$MEC
Mayville Engineering Company, Inc.

2019 Q1 Form 10-Q Financial Statement

#000119312519175022 Filed on June 18, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $143.7M $91.43M $87.22M
YoY Change 64.79%
Cost Of Revenue $124.2M $81.04M $75.41M
YoY Change 64.64%
Gross Profit $19.58M $10.40M $11.81M
YoY Change 65.78%
Gross Profit Margin 13.62% 11.37% 13.54%
Selling, General & Admin $10.00M $7.500M $5.500M
YoY Change 81.82%
% of Gross Profit 51.08% 72.14% 46.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.650M $5.600M $4.992M
YoY Change 53.25%
% of Gross Profit 39.07% 53.87% 42.27%
Operating Expenses $12.60M $8.900M $6.500M
YoY Change 93.85%
Operating Profit $6.060M $1.585M $5.364M
YoY Change 12.98%
Interest Expense $2.832M $1.274M $906.0K
YoY Change 212.58%
% of Operating Profit 46.73% 80.38% 16.89%
Other Income/Expense, Net $7.000K $8.000K
YoY Change -12.5%
Pretax Income $3.228M $85.00K $4.458M
YoY Change -27.59%
Income Tax $769.0K -$505.0K $29.00K
% Of Pretax Income 23.82% -594.12% 0.65%
Net Earnings $2.459M $590.0K $4.430M
YoY Change -44.49%
Net Earnings / Revenue 1.71% 0.65% 5.08%
Basic Earnings Per Share
Diluted Earnings Per Share $186.6K $16.39K $223.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change
Cash & Equivalents $28.00K $3.089M $34.00K
Short-Term Investments
Other Short-Term Assets $2.600M
YoY Change
Inventory $53.48M $53.41M
Prepaid Expenses
Receivables $67.80M
Other Receivables $0.00
Total Short-Term Assets $126.5M $112.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $125.6M $123.9M
YoY Change
Goodwill $70.53M $69.44M
YoY Change
Intangibles $80.20M $82.88M
YoY Change
Long-Term Investments
YoY Change
Other Assets $762.0K $814.0K
YoY Change
Total Long-Term Assets $279.0M $279.0M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $126.5M $112.8M
Total Long-Term Assets $279.0M $279.0M
Total Assets $405.5M $391.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.33M $45.99M
YoY Change
Accrued Expenses $11.50M
YoY Change
Deferred Revenue $977.0K
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.55M $8.606M
YoY Change
Total Short-Term Liabilities $87.45M $83.16M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $177.7M
YoY Change
Other Long-Term Liabilities $100.0K $100.0K
YoY Change
Total Long-Term Liabilities $100.0K $100.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $87.45M $83.16M
Total Long-Term Liabilities $100.0K $100.0K
Total Liabilities $300.0M $288.7M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $29.30M $26.84M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $57.66M $57.66M
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $405.5M $391.7M
YoY Change

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $2.459M $590.0K $4.430M
YoY Change -44.49%
Depreciation, Depletion And Amortization $7.650M $5.600M $4.992M
YoY Change 53.25%
Cash From Operating Activities -$1.500M $8.150M $1.673M
YoY Change -189.66%
INVESTING ACTIVITIES
Capital Expenditures $8.151M -$4.550M $2.488M
YoY Change 227.61%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$114.7M $0.00
YoY Change
Cash From Investing Activities -$8.142M -$119.3M -$2.488M
YoY Change 227.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.580M 114.1M 773.0K
YoY Change 751.23%
NET CHANGE
Cash From Operating Activities -1.500M 8.150M 1.673M
Cash From Investing Activities -8.142M -119.3M -2.488M
Cash From Financing Activities 6.580M 114.1M 773.0K
Net Change In Cash -3.061M 3.010M -42.00K
YoY Change 7188.1%
FREE CASH FLOW
Cash From Operating Activities -$1.500M $8.150M $1.673M
Capital Expenditures $8.151M -$4.550M $2.488M
Free Cash Flow -$9.651M $12.70M -$815.0K
YoY Change 1084.17%

Facts In Submission

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CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7776000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8487000
CY2018Q4 us-gaap Inventory Net
InventoryNet
53405000
CY2019Q1 us-gaap Inventory Net
InventoryNet
53480000
CY2019Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
1097000
CY2019Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
82879000
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
80203000
CY2018Q4 us-gaap Inventory Net
InventoryNet
53405000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
272994000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
266399000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
147417000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
142516000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
125577000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
123883000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25552000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
22876000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
76392000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
79068000
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
80203000
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
82879000
CY2019Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
781000
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
825000
CY2019Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
10549000
CY2018Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
8606000
CY2019Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
109669000
CY2018Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
111675000
CY2019Q1 us-gaap Other Long Term Debt
OtherLongTermDebt
120999000
CY2018Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
121106000
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
133806000
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
133806000
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
9.95
CY2018 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
9.95
CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
13443484
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
13443484
CY2019Q1 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2019Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 9. Contingencies </div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 6pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">From time to time, the Company may be involved in various claims and lawsuits, both for and against the Company, arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, in management&#8217;s opinion, either the likelihood of loss is remote, or any reasonably possible loss associated with the resolution of such proceedings is not expected to have a material adverse impact on the consolidated financial statements.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3089000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
76000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34000
CY2019Q1 mec Pro Forma Provison For Income Tax
ProFormaProvisonForIncomeTax
70000
CY2019Q1 mec Tooling In Progress Net
ToolingInProgressNet
2672000
CY2018Q4 mec Tooling In Progress Net
ToolingInProgressNet
2318000
CY2018Q1 mec Pro Forma Provison For Income Tax
ProFormaProvisonForIncomeTax
1130000
CY2018Q1 mec Proforma Net Income
ProformaNetIncome
3300000
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 mec Pro Forma Earnings Per Share Basic And Diluted
ProFormaEarningsPerShareBasicAndDiluted
0.23
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14117317
CY2019Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
1097000
CY2019Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q4 us-gaap Goodwill
Goodwill
69437000
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.26
CY2019Q1 mec Description Of Conditions In Respect Of Long Term Cash Incentives To Eligible Participants
DescriptionOfConditionsInRespectOfLongTermCashIncentivesToEligibleParticipants
The Company's Long-Term Incentive Plan is available for any employee who has been designated to be eligible to participate by the Compensation Committee of the Board of Directors. Annually, the plan provides for long-term cash incentive awards to eligible participants based on the Company's performance over a three-year performance period.
CY2019Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
CY2019Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
CY2019Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
107000
CY2018Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1983000
CY2018Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
128274000
CY2018Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
4496000
CY2018 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
869000
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
Mayville Engineering Company, Inc.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001766368
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
MEC
CY2019Q1 dei Entity Shell Company
EntityShellCompany
false
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2019Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false

Files In Submission

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0001193125-19-175022.txt Edgar Link pending
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