$MTRN
MATERION Corp

2014 Q1 Form 10-Q Financial Statement

#000110465714000079 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $11.32M $1.478M
YoY Change 665.83% -99.58%
Cost Of Revenue $213.5M $250.8M
YoY Change -14.9% -17.55%
Gross Profit $45.46M $48.34M
YoY Change -5.95% -2.18%
Gross Profit Margin 401.64% 3270.57%
Selling, General & Admin $31.26M $32.78M
YoY Change -4.64% 0.39%
% of Gross Profit 68.76% 67.81%
Research & Development $2.787M $3.557M
YoY Change -21.65% 15.04%
% of Gross Profit 6.13% 7.36%
Depreciation & Amortization $9.800M $9.800M
YoY Change 0.0% -18.33%
% of Gross Profit 21.56% 20.27%
Operating Expenses $34.05M $36.34M
YoY Change -6.3% 1.65%
Operating Profit $11.05M $9.522M
YoY Change 16.08% -3.66%
Interest Expense $695.0K $828.0K
YoY Change -16.06% 18.62%
% of Operating Profit 6.29% 8.7%
Other Income/Expense, Net
YoY Change
Pretax Income $10.36M $8.694M
YoY Change 19.14% -5.36%
Income Tax $3.027M $1.909M
% Of Pretax Income 29.22% 21.96%
Net Earnings $7.710M $6.785M
YoY Change 13.63% 10.9%
Net Earnings / Revenue 68.12% 459.07%
Basic Earnings Per Share $0.37 $0.33
Diluted Earnings Per Share $0.37 $0.33
COMMON SHARES
Basic Shares Outstanding 20.60M shares 20.48M shares
Diluted Shares Outstanding 20.96M shares 20.82M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.30M $20.20M
YoY Change -4.46% 33.77%
Cash & Equivalents $19.31M $20.24M
Short-Term Investments
Other Short-Term Assets $47.90M $47.50M
YoY Change 0.84% -5.0%
Inventory $227.0M $201.3M
Prepaid Expenses
Receivables $121.5M $129.8M
Other Receivables $0.00 $91.00K
Total Short-Term Assets $415.8M $399.0M
YoY Change 4.21% 0.86%
LONG-TERM ASSETS
Property, Plant & Equipment $255.0M $273.0M
YoY Change -6.62% 4.09%
Goodwill $88.75M $88.75M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.799M $3.682M
YoY Change 30.34% -82.3%
Total Long-Term Assets $375.6M $413.4M
YoY Change -9.16% 3.17%
TOTAL ASSETS
Total Short-Term Assets $415.8M $399.0M
Total Long-Term Assets $375.6M $413.4M
Total Assets $791.3M $812.4M
YoY Change -2.59% 2.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.40M $25.99M
YoY Change 5.46% -14.52%
Accrued Expenses $46.46M $45.88M
YoY Change 1.26%
Deferred Revenue
YoY Change
Short-Term Debt $41.83M $48.67M
YoY Change -14.04%
Long-Term Debt Due $41.80M $48.70M
YoY Change -14.17% -16.18%
Total Short-Term Liabilities $122.4M $122.3M
YoY Change 0.08% -11.76%
LONG-TERM LIABILITIES
Long-Term Debt $51.11M $64.73M
YoY Change -21.05% 7.35%
Other Long-Term Liabilities $16.05M $16.43M
YoY Change -2.33% -91.09%
Total Long-Term Liabilities $67.15M $81.16M
YoY Change -17.26% -66.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.4M $122.3M
Total Long-Term Liabilities $67.15M $81.16M
Total Liabilities $189.5M $203.5M
YoY Change -6.84% -47.05%
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 $478.9M $421.1M
YoY Change
Total Liabilities & Shareholders Equity $791.3M $812.4M
YoY Change -2.59% 2.02%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $7.710M $6.785M
YoY Change 13.63% 10.9%
Depreciation, Depletion And Amortization $9.800M $9.800M
YoY Change 0.0% -18.33%
Cash From Operating Activities -$23.21M -$4.766M
YoY Change 387.01% -79.25%
INVESTING ACTIVITIES
Capital Expenditures $6.120M $5.781M
YoY Change 5.86% -37.72%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 -$8.000K
YoY Change -100.0% -99.54%
Cash From Investing Activities -$3.191M -$9.647M
YoY Change -66.92% -13.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.466M
YoY Change
Debt Paid & Issued, Net $8.246M $247.0K
YoY Change 3238.46% 0.0%
Cash From Financing Activities $22.76M $18.96M
YoY Change 20.04% -48.79%
NET CHANGE
Cash From Operating Activities -$23.21M -$4.766M
Cash From Investing Activities -$3.191M -$9.647M
Cash From Financing Activities $22.76M $18.96M
Net Change In Cash -$3.642M $4.547M
YoY Change -180.1% 53.67%
FREE CASH FLOW
Cash From Operating Activities -$23.21M -$4.766M
Capital Expenditures $6.120M $5.781M
Free Cash Flow -$29.33M -$10.55M
YoY Change 178.1% -67.3%

Facts In Submission

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CY2014Q1 us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Materion Brush Inc., one of the Company&#8217;s wholly owned subsidiaries, is a defendant from time to time in legal proceedings where the plaintiffs allege they have contracted chronic beryllium disease (CBD) or related ailments as a result of exposure to beryllium. The Company will record a reserve for CBD or other litigation when a loss from either settlement or verdict is probable and estimable. Claims filed by third-party plaintiffs where the alleged exposure occurred prior to December&#160;31, 2007 may be covered by insurance subject to an annual deductible of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;">. Reserves are recorded for asserted claims only and defense costs are expensed as incurred. </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Two</font><font style="font-family:inherit;font-size:10pt;"> CBD cases, which were filed in prior periods, were outstanding as of the end of the first quarter 2014. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No other CBD cases were filed or dismissed during the first quarter 2014. A loss reserve of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> was recorded for these </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> cases as of the end of the first quarter 2014. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. The reserves are established based upon analyses conducted by the Company&#8217;s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. The undiscounted reserve balance was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$4.8 million</font><font style="font-family:inherit;font-size:10pt;"> as of the end of the first quarter 2014 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$4.8 million</font><font style="font-family:inherit;font-size:10pt;"> at December 31, 2013. Environmental projects tend to be long term and the final actual remediation costs may differ from the amounts currently recorded.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Early in the second quarter 2014, the Company reached an agreement with its insurance carrier to settle the outstanding precious metal theft claim for </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;">. The cash was received and the benefit of this settlement will be recorded in the Company's financial statements in the second quarter 2014.</font></div></div>
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CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2013Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2013Q1 us-gaap Selling General And Administrative Expense
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CY2014Q1 us-gaap Selling General And Administrative Expense
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q4 mtrn Accumulated Othercomprehensive Income Loss Tax
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CY2014Q1 mtrn Accumulated Othercomprehensive Income Loss Tax
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CY2013Q1 mtrn Accumulated Othercomprehensive Income Loss Tax
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CY2014Q1 mtrn Depreciation Expenses
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CY2014Q1 mtrn Increase Decrease In Interest And Taxes Payable
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CY2013Q1 mtrn Increase Decrease In Interest And Taxes Payable
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CY2014Q1 mtrn Metal Consignment Fees
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CY2014Q1 mtrn Other Expense Items
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CY2014Q1 mtrn Other Net
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CY2013Q1 mtrn Payments To Develop Mine Sites
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CY2014Q1 mtrn Payments To Develop Mine Sites
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CY2013Q4 mtrn Unearned Income Noncurrent
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CY2014Q1 dei Amendment Flag
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false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-28
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001104657
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20594188 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
MATERION Corp
CY2014Q1 dei Trading Symbol
TradingSymbol
MTRN

Files In Submission

Name View Source Status
0001104657-14-000079-index-headers.html Edgar Link pending
0001104657-14-000079-index.html Edgar Link pending
0001104657-14-000079.txt Edgar Link pending
0001104657-14-000079-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
mtrn-20140328.xml Edgar Link completed
mtrn-20140328.xsd Edgar Link pending
mtrn-20140328_cal.xml Edgar Link unprocessable
mtrn-20140328_def.xml Edgar Link unprocessable
mtrn-20140328_lab.xml Edgar Link unprocessable
mtrn-20140328_pre.xml Edgar Link unprocessable
mtrn-ex101_2014328xq1.htm Edgar Link pending
mtrn-ex11_2014328xq1.htm Edgar Link pending
mtrn-ex311_2014328xq1.htm Edgar Link pending
mtrn-ex312_2014328xq1.htm Edgar Link pending
mtrn-ex32_2014328xq1.htm Edgar Link pending
mtrn-ex95_2014328xq1.htm Edgar Link pending
mtrn2014-3x2810xq.htm Edgar Link pending
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report.css Edgar Link pending
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