Matthews International Corporation (NASDAQ:MATW) Q4 2019 Earnings Conference Call - Final Transcript
Nov 22, 2019 • 09:00 am ET
Greetings, and welcome to the Matthews International Corporation Fourth Quarter Fiscal 2019 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. Bill Wilson, Senior Director of Corporate Development for Matthews International Corporation. Thank you. You may begin.
William D. Wilson
Thank you, Melissa. Good morning, everyone, and welcome to the Matthews International fourth quarter 2019 earnings call. This is Bill Wilson, and with us today are Joe Bartolacci, President and Chief Executive Officer, and Steve Nicola, our Chief Financial Officer.
Before we start, I'd like to remind you that our earnings release and financial disclosures were posted on our website www.matw.com in the Investors section last night. The presentation for our call can also be accessed in the Investors section of the website. As a reminder, any forward-looking statements in connection with this discussion are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors that could cause the Company's results to differ from those discussed today are set forth in the Company's Annual Report on Form 10-K and other periodic filings with the SEC.
In addition, we will be discussing non-GAAP financial metrics and encourage you to read our disclosure and reconciliation tables carefully as you consider these metrics. In connection with any forward-looking statements and non-GAAP financial information, please read the disclaimer also included in today's presentation materials located on our website.
And now I'll turn the call over to Steve.
Steven F. Nicola
Thank you, Bill. Good morning. Please turn to Slide 4. For the fiscal 2019 fourth quarter, the Company reported consolidated sales of $392 million compared to $407 million a year ago. Consistent with the previous quarters of this year, our consolidated sales comparability for the fourth quarter was significantly affected by unfavorable changes in foreign currency exchange rates and the loss of a significant client account in our US brand business early in the fiscal year.
In addition, sales for the current quarter were also impacted by delays in several significant projects in our Industrial Technology segment. However, consolidated sales for the current quarter were favorably impacted by sales growth in the Memorialization segment and higher private label brand market sales. On a non-GAAP basis, the Company reported a loss per share of $2.28 for the current quarter compared to income of $0.93 per share last year. The loss for the current quarter resulted from a non-cash goodwill write-down.
As we announced following our third quarter, the Company initiated a strategic review of several of its operations, including the commercial and operational structure within the SGK Brand Solutions segment. Based on the expected impact of this review on future operating structure and related projections, the Company reassessed the valuation of goodwill related to the Graphics Imaging reporting unit within the SGK Brand Solutions segment and recorded a non-cash write-down