$KRO
KRONOS WORLDWIDE INC

2015 Q3 Form 10-Q Financial Statement

#000156459015009930 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $336.5M $414.8M
YoY Change -18.88% -1.03%
Cost Of Revenue $293.3M $319.1M
YoY Change -8.09% -14.2%
Gross Profit $43.20M $95.70M
YoY Change -54.86% 102.75%
Gross Profit Margin 12.84% 23.07%
Selling, General & Admin $42.30M $47.70M
YoY Change -11.32% 6.71%
% of Gross Profit 97.92% 49.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.50M $12.30M
YoY Change -14.63% -2.38%
% of Gross Profit 24.31% 12.85%
Operating Expenses $45.70M $50.70M
YoY Change -9.86% -39.57%
Operating Profit -$2.500M $45.00M
YoY Change -105.56% -222.62%
Interest Expense -$16.70M -$800.0K
YoY Change 1987.5% -117.78%
% of Operating Profit -1.78%
Other Income/Expense, Net
YoY Change
Pretax Income -$19.20M $44.20M
YoY Change -143.44% -201.61%
Income Tax -$7.400M $12.30M
% Of Pretax Income 27.83%
Net Earnings -$11.80M $31.90M
YoY Change -136.99% -206.69%
Net Earnings / Revenue -3.51% 7.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$101.8K $275.2K
COMMON SHARES
Basic Shares Outstanding 115.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.8M $151.2M
YoY Change -16.14% 152.84%
Cash & Equivalents $126.8M $151.2M
Short-Term Investments
Other Short-Term Assets $20.70M $16.90M
YoY Change 22.49% -46.18%
Inventory $385.4M $399.6M
Prepaid Expenses
Receivables $219.0M $287.4M
Other Receivables $29.30M $42.50M
Total Short-Term Assets $781.2M $897.6M
YoY Change -12.97% 9.26%
LONG-TERM ASSETS
Property, Plant & Equipment $431.3M $500.8M
YoY Change -13.88% -4.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.70M $100.4M
YoY Change -15.64% -28.49%
Other Assets $15.50M $152.6M
YoY Change -89.84% -18.79%
Total Long-Term Assets $531.5M $753.8M
YoY Change -29.49% -11.56%
TOTAL ASSETS
Total Short-Term Assets $781.2M $897.6M
Total Long-Term Assets $531.5M $753.8M
Total Assets $1.313B $1.651B
YoY Change -20.51% -1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.00M $105.1M
YoY Change -16.27% -11.46%
Accrued Expenses $51.80M $49.50M
YoY Change 4.65% -37.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.800M $3.900M
YoY Change -2.56% -81.16%
Total Short-Term Liabilities $204.7M $211.3M
YoY Change -3.12% -28.95%
LONG-TERM LIABILITIES
Long-Term Debt $342.9M $345.7M
YoY Change -0.81% 70.04%
Other Long-Term Liabilities $248.6M $182.5M
YoY Change 36.22% -20.44%
Total Long-Term Liabilities $591.5M $528.2M
YoY Change 11.98% 22.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.7M $211.3M
Total Long-Term Liabilities $591.5M $528.2M
Total Liabilities $805.0M $750.5M
YoY Change 7.26% -0.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $507.7M $900.9M
YoY Change
Total Liabilities & Shareholders Equity $1.313B $1.651B
YoY Change -20.51% -1.34%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$11.80M $31.90M
YoY Change -136.99% -206.69%
Depreciation, Depletion And Amortization $10.50M $12.30M
YoY Change -14.63% -2.38%
Cash From Operating Activities $41.80M $6.700M
YoY Change 523.88% -91.17%
INVESTING ACTIVITIES
Capital Expenditures -$12.40M -$12.20M
YoY Change 1.64% -24.22%
Acquisitions
YoY Change
Other Investing Activities $200.0K $300.0K
YoY Change -33.33% 50.0%
Cash From Investing Activities -$12.20M -$11.90M
YoY Change 2.52% -25.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.30M -17.20M
YoY Change 6.4% -83.41%
NET CHANGE
Cash From Operating Activities 41.80M 6.700M
Cash From Investing Activities -12.20M -11.90M
Cash From Financing Activities -18.30M -17.20M
Net Change In Cash 11.30M -22.40M
YoY Change -150.45% -48.74%
FREE CASH FLOW
Cash From Operating Activities $41.80M $6.700M
Capital Expenditures -$12.40M -$12.20M
Free Cash Flow $54.20M $18.90M
YoY Change 186.77% -79.46%

Facts In Submission

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 15 - Recent accounting pronouncements: </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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, as amended, is currently effective for us beginning with the first quarter of 2018.&#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; We currently expect to adopt the standard in the first quarter of 2018.&nbsp;&nbsp;In addition, we have not yet determined the method we will use to adopt the Standard.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;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;&nbsp;&nbsp;ASU 2015-15, issued by the FASB in August 2015, clarified that the scope of ASU 2015-03 does not include deferred financing costs related to revolving credit facilities.&nbsp;&nbsp;The guidance in the new standard is limited to the presentation of debt issuance costs within its scope 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.&nbsp;&nbsp;We currently expect to adopt the standard as of December 31, 2015.&nbsp;&nbsp;The amount of our deferred financing costs (see Note 5) related to our term loan indebtedness (see Note 7) which, had we already adopted the standard at September 30, 2015, would have been presented in our Condensed Consolidated Balance Sheet as a direct deduction from the carrying value of such term loan, was $5.0 million at each of December 31, 2014 and September 30, 2015.&nbsp;&nbsp;All of our other deferred financing costs at those dates relate to our revolving credit facilities in North America and Europe for which we have no amounts borrowed, and therefore such deferred financing costs would be recognized as an asset at such dates.</p></div>
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CY2015Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-237300000
CY2015Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-3700000
CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-168500000
CY2015Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-389200000
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-152000000
CY2014Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-213500000
CY2015Q3 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
2700000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-5700000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
3500000
CY2015Q3 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
5700000
CY2014Q4 kro Cash And Cash Equivalents And Restricted Cash At Carrying Value
CashAndCashEquivalentsAndRestrictedCashAtCarryingValue
169900000
CY2015Q3 kro Cash And Cash Equivalents And Restricted Cash At Carrying Value
CashAndCashEquivalentsAndRestrictedCashAtCarryingValue
128200000
CY2014Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
169900000
CY2015Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
128200000
CY2014Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
341500000
CY2015Q3 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
344300000
CY2014Q4 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
1508700000
CY2015Q3 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
719600000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
160
kro Workforce Reduction Recognized Aggregate Charge
WorkforceReductionRecognizedAggregateCharge
21500000
kro Accrued Severance Costs Expected To Be Paid
AccruedSeveranceCostsExpectedToBePaid
2018-06

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