$TITN
Titan Machinery Inc.

2017 Q2 Form 10-Q Financial Statement

#000140917117000035 Filed on June 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $264.1M $284.9M
YoY Change -7.28% -19.35%
Cost Of Revenue $215.2M $231.3M
YoY Change -6.97% -20.99%
Gross Profit $48.92M $53.55M
YoY Change -8.64% -11.4%
Gross Profit Margin 18.52% 18.8%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.095M $6.208M
YoY Change -1.82% -6.88%
% of Gross Profit 12.46% 11.59%
Operating Expenses $51.99M $54.50M
YoY Change -4.61% -4.57%
Operating Profit -$5.412M -$1.201M
YoY Change 350.62% -169.66%
Interest Expense -$4.000M -$4.600M
YoY Change -13.04% -56.6%
% of Operating Profit
Other Income/Expense, Net $137.0K
YoY Change -106.45%
Pretax Income -$10.01M -$5.283M
YoY Change 89.38% 17.71%
Income Tax -$3.478M -$1.942M
% Of Pretax Income
Net Earnings -$5.932M -$3.684M
YoY Change 61.02% -41.56%
Net Earnings / Revenue -2.25% -1.29%
Basic Earnings Per Share -$0.27 -$0.17
Diluted Earnings Per Share -$0.27 -$0.17
COMMON SHARES
Basic Shares Outstanding 21.37M shares 21.20M shares
Diluted Shares Outstanding 21.37M shares 21.20M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.20M $63.80M
YoY Change -11.91% -38.89%
Cash & Equivalents $56.24M $63.78M
Short-Term Investments
Other Short-Term Assets $7.900M $6.700M
YoY Change 17.91% -82.64%
Inventory $484.1M $684.8M
Prepaid Expenses
Receivables $62.90M $55.40M
Other Receivables $5.400M $11.90M
Total Short-Term Assets $616.5M $822.5M
YoY Change -25.05% -24.6%
LONG-TERM ASSETS
Property, Plant & Equipment $159.8M $177.1M
YoY Change -9.79% -9.09%
Goodwill
YoY Change
Intangibles $4.980M $5.091M
YoY Change -2.18% -5.02%
Long-Term Investments
YoY Change
Other Assets $1.347M $1.322M
YoY Change 1.89% -80.12%
Total Long-Term Assets $166.4M $183.5M
YoY Change -9.31% -11.27%
TOTAL ASSETS
Total Short-Term Assets $616.5M $822.5M
Total Long-Term Assets $166.4M $183.5M
Total Assets $782.9M $1.006B
YoY Change -22.18% -22.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.12M $18.32M
YoY Change 9.83% 4.46%
Accrued Expenses $23.64M $27.25M
YoY Change -13.25% -18.34%
Deferred Revenue
YoY Change
Short-Term Debt $259.6M $446.3M
YoY Change -41.83% -26.44%
Long-Term Debt Due $1.400M $13.30M
YoY Change -89.47% -46.15%
Total Short-Term Liabilities $328.4M $522.0M
YoY Change -37.09% -26.48%
LONG-TERM LIABILITIES
Long-Term Debt $126.6M $134.3M
YoY Change -5.73% -24.93%
Other Long-Term Liabilities $5.694M $2.269M
YoY Change 150.95% -34.95%
Total Long-Term Liabilities $137.2M $147.4M
YoY Change -6.89% -33.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.4M $522.0M
Total Long-Term Liabilities $137.2M $147.4M
Total Liabilities $465.6M $669.4M
YoY Change -30.44% -28.15%
SHAREHOLDERS EQUITY
Retained Earnings $78.16M $95.84M
YoY Change -18.45% -26.9%
Common Stock $242.9M $243.7M
YoY Change -0.33% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $317.3M $336.0M
YoY Change
Total Liabilities & Shareholders Equity $782.9M $1.006B
YoY Change -22.18% -22.48%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$5.932M -$3.684M
YoY Change 61.02% -41.56%
Depreciation, Depletion And Amortization $6.095M $6.208M
YoY Change -1.82% -6.88%
Cash From Operating Activities $40.90M -$24.90M
YoY Change -264.26% -274.13%
INVESTING ACTIVITIES
Capital Expenditures $4.575M $1.051M
YoY Change 335.3% -51.57%
Acquisitions
YoY Change
Other Investing Activities -$21.00K -$48.00K
YoY Change -56.25% -75.76%
Cash From Investing Activities -$9.700M -$700.0K
YoY Change 1285.71% -53.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.335M $526.0K
YoY Change 343.92% -90.75%
Cash From Financing Activities -28.20M -600.0K
YoY Change 4600.0% -98.3%
NET CHANGE
Cash From Operating Activities 40.90M -24.90M
Cash From Investing Activities -9.700M -700.0K
Cash From Financing Activities -28.20M -600.0K
Net Change In Cash 3.000M -26.20M
YoY Change -111.45% 16.44%
FREE CASH FLOW
Cash From Operating Activities $40.90M -$24.90M
Capital Expenditures $4.575M $1.051M
Free Cash Flow $36.33M -$25.95M
YoY Change -239.98% -313.94%

Facts In Submission

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40932000 USD
CY2016Q2 us-gaap Net Income Loss
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CY2017Q2 us-gaap Net Income Loss
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CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3616000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5818000 USD
CY2017Q1 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
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CY2017Q2 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
1371000 USD
CY2017Q2 us-gaap Number Of Reportable Segments
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3 segment
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
54502000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
51987000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1201000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5412000 USD
CY2017Q1 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
3600000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1359000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1347000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
754000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
461000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
890000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
978000 USD
CY2016Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8887000 USD
CY2017Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8531000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5180000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5694000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-89000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-849000 USD
CY2016Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
11485000 USD
CY2017Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
10854000 USD
CY2016Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
1378000 USD
CY2017Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
914000 USD
CY2016Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-68000 USD
CY2017Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
-114000 USD
CY2016Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-48000 USD
CY2017Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-21000 USD
CY2017Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
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CY2016Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
561000 USD
CY2017Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
5612000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1051000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4575000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10989000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7868000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
20115000 USD
CY2016Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-158000 USD
CY2017Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1123000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
892000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
417000 USD
CY2016Q2 us-gaap Profit Loss
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CY2017Q2 us-gaap Profit Loss
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CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
282412000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
288360000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
156647000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159753000 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
60082000 USD
CY2017Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
62946000 USD
CY2017Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
700000 USD
CY2016Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
24983000 USD
CY2017Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
19340000 USD
CY2016Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
526000 USD
CY2017Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2335000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
5349000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
247000 USD
CY2017Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
2344000 USD
us-gaap Restructuring Charges
RestructuringCharges
13000000 USD
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
2214000 USD
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
390000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
85347000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
78163000 USD
CY2016Q2 us-gaap Revenues
Revenues
284860000 USD
CY2017Q2 us-gaap Revenues
Revenues
264118000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30992000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
28766000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
627000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
789000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
321179000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
317296000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21203000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21373000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21203000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21373000 shares
CY2017Q2 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, impairment of long-lived assets, collectability of receivables, and income taxes.</font></div></div>

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