

Net Debt

 

$

219,380

 

 

$

213,940

 

 

 

 

EBITDA

 

Trailing twelve months ended March 31

 

 

Year ended December 31

 

In thousands

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Net income

 

$

22,286

 

 

$

21,298

 

Exclude:  Income from discontinued operations, net of tax

 

 

(515

)

 

 

(515

)

Add back:  Taxes on Continuing operations

 

 

16,158

 

 

 

11,576

 

Depreciation and amortization

 

 

54,931

 

 

 

56,600

 

Interest expense, net

 

 

6,620

 

 

 

6,623

 

EBITDA

 

 

99,480

 

 

 

95,582

 

Adjustments:

 

 

 

 

 

 

 

 

Restructuring charge - Metallized operations

 

 

3,758

 

 

 

7,211

 

Cost optimization actions

 

 

4,231

 

 

 

5,979

 

Corporate headquarter relocation

 

 

1,026

 

 

 

871

 

Pension settlement expenses, net

 

 

6,081

 

 

 

6,154

 

COVID-19 incremental costs

 

 

2,715

 

 

 

2,715

 

Asset impairment charge

 

 

900

 

 

 

900

 

Strategic initiatives

 

 

2,170

 

 

 

1,567

 

Timberland sales and related costs

 

 

(2,232

)

 

 

(1,382

)

Adjusted EBITDA

 

$

118,129

 

 

$

119,597

 

 

 

Glatfelter Reports First Quarter 2021 Results

page 8

 

 

 

Leverage

 

March 31

 

 

December 31

 

 

In thousands

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt

 

$

219,380

 

 

$

213,940

 

 

Divided by Adjusted EBITDA

 

 

118,129

 

 

 

119,597

 

 

Net leverage

 

 

1.9

 

x

 

1.8

 

x

 

 

Caution Concerning Forward-Looking Statements  

 

Any statements included in this press release which pertain to future financial and business matters are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as “anticipates”, “believes”, “expects”, “future”, “intends”, “plans”, “targets”, and similar expressions to identify forward-looking statements. Any such statements are based on the Company’s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to, the impacts of the COVID-19 pandemic, changes in industry, business, market, and economic conditions, demand for or pricing of its products, market growth rates and currency exchange rates. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter’s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com.

 

About Glatfelter

 

Glatfelter is a leading global supplier of engineered materials. The Company’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company’s annualized net sales approximate $916 million with customers in over 100 countries and approximately 2,415 employees worldwide. Operations include eleven manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom, and the Philippines. Additional information about Glatfelter may be found at www.glatfelter.com.

 

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Document and Entity Information
May 04, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 04, 2021
Entity Registrant Name Glatfelter Corporation
Entity Central Index Key 0000041719
Entity Emerging Growth Company false
Entity File Number 001-03560
Entity Incorporation, State or Country Code PA
Entity Tax Identification Number 23-0628360
Entity Address, Address Line One 4350 Congress Street
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28209
City Area Code 704
Local Phone Number 885-2555
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock
Trading Symbol GLT
Security Exchange Name NYSE
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