.Our $175.0 million Senior Notes are due on May 15, 2021 and will become a current liability soon. Neenah Inc. Neenah, Inc. engages in the provision of performance-based papers and specialty product. See the reconciliation table on F-19 for further detail of adjusting items.Among the measures taken to manage our cash flow and preserve our liquidity, purchases under the 2020 Stock Purchase Plan were curtailed in March 2020 and remain suspended. In assessing COVID-19 impacts, we excluded only costs which were unusual, incremental and directly attributable to mitigating the effects COVID-19 on our operations. For the three months ended March 31, 2020 and 2019, we repurchased 59,577 shares of Common Stock at a cost of $3.6 million and 4,285 shares of Common Stock at a cost of $0.3 million, respectively. The timestamp is only as accurate as the clock in the camera, and it may be completely wrong.You cannot overwrite this file.Click on a date/time to view the file as it appeared at that time.The following page uses this file:
Curious which other companies in the textile supply chain share this same commitment to safety? The increase was mainly due to lower input costs in both segments, and higher sales volumes and improved manufacturing costs and efficiencies in Technical Products.
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As of March 31, 2020, we had $93.0 million outstanding under our Global Revolving Credit Facilities and $117.2 million of available credit (based on exchange rates at March 31, 2020).Results of Operations and Related Information In this section, we discuss and analyze our net sales, earnings before interest and taxes (which we refer to as "operating income") and other information relevant to an understanding of our results of operations for the three months ended March 31, 2020 and 2019.In accordance with generally accepted accounting principles in the United States ("GAAP"), consolidated operating income includes the pre-tax effects of COVID-19 costs, restructuring and other prior year costs, and acquisition and due diligence costs. On a constant currency basis, net sales declined 2 percent compared with the prior year.Impact of COVID-19 on Our BusinessFor the three months ended March 31, 2020 and 2019, cash provided by (used in) financing activities was $59.4 million and $(0.7) million, respectively. While it is currently too early to estimate, we expect the ultimate significance of the impact of these disruptions, including the extent of their adverse impact on our financial results, will be determined by the length of time that such disruptions continue, which will, in turn, depend on the duration of the COVID-19 pandemic and the impact of governmental regulations or guidelines in response to the pandemic.
Excluding 2020 adjustments of $1.3 million primarily related to acquisition and due diligence costs, adjusted unallocated corporate expenses increased $0.3 million.Refer to Part II, Item 1A,"Risk Factors," for the risk factor related toAnalysis of Operating Income - Three and Nine Months Ended March 31, 2020 and 2019Additional Statement of Operations Commentary:We have required debt principal payments through March 31, 2021 of $3.3 million for principal payments on the two German loan agreements.
Cash related to financing activities consists primarily of net borrowings/repayments of long-term debt, dividends paid and share repurchases. (a) Includes changes in selling price and product mix.Net sales in our fine paper and packaging business decreased $8.3 million (8%) from the prior year period. The most significant impact is expected to result from the ability to delay payment of certain 2020 payroll taxes until 2021 and 2022. The 2020 Stock Purchase Plan does not require us to purchase any specific number of shares and may be suspended or discontinued at any time. For the three months ended March 31, 2020 and 2019, we recorded an income tax expense of $4.3 million and $2.4 million, respectively. The effective income tax rate for the three months ended March 31, 2019 reflected a favorable adjustment to the reserve for uncertain tax positions following completion of a German tax audit.On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law in the U.S. As of March 31, 2020, we were in compliance with all terms of the indenture for the 2021 Senior Notes.Consolidated operating income increased $6.2 million from the prior year period to $23.6 million for the three months ended March 31, 2020. (EDGAR Online via COMTEX) --Item 2. Future Neenah, Inc. is a community driven non-profit organization dedicated to promoting the economic and cultural vitality of Neenah. These items were only partly offset by lower net selling prices in both segments, higher SG&A expense due to an increased reserve for uncollectible accounts and legal costs, and lower volume in Fine Paper and Packaging. If the file has been modified from its original state, some details such as the timestamp may not fully reflect those of the original file.