$NNBR
NN INC

2016 Q3 Form 10-Q Financial Statement

#000119312516759813 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $146.7M $154.8M
YoY Change -5.24% 23.24%
Cost Of Revenue $107.2M $120.2M
YoY Change -10.82% 19.67%
Gross Profit $39.53M $34.63M
YoY Change 14.15% 37.47%
Gross Profit Margin 26.94% 22.37%
Selling, General & Admin $14.20M $11.95M
YoY Change 18.85% 7.42%
% of Gross Profit 35.93% 34.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.74M $8.610M
YoY Change 36.32% 46.83%
% of Gross Profit 29.69% 24.86%
Operating Expenses $14.20M $11.95M
YoY Change 18.85% 7.42%
Operating Profit $12.99M $10.12M
YoY Change 28.28% 296.63%
Interest Expense $15.80M $4.584M
YoY Change 244.7% -18.46%
% of Operating Profit 121.69% 45.29%
Other Income/Expense, Net $263.0K -$593.0K
YoY Change -144.35% -61.91%
Pretax Income -$8.881M $4.945M
YoY Change -279.6% -206.87%
Income Tax -$8.246M $936.0K
% Of Pretax Income 18.93%
Net Earnings $4.147M $4.630M
YoY Change -10.43% -220.57%
Net Earnings / Revenue 2.83% 2.99%
Basic Earnings Per Share $0.16 $0.17
Diluted Earnings Per Share $0.16 $0.17
COMMON SHARES
Basic Shares Outstanding 27.16M shares 26.84M shares
Diluted Shares Outstanding 27.32M shares 27.17M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.80M $40.10M
YoY Change -63.09% 49.07%
Cash & Equivalents $14.79M $40.10M
Short-Term Investments
Other Short-Term Assets $13.76M $17.56M
YoY Change -21.65% -12.43%
Inventory $118.8M $92.58M
Prepaid Expenses
Receivables $147.4M $108.1M
Other Receivables $700.0K $0.00
Total Short-Term Assets $295.5M $258.4M
YoY Change 14.36% 4.73%
LONG-TERM ASSETS
Property, Plant & Equipment $326.0M $266.6M
YoY Change 22.29% -2.93%
Goodwill $448.3M $85.45M
YoY Change 424.6% -2.55%
Intangibles
YoY Change
Long-Term Investments $38.93M $37.09M
YoY Change 4.95% 11.22%
Other Assets $11.06M $20.17M
YoY Change -45.16% 55.02%
Total Long-Term Assets $1.086B $461.1M
YoY Change 135.56% -1.14%
TOTAL ASSETS
Total Short-Term Assets $295.5M $258.4M
Total Long-Term Assets $1.086B $461.1M
Total Assets $1.382B $719.5M
YoY Change 92.04% 0.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.73M $60.34M
YoY Change 15.57% -3.87%
Accrued Expenses $26.20M $18.40M
YoY Change 42.39% -11.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.621M $21.68M
YoY Change -60.23% -9.86%
Total Short-Term Liabilities $136.4M $121.1M
YoY Change 12.59% -4.65%
LONG-TERM LIABILITIES
Long-Term Debt $795.7M $184.4M
YoY Change 331.61% -44.34%
Other Long-Term Liabilities $5.223M $12.58M
YoY Change -58.49% 39.82%
Total Long-Term Liabilities $800.9M $196.9M
YoY Change 306.68% -42.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $136.4M $121.1M
Total Long-Term Liabilities $800.9M $196.9M
Total Liabilities $1.055B $375.8M
YoY Change 180.84% -29.48%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $326.3M $343.7M
YoY Change
Total Liabilities & Shareholders Equity $1.382B $719.5M
YoY Change 92.04% 0.89%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $4.147M $4.630M
YoY Change -10.43% -220.57%
Depreciation, Depletion And Amortization $11.74M $8.610M
YoY Change 36.32% 46.83%
Cash From Operating Activities $34.51M $8.980M
YoY Change 284.3% -312.8%
INVESTING ACTIVITIES
Capital Expenditures -$13.95M -$10.15M
YoY Change 37.44% 13.03%
Acquisitions
YoY Change
Other Investing Activities $150.0K $2.200M
YoY Change -93.18% -100.91%
Cash From Investing Activities -$13.80M -$7.960M
YoY Change 73.37% -96.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $148.7M
YoY Change
Cash From Financing Activities -21.94M 17.36M
YoY Change -226.38% -93.68%
NET CHANGE
Cash From Operating Activities 34.51M 8.980M
Cash From Investing Activities -13.80M -7.960M
Cash From Financing Activities -21.94M 17.36M
Net Change In Cash -1.230M 18.38M
YoY Change -106.69% -11.76%
FREE CASH FLOW
Cash From Operating Activities $34.51M $8.980M
Capital Expenditures -$13.95M -$10.15M
Free Cash Flow $48.46M $19.13M
YoY Change 153.32% 301.89%

Facts In Submission

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IncreaseDecreaseInAccountsPayable
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us-gaap Proceeds From Previous Acquisition
ProceedsFromPreviousAcquisition
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OtherComprehensiveIncomeLossNetOfTax
7306000
us-gaap Gain Loss On Interest Rate Fair Value Hedge Ineffectiveness
GainLossOnInterestRateFairValueHedgeIneffectiveness
300000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
161000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1663000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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OperatingIncomeLoss
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-14944000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
4176000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4170000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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463000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6469000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
46132000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
32166000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
366000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
242000 shares
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1891000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
631459000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60651000
us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
7241000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M6D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.31
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
33000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.54
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26973000 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2553000
dei Trading Symbol
TradingSymbol
NNBR
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
39000000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-4101000
us-gaap Profit Loss
ProfitLoss
4879000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2589000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
39562000
us-gaap Restricted Stock Expense
RestrictedStockExpense
2000000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3465000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
17.38
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
167000 shares
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2451000
nnbr Cash Settlement Of Interest Rate Hedges
CashSettlementOfInterestRateHedges
1900000
nnbr Number Of Manufacturing Plants
NumberOfManufacturingPlants
41 ManufacturingPlants
nnbr Adjustments Related To Tax Withholding And Forfeited For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingAndForfeitedForShareBasedCompensation
159000
CY2015 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-3015000
CY2015Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2015Q3 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
120195000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2015Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3948000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8610000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2121000
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.19 pure
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-593000
CY2015Q3 us-gaap Interest Expense
InterestExpense
4584000
CY2015Q3 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
-1419000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6751000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
328000 shares
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
10122000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-5332000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4945000
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
621000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
936000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
154824000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27167000 shares
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11949000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26839000 shares
CY2015Q3 us-gaap Profit Loss
ProfitLoss
4630000
CY2015Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
600000
CY2016Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-609000
CY2016Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2016Q3 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
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152538000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14693000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8740000
CY2016Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
600000
CY2016Q3 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
3700000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.73 pure
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
235000
CY2016Q3 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-3130000
CY2016Q3 us-gaap Interest Expense
InterestExpense
16337000
CY2016Q3 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
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4211000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4593000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
163000 shares
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
18727000
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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382000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2016Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1427000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18347000
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
700000
CY2016Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
656000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27159000 shares
CY2016Q3 us-gaap Profit Loss
ProfitLoss
4147000
CY2016Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2589000
CY2016Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
400000
CY2016Q3 nnbr Effective Income Tax Rate Reconciliation Change In Effective Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEffectiveTaxRate
0.15 pure

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