þ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
Delaware (State or other jurisdiction of incorporation or organization) |
16-0338330 (I.R.S. Employer Identification No.) |
|
2701 Regent Blvd., Suite 200 DFW Airport, TX (Address of principal executive offices) |
75261 (Zip code) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller Reporting Company þ | |||
(Do not check if a smaller reporting company) |
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EX-31.1 | ||||||||
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EX-32.1 | ||||||||
EX-101 INSTANCE DOCUMENT | ||||||||
EX-101 SCHEMA DOCUMENT | ||||||||
EX-101 CALCULATION LINKBASE DOCUMENT | ||||||||
EX-101 LABELS LINKBASE DOCUMENT | ||||||||
EX-101 PRESENTATION LINKBASE DOCUMENT |
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3
September 30, | December 31, | |||||||
2011 (Unaudited) | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 540,910 | $ | 649,952 | ||||
Accounts receivable, less allowance for doubtful accounts of
approximately $164,000 in 2011 and $134,000 in 2010 |
1,821,821 | 2,370,642 | ||||||
Inventories, net |
2,961,701 | 2,545,200 | ||||||
Prepaid expenses |
225,479 | 227,570 | ||||||
Deferred income taxes |
270,142 | 358,481 | ||||||
Total current assets |
5,820,053 | 6,151,845 | ||||||
Property, plant and equipment: |
||||||||
Land |
500 | 500 | ||||||
Buildings and leasehold improvements |
757,634 | 397,136 | ||||||
Machinery and equipment |
10,639,702 | 10,050,517 | ||||||
11,397,836 | 10,448,153 | |||||||
Less allowance for depreciation and amortization |
(7,895,319 | ) | (7,442,888 | ) | ||||
3,502,517 | 3,005,265 | |||||||
Other noncurrent assets |
47,251 | 41,545 | ||||||
Deferred income taxes |
569,696 | 510,635 | ||||||
Total assets |
$ | 9,939,517 | $ | 9,709,290 | ||||
4
September 30, | December 31, | |||||||
2011 (Unaudited) | 2010 | |||||||
Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 2,191,155 | $ | 1,992,819 | ||||
Commissions, salaries, wages, and taxes thereon |
172,572 | 193,006 | ||||||
Income taxes payable |
70,719 | 65,203 | ||||||
Revolving line of credit |
500,000 | | ||||||
Current portion of long-term debt |
200,000 | 200,000 | ||||||
Deferred revenue |
| 341,000 | ||||||
Other accrued expenses |
476,258 | 348,524 | ||||||
Total current liabilities |
3,610,704 | 3,140,552 | ||||||
Long-term liabilities: |
||||||||
Long-term debt, net of current portion |
650,000 | 800,000 | ||||||
Pension and other benefits |
1,303,038 | 1,466,179 | ||||||
1,953,038 | 2,266,179 | |||||||
Total liabilities |
5,563,742 | 5,406,731 | ||||||
Commitments and contingencies (Note 11) |
||||||||
Stockholders equity: |
||||||||
Common stock, $1.00 par value: |
||||||||
Authorized shares 4,000,000 Issued shares 1,857,842 in 2011 and 1,834,106 in 2010; Outstanding shares 1,665,842 in 2011 and 1,642,106 in 2010 |
1,857,842 | 1,834,106 | ||||||
Other capital |
279,135 | 265,271 | ||||||
Retained earnings |
5,017,637 | 4,964,006 | ||||||
Treasury stock at cost, 192,000 shares |
(2,112,000 | ) | (2,112,000 | ) | ||||
Accumulated other comprehensive loss |
(666,839 | ) | (648,824 | ) | ||||
Total stockholders equity |
4,375,775 | 4,302,559 | ||||||
Total liabilities and stockholders equity |
$ | 9,939,517 | $ | 9,709,290 | ||||
5
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net Sales |
$ | 9,775,502 | $ | 8,800,340 | ||||
Cost of products sold |
6,668,041 | 5,513,219 | ||||||
Gross profit |
3,107,461 | 3,287,121 | ||||||
Selling, general and administrative expenses |
3,091,276 | 3,143,405 | ||||||
Total operating income (loss) |
16,185 | 143,716 | ||||||
Other income (expense): |
||||||||
Interest income |
82 | 17,629 | ||||||
Other income (expense) net |
129,187 | (4,663 | ) | |||||
Interest expense |
(46,541 | ) | (11,957 | ) | ||||
Total other income (expense) |
82,728 | 1,009 | ||||||
Income before income taxes |
98,913 | 144,725 | ||||||
Income tax expense |
(45,282 | ) | (76,822 | ) | ||||
Net income |
$ | 53,631 | $ | 67,903 | ||||
Weighted average common shares: |
||||||||
Basic |
1,652,422 | 1,600,439 | ||||||
Diluted |
1,652,422 | 1,600,439 | ||||||
Loss per share of common stock: |
||||||||
Basic |
$ | 0.03 | $ | 0.04 | ||||
Diluted |
$ | 0.03 | $ | 0.04 | ||||
6
Three Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net Sales |
$ | 3,616,451 | $ | 2,948,706 | ||||
Cost of products sold |
2,456,846 | 1,801,888 | ||||||
Gross profit |
1,159,605 | 1,146,818 | ||||||
Selling, general and administrative expenses |
1,040,455 | 1,039,251 | ||||||
Total operating income |
119,150 | 107,567 | ||||||
Other income (expense): |
||||||||
Interest income |
8 | 120 | ||||||
Other income (expense) net |
(1,483 | ) | 8,936 | |||||
Interest expense |
(18,680 | ) | (2,158 | ) | ||||
Total other income (expense) |
(20,155 | ) | 6,898 | |||||
Income before income taxes |
98,995 | 114,465 | ||||||
Income tax benefit |
24,496 | 7,857 | ||||||
Net income |
$ | 123,491 | $ | 122,322 | ||||
Weighted average common shares: |
||||||||
Basic |
1,660,440 | 1,611,343 | ||||||
Diluted |
1,660,440 | 1,611,343 | ||||||
Income per share of common stock: |
||||||||
Basic |
$ | 0.07 | $ | 0.08 | ||||
Diluted |
$ | 0.07 | $ | 0.08 | ||||
7
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Operating activities |
||||||||
Net income |
$ | 53,631 | $ | 67,903 | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
494,003 | 230,000 | ||||||
Provision for uncollectible accounts |
31,500 | 20,000 | ||||||
Equity based compensation |
37,600 | 50,518 | ||||||
Deferred income taxes |
31,650 | 73,034 | ||||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
691,427 | 652,366 | ||||||
Inventories |
(416,887 | ) | (742,785 | ) | ||||
Prepaid expenses |
1,866 | (92,275 | ) | |||||
Deferred revenue |
(341,000 | ) | | |||||
Accounts payable and accrued expenses |
118,768 | (643,998 | ) | |||||
Pension and other benefits |
(174,358 | ) | 62,328 | |||||
Income taxes |
5,520 | 1,405,076 | ||||||
Net cash provided by operating activities |
533,720 | 1,082,167 | ||||||
Investing activities |
||||||||
Purchase of property, plant and equipment |
(997,293 | ) | (33,262 | ) | ||||
Net cash provided by (used in) investing activities |
(997,293 | ) | (33,262 | ) | ||||
Financing activities |
||||||||
Long-term debt payments |
(150,000 | ) | | |||||
Repayment of factoring agreement |
| (428,588 | ) | |||||
Borrowings under line of credit |
500,000 | | ||||||
Net cash used in financing activities |
350,000 | (428,588 | ) | |||||
Effect of exchange rate changes on cash |
4,531 | 2,232 | ||||||
Net increase (decrease) in cash and cash equivalents |
(109,042 | ) | 622,549 | |||||
Cash and cash equivalents at beginning of period |
649,952 | 526,752 | ||||||
Cash and cash equivalents at end of period |
$ | 540,910 | $ | 1,149,301 | ||||
Supplemental cash flow information: |
||||||||
Cash paid for: |
||||||||
Interest |
$ | 47,036 | $ | 13,898 | ||||
Income taxes |
$ | 12,241 | $ | 12,185 | ||||
8
1. | Basis of Presentation |
The accompanying unaudited consolidated financial statements of American Locker Group Incorporated (the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Companys management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of such consolidated financial statements, have been included. Operating results for the three and nine-month periods ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ended December 31, 2011. | ||
The consolidated balance sheet at December 31, 2010 has been derived from the Companys audited financial statements at that date, but does not include all of the financial information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Companys consolidated financial statements and the notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2010. | ||
Additional risks and uncertainties not presently known or that the Company currently deems immaterial may also impair its business operations. Should one or more of these risks or uncertainties materialize, the Companys business, financial condition or results of operations could be materially adversely affected. |
2. | Sale of Property |
On September 18, 2009, the Company sold its headquarters and primary manufacturing facility to the City of Grapevine (the City) for a purchase price of $2,747,000. | ||
The Company was entitled to continue to occupy the facility, through December 31, 2010, at no cost. The City has further agreed to pay the Companys relocation costs within the Dallas-Fort Worth area and to pay the Companys real property taxes for the facility through June 2011. During May 2011 the Company relocated its corporate headquarters and primary manufacturing facility from Grapevine, TX to a new 100,500 sq. ft. building in DFW Airport, TX. The Company received a $341,000 payment towards the moving costs at closing which was recorded as Deferred revenue in the Companys consolidated balance sheet as of December 31, 2010. The Company offset $207,317 of moving expense against deferred revenue in the second quarter of 2011 and an additional $4,451 of move related expenses in the third quarter of 2011. The difference of $129,232 between the deferred revenue balance at December 31, 2010 and the amount offset against moving expenses was recorded as Other income. The Company incurred the majority of its moving costs during the second quarter of 2011. Proceeds of the sale were used to pay off the $2 million mortgage secured by the property and for general working capital purposes. | ||
The Company invested approximately $875,000 in the first nine months of 2011 for leasehold improvements and machinery and equipment related to relocating. |
3. | Disneyland Concession Agreement |
On September 24, 2010, the Company entered into an agreement (the Disney Agreement) with Disneyland Resort, a division of Walt Disney Parks and Resorts U.S., Inc., and Hong Kong International Theme Parks Limited, (collectively referred to herein as Disney) to provide locker services under a concession arrangement. Under the Disney Agreement, the Company installed, operates and maintains electronic lockers at Disneyland Park and Disneys California Adventure Park in Anaheim, California and at Hong Kong Disneyland Park in Hong Kong. | ||
The Company installed approximately 4,300 electronic lockers under the Disney Agreement. The Company retains ownership of the lockers and receives a portion of the revenue generated by the locker operations. The term of the Disney Agreement is five years and operations began in late November 2010. The Agreement contains an option for a one year renewal at Disneys discretion. The Agreement contains a buyout option at the end of each contract year as well as a provision to compensate the Company in the event Disney terminates the Agreement without cause. |
9
As the Company retained ownership of the lockers, the Company capitalized the costs of the lockers related to the Disney Agreement as Property, plant, and equipment and is depreciating the cost over the five year term of the agreement. The Company recognizes revenue for its portion of the revenue as it is collected. |
4. | Inventories |
Inventories are valued at the lower of cost or market value. Cost is determined using the first-in first-out method (FIFO). | ||
Inventories consist of the following: |
September 30, 2011 | December 31, 2010 | |||||||
Finished products |
$ | 258,720 | $ | 80,329 | ||||
Work-in-process |
1,009,230 | 857,044 | ||||||
Raw materials |
1,693,751 | 1,607,827 | ||||||
Net inventories |
$ | 2,961,701 | $ | 2,545,200 | ||||
5. | Income Taxes |
Provision for income taxes is based upon the estimated annual effective tax rate. The effective tax rate for the nine months ended September 30, 2011 and 2010 was 45.8% and 53.1%, respectively. The difference in the effective rate from the statutory rate is primarily due to a change in the valuation allowance of approximately $39,000 and $7,000 in 2011 and 2010, respectively. |
6. | Stockholders Equity |
On March 31, 2011, the Company issued 12,413 shares of common stock to non-employee directors and an officer and increased other capital by $8,687, representing compensation expense of $21,100. On June 30, 2011, the Company issued 5,921 shares of common stock to directors and increased other capital by $3,079 representing compensation expense of $9,000. On September 30, 2011, the Company issued 5,402 shares of common stock to directors and increased other capital by $2,098 representing compensation expense of $7,500. Changes in stockholders equity were also due to comprehensive income of $35,616. |
7. | Comprehensive Loss |
The following table summarizes net income (loss) plus changes in accumulated other comprehensive loss, a component of stockholders equity, in the consolidated statement of financial position: |
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 53,631 | $ | 67,903 | ||||
Foreign currency translation adjustments |
(23,860 | ) | 3,354 | |||||
Minimum pension liability adjustments,
net of tax effect of $3,897 in 2011
and $(1,672) in 2010 |
5,845 | (2,508 | ) | |||||
Total comprehensive income |
$ | 35,616 | $ | 68,749 | ||||
Three Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 123,491 | $ | 122,322 | ||||
Foreign currency translation adjustments |
(37,004 | ) | 7,225 | |||||
Minimum pension liability adjustments,
net of tax effect of $6,792 in 2011
and $1,583 in 2010 |
10,188 | 2,642 | ||||||
Total comprehensive income |
$ | 96,675 | $ | 132,189 | ||||
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8. | Pension Benefits |
The following sets forth the components of net periodic employee benefit cost of the Companys defined benefit pension plans for the three and nine months ended September 30, 2011 and 2010: |
Nine Months Ended September 30, | ||||||||||||||||
Pension Benefits | ||||||||||||||||
U.S. Plan | Canadian Plan | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Service cost |
$ | 15,825 | $ | 15,750 | $ | | $ | | ||||||||
Interest cost |
129,150 | 131,250 | 58,309 | 51,872 | ||||||||||||
Expected return on plan assets |
(68,100 | ) | (78,000 | ) | (63,987 | ) | (55,417 | ) | ||||||||
Net actuarial loss |
| | 10,588 | | ||||||||||||
Net periodic benefit cost |
$ | 76,875 | $ | 69,000 | $ | 4,910 | $ | (3,545 | ) | |||||||
Three Months Ended September 30, | ||||||||||||||||
Pension Benefits | ||||||||||||||||
U.S. Plan | Canadian Plan | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Service cost |
$ | 5,275 | $ | 5,250 | $ | | $ | | ||||||||
Interest cost |
43,050 | 43,750 | 19,426 | 17,308 | ||||||||||||
Expected return on plan assets |
(22,700 | ) | (26,000 | ) | (21,317 | ) | (18,491 | ) | ||||||||
Net actuarial loss |
| | 3,527 | | ||||||||||||
Net periodic benefit cost |
$ | 25,625 | $ | 23,000 | $ | 1,636 | $ | (1,183 | ) | |||||||
The Company has frozen the accrual of any additional benefits under the U.S. defined benefit pension plan effective July 15, 2005. | ||
Effective January 1, 2009, the Company converted its pension plan for its Canadian employees (the Canadian Plan) from a noncontributory defined benefit plan to a defined contribution plan. Until the conversion, benefits for the salaried employees were based on specified percentages of the employees monthly compensation. The conversion of the Canadian plan has the effect of freezing the accrual of future defined benefits under the plan. Under the defined contribution plan, the Company will contribute 3% of employee compensation plus 50% of employee elective contributions up to a maximum contribution of 5% of employee compensation. | ||
The Fair Value Measurements and Disclosure Topic of the ASC requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various values of the Fair Value Measurements and Disclosure Topic of the ASC fair value hierarchy are described as follows: | ||
Level 1 Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. | ||
Level 2 Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||
Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||
The fair value hierarchy of the plan assets are as follows: |
September 30, 2011 | ||||||||||||
US Plan | Canadian Plan | |||||||||||
Cash and cash equivalents |
Level 1 | | $ | 73,888 | ||||||||
Mutual funds |
Level 1 | | 1,121,669 | |||||||||
Pooled separate accounts |
Level 2 | $ | 1,927,581 | | ||||||||
Total |
$ | 1,927,581 | $ | 1,195,557 | ||||||||
US pension plan assets are invested solely in pooled separate account funds, which are managed by MetLife. The net asset values (NAV) are based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. The NAVs unit price of the pooled separate accounts is not quoted on any market; however, the unit price is |
11
based on the underlying investments which are traded in an active market and are priced by independent providers. There have been no significant transfers in or out of Level 1 or Level 2 fair value measurements. | ||
For additional information on the defined benefit pension plans, please refer to Note 10 of the consolidated financial statements included in the Companys Annual Report on Form 10-K for the year ended December 31, 2010. |
9. | Earnings Per Share |
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Numerator: |
||||||||
Net income |
$ | 53,361 | $ | 67,903 | ||||
Denominator: |
||||||||
Denominator for earnings per share (basic and diluted) weighted average shares |
1,652,422 | 1,600,439 | ||||||
Income per common share (basic and diluted): |
$ | 0.03 | $ | 0.04 | ||||
Three Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Numerator: |
||||||||
Net income |
$ | 123,491 | $ | 122.322 | ||||
Denominator: |
||||||||
Denominator for earnings per share (basic and diluted) weighted average shares |
1,660,440 | 1,611,343 | ||||||
Income per common share (basic and diluted): |
$ | 0.07 | $ | 0.08 | ||||
The Company had 12,000 stock options outstanding at September 30, 2011 and 2010, respectively, which were not included in the common share computation for loss per share, as the common stock equivalents were anti-dilutive. |
10. | Debt |
On December 8, 2010, the Company entered into a credit agreement (the Loan Agreement) with Bank of America Merrill Lynch (BAML), pursuant to which the Company obtained a $1 million term loan (the Term Loan) and a $2.5 million revolving line of credit (the Line of Credit). On November 4, 2011, the Company entered into an amendment to the Loan Agreement that extended the maturity date of the Line of Credit through December 8, 2012. The amendment also included the addition of a $500,000 draw note (the Draw Note). | ||
The Draw Note is to be used to fund the Companys investment in future concession contracts. The Company can advance up to $500,000 on the Draw Note before October 27, 2012. The Company will pay interest only on the Draw Note through November 26, 2012, after which the Company will pay interest and principal so that the balance will be paid in full as of October 27, 2015. As of September 30, 2011 there were no borrowings on the Draw Note. | ||
The proceeds of the Term Loan were used to fund the Companys investment in lockers used in the Disneyland concession agreement. The proceeds of the Line of Credit will be used primarily for working capital needs in the ordinary course of business and for general corporate purposes. | ||
The Company can borrow, repay and re-borrow principal under the Line of Credit from time to time during its term, but the outstanding principal balance of the Line of Credit may not exceed the lesser of the borrowing base or $2,500,000. For purposes of the Line of Credit, borrowing base is calculated by multiplying eligible accounts receivable of the Company by 80% and eligible raw material and finished goods by 50%. As of September 30, 2011 there was $500,000 outstanding on the Line of Credit. | ||
The outstanding principal balances of the Line of Credit, the Draw Note and the Term Loan bear interest at the one month LIBOR rate plus 375 basis points (3.75%). Accrued interest payments on the outstanding principal balance of the Line of Credit are due monthly, and all outstanding principal payments under the Line of Credit, together with all accrued but unpaid interest, is due at maturity, or December 8, 2012. Payments on the Term Loan, consisting of $16,667 in principal plus accrued interest, began in 2011. The entire outstanding balance of the Term Loan is due on December 8, 2015. | ||
The Loan Agreement is secured by a first priority lien on all of the Companys accounts receivable, inventory and equipment pursuant to a Security Agreement between the Company and BAML (the Credit Security Agreement). |
12
The Credit Security Agreement and Loan Agreement contain covenants, including financial covenants, with which the Company must comply, including a debt service coverage ratio and a funded debt to EBITDA ratio. Subject to the Lenders consent, the Company is prohibited under the Credit Security Agreement and the Loan Agreement, except under certain circumstances, from incurring or assuming additional debt and from permitting liens to be placed upon any of its property, assets or revenues. Additionally, the Company is prohibited from entering into certain transactions, including a merger or consolidation, without the Lenders consent. |
11. | Restructuring |
As a result of the economic crisis, the Company implemented a restructuring in January 2009 to rationalize its cost structure in an uncertain economic environment. The restructuring included the elimination of approximately 50 permanent and temporary positions (a reduction of approximately 40% of the Companys workforce) as well as an across the board 10% reduction in wages and a 15% reduction in the base fee paid to members of the Companys Board of Directors. These reductions resulted in severance and payroll charges during the year ended December 31, 2009 of approximately $264,000. As of September 30, 2011, the remaining balance of these payments is expected to be made over the next nine months. Additionally, the Company expects to incur $100,000 in relocation expenses, which has not been accrued for, when it relocates its Ellicottville, New York operations to Texas during 2012. The restructuring and relocation is expected to result in approximately $240,000 in annual savings when completed. To implement the January 2009 restructuring plan, management anticipates incurring aggregate impairment charges and costs of $396,000 of which $296,000 have been previously incurred. Accrued restructuring expenses of $133,000 are included in Other accrued expenses in the Companys consolidated balance sheet. | ||
The following table analyzes the changes in the Companys reserve with respect to the restructuring plan for the nine months ended September 30, 2011: |
December 31, 2010 | Expense | Payment/Charges | September 30, 2011 | |||||||||||||
Severance |
$ | 132,000 | | $ | (11,288 | ) | $ | 120,712 | ||||||||
Other |
12,000 | | | 12,000 | ||||||||||||
Total |
$ | 144,000 | | $ | (11,288 | ) | $ | 132,712 | ||||||||
The following table analyzes the changes in the Companys reserve with respect to the restructuring plan for the three months ended September 30, 2011: |
June 30, 2011 | Expense | Payment/Charges | September 30, 2011 | |||||||||||||
Severance |
$ | 130,387 | | $ | (9,675 | ) | $ | 120,712 | ||||||||
Other |
12,000 | | | 12,000 | ||||||||||||
Total |
$ | 142,387 | | $ | (9,675 | ) | $ | 132,712 | ||||||||
12. | Commitments and Contingencies |
In July 2001, the Company received a letter from the New York State Department of Environmental Conservation (the NYSDEC) advising the Company that it is a potentially responsible party (PRP) with respect to environmental contamination at and alleged migration from property located in Gowanda, New York which was sold by the Company to Gowanda Electronics Corporation prior to 1980. In March 2001, the NYSDEC issued a Record of Decision with respect to the Gowanda site in which it set forth a remedy, including continued operation of an existing extraction well and air stripper, installation of groundwater pumping wells and a collection trench, construction of a treatment system in a separate building on the site, installation of a reactive iron wall covering 250 linear feet, which is intended to intercept any contaminates, and implementation of an on-going monitoring system. The NYSDEC has estimated that its selected remediation plan will cost approximately $688,000 for initial construction and a total of $1,997,000 with respect to expected operation and maintenance expenses over a 30-year period after completion of initial construction. The Company has not conceded to the NYSDEC that the Company is liable with respect to this matter and has not agreed with the NYSDEC that the remediation plan selected by NYSDEC is the most appropriate plan. This matter has not been litigated, and at the present time the Company has only been identified as a PRP. The Company also believes that other parties may have been identified by the NYSDEC as PRPs, and the allocation of financial responsibility of such parties has not been litigated. Based upon currently available information, the Company is unable to estimate timing with respect to the resolution of this matter. The NYSDEC has not commenced implementation of the remedial plan and has not indicated when construction will start, if ever. The Companys primary insurance carrier has assumed the cost of the Companys defense in this matter, subject to a reservation of rights. |
13
Beginning in September 1998 the Company has been named as an additional defendant in approximately 226 cases pending in state court in Massachusetts and one in the state of Washington. The plaintiffs in each case assert that a division of the Company manufactured and furnished components containing asbestos to a shipyard during the period from 1948 to 1972 and that injury resulted from exposure to such products. The assets of this division were sold by the Company in 1973. During the process of discovery in certain of these actions, documents from sources outside the Company have been produced which indicate that the Company appears to have been included in the chain of title for certain wall panels which contained asbestos and which were delivered to the Massachusetts shipyards. Defense of these cases has been assumed by the Companys insurance carrier, subject to a reservation of rights. Settlement agreements have been entered in approximately 31 cases with funds authorized and provided by the Companys insurance carrier. Further, over 157 cases have been terminated as to the Company without liability to the Company under Massachusetts procedural rules. Therefore, the balance of unresolved cases against the Company as of March 9, 2011, the most recent date data is available, is approximately 39 cases. |
While the Company cannot estimate potential damages or predict the ultimate resolution of these asbestos cases as the discovery proceedings on the cases are not complete, based upon the Companys experience to date with similar cases, as well as the assumption that insurance coverage will continue to be provided with respect to these cases, at the present time, the Company does not believe that the outcome of these cases will have a significant adverse impact on the Companys operations or financial condition. |
The Company is involved in other claims and litigation from time to time in the normal course of business. The Company does not believe these matters will have a significant adverse impact on the Companys operations or financial condition. |
Effect of New Accounting Guidance |
None. |
14
Nine Months Ended September 30, | Percentage | |||||||||||
2011 | 2010 | Increase/(Decrease) | ||||||||||
Lockers |
$ | 7,021,588 | $ | 6,554,158 | 7.1 | % | ||||||
Mailboxes |
1,711,724 | 1,743,240 | (1.8) | % | ||||||||
Contract
manufacturing |
233,893 | 412,827 | (43.3 | )% | ||||||||
Concession revenues |
808,297 | 90,115 | 797.0 | % | ||||||||
Total |
$ | 9,775,502 | $ | 8,800,340 | 11.1 | % | ||||||
15
| Does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; | ||
| Does not reflect changes in, or cash requirements for, our working capital needs; | ||
| Does not reflect our interest expense or the cash requirements necessary to service interest or principal payments on our debt; | ||
| Excludes tax payments that represent a reduction in available cash; | ||
| Excludes non-cash equity based compensation; and | ||
| Does not reflect any cash requirements for assets being depreciated and amortized that may have to be replaced in the future. |
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 53,631 | $ | 67,903 | ||||
Income tax expense |
45,282 | 76,822 | ||||||
Interest expense |
46,541 | 11,957 | ||||||
Other income (move allowance in excess
of expense) |
(129,232 | ) | | |||||
Depreciation and amortization expense |
494,003 | 230,000 | ||||||
Equity based compensation |
37,600 | 50,518 | ||||||
Adjusted EBITDA |
$ | 547,825 | $ | 437,200 | ||||
Adjusted EBITDA as a percentage of revenues |
5.6 | % | 5.0 | % |
16
Three Months Ended September 30, | Percentage | |||||||||||
2011 | 2010 | Increase/(Decrease) | ||||||||||
Lockers |
$ | 2,622,883 | $ | 2,270,625 | 15.5 | % | ||||||
Mailboxes |
649,223 | 623,789 | 4.1 | % | ||||||||
Contract
manufacturing |
97,275 | 22,578 | 330.8 | % | ||||||||
Concession revenues |
247,070 | 31,714 | 679.1 | % | ||||||||
Total |
$ | 3,616,451 | $ | 2,948,706 | 22.6 | % | ||||||
17
| Does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; | ||
| Does not reflect changes in, or cash requirements for, our working capital needs; | ||
| Does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; | ||
| Does not reflect any cash requirements for assets being depreciated and amortized that may have to be replaced in the future; and | ||
| Excludes onetime expenses and equity compensation. |
Three Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 123,491 | $ | 122,322 | ||||
Income tax benefit |
(24,496 | ) | (7,857 | ) | ||||
Interest expense |
18,680 | 2,158 | ||||||
Other income (move allowance in excess of expense) |
(5,549 | ) | | |||||
Depreciation and amortization expense |
171,398 | 65,838 | ||||||
Equity based compensation |
7,500 | 11,250 | ||||||
Adjusted EBITDA |
$ | 291,024 | $ | 193,711 | ||||
Adjusted EBITDA as a percentage of revenues |
8.1 | % | 7.0 | % |
18
As of September 30, | As of December 31, | |||||||
2011 | 2010 | |||||||
Current Ratio |
1.61 to 1 | 1.96 to 1 | ||||||
Working Capital |
$ | 2,209,349 | $ | 3,011,293 |
19
20
Exhibit | ||
Number | Description | |
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934. | |
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934. | |
32.1
|
Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS*
|
XBRL Instance Document | |
101.SCH *
|
XBRL Taxonomy Extension Schema Document | |
101.CAL *
|
XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB *
|
XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document |
* | In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. |
21
AMERICAN LOCKER GROUP INCORPORATED |
||||
November 14, 2011 | By: | /s/ Paul M. Zaidins | ||
Paul M. Zaidins | ||||
President and Chief Operating Officer | ||||
November 14, 2011 | By: | /s/ David C. Shiring | ||
David C. Shiring | ||||
Chief Financial Officer | ||||
22
1. | I have reviewed this Quarterly Report on Form 10-Q of American Locker Group Incorporated; | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably like to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: November 14, 2011 | By: | /s/ Paul M. Zaidins | ||
Paul M. Zaidins | ||||
President and Chief Operating Officer |
23
1. | I have reviewed this Quarterly Report on Form 10-Q of American Locker Group Incorporated; | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably like to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: November 14, 2011 | By: | /s/ David C. Shiring | ||
David C. Shiring | ||||
Chief Financial Officer | ||||
24
1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Paul M. Zaidins | ||||
Paul M. Zaidins | ||||
President and Chief Operating Officer | ||||
/s/ David C. Shiring | ||||
David C. Shiring | ||||
Chief Financial Officer | ||||
25
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 164,000 | $ 134,000 |
Stockholders' equity: | ||
Common stock, par value | $ 1.00 | $ 1.00 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 1,857,842 | 1,834,106 |
Common stock, shares outstanding | 1,665,842 | 1,642,106 |
Treasury stock, shares | 192,000 | 192,000 |
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Consolidated Statements of Operations [Abstract] | ||||
Net Sales | $ 3,616,451 | $ 2,948,706 | $ 9,775,502 | $ 8,800,340 |
Cost of products sold | 2,456,846 | 1,801,888 | 6,668,041 | 5,513,219 |
Gross profit | 1,159,605 | 1,146,818 | 3,107,461 | 3,287,121 |
Selling, general and administrative expenses | 1,040,455 | 1,039,251 | 3,091,276 | 3,143,405 |
Total operating income (loss) | 119,150 | 107,567 | 16,185 | 143,716 |
Other income (expense): | ||||
Interest income | 8 | 120 | 82 | 17,629 |
Other income (expense) - net | (1,483) | 8,936 | 129,187 | (4,663) |
Interest expense | (18,680) | (2,158) | (46,541) | (11,957) |
Total other income (expense) | (20,155) | 6,898 | 82,728 | 1,009 |
Income before income taxes | 98,995 | 114,465 | 98,913 | 144,725 |
Income tax (expense) benefit | 24,496 | 7,857 | (45,282) | (76,822) |
Net income | $ 123,491 | $ 122,322 | $ 53,631 | $ 67,903 |
Weighted average common shares: | ||||
Basic | 1,660,440 | 1,611,343 | 1,652,422 | 1,600,439 |
Diluted | 1,660,440 | 1,611,343 | 1,652,422 | 1,600,439 |
Income (Loss) per share of common stock: | ||||
Basic | $ 0.07 | $ 0.08 | $ 0.03 | $ 0.04 |
Diluted | $ 0.07 | $ 0.08 | $ 0.03 | $ 0.04 |
Document and Entity Information (USD $) | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | Nov. 14, 2011 | Jun. 30, 2010 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMERICAN LOCKER GROUP INC | ||
Entity Central Index Key | 0000008855 | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2011 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2011 | ||
Document Fiscal Period Focus | Q3 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 1,579,803 | ||
Entity Common Stock, Shares Outstanding | 1,665,842 |
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Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity/Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss |
|
Commitments and Contingencies | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||
Commitments and Contingencies |
|
Disneyland Concession Agreement | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||
Disneyland Concession Agreement [Abstract] | ||||||||||||||
Disneyland Concession Agreement |
|
Earnings Per Share | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
The Company reports earnings per share in accordance with appropriate accounting guidance. The
following table sets forth the computation of basic and diluted earnings per common share:
|
Debt | 9 Months Ended | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||
Debt [Abstract] | ||||||||||||||||||||||||||||||
Debt |
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Pension Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pension Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits |
|
Basis of Presentation | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||
Basis of Presentation [Abstract] | |||||||||||||||
Basis of Presentation |
|
Inventories | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
|
Income Taxes | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||
Income Taxes [Abstract] | |||||||
Income Taxes |
|
Stockholders' Equity | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||
Stockholders' Equity/Comprehensive Loss [Abstract] | |||||||
Stockholders' Equity |
|
Sale of Property | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||
Sale of Property [Abstract] | |||||||||||||||
Sale of Property |
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Restructuring | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring |
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