Company Quick10K Filing
⚲
Standex
Financials
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
Filings
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-10-30
10-K 2020-06-30 Filed 2020-08-25
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-K 2013-06-30 Filed 2013-08-27
10-Q 2013-06-30 Filed 2014-02-03
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
Reports
8-K 2020-10-29
8-K 2020-10-20
8-K 2020-08-26
8-K 2020-08-24
8-K 2020-07-15
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

Content
Part I. Financial Information
Item 1
Part II. Other Information
Exhibits
EX-3.1 ex_223500.htm
EX-31.1 ex_214693.htm
EX-31.2 ex_214694.htm
EX-32 ex_214695.htm

Standex Earnings 2020-12-31

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 December 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.)

 

23 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 February 4, 2021 was 12,356,728.

 

1
 

 

 

STANDEX INTERNATIONAL CORPORATION

 

 

INDEX

 

 

 

 

Page No.

PART I.  FINANCIAL INFORMATION:

 

 

 

 

Item 1.

 

 

 

 

 

 

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

3

 

 

 

 

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

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2020 and 2019 (unaudited)

5

 

 

 

 

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

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended December 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

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

38

 

 

 

Item 4.

Controls and Procedures

39

 

 

 

PART II.  OTHER INFORMATION:

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40
     
Item 5. Other Information 40

 

 

 

Item 6.

Exhibits

41

 

2
 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1

 

STANDEX INTERNATIONAL CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands, except per share data)

 

December 31, 2020

  

June 30, 2020

 

ASSETS

        

Current Assets:

        

Cash and cash equivalents

 $109,110  $118,809 

Accounts receivable, less allowance for credit losses of $1,976 and $1,451 at December 31, 2020 and June 30, 2020, respectively

  100,585   98,157 

Inventories

  90,710   85,031 

Prepaid expenses and other current assets

  20,430   18,870 

Income taxes receivable

  6,281   8,194 
Current Assets - Discontinued Operations  -   2,936 

Total current assets

  327,116   331,997 

Property, plant, and equipment, net

  135,733   132,533 

Intangible assets, net

  113,211   106,412 

Goodwill

  291,836   271,221 

Deferred tax asset

  16,123   17,322 

Operating lease right-of-use asset

  44,544   44,788 

Other non-current assets

  30,094   26,605 

Total non-current assets

  631,541   598,881 

Total assets

 $958,657  $930,878 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current Liabilities:

        

Accounts payable

 $55,524  $54,910 

Accrued liabilities

  59,287   59,929 

Income taxes payable

  3,075   7,428 

Current liabilities-Discontinued Operations

  -   610 

Total current liabilities

  117,886   122,877 

Long-term debt

  200,032   199,150 

Operating lease long-term liabilities

  34,961   36,293 

Accrued pension and other non-current liabilities

  107,588   110,926 

Total non-current liabilities

  342,581   346,369 
         
Commitments and Contingencies (Note 16)  -   - 
         

Stockholders' equity:

        

Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,181,112 and 12,235,786 outstanding at December 31, 2020 and June 30, 2020

  41,976   41,976 

Additional paid-in capital

  76,548   72,752 

Retained earnings

  843,038   827,656 

Accumulated other comprehensive loss

  (124,149)  (147,659)

Treasury shares: 15,803,166 shares at December 31, 2020 and 15,748,492 shares at June 30, 2020

  (339,223)  (333,093)

Total stockholders' equity

  498,190   461,632 

Total liabilities and stockholders' equity

 $958,657  $930,878 

 

See notes to unaudited condensed consolidated financial statements 

 

3
 
 

STANDEX INTERNATIONAL CORPORATION

Unaudited Condensed Consolidated Statements of Operations

 

   

Three Months Ended

    

Six Months Ended

  
   

December 31,

    

December 31,

  

(In thousands, except per share data)

  

2020

    

2019

    

2020

    

2019

  

Net sales

   $ 156,283     $ 153,697     $ 307,569     $ 309,669  

Cost of sales

     98,267       95,901       194,816       193,646  

Gross profit

     58,016       57,796       112,753       116,023  

Selling, general, and administrative expenses

     40,199       38,664       79,069       78,826  

Acquisition related costs

     570       773       596       1,507  

Restructuring costs

     509       720       1,996       2,199  

Total operating expenses

     41,278       40,157       81,661       82,532  

Income from operations

     16,738       17,639       31,092       33,491  

Interest expense

     1,601       1,928       3,086       4,050  

Other non-operating (income) expense

     (60 )     588       (231 )     (331 )

Income from continuing operations before income taxes

     15,197       15,123       28,237       29,772  

Provision for income taxes

     3,189       2,831       5,885       6,909  

Net income from continuing operations

     12,008       12,292       22,352       22,863  

Income (loss) from discontinued operations, net of income taxes

     (631 )     (54 )     (1,258 )     1,813  

Net income

   $ 11,377     $ 12,238     $ 21,094     $ 24,676  
                                 

Basic earnings (loss) per share:

                                

Continuing operations

   $ 0.98     $ 0.99     $ 1.83     $ 1.85  

Discontinued operations

     (0.05 )     -       (0.10 )     0.15  

Total

   $ 0.93     $ 0.99     $ 1.73     $ 2.00  

Diluted earnings (loss) per share:

                                

Continuing operations

   $ 0.98     $ 0.99     $ 1.82     $ 1.84  

Discontinued operations

     (0.05 )     -       (0.10 )     0.15  

Total

   $ 0.93     $ 0.99     $ 1.72     $ 1.99  
                                 
Weighted average number of shares:                                
Basic     12,195       12,376       12,213       12,359  
Diluted     12,270       12,455       12,277       12,427  

 

See notes to unaudited condensed consolidated financial statements 

 

4
 
 

STANDEX INTERNATIONAL CORPORATION 

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

   

Three Months Ended

    

Six Months Ended

  
   

December 31,

    

December 31,

  

(In thousands)

  

2020

    

2019

    

2020

    

2019

  

Net income

   $ 11,377     $ 12,238     $ 21,094     $ 24,676  

Other comprehensive income (loss):

                                

Defined benefit pension plans:

                                

Actuarial gains (losses) and other changes in unrecognized costs

   $ (258 )   $ (354 )   $ (473 )   $ (6 )

Amortization of unrecognized costs

     1,669       1,440       3,335       2,874  

Derivative instruments:

                                

Change in unrealized gains (losses)

     356       (1,390 )     (215 )     (237 )

Amortization of unrealized gains (losses) into interest expense

     534       1,182       1,121       (19 )

Foreign currency translation gains (losses)

     11,082       4,425       20,601       (1,170 )

Other comprehensive income (loss) before tax

   $ 13,383     $ 5,303     $ 24,369     $ 1,442  
                                 

Income tax provision (benefit):

                                

Defined benefit pension plans:

                                

Actuarial gains (losses) and other changes in unrecognized costs

   $ 54     $ 70     $ 100     $ 23  

Amortization of unrecognized costs

     (400 )     (348 )     (800 )     (693 )

Derivative instruments:

                                

Change in unrealized gains (losses)

     5       134       118       109  

Amortization of unrealized gains (losses) into interest expense

     (140 )     (14 )     (277 )     (7 )

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

   $ (481 )   $ (158 )   $ (859 )   $ (568 )
                                 

Other comprehensive income (loss), net of tax

     12,902       5,145       23,510       874  

Comprehensive income (loss)

   $ 24,279     $ 17,383     $ 44,604     $ 25,550  

 

See notes to unaudited condensed consolidated financial statements 

 

5
 
 

Unaudited Consolidated Statements of Stockholders' Equity 

Standex International Corporation and Subsidiaries 

 

              

Accumulated Other

             
      

Additional

      

Comprehensive

          

Total

 

For the Six month period ended December 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, 2020

 $41,976  $72,752  $827,656  $(147,659)  15,748  $(333,093) $461,632 

Stock issued under incentive compensation plans and employee purchase plans

  -   (492)  -   -   (69)  1,463   971 

Stock-based compensation

  -   4,288   -   -   -   -   4,288 

Treasury stock acquired

  -   -   -   -   124   (7,593)  (7,593)
Comprehensive income:                            

Net income

  -   -   21,094   -   -   -   21,094 

Foreign currency translation adjustment

  -   -   -   20,601   -   -   20,601 

Pension, net of tax of $0.7 million

  -   -   -   2,162   -   -   2,162 

Change in fair value of derivatives, net of tax of $0.2 million

  -   -   -   747   -   -   747 

Dividends declared ($0.46 per share)

  -   -   (5,712)  -   -   -   (5,712)

Balance, December 31, 2020

 $41,976  $76,548  $843,038  $(124,149)  15,803  $(339,223) $498,190 
                             

For the Six month period ended December 31, 2019

                            

(in thousands, except as specified)

                            

Balance, June 30, 2019

 $41,976  $65,515  $818,282  $(137,278)  15,650  $(324,182) $464,313 

Stock issued under incentive compensation plans and employee purchase plans

  -   (129)  -   -   (61)  1,256   1,127 

Stock-based compensation

  -   4,820   -   -   -   -   4,820 

Treasury stock acquired

  -   -   -   -   13   (946)  (946)

Comprehensive income:

                          - 

Net income

  -   -   24,676   -   -   -   24,676 

Foreign currency translation adjustment

  -   -   -   (1,170)  -   -   (1,170)

Pension, net of tax of $0.7 million

  -   -   -   2,198   -   -   2,198 

Change in fair value of derivatives, net of tax of $0.3 million

  -   -   -   (154)  -   -   (154)

Dividends declared ($0.42 per share)

  -   -   (5,260)  -   -   -   (5,260)

Balance, December 31, 2019

 $41,976  $70,206  $837,698  $(136,404)  15,602  $(323,872) $489,604 

 

6
 

 

Unaudited Consolidated Statements of Stockholders' Equity

Standex International Corporation and Subsidiaries

 

              

Accumulated Other

             
      

Additional

      

Comprehensive

          

Total

 

For the Three month period ended December 31, 2020

 

Common

  

Paid-in

  

Retained

  

Income

  

Treasury Stock

  

Stockholders’

 

(in thousands, except as specified)

 

Stock

  

Capital

  

Earnings

  

(Loss)

  

Shares

  

Amount

  

Equity

 

Balance, September 30, 2020

 $41,976  $74,035  $834,645  $(137,051)  15,780  $(337,037) $476,568 

Stock issued under incentive compensation plans and employee purchase plans

  -   (20)  -   -   (14)  297   277 

Stock-based compensation

  -   2,533   -   -   -   -   2,533 

Treasury stock acquired

  -   -   -   -   37   (2,483)  (2,483)
Comprehensive income:                            

Net income

  -   -   11,377   -   -   -   11,377 

Foreign currency translation adjustment

  -   -   -   11,082   -   -   11,082 

Pension, net of tax of $0.3 million

  -   -   -   1,064   -   -   1,064 

Change in fair value of derivatives, net of tax of $0.1 million

  -   -   -   756   -   -   756 

Dividends declared ($0.24 per share)

  -   -   (2,984)  -   -   -   (2,984)

Balance, December 31, 2020

 $41,976  $76,548  $843,038  $(124,149)  15,803  $(339,223) $498,190 
                             

For the Three month period ended December 31, 2019

                            

(in thousands, except as specified)

                            

Balance, September 30, 2019

 $41,976  $68,196  $828,226  $(141,549)  15,611  $(323,928) $472,921 

Stock issued under incentive compensation plans and employee purchase plans

  -   (52)  -   -   (11)  231   179 

Stock-based compensation

  -   2,062   -   -   -   -   2,062 

Treasury stock acquired

  -   -   -   -   2   (175)  (175)
Comprehensive income:                            

Net income

  -   -   12,238   -   -   -   12,238 

Foreign currency translation adjustment

  -   -   -   4,425   -   -   4,425 

Pension, net of tax of $0.3 million

  -   -   -   808   -   -   808 

Change in fair value of derivatives, net of tax of $0.3 million

  -   -   -   (88)  -   -   (88)

Dividends declared ($0.22 per share)

  -   -   (2,766)  -   -   -   (2,766)

Balance, December 31, 2019

 $41,976  $70,206  $837,698  $(136,404)  15,602  $(323,872) $489,604 

 

7
 
 

STANDEX INTERNATIONAL CORPORATION

 Unaudited Condensed Consolidated Statements of Cash Flows

 

   

Six Months Ended

  
   

December 31,

  

(In thousands)

  

2020

    

2019

  

Cash flows from operating activities

                

Net income

   $ 21,094     $ 24,676  

Income (loss) from discontinued operations

     (1,258 )     1,813  

Income from continuing operations

     22,352       22,863  

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

                

Depreciation and amortization

     16,521       16,066  

Stock-based compensation

     4,288       4,820  

Non-cash portion of restructuring charge

     (492 )     (149 )

Life insurance benefit

     -       (1,302 )

Contributions to defined benefit plans

     (4,880 )     (1,932 )

Net changes in operating assets and liabilities

     (6,281 )     (23,636 )

Net cash provided by operating activities - continuing operations

     31,508       16,730  

Net cash provided by (used in) operating activities - discontinued operations

     2,254       4,930  

Net cash provided by operating activities

     33,762       21,660  

Cash flows from investing activities

                

Expenditures for property, plant, and equipment

     (10,145 )     (10,376 )

Expenditures for acquisitions, net of cash acquired

     (27,398 )     -  

Other investing activity

     275       2,020  

Net cash provided by (used in) investing activities - continuing operations

     (37,268 )     (8,356 )

Net cash provided by (used in) investing activities - discontinued operations

     -       9,683  

Net cash provided by (used in) investing activities

     (37,268 )     1,327  

Cash flows from financing activities

                

Borrowings on revolving credit facility

     17,000       34,700  

Payments of revolving credit facility

     (17,000 )     (45,500 )

Contingent consideration payment

     -       (872 )

Activity under share-based payment plans

     971       1,127  

Purchases of treasury stock

     (7,593 )     (946 )

Cash dividends paid

     (5,624 )     (5,186 )

Net cash provided by (used in) financing activities

     (12,246 )     (16,677 )

Effect of exchange rate changes on cash and cash equivalents

     6,053