CASTLE A M & CO

CIK:0000018172|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Net sales	$ 368,253	$ 559,591
Costs and expenses:
Cost of materials (exclusive of depreciation)	269,126	418,806
Warehouse, processing and delivery expense	59,460	77,567
Sales, general and administrative expense	52,813	64,557
Depreciation expense	7,872	8,759
Impairment of goodwill	2,676	0
Total costs and expenses	391,947	569,689
Operating loss	(23,694)	(10,098)
Interest expense, net	25,477	39,902
Unrealized gain on embedded debt conversion option	(2,010)	0
Other (income)/expense, net	(3,487)	(6,586)
Loss before income taxes	(43,674)	(43,414)
Income tax benefit	(3,014)	(4,899)
Net loss	$ (40,660)	$ (38,515)
Basic and diluted loss per common share (in usd per share)	$ (7.27)	$ (175.87)
Comprehensive (loss) income:
Net loss	$ (40,660)	$ (38,515)
Change in unrecognized pension and postretirement benefit costs	(931)	2,082
Foreign currency translation adjustments, net of tax	2,543	(1,108)
Comprehensive loss	$ (39,048)	$ (37,541)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net loss	$ (40,660)	$ (38,515)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation	7,872	8,759
Amortization of deferred financing costs and debt discount	6,206	11,942
Noncash interest paid in kind	10,503	15,912
Unrealized gain on embedded debt conversion option	(2,010)	0
Impairment of goodwill	2,676	0
Loss on sale of property, plant & equipment	169	256
Unrealized foreign currency loss (gain)	711	(771)
Deferred income taxes	(2,543)	(5,605)
Noncash rent expense	243	247
Noncash compensation expense	798	2,862
Other, net	(528)	0
Changes in assets and liabilities:
Accounts receivable	32,526	5,143
Inventories	15,816	16,286
Prepaid expenses and other current assets	1,449	3,963
Other noncurrent assets	765	(428)
Prepaid pension costs	(2,915)	(1,190)
Accounts payable	(12,928)	(1,014)
Accrued payroll and employee benefits	42	(3,983)
Income tax payable and receivable	1,716	(1,750)
Accrued and other current liabilities	(221)	(1,397)
Postretirement benefit obligations and other noncurrent liabilities	810	107
Net cash from operating activities	20,497	10,824
Investing activities:
Capital expenditures	(2,868)	(4,021)
Proceeds from sale of property, plant and equipment	78	442
Net cash used in investing activities	(2,790)	(3,579)
Financing activities:
Proceeds from (repayments of) short-term borrowings, net	73	(2,461)
Proceeds from long-term debt including credit facilities	27,769	3,500
Repayments of long-term debt including credit facilities	(26,501)	(9,988)
Principal paid on finance leases	(637)	(611)
Payments of debt issue costs	(3,077)	0
Net cash used in financing activities	(2,373)	(9,560)
Effect of exchange rate changes on cash and cash equivalents	677	80
Net change in cash and cash equivalents	16,011	(2,235)
Cash and cash equivalents-beginning of year	6,433	8,668
Cash and cash equivalents-end of year	$ 22,444	$ 6,433

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 22,444	$ 6,433
Accounts receivable, less allowances of $2,128 and $1,766, respectively	42,597	74,697
Inventories	130,093	144,411
Prepaid expenses and other current assets	8,280	9,668
Income tax receivable	0	1,995
Total current assets	203,414	237,204
Goodwill and intangible assets	5,500	8,176
Prepaid pension cost	7,414	5,758
Deferred income taxes	1,435	1,534
Operating right-of-use assets	28,083	29,423
Other noncurrent assets	1,083	792
Property, plant and equipment:
Land	5,580	5,579
Buildings	21,037	20,950
Machinery and equipment	44,537	41,054
Property, plant and equipment, at cost	71,154	67,583
Accumulated depreciation	(28,486)	(20,144)
Property, plant and equipment, net	42,668	47,439
Total assets	289,597	330,326
Current liabilities:
Accounts payable	29,039	41,745
Accrued payroll and employee benefits	7,792	7,648
Accrued and other current liabilities	3,290	3,540
Operating lease liabilities	6,585	6,537
Income tax payable	514	573
Short-term borrowings	3,025	2,888
Current portion of finance leases	676	596
Current portion of long-term debt	5,000	0
Total current liabilities	55,921	63,527
Long-term debt, less current portion	210,430	263,523
Deferred income taxes	755	3,775
Finance leases, less current portion	7,727	8,208
Other Liabilities, Noncurrent	3,397	2,894
Pension and postretirement benefit obligations	7,017	6,709
Noncurrent operating lease liabilities	21,530	22,760
Commitments and contingencies (Note 9)
Stockholders' deficit:
Common stock, $0.10 par value-40,000 Class A shares authorized with 7,408 shares issued and 7,255 shares outstanding at December 31, 2020, and 382 shares issued and 365 shares outstanding at December 31, 2019	74	4
Additional paid-in capital	124,815	61,495
Accumulated deficit	(129,401)	(88,741)
Accumulated other comprehensive loss	(11,762)	(13,374)
Treasury stock, at cost - 153 shares at December 31, 2020 and 17 shares at December 31, 2019	(906)	(454)
Total stockholders' deficit	(17,180)	(41,070)
Total liabilities and stockholders' deficit	$ 289,597	$ 330,326