2014 Q1 Form 10-Q Financial Statement

#000114420414025365 Filed on April 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $358.1M $324.2M
YoY Change 10.45% 16.76%
Cost Of Revenue $311.4M $282.0M
YoY Change 10.43% 9.34%
Gross Profit $46.67M $42.19M
YoY Change 10.63% 113.83%
Gross Profit Margin 13.03% 13.01%
Selling, General & Admin $21.74M $21.34M
YoY Change 1.85% 69.35%
% of Gross Profit 46.57% 50.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.042M $4.406M
YoY Change -8.26%
% of Gross Profit 8.66% 10.44%
Operating Expenses $21.74M $21.34M
YoY Change 1.85% 69.35%
Operating Profit $19.47M $14.86M
YoY Change 31.02% 172.64%
Interest Expense $5.717M $7.535M
YoY Change -24.13% 927.97%
% of Operating Profit 29.37% 50.72%
Other Income/Expense, Net $32.00K $2.238M
YoY Change -98.57% -56050.0%
Pretax Income $13.78M $9.559M
YoY Change 44.16% 102.87%
Income Tax $6.484M $3.824M
% Of Pretax Income 47.05% 40.0%
Net Earnings $7.296M $5.735M
YoY Change 27.22% 13.25%
Net Earnings / Revenue 2.04% 1.77%
Basic Earnings Per Share $0.11 $0.08
Diluted Earnings Per Share $0.10 $0.08
COMMON SHARES
Basic Shares Outstanding 68.67K shares 68.40M shares
Diluted Shares Outstanding 71.09K shares 68.83M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $65.74M $58.63M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $262.9M
Prepaid Expenses
Receivables $118.9M
Other Receivables
Total Short-Term Assets $475.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $140.3M
YoY Change
Goodwill $150.0M
YoY Change
Intangibles $153.7M
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.43M
YoY Change
Total Long-Term Assets $456.4M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $475.6M
Total Long-Term Assets $456.4M
Total Assets $932.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $129.3M
YoY Change
Accrued Expenses $91.01M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $3.250M
YoY Change
Total Short-Term Liabilities $225.1M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $359.3M
YoY Change
Other Long-Term Liabilities $7.504M
YoY Change
Total Long-Term Liabilities $366.8M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $225.1M
Total Long-Term Liabilities $366.8M
Total Liabilities $370.6K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$269.8M
YoY Change
Common Stock $708.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.65M
YoY Change
Treasury Stock Shares
Shareholders Equity $331.4M
YoY Change
Total Liabilities & Shareholders Equity $932.0M
YoY Change

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $7.296M $5.735M
YoY Change 27.22% 13.25%
Depreciation, Depletion And Amortization $4.042M $4.406M
YoY Change -8.26%
Cash From Operating Activities -$44.06M -$7.666M
YoY Change 474.68% -68.13%
INVESTING ACTIVITIES
Capital Expenditures $2.078M $2.564M
YoY Change -18.95% 165.15%
Acquisitions $0.00 $13.86M
YoY Change -100.0%
Other Investing Activities $0.00 -$2.418M
YoY Change -100.0%
Cash From Investing Activities -$2.078M -$14.01M
YoY Change -85.16% 1348.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.393M -$1.144M
YoY Change 21.77% -110.22%
NET CHANGE
Cash From Operating Activities -$44.06M -$7.666M
Cash From Investing Activities -$2.078M -$14.01M
Cash From Financing Activities -$1.393M -$1.144M
Net Change In Cash -$47.53M -$22.82M
YoY Change 108.3% 64.97%
FREE CASH FLOW
Cash From Operating Activities -$44.06M -$7.666M
Capital Expenditures $2.078M $2.564M
Free Cash Flow -$46.13M -$10.23M
YoY Change 350.96% -59.11%

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CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-22816000 USD
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-47526000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81449000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
58633000 USD
CY2014Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
20800000 BRL
CY2010Q2 wnc Environmental Remediation Cost Amount Approved
EnvironmentalRemediationCostAmountApproved
100000000 USD
CY2012Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
377000000 USD
CY2012Q2 wnc Business Acquisition Outstanding Claims For Unpaid Benefits Owed By Seller
BusinessAcquisitionOutstandingClaimsForUnpaidBenefitsOwedBySeller
2900000 USD
CY2014Q1 us-gaap Revenues
Revenues
358120000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2013Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.0 pure
CY2014Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.0 pure
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div><b>1.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>DESCRIPTION OF THE BUSINESS</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The condensed consolidated financial statements of Wabash National Corporation (the &#8220;Company&#8221;) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations and cash flows. Certain reclassifications have been made to prior periods to conform to the current year presentation. These reclassifications had no effect on net income for the periods previously reported. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company&#8217;s 2013 Annual Report on Form 10-K.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Trading Symbol
TradingSymbol
WNC
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
68916867 shares
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
WABASH NATIONAL CORP /DE
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000879526
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 wnc Employee Service Share Based Compensation Related To Nonvested Awards Total Compensation Cost Not Yet Recognizedperiodforrecognition
EmployeeServiceShareBasedCompensationRelatedToNonvestedAwardsTotalCompensationCostNotYetRecognizedperiodforrecognition
2017
CY2014Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
70377000 USD
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
54699000 USD
CY2014Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
24391000 USD
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
20749000 USD
CY2014Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
139670000 USD
CY2013Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
82673000 USD
CY2014Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
9904000 USD
CY2013Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
10389000 USD
CY2014Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
18573000 USD
CY2013Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
15663000 USD
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1438 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
576 shares
CY2014Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
11.70
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 pure

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