$THR
Thermon Group Holdings, Inc.

2015 Q2 Form 10-Q Financial Statement

#000148909615000073 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $63.40M $67.67M
YoY Change -6.31% 3.15%
Cost Of Revenue $34.49M $33.82M
YoY Change 1.96% -2.21%
Gross Profit $26.11M $33.85M
YoY Change -22.84% 0.0%
Gross Profit Margin 41.19% 50.02%
Selling, General & Admin $19.85M $18.33M
YoY Change 8.26% 13.38%
% of Gross Profit 76.01% 54.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.116M $3.560M
YoY Change -68.65% 0.85%
% of Gross Profit 4.27% 10.52%
Operating Expenses $19.85M $18.33M
YoY Change 8.26% 13.38%
Operating Profit $4.190M $12.76M
YoY Change -67.16% 0.0%
Interest Expense $1.018M $1.298M
YoY Change -21.57% -78.37%
% of Operating Profit 24.3% 10.17%
Other Income/Expense, Net -$168.0K $17.00K
YoY Change -1088.24%
Pretax Income $6.993M $11.59M
YoY Change -39.65% -223.59%
Income Tax $2.467M $53.00K
% Of Pretax Income 35.28% 0.46%
Net Earnings $2.526M $11.53M
YoY Change -78.1% 0.0%
Net Earnings / Revenue 3.98% 17.05%
Basic Earnings Per Share $0.08 $0.36
Diluted Earnings Per Share $0.08 $0.36
COMMON SHARES
Basic Shares Outstanding 32.10M shares 31.94M shares
Diluted Shares Outstanding 32.49M shares 32.34M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.40M $77.30M
YoY Change 2.72% 70.26%
Cash & Equivalents $79.36M $77.26M
Short-Term Investments
Other Short-Term Assets $17.30M $11.30M
YoY Change 53.1% -11.72%
Inventory $43.98M $37.55M
Prepaid Expenses
Receivables $55.44M $61.09M
Other Receivables $0.00 $3.300M
Total Short-Term Assets $196.0M $190.5M
YoY Change 2.91% 29.41%
LONG-TERM ASSETS
Property, Plant & Equipment $38.38M $31.47M
YoY Change 21.97% 1.42%
Goodwill $115.2M $115.5M
YoY Change -0.25% 0.36%
Intangibles $101.4M $117.3M
YoY Change -13.61% -8.34%
Long-Term Investments
YoY Change
Other Assets $369.0K $253.0K
YoY Change 45.85% 110.83%
Total Long-Term Assets $256.6M $266.2M
YoY Change -3.63% -3.58%
TOTAL ASSETS
Total Short-Term Assets $196.0M $190.5M
Total Long-Term Assets $256.6M $266.2M
Total Assets $452.6M $456.7M
YoY Change -0.91% 7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.13M $17.63M
YoY Change -8.54% -7.6%
Accrued Expenses $12.41M $12.50M
YoY Change -0.76% 29.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.50M $13.50M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $44.93M $47.01M
YoY Change -4.43% -3.56%
LONG-TERM LIABILITIES
Long-Term Debt $91.10M $104.6M
YoY Change -12.91% -11.43%
Other Long-Term Liabilities $3.075M $2.432M
YoY Change 26.44% -22.5%
Total Long-Term Liabilities $3.075M $2.432M
YoY Change 26.44% -22.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.93M $47.01M
Total Long-Term Liabilities $3.075M $2.432M
Total Liabilities $169.9M $188.1M
YoY Change -9.7% -9.29%
SHAREHOLDERS EQUITY
Retained Earnings $103.7M $61.40M
YoY Change 68.86% 258.5%
Common Stock $214.2M $210.7M
YoY Change 1.62% 3.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 29.11K shares
Shareholders Equity $278.9M $268.6M
YoY Change
Total Liabilities & Shareholders Equity $452.6M $456.7M
YoY Change -0.91% 7.89%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $2.526M $11.53M
YoY Change -78.1% 0.0%
Depreciation, Depletion And Amortization $1.116M $3.560M
YoY Change -68.65% 0.85%
Cash From Operating Activities $3.980M $6.120M
YoY Change -34.97% -0.65%
INVESTING ACTIVITIES
Capital Expenditures $3.783M $751.0K
YoY Change 403.73% 21.72%
Acquisitions $10.96M $0.00
YoY Change
Other Investing Activities -$10.96M
YoY Change
Cash From Investing Activities -$14.74M -$750.0K
YoY Change 1865.33% 20.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.375M $3.375M
YoY Change 0.0% 0.0%
Cash From Financing Activities -4.070M -1.950M
YoY Change 108.72% -40.0%
NET CHANGE
Cash From Operating Activities 3.980M 6.120M
Cash From Investing Activities -14.74M -750.0K
Cash From Financing Activities -4.070M -1.950M
Net Change In Cash -14.83M 3.420M
YoY Change -533.63% 49.34%
FREE CASH FLOW
Cash From Operating Activities $3.980M $6.120M
Capital Expenditures $3.783M $751.0K
Free Cash Flow $197.0K $5.369M
YoY Change -96.33% -3.14%

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CY2015Q1 us-gaap Liabilities
Liabilities
181543000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
169881000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
453309000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
452591000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
53138000 USD
CY2015Q2 us-gaap Liabilities Current
LiabilitiesCurrent
44933000 USD
CY2015Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
764000 USD
CY2015Q1 us-gaap Long Term Debt
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108000000 USD
CY2015Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
108000000 USD
CY2015Q2 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P30D
CY2015Q1 us-gaap Minority Interest
MinorityInterest
0 USD
CY2015Q2 us-gaap Minority Interest
MinorityInterest
3783000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Continuing Operations
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4619000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-14411000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1951000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4071000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-751000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14739000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
6120000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3979000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11534000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4429000 USD
CY2015Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
12760000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8072000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2689000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1343000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
378000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
369000 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
4618000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-168000 USD
CY2014Q2 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-684000 USD
CY2015Q2 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-254000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2396000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-854000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-106000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-555000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-69000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
299000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
37000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3070000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3075000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000 USD
CY2014Q2 us-gaap Payments Of Debt Issuance Costs
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290000 USD
CY2015Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2014Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2015Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
708000 USD
CY2014Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
10956000 USD
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
751000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3783000 USD
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5128000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8257000 USD
CY2014Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
326000 USD
CY2015Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
64000 USD
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
429000 USD
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
402000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
11534000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
4526000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34824000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38383000 USD
CY2014Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3375000 USD
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3375000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
99249000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
103678000 USD
CY2015Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1058000 USD
CY2015Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1182000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
67667000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
65223000 USD
CY2015Q1 us-gaap Secured Debt Current
SecuredDebtCurrent
13500000 USD
CY2015Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
13500000 USD
CY2015Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
94500000 USD
CY2015Q2 us-gaap Secured Long Term Debt
SecuredLongTermDebt
91125000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18334000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19849000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
556000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
875000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
455282 shares
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
271766000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
278927000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
271766000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
282710000 USD
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
29106 shares
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
243000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
16000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32339937 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32492004 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31943534 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32103274 shares
CY2015Q2 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 (&#8220;GAAP&#8221;) 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;">June&#160;30, 2015</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 three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</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, 2016</font><font style="font-family:inherit;font-size:10pt;">.&#160;</font></div></div>

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