$KRO
KRONOS WORLDWIDE INC

2016 Q2 Form 10-Q Financial Statement

#000156459016022991 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2014 Q4
Revenue $356.1M $360.2M $373.5M
YoY Change -1.14% -18.78% 1.33%
Cost Of Revenue $300.6M $313.7M $293.8M
YoY Change -4.18% -10.29% -7.35%
Gross Profit $55.50M $46.50M $79.70M
YoY Change 19.35% -50.43% 54.76%
Gross Profit Margin 15.59% 12.91% 21.34%
Selling, General & Admin $45.00M $51.60M $56.50M
YoY Change -12.79% 5.09% -40.96%
% of Gross Profit 81.08% 110.97% 70.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.60M $10.60M $11.60M
YoY Change 0.0% -16.54% -7.94%
% of Gross Profit 19.1% 22.8% 14.55%
Operating Expenses $46.90M $51.60M $48.50M
YoY Change -9.11% 5.09% -1.62%
Operating Profit $8.600M -$10.40M $31.20M
YoY Change -182.69% -123.48% 1318.18%
Interest Expense $5.100M $4.400M -$2.900M
YoY Change 15.91% -6.38% -43.14%
% of Operating Profit 59.3% -9.29%
Other Income/Expense, Net
YoY Change
Pretax Income $5.600M -$14.70M $27.40M
YoY Change -138.1% -136.84% -840.54%
Income Tax $3.900M $145.1M $7.500M
% Of Pretax Income 69.64% 27.37%
Net Earnings $1.700M -$159.8M $19.90M
YoY Change -101.06% -582.78% 586.21%
Net Earnings / Revenue 0.48% -44.36% 5.33%
Basic Earnings Per Share
Diluted Earnings Per Share $14.67K -$1.379M $171.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.20M $115.7M $167.7M
YoY Change -31.55% -34.96% 211.71%
Cash & Equivalents $80.60M $115.7M $167.7M
Short-Term Investments
Other Short-Term Assets $7.900M $19.40M $10.40M
YoY Change -59.28% -2.51% -63.25%
Inventory $338.1M $399.2M $423.6M
Prepaid Expenses
Receivables $241.2M $255.2M $229.3M
Other Receivables $31.00M $30.90M $48.90M
Total Short-Term Assets $697.4M $820.4M $879.9M
YoY Change -14.99% -13.08% 12.63%
LONG-TERM ASSETS
Property, Plant & Equipment $439.6M $440.7M $479.7M
YoY Change -0.25% -16.69% -10.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.00M $94.20M $100.1M
YoY Change -16.14% -5.52% -24.57%
Other Assets $18.40M $9.400M $6.100M
YoY Change 95.74% -94.14% -70.24%
Total Long-Term Assets $537.0M $547.5M $276.6M
YoY Change -1.92% -30.62% -8.29%
TOTAL ASSETS
Total Short-Term Assets $697.4M $820.4M $879.9M
Total Long-Term Assets $537.0M $547.5M $276.6M
Total Assets $1.234B $1.368B $1.633B
YoY Change -9.76% -21.07% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.30M $99.00M $121.4M
YoY Change -9.8% -26.78% -2.02%
Accrued Expenses $43.50M $48.40M $39.90M
YoY Change -10.12% -12.32% -51.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $33.60M $3.900M $3.900M
YoY Change 761.54% 0.0% 25.81%
Total Short-Term Liabilities $218.6M $212.1M $234.2M
YoY Change 3.06% -14.82% -15.76%
LONG-TERM LIABILITIES
Long-Term Debt $336.5M $343.9M $339.7M
YoY Change -2.15% -0.55% 88.3%
Other Long-Term Liabilities $233.9M $27.70M $26.80M
YoY Change 744.4% -85.79% -22.32%
Total Long-Term Liabilities $570.4M $604.2M $617.8M
YoY Change -5.59% 11.74% 52.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $218.6M $212.1M $234.2M
Total Long-Term Liabilities $570.4M $604.2M $617.8M
Total Liabilities $797.8M $816.3M $852.0M
YoY Change -2.27% 1.82% 24.56%
SHAREHOLDERS EQUITY
Retained Earnings -$459.1M -$282.9M
YoY Change -9.5%
Common Stock $1.400B $1.400B
YoY Change 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $436.6M $551.6M $781.1M
YoY Change
Total Liabilities & Shareholders Equity $1.234B $1.368B $1.633B
YoY Change -9.76% -21.07% 0.86%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income $1.700M -$159.8M $19.90M
YoY Change -101.06% -582.78% 586.21%
Depreciation, Depletion And Amortization $10.60M $10.60M $11.60M
YoY Change 0.0% -16.54% -7.94%
Cash From Operating Activities $31.90M $18.30M $61.20M
YoY Change 74.32% -17.94% -12.07%
INVESTING ACTIVITIES
Capital Expenditures -$9.400M -$7.600M -$21.30M
YoY Change 23.68% -33.33% 20.34%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$300.0K
YoY Change -103.03% -72.73%
Cash From Investing Activities -$10.00M -$7.800M -$21.60M
YoY Change 28.21% 62.5% 14.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.500M -18.40M -18.30M
YoY Change -113.59% 0.0% -68.28%
NET CHANGE
Cash From Operating Activities 31.90M 18.30M 61.20M
Cash From Investing Activities -10.00M -7.800M -21.60M
Cash From Financing Activities 2.500M -18.40M -18.30M
Net Change In Cash 24.40M -7.900M 21.30M
YoY Change -408.86% 777.78% -408.7%
FREE CASH FLOW
Cash From Operating Activities $31.90M $18.30M $61.20M
Capital Expenditures -$9.400M -$7.600M -$21.30M
Free Cash Flow $41.30M $25.90M $82.50M
YoY Change 59.46% -23.15% -5.5%

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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 16 - Recent accounting pronouncements not yet adopted: </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 January 2016, the FASB issued ASU 2016-01, <font style="font-style:italic;">Financial Instruments-Overall (Subtopic 825-10):&nbsp;&nbsp;Recognition and Measurement of Financial Assets and Financial Liabilities</font>, which addresses certain aspects related to the recognition, measurement, presentation and disclosure of financial instruments.&nbsp;&nbsp;The ASU requires equity investments (except for those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to generally be measured at fair value with changes in fair value recognized in net income.&nbsp;&nbsp;The amendment also requires a number of other changes, including among others:&nbsp;&nbsp;simplifying the impairment assessment for equity instruments without readily determinable fair values; eliminating the requirement for public business entities to disclose methods and assumptions used to determine fair value for financial instruments measured at amortized cost; requiring an exit price notion when measuring the fair value of financial instruments for disclosure purposes; and requiring separate presentation of financial assets and liabilities by measurement category and form of asset.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in the first quarter of 2018, with prospective application required, and early adoption is not permitted.&nbsp;&nbsp;The most significant aspect of adopting this ASU will be the requirement to recognize changes in fair value of our available-for-sale marketable equity securities in net income (currently changes in fair value of such securities are recognized in other comprehensive income). </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 February 2016, the FASB issued ASU 2016-02, <font style="font-style:italic;">Leases (Topic 842)</font>, which is a comprehensive rewriting of the lease accounting guidance which aims to increase comparability and transparency with regard to lease transactions.&#160;&#160;The primary change will be the recognition of lease assets for the right-of-use of the underlying asset and lease liabilities for the obligation to make payments by lessees on the balance sheet for leases currently classified as operating leases.&#160;&#160;The ASU also requires increased qualitative disclosure about leases in addition to quantitative disclosures currently required.&#160; Companies are required to use a modified retrospective approach to adoption with a practical expedient which will allow companies to continue to account for existing leases under the prior guidance unless a lease is modified, other than the requirement to recognize the right-of-use asset and lease liability for all operating leases.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in the first quarter of 2019, with early adoption permitted.&#160; We have not yet evaluated the effect this ASU will have on our Consolidated Financial Statements, but given the material amount of our future minimum payments under non-cancellable operating leases at December 31, 2015 discussed in Note 15 to our 2015 Annual Report, we expect to recognize a material right-of-use lease asset and lease liability upon adoption of the ASU.</p></div>
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