$STCN
Steel Connect, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518194733 Filed on June 18, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $193.9M $153.7M $97.95M
YoY Change 97.98% 30.77% 1.54%
Cost Of Revenue $154.9M $137.9M $89.41M
YoY Change 73.27% 29.66% -5.18%
Gross Profit $39.01M $15.82M $8.542M
YoY Change 356.63% 41.3% 292.92%
Gross Profit Margin 20.11% 10.29% 8.72%
Selling, General & Admin $29.66M $30.11M $14.03M
YoY Change 111.35% 152.48% -3.14%
% of Gross Profit 76.04% 190.3% 164.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.69M $7.880M $1.880M
YoY Change 628.19% 280.68% -3.59%
% of Gross Profit 35.1% 49.8% 22.01%
Operating Expenses $37.63M $21.53M $13.79M
YoY Change 172.94% 69.47% -6.04%
Operating Profit $1.380M -$5.703M -$5.243M
YoY Change -126.32% 279.19% -58.05%
Interest Expense $10.68M $6.575M $2.041M
YoY Change 423.27% 211.76% -27.96%
% of Operating Profit 773.91%
Other Income/Expense, Net -$11.20M -$8.200M $763.0K
YoY Change -1567.63% 662.79% -393.46%
Pretax Income -$9.818M -$13.90M -$4.480M
YoY Change 119.15% 439.08% -64.88%
Income Tax $715.0K -$73.52M $819.0K
% Of Pretax Income
Net Earnings -$10.33M $59.82M -$5.067M
YoY Change 103.93% -2158.43% -60.57%
Net Earnings / Revenue -5.33% 38.91% -5.17%
Basic Earnings Per Share -$0.18 $1.02 -$0.09
Diluted Earnings Per Share -$0.18 $0.78 -$0.09
COMMON SHARES
Basic Shares Outstanding 60.08M shares 58.34M 55.26M shares
Diluted Shares Outstanding 60.08M shares 79.08M 55.26M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.70M $106.4M $123.3M
YoY Change -19.14% -15.15% -25.99%
Cash & Equivalents $99.72M $106.4M $111.9M
Short-Term Investments $0.00 $0.00 $11.40M
Other Short-Term Assets $24.70M $30.30M $20.30M
YoY Change 21.67% 57.81% -42.82%
Inventory $46.18M $49.21M $34.70M
Prepaid Expenses
Receivables $99.68M $110.8M $93.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $270.2M $292.8M $271.7M
YoY Change -0.53% 2.47% -25.43%
LONG-TERM ASSETS
Property, Plant & Equipment $103.8M $105.4M $19.87M
YoY Change 422.35% 402.36% -12.29%
Goodwill $255.4M $255.4M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.83M $6.039M $4.937M
YoY Change 200.36% 9.34% -50.4%
Total Long-Term Assets $572.8M $577.6M $24.80M
YoY Change 2209.36% 2079.25% -23.93%
TOTAL ASSETS
Total Short-Term Assets $270.2M $292.8M $271.7M
Total Long-Term Assets $572.8M $577.6M $24.80M
Total Assets $843.0M $870.4M $296.5M
YoY Change 184.36% 178.79% -25.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.95M $85.01M $81.15M
YoY Change -2.71% -6.73% -28.52%
Accrued Expenses $85.78M $74.67M $40.02M
YoY Change 114.36% 88.48% 16.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.727M $5.725M
YoY Change
Total Short-Term Liabilities $293.0M $222.2M $159.6M
YoY Change 83.54% 29.24% -19.66%
LONG-TERM LIABILITIES
Long-Term Debt $384.5M $386.0M $58.70M
YoY Change 555.1% 570.1% -27.71%
Other Long-Term Liabilities $11.67M $12.69M $9.246M
YoY Change 26.18% 37.79% -29.48%
Total Long-Term Liabilities $396.2M $478.7M $67.91M
YoY Change 483.44% 616.5% -28.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $293.0M $222.2M $159.6M
Total Long-Term Liabilities $396.2M $478.7M $67.91M
Total Liabilities $689.2M $706.4M $227.5M
YoY Change 202.89% 195.95% -22.35%
SHAREHOLDERS EQUITY
Retained Earnings -$7.356B -$7.345B -$7.390B
YoY Change -0.46% -0.54% 0.49%
Common Stock $608.0K $603.0K $556.0K
YoY Change 9.35% 8.45% 5.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $118.7M $128.7M $68.93M
YoY Change
Total Liabilities & Shareholders Equity $843.0M $870.1M $296.5M
YoY Change 184.36% 178.7% -25.31%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income -$10.33M $59.82M -$5.067M
YoY Change 103.93% -2158.43% -60.57%
Depreciation, Depletion And Amortization $13.69M $7.880M $1.880M
YoY Change 628.19% 280.68% -3.59%
Cash From Operating Activities -$2.000M $12.67M -$4.260M
YoY Change -53.05% -0.08% 27.16%
INVESTING ACTIVITIES
Capital Expenditures -$4.310M -$6.840M -$590.0K
YoY Change 630.51% 365.31% -77.04%
Acquisitions
YoY Change
Other Investing Activities $360.0K -$452.7M $2.400M
YoY Change -85.0% -8609.02% -82.46%
Cash From Investing Activities -$3.950M -$459.5M $1.810M
YoY Change -318.23% -12035.58% -83.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.210M 432.7M -40.00K
YoY Change 5425.0% -6462.79% -90.7%
NET CHANGE
Cash From Operating Activities -2.000M 12.67M -4.260M
Cash From Investing Activities -3.950M -459.5M 1.810M
Cash From Financing Activities -2.210M 432.7M -40.00K
Net Change In Cash -8.160M -14.18M -2.490M
YoY Change 227.71% -245.73% -133.97%
FREE CASH FLOW
Cash From Operating Activities -$2.000M $12.67M -$4.260M
Capital Expenditures -$4.310M -$6.840M -$590.0K
Free Cash Flow $2.310M $19.51M -$3.670M
YoY Change -162.94% 37.88% 370.51%

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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(3) 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 nine months ended April&#xA0;30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year. The July&#xA0;31, 2017 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 April&#xA0;30, 2018, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>(1) NATURE OF OPERATIONS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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 Direct&#x201D; or &#x201C;IWCO&#x201D;). The Company was formerly known as ModusLink Global Solutions, Inc. until it changed its name to Steel Connect, Inc. effective February&#xA0;27, 2018.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>&#xA0;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. IWCO Direct is the largest direct mail production provider in North America, with the largest platform of continuous digital print technology and a growing direct marketing agency service. 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Historically, the Company has financed its operations and met its capital requirements primarily through funds generated from operations, the sale of our securities and borrowings from lending institutions. As of April 30, 2018, the Company had available cash and cash equivalents of $99.7 million. The Company believes it will generate sufficient cash to meet its debt covenants of its Credit Facility, repay or restructure the Convertible Senior Notes, and be able to obtain cash through its current PNC Bank. Additionally, the Company expects to preserve cash through a tax sharing agreement with IWCO. The Company believes that it has adequate cash and available resources to meet its obligations for one year.</p> </div>
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OtherComprehensiveIncomeLossNetOfTax
-1437000
CY2018Q2 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-1412000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1380000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-26000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29584000
CY2018Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
529000
CY2018Q2 us-gaap Revenues
Revenues
188922000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60076000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60076000 shares
CY2018Q2 stcn Restructuring Charges Net
RestructuringChargesNet
77000
CY2018Q1 us-gaap Cost Of Revenue
CostOfRevenue
135755000
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2018Q1 us-gaap Gross Profit
GrossProfit
15823000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-73521000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
59818000
CY2018Q1 us-gaap Revenues
Revenues
151578000

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