Rayonier Advanced Materials Provides Market and Operations Update and Announces First Quarter 2020 Results

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COVID-19 Response

  • Established safety protocols including working remotely, sanitizing workspaces and enhancing personal protection equipment
  • Curtailing operations for products with significantly reduced demand and/or price; delaying annual maintenance outages to protect employees and operations
  • Maintaining strong focus on cost reductions, streamlined capital expenditures and working capital management initiatives

First Quarter Highlights

  • First quarter loss from continuing operations was $25 million, comparable to the prior year
  • First quarter EBITDA was $27 million, a $17 million improvement from prior year driven by lower costs from improved reliability
  • $35 million improvement on Free Cash Flow from prior year
  • Maintaining solid liquidity at $145 million; well within financial debt covenant compliance
  • Expect second quarter 2020 results to be well above prior year

JACKSONVILLE, Fla.--May 5, 2020-- Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”) provided the following updates on its markets and operations:

“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 Paul Boynton, Chairman, President and Chief Executive Officer. “All of our businesses and operations have been deemed essential due to the important role these products play in the food, pharmaceutical, and industrial products supply chains. We are focused on maintaining stable operations and providing security of supply to our customers during these unprecedented times.”

First Quarter 2020 Operating Results

The Company reported a loss from continuing operations for the three months ended March 28, 2020 of $25 million, or $0.39 per diluted common share, compared to a loss of $28 million, or $0.64 per diluted common share for the same prior year period. The decrease in the diluted loss per share was due to the conversion of the Company’s preferred stock into approximately 13 million shares of common stock in August of 2019.

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Source: Rayonier Advanced Materials

 

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