0001628280-20-002209.txt : 20200225 0001628280-20-002209.hdr.sgml : 20200225 20200225163633 ACCESSION NUMBER: 0001628280-20-002209 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20200225 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200225 DATE AS OF CHANGE: 20200225 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: 20651248 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 ldl2019q48-k.htm 8-K Document
false0000060977 0000060977 2020-02-25 2020-02-25


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): February 25, 2020
 
  
LYDALL INC /DE/
(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))
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
LDL
New York Stock Exchange

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. ☐





Section 2 – Financial Information
 
Item 2.02. Results of Operations and Financial Condition
 
On February 25, 2020, Lydall, Inc. (the “Company”) issued a press release setting forth the Company’s financial results for the fourth quarter and year ended December 31, 2019. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
 
Section 9 - Financial Statements and Exhibits
 
Item 9.01. Financial Statements and Exhibits
 
(d) Exhibits.
 
The following exhibit is furnished with this report, as set forth below:
 





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.
 
 
 
February 25, 2020
By:
/s/ Randall B. Gonzales
 
  
Randall B. Gonzales
Executive Vice President and
Chief Financial Officer
 





EXHIBIT INDEX
 
 



 EX-99.1 2 ex-991ldl2019q4earning.htm EXHIBIT 99.1 Exhibit
Lydall, Inc
Telephone 860-646-1233
One Colonial Road
Facsimile 860-646-4917
Manchester, CT 06042-2378
www.lydall.com

image0a45.gif
 
NewsRelease
LYDALL ANNOUNCES FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019

MANCHESTER, CT - February 25, 2020 - LYDALL, INC. (NYSE: LDL) today announced financial results for the fourth quarter and year ended December 31, 2019.

HIGHLIGHTS - Q4 2019 vs. Q4 2018

GAAP Financials

•
Net sales of $193.3 million, down 7.9%
•
Gross margin of 14.5%, down 540 basis points
•
Operating loss of ($68.5) million compared to operating income of $13.2 million
–
Goodwill and other long-lived asset impairment charges of $64.2 million, or ($3.71) per share
–
CEO transition and employee severance expenses of $4.2 million, or ($0.19) per share
•
Loss per share of ($4.07), compared to earnings per share of $0.42
•
Cash generated from operations of $23.9 million, compared to $30.2 million

Non-GAAP Financial Measures*

•
Organic sales decline of (8.3%)
•
Adjusted gross margin of 15.1%, down 520 basis points
•
Adjusted operating margin down 680 basis points
•
Adjusted loss of ($0.17) per share, compared to adjusted earnings of $0.52 per share
•
Adjusted EBITDA of $12.4 million, compared to $25.4 million

*Reconciliations of the Non-GAAP financial measures to Lydall’s GAAP financial results are included at the end of this release. See also “Use of Non-GAAP Financial Measures” below.

Randall B. Gonzales, Executive Vice President and Chief Financial Officer, stated, "Fourth quarter results were disappointing, and included non-cash impairment charges of $64.2 million principally due to the under-performance of the Interface business in our Performance Materials segment.

"Organic sales declined 8.3% on further weakening of demand for fiber based gasket solutions in the Interface business, lower demand for industrial filtration products in China and Europe, and lower domestic automotive volumes attributable to the General Motors strike.

"Adjusted EBITDA was negatively impacted by manufacturing inefficiencies in the Thermal Acoustical Solutions segment and unfavorable mix and lower cost absorption in the Performance Materials segment. Despite lower sales volumes, the Technical Nonwovens segment reported improved adjusted EBITDA margin in the quarter compared to the fourth quarter of 2018.

1


"Overall, we were pleased with our cash flow from operations of $87 million in 2019, enabling us to pay down $52 million of debt."

Q4 2019 Results

Net sales decreased by $16.7 million, or 7.9%, to $193.3 million, compared to $209.9 million in the fourth quarter of 2018 primarily from lower sales in the Performance Materials ("PM") and the Technical Nonwovens ("TNW") business segments. On an organic basis, PM segment's net sales declined by 15.1% primarily from lower sealing and advanced solutions product sales. Weak demand for industrial filtration products in China and Europe, as well as lower sales of automotive rolled goods to the Thermal Acoustical Solutions ("TAS") segment, contributed to organic sales compression of 8.4% in the TNW business segment. Organic sales decline was 3.1% in the TAS segment predominantly due to the General Motors strike in October that negatively impacted net sales by approximately $3.2 million in the quarter.

Gross margin was 14.5%, compared to 19.9% in the fourth quarter of 2018, and on an adjusted basis, declined 520 basis points driven primarily by declines in the TAS and PM segments with relatively flat TNW gross margin. The TAS segment gross margin decline was due to manufacturing inefficiencies which drove increased labor, outsourcing and logistics costs at the Company's North American and European automotive facilities, as well as the unfavorable mix of lower acoustical parts sales. Lower gross margin from the PM segment was primarily driven by unfavorable product mix, increased overhead costs and unfavorable cost absorption on lower production.

Operating loss was ($68.5) million, compared to operating income of $13.2 in the fourth quarter of 2018. During the fourth quarter, the Company recorded non-cash impairment charges of $64.2 million, principally from goodwill impairment as the PM segment's book value exceeded its fair value. On an adjusted basis, operating income was $0.3 million compared to $14.7 million in the fourth quarter of 2018, and was lower due to reduced gross profit and incremental intangible assets amortization of $1.4 million. Adjusted EBITDA margin was 6.4%, compared to 12.1% in the fourth quarter of 2018.

Net loss was ($70.5) million, or ($4.07) per diluted share, compared to net income of $7.2 million, or $0.42 per diluted share in the fourth quarter of 2018. Adjusted loss per share were ($0.17) compared to adjusted earnings per share of $0.52 in the fourth quarter of 2018.

Full Year 2019 Results

The Company reported net sales of $837.4 million in 2019 compared to $785.9 million in 2018. Organic sales declined 1.6%, with reductions in the PM and TNW segments and modest growth in the TAS segment. Gross margin was 18.1% in 2019 compared to 19.4% in 2018. The impairment charges of $64.2 million led to an operating loss of ($38.8) million in 2019 compared to operating income of $49.2 million in 2018. Adjusted operating margin was 3.8% in 2019 compared to 7.3% in 2018. Diluted loss per share in 2019 was ($4.08), and included $3.72 per share for the impairment charges and $0.86 per share for the pension settlement expenses, compared to diluted earnings of $2.02 per share in 2018. Adjusted earnings per share were $0.72 in 2019 compared to $2.43 in 2018. Adjusted EBITDA was $80.4 million in 2019 compared to $90.2 million in 2018.

Cash provided by operating activities was $86.9 million in 2019 compared to $44.7 million in 2018. During 2019, the Company paid down $52.2 million in debt.

Liquidity

Cash was $51.3 million at December 30, 2019, compared to $49.2 million at December 31, 2018. Net cash provided by operations was $23.9 million in the fourth quarter of 2019 compared to $30.2 million in the fourth quarter of 2018, and $86.9 million in 2019 compared to $44.7 million in 2018. In the fourth quarter of 2019, cash from operations was positively impacted by the factoring of select trade accounts receivable to a banking institution of approximately $15

2


million that would have normally been collected from customers in 2020. There was approximately $122 million of availability under the Company's credit facility at December 31, 2019.

Mr. Gonzales, concluded, "We completed a reduction-in-force program in the fourth quarter of 2019 that is expected to deliver approximately $4.5 million in savings in 2020. The Company remains focused on cash flow generation through corporate treasury activities and working capital optimization in our segments. We are now benefiting from a cross-currency swap to take advantage of interest rate differentials between the U.S. Dollar and Euro, which is expected to save the Company $1.3 million in interest expense in 2020."

2020 Outlook

Sara A. Greenstein, President and Chief Executive Officer, stated, "Early in my tenure, I have visited our major operations and am encouraged by the strong relationships with our customers, the quality of products we manufacture and the passion of our global workforce.

"While we have seen some recent stabilization in the end markets for Interface sealing products, weaker demand in European industrial markets is impacting all of our segments. In China, we are closely monitoring the impact of the coronavirus on the Company's businesses. We expect our first quarter and full year results will be negatively impacted, but are uncertain with regards to the severity and duration of the impact. Despite these headwinds, we expect first quarter 2020 adjusted EBITDA will improve sequentially from fourth quarter 2019 adjusted EBITDA results.

"We have started a strategic review, which we expect to conclude by the end of the second quarter of 2020, to evaluate our portfolio and end markets. The objective is to prioritize strategic actions that optimize capital allocation and drive long-term shareholder value. As part of the process, we are identifying specific near-term opportunities for improvement in commercial performance, cost structure and working capital."

Conference Call

Lydall will host a conference call on February 26, 2020, at 10:00 a.m. Eastern Time to discuss results for its fourth quarter and year ended December 31, 2019 as well as general matters related to its businesses and markets. The call may be accessed at (888) 338-7142, from within the U.S., or (412) 902-4181, internationally. In addition, the audio of the call will be webcast live and will be available for replay on the Company's website at www.lydall.com in the Investor Relations' Section. A recording of the call will be available from 12:00 p.m. Eastern Time on February 26, 2020 through 11:59 p.m. Eastern Time on March 4, 2020 at (877) 344-7529, from within the U.S., or (412) 317-0088, internationally, pass code 10139279. Additional information, including a presentation outlining key financial data supporting the conference call, can be found on the Company’s website www.lydall.com under the Investors Relations’ section.

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including organic sales, adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted earnings per share, consolidated and segment EBITDA and adjusted EBITDA. The attached financial tables address the non-GAAP measures used in this press release and reconcile non-GAAP measures to the most directly comparable GAAP measures. The Company believes that the use of non-GAAP measures helps investors gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts. Adjusted segment EBITDA is used as a basis to internally evaluate the financial performance of the Company's segments because the Company believes it reflects current core operating performance and provides an indicator of the segment's ability to generate cash. Non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

3


Cautionary Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact, including statements about the outlook for 2020, expected savings from a reduction-in-force program, the expected impact of the coronavirus on the Company's businesses, and optimizing profit and cash flow generation may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future operating and financial performance of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future operating or financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties which include, among others, worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, challenges encountered by the Company in the execution of restructuring programs, challenges in integrating acquired companies, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, disruptions in the Company's businesses from the coronavirus, foreign currency volatility, swings in consumer confidence and spending, unstable economic growth, raw material pricing and supply issues, fluctuations in unemployment rates, retention of key employees and the successful execution of the CEO transition, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Lydall’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended December 31, 2019.

These forward-looking statements speak only as of the date of this press release, and Lydall does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.

Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets. For more information, visit http://www.lydall.com. image51.jpg is a registered trademark of Lydall, Inc. in the U.S. and other countries.



For further information:
Brendan Moynihan
Vice President, Financial Planning and Investor Relations
Telephone 860-646-1233
Facsimile 860-646-4917
info@lydall.com
www.lydall.com
-More-

4


Summary of Operations
 
 
 
 
 
 
 
In thousands except per share data
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
Quarters Ended
 
Years Ended
 
December 31,
 
December 31,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net sales
$
193,288

 
$
209,938

 
$
837,398

 
$
785,897

Cost of sales
165,185

 
168,066

 
685,608

 
633,252

Gross profit
28,103

 
41,872

 
151,790

 
152,645

 
 
 
 
 
 
 
 
Selling, product development and administrative expenses
32,398

 
28,702

 
126,409

 
103,457

Impairment of goodwill and other long-lived assets
64,206

 
—

 
64,206

 
—

Operating (loss) income
(68,501
)
 
13,170

 
(38,825
)
 
49,188

 
 
 
 
 
 
 
 
Employee benefit plans settlement (income) expense
(454
)
 
—

 
25,247

 
—

Interest expense
3,237

 
3,595

 
14,262

 
6,212

Other expense (income), net
102

 
(196
)
 
(1,257
)
 
(289
)
(Loss) income before income taxes
(71,386
)
 
9,771

 
(77,077
)
 
43,265

 
 
 
 
 
 
 
 
Income tax (benefit) expense
(897
)
 
2,599

 
(6,416
)
 
8,453

Income from equity method investment
(28
)
 
(12
)
 
(148
)
 
(132
)
Net (loss) income
$
(70,461
)
 
$
7,184

 
$
(70,513
)
 
$
34,944

 
 
 
 
 
 
 
 
(Loss) earnings per share:
 
 
 
 
 
 
 
   Basic
$
(4.07
)
 
$
0.42

 
$
(4.08
)
 
$
2.03

   Diluted
$
(4.07
)
 
$
0.42

 
$
(4.08
)
 
$
2.02

 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding
17,293

 
17,239

 
17,271

 
17,204

Weighted average number of common shares and equivalents outstanding
17,293

 
17,302

 
17,271

 
17,330





5


Summary of Segment Information
 
 
 
 
 
 
 
 
and Corporate Office Expenses
 
 
 
 
 
 
 
 
In thousands
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Quarters Ended
 
Years Ended
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Net Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Materials Segment (1)
 
$
55,798

 
$
65,570

 
$
245,480

 
$
169,217

Technical Nonwovens Segment (2),(3)
 
56,750

 
64,747

 
255,346

 
277,071

Thermal Acoustical Solutions
 
86,066

 
85,610

 
361,577

 
365,427

Eliminations and Other (3)
 
(5,326
)
 
(5,989
)
 
(25,005
)
 
(25,818
)
Consolidated Net Sales
 
$
193,288

 
$
209,938

 
$
837,398

 
$
785,897

 
 
 
 
 
 
 
 
 
Operating Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Materials Segment (1)
 
$
(65,278
)
 
$
5,096

 
$
(59,804
)
 
$
13,139

Technical Nonwovens Segment (2),(3)
 
3,152

 
3,928

 
22,895

 
21,323

Thermal Acoustical Solutions
 
1,720

 
8,728

 
23,590

 
38,085

Corporate Office Expenses
 
(8,095
)
 
(4,582
)
 
(25,506
)
 
(23,359
)
Consolidated Operating (Loss) Income
 
$
(68,501
)
 
$
13,170

 
$
(38,825
)
 
$
49,188


(1) The Performance Materials segment reports the results of Interface and PCC for the periods following the date of acquisitions of August 31, 2018 and July 12, 2018, respectively, and included $1.5 million and $12.7 million of incremental intangible assets amortization for the quarter and year ended December 31, 2019, respectively.

(2) The Technical Nonwovens segment reports the results of Geosol through the date of disposition of May 9, 2019.

(3) Included in the Technical Nonwovens segment and Eliminations and Other is $4.4 million and $5.1 million in intercompany sales to the Thermal Acoustical Solutions segment for the quarters ended December 31, 2019 and 2018, respectively, and $21.0 million and $22.2 million for the years ended December 31, 2019 and 2018, respectively.



6


Financial Position
 
 
 
 
In thousands except ratio data
 
 
 
 
(Unaudited)
 
 
 
 
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
 
Cash and cash equivalents
 
$
51,331

 
$
49,237

Working capital
 
$
153,739

 
$
195,732

Total debt
 
$
272,641

 
$
324,813

Stockholders' equity
 
$
318,420

 
$
369,275

Total capitalization
 
$
591,061

 
$
694,088

Total debt to total capitalization
 
46.1
%
 
46.8
%

Cash Flows
 
 
 
 
 
 
 
 
In thousands
 
Quarters Ended
 
Years Ended
(Unaudited)
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
23,898

 
$
30,241

 
$
86,862

 
$
44,739

Net cash used for investing activities
 
$
(8,613
)
 
$
(11,184
)
 
$
(32,385
)
 
$
(300,965
)
Net cash (used for) provided by financing activities
 
$
(13,697
)
 
$
(13,082
)
 
$
(51,927
)
 
$
247,476

Depreciation and amortization
 
$
12,318

 
$
10,720

 
$
49,000

 
$
33,162

Capital expenditures
 
$
(8,614
)
 
$
(11,200
)
 
$
(35,850
)
 
$
(31,291
)

Common Stock Data
 
 
 
 
 
 
Quarters Ended December 31,
 
 
2019
 
2018
 
 
 
 
 
High
 
$
25.84

 
$
44.03

Low
 
$
17.93

 
$
18.47

Close
 
$
20.52

 
$
20.31


During the fourth quarter of 2019, 9,283,443 shares of Lydall common stock (LDL) were traded on the New York Stock Exchange.



7


Non-GAAP Measures
In thousands except ratio and per share data
(Unaudited)

The following tables address the non-GAAP measures used in this press release and reconcile the non-GAAP measures to the most directly comparable GAAP measures:
 
 
Quarters Ended December 31,
 
Years Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net sales
 
$
193,288

 
$
209,938

 
$
837,398

 
$
785,897

Net sales, adjusted
 
$
193,288

 
$
209,938

 
$
837,398

 
$
785,897

 
 
 
 
 
 
 
 
 
Gross profit, as reported
 
$
28,103

 
$
41,872

 
$
151,790

 
$
152,645

TNW restructuring expenses
 
150

 
169

 
630

 
1,894

Inventory step-up purchase accounting adjustments
 
—

 
585

 
—

 
1,975

Reduction-in-force severance expenses
 
$
987

 
$
—

 
$
987

 
$
—

Gross profit, adjusted
 
$
29,240

 
$
42,626

 
$
153,407

 
$
156,514

 
 
 
 
 
 
 
 
 
Gross margin, as reported
 
14.5
 %
 
19.9
%
 
18.1
 %
 
19.4
%
Gross margin, adjusted
 
15.1
 %
 
20.3
%
 
18.3
 %
 
19.9
%
 
 
 
 
 
 
 
 
 
Operating (loss) income, as reported
 
$
(68,501
)
 
$
13,170

 
$
(38,825
)
 
$
49,188

Strategic initiatives expenses
 
210

 
594

 
1,456

 
3,631

TNW restructuring expenses
 
177

 
358

 
767

 
2,296

Inventory step-up purchase accounting adjustments
 
—

 
585

 
—

 
1,975

Impairment of long-lived assets
 
64,206

 
—

 
64,206

 
—

CEO transition expenses
 
2,259

 
—

 
2,259

 
—

Reduction-in-force severance expenses
 
1,943

 
—

 
1,943

 
—

Operating income, adjusted
 
$
294

 
$
14,707

 
$
31,806

 
$
57,090

 
 
 
 
 
 
 
 
 
Operating margin, as reported
 
(35.4
)%
 
6.3
%
 
(4.6
)%
 
6.3
%
Operating margin, adjusted
 
0.2
 %
 
7.0
%
 
3.8
 %
 
7.3
%
 
 
 
 
 
 
 
 
 
(Loss) earnings per share, as reported
 
$
(4.07
)
 
$
0.42

 
$
(4.08
)
 
$
2.02

Strategic initiatives expenses
 
$
0.01

 
$
0.03

 
$
0.09

 
$
0.21

TNW restructuring expenses
 
$
0.01

 
$
0.02

 
$
0.04

 
$
0.13

Inventory step-up purchase accounting adjustments
 
$
—

 
$
0.03

 
$
—

 
$
0.11

Impairment of long-lived assets
 
$
3.71

 
$
—

 
$
3.71

 
$
—

CEO transition expenses
 
$
0.13

 
$
—

 
$
0.13

 
$
—

Reduction-in-force severance expenses
 
$
0.11

 
$
—

 
$
0.11

 
$
—

Employee benefit plans settlement expenses
 
$
(0.03
)
 
$
—

 
$
1.46

 
$
—

Gain on sale from a divestiture
 
$
—

 
$
—

 
$
(0.08
)
 
$
—

Tax effect of above adjustments
 
$
(0.04
)
 
$
—

 
$
(0.66
)
 
$
(0.06
)
Discrete tax adjustments
 
$
—

 
$
0.02

 
$
—

 
$
0.02

Diluted (loss) earnings per share, adjusted
 
$
(0.17
)
 
$
0.52

 
$
0.72

 
$
2.43


This press release reports adjusted results for the quarters and years ended December 31, 2019 and 2018, which excludes strategic initiatives expenses, restructuring expenses in the Technical Nonwovens segment, purchase accounting adjustments related to inventory step-up in the Performance Materials segment, impairment charges in the Performance Materials segment, corporate office CEO transition expenses, reduction-in-force severance expenses, employee benefit plans settlement expenses (income), gain on sale from a divestiture and discrete tax adjustments.


8


CONSOLIDATED AND SEGMENT EBITDA/ADJUSTED EBITDA
In thousands except ratio data
(Unaudited)

The following tables report consolidated and segment earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA for the quarters and years ended December 31, 2019 and 2018. The Company uses segment operating income (loss) for the purpose of calculating segment EBITDA and adjusted EBITDA. Adjusted EBITDA excludes strategic initiatives expenses, restructuring expenses, non-cash impairment charges, purchase accounting adjustments related to inventory step-up, CEO transition expenses, reduction-in-force severance expenses, employee benefit plans settlement expenses (income) and gain on sale from a divestiture.
 
 
For the Quarter Ended December 31, 2019
 
 
Segments
 
 
 
 
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Total
 
Corporate Office
 
Consolidated Lydall
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
$
(70,461
)
Employee benefits plans settlement income
 
 
 
 
 
 
 
 
 
 
 
(454
)
Interest expense
 
 
 
 
 
 
 
 
 
 
 
3,237

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
(897
)
Other expense, net
 
 
 
 
 
 
 
 
 
 
 
102

Income from equity method investment
 
 
 
 
 
 
 
 
 
 
 
(28
)
Operating (loss) income
 
$
(65,278
)
 
$
3,152

 
$
1,720

 
$
(60,406
)
 
$
(8,095
)
 
$
(68,501
)
Depreciation and amortization
 
6,329

 
3,176

 
2,552

 
12,057

 
148

 
12,205

Employee benefits plans settlement income
 
—

 
—

 
—

 
—

 
(454
)
 
(454
)
Other expense, net
 
—

 
—

 
—

 
—

 
102

 
102

Income from equity method investment
 
—

 
(28
)
 
—

 
(28
)
 
—

 
(28
)
EBITDA
 
$
(58,949
)
 
$
6,356

 
$
4,272

 
$
(48,321
)
 
$
(7,595
)
 
$
(55,916
)
% of net sales
 
(105.6
)%
 
11.2
%
 
5.0
%
 
(24.3
)%
 
 
 
(28.9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic initiatives expenses
 
$
—

 
$
—

 
$
—

 
$
—

 
$
210

 
$
210

TNW restructuring expenses
 
$
—

 
$
177

 
$
—

 
$
177

 
$
—

 
$
177

Impairment of long-lived assets
 
64,206

 
—

 
—

 
64,206

 
—

 
64,206

CEO transition expenses
 
—

 
—

 
—

 
—

 
2,259

 
2,259

Reduction-in-force severance expenses
 
295

 
253

 
1,386

 
1,934

 
9

 
1,943

Employee benefit plans settlement income
 
—

 
—

 
—

 
—

 
(454
)
 
(454
)
EBITDA, adjusted
 
$
5,552

 
$
6,786

 
$
5,658

 
$
17,996

 
$
(5,571
)
 
$
12,425

% of net sales
 
10.0
 %
 
12.0
%
 
6.6
%
 
9.1
 %
 
 
 
6.4
 %

9


 
 
For the Quarter Ended December 31, 2018
 
 
Segments
 
 
 
 
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Total
 
Corporate Office
 
Consolidated Lydall
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
 
 
$
7,184

Interest expense
 
 
 
 
 
 
 
 
 
 
 
3,595

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
2,599

Other income, net
 
 
 
 
 
 
 
 
 
 
 
(196
)
Income from equity method investment
 
 
 
 
 
 
 
 
 
 
 
(12
)
Operating income (loss)
 
$
5,096

 
$
3,928

 
$
8,728

 
$
17,752

 
$
(4,582
)
 
$
13,170

Depreciation and amortization
 
4,634

 
3,309

 
2,369

 
10,312

 
175

 
10,487

Other income, net
 
—

 
—

 
—

 
—

 
(196
)
 
(196
)
Income from equity method investment
 
—

 
(12
)
 
—

 
(12
)
 
—

 
(12
)
EBITDA
 
$
9,730

 
$
7,249

 
$
11,097

 
$
28,076

 
$
(4,211
)
 
$
23,865

% of net sales
 
14.8
%
 
11.2
%
 
13.0
%
 
13.0
%
 
 
 
11.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic initiatives expenses
 
$
—

 
$
—

 
$
—

 
$
—

 
$
594

 
$
594

TNW restructuring expenses
 
—

 
358

 
—

 
358

 
—

 
358

Inventory step-up purchase accounting adjustments
 
585

 
—

 
—

 
585

 
—

 
585

EBITDA, adjusted
 
$
10,315

 
$
7,607

 
$
11,097

 
$
29,019

 
$
(3,617
)
 
$
25,402

% of net sales
 
15.7
%
 
11.7
%
 
13.0
%
 
13.4
%
 
 
 
12.1
%

 
 
For the Year Ended December 31, 2019
 
 
Segments
 
 
 
 
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Total
 
Corporate Office
 
Consolidated Lydall
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
$
(70,513
)
Employee benefit plans settlement expenses
 
 
 
 
 
 
 
 
 
 
 
25,247

Interest expense
 
 
 
 
 
 
 
 
 
 
 
14,262

Income tax benefit
 
 
 
 
 
 
 
 
 
 
 
(6,416
)
Other income, net
 
 
 
 
 
 
 
 
 
 
 
(1,257
)
Income from equity method investment
 
 
 
 
 
 
 
 
 
 
 
(148
)
Operating income (loss)
 
$
(59,804
)
 
$
22,895

 
$
23,590

 
$
(13,319
)
 
$
(25,506
)
 
$
(38,825
)
Depreciation and amortization
 
25,118

 
12,702

 
10,168

 
47,988

 
635

 
48,623

Employee benefit plans settlement expenses
 
—

 
—

 
—

 
—

 
25,247

 
25,247

Other income, net
 
—

 
—

 
—

 
—

 
(1,257
)
 
(1,257
)
Income from equity method investment
 
—

 
(148
)
 
—

 
(148
)
 
—

 
(148
)
EBITDA
 
$
(34,686
)
 
$
35,745

 
$
33,758

 
$
34,817

 
$
(48,861
)
 
$
(14,044
)
% of net sales
 
(14.1
)%
 
14.0
%
 
9.3
%
 
4.0
%
 
 
 
(1.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic initiatives expenses
 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,456

 
$
1,456

TNW restructuring expenses
 
—

 
767

 
—

 
767

 
—

 
767

Impairment of long-lived assets
 
64,206

 
—

 
—

 
64,206

 
—

 
64,206

CEO transition expenses
 
—

 
—

 
—

 
—

 
2,259

 
2,259

Reduction-in-force severance expenses
 
295

 
253

 
1,386

 
1,934

 
9

 
1,943

Employee benefit plans settlement expenses
 
—

 
—

 
—

 
—

 
25,247

 
25,247

Gain on sale from a divestiture
 
—

 
—

 
—

 
—

 
(1,459
)
 
(1,459
)
EBITDA, adjusted
 
$
29,815

 
$
36,765

 
$
35,144

 
$
101,724

 
$
(21,349
)
 
$
80,375

% of net sales
 
12.1
 %
 
14.4
%
 
9.7
%
 
11.8
%
 
 
 
9.6
 %


10


 
 
For the Year Ended December 31, 2018
 
 
Segments
 
 
 
 
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Total
 
Corporate Office
 
Consolidated Lydall
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
 
 
$
34,944

Interest expense
 
 
 
 
 
 
 
 
 
 
 
6,212

Income tax expense
 
 
 
 
 
 
 
 
 
 
 
8,453

Other income, net
 
 
 
 
 
 
 
 
 
 
 
(289
)
Income from equity method investment
 
 
 
 
 
 
 
 
 
 
 
(132
)
Operating income (loss)
 
$
13,139

 
$
21,323

 
$
38,085

 
$
72,547

 
$
(23,359
)
 
$
49,188

Depreciation and amortization
 
9,006

 
13,877

 
9,190

 
32,073

 
658

 
32,731

Other income, net
 
—

 
—

 
—

 
—

 
(289
)
 
(289
)
Income from equity method investment
 
—

 
(132
)
 
—

 
(132
)
 
—

 
(132
)
EBITDA
 
$
22,145

 
$
35,332

 
$
47,275

 
$
104,752

 
$
(22,412
)
 
$
82,340

% of net sales
 
13.1
%
 
12.8
%
 
12.9
%
 
12.9
%
 
 
 
10.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic initiatives expenses
 
$
233

 
$
—

 
$
—

 
$
233

 
$
3,398

 
$
3,631

TNW restructuring expenses
 
—

 
2,296

 
—

 
2,296

 
—

 
2,296

Inventory step-up purchase accounting adjustments
 
1,975

 
—

 
—

 
1,975

 
—

 
1,975

EBITDA, adjusted
 
$
24,353

 
$
37,628

 
$
47,275

 
$
109,256

 
$
(19,014
)
 
$
90,242

% of net sales
 
14.4
%
 
13.6
%
 
12.9
%
 
13.5
%
 
 
 
11.5
%




































11


Organic Sales
(Unaudited)
 
 
Quarter Ended December 31, 2019
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Consolidated
Sales growth, as reported
 
(14.9
)%
 
(12.4
)%
 
0.5
 %
 
(7.9
)%
   Acquisitions and divestitures
 
0.8
 %
 
(3.3
)%
 
—
 %
 
(0.7
)%
   Change in tooling sales
 
—
 %
 
—
 %
 
4.7
 %
 
1.9
 %
   Foreign currency translation
 
(0.6
)%
 
(0.7
)%
 
(1.1
)%
 
(0.8
)%
Organic sales growth
 
(15.1
)%
 
(8.4
)%
 
(3.1
)%
 
(8.3
)%
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2019
 
 
Performance
Materials
 
Technical
Nonwovens
 
Thermal Acoustical Solutions
 
Consolidated
Sales growth, as reported
 
45.1
 %
 
(7.8
)%
 
(1.1
)%
 
6.6
 %
   Acquisitions and divestitures
 
52.3
 %
 
(2.5
)%
 
—
 %
 
10.4
 %
   Change in tooling sales
 
0.1
 %
 
—
 %
 
(0.4
)%
 
(0.1
)%
   Foreign currency translation
 
(1.5
)%
 
(2.6
)%
 
(1.8
)%
 
(2.1
)%
Organic sales growth
 
(5.8
)%
 
(2.7
)%
 
1.1
 %
 
(1.6
)%

This press release provides information regarding organic sales change, defined as net sales change excluding (1) sales from acquired and divested businesses (2) the impact of foreign currency translation and (3) tooling sales. Management believes that the presentation of organic sales change is useful to investors because it enables them to assess, on a consistent basis, sales trends related to the Company selling products to customers, without the impact of foreign currency rate changes that are not under management's control and do not reflect the performance of the Company and management. Tooling sales are excluded because tooling revenue is not generated from selling the Company's products to customers, but rather is reimbursement from our customers for the design and production of tools used by the Company in our manufacturing processes. Tooling sales can be sporadic and may mask underlying business conditions and obscure business trends.

12

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Cover Page
Feb. 25, 2020
Cover page.  
Amendment Flag false
Entity Central Index Key 0000060977
Document Type 8-K
Document Period End Date Feb. 25, 2020
Entity Registrant Name LYDALL INC /DE/
Entity File Number 1-7665
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 06-0865505
Entity Address, Address Line One One Colonial Road
Entity Address, City or Town Manchester
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06042
City Area Code 860
Local Phone Number 646-1233
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol LDL
Security Exchange Name NYSE
Entity Emerging Growth Company false
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