$STCN
Steel Connect, Inc.

2019 Q1 Form 10-Q Financial Statement

#000119312519070979 Filed on March 11, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $206.2M $153.7M
YoY Change 34.14% 30.77%
Cost Of Revenue $168.7M $137.9M
YoY Change 22.31% 29.66%
Gross Profit $37.54M $15.82M
YoY Change 137.27% 41.3%
Gross Profit Margin 18.21% 10.29%
Selling, General & Admin $27.63M $30.11M
YoY Change -8.25% 152.48%
% of Gross Profit 73.58% 190.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.71M $7.880M
YoY Change 61.29% 280.68%
% of Gross Profit 33.85% 49.8%
Operating Expenses $35.42M $21.53M
YoY Change 64.53% 69.47%
Operating Profit $2.126M -$5.703M
YoY Change -137.28% 279.19%
Interest Expense $10.98M $6.575M
YoY Change 67.06% 211.76%
% of Operating Profit 516.65%
Other Income/Expense, Net -$12.47M -$8.200M
YoY Change 52.12% 662.79%
Pretax Income -$10.35M -$13.90M
YoY Change -25.57% 439.08%
Income Tax $1.405M -$73.52M
% Of Pretax Income
Net Earnings -$11.75M $59.82M
YoY Change -119.65% -2158.43%
Net Earnings / Revenue -5.7% 38.91%
Basic Earnings Per Share -$0.20 $1.02
Diluted Earnings Per Share -$0.20 $0.78
COMMON SHARES
Basic Shares Outstanding 60.94M shares 58.34M
Diluted Shares Outstanding 60.94M shares 79.08M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.90M $106.4M
YoY Change -12.69% -15.15%
Cash & Equivalents $92.90M $106.4M
Short-Term Investments $0.00
Other Short-Term Assets $42.60M $30.30M
YoY Change 40.59% 57.81%
Inventory $29.43M $49.21M
Prepaid Expenses
Receivables $103.4M $110.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $268.3M $292.8M
YoY Change -8.36% 2.47%
LONG-TERM ASSETS
Property, Plant & Equipment $100.5M $105.4M
YoY Change -4.69% 402.36%
Goodwill $257.1M $255.4M
YoY Change 0.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.095M $6.039M
YoY Change 34.05% 9.34%
Total Long-Term Assets $542.8M $577.6M
YoY Change -6.04% 2079.25%
TOTAL ASSETS
Total Short-Term Assets $268.3M $292.8M
Total Long-Term Assets $542.8M $577.6M
Total Assets $811.0M $870.4M
YoY Change -6.82% 178.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.60M $85.01M
YoY Change -0.48% -6.73%
Accrued Expenses $88.34M $74.67M
YoY Change 18.3% 88.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.729M $5.725M
YoY Change 0.07%
Total Short-Term Liabilities $276.2M $222.2M
YoY Change 24.33% 29.24%
LONG-TERM LIABILITIES
Long-Term Debt $380.2M $386.0M
YoY Change -1.48% 570.1%
Other Long-Term Liabilities $10.02M $12.69M
YoY Change -21.04% 37.79%
Total Long-Term Liabilities $405.1M $478.7M
YoY Change -15.38% 616.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.2M $222.2M
Total Long-Term Liabilities $405.1M $478.7M
Total Liabilities $681.3M $706.4M
YoY Change -3.56% 195.95%
SHAREHOLDERS EQUITY
Retained Earnings -$7.378B -$7.345B
YoY Change 0.45% -0.54%
Common Stock $618.0K $603.0K
YoY Change 2.49% 8.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.54M $128.7M
YoY Change
Total Liabilities & Shareholders Equity $811.0M $870.1M
YoY Change -6.79% 178.7%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$11.75M $59.82M
YoY Change -119.65% -2158.43%
Depreciation, Depletion And Amortization $12.71M $7.880M
YoY Change 61.29% 280.68%
Cash From Operating Activities $12.93M $12.67M
YoY Change 2.05% -0.08%
INVESTING ACTIVITIES
Capital Expenditures -$4.940M -$6.840M
YoY Change -27.78% 365.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$452.7M
YoY Change -100.0% -8609.02%
Cash From Investing Activities -$4.950M -$459.5M
YoY Change -98.92% -12035.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.960M 432.7M
YoY Change -100.45% -6462.79%
NET CHANGE
Cash From Operating Activities 12.93M 12.67M
Cash From Investing Activities -4.950M -459.5M
Cash From Financing Activities -1.960M 432.7M
Net Change In Cash 6.020M -14.18M
YoY Change -142.45% -245.73%
FREE CASH FLOW
Cash From Operating Activities $12.93M $12.67M
Capital Expenditures -$4.940M -$6.840M
Free Cash Flow $17.87M $19.51M
YoY Change -8.41% 37.88%

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us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
79918000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
354000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2994000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15464000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5002000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
469221000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8953000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9303000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
77000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8919000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-443759000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
6000000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000
us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
2689000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7835000
stcn Proceeds From Repayments Of Long Term Debt
ProceedsFromRepaymentsOfLongTermDebt
393000000
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
20000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
20589000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-22000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
35000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3000000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1334000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1072000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7105000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
770000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3700000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
76000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
432592000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-329000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1548000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1619000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4617000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103826000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
124124000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102207000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
119507000
CY2019Q1 us-gaap Revenues
Revenues
206223000
CY2018Q1 us-gaap Revenues
Revenues
153738000
us-gaap Revenues
Revenues
421356000
us-gaap Revenues
Revenues
256260000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12474000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8200000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-22264000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8721000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-10348000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-13903000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16602000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-18254000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2126000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5703000
us-gaap Operating Income Loss
OperatingIncomeLoss
5662000
us-gaap Operating Income Loss
OperatingIncomeLoss
-9533000
CY2018Q3 us-gaap Assets
Assets
827050000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
5
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(2) BASIS OF PRESENTATION </div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 6pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 (&#8220;U.S. GAAP&#8221;) 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&#160;31, 2018, which are contained in the Company&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on </div>December&#160;4, 2018<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. The results for the three and six months ended January&#160;31, 2019 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. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">All significant intercompany transactions and balances have been eliminated in consolidation. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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&#160;31, 2019, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed&#160;(see&#160;note&#160;21).</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
67625000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7397000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
430000
CY2018Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2843000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
700000
CY2019Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
536000
CY2018Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
270000
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
270000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12289000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
59548000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20191000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
54311000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12289000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
61555000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20191000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
58029000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60935000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58341000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60974000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56776000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20742000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16107000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60935000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79083000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60974000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72883000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.02
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.33
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.96
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28900000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2019Q1 stcn Unrecognized Tax Benefits Including Interest
UnrecognizedTaxBenefitsIncludingInterest
1700000
CY2018Q3 stcn Unrecognized Tax Benefits Including Interest
UnrecognizedTaxBenefitsIncludingInterest
1600000
CY2019Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-1436000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-568000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-2071000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1296000
CY2018Q3 stcn Customer Postage Deposits Current
CustomerPostageDepositsCurrent
12638000
us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
1876000
CY2019Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
150600000
stcn Ownership Change Testing Period
OwnershipChangeTestingPeriod
P3Y
CY2018Q3 us-gaap Deferred Revenue
DeferredRevenue
3858000
CY2019Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
10283000
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000
CY2018 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
200000
CY2019Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
2100000000
CY2018Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
10509000
CY2019Q1 us-gaap Deferred Revenue
DeferredRevenue
5251000
CY2019Q1 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
26961000
CY2018Q3 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
26961000
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
63925000
CY2019Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
38000
CY2018Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
252000
stcn Number Of Business Days
NumberOfBusinessDays
10
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018 stcn Tax Cuts And Jobs Act Of2017 Change Intax Rate Revaluation Of Deferred Tax Assets
TaxCutsAndJobsActOf2017ChangeIntaxRateRevaluationOfDeferredTaxAssets
280400000
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-1484000
CY2019Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-178000
CY2018Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-281000
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
150000
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-100000
CY2019Q1 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-1662000
CY2018Q1 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-1717000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-718000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-295000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
26705000
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
23208000
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
320000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
16147000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2406000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8431000
CY2019Q1 us-gaap Inventory Net
InventoryNet
29431000
CY2018Q3 us-gaap Inventory Net
InventoryNet
47786000
CY2019Q1 stcn Accrued Sales Taxes Current
AccruedSalesTaxesCurrent
21704000
CY2018Q3 stcn Accrued Sales Taxes Current
AccruedSalesTaxesCurrent
21390000
CY2019Q1 stcn Accrued Other Taxes Current
AccruedOtherTaxesCurrent
6430000
CY2018Q3 stcn Accrued Other Taxes Current
AccruedOtherTaxesCurrent
8414000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
28029000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25603000
CY2019Q1 us-gaap Interest Payable Current
InterestPayableCurrent
1192000
CY2018Q3 us-gaap Interest Payable Current
InterestPayableCurrent
1437000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2977000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3264000
CY2019Q1 stcn Accrued Contract Labor Current
AccruedContractLaborCurrent
2058000
CY2018Q3 stcn Accrued Contract Labor Current
AccruedContractLaborCurrent
1932000
CY2019Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
5292000
CY2018Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
6126000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20656000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20260000
CY2019Q1 stcn Accrued Pricing Liabilities Current
AccruedPricingLiabilitiesCurrent
18882000
stcn Ownership Percentage
OwnershipPercentage
0.05
us-gaap Asset Impairment Charges
AssetImpairmentCharges
432000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39605000
CY2019Q1 us-gaap Assets
Assets
811044000
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1073000
CY2018Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
92100000
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
42029000
CY2018Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
24000000
CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest
469221000
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(1) NATURE OF OPERATIONS </div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 6pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Steel Connect, Inc. (&#8220;Steel Connect&#8221; or the &#8220;Company&#8221;) together with its consolidated subsidiaries, operates through its wholly owned subsidiaries, ModusLink Corporation and ModusLink PTS, Inc. (together &#8220;ModusLink&#8221; or &#8220;Supply Chain&#8220;), and IWCO Direct Holdings, Inc. (&#8220;IWCO Direct&#8221; or &#8220;IWCO&#8221;). The Company was formerly known as ModusLink Global Solutions, Inc. until it changed its name to Steel Connect, Inc. effective February&#160;27, 2018. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, communications, computing, medical devices, software, and retail. ModusLink designs and executes elements in its clients&#8217; global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. The Company also produces and licenses an entitlement management solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">IWCO Direct delivers data-driven marketing solutions for its customers. Its full range of services includes strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. Through its Mail-Gard<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> division, IWCO Direct also offers business continuity and disaster recovery services to protect against unexpected business interruptions, along with providing print and mail outsourcing services. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Historically, the Company has financed its operations and met its capital requirements primarily through funds generated from operations, the sale of our securities, borrowings from lending institutions, and sale of facilities that were not fully utilized. The Company believes it has access to adequate resources to meet its needs for normal operating costs, capital expenditures, mandatory debt redemptions and working capital for its existing business for at least twelve months from the date of this filing. These resources include cash and cash equivalents, a credit agreement with PNC Bank (the &#8220;Credit Agreement&#8221;) the securitization of trade receivables and the revolving credit facility and cash, if any, provided by operating activities. </div></div><div style="font-family: &quot;times new roman&quot;, serif; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At January&#160;31, 2019 and July&#160;31, 2018, the Company had cash and cash equivalents of $92.9&#160;million and $92.1&#160;million, respectively. As of January&#160;31, 2019, the Company had a deficiency in working capital which was primarily driven by the reclassification of the Company&#8217;s convertible notes from long-term to current, </div>accrued pricing liabilities which the Company believes will not require a cash outlay in the next twelve months&#160;<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">and</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> the additional liabilities assumed because of the IWCO acquisition. At January&#160;31, 2019, the Company had a readily available borrowing capacity under its revolving credit and security agreement with PNC Bank and National Association of $4.6&#160;million. At January&#160;31, 2019, IWCO had a readily available borrowing capacity under its revolving credit facility by and among MLGS Merger Company, Inc. (&#8220;MLGS&#8221;), Instant Web, LLC and Cerberus Business Finance, LLC of $25.0&#160;million. Per that certain financing agreement by and among MLGS, Instant Web, LLC, IWCO and Cerberus Business Finance, LLC (the &#8220;Financing Agreement&#8221;) and the credit facilities provided thereunder, IWCO is permitted to make distributions to Steel Connect, an aggregate amount not to exceed $5.0&#160;million in any fiscal year and pay reasonable documented expenses incurred by Steel Connect. Steel Connect is entitled to receive additional cash remittances under a &#8220;U.S. Federal Income Tax Sharing Agreement.&#8221;&#160;The Company believes it will generate sufficient cash to meet its debt covenants under the Credit Agreement and the Financing Agreement to which certain of its subsidiaries are a party, to repay or restructure its Notes&#160;and that it will be able to obtain cash through its current credit facilities and through securitization of certain trade receivables. The Company&#8217;s historical operating results and working capital deficit indicate substantial doubt exists related to the Company&#8217;s ability to continue as a going concern. The Company believes that the actions discussed above are probable of occurring and mitigating the substantial doubt raised by the Company&#8217;s historical operating results and satisfying the Company&#8217;s estimated liquidity needs 12 months from the issuance of the financial statements. However, the Company cannot predict, with certainty, the outcome of its actions to generate liquidity, including the availability of additional debt refinancing or factoring of receivables, or whether such actions would generate the expected liquidity as currently planned.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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