$GHM
GRAHAM CORP

2020 Q1 Form 10-Q Financial Statement

#000156459020002838 Filed on January 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $23.08M $25.29M $23.64M
YoY Change -2.36% 47.03% 6.6%
Cost Of Revenue $18.64M $21.24M $18.84M
YoY Change -1.06% 57.85% 9.98%
Gross Profit $4.442M $4.044M $4.798M
YoY Change -7.42% 8.07% -3.27%
Gross Profit Margin 19.24% 15.99% 20.3%
Selling, General & Admin $4.020M $4.441M $4.120M
YoY Change -2.43% 4.49% -0.48%
% of Gross Profit 90.5% 109.82% 85.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $490.0K $560.0K
YoY Change -12.5% -10.91% 0.0%
% of Gross Profit 11.03% 12.12% 11.67%
Operating Expenses $4.030M $4.441M $3.980M
YoY Change 1.26% 8.32% -5.24%
Operating Profit $412.0K -$397.0K $818.0K
YoY Change -49.63% 10.89% 7.63%
Interest Expense $240.0K $2.000K $410.0K
YoY Change -41.46% -60.0% 173.33%
% of Operating Profit 58.25% 50.12%
Other Income/Expense, Net
YoY Change
Pretax Income $650.0K $10.00K -$5.210M
YoY Change -112.48% -74.36% -621.0%
Income Tax $80.00K $0.00 -$660.0K
% Of Pretax Income 12.31% 0.0%
Net Earnings $576.0K $9.000K -$4.553M
YoY Change -112.65% -90.53% -646.58%
Net Earnings / Revenue 2.5% 0.04% -19.26%
Basic Earnings Per Share $0.06 -$0.46
Diluted Earnings Per Share $0.06 $1.011K -$0.46
COMMON SHARES
Basic Shares Outstanding 9.891M 9.884M 9.834M
Diluted Shares Outstanding 9.888M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.00M $69.90M $77.80M
YoY Change -6.17% -13.06% 1.7%
Cash & Equivalents $32.96M $10.85M $15.02M
Short-Term Investments $40.00M $59.00M $62.70M
Other Short-Term Assets $900.0K $1.300M $6.200M
YoY Change -85.48% -23.53% 675.0%
Inventory $22.29M $20.41M $24.67M
Prepaid Expenses
Receivables $15.40M $17.90M $17.58M
Other Receivables $500.0K $800.0K $1.100M
Total Short-Term Assets $126.7M $124.5M $134.8M
YoY Change -6.01% -2.57% 16.8%
LONG-TERM ASSETS
Property, Plant & Equipment $17.59M $17.20M $17.07M
YoY Change 3.02% -0.95% 0.11%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.0K $150.0K $149.0K
YoY Change 2.68% -13.79% -26.24%
Total Long-Term Assets $21.44M $22.30M $21.49M
YoY Change -0.2% -23.04% -23.08%
TOTAL ASSETS
Total Short-Term Assets $126.7M $124.5M $134.8M
Total Long-Term Assets $21.44M $22.30M $21.49M
Total Assets $148.1M $146.8M $156.3M
YoY Change -5.22% -6.35% 9.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.25M $9.253M $12.41M
YoY Change 14.9% 23.75% -23.19%
Accrued Expenses $3.352M $2.835M $2.933M
YoY Change 14.29% -25.82% 1.66%
Deferred Revenue $26.98M $28.82M $30.85M
YoY Change -12.53% -11.53% 133.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $49.23M $46.00M $54.89M
YoY Change -10.3% -6.33% 47.17%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $1.400M $1.500M $1.300M
YoY Change 7.69% 15.38% 8.33%
Total Long-Term Liabilities $1.500M $1.600M $1.400M
YoY Change 7.14% 14.29% 7.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.23M $46.00M $54.89M
Total Long-Term Liabilities $1.500M $1.600M $1.400M
Total Liabilities $51.40M $48.80M $57.30M
YoY Change -10.31% -6.07% 43.32%
SHAREHOLDERS EQUITY
Retained Earnings $91.39M $91.90M $93.85M
YoY Change -2.62% -7.53% -5.22%
Common Stock $27.43M $26.34M
YoY Change 4.13% 5.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.54M $12.39M
YoY Change 1.2% 0.76%
Treasury Stock Shares $808.0K $807.0K
Shareholders Equity $96.72M $98.04M $98.97M
YoY Change
Total Liabilities & Shareholders Equity $148.1M $146.8M $156.3M
YoY Change -5.22% -6.35% 9.03%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income $576.0K $9.000K -$4.553M
YoY Change -112.65% -90.53% -646.58%
Depreciation, Depletion And Amortization $490.0K $490.0K $560.0K
YoY Change -12.5% -10.91% 0.0%
Cash From Operating Activities $5.360M -$2.210M -$1.170M
YoY Change -558.12% -163.87% -125.22%
INVESTING ACTIVITIES
Capital Expenditures -$1.030M -$710.0K -$670.0K
YoY Change 53.73% -35.45% -55.63%
Acquisitions
YoY Change
Other Investing Activities $18.96M $2.920M $1.000M
YoY Change 1796.0% -135.96% -50.0%
Cash From Investing Activities $17.93M $2.210M $330.0K
YoY Change 5333.33% -123.97% -34.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M -1.080M -860.0K
YoY Change 27.91% 6.93% -4.44%
NET CHANGE
Cash From Operating Activities 5.360M -2.210M -1.170M
Cash From Investing Activities 17.93M 2.210M 330.0K
Cash From Financing Activities -1.100M -1.080M -860.0K
Net Change In Cash 22.19M -1.080M -1.700M
YoY Change -1405.29% -84.05% -140.09%
FREE CASH FLOW
Cash From Operating Activities $5.360M -$2.210M -$1.170M
Capital Expenditures -$1.030M -$710.0K -$670.0K
Free Cash Flow $6.390M -$1.500M -$500.0K
YoY Change -1378.0% -132.89% -108.13%

Facts In Submission

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dei City Area Code
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dei Security12b Title
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ContractWithCustomerLiabilityRevenueRecognized
13308000
CY2019Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2276000
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
19675000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
12876000
ghm Contract With Customer Liability Consideration Received
ContractWithCustomerLiabilityConsiderationReceived
11277000
CY2019Q4 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
1901000
CY2019Q1 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
2214000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
139000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
115000
CY2019Q4 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
53000
CY2018Q4 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
33000
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
122899000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2854000
CY2019Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
2787000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
16463000
CY2019Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
20553000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1091000
CY2019Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1330000
CY2019 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6449000
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
13000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
348000
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
349000
CY2019Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
67000
CY2018Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
76000
us-gaap Product Warranty Expense
ProductWarrantyExpense
96000
us-gaap Product Warranty Expense
ProductWarrantyExpense
87000
CY2019Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3000
CY2018Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
15000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
50000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
170000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
412000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
410000
ghm Lessee Operating Lease And Finance Lease Option To Renew Or Terminate
LesseeOperatingLeaseAndFinanceLeaseOptionToRenewOrTerminate
Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease.
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M17D
CY2019Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0927
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0544
CY2019Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
13000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
39000
CY2019Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
42000
us-gaap Operating Lease Cost
OperatingLeaseCost
188000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000
CY2019Q4 us-gaap Lease Cost
LeaseCost
61000
us-gaap Lease Cost
LeaseCost
256000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
26000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
163000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
63000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
33000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
292000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
275000
CY2019Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
15000
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
48000
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
26000
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
26000
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
11000
CY2019Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
126000
CY2019Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
18000
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
108000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
501000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
301000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
37000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
32000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
8000
CY2019Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
62000
CY2019Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
47000
CY2019Q1 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
26000
CY2019Q1 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
26000
CY2019Q1 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
11000
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
224000
us-gaap Interest Paid Net
InterestPaidNet
9000
us-gaap Interest Paid Net
InterestPaidNet
8000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-135000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-74000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-583000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
242000
CY2019Q4 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
140000
CY2019Q1 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
150000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-323000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-510000

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