$TITN
Titan Machinery Inc.

2015 Q2 Form 10-Q Financial Statement

#000140917115000069 Filed on June 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $353.2M $465.5M
YoY Change -24.12% 5.39%
Cost Of Revenue $292.8M $389.5M
YoY Change -24.84% 5.93%
Gross Profit $60.44M $75.94M
YoY Change -20.42% 2.69%
Gross Profit Margin 17.11% 16.31%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.667M $6.729M
YoY Change -0.92% 14.65%
% of Gross Profit 11.03% 8.86%
Operating Expenses $57.11M $71.15M
YoY Change -19.74% 3.22%
Operating Profit $1.724M $1.986M
YoY Change -13.19% -60.4%
Interest Expense -$10.60M -$10.60M
YoY Change 0.0% 76.67%
% of Operating Profit -614.85% -533.74%
Other Income/Expense, Net -$2.124M
YoY Change
Pretax Income -$4.488M -$3.223M
YoY Change 39.25% 223.27%
Income Tax -$1.936M -$1.733M
% Of Pretax Income
Net Earnings -$6.304M -$6.549M
YoY Change -3.74% 1481.88%
Net Earnings / Revenue -1.78% -1.41%
Basic Earnings Per Share -$0.29 -$0.31
Diluted Earnings Per Share -$0.29 -$0.31
COMMON SHARES
Basic Shares Outstanding 21.04M shares 20.95M shares
Diluted Shares Outstanding 21.04M shares 20.95M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.4M $82.00M
YoY Change 27.32% -28.26%
Cash & Equivalents $104.4M $82.01M
Short-Term Investments
Other Short-Term Assets $38.60M $30.80M
YoY Change 25.32% 71.11%
Inventory $880.1M $1.117B
Prepaid Expenses
Receivables $64.90M $79.90M
Other Receivables $3.000M $6.200M
Total Short-Term Assets $1.091B $1.316B
YoY Change -17.1% 7.26%
LONG-TERM ASSETS
Property, Plant & Equipment $194.8M $231.8M
YoY Change -15.96% 0.75%
Goodwill $24.75M
YoY Change -20.01%
Intangibles $5.360M $11.58M
YoY Change -53.72% -18.44%
Long-Term Investments
YoY Change
Other Assets $6.649M $7.555M
YoY Change -11.99% -11.59%
Total Long-Term Assets $206.8M $280.8M
YoY Change -26.34% -2.39%
TOTAL ASSETS
Total Short-Term Assets $1.091B $1.316B
Total Long-Term Assets $206.8M $280.8M
Total Assets $1.298B $1.597B
YoY Change -18.72% 5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.54M $26.14M
YoY Change -32.9% -22.82%
Accrued Expenses $33.36M $43.63M
YoY Change -23.54% 21.65%
Deferred Revenue
YoY Change
Short-Term Debt $606.7M $798.5M
YoY Change -24.02% 4.79%
Long-Term Debt Due $24.70M $36.00M
YoY Change -31.39% 252.94%
Total Short-Term Liabilities $710.0M $940.7M
YoY Change -24.52% 7.74%
LONG-TERM LIABILITIES
Long-Term Debt $178.9M $196.4M
YoY Change -8.91% 6.22%
Other Long-Term Liabilities $3.488M $7.360M
YoY Change -52.61% -17.95%
Total Long-Term Liabilities $221.6M $250.6M
YoY Change -11.57% 3.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $710.0M $940.7M
Total Long-Term Liabilities $221.6M $250.6M
Total Liabilities $931.7M $1.191B
YoY Change -21.79% 6.87%
SHAREHOLDERS EQUITY
Retained Earnings $131.1M $165.4M
YoY Change -20.72% 3.16%
Common Stock $240.5M $238.8M
YoY Change 0.72% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $365.9M $402.9M
YoY Change
Total Liabilities & Shareholders Equity $1.298B $1.597B
YoY Change -18.72% 5.43%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$6.304M -$6.549M
YoY Change -3.74% 1481.88%
Depreciation, Depletion And Amortization $6.667M $6.729M
YoY Change -0.92% 14.65%
Cash From Operating Activities $14.30M -$54.60M
YoY Change -126.19% 766.67%
INVESTING ACTIVITIES
Capital Expenditures $2.170M $5.078M
YoY Change -57.27% -6.89%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$198.0K -$28.00K
YoY Change 607.14% -96.37%
Cash From Investing Activities -$1.500M -$6.100M
YoY Change -75.41% -36.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.687M $2.505M
YoY Change 127.03% -26.43%
Cash From Financing Activities -35.30M 68.40M
YoY Change -151.61% 1059.32%
NET CHANGE
Cash From Operating Activities 14.30M -54.60M
Cash From Investing Activities -1.500M -6.100M
Cash From Financing Activities -35.30M 68.40M
Net Change In Cash -22.50M 7.700M
YoY Change -392.21% -177.0%
FREE CASH FLOW
Cash From Operating Activities $14.30M -$54.60M
Capital Expenditures $2.170M $5.078M
Free Cash Flow $12.13M -$59.68M
YoY Change -120.33% 407.73%

Facts In Submission

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CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1349747000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1297720000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
729607000 USD
CY2015Q2 us-gaap Liabilities Current
LiabilitiesCurrent
710038000 USD
CY2015Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
241781000 USD
CY2015Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
221637000 USD
CY2015Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
2835000 USD
CY2015Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
1540000 USD
CY2015Q1 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
67123000 USD
CY2015Q2 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
45660000 USD
CY2015Q1 us-gaap Minority Interest
MinorityInterest
1860000 USD
CY2015Q2 us-gaap Minority Interest
MinorityInterest
155000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
7769000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-23173000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
68425000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-35320000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6123000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1450000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-54602000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14306000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-6549000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-6304000 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-344000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-586000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6489000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6199000 USD
CY2015Q1 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
7749000 USD
CY2015Q2 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
24677000 USD
CY2015Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
71152000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
57110000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1986000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1724000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7122000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6649000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1220000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6191000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-498000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
44000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1923000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5749000 USD
CY2014Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
10825000 USD
CY2014Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-28000 USD
CY2015Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-18000 USD
CY2015Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
10797000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3312000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3488000 USD
CY2014Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-646000 USD
CY2015Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-126000 USD
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
14955000 USD
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
13791000 USD
CY2014Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
1151000 USD
CY2015Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
1765000 USD
CY2014Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-60000 USD
CY2015Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-105000 USD
CY2014Q2 us-gaap Payments For Hedge Investing Activities
PaymentsForHedgeInvestingActivities
915000 USD
CY2015Q2 us-gaap Payments For Hedge Investing Activities
PaymentsForHedgeInvestingActivities
0 USD
CY2014Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
-747000 USD
CY2015Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
67000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20951000 shares
CY2014Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
629000 USD
CY2015Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
112000 USD
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5078000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2170000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10634000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5179000 USD
CY2014Q2 us-gaap Proceeds From Hedge Investing Activities
ProceedsFromHedgeInvestingActivities
0 USD
CY2015Q2 us-gaap Proceeds From Hedge Investing Activities
ProceedsFromHedgeInvestingActivities
180000 USD
CY2014Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5832000 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
811000 USD
CY2014Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-207000 USD
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-443000 USD
CY2014Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
471000 USD
CY2015Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
634000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-6893000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-6890000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
312755000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
300681000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
208680000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
194788000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
76382000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
64892000 USD
CY2014Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2505000 USD
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5687000 USD
CY2014Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3205000 USD
CY2015Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1601000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
1706000 USD
CY2015Q2 us-gaap Restructuring Reserve
RestructuringReserve
2234000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
137418000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
131114000 USD
CY2014Q2 us-gaap Revenues
Revenues
465463000 USD
CY2015Q2 us-gaap Revenues
Revenues
353196000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37084000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
32902000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
463000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
531000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
376499000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
365890000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
411342000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
402965000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
378359000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
366045000 USD
CY2014Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
463000 USD
CY2015Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
531000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21044000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20951000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21044000 shares
CY2015Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, initial valuation and impairment analyses of intangible assets, collectability of receivables, and income taxes.</font></div></div>

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