o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
PAGE | ||||
Item 2.02. | ||||
Item 9.01. | ||||
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 | Press release entitled “Rayonier Advanced Materials Reports Third Quarter 2017 Results” issued November 1, 2017. |
Rayonier Advanced Materials Inc. (Registrant) | ||
BY: | /s/ JOHN P. CARR | |
John P. Carr | ||
Chief Accounting Officer and Vice President | ||
Exhibit No. | Description | Location | ||
Press release entitled “Rayonier Advanced Materials Reports Third Quarter 2017 Results” issued November 1, 2017. | Furnished herewith |
Contacts: | ||
Media | Ryan Houck | 904-357-9134 |
Investors | Mickey Walsh | 904-357-9162 |
• | Third quarter net income of $16 million and pro forma EBITDA of $44 million unfavorably impacted by $3 million and $5 million, respectively, due to Hurricane Irma |
• | Full year projected net income and pro forma EBITDA now anticipated to be approximately $25 million and $180 million, respectively, which includes the impact of Hurricane Irma and previously announced major customer operational upset in the fourth quarter |
• | On-track for $30 million of cost transformation improvements in 2017 with $23 million achieved year-to-date |
• | Acquisition of Tembec expected to close in the second half of fourth quarter with integration planning nearly complete |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 23, | June 24, | September 24, | September 23, | September 24, | |||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Net Sales | |||||||||||||||||||
Cellulose specialties | $ | 167 | $ | 158 | $ | 173 | $ | 482 | $ | 513 | |||||||||
Commodity products and other | 43 | 43 | 34 | 130 | 125 | ||||||||||||||
Total Net Sales | 210 | 201 | 207 | 612 | 638 | ||||||||||||||
Cost of Sales | (179 | ) | (168 | ) | (156 | ) | (511 | ) | (498 | ) | |||||||||
Gross Margin | 31 | 33 | 51 | 101 | 140 | ||||||||||||||
Selling, general & administrative expenses | (13 | ) | (18 | ) | (10 | ) | (41 | ) | (26 | ) | |||||||||
Other operating expense, net | — | (2 | ) | — | (3 | ) | (2 | ) | |||||||||||
Operating Income | 18 | 13 | 41 | 57 | 112 | ||||||||||||||
Interest and other expense, net | (9 | ) | (8 | ) | (8 | ) | (25 | ) | (26 | ) | |||||||||
Unrealized gain on derivative instrument | 14 | 2 | — | 16 | — | ||||||||||||||
Gain on debt extinguishment | — | — | — | — | 9 | ||||||||||||||
Income Before Income Taxes | 23 | 7 | 33 | 48 | 95 | ||||||||||||||
Income tax expense | (7 | ) | (2 | ) | (11 | ) | (18 | ) | (33 | ) | |||||||||
Net Income Attributable to Rayonier Advanced Materials Inc. | $ | 16 | $ | 5 | $ | 22 | $ | 30 | $ | 62 | |||||||||
Mandatory convertible stock dividends | (4 | ) | (4 | ) | (2 | ) | (10 | ) | (2 | ) | |||||||||
Net Income Available to Rayonier Advanced Materials Inc. Common Stockholders | $ | 12 | $ | 1 | $ | 20 | $ | 20 | $ | 60 | |||||||||
Earnings Per Share of Common Stock | |||||||||||||||||||
Basic earnings per share | $ | 0.29 | $ | 0.03 | $ | 0.46 | $ | 0.47 | $ | 1.42 | |||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.03 | $ | 0.44 | $ | 0.46 | $ | 1.38 | |||||||||
Pro forma net income per share (a) | $ | 0.18 | $ | 0.11 | $ | 0.44 | $ | 0.42 | $ | 1.24 | |||||||||
Shares Used for Determining | |||||||||||||||||||
Basic EPS | 42,427,437 | 42,387,578 | 42,360,326 | 42,388,762 | 42,266,295 | ||||||||||||||
Diluted EPS | 56,034,722 | 43,223,599 | 49,336,106 | 43,284,828 | 44,724,516 |
(a) | Pro forma net income per share is a non-GAAP measure. See Schedule D for a reconciliation to the nearest GAAP measure. |
September 23, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 379 | $ | 326 | |||
Other current assets | 211 | 193 | |||||
Property, plant and equipment, net | 775 | 801 | |||||
Other assets | 78 | 102 | |||||
$ | 1,443 | $ | 1,422 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current maturities of long-term debt | $ | 267 | $ | 9 | |||
Other current liabilities | 137 | 117 | |||||
Long-term debt and capital lease obligations | 513 | 774 | |||||
Non-current liabilities for disposed operations | 137 | 139 | |||||
Other non-current liabilities | 155 | 171 | |||||
Total stockholders’ equity | 234 | 212 | |||||
$ | 1,443 | $ | 1,422 |
Nine Months Ended | |||||||
September 23, 2017 | September 24, 2016 | ||||||
Cash Provided by Operating Activities: | |||||||
Net income | $ | 30 | $ | 62 | |||
Depreciation and amortization | 64 | 64 | |||||
Other items to reconcile net income to cash provided by operating activities | 23 | 42 | |||||
Changes in working capital and other assets and liabilities | 1 | 13 | |||||
118 | 181 | ||||||
Cash Used for Investing Activities: | |||||||
Capital expenditures | (44 | ) | (58 | ) | |||
Other | — | 2 | |||||
(44 | ) | (56 | ) | ||||
Cash Used for Financing Activities: | |||||||
Issuance of mandatory convertible preferred stock, net | — | 167 | |||||
Changes in debt | (5 | ) | (67 | ) | |||
Dividends paid - common stock | (6 | ) | (6 | ) | |||
Dividends paid - preferred stock | (10 | ) | — | ||||
(21 | ) | 94 | |||||
Cash and Cash Equivalents: | |||||||
Change in cash and cash equivalents | 53 | 219 | |||||
Balance, beginning of year | 326 | 101 | |||||
Balance, end of period | $ | 379 | $ | 320 |
Three Months Ended | Nine Months Ended | ||||||||||||||
EBITDA (a): | September 23, 2017 | September 24, 2016 | September 23, 2017 | September 24, 2016 | |||||||||||
Net Income | $ | 16 | $ | 22 | $ | 30 | $ | 62 | |||||||
Depreciation and amortization | 21 | 23 | 64 | 64 | |||||||||||
Interest expense, net | 9 | 8 | 25 | 26 | |||||||||||
Income tax expense | 7 | 11 | 18 | 33 | |||||||||||
EBITDA | $ | 53 | $ | 64 | $ | 137 | $ | 185 | |||||||
Acquisition Related Costs | 5 | — | 13 | — | |||||||||||
Unrealized gain on derivative instrument | (14 | ) | — | (16 | ) | — | |||||||||
Gain on debt extinguishment | — | — | — | (9 | ) | ||||||||||
Pro Forma EBITDA | $ | 44 | $ | 64 | $ | 134 | $ | 176 |
(a) | Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) is defined by the Securities and Exchange Commission. We define pro forma EBITDA as EBITDA before acquisition related costs, unrealized gain on derivative instrument, and gain on debt extinguishment. EBITDA and pro forma EBITDA are not necessarily indicative of results that may be generated in future periods. |
Nine Months Ended | |||||||
Adjusted Free Cash Flows (b): | September 23, 2017 | September 24, 2016 | |||||
Cash provided by operating activities | $ | 118 | $ | 181 | |||
Capital expenditures | (41 | ) | (58 | ) | |||
Adjusted Free Cash Flows | $ | 77 | $ | 123 |
(b) | We define adjusted free cash flows as cash provided by operating activities adjusted for capital expenditures excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted free cash flows is not necessarily indicative of the adjusted free cash flows that may be generated in future periods. |
Adjusted Net Debt (c): | September 23, 2017 | December 31, 2016 | |||||
Current maturities of long-term debt | $ | 267 | $ | 9 | |||
Long-term debt & capital lease obligation | 513 | 774 | |||||
Total debt | 780 | 783 | |||||
Original issue discount and debt issuance costs | 7 | 9 | |||||
Cash and cash equivalents | (379 | ) | (326 | ) | |||
Adjusted Net Debt | $ | 408 | $ | 466 |
(c) | We define adjusted net debt as the amount of debt after the consideration of the original issue discount and debt issuance costs, less cash. Adjusted net debt is a non-GAAP measure of debt and is not necessarily indicative of the adjusted net debt that may occur in future periods. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 23, 2017 | June 24, 2017 | September 24, 2016 | September 23, 2017 | September 24, 2016 | |||||||||||||||||||||||||||||||||||
Pro Forma Net Income (a): | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | $ | Per Diluted Share | |||||||||||||||||||||||||||||
Operating Income | $ | 18 | $ | 13 | $ | 41 | $ | 57 | $ | 112 | |||||||||||||||||||||||||||||
Acquisition related costs | 5 | 8 | — | 13 | — | ||||||||||||||||||||||||||||||||||
Pro Forma Operating Income | $ | 23 | $ | 21 | $ | 41 | $ | 70 | $ | 112 | |||||||||||||||||||||||||||||
Net Income | $ | 16 | $ | 0.28 | $ | 5 | $ | 0.03 | $ | 22 | $ | 0.44 | $ | 30 | $ | 0.46 | $ | 62 | $ | 1.38 | |||||||||||||||||||
Gain on debt extinguishment | — | — | — | — | — | — | — | — | (9 | ) | $ | (0.21 | ) | ||||||||||||||||||||||||||
Acquisition related costs | 5 | $ | 0.09 | 8 | $ | 0.18 | — | — | 13 | $ | 0.30 | — | — | ||||||||||||||||||||||||||
Unrealized gain on derivative instrument | (14 | ) | $ | (0.25 | ) | (2 | ) | (0.05 | ) | — | — | (16 | ) | $ | (0.37 | ) | — | — | |||||||||||||||||||||
Tax effects of Pro Forma adjustments | 3 | $ | 0.06 | (2 | ) | (0.05 | ) | — | — | 1 | $ | 0.03 | 3 | $ | 0.07 | ||||||||||||||||||||||||
Pro Forma Net Income | $ | 10 | $ | 0.18 | $ | 9 | $ | 0.11 | $ | 22 | $ | 0.44 | $ | 28 | $ | 0.42 | $ | 56 | $ | 1.24 |
(a) | Pro forma operating income is defined as operating income adjusted for acquisition related costs. Pro forma net income is defined as net income adjusted net of tax for gain on debt extinguishment, acquisition related costs and unrealized gain on debt extinguishment. Pro forma operating income and pro forma net income are not necessarily indicative of results that may be generated in future periods. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 23, 2017 | September 24, 2016 | September 23, 2017 | September 24, 2016 | ||||||||||||
Sales Volume, thousands of metric tons | |||||||||||||||
Cellulose specialties | 114 | 116 | 331 | 335 | |||||||||||
Commodity products | 54 | 49 | 167 | 179 | |||||||||||
Total | 168 | 165 | 498 | 514 | |||||||||||
Average Sales Price, $ per metric ton | |||||||||||||||
Cellulose specialties | $ | 1,460 | $ | 1,495 | $ | 1,456 | $ | 1,532 | |||||||
Commodity products | $ | 737 | $ | 643 | $ | 739 | $ | 666 |
2017 Net Income Guidance | $ | 25 | ||
Income tax expense (a) | 14 | |||
Acquisition related costs (b) | 15 | |||
Interest expense, net | 37 | |||
Depreciation and amortization | 89 | |||
2017 Pro Forma EBITDA Guidance | $ | 180 |
(a) | Income tax expense for the full year 2017 is based on an expected effective tax rate of approximately 37.5 percent. The estimated effective tax rate will change significantly upon the closing of the acquisition of Tembec. |
(b) | Acquisition costs, net of tax, represents the forecasted legal, due-diligence and consulting costs for the Company and excludes all costs that are contingent upon the closing of the acquisition of Tembec. These costs could vary materially from this estimate. |
Minimum | Maximum | ||||||
2017 Operating Cash Flows Guidance | $ | 121 | $ | 126 | |||
Acquisition related costs, net of tax benefit | 9 | 9 | |||||
Capital expenditures | (50 | ) | (50 | ) | |||
2017 Adjusted Free Cash Flows Guidance | $ | 80 | $ | 85 |
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end