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Investor Fact Sheet • January 2009
NASDAQ Trading Symbol: MATW Fiscal 2008 Earnings Per Share: $2.55 Investor Information: Recent Price (12/31/08): $36.68 Annual Dividend Per Share: $0.26 Steven F. Nicola, Chief Financial Officer, Secretary
52Week Price Range: $58.55$32.30 Shares Outstanding at 12/31/08: 30,646,021 and Treasurer (investorrelations@matw.com)
Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a designer, manufacturer and
marketer principally of memorialization products and brand solutions.
Memorialization products consist primarily of bronze memorials and other
memorialization products, caskets and cremation equipment for the cemetery and
funeral home industries. Brand solutions include graphics imaging products and
services, marking products, and merchandising solutions. The Company’s products
and services include cast bronze memorials and other memorialization
Business Operations
products; caskets; cast and etched architectural products; cremation equipment
and cremationrelated products; mausoleums; brand management, printing plates and
cylinders, prepress services and imaging services for the primary packaging and
corrugated industries; marking and coding equipment and consumables, and
industrial automation products for identifying, tracking and conveying various
consumer and industrial products, components and packaging containers; and
merchandising display systems and marketing and design services.
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The Bronze segment manufactures and markets products in North America, Europe and Australia used
in the cemetery, funeral home and architectural industries. The segment’s
principal products include cast bronze memorials and other memorialization
products used mainly in cemeteries. Memorial products include flush bronze
memorials, flower vases, crypt plates and letters, cameo portraits, cremation
urns, niche units, cemetery features and statues, community and family
mausoleums, and granite monuments and benches. In addition, the segment
manufactures and markets cast bronze and aluminum architectural products used to
identify or commemorate people, places and events.
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The Casket segment is a leading manufacturer and distributor of caskets in North America,
producing a wide variety of wood and metal caskets. It is also a leader in
providing assortment planning and merchandising and display products for funeral
service businesses. These products assist funeral service professionals in
providing value and satisfaction to their client families.
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The Cremation segment is the leading designer and manufacturer of cremation equipment and
cremationrelated products in North America. Cremation equipment and products are
sold primarily to funeral homes, cemeteries, crematories, animal disposers and
veterinarians within North America, Asia, Australia and Europe. The segment also
manufactures environmentallyfriendly caskets, which are manufactured from wood
fibers and corrugated materials covered with cloth, or paper veneer, which gives
the appearance of wood.
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The Graphics Imaging segment provides brand management, prepress services, printing plates and cylinders,
embossing tools and creative design services to the primary packaging and
corrugated industries. The segment’s principal products and services include
brand management, prepress graphics services, printing plates, gravure
cylinders, print process assistance, print production management, digital asset
management, content management and package design. These products and services
are used by consumer products companies and packaging manufacturers to develop
and print packaging graphics that identify and help sell the product in the
marketplace.
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The Marking Products segment designs, manufactures and distributes a wide range of marking and coding
products and related consumables, as well as industrial automation products. The
Company’s products are used by manufacturers and suppliers to identify, track
and convey their products and packaging. Marking technologies include contact
and inkjet printing using a wide range of specialty inks, as well as indenting
and etching processes. Marking solutions can be a standalone operation or
integrated directly into the manufacturing process at high speeds with extreme
accuracy.
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The Merchandising Solutions segment is an industry leader in providing valueadded comprehensive merchandising
solutions to consumer product marketers and retailers in industries such as
electronics, technology, entertainment, food and beverage, apparel, footwear,
home improvement, petroleum, appliances and flooring. The segment designs,
engineers, manufactures and installs merchandising and display systems, and also
provides creative merchandising and marketing solutions services.
Recent Highlights
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The Company’s consolidated revenues were $818.6 million in fiscal 2008,
compared to $749.4 million in fiscal 2007, an increase of 9.2%.
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For the quarter ended September 30, 2008, the Board of Directors increased the
Company’s quarterly cash dividend to $.065 per share. This was Matthews’
fourteenth dividend increase since our initial public offering in July 1994.
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During fiscal 2008, we repurchased 981,563 shares of our common stock. The
buyback program is designed to increase shareholder value and add to earnings
per share.
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In May 2008, the Company acquired a 78% interest in Saueressig GmbH & Co. KG, a
manufacturer of gravure printing cylinders, which has manufacturing operations
in Germany, Poland and the United Kingdom.
Selected Financial Data
Years Ended September 30,
|
20081 |
20072 |
20063 |
2005 |
2004 |
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(Amounts in thousands, except per share data) |
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Net sales |
$818,623 |
$749,352 |
$715,891 |
$639,822 |
$508,801 |
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Gross profit |
322,964 |
280,457 |
271,933 |
223,075 |
193,754 |
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Operating profit |
132,952 |
111,824 |
113,884 |
98,413 |
95,078 |
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Interest expense |
10,405 |
8,119 |
6,995 |
2,966 |
1,998 |
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Income before income taxes |
121,572 |
103,716 |
105,408 |
93,056 |
89,117 |
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Income taxes |
42,088 |
38,990 |
38,964 |
34,985 |
34,584 |
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Net income |
$ 79,484 |
$ 64,726 |
$ 66,444 |
$ 58,071 |
$ 54,533 |
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Earnings per common share: |
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Diluted |
$2.55 |
$2.04 |
$2.06 |
$1.79 |
$1.68 |
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Basic |
2.57 |
2.05 |
2.08 |
1.81 |
1.69 |
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Weightedaverage common |
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shares outstanding: |
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Diluted |
31,158 |
31,680 |
32,252 |
32,381 |
32,542 |
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Basic |
30,928 |
31,566 |
31,999 |
32,116 |
32,217 |
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Cash dividends per share |
$.245 |
$.225 |
$.205 |
$.185 |
$.165 |
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Total assets |
$914,282 |
$771,069 |
$716,090 |
$665,455 |
$533,432 |
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Longterm debt, noncurrent |
219,124 |
142,273 |
120,289 |
118,952 |
54,389 |
1 Fiscal 2008 included a reduction in income taxes of $1,882 to reflect the
adjustment of net deferred tax liabilities resulting from the enactment of lower
statutory income tax rates in certain European countries.
2 Fiscal 2007 included a net pretax charge of approximately $8,765 which
consisted primarily of special charges related to the acceleration of earnout
payments in the resolution of employment agreements from the Milso Industries
acquisition and pretax charges related to severance costs incurred in several of
the Company’s segments, partially offset by a pretax gain on the sale of the
marketing consultancy business of the Merchandising Solutions segment and
favorable legal settlements, net of related legal costs, in the Casket segment.
3 Fiscal 2006 included a net pretax gain of $1,016 which consisted of a pretax
gain from the sale of a facility, partially offset by a pretax charge related to
asset impairments and related costs.
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