$THR
Thermon Group Holdings, Inc.

2013 Q3 Form 10-Q Financial Statement

#000148909613000051 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $72.78M $67.85M
YoY Change 7.27% -0.8%
Cost Of Revenue $37.43M $35.21M
YoY Change 6.3% -2.39%
Gross Profit $41.22M $32.64M
YoY Change 26.29% 2.15%
Gross Profit Margin 56.64% 48.11%
Selling, General & Admin $18.12M $14.49M
YoY Change 25.04% -1.31%
% of Gross Profit 43.97% 44.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.550M $3.440M
YoY Change 3.2% 1.47%
% of Gross Profit 8.61% 10.54%
Operating Expenses $18.12M $14.49M
YoY Change 25.04% -1.31%
Operating Profit $18.47M $15.35M
YoY Change 20.36% 6.68%
Interest Expense $1.323M $4.693M
YoY Change -71.81% -6.7%
% of Operating Profit 7.16% 30.58%
Other Income/Expense, Net -$300.0K $100.0K
YoY Change -400.0% -108.33%
Pretax Income $12.92M $10.78M
YoY Change 19.86% 81.95%
Income Tax $2.345M $3.790M
% Of Pretax Income 18.15% 35.17%
Net Earnings $11.75M $6.987M
YoY Change 68.14% 83.19%
Net Earnings / Revenue 16.14% 10.3%
Basic Earnings Per Share $0.37 $0.23
Diluted Earnings Per Share $0.33 $0.22
COMMON SHARES
Basic Shares Outstanding 31.49M shares 30.73M shares
Diluted Shares Outstanding 32.11M shares 31.64M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.40M $16.40M
YoY Change 225.61% 24.24%
Cash & Equivalents $53.37M $16.41M
Short-Term Investments
Other Short-Term Assets $15.40M $13.40M
YoY Change 14.93% 17.54%
Inventory $36.73M $41.57M
Prepaid Expenses
Receivables $58.49M $53.67M
Other Receivables $5.300M $5.000M
Total Short-Term Assets $169.3M $130.1M
YoY Change 30.07% 12.18%
LONG-TERM ASSETS
Property, Plant & Equipment $31.24M $29.19M
YoY Change 7.02% 21.12%
Goodwill $116.9M $117.9M
YoY Change -0.91%
Intangibles $126.9M $139.1M
YoY Change -8.79%
Long-Term Investments
YoY Change
Other Assets $126.0K $4.500M
YoY Change -97.2% -42.31%
Total Long-Term Assets $276.9M $290.8M
YoY Change -4.78% -1.97%
TOTAL ASSETS
Total Short-Term Assets $169.3M $130.1M
Total Long-Term Assets $276.9M $290.8M
Total Assets $446.1M $420.9M
YoY Change 6.0% 2.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.53M $22.37M
YoY Change 0.72% 17.1%
Accrued Expenses $13.66M $15.75M
YoY Change -13.27% -5.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $13.50M $0.00
YoY Change
Total Short-Term Liabilities $56.33M $45.06M
YoY Change 25.01% -10.07%
LONG-TERM LIABILITIES
Long-Term Debt $114.8M $118.1M
YoY Change -2.79% -17.64%
Other Long-Term Liabilities $2.160M $2.477M
YoY Change -12.8% 30.37%
Total Long-Term Liabilities $2.160M $2.477M
YoY Change -12.8% -98.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.33M $45.06M
Total Long-Term Liabilities $2.160M $2.477M
Total Liabilities $214.0M $47.53M
YoY Change 350.21% -80.48%
SHAREHOLDERS EQUITY
Retained Earnings $27.70M $10.68M
YoY Change 159.42%
Common Stock $205.3M $198.3M
YoY Change 3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.1M $212.3M
YoY Change
Total Liabilities & Shareholders Equity $446.1M $420.9M
YoY Change 6.0% 2.01%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $11.75M $6.987M
YoY Change 68.14% 83.19%
Depreciation, Depletion And Amortization $3.550M $3.440M
YoY Change 3.2% 1.47%
Cash From Operating Activities $10.89M $13.47M
YoY Change -19.15% 140.54%
INVESTING ACTIVITIES
Capital Expenditures -$850.0K -$1.610M
YoY Change -47.2% -14.81%
Acquisitions $95.00K $6.000K
YoY Change 1483.33% -96.1%
Other Investing Activities -$100.0K -$10.00K
YoY Change 900.0%
Cash From Investing Activities -$940.0K -$1.620M
YoY Change -41.98% -14.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.540M -10.08M
YoY Change -74.8% -51.16%
NET CHANGE
Cash From Operating Activities 10.89M 13.47M
Cash From Investing Activities -940.0K -1.620M
Cash From Financing Activities -2.540M -10.08M
Net Change In Cash 7.410M 1.770M
YoY Change 318.64% -110.45%
FREE CASH FLOW
Cash From Operating Activities $10.89M $13.47M
Capital Expenditures -$850.0K -$1.610M
Free Cash Flow $11.74M $15.08M
YoY Change -22.15% 101.34%

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CY2012Q3 us-gaap Operating Income Loss
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CY2013Q1 us-gaap Other Accrued Liabilities Current
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CY2013Q1 us-gaap Other Assets Noncurrent
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143000 USD
CY2012Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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5412000 USD
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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4548000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
511000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2013Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2160000 USD
CY2013Q1 us-gaap Other Liabilities Noncurrent
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3073000 USD
us-gaap Other Nonoperating Expense
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CY2012Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
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CY2013Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
262000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
232000 USD
us-gaap Payments Of Debt Issuance Costs
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630000 USD
us-gaap Payments Of Debt Issuance Costs
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15485000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
137000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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95000 USD
CY2012Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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6000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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2880000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q3 us-gaap Preferred Stock Shares Authorized
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CY2013Q1 us-gaap Preferred Stock Shares Authorized
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CY2013Q3 us-gaap Preferred Stock Shares Issued
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0 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2013Q3 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2013Q3 us-gaap Preferred Stock Value
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0 USD
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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6203000 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
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6451000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
135000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3251000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1315000 USD
CY2013Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
731000 USD
CY2013Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
552000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31211000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31240000 USD
us-gaap Repayments Of Long Term Debt
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6750000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Secured Debt
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118145000 USD
us-gaap Repayments Of Secured Debt
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CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q3 us-gaap Sales And Excise Tax Payable Current
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CY2013Q1 us-gaap Sales And Excise Tax Payable Current
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175000 USD
CY2012Q3 us-gaap Sales Revenue Net
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67849000 USD
CY2013Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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138383000 USD
us-gaap Sales Revenue Net
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CY2013Q3 us-gaap Secured Debt Current
SecuredDebtCurrent
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CY2013Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
114750000 USD
CY2013Q1 us-gaap Secured Long Term Debt
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30509000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14494000 USD
CY2013Q3 us-gaap Secured Debt
SecuredDebt
128250000 USD
CY2013Q1 us-gaap Secured Debt
SecuredDebt
118145000 USD
CY2013Q1 us-gaap Secured Debt Current
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0 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18123000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34294000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
910000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
394000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
898461 shares
CY2012Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
15576 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
11222 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
29219 USD
CY2013Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
30557 USD
CY2012Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2013Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
588673 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
582766 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
873150 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
232115000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
226047000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
30000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements.&#160; The operating results for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be achieved for the fiscal year ending </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">.&#160;</font></div></div>
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31640943 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31418979 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32132588 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32105711 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30725652 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31520603 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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31486481 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30534607 shares
thr Costs And Estimated Earnings And Billings On Construction Contracts
CostsAndEstimatedEarningsAndBillingsOnConstructionContracts
75000 USD
thr Costs And Estimated Earnings And Billings On Construction Contracts
CostsAndEstimatedEarningsAndBillingsOnConstructionContracts
608000 USD
thr Effective Income Tax Rate After Discrete Event
EffectiveIncomeTaxRateAfterDiscreteEvent
0.353
thr Effective Income Tax Rate After Discrete Event
EffectiveIncomeTaxRateAfterDiscreteEvent
-0.026
thr Effective Income Tax Rate Before Discrete Event
EffectiveIncomeTaxRateBeforeDiscreteEvent
0.350
CY2012Q3 thr Gross Profit As Percentage Of Revenue
GrossProfitAsPercentageOfRevenue
0.481
thr Gross Profit As Percentage Of Revenue
GrossProfitAsPercentageOfRevenue
0.487
CY2013Q3 thr Guarantee Obligations Cash Deposits Pledged As Collateral
GuaranteeObligationsCashDepositsPledgedAsCollateral
1200000 USD
CY2013Q1 thr Guarantee Obligations Cash Deposits Pledged As Collateral
GuaranteeObligationsCashDepositsPledgedAsCollateral
1978000 USD
CY2013Q3 thr Guarantee Obligations Represented By Reduction Of Available Amount Of Lines Of Credit
GuaranteeObligationsRepresentedByReductionOfAvailableAmountOfLinesOfCredit
14217000 USD
CY2013Q3 thr Guarantee Obligations Secured By Cash Deposits
GuaranteeObligationsSecuredByCashDeposits
1200000 USD
thr Income Tax Expense Benefit Recorded Due To Release Of Liability Recorded For Income Tax Uncertainties
IncomeTaxExpenseBenefitRecordedDueToReleaseOfLiabilityRecordedForIncomeTaxUncertainties
-1047000 USD
CY2013Q3 thr Income Tax Expense Benefit Recorded Due To Release Of Liability Recorded For Income Tax Uncertainties
IncomeTaxExpenseBenefitRecordedDueToReleaseOfLiabilityRecordedForIncomeTaxUncertainties
-1047000 USD
CY2013Q3 thr Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-46010000 USD
CY2013Q1 thr Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-40356000 USD
CY2013Q1 thr Intangible Assets Gross
IntangibleAssetsGross
172272000 USD
CY2013Q3 thr Intangible Assets Gross
IntangibleAssetsGross
172873000 USD
thr Number Of Stock Option Award Plans
NumberOfStockOptionAwardPlans
2 Stock_Option_Award_Plans
thr Premiums Paid On Redemption Included As Financing Activities
PremiumsPaidOnRedemptionIncludedAsFinancingActivities
-15485000 USD
thr Premiums Paid On Redemption Included As Financing Activities
PremiumsPaidOnRedemptionIncludedAsFinancingActivities
0 USD
CY2013Q3 thr Public Company Costs
PublicCompanyCosts
-282000 USD
thr Public Company Costs
PublicCompanyCosts
-848000 USD
CY2012Q3 thr Public Company Costs
PublicCompanyCosts
-445000 USD
thr Public Company Costs
PublicCompanyCosts
-649000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001489096
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31593227 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Thermon Group Holdings, Inc.

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