0001144204-18-016193.txt : 20180321 0001144204-18-016193.hdr.sgml : 20180321 20180321170215 ACCESSION NUMBER: 0001144204-18-016193 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180321 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180321 DATE AS OF CHANGE: 20180321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LYDALL INC /DE/ CENTRAL INDEX KEY: 0000060977 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 060865505 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07665 FILM NUMBER: 18705049 BUSINESS ADDRESS: STREET 1: ONE COLONIAL RD STREET 2: P O BOX 151 CITY: MANCHESTER STATE: CT ZIP: 06045-0151 BUSINESS PHONE: 2036461233 FORMER COMPANY: FORMER CONFORMED NAME: COLONIAL BOARD CO DATE OF NAME CHANGE: 19700115 8-K 1 tv488993_8k.htm FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

Date of Report (Date of earliest event reported): March 21, 2018

  ______________

 

LYDALL, INC.

(Exact name of registrant as specified in its charter)

 

Commission file number: 1-7665

 

Delaware   06-0865505
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification No.)  
         

One Colonial Road, Manchester, Connecticut   06042
(Address of principal executive offices)   (zip code)  
         

 Registrant’s telephone number, including area code: (860) 646-1233

 

 

 

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

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

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

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01Regulation FD Disclosure

 

As previously disclosed on August 30, 2017, Lydall, Inc. (“Lydall” or the “Company”) announced its intention to combine the Thermal/Acoustical Metals and Thermal/Acoustical Fibers segments into a single operating segment named Thermal Acoustical Solutions. Combining these automotive businesses into one segment is expected to allow for better customer alignment, leverage operating disciplines and realize efficiencies across the global automotive operations. Through December 31,2017, these two operating segments continued to be managed separately as the Company defined the future global structure and strategies of the combined businesses. Effective January 1, 2018, the Company commenced reporting of the two businesses as a single consolidated operating segment.

 

This Current Report on Form 8-K (this “Report”) includes additional detail on the changes described above along with recast (unaudited) historical information relative to the Thermal Acoustical Solutions business segment sales and operating income on both an annual and quarterly basis for the years ended December 31, 2017 and 2016 (furnished hereunder as Exhibit 99.1 and incorporated herein by reference). The Company did not operate under this structure for any of these prior periods and will begin to report comparative results under the new structure with the filing of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2018. On March 21, 2018, the Company made available on its website unaudited historical quarterly and full-year financial data for 2017 and 2016 that has been recast to reflect its new segment reporting structure. The recast (unaudited) historical financial information is available at www.lydall.com under the headings “Investor Relations” and “News & Presentations,’ a copy of which is attached as Exhibit 99.1.

 

The information contained in this Report shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act.

 

This Report contains forward-looking information as defined by the Private Securities Litigation Reform Act of 1995. Any statements contained in this Report, except to the extent that they contain historical facts, are forward-looking. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes related to this combination, including the timing and amount of costs to be incurred, the impact on the Company’s customers, as well as the timing and amounts of cost savings to be realized as a result of the combination, to differ materially from those addressed in the forward-looking information. Other known factors that could impact the Company’s financial results are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (“SEC”), and in other reports filed by the Company with the SEC, from time to time.

 

Item 9.01.Financial Statements and Exhibits

 

(d) Exhibits

 

The following exhibit is furnished with this report as set forth below:

 

Exhibit Exhibit
Number Description
   
99.1 Recast (unaudited) quarterly and full-year segment information for 2017 and 2016, furnished herewith.

 

 

 

 

 

SIGNATURE

 

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

 

         
        LYDALL, INC.
                 
March 21, 2018       By:   /s/   JAMES V. LAUGHLAN
                James V. Laughlan
               

Vice President, Chief Accounting Officer and

Treasurer

                 
                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99.1 2 tv488993_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

RECAST (UNAUDITED) QUARTERLY AND FULL YEAR SEGMENT INFORMATION

FOR 2017 AND 2016

 

Effective January 1, 2018, the Company changed its segment reporting by combining its Thermal/Acoustical Metals and Thermal/Acoustical Fibers segments into a single operating segment named Thermal Acoustical Solutions. The Company’s other reportable segments, Technical Nonwovens and Performance Materials, remain unchanged.

 

The following unaudited historical quarterly and full-year financial data for 2017 and 2016 has been recast (unaudited) to reflect this new Thermal Acoustical Solutions segment reporting structure.

 

Recast of Segment Financial Data – Thermal Acoustical Solutions

 

In thousands
of dollars		  Q1-2017   Q2-2017   Q3-2017   Q4-2017   FY-2017   Q1-2016   Q2-2016   Q3-2016   Q4-2016   FY-2016 
                                         
Thermal/Acoustical Metals (Reported)                                   
Parts sales  $41,694   $40,827   $41,522   $44,952   $168,995   $36,783   $41,053   $39,807   $38,544   $156,187 
Tooling sales   2,586    2,558    8,297    6,110    19,551    5,214    4,192    4,830    4,551    18,787 
Total sales   44,280    43,385    49,819    51,062    188,546    41,997    45,245    44,637    43,095    174,974 
                                                   
Operating income  $2,443   $3,174   $1,836   $2,619   $10,072   $3,557   $4,082   $5,451   $(1,528)  $11,562 
Operating margin   5.5%   7.3%   3.7%   5.1%   5.3%   8.5%   9.0%   12.2%   -3.5%   6.6%
                                                   
Thermal/Acoustical Fibers (Reported)                                   
Parts sales  $40,987   $40,704   $34,739   $36,994   $153,424   $35,677   $36,934   $35,073   $36,661   $144,345 
Tooling sales   385    2,795    884    273    4,337    184    3,234    1,356    293    5,067 
Total sales   41,372    43,499    35,623    37,267    157,761    35,861    40,168    36,429    36,954    149,412 
                                                   
Operating income  $12,289   $12,157   $8,716   $9,708   $42,870   $10,324   $10,630   $10,026   $10,472   $41,452 
Operating margin   29.7%   27.9%   24.5%   26.0%   27.2%   28.8%   26.5%   27.5%   28.3%   27.7%
                                                   
Thermal Acoustical Solutions (Recast) (unaudited)                              
Parts sales  $81,814   $80,648   $75,195   $80,559   $318,216   $71,840   $77,278   $74,339   $74,559   $298,016 
Tooling sales   2,971    5,354    9,180    6,383    23,888    5,398    7,426    5,628    4,724    23,176 
Total sales   84,785    86,002    84,375    86,942    342,104    77,238    84,704    79,967    79,283    321,192 
                                                   
Operating income  $14,734   $15,326   $10,553   $12,264   $52,877   $13,790   $14,609   $15,463   $8,994   $52,856 
Operating margin   17.4%   17.8%   12.5%   14.1%   15.5%   17.9%   17.2%   19.3%   11.3%   16.5%

 

Non-GAAP Measures

 

The following table reconciles the non-GAAP measures to the most directly comparable GAAP measures:

 

In thousands of dollars  Q1-2017   Q2-2017   Q3-2017   Q4-2017   FY-2017   Q1-2016   Q2-2016   Q3-2016   Q4-2016   FY-2016 
                                         
Thermal Acoustical Solutions (Recast) (unaudited)                              
Operating income, as recasted  $14,734   $15,326   $10,553   $12,264   $52,877   $13,790   $14,609   $15,463   $8,994   $52,856 
German Cartel settlement   -    -    -    -    -    -    -    -    3,479    3,479 
Automotive segments consolidation expenses   -    -    1,089    277    1,366    -    -    -    -    - 
Severance expenses   714    -    -    -    714    -    -    -    -    - 
Operating income, adjusted  $15,448   $15,326   $11,642   $12,541   $54,957   $13,790   $14,609   $15,463   $12,473   $56,335 
                                                   
Operating margin, as recasted   17.4%   17.8%   12.5%   14.1%   15.5%   17.9%   17.2%   19.3%   11.3%   16.5%
Operating margin, adjusted   18.2%   17.8%   13.8%   14.4%   16.1%   17.9%   17.2%   19.3%   15.7%   17.5%