☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
L.B. Foster Company | ||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||
Pennsylvania | 25-1324733 | |||||||
(State of Incorporation) | (I. R. S. Employer Identification No.) |
415 Holiday Drive, Suite 100, Pittsburgh, Pennsylvania | 15220 | |||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 | FSTR | NASDAQ Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||
Non-accelerated filer ☐ | Smaller reporting company | |||||||||||||||||
Emerging growth company | ☐ |
Page | |||||
September 30, 2017 | December 31, 2016 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 35,008 | $ | 30,363 | ||||
Accounts receivable - net | 79,324 | 66,632 | ||||||
Inventories - net | 104,035 | 83,243 | ||||||
Prepaid income tax | 1,048 | 14,166 | ||||||
Other current assets | 9,986 | 5,200 | ||||||
Total current assets | 229,401 | 199,604 | ||||||
Property, plant, and equipment - net | 98,536 | 103,973 | ||||||
Other assets: | ||||||||
Goodwill | 19,699 | 18,932 | ||||||
Other intangibles - net | 59,135 | 63,519 | ||||||
Investments | 151 | 4,031 | ||||||
Other assets | 2,242 | 2,964 | ||||||
Total assets | $ | 409,164 | $ | 393,023 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 59,825 | $ | 37,744 | ||||
Deferred revenue | 11,038 | 7,597 | ||||||
Accrued payroll and employee benefits | 10,353 | 7,497 | ||||||
Accrued warranty | 9,614 | 10,154 | ||||||
Current maturities of long-term debt | 9,887 | 10,386 | ||||||
Other accrued liabilities | 8,452 | 8,953 | ||||||
Total current liabilities | 109,169 | 82,331 | ||||||
Long-term debt | 128,398 | 149,179 | ||||||
Deferred tax liabilities | 11,044 | 11,371 | ||||||
Other long-term liabilities | 16,734 | 16,891 | ||||||
Stockholders' equity: | ||||||||
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at September 30, 2017 and December 31, 2016, 11,115,779; shares outstanding at September 30, 2017 and December 31, 2016, 10,340,576 and 10,312,625, respectively | 111 | 111 | ||||||
Paid-in capital | 44,423 | 44,098 | ||||||
Retained earnings | 137,492 | 133,667 | ||||||
Treasury stock - at cost, common stock, shares at September 30, 2017 and December 31, 2016, 775,203 and 803,154, respectively | (18,662 | ) | (19,336 | ) | ||||
Accumulated other comprehensive loss | (19,545 | ) | (25,289 | ) | ||||
Total stockholders' equity | 143,819 | 133,251 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 409,164 | $ | 393,023 |
June 30, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 3,880 | $ | 2,882 | ||||||||||
Accounts receivable - net (Note 5) | 74,249 | 82,455 | ||||||||||||
Contract assets - net (Note 3) | 34,011 | 33,613 | ||||||||||||
Inventories - net (Note 6) | 79,451 | 75,721 | ||||||||||||
Other current assets | 12,182 | 11,061 | ||||||||||||
Total current assets | 203,773 | 205,732 | ||||||||||||
Property, plant, and equipment - net | 76,948 | 85,344 | ||||||||||||
Operating lease right-of-use assets - net | 15,770 | 17,291 | ||||||||||||
Other assets: | ||||||||||||||
Goodwill (Note 4) | 31,404 | 30,733 | ||||||||||||
Other intangibles - net (Note 4) | 21,256 | 23,831 | ||||||||||||
Deferred tax assets (Note 9) | — | 24 | ||||||||||||
Other assets | 2,417 | 2,355 | ||||||||||||
TOTAL ASSETS | $ | 351,568 | $ | 365,310 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 43,933 | $ | 48,782 | ||||||||||
Deferred revenue | 15,969 | 19,452 | ||||||||||||
Accrued payroll and employee benefits | 8,709 | 10,558 | ||||||||||||
Current portion of accrued settlement (Note 13) | 8,000 | 8,000 | ||||||||||||
Current maturities of long-term debt (Note 7) | 102 | 127 | ||||||||||||
Other accrued liabilities | 14,928 | 16,192 | ||||||||||||
Total current liabilities | 91,641 | 103,111 | ||||||||||||
Long-term debt (Note 7) | 89,403 | 91,752 | ||||||||||||
Deferred tax liabilities (Note 9) | 1,718 | 3,109 | ||||||||||||
Long-term portion of accrued settlement (Note 13) | 6,000 | 8,000 | ||||||||||||
Long-term operating lease liabilities | 12,669 | 14,163 | ||||||||||||
Other long-term liabilities | 7,545 | 7,577 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at June 30, 2023 and December 31, 2022, 11,115,779; shares outstanding at June 30, 2023 and December 31, 2022, 10,816,902 and 10,776,827, respectively | 111 | 111 | ||||||||||||
Paid-in capital | 40,919 | 41,303 | ||||||||||||
Retained earnings | 124,548 | 123,169 | ||||||||||||
Treasury stock - at cost, 298,877 and 338,952 common stock shares at June 30, 2023 and December 31, 2022, respectively | (4,846) | (6,240) | ||||||||||||
Accumulated other comprehensive loss | (18,536) | (21,165) | ||||||||||||
Total L.B. Foster Company stockholders’ equity | 142,196 | 137,178 | ||||||||||||
Noncontrolling interest | 396 | 420 | ||||||||||||
Total stockholders’ equity | 142,592 | 137,598 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 351,568 | $ | 365,310 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Sales of goods | $ | 132,167 | $ | 116,584 | $ | 230,705 | $ | 201,005 | ||||||||||||||||||
Sales of services | 15,867 | 14,931 | 32,817 | 29,304 | ||||||||||||||||||||||
Total net sales | 148,034 | 131,515 | 263,522 | 230,309 | ||||||||||||||||||||||
Cost of goods sold | 101,069 | 95,331 | 179,134 | 165,176 | ||||||||||||||||||||||
Cost of services sold | 14,713 | 12,891 | 28,845 | 25,393 | ||||||||||||||||||||||
Total cost of sales | 115,782 | 108,222 | 207,979 | 190,569 | ||||||||||||||||||||||
Gross profit | 32,252 | 23,293 | 55,543 | 39,740 | ||||||||||||||||||||||
Selling and administrative expenses | 24,528 | 19,394 | 45,951 | 36,692 | ||||||||||||||||||||||
Amortization expense | 1,375 | 1,419 | 2,740 | 2,855 | ||||||||||||||||||||||
Operating profit | 6,349 | 2,480 | 6,852 | 193 | ||||||||||||||||||||||
Interest expense - net | 1,574 | 384 | 2,962 | 754 | ||||||||||||||||||||||
Other expense (income) - net | 719 | (701) | 2,546 | (1,264) | ||||||||||||||||||||||
Income before income taxes | 4,056 | 2,797 | 1,344 | 703 | ||||||||||||||||||||||
Income tax expense | 563 | 821 | 22 | 313 | ||||||||||||||||||||||
Net income | 3,493 | 1,976 | 1,322 | 390 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (38) | (34) | (57) | (54) | ||||||||||||||||||||||
Net income attributable to L.B. Foster Company | $ | 3,531 | $ | 2,010 | $ | 1,379 | $ | 444 | ||||||||||||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.18 | $ | 0.12 | $ | 0.04 | ||||||||||||||||||
Diluted earnings per common share | $ | 0.32 | $ | 0.18 | $ | 0.12 | $ | 0.04 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Sales of goods | $ | 103,058 | $ | 100,293 | $ | 318,414 | $ | 326,278 | ||||||||
Sales of services | 28,434 | 14,351 | 76,640 | 50,670 | ||||||||||||
Total net sales | 131,492 | 114,644 | 395,054 | 376,948 | ||||||||||||
Cost of goods sold | 82,460 | 81,674 | 256,152 | 260,705 | ||||||||||||
Cost of services sold | 22,667 | 13,167 | 63,549 | 44,667 | ||||||||||||
Total cost of sales | 105,127 | 94,841 | 319,701 | 305,372 | ||||||||||||
Gross profit | 26,365 | 19,803 | 75,353 | 71,576 | ||||||||||||
Selling and administrative expenses | 20,218 | 19,807 | 60,023 | 65,941 | ||||||||||||
Amortization expense | 1,764 | 1,763 | 5,218 | 7,818 | ||||||||||||
Asset impairments | — | 6,946 | — | 135,884 | ||||||||||||
Interest expense | 2,026 | 1,520 | 6,315 | 4,342 | ||||||||||||
Interest income | (56 | ) | (50 | ) | (166 | ) | (157 | ) | ||||||||
Equity in (income) loss of nonconsolidated investments | (50 | ) | 263 | 5 | 946 | |||||||||||
Other income | (551 | ) | (1,085 | ) | (564 | ) | (263 | ) | ||||||||
23,351 | 29,164 | 70,831 | 214,511 | |||||||||||||
Income (loss) before income taxes | 3,014 | (9,361 | ) | 4,522 | (142,935 | ) | ||||||||||
Income tax (benefit) expense | (208 | ) | (3,379 | ) | 698 | (42,125 | ) | |||||||||
Net income (loss) | $ | 3,222 | $ | (5,982 | ) | $ | 3,824 | $ | (100,810 | ) | ||||||
Basic earnings (loss) per common share | $ | 0.31 | $ | (0.58 | ) | $ | 0.37 | $ | (9.82 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.31 | $ | (0.58 | ) | $ | 0.37 | $ | (9.82 | ) | ||||||
Dividends paid per common share | $ | — | $ | 0.04 | $ | — | $ | 0.12 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | 3,493 | $ | 1,976 | $ | 1,322 | $ | 390 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | 1,252 | (3,688) | 2,503 | (4,568) | ||||||||||||||||||||||
Unrealized gain on cash flow hedges, net of tax expense of $0, $50, $0, and $238, respectively | 496 | 147 | 78 | 698 | ||||||||||||||||||||||
Cash flow hedges reclassified to earnings, net of tax expense of $0, $0, $0, and $66, respectively | — | — | — | 93 | ||||||||||||||||||||||
Reclassification of pension liability adjustments to earnings, net of tax expense of $2, $16, $4, and $32, respectively* | 41 | 50 | 81 | 99 | ||||||||||||||||||||||
Total comprehensive income (loss) | 5,282 | (1,515) | 3,984 | (3,288) | ||||||||||||||||||||||
Less comprehensive (loss) income attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (38) | (34) | (57) | (54) | ||||||||||||||||||||||
Foreign currency translation adjustment | 29 | (61) | 33 | 24 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interest | (9) | (95) | (24) | (30) | ||||||||||||||||||||||
Comprehensive income (loss) attributable to L.B. Foster Company | $ | 5,291 | $ | (1,420) | $ | 4,008 | $ | (3,258) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Net income (loss) | $ | 3,222 | $ | (5,982 | ) | $ | 3,824 | $ | (100,810 | ) | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustment | 2,412 | (1,431 | ) | 5,528 | (3,438 | ) | ||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax expense (benefit) of $0, $88 and $0, ($815) | 82 | 137 | (119 | ) | (1,286 | ) | ||||||||||
Reclassification of pension liability adjustments to earnings, net of tax expense of $0, $38 and $0, $115* | 114 | 73 | 335 | 223 | ||||||||||||
Other comprehensive income (loss) | 2,608 | (1,221 | ) | 5,744 | (4,501 | ) | ||||||||||
Comprehensive income (loss) | $ | 5,830 | $ | (7,203 | ) | $ | 9,568 | $ | (105,311 | ) |
* | Reclassifications out of |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | 1,322 | $ | 390 | ||||||||||
Adjustments to reconcile net income to cash used in operating activities: | ||||||||||||||
Deferred income taxes | (1,710) | (173) | ||||||||||||
Depreciation | 4,989 | 3,814 | ||||||||||||
Amortization | 2,740 | 2,855 | ||||||||||||
Equity in income of nonconsolidated investments | (16) | (87) | ||||||||||||
Gain on sales and disposals of property, plant, and equipment | (366) | (214) | ||||||||||||
Stock-based compensation | 1,829 | 1,183 | ||||||||||||
Loss (gain) on asset divestitures | 3,074 | (491) | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 6,584 | (17,327) | ||||||||||||
Contract assets | (3,033) | 2,190 | ||||||||||||
Inventories | (13,068) | (10,695) | ||||||||||||
Other current assets | (1,251) | (3,573) | ||||||||||||
Other noncurrent assets | (865) | 1,715 | ||||||||||||
Accounts payable | 465 | 9,347 | ||||||||||||
Deferred revenue | 627 | 5,301 | ||||||||||||
Accrued payroll and employee benefits | (1,885) | (2,943) | ||||||||||||
Accrued settlement | (2,000) | (2,000) | ||||||||||||
Other current liabilities | (941) | (1,748) | ||||||||||||
Other long-term liabilities | 172 | (926) | ||||||||||||
Net cash used in operating activities | (3,333) | (13,382) | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from the sale of property, plant, and equipment | 539 | 237 | ||||||||||||
Capital expenditures on property, plant, and equipment | (1,495) | (3,048) | ||||||||||||
Proceeds from business dispositions | 7,706 | 1,195 | ||||||||||||
Acquisitions, net of cash acquired | 966 | (5,712) | ||||||||||||
Net cash provided by (used in) investing activities | 7,716 | (7,328) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Repayments of debt | (95,251) | (78,093) | ||||||||||||
Proceeds from debt | 92,331 | 96,970 | ||||||||||||
Treasury stock acquisitions | (977) | (401) | ||||||||||||
Investment of noncontrolling interest | 334 | — | ||||||||||||
Net cash (used in) provided by financing activities | (3,563) | 18,476 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 178 | (477) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 998 | (2,711) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,882 | 10,372 | ||||||||||||
Cash and cash equivalents at end of period | $ | 3,880 | $ | 7,661 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | 2,889 | $ | 662 | ||||||||||
Income taxes (received) paid | $ | (331) | $ | 389 | ||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income (loss) | $ | 3,824 | $ | (100,810 | ) | |||
Adjustments to reconcile net loss to cash provided (used) by operating activities: | ||||||||
Deferred income taxes | (648 | ) | (39,690 | ) | ||||
Depreciation | 9,705 | 10,620 | ||||||
Amortization | 5,218 | 7,818 | ||||||
Asset impairments | — | 135,884 | ||||||
Equity loss of nonconsolidated investments | 5 | 946 | ||||||
(Gain) loss on sales and disposals of property, plant, and equipment | (347 | ) | 209 | |||||
Share-based compensation | 1,228 | 875 | ||||||
Income tax deficiency from share-based compensation | — | 124 | ||||||
Change in operating assets and liabilities | ||||||||
Accounts receivable | (11,899 | ) | 13,491 | |||||
Inventories | (19,336 | ) | 3,188 | |||||
Other current assets | (786 | ) | (379 | ) | ||||
Prepaid income tax | 12,569 | (6,436 | ) | |||||
Other noncurrent assets | 719 | 117 | ||||||
Accounts payable | 22,017 | (13,256 | ) | |||||
Deferred revenue | 3,339 | 866 | ||||||
Accrued payroll and employee benefits | 2,734 | (2,294 | ) | |||||
Other current liabilities | (763 | ) | 956 | |||||
Other liabilities | (63 | ) | (353 | ) | ||||
Net cash provided by operating activities | 27,516 | 11,876 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from the sale of property, plant, and equipment | 1,388 | 923 | ||||||
Capital expenditures on property, plant, and equipment | (5,335 | ) | (6,507 | ) | ||||
Loans and capital contributions to equity method investment | — | (635 | ) | |||||
Net cash used by investing activities | (3,947 | ) | (6,219 | ) |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayments of debt | (113,119 | ) | (134,200 | ) | ||||
Proceeds from debt | 91,838 | 101,075 | ||||||
Financing fees | — | (712 | ) | |||||
Treasury stock acquisitions | (103 | ) | (265 | ) | ||||
Cash dividends on common stock paid to shareholders | — | (1,244 | ) | |||||
Income tax deficiency from share-based compensation | — | (124 | ) | |||||
Net cash used by financing activities | (21,384 | ) | (35,470 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 2,460 | 152 | ||||||
Net increase (decrease) in cash and cash equivalents | 4,645 | (29,661 | ) | |||||
Cash and cash equivalents at beginning of period | 30,363 | 33,312 | ||||||
Cash and cash equivalents at end of period | $ | 35,008 | $ | 3,651 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 5,599 | $ | 3,485 | ||||
Income taxes (received) paid | $ | (11,233 | ) | $ | 3,991 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 111 | $ | 40,951 | $ | 121,017 | $ | (5,174) | $ | (20,296) | $ | 405 | $ | 137,014 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | 3,531 | — | — | (38) | 3,493 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 1,223 | 29 | 1,252 | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | 496 | — | 496 | |||||||||||||||||||||||||||||||||||||
Purchase of 51,241 common shares for treasury | — | — | — | (662) | — | — | (662) | |||||||||||||||||||||||||||||||||||||
Issuance of 58,432 common shares, net of shares withheld for taxes | — | (977) | — | 990 | — | — | 13 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 945 | — | — | — | — | 945 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 111 | $ | 40,919 | $ | 124,548 | $ | (4,846) | $ | (18,536) | $ | 396 | $ | 142,592 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 111 | $ | 42,153 | $ | 167,167 | $ | (9,200) | $ | (19,117) | $ | 583 | $ | 181,697 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | 2,010 | — | — | (34) | 1,976 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | 50 | — | 50 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (3,627) | (61) | (3,688) | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | 147 | — | 147 | |||||||||||||||||||||||||||||||||||||
Issuance of 26,167 common shares, net of shares withheld for taxes | — | (877) | — | 809 | — | — | (68) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 925 | — | — | — | — | 925 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 111 | $ | 42,201 | $ | 169,177 | $ | (8,391) | $ | (22,547) | $ | 488 | $ | 181,039 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 111 | $ | 41,303 | $ | 123,169 | $ | (6,240) | $ | (21,165) | $ | 420 | $ | 137,598 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | 1,379 | — | — | (57) | 1,322 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | 81 | — | 81 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 2,470 | 33 | 2,503 | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | 78 | — | 78 | |||||||||||||||||||||||||||||||||||||
Purchase of 51,241 common shares for treasury | — | — | — | (662) | — | — | (662) | |||||||||||||||||||||||||||||||||||||
Issuance of 91,316 common shares, net of shares withheld for taxes | — | (2,213) | — | 2,056 | — | — | (157) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 1,829 | — | — | — | — | 1,829 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 111 | $ | 40,919 | $ | 124,548 | $ | (4,846) | $ | (18,536) | $ | 396 | $ | 142,592 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 111 | $ | 43,272 | $ | 168,733 | $ | (10,179) | $ | (18,845) | $ | 518 | $ | 183,610 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | 444 | — | — | (54) | 390 | |||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | 99 | — | 99 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (4,592) | 24 | (4,568) | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | 698 | — | 698 | |||||||||||||||||||||||||||||||||||||
Cash flow hedges reclassified to earnings | — | — | — | — | 93 | — | 93 | |||||||||||||||||||||||||||||||||||||
Issuance of 60,607 common shares, net of shares withheld for taxes | — | (2,254) | — | 1,788 | — | — | (466) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 1,183 | — | — | — | — | 1,183 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 111 | $ | 42,201 | $ | 169,177 | $ | (8,391) | $ | (22,547) | $ | 488 | $ | 181,039 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||
Net Sales | Segment Operating Profit | Net Sales | Segment Operating Profit (Loss) | |||||||||||||||||||||||
Rail, Technologies, and Services | $ | 91,616 | $ | 6,627 | $ | 81,797 | $ | 3,998 | ||||||||||||||||||
Precast Concrete Products | 33,865 | 1,296 | 23,611 | (125) | ||||||||||||||||||||||
Steel Products and Measurement | 22,553 | 1,456 | 26,107 | 762 | ||||||||||||||||||||||
Total | $ | 148,034 | $ | 9,379 | $ | 131,515 | $ | 4,635 | ||||||||||||||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||
Net Sales | Segment Profit | Net Sales | Segment Profit | |||||||||||||
Rail Products and Services | $ | 62,095 | $ | 3,472 | $ | 187,922 | $ | 8,938 | ||||||||
Construction Products | 39,118 | 3,387 | 121,905 | 9,156 | ||||||||||||
Tubular and Energy Services | 30,279 | 2,298 | 85,227 | 1,774 | ||||||||||||
Total | $ | 131,492 | $ | 9,157 | $ | 395,054 | $ | 19,868 |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||
Net Sales | Segment Operating Profit | Net Sales | Segment Operating Profit (Loss) | |||||||||||||||||||||||
Rail, Technologies, and Services | $ | 156,000 | $ | 9,015 | $ | 145,507 | $ | 5,037 | ||||||||||||||||||
Precast Concrete Products | 58,153 | 948 | 38,621 | (916) | ||||||||||||||||||||||
Steel Products and Measurement | 49,369 | 1,448 | 46,181 | (1,386) | ||||||||||||||||||||||
Total | $ | 263,522 | $ | 11,411 | $ | 230,309 | $ | 2,735 | ||||||||||||||||||
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||||||||||||
Net Sales | Segment Profit (Loss) | Net Sales | Segment Profit (Loss) | |||||||||||||
Rail Products and Services | $ | 56,891 | $ | (2,047 | ) | $ | 188,686 | $ | (26,474 | ) | ||||||
Construction Products | 34,870 | 1,356 | 107,098 | 5,748 | ||||||||||||
Tubular and Energy Services | 22,883 | (6,966 | ) | 81,164 | (111,876 | ) | ||||||||||
Total | $ | 114,644 | $ | (7,657 | ) | $ | 376,948 | $ | (132,602 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Profit (loss) for reportable segments | $ | 9,157 | $ | (7,657 | ) | $ | 19,868 | $ | (132,602 | ) | ||||||
Interest expense | (2,026 | ) | (1,520 | ) | (6,315 | ) | (4,342 | ) | ||||||||
Interest income | 56 | 50 | 166 | 157 | ||||||||||||
Other income | 551 | 1,085 | 564 | 263 | ||||||||||||
LIFO (expense) income | (1,552 | ) | 917 | (1,733 | ) | 1,442 | ||||||||||
Equity in income (loss) of nonconsolidated investments | 50 | (263 | ) | (5 | ) | (946 | ) | |||||||||
Corporate expense, cost of capital elimination, and other unallocated charges | (3,222 | ) | (1,973 | ) | (8,023 | ) | (6,907 | ) | ||||||||
Income (loss) before income taxes | $ | 3,014 | $ | (9,361 | ) | $ | 4,522 | $ | (142,935 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating profit for reportable segments | $ | 9,379 | $ | 4,635 | $ | 11,411 | $ | 2,735 | ||||||||||||||||||
Interest expense - net | (1,574) | (384) | (2,962) | (754) | ||||||||||||||||||||||
Other (expense) income - net | (719) | 701 | (2,546) | 1,264 | ||||||||||||||||||||||
Unallocated corporate expenses and other unallocated charges | (3,030) | (2,155) | (4,559) | (2,542) | ||||||||||||||||||||||
Income before income taxes | $ | 4,056 | $ | 2,797 | $ | 1,344 | $ | 703 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Rail, Technologies, and Services | $ | 177,515 | $ | 172,111 | ||||||||||
Precast Concrete Products | 104,892 | 108,598 | ||||||||||||
Steel Products and Measurement | 38,492 | 54,516 | ||||||||||||
Unallocated corporate assets | 30,669 | 30,085 | ||||||||||||
Total | $ | 351,568 | $ | 365,310 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Rail Products and Global Friction Management | $ | 81,926 | $ | 70,416 | $ | 137,974 | $ | 122,067 | ||||||||||||||||||
Technology Services and Solutions | 9,690 | 11,381 | 18,026 | 23,440 | ||||||||||||||||||||||
Rail, Technologies, and Services | 91,616 | 81,797 | 156,000 | 145,507 | ||||||||||||||||||||||
Precast Concrete Buildings | 19,325 | 15,811 | 30,211 | 25,781 | ||||||||||||||||||||||
Precast Infrastructure Products | 14,540 | 7,800 | 27,942 | 12,840 | ||||||||||||||||||||||
Precast Concrete Products | 33,865 | 23,611 | 58,153 | 38,621 | ||||||||||||||||||||||
Fabricated Steel Products | 14,854 | 17,967 | 25,371 | 30,571 | ||||||||||||||||||||||
Coatings and Measurement | 7,699 | 8,140 | 23,998 | 15,610 | ||||||||||||||||||||||
Steel Products and Measurement | 22,553 | 26,107 | 49,369 | 46,181 | ||||||||||||||||||||||
Total net sales | $ | 148,034 | $ | 131,515 | $ | 263,522 | $ | 230,309 |
September 30, 2017 | December 31, 2016 | |||||||
Rail Products and Services | $ | 198,761 | $ | 174,049 | ||||
Construction Products | 88,542 | 81,074 | ||||||
Tubular and Energy Services | 100,046 | 100,006 | ||||||
Unallocated corporate assets | 21,815 | 37,894 | ||||||
Total | $ | 409,164 | $ | 393,023 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | 75,923 | $ | 14,540 | $ | 20,407 | $ | 110,870 | ||||||||||||||||||
Over time | 15,693 | 19,325 | 2,146 | 37,164 | ||||||||||||||||||||||
Total net sales | $ | 91,616 | $ | 33,865 | $ | 22,553 | $ | 148,034 | ||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | 65,872 | $ | 8,577 | $ | 20,964 | $ | 95,413 | ||||||||||||||||||
Over time | 15,925 | 15,034 | 5,143 | 36,102 | ||||||||||||||||||||||
Total net sales | $ | 81,797 | $ | 23,611 | $ | 26,107 | $ | 131,515 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | 129,757 | $ | 27,942 | $ | 36,133 | $ | 193,832 | ||||||||||||||||||
Over time | 26,243 | 30,211 | 13,236 | 69,690 | ||||||||||||||||||||||
Total net sales | $ | 156,000 | $ | 58,153 | $ | 49,369 | $ | 263,522 | ||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | 115,038 | $ | 12,840 | $ | 36,026 | $ | 163,904 | ||||||||||||||||||
Over time | 30,469 | 25,781 | 10,155 | 66,405 | ||||||||||||||||||||||
Total net sales | $ | 145,507 | $ | 38,621 | $ | 46,181 | $ | 230,309 |
Three Months Ended June 30, | Percentage of Total Net Sales Three Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Over time input method | $ | 15,724 | $ | 20,089 | 10.6 | % | 15.3 | % | ||||||||||||||||||
Over time output method | 21,440 | 16,013 | 14.5 | 12.2 | ||||||||||||||||||||||
Total over time sales | $ | 37,164 | $ | 36,102 | 25.1 | % | 27.5 | % | ||||||||||||||||||
Six Months Ended June 30, | Percentage of Total Net Sales Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Over time input method | $ | 31,935 | $ | 39,411 | 12.1 | % | 17.1 | % | ||||||||||||||||||
Over time output method | 37,755 | 26,994 | 14.3 | 11.7 | ||||||||||||||||||||||
Total over time sales | $ | 69,690 | $ | 66,405 | 26.4 | % | 28.8 | % | ||||||||||||||||||
Contract Assets | ||||||||
Balance as of December 31, 2022 | $ | 33,613 | ||||||
Net additions to contract assets | 4,797 | |||||||
Transfers from contract asset balance to accounts receivable | (4,399) | |||||||
Balance as of June 30, 2023 | $ | 34,011 |
Contract Liabilities | ||||||||
Balance as of December 31, 2022 | $ | 6,781 | ||||||
Revenue recognized from contract liabilities | (4,049) | |||||||
Increase in billings in excess of cost, excluding revenue recognized | 3,525 | |||||||
Other adjustments, including business divestiture | (1,938) | |||||||
Balance as of June 30, 2023 | $ | 4,319 |
Rail Products and Services | Construction Products | Tubular and Energy Services | Total | |||||||||||||
Balance at December 31, 2016 | $ | 13,785 | $ | 5,147 | $ | — | $ | 18,932 | ||||||||
Foreign currency translation impact | 767 | — | — | 767 | ||||||||||||
Balance at September 30, 2017 | $ | 14,552 | $ | 5,147 | $ | — | $ | 19,699 |
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 19,948 | $ | 10,785 | $ | — | $ | 30,733 | ||||||||||||||||||
VanHooseCo acquisition | — | 242 | — | 242 | ||||||||||||||||||||||
Foreign currency translation impact | 429 | — | — | 429 | ||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 20,377 | $ | 11,027 | $ | — | $ | 31,404 |
September 30, 2017 | December 31, 2016 | |||||||
Rail Products and Services | $ | 57,538 | $ | 56,476 | ||||
Construction Products | 1,348 | 1,348 | ||||||
Tubular and Energy Services | 29,179 | 29,179 | ||||||
$ | 88,065 | $ | 87,003 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Patents | 10 | $ | 338 | $ | (197) | $ | 141 | |||||||||||||||||||||||||
Customer relationships | 16 | 27,656 | (15,828) | 11,828 | ||||||||||||||||||||||||||||
Trademarks and trade names | 16 | 7,983 | (4,299) | 3,684 | ||||||||||||||||||||||||||||
Technology | 14 | 32,306 | (26,978) | 5,328 | ||||||||||||||||||||||||||||
Favorable lease | 6 | 327 | (52) | 275 | ||||||||||||||||||||||||||||
$ | 68,610 | $ | (47,354) | $ | 21,256 |
December 31, 2022 | ||||||||||||||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Non-compete agreements | 1 | $ | 27 | $ | (16) | $ | 11 | |||||||||||||||||||
Patents | 10 | 330 | (187) | 143 | ||||||||||||||||||||||
Customer relationships | 16 | 27,184 | (14,129) | 13,055 | ||||||||||||||||||||||
Trademarks and trade names | 16 | 7,933 | (3,989) | 3,944 | ||||||||||||||||||||||
Technology | 14 | 32,201 | (25,827) | 6,374 | ||||||||||||||||||||||
Favorable lease | 6 | 327 | (23) | 304 | ||||||||||||||||||||||
$ | 68,002 | $ | (44,171) | $ | 23,831 |
September 30, 2017 | ||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||
Non-compete agreements | 5 | $ | 4,233 | $ | (2,872 | ) | $ | 1,361 | ||||||
Patents | 10 | 392 | (160 | ) | 232 | |||||||||
Customer relationships | 17 | 37,597 | (8,542 | ) | 29,055 | |||||||||
Trademarks and trade names | 14 | 10,078 | (3,879 | ) | 6,199 | |||||||||
Technology | 14 | 35,765 | (13,477 | ) | 22,288 | |||||||||
$ | 88,065 | $ | (28,930 | ) | $ | 59,135 | ||||||||
December 31, 2016 | ||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||
Non-compete agreements | 5 | $ | 4,219 | $ | (2,217 | ) | $ | 2,002 | ||||||
Patents | 10 | 373 | (143 | ) | 230 | |||||||||
Customer relationships | 18 | 36,843 | (6,582 | ) | 30,261 | |||||||||
Trademarks and trade names | 14 | 10,018 | (3,238 | ) | 6,780 | |||||||||
Technology | 14 | 35,550 | (11,304 | ) | 24,246 | |||||||||
$ | 87,003 | $ | (23,484 | ) | $ | 63,519 |
Amortization Expense | |||
2017 | $ | 1,782 | |
2018 | 7,024 | ||
2019 | 6,302 | ||
2020 | 5,980 | ||
2021 | 5,960 | ||
2022 and thereafter | 32,087 | ||
$ | 59,135 |
Allowance for Credit Losses | ||||||||
Balance as of December 31, 2022 | $ | 813 | ||||||
Current period provision | 411 | |||||||
Write-off against allowance | (197) | |||||||
Balance as of June 30, 2023 | $ | 1,027 | ||||||
September 30, 2017 | December 31, 2016 | |||||||
Finished goods | $ | 58,588 | $ | 46,673 | ||||
Work-in-process | 30,507 | 21,716 | ||||||
Raw materials | 19,851 | 18,032 | ||||||
Total inventories at current costs | 108,946 | 86,421 | ||||||
Less: LIFO reserve | (4,911 | ) | (3,178 | ) | ||||
$ | 104,035 | $ | 83,243 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Finished goods | $ | 48,237 | $ | 41,431 | ||||||||||
Work-in-process | 5,304 | 9,693 | ||||||||||||
Raw materials | 25,910 | 24,597 | ||||||||||||
Inventories - net | $ | 79,451 | $ | 75,721 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Revolving credit facility | $ | 89,280 | $ | 91,567 | ||||||||||
Finance leases and financing agreements | 225 | 312 | ||||||||||||
Total | 89,505 | 91,879 | ||||||||||||
Less current maturities | (102) | (127) | ||||||||||||
Long-term portion | $ | 89,403 | $ | 91,752 |
September 30, 2017 | December 31, 2016 | |||||||
Land | $ | 14,866 | $ | 14,826 | ||||
Improvements to land and leaseholds | 17,404 | 17,408 | ||||||
Buildings | 34,503 | 33,910 | ||||||
Machinery and equipment, including equipment under capitalized leases | 120,414 | 118,060 | ||||||
Construction in progress | 1,431 | 1,291 | ||||||
188,618 | 185,495 | |||||||
Less accumulated depreciation and amortization, including accumulated amortization of capitalized leases | 90,082 | 81,522 | ||||||
$ | 98,536 | $ | 103,973 |
September 30, 2017 | December 31, 2016 | |||||||
L B Pipe JV equity method investment | $ | 3,875 | $ | 3,902 | ||||
Revolving line of credit | 1,235 | 1,235 | ||||||
Net investment in direct financing lease | 770 | 871 | ||||||
$ | 5,880 | $ | 6,008 |
Minimum Lease Payments | |||
2017 | $ | 35 | |
2018 | 150 | ||
2019 | 585 | ||
$ | 770 |
September 30, 2017 | December 31, 2016 | |||||||
Revolving credit facility | $ | 123,494 | $ | 127,073 | ||||
Term loan | 13,131 | 30,000 | ||||||
Capital leases and financing agreements | 1,660 | 2,492 | ||||||
Total | 138,285 | 159,565 | ||||||
Less current maturities | 9,887 | 10,386 | ||||||
Long-term portion | $ | 128,398 | $ | 149,179 |
Fair Value Measurements at Reporting Date and Using | Fair Value Measurements at Reporting Date and Using | |||||||||||||||||||||||||||||||
September 30, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Term deposits | $ | 17 | $ | 17 | $ | — | $ | — | $ | 16 | $ | 16 | $ | — | $ | — | ||||||||||||||||
Total assets | $ | 17 | $ | 17 | $ | — | $ | — | $ | 16 | $ | 16 | $ | — | $ | — | ||||||||||||||||
Interest rate swaps | $ | 323 | $ | — | $ | 323 | $ | — | $ | 334 | $ | — | $ | 334 | $ | — | ||||||||||||||||
Total liabilities | $ | 323 | $ | — | $ | 323 | $ | — | $ | 334 | $ | — | $ | 334 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Numerator for basic and diluted earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 3,493 | $ | 1,976 | $ | 1,322 | $ | 390 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average shares outstanding | 10,807 | 10,715 | 10,800 | 10,700 | ||||||||||||||||||||||
Denominator for basic earnings per common share | 10,807 | 10,715 | 10,800 | 10,700 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Stock compensation plans | 71 | 99 | 66 | 109 | ||||||||||||||||||||||
Dilutive potential common shares | 71 | 99 | 66 | 109 | ||||||||||||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding | 10,878 | 10,814 | 10,866 | 10,809 | ||||||||||||||||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.18 | $ | 0.12 | $ | 0.04 | ||||||||||||||||||
Diluted earnings per common share | $ | 0.32 | $ | 0.18 | $ | 0.12 | $ | 0.04 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator for basic and diluted earnings (loss) per common share: | ||||||||||||||||
Net income (loss) | $ | 3,222 | $ | (5,982 | ) | $ | 3,824 | $ | (100,810 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | 10,341 | 10,296 | 10,332 | 10,264 | ||||||||||||
Denominator for basic earnings per common share | 10,341 | 10,296 | 10,332 | 10,264 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock compensation plans | 138 | — | 103 | — | ||||||||||||
Dilutive potential common shares | 138 | — | 103 | — | ||||||||||||
Denominator for diluted earnings per common share - adjusted weighted average shares outstanding and assumed conversions | 10,479 | 10,296 | 10,435 | 10,264 | ||||||||||||
Basic earnings (loss) per common share | $ | 0.31 | $ | (0.58 | ) | $ | 0.37 | $ | (9.82 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.31 | $ | (0.58 | ) | $ | 0.37 | $ | (9.82 | ) | ||||||
Dividends paid per common share | $ | — | $ | 0.04 | $ | — | $ | 0.12 |
Restricted Stock | Deferred Stock Units | Performance-Based Stock and Share Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Outstanding as of December 31, 2022 | 174,173 | 46,268 | 108,478 | $ | 17.77 | |||||||||||||||||||||
Granted | 181,914 | — | 367,558 | 11.78 | ||||||||||||||||||||||
Vested | (88,367) | (33,864) | — | 15.97 | ||||||||||||||||||||||
Adjustment for incentive awards expected to vest | — | — | 20,104 | 15.36 | ||||||||||||||||||||||
Outstanding as of June 30, 2023 | 267,720 | 12,404 | 496,140 | $ | 14.44 |
Fair Value Measurements at Reporting Date | Fair Value Measurements at Reporting Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Level 1 | Level 2 | Level 3 | December 31, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | $ | 17 | $ | 17 | $ | — | $ | — | $ | 17 | $ | 17 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2,008 | — | 2,008 | — | 1,930 | — | 1,930 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,025 | $ | 17 | $ | 2,008 | $ | — | $ | 1,947 | $ | 17 | $ | 1,930 | $ | ��� | |||||||||||||||||||||||||||||||||||||
Restricted Stock | Deferred Stock | Performance Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2016 | 79,272 | — | 63,690 | $ | 21.66 | ||||||||
Granted | 170,196 | 24,927 | 120,583 | 14.24 | |||||||||
Vested | (22,808 | ) | — | — | 28.88 | ||||||||
Adjustment for incentive awards expected to vest | — | — | 53,385 | 18.33 | |||||||||
Cancelled | (44,854 | ) | — | (49,062 | ) | 15.40 | |||||||
Outstanding at September 30, 2017 | 181,806 | 24,927 | 188,596 | $ | 16.48 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest cost | $ | 71 | $ | 49 | $ | 143 | $ | 97 | ||||||||||||||||||
Expected return on plan assets | (64) | (66) | (128) | (132) | ||||||||||||||||||||||
Recognized net actuarial loss | 16 | 18 | 31 | 35 | ||||||||||||||||||||||
Net periodic pension cost | $ | 23 | $ | 1 | $ | 46 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Service cost | $ | — | $ | 9 | $ | — | $ | 27 | ||||||||
Interest cost | 171 | 186 | 513 | 559 | ||||||||||||
Expected return on plan assets | (178 | ) | (179 | ) | (533 | ) | (538 | ) | ||||||||
Recognized net actuarial loss | 33 | 69 | 98 | 207 | ||||||||||||
Net periodic pension cost | $ | 26 | $ | 85 | $ | 78 | $ | 255 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest cost | $ | 56 | $ | 43 | $ | 112 | $ | 86 | ||||||||||||||||||
Expected return on plan assets | (84) | (76) | (168) | (152) | ||||||||||||||||||||||
Amortization of prior service costs and transition amount | 6 | 6 | 12 | 12 | ||||||||||||||||||||||
Recognized net actuarial loss | 3 | 40 | 6 | 80 | ||||||||||||||||||||||
Net periodic pension (income) cost | $ | (19) | $ | 13 | $ | (38) | $ | 26 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest cost | $ | 56 | $ | 73 | $ | 168 | $ | 223 | ||||||||
Expected return on plan assets | (67 | ) | (82 | ) | (201 | ) | (250 | ) | ||||||||
Amortization of prior service costs and transition amount | 4 | 5 | 12 | 15 | ||||||||||||
Recognized net actuarial loss | 72 | 38 | 216 | 116 | ||||||||||||
Net periodic pension cost | $ | 65 | $ | 34 | $ | 195 | $ | 104 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
United States | $ | 793 | $ | 390 | $ | 1,407 | $ | 695 | ||||||||||||||||||
Canada | 32 | 45 | 94 | 105 | ||||||||||||||||||||||
United Kingdom | 315 | 379 | 576 | 379 | ||||||||||||||||||||||
$ | 1,140 | $ | 814 | $ | 2,077 | $ | 1,179 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
United States | $ | 415 | $ | 152 | $ | 1,276 | $ | 1,289 | ||||||||
Canada | 53 | 46 | 167 | 164 | ||||||||||||
United Kingdom | 93 | 64 | 306 | 281 | ||||||||||||
$ | 561 | $ | 262 | $ | 1,749 | $ | 1,734 |
Warranty Liability | |||
Balance at December 31, 2016 | $ | 10,154 | |
Additions to warranty liability | 3,203 | ||
Warranty liability utilized | (3,743 | ) | |
Balance at September 30, 2017 | $ | 9,614 |
Year Ending December 31, | ||||||||
Remainder of 2023 | $ | 6,000 | ||||||
2024 | 8,000 | |||||||
Total | $ | 14,000 |
Environmental liability | |||
Balance at December 31, 2016 | $ | 6,270 | |
Additions to environmental obligations | 7 | ||
Environmental obligations utilized | (22 | ) | |
Balance at September 30, 2017 | $ | 6,255 |
Three Months Ended June 30, | Percent Change | Percent of Total Net Sales Three Months Ended June 30, | ||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Net sales | $ | 148,034 | $ | 131,515 | 12.6 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Gross profit | 32,252 | 23,293 | 38.5 | 21.8 | 17.7 | |||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Selling and administrative expenses | 24,528 | 19,394 | 26.5 | 16.6 | 14.7 | |||||||||||||||||||||||||||
Amortization expense | 1,375 | 1,419 | (3.1) | 0.9 | 1.1 | |||||||||||||||||||||||||||
Operating profit | 6,349 | 2,480 | 156.0 | 4.3 | 1.9 | |||||||||||||||||||||||||||
Interest expense - net | 1,574 | 384 | ** | 1.1 | 0.3 | |||||||||||||||||||||||||||
Other expense (income) - net | 719 | (701) | 202.6 | 0.5 | (0.5) | |||||||||||||||||||||||||||
Income before income taxes | 4,056 | 2,797 | 45.0 | 2.7 | 2.1 | |||||||||||||||||||||||||||
Income tax expense | 563 | 821 | (31.4) | 0.4 | 0.6 | |||||||||||||||||||||||||||
Net income | 3,493 | 1,976 | 76.8 | 2.4 | 1.5 | |||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (38) | (34) | 11.8 | (0.0) | (0.0) | |||||||||||||||||||||||||||
Net income attributable to L.B. Foster Company | $ | 3,531 | $ | 2,010 | 75.7 | % | 2.4 | % | 1.5 | % | ||||||||||||||||||||||
Diluted earnings per common share | $ | 0.32 | $ | 0.18 |
Three months ended September 30, 2017 | Rail Products and Services | Construction Products | Tubular and Energy Services | Total | ||||||||||||
Reportable Segment Profit | $ | 3,472 | $ | 3,387 | $ | 2,298 | $ | 9,157 | ||||||||
Segment and Allocated Selling & Administrative | 9,405 | 4,620 | 3,337 | 17,362 | ||||||||||||
Amortization Expense | 940 | 38 | 786 | 1,764 | ||||||||||||
Asset Impairments | — | — | — | — | ||||||||||||
Non-GAAP Segment Gross Profit | $ | 13,817 | $ | 8,045 | $ | 6,421 | $ | 28,283 | ||||||||
Three months ended September 30, 2016 | Rail Products and Services | Construction Products | Tubular and Energy Services | Total | ||||||||||||
Reportable Segment (Loss) Profit | $ | (2,047 | ) | $ | 1,356 | $ | (6,966 | ) | $ | (7,657 | ) | |||||
Segment and Allocated Selling & Administrative | 8,926 | 4,783 | 4,290 | 17,999 | ||||||||||||
Amortization Expense | 958 | 38 | 767 | 1,763 | ||||||||||||
Asset Impairments | 4,383 | — | 2,563 | 6,946 | ||||||||||||
Non-GAAP Segment Gross Profit | $ | 12,220 | $ | 6,177 | $ | 654 | $ | 19,051 |
Percent of Total Net Sales | |||||||||||||||||
Three Months Ended | Three Months Ended | Percent Increase/ (Decrease) | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Net Sales: | |||||||||||||||||
Rail Products and Services | $ | 62,095 | $ | 56,891 | 47.2 | % | 49.6 | % | 9.1 | % | |||||||
Construction Products | 39,118 | 34,870 | 29.7 | 30.4 | 12.2 | ||||||||||||
Tubular and Energy Services | 30,279 | 22,883 | 23.1 | 20.0 | 32.3 | ||||||||||||
Total net sales | $ | 131,492 | $ | 114,644 | 100.0 | % | 100.0 | % | 14.7 | % | |||||||
Non-GAAP / Reported Gross Profit Percentage | Percent Increase/ (Decrease) | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Gross Profit: | |||||||||||||||||
Non-GAAP Rail Products and Services | $ | 13,817 | $ | 12,220 | 22.3 | % | 21.5 | % | 13.1 | % | |||||||
Non-GAAP Construction Products | 8,045 | 6,177 | 20.6 | 17.7 | 30.2 | ||||||||||||
Non-GAAP Tubular and Energy Services | 6,421 | 654 | 21.2 | 2.9 | ** | ||||||||||||
Non-GAAP Segment gross profit | 28,283 | 19,051 | |||||||||||||||
LIFO (expense) income | (1,552 | ) | 917 | (1.2 | ) | 0.8 | ** | ||||||||||
Other | (366 | ) | (165 | ) | (0.3 | ) | (0.1 | ) | 121.8 | ||||||||
Total gross profit | $ | 26,365 | $ | 19,803 | 20.1 | % | 17.3 | % | 33.1 | % | |||||||
Percent Increase/ (Decrease) | |||||||||||||||||
Percent of Total Net Sales | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Expenses: | |||||||||||||||||
Selling and administrative expenses | $ | 20,218 | $ | 19,807 | 15.4 | % | 17.3 | % | 2.1 | % | |||||||
Amortization expense | 1,764 | 1,763 | 1.3 | 1.5 | 0.1 | ||||||||||||
Asset impairments | — | 6,946 | — | 6.1 | (100.0 | ) | |||||||||||
Interest expense | 2,026 | 1,520 | 1.5 | 1.3 | 33.3 | ||||||||||||
Interest income | (56 | ) | (50 | ) | — | — | 12.0 | ||||||||||
Equity in (income) loss of nonconsolidated investments | (50 | ) | 263 | — | 0.2 | (119.0 | ) | ||||||||||
Other income | (551 | ) | (1,085 | ) | (0.4 | ) | (0.9 | ) | 49.2 | ||||||||
Total expenses | $ | 23,351 | $ | 29,164 | 17.8 | % | 25.4 | % | (19.9 | )% | |||||||
Income (loss) before income taxes | $ | 3,014 | $ | (9,361 | ) | 2.3 | % | (8.2 | )% | 132.2 | % | ||||||
Income tax benefit | (208 | ) | (3,379 | ) | (0.2 | ) | (2.9 | ) | 93.8 | ||||||||
Net income (loss) | $ | 3,222 | $ | (5,982 | ) | 2.5 | % | (5.2 | )% | 153.9 | % |
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Adjusted Diluted Earnings (Loss) Per Share Reconciliation | ||||||||
Net income (loss), as reported | $ | 3,222 | $ | (5,982 | ) | |||
Asset impairments, net of tax benefits of $1,000 | — | 5,946 | ||||||
Adjusted net income (loss) | $ | 3,222 | $ | (36 | ) | |||
Average number of common shares outstanding - Diluted | 10,479 | 10,296 | ||||||
Diluted earnings (loss) per common share, as reported | $ | 0.31 | $ | (0.58 | ) | |||
Diluted earnings (loss) per common share, as adjusted | $ | 0.31 | $ | (0.00 | ) |
Three Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 91,616 | $ | 81,797 | $ | 9,819 | 12.0 | % | ||||||||||||||||||
Gross profit | $ | 19,847 | $ | 15,661 | $ | 4,186 | 26.7 | % | ||||||||||||||||||
Gross profit percentage | 21.7 | % | 19.1 | % | 2.6 | % | 13.1 | % | ||||||||||||||||||
Segment operating profit | $ | 6,627 | $ | 3,998 | $ | 2,629 | 65.8 | % | ||||||||||||||||||
Segment operating profit percentage | 7.2 | % | 4.9 | % | 2.3 | % | 46.9 | % |
Three Months Ended September 30, | Increase | Percent Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 62,095 | $ | 56,891 | $ | 5,204 | 9.1 | % | |||||||
Segment Profit (Loss) | $ | 3,472 | $ | (2,047 | ) | $ | 5,519 | 269.6 | % | ||||||
Segment Profit (Loss) Percentage | 5.6 | % | (3.6 | )% | 9.2 | % | 255.6 | % |
Three Months Ended September 30, | Increase | Percent Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 39,118 | $ | 34,870 | $ | 4,248 | 12.2 | % | |||||||
Segment Profit | $ | 3,387 | $ | 1,356 | $ | 2,031 | 149.8 | % | |||||||
Segment Profit Percentage | 8.7 | % | 3.9 | % | 4.8 | % | 123.1 | % |
Three Months Ended September 30, | Increase | Percent Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 30,279 | $ | 22,883 | $ | 7,396 | 32.3 | % | |||||||
Segment Profit (Loss) | $ | 2,298 | $ | (6,966 | ) | $ | 9,264 | 133.0 | % | ||||||
Segment Profit (Loss) Percentage | 7.6 | % | (30.4 | )% | 38.0 | % | 125.0 | % |
Three Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 33,865 | $ | 23,611 | $ | 10,254 | 43.4 | % | ||||||||||||||||||
Gross profit | $ | 7,676 | $ | 3,347 | $ | 4,329 | 129.3 | % | ||||||||||||||||||
Gross profit percentage | 22.7 | % | 14.2 | % | 8.5 | % | 59.9 | % | ||||||||||||||||||
Segment operating profit (loss) | $ | 1,296 | $ | (125) | $ | 1,421 | ** | |||||||||||||||||||
Segment operating profit (loss) percentage | 3.8 | % | (0.5 | %) | 4.3 | % | ** |
Three Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 22,553 | $ | 26,107 | $ | (3,554) | (13.6) | % | ||||||||||||||||||
Gross profit | $ | 4,729 | $ | 4,285 | $ | 444 | 10.4 | % | ||||||||||||||||||
Gross profit percentage | 21.0 | % | 16.4 | % | 4.6 | % | 27.8 | % | ||||||||||||||||||
Segment operating profit | $ | 1,456 | $ | 762 | $ | 694 | 91.1 | % | ||||||||||||||||||
Segment operating profit percentage | 6.5 | % | 2.9 | % | 3.6 | % | 124.1 | % |
Nine months ended September 30, 2017 | Rail Products and Services | Construction Products | Tubular and Energy Services | Total | ||||||||||||
Reportable Segment Profit | $ | 8,938 | $ | 9,156 | $ | 1,774 | $ | 19,868 | ||||||||
Segment and Allocated Selling & Administrative | 27,355 | 13,835 | 11,711 | 52,901 | ||||||||||||
Amortization Expense | 2,747 | 113 | 2,358 | 5,218 | ||||||||||||
Asset Impairments | — | — | — | — | ||||||||||||
Non-GAAP Segment Gross Profit | $ | 39,040 | $ | 23,104 | $ | 15,843 | $ | 77,987 | ||||||||
Nine months ended September 30, 2016 | Rail Products and Services | Construction Products | Tubular and Energy Services | Total | ||||||||||||
Reportable Segment (Loss) Profit | $ | (26,474 | ) | $ | 5,748 | $ | (111,876 | ) | $ | (132,602 | ) | |||||
Segment and Allocated Selling & Administrative | 31,854 | 14,781 | 12,891 | 59,526 | ||||||||||||
Amortization Expense | 2,946 | 113 | 4,759 | 7,818 | ||||||||||||
Asset Impairments | 32,725 | — | 103,159 | 135,884 | ||||||||||||
Non-GAAP Segment Gross Profit | $ | 41,051 | $ | 20,642 | $ | 8,933 | $ | 70,626 |
Percent of Total Net Sales | |||||||||||||||||
Nine Months Ended | Nine Months Ended | Percent Increase/ (Decrease) | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Net Sales: | |||||||||||||||||
Rail Products and Services | $ | 187,922 | $ | 188,686 | 47.6 | % | 50.1 | % | (0.4 | )% | |||||||
Construction Products | 121,905 | 107,098 | 30.9 | 28.4 | 13.8 | ||||||||||||
Tubular and Energy Services | 85,227 | 81,164 | 21.5 | 21.5 | 5.0 | ||||||||||||
Total net sales | $ | 395,054 | $ | 376,948 | 100.0 | % | 100.0 | % | 4.8 | % | |||||||
Non-GAAP / Reported Gross Profit Percentage | Percent Increase/ (Decrease) | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Gross Profit: | |||||||||||||||||
Non-GAAP Rail Products and Services | $ | 39,040 | $ | 41,051 | 20.8 | % | 21.8 | % | (4.9 | )% | |||||||
Non-GAAP Construction Products | 23,104 | 20,642 | 19.0 | 19.3 | 11.9 | ||||||||||||
Non-GAAP Tubular and Energy Services | 15,843 | 8,933 | 18.6 | 11.0 | 77.4 | ||||||||||||
Non-GAAP Segment gross profit | 77,987 | 70,626 | |||||||||||||||
LIFO (expense) income | (1,733 | ) | 1,442 | (0.4 | ) | 0.4 | (220.2 | ) | |||||||||
Other | (901 | ) | (492 | ) | (0.2 | ) | (0.1 | ) | 83.1 | ||||||||
Total gross profit | $ | 75,353 | $ | 71,576 | 19.1 | % | 19.0 | % | 5.3 | % | |||||||
Percent Increase/ (Decrease) | |||||||||||||||||
Percent of Total Net Sales | |||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||
Expenses: | |||||||||||||||||
Selling and administrative expenses | $ | 60,023 | $ | 65,941 | 15.2 | % | 17.5 | % | (9.0 | )% | |||||||
Amortization expense | 5,218 | 7,818 | 1.3 | 2.1 | (33.3 | ) | |||||||||||
Asset impairments | — | 135,884 | — | 36.0 | (100.0 | ) | |||||||||||
Interest expense | 6,315 | 4,342 | 1.6 | 1.2 | 45.4 | ||||||||||||
Interest income | (166 | ) | (157 | ) | — | — | 5.7 | ||||||||||
Equity in loss of nonconsolidated investments | 5 | 946 | — | 0.3 | (99.5 | ) | |||||||||||
Other income | (564 | ) | (263 | ) | (0.1 | ) | (0.1 | ) | 114.4 | ||||||||
Total expenses | $ | 70,831 | $ | 214,511 | 17.9 | % | 56.9 | % | (67.0 | )% | |||||||
Income (loss) before income taxes | $ | 4,522 | $ | (142,935 | ) | 1.1 | % | (37.9 | )% | 103.2 | % | ||||||
Income tax expense (benefit) | 698 | (42,125 | ) | 0.2 | (11.2 | ) | 101.7 | ||||||||||
Net income (loss) | $ | 3,824 | $ | (100,810 | ) | 1.0 | % | (26.7 | )% | 103.8 | % |
Six Months Ended June 30, | Percent Change | Percent of Total Net Sales Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
Net sales | $ | 263,522 | $ | 230,309 | 14.4 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||
Gross profit | 55,543 | 39,740 | 39.8 | 21.1 | 17.3 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Selling and administrative expenses | 45,951 | 36,692 | 25.2 | 17.4 | 15.9 | |||||||||||||||||||||||||||||||||
Amortization expense | 2,740 | 2,855 | (4.0) | 1.0 | 1.2 | |||||||||||||||||||||||||||||||||
Operating profit | 6,852 | 193 | ** | 2.6 | 0.1 | |||||||||||||||||||||||||||||||||
Interest expense - net | 2,962 | 754 | ** | 1.1 | 0.3 | |||||||||||||||||||||||||||||||||
Other expense (income) - net | 2,546 | (1,264) | ** | 1.0 | (0.5) | |||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,344 | $ | 703 | 91.2 | % | 0.5 | % | 0.3 | % | ||||||||||||||||||||||||||||
Income tax expense | 22 | 313 | (93.0) | — | 0.1 | |||||||||||||||||||||||||||||||||
Net income | 1,322 | 390 | 239.0 | 0.5 | 0.2 | |||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (57) | (54) | 5.6 | — | — | |||||||||||||||||||||||||||||||||
Net income attributable to L.B. Foster Company | 1,379 | 444 | 210.6 | 0.5 | 0.2 | |||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.12 | $ | 0.04 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Adjusted Diluted Earnings (Loss) Per Share Reconciliation | ||||||||
Net income (loss), as reported | $ | 3,824 | $ | (100,810 | ) | |||
Asset impairments, net of tax benefits of $39,038 | — | 96,846 | ||||||
Adjusted net income (loss) | $ | 3,824 | $ | (3,964 | ) | |||
Average number of common shares outstanding - Diluted | 10,435 | 10,264 | ||||||
Diluted earnings (loss) per common share, as reported | $ | 0.37 | $ | (9.82 | ) | |||
Diluted earnings (loss) per common share, as adjusted | $ | 0.37 | $ | (0.39 | ) |
Six Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 156,000 | $ | 145,507 | $ | 10,493 | 7.2 | % | ||||||||||||||||||
Gross profit | $ | 34,131 | $ | 28,188 | $ | 5,943 | 21.1 | % | ||||||||||||||||||
Gross profit percentage | 21.9 | % | 19.4 | % | 2.5 | % | 12.9 | % | ||||||||||||||||||
Segment operating profit | $ | 9,015 | $ | 5,037 | $ | 3,978 | 79.0 | % | ||||||||||||||||||
Segment operating profit percentage | 5.8 | % | 3.5 | % | 2.3 | % | 66.9 | % | ||||||||||||||||||
Nine Months Ended September 30, | (Decrease)/Increase | Percent (Decrease)/Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 187,922 | $ | 188,686 | $ | (764 | ) | (0.4 | )% | ||||||
Segment Profit (Loss) | $ | 8,938 | $ | (26,474 | ) | $ | 35,412 | 133.8 | % | ||||||
Segment Profit (Loss) Percentage | 4.8 | % | (14.0 | )% | 18.8 | % | 134.3 | % |
Nine Months Ended September 30, | Increase | Percent Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 121,905 | $ | 107,098 | $ | 14,807 | 13.8 | % | |||||||
Segment Profit | $ | 9,156 | $ | 5,748 | $ | 3,408 | 59.3 | % | |||||||
Segment Profit Percentage | 7.5 | % | 5.4 | % | 2.1 | % | 38.9 | % |
Six Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 58,153 | $ | 38,621 | $ | 19,532 | 50.6 | % | ||||||||||||||||||
Gross profit | $ | 13,197 | $ | 5,792 | $ | 7,405 | 127.8 | % | ||||||||||||||||||
Gross profit percentage | 22.7 | % | 15.0 | % | 7.7 | % | 51.3 | % | ||||||||||||||||||
Segment operating profit (loss) | $ | 948 | $ | (916) | $ | 1,864 | 203.5 | % | ||||||||||||||||||
Segment operating profit (loss) percentage | 1.6 | % | (2.4) | % | 4.0 | % | 168.7 | % |
Nine Months Ended September 30, | Increase | Percent Increase | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. 2016 | ||||||||||||
Net Sales | $ | 85,227 | $ | 81,164 | $ | 4,063 | 5.0 | % | |||||||
Segment Profit (Loss) | $ | 1,774 | $ | (111,876 | ) | $ | 113,650 | 101.6 | % | ||||||
Segment Profit (Loss) Percentage | 2.1 | % | (137.8 | )% | 139.9 | % | 101.5 | % |
Six Months Ended June 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net Sales | $ | 49,369 | $ | 46,181 | $ | 3,188 | 6.9 | % | ||||||||||||||||||
Gross profit | $ | 8,215 | $ | 5,760 | $ | 2,455 | 42.6 | % | ||||||||||||||||||
Gross profit percentage | 16.6 | % | 12.5 | % | 4.1 | % | 33.4 | % | ||||||||||||||||||
Segment operating profit (loss) | $ | 1,448 | $ | (1,386) | $ | 2,834 | 204.5 | % | ||||||||||||||||||
Segment operating profit (loss) percentage | 2.9 | % | (3.0) | % | 5.9 | % | 197.7 | % |
June 30, 2023 | ||||||||||||||
Cash and cash equivalents | $ | 3,880 | ||||||||||||
Credit agreement: | ||||||||||||||
Total availability under the credit agreement | 130,000 | |||||||||||||
Outstanding borrowings on revolving credit facility | (89,280) | |||||||||||||
Letters of credit outstanding | (1,173) | |||||||||||||
Net availability under the revolving credit facility | 39,547 | |||||||||||||
Total available funding capacity | $ | 43,427 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash used in operating activities | $ | (3,333) | $ | (13,382) | ||||||||||
Net cash provided by (used in) investing activities | 7,716 | (7,328) | ||||||||||||
Net cash (used in) provided by financing activities | (3,563) | 18,476 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 178 | (477) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 998 | $ | (2,711) |
Backlog | ||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||||||||
Rail, Technologies, and Services | $ | 132,451 | $ | 105,241 | $ | 132,017 | ||||||||||||||
Precast Concrete Products | 91,669 | 80,501 | 71,507 | |||||||||||||||||
Steel Products and Measurement | 65,956 | 86,509 | 47,321 | |||||||||||||||||
Total backlog | $ | 290,076 | $ | 272,251 | $ | 250,845 |
Backlog | ||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||
Rail Products and Services | $ | 85,764 | $ | 62,743 | $ | 53,392 | ||||||
Construction Products | 74,910 | 71,954 | 75,762 | |||||||||
Tubular and Energy Services | 28,931 | 12,759 | 14,650 | |||||||||
Total Backlog | $ | 189,605 | $ | 147,456 | $ | 143,804 |
September 30, | ||||||||
2017 | 2016 | |||||||
Net cash provided by operating activities | $ | 27,516 | $ | 11,876 | ||||
Net cash used by investing activities | (3,947 | ) | (6,219 | ) | ||||
Net cash used by financing activities | (21,384 | ) | (35,470 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 2,460 | 152 | ||||||
Net increase (decrease) in cash and cash equivalents | $ | 4,645 | $ | (29,661 | ) |
Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (2) | Approximate dollar value of shares that may yet be purchased under the plans or programs | |||||||||||||||||||||||
April 1, 2023 - April 30, 2023 | — | $ | — | — | $ | 15,000 | ||||||||||||||||||||
May 1, 2023 - May 31, 2023 | — | — | 30,035 | 14,632 | ||||||||||||||||||||||
June 1, 2023 - June 30, 2023 | 441 | 14.02 | 21,206 | 14,338 | ||||||||||||||||||||||
Total | 441 | $ | 14.02 | 51,241 | $ | 14,338 |
Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (2) | Approximate dollar value of shares that may yet be purchased under the plans or programs | |||||||||||
July 1, 2017 - July 31, 2017 | — | $ | — | — | $ | 29,933 | ||||||||
August 1, 2017 - August 31, 2017 | 324 | 18.40 | — | 29,933 | ||||||||||
September 1, 2017 - September 30, 2017 | — | — | — | 29,933 | ||||||||||
Total | 324 | $ | 18.40 | — | $ | 29,933 |
Exhibit Number | Description | |||||||
*3.1 | ||||||||
*31.2 | ||||||||
*32.0 | ||||||||
*101.INS | XBRL Instance | |||||||
*101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
*101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
*104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Exhibits marked with an asterisk are filed herewith. |
L.B. FOSTER COMPANY | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | By: /s/ | |||||||||||||
and Chief Financial Officer | ||||||||||||||
(Duly Authorized Officer of Registrant) |