$CTS
CTS CORP

2021 Q3 Form 10-Q Financial Statement

#000156459021052317 Filed on October 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $122.4M $113.8M $84.20M
YoY Change 7.56% -1.62% -30.23%
Cost Of Revenue $76.72M $76.87M $57.63M
YoY Change -0.2% -2.19% -27.49%
Gross Profit $45.66M $36.91M $26.57M
YoY Change 23.73% -0.41% -35.52%
Gross Profit Margin 37.31% 32.44% 31.55%
Selling, General & Admin $19.92M $16.88M $14.67M
YoY Change 18.0% -5.01% -13.9%
% of Gross Profit 43.63% 45.75% 55.21%
Research & Development $6.454M $5.700M $5.522M
YoY Change 13.23% -16.25% -11.75%
% of Gross Profit 14.13% 15.44% 20.79%
Depreciation & Amortization $6.719M $6.700M $6.600M
YoY Change 0.28% 9.84% 10.0%
% of Gross Profit 14.71% 18.15% 24.84%
Operating Expenses $26.38M $16.88M $20.19M
YoY Change 56.23% -31.31% -13.32%
Operating Profit $19.29M $13.26M $6.242M
YoY Change 45.46% 30.97% -63.46%
Interest Expense -$284.0K $857.0K $909.0K
YoY Change -133.14% 5.54% 94.65%
% of Operating Profit -1.47% 6.46% 14.56%
Other Income/Expense, Net -$108.5M $977.0K -$349.0K
YoY Change -11205.63% -133.41% -69.22%
Pretax Income -$89.82M $14.24M $5.893M
YoY Change -730.93% 97.72% -63.05%
Income Tax -$25.92M $3.163M $1.036M
% Of Pretax Income 22.22% 17.58%
Net Earnings -$63.90M $11.07M $4.857M
YoY Change -677.04% 306.8% -59.33%
Net Earnings / Revenue -52.21% 9.73% 5.77%
Basic Earnings Per Share -$1.97 $0.34 $0.15
Diluted Earnings Per Share -$1.973M $0.34 $0.15
COMMON SHARES
Basic Shares Outstanding 32.38M 32.27M 32.26M
Diluted Shares Outstanding 32.38M 32.51M 32.50M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.5M $131.7M $146.0M
YoY Change -2.41% 30.01% 38.0%
Cash & Equivalents $128.5M $131.7M $146.0M
Short-Term Investments
Other Short-Term Assets $19.85M $14.02M $14.75M
YoY Change 41.55% -20.41% -12.26%
Inventory $50.87M $41.49M $44.27M
Prepaid Expenses
Receivables $78.21M $76.43M $59.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $277.4M $263.7M $264.8M
YoY Change 5.22% 7.61% 5.74%
LONG-TERM ASSETS
Property, Plant & Equipment $92.53M $97.78M $99.35M
YoY Change -5.36% -4.73% -0.53%
Goodwill $109.8M $106.1M $106.1M
YoY Change 3.53% 203.03% 49.25%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.200M $2.774M $2.816M
YoY Change -20.69% 1.57% 1.7%
Total Long-Term Assets $374.5M $392.2M $398.6M
YoY Change -4.5% -2.68% 20.68%
TOTAL ASSETS
Total Short-Term Assets $277.4M $263.7M $264.8M
Total Long-Term Assets $374.5M $392.2M $398.6M
Total Assets $652.0M $655.9M $663.4M
YoY Change -0.59% 1.21% 14.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.98M $46.74M $32.82M
YoY Change 4.79% -3.5% -35.57%
Accrued Expenses $35.67M $32.79M $33.18M
YoY Change 8.78% -14.2% -0.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.1M $95.12M $77.77M
YoY Change 10.46% -5.4% -19.25%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $106.3M $141.3M
YoY Change -52.96% -5.68% 182.6%
Other Long-Term Liabilities $3.244M $4.052M $6.146M
YoY Change -19.94% -12.63% 55.48%
Total Long-Term Liabilities $3.244M $4.052M $6.146M
YoY Change -19.94% -12.63% 55.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.1M $95.12M $77.77M
Total Long-Term Liabilities $3.244M $4.052M $6.146M
Total Liabilities $194.6M $241.9M $262.5M
YoY Change -19.55% -4.32% 41.77%
SHAREHOLDERS EQUITY
Retained Earnings $484.4M $525.6M $515.8M
YoY Change -7.85% 4.91% 3.25%
Common Stock $355.3M $351.8M $350.7M
YoY Change 1.01% 0.32% 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $377.5M $372.5M $372.5M
YoY Change 1.33% 3.27% 4.14%
Treasury Stock Shares $24.95M $24.80M 24.80M shares
Shareholders Equity $457.4M $414.0M $400.9M
YoY Change
Total Liabilities & Shareholders Equity $652.0M $655.9M $663.4M
YoY Change -0.59% 1.21% 14.24%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$63.90M $11.07M $4.857M
YoY Change -677.04% 306.8% -59.33%
Depreciation, Depletion And Amortization $6.719M $6.700M $6.600M
YoY Change 0.28% 9.84% 10.0%
Cash From Operating Activities $21.33M $25.60M $11.80M
YoY Change -16.67% 55.15% -19.18%
INVESTING ACTIVITIES
Capital Expenditures -$4.170M -$3.200M -$2.600M
YoY Change 30.31% -45.76% -36.59%
Acquisitions $73.91M
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.170M -$3.200M -$2.600M
YoY Change 30.31% -95.97% -35.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.396M -36.30M -14.00M
YoY Change -82.38% -162.16% 154.55%
NET CHANGE
Cash From Operating Activities 21.33M 25.60M 11.80M
Cash From Investing Activities -4.170M -3.200M -2.600M
Cash From Financing Activities -6.396M -36.30M -14.00M
Net Change In Cash 10.77M -13.90M -4.800M
YoY Change -177.45% 202.17% -194.12%
FREE CASH FLOW
Cash From Operating Activities $21.33M $25.60M $11.80M
Capital Expenditures -$4.170M -$3.200M -$2.600M
Free Cash Flow $25.50M $28.80M $14.40M
YoY Change -11.45% 28.57% -22.99%

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72094000
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2348000
us-gaap Amortization Of Intangible Assets
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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2348000
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9176000
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7170000
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us-gaap Restructuring And Related Cost Incurred Cost
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551000
us-gaap Restructuring And Related Cost Incurred Cost
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1416000
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us-gaap Restructuring And Related Cost Incurred Cost
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551000
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9994000
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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10642000
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848000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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2769000
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1508000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Payments1
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3639000
us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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12000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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68000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
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CY2021Q3 us-gaap Common Stock Shares Authorized
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CY2020Q3 us-gaap Amortization Of Financing Costs
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300000000
CY2020Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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300000000
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1740000
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
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CY2021Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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248260000
CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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243660000
CY2021Q3 us-gaap Amortization Of Financing Costs
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42000
us-gaap Amortization Of Financing Costs
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126000
us-gaap Amortization Of Financing Costs
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126000
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0
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388000
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-458000
CY2021Q3 us-gaap Derivative Gain Loss On Derivative Net
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251000
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us-gaap Derivative Gain Loss On Derivative Net
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438000
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CY2021Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-1011000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-1412000
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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2326000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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1947000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
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25000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
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25000000
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0
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0
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75000000
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57235807
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24947658
CY2020Q4 us-gaap Treasury Stock Shares
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24799623
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CY2020Q4 us-gaap Common Stock Shares Outstanding
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32276787
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4939000
us-gaap Treasury Stock Shares Acquired
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342731
us-gaap Treasury Stock Value Acquired Cost Method
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8080000
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45061000
CY2020Q4 us-gaap Common Stock Shares Outstanding
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32276787
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148035
us-gaap Treasury Stock Shares Acquired
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342731
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159397
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138276
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32267951
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1029
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68198
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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462
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
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5
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.289
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.222
us-gaap Effective Income Tax Rate Continuing Operations
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0.325
us-gaap Effective Income Tax Rate Continuing Operations
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0.244
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.289
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.222
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.325
us-gaap Effective Income Tax Rate Continuing Operations
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0.244

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