$KRO
KRONOS WORLDWIDE INC

2015 Q1 Form 10-Q Financial Statement

#000156459015003454 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $365.1M $373.5M $420.1M
YoY Change -13.09% 1.33% -9.38%
Cost Of Revenue $287.7M $293.8M $339.6M
YoY Change -15.28% -7.35% -26.13%
Gross Profit $77.40M $79.70M $80.50M
YoY Change -3.85% 54.76% 1964.1%
Gross Profit Margin 21.2% 21.34% 19.16%
Selling, General & Admin $43.40M $56.50M $49.10M
YoY Change -11.61% -40.96% -0.61%
% of Gross Profit 56.07% 70.89% 60.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.00M $11.60M $12.60M
YoY Change -12.7% -7.94% 0.0%
% of Gross Profit 14.21% 14.55% 15.65%
Operating Expenses $43.40M $48.50M $49.10M
YoY Change -11.61% -1.62% -0.61%
Operating Profit $32.20M $31.20M $26.00M
YoY Change 23.85% 1318.18% -155.44%
Interest Expense $4.600M -$2.900M $4.000M
YoY Change 15.0% -43.14% -37.5%
% of Operating Profit 14.29% -9.29% 15.38%
Other Income/Expense, Net
YoY Change
Pretax Income $27.80M $27.40M $22.20M
YoY Change 25.23% -840.54% -137.25%
Income Tax $9.400M $7.500M $7.900M
% Of Pretax Income 33.81% 27.37% 35.59%
Net Earnings $18.40M $19.90M $14.30M
YoY Change 28.67% 586.21% -134.79%
Net Earnings / Revenue 5.04% 5.33% 3.4%
Basic Earnings Per Share
Diluted Earnings Per Share $158.8K $171.7K $123.4K
COMMON SHARES
Basic Shares Outstanding 115.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.4M $167.7M $179.0M
YoY Change -32.18% 211.71% 75.15%
Cash & Equivalents $121.4M $167.7M $179.0M
Short-Term Investments
Other Short-Term Assets $15.40M $10.40M $22.40M
YoY Change -31.25% -63.25% 49.33%
Inventory $394.0M $423.6M $405.0M
Prepaid Expenses
Receivables $255.6M $229.3M $285.8M
Other Receivables $30.70M $48.90M $45.70M
Total Short-Term Assets $817.1M $879.9M $937.9M
YoY Change -12.88% 12.63% -9.43%
LONG-TERM ASSETS
Property, Plant & Equipment $430.1M $479.7M $534.4M
YoY Change -19.52% -10.55% 6.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.60M $100.1M $113.1M
YoY Change -21.66% -24.57% -11.5%
Other Assets $168.7M $6.100M $170.6M
YoY Change -1.11% -70.24% 579.68%
Total Long-Term Assets $257.3M $276.6M $818.1M
YoY Change -68.55% -8.29% 154.38%
TOTAL ASSETS
Total Short-Term Assets $817.1M $879.9M $937.9M
Total Long-Term Assets $257.3M $276.6M $818.1M
Total Assets $1.505B $1.633B $1.756B
YoY Change -14.32% 0.86% -5.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.20M $121.4M $150.0M
YoY Change -35.2% -2.02% -15.78%
Accrued Expenses $30.90M $39.90M $55.90M
YoY Change -44.72% -51.1% 38.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $3.900M $3.900M
YoY Change 0.0% 25.81% -81.52%
Total Short-Term Liabilities $193.8M $234.2M $274.9M
YoY Change -29.5% -15.76% -16.65%
LONG-TERM LIABILITIES
Long-Term Debt $344.7M $339.7M $346.6M
YoY Change -0.55% 88.3% 24.41%
Other Long-Term Liabilities $241.0M $26.80M $200.0M
YoY Change 20.5% -22.32% 536.94%
Total Long-Term Liabilities $585.7M $617.8M $546.6M
YoY Change 7.15% 52.17% -0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $193.8M $234.2M $274.9M
Total Long-Term Liabilities $585.7M $617.8M $546.6M
Total Liabilities $786.0M $852.0M $835.4M
YoY Change -5.91% 24.56% -4.83%
SHAREHOLDERS EQUITY
Retained Earnings -$282.9M
YoY Change -9.5%
Common Stock $1.400B
YoY Change 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $718.5M $781.1M $920.6M
YoY Change
Total Liabilities & Shareholders Equity $1.505B $1.633B $1.756B
YoY Change -14.32% 0.86% -5.61%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income $18.40M $19.90M $14.30M
YoY Change 28.67% 586.21% -134.79%
Depreciation, Depletion And Amortization $11.00M $11.60M $12.60M
YoY Change -12.7% -7.94% 0.0%
Cash From Operating Activities -$10.00M $61.20M -$2.500M
YoY Change 300.0% -12.07% -93.64%
INVESTING ACTIVITIES
Capital Expenditures $11.70M -$21.30M $16.30M
YoY Change -28.22% 20.34% -14.21%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$300.0K $600.0K
YoY Change 16.67% -72.73% -14.29%
Cash From Investing Activities -$11.00M -$21.60M -$15.70M
YoY Change -29.94% 14.89% -14.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $900.0K $262.3M
YoY Change -99.66% -11.18%
Cash From Financing Activities -17.00M -18.30M 143.5M
YoY Change -111.85% -68.28% -218.69%
NET CHANGE
Cash From Operating Activities -10.00M 61.20M -2.500M
Cash From Investing Activities -11.00M -21.60M -15.70M
Cash From Financing Activities -17.00M -18.30M 143.5M
Net Change In Cash -38.00M 21.30M 125.3M
YoY Change -130.33% -408.7% -170.2%
FREE CASH FLOW
Cash From Operating Activities -$10.00M $61.20M -$2.500M
Capital Expenditures $11.70M -$21.30M $16.30M
Free Cash Flow -$21.70M $82.50M -$18.80M
YoY Change 15.43% -5.5% -67.75%

Facts In Submission

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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 14 - Recent accounting pronouncements: </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font>.&#160; This standard replaces existing revenue recognition guidance, which in many cases was tailored for specific industries, with a uniform accounting standard applicable to all industries and transactions.&#160; The new standard is effective for us beginning with the first quarter of 2017.&#160; Entities may elect to adopt ASU No. 2014-09 retrospectively for all periods for all contracts and transactions which occurred during the period (with a few exceptions for practical expediency) or retrospectively with a cumulative effect recognized as of the date of adoption.&#160; ASU No. 2014-09 is a fundamental rewriting of existing GAAP with respect to revenue recognition, and we are still evaluating the effect the Standard will have on our Consolidated Financial Statements.&#160; In addition, we have not yet determined the method we will use to adopt the Standard.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2015, the FASB issued ASU 2015-03<font style="font-style:italic;">, Interest - Imputation of Interest (Subtopic 835-30):&nbsp;&nbsp;Simplifying the Presentation of Debt Issuance Costs</font>, which requires unamortized debt issuance costs (or deferred financing costs) to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount.&#160; Currently, such unamortized debt issue costs are generally presented as a noncurrent asset.&nbsp;&nbsp;However, to the extent an entity has unamortized debt issuance costs associated with an unfunded debt liability, such as an undrawn revolving line of credit, such unamortized debt issue costs would continue to be recognized as an asset since there is no liability recognized from which such unamortized debt issue costs can be deducted.&nbsp;&nbsp;The guidance in the new standard is limited to the presentation of debt issuance costs and does not affect the recognition, measurement or amortization of debt issuance costs; therefore, the standard will not have a material effect on our Condensed Consolidated Financial Statements.&#160; The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted and the new guidance will be applied on a retrospective basis, although we have not yet determined when we will adopt the standard.</p></div>
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CY2015Q1 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2014Q1 kro Incremental Tax On Equity In Earnings
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100000
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CY2014Q1 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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-500000
CY2015Q1 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
300000
CY2014Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
400000
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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-100000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-700000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-16300000
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-5800000
CY2015Q1 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
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19000000
CY2015Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2015Q1 kro Employee Related Liabilities Noncurrent
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7100000
CY2014Q4 us-gaap Accrued Insurance Noncurrent
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300000
CY2014Q4 us-gaap Other Sundry Liabilities Noncurrent
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5300000
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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10800000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-2900000
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
200000
CY2015Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-3400000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-59400000
CY2015Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-225400000
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2015Q1 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
4500000
CY2015Q1 kro Debt Instrument Base Principal Amount
DebtInstrumentBasePrincipalAmount
1000
CY2015Q1 kro Debt Instrument Estimated Market Price Per Base Principal Amount
DebtInstrumentEstimatedMarketPricePerBasePrincipalAmount
1012.50

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