2021 Q1 Form 10-Q Financial Statement

#000156276221000228 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $32.37M $5.197M
YoY Change 522.86% -92.65%
Cost Of Revenue $31.05M $14.00M
YoY Change 121.81% -81.95%
Gross Profit $1.316M -$8.803M
YoY Change -114.95% 28.53%
Gross Profit Margin 4.07% -169.39%
Selling, General & Admin $9.151M $7.410M
YoY Change 23.5% -3.35%
% of Gross Profit 695.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.197M $3.013M
YoY Change -60.27% -6.02%
% of Gross Profit 90.96%
Operating Expenses $9.151M $7.410M
YoY Change 23.5% -3.35%
Operating Profit -$14.49M -$17.09M
YoY Change -15.26% 17.75%
Interest Expense -$24.60M $296.0K
YoY Change -8410.81% 722.22%
% of Operating Profit
Other Income/Expense, Net $115.0K $224.0K
YoY Change -48.66% -29.78%
Pretax Income -$39.00M -$17.17M
YoY Change 127.21% 20.6%
Income Tax $132.0K -$2.000K
% Of Pretax Income
Net Earnings -$39.13M -$16.95M
YoY Change 130.91% 20.77%
Net Earnings / Revenue -120.89% -326.09%
Basic Earnings Per Share -$1.96 -$1.29
Diluted Earnings Per Share -$1.96 -$1.29
COMMON SHARES
Basic Shares Outstanding 20.00M 12.37M
Diluted Shares Outstanding 20.00M 12.37M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.60M $60.50M
YoY Change -47.77% -9.7%
Cash & Equivalents $31.56M $60.48M
Short-Term Investments
Other Short-Term Assets $9.200M $8.309M
YoY Change 10.72% 12.69%
Inventory $35.65M $41.12M
Prepaid Expenses $10.92M
Receivables $6.217M $5.718M
Other Receivables $13.20M $1.000M
Total Short-Term Assets $97.74M $116.7M
YoY Change -16.21% -15.49%
LONG-TERM ASSETS
Property, Plant & Equipment $19.52M $39.29M
YoY Change -50.32% -9.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.828M $999.0K
YoY Change 183.08% -61.32%
Total Long-Term Assets $60.85M $134.4M
YoY Change -54.74% -34.75%
TOTAL ASSETS
Total Short-Term Assets $97.74M $116.7M
Total Long-Term Assets $60.85M $134.4M
Total Assets $158.6M $251.1M
YoY Change -36.84% -27.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.17M $19.65M
YoY Change 38.24% -35.75%
Accrued Expenses $9.900M $26.90M
YoY Change -63.2% -19.46%
Deferred Revenue $22.52M
YoY Change 1657.61%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.32M
YoY Change
Total Short-Term Liabilities $63.12M $74.58M
YoY Change -15.36% 8.36%
LONG-TERM LIABILITIES
Long-Term Debt $36.81M $10.20M
YoY Change 260.89%
Other Long-Term Liabilities $5.162M $3.443M
YoY Change 49.93% 623.32%
Total Long-Term Liabilities $41.97M $3.443M
YoY Change 1119.08% 623.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.12M $74.58M
Total Long-Term Liabilities $41.97M $3.443M
Total Liabilities $167.1M $150.8M
YoY Change 10.81% -7.87%
SHAREHOLDERS EQUITY
Retained Earnings -$77.75M $28.88M
YoY Change -369.25% -73.01%
Common Stock $161.0K $133.0K
YoY Change 21.05% 4.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.782M $1.124M
YoY Change 58.54% -75.42%
Treasury Stock Shares $446.6K $152.6K
Shareholders Equity -$8.460M $100.6M
YoY Change
Total Liabilities & Shareholders Equity $158.6M $251.1M
YoY Change -36.84% -27.02%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$39.13M -$16.95M
YoY Change 130.91% 20.77%
Depreciation, Depletion And Amortization $1.197M $3.013M
YoY Change -60.27% -6.02%
Cash From Operating Activities -$22.28M -$6.027M
YoY Change 269.6% -453.08%
INVESTING ACTIVITIES
Capital Expenditures $542.0K $3.670M
YoY Change -85.23% 382.89%
Acquisitions
YoY Change
Other Investing Activities $400.0K $3.900M
YoY Change -89.74% -79.79%
Cash From Investing Activities -$169.0K $263.0K
YoY Change -164.26% -98.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.00K -9.000K
YoY Change 411.11% -97.35%
NET CHANGE
Cash From Operating Activities -22.28M -6.027M
Cash From Investing Activities -169.0K 263.0K
Cash From Financing Activities -46.00K -9.000K
Net Change In Cash -22.49M -5.773M
YoY Change 289.59% -128.97%
FREE CASH FLOW
Cash From Operating Activities -$22.28M -$6.027M
Capital Expenditures $542.0K $3.670M
Free Cash Flow -$22.82M -$9.697M
YoY Change 135.31% -1123.97%

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5133000
CY2020Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1273000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
320000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-46000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6953000
CY2021Q1 rail Increase Decrease In Accrued Payroll And Employee Benefits
IncreaseDecreaseInAccruedPayrollAndEmployeeBenefits
-1166000
CY2020Q1 rail Increase Decrease In Accrued Payroll And Employee Benefits
IncreaseDecreaseInAccruedPayrollAndEmployeeBenefits
-654000
CY2021Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
134000
CY2020Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
8000
CY2021Q1 rail Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-1208000
CY2020Q1 rail Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-312000
CY2021Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-577000
CY2020Q1 rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-1686000
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7114000
CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
18443000
CY2021Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-222000
CY2020Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-214000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22276000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6027000
CY2020Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
3769000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
542000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3670000
CY2021Q1 rail Proceeds From Sale Of Property Plant And Equipment Assets Held For Sale And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAssetsHeldForSaleAndRailcarsAvailableForLease
373000
CY2020Q1 rail Proceeds From Sale Of Property Plant And Equipment Assets Held For Sale And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAssetsHeldForSaleAndRailcarsAvailableForLease
164000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
263000
CY2021Q1 rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
165000
CY2021Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
165000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7000
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9000
CY2021Q1 rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
39000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22491000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5773000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54047000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66257000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31556000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60484000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1180000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
143000
CY2021Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
5000
CY2021Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
114000
CY2020Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
419000
CY2021Q1 us-gaap Notes Issued1
NotesIssued1
256000
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Note 1 – Description of the Business</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, Coahuila, Mexico (“</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Castaños”).</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">During 2019, the Company entered into a joint venture arrangement with </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”), a Mexican company with operations in both Mexico and the United States </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">to manufacture railcars in </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Castaños</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, in exchange for a </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% interest in the operation. </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Production of railcars at the </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Castaños</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> facility began during the third quarter of 2020. On October 16, 2020, the Company acquired Fasemex’s </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% ownership in the joint venture. As of March 2021, the Company has moved all of its production to the </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Castaños</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> facility. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company ceased operations at its Roanoke Virginia manufacturing facility (the “Roanoke Facility”) and vacated the facility as of March 31, 2020.  </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On September 10, 2020, the Company announced its plan to permanently close its manufacturing facility in Cherokee, Alabama (the “Shoals Facility”) in light of the ongoing cyclical industry downturn, which has been magnified by the global pandemic. The closure will reduce costs and align the Company’s manufacturing capacity with the current rail car market. The Company ceased production at the Shoals Facility in February 2021.</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> See Note 14</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">–</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Restructuring and Impairment Charges.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> We are closely monitoring the spread and impact of the COVID-19 pandemic and are continually assessing its potential effects on our business and our financial performance as well as the businesses of our customers and vendors. The Company cannot predict the duration or severity of the COVID-19 pandemic, and we cannot reasonably estimate the financial impact the COVID-19 outbreak will have on our results and significant estimates going forward.</span></p>
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31295000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3739000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1075000
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1458000
CY2021Q1 us-gaap Revenues
Revenues
32370000
CY2020Q1 us-gaap Revenues
Revenues
5197000
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
445000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6930000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14850000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
8978000
CY2020Q3 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
17540000
CY2020Q4 rail Impairment Of Leased Railcars
ImpairmentOfLeasedRailcars
16952000
CY2020Q4 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1999000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8763000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10455000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
67235000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
66979000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
56126000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
32316000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
34355000
CY2021Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4738000
CY2020Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4476000
CY2021Q1 us-gaap Inventory Net
InventoryNet
37054000
CY2020Q4 us-gaap Inventory Net
InventoryNet
38831000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2558000
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
9836000
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
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5289542
CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5307539
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2020Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
12730000
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
22128000
CY2021Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
34858000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
55273000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
19315000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
17605000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
36811000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
37668000
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
12366880
CY2021Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
5298541
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20001505
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12366880
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20001505
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12366880
CY2021Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Note 12 – Contingencies and Legal Settlements </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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 dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company received cash payments of $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">15,733</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1,410</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> during 2015 and 2017, respectively, for Alabama state and local incentives related to its capital investment and employment levels at the 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 </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">six year</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">s from the date of the incentive. In April 2021, the Company received a letter from representatives of the Shoals Economic Development Authority (“SEDA”) regarding repayment of local incentives. The Company views this notice as premature, as the Company believes that any repayment obligations have not yet arisen under the terms of the incentive agreements. In the event that any portion of the incentives is required to be paid back, the Company believes the amount is unlikely to exceed the deferred liability balance of $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">4,167</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> as of March 31, 2021. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As part of a settlement agreement reached with one of its customers during 2019, the Company agreed to pay $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">7,500</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> to settle all claims related to a prior year’s commercial dispute. During the years ended December 31, 2020 and 2019, the Company paid $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1,000</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">3,500</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, respectively, of the settlement amount and the remaining $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">3,000</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> will be paid over a period of </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">15</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> months or on an accelerated basis in the event both parties agree to accelerate delivery of railcars currently in the backlog. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">0.5</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million to cover probable and estimable liabilities with respect to these matters.</span></p>
CY2015 rail Proceeds From Government Grants Received
ProceedsFromGovernmentGrantsReceived
15733000
CY2017 rail Proceeds From Government Grants Received
ProceedsFromGovernmentGrantsReceived
1410000
CY2021Q1 rail Deferred Income Government Grants
DeferredIncomeGovernmentGrants
4167000
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
7500000
CY2020 us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
1000000
CY2019 us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
3500000
CY2021Q1 rail Loss Contingency Accrual Payments Term
LossContingencyAccrualPaymentsTerm
P15Y
CY2021Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
500000
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14702964
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1383191
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1039850
CY2021Q1 rail Impairment And Gain Loss On Sale Of Property Plant Equipment
ImpairmentAndGainLossOnSaleOfPropertyPlantEquipment
269000
CY2020Q1 rail Impairment And Gain Loss On Sale Of Property Plant Equipment
ImpairmentAndGainLossOnSaleOfPropertyPlantEquipment
438000
CY2021Q1 us-gaap Severance Costs1
SeveranceCosts1
-57000
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
-4000
CY2021Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
6438000
CY2020Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
446000
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
6650000
CY2020Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
880000
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
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
1006000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
563000
CY2020Q1 rail Restructuring Reserve Non Cash Charges
RestructuringReserveNonCashCharges
318000
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1460000
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
109000

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