$RAIL
FreightCar America, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022009025 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $93.24M $32.37M
YoY Change 188.03% 522.86%
Cost Of Revenue $83.18M $31.05M
YoY Change 167.85% 121.81%
Gross Profit $10.06M $1.316M
YoY Change 664.29% -114.95%
Gross Profit Margin 10.79% 4.07%
Selling, General & Admin $10.71M $9.151M
YoY Change 17.07% 23.5%
% of Gross Profit 106.51% 695.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.024M $1.197M
YoY Change -14.45% -60.27%
% of Gross Profit 10.18% 90.96%
Operating Expenses $10.71M $9.151M
YoY Change 17.07% 23.5%
Operating Profit -$655.0K -$14.49M
YoY Change -95.48% -15.26%
Interest Expense -$26.44M -$24.60M
YoY Change 7.46% -8410.81%
% of Operating Profit
Other Income/Expense, Net $1.496M $115.0K
YoY Change 1200.87% -48.66%
Pretax Income -$25.59M -$39.00M
YoY Change -34.37% 127.21%
Income Tax $253.0K $132.0K
% Of Pretax Income
Net Earnings -$25.85M -$39.13M
YoY Change -33.95% 130.91%
Net Earnings / Revenue -27.72% -120.89%
Basic Earnings Per Share -$1.11 -$1.96
Diluted Earnings Per Share -$1.11 -$1.96
COMMON SHARES
Basic Shares Outstanding 23.22M 20.00M
Diluted Shares Outstanding 23.22M 20.00M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.01M $31.60M
YoY Change 29.78% -47.77%
Cash & Equivalents $41.01M $31.56M
Short-Term Investments
Other Short-Term Assets $13.46M $9.200M
YoY Change 46.33% 10.72%
Inventory $58.48M $35.65M
Prepaid Expenses $8.203M $10.92M
Receivables $22.09M $6.217M
Other Receivables $32.94M $13.20M
Total Short-Term Assets $168.0M $97.74M
YoY Change 71.86% -16.21%
LONG-TERM ASSETS
Property, Plant & Equipment $18.52M $19.52M
YoY Change -5.13% -50.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.897M $2.828M
YoY Change 179.24% 183.08%
Total Long-Term Assets $62.77M $60.85M
YoY Change 3.16% -54.74%
TOTAL ASSETS
Total Short-Term Assets $168.0M $97.74M
Total Long-Term Assets $62.77M $60.85M
Total Assets $230.8M $158.6M
YoY Change 45.5% -36.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.48M $27.17M
YoY Change 71.09% 38.24%
Accrued Expenses $11.15M $9.900M
YoY Change 12.67% -63.2%
Deferred Revenue $22.01M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $19.32M
YoY Change -100.0%
Total Short-Term Liabilities $91.90M $63.12M
YoY Change 45.6% -15.36%
LONG-TERM LIABILITIES
Long-Term Debt $88.57M $36.81M
YoY Change 140.61% 260.89%
Other Long-Term Liabilities $6.942M $5.162M
YoY Change 34.48% 49.93%
Total Long-Term Liabilities $95.51M $41.97M
YoY Change 127.56% 1119.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.90M $63.12M
Total Long-Term Liabilities $95.51M $41.97M
Total Liabilities $256.8M $167.1M
YoY Change 53.71% 10.81%
SHAREHOLDERS EQUITY
Retained Earnings -$105.9M -$77.75M
YoY Change 36.22% -369.25%
Common Stock $196.0K $161.0K
YoY Change 21.74% 21.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.782M
YoY Change 58.54%
Treasury Stock Shares $446.6K
Shareholders Equity -$26.03M -$8.460M
YoY Change
Total Liabilities & Shareholders Equity $230.8M $158.6M
YoY Change 45.5% -36.84%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$25.85M -$39.13M
YoY Change -33.95% 130.91%
Depreciation, Depletion And Amortization $1.024M $1.197M
YoY Change -14.45% -60.27%
Cash From Operating Activities $7.645M -$22.28M
YoY Change -134.32% 269.6%
INVESTING ACTIVITIES
Capital Expenditures $960.0K $542.0K
YoY Change 77.12% -85.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $400.0K
YoY Change -100.0% -89.74%
Cash From Investing Activities -$960.0K -$169.0K
YoY Change 468.05% -164.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.086M -46.00K
YoY Change -17678.26% 411.11%
NET CHANGE
Cash From Operating Activities 7.645M -22.28M
Cash From Investing Activities -960.0K -169.0K
Cash From Financing Activities 8.086M -46.00K
Net Change In Cash 14.77M -22.49M
YoY Change -165.68% 289.59%
FREE CASH FLOW
Cash From Operating Activities $7.645M -$22.28M
Capital Expenditures $960.0K $542.0K
Free Cash Flow $6.685M -$22.82M
YoY Change -129.3% 135.31%

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IncreaseDecreaseInInventories
-4824000
CY2022Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3839000
CY2021Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
7658000
CY2022Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-1366000
CY2021Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-334000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4798000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1594000
CY2022Q1 rail Increase Decrease In Accrued Payroll And Employee Benefits
IncreaseDecreaseInAccruedPayrollAndEmployeeBenefits
-971000
CY2021Q1 rail Increase Decrease In Accrued Payroll And Employee Benefits
IncreaseDecreaseInAccruedPayrollAndEmployeeBenefits
-1166000
CY2022Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-252000
CY2021Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-131000
CY2022Q1 rail Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
3106000
CY2021Q1 rail Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-1208000
CY2022Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-476000
CY2021Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-577000
CY2022Q1 rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
18706000
CY2021Q1 rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
0
CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1124000
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7114000
CY2022Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
21000
CY2021Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-222000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7645000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22276000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
960000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
542000
CY2022Q1 rail Proceeds From Sale Of Property Plant And Equipment Assets Held For Sale And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAssetsHeldForSaleAndRailcarsAvailableForLease
0
CY2021Q1 rail Proceeds From Sale Of Property Plant And Equipment Assets Held For Sale And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAssetsHeldForSaleAndRailcarsAvailableForLease
373000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-960000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169000
CY2022Q1 rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
10013000
CY2021Q1 rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
165000
CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
1910000
CY2021Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
165000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
13000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7000
CY2022Q1 rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
4000
CY2021Q1 rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
39000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8086000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-46000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14771000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22491000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26240000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54047000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41011000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31556000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1984000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1180000
CY2022Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2021Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
5000
CY2022Q1 rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
190000
CY2021Q1 rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
114000
CY2022Q1 us-gaap Notes Issued1
NotesIssued1
364000
CY2021Q1 us-gaap Notes Issued1
NotesIssued1
256000
CY2022Q1 rail Issuance Of Equity Fee
IssuanceOfEquityFee
1000000
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 1 – Description of the Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">FreightCar America, Inc. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries, and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars. The Company designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars, and also specializes in the conversion of railcars for re-purposed use. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Johnstown, Pennsylvania; Shanghai, People’s Republic of China, and Castaños, Coahuila, Mexico (“Castaños”).</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">On September 10, 2020, the Company announced its plan to permanently close its manufacturing facility in Cherokee, Alabama (the “Shoals Facility”). The closure reduced costs and aligned the Company’s manufacturing capacity with the current railcar market. The Company ceased production at the Shoals Facility in February 2021. See Note 14</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">–</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Restructuring and Impairment Charges.</span></p>
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
92419000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31295000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
817000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1075000
CY2022Q1 us-gaap Revenues
Revenues
93236000
CY2021Q1 us-gaap Revenues
Revenues
32370000
CY2022Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
23101000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4807000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14850000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
6650000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4365000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4957000
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
40392000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
34885000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
10961000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
11306000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2133000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4696000
CY2022Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4990000
CY2021Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
5125000
CY2022Q1 us-gaap Inventory Net
InventoryNet
58476000
CY2021Q4 us-gaap Inventory Net
InventoryNet
56012000
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1734000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1621000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q4 rail Class Of Warrant Or Right Percentage Of Oustanding Common Shares
ClassOfWarrantOrRightPercentageOfOustandingCommonShares
0.23
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6289754
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6098217
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021Q2 rail Repayment Of Additional Loan
RepaymentOfAdditionalLoan
0
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q2 rail Class Of Warrant Or Right Percentage Of Outstanding Common Shares
ClassOfWarrantOrRightPercentageOfOutstandingCommonShares
0.05
CY2021Q3 rail Additional Warrant Liability
AdditionalWarrantLiability
7351000
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
32514000
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
20730000
CY2022Q1 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
0
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
53244000
CY2021Q4 rail Rent Under Forbearance Agreement
RentUnderForbearanceAgreement
715000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
97687000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
89221000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
88572000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
79484000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
88572000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
79484000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4244000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2662000
CY2022Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 12 – Contingencies and Legal Settlements</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings with its customers in the normal course of business. In the opinion of management, the Company’s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company’s consolidated financial condition, results of operations or cash flows.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">As part of a settlement agreement reached with </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> of its customers during 2019, the Company agreed to pay $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">7,500</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> to settle all claims related to a prior year’s commercial dispute. During the first quarter of 2022, the Company paid the remaining $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> of the settlement amount.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers’ compensation and employee matters arising out of the conduct of its business. The Company has reserved </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million to cover probable and estimable liabilities with respect to these matters.</span></p>
CY2022Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
400000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15678143
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14702964
CY2022Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
7540504
CY2021Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
5298541
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23218647
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20001505
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23218647
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20001505
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1694483
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1383191
CY2022Q1 rail Impairment And Gain Loss On Sale Of Property Plant Equipment
ImpairmentAndGainLossOnSaleOfPropertyPlantEquipment
0
CY2021Q1 rail Impairment And Gain Loss On Sale Of Property Plant Equipment
ImpairmentAndGainLossOnSaleOfPropertyPlantEquipment
269000
CY2022Q1 us-gaap Severance Costs1
SeveranceCosts1
0
CY2021Q1 us-gaap Severance Costs1
SeveranceCosts1
-57000
CY2022Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0
CY2021Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
6438000
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
6650000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
163000
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2022Q1 rail Restructuring Reserve Non Cash Charges
RestructuringReserveNonCashCharges
0
CY2022Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
90000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
73000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
1847000
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
6438000
CY2021Q1 rail Restructuring Reserve Non Cash Charges
RestructuringReserveNonCashCharges
212000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
5972000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
2256000
CY2022Q1 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
5259000
CY2022Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
6815000
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
8680000
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
8870000

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