$STCN
Steel Connect, Inc.

2018 Q1 Form 10-Q Financial Statement

#000119312518083618 Filed on March 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $153.7M $117.6M
YoY Change 30.77% -2.0%
Cost Of Revenue $137.9M $106.4M
YoY Change 29.66% -8.55%
Gross Profit $15.82M $11.20M
YoY Change 41.3% 206.37%
Gross Profit Margin 10.29% 9.52%
Selling, General & Admin $30.11M $11.93M
YoY Change 152.48% -19.27%
% of Gross Profit 190.3% 106.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.880M $2.070M
YoY Change 280.68% 8.38%
% of Gross Profit 49.8% 18.49%
Operating Expenses $21.53M $12.70M
YoY Change 69.47% -17.08%
Operating Profit -$5.703M -$1.504M
YoY Change 279.19% -87.1%
Interest Expense $6.575M $2.109M
YoY Change 211.76% -24.05%
% of Operating Profit
Other Income/Expense, Net -$8.200M -$1.075M
YoY Change 662.79% -54.02%
Pretax Income -$13.90M -$2.579M
YoY Change 439.08% -81.58%
Income Tax -$73.52M $723.0K
% Of Pretax Income
Net Earnings $59.82M -$2.906M
YoY Change -2158.43% -79.17%
Net Earnings / Revenue 38.91% -2.47%
Basic Earnings Per Share $1.02 -$0.05
Diluted Earnings Per Share $0.78 -$0.05
COMMON SHARES
Basic Shares Outstanding 58.34M 55.08M shares
Diluted Shares Outstanding 79.08M 55.08M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.4M $125.4M
YoY Change -15.15% -25.97%
Cash & Equivalents $106.4M $114.3M
Short-Term Investments $0.00 $11.00M
Other Short-Term Assets $30.30M $19.20M
YoY Change 57.81% -64.9%
Inventory $49.21M $36.93M
Prepaid Expenses
Receivables $110.8M $104.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $292.8M $285.7M
YoY Change 2.47% -34.23%
LONG-TERM ASSETS
Property, Plant & Equipment $105.4M $20.98M
YoY Change 402.36% -2.38%
Goodwill $255.4M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.039M $5.523M
YoY Change 9.34% -41.59%
Total Long-Term Assets $577.6M $26.51M
YoY Change 2079.25% -14.36%
TOTAL ASSETS
Total Short-Term Assets $292.8M $285.7M
Total Long-Term Assets $577.6M $26.51M
Total Assets $870.4M $312.2M
YoY Change 178.79% -32.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.01M $91.15M
YoY Change -6.73% -42.52%
Accrued Expenses $74.67M $39.62M
YoY Change 88.48% -1.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.725M
YoY Change
Total Short-Term Liabilities $222.2M $171.9M
YoY Change 29.24% -33.28%
LONG-TERM LIABILITIES
Long-Term Debt $386.0M $57.60M
YoY Change 570.1% -28.27%
Other Long-Term Liabilities $12.69M $9.212M
YoY Change 37.79% -26.6%
Total Long-Term Liabilities $478.7M $66.82M
YoY Change 616.5% -28.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $222.2M $171.9M
Total Long-Term Liabilities $478.7M $66.82M
Total Liabilities $706.4M $238.7M
YoY Change 195.95% -31.9%
SHAREHOLDERS EQUITY
Retained Earnings -$7.345B -$7.385B
YoY Change -0.54% 0.6%
Common Stock $603.0K $556.0K
YoY Change 8.45% 5.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $128.7M $73.50M
YoY Change
Total Liabilities & Shareholders Equity $870.1M $312.2M
YoY Change 178.7% -32.91%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $59.82M -$2.906M
YoY Change -2158.43% -79.17%
Depreciation, Depletion And Amortization $7.880M $2.070M
YoY Change 280.68% 8.38%
Cash From Operating Activities $12.67M $12.68M
YoY Change -0.08% -173.38%
INVESTING ACTIVITIES
Capital Expenditures -$6.840M -$1.470M
YoY Change 365.31% 24.58%
Acquisitions
YoY Change
Other Investing Activities -$452.7M $5.320M
YoY Change -8609.02% -67.42%
Cash From Investing Activities -$459.5M $3.850M
YoY Change -12035.58% -74.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 432.7M -6.800M
YoY Change -6462.79% 5130.77%
NET CHANGE
Cash From Operating Activities 12.67M 12.68M
Cash From Investing Activities -459.5M 3.850M
Cash From Financing Activities 432.7M -6.800M
Net Change In Cash -14.18M 9.730M
YoY Change -245.73% -532.44%
FREE CASH FLOW
Cash From Operating Activities $12.67M $12.68M
Capital Expenditures -$6.840M -$1.470M
Free Cash Flow $19.51M $14.15M
YoY Change 37.88% -187.89%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 10pt"> <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%"> Steel Connect, Inc. (&#x201C;Steel Connect&#x201D; or the&#x201D; Company&#x201D;) together with its consolidated subsidiaries, operates through its wholly owned subsidiaries, ModusLink Corporation and ModusLink PTS, Inc. (together &#x201C;ModusLink&#x201D;), and IWCO Direct Holdings, Inc. (&#x201C;IWCO&#x201D; or &#x201C;IWCO Direct&#x201D;). The Company was formerly known as ModusLink Global Solutions, Inc. until it changed its name to Steel Connect, Inc. effective February 27, 2018.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 10pt; TEXT-INDENT: 4%"> ModusLink is a leader in global supply chain business process management serving clients in markets such as consumer electronics, communications, computing, medical devices, software, and retail. The Company designs and executes critical elements in its clients&#x2019; global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. These benefits are delivered through a combination of industry expertise, innovative service solutions, and integrated operations, proven business processes, expansive global footprint and world-class technology. The Company also produces and licenses an entitlement management solution powered by its enterprise-class Poetic software, which offers a complete solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 10pt; TEXT-INDENT: 4%"> ModusLink has an integrated network of strategically located facilities with 20 sites operating in 21 languages in various countries, including numerous sites throughout North America, Europe and Asia. The Company previously operated under the names ModusLink Global Solutions, Inc., CMGI, Inc. and CMG Information Services, Inc. and was incorporated in Delaware in 1986.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 10pt; TEXT-INDENT: 4%"> IWCO Direct delivers highly-effective data-driven marketing solutions for its customers, which represent some of the largest and most respected brands in the world. Its full range of services includes strategy, creative and production for multichannel marketing campaigns, along with one of the industry&#x2019;s most sophisticated postal logistics programs for direct mail. Through its Mail-Gard<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> product, IWCO Direct also offers business continuity and disaster recovery services to protect against unexpected business interruptions, along with providing print and mail outsourcing services. Their solutions enable customers to improve Customer Lifetime Value (CLV), which in turn, has led to and longer customer relationships.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 10pt; TEXT-INDENT: 4%"> IWCO has administrative offices in Chanhassen, MN. and has three facilities in Chanhassen MN., one facility in Little Falls, MN., one facility in Warminster, PA. and two facilities in Hamburg PA.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 14pt"> &#xA0;</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5382000
dei Trading Symbol
TradingSymbol
STCN
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72883000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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dei Amendment Flag
AmendmentFlag
false
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="margin-top:14pt; 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 <font style="white-space:nowrap">10-Q</font> and Article 10 of Regulation <font style="white-space:nowrap">S-X.</font> 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, 2017, which are contained in the Company&#x2019;s Annual Report on Form <font style="white-space:nowrap">10-K</font> filed with the Securities and Exchange Commission (&#x201C;SEC&#x201D;) on October&#xA0;16, 2017. The results for the three and six months ended January&#xA0;31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year. The <font style="white-space:nowrap">year-end</font> 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:10pt; 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:10pt; 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, 2018, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.</p> </div>
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--07-31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
dei Document Period End Date
DocumentPeriodEndDate
2018-01-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1
P13M
dei Entity Registrant Name
EntityRegistrantName
STEEL CONNECT, INC.
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NumberOfReportableSegments
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SalesRevenueNet
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us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
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RepaymentsOfLongTermCapitalLeaseObligations
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
63820000
us-gaap Payments For Restructuring
PaymentsForRestructuring
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us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
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3926000
us-gaap Investment Income Interest
InvestmentIncomeInterest
256000
us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Gross Profit
GrossProfit
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Payments Of Financing Costs
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us-gaap Other Comprehensive Income Other Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Depreciation
Depreciation
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Interest Expense
InterestExpense
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Redeemable Preferred Stock Dividends
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us-gaap Share Based Compensation
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us-gaap Restructuring Reserve Accrual Adjustment1
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
3767000
us-gaap Operating Expenses
OperatingExpenses
34430000
stcn Increase Decrease In Accounts Payable Accrued Restructuring And Accrued Expenses
IncreaseDecreaseInAccountsPayableAccruedRestructuringAndAccruedExpenses
-15422000
stcn Ownership Percentage
OwnershipPercentage
0.05 pure
stcn Restructuring Charges Net
RestructuringChargesNet
41000
stcn Ownership Change Testing Period
OwnershipChangeTestingPeriod
P3Y
stcn Number Of Business Days
NumberOfBusinessDays
10 D
CY2017Q1 us-gaap Cost Of Revenue
CostOfRevenue
106370000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
12702000
CY2017Q1 stcn Restructuring Charges Net
RestructuringChargesNet
776000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
stcn Proceeds From Repayments Of Long Term Debt
ProceedsFromRepaymentsOfLongTermDebt
393000000
stcn Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
266300000
stcn Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2016Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
50 Employee
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14200000 shares
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55083000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55083000 shares
CY2017Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
18 Employee
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
117568000
CY2017Q1 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
1011000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-10000
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OperatingIncomeLoss
-1504000
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NetIncomeLoss
-2906000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3297000
CY2017Q1 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
1019000
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2017Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
15000
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GrossProfit
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OtherComprehensiveIncomeOtherNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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NonoperatingIncomeExpense
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NetIncomeLossAvailableToCommonStockholdersBasic
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NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2017Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
396000
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
29000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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IncomeTaxExpenseBenefit
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CY2017Q1 us-gaap Interest Expense
InterestExpense
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CY2017Q1 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
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EarningsPerShareDiluted
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20742000 shares
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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SalesRevenueNet
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GainLossOnSaleOfPropertyPlantEquipment
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OperatingIncomeLoss
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NetIncomeLoss
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ComprehensiveIncomeNetOfTax
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OtherNonoperatingGainsLosses
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2018Q1 us-gaap Gross Profit
GrossProfit
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CY2018Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
66837000
CY2018Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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InterestExpense
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CY2018Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
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SellingGeneralAndAdministrativeExpense
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CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4107000
CY2018Q1 us-gaap Cost Of Revenue
CostOfRevenue
134169000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
21526000
CY2018Q1 stcn Restructuring Charges Net
RestructuringChargesNet
4000

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