$CSWI
CSW INDUSTRIALS, INC.

2016 Q3 Form 10-Q Financial Statement

#000119312516766231 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3 2015 Q2
Revenue $70.90M $83.70M $88.90M
YoY Change -15.29% 0.0% 0.0%
Cost Of Revenue $44.47M $42.90M $48.47M
YoY Change 3.65% 22.86% 38.47%
Gross Profit $34.90M $40.80M $40.40M
YoY Change -14.46% 0.0% 0.0%
Gross Profit Margin 49.22% 48.75% 45.44%
Selling, General & Admin $25.89M $20.07M $26.16M
YoY Change 29.05% 3.89% 43.71%
% of Gross Profit 74.19% 49.18% 64.74%
Research & Development $649.0K $1.200M
YoY Change -55.27% -14.29%
% of Gross Profit 1.59% 2.97%
Depreciation & Amortization $3.900M $3.220M $1.673M
YoY Change 21.12% 25.29% -37.57%
% of Gross Profit 11.17% 7.89% 4.14%
Operating Expenses $25.89M $20.71M $26.16M
YoY Change 25.01% -0.24% 32.77%
Operating Profit $6.969M $20.78M $14.29M
YoY Change -66.46% 76.85% -30.98%
Interest Expense -$742.0K -$832.0K -$667.0K
YoY Change -10.82% 367.42% 233.5%
% of Operating Profit -10.65% -4.0% -4.67%
Other Income/Expense, Net $753.0K -$113.0K -$65.00K
YoY Change -766.37% -111.21% -113.0%
Pretax Income $12.50M $19.80M $13.60M
YoY Change -36.87% 0.0% 0.0%
Income Tax $3.138M $6.871M $4.906M
% Of Pretax Income 25.1% 34.7% 36.07%
Net Earnings $3.800M $13.00M $8.700M
YoY Change -70.77% 0.0% 0.0%
Net Earnings / Revenue 5.36% 15.53% 9.79%
Basic Earnings Per Share $0.24 $0.83 $0.56
Diluted Earnings Per Share $0.24 $0.83 $0.55
COMMON SHARES
Basic Shares Outstanding 15.70M shares 15.58M shares 15.58M shares
Diluted Shares Outstanding 15.76M shares 15.71M shares 15.62M shares

Balance Sheet

Concept 2016 Q3 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.60M $53.90M $31.90M
YoY Change -54.36%
Cash & Equivalents $24.62M $53.95M $20.45M
Short-Term Investments
Other Short-Term Assets $22.90M $19.00M $13.80M
YoY Change 20.53%
Inventory $49.41M $55.06M $54.40M
Prepaid Expenses
Receivables $58.30M $56.45M $62.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $155.2M $184.4M $163.0M
YoY Change -15.84%
LONG-TERM ASSETS
Property, Plant & Equipment $63.52M $60.27M $60.80M
YoY Change 5.41%
Goodwill $67.38M $55.73M
YoY Change 20.9%
Intangibles $82.39M $80.49M
YoY Change 2.35%
Long-Term Investments $9.300M
YoY Change
Other Assets $15.89M $12.68M $4.600M
YoY Change 25.27%
Total Long-Term Assets $229.2M $209.2M $213.1M
YoY Change 9.56%
TOTAL ASSETS
Total Short-Term Assets $155.2M $184.4M $163.0M
Total Long-Term Assets $229.2M $209.2M $213.1M
Total Assets $384.4M $393.6M $376.1M
YoY Change -2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.20M $11.69M $20.50M
YoY Change -12.71%
Accrued Expenses $20.26M $18.34M $13.20M
YoY Change 10.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $561.0K $17.44M $4.500M
YoY Change -96.78%
Total Short-Term Liabilities $31.02M $47.46M $38.20M
YoY Change -34.64%
LONG-TERM LIABILITIES
Long-Term Debt $71.84M $76.74M $90.70M
YoY Change -6.38%
Other Long-Term Liabilities $13.63M $14.89M $32.60M
YoY Change -8.41%
Total Long-Term Liabilities $85.48M $91.62M $123.3M
YoY Change -6.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.02M $47.46M $38.20M
Total Long-Term Liabilities $85.48M $91.62M $123.3M
Total Liabilities $118.0M $140.7M $161.5M
YoY Change -16.15%
SHAREHOLDERS EQUITY
Retained Earnings $241.9M $230.1M
YoY Change 5.13%
Common Stock $156.0K $156.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $569.0K $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $266.4M $252.9M $214.6M
YoY Change
Total Liabilities & Shareholders Equity $384.4M $393.6M $376.1M
YoY Change -2.34%

Cashflow Statement

Concept 2016 Q3 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $3.800M $13.00M $8.700M
YoY Change -70.77% 0.0% 0.0%
Depreciation, Depletion And Amortization $3.900M $3.220M $1.673M
YoY Change 21.12% 25.29% -37.57%
Cash From Operating Activities $15.12M $11.42M $10.18M
YoY Change 32.4% -10.71% 43.99%
INVESTING ACTIVITIES
Capital Expenditures -$2.310M -$1.320M -$1.870M
YoY Change 75.0% -57.69% -42.11%
Acquisitions
YoY Change
Other Investing Activities $2.860M $850.0K -$65.19M
YoY Change 236.47% -85.52% -28443.48%
Cash From Investing Activities $550.0K -$460.0K -$67.07M
YoY Change -219.57% -116.73% 2135.67%
FINANCING ACTIVITIES
Cash Dividend Paid $240.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.15M 11.92M 68.25M
YoY Change -201.93% -238.12% -20781.82%
NET CHANGE
Cash From Operating Activities 15.12M 11.42M 10.18M
Cash From Investing Activities 550.0K -460.0K -67.07M
Cash From Financing Activities -12.15M 11.92M 68.25M
Net Change In Cash 3.520M 22.88M 11.36M
YoY Change -84.62% 231.11% 203.74%
FREE CASH FLOW
Cash From Operating Activities $15.12M $11.42M $10.18M
Capital Expenditures -$2.310M -$1.320M -$1.870M
Free Cash Flow $17.43M $12.74M $12.05M
YoY Change 36.81% -19.92% 16.99%

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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1991000
us-gaap Net Income Loss
NetIncomeLoss
7937000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14179000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2005000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5488000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
389000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
569000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
718000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1056000
us-gaap Operating Income Loss
OperatingIncomeLoss
14378000
us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
0
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-17850000
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-8000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5075000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
320000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-36000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1932000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6242000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18971000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2681000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
90372000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15771000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55605000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
222000 shares
cswi Provision For Inventory Reserves
ProvisionForInventoryReserves
1083000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1300000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
65000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15706000 shares
dei Trading Symbol
TradingSymbol
CSWI
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
17281000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15484000 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segments
cswi Pension Expense Benefit Net
PensionExpenseBenefitNet
-542000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32877 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15185000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.346 pure
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-832000
CY2015Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-313000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
83744000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-113000
CY2015Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-169000
CY2015Q3 us-gaap Gross Profit
GrossProfit
40843000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2223000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
12962000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19833000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20778000
CY2015Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
2611000
CY2015Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-4848000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2312000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6871000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
42901000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15711000 shares
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20065000
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
128000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
142000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15583000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15441000 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.105 pure
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2016Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2800000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3388000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.450 pure
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-742000
CY2016Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
156000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
80131000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
753000
CY2016Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-22000
CY2016Q3 us-gaap Gross Profit
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35663000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-454000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
3842000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6980000
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OperatingIncomeLoss
6969000
CY2016Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
0
CY2016Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
2000
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-608000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3138000
CY2016Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
44468000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15763000 shares
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25894000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
68000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
214000 shares
CY2016Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
700000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15695000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15481000 shares

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