$CTS
CTS CORP

2024 Q2 Form 10-Q Financial Statement

#000095017024051203 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $130.2M $125.8M
YoY Change -10.35% -13.87%
Cost Of Revenue $83.79M $80.66M
YoY Change -11.28% -14.5%
Gross Profit $46.37M $45.09M
YoY Change -8.61% -12.7%
Gross Profit Margin 35.63% 35.86%
Selling, General & Admin $21.33M $22.26M
YoY Change -9.97% 1.28%
% of Gross Profit 46.0% 49.37%
Research & Development $6.086M $6.601M
YoY Change -9.45% 0.23%
% of Gross Profit 13.12% 14.64%
Depreciation & Amortization $4.518M $7.325M
YoY Change -37.74% 5.88%
% of Gross Profit 9.74% 16.25%
Operating Expenses $27.42M $28.86M
YoY Change -9.85% 1.04%
Operating Profit $17.76M $16.23M
YoY Change -12.61% -26.81%
Interest Expense $833.0K -$922.0K
YoY Change 227.95% -232.85%
% of Operating Profit 4.69% -5.68%
Other Income/Expense, Net $5.000K $44.00K
YoY Change -100.19% -91.76%
Pretax Income $17.77M $13.66M
YoY Change 10.5% -39.86%
Income Tax $3.062M $2.539M
% Of Pretax Income 17.23% 18.59%
Net Earnings $14.71M $11.12M
YoY Change 14.03% -39.39%
Net Earnings / Revenue 11.3% 8.84%
Basic Earnings Per Share $0.48 $0.36
Diluted Earnings Per Share $0.48 $0.36
COMMON SHARES
Basic Shares Outstanding 30.57M 30.79M
Diluted Shares Outstanding 30.73M 30.99M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.2M $162.4M
YoY Change 6.87% 13.16%
Cash & Equivalents $161.2M $162.4M
Short-Term Investments
Other Short-Term Assets $16.57M $17.35M
YoY Change -12.46% -3.26%
Inventory $51.67M $57.78M
Prepaid Expenses
Receivables $85.38M $80.66M
Other Receivables $0.00 $0.00
Total Short-Term Assets $314.9M $318.2M
YoY Change -4.55% -1.37%
LONG-TERM ASSETS
Property, Plant & Equipment $91.76M $116.9M
YoY Change -23.99% 21.43%
Goodwill $156.1M $156.3M
YoY Change 0.08% 0.44%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.31M $41.43M
YoY Change -62.34% 135.23%
Total Long-Term Assets $410.8M $414.6M
YoY Change -3.58% -2.3%
TOTAL ASSETS
Total Short-Term Assets $314.9M $318.2M
Total Long-Term Assets $410.8M $414.6M
Total Assets $725.6M $732.8M
YoY Change -4.01% -1.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.86M $45.61M
YoY Change -23.07% -14.61%
Accrued Expenses $31.93M $28.35M
YoY Change 8.86% -22.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.45M $95.95M
YoY Change -13.75% -9.29%
LONG-TERM LIABILITIES
Long-Term Debt $65.00M $67.50M
YoY Change -15.63% -15.9%
Other Long-Term Liabilities $3.786M $33.68M
YoY Change -89.03% 544.92%
Total Long-Term Liabilities $3.786M $101.2M
YoY Change -96.61% 1837.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.45M $95.95M
Total Long-Term Liabilities $3.786M $101.2M
Total Liabilities $202.9M $211.6M
YoY Change -13.49% -9.15%
SHAREHOLDERS EQUITY
Retained Earnings $625.6M $612.1M
YoY Change 8.72% 8.57%
Common Stock $363.5M $362.3M
YoY Change 0.24% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $467.1M $456.1M
YoY Change 11.13% 10.82%
Treasury Stock Shares
Shareholders Equity $522.8M $521.3M
YoY Change
Total Liabilities & Shareholders Equity $725.6M $732.8M
YoY Change -4.01% -1.9%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $14.71M $11.12M
YoY Change 14.03% -39.39%
Depreciation, Depletion And Amortization $4.518M $7.325M
YoY Change -37.74% 5.88%
Cash From Operating Activities $19.63M $18.31M
YoY Change -16.19% 63.7%
INVESTING ACTIVITIES
Capital Expenditures $4.637M $4.035M
YoY Change 17.48% -11.12%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$4.637M -$4.035M
YoY Change 17.39% -48.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.75M -16.31M
YoY Change 18.06% -1.91%
NET CHANGE
Cash From Operating Activities 19.63M 18.31M
Cash From Investing Activities -4.637M -4.035M
Cash From Financing Activities -15.75M -16.31M
Net Change In Cash -759.0K -2.032M
YoY Change -112.38% -84.81%
FREE CASH FLOW
Cash From Operating Activities $19.63M $18.31M
Capital Expenditures $4.637M $4.035M
Free Cash Flow $14.99M $14.28M
YoY Change -23.02% 114.81%

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NOTE 1 — Basis of Presentation</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, “we”, “our”, “us” or the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2023.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.</span></p></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Recently issued accounting pronouncements not yet adopted</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ASU No. 2023-07, </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">"Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure"</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments' significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as existing segment disclosures and reconciliation required under ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for the interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the reconciliation of the effective tax rate, as well as disclosure of income taxes paid, disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></div>
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CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31581155
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30030
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37676
CY2024Q1 cts Number Of Equity Based Compensation Plan
NumberOfEquityBasedCompensationPlan
5
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.192
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 cts Rule10 B51 Modified Flag
Rule10B51ModifiedFlag
false
CY2024Q1 cts Non Rule10 B51 Modified Flag
NonRule10B51ModifiedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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