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Articles

Momentive Announces Third Quarter 2015 Results

November 13, 2015

 

 

Momentive Announces Third Quarter 2015 Results

 

Third Quarter 2015 Highlights:

  • Total net sales declined 11% to $559 million; on a constant currency basis, sales would have decreased 4% for the quarter
  • Total Segment EBITDA decreased 35% to $41 million; on a constant current currency basis, total Segment EBITDA would have decreased 25%
  • Implementing a global restructuring program targeting $25 million in structural cost savings
  • Net debt and liquidity of $1.2 billion and $374 million, respectively, as of September 30, 2015

 

WATERFORD, N.Y. (November 13, 2015) – MPM Holdings Inc. (“Momentive” or the “Company”) today announced results for the third quarter ended September 30, 2015.

 

“Our third quarter 2015 results were disappointing and reflected slowing demand in China and the related inventory destocking from some of our customers, as well as the U.S. dollar strengthening against most other currencies temporarily offsetting our underlying specialty portfolio growth,” said Jack Boss, Chief Executive Officer and President. “In response to softer market conditions, we are aggressively pursuing additional productivity measures that are anticipated to generate approximately $25 million in savings in 2016, while preserving growth projects and customer-facing activities. Our strengthened balance sheet enables us to simultaneously pursue both our restructuring initiatives and our strategic growth programs, such as our recently-completed liquid silicone rubber facility expansions and our in-process NXT™ Silane expansion.”

 

Mr. Boss added: “While we continue to remain well positioned for long-term growth, we anticipate inventory destocking trends and economic volatility will continue into the fourth quarter of 2015. Despite these near-term headwinds, we remain focused on making structural investments in our operations and specialty technologies.”

 

Third Quarter 2015 Results


Net Sales.  Net sales for the three months ended September 30, 2015 were $559 million, a decrease of 11% compared with $631 million in the prior year period.  The decline in net sales was primarily driven by the strengthening of the U.S. dollar against other currencies, negative product mix and volume declines. On a constant currency basis, net sales would have decreased 4%, which was primarily driven by a decrease in volumes in the third quarter of 2015.

 

Segment EBITDA.  Segment EBITDA for the three months ended September 30, 2015 was $41 million, a decrease of 35% compared with $63 million in the prior year period.  The decrease in Segment EBITDA was primarily driven by the strengthening of the U.S. dollar against other currencies and mix shift within our silicones segment, which offset a reduction in corporate expenses.    On a constant currency basis, Segment EBITDA would have decreased 25% for the period.

 

Global Restructuring Program

 

In light of market headwinds, the Company is initiating a global restructuring to reduce costs and expects the program to improve its results by $25 million in 2016. Momentive expects that most of the actions to obtain the cost savings will occur over the next few months. Momentive expects to incur approximately $10 million in 2015 and 2016 primarily for severance associated with its $25 million cost savings program.

 

“While these are always difficult decisions, we are taking these actions to bolster the long term health of the Company and continue to serve our customers in the face of softer market conditions,” Mr. Boss said.

 

Fresh Start Accounting and Form S-1 Filing

Upon emergence from bankruptcy on October 24, 2014, Momentive Performance Materials Inc. (“MPM”), an indirect wholly-owned subsidiary of Momentive, adopted fresh start accounting which resulted in the creation of a new entity for financial reporting purposes.  As a result of the application of fresh start accounting, as well as the effects of implementing MPM’s plan of reorganization, the Consolidated Financial Statements on or after October 24, 2014 of both MPM and Momentive reflected a different basis of accounting than the Consolidated Financial Statements prior to that date.  References to “Successor” or “Successor Company” relate to the financial position and results of operations of the reorganized MPM and Momentive subsequent to October 24, 2014.  References to “Predecessor” or “Predecessor Company” refer to the financial position and results of operations of both MPM and Momentive prior to October 24, 2014.  As a result of the Securities and Exchange Commission declaring Momentive’s Form S-1 effective on July 2, 2015, Momentive decided to report its financial results together with its operating subsidiary, MPM.  Momentive is a holding company that conducts substantially all of its business through its subsidiaries, and its only material asset is its indirect interest in MPM.  


 

 

Segment Results

 

Following are net sales and Segment EBITDA by reportable segment for the third quarter ended September 30, 2015.  See “Non-U.S. GAAP Measures” for further information regarding Segment EBITDA and Schedule 4 to this release for a reconciliation of Segment EBITDA to net income (net loss).  In 2015, the Company redefined its internal reporting structure and now allocates additional administrative functional costs to the operating segments.  The current presentation of Segment EBITDA includes a Corporate component rather than the previously disclosed Other component. Corporate is primarily corporate, general and administrative expenses that are not allocated to the operating segments, such as certain shared service and administrative functions.  The presentation of Segment EBITDA for the three months ended September 30, 2014 was retrospectively revised to conform with the current presentation format.

 

Third Quarter 2015 Results

Net Sales (1)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2015

 

 

2014

 

2015

 

 

2014

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

Silicones

$

514

 

 

 

$

587

 

 

$

1,605

 

 

 

$

1,736

 

Quartz

45

 

 

 

44

 

 

135

 

 

 

137

 

Total

$

559

 

 

 

$

631

 

 

$

1,740

 

 

 

$

1,873

 

 

Intersegment sales are not significant and, as such, are eliminated within the selling segment.

 

Segment EBITDA:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2015

 

 

2014

 

2015

 

 

2014

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

Silicones

$

42

 

 

 

$

70

 

 

$

154

 

 

 

$

195

 

Quartz

6

 

 

 

5

 

 

26

 

 

 

17

 

Corporate

(7

)

 

 

(12

)

 

(27

)

 

 

(35

)

Total

$

41

 

 

 

$

63

 

 

$

153

 

 

 

$

177

 

 

 

 

 

 

Liquidity and Capital Resources

 

At September 30, 2015, Momentive had total debt of approximately $1.2 billion, unchanged from December 31, 2014.  In addition, at September 30, 2015, Momentive had approximately $374 million in liquidity, including $161 million of unrestricted cash and cash equivalents and $213 million of availability under its senior secured asset-based revolving loan facility (the “ABL Facility”). 

 

Momentive expects to have adequate liquidity to fund its operations for the foreseeable future from cash on its balance sheet, cash flows provided by operating activities and amounts available for borrowings under the ABL Facility.

 

Earnings Call  

 

Momentive will host a teleconference to discuss third quarter ended September 30, 2015 results on Friday, November 13, 2015, at 10 a.m. Eastern Time. 

 

Interested parties are asked to dial-in approximately 10 minutes before the call begins at the following numbers:

 

U.S. Participants: 800-299-8538  

International Participants: 617-786-2902

Participant Passcode:  85507826

 

Live Internet access to the call and presentation materials will be available through the Investor Relations section of the Company’s website: www.momentive.com. 

 

A replay of the call will be available for three weeks beginning at 2 p.m. Eastern Time on November 13, 2015. The playback can be accessed by dialing 888-286-8010 (U.S.) and +1-617-801-6888 (International). The passcode is 28262032. A replay also will be available through the Investor Relations Section of the Company’s website.

 

 


Non-U.S. GAAP Measures

  

Segment EBITDA is defined as EBITDA (earnings before interest, income taxes, depreciation and amortization) adjusted for certain non-cash and certain other income and expenses. Segment EBITDA is an important measure used by the Company's senior management and board of directors to evaluate operating results and allocate capital resources among segments.  Segment EBITDA should not be considered a substitute for net income (loss) or other results reported in accordance with accounting principles generally accepted in the United States (“GAAP”).  Segment EBITDA may not be comparable to similarly titled measures reported by other companies.  See Schedule 4 to this release for a reconciliation of Segment EBITDA to net income (net loss).

 

Adjusted EBITDA is defined as EBITDA adjusted for certain non-cash and certain non-recurring items and other adjustments calculated on a pro-forma basis, including the expected future cost savings from business optimization or other programs and the expected future impact of acquisitions, in each case as determined under the governing debt instrument. As the Company is highly leveraged, the Company believes that including the supplemental adjustments that are made to calculate Adjusted EBITDA provides additional information to investors about the Company’s ability to comply with its financial covenants and to obtain additional debt in the future. Adjusted EBITDA is not a defined term under GAAP.  Adjusted EBITDA is not a measure of financial condition, liquidity or profitability, and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not take into account certain items such as interest and principal payments on the Company’s indebtedness, depreciation and amortization expense (because the Company uses capital assets, depreciation and amortization expense is a necessary element of the Company’s costs and ability to generate revenue), working capital needs, tax payments (because the payment of taxes is part of the Company’s operations, it is a necessary element of the Company’s costs and ability to operate), non-recurring expenses and capital expenditures. Fixed Charges under the indentures should not be considered as an alternative to interest expense. See Schedule 5 to this release for a reconciliation of net income to Adjusted EBITDA and the calculation of the Adjusted EBITDA to Fixed Charges ratio.

 


Forward-Looking and Cautionary Statements

Certain statements in this press release are forward-looking statements within the meaning of and made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, our management may from time to time make oral forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “may,” “will,” “could,” “should,” “seek” or “intend” and similar expressions. Forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission (the “SEC”). While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: our ability to obtain additional financing, increased legal costs related to the Chapter 11 proceedings and other potential litigation, a weakening of global economic and financial conditions, interruptions in the supply of or increased cost of raw materials, changes in governmental regulations and related compliance and litigation costs, difficulties with the realization of cost savings in connection with our global restructuring and strategic initiatives, including transactions with our affiliate, Hexion Inc., pricing actions by our competitors that could affect our operating margins and the other factors listed in the Risk Factors section of our SEC filings. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. The forward-looking statements made by us speak only as of the date on which they are made. Factors or events that could cause our actual results to differ may emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

 


About Momentive


Momentive is a global leader in silicones and advanced materials, with a 75-year heritage of being first to market with performance applications for major industries that support and improve everyday life. Momentive delivers science-based solutions, by linking custom technology platforms to opportunities for customers.  Additional information is available at www.momentive.com.

 

Contact

Media and Investors:

John Kompa

614-225-2223

john.kompa@momentive.com


 

(See Attached Financial Statements)     

 


 

MPM HOLDINGS INC.

SCHEDULE 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2015

 

 

2014

 

2015

 

 

2014

(In millions, except share data)

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

Net sales

 

$

559

 

 

 

$

631

 

 

$

1,740

 

 

 

$

1,873

 

Cost of sales

 

469

 

 

 

 

 

1,438

 

 

 

 

Gross profit

 

90

 

 

 

 

 

302

 

 

 

 

Cost of sales, excluding depreciation and amortization

 

 

 

 

445

 

 

 

 

 

1,339

 

Selling, general and administrative expense

 

76

 

 

 

249

 

 

210

 

 

 

417

 

Depreciation and amortization expense

 

 

 

 

54

 

 

 

 

 

137

 

Research and development expense

 

17

 

 

 

19

 

 

53

 

 

 

58

 

Restructuring and other costs

 

4

 

 

 

6

 

 

13

 

 

 

20

 

Other operating income, net

 

(2

)

 

 

 

 

(7

)

 

 

 

Operating (loss) income

 

(5

)

 

 

(142

)

 

33

 

 

 

(98

)

Interest expense, net

 

20

 

 

 

36

 

 

59

 

 

 

153

 

Other non-operating expense, net

 

 

 

 

 

 

2

 

 

 

 

Reorganization items, net

 

1

 

 

 

44

 

 

8

 

 

 

114

 

Loss before income taxes and earnings from unconsolidated entities

 

(26

)

 

 

(222

)

 

(36

)

 

 

(365

)

Income tax expense (benefit)

 

6

 

 

 

(23

)

 

11

 

 

 

(2

)

Loss before earnings from unconsolidated entities

 

(32

)

 

 

(199

)

 

(47

)

 

 

(363

)

Earnings from unconsolidated entities, net of taxes

 

 

 

 

 

 

1

 

 

 

2

 

Net loss

 

$

(32

)

 

 

$

(199

)

 

$

(46

)

 

 

$

(361

)

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

Net loss per common share—basic

 

$

(0.67

)

 

 

$

(1,990,000

)

 

$

(0.96

)

 

 

$

(3,610,000

)

Net loss per common share—diluted

 

$

(0.67

)

 

 

$

(1,990,000

)

 

$

(0.96

)

 

 

$

(3,610,000

)

Shares used in per-share calculation

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—basic

 

48,028,594

 

 

 

100

 

 

48,011,335

 

 

 

100

 

Weighted average common shares outstanding—diluted

 

48,028,594

 

 

 

100

 

 

48,011,335

 

 

 

100

 

 

 

 

MPM HOLDINGS INC.

SCHEDULE 2: CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

 

(In millions, except share data)

September 30, 2015

 

December 31, 2014

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents (including restricted cash of $4, and $5 respectively)

$

165

 

 

$

228

 

Accounts receivable (net of allowance for doubtful accounts of less than $1)

319

 

 

324

 

Inventories:

 

 

 

Raw materials

154

 

 

144

 

Finished and in-process goods

270

 

 

258

 

Deferred income taxes

31

 

 

33

 

Other current assets

56

 

 

60

 

Total current assets

995

 

 

1,047

 

Investment in unconsolidated entities

19

 

 

18

 

Deferred income taxes

18

 

 

14

 

Other long-term assets

23

 

 

27

 

Property, plant and equipment:

 

 

 

Land

74

 

 

75

 

Buildings

293

 

 

295

 

Machinery and equipment

855

 

 

799

 

 

1,222

 

 

1,169

 

Less accumulated depreciation

(108

)

 

(17

)

 

1,114

 

 

1,152

 

Goodwill

211

 

 

218

 

Other intangible assets, net

371

 

 

408

 

Total assets

$

2,751

 

 

$

2,884

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

196

 

 

$

223

 

Debt payable within one year

40

 

 

38

 

Interest payable

26

 

 

11

 

Income taxes payable

7

 

 

7

 

Deferred income taxes

16

 

 

18

 

Accrued payroll and incentive compensation

49

 

 

57

 

Other current liabilities

70

 

 

82

 

Total current liabilities

404

 

 

436

 

Long-term liabilities:

 

 

 

Long-term debt

1,180

 

 

1,163

 

Pension and postretirement benefit liabilities

340

 

 

352

 

Deferred income taxes

100

 

 

98

 

Other long-term liabilities

54

 

 

66

 

Total liabilities

2,078

 

 

2,115

 

Equity

 

 

 

Common stock - $0.01 par value; 70,000,000 shares authorized; 48,028,594 and 47,989,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively

 

 

 

Additional paid-in capital

860

 

 

857

 

Accumulated other comprehensive loss

(81

)

 

(28

)

Accumulated deficit

(106

)

 

(60

)

Total equity

673

 

 

769

 

Total liabilities and equity

$

2,751

 

 

$

2,884

 

 

MPM HOLDINGS INC.

SCHEDULE 3: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

Nine Months Ended September 30,

 

2015

 

 

2014

(In millions)

Successor

 

 

Predecessor

Cash flows provided by (used in) operating activities

 

 

 

 

Net loss

$

(46

)

 

 

$

(361

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

118

 

 

 

137

 

Non-cash reorganization items

 

 

 

30

 

Unrealized actuarial gains from pension liabilities

(10

)

 

 

 

Pension curtailment gain

(3

)

 

 

 

Deferred income tax benefit

(1

)

 

 

(15

)

Unrealized foreign currency (gain) loss

(6

)

 

 

109

 

Amortization of debt discount

17

 

 

 

 

DIP Facility financing fees

 

 

 

19

 

Other non-cash adjustments

3

 

 

 

5

 

Net change in assets and liabilities:

 

 

 

 

Accounts receivable

(7

)

 

 

(28

)

Inventories

(37

)

 

 

(75

)

Accounts payable

(9

)

 

 

44

 

Income taxes payable

(8

)

 

 

(2

)

Other assets, current and non-current

7

 

 

 

1

 

Other liabilities, current and non-current

13

 

 

 

11

 

Net cash provided by (used in) operating activities

31

 

 

 

(125

)

Cash flows used in investing activities

 

 

 

 

Capital expenditures

(88

)

 

 

(70

)

Capitalized interest

(1

)

 

 

 

Purchases of intangible assets

(2

)

 

 

(2

)

Consolidation of variable interest entity

 

 

 

50

 

Proceeds from sale of business

 

 

 

12

 

Proceeds from sale of assets

1

 

 

 

1

 

Net cash used in investing activities

(90

)

 

 

(9

)

Cash flows provided by financing activities

 

 

 

 

Proceeds from sale of common stock

1

 

 

 

 

Net short-term debt borrowings

3

 

 

 

305

 

Borrowings of long-term debt

 

 

 

208

 

Repayments of long-term debt

 

 

 

(260

)

Repayment of affiliated debt

 

 

 

(50

)

DIP Facility financing fees

 

 

 

(19

)

Net cash provided by financing activities

4

 

 

 

184

 

(Decrease) increase in cash and cash equivalents

(55

)

 

 

50

 

Effect of exchange rate changes on cash and cash equivalents

(7

)

 

 

(5

)

Cash and cash equivalents (unrestricted), beginning of period

223

 

 

 

89

 

Cash and cash equivalents (unrestricted), end of period

$

161

 

 

 

$

134

 

Supplemental disclosures of cash flow information

 

 

 

 

Cash paid for:

 

 

 

 

Interest

$

29

 

 

 

$

136

 

Income taxes, net of refunds

14

 

 

 

11

 

Non-cash investing activity:

 

 

 

 

Capital expenditures included in accounts payable

$

11

 

 

 

$

12

 

 

MPM HOLDINGS INC.

SCHEDULE 4: RECONCILIATION OF SEGMENT EBITDA TO NET LOSS (Unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2015

 

 

2014

 

2015

 

 

2014

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

Segment EBITDA:

 

 

 

 

 

 

 

 

 

Silicones

$

42

 

 

 

$

70

 

 

$

154

 

 

 

$

195

 

Quartz

6

 

 

 

5

 

 

26

 

 

 

17

 

Corporate

(7

)

 

 

(12

)

 

(27

)

 

 

(35

)

Total

$

41

 

 

 

$

63

 

 

$

153

 

 

 

$

177

 

 

 

 

 

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

 

 

 

 

Items not included in Segment EBITDA:

 

 

 

 

 

 

 

 

 

Non-cash charges

$

 

 

 

$

(145

)

 

$

(3

)

 

 

$

(116

)

Realized and unrealized actuarial gains from pension liabilities

 

 

 

 

 

13

 

 

 

 

Restructuring and other costs

(4

)

 

 

(6

)

 

(13

)

 

 

(20

)

Reorganization items, net

(1

)

 

 

(44

)

 

(8

)

 

 

(114

)

Total adjustments

(5

)

 

 

(195

)

 

(11

)

 

 

(250

)

Interest expense, net

(20

)

 

 

(36

)

 

(59

)

 

 

(153

)

Income tax benefit (expense)

(6

)

 

 

23

 

 

(11

)

 

 

2

 

Depreciation and amortization

(42

)

 

 

(54

)

 

(118

)

 

 

(137

)

Net income (loss)

$

(32

)

 

 

$

(199

)

 

$

(46

)

 

 

$

(361

)

 

MPM HOLDINGS INC.

SCHEDULE 5: RECONCILIATION OF LAST TWELVE MONTHS NET INCOME TO ADJ. EBITDA

 

 

September 30, 2015

 

LTM Period

Net income

$

1,941

 

Interest expense, net

83

 

Income tax expense

50

 

Depreciation and amortization

151

 

EBITDA

2,225

 

Adjustments to EBITDA

 

Restructuring and other costs(a)

18

 

Reorganization items, net(b)

(2,075

)

Unrealized loss on pension and postretirement benefits(c)

2

 

Non-cash charges and other income and expense(d)

47

 

Exclusion of Unrestricted Subsidiary results(e)

(23

)

Adjusted EBITDA

$

194

 

Pro forma fixed charges(f)

$

59

 

Ratio of Adjusted EBITDA to Fixed Charges(g)

3.29

 

 

 

(a)  Relates primarily to one-time payments for services and integration expenses, as well as costs related to restructuring our capital structure incurred prior to the Bankruptcy Filing.

(b)  Represents incremental costs incurred directly as a result of the Bankruptcy Filing, including certain professional fees, the Backstop Commitment Premium and financing fees related to the debtor-in-possession credit facilities. Also includes the impact of reorganization and fresh start accounting adjustments recorded on the Emergence Date.

(c)  Represents non-cash actuarial losses resulting from pension and postretirement liability curtailment and remeasurements.

(d)  Non-cash charges and other income and expenses includes the effects of unrealized foreign exchange transaction losses related to certain intercompany arrangements, unrealized derivative gains and losses, losses on asset disposals and stock-based compensation expense.

(e)  Reflects the exclusion of the EBITDA of our subsidiaries that are designated as Unrestricted Subsidiaries under the ABL Facility.

(f)  Reflects pro forma interest expense based on outstanding indebtedness and interest rates at September 30, 2015.

(g) The Company’s ability to incur additional indebtedness, among other actions, is restricted under the indentures governing our notes, unless the Company has an Adjusted EBITDA to Fixed Charges ratio of 2.0 to 1.0. As of September 30, 2015, we were able to satisfy this test and incur additional indebtedness under these indentures.

 

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6/5/2018 8:50:00 AM

WATERFORD, N.Y. (June 5, 2018) – Momentive Performance Materials Inc. (“Momentive”) has launched SilGrip* PSA810 pressure sensitive adhesive (PSA) for specialty masking and assembly tapes used in Electronic and Industrial market segments.

Momentive Announces First Quarter 2018 Results

5/8/2018 8:30:00 AM

First Quarter Highlights Net sales of $657 million, a 21% increase year over year

New from Momentive
 
Momentive Investing in New Manufacturing Facility in Leverkusen, Germany
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