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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________________________________________________________
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2020
or   
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from _____ to _____

Commission File No. 0-09115
____________________________________________________________
MATTHEWS INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________________
Pennsylvania25-0644320
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

Two Northshore Center, Pittsburgh, PA 15212-5851
(Address of principal executive offices) (Zip Code)

(412) 442-8200
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $1.00 par valueMATWNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ý
Accelerated filer
Non-accelerated filer ☐Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes No ý

As of March 31, 2020, shares of common stock outstanding were: Class A Common Stock 31,269,345 shares.



PART I ‑ FINANCIAL INFORMATION
Item 1.   Financial Statements
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands)
 March 31, 2020September 30, 2019
ASSETS    
Current assets:    
Cash and cash equivalents $72,338   $35,302  
Accounts receivable, net 294,587   318,756  
Inventories, net 186,919   180,274  
Other current assets 72,093   49,384  
Total current assets 625,937   583,716  
Investments 93,208   85,501  
Property, plant and equipment, net 235,962   237,442  
Deferred income taxes 4,940   5,032  
Other assets 117,005   31,455  
Goodwill 750,578   846,807  
Other intangible assets, net 364,106   400,650  
Total assets $2,191,736   $2,190,603  
LIABILITIES    
Current liabilities:    
Long-term debt, current maturities $26,077   $42,503  
Trade accounts payable 89,650   74,558  
Accrued compensation 39,077   42,545  
Accrued income taxes 1,894   5,997  
Other current liabilities 165,604   114,276  
Total current liabilities 322,302   279,879  
Long-term debt 939,753   898,194  
Accrued pension 137,284   133,762  
Postretirement benefits 19,926   19,963  
Deferred income taxes 92,832   102,482  
Other liabilities 88,437   37,087  
Total liabilities 1,600,534   1,471,367  
SHAREHOLDERS' EQUITY    
Shareholders' equity-Matthews:    
Common stock$36,334   $36,334   
Additional paid-in capital143,034   137,774   
Retained earnings862,581   972,594   
Accumulated other comprehensive loss(248,495)  (228,361)  
Treasury stock, at cost(203,307)  (200,235)  
Total shareholders' equity-Matthews 590,147   718,106  
Noncontrolling interests 1,055   1,130  
Total shareholders' equity 591,202   719,236  
Total liabilities and shareholders' equity $2,191,736   $2,190,603  

The accompanying notes are an integral part of these consolidated financial statements.
2



MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts in thousands, except per share data)

Three Months Ended
March 31,
Six Months Ended
March 31,
 2020201920202019
Sales$374,800  $391,400  $739,744  $765,577  
Cost of sales(250,036) (255,119) (499,253) (502,885) 
Gross profit124,764  136,281  240,491  262,692  
Selling expense(33,182) (34,352) (65,445) (69,381) 
Administrative expense(68,399) (68,156) (138,864) (135,259) 
Intangible amortization(17,872) (9,509) (35,814) (17,622) 
Goodwill write-down(90,408)   (90,408)   
Operating (loss) profit(85,097) 24,264  (90,040) 40,430  
Investment (loss) income(1,108) 2,091  191  739  
Interest expense(9,613) (10,259) (18,853) (20,560) 
Other deductions, net(1,843) (1,067) (4,662) (1,991) 
(Loss) income before income taxes(97,661) 15,029  (113,364) 18,618  
Income tax benefit (provision) 11,066  165  16,463  (440) 
Net (loss) income(86,595) 15,194  (96,901) 18,178  
Net losses attributable to noncontrolling interests231  223  71  336  
Net (loss) income attributable to Matthews shareholders$(86,364) $15,417  $(96,830) $18,514  
(Loss) earnings per share attributable to Matthews shareholders:
Basic$(2.77) $0.49  $(3.11) $0.59  
Diluted$(2.77) $0.48  $(3.11) $0.58  

The accompanying notes are an integral part of these consolidated financial statements.
3



MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Dollar amounts in thousands)

 Three Months Ended March 31,
 MatthewsNoncontrolling InterestTotal
 202020192020201920202019
Net (loss) income:$(86,364) $15,417  $(231) $(223) $(86,595) $15,194  
Other comprehensive income (loss) ("OCI"), net of tax:      
Foreign currency translation adjustment(30,648) 134  1  19  (30,647) 153  
Pension plans and other postretirement benefits1,827  734      1,827  734  
Unrecognized loss on derivatives:      
Net change from periodic revaluation(4,305) (1,356)     (4,305) (1,356) 
Net amount reclassified to earnings(137) (664)     (137) (664) 
Net change in unrecognized loss on derivatives(4,442) (2,020)     (4,442) (2,020) 
OCI, net of tax(33,263) (1,152) 1  19  (33,262) (1,133) 
Comprehensive (loss) income$(119,627) $14,265  $(230) $(204) $(119,857) $14,061  

 Six Months Ended March 31,
 MatthewsNoncontrolling InterestTotal
 202020192020201920202019
Net (loss) income:$(96,830) $18,514  $(71) $(336) $(96,901) $18,178  
OCI, net of tax:      
Foreign currency translation adjustment(19,537) (12,430) (4) 6  (19,541) (12,424) 
Pension plans and other postretirement benefits3,554  1,463      3,554  1,463  
Unrecognized loss on derivatives:      
Net change from periodic revaluation(3,739) (3,702)     (3,739) (3,702) 
Net amount reclassified to earnings(412) (1,219)     (412) (1,219) 
Net change in unrecognized loss on derivatives(4,151) (4,921)     (4,151) (4,921) 
OCI, net of tax(20,134) (15,888) (4) 6  (20,138) (15,882) 
Comprehensive (loss) income$(116,964) $2,626  $(75) $(330) $(117,039) $2,296  

The accompanying notes are an integral part of these consolidated financial statements.
4



MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
for the three and six months ended March 31, 2020 and 2019 (Unaudited)
(Dollar amounts in thousands, except per share data)

 Shareholders' Equity
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Non-
controlling
Interests
Total
Balance,
September 30, 2019
$36,334  $137,774  $972,594  $(228,361) $(200,235) $1,130  $719,236  
Net (loss) income—  —  (10,466) —  —  160  (10,306) 
Minimum pension liability—  —  —  1,727  —  —  1,727  
Translation adjustment—  —  —  11,111  —  (5) 11,106  
Fair value of derivatives—  —  —  291  —  —  291  
Total comprehensive income      2,818  
Stock-based compensation—  2,031  —  —  —  —  2,031  
Purchase of 52,104 shares of treasury stock
—  —  —  —  (1,845) —  (1,845) 
Issuance of 11,225 shares of treasury stock
—  (450) —  —  450  —    
Cancellations of 17,509 shares of treasury stock
—  1,171  —  —  (1,171) —    
Dividends, $0.21 per share
—  —  (6,535) —  —  —  (6,535) 
Balance,
December 31, 2019
$36,334  $140,526  $955,593  $(215,232) $(202,801) $1,285  $715,705  
Net loss—  —  (86,364) —  —  (231) (86,595) 
Minimum pension liability—  —  —  1,827  —  —  1,827  
Translation adjustment—  —  —  (30,648) —  1  (30,647) 
Fair value of derivatives—  —  —  (4,442) —  —  (4,442) 
Total comprehensive loss                  (119,857) 
Stock-based compensation—  2,508  —  —  —  —  2,508  
Purchase of 20,750 shares of treasury stock
—  —  —  —  (506) —  (506) 
Dividends, $0.21 per share
—  —  (6,648) —  —  —  (6,648) 
Balance,
March 31, 2020
$36,334  $143,034  $862,581  $(248,495) $(203,307) $1,055  $591,202  


 Shareholders' Equity
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Non-
controlling
Interests
Total
Balance,
September 30, 2018
$36,334  $129,252  $1,040,378  $(164,298) $(173,315) $363  $868,714  
Net income (loss)—  —  3,097  —  —  (113) 2,984  
Minimum pension liability—  —  —  729  —  —  729  
Translation adjustment—  —  —  (12,564) —  (13) (12,577) 
Fair value of derivatives—  —  —  (2,901) —  —  (2,901) 
Total comprehensive loss      (11,765) 
Stock-based compensation—  3,647  —  —  —  —  3,647  
Purchase of 186,417 shares of treasury stock
—  —  —  —  (7,751) —  (7,751) 
Issuance of 2,822 shares of treasury stock
—  (115) —  —  115  —    
Cancellations of 19,433 shares of treasury stock
—  891  —  —  (891) —    
Dividends, $0.20 per share
—  —  (6,414) —  —  —  (6,414) 
Acquisition—  —  —  —  —  1,760  1,760  
Cumulative tax adjustment for intra-entity transfers—  —  (4,176) —  —  —  (4,176) 
Balance,
December 31, 2018
$36,334  $133,675  $1,032,885  $(179,034) $(181,842) $1,997  $844,015  
Net income (loss)—  —  15,417  —  —  (223) 15,194  
Minimum pension liability—  —  —  734  —  —  734  
Translation adjustment—  —  —  134  —  19  153  
Fair value of derivatives—  —  —  (2,020) —  —  (2,020) 
Total comprehensive income                  14,061  
Stock-based compensation—  1,366  —  —  —  —  1,366  
Purchase of 143,092 shares of treasury stock
—  —  —  —  (5,535) —  (5,535) 
Cancellations of 41 shares of treasury stock
—  14  —  —  (14) —    
Dividends, $0.20 per share
—  —  (6,446)