$ALG
ALAMO GROUP INC

2011 Q4 Form 10-Q Financial Statement

#000089707711000040 Filed on November 04, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q4
Revenue $147.0M $155.1M $132.7M
YoY Change 10.77% 13.45% 17.64%
Cost Of Revenue $118.4M $117.8M $104.9M
YoY Change 12.87% 12.99% 16.69%
Gross Profit $28.57M $37.22M $27.70M
YoY Change 3.14% 14.92% 20.96%
Gross Profit Margin 19.44% 24.01% 20.87%
Selling, General & Admin $23.30M $22.76M $21.70M
YoY Change 7.37% 7.0% 5.34%
% of Gross Profit 81.55% 61.15% 78.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.700M $2.700M
YoY Change -11.11% 0.0% 3.85%
% of Gross Profit 8.4% 7.25% 9.75%
Operating Expenses $23.30M $22.76M $21.80M
YoY Change 6.88% 7.0% 5.31%
Operating Profit $5.270M $14.46M $5.900M
YoY Change -10.68% 30.08% 168.18%
Interest Expense -$600.0K $506.0K -$500.0K
YoY Change 20.0% -43.02% -54.55%
% of Operating Profit -11.39% 3.5% -8.47%
Other Income/Expense, Net $300.0K $817.0K $200.0K
YoY Change 50.0% 629.46% -60.0%
Pretax Income $11.60M $14.80M $5.700M
YoY Change 103.51% 37.6% -67.8%
Income Tax $3.500M $4.748M $1.600M
% Of Pretax Income 30.17% 32.07% 28.07%
Net Earnings $8.050M $10.06M $4.100M
YoY Change 96.34% 23.39% -56.84%
Net Earnings / Revenue 5.48% 6.49% 3.09%
Basic Earnings Per Share $0.85
Diluted Earnings Per Share $0.67 $0.84 $341.7K
COMMON SHARES
Basic Shares Outstanding 11.91M shares 11.86M shares
Diluted Shares Outstanding 11.97K shares 11.95K shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.30M $25.30M $30.20M
YoY Change -65.89% 3.69% 69.66%
Cash & Equivalents $10.29M $25.28M $30.24M
Short-Term Investments
Other Short-Term Assets $6.700M $9.100M $7.700M
YoY Change -12.99% 65.45% 24.19%
Inventory $114.5M $116.1M $99.30M
Prepaid Expenses $3.157M $4.415M $3.864M
Receivables $143.9M $148.3M $127.4M
Other Receivables $1.000M $400.0K $400.0K
Total Short-Term Assets $276.3M $299.2M $265.1M
YoY Change 4.26% 13.69% 0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $62.13M $57.71M $61.18M
YoY Change 1.54% -8.26% -12.47%
Goodwill $31.75M $33.95M $34.07M
YoY Change -6.81% -3.22%
Intangibles $5.500M $5.500M $5.500M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $1.026M $725.0K $855.0K
YoY Change 20.0% -81.41% -84.17%
Total Long-Term Assets $105.3M $103.0M $105.9M
YoY Change -0.57% -3.86% -8.92%
TOTAL ASSETS
Total Short-Term Assets $276.3M $299.2M $265.1M
Total Long-Term Assets $105.3M $103.0M $105.9M
Total Assets $381.7M $402.2M $371.0M
YoY Change 2.88% 8.62% -2.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.78M $47.03M $45.15M
YoY Change -9.68% 1.79% 25.42%
Accrued Expenses $30.57M $29.38M $29.81M
YoY Change 2.55% -10.16% -5.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.190M $915.0K $2.319M
YoY Change -48.68% -63.4% -57.84%
Total Short-Term Liabilities $75.81M $80.80M $79.19M
YoY Change -4.27% -2.06% -0.77%
LONG-TERM LIABILITIES
Long-Term Debt $8.621M $30.78M $23.11M
YoY Change -62.69% 33.23% -47.84%
Other Long-Term Liabilities $4.319M $3.862M $2.109M
YoY Change 104.79% -55.61% -81.34%
Total Long-Term Liabilities $12.94M $34.64M $25.22M
YoY Change -48.68% 8.93% -54.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.81M $80.80M $79.19M
Total Long-Term Liabilities $12.94M $34.64M $25.22M
Total Liabilities $88.75M $115.4M $104.4M
YoY Change -15.0% -4.44% -26.99%
SHAREHOLDERS EQUITY
Retained Earnings $196.4M $189.1M $166.6M
YoY Change 17.91%
Common Stock $86.89M $86.59M $85.56M
YoY Change 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $426.0K $426.0K $426.0K
YoY Change 0.0%
Treasury Stock Shares 42.60K shares 42.60K shares 42.60K shares
Shareholders Equity $277.3M $274.5M $253.3M
YoY Change
Total Liabilities & Shareholders Equity $381.7M $402.2M $371.0M
YoY Change 2.88% 8.62% -2.37%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q4
OPERATING ACTIVITIES
Net Income $8.050M $10.06M $4.100M
YoY Change 96.34% 23.39% -56.84%
Depreciation, Depletion And Amortization $2.400M $2.700M $2.700M
YoY Change -11.11% 0.0% 3.85%
Cash From Operating Activities $15.70M $28.70M $7.600M
YoY Change 106.58% 13.89% -68.85%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.700M -$1.400M
YoY Change 21.43% 21.43% 75.0%
Acquisitions
YoY Change
Other Investing Activities -$5.700M $100.0K $600.0K
YoY Change -1050.0% -94.12% -25.0%
Cash From Investing Activities -$7.400M -$1.600M -$900.0K
YoY Change 722.22% -500.0% -1000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.60M -26.70M -700.0K
YoY Change 3271.43% 17.62% -96.53%
NET CHANGE
Cash From Operating Activities 15.70M 28.70M 7.600M
Cash From Investing Activities -7.400M -1.600M -900.0K
Cash From Financing Activities -23.60M -26.70M -700.0K
Net Change In Cash -15.30M 400.0K 6.000M
YoY Change -355.0% -86.21% 39.53%
FREE CASH FLOW
Cash From Operating Activities $15.70M $28.70M $7.600M
Capital Expenditures -$1.700M -$1.700M -$1.400M
Free Cash Flow $17.40M $30.40M $9.000M
YoY Change 93.33% 14.29% -64.29%

Facts In Submission

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us-gaap Loss Contingency Disclosures
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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:24px;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:24px;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:24px;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;">September&#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;">$1,189,000</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. The Company has a nominal reserve 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;">$1,185,000</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:24px;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:24px;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:24px;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 Weighted Average Number Of Diluted Shares Outstanding
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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2011
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
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0000897077
CY2011Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ALAMO GROUP INC

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