| Segment Information |
The following tables set forth financial and other information by segment for the period indicated:
|
Three months ended June 30 |
|
|
|
|
|
|
Other and |
|
|
|
|
|
Dollars in thousands |
Composite Fibers |
|
|
Airlaid Materials |
|
|
Unallocated |
|
|
Total |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Net sales |
$ |
141,598 |
|
|
$ |
122,137 |
|
|
$ |
103,313 |
|
|
$ |
94,046 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
244,911 |
|
|
$ |
216,183 |
|
|
Cost of products sold |
|
119,334 |
|
|
|
100,387 |
|
|
|
90,138 |
|
|
|
77,581 |
|
|
|
(115 |
) |
|
|
6,152 |
|
|
|
209,357 |
|
|
|
184,120 |
|
|
Gross profit (loss) |
|
22,264 |
|
|
|
21,750 |
|
|
|
13,175 |
|
|
|
16,465 |
|
|
|
115 |
|
|
|
(6,152 |
) |
|
|
35,554 |
|
|
|
32,063 |
|
|
SG&A |
|
11,201 |
|
|
|
10,263 |
|
|
|
4,744 |
|
|
|
4,173 |
|
|
|
13,039 |
|
|
|
9,115 |
|
|
|
28,984 |
|
|
|
23,551 |
|
|
Gains on dispositions of plant,
equipment and timberlands, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,553 |
) |
|
|
(597 |
) |
|
|
(1,553 |
) |
|
|
(597 |
) |
|
Total operating income (loss) |
|
11,063 |
|
|
|
11,487 |
|
|
|
8,431 |
|
|
|
12,292 |
|
|
|
(11,371 |
) |
|
|
(14,670 |
) |
|
|
8,123 |
|
|
|
9,109 |
|
|
Non-operating expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,610 |
) |
|
|
(8,837 |
) |
|
|
(2,610 |
) |
|
|
(8,837 |
) |
|
Income (loss) before income taxes |
$ |
11,063 |
|
|
$ |
11,487 |
|
|
$ |
8,431 |
|
|
$ |
12,292 |
|
|
$ |
(13,981 |
) |
|
$ |
(23,507 |
) |
|
$ |
5,513 |
|
|
$ |
272 |
|
|
Supplementary Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tons sold |
|
34,471 |
|
|
|
29,032 |
|
|
|
34,315 |
|
|
|
33,277 |
|
|
|
— |
|
|
|
— |
|
|
|
68,786 |
|
|
|
62,309 |
|
|
Depreciation, depletion and amortization ($ in thousands) (1) |
$ |
7,000 |
|
|
$ |
6,431 |
|
|
$ |
6,767 |
|
|
$ |
5,473 |
|
|
$ |
966 |
|
|
$ |
2,302 |
|
|
$ |
14,733 |
|
|
$ |
14,206 |
|
|
Capital expenditures |
|
2,882 |
|
|
|
2,105 |
|
|
|
1,297 |
|
|
|
1,712 |
|
|
|
1,653 |
|
|
|
1,180 |
|
|
|
5,832 |
|
|
|
4,997 |
|
|
Six months ended
June 30 |
|
|
|
|
|
|
Other and |
|
|
|
|
|
Dollars in thousands |
Composite Fibers |
|
|
Airlaid Materials |
|
|
Unallocated |
|
|
Total |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Net sales |
$ |
282,847 |
|
|
$ |
254,848 |
|
|
$ |
187,738 |
|
|
$ |
192,895 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
470,585 |
|
|
$ |
447,743 |
|
|
Cost of products sold |
|
233,601 |
|
|
|
207,372 |
|
|
|
162,723 |
|
|
|
159,827 |
|
|
|
(589 |
) |
|
|
11,679 |
|
|
|
395,735 |
|
|
|
378,878 |
|
|
Gross profit (loss) |
|
49,246 |
|
|
|
47,476 |
|
|
|
25,015 |
|
|
|
33,068 |
|
|
|
589 |
|
|
|
(11,679 |
) |
|
|
74,850 |
|
|
|
68,865 |
|
|
SG&A |
|
22,118 |
|
|
|
20,887 |
|
|
|
9,387 |
|
|
|
8,754 |
|
|
|
20,306 |
|
|
|
18,431 |
|
|
|
51,811 |
|
|
|
48,072 |
|
|
Gains on dispositions of plant,
equipment and timberlands, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,403 |
) |
|
|
(597 |
) |
|
|
(2,403 |
) |
|
|
(597 |
) |
|
Total operating income (loss) |
|
27,128 |
|
|
|
26,589 |
|
|
|
15,628 |
|
|
|
24,314 |
|
|
|
(17,314 |
) |
|
|
(29,513 |
) |
|
|
25,442 |
|
|
|
21,390 |
|
|
Non-operating expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,345 |
) |
|
|
(11,104 |
) |
|
|
(4,345 |
) |
|
|
(11,104 |
) |
|
Income (loss) before income taxes |
$ |
27,128 |
|
|
$ |
26,589 |
|
|
$ |
15,628 |
|
|
$ |
24,314 |
|
|
$ |
(21,659 |
) |
|
$ |
(40,617 |
) |
|
$ |
21,097 |
|
|
$ |
10,286 |
|
|
Supplementary Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net tons sold |
|
68,611 |
|
|
|
65,015 |
|
|
|
63,179 |
|
|
|
68,316 |
|
|
|
— |
|
|
|
— |
|
|
|
131,790 |
|
|
|
133,331 |
|
|
Depreciation, depletion and amortization ($ in thousands) (1) |
$ |
13,981 |
|
|
$ |
12,897 |
|
|
$ |
12,615 |
|
|
$ |
10,924 |
|
|
$ |
1,870 |
|
|
$ |
5,787 |
|
|
$ |
28,466 |
|
|
$ |
29,608 |
|
|
Capital expenditures |
|
5,655 |
|
|
|
6,061 |
|
|
|
3,036 |
|
|
|
3,815 |
|
|
|
2,520 |
|
|
|
2,135 |
|
|
|
11,211 |
|
|
|
12,011 |
|
|
|
(1) |
The amount presented in 2020 in the Other and unallocated columns represents accelerated depreciation incurred in connection with the restructuring of our metallized operations. |
Segments Results of individual operating segments are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the segments. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above.
Management evaluates results of operations of the operating segments before certain corporate level costs and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of the segments and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of operating segments results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors.
|