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PotlatchDeltic Corporation Reports First Quarter 2020 Results

PotlatchDeltic Corporation (Nasdaq:PCH) today reported a net loss of $16.8 million, or ($0.25) per diluted share, on revenues of $208.9 million for the quarter ended March 31, 2020. Excluding an after-tax pension settlement charge, adjusted net income was $15.0 million, or $0.22 per diluted share for the first quarter of 2020. Net income was $6.6 million, or $0.10 per diluted share, on revenues of $181.7 million for the quarter ended March 31, 2019. Excluding after-tax special items consisting of a sale of the legacy Deltic MDF facility and a loss on the extinguishment of debt, adjusted net income was $5.3 million, or $0.08 per diluted share for the first quarter of 2019.

First Quarter 2020 Highlights

  • Generated $47.6 million of Total Adjusted EBITDDA and Adjusted EBITDDA margin of 23%
  • Repurchased $12.3 million of shares at an average of $30.79 per share
  • Locked interest rates at historically low levels on $654 million of planned, future debt refinances
  • Transferred $101 million in pension obligations to New York Life

"Our businesses performed well in the first quarter, taking advantage of the robust market conditions that existed prior to the impact of COVID-19," said Mike Covey, chairman and chief executive officer. "Our priorities are maintaining the safety of our employees and continuing to operate at a level that maximizes cash flows. Our strong balance sheet and liquidity provide flexibility as we navigate through these challenging times," stated Mr. Covey.

Financial Highlights

($ in millions, except per share data)

 

Q1 2020

 

 

Q4 2019

 

 

Q1 2019

 

Revenues

 

$

208.9

 

 

$

203.5

 

 

$

181.7

 

Net (loss) income

 

$

(16.8

)

 

$

11.4

 

 

$

6.6

 

Weighted average shares outstanding, diluted (in thousands)

 

 

67,478

 

 

 

67,695

 

 

 

67,916

 

Net (loss) income per diluted share

 

$

(0.25

)

 

$

0.17

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

15.0

 

 

$

11.4

 

 

$

5.3

 

Adjusted net income per diluted share

 

$

0.22

 

 

$

0.17

 

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted EBITDDA

 

$

47.6

 

 

$

46.6

 

 

$

28.3

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

$

0.40

 

Net cash from operations

 

$

48.1

 

 

$

33.6

 

 

$

19.1

 

Cash and cash equivalents

 

$

79.5

 

 

$

83.3

 

 

$

104.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Performance: Q1 2020 vs. Q4 2019

Timberlands

First Quarter 2020 Highlights

  • Timberlands Adjusted EBITDDA decreased $3.0 million from Q4 2019 levels
  • While down seasonally, total harvest of 1.5 million tons exceeded plan
  • Northern sawlog prices slightly lower as higher index pricing mostly offset the effect of seasonally heavier logs
  • Southern sawlog prices decreased 2% due to seasonally lower hardwood volumes

($ in millions)

 

Q1 2020

 

 

Q4 2019

 

 

$ Change

 

Timberlands Revenues

 

$

82.4

 

 

$

88.8

 

 

$

(6.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands Adjusted EBITDDA

 

$

35.0

 

 

$

38.0

 

 

$

(3.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

First Quarter 2020 Highlights

  • Wood Products Adjusted EBITDDA increased $11.4 million from Q4 2019 levels
  • Average lumber price was $396 per MBF Q1 2020, 8% higher than Q4 2019
  • Lumber shipments increased 9% in Q1 2020 and exceeded plan
  • Lumber inventory at Q1 2020 was written down $0.9 million compared to $3.4 million in Q4 2019

($ in millions)

 

Q1 2020

 

 

Q4 2019

 

 

$ Change

 

Wood Products Revenues

 

$

145.0

 

 

$

126.4

 

 

$

18.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products Adjusted EBITDDA

 

$

13.2

 

 

$

1.8

 

 

$

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

First Quarter 2020 Highlights

  • Real Estate Adjusted EBITDDA decreased $6.7 million due to seasonally lower lot sales and no commercial land sales
  • Sold 23 residential lots at an average $99,700/lot in Q1 2020
  • Q4 2019 included sale of 32 acres of commercial land and 55 residential lots

($ in millions)

 

Q1 2020

 

 

Q4 2019

 

 

$ Change

 

Real Estate Revenues

 

$

11.0

 

 

$

17.4

 

 

$

(6.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Adjusted EBITDDA

 

$

7.3

 

 

$

14.0

 

 

$

(6.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Measures

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.

Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net earnings per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.

Reconciliations to GAAP are set forth in the accompanying schedules.

Conference Call Information

A live conference call and webcast will be held Tuesday, April 28, 2020, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-877-823-6919 for U.S./Canada and 1-647-689-5576 for international callers. Participants will be asked to provide conference I.D. number 6088204. Supplemental materials that will be discussed during the call are available on the website.

A replay of the conference call will be available two hours following the call until May 5, 2020 by calling 1-800-585-8367 for U.S./Canada or 1-416-621-4642 for international callers. Callers must enter conference I.D. number 6088204 to access the replay.

About PotlatchDeltic

PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s current and expected liquidity; ability to manage the effects of COVID-19 on demand for our products and on our ability to continue operations; the success of the company’s business strategies; interest rates and the company’s intent to refinance debt maturing in 2020 and beyond; maintaining the company’s investment grade credit rating; favorable capital structure and strong balance sheet; interest rates and expenses; corporate expenses; pension expenses; taxes; 2020 outlook; U.S. housing market and repair and remodel market; U.S. housing starts; lumber demand and pricing; revenues, costs and expenses; lumber shipment volumes; expected timber harvest volumes; sawlog mix and pricing; rural real estate and residential real estate development sales and average price per acre and developed lot; planned capital expenditures in 2020; expected demand fluctuations caused by mill curtailments; the direction of our business markets; business conditions; and similar matters. Words such as "anticipate," "expect," "will," "intend," "plan," "target," "project," "believe," "seek," "schedule," "estimate," "could," "can," "may," and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other "forward-looking" information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, including impact of recent coronavirus (COVID-19) outbreak on our business, suppliers, customers and employees; changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in Asia demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; the successful execution of the company’s strategic plans; the company’s ability to meet expectations; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands, except per share amounts)

 

2020

 

 

2019

 

 

2019

 

Revenues

 

$

208,880

 

 

$

203,499

 

 

$

181,716

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

172,046

 

 

 

169,544

 

 

 

154,215

 

Selling, general and administrative expenses

 

 

14,207

 

 

 

13,931

 

 

 

16,570

 

Gain on sale of facility

 

 

 

 

 

 

 

 

(9,176

)

 

 

 

186,253

 

 

 

183,475

 

 

 

161,609

 

Operating income

 

 

22,627

 

 

 

20,024

 

 

 

20,107

 

Interest expense, net

 

 

(3,698

)

 

 

(8,540

)

 

 

(5,464

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(5,512

)

Pension settlement charge

 

 

(42,988

)

 

 

 

 

 

 

Non-operating pension and other postretirement costs

 

 

(3,635

)

 

 

(935

)

 

 

(980

)

(Loss) income before income taxes

 

 

(27,694

)

 

 

10,549

 

 

 

8,151

 

Income taxes

 

 

10,862

 

 

 

850

 

 

 

(1,591

)

Net (loss) income

 

$

(16,832

)

 

$

11,399

 

 

$

6,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.25

)

 

$

0.17

 

 

$

0.10

 

Diluted

 

$

(0.25

)

 

$

0.17

 

 

$

0.10

 

Dividends per share

 

$

0.40

 

 

$

0.40

 

 

$

0.40

 

Weighted-average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

Basic

 

 

67,478

 

 

 

67,476

 

 

 

67,860

 

Diluted

 

 

67,478

 

 

 

67,695

 

 

 

67,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

(in thousands, except per share amounts)

 

March 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

79,484

 

 

$

83,310

 

Customer receivables, net

 

 

23,356

 

 

 

14,167

 

Inventories, net

 

 

55,707

 

 

 

65,781

 

Other current assets

 

 

15,626

 

 

 

20,183

 

Total current assets

 

 

174,173

 

 

 

183,441

 

Property, plant and equipment, net

 

 

286,881

 

 

 

286,383

 

Investment in real estate held for development and sale

 

 

72,582

 

 

 

74,233

 

Timber and timberlands, net

 

 

1,630,496

 

 

 

1,638,663

 

Intangible assets, net

 

 

16,854

 

 

 

17,049

 

Other long-term assets

 

 

31,896

 

 

 

35,290

 

Total assets

 

$

2,212,882

 

 

$

2,235,059

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

61,395

 

 

$

60,577

 

Current portion of long-term debt

 

 

45,981

 

 

 

45,974

 

Current portion of pension and other postretirement employee benefits

 

 

6,701

 

 

 

6,701

 

Total current liabilities

 

 

114,077

 

 

 

113,252

 

Long-term debt

 

 

710,748

 

 

 

710,495

 

Pension and other postretirement employee benefits

 

 

141,921

 

 

 

115,463

 

Deferred tax liabilities, net

 

 

11,445

 

 

 

20,165

 

Other long-term obligations

 

 

85,077

 

 

 

48,853

 

Total liabilities

 

 

1,063,268

 

 

 

1,008,228

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, authorized 4,000 shares, no shares issued

 

 

 

 

 

 

Common stock, $1 par value, authorized 100,000 shares, issued 66,951 and 67,221 shares

 

 

66,951

 

 

 

67,221

 

Additional paid-in capital

 

 

1,668,122

 

 

 

1,666,299

 

Accumulated deficit

 

 

(415,153

)

 

 

(359,330

)

Accumulated other comprehensive loss

 

 

(170,306

)

 

 

(147,359

)

Total stockholders’ equity

 

 

1,149,614

 

 

 

1,226,831

 

Total liabilities and stockholders' equity

 

$

2,212,882

 

 

$

2,235,059

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2020

 

 

December 31, 2019

 

 

March 31, 2019

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(16,832

)

 

$

11,399

 

 

$

6,560

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

19,044

 

 

 

19,516

 

 

 

16,274

 

Basis of real estate sold

 

 

6,498

 

 

 

6,343

 

 

 

1,556

 

Gain on sale of facility

 

 

 

 

 

 

 

 

(9,176

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

5,512

 

Change in deferred taxes

 

 

(12,383

)

 

 

5,898

 

 

 

(16,099

)

Pension and other postretirement employee benefits

 

 

6,068

 

 

 

2,970

 

 

 

3,106

 

Pension settlement charge

 

 

42,988

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

1,885

 

 

 

1,910

 

 

 

1,617

 

Other, net

 

 

237

 

 

 

368

 

 

 

(786

)

Change in working capital and operating-related activities, net

 

 

2,557

 

 

 

(12,181

)

 

 

13,983

 

Real estate development expenditures

 

 

(378

)

 

 

(1,516

)

 

 

(1,766

)

Funding of pension and other postretirement employee benefits

 

 

(1,546

)

 

 

(1,066

)

 

 

(1,714

)

Net cash provided by operating activities

 

 

48,138

 

 

 

33,641

 

 

 

19,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

 

 

(5,039

)

 

 

(13,557

)

 

 

(3,760

)

Timberlands reforestation and roads

 

 

(4,310

)

 

 

(4,426

)

 

 

(4,242

)

Acquisition of timber and timberlands

 

 

(4,190

)

 

 

(348

)

 

 

 

Proceeds on sale of facility

 

 

1,000

 

 

 

 

 

 

60,045

 

Other, net

 

 

1,505

 

 

 

661

 

 

 

130

 

Net cash (used in) provided by investing activities

 

 

(11,034

)

 

 

(17,670

)

 

 

52,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to common stockholders

 

 

(26,941

)

 

 

(26,888

)

 

 

(27,065

)

Repurchase of common stock

 

 

(12,355

)

 

 

 

 

 

(10,158

)

Proceeds from long-term debt

 

 

 

 

 

40,000

 

 

 

150,000

 

Repayment of long-term debt

 

 

 

 

 

(40,000

)

 

 

(150,000

)

Premiums and fees on debt retirement

 

 

 

 

 

 

 

 

(4,865

)

Other, net

 

 

(242

)

 

 

(619

)

 

 

(213

)

Net cash used in financing activities

 

 

(39,538

)

 

 

(27,507

)

 

 

(42,301

)

Change in cash, cash equivalents and restricted cash

 

 

(2,434

)

 

 

(11,536

)

 

 

28,939

 

Cash, cash equivalents and restricted cash, beginning

 

 

84,254

 

 

 

95,790

 

 

 

79,441

 

Cash, cash equivalents and restricted cash, ending

 

$

81,820

 

 

$

84,254

 

 

$

108,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands)

 

2020

 

 

2019

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

82,425

 

 

$

88,845

 

 

$

68,158

 

Wood Products

 

 

145,000

 

 

 

126,429

 

 

 

132,306

 

Real Estate

 

 

10,969

 

 

 

17,413

 

 

 

6,164

 

 

 

 

238,394

 

 

 

232,687

 

 

 

206,628

 

Intersegment Timberlands revenues

 

 

(29,514

)

 

 

(29,188

)

 

 

(24,912

)

Consolidated revenues

 

$

208,880

 

 

$

203,499

 

 

$

181,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA1

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

34,982

 

 

$

38,010

 

 

$

26,850

 

Wood Products

 

 

13,229

 

 

 

1,843

 

 

 

7,226

 

Real Estate

 

 

7,340

 

 

 

13,953

 

 

 

2,703

 

Corporate

 

 

(8,672

)

 

 

(9,327

)

 

 

(10,654

)

Eliminations and adjustments

 

 

692

 

 

 

2,120

 

 

 

2,127

 

Total Adjusted EBITDDA

 

 

47,571

 

 

 

46,599

 

 

 

28,252

 

Basis of real estate sold

 

 

(6,498

)

 

 

(6,343

)

 

 

(1,556

)

Depreciation, depletion and amortization

 

 

(18,638

)

 

 

(19,107

)

 

 

(15,797

)

Interest expense, net

 

 

(3,698

)

 

 

(8,540

)

 

 

(5,464

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(5,512

)

Pension settlement charge

 

 

(42,988

)

 

 

 

 

 

 

Non-operating pension and other postretirement employee benefits

 

 

(3,635

)

 

 

(935

)

 

 

(980

)

Gain (loss) on disposal of fixed assets

 

 

192

 

 

 

(1,125

)

 

 

32

 

Gain on sale of facility

 

 

 

 

 

 

 

 

9,176

 

Income (loss) before income taxes

 

$

(27,694

)

 

$

10,549

 

 

$

8,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

12,591

 

 

$

13,240

 

 

$

10,265

 

Wood Products

 

 

5,630

 

 

 

5,393

 

 

 

5,042

 

Real Estate

 

 

160

 

 

 

170

 

 

 

209

 

Corporate

 

 

257

 

 

 

304

 

 

 

281

 

 

 

 

18,638

 

 

 

19,107

 

 

 

15,797

 

Bond discounts and deferred loan fees2

 

 

406

 

 

 

409

 

 

 

477

 

Total depreciation, depletion and amortization

 

$

19,044

 

 

$

19,516

 

 

$

16,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

6,504

 

 

$

6,423

 

 

$

1,588

 

Eliminations and adjustments

 

 

(6

)

 

 

(80

)

 

 

(32

)

Total basis of real estate sold

 

$

6,498

 

 

$

6,343

 

 

$

1,556

 

1

Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA on page 8, Reconciliations.

2

Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.

PotlatchDeltic Corporation

Reconciliations

Unaudited

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in thousands, except per share amount)

 

2020

 

 

2019

 

 

2019

 

Total Adjusted EBITDDA

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income (GAAP)

 

$

(16,832

)

 

$

11,399

 

 

$

6,560

 

Interest expense, net

 

 

3,698

 

 

 

8,540

 

 

 

5,464

 

Income taxes

 

 

(10,862

)

 

 

(850

)

 

 

1,591

 

Depreciation, depletion and amortization

 

 

18,638

 

 

 

19,107

 

 

 

15,797

 

Basis of real estate sold

 

 

6,498

 

 

 

6,343

 

 

 

1,556

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

5,512

 

Pension settlement charges

 

 

42,988

 

 

 

 

 

 

 

Non-operating pension and other postretirement benefit costs

 

 

3,635

 

 

 

935

 

 

 

980

 

Gain on sale of facility

 

 

 

 

 

 

 

 

(9,176

)

(Gain) loss on disposal of fixed assets

 

 

(192

)

 

 

1,125

 

 

 

(32

)

Total Adjusted EBITDDA

 

$

47,571

 

 

$

46,599

 

 

$

28,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income (GAAP)

 

$

(16,832

)

 

$

11,399

 

 

$

6,560

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

5,512

 

Pension settlement charge, after tax

 

 

31,811

 

 

 

 

 

 

 

Gain on sale of facility, after tax

 

 

 

 

 

 

 

 

(6,790

)

Adjusted net income

 

$

14,979

 

 

$

11,399

 

 

$

5,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per diluted share

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per diluted share (GAAP)

 

$

(0.25

)

 

$

0.17

 

 

$

0.10

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

0.08

 

Pension settlement charge, after tax

 

 

0.47

 

 

 

 

 

 

 

Gain on sale of facility, after tax

 

 

 

 

 

 

 

 

(0.10

)

Adjusted net income per diluted share

 

$

0.22

 

 

$

0.17

 

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005741/en/

Contacts

(Investors)
Jerry Richards
509.835.1521

(Media)
Anna Torma
509.835.1558