$STCN
Steel Connect, Inc.

2015 Q1 Form 10-Q Financial Statement

#000119312515089371 Filed on March 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $148.3M $194.0M
YoY Change -23.56% -4.63%
Cost Of Revenue $131.7M $171.4M
YoY Change -23.17% -6.4%
Gross Profit $16.59M $22.58M
YoY Change -26.51% 11.35%
Gross Profit Margin 11.19% 11.64%
Selling, General & Admin $14.64M $19.57M
YoY Change -25.2% -17.49%
% of Gross Profit 88.22% 86.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.190M $3.380M
YoY Change -35.21% 4.32%
% of Gross Profit 13.2% 14.97%
Operating Expenses $15.95M $21.35M
YoY Change -25.28% -25.9%
Operating Profit $646.0K $1.235M
YoY Change -47.69% -114.49%
Interest Expense $2.619M $199.0K
YoY Change 1216.08% 97.03%
% of Operating Profit 405.42% 16.11%
Other Income/Expense, Net -$1.853M $581.0K
YoY Change -418.93% -123.32%
Pretax Income -$1.207M $1.816M
YoY Change -166.46% -116.48%
Income Tax $549.0K $753.0K
% Of Pretax Income 41.46%
Net Earnings -$1.556M $1.064M
YoY Change -246.24% -108.48%
Net Earnings / Revenue -1.05% 0.55%
Basic Earnings Per Share -$0.03 $0.02
Diluted Earnings Per Share -$0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 51.65M shares 51.50M shares
Diluted Shares Outstanding 51.65M shares 51.81M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.5M $75.30M
YoY Change 158.3% 45.37%
Cash & Equivalents $122.9M $75.27M
Short-Term Investments $71.60M
Other Short-Term Assets $21.40M $10.80M
YoY Change 98.15% -10.74%
Inventory $66.89M $68.89M
Prepaid Expenses
Receivables $133.0M $145.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $415.8M $300.4M
YoY Change 38.42% 0.64%
LONG-TERM ASSETS
Property, Plant & Equipment $22.57M $28.91M
YoY Change -21.93% -24.3%
Goodwill $3.058M $3.058M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.200M $8.100M
YoY Change -11.11% -15.63%
Other Assets $8.245M $5.389M
YoY Change 53.0% -19.22%
Total Long-Term Assets $41.19M $46.63M
YoY Change -11.67% -22.02%
TOTAL ASSETS
Total Short-Term Assets $415.8M $300.4M
Total Long-Term Assets $41.19M $46.63M
Total Assets $457.0M $347.1M
YoY Change 31.69% -3.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.2M $112.2M
YoY Change 17.79% -10.55%
Accrued Expenses $40.47M $37.84M
YoY Change 6.96% -6.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $210.2M $177.5M
YoY Change 18.41% -11.01%
LONG-TERM LIABILITIES
Long-Term Debt $75.60M $0.00
YoY Change
Other Long-Term Liabilities $8.090M $9.243M
YoY Change -12.47% -16.25%
Total Long-Term Liabilities $83.65M $9.516M
YoY Change 779.05% -13.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.2M $177.5M
Total Long-Term Liabilities $83.65M $9.516M
Total Liabilities $293.8M $187.0M
YoY Change 57.12% -11.15%
SHAREHOLDERS EQUITY
Retained Earnings -$7.295B -$7.275B
YoY Change 0.27% 0.21%
Common Stock $522.0K $7.422B
YoY Change -99.99% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $163.2M $160.0M
YoY Change
Total Liabilities & Shareholders Equity $457.0M $347.1M
YoY Change 31.69% -3.15%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$1.556M $1.064M
YoY Change -246.24% -108.48%
Depreciation, Depletion And Amortization $2.190M $3.380M
YoY Change -35.21% 4.32%
Cash From Operating Activities $43.11M $10.06M
YoY Change 328.53% -266.01%
INVESTING ACTIVITIES
Capital Expenditures -$1.950M -$710.0K
YoY Change 174.65% -50.69%
Acquisitions
YoY Change
Other Investing Activities $210.0K -$410.0K
YoY Change -151.22% -160.29%
Cash From Investing Activities -$1.740M -$1.120M
YoY Change 55.36% 47.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.31M 180.0K
YoY Change -11938.89%
NET CHANGE
Cash From Operating Activities 43.11M 10.06M
Cash From Investing Activities -1.740M -1.120M
Cash From Financing Activities -21.31M 180.0K
Net Change In Cash 20.06M 9.120M
YoY Change 119.96% -233.72%
FREE CASH FLOW
Cash From Operating Activities $43.11M $10.06M
Capital Expenditures -$1.950M -$710.0K
Free Cash Flow $45.06M $10.77M
YoY Change 318.38% -333.12%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
MODUSLINK GLOBAL SOLUTIONS INC
dei Trading Symbol
TradingSymbol
MLNK
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>(2) BASIS OF PRESENTATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, 2014, 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;14, 2014. The results for the three and six months ended January&#xA0;31, 2015 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> All significant intercompany transactions and balances have been eliminated in consolidation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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, 2015, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During the quarter ended January&#xA0;31, 2015, the Company commenced a reverse split of the Company&#x2019;s common stock, immediately followed by a forward stock split of the Company&#x2019;s common stock, which are intended to reduce the costs associated with servicing stockholder accounts holding relatively small numbers of shares of the Company&#x2019;s common stock. The ratio for the reverse stock split as approved by the Company&#x2019;s Board of Directors, and by the Company&#x2019;s Stockholders at the December&#xA0;9, 2014 Annual Meeting of Stockholders, was fixed at 1-for-100 and the ratio for the forward stock split was fixed at 100-for-1. The Reverse/Forward Split did not change the authorized number of shares of Common Stock or in the par value of such shares. No fractional shares were issued in connection with the Reverse/Forward Split.</p> </div>
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69221000
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2044000
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300322000
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4729000
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31430000
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P3Y
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0.00
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OtherComprehensiveIncomeLossNetOfTax
-1885000
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1000
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0.02
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1002000
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CY2014Q1 us-gaap Nonoperating Income Expense
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581000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1816000
CY2014Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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OtherComprehensiveIncomeOtherNetOfTax
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1064000
CY2014Q1 us-gaap Investment Income Interest
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65000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
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-250000
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500000
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892000
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72 Employee
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1000
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100000

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