Shiloh Industries Reports Second Quarter 2014 Results
VALLEY CITY, OH--(Marketwired - May 22, 2014) - Shiloh
Industries, Inc. (NASDAQ: SHLO) today reported financial results
for its second quarter ended April 30, 2014, and year to date
results.
Second Quarter Fiscal
Year 2014 vs. 2013 Highlights:
- Sales revenue for the quarter was $209.0 million, an
improvement of 14.7 percent.
- Gross profit for the quarter improved nearly 9 percent and was
$21.0 million.
- Operating income for the quarter improved 10.3 percent to $12.7
million.
- Net income per share diluted improved 9 percent to $0.47 for
the quarter.
Second Quarter Fiscal
Year 2014 Results:
The Company reported sales revenue of $209.0 million for the
second quarter of fiscal year 2014, an increase of 14.7 percent
from $182.1 million compared to the second quarter of fiscal year
2013. The Company's increased revenues outperformed the market
growth of 4.8 percent for the North American car and light truck
industry production volumes over the second quarter of 2013. This
was accomplished by new product launches, market share gains and
sales added from acquisitions.
Gross profit for the second quarter improved 8.6 percent to
$21.0 million, compared to $19.3 million, for the second quarter of
2013. While additional investments in new technologies and
personnel related to new program launches were incurred, the
business continued to contribute to the positive change in gross
profit.
For the second quarter of fiscal 2014, operating income improved
over 10 percent to $12.7 million, compared to $11.5 million for the
same period last year.
The Company reported a net income increase of 12.1 percent for
the second quarter of fiscal year 2014 of $8.1 million, or $0.47
per share diluted compared to the second quarter of 2013 net income
of $7.2 million, or $0.43 per share diluted, an improvement of 9
percent.
First Six Months 2014
Results:
Operating income for the first six months of fiscal 2014
improved 32.5 percent to $20.7 million, compared to $15.6 million
for the first six months of the previous year. Net income for the
first six months of fiscal 2014 was $13.1 million or $0.76 per
share diluted, an improvement of 32.9 percent over the prior year's
net income of $9.8 million, or $0.58 per share diluted. The
improvement reflects an increase in sales revenue of $65.0 million,
or 19.8 percent, as compared to the revenue for the first six
months of fiscal 2014 of $392.5 million. Furthermore, the
improvement in gross margin of 29.2 percent was driven by
productivity actions, resulting from an increase of 3.8 percent in
North American car and light truck production volumes, new product
launches and sales added from acquisitions.
The net cash flow provided by operating activities for the first
six months of 2014 generated $10.9 million. Capital expenditures
were $11.5 million, reflecting the Company's continued investment
in both maintenance and technology capital.
"Overall, we're pleased with the results of our lightweighting
strategy and its impact on our profitable growth. Our quote
activity and recent business awards signifies a recognition of our
leading technology and competitive position," said Ramzi Hermiz,
president and chief executive officer. "We continue to focus our
investments in technology and productivity improvements to achieve
global, sustainable, profitable growth."
About Shiloh Headquartered in Valley City, Ohio, Shiloh
Industries, Inc. is a leading supplier, providing lightweighting
and NVH solutions to automotive, commercial vehicle and other
industrial markets. Shiloh produces lightweight products for
body-in-white, exhaust, powertrain, structural and seating needs of
OEM and Tier 1 customers. The Company has (14) locations across
North America, and has approximately 2,000 employees. For more
information visit www.shiloh.com.
A conference call to discuss second quarter 2014 results will be
held on Thursday, May 22, 2014, at 11:00 a.m. EDT. To listen to the
conference call, dial (888) 510-1786
approximately five minutes prior to the start time and request the
Shiloh Industries second quarter conference.
Certain statements made by Shiloh Industries, Inc. (the
"Company") in this release and other periodic oral and written
statements, including filings with the Securities and Exchange
Commission, regarding the Company's operating performance, events
or developments that the Company believes or expects to occur in
the future, including those that discuss strategies, goals, outlook
or other non-historical matters, or which relate to future sales,
earnings expectations, cost savings, awarded sales, volume growth,
earnings or general belief in the Company's expectations of future
operating results are
"forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements are made on the basis of
management's assumptions and expectations. As a result, there
can be no guarantee or assurance that these assumptions and
expectations will in fact occur. The forward-looking
statements are subject to risks and uncertainties that may cause
actual results to materially differ from those contained in the
statements. Some, but not all, of the risks include the ability of
the Company to accomplish its strategic objectives with respect to
implementing its sustainable business model; the ability to obtain
future sales; changes in worldwide economic and political
conditions, including adverse effects from terrorism or related
hostilities; costs related to legal and administrative matters; the
Company's ability to realize cost savings expected to offset price
concessions; the Company's ability to successfully integrate
acquired businesses; inefficiencies related to production and
product launches that are greater than anticipated; changes in
technology and technological risks; increased fuel and utility
costs; work stoppages and strikes at the Company's facilities and
that of the Company's customers or suppliers; the Company's
dependence on the automotive and heavy truck industries, which are
highly cyclical; the dependence of the automotive industry on
consumer spending, which is subject to the impact of domestic and
international economic conditions, including increased energy costs
affecting car and light truck production, and regulations and
policies regarding international trade; financial and business
downturns of the Company's customers or vendors, including any
production cutbacks or bankruptcies; increases in the price of, or
limitations on the availability of, steel, the Company's primary
raw material, or decreases in the price of scrap steel; the
successful launch and consumer acceptance of new vehicles for which
the Company supplies parts; the occurrence of any event or
condition that may be deemed a material adverse effect under the
Credit Agreement or a decrease in customer demand which could cause
a covenant default under the Credit Agreement; pension plan funding
requirements; and other factors, uncertainties, challenges and
risks detailed in the Company's other public filings with the
Securities and Exchange Commission. Any or all of these risks and
uncertainties could cause actual results to differ materially from
those reflected in the forward-looking statements. These
forward-looking statements reflect management's analysis only as of
the date of this release.
The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof. In addition to the disclosures
contained herein, readers should carefully review risks and
uncertainties contained in other documents the Company files from
time to time with the Securities and Exchange Commission.
|
SHILOH
INDUSTRIES, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Dollar
amounts in thousands) |
|
|
|
|
|
|
|
|
|
April 30, 2014 |
|
|
October 31, 2013 |
|
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
579 |
|
|
$ |
398 |
|
Investment in marketable securities |
|
|
1,631 |
|
|
|
-- |
|
Accounts receivable, net of allowance for doubtful
accounts of $379 and $341 at April 30, 2014 and October 31, 2013,
respectively |
|
|
120,638 |
|
|
|
116,837 |
|
Related-party accounts receivable |
|
|
3,032 |
|
|
|
673 |
|
Inventories, net |
|
|
53,907 |
|
|
|
42,924 |
|
Deferred income taxes |
|
|
2,828 |
|
|
|
2,829 |
|
Prepaid expenses |
|
|
5,862 |
|
|
|
3,095 |
|
Other assets |
|
|
-- |
|
|
|
23 |
|
|
|
Total
current assets |
|
|
188,477 |
|
|
|
166,779 |
|
Property, plant and equipment, net |
|
|
198,556 |
|
|
|
197,874 |
|
Goodwill |
|
|
10,098 |
|
|
|
6,768 |
|
Intangible assets, net |
|
|
16,516 |
|
|
|
17,605 |
|
Other assets |
|
|
2,879 |
|
|
|
2,927 |
|
|
Total assets |
|
$ |
416,526 |
|
|
$ |
391,953 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current debt |
|
$ |
798 |
|
|
$ |
882 |
|
Accounts payable |
|
|
99,557 |
|
|
|
87,977 |
|
Accrued income taxes |
|
|
1,876 |
|
|
|
1,666 |
|
Other accrued expenses |
|
|
27,526 |
|
|
|
26,416 |
|
|
|
Total
current liabilities |
|
|
129,757 |
|
|
|
116,941 |
|
Long-term debt |
|
|
118,550 |
|
|
|
119,384 |
|
Long-term benefit liabilities |
|
|
19,904 |
|
|
|
21,287 |
|
Deferred income taxes |
|
|
644 |
|
|
|
969 |
|
Interest rate swap agreement |
|
|
903 |
|
|
|
-- |
|
Other liabilities |
|
|
1,921 |
|
|
|
2,223 |
|
|
|
Total
liabilities |
|
|
271,679 |
|
|
|
260,804 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 per share; 5,000,000 shares
authorized; no shares issued and outstanding at April 30, 2014 and
October 31, 2013, respectively |
|
|
-- |
|
|
|
-- |
|
|
Common stock, par value $.01 per share; 25,000,000
shares authorized; 17,131,784 and 17,031,316 shares issued and
outstanding at April 30, 2014 and October 31, 2013,
respectively |
|
|
172 |
|
|
|
170 |
|
|
Paid-in capital |
|
|
67,605 |
|
|
|
66,312 |
|
|
Retained earnings |
|
|
103,817 |
|
|
|
90,749 |
|
|
Accumulated other comprehensive loss: Pension related
liability, net |
|
|
(26,747 |
) |
|
|
(26,082 |
) |
|
|
Total
stockholders' equity |
|
|
144,847 |
|
|
|
131,149 |
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
416,526 |
|
|
$ |
391,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHILOH INDUSTRIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Amounts in thousands, except per share data) |
|
|
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
|
|
|
2014 |
|
|
2013 |
|
2014 |
|
|
2013 |
|
Net revenues |
|
$ |
208,972 |
|
|
$ |
182,146 |
|
$ |
392,511 |
|
|
$ |
327,529 |
|
Cost of sales |
|
|
187,971 |
|
|
|
162,810 |
|
|
353,663 |
|
|
|
297,456 |
|
|
Gross
profit |
|
|
21,001 |
|
|
|
19,336 |
|
|
38,848 |
|
|
|
30,073 |
|
Selling, general and administrative expenses |
|
|
11,208 |
|
|
|
7,828 |
|
|
22,153 |
|
|
|
14,440 |
|
Asset recovery |
|
|
(2,906 |
) |
|
|
-- |
|
|
(4,026 |
) |
|
|
(7 |
) |
|
Operating income |
|
|
12,699 |
|
|
|
11,508 |
|
|
20,721 |
|
|
|
15,640 |
|
Interest expense |
|
|
927 |
|
|
|
564 |
|
|
1,813 |
|
|
|
994 |
|
Interest income |
|
|
2 |
|
|
|
13 |
|
|
5 |
|
|
|
19 |
|
Other expense |
|
|
25 |
|
|
|
22 |
|
|
44 |
|
|
|
46 |
|
|
Income before income taxes |
|
|
11,749 |
|
|
|
10,935 |
|
|
18,869 |
|
|
|
14,619 |
|
Provision for income taxes |
|
|
3,620 |
|
|
|
3,686 |
|
|
5,801 |
|
|
|
4,787 |
|
|
Net
income |
|
$ |
8,129 |
|
|
$ |
7,249 |
|
$ |
13,068 |
|
|
$ |
9,832 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.48 |
|
|
$ |
0.43 |
|
$ |
0.77 |
|
|
$ |
0.58 |
|
Basic weighted average number of common shares |
|
|
17,081 |
|
|
|
16,998 |
|
|
17,063 |
|
|
|
16,993 |
|
Diluted earnings per share |
|
$ |
0.47 |
|
|
$ |
0.43 |
|
$ |
0.76 |
|
|
$ |
0.58 |
|
Diluted weighted average number of common shares |
|
|
17,158 |
|
|
|
17,043 |
|
|
17,148 |
|
|
|
17,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHILOH INDUSTRIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
(Dollar amounts in thousands) |
|
|
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
|
|
2014 |
|
|
2013 |
|
2014 |
|
|
2013 |
Net income |
|
$ |
8,129 |
|
|
$ |
7,249 |
|
$ |
13,068 |
|
|
$ |
9,832 |
Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit pension plans & other
postretirement benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial net gain |
|
|
269 |
|
|
|
-- |
|
|
538 |
|
|
|
-- |
|
|
|
Asset
net loss |
|
|
(606 |
) |
|
|
-- |
|
|
(1,145 |
) |
|
|
-- |
|
|
|
Recognized gain |
|
|
717 |
|
|
|
-- |
|
|
331 |
|
|
|
-- |
|
|
|
Income tax - (expense) benefit |
|
|
(144 |
) |
|
|
-- |
|
|
105 |
|
|
|
-- |
|
|
Total defined benefit pension plans & other post
retirement benefits, net of tax |
|
|
236 |
|
|
|
-- |
|
|
(171 |
) |
|
|
-- |
|
Marketable securities, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on marketable securities |
|
|
104 |
|
|
|
-- |
|
|
104 |
|
|
|
-- |
|
|
|
Income taxes on marketable securities |
|
|
(37 |
) |
|
|
-- |
|
|
(37 |
) |
|
|
-- |
|
Unrealized gain on marketable securities, net of
tax |
|
|
67 |
|
|
|
-- |
|
|
67 |
|
|
|
-- |
|
Derivatives and hedging: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on interest rate swap agreements |
|
|
(903 |
) |
|
|
-- |
|
|
(903 |
) |
|
|
-- |
|
|
|
Income taxes on interest rate swap agreements |
|
|
342 |
|
|
|
-- |
|
|
342 |
|
|
|
-- |
|
Change in fair value of derivative instruments, net of
tax |
|
|
(561 |
) |
|
|
-- |
|
|
(561 |
) |
|
|
-- |
Comprehensive income, net |
|
$ |
7,871 |
|
|
$ |
7,249 |
|
$ |
12,403 |
|
|
$ |
9,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHILOH INDUSTRIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Dollar amounts in thousands) |
|
|
|
Six Months Ended April 30, |
|
|
|
2014 |
|
|
2013 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,068 |
|
|
$ |
9,832 |
|
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,885 |
|
|
|
9,392 |
|
|
|
Asset recovery |
|
|
(4,026 |
) |
|
|
(7 |
) |
|
|
Amortization of deferred financing costs |
|
|
465 |
|
|
|
150 |
|
|
|
Deferred income taxes |
|
|
86 |
|
|
|
36 |
|
|
|
Stock-based compensation expense |
|
|
289 |
|
|
|
374 |
|
|
|
Gain on sale of assets |
|
|
(131 |
) |
|
|
-- |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(5,986 |
) |
|
|
(18,029 |
) |
|
|
|
Inventories |
|
|
(10,983 |
) |
|
|
5,945 |
|
|
|
|
Prepaids and other assets |
|
|
(3,143 |
) |
|
|
479 |
|
|
|
|
Payables and other liabilities |
|
|
8,173 |
|
|
|
920 |
|
|
|
|
Accrued income taxes |
|
|
210 |
|
|
|
3,300 |
|
|
|
|
|
Net
cash provided by operating activities |
|
|
10,907 |
|
|
|
12,392 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(11,549 |
) |
|
|
(12,449 |
) |
|
|
Investment in marketable securities |
|
|
(1,527 |
) |
|
|
-- |
|
|
|
Acquisitions, net of cash acquired |
|
|
(349 |
) |
|
|
(63,066 |
) |
|
|
Proceeds from sale of assets |
|
|
4,163 |
|
|
|
7 |
|
|
|
|
|
Net
cash used in investing activities |
|
|
(9,262 |
) |
|
|
(75,508 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
Payment of dividends |
|
|
-- |
|
|
|
(4,226 |
) |
|
|
Payment of capital leases |
|
|
(56 |
) |
|
|
-- |
|
|
|
Proceeds from long-term borrowings |
|
|
8,600 |
|
|
|
81,750 |
|
|
|
Repayments of long-term borrowings |
|
|
(10,737 |
) |
|
|
(14,200 |
) |
|
|
Payment of deferred financing costs |
|
|
(16 |
) |
|
|
(349 |
) |
|
|
Proceeds from exercise of stock options |
|
|
745 |
|
|
|
110 |
|
|
|
|
|
Net
cash provided by (used for) financing activities |
|
|
(1,464 |
) |
|
|
63,085 |
|
Net increase (decrease) in cash and cash
equivalents |
|
|
181 |
|
|
|
(31 |
) |
Cash and cash equivalents at beginning of period |
|
|
398 |
|
|
|
174 |
|
Cash and cash equivalents at end of period |
|
$ |
579 |
|
|
$ |
143 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
$ |
1,522 |
|
|
$ |
789 |
|
Cash paid for interest |
|
$ |
5,713 |
|
|
$ |
1,341 |
|
|
|
|
|
|
|
|
|
|
Non-cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
Equipment acquired under capital lease |
|
$ |
1,679 |
|
|
$ |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: Thomas M. Dugan Vice President of Finance and Treasurer
Shiloh Industries, Inc. +1 (330) 558-2600
Shiloh Industries (NASDAQ:SHLO)
過去 株価チャート
から 6 2024 まで 7 2024
Shiloh Industries (NASDAQ:SHLO)
過去 株価チャート
から 7 2023 まで 7 2024