$STCN
Steel Connect, Inc.

2014 Q1 Form 10-Q Financial Statement

#000119312514080626 Filed on March 03, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q3 2013 Q1
Revenue $194.0M $181.0M $203.4M
YoY Change -4.63% 4.55% 20.07%
Cost Of Revenue $171.4M $160.9M $183.2M
YoY Change -6.4% -0.48% 18.91%
Gross Profit $22.58M $20.09M $20.28M
YoY Change 11.35% 75.48% 31.6%
Gross Profit Margin 11.64% 11.1% 9.97%
Selling, General & Admin $19.57M $19.80M $23.72M
YoY Change -17.49% -29.29% 2.33%
% of Gross Profit 86.68% 98.54% 116.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.380M $4.190M $3.240M
YoY Change 4.32% 15.11% -7.72%
% of Gross Profit 14.97% 20.85% 15.98%
Operating Expenses $21.35M $25.77M $28.80M
YoY Change -25.9% -12.66% 3.13%
Operating Profit $1.235M -$5.675M -$8.526M
YoY Change -114.49% -68.57% -31.9%
Interest Expense $199.0K -$1.100M $101.0K
YoY Change 97.03% -200.0% 3.06%
% of Operating Profit 16.11%
Other Income/Expense, Net $581.0K -$1.196M -$2.491M
YoY Change -123.32% -123.25% -545.62%
Pretax Income $1.816M -$7.000M -$11.02M
YoY Change -116.48% -45.74% -7.89%
Income Tax $753.0K $1.804M $674.0K
% Of Pretax Income 41.46%
Net Earnings $1.064M -$8.841M -$12.55M
YoY Change -108.48% -56.32% -2.53%
Net Earnings / Revenue 0.55% -4.88% -6.17%
Basic Earnings Per Share $0.02 -$0.29
Diluted Earnings Per Share $0.02 -$170.9K -$0.29
COMMON SHARES
Basic Shares Outstanding 51.50M shares 51.59M shares 43.65M shares
Diluted Shares Outstanding 51.81M shares 43.65M shares

Balance Sheet

Concept 2014 Q1 2013 Q3 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.30M $77.90M $51.80M
YoY Change 45.37% 48.38% -45.93%
Cash & Equivalents $75.27M $77.92M $51.79M
Short-Term Investments $0.00
Other Short-Term Assets $10.80M $9.800M $12.10M
YoY Change -10.74% -6.67% 17.48%
Inventory $68.89M $61.32M $83.05M
Prepaid Expenses
Receivables $145.5M $142.1M $151.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $300.4M $291.1M $298.5M
YoY Change 0.64% -1.62% -16.37%
LONG-TERM ASSETS
Property, Plant & Equipment $28.91M $34.29M $38.19M
YoY Change -24.3% -15.9% -12.19%
Goodwill $3.058M $3.058M $3.058M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $8.100M $8.000M $9.600M
YoY Change -15.63% -25.93% -22.58%
Other Assets $5.389M $5.528M $6.671M
YoY Change -19.22% 1.15% -35.35%
Total Long-Term Assets $46.63M $52.61M $59.81M
YoY Change -22.02% -16.49% -18.35%
TOTAL ASSETS
Total Short-Term Assets $300.4M $291.1M $298.5M
Total Long-Term Assets $46.63M $52.61M $59.81M
Total Assets $347.1M $343.7M $358.3M
YoY Change -3.15% -4.23% -16.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.2M $110.1M $125.5M
YoY Change -10.55% -0.34% -7.72%
Accrued Expenses $37.84M $34.75M $40.42M
YoY Change -6.39% -16.78% 7.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change 0.0%
Total Short-Term Liabilities $177.5M $176.4M $199.5M
YoY Change -11.01% -3.26% -9.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $9.243M $9.866M $11.04M
YoY Change -16.25% -10.41% -8.25%
Total Long-Term Liabilities $9.516M $10.36M $11.04M
YoY Change -13.78% -8.92% -8.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.5M $176.4M $199.5M
Total Long-Term Liabilities $9.516M $10.36M $11.04M
Total Liabilities $187.0M $186.8M $210.5M
YoY Change -11.15% -3.59% -9.65%
SHAREHOLDERS EQUITY
Retained Earnings -$7.275B -$7.277B -$7.260B
YoY Change 0.21% 0.56% 0.69%
Common Stock $7.422B $7.420B $7.391B
YoY Change 0.41% 0.4% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.0M $156.9M $147.7M
YoY Change
Total Liabilities & Shareholders Equity $347.1M $343.7M $358.3M
YoY Change -3.15% -4.23% -16.71%

Cashflow Statement

Concept 2014 Q1 2013 Q3 2013 Q1
OPERATING ACTIVITIES
Net Income $1.064M -$8.841M -$12.55M
YoY Change -108.48% -56.32% -2.53%
Depreciation, Depletion And Amortization $3.380M $4.190M $3.240M
YoY Change 4.32% 15.11% -7.72%
Cash From Operating Activities $10.06M $9.910M -$6.060M
YoY Change -266.01% -144.78% -43.68%
INVESTING ACTIVITIES
Capital Expenditures -$710.0K -$2.730M -$1.440M
YoY Change -50.69% 21.88% -52.32%
Acquisitions
YoY Change
Other Investing Activities -$410.0K -$70.00K $680.0K
YoY Change -160.29% -77.42% 6700.0%
Cash From Investing Activities -$1.120M -$2.800M -$760.0K
YoY Change 47.37% 9.8% -74.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 180.0K -20.00K 0.000
YoY Change -50.0%
NET CHANGE
Cash From Operating Activities 10.06M 9.910M -6.060M
Cash From Investing Activities -1.120M -2.800M -760.0K
Cash From Financing Activities 180.0K -20.00K 0.000
Net Change In Cash 9.120M 7.090M -6.820M
YoY Change -233.72% -128.68% -50.47%
FREE CASH FLOW
Cash From Operating Activities $10.06M $9.910M -$6.060M
Capital Expenditures -$710.0K -$2.730M -$1.440M
Free Cash Flow $10.77M $12.64M -$4.620M
YoY Change -333.12% -163.55% -40.31%

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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
MODUSLINK GLOBAL SOLUTIONS INC
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-01-31
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(2) BASIS OF PRESENTATION</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (&#x201C;U.S. GAAP&#x201D;) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended July&#xA0;31, 2013, which are contained in the Company&#x2019;s Annual Report on Form 10-K filed with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) on October&#xA0;15, 2013. The results for the three and six months ended January&#xA0;31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company considers events or transactions that occur after the balance sheet date but before the issuance of financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. For the period ended January&#xA0;31, 2014, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.</p> </div>
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>(1) NATURE OF OPERATIONS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> ModusLink Global Solutions, Inc. (together with its consolidated subsidiaries, &#x201C;ModusLink Global Solutions&#x201D; or the &#x201C;Company&#x201D;), through its wholly-owned subsidiaries, ModusLink Corporation (&#x201C;ModusLink&#x201D;) and ModusLink PTS, Inc. (&#x201C;ModusLink PTS&#x201D;), executes comprehensive supply chain and logistics services (the &#x201C;Supply Chain Business&#x201D;) that are designed to improve clients&#x2019; revenue, cost, sustainability and customer experience objectives. ModusLink Global Solutions provides services to leading companies in consumer electronics, communications, computing, medical devices, software, and retail. The Company&#x2019;s operations are supported by a global footprint that includes more than 25 sites across North America, Europe and the Asia Pacific region</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company previously operated under the names CMGI, Inc. and CMG Information Services, Inc. and was incorporated in Delaware in 1986.</p> </div>
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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OtherComprehensiveIncomeLossNetOfTax
188000
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31000
us-gaap Share Based Compensation
ShareBasedCompensation
1150000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2642000
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us-gaap Restructuring Costs
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Selling General And Administrative Expense
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us-gaap Income Tax Expense Benefit
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EffectOfExchangeRateOnCashAndCashEquivalents
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us-gaap Interest Expense
InterestExpense
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us-gaap Proceeds From Issuance Of Common Stock
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CostOfRevenue
340851000
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us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Depreciation
Depreciation
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us-gaap Allocated Share Based Compensation Expense
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1150000
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-250000
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1923000
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0.0499 pure
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229000
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
43654000 shares
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IncomeLossFromContinuingOperationsPerBasicShare
-0.29
mlnk Ownership Percentage
OwnershipPercentage
0.05 pure
mlnk Ownership Change Testing Period
OwnershipChangeTestingPeriod
P3Y
mlnk Early Lease Termination Fees
EarlyLeaseTerminationFees
400000
mlnk Other Operating Loss Gains
OtherOperatingLossGains
191000
mlnk Plan Adoption Date
PlanAdoptionDate
2011-10-17
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EquityInLossesOfAffiliatesAndImpairments
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mlnk Transaction Costs
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GainLossOnDispositionOfAssets1
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ValueOfConsiderationReceived
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600000
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LossContingencyNewClaimsFiledNumber
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RestructuringCharges
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EarningsPerShareBasic
-0.29
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EarningsPerShareDiluted
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WeightedAverageNumberOfDilutedSharesOutstanding
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IncomeLossFromContinuingOperationsPerDilutedShare
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
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IncomeLossFromContinuingOperationsPerDilutedShare
-0.29
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43654000 shares
CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
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IncomeLossFromEquityMethodInvestments
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CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
203436000
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
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CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
88000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2013Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
114000
CY2013Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1757000
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ComprehensiveIncomeNetOfTax
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CY2013Q1 us-gaap Gross Profit
GrossProfit
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OperatingIncomeLoss
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CY2013Q1 us-gaap Gain Loss On Disposition Of Assets
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IncomeLossFromContinuingOperations
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ForeignCurrencyTransactionGainLossRealized
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NonoperatingIncomeExpense
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OperatingExpenses
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SellingGeneralAndAdministrativeExpense
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IncomeTaxExpenseBenefit
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101000
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285000
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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51811000 shares
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CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 us-gaap Operating Income Loss
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CY2014Q1 us-gaap Sales Revenue Net
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194011000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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2000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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ComprehensiveIncomeNetOfTax
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CY2014Q1 us-gaap Restructuring Charges
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CY2014Q1 us-gaap Allocated Share Based Compensation Expense
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CY2014Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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500000
CY2014Q1 mlnk Other Operating Loss Gains
OtherOperatingLossGains
892000
CY2014Q1 mlnk Number Of Employee Reduction
NumberOfEmployeeReduction
35 Employee

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