$RAIL
FreightCar America, Inc.

2019 Q1 Form 10-Q Financial Statement

#000119312519135123 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $70.71M $82.97M
YoY Change -14.78% -40.52%
Cost Of Revenue $77.56M $83.57M
YoY Change -7.19% -35.57%
Gross Profit -$6.849M -$596.0K
YoY Change 1049.16% -106.08%
Gross Profit Margin -9.69% -0.72%
Selling, General & Admin $7.667M $7.996M
YoY Change -4.11% 14.23%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.206M $2.550M
YoY Change 25.73% 10.87%
% of Gross Profit
Operating Expenses $7.667M $7.996M
YoY Change -4.11% 14.23%
Operating Profit -$14.52M -$8.592M
YoY Change 68.95% -406.86%
Interest Expense $36.00K $32.00K
YoY Change 12.5%
% of Operating Profit
Other Income/Expense, Net $319.0K $381.0K
YoY Change -16.27% -227.0%
Pretax Income -$14.23M -$8.243M
YoY Change 72.67% -849.36%
Income Tax -$201.0K -$1.839M
% Of Pretax Income
Net Earnings -$14.03M -$6.404M
YoY Change 119.11% -1167.33%
Net Earnings / Revenue -19.84% -7.72%
Basic Earnings Per Share -$1.12 -$0.51
Diluted Earnings Per Share -$1.12 -$0.51
COMMON SHARES
Basic Shares Outstanding 12.34M 12.31M
Diluted Shares Outstanding 12.34M 12.31M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $117.5M
YoY Change -42.98% 7.7%
Cash & Equivalents $65.00M $65.26M
Short-Term Investments $2.000M $52.30M
Other Short-Term Assets $7.373M $27.90M
YoY Change -73.57% 29.17%
Inventory $52.70M $46.70M
Prepaid Expenses
Receivables $9.290M $12.90M
Other Receivables $0.00 $300.0K
Total Short-Term Assets $138.0M $205.3M
YoY Change -32.77% -15.76%
LONG-TERM ASSETS
Property, Plant & Equipment $43.41M $76.20M
YoY Change -43.04% 11.4%
Goodwill $21.52M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.583M $14.60M
YoY Change -82.31% 151.72%
Total Long-Term Assets $206.1M $112.3M
YoY Change 83.49% 17.47%
TOTAL ASSETS
Total Short-Term Assets $138.0M $205.3M
Total Long-Term Assets $206.1M $112.3M
Total Assets $344.1M $317.6M
YoY Change 8.34% -6.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.59M $26.30M
YoY Change 16.3% -21.02%
Accrued Expenses $33.40M $14.90M
YoY Change 124.16% -12.35%
Deferred Revenue $1.281M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.82M $51.40M
YoY Change 33.89% -5.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $476.0K $40.20M
YoY Change -98.82% 42.55%
Total Long-Term Liabilities $476.0K $40.20M
YoY Change -98.82% 42.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.82M $51.40M
Total Long-Term Liabilities $476.0K $40.20M
Total Liabilities $163.6M $91.50M
YoY Change 78.82% 10.64%
SHAREHOLDERS EQUITY
Retained Earnings $107.0M
YoY Change
Common Stock $127.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.572M
YoY Change
Treasury Stock Shares
Shareholders Equity $180.5M $226.1M
YoY Change
Total Liabilities & Shareholders Equity $344.1M $317.6M
YoY Change 8.34% -6.4%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$14.03M -$6.404M
YoY Change 119.11% -1167.33%
Depreciation, Depletion And Amortization $3.206M $2.550M
YoY Change 25.73% 10.87%
Cash From Operating Activities $1.707M -$13.49M
YoY Change -112.65% -184.31%
INVESTING ACTIVITIES
Capital Expenditures $760.0K $182.0K
YoY Change 317.58% -160.67%
Acquisitions
YoY Change
Other Investing Activities $19.30M -$8.700M
YoY Change -321.84% -30.95%
Cash From Investing Activities $18.56M -$8.925M
YoY Change -307.98% -30.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -339.0K -118.0K
YoY Change 187.29% -89.27%
NET CHANGE
Cash From Operating Activities 1.707M -13.49M
Cash From Investing Activities 18.56M -8.925M
Cash From Financing Activities -339.0K -118.0K
Net Change In Cash 19.93M -22.53M
YoY Change -188.45% -1226.65%
FREE CASH FLOW
Cash From Operating Activities $1.707M -$13.49M
Capital Expenditures $760.0K $182.0K
Free Cash Flow $947.0K -$13.67M
YoY Change -106.93% -183.88%

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CY2019Q1 us-gaap Loss Contingency Disclosures
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 14 &#x2013; Contingencies </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">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&#x2019;s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company&#x2019;s consolidated financial condition, results of operations or cash flows.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company received cash payments of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$15,733</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$1,410</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> during 2015 and 2017, respectively, for Alabama state and local incentives related to its capital investment and employment levels at its Cherokee, Alabama (&#x201C;Shoals&#x201D;) facility. Under the incentive agreements a certain portion of the incentives may be repayable by the Company if targeted levels of employment are not maintained for a period of up to six years from the date of the incentive.&nbsp;&nbsp;The Company&#x2019;s level of employment at its Shoals facility currently exceeds the minimum targeted levels of employment.&nbsp;&nbsp;In the event that employment levels drop below the minimum targeted levels of employment and any portion of the incentives is required to be paid back, the amount is unlikely to exceed the deferred liability balance of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$8,606</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as of March 31, 2019. </font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers&#x2019; compensation and employee matters arising out of the conduct of its business.&nbsp;&nbsp;While the ultimate outcome of these other legal proceedings cannot be determined at this time, it is the opinion of management that the resolution of these other actions will not have a material adverse effect on the Company&#x2019;s financial condition, results of operations or cash flows.</font> </p> <p style="margin:0pt 0pt 4pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2019Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 1 &#x2013; Description of the Business</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">FreightCar America, Inc. (&#x201C;FreightCar&#x201D;) operates primarily in North America through its direct and indirect subsidiaries,&nbsp;&nbsp;JAC Operations, Inc., Johnstown America, LLC, Freight Car Services, Inc., JAIX Leasing Company (&#x201C;JAIX&#x201D;), FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (&#x201C;Mauritius&#x201D;), FreightCar Rail Services, LLC (&#x201C;FCRS&#x201D;),&nbsp;&nbsp;FreightCar Short Line, Inc. (&#x201C;FCSL&#x201D;), FreightCar Alabama, LLC and FreightCar (Shanghai) Trading Co., Ltd. (herein collectively referred to as the &#x201C;Company&#x201D;), and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars.&nbsp;&nbsp;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. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People&#x2019;s Republic of China.</font> </p> <p style="margin:5pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company and its direct and indirect subsidiaries are all Delaware corporations or Delaware limited liability companies except Mauritius, which is incorporated in Mauritius, and FreightCar (Shanghai) Trading Co., Ltd., which is organized in the People&#x2019;s Republic of China.&nbsp;&nbsp;The Company&#x2019;s direct and indirect subsidiaries are all wholly owned.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-118000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-339000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8925000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
18562000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13490000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1707000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-6404000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-14032000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8592000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14516000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3534000
CY2018Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
626000
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1681000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
94121000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
16840000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
77281000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5366000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
74174000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5012000
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
7373000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2311000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2583000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
43000
CY2018Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4450000
CY2019Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4419000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1324000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1325000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
801000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
476000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-273000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
736000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
381000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
319000
CY2018Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
4975000
CY2019Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
4907000
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
280000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
118000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
59000
CY2018Q1 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
41244000
CY2019Q1 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
1986000
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
182000
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
760000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
182000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
760000
CY2018Q1 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1040000
CY2019Q1 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1117000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
487000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
32005000
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
18025000
CY2018Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1308000
CY2019Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
4400000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9309000
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11045000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45317000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43406000
CY2018Q4 us-gaap Restricted Investments Current
RestrictedInvestmentsCurrent
4952000
CY2019Q1 us-gaap Restricted Investments Current
RestrictedInvestmentsCurrent
1668000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
120799000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
106975000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82347000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69027000
CY2018Q1 us-gaap Revenues
Revenues
82973000
CY2019Q1 us-gaap Revenues
Revenues
70708000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
32079000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7996000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7667000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
836000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
689000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
183000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
231732000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
226082000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
193610000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
180459000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
272030
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9721000
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
4572000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12306011
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12337013
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12306011
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12337013
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3344000
CY2019Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3527000

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