2013 Q2 Form 10-Q Financial Statement

#000009713413000029 Filed on July 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $200.2M $199.5M
YoY Change 0.37% -0.88%
Cost Of Revenue $112.5M $110.5M
YoY Change 1.77% -6.16%
Gross Profit $87.74M $88.95M
YoY Change -1.36% 6.57%
Gross Profit Margin 43.82% 44.59%
Selling, General & Admin $58.30M $60.42M
YoY Change -3.51% -9.14%
% of Gross Profit 66.44% 67.92%
Research & Development $7.821M $6.935M
YoY Change 12.78% 3.51%
% of Gross Profit 8.91% 7.8%
Depreciation & Amortization $5.100M $5.000M
YoY Change 2.0% -3.85%
% of Gross Profit 5.81% 5.62%
Operating Expenses $66.12M $67.35M
YoY Change -1.83% -7.99%
Operating Profit $21.62M $21.60M
YoY Change 0.12% 110.33%
Interest Expense $411.0K $669.0K
YoY Change -38.57% 11.5%
% of Operating Profit 1.9% 3.1%
Other Income/Expense, Net -$803.0K -$1.178M
YoY Change -31.83% 1078.0%
Pretax Income $20.82M $20.42M
YoY Change 1.96% 90.83%
Income Tax $6.565M $6.748M
% Of Pretax Income 31.53% 33.05%
Net Earnings $14.25M $13.67M
YoY Change 4.26% 133.49%
Net Earnings / Revenue 7.12% 6.85%
Basic Earnings Per Share $0.78 $0.74
Diluted Earnings Per Share $0.76 $0.71
COMMON SHARES
Basic Shares Outstanding 18.25M shares 18.59M shares
Diluted Shares Outstanding 18.79M shares 19.20M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.60M $38.40M
YoY Change 26.56% -7.47%
Cash & Equivalents $48.58M $38.43M
Short-Term Investments
Other Short-Term Assets $2.431M $23.30M
YoY Change -89.57% 16.5%
Inventory $62.70M $68.40M
Prepaid Expenses $10.88M
Receivables $146.8M $135.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $281.4M $265.2M
YoY Change 6.1% -3.95%
LONG-TERM ASSETS
Property, Plant & Equipment $84.25M $86.70M
YoY Change -2.83% 4.21%
Goodwill $19.26M
YoY Change
Intangibles $19.25M
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.389M $22.00M
YoY Change -61.87% 1.38%
Total Long-Term Assets $141.6M $150.7M
YoY Change -6.06% -1.63%
TOTAL ASSETS
Total Short-Term Assets $281.4M $265.2M
Total Long-Term Assets $141.6M $150.7M
Total Assets $423.0M $415.9M
YoY Change 1.7% -3.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.76M $49.00M
YoY Change 7.68% -12.03%
Accrued Expenses $24.50M $24.80M
YoY Change -1.21% -4.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $3.200M
YoY Change 25.0% -20.0%
Total Short-Term Liabilities $121.4M $116.6M
YoY Change 4.11% -7.9%
LONG-TERM LIABILITIES
Long-Term Debt $28.20M $31.00M
YoY Change -9.03% -16.89%
Other Long-Term Liabilities $4.643M $42.30M
YoY Change -89.02% 11.32%
Total Long-Term Liabilities $61.05M $73.30M
YoY Change -16.71% -2.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.4M $116.6M
Total Long-Term Liabilities $61.05M $73.30M
Total Liabilities $182.4M $193.3M
YoY Change -5.62% -6.12%
SHAREHOLDERS EQUITY
Retained Earnings $241.1M
YoY Change
Common Stock $6.899M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.5M $222.6M
YoY Change
Total Liabilities & Shareholders Equity $423.0M $415.9M
YoY Change 1.7% -3.12%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $14.25M $13.67M
YoY Change 4.26% 133.49%
Depreciation, Depletion And Amortization $5.100M $5.000M
YoY Change 2.0% -3.85%
Cash From Operating Activities $7.900M $15.40M
YoY Change -48.7% -22.61%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$3.300M
YoY Change -3.03% 37.5%
Acquisitions
YoY Change
Other Investing Activities -$900.0K $1.400M
YoY Change -164.29% -148.28%
Cash From Investing Activities -$4.100M -$1.900M
YoY Change 115.79% -63.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.900M -14.40M
YoY Change -65.97% 10.77%
NET CHANGE
Cash From Operating Activities 7.900M 15.40M
Cash From Investing Activities -4.100M -1.900M
Cash From Financing Activities -4.900M -14.40M
Net Change In Cash -1.100M -900.0K
YoY Change 22.22% -152.94%
FREE CASH FLOW
Cash From Operating Activities $7.900M $15.40M
Capital Expenditures -$3.200M -$3.300M
Free Cash Flow $11.10M $18.70M
YoY Change -40.64% -16.14%

Facts In Submission

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CY2013Q2 us-gaap Nonoperating Income Expense
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us-gaap Number Of Reportable Segments
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1
us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2012Q2 us-gaap Operating Expenses
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39156000 USD
CY2012Q4 us-gaap Other Liabilities Current
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38844000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
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4643000 USD
CY2012Q4 us-gaap Other Liabilities Noncurrent
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4533000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
19000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-81000 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
76000 USD
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12141000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15281000 USD
us-gaap Payments Of Dividends
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6358000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
6611000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
750000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
750000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7482000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7192000 USD
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.02
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.02
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2013Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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CY2012Q4 us-gaap Preferred Stock Shares Outstanding
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PreferredStockSharesOutstanding
0 shares
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
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PreferredStockValue
0 USD
CY2013Q2 us-gaap Prepaid Expense Current
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CY2012Q4 us-gaap Prepaid Expense Current
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11309000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
699000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1952000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3812000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
0 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
1500000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
534000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
60000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
294910000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2012Q4 us-gaap Property Plant And Equipment Net
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CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
703000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
733000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1764000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7821000 USD
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ResearchAndDevelopmentExpense
6935000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15339000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14205000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19262469 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18787880 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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18658182 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18594207 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18253326 shares
CY2013Q2 us-gaap Restricted Cash And Cash Equivalents
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394000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
187000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
236065000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
241065000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
200238000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
368330000 USD
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
199493000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
373205000 USD
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
120133000 USD
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60419000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58298000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
116420000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3911000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3439000 USD
CY2013Q2 us-gaap Significant Purchase Commitment Remaining Minimum Amount Committed
SignificantPurchaseCommitmentRemainingMinimumAmountCommitted
1665000 USD
CY2011Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8759000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9357000 USD
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9748000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9237000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-132000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-17000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-5055000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
-5817000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
5578000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6312000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
240513000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
235054000 USD
us-gaap Term Of Unrecorded Unconditional Purchase Obligation
TermOfUnrecordedUnconditionalPurchaseObligation
three year
CY2013Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3479000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
511000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
85000 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3251000 USD
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19203563 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18835542 shares
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013Q2 tnc Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
4301000 USD
CY2013Q2 tnc Aggregate Residual Value At Lease Expiration For Vehicle Leases
AggregateResidualValueAtLeaseExpirationForVehicleLeases
11574000 USD
CY2012Q4 tnc Allowance For Doubtful Accounts Receivable And Sales Returns Current
AllowanceForDoubtfulAccountsReceivableAndSalesReturnsCurrent
4399000 USD
CY2012Q4 tnc Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
25873000 USD
CY2013Q2 tnc Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
25168000 USD
tnc Goodwill Net Foreign Currency Fluctuations
GoodwillNetForeignCurrencyFluctuations
-454000 USD
tnc Impairment Losses Foreign Currency Fluctuations
ImpairmentLossesForeignCurrencyFluctuations
2838000 USD
CY2013Q2 tnc Inventory Finished Goods Fifo
InventoryFinishedGoodsFifo
28479000 USD
CY2012Q4 tnc Inventory Finished Goods Fifo
InventoryFinishedGoodsFifo
25623000 USD
CY2013Q2 tnc Inventory Finished Goods Lifo
InventoryFinishedGoodsLifo
35900000 USD
CY2012Q4 tnc Inventory Finished Goods Lifo
InventoryFinishedGoodsLifo
33546000 USD
CY2012Q4 tnc Inventory Raw Materials Production Parts And Work In Process Fifo
InventoryRawMaterialsProductionPartsAndWorkInProcessFifo
12284000 USD
CY2013Q2 tnc Inventory Raw Materials Production Parts And Work In Process Fifo
InventoryRawMaterialsProductionPartsAndWorkInProcessFifo
12055000 USD
CY2012Q4 tnc Inventory Raw Materials Production Parts And Work In Process Lifo
InventoryRawMaterialsProductionPartsAndWorkInProcessLifo
14291000 USD
CY2013Q2 tnc Inventory Raw Materials Production Parts And Work In Process Lifo
InventoryRawMaterialsProductionPartsAndWorkInProcessLifo
13873000 USD
CY2013Q2 tnc Liability For Estimated End Of Term Loss Related To Residual Value Guarantee
LiabilityForEstimatedEndOfTermLossRelatedToResidualValueGuarantee
453000 USD
CY2013Q2 tnc Line Of Credit Facility Committed Lines Of Credit
LineOfCreditFacilityCommittedLinesOfCredit
125000000 USD
tnc Line Of Credit Facility Ebitda To Interest Expense Ratio
LineOfCreditFacilityEbitdaToInterestExpenseRatio
41.20 to 1
tnc Line Of Credit Facility Indebtedness To Ebitda Ratio
LineOfCreditFacilityIndebtednessToEbitdaRatio
0.42 to 1
CY2013Q2 tnc Line Of Credit Facility Uncommitted Lines Of Credit
LineOfCreditFacilityUncommittedLinesOfCredit
87601000 USD
tnc Operating Lease Commitment Term
OperatingLeaseCommitmentTerm
P5Y
CY2013Q2 tnc Original Debt Amount Owed To Previous Owners Of Acquired Business
OriginalDebtAmountOwedToPreviousOwnersOfAcquiredBusiness
1500000 USD
tnc Us Pension Plan Contributions
USPensionPlanContributions
-846000 USD
tnc Us Pension Plan Contributions
USPensionPlanContributions
0 USD
tnc Warranty Terms Maximum
WarrantyTermsMaximum
4
tnc Warranty Terms Minimum Period
WarrantyTermsMinimumPeriod
1
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000097134
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18403114 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q2 dei Entity Public Float
EntityPublicFloat
732202104 USD
dei Entity Registrant Name
EntityRegistrantName
Tennant Company

Files In Submission

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0000097134-13-000029-index-headers.html Edgar Link pending
0000097134-13-000029-index.html Edgar Link pending
0000097134-13-000029.txt Edgar Link pending
0000097134-13-000029-xbrl.zip Edgar Link pending
exhibit_31-1.htm Edgar Link pending
exhibit_31-2.htm Edgar Link pending
exhibit_32-1.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
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report.css Edgar Link pending
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tnc-20130630.xml Edgar Link completed
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