$CVGI
Commercial Vehicle Group, Inc.

2013 Q2 Form 10-Q Financial Statement

#000119312513316069 Filed on August 02, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $198.9M $242.7M
YoY Change -18.06% 17.4%
Cost Of Revenue $176.0M $205.3M
YoY Change -14.25% 14.62%
Gross Profit $28.88M $37.46M
YoY Change -22.9% 35.34%
Gross Profit Margin 14.52% 15.43%
Selling, General & Admin $20.34M $18.36M
YoY Change 10.77% 14.76%
% of Gross Profit 70.43% 49.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.200M $3.300M
YoY Change 27.27% 1.85%
% of Gross Profit 14.54% 8.81%
Operating Expenses $20.34M $18.36M
YoY Change 10.77% 14.04%
Operating Profit $2.130M $19.00M
YoY Change -88.79% 67.77%
Interest Expense $5.235M $5.205M
YoY Change 0.58% -202.06%
% of Operating Profit 245.77% 27.39%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.104M $13.80M
YoY Change -122.5% -1249.83%
Income Tax -$1.441M $645.0K
% Of Pretax Income 4.67%
Net Earnings -$1.662M $13.16M
YoY Change -112.63% -706.5%
Net Earnings / Revenue -0.84% 5.42%
Basic Earnings Per Share -$0.06 $0.47
Diluted Earnings Per Share -$0.06 $0.46
COMMON SHARES
Basic Shares Outstanding 28.49M shares 28.17M shares
Diluted Shares Outstanding 28.49M shares 28.40M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.90M $87.60M
YoY Change -25.91% 4.04%
Cash & Equivalents $64.87M $87.57M
Short-Term Investments
Other Short-Term Assets $6.767M $12.70M
YoY Change -46.72% 22.12%
Inventory $79.63M $90.20M
Prepaid Expenses
Receivables $137.2M $157.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $296.8M $347.6M
YoY Change -14.61% 16.96%
LONG-TERM ASSETS
Property, Plant & Equipment $83.21M $78.10M
YoY Change 6.55% 9.54%
Goodwill $8.446M
YoY Change
Intangibles $21.43M
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.06M $15.30M
YoY Change -8.12% -9.47%
Total Long-Term Assets $154.5M $100.6M
YoY Change 53.63% 5.89%
TOTAL ASSETS
Total Short-Term Assets $296.8M $347.6M
Total Long-Term Assets $154.5M $100.6M
Total Assets $451.4M $448.2M
YoY Change 0.71% 14.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.59M $95.30M
YoY Change -18.59% 21.87%
Accrued Expenses $32.44M $34.00M
YoY Change -4.58% -0.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $110.0M $129.3M
YoY Change -14.9% 15.14%
LONG-TERM LIABILITIES
Long-Term Debt $250.0M $250.0M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $4.375M $28.90M
YoY Change -84.86% 16.53%
Total Long-Term Liabilities $254.4M $278.9M
YoY Change -8.79% 1.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.0M $129.3M
Total Long-Term Liabilities $254.4M $278.9M
Total Liabilities $392.1M $408.3M
YoY Change -3.96% 5.48%
SHAREHOLDERS EQUITY
Retained Earnings -$131.0M
YoY Change
Common Stock $226.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.264M
YoY Change
Treasury Stock Shares 590.2K shares
Shareholders Equity $59.21M $39.90M
YoY Change
Total Liabilities & Shareholders Equity $451.4M $448.2M
YoY Change 0.71% 14.28%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$1.662M $13.16M
YoY Change -112.63% -706.5%
Depreciation, Depletion And Amortization $4.200M $3.300M
YoY Change 27.27% 1.85%
Cash From Operating Activities $7.300M $2.970M
YoY Change 145.79% 343.28%
INVESTING ACTIVITIES
Capital Expenditures -$4.920M -$4.000M
YoY Change 23.0% -47.3%
Acquisitions
YoY Change
Other Investing Activities -$380.0K -$600.0K
YoY Change -36.67% -700.0%
Cash From Investing Activities -$5.300M -$4.590M
YoY Change 15.47% -38.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities 7.300M 2.970M
Cash From Investing Activities -5.300M -4.590M
Cash From Financing Activities
Net Change In Cash 2.000M -1.620M
YoY Change -223.46% -102.48%
FREE CASH FLOW
Cash From Operating Activities $7.300M $2.970M
Capital Expenditures -$4.920M -$4.000M
Free Cash Flow $12.22M $6.970M
YoY Change 75.32% -15.62%

Facts In Submission

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dei Trading Symbol
TradingSymbol
CVGI
dei Entity Registrant Name
EntityRegistrantName
COMMERCIAL VEHICLE GROUP, INC.
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Type
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10-Q
dei Document Period End Date
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28384000 shares
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8694000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28171000 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6878000
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
980000
us-gaap Profit Loss
ProfitLoss
25145000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
24818000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-92000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3267000
us-gaap Interest Paid
InterestPaid
9974000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26994000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-327000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
24677000
us-gaap Pension Contributions
PensionContributions
1977000
us-gaap Revenues
Revenues
479735000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
24833000
us-gaap Gross Profit
GrossProfit
74234000
us-gaap Operating Income Loss
OperatingIncomeLoss
37506000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
467000
us-gaap Net Income Loss
NetIncomeLoss
25160000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-327000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-15000
us-gaap Share Based Compensation
ShareBasedCompensation
2347000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1283000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-384000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36544000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1849000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1335000
us-gaap Interest Expense
InterestExpense
10512000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
115000
us-gaap Cost Of Revenue
CostOfRevenue
405501000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6382000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
566000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
184000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7743000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-15000
cvgi Dilutive Effect Of Outstanding Stock Options And Restricted Stock Grants After Application Of Treasury Stock Method
DilutiveEffectOfOutstandingStockOptionsAndRestrictedStockGrantsAfterApplicationOfTreasuryStockMethod
213000 shares
cvgi Unpaid Purchases Of Property And Equipment Included In Accounts Payable
UnpaidPurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
1018000
CY2012 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
9093000
CY2012 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-107000
CY2012 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
2400000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28396000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28171000 shares
CY2012Q2 us-gaap Profit Loss
ProfitLoss
13153000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10991000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
13798000
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2162000
CY2012Q2 us-gaap Revenues
Revenues
242745000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10993000
CY2012Q2 us-gaap Gross Profit
GrossProfit
37456000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
19003000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
13155000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2162000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-2000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18361000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
645000
CY2012Q2 us-gaap Interest Expense
InterestExpense
5205000
CY2012Q2 us-gaap Cost Of Revenue
CostOfRevenue
205289000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
92000
CY2012Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000
CY2013Q2 us-gaap Gross Profit
GrossProfit
22874000
CY2012Q2 cvgi Dilutive Effect Of Outstanding Stock Options And Restricted Stock Grants After Application Of Treasury Stock Method
DilutiveEffectOfOutstandingStockOptionsAndRestrictedStockGrantsAfterApplicationOfTreasuryStockMethod
225000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28491000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28491000 shares
CY2013Q2 us-gaap Profit Loss
ProfitLoss
-1663000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-5426000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3104000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3763000
CY2013Q2 us-gaap Revenues
Revenues
198909000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5421000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2131000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-1662000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3763000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-5000
CY2013Q2 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20339000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1441000
CY2013Q2 us-gaap Interest Expense
InterestExpense
5235000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
176035000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
404000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000
CY2013Q2 cvgi Impact On Amount Of Unrecognized Tax Benefits
ImpactOnAmountOfUnrecognizedTaxBenefits
P12M
CY2013Q2 cvgi Tax Reserves Released
TaxReservesReleased
100000

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