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 2020-03-31 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 2020-05-01 Officers, Exhibits
8-K 2020-04-30 Earnings, Regulation FD, Exhibits
8-K 2020-04-07 Officers
8-K 2020-03-12 Off-BS Arrangement
8-K 2020-02-25 Officers, Shareholder Vote, Exhibits
8-K 2020-01-29 Earnings, Regulation FD, Exhibits
8-K 2019-12-23 Officers, Exhibits
8-K 2019-11-19 Officers
8-K 2019-11-14 Earnings, Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-02-27 Shareholder Vote
8-K 2019-01-30 Earnings, Regulation FD, Exhibits
8-K 2018-11-18 Officers
8-K 2018-11-15 Earnings, Regulation FD, Exhibits
8-K 2018-09-01 Officers, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-07-06 Regulation FD, Exhibits
8-K 2018-07-01 Regulation FD, Exhibits
8-K 2018-05-29 Officers, Regulation FD, Exhibits
8-K 2018-05-01 Earnings, Regulation FD, Exhibits
8-K 2018-02-28 Shareholder Vote
8-K 2018-02-01 Earnings, Regulation FD, Exhibits
8-K 2018-01-19 Other Events

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-3.2 hayn-20200331ex32b647afd.htm
EX-31.1 hayn-20200331ex3117fcaa1.htm
EX-31.2 hayn-20200331ex31202dd9e.htm
EX-32.1 hayn-20200331ex321fcc492.htm

Haynes Earnings 2020-03-31

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

10-Q 1 hayn-20200331x10q.htm 10-Q hayn_Current Folio_10-Q

 

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 March  31, 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, Kokomo, Indiana
(Address of principal executive offices)

 

46904-9013
(Zip Code)

 

Registrant’s telephone number, including area code (765) 456-6000

 

 

 

 

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

 

 

 

 

 

 

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 March  31, 2020 

3

 

 

 

 

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended March  31, 2019 and 2020

4

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended March  31, 2019 and 2020

5

 

 

 

 

Consolidated Statement of Stockholders Equity (Unaudited) for the Three and Six Months Ended March  31, 2019 and 2020

6

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 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

21

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

 

Item 4. 

Controls and Procedures

31

 

 

 

PART II 

OTHER INFORMATION

32

 

 

 

Item 1a.

Risk Factors COVID-19

32

 

 

 

Item 6. 

Exhibits

32

 

 

 

 

Index to Exhibits

33

 

 

 

 

Signatures

34

 

2

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, 

    

March 31, 

 

 

 

2019

 

2020

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,038

 

$

52,406

 

Accounts receivable, less allowance for doubtful accounts of $441 and $697 at September 30, 2019 and March 31, 2020, respectively

 

 

76,979

 

 

65,970

 

Inventories

 

 

258,802

 

 

280,337

 

Income taxes receivable

 

 

1,757

 

 

377

 

Other current assets

 

 

3,297

 

 

4,440

 

Total current assets

 

 

371,873

 

 

403,530

 

Property, plant and equipment, net

 

 

169,966

 

 

164,720

 

Deferred income taxes

 

 

34,132

 

 

34,666

 

Other assets

 

 

7,756

 

 

9,895

 

Goodwill

 

 

4,789

 

 

4,789

 

Other intangible assets, net

 

 

5,284

 

 

5,184

 

Total assets

 

$

593,800

 

$

622,784

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

34,497

 

$

28,310

 

Accrued expenses

 

 

18,833

 

 

17,810

 

Income taxes payable

 

 

 —

 

 

70

 

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

 

 

82,940

 

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

 

 

8,609

 

 

8,598

 

Deferred revenue (less current portion)

 

 

15,329

 

 

14,079

 

Deferred income taxes

 

 

2,016

 

 

2,016

 

Operating lease liabilities

 

 

 —

 

 

2,306

 

Accrued pension benefits (less current portion)

 

 

101,812

 

 

98,523

 

Accrued postretirement benefits (less current portion)

 

 

109,679

 

 

110,710

 

Total liabilities

 

 

297,525

 

 

319,172

 

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 March 31, 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

 

 

255,896

 

Accumulated earnings

 

 

125,296

 

 

140,297

 

Treasury stock, 53,469 shares at September 30, 2019 and 58,909 shares at March 31, 2020

 

 

(2,239)

 

 

(2,437)

 

Accumulated other comprehensive loss

 

 

(80,638)

 

 

(90,157)

 

Total stockholders’ equity

 

 

296,275

 

 

303,612

 

Total liabilities and stockholders’ equity

 

$

593,800

 

$

622,784

 

 

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

 

3

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

 

 

Three Months Ended March 31, 

 

Six Months Ended March 31, 

 

 

    

2019

    

2020

    

2019

    

2020

    

Net revenues

 

$

127,474

 

$

111,563

 

$

234,543

 

$

220,016

    

Cost of sales

 

 

112,791

 

 

92,267

 

 

208,525

 

 

181,977

 

Gross profit

 

 

14,683

 

 

19,296

 

 

26,018

 

 

38,039

 

Selling, general and administrative expense

 

 

10,663

 

 

10,785

 

 

21,791

 

 

22,292

 

Research and technical expense

 

 

859

 

 

1,028

 

 

1,693

 

 

1,910

 

Operating income

 

 

3,161

 

 

7,483

 

 

2,534

 

 

13,837

 

Nonoperating retirement benefit expense

 

 

856

 

 

1,700

 

 

1,712

 

 

3,400

 

Interest income

 

 

(18)

 

 

(10)

 

 

(38)

 

 

(24)

 

Interest expense

 

 

284

 

 

296

 

 

525

 

 

547

 

Income before income taxes

 

 

2,039

 

 

5,497

 

 

335

 

 

9,914

 

Provision for income taxes

 

 

530

 

 

1,429

 

 

429

 

 

2,578

 

Net income (loss)

 

$

1,509

 

$

4,068

 

$

(94)

 

$

7,336

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

$

0.32

 

$

(0.01)

 

$

0.58

 

Diluted

 

$

0.12

 

$

0.32

 

$

(0.01)

 

$

0.58

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

12,449

 

 

12,474

 

 

12,440

 

 

12,467

 

Diluted

 

 

12,600

 

 

12,504

 

 

12,440

 

 

12,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.22

 

$

0.22

 

$

0.44

 

$

0.44

 

 

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

4

 

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

 

 

Three Months Ended March 31, 

 

Six Months Ended March 31, 

 

 

    

2019

    

2020

    

2019

    

2020

    

Net income (loss)

 

$

1,509

 

$

4,068

 

$

(94)

 

$

7,336

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and postretirement

 

 

579

 

 

1,720

 

 

1,159

 

 

3,439

 

Foreign currency translation adjustment

 

 

1,031

 

 

(3,918)

 

 

(140)

 

 

325

 

Other comprehensive income (loss)

 

 

1,610

 

 

(2,198)

 

 

1,019

 

 

3,764

 

Comprehensive income

 

$

3,119

 

$

1,870

 

$

925

 

$

11,100

 

 

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

 

 

 

 

 

5

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Stock

 

Paid-in

 

Accumulated

 

Treasury

 

Comprehensive

 

Stockholders’

 

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance December 31, 2018

 

12,517,492

 

$

13

 

$

251,718

 

$

122,226

 

$

(2,177)

 

$

(43,156)

 

$

328,624

Net income (loss)

 

 

 

 

 

 

 

 

 

 

1,509

 

 

 

 

 

 

 

 

1,509

Dividends paid and accrued ($0.22 per share)

 

 

 

 

 

 

 

 

 

 

(2,758)

 

 

 

 

 

 

 

 

(2,758)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,610

 

 

1,610

Issue restricted stock (less forfeitures)

 

(2,012)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 —

Stock compensation

 

 

 

 

 

 

 

707

 

 

 

 

 

 

 

 

 

 

 

707

Balance March 31, 2019

 

12,515,480

 

$

13

 

$

252,425

 

$

120,977

 

$

(2,177)

 

$

(41,546)

 

$

329,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Stock

 

Paid-in

 

Accumulated

 

Treasury

 

Comprehensive

 

Stockholders’

 

    

Shares

    

Par

    

Capital

    

Earnings

    

Stock

    

Income (Loss)

    

Equity

Balance December 31, 2019

 

12,556,255

 

$

13

 

$

254,999

 

$

139,010

 

$

(2,437)

 

$

(87,959)

 

$

303,626

Net income (loss)

 

 

 

 

 

 

 

 

 

 

4,068

 

 

 

 

 

 

 

 

4,068

Dividends paid and accrued ($0.22 per share)

 

 

 

 

 

 

 

 

 

 

(2,781)

 

 

 

 

 

 

 

 

(2,781)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,198)

 

 

(2,198)

Issue restricted stock (less forfeitures)

 

666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 —

Stock compensation

 

 

 

 

 

 

 

897

 

 

 

 

 

 

 

 

 

 

 

897

Balance March 31, 2020

 

12,556,921

 

$

13

 

$

255,896

 

$

140,297

 

$

(2,437)

 

$

(90,157)

 

$

303,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31, 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)

 

 

 

 

 

 

 

 

 

 

(94)

 

 

 

 

 

 

 

 

(94)

Dividends paid and accrued ($0.44 per share)

 

 

 

 

 

 

 

 

 

 

(5,517)

 

 

 

 

 

 

 

 

(5,517)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,019

 

 

1,019

Exercise of stock options

 

12,084

 

 

 

 

 

215

 

 

 

 

 

 

 

 

 

 

 

215

Issue restricted stock (less forfeitures)

 

8,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 —

Purchase of treasury stock

 

(9,226)

 

 

 

 

 

 

 

 

 

 

 

(308)

 

 

 

 

 

(308)

Stock compensation

 

 

 

 

 

 

 

1,157

 

 

 

 

 

 

 

 

 

 

 

1,157

Balance March 31, 2019

 

12,515,480

 

$

13

 

$

252,425

 

$

120,977

 

$

(2,177)

 

$

(41,546)

 

$

329,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended March 31, 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)

 

 

 

 

 

 

 

 

 

 

7,336

 

 

 

 

 

 

 

 

7,336

Dividends paid and accrued ($0.44 per share)

 

 

 

 

 

 

 

 

 

 

(5,618)

 

 

 

 

 

 

 

 

(5,618)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,764

 

 

3,764

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

 

 

 

 

 

 

 

1,631

 

 

 

 

 

 

 

 

 

 

 

1,631

Balance March 31, 2020

 

12,556,921

 

$

13

 

$

255,896

 

$

140,297

 

$

(2,437)

 

$

(90,157)

 

$

303,612

 

The accompanying notes are an integral part of these financial statements

6

HAYNES INTERNATIONAL, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

Six Months Ended March 31, 

 

 

    

2019

    

2020

    

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

 

$

(94)

 

$

7,336

 

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

 

 

 

 

 

 

 

Depreciation

 

 

9,296

 

 

9,639

 

Amortization

 

 

155

 

 

100

 

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

 

 

4,487

 

 

6,897

 

Change in long-term obligations

 

 

 —

 

 

(24)

 

Stock compensation expense

 

 

1,157

 

 

1,631

 

Deferred revenue

 

 

(1,250)

 

 

(1,250)

 

Deferred income taxes

 

 

238

 

 

(1,782)

 

Loss on disposition of property

 

 

 5

 

 

 —

 

Change in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

(7,765)

 

 

11,122

 

Inventories

 

 

969

 

 

(21,192)

 

Other assets

 

 

(846)

 

 

(961)

 

Accounts payable and accrued expenses

 

 

4,124

 

 

(7,668)

 

Income taxes

 

 

4,788

 

 

1,447

 

Accrued pension and postretirement benefits

 

 

(3,207)

 

 

(4,488)

 

Net cash provided by (used in) operating activities

 

 

12,057

 

 

807

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(5,409)

 

 

(4,100)

 

Net cash provided by (used in) investing activities

 

 

(5,409)

 

 

(4,100)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Revolving credit facility borrowings

 

 

16,600

 

 

30,000

 

Revolving credit facility repayments

 

 

(16,600)

 

 

 —

 

Dividends paid

 

 

(5,505)

 

 

(5,523)

 

Proceeds from exercise of stock options

 

 

215

 

 

422

 

Payment for purchase of treasury stock

 

 

(308)

 

 

(198)

 

Payments on long-term obligation

 

 

(71)

 

 

(82)

 

Net cash provided by (used in) financing activities

 

 

(5,669)

 

 

24,619

 

Effect of exchange rates on cash

 

 

(1)

 

 

42

 

Increase (decrease) in cash and cash equivalents:

 

 

978

 

 

21,368

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

Beginning of period

 

 

9,802

 

 

31,038

 

End of period

 

$

10,780

 

$

52,406

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Interest (net of capitalized interest)

 

$

496

 

$

518

 

Income taxes paid (refunded), net

 

$

(4,636)

 

$

2,903

 

Capital expenditures incurred, but not yet paid

 

$

809

 

$

708