$CVGI
Commercial Vehicle Group, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514302813 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $216.0M $183.0M $198.9M
YoY Change 8.59% 5.59% -18.06%
Cost Of Revenue $187.8M $162.4M $176.0M
YoY Change 6.69% 3.11% -14.25%
Gross Profit $28.19M $20.68M $28.88M
YoY Change -2.4% 30.08% -22.9%
Gross Profit Margin 13.05% 11.3% 14.52%
Selling, General & Admin $18.75M $12.30M $20.34M
YoY Change -7.82% -31.67% 10.77%
% of Gross Profit 66.52% 59.47% 70.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.552M $5.000M $4.200M
YoY Change 8.38% 22.85% 27.27%
% of Gross Profit 16.15% 24.18% 14.54%
Operating Expenses $18.75M $12.60M $20.34M
YoY Change -7.82% -30.39% 10.77%
Operating Profit $9.047M $8.009M $2.130M
YoY Change 324.74% -451.43% -88.79%
Interest Expense $5.205M -$5.200M $5.235M
YoY Change -0.57% 1.96% 0.58%
% of Operating Profit 57.53% -64.93% 245.77%
Other Income/Expense, Net -$100.0K
YoY Change 0.0%
Pretax Income $3.842M $2.700M -$3.104M
YoY Change -223.78% -136.49% -122.5%
Income Tax $1.103M $1.600M -$1.441M
% Of Pretax Income 28.71% 59.26%
Net Earnings $2.739M $1.100M -$1.662M
YoY Change -264.8% -119.7% -112.63%
Net Earnings / Revenue 1.27% 0.6% -0.84%
Basic Earnings Per Share $0.09 $0.04 -$0.06
Diluted Earnings Per Share $0.09 $0.04 -$0.06
COMMON SHARES
Basic Shares Outstanding 28.87M shares 28.49M shares
Diluted Shares Outstanding 29.20M shares 28.49M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.30M $72.70M $64.90M
YoY Change 8.32% 6.29% -25.91%
Cash & Equivalents $70.26M $72.70M $64.87M
Short-Term Investments
Other Short-Term Assets $7.654M $7.536M $6.767M
YoY Change 13.11% 16.91% -46.72%
Inventory $82.57M $80.13M $79.63M
Prepaid Expenses
Receivables $150.4M $119.1M $137.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $319.2M $287.6M $296.8M
YoY Change 7.55% 0.48% -14.61%
LONG-TERM ASSETS
Property, Plant & Equipment $74.52M $78.88M $83.21M
YoY Change -10.45% -5.32% 6.55%
Goodwill $8.399M $8.220M $8.446M
YoY Change -0.56% 1.18%
Intangibles $19.84M $20.35M $21.43M
YoY Change -7.39% -11.53%
Long-Term Investments
YoY Change
Other Assets $10.44M $12.92M $14.06M
YoY Change -25.72% -10.98% -8.12%
Total Long-Term Assets $136.8M $144.8M $154.5M
YoY Change -11.47% -5.6% 53.63%
TOTAL ASSETS
Total Short-Term Assets $319.2M $287.6M $296.8M
Total Long-Term Assets $136.8M $144.8M $154.5M
Total Assets $456.0M $432.4M $451.4M
YoY Change 1.04% -1.64% 0.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.18M $68.28M $77.59M
YoY Change 9.79% 17.6% -18.59%
Accrued Expenses $37.94M $34.29M $32.44M
YoY Change 16.95% 4.31% -4.58%
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 $123.1M $102.6M $110.0M
YoY Change 11.9% 12.79% -14.9%
LONG-TERM LIABILITIES
Long-Term Debt $250.0M $250.0M $250.0M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $2.829M $2.686M $4.375M
YoY Change -35.34% -35.31% -84.86%
Total Long-Term Liabilities $252.8M $252.7M $254.4M
YoY Change -0.61% -0.58% -8.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.1M $102.6M $110.0M
Total Long-Term Liabilities $252.8M $252.7M $254.4M
Total Liabilities $392.1M $372.5M $392.1M
YoY Change -0.02% -0.23% -3.96%
SHAREHOLDERS EQUITY
Retained Earnings -$134.9M -$137.1M -$131.0M
YoY Change 3.01% 9.98%
Common Stock $230.8M $229.4M $226.4M
YoY Change 1.95% 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.095M $6.095M $5.264M
YoY Change 15.79% 15.79%
Treasury Stock Shares 689.2K shares 689.2K shares 590.2K shares
Shareholders Equity $63.96M $59.91M $59.21M
YoY Change
Total Liabilities & Shareholders Equity $456.0M $432.4M $451.4M
YoY Change 1.04% -1.64% 0.71%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $2.739M $1.100M -$1.662M
YoY Change -264.8% -119.7% -112.63%
Depreciation, Depletion And Amortization $4.552M $5.000M $4.200M
YoY Change 8.38% 22.85% 27.27%
Cash From Operating Activities $1.970M $3.100M $7.300M
YoY Change -73.01% -1292.31% 145.79%
INVESTING ACTIVITIES
Capital Expenditures -$3.010M -$2.910M -$4.920M
YoY Change -38.82% -30.71% 23.0%
Acquisitions
YoY Change
Other Investing Activities $550.0K $310.0K -$380.0K
YoY Change -244.74% -101.26% -36.67%
Cash From Investing Activities -$2.470M -$2.600M -$5.300M
YoY Change -53.4% -90.96% 15.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.640M -980.0K
YoY Change -16.95%
NET CHANGE
Cash From Operating Activities 1.970M 3.100M 7.300M
Cash From Investing Activities -2.470M -2.600M -5.300M
Cash From Financing Activities -2.640M -980.0K
Net Change In Cash -3.140M -480.0K 2.000M
YoY Change -257.0% -98.41% -223.46%
FREE CASH FLOW
Cash From Operating Activities $1.970M $3.100M $7.300M
Capital Expenditures -$3.010M -$2.910M -$4.920M
Free Cash Flow $4.980M $6.010M $12.22M
YoY Change -59.25% 52.54% 75.32%

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IncreaseDecreaseInOtherOperatingCapitalNet
-5882000
us-gaap Gross Profit
GrossProfit
52489000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
941000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
83000
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1400000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
408000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
408000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-6000
us-gaap Profit Loss
ProfitLoss
2230000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2118000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2639000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1621000
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-4000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4180000
us-gaap Revenues
Revenues
414067000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4487000
us-gaap Net Income Loss
NetIncomeLoss
2231000
us-gaap Interest Paid
InterestPaid
9958000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
33901000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1414000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
408000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
2638000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1005000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8975000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-179000
us-gaap Interest Expense
InterestExpense
10314000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
561000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2216000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3926000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16590000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000
us-gaap Share Based Compensation
ShareBasedCompensation
1414000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-1000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37220000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
445000
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
1041000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
775000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2435000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1950000
us-gaap Cost Of Revenue
CostOfRevenue
361578000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
179000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1599000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2640000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000
cvgi Number Of Income Tax Examinations In Process
NumberOfIncomeTaxExaminationsInProcess
0 pure
cvgi Impact On Amount Of Unrecognized Tax Benefits
ImpactOnAmountOfUnrecognizedTaxBenefits
P12M
cvgi Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax Effect
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTaxEffect
0
cvgi Tax Reserves Released
TaxReservesReleased
0
cvgi Increase Decrease In Allowance For Doubtful Accounts
IncreaseDecreaseInAllowanceForDoubtfulAccounts
2991000
CY2013 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
2700000
CY2013 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
96000
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 Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3763000
CY2013Q2 us-gaap Gross Profit
GrossProfit
22874000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3763000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
-1663000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2131000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5421000
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 Revenues
Revenues
198909000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-1662000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-5426000
CY2013Q2 us-gaap Interest Expense
InterestExpense
5235000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20339000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
404000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1441000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
176035000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2013Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-5000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
336000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29204000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28868000 shares
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3000
CY2014Q2 us-gaap Gross Profit
GrossProfit
28185000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
2739000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9047000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2736000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3842000
CY2014Q2 us-gaap Revenues
Revenues
215996000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
2739000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-3000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
2736000
CY2014Q2 us-gaap Interest Expense
InterestExpense
5205000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18748000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
390000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1103000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
187811000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2014Q2 cvgi Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax Effect
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTaxEffect
0

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