Company Quick10K Filing
LSB Industries
Price3.67 EPS-2
Shares28 P/E-2
MCap103 P/FCF3
Net Debt390 EBIT-4
TEV493 TEV/EBIT-117
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-25
10-Q 2017-03-31 Filed 2017-04-24
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-03
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-07-06 Enter Agreement, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2020-05-14
8-K 2020-05-06
8-K 2020-03-05
8-K 2020-02-24
8-K 2020-02-07
8-K 2020-01-16
8-K 2019-10-28
8-K 2019-07-29
8-K 2019-06-21
8-K 2019-06-18
8-K 2019-06-18
8-K 2019-05-07
8-K 2019-05-03
8-K 2019-04-30
8-K 2019-03-07
8-K 2019-02-26
8-K 2019-02-25
8-K 2019-02-11
8-K 2018-12-28
8-K 2018-11-08
8-K 2018-11-01
8-K 2018-10-24
8-K 2018-10-18
8-K 2018-07-25
8-K 2018-05-23
8-K 2018-05-10
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-04-16
8-K 2018-04-16
8-K 2018-04-05
8-K 2018-03-27
8-K 2018-03-19
8-K 2018-02-26

LXU 10Q Quarterly Report

Part I
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
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 lxu-ex311_10.htm
EX-31.2 lxu-ex312_8.htm
EX-32.1 lxu-ex321_12.htm
EX-32.2 lxu-ex322_11.htm

LSB Industries Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.41.10.80.60.30.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

lxu-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 1-7677

 

LSB Industries, Inc.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

73-1015226

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

3503 NW 63rd Street, Suite 500, Oklahoma City, Oklahoma

 

73116

(Address of principal executive offices)

 

(Zip Code)

 

(Registrant's telephone number, including area code) (405)  235-4546

Not applicable

(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(s)

 

Name of each exchange on which registered

Common Stock, Par Value $.10

Preferred Stock Purchase Rights

 

LXU

N/A

 

New York Stock Exchange

New York Stock Exchange

 

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 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

The number of shares outstanding of the Registrant's common stock was 29,317,168 shares as of July 24, 2020.

 

 

 

 


FORM 10-Q OF LSB INDUSTRIES, INC.

TABLE OF CONTENTS

 

 

 

PART I – Financial Information

 

Page

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

Item 2.

 

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

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

38

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

38

 

 

 

 

 

 

 

PART II – Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

42

 

 

 

 

 

Item 1A.

 

Risk Factors

 

42

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

42

 

 

 

 

 

Item 4.

 

Mining Safety Disclosures

 

43

 

 

 

 

 

Item 5.

 

Other Information

 

43

 

 

 

 

 

Item 6.

 

Exhibits

 

43

 

 

2


PART I

FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

LSB INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Information at June 30, 2020 is unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In Thousands)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,513

 

 

$

22,791

 

Accounts receivable

 

 

42,569

 

 

 

40,203

 

Allowance for doubtful accounts

 

 

(397

)

 

 

(261

)

Accounts receivable, net

 

 

42,172

 

 

 

39,942

 

Inventories:

 

 

 

 

 

 

 

 

Finished goods

 

 

12,968

 

 

 

21,738

 

Raw materials

 

 

1,364

 

 

 

1,573

 

Total inventories

 

 

14,332

 

 

 

23,311

 

Supplies, prepaid items and other:

 

 

 

 

 

 

 

 

Prepaid insurance

 

 

5,195

 

 

 

11,837

 

Precious metals

 

 

7,682

 

 

 

5,568

 

Supplies

 

 

25,221

 

 

 

24,689

 

Other

 

 

1,660

 

 

 

2,735

 

Total supplies, prepaid items and other

 

 

39,758

 

 

 

44,829

 

Total current assets

 

 

152,775

 

 

 

130,873

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

913,441

 

 

 

936,474

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

 

20,895

 

 

 

15,330

 

Intangible and other assets, net

 

 

7,554

 

 

 

5,812

 

 

 

 

28,449

 

 

 

21,142

 

 

 

 

 

 

 

 

 

 

 

 

$

1,094,665

 

 

$

1,088,489

 

 

(Continued on following page)

3


LSB INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(Information at June 30, 2020 is unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In Thousands)

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

45,245

 

 

$

58,477

 

Short-term financing

 

 

3,834

 

 

 

9,929

 

Accrued and other liabilities

 

 

27,768

 

 

 

25,484

 

Current portion of long-term debt

 

 

11,492

 

 

 

9,410

 

Total current liabilities

 

 

88,339

 

 

 

103,300

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

487,552

 

 

 

449,634

 

 

 

 

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

 

15,956

 

 

 

11,404

 

 

 

 

 

 

 

 

 

 

Other noncurrent accrued and other liabilities

 

 

5,244

 

 

 

6,214

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

34,056

 

 

 

35,717

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable preferred stocks:

 

 

 

 

 

 

 

 

Series E 14% cumulative, redeemable Class C preferred stock, no par value,

   210,000 shares issued; 139,768 outstanding; aggregate liquidation preference

   of $259,796,000 ($242,800,000 at December 31, 2019)

 

 

252,898

 

 

 

234,893

 

Series F redeemable Class C preferred stock, no par value, 1 share issued and

   outstanding; aggregate liquidation preference of $100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Series B 12% cumulative, convertible preferred stock, $100 par value; 20,000

   shares issued and outstanding; aggregate liquidation preference

   of $3,145,000 ($3,025,000 at December 31, 2019)

 

 

2,000

 

 

 

2,000

 

Series D 6% cumulative, convertible Class C preferred stock, no par value;

   1,000,000 shares issued and outstanding; aggregate liquidation preference

   of $1,282,000 ($1,252,000 at December 31, 2019)

 

 

1,000

 

 

 

1,000

 

Common stock, $.10 par value; 75,000,000 shares authorized,

   31,283,210 shares issued

 

 

3,128

 

 

 

3,128

 

Capital in excess of par value

 

 

197,566

 

 

 

196,833

 

Retained earnings

 

 

19,810

 

 

 

57,632

 

 

 

 

223,504

 

 

 

260,593

 

Less treasury stock, at cost:

 

 

 

 

 

 

 

 

Common stock, 1,966,042 shares (2,009,566 shares at December 31, 2019)

 

 

12,884

 

 

 

13,266

 

Total stockholders' equity

 

 

210,620

 

 

 

247,327

 

 

 

$

1,094,665

 

 

$

1,088,489

 

 

 

See accompanying notes.

4


LSB INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In Thousands, Except Per Share Amounts)

 

Net sales

 

$

105,033

 

 

$

121,527

 

 

$

188,444

 

 

$

215,679

 

Cost of sales

 

 

86,012

 

 

 

101,850

 

 

 

166,872

 

 

 

188,684

 

Gross profit

 

 

19,021

 

 

 

19,677

 

 

 

21,572

 

 

 

26,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

 

8,504

 

 

 

8,366

 

 

 

18,510

 

 

 

15,590

 

Other income, net

 

 

(167

)

 

 

(34

)

 

 

(635

)

 

 

(11

)

Operating income

 

 

10,684

 

 

 

11,345

 

 

 

3,697

 

 

 

11,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

12,476

 

 

 

11,315

 

 

 

25,955

 

 

 

22,302

 

Non-operating other income, net

 

 

(128

)

 

 

(868

)

 

 

(803

)

 

 

(644

)

Income (loss) before benefit for income taxes

 

 

(1,664

)

 

 

898

 

 

 

(21,455

)

 

 

(10,242

)

Benefit for income taxes

 

 

(1,299

)

 

 

(5,733

)

 

 

(1,638

)

 

 

(5,333

)

Net income (loss)

 

 

(365

)

 

 

6,631

 

 

 

(19,817

)

 

 

(4,909

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on convertible preferred stocks

 

 

75

 

 

 

75

 

 

 

150

 

 

 

150

 

Dividends on Series E redeemable preferred stock

 

 

8,689

 

 

 

7,589

 

 

 

16,996

 

 

 

14,845

 

Accretion of Series E redeemable preferred stock

 

 

505

 

 

 

497

 

 

 

1,009

 

 

 

993

 

Net loss attributable to common stockholders

 

$

(9,634

)

 

$

(1,530

)

 

$

(37,972

)

 

$

(20,897

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and dilutive net loss per common share

 

$

(0.34

)

 

$

(0.05

)

 

$

(1.35

)

 

$

(0.75

)

 

See accompanying notes.

5


LSB INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

Common

Stock

Shares

 

 

Treasury

Stock-

Common

Shares

 

 

Non-

Redeemable

Preferred

Stock

 

 

Common

Stock

Par

Value

 

 

Capital in

Excess of

Par

Value

 

 

Retained

Earnings

 

 

Treasury

Stock-

Common

 

 

Total

 

 

 

(In Thousands)

 

Balance at December 31, 2019

 

 

31,283

 

 

 

(2,010

)

 

$

3,000

 

 

$

3,128

 

 

$

196,833

 

 

$

57,632

 

 

$

(13,266

)

 

$

247,327

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,452

)

 

 

 

 

 

 

(19,452

)

Dividend accrued on redeemable

   preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,307

)

 

 

 

 

 

 

(8,307

)

Accretion of redeemable preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(504

)

 

 

 

 

 

 

(504

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

495

 

Other

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

(356

)

 

 

 

 

 

 

292

 

 

 

(64

)

Balance at March 31, 2020

 

 

31,283

 

 

 

(1,980

)

 

 

3,000

 

 

 

3,128

 

 

 

196,972

 

 

 

29,369

 

 

 

(12,974

)

 

 

219,495

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(365

)

 

 

 

 

 

 

(365

)

Dividend accrued on redeemable

   preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,689

)

 

 

 

 

 

 

(8,689

)

Accretion of redeemable preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(505

)

 

 

 

 

 

 

(505

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

684

 

 

 

 

 

 

 

 

 

 

 

684

 

Other

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

(90

)

 

 

 

 

 

 

90

 

 

 

 

Balance at June 30, 2020

 

 

31,283

 

 

 

(1,966

)

 

 

3,000

 

 

 

3,128

 

 

 

197,566

 

 

 

19,810

 

 

 

(12,884

)

 

 

210,620

 

 

 

 

Balance at December 31, 2018

 

 

31,283

 

 

 

(2,438

)

 

$

3,000

 

 

$

3,128

 

 

$

198,482

 

 

$

153,773

 

 

$

(16,186

)

 

$

342,197

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,540

)

 

 

 

 

 

 

(11,540

)

Dividend accrued on redeemable

   preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,256

)

 

 

 

 

 

 

(7,256

)

Accretion of redeemable preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(496

)

 

 

 

 

 

 

(496

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

612

 

 

 

 

 

 

 

 

 

 

 

612

 

Other

 

 

 

 

 

 

(76

)

 

 

 

 

 

 

 

 

 

 

(144

)

 

 

 

 

 

 

(546

)

 

 

(690

)

Balance at March 31, 2019

 

 

31,283

 

 

 

(2,514

)

 

 

3,000