$TWIN
TWIN DISC INC

2015 Q3 Form 10-Q Financial Statement

#000143774915019544 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $37.37M $64.82M
YoY Change -42.35% -2.42%
Cost Of Revenue $29.18M $42.44M
YoY Change -31.23% -7.27%
Gross Profit $8.190M $22.39M
YoY Change -63.42% 8.32%
Gross Profit Margin 21.91% 34.54%
Selling, General & Admin $15.24M $15.91M
YoY Change -4.21% 2.51%
% of Gross Profit 186.08% 71.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.221M $2.564M
YoY Change -13.38% -1.38%
% of Gross Profit 27.12% 11.45%
Operating Expenses $15.24M $15.91M
YoY Change -4.21% 2.51%
Operating Profit -$6.550M $6.479M
YoY Change -201.1% 25.81%
Interest Expense $91.00K $164.0K
YoY Change -44.51% -165.6%
% of Operating Profit 2.53%
Other Income/Expense, Net $158.0K $340.0K
YoY Change -53.53% 1033.33%
Pretax Income -$6.483M $6.655M
YoY Change -197.42% 73.31%
Income Tax -$2.208M $2.593M
% Of Pretax Income 38.96%
Net Earnings -$4.323M $4.043M
YoY Change -206.93% 215.86%
Net Earnings / Revenue -11.57% 6.24%
Basic Earnings Per Share -$0.39 $0.36
Diluted Earnings Per Share -$0.39 $0.36
COMMON SHARES
Basic Shares Outstanding 11.31M 11.27M
Diluted Shares Outstanding 11.31M 11.28M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.00M $25.70M
YoY Change -10.51% 6.64%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $13.26M $16.70M
YoY Change -20.59% -2.91%
Inventory $77.05M $97.50M
Prepaid Expenses
Receivables $31.29M $39.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $148.4M $178.9M
YoY Change -17.04% -1.6%
LONG-TERM ASSETS
Property, Plant & Equipment $55.37M $59.00M
YoY Change -6.16% -3.44%
Goodwill $12.78M
YoY Change
Intangibles $2.169M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.137M $9.700M
YoY Change -57.35% -29.71%
Total Long-Term Assets $87.38M $84.70M
YoY Change 3.17% -7.33%
TOTAL ASSETS
Total Short-Term Assets $148.4M $178.9M
Total Long-Term Assets $87.38M $84.70M
Total Assets $235.8M $263.6M
YoY Change -10.55% -3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.42M $20.80M
YoY Change -11.45% 20.23%
Accrued Expenses $28.95M $29.70M
YoY Change -2.54% -10.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.600M $3.600M
YoY Change 0.0% -2.7%
Total Short-Term Liabilities $50.94M $54.10M
YoY Change -5.85% -0.55%
LONG-TERM LIABILITIES
Long-Term Debt $10.70M $20.00M
YoY Change -46.52% -5.66%
Other Long-Term Liabilities $2.222M $37.00M
YoY Change -93.99% -26.73%
Total Long-Term Liabilities $12.92M $57.00M
YoY Change -77.34% -20.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.94M $54.10M
Total Long-Term Liabilities $12.92M $57.00M
Total Liabilities $102.1M $113.0M
YoY Change -9.68% -12.67%
SHAREHOLDERS EQUITY
Retained Earnings $185.5M
YoY Change
Common Stock $11.52M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $27.20M
YoY Change
Treasury Stock Shares $1.776M
Shareholders Equity $133.3M $150.5M
YoY Change
Total Liabilities & Shareholders Equity $235.8M $263.6M
YoY Change -10.55% -3.51%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$4.323M $4.043M
YoY Change -206.93% 215.86%
Depreciation, Depletion And Amortization $2.221M $2.564M
YoY Change -13.38% -1.38%
Cash From Operating Activities -$2.370M $380.0K
YoY Change -723.68% -96.09%
INVESTING ACTIVITIES
Capital Expenditures $1.403M $2.175M
YoY Change -35.49% -350.0%
Acquisitions
YoY Change
Other Investing Activities $185.0K $166.0K
YoY Change 11.45%
Cash From Investing Activities $3.900M -$2.250M
YoY Change -273.33% 158.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -880.0K 3.610M
YoY Change -124.38% -165.52%
NET CHANGE
Cash From Operating Activities -2.370M 380.0K
Cash From Investing Activities 3.900M -2.250M
Cash From Financing Activities -880.0K 3.610M
Net Change In Cash 650.0K 1.740M
YoY Change -62.64% -47.9%
FREE CASH FLOW
Cash From Operating Activities -$2.370M $380.0K
Capital Expenditures $1.403M $2.175M
Free Cash Flow -$3.773M -$1.795M
YoY Change 110.19% -116.95%

Facts In Submission

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185000
CY2014Q3 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
166000
CY2015Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1019000
CY2014Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1015000
CY2015Q3 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
192000
CY2014Q3 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
219000
CY2015Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
190000
CY2014Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
314000
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1403000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2175000
CY2015Q3 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
37157000
CY2015Q2 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
38362000
CY2015Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
3500000
CY2014Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
CY2015Q3 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
1907000
CY2014Q3 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
CY2015Q3 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
22780000
CY2014Q3 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
21750000
CY2015Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
79000
CY2014Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
89000
CY2015Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2014Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15000
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5245000
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5968000
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4220000
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5835000
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
-2986000
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
-3681000
CY2015Q3 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-1000
CY2014Q3 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-138000
CY2015Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
-1234000
CY2015Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
-2154000
CY2015Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
721000
CY2014Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
541000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-4275000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
4062000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55366000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56427000
CY2015Q3 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
22315000
CY2014Q3 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
16550000
CY2015Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
CY2014Q3 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
29000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
185465000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
190807000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
37373000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
64824000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15240000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15910000
CY2015Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-303000
CY2014Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
546000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
133253000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
139528000
CY2015Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
160453000
CY2015Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
167585000
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
133730000
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
140167000
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
152311000
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
151078000
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1776074
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1832121
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
27200000
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
28057000
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
895000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11313000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11276000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11313000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11270000

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