Company Quick10K Filing
Intricon
Price22.77 EPS-1
Shares9 P/E-44
MCap200 P/FCF114
Net Debt-9 EBIT-4
TEV191 TEV/EBIT-45
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-16
10-Q 2020-09-30 Filed 2020-11-10
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-22
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-13
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-06-30 Filed 2012-08-13
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-08
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-12
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-11-09
8-K 2020-10-27
8-K 2020-10-21
8-K 2020-09-08
8-K 2020-08-10
8-K 2020-06-25
8-K 2020-06-25
8-K 2020-05-19
8-K 2020-05-13
8-K 2020-05-08
8-K 2020-04-28
8-K 2020-04-06
8-K 2020-03-27
8-K 2020-02-24
8-K 2020-01-21
8-K 2019-11-04
8-K 2019-08-06
8-K 2019-07-12
8-K 2019-06-25
8-K 2019-05-01
8-K 2019-04-26
8-K 2019-04-17
8-K 2019-02-19
8-K 2018-11-05
8-K 2018-08-15
8-K 2018-08-10
8-K 2018-07-25
8-K 2018-05-07
8-K 2018-04-26
8-K 2018-02-12

IIN 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements
Item 2. Management&Apos;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-10.3 iin-20210331xex10_3.htm
EX-10.4 iin-20210331xex10_4.htm
EX-10.5 iin-20210331xex10_5.htm
EX-31.1 iin-20210331xex31_1.htm
EX-31.2 iin-20210331xex31_2.htm
EX-32.1 iin-20210331xex32_1.htm
EX-32.2 iin-20210331xex32_2.htm

Intricon Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
12510075502502012201420172020
Assets, Equity
3526178-1-102012201420172020
Rev, G Profit, Net Income
553413-8-29-502012201420172020
Ops, Inv, Fin

iin-20210331x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2021

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: 1-5005

INTRICON CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania

 

23-1069060

(State or other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

 

 

1260 Red Fox Road

 

 

Arden Hills, Minnesota

 

55112

(Address of principal executive offices)

 

(Zip Code)

(651) 636-9770

(Registrant’s telephone number, including area code)

N/A

______________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $1.00 per share

IIN

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.  x  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 and post such files).  x  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 by Rule 12b-2 of the Exchange Act).   ¨  Yes  x  No

The number of outstanding shares of the registrant’s common stock, $1.00 par value, on April 30, 2021 was 9,072,253.


1


INTRICON CORPORATION

I N D E X

Page

Numbers

PART I: FINANCIAL INFORMATION

Item 1.

Consolidated Condensed Financial Statements (Unaudited)

3

Consolidated Condensed Statements of Operations for the Three Months Ended March 31, 2021 and 2020

3

Consolidated Condensed Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2021 and 2020

4

Balance Sheets as of March 31, 2021 and December 31, 2020

5

Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

6

Consolidated Condensed Statements of Equity for the Three Months Ended March 31, 2021 and 2020

7

Notes to Consolidated Condensed Financial Statements

8

Item 2.

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

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

PART II: OTHER INFORMATION

27

Item 1.

Legal Proceedings

27

Item 1A.

Risk Factors

27

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

27

Item 3.

Defaults Upon Senior Securities

27

Item 4.

Mine Safety Disclosures

27

Item 5.

Other Information

27

Item 6.

Exhibits

28

Signatures

29

 

2


PART I: FINANCIAL INFORMATION

ITEM 1. Financial Statements

INTRICON CORPORATION

Consolidated Condensed Statements of Operations

(In Thousands, Except Per Share Amounts)

Three Months Ended

(unaudited)

March 31,

March 31,

2021

2020

Revenue, net

$

31,768 

$

21,503 

Cost of goods sold

23,558 

16,931 

Gross profit

8,210 

4,572 

Operating expenses:

Sales and marketing

1,982 

1,993 

General and administrative

4,052 

3,416 

Research and development

1,293 

1,201 

Other operating expenses

35 

-

Total operating expenses

7,362 

6,610 

Operating income (loss)

848 

(2,038)

Interest (expense) income, net

(9)

184 

Other expense, net

(77)

(107)

Income (loss) before income taxes

762 

(1,961)

Income tax expense

90 

18 

Net income (loss)

672 

(1,979)

Less: Loss allocated to non-controlling interest

(42)

-

Net income (loss) attributable to Intricon shareholders

$

714 

$

(1,979)

Income (loss) per share attributable to Intricon shareholders:

Basic

$

0.08 

$

(0.22)

Diluted

$

0.07 

$

(0.22)

Average shares outstanding:

Basic

8,994

8,813

Diluted

9,607

8,813

(See accompanying notes to the consolidated condensed financial statements)


3


 

INTRICON CORPORATION

Consolidated Condensed Statements of Comprehensive Income (Loss)

(In Thousands)

Three Months Ended

(unaudited)

March 31,

March 31,

2021

2020

Net income (loss)

$

714

$

(1,979)

Unrealized foreign currency translation adjustment

25

13

Realized pension and postretirement obligations

12

5

Other

115

-

Comprehensive income (loss)

$

866

$

(1,961)

(See accompanying notes to the consolidated condensed financial statements)


4


INTRICON CORPORATION

Consolidated Condensed Balance Sheets

(In Thousands, Except Per Share Amounts)

(unaudited)

March 31,

December 31,

2021

2020

Current assets:

Cash and cash equivalents

$

11,757 

$

8,608 

Restricted cash

654 

672 

Short-term investment securities

23,699 

19,793 

Accounts receivable, net of $152 and $210 of reserves, respectively

9,452 

10,115 

Inventories

20,336 

19,513 

Contract assets

8,787 

9,107 

Other current assets

1,956 

1,466 

Total current assets

76,641 

69,274 

Property, plant and equipment

46,480 

45,661 

Less: Accumulated depreciation

32,319 

31,484 

Net property, plant and equipment

14,161 

14,177 

Goodwill

13,804 

13,714 

Intangible assets

10,288 

10,785 

Operating lease right-of-use assets, net

6,115 

6,701 

Investment in partnerships

600 

570 

Long-term investment securities

2,765 

5,085 

Other assets, net

876 

990 

Total assets

$

125,250 

$

121,296 

Current liabilities:

Current financing leases

$

12 

$

21 

Current operating leases

2,108 

2,156 

Accounts payable

12,132 

8,670 

Accrued salaries, wages and commissions

3,915 

3,581 

Other accrued liabilities

4,297 

4,235 

Total current liabilities

22,464 

18,663 

Noncurrent operating leases

4,166 

4,726 

Other postretirement benefit obligations

374 

385 

Accrued pension liabilities

834 

907 

Deferred tax liabilities, net

1,028 

1,018 

Other long-term liabilities

4,139 

4,398 

Total liabilities

33,005 

30,097 

Commitments and contingencies (Note 11)

 

 

Shareholders’ equity:

Common stock, $1.00 par value per share; 20,000 shares authorized; 8,999 and 8,951 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

8,999 

8,951 

Additional paid-in capital

89,926 

89,702 

Accumulated deficit

(6,096)

(6,810)

Accumulated other comprehensive loss

(527)

(679)

Total shareholders' equity

92,302 

91,164 

Non-controlling interest

(57)

35 

Total equity

92,245 

91,199 

Total liabilities and equity

$

125,250 

$

121,296 

(See accompanying notes to the consolidated condensed financial statements)

 


5


INTRICON CORPORATION

Consolidated Condensed Statements of Cash Flows

(In Thousands)

Three Months Ended

(unaudited)

March 31,

March 31,

2021

2020

Cash flows from operating activities:

Net income (loss)

$

672 

$

(1,979)

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

Depreciation and amortization

1,440 

921 

Equity in loss of partnerships

60 

45 

Stock-based compensation

453 

376 

Change in fair value of contingent consideration

35 

-

Provision for doubtful accounts

(58)

6 

Changes in operating assets and liabilities:

Accounts receivable

726 

746 

Inventories

(821)

(2,738)

Contract assets

320 

158 

Other assets

(410)

491 

Accounts payable

3,491

327 

Accrued expenses

206 

340 

Other liabilities

(249)

71 

Net cash provided by (used in) operating activities

5,865

(1,236)

Cash flows from investing activities:

Purchases of property, plant and equipment

(851)

(1,678)

Payments on liabilities for acquisition of intangible assets

-

(91)

Purchase of investment securities

(5,412)

(76)

Proceeds from maturities of investment securities

3,752 

9,850 

Net cash (used in) provided by investing activities

(2,511)

8,005 

Cash flows from financing activities:

Payment of financing leases

(11)

(28)

Payments on liabilities for acquisition of intangible assets

(53)

-

Exercise of stock options and employee stock purchase plan shares

60 

68 

Withholding of common stock upon vesting of restricted stock units

(241)

(198)

Net cash used in financing activities

(245)

(158)

Effect of exchange rate changes on cash

22 

20 

Net increase in cash

3,131 

6,631 

Cash, cash equivalents and restricted cash, beginning of period

9,280 

9,162 

Cash, cash equivalents and restricted cash, end of period

$

12,411 

$

15,793 

Non-cash investing and financing:

Acquisition of property, plant and equipment in accounts payable

$

122

$

187 

(See accompanying notes to the consolidated condensed financial statements)

 


6


INTRICON CORPORATION

Consolidated Condensed Statements of Equity

(In Thousands)

Shareholders' Equity, Three Months Ended March 31, 2021 (Unaudited)

Common Stock Number of Shares

Common Stock Amount

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Non-Controlling Interest

Total Equity

Balances December 31, 2020

8,951 

$

8,951 

$

89,702 

$

(6,810)

$

(679)

$

35 

$

91,199 

Exercise of stock options, net

22 

22 

(15)

-

-

-

7 

Withholding of common stock upon vesting of restricted stock units

24 

24 

(265)

-

-

-

(241)

Shares issued under the employee stock purchase plan

2 

2 

51