$STCN
Steel Connect, Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023021865 Filed on June 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $46.14M $51.55M
YoY Change -10.49% 4.28%
Cost Of Revenue $33.22M $42.30M
YoY Change -21.48% 7.01%
Gross Profit $12.92M $9.245M
YoY Change 39.79% -6.64%
Gross Profit Margin 28.01% 17.93%
Selling, General & Admin $12.62M $9.214M
YoY Change 36.95% -25.8%
% of Gross Profit 97.64% 99.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $503.0K -$14.64M
YoY Change -103.44% 72.26%
% of Gross Profit 3.89% -158.38%
Operating Expenses $12.62M $9.214M
YoY Change 36.95% -25.8%
Operating Profit $305.0K $31.00K
YoY Change 883.87% -101.23%
Interest Expense $914.0K $848.0K
YoY Change 7.78% 37.0%
% of Operating Profit 299.67% 2735.48%
Other Income/Expense, Net $3.575M $1.306M
YoY Change 173.74% -380.86%
Pretax Income $3.880M $1.337M
YoY Change 190.2% -144.88%
Income Tax $851.0K $11.03M
% Of Pretax Income 21.93% 825.13%
Net Earnings $3.029M $30.20M
YoY Change -89.97% -209.31%
Net Earnings / Revenue 6.56% 58.59%
Basic Earnings Per Share $0.04 $0.50
Diluted Earnings Per Share $0.04 $504.6K
COMMON SHARES
Basic Shares Outstanding 60.31M shares 59.85M shares
Diluted Shares Outstanding 78.70M shares 59.85M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.74M $49.91M
YoY Change 25.69% -48.85%
Cash & Equivalents $62.74M $49.91M
Short-Term Investments
Other Short-Term Assets $8.143M $11.91M
YoY Change -31.63% -64.08%
Inventory $6.919M $9.837M
Prepaid Expenses
Receivables $36.95M $43.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.7M $115.6M
YoY Change -0.73% -47.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.401M $3.768M
YoY Change -9.74% -94.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.899M $6.123M
YoY Change -36.32% -13.3%
Total Long-Term Assets $36.19M $31.71M
YoY Change 14.15% -93.33%
TOTAL ASSETS
Total Short-Term Assets $114.7M $115.6M
Total Long-Term Assets $36.19M $31.71M
Total Assets $150.9M $147.3M
YoY Change 2.47% -78.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.29M $32.36M
YoY Change -18.75% -42.99%
Accrued Expenses $29.15M $29.41M
YoY Change -0.86% -72.67%
Deferred Revenue $2.949M $3.099M
YoY Change -4.84% 12.77%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.26M $92.16M
YoY Change -12.91% -58.08%
LONG-TERM LIABILITIES
Long-Term Debt $11.59M $10.57M
YoY Change 9.59% -97.13%
Other Long-Term Liabilities $5.546M $4.693M
YoY Change 18.18% -58.11%
Total Long-Term Liabilities $38.39M $29.38M
YoY Change 30.66% -92.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.26M $92.16M
Total Long-Term Liabilities $38.39M $29.38M
Total Liabilities $118.7M $121.5M
YoY Change -2.38% -80.98%
SHAREHOLDERS EQUITY
Retained Earnings -$7.487B -$7.494B
YoY Change -0.09% 0.34%
Common Stock $609.0K $604.0K
YoY Change 0.83% -4.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.889M -$9.427M
YoY Change
Total Liabilities & Shareholders Equity $150.9M $147.3M
YoY Change 2.47% -78.77%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $3.029M $30.20M
YoY Change -89.97% -209.31%
Depreciation, Depletion And Amortization $503.0K -$14.64M
YoY Change -103.44% 72.26%
Cash From Operating Activities -$588.0K $17.90M
YoY Change -103.28% -276.32%
INVESTING ACTIVITIES
Capital Expenditures $445.0K $7.010M
YoY Change -93.65% 457.23%
Acquisitions
YoY Change
Other Investing Activities $2.031M -$963.0K
YoY Change -310.9% -1495.65%
Cash From Investing Activities $1.586M $6.047M
YoY Change -73.77% 355.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.668M 2.457M
YoY Change -167.89% -0.36%
NET CHANGE
Cash From Operating Activities -588.0K 17.90M
Cash From Investing Activities 1.586M 6.047M
Cash From Financing Activities -1.668M 2.457M
Net Change In Cash -670.0K 26.41M
YoY Change -102.54% -515.19%
FREE CASH FLOW
Cash From Operating Activities -$588.0K $17.90M
Capital Expenditures $445.0K $7.010M
Free Cash Flow -$1.033M $10.89M
YoY Change -109.48% -195.45%

Facts In Submission

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NATURE OF OPERATIONS<div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Steel Connect, Inc. (the "Company," "Steel Connect," "STCN," "we," "us" or the "Parent"), is a holding company which operates through its wholly-owned subsidiary ModusLink Corporation ("ModusLink" or "Supply Chain").</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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' global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. ModusLink also produces and licenses an entitlement management solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Disposition of IWCO Direct </span></div><div><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On February 25, 2022 (the "Disposal Date"), the Company entered into a transaction agreement (the “Transaction Agreement”) with (a) IWCO Direct Holding Inc. (''IWCO Direct" or "Direct Marketing") and its indirect subsidiaries, (b) Cerberus Business Finance, LLC, in its capacities as collateral agent and administrative agent under a financing agreement (in such capacities, the “Agent”), dated as of December 15, 2017, between IWCO Direct, IWCO Direct’s direct and indirect subsidiaries, the Agent and the lenders party thereto (the “Lenders”) (the “Financing Agreement”), (c) the Lenders, (d) the Lenders or their respective designees listed on the signature pages to the Transaction Agreement under the caption “Participating Lender Purchasers” (the “Participating Lender Purchasers”), (e) SPH Group Holdings LLC (the “Sponsor”) and (f) Instant Web Holdings, LLC (the “Buyer”), an entity owned by the Participating Lender Purchasers. On the Effective Date (as defined in the Transaction Agreement) and pursuant to the terms of the Transaction Agreement, the Company transferred all of its interests in IWCO Direct to the Buyer as part of a negotiated restructuring of the capital structure and certain financial obligations of IWCO Direct under the Financing Agreement as contemplated by the Transaction Agreement. The results of operations of the IWCO Direct business are reported as discontinued operations for the prior year period presented. See Note 4 - "Discontinued Operations" for additional information.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">All references made to financial data in this Quarterly Report on Form 10-Q are to the Company's continuing operations, unless otherwise specifically noted.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Liquidity and Capital Resources</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Historically, the Parent financed its operations and met its capital requirements primarily through funds generated from operations, the sale of its securities, borrowings from lending institutions and sales of facilities that were not fully utilized. The Parent believes it has access to adequate resources to meet its needs for normal operating costs, capital expenditures, debt obligations and working capital for at least the next twelve months. Upon a redemption request by the holder of the Series C Convertible Preferred Stock (as discussed in Note 16 - "Related Party Transactions" and in the Company's Fiscal Year 2022 Form 10-K filed), the Parent believes it is probable that it has access to adequate resources, including cash on hand and potential dividends from ModusLink, to pay the redemption price and continue its operations.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of April 30, 2023, these resources include cash and cash equivalents and ModusLink's credit agreement with Umpqua Bank (the “Umpqua Revolver”), as lender and as agent. The Umpqua Revolver provides for a maximum credit commitment of $12.5 million and a sublimit of $5.0 million for letters of credit and expires on March 31, 2025. There was no balance outstanding on the Umpqua Revolver as of April 30, 2023. See Note 9 - "Debt" for further details regarding the Umpqua Revolver.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ModusLink believes that if dividends to the Parent are required, it would have access to adequate resources to meet its operating needs while remaining in compliance with the Umpqua Revolver's covenants over the next twelve months. However, there can be no assurances that ModusLink will continue to have access to its line of credit under the Umpqua Revolver if its financial performance does not satisfy the financial covenants set forth in its financing agreement, which could also result in the acceleration of its debt obligations by its lender, adversely affecting liquidity.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the above, on April 30, 2023, the Company executed a series of agreements with Steel Partners Holdings L.P. (“Steel Partners”), in which Steel Partners and certain of its affiliates (the "Steel Partners Group") transferred certain marketable securities held by the Steel Partners Group to the Company in exchange for 3.5 million shares of Series E Convertible Preferred Stock of the Company (the "Series E Convertible Preferred Stock", and such transfer and related transactions, the "Transaction"). The Transaction closed on May 1, 2023. The purpose of the Transaction is to provide Steel Connect with access to approximately </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$203 million of new capital which will be used for working capital, complementary and strategic acquisitions, and general corporate purposes. See Note 16 - "Related Parties" and Note 18 - "Subsequent Events" for further details.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of April 30, 2023 and July 31, 2022, the Company had cash and cash equivalents of $62.7 million and $53.1 million, respectively. As of April 30, 2023, the Company had excess working capital of $34.5 million.</span></div>
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BASIS OF PRESENTATION<div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">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 ("U.S. GAAP") 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 31, 2022 (Fiscal Year 2022), which are contained in the Company's Form 10-K for the Fiscal Year 2022. The results for the nine months ended April 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">All significant intercompany transactions and balances have been eliminated in consolidation.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 nine months ended April 30, 2023, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed. Please refer to Note 18 - "Subsequent Events" for further details.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Steel Partners and Steel Connect Exchange Transaction</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 1, 2023, the Company and Steel Partners Group transferred certain marketable securities held by the Steel Partners Group to the Company in exchange for 3.5 million shares of Series E Convertible Preferred Stock of Steel Connect (the “Series E Convertible Preferred Stock”, and, such transfer and related transactions, the “Exchange Transaction”). Following recent approval by the Steel Connect stockholders pursuant to NASDAQ Marketplace Rules, the Series E Convertible Preferred Stock is convertible into an aggregate of 184.9 million shares of Steel Connect common stock, par value $0.01 per share (the “common stock” or “Common Stock”), and will vote together with the Steel Connect common stock and participate in any dividends paid on the Steel Connect common stock, in each case on an as-converted basis. Upon conversion of the Series E Convertible Preferred Stock, the Steel Partners Group would hold approximately 85% of the outstanding equity interests of Steel Connect. Steel Partners and certain of its affiliates which currently hold more than 50.0% ownership on a fully converted basis in Steel Connect upon the signing of the agreements related to the Exchange Transaction voted in favor of the stockholder proposal relating to the Series E Convertible Preferred Stock. Refer to Note 18 - "Subsequent Events" for further details.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Reclassifications</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the statement of cash flows for the nine months ended April 30, 2022, the Company reclassified bad debt recovery as a non-cash adjustment to net loss which totaled $3.0 thousand from Accounts receivable, net to Bad debt recovery. This reclassification was made to prior year balances to conform with current reporting and had no impact on net loss or stockholder's deficit.</span></div>
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us-gaap Variable Lease Cost
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us-gaap Sublease Income
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us-gaap Lease Cost
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Net Income Loss Available To Common Stockholders Basic
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NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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78559000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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59961000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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24600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5900000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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24600000 shares
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-79000 usd
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-2276000 usd
CY2020 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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2400000 usd
mlnk Increase Decrease Of Accrued Pension Liability
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1100000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
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RevenueFromContractWithCustomerExcludingAssessedTax
46142000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
51548000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148283000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150223000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
305000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
6789000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
652000 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3575000 usd
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1306000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2301000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-745000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3880000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1337000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9090000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-93000 usd
CY2023Q2 us-gaap Assets
Assets
150940000 usd
CY2022Q3 us-gaap Assets
Assets
137749000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
46142000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
51548000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148283000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150223000 usd

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