$ALG
ALAMO GROUP INC

2014 Q1 Form 10-Q Financial Statement

#000089707714000033 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $172.6M $158.4M
YoY Change 8.95% 1.62%
Cost Of Revenue $134.5M $123.5M
YoY Change 8.88% 2.36%
Gross Profit $38.13M $34.91M
YoY Change 9.22% -0.93%
Gross Profit Margin 22.09% 22.04%
Selling, General & Admin $27.50M $25.17M
YoY Change 9.24% 3.83%
% of Gross Profit 72.12% 72.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.314M $2.154M
YoY Change 7.43% -14.46%
% of Gross Profit 6.07% 6.17%
Operating Expenses $27.50M $25.17M
YoY Change 9.24% 3.83%
Operating Profit $10.63M $9.739M
YoY Change 9.16% -11.41%
Interest Expense $239.0K $242.0K
YoY Change -1.24% -45.37%
% of Operating Profit 2.25% 2.48%
Other Income/Expense, Net $474.0K $289.0K
YoY Change 64.01% -150.35%
Pretax Income $10.93M $9.830M
YoY Change 11.16% -2.0%
Income Tax $3.689M $2.880M
% Of Pretax Income 33.76% 29.3%
Net Earnings $7.238M $6.950M
YoY Change 4.14% 2.43%
Net Earnings / Revenue 4.19% 4.39%
Basic Earnings Per Share $0.60 $0.58
Diluted Earnings Per Share $0.59 $0.57
COMMON SHARES
Basic Shares Outstanding 12.08M shares 12.01M shares
Diluted Shares Outstanding 12.27M shares 12.16M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.30M $33.50M
YoY Change 26.27% -11.61%
Cash & Equivalents $42.25M $33.49M
Short-Term Investments
Other Short-Term Assets $13.10M $9.100M
YoY Change 43.96% 8.33%
Inventory $123.9M $118.2M
Prepaid Expenses $7.158M $5.447M
Receivables $183.4M $169.7M
Other Receivables $1.600M $0.00
Total Short-Term Assets $364.2M $330.6M
YoY Change 10.17% -4.33%
LONG-TERM ASSETS
Property, Plant & Equipment $61.55M $56.72M
YoY Change 8.52% -7.81%
Goodwill $72.41M $30.87M
YoY Change 134.55% -4.62%
Intangibles $5.500M $5.500M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $1.743M $972.0K
YoY Change 79.32% -18.46%
Total Long-Term Assets $265.4M $96.66M
YoY Change 174.57% -9.03%
TOTAL ASSETS
Total Short-Term Assets $364.2M $330.6M
Total Long-Term Assets $265.4M $96.66M
Total Assets $629.6M $427.2M
YoY Change 47.36% -5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.34M $55.55M
YoY Change 19.42% 2.19%
Accrued Expenses $32.47M $30.94M
YoY Change 4.95% 6.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $600.0K
YoY Change 83.33% -81.66%
Total Short-Term Liabilities $101.9M $90.24M
YoY Change 12.92% -0.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00M
YoY Change -100.0% -81.31%
Other Long-Term Liabilities $3.540M $3.693M
YoY Change -4.14% -15.74%
Total Long-Term Liabilities $3.540M $3.693M
YoY Change -4.14% -93.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.9M $90.24M
Total Long-Term Liabilities $3.540M $3.693M
Total Liabilities $105.4M $93.93M
YoY Change 12.25% -36.74%
SHAREHOLDERS EQUITY
Retained Earnings $261.6M $228.6M
YoY Change 14.44% 13.23%
Common Stock $93.20M $90.62M
YoY Change 2.85% 4.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $426.0K $426.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 42.60K shares 42.60K shares
Shareholders Equity $356.6M $311.6M
YoY Change
Total Liabilities & Shareholders Equity $465.4M $427.2M
YoY Change 8.94% -5.28%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $7.238M $6.950M
YoY Change 4.14% 2.43%
Depreciation, Depletion And Amortization $2.314M $2.154M
YoY Change 7.43% -14.46%
Cash From Operating Activities -$19.39M -$20.29M
YoY Change -4.46% 14.64%
INVESTING ACTIVITIES
Capital Expenditures $2.218M $3.116M
YoY Change -28.82% 85.04%
Acquisitions $0.00 $0.00
YoY Change
Other Investing Activities $0.00 $300.0K
YoY Change -100.0%
Cash From Investing Activities -$2.170M -$2.839M
YoY Change -23.56% 73.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0K $565.0K
YoY Change -55.75% 1348.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $164.0K $9.672M
YoY Change -98.3% -79.11%
NET CHANGE
Cash From Operating Activities -$19.39M -$20.29M
Cash From Investing Activities -$2.170M -$2.839M
Cash From Financing Activities $164.0K $9.672M
Net Change In Cash -$21.39M -$13.46M
YoY Change 58.95% -149.93%
FREE CASH FLOW
Cash From Operating Activities -$19.39M -$20.29M
Capital Expenditures $2.218M $3.116M
Free Cash Flow -$21.61M -$23.41M
YoY Change -7.7% 20.76%

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:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;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%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></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, we will request an unconditional &#8220;no further action&#8221; letter.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></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 to administer the cleanup and 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:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In December of 2012, a federal district court jury in Louisiana found that </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Gradall</font><font style="font-family:Arial;font-size:10pt;"> was unjustly enriched in the amount of </font><font style="font-family:Arial;font-size:10pt;">$1,000,000</font><font style="font-family:Arial;font-size:10pt;"> plus interest when it sold several telescopic fire apparatuses after properly terminating what the jury determined to be an enforceable contract with the plaintiff, a fire truck manufacturer. </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Gradall</font><font style="font-family:Arial;font-size:10pt;"> has appealed the decision and has reserved the full amount. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Alamo Group Inc. &#160;and Bush Hog, Inc. were added as defendants in 2013 to ongoing litigation by Deere &amp; Company as plaintiff against Bush Hog, LLC (now Duroc, LLC) and Great Plains Manufacturing Incorporated, in which Deere alleged infringement of a mower-related patent. The jury concluded in December 2013 that not only did the defendants not infringe the patent but that the patent was invalid as well. The Company expensed </font><font style="font-family:Arial;font-size:10pt;">$2,100,000</font><font style="font-family:Arial;font-size:10pt;"> in legal fees related to this lawsuit in 2013. Deere &amp; Company has filed notice of appeal.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain 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%;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></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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ALAMO GROUP INC

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