2019 Q4 Form 10-K Financial Statement

#000102665520000013 Filed on March 13, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019
Revenue $56.12M $74.66M $284.3M
YoY Change -23.29% 15.43% 5.49%
Cost Of Revenue $52.74M $68.17M $262.8M
YoY Change -20.89% 13.97% 8.43%
Gross Profit $3.382M $6.484M $21.51M
YoY Change -47.95% 33.36% -20.76%
Gross Profit Margin 6.03% 8.69% 7.56%
Selling, General & Admin $7.503M $7.041M $28.93M
YoY Change 13.48% 10.9% 3.94%
% of Gross Profit 221.85% 108.59% 134.54%
Research & Development $1.200M
YoY Change 16.28%
% of Gross Profit 5.58%
Depreciation & Amortization $2.676M $1.977M $10.38M
YoY Change 17.42% 3.67% 10.57%
% of Gross Profit 79.12% 30.49% 48.25%
Operating Expenses $7.503M $7.041M $33.03M
YoY Change -29.58% 10.9% 9.24%
Operating Profit -$4.121M -$4.657M -$11.53M
YoY Change -0.84% 213.18% 271.87%
Interest Expense -$1.266M $1.113M $4.144M
YoY Change 83.74% 76.11% 73.1%
% of Operating Profit
Other Income/Expense, Net $23.00K -$1.090M -$4.050M
YoY Change 91.67% 75.81% -272.63%
Pretax Income -$5.365M -$5.747M -$15.58M
YoY Change 10.96% 172.89% 186.04%
Income Tax $97.00K $378.0K -$355.0K
% Of Pretax Income
Net Earnings -$5.462M -$6.125M -$15.22M
YoY Change 38.56% 239.71% 218.34%
Net Earnings / Revenue -9.73% -8.2% -5.35%
Basic Earnings Per Share -$0.69 -$0.78 -$1.94
Diluted Earnings Per Share -$0.69 -$0.78 -$1.94
COMMON SHARES
Basic Shares Outstanding 8.269M shares 7.851M shares 7.830M shares
Diluted Shares Outstanding 7.851M shares 7.830M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.856M $0.00 $1.856M
YoY Change -1.85% -1.85%
Cash & Equivalents $1.856M $0.00 $1.856M
Short-Term Investments
Other Short-Term Assets $1.748M $4.768M $1.748M
YoY Change 18.59% -39.18% 18.59%
Inventory $21.68M $23.41M $21.68M
Prepaid Expenses
Receivables $32.42M $45.85M $33.31M
Other Receivables $2.627M $0.00 $2.627M
Total Short-Term Assets $61.23M $75.09M $61.23M
YoY Change -23.76% 8.14% -23.76%
LONG-TERM ASSETS
Property, Plant & Equipment $79.21M $80.43M $83.69M
YoY Change -1.8% -0.49% 3.76%
Goodwill $17.38M $17.38M
YoY Change -19.09% -24.31%
Intangibles $13.46M $13.95M
YoY Change -12.65% -16.28%
Long-Term Investments
YoY Change
Other Assets $1.525M $3.371M $3.551M
YoY Change -30.59% 54.35% 6.0%
Total Long-Term Assets $118.1M $120.0M $118.1M
YoY Change -2.33% -2.18% -2.33%
TOTAL ASSETS
Total Short-Term Assets $61.23M $75.09M $61.23M
Total Long-Term Assets $118.1M $120.0M $118.1M
Total Assets $179.3M $195.0M $179.3M
YoY Change -10.88% 1.55% -10.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.91M $22.48M $19.91M
YoY Change -21.77% -22.66% -21.77%
Accrued Expenses $10.78M $10.82M $10.78M
YoY Change 18.73% 8.3% 18.73%
Deferred Revenue $3.698M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $49.45M $38.22M $49.45M
YoY Change 1430.99% 1083.28% 1430.99%
Total Short-Term Liabilities $83.83M $94.77M $83.83M
YoY Change 108.59% 124.0% 108.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $3.119M $10.35M $11.05M
YoY Change -54.92% 30.63% 59.65%
Total Long-Term Liabilities $3.119M $0.00 $11.05M
YoY Change -94.35% -100.0% -82.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.83M $94.77M $83.83M
Total Long-Term Liabilities $3.119M $0.00 $11.05M
Total Liabilities $94.88M $105.1M $94.88M
YoY Change -7.23% 17.82% -7.23%
SHAREHOLDERS EQUITY
Retained Earnings $76.71M $82.17M
YoY Change -16.56% -14.29%
Common Stock $34.85M $34.55M
YoY Change 4.7% 5.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.50M $28.46M
YoY Change 0.35% 0.21%
Treasury Stock Shares 3.806M shares 3.798M shares
Shareholders Equity $84.43M $89.92M $84.43M
YoY Change
Total Liabilities & Shareholders Equity $179.3M $195.0M $179.3M
YoY Change -10.88% 1.55% -10.88%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019
OPERATING ACTIVITIES
Net Income -$5.462M -$6.125M -$15.22M
YoY Change 38.56% 239.71% 218.34%
Depreciation, Depletion And Amortization $2.676M $1.977M $10.38M
YoY Change 17.42% 3.67% 10.57%
Cash From Operating Activities $12.73M $676.0K $16.70M
YoY Change -197.52% -77.19% -355.84%
INVESTING ACTIVITIES
Capital Expenditures -$1.180M -$1.079M $7.460M
YoY Change 13.46% -18.93% 28.6%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities -$1.180M -$1.079M -$7.460M
YoY Change -25.69% -18.75% -89.16%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net $98.00K
YoY Change -60.8%
Debt Paid & Issued, Net $3.375M
YoY Change -66.67%
Cash From Financing Activities -9.692M -130.0K -$9.276M
YoY Change -158.63% -92.05% -118.39%
NET CHANGE
Cash From Operating Activities 12.73M 676.0K $16.70M
Cash From Investing Activities -1.180M -1.079M -$7.460M
Cash From Financing Activities -9.692M -130.0K -$9.276M
Net Change In Cash 1.856M -533.0K -$35.00K
YoY Change -1.85% -28615219609600110.0% -99.86%
FREE CASH FLOW
Cash From Operating Activities $12.73M $676.0K $16.70M
Capital Expenditures -$1.180M -$1.079M $7.460M
Free Cash Flow $13.91M $1.755M $9.241M
YoY Change -215.78% -59.14% -174.95%

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285000 USD
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CY2019 us-gaap Operating Income Loss
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CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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CY2019 us-gaap Operating Lease Payments
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CY2018Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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P4Y0M
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2039-12-31
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CY2019Q4 us-gaap Other Assets Noncurrent
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CY2019 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2019 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2019 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2019 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2019 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2017 us-gaap Other Postretirement Benefit Expense
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CY2018 us-gaap Other Postretirement Benefit Expense
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CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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CY2019Q4 us-gaap Property Plant And Equipment Net
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116473000 USD
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199782000 USD
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CY2019 us-gaap Revenues
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5000 USD
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CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7690000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7750000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7830000 shares
CY2019 us-gaap Concentration Risk Credit Risk
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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:inherit;font-size:10pt;font-weight:bold;">Concentration Risks</font><font style="font-family:inherit;font-size:10pt;"> - The Company has concentration risk related to significant amounts of sales and accounts receivable with certain customers. The Company had </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> major customers during </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, Navistar, Volvo, PACCAR, and UFP. Major customers are defined as customers whose current year sales individually consist of more than ten percent of total sales during any annual or interim reporting period in the current year. Sales to </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> major customers comprised </font><font style="font-family:inherit;font-size:10pt;">62%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">65%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">65%</font><font style="font-family:inherit;font-size:10pt;"> of total sales in </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively (see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 4 - Major Customers</font><font style="font-family:inherit;font-size:10pt;">). Concentrations of accounts receivable balances with </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> customers accounted for </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">64%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at December 31, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, respectively. The Company performs ongoing credit evaluations of its customers' financial condition. The Company maintains reserves for potential bad debt losses, and such bad debt losses have been historically within the Company's expectations. Sales to all customers' manufacturing and service locations in Mexico and Canada totaled </font><font style="font-family:inherit;font-size:10pt;">34%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">32%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">36%</font><font style="font-family:inherit;font-size:10pt;"> of total sales for </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December 31, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, the Company employed a total of </font><font style="font-family:inherit;font-size:10pt;">1,821</font><font style="font-family:inherit;font-size:10pt;"> employees, which consisted of </font><font style="font-family:inherit;font-size:10pt;">764</font><font style="font-family:inherit;font-size:10pt;"> employees in its United States operations, </font><font style="font-family:inherit;font-size:10pt;">795</font><font style="font-family:inherit;font-size:10pt;"> employees in its Mexican operations and </font><font style="font-family:inherit;font-size:10pt;">262</font><font style="font-family:inherit;font-size:10pt;"> employees in its Canadian operation. Of these </font><font style="font-family:inherit;font-size:10pt;">1,821</font><font style="font-family:inherit;font-size:10pt;"> employees, </font><font style="font-family:inherit;font-size:10pt;">341</font><font style="font-family:inherit;font-size:10pt;"> are covered by a collective bargaining agreement with the International Association of Machinists and Aerospace Workers (&#8220;IAM&#8221;), which extends to August 7, 2022, and </font><font style="font-family:inherit;font-size:10pt;">635</font><font style="font-family:inherit;font-size:10pt;"> are covered by a collective bargaining agreement with Sindicato de Jorneleros y Obreros, which extends to December 31, 2019. Additionally, </font><font style="font-family:inherit;font-size:10pt;">216</font><font style="font-family:inherit;font-size:10pt;"> employees at the Company's Cobourg, Canada facility are covered by a collective bargaining agreement with United Food &amp; Commercial Workers Canada ("UFCW"), which extends to November 1, 2021; and </font><font style="font-family:inherit;font-size:10pt;">35</font><font style="font-family:inherit;font-size:10pt;"> employees at the Company's Escobedo, Mexico facility are covered by a collective bargaining agreement with Sindicato de trabajadores de la industria metalica y del comercio del estado de Nuevo Leon Presidente Benito Juarez Garcia C.T.M., which extends to February 1, 2020 and an extension is currently being negotiated.</font></div></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<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:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. Significant estimates relate to allowances for doubtful accounts, inventory reserves, self-insurance reserves related to healthcare and workers compensation, deferred taxes, post retirement benefits, progress billings for tooling, goodwill and long-lived assets. Actual results could differ from those estimates.</font></div></div>

Files In Submission

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cmt-20191231.xml Edgar Link completed
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