$STCN
Steel Connect, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515216544 Filed on June 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $106.2M $173.3M
YoY Change -38.69% 0.15%
Cost Of Revenue $97.22M $157.6M
YoY Change -38.3% -0.04%
Gross Profit $9.012M $15.70M
YoY Change -42.6% 2.11%
Gross Profit Margin 8.48% 9.06%
Selling, General & Admin $14.44M $17.10M
YoY Change -15.56% -11.34%
% of Gross Profit 160.22% 108.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.030M $3.900M
YoY Change -47.95% 16.0%
% of Gross Profit 22.53% 24.84%
Operating Expenses $16.56M $20.84M
YoY Change -20.51% -5.86%
Operating Profit -$7.552M -$5.138M
YoY Change 46.98% -23.99%
Interest Expense $2.613M $2.049M
YoY Change 27.53% 532.41%
% of Operating Profit
Other Income/Expense, Net -$3.860M -$3.640M
YoY Change 6.04% 437.67%
Pretax Income -$11.41M -$8.778M
YoY Change 30.01% 18.03%
Income Tax $694.0K $700.0K
% Of Pretax Income
Net Earnings -$12.11M -$9.478M
YoY Change 27.73% 14.11%
Net Earnings / Revenue -11.4% -5.47%
Basic Earnings Per Share -$0.23 -$0.18
Diluted Earnings Per Share -$0.23 -$0.18
COMMON SHARES
Basic Shares Outstanding 51.75M shares 51.50M shares
Diluted Shares Outstanding 51.75M shares 51.50M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.3M $170.6M
YoY Change 32.65% 139.61%
Cash & Equivalents $151.4M $170.6M
Short-Term Investments $74.80M
Other Short-Term Assets $25.20M $11.70M
YoY Change 115.38% 6.36%
Inventory $65.75M $62.28M
Prepaid Expenses
Receivables $121.7M $139.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $438.9M $383.6M
YoY Change 14.4% 26.1%
LONG-TERM ASSETS
Property, Plant & Equipment $23.76M $27.01M
YoY Change -12.01% -23.55%
Goodwill $3.058M $3.058M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $2.300M $7.000M
YoY Change -67.14% -24.73%
Other Assets $7.600M $7.357M
YoY Change 3.3% 5.24%
Total Long-Term Assets $36.70M $45.36M
YoY Change -19.09% -20.07%
TOTAL ASSETS
Total Short-Term Assets $438.9M $383.6M
Total Long-Term Assets $36.70M $45.36M
Total Assets $475.6M $429.0M
YoY Change 10.86% 18.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $162.0M $99.98M
YoY Change 62.04% -11.07%
Accrued Expenses $37.61M $39.68M
YoY Change -5.22% 0.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $238.8M $167.7M
YoY Change 42.42% -8.88%
LONG-TERM LIABILITIES
Long-Term Debt $76.70M $72.30M
YoY Change 6.09%
Other Long-Term Liabilities $8.022M $9.950M
YoY Change -19.38% 1.94%
Total Long-Term Liabilities $84.72M $82.51M
YoY Change 2.68% 745.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $238.8M $167.7M
Total Long-Term Liabilities $84.72M $82.51M
Total Liabilities $323.5M $250.2M
YoY Change 29.31% 29.1%
SHAREHOLDERS EQUITY
Retained Earnings -$7.307B -$7.285B
YoY Change 0.3% 0.23%
Common Stock $522.0K $519.0K
YoY Change 0.58% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.0M $178.8M
YoY Change
Total Liabilities & Shareholders Equity $475.6M $429.0M
YoY Change 10.86% 18.84%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$12.11M -$9.478M
YoY Change 27.73% 14.11%
Depreciation, Depletion And Amortization $2.030M $3.900M
YoY Change -47.95% 16.0%
Cash From Operating Activities $31.83M -$860.0K
YoY Change -3801.16% -85.62%
INVESTING ACTIVITIES
Capital Expenditures -$3.070M -$1.460M
YoY Change 110.27% 46.0%
Acquisitions
YoY Change
Other Investing Activities -$110.0K -$170.0K
YoY Change -35.29% -132.08%
Cash From Investing Activities -$3.180M -$1.640M
YoY Change 93.9% 248.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 96.96M
YoY Change -100.04% 269.51%
NET CHANGE
Cash From Operating Activities 31.83M -860.0K
Cash From Investing Activities -3.180M -1.640M
Cash From Financing Activities -40.00K 96.96M
Net Change In Cash 28.61M 94.46M
YoY Change -69.71% 377.31%
FREE CASH FLOW
Cash From Operating Activities $31.83M -$860.0K
Capital Expenditures -$3.070M -$1.460M
Free Cash Flow $34.90M $600.0K
YoY Change 5716.67% -112.05%

Facts In Submission

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dei Document Type
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dei Entity Registrant Name
EntityRegistrantName
MODUSLINK GLOBAL SOLUTIONS INC
dei Trading Symbol
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MLNK
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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: 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>
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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 nine months ended April&#xA0;30, 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 April&#xA0;30, 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 was 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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