2018 Q2 Form 10-Q Financial Statement

#000156459018020052 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $63.90M $52.05M
YoY Change 22.77% 13.79%
Cost Of Revenue $51.46M $43.00M
YoY Change 19.68% 43.81%
Gross Profit $12.44M $9.404M
YoY Change 32.29% 15.23%
Gross Profit Margin 19.47% 18.07%
Selling, General & Admin $9.008M $8.000M
YoY Change 12.6% -15.79%
% of Gross Profit 72.41% 85.07%
Research & Development $726.0K $600.0K
YoY Change 21.0% -14.29%
% of Gross Profit 5.84% 6.38%
Depreciation & Amortization $1.260M $1.170M
YoY Change 7.69% 80.0%
% of Gross Profit 10.13% 12.44%
Operating Expenses $9.734M $8.700M
YoY Change 11.89% -15.53%
Operating Profit $2.707M $704.0K
YoY Change 284.52% -132.91%
Interest Expense $1.503M -$2.100M
YoY Change -171.57% -41.67%
% of Operating Profit 55.52% -298.3%
Other Income/Expense, Net $0.00 $100.0K
YoY Change -100.0% -83.33%
Pretax Income -$461.0K -$1.526M
YoY Change -69.79% -78.81%
Income Tax $506.0K -$36.00K
% Of Pretax Income
Net Earnings -$1.000M -$2.300M
YoY Change -56.52% 21.05%
Net Earnings / Revenue -1.56% -4.42%
Basic Earnings Per Share -$0.05 -$0.15
Diluted Earnings Per Share -$0.05 -$136.9K
COMMON SHARES
Basic Shares Outstanding 17.73M 16.55M
Diluted Shares Outstanding 17.73M 16.55M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.90M $3.100M
YoY Change 767.74% -68.69%
Cash & Equivalents $20.94M
Short-Term Investments $6.300M
Other Short-Term Assets $2.700M $5.500M
YoY Change -50.91% -32.1%
Inventory $69.20M $71.30M
Prepaid Expenses
Receivables $47.60M $44.00M
Other Receivables $2.900M $2.400M
Total Short-Term Assets $149.2M $126.1M
YoY Change 18.32% -40.57%
LONG-TERM ASSETS
Property, Plant & Equipment $20.90M $22.20M
YoY Change -5.86% -45.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $14.60M
YoY Change -100.0% 156.14%
Other Assets $3.100M $2.100M
YoY Change 47.62% 50.0%
Total Long-Term Assets $95.70M $111.9M
YoY Change -14.48% -42.79%
TOTAL ASSETS
Total Short-Term Assets $149.2M $126.1M
Total Long-Term Assets $95.70M $111.9M
Total Assets $244.9M $238.0M
YoY Change 2.9% -41.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.70M $42.80M
YoY Change 9.11% -30.97%
Accrued Expenses $9.400M $10.50M
YoY Change -10.48% -43.24%
Deferred Revenue
YoY Change
Short-Term Debt $24.30M $30.70M
YoY Change -20.85% -24.01%
Long-Term Debt Due $400.0K $900.0K
YoY Change -55.56% 12.5%
Total Short-Term Liabilities $83.60M $87.30M
YoY Change -4.24% -31.1%
LONG-TERM LIABILITIES
Long-Term Debt $53.60M $71.10M
YoY Change -24.61% -47.14%
Other Long-Term Liabilities $4.800M $4.800M
YoY Change 0.0% -39.24%
Total Long-Term Liabilities $58.40M $75.90M
YoY Change -23.06% -46.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.60M $87.30M
Total Long-Term Liabilities $58.40M $75.90M
Total Liabilities $145.5M $166.6M
YoY Change -12.67% -44.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.30M $71.50M
YoY Change
Total Liabilities & Shareholders Equity $244.9M $238.0M
YoY Change 2.89% -41.64%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.000M -$2.300M
YoY Change -56.52% 21.05%
Depreciation, Depletion And Amortization $1.260M $1.170M
YoY Change 7.69% 80.0%
Cash From Operating Activities -$80.00K $2.480M
YoY Change -103.23% -81.37%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K -$210.0K
YoY Change 61.9% -32.26%
Acquisitions
YoY Change
Other Investing Activities $0.00 $12.85M
YoY Change -100.0% -3088.37%
Cash From Investing Activities -$340.0K $12.64M
YoY Change -102.69% -1763.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.38M -15.35M
YoY Change -226.25% 131.52%
NET CHANGE
Cash From Operating Activities -80.00K 2.480M
Cash From Investing Activities -340.0K 12.64M
Cash From Financing Activities 19.38M -15.35M
Net Change In Cash 18.96M -230.0K
YoY Change -8343.48% -103.89%
FREE CASH FLOW
Cash From Operating Activities -$80.00K $2.480M
Capital Expenditures -$340.0K -$210.0K
Free Cash Flow $260.0K $2.690M
YoY Change -90.33% -80.25%

Facts In Submission

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us-gaap Guarantees Indemnifications And Warranties Policies
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<div> <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;">Guarantees</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has issued partial residual guarantees to financial institutions related to a customer financing of equipment purchased by the customer.&nbsp;&nbsp;The Company must assess the probability of losses if the fair market value is less than the guaranteed residual value. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has issued partially residual guarantees that have maximum exposure of approximately $1.6 million.&nbsp;&nbsp;The Company, however, does not have any reason to believe that any exposure from such a guarantee is either probable or estimable at this time, as such, no liability has been recorded. The Company&#8217;s ability to recover any losses incurred under the guarantees may be affected by economic conditions in used equipment markets at the time of loss.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company records a liability for the estimated fair value of guarantees issued pursuant to ASC 460.&#160; The Company recognizes a loss under a guarantee when its obligation to make payment under the guarantee is probable and the amount of the loss can be estimated.&#160; A loss would be recognized if the Company&#8217;s payment obligation under the guarantee exceeds the value it can expect to recover to offset such payment, primarily through the sale of the equipment underlying the guarantee.</p></div>
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InterestPayableCurrent
414000
CY2018Q2 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
374000
CY2017Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
560000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
697000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2045000
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2182000
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2030000
CY2018Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
123000
CY2018Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1289000
CY2017Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
969000
CY2018Q2 mntx Amount Of Accrual Product And Workmen Compensation Liability
AmountOfAccrualProductAndWorkmenCompensationLiability
326000
CY2017Q4 mntx Amount Of Accrual Product And Workmen Compensation Liability
AmountOfAccrualProductAndWorkmenCompensationLiability
143000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2030000
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1568000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1570000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
703000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1446000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
825000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
15000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
139000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
13000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
10000
CY2018Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2182000
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1595000
CY2018Q2 mntx Number Of Additional Capital Leases
NumberOfAdditionalCapitalLeases
1
CY2018Q2 mntx Additional Capital Lease Obligations
AdditionalCapitalLeaseObligations
8000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
506000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-36000
CY2018Q2 mntx Discrete Income Tax Provision
DiscreteIncomeTaxProvision
22000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.098
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1016000
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
983000
CY2017Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
296000
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
548000
CY2017Q2 mntx Discontinued Operation Income Loss From Discontinued Operation Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationAttributableToParent
136000
mntx Discontinued Operation Income Loss From Discontinued Operation Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationAttributableToParent
274000
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1108000
CY2017Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1107000
CY2017Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.01
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0.02
CY2017Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare
-0.07
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare
-0.07
CY2017Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.01
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.02
CY2017Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare
-0.07
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare
-0.07
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1715737
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1743801
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
70119
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
627000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
8892
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1329364
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
168763
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
30268
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
63727
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
8892
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
7563
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
118849
mntx Workers Compensation Insurance Claims Deductible
WorkersCompensationInsuranceClaimsDeductible
250000
CY2011Q2 mntx Number Of Settlement Agreements
NumberOfSettlementAgreements
2
CY2011Q2 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
2
CY2018Q2 mntx Remaining Obligation To Pay Product Liability Settlement To Plaintiffs
RemainingObligationToPayProductLiabilitySettlementToPlaintiffs
1235000
CY2018Q2 mntx Number Of Installments For Payment Of Product Liability Settlement
NumberOfInstallmentsForPaymentOfProductLiabilitySettlement
13
CY2018Q2 mntx Annual Installment Amount Of Liability Payable
AnnualInstallmentAmountOfLiabilityPayable
95000
us-gaap Loss Contingency Settlement Agreement Date
LossContingencySettlementAgreementDate
May 5, 2011
us-gaap Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
The Company has a remaining obligation under the agreements to pay the plaintiffs an aggregate of $1,330 without interest in 14 annual installments of $95 on or before May 22 of each year.
mntx Estimated Reserve For Product Liability Claims Change In Period
EstimatedReserveForProductLiabilityClaimsChangeInPeriod
P12M
CY2017Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
26000
CY2018Q2 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
475000
CY2017Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
1357000
CY2018Q2 mntx Accounts Payable Receivable Related Parties Net
AccountsPayableReceivableRelatedPartiesNet
475000
CY2017Q4 mntx Accounts Payable Receivable Related Parties Net
AccountsPayableReceivableRelatedPartiesNet
1331000
CY2017Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
10347000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
38357000
CY2017Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
8684000
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
32403000
CY2017Q2 mntx Disposal Group Including Discontinued Operation Research And Development Costs
DisposalGroupIncludingDiscontinuedOperationResearchAndDevelopmentCosts
174000
mntx Disposal Group Including Discontinued Operation Research And Development Costs
DisposalGroupIncludingDiscontinuedOperationResearchAndDevelopmentCosts
694000
CY2017Q2 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
881000
us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
3504000
CY2017Q2 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
278000
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
1156000
CY2017Q2 mntx Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-2000
mntx Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-40000
CY2017Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
328000
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
560000

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