$ALG
ALAMO GROUP INC

2016 Q4 Form 10-Q Financial Statement

#000089707716000193 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $205.5M $216.8M $224.4M
YoY Change -8.43% -6.41% 0.23%
Cost Of Revenue $157.6M $162.1M $175.7M
YoY Change -10.3% -6.92% -2.33%
Gross Profit $47.93M $54.71M $48.74M
YoY Change -1.65% -4.87% 0.75%
Gross Profit Margin 23.32% 25.24% 21.72%
Selling, General & Admin $35.70M $33.70M $34.30M
YoY Change 4.08% -0.71% 4.89%
% of Gross Profit 74.48% 61.59% 70.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.000M $5.100M $5.600M
YoY Change -10.71% -7.27% 36.59%
% of Gross Profit 10.43% 9.32% 11.49%
Operating Expenses $35.60M $33.70M $34.30M
YoY Change 3.79% -0.71% 4.89%
Operating Profit $12.33M $21.01M $14.44M
YoY Change -14.57% -10.85% -7.88%
Interest Expense -$1.500M $1.405M -$1.500M
YoY Change 0.0% -15.92% 25.0%
% of Operating Profit -12.16% 6.69% -10.39%
Other Income/Expense, Net $500.0K $127.0K $4.600M
YoY Change -89.13% -85.81% 557.14%
Pretax Income $11.30M $19.78M $17.50M
YoY Change -35.43% -13.34% 15.13%
Income Tax $3.700M $6.541M $6.100M
% Of Pretax Income 32.74% 33.07% 34.86%
Net Earnings $7.588M $13.24M $11.38M
YoY Change -33.35% -10.3% 0.29%
Net Earnings / Revenue 3.69% 6.11% 5.07%
Basic Earnings Per Share $1.15
Diluted Earnings Per Share $0.65 $1.14 $0.99
COMMON SHARES
Basic Shares Outstanding 11.51M shares 11.46M shares 11.42M shares
Diluted Shares Outstanding 11.61M shares 11.60M shares 11.50M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.80M $56.50M $26.90M
YoY Change -37.55% 32.32% -31.9%
Cash & Equivalents $16.79M $56.49M $26.92M
Short-Term Investments
Other Short-Term Assets $4.700M $4.600M $5.400M
YoY Change -12.96% -58.93% -40.66%
Inventory $135.8M $154.6M $150.8M
Prepaid Expenses $4.725M $4.589M $5.410M
Receivables $170.3M $174.0M $178.3M
Other Receivables $0.00 $3.000M $1.500M
Total Short-Term Assets $327.6M $392.7M $362.9M
YoY Change -9.72% -2.85% -7.73%
LONG-TERM ASSETS
Property, Plant & Equipment $66.63M $68.35M $70.95M
YoY Change -6.09% 1.84% -0.31%
Goodwill $74.83M $75.88M $75.51M
YoY Change -0.91% -0.26% -0.24%
Intangibles $50.04M $50.92M $52.95M
YoY Change -5.5% -5.54% -7.08%
Long-Term Investments
YoY Change
Other Assets $2.077M $2.835M $2.169M
YoY Change -4.24% 120.28% 47.95%
Total Long-Term Assets $225.2M $232.2M $240.6M
YoY Change -6.42% -3.54% 0.43%
TOTAL ASSETS
Total Short-Term Assets $327.6M $392.7M $362.9M
Total Long-Term Assets $225.2M $232.2M $240.6M
Total Assets $552.8M $624.9M $603.5M
YoY Change -8.41% -3.11% -4.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.14M $48.50M $45.49M
YoY Change -5.17% -20.42% -4.72%
Accrued Expenses $33.16M $32.57M $38.14M
YoY Change -13.06% -12.95% -6.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $73.00K $1.372M $77.00K
YoY Change -5.19% 190.06% -86.03%
Total Short-Term Liabilities $78.70M $84.59M $85.02M
YoY Change -7.44% -15.64% -4.86%
LONG-TERM LIABILITIES
Long-Term Debt $70.02M $134.0M $144.0M
YoY Change -51.38% -23.42% -24.22%
Other Long-Term Liabilities $6.969M $5.935M $5.782M
YoY Change 20.53% -2.45% 2.23%
Total Long-Term Liabilities $76.99M $140.0M $149.8M
YoY Change -48.6% -22.72% -23.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.70M $84.59M $85.02M
Total Long-Term Liabilities $76.99M $140.0M $149.8M
Total Liabilities $155.7M $224.5M $234.8M
YoY Change -33.7% -20.19% -17.62%
SHAREHOLDERS EQUITY
Retained Earnings $335.0M $328.4M $299.1M
YoY Change 12.01% 13.81% 15.25%
Common Stock $100.9M $100.4M $97.92M
YoY Change 3.06% 2.68% 3.09%
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 $387.7M $387.5M $360.5M
YoY Change
Total Liabilities & Shareholders Equity $552.8M $624.9M $603.5M
YoY Change -8.41% -3.11% -4.64%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $7.588M $13.24M $11.38M
YoY Change -33.35% -10.3% 0.29%
Depreciation, Depletion And Amortization $5.000M $5.100M $5.600M
YoY Change -10.71% -7.27% 36.59%
Cash From Operating Activities $27.80M $43.10M $21.40M
YoY Change 29.91% 7.75% 268.97%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$1.100M -$8.500M
YoY Change -70.59% -42.11% 174.19%
Acquisitions
YoY Change
Other Investing Activities $400.0K $400.0K $4.100M
YoY Change -90.24% 300.0% 1266.67%
Cash From Investing Activities -$2.200M -$600.0K -$4.400M
YoY Change -50.0% -66.67% 57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -66.80M -30.50M -32.50M
YoY Change 105.54% 5.54% 3511.11%
NET CHANGE
Cash From Operating Activities 27.80M 43.10M 21.40M
Cash From Investing Activities -2.200M -600.0K -4.400M
Cash From Financing Activities -66.80M -30.50M -32.50M
Net Change In Cash -41.20M 12.00M -15.50M
YoY Change 165.81% 29.03% -838.1%
FREE CASH FLOW
Cash From Operating Activities $27.80M $43.10M $21.40M
Capital Expenditures -$2.500M -$1.100M -$8.500M
Free Cash Flow $30.30M $44.20M $29.90M
YoY Change 1.34% 5.49% 235.96%

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;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;">Alamo Group Inc.&#160;and Bush Hog, Inc. were added as defendants in 2013 to 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 appealed and requested a new trial. A hearing on the appeal was held on October 8, 2015. On May 26, 2016 the Federal Circuit Court of Appeals affirmed the lower court ruling and validating the jury&#8217;s finding that the defendants did not infringe the patent, and that the Deere &amp; Company patent was invalid. This matter has been finally adjudicated and is no longer subject to further appeal by Deere &amp; Company or any other parties.</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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