x
|
Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934
|
PENNSYLVANIA
|
25-0644320
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
Incorporation or organization)
|
Identification No.)
|
TWO NORTHSHORE CENTER, PITTSBURGH, PA
|
15212-5851
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant's telephone number, including area code
|
(412) 442-8200
|
Yes x
|
No o
|
Yes x
|
No o
|
Large accelerated filer x
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company o
|
Yes o
|
No x
|
June 30, 2013
|
September 30, 2012
|
|||||||||||||||
ASSETS
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 54,861 | $ | 58,259 | ||||||||||||
Accounts receivable, net
|
183,437 | 174,632 | ||||||||||||||
Inventories
|
131,839 | 130,690 | ||||||||||||||
Deferred income taxes
|
1,648 | 1,694 | ||||||||||||||
Other current assets
|
20,399 | 19,950 | ||||||||||||||
Total current assets
|
392,184 | 385,225 | ||||||||||||||
Investments
|
19,709 | 18,842 | ||||||||||||||
Property, plant and equipment: Cost
|
$ | 382,338 | $ | 350,521 | ||||||||||||
Less accumulated depreciation
|
(214,807 | ) | (206,472 | ) | ||||||||||||
167,531 | 144,049 | |||||||||||||||
Deferred income taxes
|
29,669 | 32,647 | ||||||||||||||
Other assets
|
15,375 | 12,083 | ||||||||||||||
Goodwill
|
532,926 | 476,181 | ||||||||||||||
Other intangible assets, net
|
53,166 | 59,015 | ||||||||||||||
Total assets
|
$ | 1,210,560 | $ | 1,128,042 | ||||||||||||
LIABILITIES
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Long-term debt, current maturities
|
$ | 17,520 | $ | 21,566 | ||||||||||||
Accounts payable
|
41,644 | 44,294 | ||||||||||||||
Accrued compensation
|
36,985 | 30,222 | ||||||||||||||
Accrued income taxes
|
11,284 | 7,632 | ||||||||||||||
Customer prepayments
|
12,409 | 15,883 | ||||||||||||||
Contingent Consideration
|
8,559 | 13,298 | ||||||||||||||
Other current liabilities
|
48,854 | 47,978 | ||||||||||||||
Total current liabilities
|
177,255 | 180,873 | ||||||||||||||
Long-term debt
|
359,561 | 298,148 | ||||||||||||||
Accrued pension
|
87,028 | 78,563 | ||||||||||||||
Postretirement benefits
|
28,633 | 27,725 | ||||||||||||||
Deferred income taxes
|
19,431 | 18,624 | ||||||||||||||
Other liabilities
|
28,536 | 33,194 | ||||||||||||||
Total liabilities
|
700,444 | 637,127 | ||||||||||||||
Arrangement with noncontrolling interest
|
- | 10,481 | ||||||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||||||
Shareholders' equity-Matthews:
|
||||||||||||||||
Common stock
|
$ | 36,334 | $ | 36,334 | ||||||||||||
Additional paid-in capital
|
45,805 | 47,893 | ||||||||||||||
Retained earnings
|
764,294 | 727,176 | ||||||||||||||
Accumulated other comprehensive loss
|
(64,603 | ) | (65,083 | ) | ||||||||||||
Treasury stock, at cost
|
(274,831 | ) | (268,499 | ) | ||||||||||||
Total shareholders’ equity-Matthews
|
506,999 | 477,821 | ||||||||||||||
Noncontrolling interests
|
3,117 | 2,613 | ||||||||||||||
Total shareholders’ equity
|
510,116 | 480,434 | ||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,210,560 | $ | 1,128,042 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Sales
|
$ | 250,652 | $ | 227,478 | $ | 732,651 | $ | 670,236 | ||||||||
Cost of sales
|
(159,261 | ) | (139,769 | ) | (466,420 | ) | (419,825 | ) | ||||||||
Gross profit
|
91,391 | 87,709 | 266,231 | 250,411 | ||||||||||||
Selling and administrative expenses
|
(60,631 | ) | (60,196 | ) | (193,902 | ) | (178,686 | ) | ||||||||
Operating profit
|
30,760 | 27,513 | 72,329 | 71,725 | ||||||||||||
Investment income
|
634 | 176 | 1,474 | 3,020 | ||||||||||||
Interest expense
|
(3,486 | ) | (2,881 | ) | (9,784 | ) | (8,165 | ) | ||||||||
Other income (deductions), net
|
(986 | ) | (602 | ) | (3,158 | ) | (1,755 | ) | ||||||||
Income before income taxes
|
26,922 | 24,206 | 60,861 | 64,825 | ||||||||||||
Income taxes
|
(9,024 | ) | (7,821 | ) | (20,905 | ) | (21,828 | ) | ||||||||
Net income
|
17,898 | 16,385 | 39,956 | 42,997 | ||||||||||||
Net (income) loss attributable to noncontrolling interests
|
93 | (60 | ) | 482 | (129 | ) | ||||||||||
Net income attributable to Matthews shareholders
|
$ | 17,991 | $ | 16,325 | $ | 40,438 | $ | 42,868 | ||||||||
Earnings per share attributable to Matthews shareholders:
|
||||||||||||||||
Basic
|
$0.65 | $0.58 | $1.47 | $1.51 | ||||||||||||
Diluted
|
$0.65 | $0.58 | $1.46 | $1.51 |
Three Months Ended June 30,
|
||||||||||||||||||||||||
|
Matthews
|
Noncontrolling Interest
|
Total
|
|||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||
Net income (loss):
|
$ | 17,991 | $ | 16,325 | $ | (93 | ) | $ | 60 | $ | 17,898 | $ | 16,385 | |||||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
(1,653 | ) | (11,441 | ) | 44 | (33 | ) | (1,609 | ) | (11,474 | ) | |||||||||||||
Pension plans and other postretirement
benefits
|
1,073 | 1,023 | - | - | 1,073 | 1,023 | ||||||||||||||||||
Unrecognized gain (loss) on derivatives:
|
||||||||||||||||||||||||
Net change from periodic revaluation
|
2,463 | (1,407 | ) | - | - | 2,463 | (1,407 | ) | ||||||||||||||||
Net amount reclassified to earnings
|
649 | 542 | - | - | 649 | 542 | ||||||||||||||||||
Net change in unrecognized gain (loss)
|
||||||||||||||||||||||||
on derivatives
|
3,112 | (865 | ) | - | - | 3,112 | (865 | ) | ||||||||||||||||
Other comprehensive income (loss), net of tax
|
2,532 | (11,283 | ) | 44 | (33 | ) | 2,576 | (11,316 | ) | |||||||||||||||
Comprehensive income (loss)
|
$ | 20,523 | $ | 5,042 | $ | (49 | ) | $ | 27 | $ | 20,474 | $ | 5,069 |
Nine Months Ended June 30,
|
||||||||||||||||||||||||
|
Matthews
|
Noncontrolling Interest
|
Total
|
|||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||
Net income (loss):
|
$ | 40,438 | $ | 42,868 | $ | (482 | ) | $ | 129 | $ | 39,956 | $ | 42,997 | |||||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||||||||||
Foreign currency translation adjustment
|
(7,587 | ) | (8,239 | ) | 99 | (101 | ) | (7,488 | ) | (8,340 | ) | |||||||||||||
Pension plans and other postretirement
benefits
|
3,220 | 3,068 | - | - | 3,220 | 3,068 | ||||||||||||||||||
Unrecognized gain (loss) on derivatives:
|
||||||||||||||||||||||||
Net change from periodic revaluation
|
2,960 | (2,068 | ) | - | - | 2,960 | (2,068 | ) | ||||||||||||||||
Net amount reclassified to earnings
|
1,887 | 1,408 | - | - | 1,887 | 1,408 | ||||||||||||||||||
Net change in unrecognized gain (loss)
|
||||||||||||||||||||||||
on derivatives
|
4,847 | (660 | ) | - | - | 4,847 | (660 | ) | ||||||||||||||||
Other comprehensive income (loss), net of tax
|
480 | (5,831 | ) | 99 | (101 | ) | 579 | (5,932 | ) | |||||||||||||||
Comprehensive income (loss)
|
$ | 40,918 | $ | 37,037 | $ | (383 | ) | $ | 28 | $ | 40,535 | $ | 37,065 |
Shareholders’ Equity
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
Other
|
Non-
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
controlling
|
|||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
interests
|
Total
|
||||||||||||||||||||||
Balance,
September 30, 2011
|
$ | 36,334 | $ | 48,554 | $ | 681,658 | $ | (58,658 | ) | $ | (243,246 | ) | $ | 3,451 | $ | 468,093 | ||||||||||||
Net income
|
- | - | 42,868 | - | - | 129 | 42,997 | |||||||||||||||||||||
Minimum pension liability
|
- | - | - | 3,068 | - | - | 3,068 | |||||||||||||||||||||
Translation adjustment
|
- | - | - | (8,239 | ) | - | (101 | ) | (8,340 | ) | ||||||||||||||||||
Fair value of derivatives
|
- | - | - | (660 | ) | - | - | (660 | ) | |||||||||||||||||||
Total comprehensive income
|
37,065 | |||||||||||||||||||||||||||
Stock-based compensation
|
- | 4,097 | - | - | - | - | 4,097 | |||||||||||||||||||||
Purchase of 618,366
shares of treasury stock
|
- | - | - | - | (18,908 | ) | - | (18,908 | ) | |||||||||||||||||||
Issuance of 184,806
shares of treasury stock
|
- | (6,149 | ) | - | - | 6,022 | - | (127 | ) | |||||||||||||||||||
Dividends, $.27 per share
|
- | - | (7,597 | ) | - | - | - | (7,597 | ) | |||||||||||||||||||
Distributions to
noncontrolling interests
|
- | - | - | - | - | (170 | ) | (170 | ) | |||||||||||||||||||
Balance, June 30, 2012
|
$ | 36,334 | $ | 46,502 | $ | 716,929 | $ | (64,489 | ) | $ | (256,132 | ) | $ | 3,309 | $ | 482,453 |
Shareholders’ Equity
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
Other
|
Non-
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
controlling
|
|||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
interests
|
Total
|
||||||||||||||||||||||
Balance,
September 30, 2012
|
$ | 36,334 | $ | 47,893 | $ | 727,176 | $ | (65,083 | ) | $ | (268,499 | ) | $ | 2,613 | $ | 480,434 | ||||||||||||
Net income
|
- | - | 40,438 | - | - | (482 | ) | 39,956 | ||||||||||||||||||||
Minimum pension liability
|
- | - | - | 3,220 | - | - | 3,220 | |||||||||||||||||||||
Translation adjustment
|
- | - | - | (7,587 | ) | - | 99 | (7,488 | ) | |||||||||||||||||||
Fair value of derivatives
|
- | - | - | 4,847 | - | - | 4,847 | |||||||||||||||||||||
Total comprehensive income
|
40,535 | |||||||||||||||||||||||||||
Stock-based compensation
|
- | 4,153 | - | - | - | - | 4,153 | |||||||||||||||||||||
Purchase of 405,116 shares of treasury stock
|
- | - | - | - | (13,529 | ) | - | (13,529 | ) | |||||||||||||||||||
Issuance of 250,472 shares of treasury stock
|
- | (6,241 | ) | - | - | 7,197 | - | 956 | ||||||||||||||||||||
Dividends, $.30 per share
|
- | - | (8,300 | ) | - | - | - | (8,300 | ) | |||||||||||||||||||
Arrangement with noncontrolling interests
|
4,980 | - | - | 1,653 | 6,633 | |||||||||||||||||||||||
Distributions to
noncontrolling interests
|
- | - | - | - | - | (766 | ) | (766 | ) | |||||||||||||||||||
Balance, June 30, 2013
|
$ | 36,334 | $ | 45,805 | $ | 764,294 | $ | (64,603 | ) | $ | (274,831 | ) | $ | 3,117 | $ | 510,116 |
Nine Months Ended
|
||||||||
June 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 39,956 | $ | 42,997 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Depreciation and amortization
|
26,481 | 21,858 | ||||||
Stock-based compensation expense
|
4,153 | 4,097 | ||||||
Gain on sale of assets
|
(1,582 | ) | (4,633 | ) | ||||
Change in deferred taxes
|
137 | (2,711 | ) | |||||
Changes in working capital items
|
(5,827 | ) | (15,749 | ) | ||||
Decrease in other assets
|
370 | 3,586 | ||||||
Decrease in other liabilities
|
2,864 | (2,575 | ) | |||||
Increase in pension and postretirement benefits
|
10,043 | 9,479 | ||||||
Other, net
|
(3,657 | ) | (1,088 | ) | ||||
Net cash provided by operating activities
|
72,938 | 55,261 | ||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(17,268 | ) | (24,641 | ) | ||||
Proceeds from sale of assets
|
251 | 1,229 | ||||||
Acquisitions, net of cash acquired
|
(67,587 | ) | (12,541 | ) | ||||
Purchases of investments
|
- | (950 | ) | |||||
Net cash used in investing activities
|
(84,604 | ) | (36,903 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from long-term debt
|
113,906 | 21,000 | ||||||
Payments on long-term debt
|
(74,122 | ) | (19,051 | ) | ||||
Payment on contingent consideration
|
(9,542 | ) | - | |||||
Proceeds from the sale of treasury stock
|
956 | 267 | ||||||
Purchases of treasury stock
|
(13,529 | ) | (18,908 | ) | ||||
Dividends
|
(8,300 | ) | (7,597 | ) | ||||
Distributions to noncontrolling interests
|
(766 | ) | (170 | ) | ||||
Net cash provided by (used in) financing activities
|
8,603 | (24,459 | ) | |||||
Effect of exchange rate changes on cash
|
(335 | ) | (869 | ) | ||||
Net change in cash and cash equivalents
|
$ | (3,398 | ) | $ | (6,970 | ) | ||
Non-cash investing and financing activities:
|
||||||||
Acquisition of equipment under capital lease
|
$ | - | $ | 420 |
June 30, 2013
|
September 30, 2012
|
|||||||||||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||
Derivatives (1)
|
- | $ | 3,745 | - | $ | 3,745 | - | - | - | - | ||||||||||||||||||||||
Trading
securities
|
$ | 17,215 | - | - | 17,215 | $ | 16,265 | - | - | $ | 16,265 | |||||||||||||||||||||
Total assets at
fair value
|
$ | 17,215 | $ | 3,745 | - | $ | 20,960 | $ | 16,265 | - | - | $ | 16,265 | |||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||||||||||
Derivatives (1)
|
- | $ | 4,932 | - | $ | 4,932 | - | $ | 9,133 | - | $ | 9,133 | ||||||||||||||||||||
Total liabilities
at fair value
|
- | $ | 4,932 | - | $ | 4,932 | - | $ | 9,133 | - | $ | 9,133 | ||||||||||||||||||||
(1) Interest rate swaps are valued based on observable market swap rates.
|
June 30, 2013
|
September 30, 2012
|
|||||||
Raw materials
|
$ | 40,898 | $ | 41,003 | ||||
Work in process
|
25,804 | 22,772 | ||||||
Finished goods
|
65,137 | 66,915 | ||||||
$ | 131,839 | $ | 130,690 |
Effective Date
|
Amount
|
Fixed Interest Rate
|
Interest Rate Spread at June 30, 2013
|
Maturity Date
|
May 2011
|
$25,000
|
1.37%
|
1.50%
|
May 2014
|
October 2011
|
25,000
|
1.67%
|
1.50%
|
October 2015
|
November 2011
|
25,000
|
2.13%
|
1.50%
|
November 2014
|
March 2012
|
25,000
|
2.44%
|
1.50%
|
March 2015
|
June 2012
|
40,000
|
1.88%
|
1.50%
|
June 2022
|
August 2012
|
35,000
|
1.74%
|
1.50%
|
June 2022
|
September 2012
|
25,000
|
3.03%
|
1.50%
|
December 2015
|
September 2012
|
25,000
|
1.24%
|
1.50%
|
March 2017
|
November 2012
|
25,000
|
1.33%
|
1.50%
|
November 2015
|
Liability Derivatives
|
||||||||
Balance Sheet Location:
|
June 30, 2013
|
September 30, 2012
|
||||||
Current assets
|
||||||||
Other current assets
|
$ | 416 | $ | - | ||||
Long-term assets
|
||||||||
Other assets
|
3,329 | - | ||||||
Current liabilities:
|
||||||||
Other current liabilities
|
2,503 | 2,851 | ||||||
Long-term liabilities
|
||||||||
Other liabilities
|
2,429 | 6,282 | ||||||
Total derivatives
|
$ | 1,187 | $ | 9,133 |
Location of
|
|||||||||||||||||
Derivatives in
|
Loss
|
Amount of
|
Amount of
|
||||||||||||||
Cash Flow
|
Recognized in
|
Loss Recognized
|
Loss Recognized
|
||||||||||||||
Hedging
|
Income on
|
in Income
|
in Income
|
||||||||||||||
Relationships
|
Derivative
|
on Derivatives
|
on Derivatives
|
||||||||||||||
Three Months ended June 30,
|
Nine Months ended June 30,
|
||||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||||
Interest rate swaps
|
Interest expense
|
$(1,065) | $(888) | $(3,094) | $(2,308) | ||||||||||||
Location of
|
|||||||||||||||||
Gain or
|
|||||||||||||||||
(Loss)
|
Amount of Loss
|
||||||||||||||||
Reclassified
|
Reclassified from
|
||||||||||||||||
Amount of Gain or (Loss)
|
From
|
AOCL into
|
|||||||||||||||
Derivatives in
|
Recognized in
|
AOCL into
|
Income
|
||||||||||||||
Cash Flow
|
AOCL on Derivatives
|
Income
|
(Effective Portion*)
|
||||||||||||||
Hedging Relationships
|
June 30,
2013
|
June 30,
2012
|
(Effective
Portion*)
|
June 30, 2013
|
June 30,
2012
|
||||||||||||
Interest rate swaps
|
$2,960 | $(2,068) |
Interest expense
|
$(1,887) | $(1,408) | ||||||||||||
*There is no ineffective portion or amount excluded from effectiveness testing.
|
Weighted-
|
||||||||
average
|
||||||||
grant-date
|
||||||||
Shares
|
fair value
|
|||||||
Non-vested at September 30, 2012
|
551,389 | $32.56 | ||||||
Granted
|
236,500 | 25.22 | ||||||
Vested
|
(99,226 | ) | 35.95 | |||||
Expired or forfeited
|
(44,006 | ) | 30.83 | |||||
Non-vested at June 30, 2013
|
644,657 | 29.46 |
Weighted-
|
||||||||||||||||
Weighted-
|
average
|
Aggregate
|
||||||||||||||
average
|
remaining
|
intrinsic
|
||||||||||||||
Shares
|
exercise price
|
contractual term
|
value
|
|||||||||||||
Outstanding, September 30, 2012
|
840,282 | $37.15 | ||||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
(37,874 | ) | 25.44 | |||||||||||||
Expired or forfeited
|
(56,067 | ) | 37.10 | |||||||||||||
Outstanding, June 30, 2013
|
746,341 | 37.75 | 2.4 | $ - | ||||||||||||
Exercisable, June 30, 2013
|
414,170 | 36.93 | 2.2 | $ - |
Weighted-average
|
||||||||
grant-date
|
||||||||
Shares
|
fair value
|
|||||||
Non-vested at September 30, 2012
|
355,872 | $11.35 | ||||||
Granted
|
- | - | ||||||
Vested
|
- | - | ||||||
Expired or forfeited
|
(23,701 | ) | 12.16 | |||||
Non-vested at June 30, 2013
|
332,171 | 11.29 |
Nine Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Expected volatility
|
29.5 | % | 30.4 | % | ||||
Dividend yield
|
1.2 | % | 1.0 | % | ||||
Average risk free interest rate
|
0.6 | % | 0.9 | % | ||||
Average expected term (years)
|
2.0 | 2.0 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Net income attributable to Matthews shareholders
|
$ | 17,991 | $ | 16,325 | $ | 40,438 | $ | 42,868 | ||||||||
Less: dividends and undistributed earnings
allocated to participating securities
|
178 | 235 | 438 | 677 | ||||||||||||
Net income available to Matthews shareholders
|
$ | 17,813 | $ | 16,090 | $ | 40,000 | $ | 42,191 | ||||||||
Weighted-average shares outstanding (in thousands):
|
||||||||||||||||
Basic shares
|
27,299 | 27,749 | 27,303 | 27,865 | ||||||||||||
Effect of dilutive securities
|
161 | 37 | 116 | 83 | ||||||||||||
Diluted shares
|
27,460 | 27,786 | 27,419 | 27,948 | ||||||||||||
Three months ended June 30,
|
||||||||||||||||
Pension
|
Other Postretirement
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Service cost
|
$ | 1,685 | $ | 1,424 | $ | 199 | $ | 182 | ||||||||
Interest cost
|
1,913 | 1,950 | 282 | 321 | ||||||||||||
Expected return on plan assets
|
(2,243 | ) | (1,953 | ) | - | - | ||||||||||
Amortization:
|
||||||||||||||||
Prior service cost
|
(52 | ) | (11 | ) | (68 | ) | (113 | ) | ||||||||
Net actuarial loss
|
1,806 | 1,680 | 110 | 134 | ||||||||||||
Net benefit cost
|
$ | 3,109 | $ | 3,090 | $ | 523 | $ | 524 |
Nine months ended June 30,
|
||||||||||||||||
Pension
|
Other Postretirement
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Service cost
|
$ | 5,055 | $ | 4,272 | $ | 597 | $ | 546 | ||||||||
Interest cost
|
5,739 | 5,850 | 846 | 963 | ||||||||||||
Expected return on plan assets
|
(6,729 | ) | (5,859 | ) | - | - | ||||||||||
Amortization:
|
||||||||||||||||
Prior service cost
|
(156 | ) | (33 | ) | (204 | ) | (339 | ) | ||||||||
Net actuarial loss
|
5,418 | 5,040 | 330 | 402 | ||||||||||||
Net benefit cost
|
$ | 9,327 | $ | 9,270 | $ | 1,569 | $ | 1,572 |
Contributions
|
Pension
|
Other Postretirement
|
||||||
Contributions during the nine months ended June 30, 2013:
|
||||||||
Supplemental retirement plan
|
$ | 543 | $ | - | ||||
Other postretirement plan
|
- | 594 | ||||||
Additional contributions expected in fiscal 2013:
|
||||||||
Supplemental retirement plan
|
177 | - | ||||||
Other postretirement plan
|
- | 300 |
United States – Federal
|
2010 and forward
|
United States – State
|
2009 and forward
|
Canada
|
2008 and forward
|
Europe
|
2004 and forward
|
United Kingdom
|
2010 and forward
|
Australia
|
2009 and forward
|
Asia
|
2008 and forward
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Sales to external customers:
|
||||||||||||||||
Memorialization:
|
||||||||||||||||
Cemetery Products
|
$ | 60,913 | $ | 58,423 | $ | 169,427 | $ | 157,148 | ||||||||
Funeral Home Products
|
58,523 | 56,115 | 187,276 | 176,453 | ||||||||||||
Cremation
|
11,408 | 12,342 | 34,830 | 32,874 | ||||||||||||
130,844 | 126,880 | 391,533 | 366,475 | |||||||||||||
Brand Solutions:
|
||||||||||||||||
Graphics Imaging
|
78,505 | 62,429 | 219,459 | 197,711 | ||||||||||||
Marking and Fulfillment Systems
|
23,653 | 19,310 | 63,918 | 53,449 | ||||||||||||
Merchandising Solutions
|
17,650 | 18,859 | 57,741 | 52,601 | ||||||||||||
119,808 | 100,598 | 341,118 | 303,761 | |||||||||||||
$ | 250,652 | $ | 227,478 | $ | 732,651 | $ | 670,236 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Operating profit:
|
||||||||||||||||
Memorialization:
|
||||||||||||||||
Cemetery Products
|
$ | 11,709 | $ | 12,591 | $ | 23,932 | $ | 27,291 | ||||||||
Funeral Home Products
|
12,089 | 6,936 | 29,533 | 20,751 | ||||||||||||
Cremation
|
(67 | ) | 1,314 | 1,405 | 3,303 | |||||||||||
23,731 | 20,841 | 54,870 | 51,345 | |||||||||||||
Brand Solutions:
|
||||||||||||||||
Graphics Imaging
|
4,204 | 2,588 | 10,006 | 11,300 | ||||||||||||
Marking and Fulfillment Systems
|
2,527 | 2,862 | 5,310 | 6,275 | ||||||||||||
Merchandising Solutions
|
298 | 1,222 | 2,143 | 2,805 | ||||||||||||
7,029 | 6,672 | 17,459 | 20,380 | |||||||||||||
$ | 30,760 | $ | 27,513 | $ | 72,329 | $ | 71,725 |
Cemetery
|
Funeral Home
|
Graphics
|
Marking and Fulfillment
|
Merchandising
|
||||||||||||||||||||||||
Products
|
Products
|
Cremation
|
Imaging
|
Products
|
Solutions
|
Consolidated
|
||||||||||||||||||||||
Goodwill
|
$ | 97,783 | $ | 162,876 | $ | 17,558 | $ | 167,262 | $ | 30,816 | $ | 9,138 | $ | 485,433 | ||||||||||||||
Accumulated impairment losses
|
(412 | ) | - | (5,000 | ) | (3,840 | ) | - | - | (9,252 | ) | |||||||||||||||||
Balance at September 30, 2012
|
97,371 | 162,876 | 12,558 | 163,422 | 30,816 | 9,138 | 476,181 | |||||||||||||||||||||
Additions during period
|
914 | 199 | 269 | 31,249 | 24,961 | - | 57,592 | |||||||||||||||||||||
Translation and other adjustments
|
(44 | ) | 133 | (342 | ) | (672 | ) | 78 | - | (847 | ) | |||||||||||||||||
Goodwill
|
98,653 | 163,208 | 17,485 | 197,839 | 55,855 | 9,138 | 542,178 | |||||||||||||||||||||
Accumulated impairment losses
|
(412 | ) | - | (5,000 | ) | (3,840 | ) | - | - | (9,252 | ) | |||||||||||||||||
Balance at June 30, 2013
|
$ | 98,241 | $ | 163,208 | $ | 12,485 | $ | 193,999 | $ | 55,855 | $ | 9,138 | $ | 532,926 |
Carrying
|
Accumulated
|
Impairment
|
||||||||||||||
Amount
|
Amortization
|
Loss
|
Net
|
|||||||||||||
June 30, 2013:
|
||||||||||||||||
Trade names
|
$ | 24,122 | $ | - | * | $ | (1,521 | ) | $ | 22,601 | ||||||
Trade names
|
2,170 | (1,885 | ) | - | 285 | |||||||||||
Customer relationships
|
47,418 | (17,566 | ) | - | 29,852 | |||||||||||
Copyrights/patents/other
|
9,777 | (9,349 | ) | - | 428 | |||||||||||
$ | 83,487 | $ | (28,800 | ) | $ | (1,521 | ) | $ | 53,166 | |||||||
September 30, 2012:
|
||||||||||||||||
Trade names
|
$ | 24,488 | $ | - | * | $ | - | $ | 24,488 | |||||||
Trade names
|
2,182 | (1,571 | ) | - | 611 | |||||||||||
Customer relationships
|
47,654 | (15,689 | ) | - | 31,965 | |||||||||||
Copyrights/patents/other
|
9,920 | (7,969 | ) | - | 1,951 | |||||||||||
$ | 84,244 | $ | (25,229 | ) | $ | - | $ | 59,015 | ||||||||
* Not subject to amortization
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Sales:
|
||||||||||||||||
Memorialization
|
$ | 130,844 | $ | 126,880 | $ | 391,533 | $ | 366,475 | ||||||||
Brand Solutions
|
119,808 | 100,598 | 341,118 | 303,761 | ||||||||||||
$ | 250,652 | $ | 227,478 | $ | 732,651 | $ | 670,236 | |||||||||
Operating Profit:
|
||||||||||||||||
Memorialization
|
$ | 23,731 | $ | 20,841 | $ | 54,870 | $ | 51,345 | ||||||||
Brand Solutions
|
7,029 | 6,672 | 17,459 | 20,380 | ||||||||||||
$ | 30,760 | $ | 27,513 | $ | 72,329 | $ | 71,725 |
Effective Date
|
Amount
|
Fixed Interest Rate
|
Interest Rate Spread at June 30, 2013
|
Maturity Date
|
May 2011
|
$25,000
|
1.37%
|
1.50%
|
May 2014
|
October 2011
|
25,000
|
1.67%
|
1.50%
|
October 2015
|
November 2011
|
25,000
|
2.13%
|
1.50%
|
November 2014
|
March 2012
|
25,000
|
2.44%
|
1.50%
|
March 2015
|
June 2012
|
40,000
|
1.88%
|
1.50%
|
June 2022
|
August 2012
|
35,000
|
1.74%
|
1.50%
|
June 2022
|
September 2012
|
25,000
|
3.03%
|
1.50%
|
December 2015
|
September 2012
|
25,000
|
1.24%
|
1.50%
|
March 2017
|
November 2012
|
25,000
|
1.33%
|
1.50%
|
November 2015
|
·
|
Funeral Home Products segment reported higher sales due mainly to increased unit volume of caskets, and generated improved operating margins;
|
·
|
recent acquisitions contributed to the Company’s growth for the third quarter;
|
·
|
market conditions in Europe continued to unfavorably impact several of our businesses, particularly the Graphics Imaging segment;
|
·
|
strategic initiatives are being implemented which are affecting all of the Company’s businesses (these initiatives are ongoing and will result in additional unusual charges); and
|
·
|
several non-operating items (such as investment income and interest expense) affected the comparability of the Company’s year-over-year earnings per share.
|
Payments due in fiscal year:
|
||||||||||||||||||||
2013
|
After
|
|||||||||||||||||||
Total
|
Remainder
|
2014 to 2015
|
2016 to 2017
|
2017
|
||||||||||||||||
Contractual Cash Obligations:
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
Revolving credit facilities
|
$ | 340,025 | $ | - | $ | 32,525 | $ | 307,500 | $ | - | ||||||||||
Notes payable to banks
|
21,268 | 5,696 | 11,069 | 4,178 | 325 | |||||||||||||||
Short-term borrowings
|
7,375 | 7,375 | - | - | - | |||||||||||||||
Capital lease obligations
|
10,224 | 1,073 | 2,815 | 1,429 | 4,907 | |||||||||||||||
Non-cancelable operating leases
|
24,081 | 2,993 | 14,122 | 4,738 | 2,228 | |||||||||||||||
Total contractual cash obligations
|
$ | 402,973 | $ | 17,137 | $ | 60,531 | $ | 317,845 | $ | 7,460 |
Impact of Changes in Actuarial Assumptions
|
||||||||||||||||||||||||
Change in Discount Rate
|
Change in Expected Return
|
Change in Market Value of Assets
|
||||||||||||||||||||||
+1% | -1% | +1% | -1% | +5% | -5% | |||||||||||||||||||
(Dollar amounts in thousands)
|
||||||||||||||||||||||||
Increase (decrease) in net benefit cost
|
$ (2,747) | $ 3,339 | $(1,056) | $1,056 | $ (965) | $ 965 | ||||||||||||||||||
Increase (decrease) in projected benefit obligation
|
(24,551) | 30,652 | - | - | - | - | ||||||||||||||||||
Increase (decrease) in funded status
|
24,551 | (30,652) | - | - | 5,438 | (5,438) |
Period
|
Total number of shares purchased
|
Weighted-average price paid per share
|
Total number of shares purchased as part of a publicly announced plan
|
Maximum number of shares that may yet be purchased
under the plan
|
||||||||||||
October 2012
|
123,000 | $29.12 | 123,000 | 1,691,651 | ||||||||||||
November 2012
|
31,732 | 28.91 | 31,732 | 1,659,919 | ||||||||||||
December 2012
|
1,000 | 30.72 | 1,000 | 1,658,919 | ||||||||||||
January 2013
|
- | - | - | 1,658,919 | ||||||||||||
February 2013
|
41,200 | 32.67 | 41,200 | 1,617,719 | ||||||||||||
March 2013
|
40,200 | 34.41 | 40,200 | 1,577,519 | ||||||||||||
April 2013
|
16,691 | 33.85 | 16,691 | 1,560,828 | ||||||||||||
May 2013
|
31,745 | 38.32 | 31,745 | 1,529,083 | ||||||||||||
June 2013
|
119,548 | 37.54 | 119,548 | 1,409,535 | ||||||||||||
Total
|
405,116 | $33.39 | 405,116 |
(a)
|
Exhibits
|
|
Exhibit
|
||
No.
|
Description
|
|
31.1
|
Certification of Principal Executive Officer for Joseph C. Bartolacci
|
|
31.2
|
Certification of Principal Financial Officer for Steven F. Nicola
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Joseph C. Bartolacci
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Steven F. Nicola
|
|
(b)
|
Reports on Form 8-K
|
|
On April 19, 2013, Matthews filed a Current Report on Form 8-K under Item 2.02 in connection with a press release announcing its earnings for the second quarter of 2013.
|
MATTHEWS INTERNATIONAL CORPORATION
|
||
(Registrant)
|
||
Date: August 5, 2013
|
/s/ Joseph C. Bartolacci
|
|
Joseph C. Bartolacci, President
|
||
and Chief Executive Officer
|
||
Date: August 5, 2013
|
/s/ Steven F. Nicola
|
|
|
Steven F. Nicola, Chief Financial Officer,
|
|
|
Secretary and Treasurer
|
|
Segment Information
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 10. Segment Information The Company's products and operations consist of two principal businesses that are comprised of three operating segments each, as described under Nature of Operations (Note 1): Memorialization (Cemetery Products, Funeral Home Products, Cremation) and Brand Solutions (Graphics Imaging, Marking and Fulfillment Systems, Merchandising Solutions). Management evaluates segment performance based on operating profit (before income taxes) and does not allocate non-operating items such as investment income, interest expense, other income (deductions), net and minority interests. Information about the Company's segments follows:
|
Fair Value Measurements
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level fair value hierarchy is used to prioritize the inputs used in valuations, as defined below: Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:
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Earnings Per Share Attributable to Matthews' Shareholders (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Share Attributable to Matthews' Shareholders [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information used to compute earnings per share attributable to Matthews' common shareholders | The information used to compute earnings per share attributable to Matthews' common shareholders was as follows:
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Acquisitions
|
9 Months Ended |
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Jun. 30, 2013
|
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Acquisitions [Abstract] | |
Acquisitions | Note 11. Acquisitions In April 2013, the Company completed the purchase of the remaining 20% interest in Tact Group Limited ("Tact"). The Company had acquired an 80% interest in Tact in July 2009. In March 2013, the Company completed the purchase of the remaining 38.5% interest in Kroma Pre-Press Preparation Systems Industry & Trade, Inc. ("Kroma"), completing the option arrangement in connection with the July 2011 acquisition of a 61.5% interest in Kroma. In March 2013, the Company completed the purchase of the remaining 20% interest in Furnace Construction Cremators Limited ("FCC"). The Company had acquired an 80% interest in FCC in March 2010. In December 2012, the Company acquired Pyramid Controls, Inc. and its affiliate, Pyramid Control Systems (collectively, "Pyramid"). Pyramid is a provider of warehouse control systems and conveyor control solutions for distribution centers. The acquisition is designed to expand Matthews' fulfillment products and services in the warehouse management market. The initial purchase price for the transaction was $24,532, plus potential additional consideration up to $3,700 based on future operating results. In November 2012, the Company acquired Wetzel Holding AG, Wetzel GmbH and certain related affiliates (collectively "Wetzel"). Wetzel is a leading European provider of pre-press services and gravure printing forms, with manufacturing operations in Germany and Poland. Wetzel's products and services are sold primary within Europe, and the acquisition is designed to expand Matthews' products and services in the global graphics imaging market. The purchase price for Wetzel was 42.6 million Euros ($54,748) on a cash-free, debt-free basis. The allocation of purchase price for the Wetzel and Pyramid acquisitions are preliminary. The Company has allocated the additional purchase price to goodwill. Adjustments are expected to other intangibles, property, plant and equipment once the valuations are finalized. |
Acquisitions (Details)
In Thousands, unless otherwise specified |
1 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
Kroma Pre-Press Preparation Systems Industry & Trade, Inc. ("Kroma") [Member]
|
Jul. 31, 2011
Kroma Pre-Press Preparation Systems Industry & Trade, Inc. ("Kroma") [Member]
|
Jun. 30, 2013
Furnace Construction Cremators Limited ("FCC") [Member]
|
Mar. 31, 2013
Furnace Construction Cremators Limited ("FCC") [Member]
|
Mar. 31, 2010
Furnace Construction Cremators Limited ("FCC") [Member]
|
Jun. 30, 2013
Tact Group Limited ("Tact") [Member]
|
Apr. 30, 2013
Tact Group Limited ("Tact") [Member]
|
Jul. 31, 2009
Tact Group Limited ("Tact") [Member]
|
Dec. 31, 2012
Pyramid Control Systems [Member]
USD ($)
|
Nov. 30, 2012
Wetzel Holding AG [Member]
USD ($)
|
Nov. 30, 2012
Wetzel Holding AG [Member]
EUR (€)
|
|
Business Acquisition [Line Items] | |||||||||||
Interest acquired (in hundredths) | 38.50% | 61.50% | 20.00% | 20.00% | 80.00% | 20.00% | 20.00% | 80.00% | |||
Purchase price of acquisition | $ 24,532 | $ 54,748 | € 42,600 | ||||||||
Additional purchase price of acquisition | $ 3,700 |
Segment Information (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about the segments | Information about the Company's segments follows:
|
Income Taxes (Tables)
|
9 Months Ended | |||||||||||||||||||||
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Jun. 30, 2013
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Income Taxes [Abstract] | ||||||||||||||||||||||
Tax years subject to examination | The Company is currently under examination in several tax jurisdictions and remains subject to examination until the statute of limitations expires for those tax jurisdictions. As of June 30, 2013, the tax years that remain subject to examination, by major jurisdiction, generally are:
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Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Sep. 30, 2012
|
---|---|---|
Inventory, net [Abstract] | ||
Raw Materials | $ 40,898 | $ 41,003 |
Work in process | 25,804 | 22,772 |
Finished goods | 65,137 | 66,915 |
Inventories | $ 131,839 | $ 130,690 |
Pension and Other Postretirement Benefit Plans (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Pension and Other Postretirement Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension and other postretirement benefit cost | The Company provides defined benefit pension and other postretirement plans to certain employees. Net periodic pension and other postretirement benefit cost for the plans included the following:
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Contributions made and anticipated for the current fiscal year | Contributions made and anticipated for fiscal year 2013 are as follows:
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $)
|
9 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) [Abstract] | ||
Purchase of treasury stock, shares (in shares) | 405,116 | 618,366 |
Issuance of treasury stock, shares (in shares) | 250,472 | 184,806 |
Dividends, per share (in dollars per share) | $ 0.30 | $ 0.27 |
Nature of Operations
|
9 Months Ended |
---|---|
Jun. 30, 2013
|
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Nature of Operations [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a designer, manufacturer and marketer principally of memorialization products and brand solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets and cremation equipment for the cemetery and funeral home industries. Brand solutions include graphics imaging products and services, marking and fulfillment systems and merchandising solutions. The Company's products and operations are comprised of six business segments: Cemetery Products, Funeral Home Products, Cremation, Graphics Imaging, Marking and Fulfillment Systems and Merchandising Solutions. The Cemetery Products segment is a leading manufacturer of cast bronze and granite memorials and other memorialization products, cast and etched architectural products and is a leading builder of mausoleums in the United States. The Funeral Home Products segment is a leading casket manufacturer and distributor in North America and produces a wide variety of wood, metal and cremation caskets. The Cremation segment is a leading designer and manufacturer of cremation equipment in North America and Europe. The Graphics Imaging segment manufactures and provides brand management, printing plates, gravure cylinders, pre-press services and imaging services for the primary packaging and corrugated industries. The Marking and Fulfillment Systems segment designs, manufactures and distributes a wide range of marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. The Merchandising Solutions segment designs and manufactures merchandising displays and systems and provides creative merchandising and marketing solutions services. The Company has manufacturing and marketing facilities in the United States, Mexico, Canada, Europe, Australia and Asia. |
Inventories
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 4. Inventories Inventories consisted of the following:
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Basis of Presentation
|
9 Months Ended |
---|---|
Jun. 30, 2013
|
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Basis of Presentation [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2013. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2012. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A reclassification has been made in the Consolidated Statement of Cash Flows for the nine-month period ended June 30, 2012 to conform to the current period presentation. The reclassification adjusted the effect of exchange rate changes on cash with a corresponding change in net cash flows from operating activities. |
Goodwill and Other Intangible Assets (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill attributable to each segment | A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:
|
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Other intangible assets | The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of June 30, 2013 and September 30, 2012, respectively.
|
Debt (Details)
In Thousands, unless otherwise specified |
9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
USD ($)
|
Jun. 30, 2012
USD ($)
|
Jun. 30, 2013
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2012
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2012
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2012
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2012
Interest Rate Swaps [Member]
Cash Flow Hedging [Member]
Interest Expense [Member]
USD ($)
|
Jun. 30, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
USD ($)
|
Sep. 30, 2012
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
USD ($)
|
Jun. 30, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Current assets: Other Current Assets [Member]
USD ($)
|
Sep. 30, 2012
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Current assets: Other Current Assets [Member]
USD ($)
|
Jun. 30, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Long-term assets: Other Assets [Member]
USD ($)
|
Jun. 30, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Current Liabilities: Other Current Liabilities [Member]
USD ($)
|
Sep. 30, 2012
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Current Liabilities: Other Current Liabilities [Member]
USD ($)
|
Jun. 30, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Long-Term Liabilities: Other Liabilities [Member]
USD ($)
|
Sep. 30, 2012
Designated as Hedging Instrument [Member]
Interest Rate Swaps [Member]
Long-Term Liabilities: Other Liabilities [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 1 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 2 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 3 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 4 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 5 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 6 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 7 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 8 [Member]
USD ($)
|
Jun. 30, 2013
Interest Rate Swap 9 [Member]
USD ($)
|
Jun. 30, 2013
Domestic Revolving Credit Facility [Member]
USD ($)
|
Sep. 30, 2012
Domestic Revolving Credit Facility [Member]
USD ($)
|
Jun. 30, 2012
Domestic Revolving Credit Facility [Member]
|
Jun. 30, 2013
Credit Facility With European Bank [Member]
|
Mar. 31, 2013
Credit Facility With European Bank [Member]
USD ($)
|
Mar. 31, 2013
Credit Facility With European Bank [Member]
EUR (€)
|
Jun. 30, 2013
Lines of Credit with Italian Banks [Member]
USD ($)
|
Jun. 30, 2013
Lines of Credit with Italian Banks [Member]
EUR (€)
|
Sep. 30, 2012
Lines of Credit with Italian Banks [Member]
USD ($)
|
Sep. 30, 2012
Lines of Credit with Italian Banks [Member]
EUR (€)
|
Jun. 30, 2013
Matthews International S.p.A [Member]
|
Jun. 30, 2012
Matthews International S.p.A [Member]
|
Jun. 30, 2013
Matthews International S.p.A [Member]
Lines of Credit with Italian Banks [Member]
USD ($)
LinesofCredit
|
Jun. 30, 2013
Matthews International S.p.A [Member]
Lines of Credit with Italian Banks [Member]
EUR (€)
|
Sep. 30, 2012
Matthews International S.p.A [Member]
Lines of Credit with Italian Banks [Member]
USD ($)
|
Sep. 30, 2012
Matthews International S.p.A [Member]
Lines of Credit with Italian Banks [Member]
EUR (€)
|
Jun. 30, 2013
Saueressig [Member]
Credit Facility With European Bank [Member]
USD ($)
|
Mar. 31, 2013
Saueressig [Member]
Credit Facility With European Bank [Member]
EUR (€)
|
Sep. 30, 2012
Saueressig [Member]
Credit Facility With European Bank [Member]
EUR (€)
|
Jun. 30, 2012
Saueressig [Member]
Credit Facility With European Bank [Member]
USD ($)
|
Jun. 30, 2013
Wetzel GmbH [Member]
Credit Facility With European Bank [Member]
USD ($)
|
Mar. 31, 2013
Wetzel GmbH [Member]
Credit Facility With European Bank [Member]
EUR (€)
|
|||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum amount of borrowings available | $ 500,000 | $ 32,525 | € 25,000 | $ 14,792 | € 11,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate on borrowings, based on leverage ratio | LIBOR plus a factor ranging from .75% to 1.25% based on the Company's leverage ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual commitment fee range on unused portion | .15% to .25% (based on the Company's leverage ratio) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum available for issuance of trade and standby letters of credit | 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding borrowings | 307,500 | 281,323 | 32,525 | 25,000 | 7,375 | 5,700 | 4,322 | 3,400 | 5,351 | 4,100 | 8,080 | 6,300 | 3,725 | 2,900 | 8,200 | 10,514 | 10,353 | 8,000 | ||||||||||||||||||||||||||||||||||||
Weighted-average interest rate on outstanding borrowings (in hundredths) | 3.05% | 3.15% | 1.37% | 3.17% | 3.09% | 3.92% | 6.11% | 7.26% | ||||||||||||||||||||||||||||||||||||||||||||||
Number of lines of credit | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Date | May 2011 | October 2011 | November 2011 | March 2012 | June 2012 | August 2012 | September 2012 | September 2012 | November 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Amount | 25,000 | 25,000 | 25,000 | 25,000 | 40,000 | 35,000 | 25,000 | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed Interest Rate (in hundredths) | 1.37% | 1.67% | 2.13% | 2.44% | 1.88% | 1.74% | 3.03% | 1.24% | 1.33% | |||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Spread (in hundredths) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||
Maturity Date | May 2014 | October 2015 | November 2014 | March 2015 | June 2022 | June 2022 | December 2015 | March 2017 | November 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate cash flow hedges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on fair value of interest rate swaps | 1,187 | 8,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on fair value of interest rate swaps, after tax | 724 | 5,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) expected to be recognized over the next 12 months | 1,273 | 724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets derivatives | 416 | 0 | 3,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liability derivatives | 2,503 | 2,851 | 2,429 | 6,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | 1,187 | 9,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of loss recognized in income (loss) on derivatives | (1,065) | (888) | (3,094) | (2,308) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of gain or (loss) recognized in AOCL on derivatives | 2,960 | (2,068) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of gain or (loss) reclassified from AOCL into income (effective portion) | $ (1,887) | [1] | $ (1,408) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
PrincipalBusinesses
Segment
|
Jun. 30, 2012
|
|
Segment Information [Abstract] | ||||
Number of principal businesses | 2 | |||
Number of operating segments | 3 | |||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | $ 250,652 | $ 227,478 | $ 732,651 | $ 670,236 |
Operating profit | 30,760 | 27,513 | 72,329 | 71,725 |
Memorialization [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 130,844 | 126,880 | 391,533 | 366,475 |
Operating profit | 23,731 | 20,841 | 54,870 | 51,345 |
Cemetery Products [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 60,913 | 58,423 | 169,427 | 157,148 |
Operating profit | 11,709 | 12,591 | 23,932 | 27,291 |
Funeral Home Products [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 58,523 | 56,115 | 187,276 | 176,453 |
Operating profit | 12,089 | 6,936 | 29,533 | 20,751 |
Cremation [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 11,408 | 12,342 | 34,830 | 32,874 |
Operating profit | (67) | 1,314 | 1,405 | 3,303 |
Brand Solutions [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 119,808 | 100,598 | 341,118 | 303,761 |
Operating profit | 7,029 | 6,672 | 17,459 | 20,380 |
Graphics Imaging [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 78,505 | 62,429 | 219,459 | 197,711 |
Operating profit | 4,204 | 2,588 | 10,006 | 11,300 |
Marking and Fulfillment Systems [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 23,653 | 19,310 | 63,918 | 53,449 |
Operating profit | 2,527 | 2,862 | 5,310 | 6,275 |
Merchandising Solutions [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Sales to external customers | 17,650 | 18,859 | 57,741 | 52,601 |
Operating profit | $ 298 | $ 1,222 | $ 2,143 | $ 2,805 |