2013 Q2 Form 10-Q Financial Statement

#000006948813000011 Filed on August 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $153.6M $181.1M
YoY Change -15.17% 2.16%
Cost Of Revenue $108.6M $133.7M
YoY Change -18.78% 0.73%
Gross Profit $45.01M $47.36M
YoY Change -4.97% 6.45%
Gross Profit Margin 29.3% 26.15%
Selling, General & Admin $32.39M $37.37M
YoY Change -13.34% 4.33%
% of Gross Profit 71.96% 78.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.690M $7.940M
YoY Change -66.12% -9.57%
% of Gross Profit 5.98% 16.76%
Operating Expenses $32.39M $37.37M
YoY Change -13.34% 4.33%
Operating Profit $12.62M $9.992M
YoY Change 26.31% 15.21%
Interest Expense $1.119M $1.054M
YoY Change 6.17% -8.59%
% of Operating Profit 8.87% 10.55%
Other Income/Expense, Net
YoY Change
Pretax Income $11.50M $8.938M
YoY Change 28.69% 18.86%
Income Tax $4.097M $3.280M
% Of Pretax Income 35.62% 36.7%
Net Earnings $8.312M $5.658M
YoY Change 46.91% 21.47%
Net Earnings / Revenue 5.41% 3.12%
Basic Earnings Per Share $0.25 $0.17
Diluted Earnings Per Share $0.25 $0.17
COMMON SHARES
Basic Shares Outstanding 33.56M shares 33.60M shares
Diluted Shares Outstanding 33.88M shares 34.27M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.30M $35.60M
YoY Change -37.36% 415.94%
Cash & Equivalents $22.26M $6.468M
Short-Term Investments
Other Short-Term Assets $12.00M $14.30M
YoY Change -16.08% 8.33%
Inventory $106.1M $107.5M
Prepaid Expenses $9.832M $9.081M
Receivables $108.5M $96.39M
Other Receivables $0.00 $0.00
Total Short-Term Assets $248.9M $253.7M
YoY Change -1.9% 11.14%
LONG-TERM ASSETS
Property, Plant & Equipment $142.3M $133.4M
YoY Change 6.64% -6.26%
Goodwill $60.29M $44.69M
YoY Change 34.9%
Intangibles $23.38M $15.93M
YoY Change 46.72%
Long-Term Investments
YoY Change
Other Assets $8.138M $7.434M
YoY Change 9.47% 7.74%
Total Long-Term Assets $91.80M $68.06M
YoY Change 34.89% -67.28%
TOTAL ASSETS
Total Short-Term Assets $248.9M $253.7M
Total Long-Term Assets $91.80M $68.06M
Total Assets $483.0M $455.2M
YoY Change 6.1% 4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.72M $58.89M
YoY Change 9.9% 10.48%
Accrued Expenses $19.10M $16.40M
YoY Change 16.46% -21.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $305.0K
YoY Change 1.67%
Total Short-Term Liabilities $104.1M $92.03M
YoY Change 13.1% -3.43%
LONG-TERM LIABILITIES
Long-Term Debt $95.99M $101.8M
YoY Change -5.73% 12.63%
Other Long-Term Liabilities $17.91M $15.13M
YoY Change 18.39% 125.81%
Total Long-Term Liabilities $113.9M $116.9M
YoY Change -2.61% 20.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.1M $92.03M
Total Long-Term Liabilities $113.9M $116.9M
Total Liabilities $218.0M $209.0M
YoY Change 4.31% -3.87%
SHAREHOLDERS EQUITY
Retained Earnings -$57.30M -$76.12M
YoY Change -24.73%
Common Stock $287.6M $289.7M
YoY Change -0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 4.171M shares 4.085M shares
Shareholders Equity $235.0M $222.3M
YoY Change
Total Liabilities & Shareholders Equity $483.0M $455.2M
YoY Change 6.1% 4.33%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $8.312M $5.658M
YoY Change 46.91% 21.47%
Depreciation, Depletion And Amortization $2.690M $7.940M
YoY Change -66.12% -9.57%
Cash From Operating Activities $36.64M $14.33M
YoY Change 155.69% 56.44%
INVESTING ACTIVITIES
Capital Expenditures -$2.790M -$5.250M
YoY Change -46.86% 62.54%
Acquisitions
YoY Change
Other Investing Activities -$3.630M $330.0K
YoY Change -1200.0% -3400.0%
Cash From Investing Activities -$6.420M -$4.920M
YoY Change 30.49% 51.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.07M 21.88M
YoY Change -150.59% -455.19%
NET CHANGE
Cash From Operating Activities 36.64M 14.33M
Cash From Investing Activities -6.420M -4.920M
Cash From Financing Activities -11.07M 21.88M
Net Change In Cash 19.15M 31.29M
YoY Change -38.8% -13137.5%
FREE CASH FLOW
Cash From Operating Activities $36.64M $14.33M
Capital Expenditures -$2.790M -$5.250M
Free Cash Flow $39.43M $19.58M
YoY Change 101.38% 58.03%

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CY2013Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20295000 USD
CY2012Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
19239000 USD
CY2012Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17865000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17911000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3982000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4967000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3019000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
600000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8386000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10216000 USD
CY2013Q2 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.20
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q2 us-gaap Preferred Stock Shares Issued
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CY2013Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
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CY2012Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9033000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3262000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2822000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
3173000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
28374000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1805000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
510564000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
507285000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
142255000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
150483000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
496000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
305000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1476000 USD
us-gaap Restructuring Charges
RestructuringCharges
1053000 USD
CY2012Q2 us-gaap Restructuring Charges
RestructuringCharges
498000 USD
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
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CY2013Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2012Q2 us-gaap Restructuring Reserve
RestructuringReserve
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CY2011Q4 us-gaap Restructuring Reserve
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CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
318000 USD
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
1476000 USD
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
1053000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57300000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q2 us-gaap Revenues
Revenues
204024000 USD
CY2012Q2 us-gaap Revenues
Revenues
181101000 USD
us-gaap Revenues
Revenues
379890000 USD
us-gaap Revenues
Revenues
419004000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
181101000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
379890000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
419004000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
87724000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
78253000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42650000 USD
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37372000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1532000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1556000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0240
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0186
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1270189 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.74
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1300000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
800000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
140020 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
323400 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.39
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1919021 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1795509 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.63
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.24
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.44
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.77
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y2M24D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y4M7D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
306892 shares
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
230022000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
235020000 USD
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
4170559 shares
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
4356160 shares
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
700000 USD
CY2012Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
500000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1200000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33897962 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34272693 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34121486 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33877952 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33595637 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33559398 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33525444 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33529004 shares
mye Business Acquisition Pro Forma Cost Of Sales
BusinessAcquisitionProFormaCostOfSales
293734000 USD
CY2012Q2 mye Business Acquisition Pro Forma Cost Of Sales
BusinessAcquisitionProFormaCostOfSales
143257000 USD
mye Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
113215000 USD
CY2012Q2 mye Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
51108000 USD
mye Business Acquisition Pro Forma Income Loss From Continuing Operations
BusinessAcquisitionProFormaIncomeLossFromContinuingOperations
24903000 USD
CY2012Q2 mye Business Acquisition Pro Forma Income Loss From Continuing Operations
BusinessAcquisitionProFormaIncomeLossFromContinuingOperations
8330000 USD
CY2012Q2 mye Business Acquisition Pro Forma Income Tax Expense Benefit
BusinessAcquisitionProFormaIncomeTaxExpenseBenefit
3049000 USD
mye Business Acquisition Pro Forma Income Tax Expense Benefit
BusinessAcquisitionProFormaIncomeTaxExpenseBenefit
9304000 USD
CY2012Q2 mye Business Acquisition Pro Forma Interest Expense Net
BusinessAcquisitionProFormaInterestExpenseNet
2866000 USD
mye Business Acquisition Pro Forma Interest Expense Net
BusinessAcquisitionProFormaInterestExpenseNet
5081000 USD
mye Business Acquisition Pro Forma Operating Income
BusinessAcquisitionProFormaOperatingIncome
29984000 USD
CY2012Q2 mye Business Acquisition Pro Forma Operating Income
BusinessAcquisitionProFormaOperatingIncome
11196000 USD
mye Business Acquisition Pro Forma Selling General And Administrative Expense
BusinessAcquisitionProFormaSellingGeneralAndAdministrativeExpense
83231000 USD
CY2012Q2 mye Business Acquisition Pro Forma Selling General And Administrative Expense
BusinessAcquisitionProFormaSellingGeneralAndAdministrativeExpense
39912000 USD
CY2013Q2 mye Restructuring Charges Number Of Facilities Sold
RestructuringChargesNumberOfFacilitiesSold
2 facility
mye Restructuring Reserve Payments
RestructuringReservePayments
1183000 USD
mye Restructuring Reserve Payments
RestructuringReservePayments
1794000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000069488
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
33635816 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MYERS INDUSTRIES INC

Files In Submission

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