$SGMA
SIGMATRON INTERNATIONAL INC

2019 Q3 Form 10-Q Financial Statement

#000091535819000013 Filed on September 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $74.01M $71.41M
YoY Change 3.64% 0.27%
Cost Of Revenue $67.05M $65.63M
YoY Change 2.17% 1.79%
Gross Profit $6.960M $5.789M
YoY Change 20.23% -14.33%
Gross Profit Margin 9.4% 8.11%
Selling, General & Admin $5.827M $5.934M
YoY Change -1.8% 0.41%
% of Gross Profit 83.72% 102.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.330M $1.360M
YoY Change -2.21% -2.16%
% of Gross Profit 19.11% 23.49%
Operating Expenses $5.827M $5.934M
YoY Change -1.8% 0.41%
Operating Profit $1.133M -$145.1K
YoY Change -881.06% -117.13%
Interest Expense $591.2K $553.5K
YoY Change 6.82% -278.55%
% of Operating Profit 52.18%
Other Income/Expense, Net $66.36K -$25.06K
YoY Change -364.78% -162.66%
Pretax Income $608.1K -$723.6K
YoY Change -184.04% -224.58%
Income Tax $247.1K -$197.0K
% Of Pretax Income 40.63%
Net Earnings $361.0K -$526.6K
YoY Change -168.56% -237.54%
Net Earnings / Revenue 0.49% -0.74%
Basic Earnings Per Share $0.09 -$0.12
Diluted Earnings Per Share $0.09 -$0.12
COMMON SHARES
Basic Shares Outstanding 4.242M 4.224M
Diluted Shares Outstanding 4.242M 4.224M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $1.800M
YoY Change -16.67% -10.0%
Cash & Equivalents $1.488M $1.805M
Short-Term Investments
Other Short-Term Assets $2.400M $1.800M
YoY Change 33.33% -14.29%
Inventory $74.26M $88.00M
Prepaid Expenses
Receivables $31.93M $31.20M
Other Receivables $1.875M $2.900M
Total Short-Term Assets $113.1M $125.7M
YoY Change -10.01% 10.36%
LONG-TERM ASSETS
Property, Plant & Equipment $32.68M $34.70M
YoY Change -5.82% -4.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.983M $3.000M
YoY Change 132.75% 130.77%
Total Long-Term Assets $42.67M $40.70M
YoY Change 4.84% -9.35%
TOTAL ASSETS
Total Short-Term Assets $113.1M $125.7M
Total Long-Term Assets $42.67M $40.70M
Total Assets $155.8M $166.4M
YoY Change -6.38% 4.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.20M $50.70M
YoY Change -28.6% 0.2%
Accrued Expenses $2.723M $6.800M
YoY Change -59.96% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $691.7K $3.000M
YoY Change -76.94% 30.43%
Total Short-Term Liabilities $48.76M $60.90M
YoY Change -19.93% 0.66%
LONG-TERM LIABILITIES
Long-Term Debt $40.50M $45.40M
YoY Change -10.79% 37.99%
Other Long-Term Liabilities $1.192M $1.900M
YoY Change -37.28% 5.56%
Total Long-Term Liabilities $48.38M $47.30M
YoY Change 2.28% 36.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.76M $60.90M
Total Long-Term Liabilities $48.38M $47.30M
Total Liabilities $97.14M $108.1M
YoY Change -10.14% 12.14%
SHAREHOLDERS EQUITY
Retained Earnings $35.13M
YoY Change
Common Stock $23.52M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.65M $58.28M
YoY Change
Total Liabilities & Shareholders Equity $155.8M $166.4M
YoY Change -6.38% 4.79%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $361.0K -$526.6K
YoY Change -168.56% -237.54%
Depreciation, Depletion And Amortization $1.330M $1.360M
YoY Change -2.21% -2.16%
Cash From Operating Activities $4.071M -$3.441M
YoY Change -218.3% -960.27%
INVESTING ACTIVITIES
Capital Expenditures -$680.0K -$710.0K
YoY Change -4.23% -81.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$684.7K -$706.8K
YoY Change -3.13% -81.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.904M 4.231M
YoY Change -168.64% 124.04%
NET CHANGE
Cash From Operating Activities 4.071M -3.441M
Cash From Investing Activities -684.7K -706.8K
Cash From Financing Activities -2.904M 4.231M
Net Change In Cash 481.9K 83.50K
YoY Change 477.16% -95.58%
FREE CASH FLOW
Cash From Operating Activities $4.071M -$3.441M
Capital Expenditures -$680.0K -$710.0K
Free Cash Flow $4.751M -$2.731M
YoY Change -273.95% -164.72%

Facts In Submission

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CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
42710954
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
40503158
CY2018Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4231403
CY2019Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2904247
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-706808
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3692295
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-526607
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
361025
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-25063
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
66362
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-145060
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1133006
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6290289
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5742257
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2049962
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6017771
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P41M3D
CY2019Q3 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
600000
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1589325
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6982585
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1155907
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1191665
CY2019Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1741890
CY2019Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1875358
CY2018Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
11100
CY2019Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5959
CY2018Q3 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
706808
CY2019Q3 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
684667
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2436894
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2426259
CY2019Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;font-size:11pt;">Revisions </font><font style="display: inline;font-size:11pt;">- Previously reported </font><font style="display: inline;font-size:11pt;">cash flows from financing activities</font><font style="display: inline;font-size:11pt;"> for the three-month period ended July&nbsp;31, 201</font><font style="display: inline;font-size:11pt;">8</font><font style="display: inline;font-size:11pt;"> have been revised to reflect the classification of payments and borrowings under </font><font style="display: inline;font-size:11pt;">the Company&#x2019;s</font><font style="display: inline;font-size:11pt;"> revolving line of credit presented in the condensed consolidated statement of cash flows. The revision had no impact to total cash flows from financing activities, net loss or net loss per share, or the condensed consolidated balance sheets or statements of operations or stockholders&#x2019; equity. See Note B, &#x201C;Summary of Significant Accounting Policies&#x201D; in the Company&#x2019;s 2019 10-K for additional information on these revisions.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q3 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
82479011
CY2019Q3 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
82796750
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33232769
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32681869
CY2018Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
77556902
CY2019Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
84852276
CY2018Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
70000
CY2019Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
70000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
34770924
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
35131944
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
71414057
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
74009981
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5934116
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5827326
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
347318
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
465232
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
58809951
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
58283344
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
58287449
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
58648469
CY2018Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0
CY2019Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0
CY2019Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;font-size:11pt;">Management Estimates and Uncertainties </font><font style="display: inline;font-size:11pt;">- &nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory, lower of cost or market adjustment for inventory, contingent consideration, deferred taxes, uncertain tax positions, valuation allowance for deferred taxes and valuation of long-lived assets.&nbsp;&nbsp;Actual results could materially differ from these estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4223657
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4241883
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4223657
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4241883
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:PropertyPlantAndEquipmentNet

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