$NWPX
NORTHWEST PIPE CO

2015 Q1 Form 10-Q Financial Statement

#000119312515174814 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $84.87M $82.65M
YoY Change 2.68% -23.0%
Cost Of Revenue $80.97M $78.33M
YoY Change 3.37% -7.21%
Gross Profit $3.891M $4.314M
YoY Change -9.81% -81.18%
Gross Profit Margin 4.58% 5.22%
Selling, General & Admin $6.974M $5.440M
YoY Change 28.2% -9.78%
% of Gross Profit 179.23% 126.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.630M $3.159M
YoY Change -16.75% -18.27%
% of Gross Profit 67.59% 73.23%
Operating Expenses $6.974M $5.440M
YoY Change 28.2% -9.78%
Operating Profit -$3.083M -$1.126M
YoY Change 173.8% -106.67%
Interest Expense $417.0K $770.0K
YoY Change -45.84% -19.54%
% of Operating Profit
Other Income/Expense, Net $44.00K -$63.00K
YoY Change -169.84% 53.66%
Pretax Income -$3.374M -$1.878M
YoY Change 79.66% -111.68%
Income Tax -$1.273M -$667.0K
% Of Pretax Income
Net Earnings -$2.101M -$12.10M
YoY Change -82.64% -227.33%
Net Earnings / Revenue -2.48% -14.65%
Basic Earnings Per Share -$0.22 -$1.27
Diluted Earnings Per Share -$0.22 -$1.27
COMMON SHARES
Basic Shares Outstanding 9.553M 9.508M shares
Diluted Shares Outstanding 9.553M 9.508M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $0.00
YoY Change
Cash & Equivalents $116.0K $49.00K
Short-Term Investments
Other Short-Term Assets $13.30M $6.300M
YoY Change 111.11% -25.0%
Inventory $61.28M $62.97M
Prepaid Expenses
Receivables $84.70M $101.8M
Other Receivables $3.900M $11.50M
Total Short-Term Assets $163.3M $180.4M
YoY Change -9.47% -28.84%
LONG-TERM ASSETS
Property, Plant & Equipment $132.8M $133.3M
YoY Change -0.34% -16.06%
Goodwill $5.282M $21.35M
YoY Change -75.26%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.31M $25.35M
YoY Change -23.8% 92.01%
Total Long-Term Assets $157.4M $180.0M
YoY Change -12.53% -6.45%
TOTAL ASSETS
Total Short-Term Assets $163.3M $180.4M
Total Long-Term Assets $157.4M $180.0M
Total Assets $320.8M $360.4M
YoY Change -11.0% -19.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.421M $20.92M
YoY Change -54.98% -37.73%
Accrued Expenses $9.103M $12.19M
YoY Change -25.34% -46.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.900M $3.571M
YoY Change -46.79% -60.32%
Total Short-Term Liabilities $21.91M $55.85M
YoY Change -60.77% -26.12%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $26.50M
YoY Change -5.66% -61.09%
Other Long-Term Liabilities $16.12M $16.22M
YoY Change -0.62% 0.12%
Total Long-Term Liabilities $16.12M $16.22M
YoY Change -0.62% -80.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.91M $55.85M
Total Long-Term Liabilities $16.12M $16.22M
Total Liabilities $77.23M $111.5M
YoY Change -30.74% -37.04%
SHAREHOLDERS EQUITY
Retained Earnings $128.5M $136.4M
YoY Change -5.78%
Common Stock $116.8M $95.00K
YoY Change 122840.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.5M $248.9M
YoY Change
Total Liabilities & Shareholders Equity $320.8M $360.4M
YoY Change -11.0% -19.18%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.101M -$12.10M
YoY Change -82.64% -227.33%
Depreciation, Depletion And Amortization $2.630M $3.159M
YoY Change -16.75% -18.27%
Cash From Operating Activities $24.57M $40.14M
YoY Change -38.78% 944.2%
INVESTING ACTIVITIES
Capital Expenditures $3.689M $4.964M
YoY Change -25.68% -49.25%
Acquisitions
YoY Change
Other Investing Activities -$161.0K -$13.00K
YoY Change 1138.46% -100.78%
Cash From Investing Activities -$3.528M $26.66M
YoY Change -113.23% -428.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.786M
YoY Change 0.0%
Cash From Financing Activities -21.46M -67.34M
YoY Change -68.14% -1677.32%
NET CHANGE
Cash From Operating Activities 24.57M 40.14M
Cash From Investing Activities -3.528M 26.66M
Cash From Financing Activities -21.46M -67.34M
Net Change In Cash -411.0K -539.0K
YoY Change -23.75% -54000.0%
FREE CASH FLOW
Cash From Operating Activities $24.57M $40.14M
Capital Expenditures $3.689M $4.964M
Free Cash Flow $20.88M $35.18M
YoY Change -40.63% -692.47%

Facts In Submission

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CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-64000
CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
24392000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-21000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
577000
CY2014Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
23831000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
354000
CY2014Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-3852000
CY2014Q1 nwpx Discontinued Operation Income Loss From Discontinued Operation Before Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeTax
-2662000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
NORTHWEST PIPE CO
CY2015Q1 dei Trading Symbol
TradingSymbol
NWPX
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.377 pure
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24573000
CY2015Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-83000
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.22
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M5D
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9553000 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.22
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segments
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y5M5D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001001385
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
204000 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9553000 shares
CY2015Q1 us-gaap Gross Profit
GrossProfit
3891000
CY2015Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-18000
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
287000
CY2015Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
54765000
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
117000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
94000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
84865000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
603000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-11502000
CY2015Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-23630000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3083000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2007000
CY2015Q1 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
82000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3374000
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-161000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
44000
CY2015Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-2625000
CY2015Q1 us-gaap Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
8079000
CY2015Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2101000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3689000
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
46000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-2101000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
423000
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-15000
CY2015Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-774000
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
479000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
650000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-552000
CY2015Q1 us-gaap Interest Expense
InterestExpense
417000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6974000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
68000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
149000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-411000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-696000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1273000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3528000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
80974000
CY2015Q1 us-gaap Depreciation
Depreciation
2630000
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
19000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21456000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-109000
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
23000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5295000
CY2015Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
34000000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
650000
CY2015Q1 nwpx Maximum Performance Awards Issued Multiplier
MaximumPerformanceAwardsIssuedMultiplier
2.00 pure
CY2015Q1 nwpx Maturity Period For Forward Contracts
MaturityPeriodForForwardContracts
P12M
CY2015Q1 nwpx Minimum Performance Awards Issued Multiplier
MinimumPerformanceAwardsIssuedMultiplier
0.00 pure
CY2015Q1 nwpx Number Of Inactive Stock Option Plans
NumberOfInactiveStockOptionPlans
1 OptionPlan
CY2015Q1 nwpx Number Of Active Stock Incentive Plans
NumberOfActiveStockIncentivePlans
1 OptionPlan

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