May 4, 2023 - ACCO Industries® (NYSE: NC) has announced the following consolidated results for the three months ended March 31, 2023. Comparisons in this news release are to the three months ended March 31, 2022, unless otherwise noted.
The substantial decreases in the Company's 2023 first-quarter consolidated operating profit, net income and EBITDA compared with the first quarter of 2022 were primarily due to a significant decrease in earnings in the Coal Mining and Minerals Management segments. These decreases were partly offset by significantly lower income tax expense, $1.2 million of other income received in the 2023 first quarter from a post-closing purchase price adjustment related to the Company's transfer of its ownership interests in Midwest Ag Energy in late 2022 and higher interest income.
At March 31, 2023, the Company had consolidated cash of $109.6 million and debt of $20.4 million with availability of $117.0 million under its $150.0 million revolving credit facility. The Company believes that maintaining a conservative capital structure and adequate liquidity are important given evolving trends in energy markets and the Company's strategic initiatives to grow and diversify, which are discussed further in the Growth and Diversification section of this release.
Detailed Discussion of Results
Coal deliveries for the first quarter of 2023 and 2022 were as follows:
Key financial results for the first quarter of 2023 and 2022 were as follows: