Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - MYERS INDUSTRIES INC | d433907dex992.htm |
| 8-K - 8-K - MYERS INDUSTRIES INC | d433907d8k.htm |
Exhibit 99.1
Myers Industries Reports 2017 Second Quarter Results
Strong cash flow generation continues; lean initiatives gaining traction
August 1, 2017, Akron, Ohio - Myers Industries, Inc. (NYSE: MYE) today announced results for the second quarter ended June 30, 2017.
Second Quarter 2017 Business Highlights
| • | Net sales decreased 1.3% (or 1.2% excluding currency fluctuation) compared to the second quarter of 2016 |
| • | Gross profit margin of 27.6% compared to 30.9% in the second quarter of 2016 |
| • | GAAP net income per diluted share from continuing operations of $0.07, compared to $0.19 in the second quarter of 2016 |
| • | Adjusted net income per diluted share from continuing operations of $0.17, compared to $0.21 in the second quarter of 2016 |
| • | Generated cash from continuing operations of $10.6 million and free cash flow of $8.7 million |
The Company reported net sales of $142.3 million, compared to $144.1 million in the second quarter of 2016. Gross profit margin decreased 330 basis points to 27.6% as compared to the prior year quarter, primarily due to higher restructuring and manufacturing costs in the Material Handling Segment. Selling, general and administrative expenses increased by $1.1 million to $33.2 million, in the second quarter of 2017, with the increase in expenses primarily attributable to higher compensation costs and professional fees, partially offset by lower facility costs.
President and Chief Executive Officer Dave Banyard commented, “We made excellent progress in the second quarter on our strategic initiatives to improve cash flow and long-term earnings potential. Year-to-date, free cash flow was $21.3 million, compared to cash used of $13.6 million last year. This improvement underlines the Company’s increased flexibility of operations, disciplined capital spending and focus on working capital. Further signs of our progress include year-over-year sales growth in the Material Handling Segment during the second quarter, driven by our strategic focus on targeted niche markets. Our strategic restructuring activities, which caused temporary increases in costs during the quarter, are well underway. We are confident that our lean initiatives are gaining traction and that the Company is poised for significant improvements in long-term performance.”
| Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2017 | 2016 | % Increase (Decrease) |
2017 | 2016 | % Increase (Decrease) |
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| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||
| Net sales |
$ | 142,303 | $ | 144,117 | (1.3 | )% | $ | 284,006 | $ | 295,322 | (3.8 | )% | ||||||||||||
| Gross profit |
$ | 39,283 | $ | 44,536 | (11.8 | )% | $ | 81,286 | $ | 92,707 | (12.3 | )% | ||||||||||||
| Gross profit margin |
27.6 | % | 30.9 | % | 28.6 | % | 31.4 | % | ||||||||||||||||
| Operating income |
$ | 5,580 | $ | 11,166 | (50.0 | )% | $ | 12,938 | $ | 12,295 | 5.2 | % | ||||||||||||
| Income from continuing operations: |
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| Income (loss) |
$ | 2,012 | $ | 5,684 | (64.6 | )% | $ | 5,140 | $ | 2,348 | 118.9 | % | ||||||||||||
| Income (loss) per diluted share |
$ | 0.07 | $ | 0.19 | (63.2 | )% | $ | 0.17 | $ | 0.08 | 112.5 | % | ||||||||||||
| Operating income as adjusted(1) |
$ | 9,889 | $ | 11,710 | (15.6 | )% | $ | 17,993 | $ | 23,395 | (23.1 | )% | ||||||||||||
| Income from continuing operations as adjusted(1): |
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| Income (loss) |
$ | 5,187 | $ | 6,180 | (16.1 | )% | $ | 9,109 | $ | 12,367 | (26.3 | )% | ||||||||||||
| Income (loss) per diluted share |
$ | 0.17 | $ | 0.21 | (19.0 | )% | $ | 0.30 | $ | 0.41 | (26.8 | )% | ||||||||||||
| (1) | Details regarding the adjusted charges are provided on the Reconciliations of Non-GAAP Financial Measures included in this release. |
Segment Results
Net sales in the Material Handling Segment increased 2.1% (or 2.0% excluding currency fluctuation) as compared to the second quarter of 2016. The increase in net sales was primarily due to increased volume in the Company’s consumer and vehicle end markets. GAAP operating income was $7.4 million compared to $14.3 million in the second quarter of 2016. GAAP operating income in the second quarter of 2017 included restructuring and related charges of $3.8 million. Adjusted operating income was $11.7 million compared to $13.3 million in the second quarter of 2016. The decline in adjusted operating income was primarily the result of operational inefficiencies and the impact from higher commodity prices that the Company has begun to offset with price increases.
Net sales in the Distribution Segment declined 9.2% as compared to the second quarter of 2016. The decrease in net sales was primarily the result of soft market demand in the early part of the quarter, overall weakness in the export business, and year-over-year revenue decline from 2016 territory gaps. Operating income was $3.0 million compared to $4.0 million in the second quarter of 2016. The decrease in operating income was primarily the result of lower sales volumes.
2017 Outlook
The Company continues to anticipate that total revenue will be flat on a constant currency basis in fiscal year 2017 as compared to the prior year. Capital expenditures are expected to be in the range of $10 to $12 million, net interest expense in the range of $8 to $9 million, depreciation and amortization in the range of $32 to $34 million, and an effective tax rate (normalized) of approximately 36%.
Conference Call Details
The Company will host an earnings conference call and webcast for investors and analysts on Tuesday, August 1, at 10:00 a.m. ET. The call is anticipated to last approximately one hour and may be accessed at: (US) 833-233-3452 or (Int’l) 647-689-4129. The Conference ID # is 56827815. Callers are asked to sign on at least five minutes in advance. The live webcast of the conference call can be accessed from the Investor Relations section of the Company’s website at www.myersindustries.com. Click on the Investor Relations tab to access the webcast. Webcast attendees will be in a listen-only mode. An archived replay of the call will also be available on the site shortly after the event. To listen to the telephone replay, callers should dial: (US) 800-585-8367 or (Int’l) 416-621-4642. The Conference ID # is 56827815.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted net income per diluted share from continuing operations, income from continuing operations as adjusted, adjusted income per diluted share from continuing operations, operating income as adjusted, adjusted operating income, adjusted EPS, adjusted EBITDA and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in the United States. Myers Industries believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel and under vehicle service industry in the U.S. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements
Statements in this release may include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed “forward-looking”. Words such as “expect”, “believe”, “project”, “plan”, “anticipate”, “intend”, “objective”, “goal”, “view” and similar expressions identify forward-looking statements. These statements are based on management’s current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company’s control that could cause actual results to materially differ from those expressed or implied. Risks and uncertainties include: raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; unexpected failures at our manufacturing facilities; future economic and financial conditions in the United States and around the world; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; and other risks as detailed in the Company’s 10-K and other reports filed with the Securities and Exchange Commission. Such reports are available on the Securities and Exchange Commission’s public reference facilities and its website at www.sec.gov, and on the Company’s Investor Relations section of its website at www.myersindustries.com. Myers Industries undertakes no obligation to publicly update or revise any forward-looking statements contained herein. These statements speak only as of the date made.
Contact:
Monica Vinay, Vice President, Investor Relations & Treasurer
(330) 761-6212
mvinay@myersind.com
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share data)
| Quarter Ended | Six Months Ended | |||||||||||||||
| June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | |||||||||||||
| Net sales |
$ | 142,303 | $ | 144,117 | $ | 284,006 | $ | 295,322 | ||||||||
| Cost of sales |
103,020 | 99,581 | 202,720 | 202,615 | ||||||||||||
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| Gross profit |
39,283 | 44,536 | 81,286 | 92,707 | ||||||||||||
| Selling, general and administrative expenses |
33,159 | 32,041 | 67,804 | 70,538 | ||||||||||||
| Impairment charges |
544 | 1,329 | 544 | 9,874 | ||||||||||||
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| Operating income |
5,580 | 11,166 | 12,938 | 12,295 | ||||||||||||
| Interest expense, net |
1,785 | 2,053 | 3,760 | 4,072 | ||||||||||||
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| Income (loss) from continuing operations before income taxes |
3,795 | 9,113 | 9,178 | 8,223 | ||||||||||||
| Income tax expense (benefit) |
1,783 | 3,429 | 4,038 | 5,875 | ||||||||||||
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| Income (loss) from continuing operations |
2,012 | 5,684 | 5,140 | 2,348 | ||||||||||||
| Income (loss) from discontinued operations, net of income taxes |
(19 | ) | (190 | ) | (33 | ) | (247 | ) | ||||||||
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| Net income (loss) |
$ | 1,993 | $ | 5,494 | $ | 5,107 | $ | 2,101 | ||||||||
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| Income (loss) per common share from continuing operations: |
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| Basic |
$ | 0.07 | $ | 0.19 | $ | 0.17 | $ | 0.08 | ||||||||
| Diluted |
$ | 0.07 | $ | 0.19 | $ | 0.17 | $ | 0.08 | ||||||||
| Income (loss) per common share from discontinued operations: |
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| Basic |
$ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
| Diluted |
$ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
| Net income (loss) per common share: |
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| Basic |
$ | 0.07 | $ | 0.18 | $ | 0.17 | $ | 0.07 | ||||||||
| Diluted |
$ | 0.07 | $ | 0.18 | $ | 0.17 | $ | 0.07 | ||||||||
| Weighted average common shares outstanding: |
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| Basic |
30,154,965 | 29,623,177 | 30,097,638 | 29,586,708 | ||||||||||||
| Diluted |
30,472,636 | 30,089,574 | 30,395,417 | 30,012,839 | ||||||||||||
MYERS INDUSTRIES, INC.
SALES AND EARNINGS BY SEGMENT (UNAUDITED)
(Dollars in thousands)
| Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
| Net Sales |
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| Material Handling |
$ | 103,074 | $ | 100,907 | 2.1 | % | $ | 206,254 | $ | 209,931 | (1.8 | )% | ||||||||||||
| Distribution |
39,258 | 43,234 | (9.2 | )% | 77,832 | 85,455 | (8.9 | )% | ||||||||||||||||
| Inter-company Sales |
(29 | ) | (24 | ) | — | (80 | ) | (64 | ) | — | ||||||||||||||
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| Total |
$ | 142,303 | $ | 144,117 | (1.3 | )% | $ | 284,006 | $ | 295,322 | (3.8 | )% | ||||||||||||
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| Operating Income |
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| Material Handling |
$ | 7,426 | $ | 14,333 | (48.2 | )% | $ | 19,514 | $ | 21,774 | (10.4 | )% | ||||||||||||
| Distribution |
3,025 | 3,966 | (23.7 | )% | 4,563 | 6,502 | (29.8 | )% | ||||||||||||||||
| Corporate |
(4,871 | ) | (7,133 | ) | — | (11,139 | ) | (15,981 | ) | — | ||||||||||||||
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| Total |
$ | 5,580 | $ | 11,166 | (50.0 | )% | $ | 12,938 | $ | 12,295 | 5.2 | % | ||||||||||||
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MYERS INDUSTRIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
OPERATING INCOME BY SEGMENT (UNAUDITED)
(Dollars in thousands, except per share data)
| Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Material Handling |
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| Operating income as reported |
$ | 7,426 | $ | 14,333 | $ | 19,514 | $ | 21,774 | ||||||||
| Asset impairments |
544 | 1,329 | 544 | 9,874 | ||||||||||||
| Reduction to contingent liability |
— | (2,335 | ) | — | (2,335 | ) | ||||||||||
| Restructuring expenses and other adjustments |
3,765 | — | 4,511 | — | ||||||||||||
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| Operating income as adjusted |
11,735 | 13,327 | 24,569 | 29,313 | ||||||||||||
| Distribution |
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| Operating income as reported |
3,025 | 3,966 | 4,563 | 6,502 | ||||||||||||
| Corporate Expense |
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| Corporate expense as reported |
(4,871 | ) | (7,133 | ) | (11,139 | ) | (15,981 | ) | ||||||||
| Environmental reserve |
— | 1,550 | — | 1,550 | ||||||||||||
| CFO severance related costs |
— | — | — | 2,011 | ||||||||||||
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| Corporate expense as adjusted |
(4,871 | ) | (5,583 | ) | (11,139 | ) | (12,420 | ) | ||||||||
| Continuing Operations |
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| Operating income as reported |
5,580 | 11,166 | 12,938 | 12,295 | ||||||||||||
| Total of all adjustments above |
4,309 | 544 | 5,055 | 11,100 | ||||||||||||
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| Operating income as adjusted |
9,889 | 11,710 | 17,993 | 23,395 | ||||||||||||
| Interest expense, net |
(1,785 | ) | (2,053 | ) | (3,760 | ) | (4,072 | ) | ||||||||
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| Income (loss) before taxes as adjusted |
8,104 | 9,657 | 14,233 | 19,323 | ||||||||||||
| Income tax expense* |
(2,917 | ) | (3,477 | ) | (5,124 | ) | (6,956 | ) | ||||||||
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| Income (loss) from continuing operations as adjusted |
$ | 5,187 | $ | 6,180 | $ | 9,109 | $ | 12,367 | ||||||||
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| Adjusted earnings (loss) per diluted share from continuing operations |
$ | 0.17 | $ | 0.21 | $ | 0.30 | $ | 0.41 | ||||||||
| * | Income taxes are calculated using the normalized effective tax rate for each year. The normalized rate used above is 36%. |
Note on Reconciliation of Income and Earnings Data: Income from continuing operations as adjusted and adjusted earnings per diluted share from continuing operations are non-GAAP financial measures that Myers Industries, Inc. calculates according to the schedule above, using GAAP amounts from the unaudited Consolidated Financial Statements. The Company believes that the excluded items are not primarily related to core operational activities. The Company believes that income (loss) excluding items that are not primarily related to core operating activities is generally viewed as providing useful information regarding a company’s operating profitability. Management uses income (loss) excluding these items as well as other financial measures in connection with its decision-making activities. Income (loss) excluding these items should not be considered in isolation or as a substitute for net income (loss), income (loss) before taxes or other consolidated income data prepared in accordance with GAAP. The Company’s method for calculating income (loss) excluding these items may not be comparable to methods used by other companies.
MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Dollars in thousands)
| June 30, 2017 | December 31, 2016 | |||||||
| Assets |
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| Current Assets |
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| Cash |
$ | 4,673 | $ | 7,888 | ||||
| Restricted cash |
8,642 | 8,635 | ||||||
| Accounts receivable, net |
79,220 | 73,818 | ||||||
| Inventories |
48,284 | 46,023 | ||||||
| Other |
3,722 | 4,787 | ||||||
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| Total Current Assets |
144,541 | 141,151 | ||||||
| Other Assets |
133,039 | 129,051 | ||||||
| Property, Plant, & Equipment, Net |
93,226 | 111,482 | ||||||
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| Total Assets |
$ | 370,806 | $ | 381,684 | ||||
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| Liabilities & Shareholders’ Equity |
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| Current Liabilities |
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| Accounts payable |
$ | 54,650 | $ | 48,988 | ||||
| Accrued expenses |
33,062 | 30,324 | ||||||
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| Total Current Liabilities |
87,712 | 79,312 | ||||||
| Long-term debt, net |
170,114 | 189,522 | ||||||
| Other liabilities |
7,726 | 9,235 | ||||||
| Deferred income taxes |
10,442 | 10,582 | ||||||
| Total Shareholders’ Equity |
94,812 | 93,033 | ||||||
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| Total Liabilities & Shareholders’ Equity |
$ | 370,806 | $ | 381,684 | ||||
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MYERS INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
| Six Months Ended June 30, | ||||||||
| 2017 | 2016 | |||||||
| Cash Flows From Operating Activities |
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| Net income |
$ | 5,107 | $ | 2,101 | ||||
| Income (loss) from discontinued operations, net of income taxes |
(33 | ) | (247 | ) | ||||
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| Income from continuing operations |
5,140 | 2,348 | ||||||
| Adjustments to reconcile income from continuing operations to net cash provided by (used for) operating activities |
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| Depreciation |
11,755 | 12,283 | ||||||
| Amortization |
4,572 | 4,981 | ||||||
| Accelerated depreciation associated with restructuring activities |
1,929 | — | ||||||
| Non-cash stock-based compensation expense |
1,817 | 2,064 | ||||||
| (Gain) loss on fixed asset sales |
(1,365 | ) | — | |||||
| Deferred taxes |
101 | (1,354 | ) | |||||
| Excess tax benefit from stock-based compensation |
— | 5 | ||||||
| Accrued interest income on note receivable |
(654 | ) | (628 | ) | ||||
| Impairment charges |
544 | 9,874 | ||||||
| Other |
132 | (273 | ) | |||||
| Payments on performance based compensation |
(992 | ) | (1,794 | ) | ||||
| Other long-term liabilities |
(204 | ) | (726 | ) | ||||
| Cash flows provided by (used for) working capital |
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| Accounts receivable |
(4,957 | ) | 1,623 | |||||
| Inventories |
(2,132 | ) | (12 | ) | ||||
| Prepaid expenses and other assets |
835 | 2,475 | ||||||
| Accounts payable and accrued expenses |
7,113 | (33,938 | ) | |||||
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| Net cash provided by (used for) operating activities - continuing operations |
23,634 | (3,072 | ) | |||||
| Net cash provided by (used for) operating activities - discontinued operations |
— | — | ||||||
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| Net cash provided by (used for) operating activities |
23,634 | (3,072 | ) | |||||
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| Cash Flows From Investing Activities |
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| Capital expenditures |
(2,345 | ) | (10,565 | ) | ||||
| Proceeds from sale of property, plant and equipment |
1,920 | 178 | ||||||
| Proceeds (payments) related to sale of business |
— | (4,034 | ) | |||||
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| Net cash provided by (used for) investing activities - continuing operations |
(425 | ) | (14,421 | ) | ||||
| Net cash provided by (used for) investing activities - discontinued operations |
— | — | ||||||
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| Net cash provided by (used for) investing activities |
(425 | ) | (14,421 | ) | ||||
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| Cash Flows From Financing Activities |
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| Net borrowing (repayments) on credit facility |
(18,942 | ) | 23,838 | |||||
| Cash dividends paid |
(8,147 | ) | (8,112 | ) | ||||
| Proceeds from issuance of common stock |
2,001 | 610 | ||||||
| Excess tax benefit from stock-based compensation |
— | (5 | ) | |||||
| Shares withheld for employee taxes on equity awards |
(273 | ) | (617 | ) | ||||
| Deferred financing costs |
(1,030 | ) | — | |||||
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| Net cash provided by (used for) financing activities - continuing operations |
(26,391 | ) | 15,714 | |||||
| Net cash provided by (used for) financing activities - discontinued operations |
— | — | ||||||
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| Net cash provided by (used for) financing activities |
(26,391 | ) | 15,714 | |||||
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| Foreign exchange rate effect on cash |
(33 | ) | 934 | |||||
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| Net increase (decrease) in cash |
(3,215 | ) | (845 | ) | ||||
| Cash at January 1 |
7,888 | 7,344 | ||||||
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| Cash at June 30 |
$ | 4,673 | $ | 6,499 | ||||
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MYERS INDUSTRIES, INC.
RECONCILIATION OF FREE CASH FLOW TO GAAP NET CASH PROVIDED BY
(USED FOR) OPERATING ACTIVITIES – CONTINUING OPERATIONS
(UNAUDITED)
(Dollars in thousands)
| For the Six Months Ended | ||||||||
| June 30, 2017 | June 30, 2016 | |||||||
| Net cash provided by (used for) operating activities - continuing operations |
$ | 23,634 | $ | (3,072 | ) | |||
| Capital expenditures |
(2,345 | ) | (10,565 | ) | ||||
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| Free cash flow |
$ | 21,289 | $ | (13,637 | ) | |||
| YTD | YTD | QTD | ||||||||||
| June 30, 2017 | March 31, 2017 | June 30, 2017 | ||||||||||
| Net cash provided by (used for) operating activities - continuing operations |
$ | 23,634 | $ | 13,049 | $ | 10,585 | ||||||
| Capital expenditures |
(2,345 | ) | (498 | ) | (1,847 | ) | ||||||
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| Free cash flow |
$ | 21,289 | $ | 12,551 | $ | 8,738 | ||||||
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Note on Reconciliations of Cash Flow Data: Free cash flow is a non-GAAP financial measure that Myers Industries, Inc. calculates according to the schedules above using GAAP amounts from the unaudited Condensed Consolidated Statement of Cash Flows. The Company uses free cash flow as well as other financial measures in connection with its decision-making activities. The Company’s method for calculating free cash flow may not be comparable to methods used by other companies.