May 05, 2020 5:08 PM
COVID-19 Response
First Quarter Highlights
“In response to the COVID-19 pandemic, we’ve taken decisive actions to ensure the safety of our employees and to protect our business by minimizing operational disruptions and mitigating the financial impact through prudent cost and capex reductions,” said
First Quarter 2020 Operating Results
The Company reported a loss from continuing operations for the three months ended
Net sales comprised the following for the periods presented:
|
Three Months Ended |
||||||||||
Net sales (in millions) |
|
|
|
|
|
||||||
High Purity Cellulose |
$ |
250 |
|
|
$ |
304 |
|
|
$ |
286 |
|
Forest Products |
82 |
|
|
77 |
|
|
75 |
|
|||
Paperboard |
50 |
|
|
49 |
|
|
47 |
|
|||
Pulp & Newsprint |
47 |
|
|
54 |
|
|
51 |
|
|||
Eliminations |
(19 |
) |
|
(16 |
) |
|
(18 |
) |
|||
Total net sales |
$ |
410 |
|
|
$ |
468 |
|
|
$ |
441 |
|
Operating results comprised the following for the periods presented:
|
Three Months Ended |
||||||||||
Operating income (loss) (in millions) |
|
|
|
|
|
||||||
High Purity Cellulose |
$ |
(5 |
) |
|
$ |
(4 |
) |
|
$ |
(3 |
) |
Forest Products |
(1 |
) |
|
(4 |
) |
|
(5 |
) |
|||
Paperboard |
5 |
|
|
3 |
|
|
(2 |
) |
|||
Pulp & Newsprint |
(6 |
) |
|
(2 |
) |
|
2 |
|
|||
Corporate |
(5 |
) |
|
(25 |
) |
|
(19 |
) |
|||
Total operating income (loss) |
$ |
(12 |
) |
|
$ |
(32 |
) |
|
$ |
(28 |
) |
High Purity Cellulose
For the three-month period ended
Compared to the fourth quarter of 2019, operating income declined
Forest Products
The operating loss for the three-months ended
Compared to the fourth quarter of 2019, the operating loss improved by
Paperboard
Operating income improved
Compared to the fourth quarter of 2019, operating income improved
Pulp & Newsprint
Operating income for the three months ended
Compared to the fourth quarter of 2019, the operating loss was
Corporate
The operating loss for the three months ended
Compared to the fourth quarter of 2019, the operating loss improved by
Non-Operating Expenses
Interest expense for the three months ended
Income Taxes
The first quarter 2020 effective tax rate from continuing operations was a benefit of 6 percent. The 2020 effective tax rate differs from the federal statutory rate of 21 percent primarily due to nondeductible interest expense in the
The first quarter 2019 effective tax rate from continuing operations was a benefit of 29 percent. The effective tax rate differs from the federal statutory rate of 21 percent primarily due to nondeductible interest expense in the
Cash Flows & Liquidity
For the three months ended
For the three months ended
For the three months ended
The Company ended the period with
The Company remains well within compliance with it first quarter covenants, including a Net Secured Leverage Ratio of 4.1 times EBITDA compared to a covenant of less than 5.4 times and an Interest Coverage Ratio of 2.2 times compared to a covenant 1.75 times.
"Improved operational reliability and reduced costs in High Purity Cellulose along with stronger lumber prices and lower input costs in paperboard helped drive improved year-over-year EBITDA," said Boynton. "Unfortunately, the positive momentum gained in the first quarter was disrupted by the outbreak of COVID-19. The Company maintains good liquidity to manage the business and is proactively engaged in discussions with our banks to manage impacts from the pandemic.”
Market Assessment
A full year outlook for each of the Company’s segments is difficult to predict based on the current economic conditions caused by the COVID-19 pandemic and the lack of visibility around the timing and trajectory of the economic recovery. The Company is providing its best assessment of each business in this environment.
High Purity Cellulose
In the face of the COVID-19 pandemic, the Company has experienced modest impact to overall demand for its cellulose specialties products. Strength in food and pharmaceutical end-markets is mostly offsetting weakness in the automotive and certain industrial segments. To date, while acetate tow demand has also remained stable and in-line with Company expectations, customers are beginning to experience weakness in acetate industrial and textile applications. The Company believes the stability of this demand is driven by its diversified end-markets and customers’ focus on security of supply. Volumes and prices for cellulose specialties products currently remain in line with earlier forecasts with contracted and agreed upon volumes expected to be down 7 to 8 percent, or 11 to 12 percent after giving effect to the anticipated impact of sales timing; contracted cellulose specialties prices are expected to increase, approximately 2 percent, year-over-year based on contracted prices before giving effect to any currency changes. However, the Company remains cautious regarding demand expectations for the balance of 2020 as the full impact of COVID-19 on its demand remains undetermined. For its commodity HPC products, the Company has realized significant pricing momentum in absorbent materials (fluff pulp) markets with strong demand globally and expects these prices to maintain or improve for the balance of the year. However, viscose pulp markets remain extremely weak as the
In regard to costs, wood and commodity chemical prices have declined from prior year levels. However, future input prices and availability of chemicals are difficult to predict due to the current unprecedented economic conditions. The Company is seeing increasing pressure on certain chemical and transportation costs. Operations at all four high purity cellulose mills are expected to run at normal levels into the future, although the timing of annual planned maintenance outages is being modified for the safety of employees and contractors. If viscose prices continue to decline, to the extent possible, the Company plans to shift future production away from viscose pulp to fluff and paper grade pulps to maximize profitability.
Forest Products
By late March, lumber sales prices had fallen 35 percent below the prior six-week levels due to buyer reaction to the potential impact of COVID-19. Trade analysts estimate nearly 25 percent of North American lumber capacity had been removed in this same time period, supporting a lift in prices of 15 percent by mid-April.
As announced in January by the
Paperboard
COVID-19 has had limited impact on Paperboard sales and profitability has benefited from lower input costs. While there are areas of consumer-based end markets that have shown weakness, packaging markets have been generally resilient and have offset volume in these markets, albeit with some mix value trade-off. The Company expects to operate the paperboard assets at normal levels going forward.
Pulp & Newsprint
Overall, the Company is experiencing positive pricing momentum for its high yield pulp products with weakness in
Demand for newsprint products has declined significantly, an estimated 12 percent from prior year and accelerating into April. Overall, sales prices and volumes have declined, while input costs have remained stable. The Company intends to manage its production based on demand to maximize profitability and optimize cash flows until demand stabilizes or as supply exits the market.
Conclusion
"In the first quarter, we experienced minimal impact to the Company related to COVID-19 partially due to the diversity and resiliency of our business and the value we bring to our customers. The outlook for the balance of the year is far from certain and, as a result, we have taken and will take the actions necessary to both protect our employees and assets and mitigate the potential financial consequences to the Company. We will carefully assess the changing market conditions and will put these additional actions in place as necessary. Further, we will remain focused on improving operations, lowering costs, and developing new products to drive profitability and cash flow from our businesses as market conditions return to normal."
Conference Call Information
Investors may listen to the conference call by dialing 877-407-8293, no passcode required. For international parties, dial 201-689-8349. A replay of the teleconference will be available one hour after the call ends until
About
Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier Advanced Materials’ future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Report on Form 10-K and our other filings and submissions to the
Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in our filings with the
Non-GAAP Financial Measures
This earnings release and the accompanying schedules contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted free cash flows, adjusted operating income, adjusted net income and adjusted net debt. These non-GAAP measures are reconciled to each of their respective most directly comparable GAAP financial measures beginning on Schedule D of this earnings release. We believe these non-GAAP measures provide useful information to our board of directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We do not consider these non-GAAP measures an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they may exclude significant expenses and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expenses and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management provides reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures. Non-GAAP financial measures should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company.
Condensed Consolidated Statements of Income (Loss)
(millions of dollars, except per share information) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
|
$ |
410 |
|
|
$ |
468 |
|
|
$ |
441 |
|
Cost of Sales |
(399 |
) |
|
(456 |
) |
|
(433 |
) |
|||
Gross Margin |
11 |
|
|
12 |
|
|
8 |
|
|||
Selling, general & administrative expenses |
(20 |
) |
|
(18 |
) |
|
(28 |
) |
|||
Duties |
(6 |
) |
|
(7 |
) |
|
(5 |
) |
|||
Foreign exchange gains (losses) |
6 |
|
|
— |
|
|
(1 |
) |
|||
Other operating income (expense), net |
(2 |
) |
|
(19 |
) |
|
(2 |
) |
|||
Operating Income (Loss) |
(12 |
) |
|
(32 |
) |
|
(28 |
) |
|||
Interest expense |
(15 |
) |
|
(18 |
) |
|
(13 |
) |
|||
Interest income and other, net |
1 |
|
|
(11 |
) |
|
2 |
|
|||
Income (Loss) From Continuing Operations Before Income Taxes |
(27 |
) |
|
(61 |
) |
|
(39 |
) |
|||
Income tax benefit (expense) |
2 |
|
|
4 |
|
|
11 |
|
|||
Income (Loss) from Continuing Operations |
$ |
(25 |
) |
|
$ |
(57 |
) |
|
$ |
(28 |
) |
Income (loss) from discontinued operations, net of taxes |
1 |
|
|
86 |
|
|
6 |
|
|||
Net Income (Loss) Attributable to the Company |
(24 |
) |
|
29 |
|
|
(22 |
) |
|||
Mandatory convertible stock dividends |
— |
|
|
— |
|
|
(3 |
) |
|||
Net Income (Loss) Available to Common Stockholders |
$ |
(24 |
) |
|
$ |
29 |
|
|
$ |
(25 |
) |
|
|
|
|
|
|
||||||
Basic Earnings Per Common Share: |
|
|
|
|
|||||||
Income (loss) from continuing operations |
$ |
(0.39 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.64 |
) |
Income from discontinued operations |
0.01 |
|
|
1.36 |
|
|
0.12 |
|
|||
Net income (loss) per common share - Basic |
$ |
(0.38 |
) |
|
$ |
0.45 |
|
|
$ |
(0.52 |
) |
|
|
|
|
|
|
||||||
Diluted Earnings Per Common Share: |
|
|
|
|
|||||||
Income (loss) from continuing operations |
$ |
(0.39 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.64 |
) |
Income from discontinued operations |
0.01 |
|
|
1.36 |
|
|
0.12 |
|
|||
Net income (loss) per common share - Diluted |
$ |
(0.38 |
) |
|
$ |
0.45 |
|
|
$ |
(0.52 |
) |
|
|
|
|
|
|
||||||
Shares Used for Determining: |
|
|
|
|
|
||||||
Basic EPS |
62,982,735 |
|
|
62,975,537 |
|
|
49,986,272 |
|
|||
Diluted EPS |
62,982,735 |
62,975,537 |
49,986,272 |
||||||||
A |
Condensed Consolidated Balance Sheets
(millions of dollars) |
|||||||
|
|
|
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
43 |
|
|
$ |
64 |
|
Other current assets |
549 |
|
|
510 |
|
||
Property, plant and equipment, net |
1,284 |
|
|
1,316 |
|
||
Other assets |
575 |
|
|
590 |
|
||
|
$ |
2,451 |
|
|
$ |
2,480 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current maturities of long-term debt |
$ |
12 |
|
|
$ |
19 |
|
Other current liabilities |
301 |
|
|
267 |
|
||
Long-term debt and finance lease obligations |
1,063 |
|
|
1,063 |
|
||
Non-current environmental liabilities |
159 |
|
|
160 |
|
||
Other non-current liabilities |
276 |
|
|
288 |
|
||
Total stockholders’ equity |
640 |
|
|
683 |
|
||
|
$ |
2,451 |
|
|
$ |
2,480 |
|
B |
Condensed Consolidated Statements of Cash Flows
(millions of dollars) |
|||||||
|
Three Months Ended |
||||||
|
|
|
|
||||
Operating Activities: |
|
|
|
||||
Net income (loss) |
$ |
(24 |
) |
|
$ |
(22 |
) |
Income from discontinued operations |
(1 |
) |
|
(6 |
) |
||
Adjustments: |
|
|
|
||||
Depreciation and amortization |
38 |
|
|
36 |
|
||
Other items to reconcile net income to cash provided by operating activities |
18 |
|
|
(2 |
) |
||
Changes in working capital and other assets and liabilities |
(44 |
) |
|
(37 |
) |
||
Cash provided by (used for) operating activities- continuing operations |
(13 |
) |
|
(31 |
) |
||
Cash provided by (used for) operating activities- discontinued operations |
— |
|
|
4 |
|
||
Cash Provided by (Used for) Operating Activities |
(13 |
) |
|
(27 |
) |
||
|
|
|
|
||||
Investing Activities: |
|
|
|
||||
Capital expenditures |
(13 |
) |
|
(31 |
) |
||
Cash provided by (used for) investing activities-continuing operations |
(13 |
) |
|
(31 |
) |
||
Cash provided by (used for) investing activities-discontinued operations |
— |
|
|
(1 |
) |
||
Cash Provided by (Used for) Investing Activities |
(13 |
) |
|
(31 |
) |
||
|
|
|
|
||||
Financing Activities: |
|
|
|
||||
Changes in debt |
6 |
|
|
33 |
|
||
Dividends paid |
— |
|
|
(9 |
) |
||
Common stock repurchased, net of issuances |
— |
|
|
(6 |
) |
||
Cash provided by (used for) financing activities-continuing operations |
5 |
|
|
18 |
|
||
Cash provided by (used for) financing activities-discontinued operations |
— |
|
|
— |
|
||
Cash Provided by (Used for) Financing Activities |
5 |
|
|
18 |
|
||
|
|
|
|
||||
Cash and Cash Equivalents: |
|
|
|
||||
Change in cash and cash equivalents |
(20 |
) |
|
(40 |
) |
||
Net effect of foreign exchange on cash and cash equivalents |
(1 |
) |
|
(1 |
) |
||
Balance, beginning of year |
64 |
|
|
109 |
|
||
Balance, end of period |
$ |
43 |
$ |
68 |
|||
C |
Sales Volumes and Average Prices
|
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Average Sales Prices: |
|
|
|
|
|
||||||
High Purity Cellulose ($ per metric ton): |
|
|
|
|
|
||||||
Cellulose Specialties |
$ |
1,306 |
|
|
$ |
1,314 |
|
|
$ |
1,284 |
|
Commodity Products |
$ |
590 |
|
|
$ |
619 |
|
|
$ |
847 |
|
Forest Products ($ per thousand board feet): |
|
|
|
|
|
||||||
Lumber |
$ |
407 |
|
|
$ |
383 |
|
|
$ |
389 |
|
Paperboard ($ per metric ton): |
|
|
|
|
|
||||||
Paperboard |
$ |
1,107 |
|
|
$ |
1,098 |
|
|
$ |
1,102 |
|
Pulp & Newsprint ($ per metric ton): |
|
|
|
|
|
||||||
Pulp |
$ |
463 |
|
|
$ |
440 |
|
|
$ |
581 |
|
Newsprint |
$ |
417 |
|
|
$ |
473 |
|
|
$ |
594 |
|
|
|
|
|
|
|
||||||
Sales Volumes: |
|
|
|
|
|
||||||
High Purity Cellulose (thousands of metric tons): |
|
|
|
|
|
||||||
Cellulose Specialties |
123 |
|
|
153 |
|
|
150 |
|
|||
Commodity Products |
113 |
|
|
132 |
|
|
87 |
|
|||
Forest Products (millions of board feet): |
|
|
|
|
|
||||||
Lumber |
149 |
|
|
155 |
|
|
147 |
|
|||
Paperboard (thousands of metric tons): |
|
|
|
|
|
||||||
Paperboard |
46 |
|
|
44 |
|
|
43 |
|
|||
Pulp & Newsprint (thousands of metric tons): |
|
|
|
|
|
||||||
Pulp |
52 |
|
|
61 |
|
|
37 |
|
|||
Newsprint |
40 |
|
|
44 |
|
|
38 |
|
|||
D |
Reconciliation of Non-GAAP Measures
|
|||||||||||||||||||||||
EBITDA by Segment (a): |
Three Months Ended |
||||||||||||||||||||||
Forest
|
|
Paperboard |
|
Pulp &
|
|
High Purity
|
|
Corporate
|
|
Total |
|||||||||||||
Income (loss) from continuing operations |
$ |
(1 |
) |
|
$ |
5 |
|
|
$ |
(5 |
) |
|
$ |
(5 |
) |
|
$ |
(19 |
) |
|
$ |
(25 |
) |
Depreciation and amortization |
2 |
|
|
4 |
|
|
1 |
|
|
30 |
|
|
— |
|
|
38 |
|
||||||
Interest expense, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
15 |
|
|
15 |
|
|||||||
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
(2 |
) |
|
(2 |
) |
|||||||
EBITDA |
$ |
1 |
|
|
$ |
9 |
|
|
$ |
(4 |
) |
|
$ |
26 |
|
|
$ |
(5 |
) |
|
$ |
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
Forest
|
|
Paperboard |
|
Pulp &
|
|
High Purity
|
|
Corporate
|
|
Total |
||||||||||||
Income (loss) from continuing operations |
$ |
(5 |
) |
|
$ |
(2 |
) |
|
$ |
4 |
|
|
$ |
(4 |
) |
|
$ |
(21 |
) |
|
$ |
(28 |
) |
Depreciation and amortization |
2 |
|
|
4 |
|
|
1 |
|
|
29 |
|
|
— |
|
|
36 |
|
||||||
Interest expense, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
13 |
|
||||||
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11 |
) |
|
(11 |
) |
||||||
EBITDA |
$ |
(3 |
) |
|
$ |
2 |
|
|
$ |
5 |
|
|
$ |
25 |
|
|
$ |
(19 |
) |
|
$ |
10 |
|
(a) EBITDA is defined as income (loss) from continuing operations before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Chief Operating Decision Maker, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. |
|||||||||||||||||||||||
E |
Reconciliation of Non-GAAP Measures (Continued)
(millions of dollars, except per share information) |
|||||||
|
Three Months Ended |
||||||
Adjusted Free Cash Flows (a): |
|
|
|
||||
Cash provided by operating activities of continuing operations |
$ |
(13 |
) |
|
$ |
(31 |
) |
Capital expenditures |
(10 |
) |
|
(27 |
) |
||
Adjusted Free Cash Flows |
$ |
(23 |
) |
|
$ |
(58 |
) |
(a) Adjusted free cash flows is defined as cash provided by (used for) operating activities from continuing operations 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 (a): |
|
|
|
||||
Current maturities of long-term debt |
$ |
12 |
|
|
$ |
19 |
|
Short-term factoring facility - |
6 |
|
|
— |
|
||
Long-term debt & finance lease obligation |
1,063 |
|
|
1,063 |
|
||
Total debt |
1,081 |
|
|
1,082 |
|
||
Original issue discount, premiums and debt issuance costs |
6 |
|
|
6 |
|
||
Cash and cash equivalents |
(43 |
) |
|
(64 |
) |
||
Adjusted Net Debt |
$ |
1,044 |
|
|
$ |
1,024 |
|
(a) Adjusted net debt is defined as the amount of debt after the consideration of the original issue discount, premiums, 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. |
|||||||
F |
Reconciliation of Non-GAAP Measures (Continued)
(millions of dollars, except per share information) |
|||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income (Loss) and Income (Loss) from Continuing Operations (a): |
$ |
|
Per
|
|
$ |
|
Per
|
|
$ |
|
Per
|
||||||||||||
Operating Income (Loss) |
$ |
(12 |
) |
|
|
|
$ |
(32 |
) |
|
|
|
$ |
(28 |
) |
|
|
||||||
Severance expense |
— |
|
|
|
|
1 |
|
|
|
|
— |
|
|
|
|||||||||
Loan amendment costs |
— |
|
|
|
|
1 |
|
|
|
|
— |
|
|
|
|||||||||
Adjusted Operating Income (Loss) |
$ |
(12 |
) |
|
|
|
$ |
(30 |
) |
|
|
|
$ |
(28 |
) |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) from Continuing Operations |
$ |
(25 |
) |
|
$ |
(0.39 |
) |
|
$ |
(57 |
) |
|
$ |
(0.91 |
) |
|
$ |
(28 |
) |
|
$ |
(0.64 |
) |
Pension settlement loss |
— |
|
|
— |
|
|
9 |
|
|
0.14 |
|
|
— |
|
|
— |
|
||||||
Severance expense |
— |
|
|
— |
|
|
1 |
|
|
0.02 |
|
|
— |
|
|
— |
|
||||||
Loan amendment costs |
— |
|
|
— |
|
|
1 |
|
|
0.01 |
|
|
— |
|
|
— |
|
||||||
Tax effects of adjustments |
— |
|
|
— |
|
|
(3 |
) |
|
(0.04 |
) |
|
— |
|
|
— |
|
||||||
Adjusted Income (Loss) from Continuing Operations |
$ |
(25 |
) |
|
$ |
(0.39 |
) |
|
$ |
(49 |
) |
|
$ |
(0.78 |
) |
|
$ |
(28 |
) |
|
$ |
(0.64 |
) |
(a) Adjusted operating income (loss) is defined as operating income adjusted for non-recurring costs related to the Company’s loan amendment costs and severance expense. Adjusted income (loss) from continuing operations is defined as income (loss) from continuing operations adjusted net of tax for non-recurring costs related to the Company’s loan amendment costs, severance expense and loss on pension settlement. Adjusted operating income (loss) and income (loss) from continuing operations are not necessarily indicative of results that may be generated in future periods. |
|||||||||||||||||||||||
G |
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