$LXU
LSB INDUSTRIES, INC.

2021 Q3 Form 10-Q Financial Statement

#000156459021053543 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $127.2M $73.97M $105.0M
YoY Change 71.96% -2.02% -13.57%
Cost Of Revenue $109.8M $75.03M $86.00M
YoY Change 46.28% -11.97% -15.56%
Gross Profit $17.45M -$1.059M $19.02M
YoY Change -1747.5% -89.12% -3.33%
Gross Profit Margin 13.72% -1.43% 18.11%
Selling, General & Admin $11.60M $7.068M $8.504M
YoY Change 64.12% -22.46% 1.65%
% of Gross Profit 66.49% 44.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.97M $17.71M $17.29M
YoY Change 1.47% -1.5% -0.63%
% of Gross Profit 103.0% 90.9%
Operating Expenses $12.07M $7.068M $8.504M
YoY Change 70.83% -22.46% 1.65%
Operating Profit $5.373M -$9.002M $10.68M
YoY Change -159.69% -53.19% -5.83%
Interest Expense $80.00K $80.00K $12.48M
YoY Change 0.0% -99.33% 10.26%
% of Operating Profit 1.49% 116.77%
Other Income/Expense, Net -$1.326M -$216.0K $128.0K
YoY Change 513.89% 453.85% -85.25%
Pretax Income -$8.909M -$21.77M -$1.664M
YoY Change -59.08% -30.39% -284.89%
Income Tax $19.00K -$1.370M -$1.299M
% Of Pretax Income
Net Earnings -$8.928M -$20.40M -$365.0K
YoY Change -56.24% -33.75% -105.5%
Net Earnings / Revenue -7.02% -27.58% -0.35%
Basic Earnings Per Share -$6.39 -$0.34
Diluted Earnings Per Share -$6.39 -$723.4K -$0.34
COMMON SHARES
Basic Shares Outstanding 39.35M 28.20M
Diluted Shares Outstanding 39.35M 28.20M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.85M $42.10M $56.50M
YoY Change -21.96% -36.98% -2.59%
Cash & Equivalents $32.86M $42.09M $56.51M
Short-Term Investments
Other Short-Term Assets $46.19M $37.20M $39.80M
YoY Change 24.16% 1.09% 1.53%
Inventory $18.21M $19.20M $14.30M
Prepaid Expenses
Receivables $65.71M $39.60M $42.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $163.0M $138.0M $152.8M
YoY Change 18.06% -12.2% -9.59%
LONG-TERM ASSETS
Property, Plant & Equipment $897.8M $899.6M $934.3M
YoY Change -0.2% -6.89% -1.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.28M
YoY Change 43.95%
Total Long-Term Assets $911.6M $931.9M $941.9M
YoY Change -2.18% -4.18% -3.12%
TOTAL ASSETS
Total Short-Term Assets $163.0M $138.0M $152.8M
Total Long-Term Assets $911.6M $931.9M $941.9M
Total Assets $1.075B $1.070B $1.095B
YoY Change 0.43% -5.3% -4.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.66M $41.19M $45.20M
YoY Change 78.82% -23.84% 3.08%
Accrued Expenses $50.30M $38.90M $25.10M
YoY Change 29.3% -1.02% -13.75%
Deferred Revenue
YoY Change
Short-Term Debt $1.083M $751.0K $3.800M
YoY Change 44.21% 23.72% 17.94%
Long-Term Debt Due $9.249M $15.20M $11.49M
YoY Change -39.16% 67.25% 32.52%
Total Short-Term Liabilities $134.8M $98.10M $88.30M
YoY Change 37.37% -4.84% 3.24%
LONG-TERM LIABILITIES
Long-Term Debt $460.6M $470.8M $487.6M
YoY Change -2.15% 5.16% 8.79%
Other Long-Term Liabilities $24.74M $24.80M $21.20M
YoY Change -0.23% 34.78% 30.86%
Total Long-Term Liabilities $460.6M $470.8M $487.6M
YoY Change -2.15% 5.16% 8.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.8M $98.10M $88.30M
Total Long-Term Liabilities $460.6M $470.8M $487.6M
Total Liabilities $651.5M $568.9M $631.1M
YoY Change 14.52% 3.29% 18.25%
SHAREHOLDERS EQUITY
Retained Earnings -$71.46M -$9.989M
YoY Change 615.4% -110.63%
Common Stock $8.983M $3.128M
YoY Change 187.18% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.561M $12.88M
YoY Change -49.08% -22.6%
Treasury Stock Shares
Shareholders Equity $423.1M $181.3M $210.6M
YoY Change
Total Liabilities & Shareholders Equity $1.075B $1.070B $1.095B
YoY Change 0.43% -5.3% -4.08%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$8.928M -$20.40M -$365.0K
YoY Change -56.24% -33.75% -105.5%
Depreciation, Depletion And Amortization $17.97M $17.71M $17.29M
YoY Change 1.47% -1.5% -0.63%
Cash From Operating Activities $34.89M $5.340M $21.56M
YoY Change 553.37% -74.22% 63.33%
INVESTING ACTIVITIES
Capital Expenditures -$11.25M -$4.280M -$7.210M
YoY Change 162.9% -43.61% 25.39%
Acquisitions
YoY Change
Other Investing Activities $82.00K $1.710M $120.0K
YoY Change -95.2% 4175.0% 140.0%
Cash From Investing Activities -$11.17M -$2.570M -$7.090M
YoY Change 334.63% -66.01% 24.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.490M -17.19M 4.570M
YoY Change -50.61% 295.17% -84.12%
NET CHANGE
Cash From Operating Activities 34.89M 5.340M 21.56M
Cash From Investing Activities -11.17M -2.570M -7.090M
Cash From Financing Activities -8.490M -17.19M 4.570M
Net Change In Cash 15.23M -14.42M 19.04M
YoY Change -205.62% -263.86% -47.52%
FREE CASH FLOW
Cash From Operating Activities $34.89M $5.340M $21.56M
Capital Expenditures -$11.25M -$4.280M -$7.210M
Free Cash Flow $46.14M $9.620M $28.77M
YoY Change 379.65% -66.01% 51.82%

Facts In Submission

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<span style="font-weight:normal;"> </span>–<span 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. </span></p>
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CY2021Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
19145000
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
8669000
CY2021Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
15775000
CY2020Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
5837000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7720000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6706000
CY2021Q3 lxu Accrued Death And Other Executive Benefits
AccruedDeathAndOtherExecutiveBenefits
2521000
CY2020Q4 lxu Accrued Death And Other Executive Benefits
AccruedDeathAndOtherExecutiveBenefits
2539000
CY2021Q3 lxu Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
474000
CY2020Q4 lxu Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
1890000
CY2020Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
1029000
CY2021Q3 lxu Accrued And Other Liabilities Noncurrent
AccruedAndOtherLiabilitiesNoncurrent
4040000
CY2020Q4 lxu Accrued And Other Liabilities Noncurrent
AccruedAndOtherLiabilitiesNoncurrent
6090000
CY2021Q3 lxu Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
50772000
CY2020Q4 lxu Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
30367000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5226000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
8648000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
469886000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
484190000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
9249000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
16801000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
460637000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
467389000
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
10000000
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
500000
CY2021Q3 lxu Insurance Coverage Of General Liability And Auto Liability Risks
InsuranceCoverageOfGeneralLiabilityAndAutoLiabilityRisks
100000000
lxu Product Liability Deductible Per Claim
ProductLiabilityDeductiblePerClaim
250000
CY2021Q3 lxu Liability Reserve
LiabilityReserve
0
CY2020Q1 lxu Accrued Pre Judgment And Post Judgment Interest
AccruedPreJudgmentAndPostJudgmentInterest
1400000
lxu Gain Loss On Sale Natural Gas Forward Contracts
GainLossOnSaleNaturalGasForwardContracts
2700000
lxu Realized Gain Loss On Natural Gas Forward Contracts Held
RealizedGainLossOnNaturalGasForwardContractsHeld
1500000
CY2020Q3 lxu Gain Loss On Sale Natural Gas Forward Contracts
GainLossOnSaleNaturalGasForwardContracts
500000
lxu Gain Loss On Sale Natural Gas Forward Contracts
GainLossOnSaleNaturalGasForwardContracts
-200000
CY2020Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
1000000.0
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-3300000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2020Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-4000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-4000
CY2021Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-119000
CY2020Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
27000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-581000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
50000
CY2021Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-119000
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
23000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-581000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
46000
CY2021Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
135000
CY2020Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1188000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3079000
CY2021Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
3000
CY2020Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-205000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
396000
CY2021Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
138000
CY2020Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1393000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.15
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000000.0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.07
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 at contract inception, the average remaining expected duration was approximately 12 months
lxu Weighted Average Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
WeightedAverageRevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P12M
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1700000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2500000
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2200000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1500000
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
anti-dilution terms of the Series B and Series D Preferred, the conversion ratio of the Series B Preferred increased to 43.3333 to 1 from 33.3333 to 1 and the Series D Preferred increased to 0.325 to 1 from 0.25 to 1
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
54400000
lxu Percentage Of Common Stock Shares Held
PercentageOfCommonStockSharesHeld
0.60
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-183000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-319000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
20321000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12974000
lxu Extinguishment Of Ppp Loan
ExtinguishmentOfPPPLoan
10000000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
8870000
us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
On September 29, 2021, LSB issued a conditional notice of redemption to redeem all of the Existing Notes (the “Redemption”), conditioned on the closing of the offering of the Notes, which condition was satisfied as of October 14, 2021. Also on October 14, 2021, LSB satisfied and discharged its obligations under the indenture governing the Senior Secured Notes by irrevocably depositing with the trustee for the Senior Secured Notes funds sufficient to redeem the Senior Secured Notes in full and to pay related fees and expenses. The Redemption was completed by the trustee on October 29, 2021.
us-gaap Debt Instrument Redemption Period Start Date
DebtInstrumentRedemptionPeriodStartDate
2021-09-29
us-gaap Debt Instrument Redemption Period End Date
DebtInstrumentRedemptionPeriodEndDate
2021-10-29

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