UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 2016
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
Pennsylvania | 1-15579 | 46-4914539 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||
1000 Cranberry Woods Drive Cranberry Township, Pennsylvania | 16066-5207 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: 724-776-8600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 8.01 | Other Events |
MSA Safety Incorporated established the Americas and International segments on January 1, 2016. The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations of all geographies outside of the Americas. Previously, the Company reported results for the North America, Europe and International segments. The 2015 unaudited segment results have been recast by quarter to conform with current period presentation and are contained in the attached exhibit. Please refer to Note 8 of MSA's Form 10-Q for the quarter ended March 31, 2016 for additional information.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits | ||
99.1 | MSA Safety Incorporated 2015 quarterly segment results recast to conform with current period presentation. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED | ||
(Registrant) | ||
By | /s/ Kenneth D. Krause | |
Kenneth D. Krause | ||
Vice President of Finance and Chief Financial Officer | ||
Date: May 3, 2016
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | MSA Safety Incorporated 2015 quarterly segment results recast to conform with current period presentation. | |
Exhibit 99.1
Unaudited reportable segment information is presented in the following tables.
(In thousands) | Americas | International | Corporate | Reconciling Items | Consolidated Totals | ||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||
Sales to external customers | $ | 158,502 | $ | 98,206 | $ | — | $ | — | $ | 256,708 | |||||||||
Operating income (loss) | 23,909 | 7,569 | (6,937 | ) | — | 24,541 | |||||||||||||
Operating margin % | 15.1 | % | 7.7 | % | 9.6 | % | |||||||||||||
(In thousands) | Americas | International | Corporate | Reconciling Items | Consolidated Totals | ||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||
Sales to external customers | $ | 179,565 | $ | 107,446 | $ | — | $ | — | $ | 287,011 | |||||||||
Operating income (loss) | 37,454 | 10,892 | (8,429 | ) | — | 39,917 | |||||||||||||
Operating margin % | 20.9 | % | 10.1 | % | 13.9 | % | |||||||||||||
(In thousands) | Americas | International | Corporate | Reconciling Items | Consolidated Totals | ||||||||||||||
Three Months Ended September 30, 2015 | |||||||||||||||||||
Sales to external customers | $ | 181,283 | $ | 92,463 | $ | — | $ | — | $ | 273,746 | |||||||||
Operating income (loss) | 40,470 | 1,408 | (7,356 | ) | — | 34,522 | |||||||||||||
Operating margin % | 22.3 | % | 1.5 | % | 12.6 | % | |||||||||||||
(In thousands) | Americas | International | Corporate | Reconciling Items | Consolidated Totals | ||||||||||||||
Three Months Ended December 31, 2015 | |||||||||||||||||||
Sales to external customers | $ | 185,404 | $ | 127,914 | $ | — | $ | — | $ | 313,318 | |||||||||
Operating income (loss) | 40,138 | 13,632 | (15,547 | ) | — | 38,223 | |||||||||||||
Operating margin % | 21.6 | % | 10.7 | % | 12.2 | % | |||||||||||||
(In thousands) | Americas | International | Corporate | Reconciling Items | Consolidated Totals | ||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||
Sales to external customers | $ | 704,754 | $ | 426,029 | $ | — | $ | — | $ | 1,130,783 | |||||||||
Operating income (loss) | 141,971 | 33,501 | (38,269 | ) | — | 137,203 | |||||||||||||
Operating margin % | 20.1 | % | 7.9 | % | 12.1 | % | |||||||||||||
Operating income (loss) is defined as income from continuing operations before taxes excluding restructuring charges, interest expense, currency exchange gains (losses), and other income (expense). Reconciliations of operating income to income from continuing operations before income taxes as reported in the 2015 consolidated statement of operations are as follows:
Three Months Ended | Year Ended | ||||||||||||||||||
(In thousands) | March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | December 31, 2015 | ||||||||||||||
Income from continuing operations before income taxes | $ | 24,526 | $ | 35,725 | $ | 24,059 | $ | 26,716 | $ | 111,026 | |||||||||
Restructuring and other charges | 731 | 227 | 3,740 | 7,560 | 12,258 | ||||||||||||||
Interest expense | 2,473 | 2,502 | 2,827 | 3,052 | 10,854 | ||||||||||||||
Currency exchange (gains) losses, net | (2,548 | ) | 1,557 | 4,327 | (1,132 | ) | 2,204 | ||||||||||||
Other (income) loss, net | (641 | ) | (94 | ) | (431 | ) | 2,027 | 861 | |||||||||||
Operating income | $ | 24,541 | $ | 39,917 | $ | 34,522 | $ | 38,223 | $ | 137,203 | |||||||||