PITTSBURGH, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) announced that its Board of Directors declared, at its regularly scheduled meeting today, a dividend of $0.25 per share on the Company’s common stock, representing an increase to the Company’s quarterly dividend rate. Joseph C. Bartolacci, President and Chief Executive Officer, stated: “Consistent with our long-term practice, we are pleased to announce another annual increase in our dividend for fiscal 2025. ...

PITTSBURGH, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) (the "Company") today announced a proposed private offering of senior secured second lien notes due 2027 (the "Notes"). At or prior to the closing of the offering of the Notes, the Company intends to amend its senior credit facility to, among other things, permit the Notes to be secured by a second priority lien on substantially all of our and certain of our domestic subsidiaries' assets, and the Company and ...

Matthews International (MATW) came out with quarterly earnings of $0.56 per share, missing the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.45%. A quarter ago, it was expected that this global provider of industrial technologies, memorialization products and brand solutions would post earnings of $0.45 per share when it actually produced ear ...

Fiscal 2024 Third Quarter Financial Highlights: Outstanding debt reduced by $12.6 million during the quarter 3rd Quarter GAAP EPS of $0.06; non-GAAP adjusted EPS of $0.56 SGK Brand Solutions segment reports sales growth for the quarter Energy storage sales impacted by customer delays Company announces cost reduction initiatives Webcast: Friday, August 2, 2024, 9:00 a.m., (201) 689-8471 PITTSBURGH, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today announced financi ...

PITTSBURGH, July 24, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) announced that its Board of Directors declared, at its regularly scheduled meeting today, a dividend of $0.24 per share on the Company's common stock. Matthews International Corporation Corporate Office Two NorthShore Center Pittsburgh, PA 15212-5851 Phone: (412) 442-8200 The dividend is payable August 19, 2024 to stockholders of record August 5, 2024. Forward-looking Information and Secretary Corporate Devel ...

Core Viewpoint - Matthews International Corporation is set to release its third quarter fiscal year 2024 earnings results on August 1, 2024, after market close [1]. Company Overview - Matthews International Corporation is a global provider of industrial technologies, memorialization products, and brand solutions, employing approximately 12,000 people across more than 30 countries [3]. - The company operates through three main segments: - **Industrial Technologies**: Focuses on high-tech custom energy storage solutions, product identification, warehouse automation technologies, and coating and converting lines for various industries [3]. - **Memorialization**: Provides memorialization products such as memorials, caskets, and cremation-related equipment, primarily serving cemetery and funeral home customers [3]. - **SGK Brand Solutions**: Offers packaging solutions and brand experiences to help companies enhance their marketing and brand value [3]. Conference Call Details - A conference call and webcast will be held to review the financial and operating results, featuring key executives including the President and CEO, Chief Financial Officer, and Senior Director of Corporate Development [5]. - The call is scheduled for August 2, 2024, at 9:00 a.m. Eastern Time [6].

PITTSBURGH, June 17, 2024 (GLOBE NEWSWIRE) -- Matthews International Corporation (Nasdaq GSM: MATW). On Friday evening, June 14, 2024, Tesla filed a complaint in Federal District Court in the Northern District of California. The claims stated in this threadbare complaint are utterly without merit and we intend to vigorously defend the matter. Notably, the complaint vaguely references trade secrets, but fails to identify even one trade secret that Tesla purportedly disclosed to Matthews. We are continuing to ...

Contrary to the allegations in the complaint, Tesla's lawsuit is simply a new tactic in their ongoing efforts to bully Matthews and improperly take Matthews' valuable intellectual property. Furthermore, Tesla's complaint attempts to restrict us from offering our innovative solutions to others, preventing the market from significantly benefiting from the savings associated with our dry battery electrode ("DBE") solutions, and thus interfering with Matthews' ability to realize the value of our intellectual pr ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company's consolidated financial statements for the period ended March 31, 2024, show stable total assets at approximately $1.89 billion, with sales slightly decreasing to $921.2 million from $928.8 million year-over-year for the six months ended March 31, 2024, and net income falling to $6.7 million from $12.8 million, while net cash provided by operating activities decreased to $29.8 million from $44.7 million in the prior-year period [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) | (In thousands) | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | **Total current assets** | $654,049 | $648,257 | | **Total assets** | **$1,890,477** | **$1,887,381** | | **Total current liabilities** | $358,752 | $394,600 | | **Long-term debt** | $837,357 | $786,484 | | **Total liabilities** | $1,381,130 | $1,362,100 | | **Total shareholders' equity** | **$509,347** | **$525,281** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) | (In thousands, except per share) | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $471,223 | $479,580 | $921,209 | $928,820 | | **Gross profit** | $148,182 | $149,623 | $280,535 | $288,553 | | **Operating profit** | $21,328 | $23,051 | $30,755 | $40,279 | | **Net income attributable to Matthews** | $9,027 | $9,127 | $6,724 | $12,830 | | **Diluted EPS** | $0.29 | $0.29 | $0.22 | $0.41 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | (In thousands) | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $29,841 | $44,711 | | **Net cash used in investing activities** | ($29,763) | ($31,203) | | **Net cash provided by (used in) financing activities** | $3,018 | ($44,899) | | **Net change in cash and cash equivalents** | $3,396 | ($29,498) | | **Cash and cash equivalents at end of period** | $45,497 | $41,916 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company operates under three segments: Memorialization (memorials, caskets, cremation equipment), Industrial Technologies (energy storage, product identification, warehouse automation), and SGK Brand Solutions (brand management, pre-media services)[20](index=20&type=chunk) - The company applies highly inflationary accounting to its Turkish subsidiaries, with exchange losses of **$0.71 million** and **$1.25 million** for the six months ended March 31, 2024 and 2023, respectively, included in other income (deductions)[23](index=23&type=chunk) - In January 2024, the company amended and restated its domestic credit facility, which now includes a **$750 million** senior secured revolving credit facility maturing in January 2029[36](index=36&type=chunk) - The annual goodwill impairment review was performed in Q2 2024, and no impairment charges were necessary. However, the estimated fair value of the SGK Brand Solutions reporting unit exceeded its carrying value by a relatively narrow margin of approximately **7%**[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For the six months ended March 31, 2024, consolidated sales decreased slightly to $921.2 million from $928.8 million year-over-year, driven by lower sales in the Industrial Technologies and SGK Brand Solutions segments, partially offset by an increase in Memorialization, while Adjusted EBITDA declined to $102.3 million from $107.7 million, primarily due to lower sales, higher costs, and margin pressure in the Industrial Technologies segment, with the company maintaining liquidity through operating cash flow and an amended credit facility, and capital spending focused on new production capabilities and efficiencies [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Consolidated Sales by Segment (Six Months Ended Mar 31) | Segment | 2024 (in millions) | 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Memorialization | $430.2 | $429.4 | +0.2% | | Industrial Technologies | $227.5 | $234.7 | -3.1% | | SGK Brand Solutions | $263.5 | $264.8 | -0.5% | | **Total Sales** | **$921.2** | **$928.8** | **-0.8%** | Adjusted EBITDA by Segment (Six Months Ended Mar 31) | Segment | 2024 (in millions) | 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Memorialization | $83.3 | $87.2 | -4.5% | | Industrial Technologies | $19.7 | $27.8 | -29.1% | | SGK Brand Solutions | $28.3 | $23.3 | +21.5% | | **Total Adjusted EBITDA** | **$102.3** | **$107.7** | **-5.0%** | - The decrease in Industrial Technologies sales was driven by reduced demand for warehouse automation and automotive engineering solutions. The decline in Memorialization adjusted EBITDA was due to higher material/labor costs and lower margins on cremation products, reflecting a return to normalized death rates post-pandemic[96](index=96&type=chunk)[100](index=100&type=chunk) - The increase in SGK Brand Solutions adjusted EBITDA was primarily due to benefits from cost-reduction initiatives and improved margins on cylinder (packaging) products[100](index=100&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) - Net cash from operating activities decreased to **$29.8 million** for the first six months of fiscal 2024 from **$44.7 million** in the prior year, mainly due to changes in working capital, including incentive compensation payments[110](index=110&type=chunk) - In January 2024, the company amended its domestic credit facility, resulting in a **$750.0 million** senior secured revolving credit facility maturing in January 2029. As of March 31, 2024, total borrowings on this facility were approximately **$507.3 million**[114](index=114&type=chunk)[115](index=115&type=chunk) - The company utilizes a receivables purchase agreement (RPA) to sell up to **$125.0 million** of trade receivables. As of March 31, 2024, **$109.9 million** in receivables were sold and derecognized from the balance sheet. The RPA was extended to March 2026[117](index=117&type=chunk)[118](index=118&type=chunk) - Capital spending for fiscal 2024 is estimated to be approximately **$60 million**, an increase from the prior three-year average of **$48.7 million**, to support new production capabilities and efficiencies in the Memorialization and Industrial Technologies segments[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk during the three and six months ended March 31, 2024, and refers to its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, for detailed information - There have been no material changes in the Company's market risk during the six months ended March 31, 2024[142](index=142&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2024, the Company's disclosure controls and procedures were effective[144](index=144&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[145](index=145&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and claims that arise in the ordinary course of business, but management does not anticipate that these proceedings will have a material adverse effect on the company's financial condition, results of operations, or cash flows - Management does not expect that the results of any current legal proceedings will have a material adverse effect on the Company's financial condition, results of operations or cash flows[147](index=147&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 - No material changes in risk factors have occurred since the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has an active stock repurchase program, having repurchased 1,029 shares at a weighted average price of $35.15 per share during the second quarter of fiscal 2024, with 728,031 shares remaining available for repurchase under the current authorization as of March 31, 2024 - As of March 31, 2024, **728,031 shares** remain available for repurchase under the company's stock repurchase program[149](index=149&type=chunk) Stock Repurchase Activity (Q2 FY2024) | Period | Total Shares Purchased | Weighted Average Price Paid per Share | | :--- | :--- | :--- | | January 2024 | 1,029 | $35.15 | | February 2024 | — | — | | March 2024 | — | — |

© 2024 Matthews International Corporation. All Rights Reserved. 17 Matthews International www.matw.com | Nasdaq: MATW Joseph C. Bartolacci Steven F. Nicola Chief Financial Officer Any forward-looking statements contained in this presentation are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Compan ...