$CW
CURTISS WRIGHT CORP

2012 Q1 Form 10-Q Financial Statement

#000002632412000004 Filed on May 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $501.7M $450.8M
YoY Change 11.28% 2.04%
Cost Of Revenue $342.4M $307.0M
YoY Change 11.52% 1.07%
Gross Profit $159.3M $143.8M
YoY Change 10.79% 4.19%
Gross Profit Margin 31.75% 31.89%
Selling, General & Admin $108.4M $93.12M
YoY Change 16.38% 0.06%
% of Gross Profit 68.04% 64.77%
Research & Development $15.35M $13.60M
YoY Change 12.87% -1.74%
% of Gross Profit 9.64% 9.46%
Depreciation & Amortization $23.50M $20.50M
YoY Change 14.63% 5.13%
% of Gross Profit 14.75% 14.26%
Operating Expenses $123.7M $106.7M
YoY Change 15.93% -0.18%
Operating Profit $35.56M $39.19M
YoY Change -9.27% 26.08%
Interest Expense $6.482M $5.121M
YoY Change 26.58% -9.63%
% of Operating Profit 18.23% 13.07%
Other Income/Expense, Net $102.0K $52.00K
YoY Change 96.15% -65.79%
Pretax Income $29.18M $34.12M
YoY Change -14.49% 33.45%
Income Tax $9.337M $11.16M
% Of Pretax Income 32.0% 32.69%
Net Earnings $41.31M $22.97M
YoY Change 79.83% 40.64%
Net Earnings / Revenue 8.24% 5.1%
Basic Earnings Per Share $0.88 $0.49
Diluted Earnings Per Share $0.87 $0.49
COMMON SHARES
Basic Shares Outstanding 46.69M shares 46.20M shares
Diluted Shares Outstanding 47.57M shares 46.97M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.1M $52.00M
YoY Change 344.42% -34.76%
Cash & Equivalents $231.1M $51.97M
Short-Term Investments
Other Short-Term Assets $39.74M $33.10M
YoY Change 20.05% -58.05%
Inventory $342.7M $308.7M
Prepaid Expenses
Receivables $582.0M $500.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.249B $943.2M
YoY Change 32.47% 7.33%
LONG-TERM ASSETS
Property, Plant & Equipment $440.5M $406.9M
YoY Change 8.27% 3.2%
Goodwill $764.0M $703.9M
YoY Change 8.54%
Intangibles $257.8M $240.9M
YoY Change 7.02%
Long-Term Investments
YoY Change
Other Assets $9.350M $10.16M
YoY Change -7.99% -19.35%
Total Long-Term Assets $1.484B $1.363B
YoY Change 8.91% 4.2%
TOTAL ASSETS
Total Short-Term Assets $1.249B $943.2M
Total Long-Term Assets $1.484B $1.363B
Total Assets $2.734B $2.306B
YoY Change 18.54% 5.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.8M $120.2M
YoY Change 10.46% 5.74%
Accrued Expenses $104.7M $78.42M
YoY Change 33.47% 1.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $2.600M
YoY Change -3.85% -96.65%
Total Short-Term Liabilities $521.2M $404.0M
YoY Change 29.02% -16.62%
LONG-TERM LIABILITIES
Long-Term Debt $571.2M $447.0M
YoY Change 27.78% 2.97%
Other Long-Term Liabilities $62.85M $46.21M
YoY Change 36.02% -74.61%
Total Long-Term Liabilities $634.0M $493.2M
YoY Change 28.55% -19.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $521.2M $404.0M
Total Long-Term Liabilities $634.0M $493.2M
Total Liabilities $1.434B $1.098B
YoY Change 30.62% -2.25%
SHAREHOLDERS EQUITY
Retained Earnings $1.226B $1.093B
YoY Change 12.1%
Common Stock $193.9M $184.6M
YoY Change 5.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $76.03M $85.10M
YoY Change -10.66%
Treasury Stock Shares
Shareholders Equity $1.300B $1.208B
YoY Change
Total Liabilities & Shareholders Equity $2.734B $2.306B
YoY Change 18.54% 5.46%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $41.31M $22.97M
YoY Change 79.83% 40.64%
Depreciation, Depletion And Amortization $23.50M $20.50M
YoY Change 14.63% 5.13%
Cash From Operating Activities -$4.719M -$42.79M
YoY Change -88.97% 86.03%
INVESTING ACTIVITIES
Capital Expenditures $20.17M $19.25M
YoY Change 4.79% 76.92%
Acquisitions
YoY Change
Other Investing Activities $51.20M -$13.10M
YoY Change -490.84% 1771.43%
Cash From Investing Activities $29.13M -$32.38M
YoY Change -189.97% 148.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $25.00K
YoY Change
Cash From Financing Activities $8.335M $58.87M
YoY Change -85.84% 13.55%
NET CHANGE
Cash From Operating Activities -$4.719M -$42.79M
Cash From Investing Activities $29.13M -$32.38M
Cash From Financing Activities $8.335M $58.87M
Net Change In Cash $32.75M -$16.29M
YoY Change -301.04% -203.04%
FREE CASH FLOW
Cash From Operating Activities -$4.719M -$42.79M
Capital Expenditures $20.17M $19.25M
Free Cash Flow -$24.89M -$62.03M
YoY Change -59.88% 83.1%

Facts In Submission

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CY2011Q1 cw Borrowings On Debt
BorrowingsOnDebt
273500000 USD
CY2011Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5895000 USD
CY2011Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
3000 USD
CY2012Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
29583000 USD
CY2011Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
0 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42785000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4719000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
29129000 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32377000 USD
CY2012Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
51225000 USD
CY2011Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
19052000 USD
CY2012Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
2722000 USD
CY2012Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
2029000 USD
CY2011Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-1449000 USD
CY2011Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-10337000 USD
CY2011Q1 cw Repayments Of Short Term And Long Term Borrowings
RepaymentsOfShortTermAndLongTermBorrowings
220524000 USD
CY2012Q1 cw Repayments Of Short Term And Long Term Borrowings
RepaymentsOfShortTermAndLongTermBorrowings
25000 USD
CY2012Q1 cw Goodwill Testing For Impairment
GoodwillTestingForImpairment
<p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Arial;font-size:10pt;font-style:italic;margin-left:0px;">Intangibles&#8212;Goodwill and Other: Testing Goodwill for Impairment</font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Arial;font-size:10pt;margin-left:0px;">In September 2011, new guidance was issued that amends the current testing requirements of goodwill for impairment purposes. The new guidance gives companies the option to perform a qualitative assessment to first assess whether the fair value of a reporting unit is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The new guidance is to be applied prospectively effective for annual and interim goodwill impairment tests beginning after December 15, 2011, with early adoption permitted. The adoption of this standard did not have an impact on the Corporation's results of operations or financial condition.</font></p>
CY2012Q1 cw Number Manufacturing Facilities
NumberManufacturingFacilities
65 wholenumber
CY2012Q1 cw Number Metal Treatment Service Facilities
NumberMetalTreatmentServiceFacilities
58 wholenumber
CY2011Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
369109000 USD
CY2011Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6880000 USD
CY2011Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
362229000 USD
CY2011Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
227957000 USD
CY2011Q4 us-gaap Customer Advances And Progress Payments For Long Term Contracts Or Programs
CustomerAdvancesAndProgressPaymentsForLongTermContractsOrPrograms
34160000 USD
CY2011Q4 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
193797000 USD
CY2012Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6334000 USD
CY2012Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
383532000 USD
CY2012Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
389866000 USD
CY2012Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
232272000 USD
CY2012Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
198459000 USD
CY2012Q1 us-gaap Customer Advances And Progress Payments For Long Term Contracts Or Programs
CustomerAdvancesAndProgressPaymentsForLongTermContractsOrPrograms
33813000 USD
CY2012Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
183261000 USD
CY2012Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
99424000 USD
CY2012Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
80812000 USD
CY2012Q1 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
40868000 USD
CY2012Q1 cw Gross Inventories
GrossInventories
404365000 USD
CY2012Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
47848000 USD
CY2012Q1 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
13776000 USD
CY2011Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
48547000 USD
CY2011Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
168619000 USD
CY2011Q4 cw Gross Inventories
GrossInventories
382930000 USD
CY2011Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
81544000 USD
CY2011Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
13750000 USD
CY2011Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
97420000 USD
CY2011Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
35347000 USD
CY2011Q4 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
17500000 USD
CY2011Q4 cw Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders
OtherInventoryCapitalizedCostsToBeLiquidatedUnderFirmOrders
9400000 USD
CY2012Q1 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
21900000 USD
CY2012Q1 cw Other Inventory Capitalized Costs To Be Liquidated Under Firm Orders
OtherInventoryCapitalizedCostsToBeLiquidatedUnderFirmOrders
7800000 USD
CY2012Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-695000 USD
CY2012Q1 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
148000 USD
CY2012Q1 us-gaap Goodwill Allocation Adjustment
GoodwillAllocationAdjustment
48000 USD
CY2012Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
8119000 USD
CY2012Q1 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
-3649000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
424513000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-166669000 USD
CY2011Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
419459000 USD
CY2011Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-158011000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Amortization Expense
FiniteLivedIntangibleAssetsAmortizationExpense
7700000 USD
CY2011Q1 us-gaap Finite Lived Intangible Assets Amortization Expense
FiniteLivedIntangibleAssetsAmortizationExpense
6500000 USD
CY2012Q1 us-gaap Future Amortization Expense Year One
FutureAmortizationExpenseYearOne
27700000 USD
CY2012Q1 us-gaap Future Amortization Expense Year Four
FutureAmortizationExpenseYearFour
22800000 USD
CY2012Q1 us-gaap Future Amortization Expense Year Five
FutureAmortizationExpenseYearFive
22500000 USD
CY2012Q1 us-gaap Future Amortization Expense Year Three
FutureAmortizationExpenseYearThree
24000000 USD
CY2012Q1 us-gaap Future Amortization Expense Year Two
FutureAmortizationExpenseYearTwo
25700000 USD
CY2012Q1 us-gaap Indefinite Lived Intangible Assets
IndefiniteLivedIntangibleAssets
9900000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Useful Life Minimum
FiniteLivedIntangibleAssetsUsefulLifeMinimum
1
CY2012Q1 us-gaap Finite Lived Intangible Assets Useful Life Maximum
FiniteLivedIntangibleAssetsUsefulLifeMaximum
20
CY2011Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
13000 USD
CY2012Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1000 USD
CY2012Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
12977000 USD
CY2011Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
356000 USD
CY2012Q1 us-gaap Derivative Inception Dates
DerivativeInceptionDates
2012-01-03
CY2012Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
4 wholenumber
CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1663000 USD
CY2012Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-1269000 USD
CY2010Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14841000 USD
CY2011Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-1610000 USD
CY2011Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14785000 USD
CY2011Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1781000 USD
CY2011Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-333000 USD
CY2011Q1 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
106000 USD
CY2011Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
16076000 USD
CY2012Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15923000 USD
CY2011Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
779000 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
884000 shares
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
319000 shares
CY2011Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
659000 shares
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease
21223000 USD

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