Company Quick10K Filing
Altra Industrial Motion
Price28.50 EPS1
Shares65 P/E22
MCap1,841 P/FCF10
Net Debt1,454 EBIT109
TEV3,295 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-22
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-24
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-27
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-10-29
10-Q 2013-06-29 Filed 2013-07-26
10-Q 2013-03-30 Filed 2013-04-29
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-29 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-10-01 Filed 2011-11-03
10-Q 2011-07-02 Filed 2011-08-09
10-Q 2011-04-02 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-10-02 Filed 2010-11-03
10-Q 2010-07-03 Filed 2010-08-03
10-Q 2010-04-03 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-09
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-05-27
8-K 2020-04-30
8-K 2020-04-28
8-K 2020-04-14
8-K 2020-03-16
8-K 2020-02-13
8-K 2020-02-10
8-K 2019-10-24
8-K 2019-07-25
8-K 2019-04-26
8-K 2019-04-24
8-K 2019-02-21
8-K 2019-02-12
8-K 2018-10-25
8-K 2018-10-01
8-K 2018-09-26
8-K 2018-09-14
8-K 2018-09-07
8-K 2018-09-06
8-K 2018-09-04
8-K 2018-08-23
8-K 2018-07-26
8-K 2018-04-27
8-K 2018-04-24
8-K 2018-03-07
8-K 2018-03-07
8-K 2018-02-21
8-K 2018-02-12

AIMC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 aimc-ex102_115.htm
EX-10.3 aimc-ex103_114.htm
EX-10.4 aimc-ex104_113.htm
EX-10.5 aimc-ex105_112.htm
EX-31.1 aimc-ex311_9.htm
EX-31.2 aimc-ex312_7.htm
EX-32.1 aimc-ex321_6.htm
EX-32.2 aimc-ex322_8.htm

Altra Industrial Motion Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.43.52.61.80.90.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

aimc-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to

Commission File Number: 001-33209

 

ALTRA INDUSTRIAL MOTION CORP.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

61-1478870

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

300 Granite Street, Suite 201, Braintree, MA

 

02184

(Address of principal executive offices)

 

(Zip Code)

 

(781) 917-0600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

AIMC

NASDAQ Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

☐ 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 21, 2020, there were 64,655,978 outstanding shares of the registrant’s common stock, $0.001 par value per share.

 

 


TABLE OF CONTENTS

 

 

 

 

Page #

PART I - FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets

 

1

 

 

Condensed Consolidated Statement of Operations

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income

 

3

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

5

 

 

Notes to Unaudited Condensed Consolidated Interim Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

35

Item 4.

 

Controls and Procedures

 

35

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

36

Item 1A.

 

Risk Factors

 

36

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

Item 3.

 

Defaults Upon Senior Securities

 

36

Item 4.

 

Mine Safety Disclosures

 

36

Item 5.

 

Other Information

 

37

Item 6.

 

Exhibits

 

37

 

 

 

 

SIGNATURES

 

38

 

 


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ALTRA INDUSTRIAL MOTION CORP.

Condensed Consolidated Balance Sheets

Amounts in millions, except share amounts

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

220.1

 

 

$

167.3

 

Trade receivables, less allowance for credit losses of $5.7 and $5.1 million at

   June 30, 2020 and December 31, 2019, respectively

 

 

230.6

 

 

 

243.2

 

Inventories

 

 

223.1

 

 

 

222.5

 

Income tax receivable

 

 

6.4

 

 

 

5.2

 

Prepaid expenses and other current assets

 

 

35.8

 

 

 

29.1

 

Total current assets

 

 

716.0

 

 

 

667.3

 

Property, plant and equipment, net

 

 

339.7

 

 

 

354.4

 

Goodwill

 

 

1,543.0

 

 

 

1,694.9

 

Intangible assets, net

 

 

1,450.4

 

 

 

1,502.4

 

Deferred income taxes

 

 

1.0

 

 

 

3.0

 

Other non-current assets

 

 

9.2

 

 

 

25.1

 

Operating lease right of use assets

 

 

41.4

 

 

 

36.6

 

Total assets

 

$

4,100.7

 

 

$

4,283.7

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

140.1

 

 

$

154.7

 

Accrued payroll

 

 

57.3

 

 

 

58.3

 

Accruals and other current liabilities

 

 

75.7

 

 

 

82.0

 

Income tax payable

 

 

11.9

 

 

 

13.2

 

Current portion of long-term debt

 

 

17.0

 

 

 

18.0

 

Operating lease liabilities

 

 

13.0

 

 

 

13.5

 

Total current liabilities

 

 

315.0

 

 

 

339.7

 

Long-term debt - less current portion

 

 

1,535.6

 

 

 

1,563.8

 

Deferred income taxes

 

 

368.2

 

 

 

369.1

 

Pension liabilities

 

 

30.5

 

 

 

30.8

 

Long-term taxes payable

 

 

2.7

 

 

 

4.5

 

Other long-term liabilities

 

 

9.8

 

 

 

28.8

 

Operating lease liabilities, net of current portion

 

 

30.4

 

 

 

24.7

 

Commitments and Contingencies (Note 16)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock ($0.001 par value per share, 120,000,000 shares authorized,

   64,575,115 and 64,222,603 shares issued and outstanding at June 30, 2020

   and December 31, 2019, respectively)

 

 

0.1

 

 

 

0.1

 

Additional paid-in capital

 

 

1,701.8

 

 

 

1,696.7

 

Retained earnings

 

 

206.7

 

 

 

315.4

 

Accumulated other comprehensive loss

 

 

(100.1

)

 

 

(89.9

)

Total stockholders’ equity

 

 

1,808.5

 

 

 

1,922.3

 

Total liabilities and stockholders’ equity

 

$

4,100.7

 

 

$

4,283.7

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

1


ALTRA INDUSTRIAL MOTION CORP.

Condensed Consolidated Statements of Operations

Amounts in millions, except per share data

 

 

 

Quarter Ended

 

 

Year to Date Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Net sales

 

$

400.8

 

 

$

466.5

 

 

$

835.0

 

 

$

949.3

 

Cost of sales

 

 

257.4

 

 

 

299.5

 

 

 

538.6

 

 

 

607.4

 

Gross profit

 

 

143.4

 

 

 

167.0

 

 

 

296.4

 

 

 

341.9

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

75.8

 

 

 

92.0

 

 

 

162.9

 

 

 

182.9

 

Impairment of goodwill and intangible asset

 

 

 

 

 

 

 

 

147.5

 

 

 

 

Research and development expenses

 

 

14.0

 

 

 

14.7

 

 

 

28.8

 

 

 

30.0

 

Restructuring costs

 

 

1.5

 

 

 

3.2

 

 

 

3.1

 

 

 

5.5

 

 

 

 

91.3

 

 

 

109.9

 

 

 

342.3

 

 

 

218.4

 

(Loss)/Income from operations

 

 

52.1

 

 

 

57.1

 

 

 

(45.9

)

 

 

123.5

 

Other non-operating income and expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

18.8

 

 

 

18.6

 

 

 

36.2

 

 

 

38.4

 

Other non-operating expense, net

 

 

2.5

 

 

 

0.4

 

 

 

1.1

 

 

 

1.5

 

 

 

 

21.3

 

 

 

19.0

 

 

 

37.3

 

 

 

39.9

 

(Loss)/Income before income taxes

 

 

30.8

 

 

 

38.1

 

 

 

(83.2

)

 

 

83.6

 

Provision for income taxes

 

 

9.1

 

 

 

9.1

 

 

 

11.8

 

 

 

19.4

 

Net (loss)/income

 

$

21.7

 

 

$

29.0

 

 

$

(95.0

)

 

$

64.2

 

Weighted average shares, basic

 

 

64.6

 

 

 

64.3

 

 

 

64.5

 

 

 

64.3

 

Weighted average shares, diluted

 

 

64.7

 

 

 

64.5

 

 

 

64.5

 

 

 

64.5

 

Net (loss)/income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.45

 

 

$

(1.47

)

 

$

1.00

 

Diluted

 

$

0.34

 

 

$

0.45

 

 

$

(1.47

)

 

$

1.00

 

Cash dividend declared per share

 

$

0.04

 

 

$

0.17

 

 

$

0.21

 

 

$

0.34

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

2


ALTRA INDUSTRIAL MOTION CORP.

Condensed Consolidated Statements of Comprehensive Income

(Amounts in millions)

 

 

 

Quarter Ended

 

 

Year to Date Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Net Income/(loss)

 

$

21.7

 

 

$

29.0

 

 

$

(95.0

)

 

$

64.2

 

Other Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

27.2

 

 

 

4.9

 

 

 

(31.1

)

 

 

(7.6

)

Change in pension liability adjustment

 

 

 

 

 

 

 

 

(0.1

)

 

 

(0.3

)

Non-cash amortization of interest rate swap expense, net of tax

 

 

1.7

 

 

 

 

 

 

1.7

 

 

 

 

Change in fair value of derivative financial instruments, net of tax

 

 

(0.2

)

 

 

(14.0

)

 

 

19.3

 

 

 

(2.5

)

Total other comprehensive income/(loss):

 

 

28.7

 

 

 

(9.1

)

 

 

(10.2

)

 

 

(10.4

)

Comprehensive income/(loss)

 

$

50.4

 

 

$

19.9

 

 

$

(105.2

)

 

$

53.8

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

3


ALTRA INDUSTRIAL MOTION CORP.

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

 

 

 

Year to Date Ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net (loss)/income

 

$

(95.0

)

 

$

64.2

 

Adjustments to reconcile net income to net operating cash flows:

 

 

 

 

 

 

 

 

Depreciation

 

 

29.3

 

 

 

28.9

 

Amortization of intangible assets

 

 

34.8

 

 

 

35.4

 

Amortization of deferred financing costs

 

 

2.3

 

 

 

2.3

 

Accretion of debt discount

 

 

0.2

 

 

 

 

Non-cash amortization of interest rate swap expense

 

 

2.2

 

 

 

 

Impairment of goodwill and intangible asset

 

 

147.5

 

 

 

 

Payment for interest rate swap settlement

 

 

(34.7

)

 

 

 

(Gain)/Loss on foreign currency, net

 

 

(0.1

)

 

 

0.8

 

Loss on disposal and other

 

 

 

 

 

0.2

 

Stock-based compensation

 

 

7.1

 

 

 

7.0

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Trade receivables

 

 

10.9

 

 

 

(10.2

)

Inventories

 

 

(3.6

)

 

 

(6.3

)

Accounts payable, accrued payroll, accruals and current liabilities

 

 

(10.8

)

 

 

(20.2

)

Other current assets and liabilities

 

 

(14.6

)

 

 

(4.5

)

Other operating assets and liabilities

 

 

(1.8

)

 

 

(1.5

)

Net cash provided by operating activities

 

 

73.7

 

 

 

96.1

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(17.3

)

 

 

(24.1

)

A&S acquisition purchase price adjustment

 

 

 

 

 

(13.5

)

Proceeds from cross currency interest rate swap settlement

 

 

56.2

 

 

 

0.3

 

Net cash provided by (used in) investing activities

 

 

38.9

 

 

 

(37.3

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Borrowing under Revolving Credit Facility

 

 

100.0

 

 

 

 

Payments on Revolving Credit Facility

 

 

(100.0

)

 

 

 

Payments on Term Loan Facility

 

 

(30.0

)

 

 

(50.0

)

Dividend payments

 

 

(22.3

)

 

 

(22.0

)

Net payments on financing leases, mortgages, and other obligations

 

 

(0.2

)

 

 

(0.5

)

Net proceeds/(payments) from China debt

 

 

(0.6

)

 

 

2.4

 

Shares surrendered for tax withholding

 

 

(2.0

)

 

 

(2.3

)

Net cash used in financing activities

 

 

(55.1

)

 

 

(72.4

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(4.7

)

 

 

(1.8

)

Net change in cash and cash equivalents

 

 

52.8

 

 

 

(15.4

)

Cash and cash equivalents at beginning of period

 

 

167.3

 

 

 

169.0

 

Cash and cash equivalents at end of period

 

$

220.1

 

 

$

153.6

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest paid on borrowings

 

$

31.7

 

 

$

35.3

 

Income taxes paid

 

$

22.8

 

 

$

24.4

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

4


ALTRA INDUSTRIAL MOTION CORP.

Condensed Consolidated Statements of Stockholders’ Equity

Amounts in millions

(Unaudited)

 

 

 

Common

Stock

 

 

Shares

 

 

Additional

Paid

in Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

 

Balance at January 1, 2020

 

$

0.1

 

 

 

64.2

 

 

$

1,696.7

 

 

$

315.4

 

 

$

(89.9

)

 

$

1,922.3

 

Stock-based compensation and vesting

   of restricted stock, net of withholdings

 

 

 

 

 

0.4

 

 

 

5.1

 

 

 

 

 

 

 

 

 

5.1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(95.0

)

 

 

 

 

 

(95.0

)

Dividends declared, $0.21 per share

 

 

 

 

 

 

 

 

 

 

 

(13.7

)

 

 

 

 

 

(13.7

)

Change in fair value of derivative financial

   instruments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.3

 

 

 

19.3

 

Non-cash amortization of interest rate swap expense, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

1.7

 

Minimum pension adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

(0.1

)

Cumulative foreign currency translation

   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31.1

)

 

 

(31.1

)

Balance at June 30, 2020

 

$

0.1

 

 

 

64.6

 

 

$

1,701.8