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 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-31.1 iin-20200930xex31_1.htm
EX-32.1 iin-20200930xex32_1.htm

Intricon Earnings 2020-09-30

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

iin-20200930x10q
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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 September 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: 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 October 31, 2020 was 8,943,370.


1


INTRICON CORPORATION

I N D E X

Page

Numbers

PART I: FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Condensed Balance Sheets as of September 30, 2020 and December 31, 2019

3

Consolidated Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

4

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

5

Consolidated Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

6

Consolidated Condensed Statements of Equity for the Three and Nine Months Ended September 30, 2020 and 2019

7

Notes to Consolidated Condensed Financial Statements

8

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

37

PART II: OTHER INFORMATION

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

Defaults Upon Senior Securities

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

41

Signatures

42

 


2


PART I: FINANCIAL INFORMATION

ITEM 1. Financial Statements

INTRICON CORPORATION

Consolidated Condensed Balance Sheets

(In Thousands, Except Share Amounts)

(unaudited)

September 30,

December 31,

2020

2019

Current assets:

Cash and cash equivalents

$

16,081

$

8,523 

Restricted cash

647

639 

Short-term investment securities

14,176

23,451 

Accounts receivable, less provision for doubtful accounts of $365 at September 30, 2020 and $325 at December 31, 2019

9,192

8,993 

Inventories

20,463

16,377 

Contract assets

10,592

10,237 

Other current assets

1,426

1,975 

Current assets of discontinued operations

-

80 

Total current assets

72,577

70,275 

Machinery and equipment

45,083

41,073 

Less: Accumulated depreciation

30,915

27,522 

Net machinery and equipment

14,168

13,551 

Goodwill

13,714

9,551 

Intangible assets

11,282

5,545 

Operating lease right-of-use assets, net

3,812

4,372 

Investment in partnerships

623

1,160 

Long-term investment securities

-

8,629 

Other assets, net

289

510 

Total assets

$

116,465

$

113,593 

Current liabilities:

Current financing leases

$

34

$

101 

Current operating leases

1,512

1,729 

Accounts payable

8,340

9,876 

Accrued salaries, wages and commissions

4,271

2,274 

Other accrued liabilities

4,429

2,869 

Liabilities of discontinued operations

-

77 

Total current liabilities

18,586

16,926 

Noncurrent financing leases

2

30 

Noncurrent operating leases

2,475

2,937 

Other postretirement benefit obligations

349

382 

Accrued pension liabilities

667

655 

Deferred tax liabilities, net

1,104

-

Other long-term liabilities

3,790

2,171 

Total liabilities

26,973

23,101 

Commitments and contingencies (Note 18)

 

 

Shareholders’ equity:

Common stock, $1.00 par value per share; 20,000 shares authorized; 8,943 and 8,781 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

8,943

8,781 

Additional paid-in capital

88,908

86,770 

Accumulated deficit

(7,902)

(4,286)

Accumulated other comprehensive loss

(474)

(520)

Total shareholders' equity

89,475

90,745 

Non-controlling interest

17

(253)

Total equity

89,492

90,492 

Total liabilities and equity

$

116,465

$

113,593 

(See accompanying notes to the consolidated condensed financial statements)

 


3


 

INTRICON CORPORATION

Consolidated Condensed Statements of Operations

(In Thousands, Except Per Share Amounts)

Three Months Ended

Nine Months Ended

(unaudited)

September 30,

September 30,

September 30,

September 30,

2020

2019

2020

2019

Revenue, net

$

27,367

$

26,893

$

72,472

$

85,800

Cost of goods sold

20,169

20,120

54,096

62,253

Gross profit

7,198

6,773

18,376

23,547

Operating expenses:

Sales and marketing

1,365

2,609

5,038

9,071

General and administrative

3,654

3,715

11,673

10,551

Research and development

1,458

840

3,868

2,902

Restructuring charges

-

-

1,171 

-

Impairment loss

-

-

-

3,765 

Other operating expenses

253

-

746

-

Total operating expenses

6,730

7,164

22,496

26,289

Operating income (loss)

468

(391)

(4,120)

(2,742)

Interest income, net

41

240

322

703

Other income (expense), net

192

(52)

293

(458)

Income (loss) from continuing operations before income taxes and discontinued operations

701

(203)

(3,505)

(2,497)

Income tax expense

47

87

94

334

Income (loss) from continuing operations before discontinued operations

654

(290)

(3,599)

(2,831)

Loss on disposal of discontinued operations (Note 5)

-

-

-

(1,116)

Loss from discontinued operations (Note 5)

-

-

-

(597)

Net income (loss)

654

(290)

(3,599)

(4,544)

Less: Income allocated to non-controlling interest

10

-

17

-

Net income (loss) attributable to Intricon shareholders

$

644

$

(290)

$

(3,616)

$

(4,544)

Basic income (loss) per share attributable to Intricon shareholders:

Continuing operations

$

0.07

$

(0.03)

$

(0.41)

$

(0.32)

Discontinued operations

-

-

-

(0.20)

Net income (loss) per share:

$

0.07

$

(0.03)

$

(0.41)

$

(0.52)

Diluted income (loss) per share attributable to Intricon shareholders:

Continuing operations

$

0.07

$

(0.03)

$

(0.41)

$

(0.32)

Discontinued operations

-

-

-

(0.20)

Net income (loss) per share:

$

0.07

$

(0.03)

$

(0.41)

$

(0.52)

Average shares outstanding:

Basic

8,936

8,764

8,877

8,738

Diluted

9,272

8,764

8,877

8,738

(See accompanying notes to the consolidated condensed financial statements)

 


4


 

INTRICON CORPORATION

Consolidated Condensed Statements of Comprehensive Income (Loss)

(In Thousands)

Three Months Ended

Nine Months Ended

(unaudited)

September 30,

September 30,

September 30,

September 30,

2020

2019

2020

2019

Net income (loss)

$

654

$

(290)