UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 14, 2008
PolyOne Corporation
(Exact Name of Registrant as Specified in Charter)
| Ohio | 1-16091 | 34-1730488 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
PolyOne Center, 33587 Walker Rd.
Avon Lake, Ohio 44012
(Address of Principal Executive Offices) (Zip Code)
Avon Lake, Ohio 44012
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code:
(440) 930-1000
(440) 930-1000
N/A
(Former Name or Former Address, if Changed Since Last Report)
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 2.02. | Results of Operations and Financial Condition. |
On July 2, 2008, PolyOne Corporation (the “Company”) filed a Current Report on Form 8-K attaching a
press release announcing that the Company implemented a change to its management and segment
organization as well as to the presentation of its financial results. The press release included
attachments that recast certain of the Company’s historical financial information according to the
new presentation. Subsequently, the Company revised the presentation of segment operating income
for the Resin and Intermediates and Corporate and eliminations reportable segments for the second
and fourth quarters of 2007. Attachments 1, 2 and 3 included in Exhibit 99.1 of this Current
Report on Form 8-K have been revised from their previous presentation included in the press release
to reflect the revised presentation. Exhibit 99.1 is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Exhibit Description | |||
| 99.1 | Historical financial information — Attachments 1, 2 and 3. |
|||
SIGNATURES
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 thereunto duly authorized.
Date: July 14, 2008
| POLYONE CORPORATION |
||||
| By: | /s/ Robert M. Patterson | |||
| Name: | Robert M. Patterson | |||
| Title: | Senior Vice President and Chief Financial Officer | |||
EXHIBIT INDEX
| Exhibit No. | Exhibit Description | |||
| 99.1 | Historical financial information — Attachments 1, 2 and 3. |
|||
Exhibit 99.1
Attachment 1
PolyOne Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
| 1Q08 | 4Q07 | 3Q07 | 2Q07 | 1Q07 | 2007Y | |||||||||||||||||||
Sales |
$ | 713.7 | $ | 631.3 | $ | 664.8 | $ | 688.8 | $ | 657.8 | $ | 2,642.7 | ||||||||||||
Cost of sales |
628.8 | 566.9 | 634.8 | 606.3 | 573.7 | 2,381.7 | ||||||||||||||||||
Gross margin |
84.9 | 64.4 | 30.0 | 82.5 | 84.1 | 261.0 | ||||||||||||||||||
Selling and administrative |
72.9 | 56.9 | 65.3 | 68.5 | 64.1 | 254.8 | ||||||||||||||||||
Income (loss) from equity affiliates and minority interest |
8.1 | 11.1 | 11.7 | (1.6 | ) | 6.5 | 27.7 | |||||||||||||||||
Operating income (loss) |
20.1 | 18.6 | (23.6 | ) | 12.4 | 26.5 | 33.9 | |||||||||||||||||
Interest expense, net |
(8.4 | ) | (7.1 | ) | (10.3 | ) | (15.1 | ) | (14.4 | ) | (46.9 | ) | ||||||||||||
Premium on early extinguishment of debt |
— | — | (7.5 | ) | (5.3 | ) | — | (12.8 | ) | |||||||||||||||
Other expense, net |
(2.0 | ) | (2.1 | ) | (1.8 | ) | (1.8 | ) | (0.9 | ) | (6.6 | ) | ||||||||||||
Income (loss) before income taxes |
9.7 | 9.4 | (43.2 | ) | (9.8 | ) | 11.2 | (32.4 | ) | |||||||||||||||
Income tax benefit (expense) |
(3.2 | ) | (2.3 | ) | 45.5 | 4.4 | (3.8 | ) | 43.8 | |||||||||||||||
Net income (loss) |
$ | 6.5 | $ | 7.1 | $ | 2.3 | $ | (5.4 | ) | $ | 7.4 | $ | 11.4 | |||||||||||
Basic and diluted earnings per common share: |
$ | 0.07 | $ | 0.08 | $ | 0.02 | $ | (0.06 | ) | $ | 0.08 | $ | 0.12 | |||||||||||
Weighted average shares used to compute earnings per share: |
||||||||||||||||||||||||
Basic |
92.9 | 92.9 | 92.8 | 92.8 | 92.6 | 92.8 | ||||||||||||||||||
Diluted |
93.3 | 93.2 | 93.3 | 92.8 | 93.0 | 93.1 | ||||||||||||||||||
Dividends declared per share of common stock |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| 4Q06 | 3Q06 | 2Q06 | 1Q06 | 2006Y | ||||||||||||||||
Sales |
$ | 595.2 | $ | 666.2 | $ | 686.4 | $ | 674.6 | $ | 2,622.4 | ||||||||||
Cost of sales |
527.6 | 603.6 | 599.5 | 591.2 | 2,321.9 | |||||||||||||||
Gross margin |
67.6 | 62.6 | 86.9 | 83.4 | 300.5 | |||||||||||||||
Selling and administrative |
56.6 | 56.2 | 54.9 | 54.2 | 221.9 | |||||||||||||||
Income from equity affiliates and minority interest |
11.6 | 30.0 | 31.6 | 38.8 | 112.0 | |||||||||||||||
Operating income |
22.6 | 36.4 | 63.6 | 68.0 | 190.6 | |||||||||||||||
Interest expense, net |
(15.9 | ) | (15.1 | ) | (16.0 | ) | (16.1 | ) | (63.1 | ) | ||||||||||
Premium on early extinguishment of debt |
(3.2 | ) | — | (1.2 | ) | — | (4.4 | ) | ||||||||||||
Other expense, net |
0.1 | (0.2 | ) | (1.5 | ) | (1.2 | ) | (2.8 | ) | |||||||||||
Income before income taxes and discontinued operations |
3.6 | 21.1 | 44.9 | 50.7 | 120.3 | |||||||||||||||
Income tax benefit (expense) |
10.9 | (1.5 | ) | (2.4 | ) | (1.7 | ) | 5.3 | ||||||||||||
Income from continuing operations |
14.5 | 19.6 | 42.5 | 49.0 | 125.6 | |||||||||||||||
Loss from discontinued operations and loss on sale, net of
income taxes |
(0.6 | ) | — | — | (2.1 | ) | (2.7 | ) | ||||||||||||
Net income |
$ | 13.9 | $ | 19.6 | $ | 42.5 | $ | 46.9 | $ | 122.9 | ||||||||||
Basic and diluted earnings per common share: |
||||||||||||||||||||
From continuing operations |
$ | 0.16 | $ | 0.21 | $ | 0.46 | $ | 0.53 | $ | 1.36 | ||||||||||
Net income |
$ | 0.15 | $ | 0.21 | $ | 0.46 | $ | 0.51 | $ | 1.33 | ||||||||||
Weighted average shares used to compute earnings per share: |
||||||||||||||||||||
Basic |
92.5 | 92.5 | 92.4 | 92.1 | 92.4 | |||||||||||||||
Diluted |
93.0 | 93.0 | 93.0 | 92.5 | 92.8 | |||||||||||||||
Dividends declared per share of common stock |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Attachment 2
Segment Information (Unaudited)
(In millions)
(In millions)
| 1Q08 | 4Q07 | 3Q07 | 2Q07 | 1Q07 | 2007Y | |||||||||||||||||||
Sales: |
||||||||||||||||||||||||
International Color and Engineered Materials |
$ | 165.2 | $ | 146.9 | $ | 147.4 | $ | 150.3 | $ | 144.0 | $ | 588.6 | ||||||||||||
Specialty Engineered Materials |
64.5 | 28.7 | 31.8 | 31.4 | 32.4 | 124.3 | ||||||||||||||||||
Specialty Color, Additives and Inks |
58.4 | 53.0 | 58.7 | 60.5 | 59.8 | 232.0 | ||||||||||||||||||
Specialty Platform |
288.1 | 228.6 | 237.9 | 242.2 | 236.2 | 944.9 | ||||||||||||||||||
Performance Products and Solutions |
259.3 | 246.1 | 274.5 | 293.0 | 273.2 | 1,086.8 | ||||||||||||||||||
PolyOne Distribution |
201.1 | 184.0 | 185.8 | 190.1 | 184.4 | 744.3 | ||||||||||||||||||
Corporate and eliminations |
(34.8 | ) | (27.4 | ) | (33.4 | ) | (36.5 | ) | (36.0 | ) | (133.3 | ) | ||||||||||||
Sales |
$ | 713.7 | $ | 631.3 | $ | 664.8 | $ | 688.8 | $ | 657.8 | $ | 2,642.7 | ||||||||||||
Gross margin: |
||||||||||||||||||||||||
International Color and Engineered Materials |
$ | 28.8 | $ | 23.0 | $ | 23.9 | $ | 25.8 | $ | 23.2 | $ | 95.9 | ||||||||||||
Specialty Engineered Materials |
11.6 | 2.9 | 3.4 | 3.1 | 2.8 | 12.2 | ||||||||||||||||||
Specialty Color, Additives and Inks |
11.2 | 9.5 | 11.2 | 11.3 | 9.3 | 41.3 | ||||||||||||||||||
Specialty Platform |
51.6 | 35.4 | 38.5 | 40.2 | 35.3 | 149.4 | ||||||||||||||||||
Performance Products and Solutions |
21.0 | 15.6 | 23.9 | 30.9 | 35.1 | 105.5 | ||||||||||||||||||
PolyOne Distribution |
17.2 | 15.4 | 14.8 | 15.8 | 14.7 | 60.7 | ||||||||||||||||||
Resin and Intermediates |
— | — | — | (0.2 | ) | 0.8 | 0.6 | |||||||||||||||||
Corporate and eliminations |
(4.9 | ) | (2.0 | ) | (47.2 | ) | (4.2 | ) | (1.8 | ) | (55.2 | ) | ||||||||||||
Gross margin |
$ | 84.9 | $ | 64.4 | $ | 30.0 | $ | 82.5 | $ | 84.1 | $ | 261.0 | ||||||||||||
Operating income (loss): |
||||||||||||||||||||||||
International Color and Engineered Materials |
$ | 7.8 | $ | 4.8 | $ | 6.5 | $ | 7.8 | $ | 6.0 | $ | 25.1 | ||||||||||||
Specialty Engineered Materials |
2.9 | (1.0 | ) | — | (0.3 | ) | (0.9 | ) | (2.2 | ) | ||||||||||||||
Specialty Color, Additives and Inks |
2.8 | 1.3 | 3.2 | 2.6 | (0.1 | ) | 7.0 | |||||||||||||||||
Specialty Platform |
13.5 | 5.1 | 9.7 | 10.1 | 5.0 | 29.9 | ||||||||||||||||||
Performance Products and Solutions |
8.3 | 4.3 | 12.6 | 18.6 | 22.0 | 57.5 | ||||||||||||||||||
PolyOne Distribution |
5.5 | 5.7 | 5.3 | 6.5 | 4.6 | 22.1 | ||||||||||||||||||
Resin and Intermediates |
5.9 | 7.3 | 11.2 | 12.0 | 4.3 | 34.8 | ||||||||||||||||||
Corporate and eliminations |
(13.1 | ) | (3.8 | ) | (62.4 | ) | (34.8 | ) | (9.4 | ) | (110.4 | ) | ||||||||||||
Operating income (loss) |
$ | 20.1 | $ | 18.6 | $ | (23.6 | ) | $ | 12.4 | $ | 26.5 | $ | 33.9 | |||||||||||
2
Attachment 3
Segment Information (Unaudited)
(In millions)
(In millions)
| 4Q06 | 3Q06 | 2Q06 | 1Q06 | 2006Y | ||||||||||||||||
Sales: |
||||||||||||||||||||
International Color and Engineered Materials |
$ | 129.2 | $ | 130.6 | $ | 129.6 | $ | 121.3 | $ | 510.7 | ||||||||||
Specialty Engineered Materials |
25.4 | 29.1 | 29.9 | 28.9 | 113.3 | |||||||||||||||
Specialty Color, Additives and Inks |
55.7 | 64.2 | 67.4 | 65.8 | 253.1 | |||||||||||||||
Specialty Platform |
210.3 | 223.9 | 226.9 | 216.0 | 877.1 | |||||||||||||||
Performance Products and Solutions |
249.4 | 301.2 | 311.7 | 303.9 | 1,166.2 | |||||||||||||||
PolyOne Distribution |
166.9 | 182.1 | 189.7 | 194.1 | 732.8 | |||||||||||||||
Corporate and eliminations |
(31.4 | ) | (41.0 | ) | (41.9 | ) | (39.4 | ) | (153.7 | ) | ||||||||||
Sales |
$ | 595.2 | $ | 666.2 | $ | 686.4 | $ | 674.6 | $ | 2,622.4 | ||||||||||
Gross margin: |
||||||||||||||||||||
International Color and Engineered Materials |
$ | 20.0 | $ | 21.0 | $ | 22.1 | $ | 20.8 | $ | 83.9 | ||||||||||
Specialty Engineered Materials |
1.8 | 3.1 | 3.6 | 2.2 | 10.7 | |||||||||||||||
Specialty Color, Additives and Inks |
6.4 | 7.7 | 8.4 | 9.4 | 31.9 | |||||||||||||||
Specialty Platform |
28.2 | 31.8 | 34.1 | 32.4 | 126.5 | |||||||||||||||
Performance Products and Solutions |
26.7 | 26.4 | 37.8 | 33.2 | 124.1 | |||||||||||||||
PolyOne Distribution |
12.4 | 14.3 | 15.0 | 15.9 | 57.6 | |||||||||||||||
Resin and Intermediates |
0.1 | 0.3 | (0.4 | ) | — | — | ||||||||||||||
Corporate and eliminations |
0.2 | (10.2 | ) | 0.4 | 1.9 | (7.7 | ) | |||||||||||||
Gross margin |
$ | 67.6 | $ | 62.6 | $ | 86.9 | $ | 83.4 | $ | 300.5 | ||||||||||
Operating income (loss): |
||||||||||||||||||||
International Color and Engineered Materials |
$ | 3.4 | $ | 5.2 | $ | 6.4 | $ | 5.6 | $ | 20.6 | ||||||||||
Specialty Engineered Materials |
(1.8 | ) | (0.1 | ) | 0.4 | (0.9 | ) | (2.4 | ) | |||||||||||
Specialty Color, Additives and Inks |
(3.0 | ) | (2.0 | ) | 0.1 | 0.8 | (4.1 | ) | ||||||||||||
Specialty Platform |
(1.4 | ) | 3.1 | 6.9 | 5.5 | 14.1 | ||||||||||||||
Performance Products and Solutions |
13.0 | 14.0 | 24.9 | 21.5 | 73.4 | |||||||||||||||
PolyOne Distribution |
3.6 | 4.3 | 5.1 | 6.2 | 19.2 | |||||||||||||||
Resin and Intermediates |
9.7 | 27.9 | 29.0 | 36.3 | 102.9 | |||||||||||||||
Corporate and eliminations |
(2.3 | ) | (12.9 | ) | (2.3 | ) | (1.5 | ) | (19.0 | ) | ||||||||||
Operating income |
$ | 22.6 | $ | 36.4 | $ | 63.6 | $ | 68.0 | $ | 190.6 | ||||||||||
3