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
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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
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

Part I. Financial Information
Item 1
Part II. Other Information
EX-31.1 ex_226774.htm
EX-31.2 ex_226775.htm
EX-32 ex_226776.htm

Standex Earnings 2021-03-31

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, 2021

 

    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 May 5, 2021 was 12,261,096.

 

1

 

 

 

STANDEX INTERNATIONAL CORPORATION

 

 

INDEX

 

 

 

 

Page No.

PART I.  FINANCIAL INFORMATION:

 

 

 

 

Item 1.

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and June 30, 2020 (unaudited)

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2021 and 2020 (unaudited)

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2021 and 2020 (unaudited)

5

 

 

 

 

Condensed Consolidated Statement of Stockholders’ Equity for the three and nine months ended March 31, 2021 and 2020 (unaudited)

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020 (unaudited)

8

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

27

 

 

 

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 6.

Exhibits

41

 

2

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1

 

STANDEX INTERNATIONAL CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands, except per share data)

 

March 31, 2021

  

June 30, 2020

 

ASSETS

        

Current Assets:

        

Cash and cash equivalents

 $118,040  $118,809 

Accounts receivable, less allowance for credit losses of $2,440 and $2,113 at March 31, 2021 and June 30, 2020, respectively

  107,960   98,157 

Inventories

  90,868   85,031 

Prepaid expenses and other current assets

  22,647   18,870 

Income taxes receivable

  11,279   8,194 
Current Assets - Discontinued Operations  -   2,936 

Total current assets

  350,794   331,997 

Property, plant, and equipment, net

  129,725   132,533 

Intangible assets, net

  102,064   106,412 

Goodwill

  277,902   271,221 

Deferred tax asset

  16,941   17,322 

Operating lease right-of-use asset

  39,303   44,788 

Other non-current assets

  29,609   26,605 

Total non-current assets

  595,544   598,881 

Total assets

 $946,338  $930,878 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current Liabilities:

        

Accounts payable

 $66,619  $54,910 

Accrued liabilities

  59,664   59,929 

Income taxes payable

  5,658   7,428 

Current liabilities-Discontinued Operations

  -   610 

Total current liabilities

  131,941   122,877 

Long-term debt

  200,117   199,150 

Operating lease long-term liabilities

  30,488   36,293 

Accrued pension and other non-current liabilities

  101,139   110,926 

Total non-current liabilities

  331,744   346,369 
         
Commitments and Contingencies (Note 17)  -   - 
         

Stockholders' equity:

        

Common stock, par value $1.50 per share, 60,000,000 shares authorized, 27,984,278 issued, 12,091,579 and 12,235,786 outstanding at March 31, 2021 and June 30, 2020

  41,976   41,976 

Additional paid-in capital

  77,978   72,752 

Retained earnings

  841,491   827,656 

Accumulated other comprehensive loss

  (131,043)  (147,659)

Treasury shares: 15,892,699 shares at March 31, 2021 and 15,748,492 shares at June 30, 2020

  (347,749)  (333,093)

Total stockholders' equity

  482,653   461,632 

Total liabilities and stockholders' equity

 $946,338  $930,878 

 

See notes to unaudited condensed consolidated financial statements 

 

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)

 

2021

   

2020

   

2021

   

2020

 

Net sales

  $ 172,216     $ 155,474     $ 479,797     $ 465,150  

Cost of sales

    109,516       102,959       304,344       296,613  

Gross profit

    62,700       52,515       175,453       168,537  

Selling, general, and administrative expenses

    41,689       34,893       120,758       113,697  
Loss on sale of business     14,624       -       14,624       -  

Acquisition related costs

    255       120       850       1,650  

Restructuring costs

    482       593       2,478       2,792  

Total operating expenses

    57,050       35,606       138,710       118,139  

Income from operations

    5,650       16,909       36,743       50,398  

Interest expense

    1,317       1,774       4,403       5,820  

Other non-operating (income) expense

    306       (238 )     73       (566 )

Income from continuing operations before income taxes

    4,027       15,373       32,267       45,144  

Provision for income taxes

    2,269       3,321       8,155       10,229  

Net income from continuing operations

    1,758       12,052       24,112       34,915  

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

    (331 )     (18,375 )     (1,588 )     (16,562 )

Net income (loss)

  $ 1,427     $ (6,323 )   $ 22,524     $ 18,353  
                                 

Basic earnings (loss) per share:

                               

Continuing operations

  $ 0.14     $ 0.98     $ 1.98     $ 2.83  

Discontinued operations

    (0.03 )     (1.49 )     (0.13 )     (1.34 )

Total

  $ 0.11     $ (0.51 )   $ 1.85     $ 1.49  

Diluted earnings (loss) per share:

                               

Continuing operations

  $ 0.14     $ 0.97     $ 1.97     $ 2.81  

Discontinued operations

    (0.03 )     (1.48 )     (0.13 )     (1.33 )

Total

  $ 0.11     $ (0.51 )   $ 1.84     $ 1.48  
                                 
Weighted average number of shares:                                
Basic     12,136       12,337       12,185       12,348  
Diluted     12,253       12,397       12,267       12,413  

 

See notes to unaudited condensed consolidated financial statements 

 

4

 
 

STANDEX INTERNATIONAL CORPORATION 

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

 

   

Three Months Ended

   

Nine Months Ended

 
   

March 31,

   

March 31,

 

(In thousands)

 

2021

   

2020

   

2021

   

2020

 

Net income (loss)

  $ 1,427     $ (6,323 )   $ 22,524     $ 18,353  

Other comprehensive income (loss):

                               

Defined benefit pension plans:

                               

Actuarial gains (losses) and other changes in unrecognized costs

  $ 37     $ 278     $ (436 )   $ 273  

Amortization of unrecognized costs

    1,677       1,441       5,012       4,315  

Derivative instruments:

                               

Change in unrealized gains (losses)

    3,747       (1,595 )     3,532       (1,832 )

Amortization of unrealized gains (losses) into interest expense

    64       (2,110 )     1,185       (2,129 )

Foreign currency translation gains (losses)

    (11,299 )     (4,691 )     9,301       (5,860 )

Other comprehensive income (loss) before tax

  $ (5,774 )   $ (6,677 )   $ 18,594     $ (5,233 )
                                 

Income tax provision (benefit):

                               

Defined benefit pension plans:

                               

Actuarial gains (losses) and other changes in unrecognized costs

  $ (15 )   $ (50 )   $ 85     $ (28 )

Amortization of unrecognized costs

    (402 )     (348 )     (1,202 )     (1,041 )

Derivative instruments:

                               

Change in unrealized gains (losses)

    (562 )     588       (443 )     697  

Amortization of unrealized gains (losses) into interest expense

    (141 )     (25 )     (418 )     (33 )

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

  $ (1,120 )   $ 165     $ (1,978 )   $ (405 )
                                 

Other comprehensive income (loss), net of tax

    (6,894 )     (6,512 )     16,616       (5,638 )

Comprehensive income (loss)

  $ (5,467 )   $ (12,835 )   $ 39,140     $ 12,715  

 

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 Nine month period ended March 31, 2021

 

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

  -   (432)  -   -   (72)  1,549   1,117 

Stock-based compensation

  -   5,658   -   -   -   -   5,658 

Treasury stock acquired

  -   -   -   -   217   (16,205)  (16,205)
Comprehensive income:                            

Net income

  -   -   22,524   -   -   -   22,524 

Foreign currency translation adjustment

  -   -   -   9,301   -   -   9,301 

Pension, net of tax of $1.1 million

  -   -   -   3,459   -   -   3,459 

Change in fair value of derivatives, net of tax of $0.9 million

  -   -   -   3,856   -   -   3,856 

Dividends declared ($0.70 per share)

  -   -   (8,689)  -   -   -   (8,689)

Balance, March 31, 2021

 $41,976  $77,978  $841,491  $(131,043)  15,893  $(347,749) $482,653 
                             

For the Nine month period ended March 31, 2020

                            

(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

  -   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, 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 

 

6

 

 

Unaudited Consolidated Statements of Stockholders' Equity

Standex International Corporation and Subsidiaries

 

              

Accumulated Other

             
      

Additional

      

Comprehensive

          

Total

 

For the Three month period ended March 31, 2021

 

Common

  

Paid-in

  

Retained

  

Income

  

Treasury Stock

  

Stockholders’

 

(in thousands, except as specified)

 

Stock

  

Capital

  

Earnings

  

(Loss)

  

Shares

  

Amount

  

Equity

 

Balance, December 31, 2020

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

Stock issued under incentive compensation plans and employee purchase plans

  -   60   -   -   (4)  86   146 

Stock-based compensation

  -   1,370   -   -   -   -   1,370 

Treasury stock acquired

  -   -   -   -   94   (8,612)  (8,612)
Comprehensive income:                            

Net income

  -   -   1,427   -   -   -   1,427 

Foreign currency translation adjustment

  -   -   -   (11,299)  -   -   (11,299)

Pension, net of tax of $0.4 million

  -   -   -   1,297   -   -   1,297 

Change in fair value of derivatives, net of tax of $0.7 million

  -   -   -   3,108   -   -   3,108 

Dividends declared ($0.24 per share)

  -   -   (2,974)  -   -   -   (2,974)

Balance, March 31, 2021

 $41,976  $77,978  $841,491  $(131,043)  15,893  $(347,749) $482,653 
                             

For the Three month period ended March 31, 2020

                            

(in thousands, except as specified)

                            

Balance, December 31, 2019

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

Stock issued under incentive compensation plans and employee purchase plans

  -   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 (loss)

  -   -   (6,323)  -   -   -   (6,323)

Foreign currency translation adjustment

  -   -   -   (4,691)  -   -   (4,691)

Pension, net of tax of $0.3 million

  -   -   -   1,321   -   -   1,321 

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

 

7

 
 

STANDEX INTERNATIONAL CORPORATION

 Unaudited Condensed Consolidated Statements of Cash Flows

 

   

Nine Months Ended

 
   

March 31,

 

(In thousands)

 

2021

   

2020

 

Cash flows from operating activities

               

Net income

  $ 22,524     $ 18,353  

Income (loss) from discontinued operations

    (1,588 )     (16,562 )

Income from continuing operations

    24,112       34,915  

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

               

Depreciation and amortization

    24,843       24,301  

Stock-based compensation

    5,658       5,285  

Non-cash portion of restructuring charge

    (538 )     (87 )

Life insurance benefit

    -       (1,302 )
Loss on sale of business     14,624       -  

Contributions to defined benefit plans

    (7,962 )     (3,454 )

Net changes in operating assets and liabilities

    (11,399 )     (30,168 )

Net cash provided by operating activities - continuing operations

    49,338       29,490  

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