(Exact name of registrant as specified in its charter) | ||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Zip Code) | ||||||||||||||
(Address of principal executive offices) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | ||||
2.1 | Schedule 2.01(a) Related Party Receivables Schedule 2.01(c) Assigned Contracts Schedule 2.01(h) Prepaids Schedule 2.02(d) Excluded Contracts Schedule 2.02(i) Excluded Assets Schedule 2.06(a)(i) Current Assets; Current Liabilities; GAAP Modifications and Limitations Schedule 3.02(a)(x) Assigned Contract Required Consent Schedule 4.01 Organization and Qualification of Seller Schedule 4.03 No Conflicts; Consents Schedule 4.04 Financial Statements Schedule 4.06 Absence of Certain Changes, Events and Conditions Schedule 4.07(a) Material Contracts Schedule 4.08 Title to Purchased Assets Schedule 4.10(a) Owned Real Property and Principal-Owned Real Property Schedule 4.10(a)(i) Encumbrances Owned Real Property and Principal-Owned Real Property Schedule 4.10(a)(ii) Right to Use or Occupy Owned Real Property and Principal-Owned Real Property Schedule 4.10(b) Leased Real Property Schedule 4.11(a) Intellectual Property Registrations and Intellectual Property Assets Schedule 4.11(c) Intellectual Property Licenses Schedule 4.11(e) Outbound Intellectual Property Licenses Schedule 4.13 Accounts Receivable Schedule 4.14(a) Material Customers Schedule 4.14(b) Material Suppliers Schedule 4.15(a) Insurance Policies Schedule 4.15(b) Insurance Claims Schedule 4.17(b) Permits Schedule 4.18(b) Environmental Permits Schedule 4.18(e) Storage Tanks Schedule 4.18(f) Hazardous Materials Facilities Schedule 4.19(a) Benefit Plans Schedule 4.19(f) Post-Employment Benefits Schedule 4.19(g) Benefit Plan Related Actions Schedule 4.20(a) Employees, Consultants and Contractors Schedule 4.22 Brokers (Seller or Principals) Schedule 5.04 Brokers (Buyer) Schedule 6.01 Offered Employees | ||||
10.1 | |||||
*23 | |||||
99.1 | |||||
*99.2 | |||||
*99.3 | |||||
*99.4 | |||||
*104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
L.B. FOSTER COMPANY | |||||||||||
(Registrant) | |||||||||||
Date: | October 19, 2022 | /s/ William M. Thalman | |||||||||
William M. Thalman | |||||||||||
Senior Vice President and | |||||||||||
Chief Financial Officer |
Page | |||||
Financial Statements: | |||||
December 31, 2021 | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,262 | ||||||
Accounts receivable - net | 3,179 | |||||||
Inventories - net | 4,816 | |||||||
Other current assets | 25 | |||||||
Total current assets | 9,282 | |||||||
Property, plant, and equipment - net | 19,224 | |||||||
TOTAL ASSETS | $ | 28,506 | ||||||
LIABILITIES AND SHAREHOLDERS' AND MEMBERS' EQUITY AND NET DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,092 | ||||||
Deferred compensation liability | 7,598 | |||||||
Current maturities of long-term debt and finance lease obligations | 1,508 | |||||||
Other accrued liabilities | 896 | |||||||
Total current liabilities | 12,094 | |||||||
Long-term debt and finance lease obligations | 15,075 | |||||||
Shareholders' and members' equity and net deficit: | ||||||||
Common stock, par value $1.00, authorized 3,000 shares; shares issued and outstanding at December 31, 2021, 3,000 | 3 | |||||||
Paid-in capital | 432 | |||||||
Members’ equity | 3,173 | |||||||
Accumulated deficit | (337) | |||||||
VanHoose Trust net deficit | (1,934) | |||||||
Total shareholders’ and members' equity and net deficit | 1,337 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ AND MEMBERS' EQUITY AND NET DEFICIT | $ | 28,506 |
Twelve Months Ended December 31, | ||||||||
2021 | ||||||||
Net sales | $ | 28,716 | ||||||
Cost of goods sold | 20,674 | |||||||
Gross profit | 8,042 | |||||||
Selling and administrative expenses | 2,942 | |||||||
Deferred compensation expense | 2,538 | |||||||
Operating income | 2,562 | |||||||
Interest expense - net | 957 | |||||||
Other expense - net | 251 | |||||||
Net income | $ | 1,354 |
Twelve Months Ended December 31, | ||||||||
2021 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 1,354 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,933 | |||||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | (436) | |||||||
Inventories | (1,631) | |||||||
Other assets and liabilities | 3,420 | |||||||
Net cash provided by operating activities | 4,640 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures on property, plant, and equipment | (6,158) | |||||||
Net cash used in investing activities | (6,158) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayments of long-term debt and finance lease obligations | (1,378) | |||||||
Proceeds from long-term debt | 2,615 | |||||||
Capital distributions | (76) | |||||||
Net cash provided by financing activities | 1,161 | |||||||
Net decrease in cash and cash equivalents | (357) | |||||||
Cash and cash equivalents at beginning of period | 1,619 | |||||||
Cash and cash equivalents at end of period | $ | 1,262 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 957 | ||||||
Twelve Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Members’s Equity | Accumulated Deficit | VanHoose Trust Net Deficit | Total Shareholders' and Members' Equity and Net Deficit | |||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 3 | $ | 432 | $ | 2,056 | $ | (337) | $ | (2,095) | $ | 59 | ||||||||||||||||||||||||||
Net income | — | — | 1,193 | — | 161 | 1,354 | ||||||||||||||||||||||||||||||||
Capital distributions | — | — | (76) | — | — | (76) | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 3 | $ | 432 | $ | 3,173 | $ | (337) | $ | (1,934) | $ | 1,337 |
Useful Life (years) | ||||||||
Machinery and equipment | 5 to 15 | |||||||
Buildings and plant | 15 to 40 | |||||||
Vehicles | 7 |
Finished goods | $ | 2,501 | ||||||
Raw materials | 2,315 | |||||||
Inventories - net | $ | 4,816 |
Land | $ | 1,128 | ||||||
Buildings | 6,590 | |||||||
Machinery and equipment, including equipment under finance leases | 10,787 | |||||||
Vehicles | 3,026 | |||||||
Construction in progress | 8,510 | |||||||
Gross property, plant, and equipment | 30,041 | |||||||
Less accumulated depreciation and amortization | (10,817) | |||||||
Property, plant, and equipment - net | $ | 19,224 |
Smart Bank Loan 6000 | $ | 8,017 | ||||||
Pathway Lending 1907-02 Credit Facility | 3,345 | |||||||
Pathway Lending 1907-01 Term Loan | 3,064 | |||||||
Other Smart Bank Loans | 878 | |||||||
CBBC Bank Loans | 495 | |||||||
JB&B Capital Finance Leases | 369 | |||||||
Komatsu Financial Loans | 357 | |||||||
Other Loans | 58 | |||||||
Total | 16,583 | |||||||
Less current maturities | (1,508) | |||||||
Long-term portion | $ | 15,075 |
Year Ending December 31, | Long-Term Debt | Finance Lease Obligations | Total | |||||||||||||||||
2022 | $ | 1,260 | $ | 248 | $ | 1,508 | ||||||||||||||
2023 | 1,088 | 119 | 1,207 | |||||||||||||||||
2024 | 1,106 | 2 | 1,108 | |||||||||||||||||
2025 | 1,055 | — | 1,055 | |||||||||||||||||
2026 | 1,080 | — | 1,080 | |||||||||||||||||
Thereafter | 10,625 | — | 10,625 | |||||||||||||||||
$ | 16,214 | 369 | 16,583 | |||||||||||||||||
Amounts representing interest expense | (17) | (17) | ||||||||||||||||||
$ | 352 | $ | 16,566 |
FINANCIAL STATEMENTS | Page | ||||
June 30, 2022 | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,021 | ||||||
Accounts receivable - net | 3,781 | |||||||
Inventories - net | 5,104 | |||||||
Other current assets | — | |||||||
Total current assets | 10,906 | |||||||
Property, plant, and equipment - net | 20,205 | |||||||
TOTAL ASSETS | $ | 31,111 | ||||||
LIABILITIES AND SHAREHOLDERS' AND MEMBERS' EQUITY AND NET DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,492 | ||||||
Deferred compensation liability | 8,753 | |||||||
Current portion of long-term debt and finance lease obligations | 1,341 | |||||||
Other accrued liabilities | 1,396 | |||||||
Total current liabilities | 12,982 | |||||||
Long-term debt and finance lease obligations | 15,107 | |||||||
Shareholders' and members' equity and net deficit: | ||||||||
Common stock, par value $1.00, authorized 3000 shares, issued and outstanding at June 30, 2022, 3000 | 3 | |||||||
Paid-in capital | 432 | |||||||
Members’ equity | 4,773 | |||||||
Accumulated deficit | (337) | |||||||
VanHoose trust net deficit | (1,849) | |||||||
Total shareholders’ and members' equity and net deficit | 3,022 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ AND MEMBERS' EQUITY AND NET DEFICIT | $ | 31,111 |
Six Months Ended June 30, 2022 | ||||||||
Net sales | $ | 20,874 | ||||||
Cost of goods sold | 15,068 | |||||||
Gross profit | 5,806 | |||||||
Selling and administrative expenses | 3,282 | |||||||
Deferred compensation expense | 1,155 | |||||||
Operating profit | 1,369 | |||||||
Interest expense - net | 442 | |||||||
Other income - net | (786) | |||||||
Net income | $ | 1,713 |
Six Months Ended June 30, 2022 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 1,713 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation and amortization | 937 | |||||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | (602) | |||||||
Inventories | (288) | |||||||
Other assets and liabilities | 1,080 | |||||||
Net cash provided by operating activities | 2,840 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures on property, plant, and equipment | (1,918) | |||||||
Net cash used in investing activities | (1,918) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayments of debt and finance lease obligations | (479) | |||||||
Proceeds from debt | 344 | |||||||
Capital distributions | (28) | |||||||
Net cash used in financing activities | (163) | |||||||
Net increase in cash and cash equivalents | 759 | |||||||
Cash and cash equivalents at beginning of period | 1,262 | |||||||
Cash and cash equivalents at end of period | $ | 2,021 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 442 | ||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Members’s Equity | Accumulated Deficit | VanHoose Trust Net Deficit | Total Shareholders' and Members' Equity and Net Deficit | |||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 3 | $ | 432 | $ | 3,173 | $ | (337) | $ | (1,934) | $ | 1,337 | ||||||||||||||||||||||||||
Net income | — | — | 1,628 | — | 85 | 1,713 | ||||||||||||||||||||||||||||||||
Capital distributions | — | — | (28) | — | — | (28) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 3 | $ | 432 | $ | 4,773 | $ | (337) | $ | (1,849) | $ | 3,022 |
Useful Life (years) | ||||||||
Machinery and equipment | 5 to 15 | |||||||
Buildings and plant | 15 to 40 | |||||||
Vehicles | 7 |
Finished goods | $ | 2,016 | ||||||
Raw materials | 3,088 | |||||||
Inventories - net | $ | 5,104 |
Land | $ | 1,128 | ||||||
Buildings | 6,442 | |||||||
Machinery and equipment, including equipment under finance leases | 13,755 | |||||||
Vehicles | 655 | |||||||
Construction in progress | 9,977 | |||||||
Gross property, plant, and equipment | 31,957 | |||||||
Less accumulated depreciation and amortization | (11,756) | |||||||
Property, plant, and equipment - net | $ | 20,201 |
Smart Bank Loan 6000 | $ | 7,864 | ||||||
Pathway Lending 1907-02 Credit Facility | 3,504 | |||||||
Pathway Lending 1907-01 Term Loan | 2,973 | |||||||
Other Smart Bank Loans | 962 | |||||||
CBBC Bank Loans | 450 | |||||||
JB&B Capital Finance Leases | 259 | |||||||
Komatsu Financial Loans | 304 | |||||||
Other Loans | 132 | |||||||
Total | 16,448 | |||||||
Less current maturities | (1,341) | |||||||
Long-term portion | $ | 15,107 |
Year Ending December 31, | Long-Term Debt | Finance Lease Obligations | Total | |||||||||||||||||
2022 | $ | 551 | $ | 126 | $ | 677 | ||||||||||||||
2023 | 1,169 | 119 | 1,288 | |||||||||||||||||
2024 | 1,193 | 15 | 1,208 | |||||||||||||||||
2025 | 1,105 | — | 1,105 | |||||||||||||||||
2026 | 1,131 | — | 1,131 | |||||||||||||||||
Thereafter | 11,039 | — | 11,039 | |||||||||||||||||
16,188 | 260 | 16,448 | ||||||||||||||||||
Amounts representing interest expense | (10) | (10) | ||||||||||||||||||
$ | 250 | $ | 16,438 |
Historical Balance Sheet Information | Pro Forma | |||||||||||||||||||||||||||||||
L.B. Foster | VHC | Adjustments | Notes | Combined | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,661 | $ | 2,021 | $ | — | $ | 9,682 | ||||||||||||||||||||||||
Accounts receivable - net | 72,252 | 3,781 | — | 76,033 | ||||||||||||||||||||||||||||
Contract assets | 31,023 | — | — | 31,023 | ||||||||||||||||||||||||||||
Inventories | 73,391 | 5,104 | 1,134 | a | 79,629 | |||||||||||||||||||||||||||
Other current assets | 18,551 | — | — | 18,551 | ||||||||||||||||||||||||||||
Total current assets | 202,878 | 10,906 | 1,134 | 214,918 | ||||||||||||||||||||||||||||
Property, plant, and equipment - net | 56,900 | 20,205 | 9,796 | b | 86,901 | |||||||||||||||||||||||||||
Operating lease right-of-use assets - net | 13,538 | — | — | 13,538 | ||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Goodwill | 24,571 | — | 10,510 | c | 35,081 | |||||||||||||||||||||||||||
Other intangibles - net | 29,540 | — | 4,561 | c | 34,101 | |||||||||||||||||||||||||||
Deferred tax assets | 36,777 | — | — | 36,777 | ||||||||||||||||||||||||||||
Other assets | 1,218 | — | — | 1,218 | ||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 365,422 | $ | 31,111 | $ | 26,001 | $ | 422,534 | ||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' AND MEMBERS' EQUITY AND NET DEFICIT | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 49,944 | $ | 1,492 | $ | — | $ | 51,436 | ||||||||||||||||||||||||
Deferred revenue | 19,072 | — | — | 19,072 | ||||||||||||||||||||||||||||
Accrued payroll and employee benefits | 6,565 | — | — | 6,565 | ||||||||||||||||||||||||||||
Current portion of accrued settlement | 8,000 | — | — | 8,000 | ||||||||||||||||||||||||||||
Deferred compensation liability | — | 8,753 | (8,753) | d | — | |||||||||||||||||||||||||||
Current portion of long-term debt | 64 | 1,341 | (1,341) | e | 64 | |||||||||||||||||||||||||||
Other accrued liabilities | 12,959 | 1,396 | — | 14,355 | ||||||||||||||||||||||||||||
Total current liabilities | 96,604 | 12,982 | (10,094) | 99,492 | ||||||||||||||||||||||||||||
Long-term debt and leases payable | 49,222 | 15,107 | 39,117 | e | 103,446 | |||||||||||||||||||||||||||
Deferred tax liabilities | 3,628 | — | — | 3,628 | ||||||||||||||||||||||||||||
Long-term portion of accrued settlement | 14,000 | — | — | 14,000 | ||||||||||||||||||||||||||||
Long-term operating lease liabilities | 10,785 | — | — | 10,785 | ||||||||||||||||||||||||||||
Other long-term liabilities | 10,144 | — | — | 10,144 | ||||||||||||||||||||||||||||
Stockholders’, shareholders' and members' equity and net deficit: | ||||||||||||||||||||||||||||||||
Common stock, par value $0.01 and $1.00, authorized 20,000,000 and 3,000 shares; shares issued 11,115,779 and 3,000; shares outstanding 10,730,950 and 3,000, respectively | 111 | 3 | (3) | f | 111 | |||||||||||||||||||||||||||
Paid-in capital | 42,201 | 432 | (432) | f | 42,201 | |||||||||||||||||||||||||||
Retained earnings | 169,177 | — | — | 169,177 | ||||||||||||||||||||||||||||
Treasury stock - at cost, 384,829 common stock shares | (8,391) | — | — | (8,391) | ||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (22,547) | — | — | (22,547) | ||||||||||||||||||||||||||||
Members’ equity | — | 4,773 | (4,773) | f | — | |||||||||||||||||||||||||||
Accumulated deficit | — | (337) | 337 | f | — | |||||||||||||||||||||||||||
VanHoose trust net deficit | — | (1,849) | 1,849 | f | — | |||||||||||||||||||||||||||
Total L.B. Foster and VanHooseco stockholders’, shareholders’ and members' equity and net deficit | 180,551 | 3,022 | (3,022) | f | 180,551 | |||||||||||||||||||||||||||
Noncontrolling interest | 488 | — | — | 488 | ||||||||||||||||||||||||||||
Total stockholders’, shareholders’ and members' equity and net deficit | 181,039 | 3,022 | (3,022) | 181,039 | ||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’, SHAREHOLDERS' AND MEMBERS' EQUITY AND NET DEFICIT | $ | 365,422 | $ | 31,111 | $ | 26,001 | $ | 422,534 |
Historical Statement of Operations Information | Pro Forma | |||||||||||||||||||||||||||||||
L.B. Foster | VHC | Adjustments | Notes | Combined | ||||||||||||||||||||||||||||
Net sales | $ | 230,309 | $ | 20,874 | $ | — | $ | 251,183 | ||||||||||||||||||||||||
Cost of sales | 190,569 | 15,068 | 256 | g | 205,893 | |||||||||||||||||||||||||||
Gross profit | 39,740 | 5,806 | (256) | 45,290 | ||||||||||||||||||||||||||||
Selling and administrative expenses | 36,692 | 3,282 | 84 | g | 40,058 | |||||||||||||||||||||||||||
Amortization expense | 2,855 | — | 373 | h | 3,228 | |||||||||||||||||||||||||||
Deferred compensation expense | — | 1,155 | (1,155) | i | — | |||||||||||||||||||||||||||
Operating profit | 193 | 1,369 | 442 | 2,004 | ||||||||||||||||||||||||||||
Interest expense - net | 754 | 442 | 965 | j | 2,161 | |||||||||||||||||||||||||||
Other income - net | (1,264) | (786) | — | (2,050) | ||||||||||||||||||||||||||||
Income before income taxes | 703 | 1,713 | (523) | 1,893 | ||||||||||||||||||||||||||||
Income tax expense | 313 | — | 297 | k | 610 | |||||||||||||||||||||||||||
Net income | 390 | 1,713 | (820) | 1,283 | ||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (54) | — | — | (54) | ||||||||||||||||||||||||||||
Net income attributable to L.B. Foster Company and VanHooseCo | $ | 444 | $ | 1,713 | $ | (820) | $ | 1,337 | ||||||||||||||||||||||||
Average number of common shares outstanding - basic | 10,700 | 10,700 | ||||||||||||||||||||||||||||||
Average number of common shares outstanding - diluted | 10,809 | 10,809 | ||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.12 | ||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.12 |
Historical Statement of Operations Information | Pro Forma | |||||||||||||||||||||||||||||||
L.B. Foster | VHC | Adjustments | Notes | Combined | ||||||||||||||||||||||||||||
Net sales | $ | 513,620 | $ | 28,716 | $ | (1,977) | l | $ | 540,359 | |||||||||||||||||||||||
Cost of sales | 427,318 | 20,674 | — | g, l, m | 447,992 | |||||||||||||||||||||||||||
Gross profit | 86,302 | 8,042 | (1,977) | 92,367 | ||||||||||||||||||||||||||||
Selling and administrative expenses | 75,995 | 2,942 | 939 | g, l, n | 79,876 | |||||||||||||||||||||||||||
Amortization expense | 5,836 | — | 747 | h | 6,583 | |||||||||||||||||||||||||||
Deferred compensation expense | — | 2,538 | (2,538) | i | — | |||||||||||||||||||||||||||
Operating profit | 4,471 | 2,562 | (1,125) | 5,908 | ||||||||||||||||||||||||||||
Interest expense - net | 2,956 | 957 | 2,004 | j | 5,917 | |||||||||||||||||||||||||||
Other (income) expense - net | (3,075) | 251 | — | (2,824) | ||||||||||||||||||||||||||||
Income before income taxes | 4,590 | 1,354 | (3,129) | 2,815 | ||||||||||||||||||||||||||||
Income tax expense | 1,119 | — | (444) | k | 675 | |||||||||||||||||||||||||||
Net income | 3,471 | 1,354 | (2,685) | 2,140 | ||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (83) | — | — | (83) | ||||||||||||||||||||||||||||
Net income attributable to L.B. Foster Company and VanHooseCo | $ | 3,554 | $ | 1,354 | $ | (2,685) | $ | 2,223 | ||||||||||||||||||||||||
Average number of common shares outstanding - basic | 10,623 | 10,623 | ||||||||||||||||||||||||||||||
Average number of common shares outstanding - diluted | 10,752 | 10,752 | ||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.33 | $ | 0.21 | ||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.33 | $ | 0.21 |
Consideration: | ||||||||
Agreement purchase price | $ | 49,500 | ||||||
Preliminary net working capital | 4,696 | |||||||
Other adjustments | 28 | |||||||
Cash from VanHooseCo | (2,021) | |||||||
Estimated consideration, net of cash acquired | $ | 52,203 |
Current assets, net of cash acquired on the acquisition date | $ | 10,019 | ||||||
Property, plant, and equipment | 30,001 | |||||||
Goodwill | 10,510 | |||||||
Other intangibles | 4,561 | |||||||
Current liabilities | (2,888) | |||||||
Total | $ | 52,203 |
VanHooseCo trade name | $ | 1,537 | ||||||
Customer relationship | 2,697 | |||||||
Other | 327 | |||||||
Total | $ | 4,561 |
Inventory adjustment | June 30, 2022 | |||||||
Inventories | $ | 1,134 |
Property, plant, and equipment adjustment | June 30, 2022 | |||||||
Preliminary property, plant and equipment fair value | $ | 30,001 | ||||||
Eliminate historical VanHooseCo property, plant and equipment | (20,205) | |||||||
Property, plant, and equipment - net | $ | 9,796 |
Goodwill and other intangibles adjustment | June 30, 2022 | |||||||
Goodwill | $ | 10,510 | ||||||
Other intangibles | 4,561 |
Deferred compensation adjustment | June 30, 2022 | |||||||
Deferred compensation liability | $ | 8,753 |
Debt adjustment | June 30, 2022 | |||||||
Payment of VanHooseCo current debt | (1,341) | |||||||
Proceeds from the revolving credit facility | $ | 54,224 | ||||||
Payment of VanHooseCo long-term debt | (15,107) |
Equity adjustment | June 30, 2022 | |||||||
VanHooseCo common stock | $ | (3) | ||||||
VanHooseCo paid-in capital | (432) | |||||||
VanHooseCo members’ equity | (4,773) | |||||||
VanHooseCo accumulated deficit | 337 | |||||||
VanHooseCo trust net deficit | 1,849 | |||||||
Total | $ | (3,022) |
Depreciation expense adjustment | Six months ended June 30, 2022 | Year ended December 31, 2021 | ||||||||||||
Preliminary estimate of property, plant and equipment depreciation (cost of sales) | $ | 1,047 | $ | 2,095 | ||||||||||
Preliminary estimate of property, plant and equipment depreciation (selling and administrative expenses) | 230 | 460 | ||||||||||||
VanHooseCo historic depreciation expense (cost of sales) | (791) | (1,602) | ||||||||||||
VanHooseCo historic depreciation expense (selling and administrative expenses) | (146) | (354) | ||||||||||||
Depreciation expense | $ | 340 | $ | 599 |
Amortization expense adjustment | Six months ended June 30, 2022 | Year ended December 31, 2021 | ||||||||||||
Amortization expense | $ | 373 | $ | 747 |
Deferred compensation adjustment | Six months ended June 30, 2022 | Year ended December 31, 2021 | ||||||||||||
Deferred compensation expense | $ | 1,155 | $ | 2,538 |
Interest expense adjustment | Assumed Interest Rate | Debt | Interest expense for six months ended June 30, 2022 | Interest expense for year ended December 31, 2021 | ||||||||||||||||||||||
Total new variable rate debt and related interest expense | 5.46% | $ | 54,224 | $ | 1,480 | $ | 2,961 | |||||||||||||||||||
VanHooseCo historic interest expense | (515) | (957) | ||||||||||||||||||||||||
Interest expense | $ | 965 | $ | 2,004 |
Statement of operations adjustment | Year ended December 31, 2021 | |||||||
Sales | $ | 1,977 | ||||||
Cost of sales | 1,627 | |||||||
Gross profit | 350 | |||||||
Selling and administrative expenses | 167 | |||||||
Net income | $ | 183 |
Inventory expense adjustment | Year ended December 31, 2021 | |||||||
Cost of sales | $ | 1,134 |
Contingent compensation adjustment | Year ended December 31, 2021 | |||||||
Selling and administrative expenses | $ | 1,000 |
Cover |
Aug. 12, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K/A |
Document Period End Date | Aug. 12, 2022 |
Entity Registrant Name | L.B. Foster Company |
Entity Incorporation, State or Country Code | PA |
Entity File Number | 000-10436 |
Entity Tax Identification Number | 25-1324733 |
Entity Address, Postal Zip Code | 15220 |
Trading Symbol | FSTR |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Common Stock, Par Value $0.01 |
Entity Address, Address Line One | 415 Holiday Drive, Suite 100, |
Entity Address, City or Town | Pittsburgh, |
Entity Address, State or Province | PA |
City Area Code | 412 |
Local Phone Number | 928-3400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000352825 |
Amendment Flag | true |
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