$TWIN
TWIN DISC INC

2017 Q4 Form 10-Q Financial Statement

#000143774918001762 Filed on February 06, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $56.55M $33.67M
YoY Change 67.93% -24.89%
Cost Of Revenue $38.32M $24.72M
YoY Change 55.01% -25.58%
Gross Profit $18.22M $8.949M
YoY Change 103.63% -22.89%
Gross Profit Margin 32.23% 26.58%
Selling, General & Admin $15.07M $12.56M
YoY Change 19.98% -13.93%
% of Gross Profit 82.7% 140.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.620M $1.760M
YoY Change -7.95% -20.0%
% of Gross Profit 8.89% 19.67%
Operating Expenses $15.07M $12.56M
YoY Change 19.98% -13.93%
Operating Profit $2.322M -$4.427M
YoY Change -152.45% 24.46%
Interest Expense $83.00K $122.0K
YoY Change -31.97% 11.93%
% of Operating Profit 3.57%
Other Income/Expense, Net -$364.0K $456.0K
YoY Change -179.82% -297.4%
Pretax Income $1.875M -$4.093M
YoY Change -145.81% 5.03%
Income Tax $5.925M -$1.201M
% Of Pretax Income 316.0%
Net Earnings -$4.113M -$2.912M
YoY Change 41.24% 26.55%
Net Earnings / Revenue -7.27% -8.65%
Basic Earnings Per Share -$0.36 -$0.26
Diluted Earnings Per Share -$0.36 -$0.26
COMMON SHARES
Basic Shares Outstanding 11.30M 11.24M
Diluted Shares Outstanding 11.30M 11.24M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.80M $13.00M
YoY Change 21.54% -36.89%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $7.979M $7.272M
YoY Change 9.72% -38.12%
Inventory $74.04M $64.53M
Prepaid Expenses $7.683M $7.182M
Receivables $29.21M $22.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $134.7M $114.7M
YoY Change 17.42% -19.77%
LONG-TERM ASSETS
Property, Plant & Equipment $47.82M $48.59M
YoY Change -1.58% -9.97%
Goodwill $2.759M $4.999M
YoY Change -44.81% -60.2%
Intangibles $2.032M $2.006M
YoY Change 1.3% -1.76%
Long-Term Investments
YoY Change
Other Assets $4.434M $4.123M
YoY Change 7.54% -7.41%
Total Long-Term Assets $78.51M $87.72M
YoY Change -10.5% 6.04%
TOTAL ASSETS
Total Short-Term Assets $134.7M $114.7M
Total Long-Term Assets $78.51M $87.72M
Total Assets $213.2M $202.4M
YoY Change 5.32% -10.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.40M $13.87M
YoY Change 68.8% -20.78%
Accrued Expenses $23.34M $20.35M
YoY Change 14.65% -9.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.74M $34.22M
YoY Change 36.59% -40.35%
LONG-TERM LIABILITIES
Long-Term Debt $4.684M $7.782M
YoY Change -39.81% 33734.78%
Other Long-Term Liabilities $1.675M $2.029M
YoY Change -17.45% -8.19%
Total Long-Term Liabilities $6.359M $9.811M
YoY Change -35.18% 339.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.74M $34.22M
Total Long-Term Liabilities $6.359M $9.811M
Total Liabilities $84.54M $92.70M
YoY Change -8.81% -4.14%
SHAREHOLDERS EQUITY
Retained Earnings $168.6M $170.1M
YoY Change -0.83% -6.64%
Common Stock $10.09M $9.609M
YoY Change 4.96% -14.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.20M $24.21M
YoY Change -4.16% -9.65%
Treasury Stock Shares $1.515M $1.580M
Shareholders Equity $128.1M $109.2M
YoY Change
Total Liabilities & Shareholders Equity $213.2M $202.4M
YoY Change 5.32% -10.31%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$4.113M -$2.912M
YoY Change 41.24% 26.55%
Depreciation, Depletion And Amortization $1.620M $1.760M
YoY Change -7.95% -20.0%
Cash From Operating Activities $5.240M $220.0K
YoY Change 2281.82% -110.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.540M -$560.0K
YoY Change 175.0% -62.16%
Acquisitions
YoY Change
Other Investing Activities $60.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.480M -$560.0K
YoY Change 164.29% -64.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.740M -1.930M
YoY Change 93.78% -209.66%
NET CHANGE
Cash From Operating Activities 5.240M 220.0K
Cash From Investing Activities -1.480M -560.0K
Cash From Financing Activities -3.740M -1.930M
Net Change In Cash 20.00K -2.270M
YoY Change -100.88% 20.74%
FREE CASH FLOW
Cash From Operating Activities $5.240M $220.0K
Capital Expenditures -$1.540M -$560.0K
Free Cash Flow $6.780M $780.0K
YoY Change 769.23% -230.0%

Facts In Submission

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OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
1734000
CY2016Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
750000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
2208000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
1422000
CY2017Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
674000
CY2016Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
399000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
952000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
798000
CY2017Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
488000
CY2016Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4198000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3029000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3515000
CY2017Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1734000
CY2016Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
750000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1064000
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
720000
us-gaap Payments For Proceeds From Other Investing Activities
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129000
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Restructuring
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us-gaap Payments Of Dividends Minority Interest
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172000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
109000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
400000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
140000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3013000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1094000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
-4050000
CY2016Q4 us-gaap Profit Loss
ProfitLoss
-2892000
us-gaap Profit Loss
ProfitLoss
-646000
us-gaap Profit Loss
ProfitLoss
-5563000
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PropertyPlantAndEquipmentNet
47820000
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
36957000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
27666000
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
163
CY2017Q4 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
30463000
CY2017Q2 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
33706000
CY2017Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2017Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Prepaid Expense Current
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7683000
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8295000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
35315000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
26948000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
79000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2326000
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3036000
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2062000
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3607000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2467000
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
2542000
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2032000
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2063000
CY2017Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
435000
CY2016Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
479000
CY2017Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
589000
CY2016Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
506000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1022000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1268000
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
831000
us-gaap Restructuring Charges
RestructuringCharges
2049000
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
816000
us-gaap Restructuring Charges
RestructuringCharges
1074000
us-gaap Restructuring Charges
RestructuringCharges
7924000
us-gaap Restructuring Costs
RestructuringCosts
162000
us-gaap Restructuring Costs
RestructuringCosts
174000
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
92000
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
14000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168646000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
169368000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
56546000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
33672000
us-gaap Sales Revenue Net
SalesRevenueNet
101611000
us-gaap Sales Revenue Net
SalesRevenueNet
69507000
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15268000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12560000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28936000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25035000
CY2017Q4 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
7000
CY2016Q4 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-49000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
46000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-40000
CY2017Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
723000
CY2016Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
61000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
1381000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
243000
CY2017Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
315000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
128106000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
122921000
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
151305000
CY2017Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
147126000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
128649000
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
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
109721000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
4565000
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1514576
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1580335
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
23199000
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
24205000
CY2017Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2016Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
856000
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11297000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11242000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11278000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11231000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11297000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11242000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11278000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11231000

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