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A. Schulman ends fiscal Q3 with increased debt of $203.9 million, cash of $110.8 million
By Lisa Kerner
Charlotte, N.C., July 2 – A. Schulman, Inc. continues to operate from a “strong financial position” that supports its “strategy of organic growth and bolt-on acquisitions,” said chief financial officer Joe Levanduski.
He made his comments during a conference call on Wednesday to discuss the company’s results for the third quarter of fiscal 2014.
“As of May 31, 2014, the company was in a net debt position of $203.9 million, compared with $81.8 million at the end of fiscal 2013,” said Levanduski. “We increased leverage to fund recent acquisitions, dividend payments, working capital needs and capital expenditures.”
A. Schulman’s net leverage is about 1.5 times.
The company reported cash and cash equivalents of $110.8 million at quarter-end. This compares to $134.1 million for the period ended Aug. 31, 2013.
Net income from continuing operations for the third quarter was $19.1 million, or $0.65 per diluted share.
Adjusted net income from continuing operations, excluding certain items, was $21.8 million, or $0.74 per diluted share, a 48% improvement over the prior-year quarter, according to the earnings news release.
During the three- and nine-month periods ended May 31, the company declared and paid quarterly cash dividends of $0.20 and $0.60 per common share, respectively, for a total of $5.9 million and $17.7 million, respectively.
“I am pleased with our excellent third-quarter financial results, which reflect continued demand in our key end markets as well as contributions from our recent acquisitions,” said chairman and chief executive officer Joseph Gingo.
“While our results are strong, we will continue to look for operational efficiencies, drive product mix improvement and seek acquisitions that expand our markets and provide profitable growth,” he said.
A. Schulman is an Akron, Ohio-based supplier of high-performance plastic compounds and resins.
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