Business
Matthews International Reports Results for Fiscal 2021 First Quarter
Financial Highlights: Sales increased $21.8 million (5.9%) compared to prior year 1st quarterOperating cash flow of $35.3 million vs. $5.4 million a year
About this update from Matthews International Corporation
[{"type":"text","content":"Financial Highlights: Sales increased $21.8 million (5.9%) compared to prior year 1st quarterOperating cash flow of $35.3 million vs. $5.4 million a year agoGAAP net loss of $1.8 million; adjusted net income of $21.6 millionAdjusted EBITDA of $54.8 million vs. $40.2 million a year agoDebt reduction of $9.9 million for quarter; $142.3 million in calendar 2020 PITTSBURGH, Pa., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its first quarter of fiscal 2021. In discussing the results for the Company’s fiscal 2021 first quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated: “The Company’s operating performance for the fiscal 2021 first quarter was very strong. We again reported growth in revenues, adjusted EBITDA and adjusted earnings per share compared to the same quarter a year ago. Additionally, we reported further reduction in our outstanding debt as a result of our continued strong cash flow generation. “The Memorialization segment reported significant sales growth compared to a year ago, predominantly reflecting higher casket sales as a result of the impact of COVID-19. In addition, sales of cremation equipment, mausoleums and cemetery memorial products also increased. Cemetery memorial products sales continued to be impacted by local stay-at-home orders limiting many families’ access with cemeteries to arrange for their memorials, but we anticipate most of these orders are deferred to a future date. “The SGK Brand Solutions segment had another solid quarter despite the economic impact of the pandemic. Our U.S. and European core brand packaging businesses reported sales growth compared to a year ago reflecting the essential nature of our global account client base and additional photography sales. In addition, we won several new accounts during the recent quarter. Our merchandising and other retail-based businesses continued to be challenged from the impacts of the pandemic, which resulted in the segment’s overall year-over-year sales decline. “Product identification sales for our Industrial Technologies segment were slightly higher than the same quarter a year ago, reflecting improving market conditions. In addition, incoming orders for our warehouse automation solutions continued to be strong, but access to job sites to compl...