$RAIL
FreightCar America, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019764 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $88.60M $81.00M
YoY Change 56.02% -13.12%
Cost Of Revenue $75.64M $73.51M
YoY Change 50.69% -11.62%
Gross Profit $12.96M $7.485M
YoY Change 96.62% -25.58%
Gross Profit Margin 14.62% 9.24%
Selling, General & Admin $5.851M $6.388M
YoY Change 44.36% -40.37%
% of Gross Profit 45.16% 85.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.033M $1.072M
YoY Change -0.29% 4.69%
% of Gross Profit 7.97% 14.32%
Operating Expenses $5.851M $6.388M
YoY Change 44.36% -40.37%
Operating Profit $7.726M $1.097M
YoY Change 204.65% -267.48%
Interest Expense -$11.11M -$5.987M
YoY Change -185.5% -77.35%
% of Operating Profit -143.75% -545.76%
Other Income/Expense, Net -$69.00K -$36.00K
YoY Change -110.44% -102.41%
Pretax Income -$18.33M -$4.926M
YoY Change -213.24% -80.75%
Income Tax $560.0K $111.0K
% Of Pretax Income
Net Earnings -$18.89M -$5.037M
YoY Change -229.92% -80.51%
Net Earnings / Revenue -21.32% -6.22%
Basic Earnings Per Share -$0.73 -$0.19
Diluted Earnings Per Share -$0.73 -$0.19
COMMON SHARES
Basic Shares Outstanding 17.70M 17.70M
Diluted Shares Outstanding 28.11M 26.55M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.00M $27.80M
YoY Change -44.27% -32.22%
Cash & Equivalents $12.00M $27.80M
Short-Term Investments
Other Short-Term Assets $16.96M $12.67M
YoY Change 3.98% -5.9%
Inventory $88.77M $80.86M
Prepaid Expenses $15.65M $7.178M
Receivables $21.49M $8.667M
Other Receivables $1.308M $1.653M
Total Short-Term Assets $140.6M $131.6M
YoY Change -6.54% -21.63%
LONG-TERM ASSETS
Property, Plant & Equipment $26.62M $24.78M
YoY Change 38.06% 33.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $529.0K $1.065M
YoY Change -92.11% -86.51%
Total Long-Term Assets $67.60M $71.02M
YoY Change 9.26% 13.14%
TOTAL ASSETS
Total Short-Term Assets $140.6M $131.6M
Total Long-Term Assets $67.60M $71.02M
Total Assets $208.2M $202.7M
YoY Change -1.94% -12.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.78M $55.77M
YoY Change -10.67% 19.97%
Accrued Expenses $5.273M $6.054M
YoY Change -44.87% -45.72%
Deferred Revenue $19.64M
YoY Change 5.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.29M $40.55M
YoY Change
Total Short-Term Liabilities $96.89M $112.1M
YoY Change 12.5% 21.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $53.77M
YoY Change -100.0% -39.29%
Other Long-Term Liabilities $563.0K $2.987M
YoY Change -85.69% -56.97%
Total Long-Term Liabilities $563.0K $56.76M
YoY Change -99.34% -40.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.89M $112.1M
Total Long-Term Liabilities $563.0K $56.76M
Total Liabilities $173.9M $235.2M
YoY Change -21.82% -8.41%
SHAREHOLDERS EQUITY
Retained Earnings -$142.9M -$124.0M
YoY Change 56.39% 17.03%
Common Stock $210.0K $208.0K
YoY Change 6.06% 6.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$48.95M -$32.51M
YoY Change
Total Liabilities & Shareholders Equity $208.2M $202.7M
YoY Change -1.94% -12.17%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$18.89M -$5.037M
YoY Change -229.92% -80.51%
Depreciation, Depletion And Amortization $1.033M $1.072M
YoY Change -0.29% 4.69%
Cash From Operating Activities -$17.87M -$7.704M
YoY Change 77.99% -200.77%
INVESTING ACTIVITIES
Capital Expenditures $2.994M $1.960M
YoY Change -262.01% 104.17%
Acquisitions
YoY Change
Other Investing Activities $8.356M
YoY Change
Cash From Investing Activities $5.362M -$1.960M
YoY Change -390.15% 104.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.290M -449.0K
YoY Change -56.66% -105.55%
NET CHANGE
Cash From Operating Activities -17.87M -7.704M
Cash From Investing Activities 5.362M -1.960M
Cash From Financing Activities -3.290M -449.0K
Net Change In Cash -15.80M -10.11M
YoY Change -18.89% -168.47%
FREE CASH FLOW
Cash From Operating Activities -$17.87M -$7.704M
Capital Expenditures $2.994M $1.960M
Free Cash Flow -$20.87M -$9.664M
YoY Change 154.68% -244.56%

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IncreaseDecreaseInDueFromRelatedPartiesCurrent
362000
CY2022Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-1366000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9695000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4798000
CY2023Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-1191000
CY2022Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-476000
CY2023Q1 rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
0
CY2022Q1 rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
18706000
CY2023Q1 rail Other Assets And Liabilities
OtherAssetsAndLiabilities
-337000
CY2022Q1 rail Other Assets And Liabilities
OtherAssetsAndLiabilities
-2555000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7704000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7645000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1960000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
960000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1960000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-960000
CY2023Q1 rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
31688000
CY2022Q1 rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
10013000
CY2023Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
31884000
CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
1910000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
106000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
13000
CY2023Q1 rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
0
CY2022Q1 rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
4000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
147000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-449000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8086000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10113000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14771000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37912000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26240000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27799000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41011000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2340000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1984000
CY2023Q1 rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
539000
CY2022Q1 rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
190000
CY2023Q1 us-gaap Notes Issued1
NotesIssued1
1658000
CY2022Q1 us-gaap Notes Issued1
NotesIssued1
364000
CY2023Q1 rail Issuance Of Equity Fee
IssuanceOfEquityFee
535000
CY2022Q1 rail Issuance Of Equity Fee
IssuanceOfEquityFee
1000000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">FreightCar America, Inc. (“FreightCar” or the “Company”) operates primarily in North America through its direct and indirect subsidiaries, and designs 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 (the “Castaños Facility”).</span></p>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
80396000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
92419000
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
603000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
817000
CY2023Q1 us-gaap Revenues
Revenues
80999000
CY2022Q1 us-gaap Revenues
Revenues
93236000
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3391000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
219000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
40635000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4800000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4078000
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
67071000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
46421000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
6587000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4527000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2541000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8783000
CY2023Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4662000
CY2022Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4586000
CY2023Q1 us-gaap Inventory Net
InventoryNet
80861000
CY2022Q4 us-gaap Inventory Net
InventoryNet
64317000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1860000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1672000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
100951000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
99487000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4809000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5262000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1821000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1989000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
94321000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
92236000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
40548000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
40742000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
53773000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
51494000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 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
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6816190
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6799139
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
31028000
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-613000
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
30415000
CY2021Q4 rail Rent Under Forbearance Agreement
RentUnderForbearanceAgreement
715000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-91000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4244000
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
16792292
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15678143
CY2023Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
9753171
CY2022Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
7540504
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26545463
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23218647
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26545463
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23218647
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2086898
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1694483
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2023Q1 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
1815000
CY2023Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
1430000
CY2022Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
3261000
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
3393000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0225
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0099
CY2023Q1 rail Effective Tax Rate Description
EffectiveTaxRateDescription
The effective tax rate for the first quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences and discrete events, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S.

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