$ALG
ALAMO GROUP INC

2015 Q4 Form 10-Q Financial Statement

#000089707715000088 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $224.4M $231.6M $223.9M
YoY Change 0.23% -1.35% 34.29%
Cost Of Revenue $175.7M $174.1M $179.9M
YoY Change -2.33% -2.92% 33.75%
Gross Profit $48.74M $57.51M $48.37M
YoY Change 0.75% 3.73% 33.07%
Gross Profit Margin 21.72% 24.83% 21.6%
Selling, General & Admin $34.30M $33.94M $32.70M
YoY Change 4.89% 0.07% 15.96%
% of Gross Profit 70.38% 59.02% 67.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $5.500M $4.100M
YoY Change 36.59% 57.14% 78.26%
% of Gross Profit 11.49% 9.56% 8.48%
Operating Expenses $34.30M $33.94M $32.70M
YoY Change 4.89% 0.07% 15.96%
Operating Profit $14.44M $23.57M $15.67M
YoY Change -7.88% 9.5% 92.27%
Interest Expense -$1.500M $1.671M -$1.200M
YoY Change 25.0% 11.62% 500.0%
% of Operating Profit -10.39% 7.09% -7.66%
Other Income/Expense, Net $4.600M $895.0K $700.0K
YoY Change 557.14% 112.59% 75.0%
Pretax Income $17.50M $22.82M $15.20M
YoY Change 15.13% 11.37% 83.13%
Income Tax $6.100M $8.065M $3.900M
% Of Pretax Income 34.86% 35.34% 25.66%
Net Earnings $11.38M $14.76M $11.35M
YoY Change 0.29% 10.39% 88.43%
Net Earnings / Revenue 5.07% 6.37% 5.07%
Basic Earnings Per Share $1.30
Diluted Earnings Per Share $0.99 $1.28 $1.00
COMMON SHARES
Basic Shares Outstanding 11.42M shares 11.38M shares 11.31M shares
Diluted Shares Outstanding 11.50M shares 11.50M shares 11.40M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.90M $42.70M $39.50M
YoY Change -31.9% 10.62% -38.28%
Cash & Equivalents $26.92M $42.66M $39.53M
Short-Term Investments
Other Short-Term Assets $5.400M $11.20M $9.100M
YoY Change -40.66% -18.25% -15.74%
Inventory $150.8M $174.4M $166.1M
Prepaid Expenses $5.410M $5.016M $4.415M
Receivables $178.3M $175.9M $175.0M
Other Receivables $1.500M $0.00 $3.600M
Total Short-Term Assets $362.9M $404.2M $393.3M
YoY Change -7.73% -2.43% 16.72%
LONG-TERM ASSETS
Property, Plant & Equipment $70.95M $67.12M $71.17M
YoY Change -0.31% -7.32% 14.97%
Goodwill $75.51M $76.08M $75.69M
YoY Change -0.24% 5.68% 136.0%
Intangibles $52.95M $53.91M $56.98M
YoY Change -7.08% -13.09% 936.07%
Long-Term Investments
YoY Change
Other Assets $2.169M $1.287M $1.466M
YoY Change 47.95% -27.0% -7.74%
Total Long-Term Assets $240.6M $240.7M $239.6M
YoY Change 0.43% 0.27% 135.99%
TOTAL ASSETS
Total Short-Term Assets $362.9M $404.2M $393.3M
Total Long-Term Assets $240.6M $240.7M $239.6M
Total Assets $603.5M $644.9M $632.9M
YoY Change -4.64% -1.44% 44.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.49M $60.95M $47.74M
YoY Change -4.72% -11.28% 4.71%
Accrued Expenses $38.14M $37.41M $41.00M
YoY Change -6.98% -15.72% 22.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $77.00K $473.0K $551.0K
YoY Change -86.03% -44.48% 31.19%
Total Short-Term Liabilities $85.02M $100.3M $89.37M
YoY Change -4.86% -14.98% 10.85%
LONG-TERM LIABILITIES
Long-Term Debt $144.0M $175.0M $190.0M
YoY Change -24.22% -7.89% 2375200.0%
Other Long-Term Liabilities $5.782M $6.084M $5.656M
YoY Change 2.23% 58.31% 61.88%
Total Long-Term Liabilities $149.8M $181.1M $195.7M
YoY Change -23.45% -6.58% 5487.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.02M $100.3M $89.37M
Total Long-Term Liabilities $149.8M $181.1M $195.7M
Total Liabilities $234.8M $281.4M $285.0M
YoY Change -17.62% -9.76% 238.85%
SHAREHOLDERS EQUITY
Retained Earnings $299.1M $288.6M $259.5M
YoY Change 15.25% 15.94% 1.67%
Common Stock $97.92M $97.75M $94.98M
YoY Change 3.09% 3.74% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $426.0K $426.0K $426.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 42.60K shares 42.60K shares 42.60K shares
Shareholders Equity $360.5M $354.1M $337.7M
YoY Change
Total Liabilities & Shareholders Equity $603.5M $644.9M $632.9M
YoY Change -4.64% -1.44% 44.34%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $11.38M $14.76M $11.35M
YoY Change 0.29% 10.39% 88.43%
Depreciation, Depletion And Amortization $5.600M $5.500M $4.100M
YoY Change 36.59% 57.14% 78.26%
Cash From Operating Activities $21.40M $40.00M $5.800M
YoY Change 268.97% 1.27% -60.27%
INVESTING ACTIVITIES
Capital Expenditures -$8.500M -$1.900M -$3.100M
YoY Change 174.19% -20.83% -16.22%
Acquisitions
YoY Change
Other Investing Activities $4.100M $100.0K $300.0K
YoY Change 1266.67% -114.29% 200.0%
Cash From Investing Activities -$4.400M -$1.800M -$2.800M
YoY Change 57.14% -41.94% -24.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.50M -28.90M -900.0K
YoY Change 3511.11% -13.21% -25.0%
NET CHANGE
Cash From Operating Activities 21.40M 40.00M 5.800M
Cash From Investing Activities -4.400M -1.800M -2.800M
Cash From Financing Activities -32.50M -28.90M -900.0K
Net Change In Cash -15.50M 9.300M 2.100M
YoY Change -838.1% 200.0% -78.35%
FREE CASH FLOW
Cash From Operating Activities $21.40M $40.00M $5.800M
Capital Expenditures -$8.500M -$1.900M -$3.100M
Free Cash Flow $29.90M $41.90M $8.900M
YoY Change 235.96% 0.0% -51.37%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;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;text-indent:24px;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:left;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 off-site 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-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;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-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-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company knows that Bush Hog&#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, Bush Hog&#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><font style="font-family:Arial;font-size:10pt;">The remediation process has been completed.&#160; On August 6, 2015, Bush Hog received a letter of concurrence from the Alabama Department of Environmental Management concluding that Bush Hog had successfully remediated the property and that the site was eligible for liability protection under the Land Recycling and Economic Redevelopment Act for contamination discovered and addressed under Bush Hog&#8217;s voluntary cleanup plan.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:120%;text-align:left;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 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 appealed and requested a new trial. </font><font style="font-family:Arial;font-size:10pt;">A hearing on the appeal was held on October 8, 2015 and all parties attended.&#160; A final ruling on the appeal is expected in 2016.</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-align:left;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-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-align:left;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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