$CW
CURTISS WRIGHT CORP

2016 Q1 Form 10-Q Financial Statement

#000002632416000043 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $503.5M $546.2M
YoY Change -7.82% 0.6%
Cost Of Revenue $331.6M $355.1M
YoY Change -6.62% -0.9%
Gross Profit $171.9M $191.1M
YoY Change -10.04% 3.51%
Gross Profit Margin 34.14% 34.99%
Selling, General & Admin $99.48M $103.0M
YoY Change -3.42% -3.47%
% of Gross Profit 57.87% 53.9%
Research & Development $15.16M $15.26M
YoY Change -0.67% -9.57%
% of Gross Profit 8.82% 7.99%
Depreciation & Amortization $24.50M $25.70M
YoY Change -4.67% -17.1%
% of Gross Profit 14.25% 13.45%
Operating Expenses $114.6M $118.3M
YoY Change -3.06% -4.3%
Operating Profit $57.26M $72.84M
YoY Change -21.38% 19.34%
Interest Expense $9.933M $8.996M
YoY Change 10.42% -0.65%
% of Operating Profit 17.35% 12.35%
Other Income/Expense, Net $234.0K $481.0K
YoY Change -51.35% 329.46%
Pretax Income $47.56M $64.32M
YoY Change -26.05% 23.48%
Income Tax $14.75M $21.10M
% Of Pretax Income 31.0% 32.8%
Net Earnings $32.82M $15.99M
YoY Change 105.23% -54.52%
Net Earnings / Revenue 6.52% 2.93%
Basic Earnings Per Share $0.74 $0.34
Diluted Earnings Per Share $0.73 $0.33
COMMON SHARES
Basic Shares Outstanding 44.58M shares 47.72M shares
Diluted Shares Outstanding 45.24M shares 48.73M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $337.3M $215.6M
YoY Change 56.45% 68.44%
Cash & Equivalents $337.3M $215.6M
Short-Term Investments
Other Short-Term Assets $38.15M $100.9M
YoY Change -62.2% 77.46%
Inventory $403.0M $390.2M
Prepaid Expenses
Receivables $481.8M $496.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.260B $1.341B
YoY Change -6.01% 1.52%
LONG-TERM ASSETS
Property, Plant & Equipment $407.1M $439.3M
YoY Change -7.33% -14.83%
Goodwill $978.6M $984.0M
YoY Change -0.55% -12.58%
Intangibles $306.0M $337.0M
YoY Change -9.2% -28.44%
Long-Term Investments
YoY Change
Other Assets $11.71M $24.24M
YoY Change -51.71% -4.73%
Total Long-Term Assets $1.703B $1.785B
YoY Change -4.54% -16.53%
TOTAL ASSETS
Total Short-Term Assets $1.260B $1.341B
Total Long-Term Assets $1.703B $1.785B
Total Assets $2.964B $3.125B
YoY Change -5.18% -9.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $134.8M $131.9M
YoY Change 2.24% -24.08%
Accrued Expenses $96.28M $109.9M
YoY Change -12.39% -12.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $1.000M
YoY Change -10.0% 42.86%
Total Short-Term Liabilities $457.2M $483.3M
YoY Change -5.41% -3.26%
LONG-TERM LIABILITIES
Long-Term Debt $966.9M $965.2M
YoY Change 0.17% -0.63%
Other Long-Term Liabilities $78.41M $87.95M
YoY Change -10.85% -22.81%
Total Long-Term Liabilities $1.045B $1.053B
YoY Change -0.75% -2.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $457.2M $483.3M
Total Long-Term Liabilities $1.045B $1.053B
Total Liabilities $1.677B $1.725B
YoY Change -2.77% -7.39%
SHAREHOLDERS EQUITY
Retained Earnings $1.618B $1.479B
YoY Change 9.37% 4.91%
Common Stock $182.1M $202.6M
YoY Change -10.15% -0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $305.8M $98.54M
YoY Change 210.33% 191.11%
Treasury Stock Shares 4.588M shares 1.635M shares
Shareholders Equity $1.287B $1.401B
YoY Change
Total Liabilities & Shareholders Equity $2.964B $3.125B
YoY Change -5.18% -9.63%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $32.82M $15.99M
YoY Change 105.23% -54.52%
Depreciation, Depletion And Amortization $24.50M $25.70M
YoY Change -4.67% -17.1%
Cash From Operating Activities $70.26M -$171.1M
YoY Change -141.07% 1072.42%
INVESTING ACTIVITIES
Capital Expenditures $8.825M $9.096M
YoY Change -2.98% -50.47%
Acquisitions $0.00
YoY Change
Other Investing Activities $200.0K -$8.800M
YoY Change -102.27% -73.09%
Cash From Investing Activities -$8.622M -$17.91M
YoY Change -51.87% -64.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.61M $46.99M
YoY Change -36.98% 837.26%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$17.67M -$36.04M
YoY Change -50.97% -272.9%
NET CHANGE
Cash From Operating Activities $70.26M -$171.1M
Cash From Investing Activities -$8.622M -$17.91M
Cash From Financing Activities -$17.67M -$36.04M
Net Change In Cash $43.97M -$225.0M
YoY Change -119.54% 402.66%
FREE CASH FLOW
Cash From Operating Activities $70.26M -$171.1M
Capital Expenditures $8.825M $9.096M
Free Cash Flow $61.44M -$180.2M
YoY Change -134.1% 446.72%

Facts In Submission

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CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
310763000 USD
CY2016Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
306003000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
8996000 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
9933000 USD
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
114931000 USD
CY2016Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
118053000 USD
CY2015Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
51774000 USD
CY2016Q1 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
53996000 USD
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InventoryGross
442795000 USD
CY2016Q1 us-gaap Inventory Gross
InventoryGross
466255000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
379591000 USD
CY2016Q1 us-gaap Inventory Net
InventoryNet
403027000 USD
CY2015Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
196684000 USD
CY2016Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
206484000 USD
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
48904000 USD
CY2016Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
51479000 USD
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2016Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2015Q4 us-gaap Liabilities
Liabilities
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CY2016Q1 us-gaap Liabilities
Liabilities
1676945000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2989611000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
523225000 USD
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2015Q4 us-gaap Long Term Debt
LongTermDebt
953205000 USD
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
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CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
960271000 USD
CY2016Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2016Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
966861000 USD
CY2016Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1000000000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-36042000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17670000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17913000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-171091000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70260000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
15991000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
32819000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
72835000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
57263000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
40306000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
17715000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11707000 USD
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
1400000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
1000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
16989000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
17105000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-2200000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-54070000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
18717000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2403000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1612000 USD
CY2015Q4 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
29700000 USD
CY2016Q1 us-gaap Other Inventory Capitalized Costs
OtherInventoryCapitalizedCosts
30300000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
37190000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
36928000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
86830000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
78408000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
481000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
234000 USD
CY2016Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
20405000 USD
CY2015Q1 us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
436000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
46985000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2015Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
13228000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9096000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8825000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
103723000 USD
CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
103392000 USD
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
4010000 USD
CY2015 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
31000000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1296000 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2391000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
140000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-154000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
837000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
203000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7616000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7910000 USD
CY2015Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
14300000 USD
CY2016Q1 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
11749000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
413644000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
407114000 USD
CY2015Q4 us-gaap Receivables Net Current
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566289000 USD
CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
481768000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1728000 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1400000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2737000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15262000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15160000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1590645000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1617659000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
445687000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
402918000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
546199000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
503507000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
100512000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
100589000 USD
CY2015Q1 us-gaap Selling Expense
SellingExpense
31088000 USD
CY2016Q1 us-gaap Selling Expense
SellingExpense
29626000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2620000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2723000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1255423000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1286707000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
4568354 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
4587632 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
303407000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
305800000 USD
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
153045000 USD
CY2016Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
151063000 USD
CY2015Q4 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
136781000 USD
CY2016Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
133711000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48732000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45240000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47724000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44578000 shares

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