2013 Q1 Form 10-K Financial Statement

#000119312513103357 Filed on March 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2011 Q4 2011 Q3
Revenue $463.6M $437.4M $548.0M
YoY Change -17.41% 17.17% 45.51%
Cost Of Revenue $459.7M $243.3M $337.1M
YoY Change 53.34% -9.86% 20.22%
Gross Profit $3.900M $194.1M $210.9M
YoY Change -98.51% 87.72% 119.23%
Gross Profit Margin 0.84% 44.38% 38.49%
Selling, General & Admin $49.40M $50.30M $49.90M
YoY Change 1.23% 15.9% 19.09%
% of Gross Profit 1266.67% 25.91% 23.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.60M $11.60M $12.10M
YoY Change 5.88% 2.65% 12.04%
% of Gross Profit 323.08% 5.98% 5.74%
Operating Expenses $49.40M $52.40M $49.90M
YoY Change 1.23% 19.63% 12.39%
Operating Profit -$46.90M $141.7M $156.6M
YoY Change -122.4% 137.75% 202.32%
Interest Expense $6.400M -$2.000M $8.100M
YoY Change 1.59% -66.1% -313.16%
% of Operating Profit -1.41% 5.17%
Other Income/Expense, Net
YoY Change
Pretax Income -$59.60M $138.8M $149.7M
YoY Change -129.02% 167.44% 211.88%
Income Tax -$18.50M $53.00M $3.500M
% Of Pretax Income 38.18% 2.34%
Net Earnings -$41.10M $85.80M $85.90M
YoY Change -130.02% 135.71% 167.6%
Net Earnings / Revenue -8.87% 19.62% 15.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$354.6K $740.3K $741.2K
COMMON SHARES
Basic Shares Outstanding 115.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.2M $103.4M $156.6M
YoY Change 113.36% -66.06% 237.5%
Cash & Equivalents $102.2M $82.50M $112.1M
Short-Term Investments $20.90M $44.50M
Other Short-Term Assets $15.00M $17.50M $13.70M
YoY Change -18.03% 38.89% -17.47%
Inventory $531.3M $444.2M $336.7M
Prepaid Expenses
Receivables $302.8M $275.6M $309.3M
Other Receivables $84.20M $24.30M $24.10M
Total Short-Term Assets $1.036B $865.0M $840.4M
YoY Change -4.43% 4.94% 47.8%
LONG-TERM ASSETS
Property, Plant & Equipment $503.2M $485.5M $478.8M
YoY Change 1.23% 2.51% 3.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $127.8M $187.6M $188.9M
YoY Change -34.83% 28.58% 94.94%
Other Assets $25.10M $16.70M $165.3M
YoY Change -81.17% -91.73% -17.51%
Total Long-Term Assets $321.6M $473.4M $936.3M
YoY Change -67.14% -46.41% 23.1%
TOTAL ASSETS
Total Short-Term Assets $1.036B $865.0M $840.4M
Total Long-Term Assets $321.6M $473.4M $936.3M
Total Assets $1.860B $1.824B $1.777B
YoY Change -9.79% 6.81% 33.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.1M $186.6M $163.6M
YoY Change 2.06% 44.88% 58.68%
Accrued Expenses $40.50M $52.20M $60.90M
YoY Change -22.12% -1.14% -5.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.10M $2.200M $2.200M
YoY Change 955.0% 0.0% 4.76%
Total Short-Term Liabilities $329.8M $328.0M $294.8M
YoY Change 4.3% 49.02% 44.02%
LONG-TERM LIABILITIES
Long-Term Debt $278.6M $362.9M $400.7M
YoY Change -41.9% -32.47% -25.78%
Other Long-Term Liabilities $31.40M $27.40M $152.6M
YoY Change -81.55% -82.4% 5.68%
Total Long-Term Liabilities $548.0M $571.6M $553.3M
YoY Change -15.65% -17.53% -19.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $329.8M $328.0M $294.8M
Total Long-Term Liabilities $548.0M $571.6M $553.3M
Total Liabilities $877.8M $899.6M $887.7M
YoY Change -12.85% -4.95% -3.71%
SHAREHOLDERS EQUITY
Retained Earnings -$199.6M -$290.1M
YoY Change
Common Stock $1.200M $1.200M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $982.5M $924.3M $889.0M
YoY Change
Total Liabilities & Shareholders Equity $1.860B $1.824B $1.777B
YoY Change -9.79% 6.81% 33.67%

Cashflow Statement

Concept 2013 Q1 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income -$41.10M $85.80M $85.90M
YoY Change -130.02% 135.71% 167.6%
Depreciation, Depletion And Amortization $12.60M $11.60M $12.10M
YoY Change 5.88% 2.65% 12.04%
Cash From Operating Activities -$39.30M $52.20M $163.2M
YoY Change -62.46% -10.46% 129.54%
INVESTING ACTIVITIES
Capital Expenditures $19.00M -$29.90M -$14.10M
YoY Change -18.45% 124.81% 56.67%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$14.70M -$300.0K
YoY Change -80.0% -86.46% -400.0%
Cash From Investing Activities -$18.30M -$44.60M -$14.40M
YoY Change -7.58% -63.41% 61.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $295.3M
YoY Change 73725.0%
Cash From Financing Activities -120.9M -36.30M -107.2M
YoY Change -234.93% -111.28% 109.38%
NET CHANGE
Cash From Operating Activities -39.30M 52.20M 163.2M
Cash From Investing Activities -18.30M -44.60M -14.40M
Cash From Financing Activities -120.9M -36.30M -107.2M
Net Change In Cash -178.5M -28.70M 41.60M
YoY Change 411.46% -111.12% 278.18%
FREE CASH FLOW
Cash From Operating Activities -$39.30M $52.20M $163.2M
Capital Expenditures $19.00M -$29.90M -$14.10M
Free Cash Flow -$58.30M $82.10M $177.3M
YoY Change -54.45% 14.66% 121.35%

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CY2011 us-gaap Income Taxes Paid Net
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CY2011 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2011 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2011 us-gaap Interest Expense
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CY2011 kro Special Dividend Per Share
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CY2011 kro Distributions From Joint Venture
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CY2012 dei Document Fiscal Period Focus
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CY2012 dei Entity Voluntary Filers
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CY2012 dei Document Fiscal Year Focus
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CY2012 dei Document Type
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CY2012 dei Document Period End Date
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CY2012 dei Entity Registrant Name
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KRONOS WORLDWIDE INC
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CY2012 dei Entity Filer Category
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<div> <p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Concentrations of credit risk&#x2014;</i></b>Sales of TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">accounted for approximately 90% of our sales in 2010, 92% in 2011 and 90% in 2012. The remaining sales result from the mining and sale of ilmenite ore (a raw material used in the sulfate pigment production process), and the manufacture and sale of iron-based water treatment chemicals and certain titanium chemical products (derived from co-products of the TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">production processes). TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">is generally sold to the paint, plastics and paper industries. Such markets are generally considered &#x201C;quality-of-life&#x201D; markets whose demand for TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">is influenced by the relative economic well-being of the various geographic regions. We sell TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">to over 4,000 customers, with the top ten customers approximating 27% of net sales in 2010, 30% in 2011 and 34% in 2012. We did not have sales to a single customer comprising over 10% of our net sales in 2010 or 2011. In 2012, one customer, Behr Process Corporation, did account for approximately 10% of our net sales. The table below shows the approximate percentage of our TiO</font><font style="FONT-FAMILY: Times New Roman" size="1"><sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.4ex">2</sub></font> <font style="FONT-FAMILY: Times New Roman" size="2">sales by volume for our significant markets, Europe and North America, for the last three years.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2010</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Europe</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">53</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">47</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">North America</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">33</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">32</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">35</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">%&#xA0;</font></td> </tr> </table> </div>
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CY2012 kro Number Of Customers
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1000000
CY2012 kro Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Issued
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesIssued
0 shares
CY2012 kro Equity Method Investment Summarized Financial Information Operating General And Administrative Expenses
EquityMethodInvestmentSummarizedFinancialInformationOperatingGeneralAndAdministrativeExpenses
400000
CY2012 kro Percentage Of Annual Production Capacity
PercentageOfAnnualProductionCapacity
0.33 pure
CY2012 kro Amount Of Benefit That May Be Recognized For Uncertain Tax Position
AmountOfBenefitThatMayBeRecognizedForUncertainTaxPosition
Greater than 50%
CY2012 kro Dividend Surtax
DividendSurtax
300000
CY2012 kro Distributions From Joint Venture
DistributionsFromJointVenture
79500000
CY2012 kro Agreements Expire Date
AgreementsExpireDate
2017-12-31
CY2012 kro Contributions To Joint Venture
ContributionsToJointVenture
100200000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
64500000
CY2012 kro Entity Wide Revenue Top Customers Percentage
EntityWideRevenueTopCustomersPercentage
0.34 pure
CY2010Q1 kro Non Cash Income Tax Benefit On Loss From Continuing Operations
NonCashIncomeTaxBenefitOnLossFromContinuingOperations
35200000
CY2011Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.52
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
60300000
CY2011Q1 us-gaap Gross Profit
GrossProfit
146400000
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
420400000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.77
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
89000000
CY2011Q2 us-gaap Gross Profit
GrossProfit
197000000
CY2011Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
3300000
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
537500000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.18
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
136900000
CY2012Q1 us-gaap Gross Profit
GrossProfit
261500000
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
561300000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.56
CY2012Q2 us-gaap Gross Profit
GrossProfit
163300000
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
545300000
CY2012Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7200000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.74
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
85900000
CY2011Q3 us-gaap Gross Profit
GrossProfit
210900000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3500000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
548000000
CY2011Q3 kro Incremental United States Tax
IncrementalUnitedStatesTax
13200000
CY2012Q3 kro Net Benefit From Settlement Of Uncertain Tax Positions
NetBenefitFromSettlementOfUncertainTaxPositions
11100000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.30
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
35200000
CY2012Q3 us-gaap Gross Profit
GrossProfit
86000000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
472900000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.74
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
85800000
CY2012Q4 us-gaap Gross Profit
GrossProfit
49600000
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
396800000
CY2011Q4 us-gaap Gross Profit
GrossProfit
194100000
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
437400000
CY2011Q4 kro Incremental United States Tax
IncrementalUnitedStatesTax
4000000
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-18100000
CY2012Q4 kro Increase Decrease In Reserve For Uncertain Tax Positions
IncreaseDecreaseInReserveForUncertainTaxPositions
2800000
CY2012Q4 kro Incremental Tax On Non Cash Dividends
IncrementalTaxOnNonCashDividends
8000000

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