$CTS
CTS CORP

2020 Q4 Form 10-Q Financial Statement

#000156459020048770 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $123.0M $113.8M $115.7M
YoY Change 6.93% -1.62% -2.7%
Cost Of Revenue $80.30M $76.87M $78.59M
YoY Change 5.24% -2.19% 2.37%
Gross Profit $42.69M $36.91M $37.06M
YoY Change 10.31% -0.41% -11.94%
Gross Profit Margin 34.7% 32.44% 32.04%
Selling, General & Admin $19.50M $16.88M $17.77M
YoY Change 7.73% -5.01% -3.66%
% of Gross Profit 45.68% 45.75% 47.96%
Research & Development $5.700M $5.700M $6.806M
YoY Change -6.56% -16.25% 4.43%
% of Gross Profit 13.35% 15.44% 18.37%
Depreciation & Amortization $6.900M $6.700M $6.100M
YoY Change 4.55% 9.84% 15.09%
% of Gross Profit 16.16% 18.15% 16.46%
Operating Expenses $25.20M $16.88M $24.58M
YoY Change 4.56% -31.31% -1.55%
Operating Profit $17.14M $13.26M $10.12M
YoY Change 38.3% 30.97% -37.19%
Interest Expense -$500.0K $857.0K $812.0K
YoY Change -16.67% 5.54% 66.05%
% of Operating Profit -2.92% 6.46% 8.02%
Other Income/Expense, Net $2.700M $977.0K -$2.924M
YoY Change 170.0% -133.41% 65.85%
Pretax Income $19.40M $14.24M $7.200M
YoY Change 51.56% 97.72% -49.84%
Income Tax $4.400M $3.163M $4.478M
% Of Pretax Income 22.68% 22.22% 62.19%
Net Earnings $14.95M $11.07M $2.722M
YoY Change 48.55% 306.8% -73.34%
Net Earnings / Revenue 12.15% 9.73% 2.35%
Basic Earnings Per Share $0.46 $0.34 $0.08
Diluted Earnings Per Share $0.46 $0.34 $0.08
COMMON SHARES
Basic Shares Outstanding 32.27M 32.27M 32.64M
Diluted Shares Outstanding 32.51M 33.07M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.80M $131.7M $101.3M
YoY Change -8.47% 30.01% -2.97%
Cash & Equivalents $91.77M $131.7M $101.2M
Short-Term Investments $100.0K
Other Short-Term Assets $14.61M $14.02M $17.62M
YoY Change -14.04% -20.41% 23.59%
Inventory $45.87M $41.49M $45.43M
Prepaid Expenses
Receivables $80.98M $76.43M $80.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $233.2M $263.7M $245.0M
YoY Change -1.79% 7.61% 2.52%
LONG-TERM ASSETS
Property, Plant & Equipment $97.44M $97.78M $102.6M
YoY Change -7.24% -4.73% 6.17%
Goodwill $109.5M $106.1M $35.00M
YoY Change 3.24% 203.03% -50.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.590M $2.774M $2.731M
YoY Change -14.97% 1.57% 21.54%
Total Long-Term Assets $392.8M $392.2M $403.0M
YoY Change 42.23% -2.68% 29.74%
TOTAL ASSETS
Total Short-Term Assets $233.2M $263.7M $245.0M
Total Long-Term Assets $392.8M $392.2M $403.0M
Total Assets $626.0M $655.9M $648.0M
YoY Change -2.69% 1.21% 17.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.49M $46.74M $48.43M
YoY Change 4.71% -3.5% -7.17%
Accrued Expenses $38.17M $32.79M $38.22M
YoY Change 4.93% -14.2% -5.16%
Deferred Revenue $2.749M
YoY Change -2.17%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.9M $95.12M $100.6M
YoY Change 8.24% -5.4% -4.84%
LONG-TERM LIABILITIES
Long-Term Debt $54.60M $106.3M $112.7M
YoY Change -45.24% -5.68% 125.4%
Other Long-Term Liabilities $5.196M $4.052M $4.638M
YoY Change 21.06% -12.63% -23.53%
Total Long-Term Liabilities $5.196M $4.052M $4.638M
YoY Change 21.06% -12.63% -23.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.9M $95.12M $100.6M
Total Long-Term Liabilities $5.196M $4.052M $4.638M
Total Liabilities $202.4M $241.9M $252.8M
YoY Change -15.02% -4.32% 45.81%
SHAREHOLDERS EQUITY
Retained Earnings $539.3M $525.6M $501.0M
YoY Change 5.79% 4.91% 12.54%
Common Stock $352.8M $351.8M $350.7M
YoY Change 0.35% 0.32% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.5M $372.5M $360.7M
YoY Change 2.22% 3.27% 5.09%
Treasury Stock Shares $24.80M $24.80M 24.32M shares
Shareholders Equity $423.7M $414.0M $395.2M
YoY Change
Total Liabilities & Shareholders Equity $626.0M $655.9M $648.0M
YoY Change -2.69% 1.21% 17.91%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $14.95M $11.07M $2.722M
YoY Change 48.55% 306.8% -73.34%
Depreciation, Depletion And Amortization $6.900M $6.700M $6.100M
YoY Change 4.55% 9.84% 15.09%
Cash From Operating Activities $27.50M $25.60M $16.50M
YoY Change 16.03% 55.15% 10.74%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$3.200M -$5.900M
YoY Change -29.69% -45.76% 0.0%
Acquisitions $73.91M
YoY Change
Other Investing Activities -$8.300M $0.00 -$73.60M
YoY Change 2666.67% -100.0%
Cash From Investing Activities -$12.80M -$3.200M -$79.50M
YoY Change 91.04% -95.97% 1247.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.00M -36.30M 58.40M
YoY Change 200.0% -162.16% -803.61%
NET CHANGE
Cash From Operating Activities 27.50M 25.60M 16.50M
Cash From Investing Activities -12.80M -3.200M -79.50M
Cash From Financing Activities -54.00M -36.30M 58.40M
Net Change In Cash -39.30M -13.90M -4.600M
YoY Change 3830.0% 202.17% -757.14%
FREE CASH FLOW
Cash From Operating Activities $27.50M $25.60M $16.50M
Capital Expenditures -$4.500M -$3.200M -$5.900M
Free Cash Flow $32.00M $28.80M $22.40M
YoY Change 6.31% 28.57% 7.69%

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31499000
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q3 us-gaap Dividends
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CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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StockholdersEquity
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CY2019Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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StockholdersEquity
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NetIncomeLoss
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Dividends
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CY2019Q3 us-gaap Stockholders Equity
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1 — Basis of Presentation</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, 2019.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings.</p>
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Revenues
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CY2019Q3 us-gaap Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Amortization Of Intangible Assets
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57104000
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2020Q3 cts Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
43193000
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us-gaap Restructuring And Related Cost Incurred Cost
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us-gaap Restructuring And Related Cost Incurred Cost
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us-gaap Restructuring And Related Cost Incurred Cost
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11444000
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1287000
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4354000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5218000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32794000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
36378000
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CY2020Q3 us-gaap Product Warranty Accrual Classified Current
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3661000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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2950000
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5564000
CY2019Q4 us-gaap Accrued Income Taxes Current
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CY2020Q3 us-gaap Taxes Payable Current And Noncurrent
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1914000
CY2019Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1574000
CY2020Q3 us-gaap Accrued Professional Fees Current
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CY2019Q4 us-gaap Accrued Professional Fees Current
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CY2019Q4 us-gaap Contract With Customer Liability
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CY2019Q4 us-gaap Dividends Payable Current
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us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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1265000
CY2019 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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2602000
cts Accrualfor Environmental Loss Contingencies Payments Netof Reimbursements
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3408000
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2455000
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<p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 20 — Recent Accounting Pronouncements</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Accounting Pronouncements Recently Adopted</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2018-13 <span style="font-style:italic;">"Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2018-13 "<span style="font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</span>". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2016-16 <span style="font-style:italic;">"Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2016, the FASB issued ASU No. 2016-16, "<span style="font-style:italic;">Intra-Entity Transfers of Assets Other Than Inventory</span>". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU 2016-13 "<span style="font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span>"</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU 2016-13,<span style="font-style:italic;"> Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span>, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Recently Issued Accounting Pronouncements</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2020-04 <span style="font-style:italic;">"Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, the FASB issued ASU 2020-04, “<span style="font-style:italic;">Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting</span>”, which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to our LIBOR indexed instruments. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</span></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2019-12 <span style="font-style:italic;">"Simplifying the Accounting for Income Taxes"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the FASB issued ASU 2019-12, <span style="font-style:italic;">Simplifying the Accounting for Income Taxes</span>, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements.</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2018-14 <span style="font-style:italic;">"Compensation - Retirement Benefits - Defined Benefit Plans - General"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-14, "<span style="font-style:italic;">Compensation - Retirement Benefits - Defined Benefit Plans - General</span>." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our annual financial statement disclosures but will not impact our interim financial statements and does not have an impact on our consolidated financial position, results of operations, or cash flows.</p>

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