2020 Q2 Form 10-Q Financial Statement

#000004828720000120 Filed on July 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $417.5M $526.0M
YoY Change -20.64% -3.24%
Cost Of Revenue $266.6M $333.4M
YoY Change -20.06% -2.72%
Gross Profit $150.9M $192.6M
YoY Change -21.64% -4.12%
Gross Profit Margin 36.15% 36.61%
Selling, General & Admin $136.1M $168.4M
YoY Change -19.21% -2.64%
% of Gross Profit 90.16% 87.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.12M $19.41M
YoY Change -1.5% 3.05%
% of Gross Profit 12.67% 10.08%
Operating Expenses $136.1M $168.4M
YoY Change -19.21% -2.64%
Operating Profit $14.84M $23.25M
YoY Change -36.16% -14.09%
Interest Expense -$1.943M $2.762M
YoY Change -170.35% 1.62%
% of Operating Profit -13.09% 11.88%
Other Income/Expense, Net
YoY Change
Pretax Income $12.90M $20.77M
YoY Change -37.89% -14.99%
Income Tax $345.0K $4.957M
% Of Pretax Income 2.67% 23.87%
Net Earnings $12.56M $15.81M
YoY Change -20.58% -14.99%
Net Earnings / Revenue 3.01% 3.01%
Basic Earnings Per Share $0.29 $0.37
Diluted Earnings Per Share $0.29 $0.36
COMMON SHARES
Basic Shares Outstanding 42.64M shares 43.22M shares
Diluted Shares Outstanding 42.93M shares 43.63M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.50M $30.50M
YoY Change -6.56% -8.41%
Cash & Equivalents $26.20M $28.78M
Short-Term Investments $2.300M $1.700M
Other Short-Term Assets $42.10M $40.60M
YoY Change 3.69% -17.65%
Inventory $156.6M $194.0M
Prepaid Expenses
Receivables $203.7M $245.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $431.0M $511.1M
YoY Change -15.67% 0.72%
LONG-TERM ASSETS
Property, Plant & Equipment $368.8M $386.1M
YoY Change -4.46% 2.42%
Goodwill $259.8M $270.8M
YoY Change -4.07% -3.11%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.31M $19.81M
YoY Change 2.51% -9.76%
Total Long-Term Assets $884.4M $931.1M
YoY Change -5.01% 5.68%
TOTAL ASSETS
Total Short-Term Assets $431.0M $511.1M
Total Long-Term Assets $884.4M $931.1M
Total Assets $1.315B $1.442B
YoY Change -8.79% 3.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $284.6M $355.7M
YoY Change -19.99% -3.32%
Accrued Expenses $23.30M $21.80M
YoY Change 6.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.101M
YoY Change -100.0% 153.69%
Total Short-Term Liabilities $361.6M $423.2M
YoY Change -14.55% 2.49%
LONG-TERM LIABILITIES
Long-Term Debt $183.5M $285.4M
YoY Change -35.71% -3.71%
Other Long-Term Liabilities $67.34M $63.75M
YoY Change 5.62% -16.03%
Total Long-Term Liabilities $250.8M $349.2M
YoY Change -28.16% -6.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.6M $423.2M
Total Long-Term Liabilities $250.8M $349.2M
Total Liabilities $612.4M $772.3M
YoY Change -20.71% -1.64%
SHAREHOLDERS EQUITY
Retained Earnings $490.9M $474.5M
YoY Change 3.45% 3.5%
Common Stock $72.66M $60.24M
YoY Change 20.62% -13.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $552.7M $529.2M
YoY Change
Total Liabilities & Shareholders Equity $1.315B $1.442B
YoY Change -8.79% 3.87%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $12.56M $15.81M
YoY Change -20.58% -14.99%
Depreciation, Depletion And Amortization $19.12M $19.41M
YoY Change -1.5% 3.05%
Cash From Operating Activities $61.10M $41.10M
YoY Change 48.66% -31.84%
INVESTING ACTIVITIES
Capital Expenditures -$7.600M -$18.50M
YoY Change -58.92% 15.63%
Acquisitions
YoY Change
Other Investing Activities -$1.700M $1.000M
YoY Change -270.0% 150.0%
Cash From Investing Activities -$9.300M -$17.50M
YoY Change -46.86% 12.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.00M -42.60M
YoY Change 43.19% 0.47%
NET CHANGE
Cash From Operating Activities 61.10M 41.10M
Cash From Investing Activities -9.300M -17.50M
Cash From Financing Activities -61.00M -42.60M
Net Change In Cash -9.200M -19.00M
YoY Change -51.58% -926.09%
FREE CASH FLOW
Cash From Operating Activities $61.10M $41.10M
Capital Expenditures -$7.600M -$18.50M
Free Cash Flow $68.70M $59.60M
YoY Change 15.27% -21.89%

Facts In Submission

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CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
345000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4957000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1299000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5503000 USD
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.027
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.239
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.103
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-3402000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-679000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
29000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-914000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-370000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
692000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.610
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.600
hni Shares Repurchased During Period Average Price Per Share
SharesRepurchasedDuringPeriodAveragePricePerShare
29.83
hni Shares Repurchased During Period Average Price Per Share
SharesRepurchasedDuringPeriodAveragePricePerShare
36.59
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
15810000 USD
us-gaap Net Income Loss
NetIncomeLoss
-11339000 USD
us-gaap Net Income Loss
NetIncomeLoss
16832000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42640000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43218000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42634000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43376000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
289000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
416000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
484000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42929000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43634000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42634000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43860000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2019Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
170000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
389000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1301000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1620000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5659000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4072000 USD
CY2020Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
194000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-9000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
340000 USD
CY2020Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
169000 USD
CY2019Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
199000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
338000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
398000 USD
CY2020Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-9000 USD
CY2019Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0 USD
CY2020Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
372000 USD
CY2019Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
369000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
736000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
738000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417456000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
526026000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
886161000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1005482000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
14842000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
23248000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-8886000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
26925000 USD
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1943000 USD
CY2019Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2480000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3754000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4591000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12899000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20768000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-12640000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
22334000 USD
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19119000 USD
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19410000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
38605000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
38450000 USD
CY2020Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7617000 USD
CY2019Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
18511000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
20776000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
37607000 USD
CY2020Q2 us-gaap Assets
Assets
1315363000 USD
CY2019Q4 us-gaap Assets
Assets
1452512000 USD

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