$NNBR
NN INC

2016 Q1 Form 10-Q Financial Statement

#000119312516578995 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $212.2M $183.9M $163.7M
YoY Change 29.61% 19.57% 59.71%
Cost Of Revenue $159.8M -$57.60M $129.3M
YoY Change 23.54% -148.04% 61.08%
Gross Profit $52.47M -$20.40M $34.43M
YoY Change 52.41% -160.18% 54.77%
Gross Profit Margin 24.72% -11.1% 21.03%
Selling, General & Admin $20.80M -$3.000M $12.00M
YoY Change 73.34% -121.43% 19.65%
% of Gross Profit 39.64% 34.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.35M $7.270M $8.494M
YoY Change 104.24% -12.73% 119.09%
% of Gross Profit 33.06% 24.67%
Operating Expenses $20.80M $36.40M $12.00M
YoY Change 73.34% 63.23% 19.65%
Operating Profit $11.78M -$10.85M $13.93M
YoY Change -15.43% -226.73% 67.11%
Interest Expense $16.42M -$13.00M $5.938M
YoY Change 176.56% 132.14% 952.84%
% of Operating Profit 139.36% 42.62%
Other Income/Expense, Net $1.129M $1.500M -$1.400M
YoY Change -180.64% -400.0% 1586.75%
Pretax Income -$3.509M -$68.30M $6.596M
YoY Change -153.2% -2726.92% -14.24%
Income Tax -$751.0K -$23.90M $1.456M
% Of Pretax Income 22.07%
Net Earnings -$1.299M -$25.02M $6.001M
YoY Change -121.65% -1645.09% 14.57%
Net Earnings / Revenue -0.61% -13.61% 3.66%
Basic Earnings Per Share -$0.05 -$0.93 $0.32
Diluted Earnings Per Share -$0.05 -$0.93 $0.31
COMMON SHARES
Basic Shares Outstanding 26.87M shares 26.84M shares 19.00M shares
Diluted Shares Outstanding 26.87M shares 26.84M shares 19.38M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.10M $15.10M $16.80M
YoY Change -10.12% -59.52% 273.33%
Cash & Equivalents $15.08M $15.09M $16.76M
Short-Term Investments
Other Short-Term Assets $13.13M $11.57M $18.37M
YoY Change -28.55% 21.7% 79.73%
Inventory $120.1M $119.8M $85.63M
Prepaid Expenses
Receivables $143.3M $123.0M $117.2M
Other Receivables $4.000M $4.000M $0.00
Total Short-Term Assets $295.6M $283.9M $238.0M
YoY Change 24.21% 16.92% 62.6%
LONG-TERM ASSETS
Property, Plant & Equipment $325.2M $318.6M $264.8M
YoY Change 22.82% 14.44% 110.59%
Goodwill $450.2M $448.4M $83.00M
YoY Change 442.37% 434.18% 826.49%
Intangibles
YoY Change
Long-Term Investments $39.86M $36.25M $36.90M
YoY Change 8.04% 4.46%
Other Assets $10.90M $10.15M $20.26M
YoY Change -46.18% -42.79% 525.54%
Total Long-Term Assets $1.100B $1.104B $456.4M
YoY Change 141.02% 135.03% 224.57%
TOTAL ASSETS
Total Short-Term Assets $295.6M $283.9M $238.0M
Total Long-Term Assets $1.100B $1.104B $456.4M
Total Assets $1.396B $1.388B $694.4M
YoY Change 100.99% 94.8% 141.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.29M $69.10M $61.80M
YoY Change 13.74% -2.8% 34.89%
Accrued Expenses $24.30M $21.10M $18.80M
YoY Change 29.26% 0.0% 67.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.95M $11.71M $23.25M
YoY Change -48.61% -47.14% 69.05%
Total Short-Term Liabilities $141.5M $133.1M $127.1M
YoY Change 11.28% -3.27% 59.46%
LONG-TERM LIABILITIES
Long-Term Debt $804.7M $795.4M $335.0M
YoY Change 140.2% 142.48% 830.54%
Other Long-Term Liabilities $6.257M $4.924M $10.34M
YoY Change -39.47% 103.64% 0.37%
Total Long-Term Liabilities $810.9M $800.3M $345.3M
YoY Change 134.83% 142.2% 645.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.5M $133.1M $127.1M
Total Long-Term Liabilities $810.9M $800.3M $345.3M
Total Liabilities $1.078B $1.075B $533.1M
YoY Change 102.27% 99.4% 310.18%
SHAREHOLDERS EQUITY
Retained Earnings $56.10M
YoY Change -18.72%
Common Stock $278.2M
YoY Change 180.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $317.3M $313.9M $161.3M
YoY Change
Total Liabilities & Shareholders Equity $1.396B $1.387B $694.4M
YoY Change 100.99% 94.58% 141.96%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$1.299M -$25.02M $6.001M
YoY Change -121.65% -1645.09% 14.57%
Depreciation, Depletion And Amortization $17.35M $7.270M $8.494M
YoY Change 104.24% -12.73% 119.09%
Cash From Operating Activities $3.430M $20.07M -$17.42M
YoY Change -119.69% -31.34% 1240.0%
INVESTING ACTIVITIES
Capital Expenditures $8.008M -$12.23M $8.318M
YoY Change -3.73% -4.53% 281.91%
Acquisitions
YoY Change
Other Investing Activities $20.00K -$619.6M -$1.130M
YoY Change -101.77% -21031.76% -84.54%
Cash From Investing Activities -$7.990M -$631.8M -$9.440M
YoY Change -15.36% 6314.31% -0.53%
FINANCING ACTIVITIES
Cash Dividend Paid $1.879M $1.328M
YoY Change 41.49% 7.53%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.437M
YoY Change
Cash From Financing Activities 5.370M 587.9M 6.480M
YoY Change -17.13% -8595.52% -47.57%
NET CHANGE
Cash From Operating Activities 3.430M 20.07M -17.42M
Cash From Investing Activities -7.990M -631.8M -9.440M
Cash From Financing Activities 5.370M 587.9M 6.480M
Net Change In Cash 810.0K -23.85M -20.38M
YoY Change -103.97% -291.41% -1398.09%
FREE CASH FLOW
Cash From Operating Activities $3.430M $20.07M -$17.42M
Capital Expenditures $8.008M -$12.23M $8.318M
Free Cash Flow -$4.578M $32.30M -$25.74M
YoY Change -82.21% -23.17% 640.02%

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CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2016Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2018-12-31
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.31
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
NN INC
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26869000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
10000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26869000 shares
CY2016Q1 us-gaap Derivative Inception Dates
DerivativeInceptionDates
2015-12-29
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 dei Trading Symbol
TradingSymbol
NNBR
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2016Q1 us-gaap Derivative Description Of Terms
DerivativeDescriptionOfTerms
Our $150.0 million interest rate swap went into effect on December 29, 2015, at which time our interest rate was locked at 6.966% until December 31, 2018.
CY2016Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
2538000
CY2016Q1 us-gaap Interest Expense
InterestExpense
16422000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-7991000
CY2016Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
292000
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
17.98
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
167000 shares
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1342000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8008000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-1299000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1879000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11874000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
283000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1129000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-461000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
20318000
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
202000
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
6719000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1437000
CY2016Q1 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
-1002000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4418000
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
799000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
212226000
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
952000
CY2016Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-4017000
CY2016Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-4776000
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1400000
CY2016Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
1400000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3419000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-720000
CY2016Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1505000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8000
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
1559000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
5373000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000
CY2016Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
89000
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11000000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1001000
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
911000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-822000
CY2016Q1 us-gaap Finite Lived Intangible Assets Translation Adjustments
FiniteLivedIntangibleAssetsTranslationAdjustments
102000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20712000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8464000
CY2016Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1879000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1191000
CY2016Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
800000
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-969000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17348000
CY2016Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
600000
CY2016Q1 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
159754000
CY2016Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q1 nnbr Default Interest Rate Increase
DefaultInterestRateIncrease
0.0025 pure
CY2016Q1 nnbr Period Of Effectiveness Of Registration Statement
PeriodOfEffectivenessOfRegistrationStatement
SEC and cause that registration statement to be declared effective 300 days of the issue date of the Senior Notes.
CY2016Q1 nnbr Debt Default Period Failure To Make Principal And Interest Payment
DebtDefaultPeriodFailureToMakePrincipalAndInterestPayment
P90D
CY2016Q1 nnbr Interest Payable Description
InterestPayableDescription
Semi-annually
CY2016Q1 nnbr Number Of Manufacturing Plants
NumberOfManufacturingPlants
42 ManufacturingPlants

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