$MTRN
MATERION Corp

2015 Q3 Form 10-Q Financial Statement

#000110465716000213 Filed on July 28, 2016

View on sec.gov

Income Statement

Concept 2015 Q3
Revenue $16.49M
YoY Change 5.54%
Cost Of Revenue $225.5M
YoY Change -4.73%
Gross Profit $51.33M
YoY Change -6.41%
Gross Profit Margin 311.19%
Selling, General & Admin $34.59M
YoY Change 0.24%
% of Gross Profit 67.4%
Research & Development $3.586M
YoY Change 10.58%
% of Gross Profit 6.99%
Depreciation & Amortization $8.200M
YoY Change 74.47%
% of Gross Profit 15.98%
Operating Expenses $38.18M
YoY Change 1.13%
Operating Profit $13.11M
YoY Change -26.07%
Interest Expense $650.0K
YoY Change -14.92%
% of Operating Profit 4.96%
Other Income/Expense, Net
YoY Change
Pretax Income $12.46M
YoY Change -26.57%
Income Tax $3.394M
% Of Pretax Income 27.24%
Net Earnings $9.067M
YoY Change -28.29%
Net Earnings / Revenue 54.97%
Basic Earnings Per Share $0.45
Diluted Earnings Per Share $0.44
COMMON SHARES
Basic Shares Outstanding 20.15M shares
Diluted Shares Outstanding 20.50M shares

Balance Sheet

Concept 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.60M
YoY Change 5.1%
Cash & Equivalents $20.63M
Short-Term Investments
Other Short-Term Assets $32.80M
YoY Change 20.59%
Inventory $229.2M
Prepaid Expenses
Receivables $117.2M
Other Receivables $0.00
Total Short-Term Assets $399.8M
YoY Change -0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $254.3M
YoY Change 2.2%
Goodwill $86.73M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.985M
YoY Change 6.22%
Total Long-Term Assets $379.4M
YoY Change 3.73%
TOTAL ASSETS
Total Short-Term Assets $399.8M
Total Long-Term Assets $379.4M
Total Assets $779.3M
YoY Change 1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.51M
YoY Change -2.02%
Accrued Expenses $48.69M
YoY Change -18.26%
Deferred Revenue
YoY Change
Short-Term Debt $3.427M
YoY Change -48.18%
Long-Term Debt Due $3.400M
YoY Change -48.48%
Total Short-Term Liabilities $94.09M
YoY Change -12.49%
LONG-TERM LIABILITIES
Long-Term Debt $41.21M
YoY Change -5.86%
Other Long-Term Liabilities $18.06M
YoY Change 11.57%
Total Long-Term Liabilities $59.27M
YoY Change -1.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.09M
Total Long-Term Liabilities $59.27M
Total Liabilities $153.4M
YoY Change -8.43%
SHAREHOLDERS EQUITY
Retained Earnings $491.3M
YoY Change 5.41%
Common Stock $203.1M
YoY Change 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $144.2M
YoY Change 7.38%
Treasury Stock Shares
Shareholders Equity $471.5M
YoY Change
Total Liabilities & Shareholders Equity $779.3M
YoY Change 1.62%

Cashflow Statement

Concept 2015 Q3
OPERATING ACTIVITIES
Net Income $9.067M
YoY Change -28.29%
Depreciation, Depletion And Amortization $8.200M
YoY Change 74.47%
Cash From Operating Activities $25.10M
YoY Change 11.56%
INVESTING ACTIVITIES
Capital Expenditures -$9.400M
YoY Change 36.23%
Acquisitions
YoY Change
Other Investing Activities -$6.400M
YoY Change 2033.33%
Cash From Investing Activities -$15.70M
YoY Change 118.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.90M
YoY Change -19.26%
NET CHANGE
Cash From Operating Activities 25.10M
Cash From Investing Activities -15.70M
Cash From Financing Activities -10.90M
Net Change In Cash -1.500M
YoY Change -183.33%
FREE CASH FLOW
Cash From Operating Activities $25.10M
Capital Expenditures -$9.400M
Free Cash Flow $34.50M
YoY Change 17.35%

Facts In Submission

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dei Entity Registrant Name
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MATERION Corp
dei Trading Symbol
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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:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Materion Brush Inc., one of the Company's wholly-owned subsidiaries, is a defendant from time to time in 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 may be covered by insurance subject to deductibles which vary based on when the exposure occurred. Reserves are recorded for asserted claims only, and defense costs are expensed as incurred. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> CBD case remains outstanding and </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> case is on appeal as of the end of the </font><font style="font-family:inherit;font-size:10pt;">second</font><font style="font-family:inherit;font-size:10pt;"> quarter of </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, and the Company does not expect the resolution of these matters to have a material impact on the consolidated financial statements.</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. </font><font style="font-family:inherit;font-size:10pt;">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.</font><font style="font-family:inherit;font-size:10pt;"> The undiscounted reserve balance was </font><font style="font-family:inherit;font-size:10pt;">$6.1 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">July&#160;1, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$5.7 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">. Environmental projects tend to be long term, and the final actual remediation costs may differ from the amounts currently recorded.</font></div></div>

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