$LXU
LSB INDUSTRIES, INC.

2019 Q3 Form 10-Q Financial Statement

#000156459019026988 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $75.50M $121.5M $94.73M
YoY Change -5.37% 17.76% 6.54%
Cost Of Revenue $85.23M $101.9M $82.30M
YoY Change -4.77% 1.72% -16.95%
Gross Profit -$9.733M $19.68M $12.41M
YoY Change -0.09% 540.32% -221.63%
Gross Profit Margin -12.89% 16.19% 13.1%
Selling, General & Admin $9.115M $8.366M $15.00M
YoY Change 0.16% -0.37% 82.93%
% of Gross Profit 42.52% 120.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.98M $17.40M $17.33M
YoY Change 3.16% -10.91% -7.87%
% of Gross Profit 88.43% 139.63%
Operating Expenses $9.115M $8.366M $14.60M
YoY Change 34.04% -0.37% 41.75%
Operating Profit -$19.23M $11.35M -$2.189M
YoY Change 16.15% -293.3% -89.32%
Interest Expense $12.01M $11.32M $11.06M
YoY Change 9.07% 1157.22% 18.55%
% of Operating Profit 99.74%
Other Income/Expense, Net -$39.00K $868.0K -$100.0K
YoY Change -95.87% 768.0% -200.0%
Pretax Income -$31.28M $900.0K -$12.30M
YoY Change 9.71% -103.88% -59.27%
Income Tax -$483.0K -$5.733M $764.0K
% Of Pretax Income -637.0%
Net Earnings -$30.79M $6.631M -$13.05M
YoY Change 18.06% -124.11% -1527.24%
Net Earnings / Revenue -40.79% 5.46% -13.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.096M $234.9K -$472.7K
COMMON SHARES
Basic Shares Outstanding 28.78M 28.77M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.80M $58.00M $26.00M
YoY Change 56.44% 22.88% -22.62%
Cash & Equivalents $66.78M $57.97M $26.05M
Short-Term Investments
Other Short-Term Assets $36.80M $39.20M $43.80M
YoY Change -5.88% -6.22% -6.61%
Inventory $20.60M $19.59M $29.21M
Prepaid Expenses
Receivables $33.00M $52.21M $66.69M
Other Receivables $0.00 $0.00 $700.0K
Total Short-Term Assets $157.2M $169.0M $166.4M
YoY Change -0.51% 17.45% 1.63%
LONG-TERM ASSETS
Property, Plant & Equipment $966.2M $951.5M $974.2M
YoY Change -1.47% -3.56% -3.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.43M $20.71M $7.672M
YoY Change
Total Long-Term Assets $972.6M $972.3M $981.9M
YoY Change -1.72% -2.42% -4.24%
TOTAL ASSETS
Total Short-Term Assets $157.2M $169.0M $166.4M
Total Long-Term Assets $972.6M $972.3M $981.9M
Total Assets $1.130B $1.141B $1.148B
YoY Change -1.55% 0.09% -3.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.09M $43.85M $62.59M
YoY Change -2.8% -14.52% 11.78%
Accrued Expenses $39.30M $29.10M $42.10M
YoY Change -26.95% 35.98% 18.26%
Deferred Revenue
YoY Change
Short-Term Debt $607.0K $3.222M $8.577M
YoY Change 87.35% 28.88% -0.09%
Long-Term Debt Due $9.090M $8.672M $12.52M
YoY Change -28.41% -32.77% 36.87%
Total Short-Term Liabilities $103.1M $85.53M $125.8M
YoY Change -15.82% -2.81% 15.11%
LONG-TERM LIABILITIES
Long-Term Debt $447.7M $448.2M $412.7M
YoY Change 11.09% 11.08% 3.11%
Other Long-Term Liabilities $18.40M $16.20M $8.900M
YoY Change 64.29% 51.4% -23.93%
Total Long-Term Liabilities $447.7M $448.2M $412.7M
YoY Change 11.09% 11.08% 3.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.1M $85.53M $125.8M
Total Long-Term Liabilities $447.7M $448.2M $412.7M
Total Liabilities $550.8M $533.7M $538.5M
YoY Change 4.82% -4.77% 5.68%
SHAREHOLDERS EQUITY
Retained Earnings $93.97M $133.0M $153.8M
YoY Change -46.12%
Common Stock $3.128M $3.128M $3.128M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.65M $16.73M $16.19M
YoY Change -8.1% -10.58%
Treasury Stock Shares
Shareholders Equity $283.5M $322.1M $342.2M
YoY Change
Total Liabilities & Shareholders Equity $1.130B $1.141B $1.148B
YoY Change -1.55% 0.09% -3.44%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$30.79M $6.631M -$13.05M
YoY Change 18.06% -124.11% -1527.24%
Depreciation, Depletion And Amortization $17.98M $17.40M $17.33M
YoY Change 3.16% -10.91% -7.87%
Cash From Operating Activities $20.71M $13.20M -$21.16M
YoY Change 280.7% -58.9% 29.5%
INVESTING ACTIVITIES
Capital Expenditures -$7.590M -$5.750M -$9.860M
YoY Change -35.79% -36.95% -3.9%
Acquisitions
YoY Change
Other Investing Activities $40.00K $50.00K $280.0K
YoY Change -99.33% -92.42% -82.5%
Cash From Investing Activities -$7.560M -$5.690M -$9.580M
YoY Change 30.12% -32.74% 10.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.350M 28.77M 14.04M
YoY Change 6.36% -661.91% 153.43%
NET CHANGE
Cash From Operating Activities 20.71M 13.20M -21.16M
Cash From Investing Activities -7.560M -5.690M -9.580M
Cash From Financing Activities -4.350M 28.77M 14.04M
Net Change In Cash 8.800M 36.28M -16.70M
YoY Change -297.31% 95.69% -14.14%
FREE CASH FLOW
Cash From Operating Activities $20.71M $13.20M -$21.16M
Capital Expenditures -$7.590M -$5.750M -$9.860M
Free Cash Flow $28.30M $18.95M -$11.30M
YoY Change 63.96% -54.05% 85.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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3503 NW 63rd Street
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 500
dei Entity Address City Or Town
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Oklahoma City
dei Entity Address State Or Province
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;"> </font>&#8211;<font style="font-weight:normal;"> The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
lxu Number Of Facilities For Manufacture And Distribution Of Products
NumberOfFacilitiesForManufactureAndDistributionOfProducts
4
CY2018Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
2700000
lxu Tax Benefit Recognized
TaxBenefitRecognized
Greater than 50%
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15900000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15900000
CY2019Q2 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P1Y
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1907000
us-gaap Operating Lease Cost
OperatingLeaseCost
3754000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
550000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1255000
CY2019Q2 lxu Other Lease Cost
OtherLeaseCost
14000
lxu Other Lease Cost
OtherLeaseCost
33000
CY2019Q2 us-gaap Lease Cost
LeaseCost
2471000
us-gaap Lease Cost
LeaseCost
5042000
us-gaap Operating Lease Payments
OperatingLeasePayments
3928000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
8000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
44000
lxu Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
3980000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1276000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0896
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0894
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3652000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4150000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2819000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2164000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1865000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2606000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17256000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3239000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14017000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
6674000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3547000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2364000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1949000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1696000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2530000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
18760000
CY2018Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
2700000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4900000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28050848
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27492979
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28004936
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27476180
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2560737
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2212860
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2586242
CY2019Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
7192000
CY2018Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
6505000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4945000
CY2019Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
4405000
CY2018Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
7259000
CY2019Q2 lxu Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
4330000
CY2018Q4 lxu Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
5216000
CY2019Q2 lxu Accrued Death And Other Executive Benefits
AccruedDeathAndOtherExecutiveBenefits
2574000
CY2018Q4 lxu Accrued Death And Other Executive Benefits
AccruedDeathAndOtherExecutiveBenefits
2777000
CY2019Q2 us-gaap Litigation Reserve
LitigationReserve
2000000
CY2018Q4 us-gaap Litigation Reserve
LitigationReserve
18450000
CY2019Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
1118000
CY2019Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5735000
CY2018Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
1642000
CY2019Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
812000
CY2018Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
1107000
CY2019Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
679000
CY2018Q4 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
1783000
CY2019Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
8853000
CY2018Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
6251000
CY2019Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
36908000
CY2018Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
50990000
CY2019Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
14038000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
14962000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
456836000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
425199000
CY2019Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
8672000
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12518000
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
448164000
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
412681000
CY2018Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
15200000
CY2018Q2 us-gaap Interest Expense
InterestExpense
900000
CY2019Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
183000
lxu Related Party Commitment Obligation Percentage
RelatedPartyCommitmentObligationPercentage
0.50
CY2019Q2 lxu Insurance Coverage Of General Liability And Auto Liability Risks
InsuranceCoverageOfGeneralLiabilityAndAutoLiabilityRisks
100000000
lxu Product Liability Deductible Per Claim
ProductLiabilityDeductiblePerClaim
250000
CY2019Q2 lxu Number Of Settlement Agreements
NumberOfSettlementAgreements
3
CY2019Q2 lxu Liability Reserve
LiabilityReserve
0
CY2019Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
18500000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q4 lxu Tax Reform Adjustments To Provision For Income Taxes
TaxReformAdjustmentsToProvisionForIncomeTaxes
0
CY2019Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2018Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2019Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2000
CY2018Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-27000
CY2018Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-27000
CY2018Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
4633000
CY2018Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-282000
CY2018Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4351000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year, the average remaining expected duration was approximately 15 months
lxu Weighted Average Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
WeightedAverageRevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P15M
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5000000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7000000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2500000
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2300000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000
CY2019Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2000
CY2019Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-156000
CY2019Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-5579000
CY2019Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-48000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-962000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12062000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13156000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
731000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1109000

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