$TWIN
TWIN DISC INC

2017 Q3 Form 10-Q Financial Statement

#000143774917018001 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $45.06M $35.84M
YoY Change 25.75% -4.12%
Cost Of Revenue $31.07M $26.66M
YoY Change 16.54% -8.64%
Gross Profit $13.99M $9.173M
YoY Change 52.53% 12.0%
Gross Profit Margin 31.05% 25.6%
Selling, General & Admin $13.39M $12.48M
YoY Change 7.37% -18.14%
% of Gross Profit 95.73% 136.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.644M $1.916M
YoY Change -14.2% -13.73%
% of Gross Profit 11.75% 20.89%
Operating Expenses $13.39M $12.48M
YoY Change 7.37% -18.14%
Operating Profit -$620.0K -$3.560M
YoY Change -82.58% -45.65%
Interest Expense $64.00K $53.00K
YoY Change 20.75% -41.76%
% of Operating Profit
Other Income/Expense, Net -$569.0K -$110.0K
YoY Change 417.27% -169.62%
Pretax Income -$1.253M -$3.723M
YoY Change -66.34% -42.57%
Income Tax -$4.658M -$1.052M
% Of Pretax Income
Net Earnings $3.392M -$2.696M
YoY Change -225.82% -37.64%
Net Earnings / Revenue 7.53% -7.52%
Basic Earnings Per Share $0.29 -$0.24
Diluted Earnings Per Share $0.29 -$0.24
COMMON SHARES
Basic Shares Outstanding 11.26M 11.22M
Diluted Shares Outstanding 11.26M 11.22M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.50M $16.10M
YoY Change -3.73% -30.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $7.537M $6.920M
YoY Change 8.92% -47.82%
Inventory $70.04M $67.13M
Prepaid Expenses $8.018M $7.796M
Receivables $27.51M $25.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $128.6M $123.7M
YoY Change 3.95% -16.66%
LONG-TERM ASSETS
Property, Plant & Equipment $48.34M $50.42M
YoY Change -4.11% -8.94%
Goodwill $2.757M $5.139M
YoY Change -46.35% -59.79%
Intangibles $2.070M $2.136M
YoY Change -3.09% -1.52%
Long-Term Investments
YoY Change
Other Assets $4.443M $4.194M
YoY Change 5.94% 1.38%
Total Long-Term Assets $86.44M $89.08M
YoY Change -2.96% 1.94%
TOTAL ASSETS
Total Short-Term Assets $128.6M $123.7M
Total Long-Term Assets $86.44M $89.08M
Total Assets $215.0M $212.8M
YoY Change 1.06% -9.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.49M $15.22M
YoY Change 28.07% -17.39%
Accrued Expenses $21.75M $20.57M
YoY Change 5.73% -28.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.24M $35.79M
YoY Change 15.23% -29.74%
LONG-TERM LIABILITIES
Long-Term Debt $8.244M $9.694M
YoY Change -14.96% -9.37%
Other Long-Term Liabilities $1.687M $2.302M
YoY Change -26.72% 3.6%
Total Long-Term Liabilities $9.931M $12.00M
YoY Change -17.21% -7.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.24M $35.79M
Total Long-Term Liabilities $9.931M $12.00M
Total Liabilities $84.92M $97.06M
YoY Change -12.51% -4.9%
SHAREHOLDERS EQUITY
Retained Earnings $172.8M $173.0M
YoY Change -0.12% -6.74%
Common Stock $9.878M $10.48M
YoY Change -5.71% -9.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.39M $25.44M
YoY Change -8.06% -6.48%
Treasury Stock Shares $1.527M $1.661M
Shareholders Equity $129.6M $115.2M
YoY Change
Total Liabilities & Shareholders Equity $215.0M $212.8M
YoY Change 1.06% -9.77%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $3.392M -$2.696M
YoY Change -225.82% -37.64%
Depreciation, Depletion And Amortization $1.644M $1.916M
YoY Change -14.2% -13.73%
Cash From Operating Activities -$1.431M -$2.661M
YoY Change -46.22% 12.28%
INVESTING ACTIVITIES
Capital Expenditures $1.467M $525.0K
YoY Change 179.43% -62.58%
Acquisitions
YoY Change
Other Investing Activities $129.0K $129.0K
YoY Change 0.0% -30.27%
Cash From Investing Activities -$1.579M -$646.0K
YoY Change 144.43% -116.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.534M 810.0K
YoY Change 89.38% -192.05%
NET CHANGE
Cash From Operating Activities -1.431M -2.661M
Cash From Investing Activities -1.579M -646.0K
Cash From Financing Activities 1.534M 810.0K
Net Change In Cash -1.476M -2.497M
YoY Change -40.89% -484.15%
FREE CASH FLOW
Cash From Operating Activities -$1.431M -$2.661M
Capital Expenditures $1.467M $525.0K
Free Cash Flow -$2.898M -$3.186M
YoY Change -9.04% -15.56%

Facts In Submission

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0
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8018000
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8295000
CY2017Q3 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
16155000
CY2016Q3 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
13943000
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000
CY2016Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8000
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2062000
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3607000
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2326000
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3036000
CY2017Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1968000
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2343000
CY2017Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
358000
CY2016Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
693000
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
433000
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
762000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
3405000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-2671000
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48344000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
48212000
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
92000
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
120000
CY2017Q3 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
14236000
CY2016Q3 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
12751000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
162
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
1218000
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
258000
us-gaap Restructuring Charges
RestructuringCharges
7093000
CY2017Q3 us-gaap Restructuring Costs
RestructuringCosts
190000
CY2016Q3 us-gaap Restructuring Costs
RestructuringCosts
219000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
172760000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
169368000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
45064000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
35835000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13668000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12475000
CY2017Q3 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
39000
CY2016Q3 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
9000
CY2017Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
658000
CY2016Q3 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
182000
CY2017Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
315
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
129600000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
122921000
CY2017Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
152988000
CY2017Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
147126000
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
130081000
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
123567000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
117053000
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
115696000
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1526945
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1580335
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
23388000
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
24205000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
85000
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
888000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11259000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11217000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11256000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11217000

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