$ALG
ALAMO GROUP INC

2011 Q2 Form 10-Q Financial Statement

#000089707711000020 Filed on August 05, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $160.8M $138.1M
YoY Change 16.48% 21.97%
Cost Of Revenue $123.4M $109.4M
YoY Change 12.84% 23.05%
Gross Profit $37.39M $28.68M
YoY Change 30.37% 18.03%
Gross Profit Margin 23.25% 20.77%
Selling, General & Admin $23.69M $21.36M
YoY Change 10.91% 12.99%
% of Gross Profit 63.34% 74.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.700M $2.700M
YoY Change 0.0% 28.57%
% of Gross Profit 7.22% 9.41%
Operating Expenses $23.69M $21.36M
YoY Change 10.91% 12.39%
Operating Profit $13.71M $7.326M
YoY Change 87.09% 38.23%
Interest Expense $444.0K $1.024M
YoY Change -56.64% -202.4%
% of Operating Profit 3.24% 13.98%
Other Income/Expense, Net -$75.00K -$25.00K
YoY Change 200.0%
Pretax Income $13.24M $6.582M
YoY Change 101.14% 49.59%
Income Tax $4.325M $1.712M
% Of Pretax Income 32.67% 26.01%
Net Earnings $8.914M $4.870M
YoY Change 83.04% 62.33%
Net Earnings / Revenue 5.54% 3.53%
Basic Earnings Per Share $0.75 $0.41
Diluted Earnings Per Share $0.74 $0.41
COMMON SHARES
Basic Shares Outstanding 11.85M shares 11.76M shares
Diluted Shares Outstanding 11.97K shares 11.88M shares

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.10M $20.20M
YoY Change 29.21% 231.15%
Cash & Equivalents $26.15M $20.15M
Short-Term Investments
Other Short-Term Assets $8.500M $7.400M
YoY Change 14.86% 29.82%
Inventory $122.2M $108.9M
Prepaid Expenses $4.645M
Receivables $169.7M $134.8M
Other Receivables $400.0K $1.200M
Total Short-Term Assets $327.0M $272.5M
YoY Change 20.0% 4.13%
LONG-TERM ASSETS
Property, Plant & Equipment $60.46M $63.20M
YoY Change -4.33% 4.64%
Goodwill $35.64M
YoY Change
Intangibles $5.500M
YoY Change
Long-Term Investments
YoY Change
Other Assets $861.0K $4.700M
YoY Change -81.68% 11.9%
Total Long-Term Assets $107.5M $106.3M
YoY Change 1.14% -9.3%
TOTAL ASSETS
Total Short-Term Assets $327.0M $272.5M
Total Long-Term Assets $107.5M $106.3M
Total Assets $434.5M $378.8M
YoY Change 14.71% -0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.30M $46.90M
YoY Change 20.05% 3.53%
Accrued Expenses $30.60M $32.60M
YoY Change -6.13% 13.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.452M $3.300M
YoY Change -56.0% -15.38%
Total Short-Term Liabilities $88.69M $85.20M
YoY Change 4.1% 6.63%
LONG-TERM LIABILITIES
Long-Term Debt $56.42M $44.50M
YoY Change 26.79% -51.26%
Other Long-Term Liabilities $4.110M $9.500M
YoY Change -56.74% -27.48%
Total Long-Term Liabilities $60.53M $54.00M
YoY Change 12.09% -48.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.69M $85.20M
Total Long-Term Liabilities $60.53M $54.00M
Total Liabilities $149.2M $146.7M
YoY Change 1.72% -20.79%
SHAREHOLDERS EQUITY
Retained Earnings $179.8M
YoY Change
Common Stock $86.36M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $426.0K
YoY Change
Treasury Stock Shares 42.60K shares
Shareholders Equity $273.1M $232.1M
YoY Change
Total Liabilities & Shareholders Equity $434.5M $378.8M
YoY Change 14.71% -0.03%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income $8.914M $4.870M
YoY Change 83.04% 62.33%
Depreciation, Depletion And Amortization $2.700M $2.700M
YoY Change 0.0% 28.57%
Cash From Operating Activities -$9.500M $15.70M
YoY Change -160.51% -32.03%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$1.300M
YoY Change 23.08% 62.5%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$1.500M -$1.300M
YoY Change 15.38% 62.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.700M -14.60M
YoY Change -159.59% -29.81%
NET CHANGE
Cash From Operating Activities -9.500M 15.70M
Cash From Investing Activities -1.500M -1.300M
Cash From Financing Activities 8.700M -14.60M
Net Change In Cash -2.300M -200.0K
YoY Change 1050.0% -113.33%
FREE CASH FLOW
Cash From Operating Activities -$9.500M $15.70M
Capital Expenditures -$1.600M -$1.300M
Free Cash Flow -$7.900M $17.00M
YoY Change -146.47% -28.87%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contingent Matters</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> Like other manufacturers, the Company is subject to a broad range of federal, state, local and foreign laws and requirements, including those concerning air emissions, discharges into waterways, and the generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, as well as the remediation of contamination associated with releases of hazardous substances at the Company&#8217;s facilities and offsite disposal locations, workplace safety and equal employment opportunities. These laws and regulations are constantly changing, and it is impossible to predict with accuracy the effect that changes to such laws and regulations may have on the Company in the future. Like other industrial concerns, the Company&#8217;s manufacturing operations entail the risk of noncompliance, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> The Company knows that its Indianola, Iowa property is contaminated with chromium which most likely resulted from chrome plating operations which were discontinued before the Company purchased the property. Chlorinated volatile organic compounds have also been detected in water samples on the property, though the source is unknown at this time. The Company voluntarily worked with an environmental consultant and the state of Iowa with respect to these issues and believes it completed its remediation program in June 2006. The work was accomplished within the Company&#8217;s environmental liability reserve balance. We requested a &#8220;no further action&#8221; classification from the state. We received a conditional &#8220;no further action&#8221; letter in January of 2009. When we demonstrate stable or improving conditions below residential standards for a certain period of time by monitoring existing wells, an unconditional &#8220;no further action&#8221; letter will be requested.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> On </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2011</font><font style="font-family:Arial;font-size:10pt;">, the Company had an environmental reserve in the amount of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,474,000</font><font style="font-family:Arial;font-size:10pt;"> related to the acquisition of </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Gradall&#8217;s</font><font style="font-family:Arial;font-size:10pt;"> facility in New Philadelphia, Ohio. Three specific remediation projects that were identified prior to the acquisition are in process of remediation with a remaining reserve balance of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$53,000</font><font style="font-family:Arial;font-size:10pt;">. The Company has a reserve of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$233,000</font><font style="font-family:Arial;font-size:10pt;"> concerning a potential asbestos issue that is expected to be remediated over time. The balance of the reserve, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,188,000</font><font style="font-family:Arial;font-size:10pt;">, is mainly for potential ground water contamination/remediation that was identified before the acquisition and believed to have been generated by a third party company located near the </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Gradall</font><font style="font-family:Arial;font-size:10pt;"> facility.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> The Company knows that </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Bush Hog</font><font style="font-family:Arial;font-size:10pt;">&#8217;s main manufacturing property in Selma, Alabama was contaminated with chlorinated volatile organic compounds which most likely resulted from painting and cleaning operations during the 1960s and 1970s. The contaminated areas were primarily in the location of underground storage tanks and underneath the former waste storage area. Under the Asset Purchase Agreement, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Bush Hog</font><font style="font-family:Arial;font-size:10pt;">&#8217;s prior owner agreed to and has removed the underground storage tanks at its cost and has remediated the identified contamination in accordance with the regulations of the Alabama Department of Environmental Management.&#160;An environmental consulting firm was retained by the prior owner and administered the cleanup and will monitor the site on an ongoing basis until the remediation program is complete and approved by the applicable authorities.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> Certain other assets of the Company contain asbestos that may have to be remediated over time. The Company believes that any subsequent change in the liability associated with the asbestos removal will not have a material adverse effect on the Company&#8217;s consolidated financial position or results of operations.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-indent:20px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> The Company is subject to various other federal, state, and local laws affecting its business, as well as a variety of regulations relating to such matters as working conditions, equal employment opportunities, and product safety. A variety of state laws regulate the Company&#8217;s contractual relationships with its dealers, some of which impose restrictive standards on the relationship between the Company and its dealers, including events of default, grounds for termination, non-renewal of dealer contracts, and equipment repurchase requirements. The Company believes it is currently in material compliance with all such applicable laws and regulations.</font></div></div>
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us-gaap Net Cash Provided By Used In Investing Activities
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-2470000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33481000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9050000 USD
us-gaap Net Income Loss
NetIncomeLoss
8863000 USD
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
8914000 USD
CY2010Q2 us-gaap Net Income Loss
NetIncomeLoss
4870000 USD
us-gaap Net Income Loss
NetIncomeLoss
14581000 USD
CY2010Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7326000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
23047000 USD
CY2010Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
855000 USD
CY2011Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
861000 USD
CY2011Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4110000 USD
CY2010Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2109000 USD
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-75000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-222000 USD
CY2010Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-25000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1420000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1410000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
426000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2183000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3048000 USD
CY2010Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3864000 USD
CY2011Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4645000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
233000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
326000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
194000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
261000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1000000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
33500000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
139000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
114000 USD
CY2011Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
144952000 USD
CY2010Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
139674000 USD
CY2011Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60462000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61184000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
591000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
742000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
2773000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1404000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
166589000 USD
CY2011Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
179750000 USD
CY2010Q2 us-gaap Sales Revenue Net
SalesRevenueNet
138069000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
301539000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
us-gaap Sales Revenue Net
SalesRevenueNet
269222000 USD
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
160824000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
46245000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43023000 USD
CY2011Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23685000 USD
CY2010Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21355000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
341000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
564000 USD
CY2011Q2 us-gaap Stockholders Equity
StockholdersEquity
273071000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
253260000 USD
CY2010Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
42600.00 shares
CY2011Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
42600.00 shares
CY2010Q4 us-gaap Treasury Stock Value
TreasuryStockValue
426000 USD
CY2011Q2 us-gaap Treasury Stock Value
TreasuryStockValue
426000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11858000 shares
CY2010Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11882000 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11966000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11973000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11845000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11752000 shares
CY2010Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11756000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11839000 shares
dei Document Period End Date
DocumentPeriodEndDate
2011-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000897077
CY2011Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
11909129 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ALAMO GROUP INC

Files In Submission

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0000897077-11-000020-index-headers.html Edgar Link pending
0000897077-11-000020-index.html Edgar Link pending
0000897077-11-000020.txt Edgar Link pending
0000897077-11-000020-xbrl.zip Edgar Link pending
a10qbody.htm Edgar Link pending
alg-20110630.xml Edgar Link completed
alg-20110630.xsd Edgar Link pending
alg-20110630_cal.xml Edgar Link unprocessable
alg-20110630_def.xml Edgar Link unprocessable
alg-20110630_lab.xml Edgar Link unprocessable
alg-20110630_pre.xml Edgar Link unprocessable
alg-2011630xex311.htm Edgar Link pending
alg-2011630xex313.htm Edgar Link pending
alg-2011630xex321.htm Edgar Link pending
alg-2011630xex322.htm Edgar Link pending
alg-2011630xex323.htm Edgar Link pending
alg-2011x630xex312.htm Edgar Link pending
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