2019 Q2 Form 10-Q Financial Statement
#000119312519210767 Filed on August 01, 2019
Income Statement
Concept | 2019 Q2 | 2019 Q1 | 2018 Q2 |
---|---|---|---|
Revenue | $73.66M | $70.71M | $66.74M |
YoY Change | 10.37% | -14.78% | -43.77% |
Cost Of Revenue | $67.64M | $77.56M | $61.90M |
YoY Change | 9.26% | -7.19% | -45.41% |
Gross Profit | $6.024M | -$6.849M | $4.839M |
YoY Change | 24.49% | 1049.16% | -6.94% |
Gross Profit Margin | 8.18% | -9.69% | 7.25% |
Selling, General & Admin | $15.35M | $7.667M | $8.385M |
YoY Change | 83.09% | -4.11% | 42.12% |
% of Gross Profit | 254.85% | 173.28% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $3.300M | $3.206M | $2.800M |
YoY Change | 17.86% | 25.73% | 16.67% |
% of Gross Profit | 54.78% | 57.86% | |
Operating Expenses | $15.35M | $7.667M | $8.385M |
YoY Change | 83.09% | -4.11% | 42.12% |
Operating Profit | -$15.84M | -$14.52M | -$3.546M |
YoY Change | 346.79% | 68.95% | 406.57% |
Interest Expense | $115.0K | $36.00K | $27.00K |
YoY Change | 325.93% | 12.5% | |
% of Operating Profit | |||
Other Income/Expense, Net | $83.00K | $319.0K | $588.0K |
YoY Change | -85.88% | -16.27% | 194.0% |
Pretax Income | -$15.88M | -$14.23M | -$2.985M |
YoY Change | 431.83% | 72.67% | 231.67% |
Income Tax | $12.00K | -$201.0K | -$649.0K |
% Of Pretax Income | |||
Net Earnings | -$15.89M | -$14.03M | -$2.336M |
YoY Change | 580.09% | 119.11% | 484.0% |
Net Earnings / Revenue | -21.57% | -19.84% | -3.5% |
Basic Earnings Per Share | -$1.26 | -$1.12 | -$0.19 |
Diluted Earnings Per Share | -$1.26 | -$1.12 | -$0.19 |
COMMON SHARES | |||
Basic Shares Outstanding | 12.35M | 12.34M | 12.32M |
Diluted Shares Outstanding | 12.35M | 12.34M | 12.32M |
Balance Sheet
Concept | 2019 Q2 | 2019 Q1 | 2018 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $69.90M | $67.00M | $81.50M |
YoY Change | -14.23% | -42.98% | -38.35% |
Cash & Equivalents | $69.86M | $65.00M | $25.14M |
Short-Term Investments | $0.00 | $2.000M | $56.40M |
Other Short-Term Assets | $7.318M | $7.373M | $50.90M |
YoY Change | -85.62% | -73.57% | 324.17% |
Inventory | $61.79M | $52.70M | $60.40M |
Prepaid Expenses | |||
Receivables | $12.88M | $9.290M | $25.70M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $153.5M | $138.0M | $218.4M |
YoY Change | -29.71% | -32.77% | -6.79% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $40.40M | $43.41M | $74.70M |
YoY Change | -45.92% | -43.04% | 13.53% |
Goodwill | $21.52M | $21.52M | |
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $3.135M | $2.583M | $15.30M |
YoY Change | -79.51% | -82.31% | 118.57% |
Total Long-Term Assets | $184.1M | $206.1M | $111.5M |
YoY Change | 65.13% | 83.49% | 18.11% |
TOTAL ASSETS | |||
Total Short-Term Assets | $153.5M | $138.0M | $218.4M |
Total Long-Term Assets | $184.1M | $206.1M | $111.5M |
Total Assets | $337.6M | $344.1M | $329.9M |
YoY Change | 2.35% | 8.34% | 0.37% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $30.14M | $30.59M | $38.60M |
YoY Change | -21.91% | 16.3% | 34.49% |
Accrued Expenses | $31.00M | $33.40M | $15.50M |
YoY Change | 100.0% | 124.16% | 12.32% |
Deferred Revenue | $1.281M | $1.281M | |
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $69.39M | $68.82M | $67.50M |
YoY Change | 2.8% | 33.89% | 46.42% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $10.20M | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $4.476M | $476.0K | $37.70M |
YoY Change | -88.13% | -98.82% | 38.1% |
Total Long-Term Liabilities | $4.476M | $476.0K | $37.70M |
YoY Change | -88.13% | -98.82% | 38.1% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $69.39M | $68.82M | $67.50M |
Total Long-Term Liabilities | $4.476M | $476.0K | $37.70M |
Total Liabilities | $173.4M | $163.6M | $105.2M |
YoY Change | 64.86% | 78.82% | 43.32% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $91.09M | $107.0M | |
YoY Change | |||
Common Stock | $127.0K | $127.0K | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $2.348M | $4.572M | |
YoY Change | |||
Treasury Stock Shares | $103.0K | ||
Shareholders Equity | $164.2M | $180.5M | $224.7M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $337.6M | $344.1M | $329.9M |
YoY Change | 2.35% | 8.34% | 0.37% |
Cashflow Statement
Concept | 2019 Q2 | 2019 Q1 | 2018 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$15.89M | -$14.03M | -$2.336M |
YoY Change | 580.09% | 119.11% | 484.0% |
Depreciation, Depletion And Amortization | $3.300M | $3.206M | $2.800M |
YoY Change | 17.86% | 25.73% | 16.67% |
Cash From Operating Activities | -$16.90M | $1.707M | -$34.90M |
YoY Change | -51.58% | -112.65% | -241.3% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$1.200M | $760.0K | -$300.0K |
YoY Change | 300.0% | 317.58% | 200.0% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $13.50M | $19.30M | -$4.900M |
YoY Change | -375.51% | -321.84% | -74.74% |
Cash From Investing Activities | $12.10M | $18.56M | -$5.200M |
YoY Change | -332.69% | -307.98% | -73.33% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 9.500M | -339.0K | 0.000 |
YoY Change | 187.29% | -100.0% | |
NET CHANGE | |||
Cash From Operating Activities | -16.90M | 1.707M | -34.90M |
Cash From Investing Activities | 12.10M | 18.56M | -5.200M |
Cash From Financing Activities | 9.500M | -339.0K | 0.000 |
Net Change In Cash | 4.700M | 19.93M | -40.10M |
YoY Change | -111.72% | -188.45% | -1078.05% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$16.90M | $1.707M | -$34.90M |
Capital Expenditures | -$1.200M | $760.0K | -$300.0K |
Free Cash Flow | -$15.70M | $947.0K | -$34.60M |
YoY Change | -54.62% | -106.93% | -239.52% |
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|
-2.37 | ||
CY2019Q2 | us-gaap |
Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
|
0 | |
CY2019Q2 | us-gaap |
Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
|
0 | |
CY2018Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
3000000 | |
CY2019Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
1281000 | |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
145473000 | ||
CY2018Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
61904000 | |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
145194000 | ||
CY2019Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
67637000 | |
CY2018Q4 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
208000 | |
CY2019Q1 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
||
CY2019Q2 | us-gaap |
Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
|
5663000 | |
us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
887000 | ||
CY2018Q2 | us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
457000 | |
us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
743000 | ||
CY2019Q2 | us-gaap |
Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
|
372000 | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
5448000 | ||
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
6471000 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.70 | ||
CY2018Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.19 | |
CY2019Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.26 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.70 | ||
CY2018Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.19 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.37 | ||
CY2019Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.26 | |
CY2019Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
|
1728000 | |
CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
21521000 | |
CY2019Q2 | us-gaap |
Goodwill
Goodwill
|
21521000 | |
us-gaap |
Gross Profit
GrossProfit
|
4243000 | ||
CY2018Q2 | us-gaap |
Gross Profit
GrossProfit
|
4839000 | |
us-gaap |
Gross Profit
GrossProfit
|
-825000 | ||
CY2019Q2 | us-gaap |
Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
|
0 | |
CY2019Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
12000 | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
14619000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-4890000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
18084000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-5338000 | ||
us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-684000 | ||
CY2019Q2 | us-gaap |
Gross Profit
GrossProfit
|
6024000 | |
CY2018Q4 | us-gaap |
Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
|
18019000 | |
us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
197000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
11593000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3214000 | ||
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
1697000 | ||
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
2307000 | ||
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
1402000 | ||
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
6108000 | ||
us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
-736000 | ||
us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
-266000 | ||
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-11228000 | ||
CY2018Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-2985000 | |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-30108000 | ||
CY2019Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-15875000 | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
5000 | ||
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
7000 | ||
CY2018Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
2046000 | |
CY2019Q2 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
2047000 | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-2488000 | ||
CY2018Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-649000 | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-189000 | ||
us-gaap |
Interest Expense
InterestExpense
|
59000 | ||
CY2018Q2 | us-gaap |
Interest Expense
InterestExpense
|
27000 | |
us-gaap |
Interest Expense
InterestExpense
|
151000 | ||
CY2019Q2 | us-gaap |
Interest Expense
InterestExpense
|
115000 | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
34000 | ||
us-gaap |
Interest Paid Net
InterestPaidNet
|
31000 | ||
CY2018Q4 | us-gaap |
Inventory Net
InventoryNet
|
64562000 | |
CY2019Q2 | us-gaap |
Inventory Net
InventoryNet
|
61788000 | |
CY2018Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
6812000 | |
CY2019Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
6372000 | |
CY2018Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
60112000 | |
CY2019Q2 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
56687000 | |
us-gaap |
Lease Cost
LeaseCost
|
7539000 | ||
CY2019Q2 | us-gaap |
Lease Cost
LeaseCost
|
3822000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.045 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
73031000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
102851000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
3024000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
27313000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
3820000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
11817000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
4873000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
12869000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
20424000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
20032000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
20595000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
20326000 | |
CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
20295000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
10494000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
12784000 | |
CY2019Q2 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P5Y | |
CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
96127000 | |
CY2019Q2 | us-gaap |
Liabilities
Liabilities
|
173437000 | |
CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
289737000 | |
CY2019Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
337638000 | |
CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
62050000 | |
CY2019Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
69390000 | |
CY2019Q2 | us-gaap |
Long Term Line Of Credit
LongTermLineOfCredit
|
10200000 | |
CY2019Q2 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
7500000 | |
us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<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 – 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;"></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’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.</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;"></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 (“Shoals”) 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 </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">six</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> years from the date of the incentive. 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;">$8,051</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as of June 30, 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;"></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;">As part of a settlement agreement reached with one of its customers, the Company agreed to pay </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$7,500</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> to settle all claims related to a prior year’s commercial dispute. Payment will be made over a period of three years. </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;"></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’ compensation and employee matters arising out of the conduct of its business. 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’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;"></font> </p> <p><font size="1"> </font></p> </div> </div> | ||
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 – 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;"></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. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries, JAC Operations, Inc., Johnstown America, LLC, Freight Car Services, Inc., JAIX Leasing Company (“JAIX”), FreightCar America Leasing, LLC, FreightCar America Leasing 1, LLC, FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (“Mauritius”), FreightCar Rail Services, LLC (“FCRS”), FreightCar Short Line, Inc. (“FCSL”), FreightCar Alabama, LLC and FreightCar (Shanghai) Trading Co., Ltd (herein collectively referred to as the “Company”), 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. 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’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’s Republic of China. The Company’s direct and indirect subsidiaries are all wholly owned.</font> </p> <p><font size="1"> </font></p> </div> </div> | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-118000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
9212000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-14124000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
30730000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-48402000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15153000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-8740000 | ||
CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2336000 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-29919000 | ||
CY2019Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-15887000 | |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | ||
us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-12138000 | ||
CY2018Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3546000 | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-30359000 | ||
CY2019Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-15843000 | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
7037000 | ||
CY2019Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
3503000 | |
us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
2525000 | ||
CY2018Q2 | us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
1899000 | |
us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
3363000 | ||
CY2019Q2 | us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
1682000 | |
CY2019Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
90067000 | |
CY2019Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
16991000 | |
CY2019Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
73076000 | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
10465000 | ||
CY2019Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
71714000 | |
CY2019Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P7Y9M18D | |
CY2018Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1324000 | |
CY2019Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
4757000 | |
CY2018Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
801000 | |
CY2019Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
4476000 | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
211000 | ||
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-969000 | ||
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
969000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
476000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2034000 | ||
us-gaap |
Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
|
4400000 | ||
CY2018Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
5012000 | |
CY2019Q2 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
7318000 | |
CY2018Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
2311000 | |
CY2019Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3135000 | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
72000 | ||
CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
36000 | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
87000 | ||
CY2019Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
44000 | |
CY2018Q4 | us-gaap |
Other Inventories Spare Parts
OtherInventoriesSpareParts
|
4450000 | |
CY2019Q2 | us-gaap |
Other Inventories Spare Parts
OtherInventoriesSpareParts
|
5101000 | |
CY2018Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
588000 | |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
402000 | ||
CY2019Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
83000 | |
CY2018Q4 | us-gaap |
Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
|
4975000 | |
CY2019Q2 | us-gaap |
Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
|
4800000 | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
929000 | ||
us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
118000 | ||
us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
59000 | ||
us-gaap |
Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
|
79105000 | ||
us-gaap |
Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
|
1986000 | ||
us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
476000 | ||
CY2018Q2 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
294000 | |
us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
2034000 | ||
CY2019Q2 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1275000 | |
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 | |
CY2019Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2018Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | |
CY2019Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2500000 | |
CY2018Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2019Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
us-gaap |
Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
|
487000 | ||
us-gaap |
Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
|
10200000 | ||
us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
66008000 | ||
us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
20025000 | ||
us-gaap |
Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
|
4668000 | ||
us-gaap |
Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
|
4400000 | ||
CY2018Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
9309000 | |
CY2019Q2 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
7793000 | |
CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
45317000 | |
CY2019Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
40396000 | |
CY2018Q4 | us-gaap |
Restricted Investments Current
RestrictedInvestmentsCurrent
|
4952000 | |
CY2019Q2 | us-gaap |
Restricted Investments Current
RestrictedInvestmentsCurrent
|
1668000 | |
us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
1319000 | ||
CY2019Q2 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
1319000 | |
CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
120799000 | |
CY2019Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
91088000 | |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
147191000 | ||
CY2018Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
64844000 | |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
141006000 | ||
CY2019Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
71979000 | |
us-gaap |
Revenues
Revenues
|
149716000 | ||
CY2018Q2 | us-gaap |
Revenues
Revenues
|
66743000 | |
us-gaap |
Revenues
Revenues
|
144369000 | ||
CY2019Q2 | us-gaap |
Revenues
Revenues
|
73661000 | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
32079000 | ||
CY2018Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
272030 | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12344684 | ||
CY2019Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12352271 | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12311810 | ||
us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
502000 | ||
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
16381000 | ||
CY2018Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
8385000 | |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
23019000 | ||
CY2019Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
15352000 | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1751000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
274000 | ||
CY2019Q2 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
319000 | |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
231732000 | |
CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
226082000 | |
CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
224697000 | |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
193610000 | |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
180459000 | |
CY2019Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
164201000 | |
CY2019Q2 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
102951 | |
CY2018Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
9721000 | |
CY2019Q2 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2348000 | |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
|||
CY2018Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
||
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
|||
CY2019Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12311810 | ||
CY2018Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12317546 | |
CY2018Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12317546 | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12344684 | ||
CY2019Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12352271 | |
CY2018Q4 | us-gaap |
Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
|
3344000 | |
CY2019Q2 | us-gaap |
Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
|
3659000 |