2018 Q1 Form 10-Q Financial Statement

#000000998418000042 Filed on April 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $366.7M $341.8M
YoY Change 7.27% 18.54%
Cost Of Revenue $237.1M $219.5M
YoY Change 8.01% 17.88%
Gross Profit $129.5M $122.3M
YoY Change 5.95% 19.77%
Gross Profit Margin 35.33% 35.77%
Selling, General & Admin $72.89M $65.98M
YoY Change 10.49% 8.96%
% of Gross Profit 56.28% 53.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.68M $21.37M
YoY Change 10.82% 13.73%
% of Gross Profit 18.28% 17.48%
Operating Expenses $72.89M $65.98M
YoY Change 10.49% 8.96%
Operating Profit $56.63M $56.28M
YoY Change 0.63% 35.52%
Interest Expense $3.892M $3.349M
YoY Change 16.21% 11.97%
% of Operating Profit 6.87% 5.95%
Other Income/Expense, Net -$1.763M -$553.0K
YoY Change 218.81% 143.61%
Pretax Income $50.98M $52.38M
YoY Change -2.67% 36.72%
Income Tax $12.16M $14.07M
% Of Pretax Income 23.85% 26.87%
Net Earnings $38.82M $38.30M
YoY Change 1.34% 32.78%
Net Earnings / Revenue 10.59% 11.21%
Basic Earnings Per Share $0.73 $0.71
Diluted Earnings Per Share $0.72 $0.70
COMMON SHARES
Basic Shares Outstanding 53.54M shares 54.18M shares
Diluted Shares Outstanding 54.09M shares 54.65M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.7M $88.30M
YoY Change 18.57% 14.82%
Cash & Equivalents $104.7M $88.28M
Short-Term Investments
Other Short-Term Assets $54.50M $27.60M
YoY Change 97.46% -16.87%
Inventory $233.1M $237.6M
Prepaid Expenses
Receivables $394.9M $302.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $804.4M $656.1M
YoY Change 22.61% 11.39%
LONG-TERM ASSETS
Property, Plant & Equipment $364.0M $338.1M
YoY Change 7.65% 7.24%
Goodwill $705.3M $645.0M
YoY Change 9.36% 7.44%
Intangibles $501.8M $515.7M
YoY Change -2.69% -1.7%
Long-Term Investments
YoY Change
Other Assets $30.89M $15.73M
YoY Change 96.41% -36.89%
Total Long-Term Assets $1.612B $1.540B
YoY Change 4.69% 3.48%
TOTAL ASSETS
Total Short-Term Assets $804.4M $656.1M
Total Long-Term Assets $1.612B $1.540B
Total Assets $2.416B $2.196B
YoY Change 10.04% 5.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.1M $122.9M
YoY Change 7.5% 28.91%
Accrued Expenses $194.8M $158.3M
YoY Change 23.08% 20.87%
Deferred Revenue
YoY Change
Short-Term Debt $14.90M $5.908M
YoY Change 152.13% -30.26%
Long-Term Debt Due $3.008M $1.920M
YoY Change 56.67% 20.91%
Total Short-Term Liabilities $354.8M $288.9M
YoY Change 22.79% 22.28%
LONG-TERM LIABILITIES
Long-Term Debt $503.2M $491.1M
YoY Change 2.45% -0.46%
Other Long-Term Liabilities $19.91M $23.83M
YoY Change -16.45% 18.87%
Total Long-Term Liabilities $523.1M $515.0M
YoY Change 1.58% 0.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $354.8M $288.9M
Total Long-Term Liabilities $523.1M $515.0M
Total Liabilities $877.9M $803.9M
YoY Change 9.2% 7.22%
SHAREHOLDERS EQUITY
Retained Earnings $1.211B $1.208B
YoY Change 0.22% 10.71%
Common Stock $460.9M $446.6M
YoY Change 3.2% 3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $331.6M $257.3M
YoY Change 28.87% 9.59%
Treasury Stock Shares 10.19M shares 8.999M shares
Shareholders Equity $1.296B $1.217B
YoY Change
Total Liabilities & Shareholders Equity $2.416B $2.196B
YoY Change 10.04% 5.72%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $38.82M $38.30M
YoY Change 1.34% 32.78%
Depreciation, Depletion And Amortization $23.68M $21.37M
YoY Change 10.82% 13.73%
Cash From Operating Activities $30.48M $51.84M
YoY Change -41.19% 69.79%
INVESTING ACTIVITIES
Capital Expenditures $11.21M $11.73M
YoY Change -4.41% -11.81%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $1.000M $0.00
YoY Change
Cash From Investing Activities -$11.66M -$11.56M
YoY Change 0.87% -25.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.22M $5.004M
YoY Change 563.95% -35.88%
Debt Paid & Issued, Net $111.8M $24.77M
YoY Change 351.57% -64.11%
Cash From Financing Activities -$62.47M -$20.10M
YoY Change 210.78% -17.12%
NET CHANGE
Cash From Operating Activities $30.48M $51.84M
Cash From Investing Activities -$11.66M -$11.56M
Cash From Financing Activities -$62.47M -$20.10M
Net Change In Cash -$43.64M $20.18M
YoY Change -316.27% -320.49%
FREE CASH FLOW
Cash From Operating Activities $30.48M $51.84M
Capital Expenditures $11.21M $11.73M
Free Cash Flow $19.27M $40.11M
YoY Change -51.95% 132.76%

Facts In Submission

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51836000 USD
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30483000 USD
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2 Segment
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18422000 USD
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OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
27873000 USD
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26953000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
67000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
162000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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19957000 USD
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30513000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
901000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
1257000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
83000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
396000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
38000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
148000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21762000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
19908000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-553000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
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PaymentsForProceedsFromOtherInvestingActivities
1000000 USD
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5383000 USD
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195000 USD
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
106000 USD
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
68000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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PaymentsToAcquirePropertyPlantAndEquipment
11210000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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89000000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
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379000 USD
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ProceedsFromIssuanceOfCommonStock
317000 USD
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ProceedsFromIssuanceOfLongTermDebt
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ProceedsFromPaymentsForOtherFinancingActivities
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CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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ProceedsFromRepaymentsOfOtherDebt
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CY2018Q1 us-gaap Proceeds From Repayments Of Other Debt
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CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
170000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
552000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
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835341000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
841400000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
359298000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2017Q4 us-gaap Receivables Net Current
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CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
394910000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
362479000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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1535000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
2640000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
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24768000 USD
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649000 USD
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462000 USD
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8000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1206723000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1261540000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1211018000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
366660000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
139762000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P2Y
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
341802000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
366660000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65975000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
72893000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2490000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2501000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
5669000 USD
CY2018Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
14896000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1260321000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1295586000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
9656369 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
10190418 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
297998000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
331607000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
472705 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
553903 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54651835 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54089327 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54179130 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53535424 shares
CY2018Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> financial statements of Barnes Group Inc. (the &#8220;Company&#8221;). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-month period ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Certain reclassifications have been made to prior year amounts to conform to current year presentation. See Note 2 which discusses the Company's application of the amended guidance related to the classification of pension and other postretirement benefit costs.</font></div></div>

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