$MTRN
MATERION Corp

2016 Q4 Form 10-Q Financial Statement

#000110465716000231 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $234.3M $21.55M $15.51M
YoY Change 1411.12% 30.67% -94.62%
Cost Of Revenue $189.2M $198.9M $200.4M
YoY Change -5.57% -11.82% -13.86%
Gross Profit $44.05M $50.76M $43.10M
YoY Change 2.2% -1.11% -22.77%
Gross Profit Margin 18.8% 235.5% 277.91%
Selling, General & Admin $31.90M $34.18M $29.05M
YoY Change 9.81% -1.21% -19.08%
% of Gross Profit 72.43% 67.34% 67.41%
Research & Development $2.900M $3.237M $2.501M
YoY Change 15.95% -9.73% -26.44%
% of Gross Profit 6.58% 6.38% 5.8%
Depreciation & Amortization $11.30M $12.20M $8.400M
YoY Change 34.52% 48.78% -47.17%
% of Gross Profit 25.66% 24.04% 19.49%
Operating Expenses $36.70M $37.41M $31.55M
YoY Change 16.32% -2.01% -27.13%
Operating Profit $7.345M $10.15M $10.86M
YoY Change -32.37% -22.58% -13.11%
Interest Expense -$900.0K $490.0K $586.0K
YoY Change -253.58% -24.62% -41.4%
% of Operating Profit -12.25% 4.83% 5.4%
Other Income/Expense, Net -$1.800M
YoY Change
Pretax Income $3.300M $9.661M $10.28M
YoY Change -67.88% -22.47% -25.0%
Income Tax -$3.500M $1.616M $2.883M
% Of Pretax Income -106.06% 16.73% 28.06%
Net Earnings $6.778M $8.045M $6.715M
YoY Change 0.94% -11.27% -45.41%
Net Earnings / Revenue 2.89% 37.33% 43.3%
Basic Earnings Per Share $0.34 $0.40 $0.34
Diluted Earnings Per Share $0.33 $0.40 $0.33
COMMON SHARES
Basic Shares Outstanding 19.94M shares 19.96M shares 20.09M shares
Diluted Shares Outstanding 20.19M shares 20.38M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.50M $21.00M $24.80M
YoY Change 27.02% 1.94% 87.88%
Cash & Equivalents $31.46M $15.81M $24.24M
Short-Term Investments
Other Short-Term Assets $12.10M $13.70M $28.80M
YoY Change -57.99% -58.23% 1.41%
Inventory $200.9M $210.2M $211.8M
Prepaid Expenses
Receivables $100.8M $118.8M $97.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $345.3M $358.7M $346.1M
YoY Change -0.23% -10.28% -10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $252.6M $260.4M $263.6M
YoY Change -4.17% 2.4% 6.48%
Goodwill $86.95M $86.73M $86.73M
YoY Change 0.26% 0.0% 0.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.950M $4.925M $6.716M
YoY Change -11.41% -1.2% 40.47%
Total Long-Term Assets $396.0M $389.4M $396.2M
YoY Change -0.05% 2.63% 5.59%
TOTAL ASSETS
Total Short-Term Assets $345.3M $358.7M $346.1M
Total Long-Term Assets $396.0M $389.4M $396.2M
Total Assets $741.3M $748.1M $742.3M
YoY Change -0.13% -4.0% -2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.53M $32.94M $31.89M
YoY Change 2.02% 4.55% -12.01%
Accrued Expenses $19.95M $24.28M $20.73M
YoY Change -3.79% -50.14% -7.44%
Deferred Revenue
YoY Change
Short-Term Debt $733.0K $12.80M $8.990M
YoY Change -91.85% 273.59% 1276.72%
Long-Term Debt Due $733.0K $14.80M $8.998M
YoY Change -91.85% 335.29% 1277.95%
Total Short-Term Liabilities $90.38M $98.66M $96.48M
YoY Change -6.32% 4.85% -7.29%
LONG-TERM LIABILITIES
Long-Term Debt $3.605M $3.776M $4.276M
YoY Change -15.69% -90.84% -81.89%
Other Long-Term Liabilities $17.98M $17.89M $18.44M
YoY Change -2.47% -0.92% 1.27%
Total Long-Term Liabilities $21.58M $21.67M $22.71M
YoY Change -4.96% -63.44% -45.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.38M $98.66M $96.48M
Total Long-Term Liabilities $21.58M $21.67M $22.71M
Total Liabilities $112.0M $120.3M $119.2M
YoY Change -6.06% -21.54% -18.3%
SHAREHOLDERS EQUITY
Retained Earnings $517.9M $513.0M $499.7M
YoY Change 3.65% 4.43% 5.27%
Common Stock $212.7M $212.2M $209.0M
YoY Change 1.79% 4.45% 2.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $154.4M $153.9M $148.6M
YoY Change 3.93% 6.74% 5.41%
Treasury Stock Shares 7.200M shares 7.142M shares
Shareholders Equity $494.1M $500.0M $483.0M
YoY Change
Total Liabilities & Shareholders Equity $741.3M $748.1M $742.3M
YoY Change -0.13% -4.0% -2.63%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $6.778M $8.045M $6.715M
YoY Change 0.94% -11.27% -45.41%
Depreciation, Depletion And Amortization $11.30M $12.20M $8.400M
YoY Change 34.52% 48.78% -47.17%
Cash From Operating Activities $41.00M $25.70M $23.80M
YoY Change 72.27% 2.39% -39.44%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$8.600M -$7.500M
YoY Change -5.33% -8.51% -21.05%
Acquisitions
YoY Change
Other Investing Activities -$2.600M -$3.000M -$6.800M
YoY Change -61.76% -53.12% 1033.33%
Cash From Investing Activities -$9.800M -$11.60M -$14.40M
YoY Change -31.94% -26.11% 42.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.50M -12.00M -4.800M
YoY Change 202.08% 10.09% -86.01%
NET CHANGE
Cash From Operating Activities 41.00M 25.70M 23.80M
Cash From Investing Activities -9.800M -11.60M -14.40M
Cash From Financing Activities -14.50M -12.00M -4.800M
Net Change In Cash 16.70M 2.100M 4.600M
YoY Change 263.04% -240.0% -190.2%
FREE CASH FLOW
Cash From Operating Activities $41.00M $25.70M $23.80M
Capital Expenditures -$7.100M -$8.600M -$7.500M
Free Cash Flow $48.10M $34.30M $31.30M
YoY Change 53.67% -0.58% -35.86%

Facts In Submission

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dei Entity Registrant Name
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MATERION Corp
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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 that was outstanding at the end of the second quarter of 2016 was settled during the third quarter of 2016. The settlement of this case has been fully reflected in the Company's financial statements and is not material to the Company's consolidated financial statements. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> CBD case that had been on appeal was remanded to the trial court and was outstanding as of the end of the third quarter of </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">. The Company does not expect the resolution of this matter 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:30px;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;">$6.0 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 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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