Delaware | 001-12488 | 88-0106100 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
8550 Mosley Road Houston, Texas | 77075-1180 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit Number | Description |
99.1 |
Three months ended September 30, | Year ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Revenues | $ | 94,963 | $ | 129,793 | $ | 395,911 | $ | 565,243 | |||||||
Cost of goods sold | 84,069 | 104,117 | 345,142 | 459,038 | |||||||||||
Gross profit | 10,894 | 25,676 | 50,769 | 106,205 | |||||||||||
Selling, general and administrative expenses | 15,071 | 17,138 | 61,524 | 74,924 | |||||||||||
Research and development expenses | 2,088 | 1,278 | 6,906 | 6,731 | |||||||||||
Amortization of intangible assets | 92 | 89 | 355 | 352 | |||||||||||
Restructuring and separation expenses | 482 | 738 | 1,322 | 8,441 | |||||||||||
Operating income (loss) | (6,839 | ) | 6,433 | (19,338 | ) | 15,757 | |||||||||
Other income | (508) | (508) | (2,029 | ) | (2,029) | ||||||||||
Interest expense | 46 | 37 | 168 | 149 | |||||||||||
Interest income | (271 | ) | (43 | ) | (558 | ) | (156 | ) | |||||||
Income (loss) before income taxes | (6,106 | ) | 6,947 | (16,919 | ) | 17,793 | |||||||||
Income tax provision (benefit) | (964 | ) | 1,439 | (7,433 | ) | 2,283 | |||||||||
Net income (loss) | $ | (5,142 | ) | $ | 5,508 | $ | (9,486 | ) | $ | 15,510 | |||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | (0.45 | ) | $ | 0.48 | $ | (0.83 | ) | $ | 1.36 | |||||
Diluted | $ | (0.45 | ) | $ | 0.48 | $ | (0.83 | ) | $ | 1.36 | |||||
Weighted average shares: | |||||||||||||||
Basic | 11,468 | 11,413 | 11,453 | 11,400 | |||||||||||
Diluted | 11,468 | 11,463 | 11,453 | 11,431 | |||||||||||
SELECTED FINANCIAL DATA: | |||||||||||||||
Depreciation and Amortization | $ | 3,274 | $ | 3,267 | $ | 12,755 | $ | 13,331 | |||||||
Capital Expenditures | $ | 1,116 | $ | 1,044 | $ | 3,636 | $ | 3,044 | |||||||
Dividends Paid | $ | 2,970 | $ | 2,963 | $ | 11,875 | $ | 11,845 |
September 30, | |||||||
2017 | 2016 | ||||||
(In thousands) | (Unaudited) | ||||||
Assets: | |||||||
Cash and cash equivalents and short-term investments | $ | 95,188 | $ | 97,720 | |||
Restricted cash | 15,104 | — | |||||
Other current assets | 139,779 | 206,420 | |||||
Property, plant and equipment (net) | 139,420 | 144,977 | |||||
Restricted cash (non-current) | 9,747 | — | |||||
Long-term assets | 15,748 | 13,399 | |||||
Total assets | $ | 414,986 | $ | 462,516 | |||
Liabilities and equity: | |||||||
Current liabilities | $ | 85,579 | $ | 118,248 | |||
Long-term debt, net of current maturities | 1,600 | 2,000 | |||||
Deferred and other long-term liabilities | 6,511 | 6,951 | |||||
Stockholders’ equity | 321,296 | 335,317 | |||||
Total liabilities and stockholders’ equity | $ | 414,986 | $ | 462,516 | |||
SELECTED FINANCIAL DATA: | |||||||
Working capital | $ | 164,492 | $ | 185,892 | |||
Three months ended September 30, | Year ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
(Unaudited) | |||||||||||||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss): | |||||||||||||||
GAAP Net income (loss) | $ | (5,142 | ) | $ | 5,508 | $ | (9,486 | ) | $ | 15,510 | |||||
Non-GAAP items: | |||||||||||||||
Restructuring and separation costs | 482 | 738 | 1,322 | 8,441 | |||||||||||
Income tax effect of non-GAAP items | (169 | ) | (95 | ) | (463 | ) | (2,519 | ) | |||||||
Non-GAAP Net income (loss) | $ | (4,829 | ) | $ | 6,151 | $ | (8,627 | ) | $ | 21,432 | |||||
Diluted shares outstanding | 11,468 | 11,463 | 11,453 | 11,431 | |||||||||||
Diluted Earnings (Loss) Per Share: | |||||||||||||||
GAAP earnings (loss) per share | $ | (0.45 | ) | $ | 0.48 | $ | (0.83 | ) | $ | 1.36 | |||||
Non-GAAP earnings (loss) per share | $ | (0.42 | ) | $ | 0.54 | $ | (0.75 | ) | $ | 1.87 | |||||
• | Restructuring and separation costs– For the year ended September 30, 2017 we incurred $1.3 million in restructuring costs as we continued to reduce our overall cost structure to better align our costs with future production requirements. For the year ended September 30, 2016, we recorded $8.4 million in restructuring and separation costs due to the restructuring of our senior management team and the alignment of our salaried and hourly workforce with future production requirements. |
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