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ADVANCED ENVIRONMENTAL RECYCLING


 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


ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.

Form10-Q Index

PART I FINANCIAL INFORMATION







 
 


Page










 


 
 
 


 








 
 
 


 








 
 
 


 








 
 
 


 








 
 
 













 
 
 













 
 
 


 


PART II  OTHER INFORMATION


 


 
 
 













 
 
 













 
 
 













 
 
 










 
 
 










 
 








ADVANCED ENVIRONMENTAL RECYCLING
CIK:849706





Notes to Financial Statements.5


Item 2.12


Item 4.16


PART II OTHER INFORMATION


Item 1.17


Item 2.17


Item 6.17


Signatures18


Index to Exhibits19





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

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

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

Data column 1: Unable to interpret date in column header

Data column 2: Unable to interpret date in column header

Row "Signatures": Multi-column field in a numeric row

Row "Index to Exhibits": Multi-column field in a numeric row


Table 1


Financial table in standard format


PART I FINANCIAL INFORMATION

Item 1. Financial Statements

ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.

BALANCE SHEETS

(in thousands, except share and per share data)
















 



December 31,






June 30,





 



2009






2010







Assets








(unaudited)







Current assets:












Cash and cash equivalents



$
243


$
1,241





Trade accounts receivable, net of allowance of $7 at December 31, 2009














and $2 at June 30, 2010




5,163



4,305





Inventories




6,795



10,001





Prepaid expenses




707



1,295





Total current assets




12,908



16,842



 












Land, buildings and equipment:














Land




1,989



1,989





Buildings and leasehold improvements




8,903



17,899





Machinery and equipment




45,296



54,328





Transportation equipment




830



799





Office equipment




2,396



2,396





Construction in progress




16,006



134





Total land, buildings and equipment




75,420



77,545





Less accumulated depreciation




36,240



38,957





Net land, buildings and equipment




39,180



38,588



 












Other assets:














Debt issuance costs, net of accumulated amortization of $1,538 at December 31, 2009














and $1,643 at June 30, 2010




2,941



2,836





Debt service reserve fund




222



52





Other assets, net of accumulated amortization of $478 at December 31, 2009














and $486 at June 30, 2010




1,087



970





Total other assets




4,250



3,858





Total assets



$
56,338


$
59,288









ADVANCED ENVIRONMENTAL RECYCLING
CIK:849706


2009-12-31
2010-06-30

Inventories6,79510,001


Prepaid expenses7071,295


Total current assets12,90816,842


Land, buildings and equipment:


Land1,9891,989


Buildings and leasehold improvements8,90317,899


Machinery and equipment45,29654,328


Transportation equipment830799


Office equipment2,3962,396


Construction in progress16,006134


Total land, buildings and equipment75,42077,545


Less accumulated depreciation36,24038,957


Net land, buildings and equipment39,18038,588


Other assets:


Debt issuance costs, net of accumulated amortization of $1,538 at December 31, 2009


and $1,643 at June 30, 20102,9412,836


Debt service reserve fund22252


Other assets, net of accumulated amortization of $478 at December 31, 2009


and $486 at June 30, 20101,087970


Total other assets4,2503,858


Total assets$56,338$59,288





Table 2


Financial table in standard format


ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.

BALANCE SHEETS

(in thousands, except share and per share data)
















 



December 31,






June 30,





 



2009






2010







Liabilities and Stockholders' Deficit








(unaudited)







Current liabilities:












Accounts payable  trade



$
9,078


$
11,378





Accounts payable  related parties




636



835





Current maturities of long-term debt




2,878



1,274





Current maturities of capital lease obligations




244



221





Accruals related to expected settlement of class action lawsuit




7,245



6,357





Other accrued liabilities




6,578



6,751





Working capital line of credit




7,829



7,829





Notes payable




1,238



1,053





Total current liabilities




35,726



35,698



 












Long-term debt, less current maturities




28,260



29,873





Capital lease obligations, less current maturities




401



302



 


28,661



30,175



 












Accrued dividends on convertible preferred stock




948



1,343



 












Commitments and contingencies (see Note 9)












 












Stockholders' deficit:














Preferred stock, $.01 par value; 5,000,000 shares authorized, 748,772 shares














issued and outstanding at December 31, 2009 and June 30, 2010;














aggregate liquidation preference of $19,768 at December 31, 2009 and June 30, 2010




7



7





Class A common stock, $.01 par value; 100,000,000 shares authorized (see Note 10);














48,105,554 shares issued and outstanding at December 31, 2009 and 48,277,896














at June 30, 2010




481



483





Class B convertible common stock, $.01 par value; 7,500,000 shares authorized;














1,465,530 shares issued and outstanding at December 31, 2009 and June 30, 2010




15



15





Warrants outstanding; 3,787,880 at December 31, 2009 and June 30, 2010




1,533



1,533





Additional paid-in capital




52,711



52,903





Accumulated deficit




(63,744
)


(62,869
)




Total stockholders' deficit




(8,997
)


(7,928
)




Total liabilities and stockholders' deficit



$
56,338


$
59,288









ADVANCED ENVIRONMENTAL RECYCLING
CIK:849706


2009-12-31
2010-06-30

Liabilities and Stockholders' Deficit


Current liabilities:


Accounts payable trade$9,078$11,378


Accounts payable related parties636835


Current maturities of long-term debt2,8781,274


Current maturities of capital lease obligations244221


Accruals related to expected settlement of class action lawsuit7,2456,357


Other accrued liabilities6,5786,751


Working capital line of credit7,8297,829


Notes payable1,2381,053


Total current liabilities35,72635,698


Long-term debt, less current maturities28,26029,873


Capital lease obligations, less current maturities401302


28,66130,175


Accrued dividends on convertible preferred stock9481,343


Commitments and contingencies (see Note 9)


Stockholders' deficit:


Preferred stock, $.01 par value; 5,000,000 shares authorized, 748,772 shares


issued and outstanding at December 31, 2009 and June 30, 2010;


aggregate liquidation preference of $19,768 at December 31, 2009 and June 30, 201077


Class A common stock, $.01 par value; 100,000,000 shares authorized (see Note 10);


48,105,554 shares issued and outstanding at December 31, 2009 and 48,277,896


at June 30, 2010481483


Class B convertible common stock, $.01 par value; 7,500,000 shares authorized;


1,465,530 shares issued and outstanding at December 31, 2009 and June 30, 20101515


Warrants outstanding; 3,787,880 at December 31, 2009 and June 30, 20101,5331,533


Additional paid-in capital52,71152,903


Accumulated deficit(63,744)(62,869)


Total stockholders' deficit(8,997)(7,928)


Total liabilities and stockholders' deficit$56,338$59,288





Table 3


Financial table in standard format


ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.

STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)







 



Three Months Ended June 30,






Six Months Ended June 30,





 



2009






2010






2009






2010







Net sales



$
22,088


$
23,229


$
38,734


$
39,620





Cost of goods sold




16,929



17,230



30,925



30,467





Gross margin




5,159



5,999



7,809



9,153



 




















Selling and administrative costs




2,996



3,461



6,200



6,109





Operating income




2,163



2,538



1,609



3,044



 




















Other income (expenses):






















Gain from fixed asset disposition




25



5



54



6





Late registration fees




273



-



273



-





Net interest expense




(918
)


(1,073
)


(1,814
)


(1,779
)




Income before dividends




1,543



1,470



122



1,271





Dividends on preferred stock




(201
)


(198
)


(409
)


(396
)




Net income (loss) applicable to common stock



$
1,342


$
1,272


$
(287
)

$
875



 




















Income (loss) per share of common stock (basic and diluted)



$
0.03


$
0.03


$
(0.01
)

$
0.02



 




















Weighted average common shares outstanding (basic)




49,223,805



49,614,082



49,057,432



49,592,702





Weighted average common shares outstanding (diluted)




56,711,525



49,614,082



49,057,432



49,592,702









ADVANCED ENVIRONMENTAL RECYCLING
CIK:849706


2009-03-30
to
2009-06-30
(3-months)		
2010-03-30
to
2010-06-30
(3-months)		
2008-12-30
to
2009-06-30
(6-months)		
2009-12-30
to
2010-06-30
(6-months)		

Net sales$22,088$23,229$38,734$39,620


Cost of goods sold16,92917,23030,92530,467


Gross margin5,1595,9997,8099,153


Selling and administrative costs2,9963,4616,2006,109


Operating income2,1632,5381,6093,044


Other income (expenses):


Gain from fixed asset disposition255546


Late registration fees273273


Net interest expense(918)(1,073)(1,814)(1,779)


Income before dividends1,5431,4701221,271


Dividends on preferred stock(201)(198)(409)(396)


Net income (loss) applicable to common stock$1,342$1,272$(287)$875


Income (loss) per share of common stock (basic and diluted)$0.03$0.03$(0.01)$0.02


Weighted average common shares outstanding (basic)49,223,80549,614,08249,057,43249,592,702


Weighted average common shares outstanding (diluted)56,711,52549,614,08249,057,43249,592,702





Table 4


Financial table in standard format


Item2.

Managements Discussion and Analysis of Financial Condition and Results of Operations.

Three Months Ended June 30, 2009 Compared to Three Months Ended June 30, 2010

The following table sets forth selected information from our statements of operations (in thousands).







 



Three Months Ended June 30,





 



2009






2010






% Change







Net sales



$
22,088


$
23,229



5.2
%




Cost of goods sold




16,929



17,230



1.8
%




% of net sales




76.6
%


74.2
%








Gross margin




5,159



5,999



16.3
%




% of net sales




23.4
%


25.8
%






 
















Selling and administrative costs




2,996



3,461



15.5
%




% of net sales




13.6
%


14.9
%








Operating income




2,163



2,538



17.3
%




% of net sales




9.8
%


10.9
%








Gain from fixed asset disposition




25



5



-80.0
%




Late registration fees




273



-



-100.0
%




Net interest expense




(918
)


(1,073
)


16.9
%




Income before dividends




1,543



1,470



-4.7
%




% of net sales




7.0
%


6.3
%








Dividends on preferred stock




(201
)


(198
)


-1.5
%




Net income applicable to common stock



$
1,342


$
1,272



-5.2
%




% of net sales




6.1
%


5.5
%












ADVANCED ENVIRONMENTAL RECYCLING
CIK:849706


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



Net sales$22,088$23,2295.2


Cost of goods sold16,92917,2301.8


% of net sales76.674.2


Gross margin5,1595,99916.3


% of net sales23.425.8


Selling and administrative costs2,9963,46115.5


% of net sales13.614.9


Operating income2,1632,53817.3


% of net sales9.810.9


Gain from fixed asset disposition255


Late registration fees273


Net interest expense(918)(1,073)16.9


Income before dividends1,5431,470


% of net sales7.06.3


Dividends on preferred stock(201)(198)


Net income applicable to common stock$1,342$1,272


% of net sales6.15.5





Data column 3: Unable to interpret date in column header

Data column 4: Unable to interpret date in column header


Original filing from SEC EDGAR system.