Company Quick10K Filing
Haynes
Price35.63 EPS1
Shares13 P/E46
MCap446 P/FCF10
Net Debt-31 EBIT13
TEV415 TEV/EBIT31
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-Q 2019-12-31 Filed 2020-01-30
10-K 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-01-31
10-K 2018-09-30 Filed 2018-11-15
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-01
10-K 2017-09-30 Filed 2017-11-16
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-02
10-K 2016-09-30 Filed 2016-11-17
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-Q 2015-12-31 Filed 2016-02-04
10-K 2015-09-30 Filed 2015-11-19
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-05
10-K 2014-09-30 Filed 2014-11-20
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-11-21
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-02
10-Q 2012-12-31 Filed 2013-01-31
10-K 2012-09-30 Filed 2012-11-15
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-02
10-K 2011-09-30 Filed 2011-11-17
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-12-31 Filed 2011-02-03
10-K 2010-09-30 Filed 2010-11-18
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-08
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-04-07
8-K 2020-03-12
8-K 2020-02-25
8-K 2020-01-29
8-K 2019-12-23
8-K 2019-11-19
8-K 2019-11-14
8-K 2019-08-01
8-K 2019-05-02
8-K 2019-02-27
8-K 2019-01-30
8-K 2018-11-18
8-K 2018-11-15
8-K 2018-09-01
8-K 2018-08-02
8-K 2018-07-06
8-K 2018-07-01
8-K 2018-05-29
8-K 2018-05-01
8-K 2018-02-28
8-K 2018-02-01
8-K 2018-01-19

HAYN 10Q Quarterly Report

Part 1 Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Note 2. Recently Issued Accounting Standards
Note 3. Revenues From Contracts with Customers
Note 4. Inventories
Note 5. Income Taxes
Note 6. Pension and Post - Retirement Benefits
Note 7. Legal, Environmental and Other Contingencies
Note 8. Deferred Revenue
Note 9. Goodwill and Other Intangible Assets, Net
Note 10. Net Income (Loss) per Share
Note 11. Stock - Based Compensation
Note 12. Dividend
Note 13. Fair Value Measurements
Note 14. Changes in Accumulated Other Comprehensive Income (Loss) By Component
Note 15. Long - Term Obligations
Note 16. Leases
Note 17. Foreign Currency Forward Contracts
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 1A. Risk Factors
Item 6.Exhibits
EX-31.1 hayn-20200630xex31d1.htm
EX-31.2 hayn-20200630xex31d2.htm
EX-32.1 hayn-20200630xex32d1.htm

Haynes Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
65052039026013002012201420172020
Assets, Equity
14010774418-252012201420172020
Rev, G Profit, Net Income
4028164-8-202012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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:  001-33288

HAYNES INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

06-1185400
(I.R.S. Employer Identification No.)

1020 West Park Avenue, KokomoIndiana
(Address of principal executive offices)

46904-9013
(Zip Code)

Registrant’s telephone number, including area code (765456-6000

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

Tile of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $.001 per share

HAYN

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, a 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 30, 2020, the registrant had 12,556,921 shares of Common Stock, $.001 par value, outstanding.

Table of Contents

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1.

Unaudited Condensed Consolidated Financial Statements of Haynes International, Inc. and Subsidiaries

3

Consolidated Balance Sheets (Unaudited) as of September 30, 2019 and June 30, 2020

3

Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended June 30, 2019 and 2020

4

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended June 30, 2019 and 2020

5

Consolidated Statement of Stockholders Equity (Unaudited) for the Three and Nine Months Ended June 30, 2019 and 2020

6

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 2019 and 2020

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

Item 2.

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

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

PART II

OTHER INFORMATION

32

Item 1a.

Risk Factors COVID-19

32

Item 6.

Exhibits

33

Index to Exhibits

33

Signatures

34

2

Table of Contents

PART 1     FINANCIAL INFORMATION

Item 1.        Unaudited Condensed Consolidated Financial Statements

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)

    

September 30, 

    

June 30, 

 

2019

2020

 

ASSETS

Current assets:

Cash and cash equivalents

$

31,038

$

65,466

Accounts receivable, less allowance for doubtful accounts of $441 and $602 at September 30, 2019 and June 30, 2020, respectively

 

76,979

 

52,285

Inventories

 

258,802

 

263,885

Income taxes receivable

 

1,757

 

5,071

Other current assets

 

3,297

 

3,816

Total current assets

 

371,873

 

390,523

Property, plant and equipment, net

 

169,966

 

162,634

Deferred income taxes

 

34,132

 

31,669

Other assets

 

7,756

 

9,263

Goodwill

4,789

4,789

Other intangible assets, net

 

5,284

 

5,134

Total assets

$

593,800

$

604,012

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

34,497

$

19,986

Accrued expenses

 

18,833

 

17,710

Income taxes payable

 

 

279

Accrued pension and postretirement benefits

 

4,250

 

4,250

Revolving credit facilities

 

30,000

Deferred revenue—current portion

 

2,500

 

2,500

Total current liabilities

 

60,080

 

74,725

Long-term obligations (less current portion) (Note 15)

 

8,609

 

8,573

Deferred revenue (less current portion)

 

15,329

 

13,454

Deferred income taxes

2,016

2,052

Operating lease liabilities

1,984

Accrued pension benefits (less current portion)

 

101,812

 

96,879

Accrued postretirement benefits (less current portion)

109,679

111,221

Total liabilities

 

297,525

 

308,888

Commitments and contingencies (Note 7)

 

 

Stockholders’ equity:

Common stock, $0.001 par value (40,000,000 shares authorized, 12,566,969 and 12,615,830 shares issued and 12,513,500 and 12,556,921 shares outstanding at September 30, 2019 and June 30, 2020, respectively)

 

13

 

13

Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)

 

 

Additional paid-in capital

 

253,843

 

256,754

Accumulated earnings

 

125,296

 

129,408

Treasury stock, 53,469 shares at September 30, 2019 and 58,909 shares at June 30, 2020

 

(2,239)

 

(2,437)

Accumulated other comprehensive loss

 

(80,638)

 

(88,614)

Total stockholders’ equity

 

296,275

 

295,124

Total liabilities and stockholders’ equity

$

593,800

$

604,012

The accompanying notes are an integral part of these financial statements.

3

Table of Contents

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

    

    

Three Months Ended June 30, 

Nine Months Ended June 30, 

    

2019

    

2020

    

2019

    

2020

    

Net revenues

$

126,032

$

80,576

$

360,575

$

300,592

    

Cost of sales

 

107,857

77,937

316,382

259,914

Gross profit

 

18,175

 

2,639

 

44,193

40,678

Selling, general and administrative expense

 

10,985

9,824

32,776

32,116

Research and technical expense

 

830

867

2,523

2,777

Operating income (loss)

 

6,360

 

(8,052)

8,894

5,785

Nonoperating retirement benefit expense

856

1,700

2,568

5,100

Interest income

 

(15)

(11)

(53)

(35)

Interest expense

 

231

417

756

964

Income before income taxes

 

5,288

 

(10,158)

 

5,623

(244)

Provision for income taxes

 

1,486

(2,061)

1,915

517

Net income (loss)

$

3,802

$

(8,097)

$

3,708

$

(761)

Net income (loss) per share:

Basic

$

0.30

$

(0.65)

$

0.29

$

(0.06)

Diluted

$

0.30

$

(0.65)

$

0.29

$

(0.06)

Weighted Average Common Shares Outstanding

Basic

12,450

12,475

12,443

12,470

Diluted

12,592

12,475

12,591

12,470

Dividends declared per common share

$

0.22

$

0.22

$

0.66

$

0.66

The accompanying notes are an integral part of these financial statements.

4

Table of Contents

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands)

    

    

Three Months Ended June 30, 

Nine Months Ended June 30, 

    

2019

    

2020

    

2019

    

2020

    

Net income (loss)

$

3,802

$

(8,097)

$

3,708

$

(761)

Other comprehensive income (loss), net of tax:

Pension and postretirement

 

580

 

1,719

1,739

5,158

Foreign currency translation adjustment

 

(1,803)

 

(176)

(1,943)

149

Other comprehensive income (loss)

(1,223)

1,543

(204)

5,307

Comprehensive income

$

2,579

$

(6,554)

$

3,504

$

4,546

The accompanying notes are an integral part of these financial statements.

5

Table of Contents

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share data)

Three Months Ended June 30, 2019

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Treasury

Comprehensive

Stockholders’

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance March 31, 2019

 

12,515,480

$

13

252,425

$

120,977

$

(2,177)

$

(41,546)

$

329,692

Net income (loss)

3,802

 

3,802

Dividends paid and accrued ($0.22 per share)

(2,760)

 

(2,760)

Other comprehensive income (loss)

(1,223)

 

(1,223)

Purchase of treasury stock

 

(2,130)

(62)

 

(62)

Stock compensation

691

 

691

Balance June 30, 2019

 

12,513,350

$

13

$

253,116

$

122,019

$

(2,239)

$

(42,769)

$

330,140

Three Months Ended June 30, 2020

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Treasury

Comprehensive

Stockholders’

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance March 31, 2020

 

12,556,921

$

13

$

255,896

$

140,297

$

(2,437)

$

(90,157)

$

303,612

Net income (loss)

(8,097)

 

(8,097)

Dividends paid and accrued ($0.22 per share)

(2,792)

 

(2,792)

Other comprehensive income (loss)

1,543

 

1,543

Issue restricted stock (less forfeitures)

 

Stock compensation

858

 

858

Balance June 30, 2020

 

12,556,921

$

13

$

256,754

$

129,408

$

(2,437)

$

(88,614)

$

295,124

Nine Months Ended June 30, 2019

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Treasury

Comprehensive

Stockholders’

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance September 30, 2018

 

12,504,478

$

13

$

251,053

$

126,588

$

(1,869)

$

(42,565)

$

333,220

Net income (loss)

3,708

 

3,708

Dividends paid and accrued ($0.66 per share)

(8,277)

 

(8,277)

Other comprehensive income (loss)

(204)

 

(204)

Exercise of stock options

 

12,084

215

 

215

Issue restricted stock (less forfeitures)

 

8,144

Purchase of treasury stock

 

(11,356)

(370)

 

(370)

Stock compensation

1,848

 

1,848

Balance June 30, 2019

 

12,513,350

$

13

$

253,116

$

122,019

$

(2,239)

$

(42,769)

$

330,140

Nine Months Ended June 30, 2020

Accumulated

Additional

Other

Total

Common Stock

Paid-in

Accumulated

Treasury

Comprehensive

Stockholders’

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance September 30, 2019

 

12,513,500

$

13

$

253,843

$

125,296

$

(2,239)

$

(80,638)

$

296,275

Net income (loss)

(761)

 

(761)

Dividends paid and accrued ($0.66 per share)

(8,410)

 

(8,410)

Other comprehensive income (loss)

5,307

 

5,307

Exercise of stock options

 

12,400

422

 

422

Reclass due to adoption of ASU 2018-02

13,283

(13,283)

Issue restricted stock (less forfeitures)

 

36,461

Purchase of treasury stock

 

(5,440)

(198)

 

(198)

Stock compensation

2,489

 

2,489

Balance June 30, 2020

 

12,556,921

$

13

$

256,754

$

129,408

$

(2,437)

$

(88,614)

$

295,124

The accompanying notes are an integral part of these financial statements

6

Table of Contents

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

    

Nine Months Ended June 30, 

    

2019

    

2020

    

Cash flows from operating activities:

Net income (loss)

$

3,708

$

(761)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation

 

14,090

 

14,588

Amortization

 

205

 

150

Pension and post-retirement expense - U.S. and U.K.

 

6,733

 

10,342

Change in long-term obligations

 

 

(21)

Stock compensation expense

 

1,848

 

2,489

Deferred revenue

 

(1,875)

 

(1,875)

Deferred income taxes

 

1,036

 

633

Loss on disposition of property

 

13

 

Change in assets and liabilities:

Accounts receivable

 

(5,044)

 

24,815

Inventories

 

2,470

 

(4,956)

Other assets

 

(409)

 

(20)

Accounts payable and accrued expenses

 

6,049

 

(15,929)

Income taxes

 

4,902

 

(3,041)

Accrued pension and postretirement benefits

 

(5,457)

 

(6,733)

Net cash provided by (used in) operating activities

 

28,269

 

19,681

Cash flows from investing activities:

Additions to property, plant and equipment

 

(7,316)

 

(7,142)

Net cash provided by (used in) investing activities

 

(7,316)

 

(7,142)

Cash flows from financing activities:

Revolving credit facility borrowings

16,600

 

30,000

Revolving credit facility repayments

(16,600)

 

Dividends paid

 

(8,258)

 

(8,285)

Proceeds from exercise of stock options

 

215

 

422

Payment for purchase of treasury stock

 

(370)

 

(198)

Payments on long-term obligation

(106)

(140)

Net cash provided by (used in) financing activities

 

(8,519)

 

21,799

Effect of exchange rates on cash

 

(191)

 

90

Increase (decrease) in cash and cash equivalents:

 

12,243

 

34,428

Cash, cash equivalents and restricted cash:

Beginning of period

 

9,802

 

31,038

End of period

$

22,045

$

65,466

Supplemental disclosures of cash flow information:

Interest (net of capitalized interest)

$

712

$

865