$TITN
Titan Machinery Inc.

2016 Q2 Form 10-Q Financial Statement

#000140917116000113 Filed on June 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $284.9M $353.2M
YoY Change -19.35% -24.12%
Cost Of Revenue $231.3M $292.8M
YoY Change -20.99% -24.84%
Gross Profit $53.55M $60.44M
YoY Change -11.4% -20.42%
Gross Profit Margin 18.8% 17.11%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.208M $6.667M
YoY Change -6.88% -0.92%
% of Gross Profit 11.59% 11.03%
Operating Expenses $54.50M $57.11M
YoY Change -4.57% -19.74%
Operating Profit -$1.201M $1.724M
YoY Change -169.66% -13.19%
Interest Expense -$4.600M -$10.60M
YoY Change -56.6% 0.0%
% of Operating Profit -614.85%
Other Income/Expense, Net $137.0K -$2.124M
YoY Change -106.45%
Pretax Income -$5.283M -$4.488M
YoY Change 17.71% 39.25%
Income Tax -$1.942M -$1.936M
% Of Pretax Income
Net Earnings -$3.684M -$6.304M
YoY Change -41.56% -3.74%
Net Earnings / Revenue -1.29% -1.78%
Basic Earnings Per Share -$0.17 -$0.29
Diluted Earnings Per Share -$0.17 -$0.29
COMMON SHARES
Basic Shares Outstanding 21.20M shares 21.04M shares
Diluted Shares Outstanding 21.20M shares 21.04M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.80M $104.4M
YoY Change -38.89% 27.32%
Cash & Equivalents $63.78M $104.4M
Short-Term Investments
Other Short-Term Assets $6.700M $38.60M
YoY Change -82.64% 25.32%
Inventory $684.8M $880.1M
Prepaid Expenses
Receivables $55.40M $64.90M
Other Receivables $11.90M $3.000M
Total Short-Term Assets $822.5M $1.091B
YoY Change -24.6% -17.1%
LONG-TERM ASSETS
Property, Plant & Equipment $177.1M $194.8M
YoY Change -9.09% -15.96%
Goodwill
YoY Change
Intangibles $5.091M $5.360M
YoY Change -5.02% -53.72%
Long-Term Investments
YoY Change
Other Assets $1.322M $6.649M
YoY Change -80.12% -11.99%
Total Long-Term Assets $183.5M $206.8M
YoY Change -11.27% -26.34%
TOTAL ASSETS
Total Short-Term Assets $822.5M $1.091B
Total Long-Term Assets $183.5M $206.8M
Total Assets $1.006B $1.298B
YoY Change -22.48% -18.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.32M $17.54M
YoY Change 4.46% -32.9%
Accrued Expenses $27.25M $33.36M
YoY Change -18.34% -23.54%
Deferred Revenue
YoY Change
Short-Term Debt $446.3M $606.7M
YoY Change -26.44% -24.02%
Long-Term Debt Due $13.30M $24.70M
YoY Change -46.15% -31.39%
Total Short-Term Liabilities $522.0M $710.0M
YoY Change -26.48% -24.52%
LONG-TERM LIABILITIES
Long-Term Debt $134.3M $178.9M
YoY Change -24.93% -8.91%
Other Long-Term Liabilities $2.269M $3.488M
YoY Change -34.95% -52.61%
Total Long-Term Liabilities $147.4M $221.6M
YoY Change -33.49% -11.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $522.0M $710.0M
Total Long-Term Liabilities $147.4M $221.6M
Total Liabilities $669.4M $931.7M
YoY Change -28.15% -21.79%
SHAREHOLDERS EQUITY
Retained Earnings $95.84M $131.1M
YoY Change -26.9% -20.72%
Common Stock $243.7M $240.5M
YoY Change 1.34% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $336.0M $365.9M
YoY Change
Total Liabilities & Shareholders Equity $1.006B $1.298B
YoY Change -22.48% -18.72%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.684M -$6.304M
YoY Change -41.56% -3.74%
Depreciation, Depletion And Amortization $6.208M $6.667M
YoY Change -6.88% -0.92%
Cash From Operating Activities -$24.90M $14.30M
YoY Change -274.13% -126.19%
INVESTING ACTIVITIES
Capital Expenditures $1.051M $2.170M
YoY Change -51.57% -57.27%
Acquisitions
YoY Change
Other Investing Activities -$48.00K -$198.0K
YoY Change -75.76% 607.14%
Cash From Investing Activities -$700.0K -$1.500M
YoY Change -53.33% -75.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $526.0K $5.687M
YoY Change -90.75% 127.03%
Cash From Financing Activities -600.0K -35.30M
YoY Change -98.3% -151.61%
NET CHANGE
Cash From Operating Activities -24.90M 14.30M
Cash From Investing Activities -700.0K -1.500M
Cash From Financing Activities -600.0K -35.30M
Net Change In Cash -26.20M -22.50M
YoY Change 16.44% -392.21%
FREE CASH FLOW
Cash From Operating Activities -$24.90M $14.30M
Capital Expenditures $1.051M $2.170M
Free Cash Flow -$25.95M $12.13M
YoY Change -313.94% -120.33%

Facts In Submission

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CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
523425000 USD
CY2016Q2 us-gaap Liabilities Current
LiabilitiesCurrent
522011000 USD
CY2016Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
186101000 USD
CY2016Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
147406000 USD
CY2016Q1 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
38409000 USD
CY2016Q2 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
26223000 USD
CY2016Q1 us-gaap Minority Interest
MinorityInterest
793000 USD
CY2016Q2 us-gaap Minority Interest
MinorityInterest
607000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-23173000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-25683000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-35320000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-550000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1450000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-672000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14306000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-24874000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-6304000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-3684000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-586000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-174000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6199000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3616000 USD
CY2016Q1 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
1557000 USD
CY2016Q2 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
13333000 USD
CY2016Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
57110000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
54502000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1724000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1201000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1317000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1322000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6191000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
754000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
44000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5749000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
890000 USD
CY2015Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
10797000 USD
CY2016Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8887000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2412000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2269000 USD
CY2015Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-126000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-89000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2124000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
137000 USD
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
13791000 USD
CY2016Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
11485000 USD
CY2015Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
1765000 USD
CY2016Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
1378000 USD
CY2015Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-105000 USD
CY2016Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-68000 USD
CY2015Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-198000 USD
CY2016Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-48000 USD
CY2015Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
112000 USD
CY2016Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
561000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2170000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1051000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9753000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6686000 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
811000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-443000 USD
CY2016Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-158000 USD
CY2015Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
634000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
892000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-6890000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-3858000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
298951000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
295616000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
183179000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
177082000 USD
CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
56552000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
55389000 USD
CY2015Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
CY2016Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
24983000 USD
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5687000 USD
CY2016Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
526000 USD
CY2015Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1601000 USD
CY2016Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
247000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
660000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
512000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
99526000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
95842000 USD
CY2015Q2 us-gaap Revenues
Revenues
353196000 USD
CY2016Q2 us-gaap Revenues
Revenues
284860000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
32902000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30992000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
531000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
627000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
337556000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
336019000 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
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
338349000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
336626000 USD
CY2015Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
67000 USD
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21044000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21203000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21044000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21203000 shares
CY2016Q2 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 of intangible assets, collectability of receivables, and income taxes.</font></div></div>

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