2019 Q1 Form 10-Q Financial Statement

#000000998419000052 Filed on April 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $376.7M $366.7M
YoY Change 2.74% 7.27%
Cost Of Revenue $244.6M $237.1M
YoY Change 3.17% 8.01%
Gross Profit $132.0M $129.5M
YoY Change 1.95% 5.95%
Gross Profit Margin 35.05% 35.33%
Selling, General & Admin $81.40M $72.89M
YoY Change 11.67% 10.49%
% of Gross Profit 61.64% 56.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.10M $23.68M
YoY Change 6.01% 10.82%
% of Gross Profit 19.01% 18.28%
Operating Expenses $81.40M $72.89M
YoY Change 11.67% 10.49%
Operating Profit $50.65M $56.63M
YoY Change -10.57% 0.63%
Interest Expense $5.113M $3.892M
YoY Change 31.37% 16.21%
% of Operating Profit 10.09% 6.87%
Other Income/Expense, Net -$1.806M -$1.763M
YoY Change 2.44% 218.81%
Pretax Income $43.73M $50.98M
YoY Change -14.22% -2.67%
Income Tax $9.738M $12.16M
% Of Pretax Income 22.27% 23.85%
Net Earnings $33.99M $38.82M
YoY Change -12.43% 1.34%
Net Earnings / Revenue 9.02% 10.59%
Basic Earnings Per Share $0.66 $0.73
Diluted Earnings Per Share $0.65 $0.72
COMMON SHARES
Basic Shares Outstanding 51.66M shares 53.54M shares
Diluted Shares Outstanding 52.19M shares 54.09M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.5M $104.7M
YoY Change -1.15% 18.57%
Cash & Equivalents $103.5M $104.7M
Short-Term Investments
Other Short-Term Assets $41.30M $54.50M
YoY Change -24.22% 97.46%
Inventory $257.2M $233.1M
Prepaid Expenses
Receivables $395.3M $394.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $797.4M $804.4M
YoY Change -0.86% 22.61%
LONG-TERM ASSETS
Property, Plant & Equipment $367.9M $364.0M
YoY Change 1.07% 7.65%
Goodwill $944.8M $705.3M
YoY Change 33.96% 9.36%
Intangibles $617.6M $501.8M
YoY Change 23.07% -2.69%
Long-Term Investments
YoY Change
Other Assets $52.40M $30.89M
YoY Change 69.67% 96.41%
Total Long-Term Assets $2.002B $1.612B
YoY Change 24.22% 4.69%
TOTAL ASSETS
Total Short-Term Assets $797.4M $804.4M
Total Long-Term Assets $2.002B $1.612B
Total Assets $2.800B $2.416B
YoY Change 15.87% 10.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.3M $132.1M
YoY Change 0.19% 7.5%
Accrued Expenses $208.4M $194.8M
YoY Change 7.0% 23.08%
Deferred Revenue
YoY Change
Short-Term Debt $23.05M $14.90M
YoY Change 54.75% 152.13%
Long-Term Debt Due $5.231M $3.008M
YoY Change 73.9% 56.67%
Total Short-Term Liabilities $369.0M $354.8M
YoY Change 4.01% 22.79%
LONG-TERM LIABILITIES
Long-Term Debt $877.5M $503.2M
YoY Change 74.4% 2.45%
Other Long-Term Liabilities $50.21M $19.91M
YoY Change 152.23% -16.45%
Total Long-Term Liabilities $927.8M $523.1M
YoY Change 77.36% 1.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.0M $354.8M
Total Long-Term Liabilities $927.8M $523.1M
Total Liabilities $1.297B $877.9M
YoY Change 47.72% 9.2%
SHAREHOLDERS EQUITY
Retained Earnings $1.389B $1.211B
YoY Change 14.73% 0.22%
Common Stock $475.5M $460.9M
YoY Change 3.17% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $441.7M $331.6M
YoY Change 33.21% 28.87%
Treasury Stock Shares 12.03M shares 10.19M shares
Shareholders Equity $1.225B $1.296B
YoY Change
Total Liabilities & Shareholders Equity $2.800B $2.416B
YoY Change 15.87% 10.04%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $33.99M $38.82M
YoY Change -12.43% 1.34%
Depreciation, Depletion And Amortization $25.10M $23.68M
YoY Change 6.01% 10.82%
Cash From Operating Activities $53.06M $30.48M
YoY Change 74.06% -41.19%
INVESTING ACTIVITIES
Capital Expenditures $13.74M $11.21M
YoY Change 22.55% -4.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change -100.0%
Cash From Investing Activities -$13.42M -$11.66M
YoY Change 15.08% 0.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$986.0K $33.22M
YoY Change -102.97% 563.95%
Debt Paid & Issued, Net $152.2M $111.8M
YoY Change 36.08% 351.57%
Cash From Financing Activities -$36.95M -$62.47M
YoY Change -40.84% 210.78%
NET CHANGE
Cash From Operating Activities $53.06M $30.48M
Cash From Investing Activities -$13.42M -$11.66M
Cash From Financing Activities -$36.95M -$62.47M
Net Change In Cash $2.788M -$43.64M
YoY Change -106.39% -316.27%
FREE CASH FLOW
Cash From Operating Activities $53.06M $30.48M
Capital Expenditures $13.74M $11.21M
Free Cash Flow $39.32M $19.27M
YoY Change 104.03% -51.95%

Facts In Submission

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<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, 2018</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the </font><font style="font-family:inherit;font-size:10pt;">2018</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, 2018</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, 2019</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, 2019</font><font style="font-family:inherit;font-size:10pt;">. Certain reclassifications have been made to prior year amounts to conform to current year presentation.</font></div></div>

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