2019 Q4 Form 10-Q Financial Statement

#000008943919000126 Filed on October 23, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $543.8M $608.6M $559.1M
YoY Change -2.73% -5.78% 6.79%
Cost Of Revenue $453.3M $510.8M $483.8M
YoY Change -6.3% -9.91% 8.26%
Gross Profit $94.36M $97.81M $85.13M
YoY Change 10.84% 23.81% 27.24%
Gross Profit Margin 17.35% 16.07% 15.23%
Selling, General & Admin $40.00M $40.74M $34.60M
YoY Change 15.61% 4.76% -4.16%
% of Gross Profit 42.39% 41.65% 40.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.60M $10.82M $10.30M
YoY Change 2.91% 1.92% 21.18%
% of Gross Profit 11.23% 11.06% 12.1%
Operating Expenses $51.00M $40.74M $45.00M
YoY Change 13.33% 4.76% 0.45%
Operating Profit $43.36M $46.25M $40.13M
YoY Change 8.04% 37.36% 81.54%
Interest Expense -$1.600M $6.148M $3.300M
YoY Change -148.48% -8.86% -122.0%
% of Operating Profit -3.69% 13.29% 8.22%
Other Income/Expense, Net -$500.0K $533.0K $1.100M
YoY Change -145.45% 29.68% -122.45%
Pretax Income $38.40M $40.64M $34.60M
YoY Change 10.98% 48.66% 217.43%
Income Tax $7.600M $7.665M $7.800M
% Of Pretax Income 19.79% 18.86% 22.54%
Net Earnings $28.17M $29.09M $26.86M
YoY Change 4.89% 43.37% 369.53%
Net Earnings / Revenue 5.18% 4.78% 4.8%
Basic Earnings Per Share $0.50 $0.52 $0.47
Diluted Earnings Per Share $0.50 $0.52 $0.47
COMMON SHARES
Basic Shares Outstanding 56.95M shares 55.83M shares 57.67M shares
Diluted Shares Outstanding 56.31M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.90M $100.3M $72.60M
YoY Change 34.85% -4.2% -39.65%
Cash & Equivalents $97.94M $100.3M $72.62M
Short-Term Investments
Other Short-Term Assets $33.78M $33.24M $26.79M
YoY Change 26.08% -4.59% -41.95%
Inventory $292.1M $277.6M $329.8M
Prepaid Expenses
Receivables $269.9M $319.6M $273.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $693.8M $730.7M $702.6M
YoY Change -1.26% -4.01% -4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $363.1M $361.3M $370.6M
YoY Change -2.02% 0.18% 21.79%
Goodwill $153.3M $152.4M $150.3M
YoY Change 1.96% 1.35% 15.38%
Intangibles $60.08M $60.61M $61.97M
YoY Change -3.05% -6.45% 47.52%
Long-Term Investments $48.40M $46.40M $58.00M
YoY Change -16.55% -20.14% -24.08%
Other Assets $25.40M $25.47M $25.95M
YoY Change -2.13% -4.38% -7.33%
Total Long-Term Assets $677.2M $672.1M $666.9M
YoY Change 1.53% 1.74% 14.78%
TOTAL ASSETS
Total Short-Term Assets $693.8M $730.7M $702.6M
Total Long-Term Assets $677.2M $672.1M $666.9M
Total Assets $1.371B $1.403B $1.370B
YoY Change 0.1% -1.33% 3.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.64M $102.1M $103.8M
YoY Change -17.45% -15.92% 1.22%
Accrued Expenses $46.90M $42.10M $38.50M
YoY Change 21.82% 11.67% 14.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.530M $7.400M $7.100M
YoY Change 6.06% -20.43% -56.97%
Total Short-Term Liabilities $234.3M $246.8M $232.8M
YoY Change 0.64% 1.02% -3.9%
LONG-TERM LIABILITIES
Long-Term Debt $378.7M $434.1M $489.6M
YoY Change -22.65% -14.89% 9.14%
Other Long-Term Liabilities $10.13M $10.17M $18.21M
YoY Change -44.37% -45.12% -15.24%
Total Long-Term Liabilities $388.9M $444.3M $507.8M
YoY Change -23.42% -15.95% 8.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.3M $246.8M $232.8M
Total Long-Term Liabilities $388.9M $444.3M $507.8M
Total Liabilities $708.8M $778.2M $806.3M
YoY Change -12.09% -7.18% 2.82%
SHAREHOLDERS EQUITY
Retained Earnings $903.1M $880.5M $824.7M
YoY Change 9.5% 9.57% 10.93%
Common Stock $802.0K $802.0K $802.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $470.2M $470.1M $474.2M
YoY Change -0.84% 5.1% 6.4%
Treasury Stock Shares 6.200M shares 6.100M shares
Shareholders Equity $643.5M $607.6M $548.4M
YoY Change
Total Liabilities & Shareholders Equity $1.371B $1.403B $1.370B
YoY Change 0.1% -1.33% 3.74%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $28.17M $29.09M $26.86M
YoY Change 4.89% 43.37% 369.53%
Depreciation, Depletion And Amortization $10.60M $10.82M $10.30M
YoY Change 2.91% 1.92% 21.18%
Cash From Operating Activities $68.60M $67.90M $45.40M
YoY Change 51.1% -21.32% -577.89%
INVESTING ACTIVITIES
Capital Expenditures -$11.00M -$7.200M -$21.80M
YoY Change -49.54% 24.14% -24.31%
Acquisitions
YoY Change
Other Investing Activities -$2.100M -$500.0K $1.000M
YoY Change -310.0% -99.66% 66.67%
Cash From Investing Activities -$13.20M -$7.600M -$20.80M
YoY Change -36.54% -95.06% -26.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.00M -50.30M -55.00M
YoY Change 12.73% -53.38% -198.92%
NET CHANGE
Cash From Operating Activities 68.60M 67.90M 45.40M
Cash From Investing Activities -13.20M -7.600M -20.80M
Cash From Financing Activities -62.00M -50.30M -55.00M
Net Change In Cash -6.600M 10.00M -30.40M
YoY Change -78.29% -105.7% -270.79%
FREE CASH FLOW
Cash From Operating Activities $68.60M $67.90M $45.40M
Capital Expenditures -$11.00M -$7.200M -$21.80M
Free Cash Flow $79.60M $75.10M $67.20M
YoY Change 18.45% -18.46% 248.19%

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6995000 USD
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3600000 USD
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5085000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4373000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2876000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
15688000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35658000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26544000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3832000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
22712000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
222036000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
228214000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
96133000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
114257000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
171642000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
175371000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
55111000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
57216000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
129589000 USD
CY2018Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
131827000 USD
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
362978000 USD
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
382132000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
17006000 USD
CY2018Q3 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
18140000 USD
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
40339000 USD
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
41989000 USD
CY2019Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
-3952000 USD
CY2018Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
-5007000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
-43671000 USD
CY2018Q3 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-700000 USD
CY2018Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
700000 USD
CY2018Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1500000 USD
CY2018Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
500000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.22
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
-22867000 USD
mli Term Of Guarantees
TermOfGuarantees
P1Y
CY2019Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
11900000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.19
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12
CY2019Q3 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsIncomeTaxExpense
1000000.0 USD
CY2019Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
800000 USD
CY2019Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1000000.0 USD
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12
CY2018Q3 us-gaap Tax Cuts And Jobs Act Of2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsAndJobsActOf2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
4300000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.20
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
3300000 USD
us-gaap Tax Cuts And Jobs Act Of2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsAndJobsActOf2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-1600000 USD
us-gaap Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
600000 USD
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
300000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.20
us-gaap Tax Cuts And Jobs Act Of2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsAndJobsActOf2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
4300000 USD
us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-4400000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
3300000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1500000 USD
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
800000 USD
mli Effective Income Tax Rate Reconciliation Global Intangible Low Taxed Income Amount
EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncomeAmount
800000 USD
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1200000 USD

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