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COLUMBUS MCKINNON CORP


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Selected tables from the SEC filing


Table 0


Financial table in standard format


FORM 10-Q INDEX

COLUMBUS McKINNON CORPORATION

June 30, 2010







 
 


Page #






Part I. Financial Information


 


 
 
 




Item 1.




Condensed Consolidated Financial Statements (Unaudited)


 


 
 
 


 





3




 
 
 


 





4




 
 
 


 





5




 
 
 


 





6




 
 
 


 





7




 
 
 




Item 2.







19




 
 
 




Item 3.







26




 
 
 




Item 4.







26




 
 
 




Part II. Other Information


 


 
 
 




Item 1.







27




 
 
 




Item 1A.










27






 
 
 




Item 2.










27






 
 
 




Item 3.










27






 
 
 




Item 4.










27






 
 
 




Item 5.










27






 
 
 




Item 6.










27












COLUMBUS MCKINNON CORP
CIK:1005229





Item 2.19


Item 3.26


Item 4.26


Part II. Other Information


Item 1.27


Item 1A.27


Item 2.27


Item 3.27


Item 4.27


Item 5.27


Item 6.27





Data column 1: "numyear" is ambiguous (2010 or 2010 or 2010 or 2009 or 2010 or 2009 or 2010 or 2009 or 2010)

Data column 1: "month" is ambiguous (6 or 3 or 6 or 6 or 6 or 6 or 6 or 6 or 6)

Data column 1: "dayofmonth" is ambiguous (30 or 31 or 30 or 30 or 30 or 30 or 30 or 30 or 30)

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Table 1


Financial table in standard format


Table of Content

Part I.Financial Information

Item 1.Condensed Consolidated Financial Statements (Unaudited)

COLUMBUS McKINNON CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS







 



June 30,






March31,





 



2010






2010





 



(unaudited)










ASSETS:





(In thousands)







Current assets:












Cash and cash equivalents



$
53,114


$
63,968





Trade accounts receivable




69,402



70,218





Inventories




81,962



79,822





Prepaid expenses and other




17,154



16,014





Total current assets




221,632



230,022





Property, plant, and equipment, net




55,616



57,106





Goodwill and other intangibles, net




119,981



124,165





Marketable securities




29,056



29,399





Deferred taxes on income




37,926



36,768





Other assets




3,852



4,037





Total assets



$
468,063


$
481,497



 












LIABILITIES AND SHAREHOLDERS' EQUITY:














Current liabilities:














Notes payable to banks



$
641


$
841





Trade accounts payable




37,474



33,480





Accrued liabilities




43,910



52,754





Restructuring reserve




1,660



2,755





Current portion of long-term debt




1,154



1,155





Total current liabilities




84,839



90,985





Senior debt, less current portion




5,278



5,966





Subordinated debt




124,855



124,855





Other non-current liabilities




70,725



72,413





Total liabilities




285,697



294,219





Shareholders' equity:














Voting common stock; 50,000,000 shares authorized;



19,122,266 shares issued and outstanding




191



191





Additional paid-in capital




182,828



182,385





Retained earnings




34,156



34,878





ESOP debt guarantee




(1,738
)


(1,850
)




Accumulated other comprehensive loss




(33,071
)


(28,326
)




Total shareholders' equity




182,366



187,278





Total liabilities and shareholders' equity



$
468,063


$
481,497









COLUMBUS MCKINNON CORP
CIK:1005229


2010-06-30


(unaudited)


ASSETS:


Current assets:


Cash and cash equivalents$53,114$63,968


Trade accounts receivable69,40270,218


Inventories81,96279,822


Prepaid expenses and other17,15416,014


Total current assets221,632230,022


Property, plant, and equipment, net55,61657,106


Goodwill and other intangibles, net119,981124,165


Marketable securities29,05629,399


Deferred taxes on income37,92636,768


Other assets3,8524,037


Total assets$468,063$481,497


LIABILITIES AND SHAREHOLDERS' EQUITY:


Current liabilities:


Notes payable to banks$641$841


Trade accounts payable37,47433,480


Accrued liabilities43,91052,754


Restructuring reserve1,6602,755


Current portion of long-term debt1,1541,155


Total current liabilities84,83990,985


Senior debt, less current portion5,2785,966


Subordinated debt124,855124,855


Other non-current liabilities70,72572,413


Total liabilities285,697294,219


Shareholders' equity:


Voting common stock; 50,000,000 shares authorized;19,122,266 shares issued and outstanding191191


Additional paid-in capital182,828182,385


Retained earnings34,15634,878


ESOP debt guarantee(1,738)(1,850)


Accumulated other comprehensive loss(33,071)(28,326)


Total shareholders' equity182,366187,278


Total liabilities and shareholders' equity$468,063$481,497





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Table 2


Financial table in standard format


Table of Content

COLUMBUS McKINNON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS

(UNAUDITED)







 



Three Months Ended





 



June 30,






June 30,





 



2010






2009





 



(In thousands, except per share data)





 










Net sales



$
119,087


$
119,008





Cost of products sold




91,072



89,578





Gross profit




28,015



29,430



 












Selling expenses




15,215



16,477





General and administrative expenses




9,785



8,461





Restructuring charges




1,450



5,838





Amortization of intangibles




429



440



 


26,879



31,216



 












Income (loss) from operations




1,136



(1,786
)




Interest and debt expense




3,233



3,337





Investment income




(268
)


(319
)




Foreign currency exchange gain




(4
)


(408
)




Other (income) and expense, net




(265
)


(41
)




Loss from continuing operations before income tax benefit




(1,560
)


(4,355
)




Income tax benefit




(838
)


(1,824
)




Loss from continuing operations




(722
)


(2,531
)




Income from discontinued operations - net of tax




-



133





Net loss




(722
)


(2,398
)




Retained earnings - beginning of period




34,878



41,891





Retained earnings - end of period



$
34,156


$
39,493



 












Average basic shares outstanding




19,013



18,915





Average diluted shares outstanding




19,013



18,915



 












Basic loss per share:














Loss from continuing operations



$
(0.04
)

$
(0.14
)




Income from discontinued operations




0.00



0.01





Net loss



$
(0.04
)

$
(0.13
)


 












Diluted loss per share:














Loss from continuing operations



$
(0.04
)

$
(0.14
)




Income from discontinued operations




0.00



0.01





Net loss



$
(0.04
)

$
(0.13
)








COLUMBUS MCKINNON CORP
CIK:1005229


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		

(In thousands, except per share data)


Net sales$119,087$119,008


Cost of products sold91,07289,578


Gross profit28,01529,430


Selling expenses15,21516,477


General and administrative expenses9,7858,461


Restructuring charges1,4505,838


Amortization of intangibles429440


26,87931,216


Income (loss) from operations1,136(1,786)


Interest and debt expense3,2333,337


Investment income(268)(319)


Foreign currency exchange gain(4)(408)


Other (income) and expense, net(265)(41)


Loss from continuing operations before income tax benefit(1,560)(4,355)


Income tax benefit(838)(1,824)


Loss from continuing operations(722)(2,531)


Income from discontinued operations - net of tax133


Net loss(722)(2,398)


Retained earnings - beginning of period34,87841,891


Retained earnings - end of period$34,156$39,493


Average basic shares outstanding19,01318,915


Average diluted shares outstanding19,01318,915


Basic loss per share:


Loss from continuing operations$(0.04)$(0.14)


Income from discontinued operations0.000.01


Net loss$(0.04)$(0.13)


Diluted loss per share:


Loss from continuing operations$(0.04)$(0.14)


Income from discontinued operations0.000.01


Net loss$(0.04)$(0.13)





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Table 3


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1.

Description of Business

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of Columbus McKinnon Corporation (the Company) at June 30, 2010 and the results of its operations and its cash flows for the three month periods ended June 30, 2010 and June 30, 2009, have been included. Results for the period ended June 30, 2010 are not necessarily indicative of the results that may be expected for the year ending March 31, 2011. The balance sheet at March 31, 2010 has been derived from the audited consolidated financial statements at that date, but does not include all of th e information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Columbus McKinnon Corporation annual report on Form 10-K for the year ended March 31, 2010.

The Company is a leading designer, marketer and manufacturer of material handling products, systems and services which efficiently and ergonomically move, lift, position and secure material. Key products include hoists, cranes, rigging tools including chain and forged attachments, and actuators. The Companys material handling products are sold, domestically and internationally, principally to third party distributors through diverse distribution channels, and to a lesser extent directly to end-users.









2.




Divestitures







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    [1..1)   [1..1] (stub): 'Divestitures'



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Table attributes: balancesheet,date,cash



Table 4


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5.

Marketable Securities

All of the Companys marketable securities, which consist of equity securities, have been classified as available-for-sale securities and are therefore recorded at their fair values with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive loss in the shareholders equity section of the balance sheet unless unrealized losses are deemed to be other than temporary. In such instance, the unrealized losses are reported in the consolidated statements of operations and retained earnings within investment income. Estimated fair value is based on published trading values at the balance sheet dates. The cost of securities sold is based on the specific identification method. Interest and dividend income are included in investment income in the consolidated statements of operations and retained earn ings.

The marketable securities are carried as long-term assets since they are held for the settlement of the Companys general and products liability insurance claims filed through CM Insurance Company, Inc., a wholly owned captive insurance subsidiary.The marketable securities are not available for general working capital purposes.

In accordance with ASC Topic 320-10-35-30 Investments Debt & Equity Securities Subsequent Measurement, the Company reviews its marketable securities for declines in market value that may be considered other-than-temporary. The Company generally considers market value declines to be other-than-temporary if they are declines for a period longer than six months and in excess of 20% of original cost, or when other evidence indicates impairment.There were no other-than-temporary impairments for the three months ended June 30, 2010 or June 30, 2009.

The following is a summary of available-for-sale securities at June 30, 2010 (in thousands):







 



Cost






Gross Unrealized Gains






Gross Unrealized Losses






Estimated Fair



Value







Equity securities



$
26,993


$
2,245


$
182


$
29,056






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  [14..15)   [4..4] (stub): 'Estimated FairValue'

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      Attributes: num=>993 [1..1]  
    [6..7)   [2..2] ( num): '$2,245'
      Attributes: num=>245 [2..2]  
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  [14..15)   [4..4] ( num): '$29,056'
      Attributes: num=>056 [4..4]  



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Table attributes: assets,balancesheet,date,incomestatement



Table 5


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Table of Content

The following is the pretax effect of derivative instruments on the condensed consolidated statement of operations for the three months ended June 30, 2010 (in thousands):









Derivatives 



Designated as Cash 



FlowHedges





Amount of Gain 



Recognized in Other 



Comprehensive Income 



on Derivatives (Effective Portion)





Location of Loss 



Recognized in Income 



on Derivatives





Amount of Loss 



Reclassified from 



AOCL into Income 



(Effective Portion)







Foreign exchange contracts



$
(39)



Cost of Products Sold



$
7






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    [5..5)   [2..2] (stub): 'Location of Loss Recognized in Income on Derivatives'
    [7..8)   [3..3] (stub): 'Amount of Loss Reclassified from AOCL into Income (Effective Portion)'

Row 1
    [0..0)   [0..0] (stub): 'Foreign exchange contracts'
    [2..3)   [1..1] ( num): '$(39)'
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    [7..8)   [3..3] ( num): '$7'



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Table attributes: date,cash,incomestatement



Table 6


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Derivatives Not Designated as Hedging Instruments

Location of (Gain) or Loss Recognized in Income on Derivatives

Amount of (Gain) or Loss Recognized in Income on Derivatives

Foreign exchange contracts

Foreign currency exchange (gain) loss

$

(1,811

)

As of June 30, 2009, the Company had no derivatives designated as cash flow hedges, net investments or fair value hedges in accordance with ASC Topic 815, Derivatives and Hedging.

The following is information relative to our derivative instruments in the condensed consolidated balance sheet as of June 30, 2010 (in thousands):









Derivatives Designated as Hedging Instruments





Balance Sheet Location





Fair Value of Liability







Foreign exchange contracts





Other Assets



$
70






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    [4..5)   [2..2] (stub): 'Fair Value of Liability'

Row 1
    [0..0)   [0..0] (stub): 'Foreign exchange contracts'
    [2..2)   [1..1] (stub): 'Other Assets'
    [4..5)   [2..2] ( num): '$70'



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Table attributes: assets,balancesheet,date,cash



Table 7


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Derivatives Designated as Hedging Instruments

Balance Sheet Location

Fair Value of Liability

Foreign exchange contracts

Other Assets

$

70









Derivatives Not Designated as Hedging Instruments





Balance Sheet Location





Fair Value







Foreign exchange contracts





Other Assets



$
977






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    [4..5)   [2..2] (stub): 'Fair Value'

Row 1
    [0..0)   [0..0] (stub): 'Foreign exchange contracts'
    [2..2)   [1..1] (stub): 'Other Assets'
    [4..5)   [2..2] ( num): '$977'



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Table 8


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Derivatives Not Designated as Hedging Instruments

Balance Sheet Location

Fair Value

Foreign exchange contracts

Other Assets

$

977









8.




Debt







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    [1..1)   [1..1] (stub): 'Debt'



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Table attributes: assets,balancesheet



Original filing from SEC EDGAR system.