$TITN
Titan Machinery Inc.

2014 Q2 Form 10-Q Financial Statement

#000144530514002523 Filed on June 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $465.5M $441.7M
YoY Change 5.39% 4.73%
Cost Of Revenue $389.5M $367.7M
YoY Change 5.93% 4.67%
Gross Profit $75.94M $73.95M
YoY Change 2.69% 5.03%
Gross Profit Margin 16.31% 16.74%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.729M $5.869M
YoY Change 14.65% 19.12%
% of Gross Profit 8.86% 7.94%
Operating Expenses $71.15M $68.93M
YoY Change 3.22% 25.66%
Operating Profit $1.986M $5.015M
YoY Change -60.4% -67.76%
Interest Expense -$10.60M -$6.000M
YoY Change 76.67% 87.5%
% of Operating Profit -533.74% -119.64%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.223M -$997.0K
YoY Change 223.27% -108.07%
Income Tax -$1.733M -$394.0K
% Of Pretax Income
Net Earnings -$6.549M -$414.0K
YoY Change 1481.88% -105.45%
Net Earnings / Revenue -1.41% -0.09%
Basic Earnings Per Share -$0.31 -$0.02
Diluted Earnings Per Share -$0.31 -$0.02
COMMON SHARES
Basic Shares Outstanding 20.95M shares 20.85M shares
Diluted Shares Outstanding 20.95M shares 20.85M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.00M $114.3M
YoY Change -28.26% 7.12%
Cash & Equivalents $82.01M $114.3M
Short-Term Investments
Other Short-Term Assets $30.80M $18.00M
YoY Change 71.11% 73.08%
Inventory $1.117B $1.001B
Prepaid Expenses
Receivables $79.90M $86.00M
Other Receivables $6.200M $7.400M
Total Short-Term Assets $1.316B $1.227B
YoY Change 7.26% 23.43%
LONG-TERM ASSETS
Property, Plant & Equipment $231.8M $230.0M
YoY Change 0.75% 37.13%
Goodwill $24.75M $30.94M
YoY Change -20.01% 17.86%
Intangibles $11.58M $14.20M
YoY Change -18.44% 23.92%
Long-Term Investments
YoY Change
Other Assets $7.555M $8.545M
YoY Change -11.59% 8.85%
Total Long-Term Assets $280.8M $287.6M
YoY Change -2.39% 32.88%
TOTAL ASSETS
Total Short-Term Assets $1.316B $1.227B
Total Long-Term Assets $280.8M $287.6M
Total Assets $1.597B $1.514B
YoY Change 5.43% 25.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.14M $33.87M
YoY Change -22.82% -9.26%
Accrued Expenses $43.63M $35.87M
YoY Change 21.65% 63.76%
Deferred Revenue
YoY Change
Short-Term Debt $798.5M $762.0M
YoY Change 4.79% 33.4%
Long-Term Debt Due $36.00M $10.20M
YoY Change 252.94% 121.74%
Total Short-Term Liabilities $940.7M $873.1M
YoY Change 7.74% 32.2%
LONG-TERM LIABILITIES
Long-Term Debt $196.4M $184.9M
YoY Change 6.22% 27.52%
Other Long-Term Liabilities $7.360M $8.970M
YoY Change -17.95% 329.8%
Total Long-Term Liabilities $250.6M $241.6M
YoY Change 3.73% 29.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $940.7M $873.1M
Total Long-Term Liabilities $250.6M $241.6M
Total Liabilities $1.191B $1.115B
YoY Change 6.87% 31.7%
SHAREHOLDERS EQUITY
Retained Earnings $165.4M $160.3M
YoY Change 3.16% 27.38%
Common Stock $238.8M $237.3M
YoY Change 0.65% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $402.9M $396.6M
YoY Change
Total Liabilities & Shareholders Equity $1.597B $1.514B
YoY Change 5.43% 25.12%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$6.549M -$414.0K
YoY Change 1481.88% -105.45%
Depreciation, Depletion And Amortization $6.729M $5.869M
YoY Change 14.65% 19.12%
Cash From Operating Activities -$54.60M -$6.300M
YoY Change 766.67% -74.7%
INVESTING ACTIVITIES
Capital Expenditures $5.078M $5.454M
YoY Change -6.89% 216.17%
Acquisitions $0.00 $4.848M
YoY Change -100.0% -42.26%
Other Investing Activities -$28.00K -$771.0K
YoY Change -96.37% 6909.09%
Cash From Investing Activities -$6.100M -$9.600M
YoY Change -36.46% -63.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.505M $3.405M
YoY Change -26.43% -92.88%
Cash From Financing Activities 68.40M 5.900M
YoY Change 1059.32% -92.43%
NET CHANGE
Cash From Operating Activities -54.60M -6.300M
Cash From Investing Activities -6.100M -9.600M
Cash From Financing Activities 68.40M 5.900M
Net Change In Cash 7.700M -10.00M
YoY Change -177.0% -137.45%
FREE CASH FLOW
Cash From Operating Activities -$54.60M -$6.300M
Capital Expenditures $5.078M $5.454M
Free Cash Flow -$59.68M -$11.75M
YoY Change 407.73% -55.85%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements, including the consolidated statements of cash flows, to maintain consistency and comparability between periods presented. These reclassifications had no impact on previously reported cash flows from operating, investing or financing activities.</font></div></div>
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ProceedsFromSaleOfPropertyPlantAndEquipment
471000 USD
CY2013Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
237000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-4539000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
-603000 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
318832000 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
308919000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
231780000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
228000000 USD
CY2014Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
97894000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
79895000 USD
CY2014Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2505000 USD
CY2013Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3405000 USD
CY2014Q2 us-gaap Restructuring And Related Cost Expected Cost
RestructuringAndRelatedCostExpectedCost
3808000 USD
CY2014Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
3205000 USD
CY2014Q1 us-gaap Restructuring Reserve
RestructuringReserve
548000 USD
CY2014Q2 us-gaap Restructuring Reserve
RestructuringReserve
2362000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
169575000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
165380000 USD
CY2013Q2 us-gaap Revenues
Revenues
441674000 USD
CY2014Q2 us-gaap Revenues
Revenues
465463000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37084000 USD
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
31998000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
470000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
463000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
402897000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
408771000 USD
CY2014Q1 titn Inventory Work In Process Net Of Adjustments
InventoryWorkInProcessNetOfAdjustments
10039000 USD
CY2014Q2 titn Inventory Work In Process Net Of Adjustments
InventoryWorkInProcessNetOfAdjustments
20274000 USD
CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
399919000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
405319000 USD
CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
399732000 USD
CY2014Q1 titn Floorplan Notes Payable
FloorplanNotesPayable
750533000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
411342000 USD
CY2014Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
-1000 USD
CY2014Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
-747000 USD
CY2013Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
471000 USD
CY2014Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;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>
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q2 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
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20854000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20854000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20951000 shares
CY2014Q1 titn Assets Noncurrent Excluding Property Plant And Equipment
AssetsNoncurrentExcludingPropertyPlantAndEquipment
49265000 USD
CY2014Q2 titn Assets Noncurrent Excluding Property Plant And Equipment
AssetsNoncurrentExcludingPropertyPlantAndEquipment
48973000 USD
CY2013Q2 titn Change In Non Manufacturer Floorplan Notes Payable
ChangeInNonManufacturerFloorplanNotesPayable
8408000 USD
CY2014Q2 titn Change In Non Manufacturer Floorplan Notes Payable
ChangeInNonManufacturerFloorplanNotesPayable
65305000 USD
CY2013Q2 titn Cost Of Equipment Sold
CostOfEquipmentSold
303823000 USD
CY2014Q2 titn Cost Of Equipment Sold
CostOfEquipmentSold
316282000 USD
CY2014Q2 titn Cost Of Parts Sold
CostOfPartsSold
48014000 USD
CY2013Q2 titn Cost Of Parts Sold
CostOfPartsSold
44711000 USD
CY2013Q2 titn Floorplan Interest Expense
FloorplanInterestExpense
3442000 USD
CY2014Q2 titn Floorplan Interest Expense
FloorplanInterestExpense
4593000 USD
CY2014Q2 titn Floorplan Notes Payable
FloorplanNotesPayable
798542000 USD
CY2013Q2 titn Increase Decrease In Accounts Payable Customer Deposits Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableCustomerDepositsAccruedLiabilitiesAndOtherOperatingLiabilities
-4612000 USD
CY2014Q2 titn Increase Decrease In Accounts Payable Customer Deposits Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableCustomerDepositsAccruedLiabilitiesAndOtherOperatingLiabilities
-14639000 USD
CY2013Q2 titn Increase Decrease In Floorplan Notes Payable
IncreaseDecreaseInFloorplanNotesPayable
65525000 USD
CY2014Q2 titn Increase Decrease In Floorplan Notes Payable
IncreaseDecreaseInFloorplanNotesPayable
-17308000 USD
CY2014Q2 titn Increase Decrease In Inventory
IncreaseDecreaseInInventory
41963000 USD
CY2013Q2 titn Increase Decrease In Inventory
IncreaseDecreaseInInventory
102258000 USD
CY2014Q2 titn Increase Decrease In Receivable Prepaid Expense And Other Assets
IncreaseDecreaseInReceivablePrepaidExpenseAndOtherAssets
-21571000 USD
CY2013Q2 titn Increase Decrease In Receivable Prepaid Expense And Other Assets
IncreaseDecreaseInReceivablePrepaidExpenseAndOtherAssets
-34587000 USD
CY2014Q1 titn Inventory New Equipment Net Of Reserves
InventoryNewEquipmentNetOfReserves
575518000 USD
CY2014Q2 titn Inventory New Equipment Net Of Reserves
InventoryNewEquipmentNetOfReserves
622677000 USD
CY2014Q1 titn Inventory Used Equipment Net Of Reserves
InventoryUsedEquipmentNetOfReserves
363755000 USD
CY2014Q2 titn Inventory Used Equipment Net Of Reserves
InventoryUsedEquipmentNetOfReserves
348003000 USD
CY2014Q2 dei Document Type
DocumentType
10-Q
CY2014Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001409171
CY2014Q2 dei Document Period End Date
DocumentPeriodEndDate
2014-04-30
CY2014Q2 titn Net Transfer Of Equipment To From Fixed Assets From To Inventories
NetTransferOfEquipmentToFromFixedAssetsFromToInventories
1962000 USD
CY2013Q2 titn Net Transfer Of Equipment To From Fixed Assets From To Inventories
NetTransferOfEquipmentToFromFixedAssetsFromToInventories
30122000 USD
CY2013Q2 titn Other Comprehensive Income Loss Unrealized Gain Losson Foreign Currency Derivatives Arising During Period Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonForeignCurrencyDerivativesArisingDuringPeriodNetofTax
0 USD
CY2014Q2 titn Other Comprehensive Income Loss Unrealized Gain Losson Foreign Currency Derivatives Arising During Period Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonForeignCurrencyDerivativesArisingDuringPeriodNetofTax
32000 USD
CY2013Q2 titn Other Comprehensive Income Loss Unrealized Gain Losson Interest Rate Derivatives Arising During Period Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonInterestRateDerivativesArisingDuringPeriodNetofTax
0 USD
CY2014Q2 titn Other Comprehensive Income Loss Unrealized Gain Losson Interest Rate Derivatives Arising During Period Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonInterestRateDerivativesArisingDuringPeriodNetofTax
3000 USD
CY2013Q2 titn Realignment Cost
RealignmentCost
0 USD
CY2014Q2 titn Realignment Cost
RealignmentCost
2801000 USD
CY2014Q2 titn Sales Revenue Equipment
SalesRevenueEquipment
345045000 USD
CY2013Q2 titn Sales Revenue Equipment
SalesRevenueEquipment
334745000 USD
CY2014Q2 titn Sales Revenue Parts
SalesRevenueParts
68379000 USD
CY2013Q2 titn Sales Revenue Parts
SalesRevenueParts
62837000 USD
CY2013Q2 titn Stock Issued During Period Value Of Restricted Stock Award Stock Options Exercised Warrants Exercised And Tax Benefits Of Equity Awards
StockIssuedDuringPeriodValueOfRestrictedStockAwardStockOptionsExercisedWarrantsExercisedAndTaxBenefitsOfEquityAwards
272000 USD
CY2014Q2 titn Stock Issued During Period Value Of Restricted Stock Award Stock Options Exercised Warrants Exercised And Tax Benefits Of Equity Awards
StockIssuedDuringPeriodValueOfRestrictedStockAwardStockOptionsExercisedWarrantsExercisedAndTaxBenefitsOfEquityAwards
-23000 USD
CY2014Q2 dei Amendment Flag
AmendmentFlag
false
CY2014Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-31
CY2014Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q2 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
21252169 shares
CY2014Q2 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q2 dei Entity Registrant Name
EntityRegistrantName
Titan Machinery Inc.

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