$CTS
CTS CORP

2019 Q2 Form 10-Q Financial Statement

#000002605819000058 Filed on July 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $120.7M $118.0M
YoY Change 2.26% 11.67%
Cost Of Revenue $79.48M $76.21M
YoY Change 4.29% 9.04%
Gross Profit $41.20M $41.81M
YoY Change -1.46% 16.82%
Gross Profit Margin 34.14% 35.43%
Selling, General & Admin $17.04M $19.62M
YoY Change -13.17% 24.12%
% of Gross Profit 41.35% 46.93%
Research & Development $6.257M $6.476M
YoY Change -3.38% 7.06%
% of Gross Profit 15.19% 15.49%
Depreciation & Amortization $6.000M $3.774M
YoY Change 58.98% -24.52%
% of Gross Profit 14.56% 9.03%
Operating Expenses $23.29M $26.10M
YoY Change -10.74% 19.4%
Operating Profit $17.08M $14.54M
YoY Change 17.46% 10.12%
Interest Expense $467.0K $571.0K
YoY Change -18.21% -24.07%
% of Operating Profit 2.73% 3.93%
Other Income/Expense, Net -$1.134M -$2.973M
YoY Change -61.86% -515.22%
Pretax Income $15.95M $11.57M
YoY Change 37.84% -16.9%
Income Tax $4.006M $4.362M
% Of Pretax Income 25.12% 37.7%
Net Earnings $11.94M $7.209M
YoY Change 65.67% -27.66%
Net Earnings / Revenue 9.9% 6.11%
Basic Earnings Per Share $0.36 $0.22
Diluted Earnings Per Share $0.36 $0.21
COMMON SHARES
Basic Shares Outstanding 32.80M shares 33.05M shares
Diluted Shares Outstanding 33.21M shares 33.56M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.8M $103.4M
YoY Change 2.32% -4.08%
Cash & Equivalents $105.6M $102.9M
Short-Term Investments $200.0K $500.0K
Other Short-Term Assets $16.81M $11.93M
YoY Change 40.9% 0.05%
Inventory $43.15M $41.67M
Prepaid Expenses
Receivables $84.88M $75.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $250.4M $232.1M
YoY Change 7.91% 4.26%
LONG-TERM ASSETS
Property, Plant & Equipment $99.88M $93.63M
YoY Change 6.67% 9.93%
Goodwill $71.06M $71.06M
YoY Change 0.0% 2.12%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.769M $2.123M
YoY Change 30.43% 39.21%
Total Long-Term Assets $330.3M $310.5M
YoY Change 6.37% -1.69%
TOTAL ASSETS
Total Short-Term Assets $250.4M $232.1M
Total Long-Term Assets $330.3M $310.5M
Total Assets $580.7M $542.6M
YoY Change 7.03% 0.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.94M $51.65M
YoY Change -1.37% 21.08%
Accrued Expenses $33.40M $43.81M
YoY Change -23.76% 3.77%
Deferred Revenue $2.263M $2.664M
YoY Change -15.05%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.32M $105.1M
YoY Change -8.4% 11.19%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $57.00M
YoY Change -12.28% -38.58%
Other Long-Term Liabilities $3.953M $6.077M
YoY Change -34.95% -20.4%
Total Long-Term Liabilities $3.953M $6.077M
YoY Change -34.95% -20.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.32M $105.1M
Total Long-Term Liabilities $3.953M $6.077M
Total Liabilities $185.2M $178.8M
YoY Change 3.56% -11.45%
SHAREHOLDERS EQUITY
Retained Earnings $499.6M $436.3M
YoY Change 14.51% 2.22%
Common Stock $349.6M $346.6M
YoY Change 0.85% 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $357.7M $343.3M
YoY Change 4.21% 0.0%
Treasury Stock Shares 24.22M shares 23.69M shares
Shareholders Equity $395.5M $363.8M
YoY Change
Total Liabilities & Shareholders Equity $580.7M $542.6M
YoY Change 7.03% 0.77%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $11.94M $7.209M
YoY Change 65.67% -27.66%
Depreciation, Depletion And Amortization $6.000M $3.774M
YoY Change 58.98% -24.52%
Cash From Operating Activities $14.60M $7.500M
YoY Change 94.67% -44.44%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$8.000M
YoY Change -48.75% 50.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.000M -$8.000M
YoY Change -50.0% -67.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.500M -18.40M
YoY Change -70.11% 636.0%
NET CHANGE
Cash From Operating Activities 14.60M 7.500M
Cash From Investing Activities -4.000M -8.000M
Cash From Financing Activities -5.500M -18.40M
Net Change In Cash 5.100M -18.90M
YoY Change -126.98% 38.97%
FREE CASH FLOW
Cash From Operating Activities $14.60M $7.500M
Capital Expenditures -$4.100M -$8.000M
Free Cash Flow $18.70M $15.50M
YoY Change 20.65% -17.55%

Facts In Submission

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979000 USD
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3377000 USD
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6467000 USD
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6230000 USD
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6967000 USD
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46000 USD
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77000 USD
us-gaap Amortization Of Financing Costs
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59000 USD
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154000 USD
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628000 USD
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267000 USD
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ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-355000 USD
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2194000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
918000 USD
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2019Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56923369 shares
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56786849 shares
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32707281 shares
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32750727 shares
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
24216088 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
24036122 shares
CY2019Q1 cts Treasury Shares Authorizedtobe Purchased
TreasurySharesAuthorizedtobePurchased
25000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
179966 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5002000 USD
CY2019Q2 cts Common Stock Capital Shares Availablefor Future Purchases Value
CommonStockCapitalSharesAvailableforFuturePurchasesValue
20565000 USD
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32750727 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32938466 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
179966 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
136520 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
148577 shares
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32707281 shares
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
33087043 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
108894 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
72658 shares
CY2019Q2 cts Number Of Equity Based Compensation Plan
NumberOfEquityBasedCompensationPlan
5 plan
CY2019Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1222000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
978000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2162000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1692000 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.251
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.377
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.302
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.251
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.377
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.302
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1075000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
2069000 USD
CY2019Q2 us-gaap Short Term Lease Payments
ShortTermLeasePayments
176000 USD
us-gaap Short Term Lease Payments
ShortTermLeasePayments
249000 USD
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1251000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2318000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2014000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4106000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4021000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3819000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3573000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
20084000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
37617000 USD
CY2019Q2 cts Lessee Operating Lease Discount Value
LesseeOperatingLeaseDiscountValue
-10839000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
26778000 USD
CY2019Q2 cts Lessee Operating Lease Paymenton Extension Option
LesseeOperatingLeasePaymentonExtensionOption
4615000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2076000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
24702000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
26778000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M15D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0691
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1862000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2961000 USD

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