$PKOH
PARK OHIO HOLDINGS CORP

2021 Q1 Form 10-Q Financial Statement

#000007628221000031 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $359.6M $360.4M $366.3M
YoY Change -1.83% -5.03% -12.81%
Cost Of Revenue $307.6M $308.9M $312.4M
YoY Change -1.54% -2.62% -11.95%
Gross Profit $52.00M $50.80M $53.90M
YoY Change -3.53% -18.46% -17.46%
Gross Profit Margin 14.46% 14.1% 14.71%
Selling, General & Admin $39.70M $37.00M $40.90M
YoY Change -2.93% -17.41% -4.44%
% of Gross Profit 76.35% 72.83% 75.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.400M $8.900M $8.900M
YoY Change 5.62% 2.3% -3.26%
% of Gross Profit 18.08% 17.52% 16.51%
Operating Expenses $39.70M $37.00M $40.90M
YoY Change -2.93% -17.41% -4.44%
Operating Profit $12.30M $13.80M $13.00M
YoY Change -5.38% -21.14% -42.22%
Interest Expense $7.400M -$7.400M $8.000M
YoY Change -7.5% -10.84% -2.44%
% of Operating Profit 60.16% -53.62% 61.54%
Other Income/Expense, Net $2.400M $1.800M $1.800M
YoY Change 33.33% 28.57% 38.46%
Pretax Income $7.300M $7.000M $6.800M
YoY Change 7.35% -33.96% -56.41%
Income Tax $1.900M $6.600M $5.500M
% Of Pretax Income 26.03% 94.29% 80.88%
Net Earnings $5.500M $5.600M $1.200M
YoY Change 358.33% -26.32% -89.29%
Net Earnings / Revenue 1.53% 1.55% 0.33%
Basic Earnings Per Share $0.46 $0.46 $0.10
Diluted Earnings Per Share $0.45 $0.45 $0.10
COMMON SHARES
Basic Shares Outstanding 12.00M shares 12.62M shares 12.20M shares
Diluted Shares Outstanding 12.30M shares 12.30M shares

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.90M $55.00M $56.80M
YoY Change 3.7% -1.79% 19.58%
Cash & Equivalents $58.90M $55.00M $56.80M
Short-Term Investments
Other Short-Term Assets $89.10M $35.50M $85.10M
YoY Change 4.7% 82.05% 12.57%
Inventory $333.4M $310.9M $330.1M
Prepaid Expenses
Receivables $247.8M $248.1M $248.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $729.2M $706.4M $720.9M
YoY Change 1.15% -2.66% -2.67%
LONG-TERM ASSETS
Property, Plant & Equipment $302.0M $305.2M $231.3M
YoY Change 30.57% 28.45% 2.94%
Goodwill $110.0M $110.9M $106.9M
YoY Change 2.9% 2.31% 3.59%
Intangibles $84.10M $86.80M $87.80M
YoY Change -4.21% -4.19% -6.1%
Long-Term Investments
YoY Change
Other Assets $92.90M $16.40M $84.70M
YoY Change 9.68% -12.77% 6.14%
Total Long-Term Assets $589.0M $594.1M $571.4M
YoY Change 3.08% 1.61% 0.4%
TOTAL ASSETS
Total Short-Term Assets $729.2M $706.4M $720.9M
Total Long-Term Assets $589.0M $594.1M $571.4M
Total Assets $1.318B $1.301B $1.292B
YoY Change 2.0% -0.76% -1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $177.7M $166.7M $162.6M
YoY Change 9.29% -4.74% -16.57%
Accrued Expenses $120.5M $50.40M $104.1M
YoY Change 15.75% -50.25% 4.0%
Deferred Revenue $37.40M
YoY Change 4.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.600M $11.60M $15.30M
YoY Change -43.79% -30.95% -14.53%
Total Short-Term Liabilities $319.9M $307.1M $293.4M
YoY Change 9.03% 0.69% -9.92%
LONG-TERM LIABILITIES
Long-Term Debt $523.6M $517.8M $560.2M
YoY Change -6.53% -5.03% 2.58%
Other Long-Term Liabilities $60.80M $24.20M $107.1M
YoY Change -43.23% -15.09% -1.47%
Total Long-Term Liabilities $639.2M $635.5M $667.3M
YoY Change -4.21% -3.1% 1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $319.9M $307.1M $293.4M
Total Long-Term Liabilities $639.2M $635.5M $667.3M
Total Liabilities $959.1M $942.6M $960.7M
YoY Change -0.17% -1.89% -2.02%
SHAREHOLDERS EQUITY
Retained Earnings $290.5M
YoY Change -2.58%
Common Stock $151.6M
YoY Change 4.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.80M
YoY Change 12.24%
Treasury Stock Shares 3.560M shares
Shareholders Equity $346.6M $344.2M $317.5M
YoY Change
Total Liabilities & Shareholders Equity $1.318B $1.301B $1.292B
YoY Change 2.0% -0.76% -1.34%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $5.500M $5.600M $1.200M
YoY Change 358.33% -26.32% -89.29%
Depreciation, Depletion And Amortization $9.400M $8.900M $8.900M
YoY Change 5.62% 2.3% -3.26%
Cash From Operating Activities $9.900M $36.50M -$3.900M
YoY Change -353.85% 20.86% -159.09%
INVESTING ACTIVITIES
Capital Expenditures $6.600M -$11.40M $4.900M
YoY Change 34.69% 34.12% -53.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.400M
YoY Change -100.0%
Cash From Investing Activities -$6.600M -$11.40M -$3.500M
YoY Change 88.57% 34.12% -66.98%
FINANCING ACTIVITIES
Cash Dividend Paid $1.600M $1.600M
YoY Change 0.0% -15.79%
Common Stock Issuance & Retirement, Net $0.00 $2.100M
YoY Change -100.0%
Debt Paid & Issued, Net $2.300M
YoY Change 4.55%
Cash From Financing Activities $1.500M -23.20M $10.20M
YoY Change -85.29% 40.61% -337.21%
NET CHANGE
Cash From Operating Activities $9.900M 36.50M -$3.900M
Cash From Investing Activities -$6.600M -11.40M -$3.500M
Cash From Financing Activities $1.500M -23.20M $10.20M
Net Change In Cash $3.900M 1.900M $800.0K
YoY Change 387.5% -63.46% -109.76%
FREE CASH FLOW
Cash From Operating Activities $9.900M $36.50M -$3.900M
Capital Expenditures $6.600M -$11.40M $4.900M
Free Cash Flow $3.300M $47.90M -$8.800M
YoY Change -137.5% 23.77% 120.0%

Facts In Submission

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CY2021Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
2800000 USD
CY2020Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
2300000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
1800000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
200000 USD
CY2021Q1 pkoh Proceeds From Payments On Finance Lease Facilities Net
ProceedsFromPaymentsOnFinanceLeaseFacilitiesNet
-1500000 USD
CY2020Q1 pkoh Proceeds From Payments On Finance Lease Facilities Net
ProceedsFromPaymentsOnFinanceLeaseFacilitiesNet
600000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1600000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1600000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2100000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
100000 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
100000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1500000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10200000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-900000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2000000.0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3900000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
800000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55000000.0 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56000000.0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58900000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56800000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1100000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
1500000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1800000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
800000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359600000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366300000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359600000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366300000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
359600000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366300000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
12300000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
13000000.0 USD
CY2021Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-2400000 USD
CY2020Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-1800000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
7400000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
8000000.0 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7300000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6800000 USD
CY2021Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
106100000 USD
CY2020Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
93800000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
40700000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
42300000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
186600000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
174800000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
333400000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
310900000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6400000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6400000 USD
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
300000 USD
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
200000 USD
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
400000 USD
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
600000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6500000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6800000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1900000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5500000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.81
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
537100000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
534700000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
8600000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
11600000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4900000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5300000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
523600000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
517800000 USD
CY2017 pkoh Percentage Of Ownership Over Guarantor Subsidiaries
PercentageOfOwnershipOverGuarantorSubsidiaries
1
CY2015Q4 pkoh Finance Lease Agreement Amount
FinanceLeaseAgreementAmount
50000000.0 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8400000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2021Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
121 claim
CY2021Q1 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
222 plaintiff
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12000000.0 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12200000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12300000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0.0 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12300000 shares

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