$NL
NL INDUSTRIES INC

2017 Q2 Form 10-Q Financial Statement

#000156459017016120 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $30.00M $26.30M $27.10M
YoY Change 10.7% 2.33% -6.23%
Cost Of Revenue $20.49M $17.30M $18.62M
YoY Change 10.06% -4.42% -5.75%
Gross Profit $9.500M $9.100M $8.500M
YoY Change 11.76% 19.74% -6.59%
Gross Profit Margin 31.67% 34.6% 31.37%
Selling, General & Admin $6.900M $7.200M $4.769M
YoY Change 44.68% -4.0% -1.75%
% of Gross Profit 72.63% 79.12% 56.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $1.000M $1.000M
YoY Change 0.0% 11.11% 11.11%
% of Gross Profit 10.53% 10.99% 11.76%
Operating Expenses $6.900M $7.100M $4.769M
YoY Change 44.68% -5.33% -1.75%
Operating Profit $2.600M $2.000M $621.0K
YoY Change 318.68% 1900.0% -156.45%
Interest Expense $7.000K $7.600M $900.0K
YoY Change -99.22% -228.81% -101.86%
% of Operating Profit 0.27% 380.0% 144.93%
Other Income/Expense, Net
YoY Change
Pretax Income $61.88M $8.200M $1.495M
YoY Change 4038.86% -196.47% -103.03%
Income Tax $20.30M -$1.700M $330.0K
% Of Pretax Income 32.81% -20.73% 22.07%
Net Earnings $41.20M $9.600M $800.0K
YoY Change 5050.0% -271.43% -102.74%
Net Earnings / Revenue 137.33% 36.5% 2.95%
Basic Earnings Per Share
Diluted Earnings Per Share $846.0K $197.1K $16.43K
COMMON SHARES
Basic Shares Outstanding 48.71M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.10M $93.20M $102.1M
YoY Change -11.75% -3.42% 22.72%
Cash & Equivalents $94.55M $93.16M $106.7M
Short-Term Investments
Other Short-Term Assets $4.100M $4.800M $5.000M
YoY Change -18.0% 14.29% -43.82%
Inventory $15.30M $15.00M $14.10M
Prepaid Expenses
Receivables $12.20M $10.30M $12.40M
Other Receivables $200.0K $300.0K $300.0K
Total Short-Term Assets $121.9M $123.5M $133.8M
YoY Change -8.93% -1.01% 9.17%
LONG-TERM ASSETS
Property, Plant & Equipment $33.30M $33.60M $33.80M
YoY Change -1.48% -1.48% 0.6%
Goodwill $27.16M
YoY Change
Intangibles
YoY Change
Long-Term Investments $271.3M $197.5M $133.0M
YoY Change 103.98% 40.37% -46.65%
Other Assets $3.500M $3.300M $3.578M
YoY Change -2.18% -0.93% 55.57%
Total Long-Term Assets $335.2M $261.5M $220.2M
YoY Change 52.26% 16.45% -29.53%
TOTAL ASSETS
Total Short-Term Assets $121.9M $123.5M $133.8M
Total Long-Term Assets $335.2M $261.5M $220.2M
Total Assets $457.1M $385.0M $354.0M
YoY Change 29.12% 10.21% -18.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $5.026M $4.400M
YoY Change 4.55% 10.29% -54.17%
Accrued Expenses $19.80M $10.62M $17.70M
YoY Change 11.86% 0.63% 28.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.90M $30.74M $24.23M
YoY Change 11.01% 28.05% -3.46%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $500.0K $0.00
YoY Change
Other Long-Term Liabilities $134.3M $13.54M $13.60M
YoY Change 887.79% -0.69% -89.8%
Total Long-Term Liabilities $134.8M $160.0M $160.8M
YoY Change -16.19% -0.05% 20.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.90M $30.74M $24.23M
Total Long-Term Liabilities $134.8M $160.0M $160.8M
Total Liabilities $228.2M $190.7M $185.1M
YoY Change 23.3% 3.61% -21.04%
SHAREHOLDERS EQUITY
Retained Earnings $104.0M $87.06M
YoY Change 17.28%
Common Stock $306.8M $306.8M
YoY Change 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $228.9M $177.9M $153.1M
YoY Change
Total Liabilities & Shareholders Equity $457.1M $385.0M $354.0M
YoY Change 29.13% 10.21% -18.63%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $41.20M $9.600M $800.0K
YoY Change 5050.0% -271.43% -102.74%
Depreciation, Depletion And Amortization $1.000M $1.000M $1.000M
YoY Change 0.0% 11.11% 11.11%
Cash From Operating Activities $8.200M $9.800M $7.100M
YoY Change 15.49% 0.0% -39.83%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$800.0K -$500.0K
YoY Change 100.0% -52.94% -58.33%
Acquisitions
YoY Change
Other Investing Activities -$10.50M -$16.60M $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.50M -$17.50M -$500.0K
YoY Change 2200.0% 929.41% -72.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 400.0K -100.0K
YoY Change 0.0% -500.0% 0.0%
NET CHANGE
Cash From Operating Activities 8.200M 9.800M 7.100M
Cash From Investing Activities -11.50M -17.50M -500.0K
Cash From Financing Activities -100.0K 400.0K -100.0K
Net Change In Cash -3.400M -7.300M 6.500M
YoY Change -152.31% -191.25% -34.34%
FREE CASH FLOW
Cash From Operating Activities $8.200M $9.800M $7.100M
Capital Expenditures -$1.000M -$800.0K -$500.0K
Free Cash Flow $9.200M $10.60M $7.600M
YoY Change 21.05% -7.83% -41.54%

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<div> <p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 15 &#8211; Recent accounting pronouncements not yet adopted: </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font>.&#160; This standard replaces existing revenue recognition guidance, which in many cases was tailored for specific industries, with a uniform accounting standard applicable to all industries and transactions.&#160; The new standard, as amended, is currently effective for us beginning with the first quarter of 2018.&#160; Entities may elect to adopt ASU No. 2014-09 retrospectively for all periods for all contracts and transactions which occurred during the period (with a few exceptions for practical expediency) or retrospectively with a cumulative effect recognized as of the date of adoption.&#160; ASU No. 2014-09 is a fundamental rewriting of existing GAAP with respect to revenue recognition, and we are still evaluating the effect the Standard will have on our Consolidated Financial Statements.&#160; We currently expect to adopt the standard in the first quarter of 2018 using the modified retrospective approach to adoption.&nbsp;&nbsp;Our sales generally involve single performance obligations to ship goods pursuant to customer purchase orders without further underlying contracts, and as such, we expect adoption of this standard will have a minimal effect on our revenues.&nbsp;&nbsp;We are in the process of evaluating the additional disclosure requirements.&nbsp;&nbsp; </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2016, the FASB issued ASU 2016-01, <font style="font-style:italic;">Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities</font>, which addresses certain aspects related to the recognition, measurement, presentation and disclosure of financial instruments.&#160; The ASU requires equity investments (except for those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to generally be measured at fair value with changes in fair value recognized in net income.&#160; The amendment also requires a number of other changes, &#160;including among others: simplifying the impairment assessment for equity instruments without readily determinable fair values; eliminating the requirement for public business entities to disclose method and assumptions used to determine fair value for financial instruments measured at amortized cost; requiring an exit price notion when measuring the fair value of financial instruments for disclosure purposes; and requiring separate presentation of financial assets and liabilities by measurement category and form of asset.&#160; The changes indicated above will be effective for us beginning in the first quarter of 2018, with prospective application required, and early adoption is not permitted.&#160; The most significant aspect of adopting this ASU will be the requirement to recognize changes in fair value of our available-for-sale marketable equity securities in net income (currently changes in fair value of such securities are recognized in other comprehensive income).</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02, <font style="font-style:italic;">Leases (Topic 842)</font>, which is a comprehensive rewriting of the lease accounting guidance which aims to increase comparability and transparency with regard to lease transactions.&#160;&#160; The primary change will be the recognition of lease assets for the right-of-use of the underlying asset and lease liabilities for the obligation to make payments by lessees on the balance sheet for leases currently classified as operating leases.&#160;&#160; The ASU also requires increased qualitative disclosure about leases in addition to quantitative disclosures currently required.&#160; Companies are required to use a modified retrospective approach to adoption with a practical expedient which will allow companies to continue to account for existing leases under the prior guidance unless a lease is modified, other than the requirement to recognize the right-of-use asset and lease liability for all operating leases.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in the first quarter of 2019, with early adoption permitted.&nbsp;&nbsp;We are in the process of assessing all of our current leases.&nbsp;&nbsp;We have not yet evaluated the effect this ASU will have on our Consolidated Financial Statements, but given the insignificant amount of our future minimum payments under non-cancellable operating leases at December 31, 2016 discussed in Note 17 to our 2016 Annual Report, we do not expect the adoption of this standard to have a material effect on our Consolidated Balance Sheets.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2017, the FASB issued ASU 2017-04, <font style="font-style:italic;">Intangibles</font>&#8212;&#160;<font style="font-style:italic;">Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment</font>, which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test.&nbsp;&nbsp;Previously, Step 2 measured a goodwill impairment loss by comparing the implied fair value of a reporting unit&#8217;s goodwill with the carrying amount of that goodwill.&nbsp;&nbsp;Instead, under the new ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and a goodwill impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value.&nbsp;&nbsp;In no circumstances would the loss recognized exceed the total amount of goodwill allocated to that reporting unit.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in 2020 (our annual impairment tests are completed in the third quarter), with prospective application required, and early adoption is permitted.&nbsp;&nbsp;We do not believe the application of ASU 2017-04 will have a material effect on our Condensed Consolidated Financial Statements, and we plan to early adopt this ASU beginning with our current year goodwill impairment tests.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2017, the FASB issued ASU 2017-07, <font style="font-style:italic;">Compensation&#8212;&#160;Retirement Benefits (Topic 715)&nbsp;&nbsp;Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font>, which requires that the service cost component of net periodic defined benefit pension and OPEB cost be reported in the same line item as other compensation costs for applicable employees incurred during the period.&nbsp;&nbsp;Other components of such net benefit cost are required to be presented in the income statement separately from the service cost component, and below income from operations (if such a subtotal is presented).&nbsp;&nbsp;These other net benefit cost components must be disclosed either on the face of the financial statements or in the notes to the financial statements.&nbsp;&nbsp;In addition only the service cost component is eligible for capitalization in assets where applicable (inventory or internally constructed fixed assets for example).&nbsp;&nbsp;The amendments in ASU 2017-06 are effective for us beginning with in the first quarter of 2018, early adoption as of the beginning of an annual period is permitted, retrospective presentation is required for the income statement presentation of the service cost component and other components of net benefit cost, and prospective application is required for the capitalization in assets of the service cost component of net benefit cost.&nbsp;&nbsp;We expect to adopt this ASU in the first quarter of 2018.&nbsp;&nbsp;Our net benefit cost for both defined benefit pension plans and OPEB plans does not include any service cost component, none of such net benefit costs are capitalized in assets, we present a subtotal for income from operations and our net benefit cost is currently included in the determination of income from operations.&nbsp;&nbsp;Accordingly, adoption of this standard will change the determination of the amount we report as income from operations.&nbsp;&nbsp;As disclosed in Note 11 to our 2016 Annual Report, our total net periodic defined benefit pension costs were $865,000 in 2016, and our net periodic OPEB cost was a credit of $597,000 during 2016.</p></div>
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Files In Submission

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