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05Aug 20
The ODP Corporation Announces Second Quarter 2020 Results
Total reported sales for the second quarter of 2020 were $2.2 billion, a decrease of 17% compared to the second quarter of 2019. The decrease in revenue was primarily the result of lower sales in the Business Solutions Division (BSD) and CompuCom Division driven by impacts related to the COVID-19 pandemic, combined with lower sales in the Retail Division driven by lower volume and fewer retail stores in service. Product sales in the second quarter were down 15% relative to the prior year period. Service revenue was down 26% in the quarter related to lower comparable sales at CompuCom and sales of service in our BSD and Retail Divisions, all of which were negatively impacted by the COVID-19 outbreak. On a consolidated basis, service revenue represented approximately 14% of total Company sales in the second quarter of 2020. The Company reported an operating loss of $456 million in the second quarter of 2020, compared to an operating loss of $15 million in the prior year period. GAAP operating results in the second quarter included $466 million of charges including $401 million of non-cash asset impairment charges, and $65 million in merger and restructuring costs. Asset impairment charges of $401 million in the second quarter of 2020 included $363 million related to impairment of goodwill and other intangible assets at CompuCom and in the Company’s contract business combined, largely related to the effects of the COVID-19 outbreak on current businesses conditions. Asset impairment charges also included $25 million related to the impairment of operating lease right-of-use (ROU) assets associated with the Company’s retail store locations, with the remainder primarily relating to the impairment of fixed assets. Merger and restructuring costs of $65 million include $6 million associated with the Business Acceleration Program (“BAP”), $51 million associated with restructuring charges related to the recently announced Maximize B2B Restructuring Plan, and $7 million in merger, acquisition and integration-related expenses.
05Aug 20
Quad Reports Second Quarter and Year-to-Date 2020 Results
Results for the three months ended June 30, 2020, included: *Net Sales (excluding discontinued operations) — Net sales were $585 million in 2020, down 38% from 2019. Sales declined 36% during the quarter, excluding the impact of the January 2020 sale of the Omaha packaging plant primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures. *Net Loss From Continuing Operations — Excluding the results from discontinued operations, net loss from continuing operations was $15 million in 2020 compared to net loss from continuing operations of $3 million in 2019. Results for the six months ended June 30, 2020, included: *Net Sales (excluding discontinued operations) — Net sales were $1.4 billion in 2020 as compared to $1.9 billion in 2019, down 26%. Sales declined 25% during the six months ended June 30, 2020, after excluding the impact of the January 2020 sale of the Omaha packaging plant primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures. *Net Loss From Continuing Operations — Excluding the results from discontinued operations, net loss from continuing operations was $24 million in 2020 as compared to net loss from continuing operations of $16 million in 2019.
05Aug 20
Neenah Reports Second Quarter 2020 Results
*Net sales of $161.4 million decreased 36 percent compared with $253.4 million in the prior year. Technical Products segment sales decreased 28 percent and Fine Paper and Packaging revenues declined 48 percent. The decline in revenues in both segments resulted primarily from lower volumes caused by impacts of the COVID-19 pandemic. *An operating loss of $(58.5) million compared with operating income of $19.8 million in the prior year period. Excluding adjusting items of $59.0 million in 2020 and $3.5 million in 2019, adjusted operating income declined from $23.3 million in 2019 to $0.5 million in 2020 as a result of lower sales and production volumes and related manufacturing fixed cost inefficiencies, partly offset by reductions in manufacturing and selling, general and administrative ("SG&A") costs, and benefits of lower input prices net of selling price changes.