Shiloh Industries Reports First-Quarter Fiscal 2017 Results
2017年3月9日 - 9:00PM
GROSS PROFIT INCREASES BY 50 PERCENT
YEAR-OVER-YEAR
Shiloh Industries, Inc. (NASDAQ:SHLO), a leading
global supplier of lightweighting, noise, and vibration solutions
to the automotive, commercial vehicle and other industrial markets,
today reported financial results for its first-quarter of fiscal
2017 ended January 31, 2017.
First-Quarter 2017 Highlights:
- Gross margin for the quarter increased 330 basis points to 9.6
percent, compared to 6.3 percent in the year ago quarter,
benefitting from favorable product mix and operational
efficiencies.
- Gross profit increased by 49.8 percent to $23.8 million,
compared to $15.9 million in the year ago quarter.
- Net loss per basic share for the quarter was $0.11, compared to
a loss of $0.30 in the year ago quarter.
- Adjusted EBITDA margin for the quarter increased 230 basis
points to 5.8 percent, compared to 3.5 percent in the year ago
quarter.
- Adjusted EBITDA increased by 62.2 percent to $14.4 million,
compared to $8.9 million in the year ago quarter.
- New product wins represented an expected $97 million in sales
over the life-of-programs.
"We continue to build on the operational and
financial improvements that were achieved in 2016,” according to
Ramzi Hermiz, president and chief executive officer. “We
generated $27 million in cash from operating activities during the
first quarter and reduced our long term debt by $20 million
compared to year end fiscal 2016. We continue to deliver on
our goals to transition our product mix, improve operational
efficiencies and drive greater profitability while providing our
customers with industry-leading lightweighting solutions,” said
Hermiz.
Shiloh to Host Conference Call Today at
8:00 A.M. ETShiloh Industries will host a conference call
on Thursday, March 9 at 8:00 A.M. Eastern Time to discuss the
Company's 2017 first-quarter fiscal financial results. The
conference call can be accessed by dialing 1-877-407-0784, or for
international callers, 1-201-689-8560. Please dial-in approximately
five minutes in advance and request the Shiloh Industries
first-quarter conference call. A replay will be available
after the call and can be accessed by dialing 1-844-512-2921, or
for international callers, 1-412-317-6671. The passcode for the
replay is 13656782. The replay will be available until March 30,
2017. Interested investors and other parties may also listen
to a simultaneous webcast of the conference call by logging onto
the Investor Relations section of the Company's website at
www.shiloh.com.
Investor Contact:
For inquiries, please contact Thomas Dugan, Vice
President Finance and Treasurer at: 1-330-558-2600 or at
investor@shiloh.com.
About Shiloh Industries,
Inc.
Shiloh Industries, Inc. (NASDAQ:SHLO) is a
global innovative solutions provider focusing on lightweighting
technologies that provide environmental and safety benefits to the
mobility market. The Company designs and manufactures
products within body structure, chassis and powertrain systems,
leveraging one of the broadest portfolios in the industry. Shiloh’s
multi-component, multi-material solutions are comprised of a
variety of alloys in aluminum, magnesium and steel grades, along
with its proprietary line of noise and vibration reducing
ShilohCore acoustic laminate products. The strategic
BlankLight®, CastLight® and StampLight® brands combine to maximize
lightweighting solutions without compromising safety or
performance. The Company has over 3,600 dedicated employees with
operations, sales and technical centers throughout Asia, Europe and
North America.
Forward-Looking Statements
Certain statements made by Shiloh in this Press
Release 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.
Listed below are some of the factors that could
potentially cause actual results to differ materially from expected
future results. Other factors besides those listed here could also
materially affect the Company’s business.
- The Company's ability to accomplish its strategic
objectives.
- The Company's 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, including businesses located outside of the United
States. Risks associated with doing business internationally,
including economic, political and social instability, foreign
currency exposure and the lack of acceptance of its products.
- Inefficiencies related to production and product launches that
are greater than anticipated; changes in technology and
technological risks.
- 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 affecting car and light truck production.
- 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
aluminum, magnesium or steel, the Company's primary raw materials,
or decreases in the price of scrap steel.
- The successful launch and consumer acceptance of new vehicles
for which the Company supplies parts.
- The impact on historical financial statements of any known or
unknown accounting errors or irregularities; and the magnitude of
any adjustments in restated financial statements of the Company’s
operating results.
- The occurrence of any event or condition that may be deemed a
material adverse effect under the Company’s outstanding
indebtedness or a decrease in customer demand which could cause a
covenant default under the Company’s outstanding indebtedness.
- Pension plan funding requirements.
See "Part I, Item 1A. Risk Factors" in the
Company's Annual Report on Form 10-K for the fiscal year ended
October 31, 2016 for a more complete discussion of these risks
and uncertainties. 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 Press Release.
The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date of filing this Press
Release. 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 SEC.
Non-GAAP Financial Measures
This press release includes the following
non-GAAP financial measures: “EBITDA,” “adjusted EBITDA," "adjusted
EBITDA margin" and "adjusted net income per share." We define
EBITDA as net income / (loss) before interest, taxes, stock
compensation, depreciation and amortization. We define adjusted
EBITDA as net income / (loss) before interest, taxes, stock
compensation, depreciation, amortization, and other adjustments as
described in the reconciliations accompanying this press
release. We define adjusted EBITDA margin as adjusted EBITDA
divided by net revenues as shown in the reconciliations
accompanying this press release. Adjusted net income per share
excludes certain income and expense items as shown in the
reconciliation accompanying this press release. We use EBITDA,
adjusted EBITDA, adjusted EBITDA margin and adjusted net income per
share as supplements to information provided in accordance with
generally accepted accounting principles ("GAAP") in evaluating our
business and they are included in this press release because they
are principal factors upon which our management assesses
performance. Reconciliations of these non-GAAP financial measures
to the most directly comparable financial measures calculated in
accordance with GAAP are set forth below. The non-GAAP measures
presented in this release are not measures of performance under
GAAP. These measures should not be considered as alternatives for
the most directly comparable financial measures calculated in
accordance with GAAP. Other companies in our industry may
define these non-GAAP measures differently than we do and, as a
result, these non-GAAP measures may not be comparable to similarly
titled measures used by other companies; and certain of our
non-GAAP financial measures exclude financial information that some
may consider important in evaluating our performance. Given
the inherent uncertainty regarding special items and other expenses
in any future period, a reconciliation of forward-looking financial
measures to the most directly comparable financial measures
calculated and presented in accordance with GAAP is not feasible.
The magnitude of these items, however, may be significant.
Adjusted Earnings Per Share
Reconciliation |
|
Three Months Ended January 31, |
|
|
|
|
2017 |
|
2016 |
|
Net loss per common share (GAAP) |
|
|
|
|
|
Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.30 |
) |
|
|
Asset
impairment |
|
— |
|
|
0.01 |
|
|
|
Professional fees |
|
0.06 |
|
|
0.07 |
|
|
|
Amortization of intangibles |
|
0.02 |
|
|
0.02 |
|
|
Basic adjusted earnings per share (non-GAAP) |
|
$ |
(0.03 |
) |
|
$ |
(0.20 |
) |
|
Adjusted EBITDA Reconciliation |
|
Three Months Ended January 31, |
|
|
|
|
2017 |
|
2016 |
|
Net loss (GAAP) |
|
$ |
(2,018 |
) |
|
$ |
(5,127 |
) |
|
|
Depreciation and amortization |
|
9,718 |
|
|
9,312 |
|
|
|
Stock
compensation expense |
|
397 |
|
|
189 |
|
|
|
Interest
expense, net |
|
4,810 |
|
|
4,350 |
|
|
|
Benefit
for income taxes |
|
(76 |
) |
|
(1,911 |
) |
|
EBITDA (non-GAAP) |
|
12,831 |
|
|
6,813 |
|
|
|
Asset
impairment |
|
41 |
|
|
273 |
|
|
|
Professional fees |
|
1,543 |
|
|
1,800 |
|
|
Adjusted EBITDA |
|
$ |
14,415 |
|
|
$ |
8,886 |
|
|
Adjusted EBITDA margin |
|
5.8 |
% |
|
3.5 |
% |
|
SHILOH INDUSTRIES,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(Dollar amounts in
thousands) |
|
|
January 31,
2017 |
|
October 31,
2016 |
|
ASSETS: |
|
|
|
Cash and cash
equivalents |
$ |
6,020 |
|
|
$ |
8,696 |
|
Investment in
marketable securities |
350 |
|
|
174 |
|
Accounts receivable,
net of allowance for doubtful accounts of $776 and $790 at January
31, 2017 and October 31, 2016, respectively |
168,266 |
|
|
183,862 |
|
Related-party accounts
receivable |
1,639 |
|
|
1,235 |
|
Prepaid income
taxes |
1,873 |
|
|
1,653 |
|
Inventories, net |
62,097 |
|
|
60,547 |
|
Prepaid expenses and
other assets |
35,739 |
|
|
36,986 |
|
Total
current assets |
275,984 |
|
|
293,153 |
|
Property, plant and
equipment, net |
267,289 |
|
|
265,837 |
|
Goodwill |
27,313 |
|
|
27,490 |
|
Intangible assets,
net |
16,716 |
|
|
17,279 |
|
Deferred income
taxes |
9,911 |
|
|
9,974 |
|
Other assets |
11,226 |
|
|
12,696 |
|
Total
assets |
$ |
608,439 |
|
|
$ |
626,429 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
|
|
Current debt |
$ |
1,760 |
|
|
$ |
2,023 |
|
Accounts payable |
159,801 |
|
|
158,514 |
|
Other accrued
expenses |
44,641 |
|
|
40,824 |
|
Accrued income
taxes |
739 |
|
|
1,686 |
|
Total
current liabilities |
206,941 |
|
|
203,047 |
|
Long-term debt |
236,660 |
|
|
256,922 |
|
Long-term benefit
liabilities |
23,312 |
|
|
23,312 |
|
Deferred income
taxes |
5,161 |
|
|
4,734 |
|
Interest rate swap
agreement |
3,172 |
|
|
5,036 |
|
Other liabilities |
1,112 |
|
|
588 |
|
Total
liabilities |
476,358 |
|
|
493,639 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Preferred
stock, $.01 per share; 5,000,000 shares authorized; no shares
issued and outstanding at January 31, 2017 and October 31,
2016, respectively |
— |
|
|
— |
|
Common
stock, par value $.01 per share; 50,000,000 shares authorized;
17,825,456 and 17,614,057 shares issued and outstanding at January
31, 2017 and October 31, 2016, respectively |
178 |
|
|
176 |
|
Paid-in
capital |
70,798 |
|
|
70,403 |
|
Retained
earnings |
116,655 |
|
|
118,673 |
|
Accumulated other comprehensive loss, net |
(55,550 |
) |
|
(56,462 |
) |
Total
stockholders’ equity |
132,081 |
|
|
132,790 |
|
Total
liabilities and stockholders’ equity |
$ |
608,439 |
|
|
$ |
626,429 |
|
SHILOH INDUSTRIES,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (Amounts in thousands,
except per share data) |
|
|
|
Three Months Ended January 31, |
|
2017 |
|
2016 |
Net revenues |
$ |
247,938 |
|
|
$ |
251,055 |
|
Cost of sales |
224,138 |
|
|
235,166 |
|
Gross
profit |
23,800 |
|
|
15,889 |
|
Selling, general &
administrative expenses |
20,188 |
|
|
17,344 |
|
Amortization of
intangible assets |
565 |
|
|
564 |
|
Asset impairment |
41 |
|
|
273 |
|
Operating
income (loss) |
3,006 |
|
|
(2,292 |
) |
Interest expense |
4,812 |
|
|
4,352 |
|
Interest income |
(2 |
) |
|
(2 |
) |
Other expense |
290 |
|
|
396 |
|
Loss
before income taxes |
(2,094 |
) |
|
(7,038 |
) |
Benefit for income
taxes |
(76 |
) |
|
(1,911 |
) |
Net
loss |
$ |
(2,018 |
) |
|
$ |
(5,127 |
) |
Loss per share: |
|
|
|
Basic
loss per share |
$ |
(0.11 |
) |
|
$ |
(0.30 |
) |
Basic
weighted average number of common shares |
17,720 |
|
|
17,342 |
|
Diluted
loss per share |
$ |
(0.11 |
) |
|
$ |
(0.30 |
) |
Diluted
weighted average number of common shares |
17,720 |
|
|
17,342 |
|
SHILOH INDUSTRIES,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED) (Dollar amounts in
thousands) |
|
|
|
|
|
Three Months Ended January 31, |
|
|
2017 |
|
2016 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net
loss |
|
$ |
(2,018 |
) |
|
$ |
(5,127 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
9,718 |
|
|
9,312 |
|
Asset
impairment, net |
|
41 |
|
|
273 |
|
Amortization of deferred financing costs |
|
832 |
|
|
621 |
|
Deferred
income taxes |
|
(1,285 |
) |
|
506 |
|
Stock-based compensation expense |
|
397 |
|
|
189 |
|
(Gain)
loss on sale of assets |
|
37 |
|
|
(19 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
15,448 |
|
|
40,146 |
|
Inventories |
|
(1,502 |
) |
|
(2,774 |
) |
Prepaids
and other assets |
|
2,008 |
|
|
5,035 |
|
Payables
and other liabilities |
|
4,112 |
|
|
(27,180 |
) |
Prepaid
and accrued income taxes |
|
(1,164 |
) |
|
(2,387 |
) |
Net cash
provided by operating activities |
|
26,624 |
|
|
18,595 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Capital
expenditures |
|
(9,077 |
) |
|
(1,797 |
) |
Proceeds
from sale of assets |
|
4 |
|
|
135 |
|
Net cash
used for investing activities |
|
(9,073 |
) |
|
(1,662 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Payment
of capital leases |
|
(208 |
) |
|
(212 |
) |
Proceeds
from long-term borrowings |
|
33,200 |
|
|
21,500 |
|
Repayments of long-term borrowings |
|
(53,327 |
) |
|
(43,724 |
) |
Payment
of deferred financing costs |
|
(221 |
) |
|
(308 |
) |
Net cash
used for financing activities |
|
(20,556 |
) |
|
(22,744 |
) |
Effect of foreign
currency exchange rate fluctuations on cash |
|
329 |
|
|
(487 |
) |
Net decrease in cash
and cash equivalents |
|
(2,676 |
) |
|
(6,298 |
) |
Cash and cash
equivalents at beginning of period |
|
8,696 |
|
|
13,100 |
|
Cash and cash
equivalents at end of period |
|
$ |
6,020 |
|
|
$ |
6,802 |
|
|
|
|
|
|
Supplemental Cash Flow
Information: |
|
|
|
|
Cash paid
for interest |
|
$ |
3,954 |
|
|
$ |
3,747 |
|
Cash paid
for income taxes |
|
924 |
|
|
90 |
|
|
|
|
|
|
Non-cash
Activities: |
|
|
|
|
Capital
equipment included in accounts payable |
|
$ |
2,251 |
|
|
$ |
2,222 |
|
Shiloh Industries (NASDAQ:SHLO)
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Shiloh Industries (NASDAQ:SHLO)
過去 株価チャート
から 7 2023 まで 7 2024