CONTINENTAL MATERIALS CORP

CIK:0000024104|SEC Filings

Consolidated Statements of Operations and Retained Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Consolidated Statements of Operations
Net sales	$ 30,845	$ 22,528
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization)	$ 22,565	$ 17,847
Depreciation and amortization	513	519
Selling and administrative	7,778	6,792
Gain on legal settlement		(15,000)
Gain on disposition of property and equipment	(145)	(5)
Total costs and expenses	30,711	10,153
Operating income	134	12,375
Interest income	114	149
Interest expense	(101)	(71)
Other income, net	59	13
Income from continuing operations before income taxes	206	12,466
Provision for income taxes	498	(3,366)
Income from continuing operations	704	9,100
Income from discontinued operations net of income tax provision of $0 and $1,562		4,222
Net income	704	13,322
Retained earnings, beginning of period	47,232	61,131
Retained earnings, end of period	$ 47,936	$ 74,453
Basic and diluted loss per share:
Income from continuing operations	$ 0.42	$ 5.33
Income from discontinued operations		2.47
Basic and diluted income per share (in dollar per share)	$ 0.42	$ 7.80
Average shares outstanding (in shares)	1,685	1,709

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Operating activities
Net cash provided by continuing operations	$ 2,955	$ 11,624
Net cash (used) provided by discontinued operations		(15)
Net cash provided by operating activities	2,955	11,609
Investing activities:
Capital expenditures by continuing operations	(26)	(63)
Capital expenditures by discontinued operations		(172)
Cash proceeds from sale of discontinued operations	1,918	24,927
Cash proceeds from sale of continuing operations property and equipment	664	5
Net cash provided by investing activities	2,556	24,697
Financing activities:
Borrowings on the revolving bank loan	3,450	4,050
Repayments on the revolving bank loan	(4,250)	(5,450)
Repayments of finance lease obligations	(13)	(10)
Payments to acquire treasury stock	(280)	(69)
Net cash used by financing activities	(1,093)	(1,479)
Net increase in cash and cash equivalents	4,418	34,827
Cash and cash equivalents:
Beginning of period	178	594
End of period	4,596	35,421
Cash paid during the year for:
Interest, net	$ 111	$ 72

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 4,596	$ 178
Receivables, net of allowance of $634 and $494	18,138	21,555
Receivable for insured losses	1,033	911
Finished goods	7,372	6,419
Work in process	1,014	1,061
Raw materials and supplies	7,961	6,473
Prepaid expenses	1,762	2,171
Refundable income taxes	3,807	2,397
Other current assets	111	4,229
Other current assets held for sale	380	896
Total current assets	46,174	46,290
Property, plant and equipment	11,716	12,025
Right-of use assets	4,695	4,978
Goodwill	5,932	5,932
Intangible assets	12,274	12,437
Deferred income taxes	6,755	7,667
Other long-term assets	641	654
Total assets	88,187	89,983
Current liabilities:
Revolving bank loan payable		800
Accounts payable and accrued expenses	16,155	16,725
Short-term asset retirement obligation	4,181	4,200
Short-term lease liabilities	1,182	1,170
Liability for unpaid claims covered by insurance	1,033	911
Total current liabilities	22,551	23,806
Long-term lease liabilities	3,695	3,991
Long-term compensation liabilities	1,945	1,842
Asset retirement obligation	23,855	23,713
Other long-term liabilities	528	1,442
SHAREHOLDERS' EQUITY
Common shares, $.25 par value; authorized 3,000,000 shares; issued 2,574,264 shares	643	643
Capital in excess of par value	1,853	1,853
Retained earnings	47,936	47,232
Treasury shares, 898,780 and 860,910 at cost	(14,819)	(14,539)
Total shareholders' equity	35,613	35,189
Total liabilities and shareholders' equity	$ 88,187	$ 89,983