$CTS
CTS CORP

2014 Q2 Form 10-Q Financial Statement

#000119312514284324 Filed on July 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $103.0M $105.4M
YoY Change -2.28% 37.17%
Cost Of Revenue $69.16M $72.98M
YoY Change -5.24% -41.57%
Gross Profit $33.82M $32.40M
YoY Change 4.39% 39.64%
Gross Profit Margin 32.84% 30.75%
Selling, General & Admin $15.81M $17.16M
YoY Change -7.83% -11.56%
% of Gross Profit 46.75% 52.95%
Research & Development $5.332M $5.771M
YoY Change -7.61% -5.39%
% of Gross Profit 15.76% 17.81%
Depreciation & Amortization $4.200M $5.500M
YoY Change -23.64% 14.58%
% of Gross Profit 12.42% 16.98%
Operating Expenses $21.15M $22.93M
YoY Change -7.78% -10.09%
Operating Profit $9.945M $2.443M
YoY Change 307.08% 2.17%
Interest Expense $582.0K $1.058M
YoY Change -44.99% -629.0%
% of Operating Profit 5.85% 43.31%
Other Income/Expense, Net -$303.0K -$214.0K
YoY Change 41.59% -135.67%
Pretax Income $9.642M $2.229M
YoY Change 332.57% -3.09%
Income Tax $3.281M $12.48M
% Of Pretax Income 34.03% 559.98%
Net Earnings $6.361M -$11.34M
YoY Change -156.12% -443.38%
Net Earnings / Revenue 6.18% -10.76%
Basic Earnings Per Share $0.19 -$0.34
Diluted Earnings Per Share $0.19 -$0.34
COMMON SHARES
Basic Shares Outstanding 33.74M shares 33.59M shares
Diluted Shares Outstanding 34.21M shares 33.59M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.2M $86.00M
YoY Change 47.91% 1.9%
Cash & Equivalents $127.2M $86.04M
Short-Term Investments
Other Short-Term Assets $18.83M $29.00M
YoY Change -35.08% 8.21%
Inventory $28.43M $85.20M
Prepaid Expenses
Receivables $61.08M $93.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $235.6M $294.1M
YoY Change -19.9% 0.31%
LONG-TERM ASSETS
Property, Plant & Equipment $74.43M $91.10M
YoY Change -18.3% 1.56%
Goodwill $32.05M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.143M $63.30M
YoY Change -98.19% -24.55%
Total Long-Term Assets $169.6M $234.6M
YoY Change -27.69% 8.86%
TOTAL ASSETS
Total Short-Term Assets $235.6M $294.1M
Total Long-Term Assets $169.6M $234.6M
Total Assets $479.6M $528.7M
YoY Change -9.28% 3.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.72M $70.70M
YoY Change -38.16% -5.23%
Accrued Expenses $41.60M $46.80M
YoY Change -11.11% 12.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.30M $117.5M
YoY Change -27.41% 1.12%
LONG-TERM LIABILITIES
Long-Term Debt $76.20M $129.5M
YoY Change -41.16% 19.14%
Other Long-Term Liabilities $12.89M $20.10M
YoY Change -35.88% 6.35%
Total Long-Term Liabilities $12.89M $149.6M
YoY Change -91.39% 17.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.30M $117.5M
Total Long-Term Liabilities $12.89M $149.6M
Total Liabilities $98.19M $267.0M
YoY Change -63.23% 9.52%
SHAREHOLDERS EQUITY
Retained Earnings $367.7M
YoY Change
Common Stock $337.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $320.9M
YoY Change
Treasury Stock Shares 22.46M shares
Shareholders Equity $305.2M $261.6M
YoY Change
Total Liabilities & Shareholders Equity $479.6M $528.7M
YoY Change -9.28% 3.93%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $6.361M -$11.34M
YoY Change -156.12% -443.38%
Depreciation, Depletion And Amortization $4.200M $5.500M
YoY Change -23.64% 14.58%
Cash From Operating Activities $16.20M $13.70M
YoY Change 18.25% -434.15%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$3.700M
YoY Change -13.51% -39.34%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% -100.81%
Cash From Investing Activities -$3.100M -$3.600M
YoY Change -13.89% -80.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.000M -34.40M
YoY Change -85.47% -210.26%
NET CHANGE
Cash From Operating Activities 16.20M 13.70M
Cash From Investing Activities -3.100M -3.600M
Cash From Financing Activities -5.000M -34.40M
Net Change In Cash 8.100M -24.30M
YoY Change -133.33% -385.88%
FREE CASH FLOW
Cash From Operating Activities $16.20M $13.70M
Capital Expenditures -$3.200M -$3.700M
Free Cash Flow $19.40M $17.40M
YoY Change 11.49% 770.0%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain reclassifications including those for discontinued operations have been made for the prior periods presented in the Unaudited Condensed Consolidated Financial Statements to conform to the current period&#x2019;s presentation.</p> </div>
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CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2013Q2 us-gaap Operating Income Loss
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2443000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9259000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-214000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2229000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
46180000
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1446000
CY2013Q2 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
0
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
398000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
467000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-718000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-11335000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
446000
CY2013Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1082000
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
774000
CY2013Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
514000
CY2013Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-10253000
CY2013Q2 us-gaap Foreign Earnings Repatriated
ForeignEarningsRepatriated
30000000
CY2013Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-364000
CY2013Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
59000
CY2013Q2 cts Other Comprehensive Income Loss Reclassification Pension And Other Postretirement Benefit Plans Foreign Exchange Impact Recognized In Net Periodic Benefit Cost Tax
OtherComprehensiveIncomeLossReclassificationPensionAndOtherPostretirementBenefitPlansForeignExchangeImpactRecognizedInNetPeriodicBenefitCostTax
-2000
CY2013Q2 cts Other Comprehensive Income Reclassification Of Defined Benefit Plans Foreign Exchange Impact Recognized In Net Periodic Benefit Cost Net Of Tax
OtherComprehensiveIncomeReclassificationOfDefinedBenefitPlansForeignExchangeImpactRecognizedInNetPeriodicBenefitCostNetOfTax
-5000
CY2013Q2 us-gaap Interest Expense
InterestExpense
1058000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5771000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17157000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
3591000
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
7029000
CY2013Q2 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
10800000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12482000
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-47000
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Transition Asset Obligation Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetTransitionAssetObligationNetOfTax
-1331000
CY2013Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
1163000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
72981000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-71000
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-1245000
CY2013Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
545000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
43093000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
298000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
728000
CY2013Q2 cts Disposal Group Including Discontinued Operation Restructuring Costs And Asset Impairment Charges
DisposalGroupIncludingDiscontinuedOperationRestructuringCostsAndAssetImpairmentCharges
214000
CY2013Q2 cts Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments Tax Effect
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailmentsTaxEffect
0
CY2012Q3 cts Number Of Interest Rate Swap Agreements
NumberOfInterestRateSwapAgreements
4 Swap

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