$CVGI
Commercial Vehicle Group, Inc.

2013 Q3 Form 10-Q Financial Statement

#000119312513435092 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q4 2012 Q3
Revenue $187.9M $173.4M $204.8M
YoY Change -8.24% -23.23% -5.57%
Cost Of Revenue $169.9M $157.5M $178.4M
YoY Change -4.8% -18.18% -4.64%
Gross Profit $18.09M $15.90M $26.41M
YoY Change -31.49% -52.37% -11.46%
Gross Profit Margin 9.63% 9.17% 12.89%
Selling, General & Admin $21.14M $18.00M $17.45M
YoY Change 21.15% 5.26% 7.69%
% of Gross Profit 116.83% 113.21% 66.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.060M $4.070M $3.620M
YoY Change 95.03% 30.45% 9.04%
% of Gross Profit 39.02% 25.6% 13.71%
Operating Expenses $21.14M $18.10M $17.45M
YoY Change 21.15% 5.23% 7.02%
Operating Profit -$3.428M -$2.279M $8.869M
YoY Change -138.65% -114.19% -34.53%
Interest Expense $5.327M -$5.100M $5.342M
YoY Change -0.28% -1.92% -200.79%
% of Operating Profit 60.23%
Other Income/Expense, Net -$100.0K
YoY Change -75.0%
Pretax Income -$8.755M -$7.400M $3.527M
YoY Change -348.23% -170.48% -56.99%
Income Tax -$1.488M -$1.900M -$26.95M
% Of Pretax Income -763.99%
Net Earnings -$7.267M -$5.584M $30.50M
YoY Change -123.83% -155.17% 313.52%
Net Earnings / Revenue -3.87% -3.22% 14.89%
Basic Earnings Per Share -$0.25 -$0.20 $1.08
Diluted Earnings Per Share -$0.25 -$0.20 $1.07
COMMON SHARES
Basic Shares Outstanding 28.56M shares 28.17M shares
Diluted Shares Outstanding 28.56M shares 28.46M shares

Balance Sheet

Concept 2013 Q3 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.10M $68.40M $99.50M
YoY Change -24.52% -22.27% 16.65%
Cash & Equivalents $75.06M $68.37M $99.54M
Short-Term Investments
Other Short-Term Assets $6.396M $6.446M $17.10M
YoY Change -62.6% -13.71% 90.0%
Inventory $81.60M $88.48M $90.70M
Prepaid Expenses
Receivables $130.5M $114.6M $131.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $301.9M $286.3M $338.5M
YoY Change -10.82% -6.75% 11.31%
LONG-TERM ASSETS
Property, Plant & Equipment $80.83M $83.30M $81.10M
YoY Change -0.33% 8.65% 11.1%
Goodwill $8.124M $8.124M
YoY Change
Intangibles $20.67M $23.00M
YoY Change 214.44%
Long-Term Investments
YoY Change
Other Assets $13.67M $14.51M $36.40M
YoY Change -62.45% -8.83% 123.31%
Total Long-Term Assets $151.4M $153.4M $124.6M
YoY Change 21.49% 53.57% 28.85%
TOTAL ASSETS
Total Short-Term Assets $301.9M $286.3M $338.5M
Total Long-Term Assets $151.4M $153.4M $124.6M
Total Assets $453.3M $439.7M $463.1M
YoY Change -2.12% 8.06% 15.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.31M $58.06M $72.40M
YoY Change 1.25% -21.79% -6.94%
Accrued Expenses $46.49M $32.87M $38.30M
YoY Change 21.39% -15.63% -4.25%
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 $119.8M $90.93M $110.7M
YoY Change 8.22% -19.67% -6.03%
LONG-TERM LIABILITIES
Long-Term Debt $250.0M $250.0M $250.0M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $3.305M $4.152M $28.30M
YoY Change -88.32% 43.32% 20.43%
Total Long-Term Liabilities $253.3M $254.2M $278.3M
YoY Change -8.98% 0.5% 1.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.8M $90.93M $110.7M
Total Long-Term Liabilities $253.3M $254.2M $278.3M
Total Liabilities $398.5M $373.4M $389.1M
YoY Change 2.42% -5.27% -0.56%
SHAREHOLDERS EQUITY
Retained Earnings -$138.2M -$124.7M
YoY Change -28.66%
Common Stock $228.5M $224.1M
YoY Change 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.264M $5.264M
YoY Change 29.69%
Treasury Stock Shares 590.2K shares 590.2K shares
Shareholders Equity $54.75M $66.29M $74.00M
YoY Change
Total Liabilities & Shareholders Equity $453.3M $439.7M $463.1M
YoY Change -2.12% 8.06% 15.54%

Cashflow Statement

Concept 2013 Q3 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$7.267M -$5.584M $30.50M
YoY Change -123.83% -155.17% 313.52%
Depreciation, Depletion And Amortization $7.060M $4.070M $3.620M
YoY Change 95.03% 30.45% 9.04%
Cash From Operating Activities $11.55M -$260.0K $15.62M
YoY Change -26.06% -102.75% 51.06%
INVESTING ACTIVITIES
Capital Expenditures -$2.510M -$4.200M -$6.240M
YoY Change -59.78% -37.96% 57.97%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$24.57M $0.00
YoY Change -6925.0% -100.0%
Cash From Investing Activities -$2.510M -$28.77M -$6.250M
YoY Change -59.84% 348.13% -6.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.00K -1.180M 0.000
YoY Change 0.0% -100.0%
NET CHANGE
Cash From Operating Activities 11.55M -260.0K 15.62M
Cash From Investing Activities -2.510M -28.77M -6.250M
Cash From Financing Activities 40.00K -1.180M 0.000
Net Change In Cash 9.080M -30.21M 9.370M
YoY Change -3.09% -1732.97% 163.94%
FREE CASH FLOW
Cash From Operating Activities $11.55M -$260.0K $15.62M
Capital Expenditures -$2.510M -$4.200M -$6.240M
Free Cash Flow $14.06M $3.940M $21.86M
YoY Change -35.68% -75.71% 52.97%

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dei Trading Symbol
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dei Entity Registrant Name
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COMMERCIAL VEHICLE GROUP, INC.
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dei Document Fiscal Year Focus
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dei Document Type
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
37000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
849000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1196000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10350000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
2700000
cvgi Continuance To Comply With Requirements Of Borrowing Availability For Certain Number Of Days
ContinuanceToComplyWithRequirementsOfBorrowingAvailabilityForCertainNumberOfDays
60 D
cvgi Redemption Price As Percentage Of Principal Amount Plus Accrued Interest
RedemptionPriceAsPercentageOfPrincipalAmountPlusAccruedInterest
1.03 pure
cvgi Number Of Income Tax Examinations In Process
NumberOfIncomeTaxExaminationsInProcess
0 pure
cvgi Pledge Of Capital Stock Of Company Domestic Subsidiaries
PledgeOfCapitalStockOfCompanyDomesticSubsidiaries
1.00 pure
cvgi Redemption Percentage Of Principal Amount With Proceeds From Certain Equity Offerings
RedemptionPercentageOfPrincipalAmountWithProceedsFromCertainEquityOfferings
0.35 pure
cvgi Capital Stock Of Foreign Subsidiary
CapitalStockOfForeignSubsidiary
0.65 pure
cvgi Maximum Redemption Of Aggregate Principal Amount
MaximumRedemptionOfAggregatePrincipalAmount
25000000
cvgi Minimum Amount Of Borrowing Availability Under Revolving Credit Facility
MinimumAmountOfBorrowingAvailabilityUnderRevolvingCreditFacility
10000000
cvgi Redemption Price As Percentage Of Principal Amount In Case Of Change Of Control
RedemptionPriceAsPercentageOfPrincipalAmountInCaseOfChangeOfControl
1.01 pure
cvgi Voting Capital Of Each Foreign Subsidiary
VotingCapitalOfEachForeignSubsidiary
0.65 pure
cvgi Capital Stock Of Direct Domestic Subsidiaries
CapitalStockOfDirectDomesticSubsidiaries
1.00 pure
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.96
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28410000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
239000 shares
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24305000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28171000 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13123000
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
981000
us-gaap Profit Loss
ProfitLoss
55618000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
57812000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
62000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3543000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
682000
us-gaap Interest Paid
InterestPaid
10036000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
30521000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2194000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
14406000
us-gaap Pension Contributions
PensionContributions
2673000
us-gaap Revenues
Revenues
684559000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
57770000
us-gaap Gross Profit
GrossProfit
100639000
us-gaap Operating Income Loss
OperatingIncomeLoss
46375000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
773000
us-gaap Net Income Loss
NetIncomeLoss
55661000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2194000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-29211000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
42000
us-gaap Share Based Compensation
ShareBasedCompensation
3496000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1467000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
11588000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
53989000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-25097000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1272000
us-gaap Interest Expense
InterestExpense
15854000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
115000
us-gaap Cost Of Revenue
CostOfRevenue
583920000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10000000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
849000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
275000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13989000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-43000
CY2012 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
9093000
CY2012 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-107000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28461000 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
289000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28172000 shares
CY2012Q3 us-gaap Profit Loss
ProfitLoss
30473000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
32994000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3527000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2521000
CY2012Q3 us-gaap Revenues
Revenues
204824000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32937000
CY2012Q3 us-gaap Gross Profit
GrossProfit
26405000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8869000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
30501000
CY2013Q3 us-gaap Gross Profit
GrossProfit
18090000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2521000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
57000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17445000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-26946000
CY2012Q3 us-gaap Interest Expense
InterestExpense
5342000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
178419000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
91000
CY2012Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-28000
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28563000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28563000 shares
CY2013Q3 us-gaap Profit Loss
ProfitLoss
-7267000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-6503000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8755000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
764000
CY2013Q3 us-gaap Revenues
Revenues
187942000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6501000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3428000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-7267000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
764000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-2000
CY2013Q3 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21135000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1488000
CY2013Q3 us-gaap Interest Expense
InterestExpense
5327000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
169852000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
383000
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2013Q3 cvgi Impact On Amount Of Unrecognized Tax Benefits
ImpactOnAmountOfUnrecognizedTaxBenefits
P12M
CY2013Q3 cvgi Tax Reserves Released
TaxReservesReleased
200000

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