2020 Q2 Form 10-Q Financial Statement

#000004625020000041 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $143.2M $147.3M
YoY Change -2.83% 16.02%
Cost Of Revenue $112.2M $118.5M
YoY Change -5.35% 8.55%
Gross Profit $30.98M $28.80M
YoY Change 7.57% 61.73%
Gross Profit Margin 21.64% 19.55%
Selling, General & Admin $15.04M $14.84M
YoY Change 1.36% 1.13%
% of Gross Profit 48.55% 51.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.484M $5.353M
YoY Change 2.45% -4.92%
% of Gross Profit 17.7% 18.59%
Operating Expenses $15.04M $14.84M
YoY Change 1.36% 1.13%
Operating Profit $15.94M $13.96M
YoY Change 14.16% -138.8%
Interest Expense -$400.0K -$800.0K
YoY Change -50.0% -11.11%
% of Operating Profit -2.51% -5.73%
Other Income/Expense, Net $477.0K $117.0K
YoY Change 307.69%
Pretax Income $16.04M $13.32M
YoY Change 20.43% -136.08%
Income Tax $4.247M $3.508M
% Of Pretax Income 26.49% 26.35%
Net Earnings $11.79M $9.807M
YoY Change 20.2% -126.25%
Net Earnings / Revenue 8.23% 6.66%
Basic Earnings Per Share $0.56 $0.92
Diluted Earnings Per Share $0.55 $0.92
COMMON SHARES
Basic Shares Outstanding 21.03M shares 10.60M shares
Diluted Shares Outstanding 21.29M shares 10.67M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $5.600M
YoY Change -19.64% 12.0%
Cash & Equivalents $4.510M $5.607M
Short-Term Investments
Other Short-Term Assets $3.100M $4.800M
YoY Change -35.42% 17.07%
Inventory $63.39M $58.69M
Prepaid Expenses
Receivables $69.45M $69.03M
Other Receivables $0.00 $0.00
Total Short-Term Assets $140.4M $138.1M
YoY Change 1.67% 2.31%
LONG-TERM ASSETS
Property, Plant & Equipment $127.1M $123.5M
YoY Change 2.84% -0.22%
Goodwill $58.40M $58.44M
YoY Change -0.07% 0.0%
Intangibles $59.38M $64.46M
YoY Change -7.87% -9.44%
Long-Term Investments
YoY Change
Other Assets $5.417M $4.468M
YoY Change 21.24% 74.26%
Total Long-Term Assets $259.1M $260.9M
YoY Change -0.69% 1.89%
TOTAL ASSETS
Total Short-Term Assets $140.4M $138.1M
Total Long-Term Assets $259.1M $260.9M
Total Assets $399.5M $399.0M
YoY Change 0.13% 2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.07M $31.97M
YoY Change -2.82% -4.35%
Accrued Expenses $8.300M $7.700M
YoY Change 7.79% -8.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.907M $9.907M
YoY Change 0.0% 0.44%
Total Short-Term Liabilities $56.68M $55.69M
YoY Change 1.78% -8.05%
LONG-TERM LIABILITIES
Long-Term Debt $55.78M $74.68M
YoY Change -25.32% -17.72%
Other Long-Term Liabilities $6.277M $5.149M
YoY Change 21.91% 17.4%
Total Long-Term Liabilities $62.05M $79.83M
YoY Change -22.27% -16.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.68M $55.69M
Total Long-Term Liabilities $62.05M $79.83M
Total Liabilities $156.0M $175.6M
YoY Change -11.13% -6.98%
SHAREHOLDERS EQUITY
Retained Earnings $192.3M $171.8M
YoY Change 11.94% 16.65%
Common Stock $51.26M $51.50M
YoY Change -0.47% -5.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.4M $223.4M
YoY Change
Total Liabilities & Shareholders Equity $399.5M $399.0M
YoY Change 0.13% 2.04%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $11.79M $9.807M
YoY Change 20.2% -126.25%
Depreciation, Depletion And Amortization $5.484M $5.353M
YoY Change 2.45% -4.92%
Cash From Operating Activities $1.553M $10.11M
YoY Change -84.64% -20.95%
INVESTING ACTIVITIES
Capital Expenditures $4.848M $9.159M
YoY Change -47.07% -439.22%
Acquisitions
YoY Change
Other Investing Activities -$61.00K -$63.00K
YoY Change -3.17% -205.0%
Cash From Investing Activities -$4.787M -$9.096M
YoY Change -47.37% 244.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.467M -$4.606M
YoY Change -175.27% -64.02%
NET CHANGE
Cash From Operating Activities $1.553M $10.11M
Cash From Investing Activities -$4.787M -$9.096M
Cash From Financing Activities $3.467M -$4.606M
Net Change In Cash $233.0K -$3.592M
YoY Change -106.49% 35.55%
FREE CASH FLOW
Cash From Operating Activities $1.553M $10.11M
Capital Expenditures $4.848M $9.159M
Free Cash Flow -$3.295M $951.0K
YoY Change -446.48% -93.86%

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CY2019Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9096000 USD
CY2020Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2479000 USD
CY2019Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2460000 USD
CY2020Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
54000 USD
CY2019Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
343000 USD
CY2020Q2 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0 USD
CY2019Q2 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
1803000 USD
CY2020Q2 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
6000000 USD
CY2019Q2 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
CY2020Q2 us-gaap Revenues
Revenues
143172000 USD
CY2019Q2 us-gaap Revenues
Revenues
147336000 USD
CY2020Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3467000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4606000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
233000 USD
CY2019Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3592000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4277000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9199000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4510000 USD
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5607000 USD
CY2020Q2 us-gaap Interest Paid Net
InterestPaidNet
288000 USD
CY2019Q2 us-gaap Interest Paid Net
InterestPaidNet
756000 USD
CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
334000 USD
CY2019Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
410000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10515728 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10604306 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
126945 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
61403 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10642673 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10665709 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-200000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
63389000 USD
CY2020Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
900000 USD
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
69116000 USD
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
60090000 USD
CY2020Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
5727000 USD
CY2020Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
5654000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
54436000 USD
CY2020Q2 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
46700000 USD
CY2020Q1 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
43300000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
58400000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
58400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88076000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29919000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
58157000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88076000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
28650000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
59426000 USD
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1227000 USD
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1227000 USD
CY2020Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1227000 USD
CY2020Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1227000 USD
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
89303000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29919000 USD
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
59384000 USD
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
89303000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
28650000 USD
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
60653000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
66000000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
60000000 USD
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
318000 USD
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
342000 USD
CY2020Q2 hwkn Totaldebtnetofdebtissuancecosts
Totaldebtnetofdebtissuancecosts
65682000 USD
CY2020Q1 hwkn Totaldebtnetofdebtissuancecosts
Totaldebtnetofdebtissuancecosts
59658000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
9907000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
9907000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
55775000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
49751000 USD
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
10 years
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 USD
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M1D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1727000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1547000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1297000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1119000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1126000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3838000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10654000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1855000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8799000 USD
CY2020Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
800000 shares
CY2020Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
15938000 USD
CY2019Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
47136 shares
CY2019Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1800000 USD
CY2020Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
358797 shares
CY2018 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
600000 USD
CY2020Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
100000 USD
CY2020Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
100000 USD
CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2020Q2 us-gaap Description Of Basis Of Accounting For Transactions Between Reportable Segments
DescriptionOfBasisOfAccountingForTransactionsBetweenReportableSegments
no
CY2020Q2 hwkn Number Of Operating Segments Aggregated
NumberOfOperatingSegmentsAggregated
0 Segment
CY2020Q2 us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
No
CY2020Q2 us-gaap Revenues
Revenues
143172000 USD
CY2020Q2 us-gaap Gross Profit
GrossProfit
30976000 USD
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15038000 USD
CY2019Q2 us-gaap Revenues
Revenues
147336000 USD
CY2019Q2 us-gaap Gross Profit
GrossProfit
28797000 USD
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14836000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
13961000 USD
CY2020Q2 us-gaap Quarterly Financial Information Segment Reporting Segment Assets Material Change
QuarterlyFinancialInformationSegmentReportingSegmentAssetsMaterialChange
No

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