Margin expansion continues; reaffirms full-year outlook
AKRON, Ohio–(BUSINESS WIRE)–Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products
for industrial, agricultural, automotive, commercial and consumer
markets, today announced results for the first quarter ended March 31,
2019.
First Quarter 2019 Business Highlights
-
GAAP income per diluted share from continuing operations was $0.19,
compared to $0.25 for the first quarter of 2018 -
Adjusted income per diluted share from continuing operations was
$0.23, compared to $0.24 for the first quarter of 2018 - Net sales decreased 8.8% compared to the first quarter of 2018
- Gross margin expanded 180 basis points to 32.7%
-
Generated cash from continuing operations of $5.3 million and free
cash flow of $2.4 million -
Company reaffirms full-year outlook of GAAP income per diluted share
from continuing operations estimated to be between $0.70 and $0.80 for
the full year 2019 and adjusted income per diluted share from
continuing operations estimated to be between $0.75 and $0.85 for the
full year 2019
“Our first quarter financial performance was in line with our
expectations as we continued to improve our operations and margins. We
continued to execute our Distribution Segment transformation and
delivered sales growth for the second consecutive quarter, despite one
less selling day compared to the first quarter of 2018. Net sales in our
Material Handling Segment decreased due to more normalized seed box
demand and continued decline in the Recreational Vehicle (RV) market.
Despite this, we expanded our enterprise gross profit margin by 180 bps
to 32.7% and adjusted operating income by 6.2%, demonstrating the impact
of our continuous improvement operating model,” said Dave Banyard,
President and Chief Executive Officer of Myers Industries.
Mr. Banyard continued, “Our cash flow performance during the quarter was
impacted by higher variable compensation payouts and increased capital
spending compared to the first quarter of 2018, as well as a build-up of
inventory in our Scepter business to prepare for anticipated demand for
the new SmartControl fuel container in our consumer end market. We
anticipate that our cash flow performance over the remainder of the year
will return to more consistent levels seen in the last couple of years.”
| Quarter Ended March 31, | ||||||||||||
| % Inc | ||||||||||||
| (Dollars in thousands, except per share data) | 2019 | 2018 | (Dec) | |||||||||
| Net sales | $ | 139,115 | $ | 152,568 | (8.8 | )% | ||||||
| Gross profit | $ | 45,559 | $ | 47,115 | (3.3 | )% | ||||||
| Gross profit margin | 32.7 | % | 30.9 | % | ||||||||
| Operating income | $ | 10,218 | $ | 12,022 | (15.0 | )% | ||||||
| Income from continuing operations: | ||||||||||||
| Income | $ | 6,643 | $ | 7,755 | (14.3 | )% | ||||||
| Income per diluted share | $ | 0.19 | $ | 0.25 | (24.0 | )% | ||||||
| Operating income as adjusted(1) | $ | 12,207 | $ | 11,499 | 6.2 | % | ||||||
| Income from continuing operations as adjusted(1): | ||||||||||||
| Income | $ | 8,145 | $ | 7,395 | 10.1 | % | ||||||
| Income per diluted share | $ | 0.23 | $ | 0.24 | (4.2 | )% | ||||||
| EBITDA as adjusted | $ | 18,105 | $ | 18,048 | 0.3 | % | ||||||
|
(1) |
Detail regarding the adjustments is provided on the |
|
Net sales decreased $13.5 million or 8.8% (8.4% excluding currency
fluctuation) to $139.1 million, compared to the first quarter of 2018.
The decrease was primarily the result of a sales decline in the Material
Handling Segment. Gross profit decreased $1.6 million to $45.6 million,
compared to the first quarter of 2018. Favorable price-cost margin and
productivity savings mostly offset lower sales volume and an unfavorable
sales mix during the quarter. Selling, general and administrative
expenses decreased $1.0 million to $34.5 million, compared to the first
quarter of 2018, due mostly to lower variable compensation and benefit
costs. GAAP income per diluted share from continuing operations was
$0.19, compared to $0.25 for the first quarter of 2018. Adjusted income
per diluted share from continuing operations was $0.23, compared to
$0.24 for the first quarter of 2018.
Segment Results
Net sales in the Material Handling Segment for the first quarter of 2019
decreased $13.9 million or 11.9% (11.4% excluding currency fluctuation)
compared to the first quarter of 2018. The decrease in net sales was
primarily due to sales declines in the Company’s food & beverage
(unusually high seed box demand in first quarter 2018) and vehicle
(declining RV sales) end markets. Segment adjusted EBITDA declined 0.7%
to $22.8 million for the first quarter, compared to $23.0 million for
the first quarter of 2018. Favorable price-cost margin and productivity
savings mostly offset the impact of the lower sales volume and
unfavorable sales mix.
Net sales in the Distribution Segment for the first quarter of 2019
increased $0.4 million or 1.1% compared to the first quarter of 2018.
The segment’s adjusted EBITDA was flat compared to the first quarter of
2018. The Company also continued to execute its transformation plan,
which includes enhancements in its go-to-market strategy, the
implementation of 80/20 to drive improved contribution margins, and
optimization of its logistics and overhead costs, with a goal to expand
Distribution Segment EBITDA margin to 10% by the end of 2020.
2019 Outlook
For fiscal year 2019, the Company anticipates total revenue will be flat
on a constant currency basis compared to the prior year. Anticipated
sales increases in the consumer, industrial and auto aftermarket end
markets are expected to be offset by sales decreases in the food &
beverage and vehicle end markets due to more normalized seed box demand
and a continued decline in the RV market following years of steady
growth. The Company anticipates a favorable sales mix, combined with an
ongoing focus on executing pricing and continuous improvement actions,
leading to adjusted operating margin growth in 2019. The Company expects
depreciation and amortization to be approximately $25 million, net
interest expense to be approximately $5 million, and the effective tax
rate to be approximately 27%. GAAP income per diluted share from
continuing operations is estimated to be between $0.70 and $0.80 and
adjusted income per diluted share from continuing operations is
estimated to be between $0.75 and $0.85, based on a fully diluted share
count of 36.0 million shares. Capital expenditures are anticipated to be
approximately $10 million.
Conference Call Details
The Company will host an earnings conference call and webcast for
investors and analysts on Wednesday, May 8, at 8:30 a.m. ET. The call is
anticipated to last approximately one hour and may be accessed by
dialing: (US) 833-233-3452 or (Int’l) 647-689-4129. The Conference ID #
is 3294928. Callers are asked to sign on at least five minutes in
advance. The live webcast of the conference call can be accessed from
the Investor Relations section of the Company’s website at www.myersindustries.com.
Click on the Investor Relations tab to access the webcast. Webcast
attendees will be in a listen-only mode. An archived replay of the call
will also be available on the site shortly after the event. To listen to
the telephone replay, callers should dial: (US) 800-585-8367 or (Int’l)
416-621-4642. The Conference ID # is 3294928.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. Adjusted
income per diluted share from continuing operations, operating income as
adjusted, adjusted operating income, income from continuing operations
as adjusted, EBITDA as adjusted, adjusted EBITDA, adjusted EPS and free
cash flow are non-GAAP financial measures and are intended to serve as a
supplement to results provided in accordance with accounting principles
generally accepted in the United States. Myers Industries believes that
such information provides an additional measurement and consistent
historical comparison of the Company’s performance. Reconciliations of
the non-GAAP financial measures to the most directly comparable GAAP
measures are available in this news release.
About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer
products for industrial, agricultural, automotive, commercial and
consumer markets. The Company is also the largest distributor of tools,
equipment and supplies for the tire, wheel and under- vehicle service
industry in the United States. Visit www.myersindustries.com
to learn more.
Caution on Forward-Looking Statements
Statements in this release include “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Any
statement that is not of historical fact may be deemed
“forward-looking”. Words such as “expect”, “believe”, “project”, “plan”,
“anticipate”, “intend”, “objective”, “outlook”, “target”, “goal”, “view”
and similar expressions identify forward-looking statements. These
statements are based on management’s current views and assumptions of
future events and financial performance and involve a number of risks
and uncertainties, many outside of the Company’s control that could
cause actual results to materially differ from those expressed or
implied. Risks and uncertainties include: raw material availability,
increases in raw material costs, or other production costs; risks
associated with our strategic growth initiatives or the failure to
achieve the anticipated benefits of such initiatives; unanticipated
downturn in business relationships with customers or their purchases;
competitive pressures on sales and pricing; changes in the markets for
the Company’s business segments; changes in trends and demands in the
markets in which the Company competes; operational problems at our
manufacturing facilities, or unexpected failures at those facilities;
future economic and financial conditions in the United States and around
the world; inability of the Company to meet future capital requirements;
claims, litigation and regulatory actions against the Company; changes
in laws and regulations affecting the Company; and other risks as
detailed in the Company’s 10-K and other reports filed with the
Securities and Exchange Commission. Such reports are available on the
Securities and Exchange Commission’s public reference facilities and its
website at www.sec.gov
and on the Company’s Investor Relations section of its website at www.myersindustries.com.
Myers Industries undertakes no obligation to publicly update or revise
any forward-looking statements contained herein. These statements speak
only as of the date made.
| MYERS INDUSTRIES, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| (Dollars in thousands, except share and per share data) | ||||||||
| Quarter Ended | ||||||||
| March 31, 2019 | March 31, 2018 | |||||||
| Net sales | $ | 139,115 | $ | 152,568 | ||||
| Cost of sales | 93,556 | 105,453 | ||||||
| Gross profit | 45,559 | 47,115 | ||||||
| Selling, general and administrative expenses | 34,468 | 35,473 | ||||||
| (Gain) loss on disposal of fixed assets | (43 | ) | (380 | ) | ||||
| Impairment charges | 916 | — | ||||||
| Operating income | 10,218 | 12,022 | ||||||
| Interest expense, net | 1,049 | 1,639 | ||||||
| Income from continuing operations before income taxes | 9,169 | 10,383 | ||||||
| Income tax expense | 2,526 | 2,628 | ||||||
| Income from continuing operations | 6,643 | 7,755 | ||||||
| Income (loss) from discontinued operations, net of income tax | 127 | (911 |
) |
|||||
| Net income | $ | 6,770 | $ | 6,844 | ||||
| Income per common share from continuing operations: | ||||||||
| Basic | $ | 0.19 | $ | 0.25 | ||||
| Diluted | $ | 0.19 | $ | 0.25 | ||||
| Income (loss) per common share from discontinued operations: | ||||||||
| Basic | $ | — | $ | (0.03 | ) | |||
| Diluted | $ | — | $ | (0.03 | ) | |||
| Net income per common share: | ||||||||
| Basic | $ | 0.19 | $ | 0.22 | ||||
| Diluted | $ | 0.19 | $ | 0.22 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 35,388,989 | 30,518,715 | ||||||
| Diluted | 35,694,830 | 30,989,261 | ||||||
| MYERS INDUSTRIES, INC. | ||||||||||||
| SALES AND EARNINGS BY SEGMENT (UNAUDITED) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| Quarter Ended March 31, | ||||||||||||
| 2019 | 2018 | % Change | ||||||||||
| Net sales | ||||||||||||
| Material Handling | $ | 102,951 | $ | 116,809 | (11.9 | )% | ||||||
| Distribution | 36,174 | 35,781 | 1.1 | % | ||||||||
| Inter-company Sales | (10 | ) | (22 | ) | – | |||||||
| Total | $ | 139,115 | $ | 152,568 | (8.8 | )% | ||||||
| Operating income (loss) | ||||||||||||
| Material Handling | $ | 16,207 | $ | 16,730 | (3.1 | )% | ||||||
| Distribution | 213 | 1,738 | (87.7 | )% | ||||||||
| Corporate | (6,202 | ) | (6,446 | ) | – | |||||||
| Total | $ | 10,218 | $ | 12,022 | (15.0 | )% | ||||||
| Operating income (loss) as adjusted | ||||||||||||
| Material Handling | $ | 17,295 | $ | 16,872 | 2.5 | % | ||||||
| Distribution | 1,114 | 1,073 | 3.8 | % | ||||||||
| Corporate | (6,202 | ) | (6,446 | ) | – | |||||||
| Total | $ | 12,207 | $ | 11,499 | 6.2 | % | ||||||
| Operating income margin as adjusted | ||||||||||||
| Material Handling | 16.8 | % | 14.4 | % | ||||||||
| Distribution | 3.1 | % | 3.0 | % | ||||||||
| Corporate | n/a | n/a | ||||||||||
| Total | 8.8 | % | 7.5 | % | ||||||||
| EBITDA as adjusted | ||||||||||||
| Material Handling | $ | 22,821 | $ | 22,985 | (0.7 | )% | ||||||
| Distribution | 1,376 | 1,382 | (0.5 | )% | ||||||||
| Corporate | (6,092 | ) | (6,319 | ) | – | |||||||
| Total | $ | 18,105 | $ | 18,048 | 0.3 | % | ||||||
| EBITDA margin as adjusted | ||||||||||||
| Material Handling | 22.2 | % | 19.7 | % | ||||||||
| Distribution | 3.8 | % | 3.9 | % | ||||||||
| Corporate | n/a | n/a | ||||||||||
| Total | 13.0 | % | 11.8 | % | ||||||||
| MYERS INDUSTRIES, INC. | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) |
|||||||
| (Dollars in thousands) | |||||||
| March 31, 2019 | December 31, 2018 | ||||||
| Assets | |||||||
| Current Assets | |||||||
| Cash | $ | 67,316 | $ | 58,894 | |||
| Accounts receivable, net | 71,914 | 72,939 | |||||
| Income tax receivable | — | 4,892 | |||||
| Inventories | 42,489 | 43,596 | |||||
| Prepaid expenses and other current assets | 1,809 | 2,534 | |||||
| Total Current Assets | 183,528 | 182,855 | |||||
| Property, plant, & equipment, net | 59,334 | 65,460 | |||||
| Right of use asset – operating leases | 5,529 | — | |||||
| Deferred income taxes | 5,350 | 5,270 | |||||
| Other assets | 92,047 | 95,060 | |||||
| Total Assets | $ | 345,788 | $ | 348,645 | |||
| Liabilities & Shareholders’ Equity | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 53,818 | $ | 60,849 | |||
| Accrued expenses | 31,770 | 36,574 | |||||
| Operating lease liability – short-term | 1,895 | — | |||||
| Total Current Liabilities | 87,483 | 97,423 | |||||
| Long-term debt | 76,887 | 76,790 | |||||
| Operating lease liability – long-term | 3,878 | — | |||||
| Other liabilities | 19,114 | 19,794 | |||||
| Total Shareholders’ Equity | 158,426 | 154,638 | |||||
| Total Liabilities & Shareholders’ Equity | $ | 345,788 | $ | 348,645 | |||
| MYERS INDUSTRIES, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| (Dollars in thousands) | ||||||||
| Quarter Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net income | $ | 6,770 | $ | 6,844 | ||||
| Income (loss) from discontinued operations, net of income taxes | 127 | (911 | ) | |||||
| Income from continuing operations | 6,643 | 7,755 | ||||||
|
Adjustments to reconcile income (loss) from continuing operations |
||||||||
| Depreciation | 4,012 | 4,479 | ||||||
| Amortization | 2,026 | 2,166 | ||||||
| Accelerated depreciation associated with restructuring activities | — | 16 | ||||||
| Non-cash stock-based compensation expense | 958 | 1,098 | ||||||
| (Gain) loss on disposal of fixed assets | (43 | ) | (380 | ) | ||||
| Interest income received (accrued) on note receivable | — | 334 | ||||||
| Impairment charges | 916 | — | ||||||
| Other | 100 | 60 | ||||||
| Payments on performance based compensation | (413 | ) | (1,249 | ) | ||||
| Other long-term liabilities | 379 | (123 | ) | |||||
| Cash flows provided by (used for) working capital | ||||||||
| Accounts receivable | 1,200 | (4,473 | ) | |||||
| Inventories | 1,207 | (796 | ) | |||||
| Prepaid expenses and other current assets | 733 | 447 | ||||||
| Accounts payable and accrued expenses | (12,417 | ) | 3,504 | |||||
|
Net cash provided by (used for) operating activities – continuing |
5,301 | 12,838 | ||||||
|
Net cash provided by (used for) operating activities – |
7,297 | (2,085 | ) | |||||
| Net cash provided by (used for) operating activities | 12,598 | 10,753 | ||||||
| Cash Flows From Investing Activities | ||||||||
| Capital expenditures | (2,933 | ) | (1,206 | ) | ||||
| Proceeds from sale of property, plant and equipment | 4,486 | 2,353 | ||||||
|
Net cash provided by (used for) investing activities – continuing operations |
1,553 | 1,147 | ||||||
|
Net cash provided by (used for) investing activities – discontinued operations |
— | — | ||||||
| Net cash provided by (used for) investing activities | 1,553 | 1,147 | ||||||
| Cash Flows From Financing Activities | ||||||||
| Net borrowing (repayments) on credit facility | — | (6,722 | ) | |||||
| Cash dividends paid | (4,940 | ) | (4,161 | ) | ||||
| Proceeds from issuance of common stock | 146 | 452 | ||||||
| Shares withheld for employee taxes on equity awards | (974 | ) | (359 | ) | ||||
|
Net cash provided by (used for) financing activities – continuing operations |
(5,768 | ) | (10,790 | ) | ||||
|
Net cash provided by (used for) financing activities – discontinued operations |
— | — | ||||||
| Net cash provided by (used for) financing activities | (5,768 | ) | (10,790 | ) | ||||
| Foreign exchange rate effect on cash | 39 | (606 | ) | |||||
| Net increase in cash and restricted cash | 8,422 | 504 | ||||||
| Cash and restricted cash at January 1 | 58,894 | 11,179 | ||||||
| Cash and restricted cash at March 31 | $ | 67,316 | $ | 11,683 | ||||
| MYERS INDUSTRIES, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Quarter Ended March 31, 2019 | ||||||||||||||||||||
| Material | Segment | Corporate | ||||||||||||||||||
| Handling | Distribution | Total | & Other | Total | ||||||||||||||||
| GAAP Net sales | $ | 102,951 | $ | 36,174 | $ | 139,125 | $ | (10 | ) | $ | 139,115 | |||||||||
| GAAP Gross profit | 45,559 | — | 45,559 | |||||||||||||||||
| Add: Restructuring expenses and other adjustments | 172 | — | 172 | |||||||||||||||||
| Gross profit as adjusted | 45,731 | — | 45,731 | |||||||||||||||||
| Gross profit margin as adjusted | 32.9 | % | n/a | 32.9 | % | |||||||||||||||
| GAAP Operating income (loss) | 16,207 | 213 | 16,420 | (6,202 | ) | 10,218 | ||||||||||||||
| Add: Restructuring expenses and other adjustments(1) | 172 | 901 | 1,073 | — | 1,073 | |||||||||||||||
| Add: Asset Impairment | 916 | — | 916 | — | 916 | |||||||||||||||
| Operating income (loss) as adjusted | 17,295 | 1,114 | 18,409 | (6,202 | ) | 12,207 | ||||||||||||||
| Operating income margin as adjusted | 16.8 | % | 3.1 | % | 13.2 | % | n/a | 8.8 | % | |||||||||||
| Add: Depreciation and amortization | 5,570 | 262 | 5,832 | 110 | 5,942 | |||||||||||||||
| Less: Depreciation adjustments | (44 | ) | — | (44 | ) | — | (44 | ) | ||||||||||||
| EBITDA as adjusted | $ | 22,821 | $ | 1,376 | $ | 24,197 | $ | (6,092 | ) | $ | 18,105 | |||||||||
| EBITDA margin as adjusted | 22.2 | % | 3.8 | % | 17.4 | % | n/a | 13.0 | % | |||||||||||
|
(1) Includes gross profit adjustments of $172 and SG&A |
||||||||||||||||||||
| Quarter Ended March 31, 2018 | ||||||||||||||||||||
| Material | Segment | Corporate | ||||||||||||||||||
| Handling | Distribution | Total | & Other | Total | ||||||||||||||||
| GAAP Net sales | $ | 116,809 | $ | 35,781 | $ | 152,590 | $ | (22 | ) | $ | 152,568 | |||||||||
| GAAP Gross profit | 47,115 | — | 47,115 | |||||||||||||||||
| Add: Restructuring expenses and other adjustments | 119 | — | 119 | |||||||||||||||||
| Gross profit as adjusted | 47,234 | — | 47,234 | |||||||||||||||||
| Gross profit margin as adjusted | 31.0 | % | n/a | 31.0 | % | |||||||||||||||
| GAAP Operating income (loss) | 16,730 | 1,738 | 18,468 | (6,446 | ) | 12,022 | ||||||||||||||
| Add: Restructuring expenses and other adjustments(1) | 142 | — | 142 | — | 142 | |||||||||||||||
| Less: Gain on sale of assets | — | (665 | ) | (665 | ) | — | (665 | ) | ||||||||||||
| Operating income (loss) as adjusted | 16,872 | 1,073 | 17,945 | (6,446 | ) | 11,499 | ||||||||||||||
| Operating income margin as adjusted | 14.4 | % | 3.0 | % | 11.8 | % | n/a | 7.5 | % | |||||||||||
| Add: Depreciation and amortization |
|
6,129 | 309 | 6,438 | 127 | 6,565 | ||||||||||||||
| Less: Depreciation adjustments | (16 | ) | — | (16 | ) | — | (16 | ) | ||||||||||||
| EBITDA as adjusted | $ | 22,985 | $ | 1,382 | $ | 24,367 | $ | (6,319 | ) | $ | 18,048 | |||||||||
| EBITDA margin as adjusted | 19.7 | % | 3.9 | % | 16.0 | % | n/a | 11.8 | % | |||||||||||
|
(1) Includes gross profit adjustments of $119 and SG&A adjustments of $23 |
||||||||||||||||||||
| MYERS INDUSTRIES, INC. | ||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||
| INCOME AND EARNINGS PER DILUTED SHARE (UNAUDITED) | ||||||||
| (Dollars in thousands, except per share data) | ||||||||
| Quarter Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| GAAP Operating income | $ | 10,218 | $ | 12,022 | ||||
| Add: Restructuring expenses and other adjustments | 1,073 | 142 | ||||||
| Add: Asset Impairment | 916 | — | ||||||
| Less: Loss (gain) on sale of assets | — | (665 | ) | |||||
| Operating income as adjusted | 12,207 | 11,499 | ||||||
| Less: Interest expense, net | (1,049 | ) | (1,639 | ) | ||||
| Income before taxes as adjusted | 11,158 | 9,860 | ||||||
| Less: Income tax expense(1) | (3,013 | ) | (2,465 | ) | ||||
| Income from continuing operations as adjusted | $ | 8,145 | $ | 7,395 | ||||
| Adjusted earnings per diluted share from continuing operations | $ | 0.23 | $ | 0.24 | ||||
|
(1) |
Income taxes are calculated using the normalized effective tax |
|
| MYERS INDUSTRIES, INC. | ||||||||
| RECONCILIATION OF FREE CASH FLOW TO GAAP NET CASH PROVIDED BY | ||||||||
| (USED FOR) OPERATING ACTIVITIES – CONTINUING OPERATIONS | ||||||||
| (UNAUDITED) | ||||||||
| (Dollars in thousands) | ||||||||
| March 31, 2019 | March 31, 2018 | |||||||
|
Net cash provided by (used for) operating activities – continuing operations |
$ | 5,301 | $ | 12,838 | ||||
| Capital expenditures | (2,933 | ) | (1,206 | ) | ||||
| Free cash flow | $ | 2,368 | $ | 11,632 | ||||
Contacts
Monica Vinay, (330) 761-6212
Vice President, Investor Relations &
Treasurer
