Company Quick10K Filing
Standex
Price73.84 EPS5
Shares12 P/E14
MCap916 P/FCF15
Net Debt100 EBIT93
TEV1,016 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-04
10-Q 2019-09-30 Filed 2019-11-06
10-K 2019-06-30 Filed 2019-08-27
10-Q 2019-04-29 Filed 2019-04-30
10-Q 2018-12-31 Filed 2019-01-31
10-Q 2018-09-30 Filed 2018-10-29
10-K 2018-06-30 Filed 2018-08-28
10-Q 2018-03-31 Filed 2018-05-01
10-Q 2017-12-31 Filed 2018-01-30
10-Q 2017-09-30 Filed 2017-11-01
10-K 2017-06-30 Filed 2017-08-28
10-Q 2017-03-31 Filed 2017-05-02
10-Q 2016-12-31 Filed 2017-02-03
10-Q 2016-09-30 Filed 2016-10-28
10-K 2016-06-30 Filed 2016-08-25
10-Q 2016-03-31 Filed 2016-05-03
10-Q 2015-12-31 Filed 2016-02-02
10-Q 2015-09-30 Filed 2015-10-29
10-K 2015-06-30 Filed 2015-08-27
10-Q 2015-03-31 Filed 2015-05-01
10-Q 2014-12-31 Filed 2015-02-03
10-Q 2014-09-30 Filed 2014-10-31
10-K 2014-06-30 Filed 2014-08-28
10-Q 2014-03-31 Filed 2014-05-02
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2014-02-03
10-K 2013-06-30 Filed 2013-08-27
10-Q 2013-03-31 Filed 2013-05-06
10-Q 2012-12-31 Filed 2013-02-01
10-Q 2012-09-30 Filed 2012-11-01
10-K 2012-06-30 Filed 2012-08-28
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-10-27
10-K 2011-06-30 Filed 2011-09-08
10-Q 2011-03-31 Filed 2011-04-29
10-Q 2010-12-31 Filed 2011-01-28
10-Q 2010-09-30 Filed 2010-10-28
10-K 2010-06-30 Filed 2010-08-27
10-Q 2010-03-31 Filed 2010-04-29
10-Q 2009-12-31 Filed 2010-01-28
8-K 2020-07-15 Other Events, Exhibits
8-K 2020-05-07
8-K 2020-04-01
8-K 2020-03-12
8-K 2020-02-03
8-K 2019-12-02
8-K 2019-10-22
8-K 2019-08-26
8-K 2019-08-23
8-K 2019-08-08
8-K 2019-04-01
8-K 2019-03-31
8-K 2019-01-30
8-K 2019-01-16
8-K 2018-12-21
8-K 2018-10-23
8-K 2018-10-05
8-K 2018-09-30
8-K 2018-09-28
8-K 2018-06-30
8-K 2018-05-01
8-K 2017-12-31

SXI 10Q Quarterly Report

Part I. Financial Information
Item 1
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
EX-31.1 ex_179514.htm
EX-31.2 ex_179515.htm
EX-32 ex_179516.htm

Standex Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

sxi20191231_10q.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 March 31, 2020

 

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 1-7233

 

STANDEX INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

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 ☐

 

Delaware

31-0596149

(State of incorporation)

(IRS Employer Identification No.)

 

11 KEEWAYDIN DRIVE, Salem, New Hampshire

03079

(Address of principal executive offices)

(Zip Code)

 

(603) 893-9701

(Registrant’s telephone number, including area code)

 

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 $1.50 Per Share

SXI

New York Stock Exchange

 

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 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 ☒

 

The number of shares of Registrant's Common Stock outstanding on May 6, 2020 was 12,409,429.

 

 

 

1

 

 

STANDEX INTERNATIONAL CORPORATION

 

 

INDEX

 

 

 

 

Page No.

PART I.  FINANCIAL INFORMATION:

 

 

 

 

Item 1.

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and June 30, 2019

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2020 and 2019 (unaudited)

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2020 and 2019 (unaudited)

5

 

 

 

 

Condensed Consolidated Statement of Stockholders’ Equity for the three and nine months ended March 31, 2020 and 2019 (unaudited)

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2020 and 2019 (unaudited)

8

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

29

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

40

 

 

 

Item 4.

Controls and Procedures

41

 

 

 

PART II.  OTHER INFORMATION:

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

 

 

 

Item 6.

Exhibits

42

 

 

 

 

2

 

 

PART I. FINANCIAL INFORMATION

ITEM 1

 

STANDEX INTERNATIONAL CORPORATION

Condensed Consolidated Balance Sheets

 

(In thousands, except per share data)

 

March 31, 2020 (unaudited)

   

June 30, 2019

 

ASSETS

               

Current Assets:

               
Cash and cash equivalents   $ 109,297     $ 93,145  
Accounts receivable, net of reserve for doubtful accounts of $1,729 and $1,250 at March 31, 2020 and June 30, 2019     101,331       103,374  
Inventories     85,274       76,302  
Prepaid expenses and other current assets     21,829       21,820  
Income taxes receivable     5,232       1,622  
Current assets-Discontinued Operations     37,518       37,610  

Total current assets

    360,481       333,873  
Property, plant, and equipment, net     134,171       134,239  
Intangible assets, net     109,264       118,660  
Goodwill     270,044       273,843  
Deferred tax asset     10,876       14,140  
Operating lease right-of-use asset     40,901       -  
Other non-current assets     26,306       25,105  
Long-term assets-Discontinued Operations     4,879       22,029  

Total non-current assets

    596,441       588,016  

Total assets

  $ 956,922     $ 921,889  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current Liabilities:

               
Accounts payable   $ 54,188     $ 54,201  
Accrued liabilities     55,729       50,176  
Income taxes payable     524       5,735  
Current liabilities-Discontinued Operations     26,362       31,503  

Total current liabilities

    136,803       141,615  
Long-term debt     212,065       197,610  
Operating lease long-term liabilities     32,084       -  
Accrued pension and other non-current liabilities     106,446       116,128  
Non-current liabilities-Discontinued Operations     2,720       2,223  

Total non-current liabilities

    353,315       315,961  

Stockholders' equity:

               
Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,263,025 and 12,334,607 outstanding at March 31, 2020 and June 30, 2019     41,976       41,976  
Additional paid-in capital     70,910       65,515  
Retained earnings     828,556       818,282  
Accumulated other comprehensive loss     (142,916 )     (137,278 )
Treasury shares: 15,721,253 shares at March 31, 2020 and 15,649,671 shares at June 30, 2019     (331,722 )     (324,182 )

Total stockholders' equity

    466,804       464,313  

Total liabilities and stockholders' equity

  $ 956,922     $ 921,889  

 

 

 

 

3

 

 

STANDEX INTERNATIONAL CORPORATION

Unaudited Condensed Consolidated Statements of Operations

 

   

Three Months Ended

   

Nine Months Ended

 
   

March 31,

   

March 31,

 

(In thousands, except per share data)

 

2020

   

2019

   

2020

   

2019

 
Net sales   $ 155,474     $ 160,455     $ 465,150     $ 471,189  
Cost of sales     102,959       105,340       296,613       296,722  

Gross profit

    52,515       55,115       168,537       174,467  
Selling, general, and administrative expenses     34,893       36,913       113,697       111,237  
Acquisition related costs     120       805       1,650       2,352  
Restructuring costs     593       549       2,792       826  

Total operating expenses

    35,606       38,267       118,139       114,415  

Income from operations

    16,909       16,848       50,398       60,052  
Interest expense     (1,774 )     (3,230 )     (5,820 )     (8,598 )
Other non-operating expenses, net     238       (679 )     566       (1,694 )

Income from continuing operations before income taxes

    15,373       12,939       45,144       49,760  
Provision for income taxes     3,321       4,284       10,229       14,086  

Net income (loss) from continuing operations

    12,052       8,655       34,915       35,674  
Net income (loss) from discontinued operations     (18,375 )     17,614       (16,562 )     19,847  

Net income (loss)

  $ (6,323 )   $ 26,269     $ 18,353     $ 55,521  
                                 

Basic earnings per share:

                               
Continuing operations   $ 0.98     $ 0.69     $ 2.83     $ 2.83  
Discontinued operations     (1.49 )     1.41       (1.34 )     1.57  

Total

  $ (0.51 )   $ 2.10     $ 1.49     $ 4.40  

Diluted earnings per share:

                               
Continuing operations   $ 0.97     $ 0.69     $ 2.81     $ 2.81  
Discontinued operations     (1.48 )     1.40       (1.33 )     1.57  

Total

  $ (0.51 )   $ 2.09     $ 1.48     $ 4.38  
                                 
Cash dividends per share   $ 0.22     $ 0.20     $ 0.64     $ 0.58  

 

See notes to unaudited condensed consolidated financial statements 

 

 

 

 

4

 

 

STANDEX INTERNATIONAL CORPORATION 

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

   

Three Months Ended

   

Nine Months Ended

 
   

March 31,

   

March 31,

 

(In thousands)

 

2020

   

2019

   

2020

   

2019

 

Net income (loss)

  $ (6,323 )   $ 26,269     $ 18,353     $ 55,521  

Other comprehensive income (loss):

                               

Defined benefit pension plans:

                               
Actuarial gains (losses) and other changes in unrecognized costs   $ 278     $ (30 )   $ 273     $ 250  
Amortization of unrecognized costs     1,441       1,116       4,315       3,347  

Derivative instruments:

                               

Change in unrealized (losses)

    (1,595 )     1,449       (1,832 )     (2,226 )

Amortization of unrealized gains and into interest expense

    (2,110 )     (506 )     (2,129 )     1,767  
Foreign currency translation gains (losses)     (4,691 )     410       (5,860 )     (5,252 )

Other comprehensive income (loss) before tax

  $ (6,677 )   $ 2,439     $ (5,233 )   $ (2,114 )
                                 

Income tax provision (benefit):

                               

Defined benefit pension plans:

                               
Actuarial gains (losses) and other changes in unrecognized costs   $ (50 )   $ 1     $ (28 )   $ (25 )
Amortization of unrecognized costs     (348 )     (273 )     (1,041 )     (818 )

Derivative instruments:

                               
Change in unrealized gains and (losses)     588       172       697       338  
Amortization of unrealized gains and (losses) into interest expense     (25 )     21       (33 )     61  

Income tax provision (benefit) to other comprehensive income (loss)

  $ 165     $ (79 )   $ (405 )   $ (444 )
                                 

Other comprehensive income (loss), net of tax

    (6,512 )     2,360       (5,638 )     (2,558 )

Comprehensive income (loss)

  $ (12,835 )   $ 28,629     $ 12,715     $ 52,963  

 

See notes to unaudited condensed consolidated financial statements 

 

 

 

 

5

 

 

Consolidated Statements of Stockholders' Equity 

Standex International Corporation and Subsidiaries 

 

                           

Accumulated Other

                         
           

Additional

           

Comprehensive

                   

Total

 

For the Nine month period ended March 31, 2020

 

Common

   

Paid-in

   

Retained

   

Income

   

Treasury Stock

   

Stockholders’

 

(in thousands, except as specified)

 

Stock

   

Capital

   

Earnings

   

(Loss)

   

Shares

   

Amount

   

Equity

 

Balance, June 30, 2019

  $ 41,976     $ 65,515     $ 818,282     $ (137,278 )     15,650     $ (324,182 )   $ 464,313  
Stock issued for employee stock option and purchase plans, including related income tax benefit and other     -       110       -       -       (71 )     1,468       1,578  
Stock-based compensation     -       5,285       -       -       -       -       5,285  
Treasury stock acquired     -       -       -       -       142       (9,008 )     (9,008 )
Adoption of ASC 606     -       -       (55 )     -       -       -       (55 )

Comprehensive income:

    -       -       -       -       -       -       -  
Net Income     -       -       18,353       -       -       -       18,353  
Foreign currency translation adjustment     -       -       -       (5,860 )     -       -       (5,860 )
Pension and OPEB adjustments, net of tax of $1.1 million     -       -       -       3,519       -       -       3,519  
Change in fair value of derivatives, net of tax of $0.7 million     -       -       -       (3,297 )     -       -       (3,297 )
Dividends declared ($0.64 per share)     -       -       (8,024 )     -       -       -       (8,024 )

Balance, March 31, 2020

  $ 41,976     $ 70,910     $ 828,556     $ (142,916 )     15,721     $ (331,722 )   $ 466,804  
                                                         

For the Nine month period ended March 31, 2019

                                                       

(in thousands, except as specified)

                                                       

Balance, June 30, 2018

  $ 41,976     $ 61,328     $ 761,430     $ (121,859 )     15,279     $ (292,080 )   $ 450,795  

Stock issued for employee stock option and purchase plans, including related income tax benefit and other

    -       (234 )     -       -       (62 )     1,186       952  

Stock-based compensation

    -       2,680       -       -       -       -       2,680  

Treasury stock acquired

    -       -       -       -       236       (19,239 )     (19,239 )

Adoption of ASC 606

    -       -       (1,106 )     -       -       -       (1,106 )

Comprehensive income:

                                                    -  

Net Income

    -       -       55,521       -       -       -       55,521  

Foreign currency translation adjustment

    -       -       -       (5,252 )     -       -       (5,252 )

Pension and OPEB adjustments, net of tax of $0.8 million

    -       -       -       2,754       -       -       2,754  

Change in fair value of derivatives, net of tax of $0.4 million

    -       -       -       (60 )     -       -       (60 )

Dividends declared ($0.58 per share)

    -       -       (7,428 )     -       -       -       (7,428 )

Balance, March 31, 2019

  $ 41,976     $ 63,774     $ 808,417     $ (124,417 )     15,453     $ (310,133 )   $ 479,617  

 

 

 

6

 

 

 

 

Consolidated Statements of Stockholders' Equity

Standex International Corporation and Subsidiaries

 

                           

Accumulated Other

                         
           

Additional

           

Comprehensive

                   

Total

 

For the Three month period ended March 31, 2020

 

Common

   

Paid-in

   

Retained

   

Income

   

Treasury Stock

   

Stockholders’

 

(in thousands, except as specified)

 

Stock

   

Capital

   

Earnings

   

(Loss)

   

Shares

   

Amount

   

Equity

 

Balance, December 31, 2019

  $ 41,976     $ 70,206     $ 837,698     $ (136,404 )     15,602     $ (323,872 )   $ 489,604  
Stock issued for employee stock option and purchase plans, including related income tax benefit and other     -       238       -       -       (10 )     212       450  
Stock-based compensation     -       466       -       -       -       -       466  
Treasury stock acquired     -       -       -       -       129       (8,062 )     (8,062 )
Adoption of ASC 606     -       -       (55 )     -       -       -       (55 )

Comprehensive income:

    -       -       -       -       -       -       -  
Net Income     -       -       (6,323 )     -       -       -       (6,323 )
Foreign currency translation adjustment     -       -       -       (4,691 )     -       -       (4,691 )
Pension and OPEB adjustments, net of tax of $0.4 million     -       -       -       1,321       -       -       1,321  
Change in fair value of derivatives, net of tax of $0.6 million     -       -       -       (3,142 )     -       -       (3,142 )
Dividends declared ($0.22 per share)     -       -       (2,764 )     -       -       -       (2,764 )

Balance, March 31, 2020

  $ 41,976     $ 70,910     $ 828,556     $ (142,916 )     15,721     $ (331,722 )   $ 466,804  
                                                         

For the Three month period ended March 31, 2019

                                                       

(in thousands, except as specified)

                                                       

Balance, December 31, 2018

  $ 41,976     $ 63,024     $ 784,687     $ (126,777 )     15,454     $ (310,084 )   $ 452,826  

Stock issued for employee stock option and purchase plans, including related income tax benefit and other

    -       99       -       -       (2 )     55       154  

Stock-based compensation

    -       651       -       -       -       -       651  

Treasury stock acquired

    -       -       -       -       1       (104 )     (104 )

Comprehensive income:

                                                    -  

Net Income

    -       -       26,269       -       -       -       26,269  

Foreign currency translation adjustment

    -       -       -       410       -       -       410  

Pension and OPEB adjustments, net of tax of $0.3 million

    -       -       -       813     &