SL INDUSTRIES INC

CIK:0000089270|SEC Filings

Consolidated Statements of Income - USD ($)	3 Months Ended
Consolidated Statements of Income - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 49,495,000	$ 46,684,000
Cost and expenses:
Cost of products sold	32,514,000	31,260,000
Engineering and product development	2,772,000	2,784,000
Selling, general and administrative	9,696,000	8,014,000
Depreciation and amortization	1,280,000	589,000
Total cost and expenses	46,262,000	42,647,000
Income from operations	3,233,000	4,037,000
Other income (expense):
Amortization of deferred financing costs	(71,000)	(27,000)
Interest income	2,000	13,000
Interest expense	(57,000)	(6,000)
Other gain (loss), net	105,000	131,000
Income from continuing operations before income taxes	3,212,000	4,148,000
Income tax provision	1,105,000	1,440,000
Income from continuing operations	2,107,000	2,708,000
(Loss) from discontinued operations, net of tax	(511,000)	(162,000)
Net income	$ 1,596,000	$ 2,546,000
Basic net income (loss) per common share
Income from continuing operations	$ 0.53	$ 0.66
(Loss) from discontinued operations, net of tax	(0.13)	(0.04)
Net income	0.40	0.62
Diluted net income (loss) per common share
Income from continuing operations	0.53	0.65
(Loss) from discontinued operations, net of tax	(0.13)	(0.04)
Net income	$ 0.40	$ 0.61
Shares used in computing basic net income (loss) per common share	3,963,000	4,093,000
Shares used in computing diluted net income (loss) per common share	3,989,000	4,160,000

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES:
Net income	$ 1,596,000	$ 2,546,000
Adjustment for losses from discontinued operations	511,000	162,000
Income from continuing operations	2,107,000	2,708,000
Adjustments to reconcile income from continuing operations to net cash (used in) operating activities:
Depreciation	725,000	479,000
Amortization	555,000	110,000
Amortization of deferred financing costs	71,000	27,000
Stock-based compensation	239,000	249,000
Loss (gain) on foreign exchange contracts	13,000	(131,000)
Provisions for losses on accounts receivable	19,000	23,000
Deferred compensation and supplemental retirement benefits	93,000	113,000
Deferred compensation and supplemental retirement benefit payments	(98,000)	(104,000)
Deferred income taxes	(163,000)	(485,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,534,000)	(992,000)
Inventories	(670,000)	(870,000)
Other assets	(1,122,000)	(691,000)
Accounts payable	(643,000)	(2,031,000)
Other accrued liabilities	(1,377,000)	(852,000)
Accrued income taxes	355,000	(2,083,000)
Net cash (used in) operating activities from continuing operations	(1,430,000)	(4,530,000)
Net cash (used in) operating activities from discontinued operations	(1,176,000)	(579,000)
NET CASH (USED IN) OPERATING ACTIVITIES	(2,606,000)	(5,109,000)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(989,000)	(452,000)
Purchases of other assets	(19,000)	(165,000)
NET CASH (USED IN) INVESTING ACTIVITIES	(1,008,000)	(617,000)
FINANCING ACTIVITIES:
Proceeds from Senior Revolving Credit Facility	1,500,000
Payments of Senior Revolving Credit Facility	(3,500,000)
Payments of deferred financing costs		(19,000)
Treasury stock purchases		(3,511,000)
NET CASH (USED IN) FINANCING ACTIVITIES	(2,000,000)	(3,530,000)
Effect of exchange rate changes on cash	(74,000)	3,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	(5,688,000)	(9,253,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	10,977,000	31,950,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	5,289,000	22,697,000
Cash paid during the period for:
Interest	61,000	6,000
Income taxes	$ 936,000	$ 3,833,000

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 5,289,000	$ 10,977,000
Receivables, net	33,907,000	32,470,000
Inventories, net	24,370,000	23,722,000
Other current assets	6,815,000	5,946,000
Deferred income taxes, net	4,161,000	4,145,000
Total current assets	74,542,000	77,260,000
Property, plant and equipment, net	18,222,000	18,166,000
Deferred income taxes, net	2,094,000	1,949,000
Goodwill	18,771,000	19,004,000
Other intangible assets, net	15,675,000	16,473,000
Other assets and deferred charges, net	965,000	1,068,000
Total assets	130,269,000	133,920,000
Current liabilities:
Short-term borrowings and current portion of long-term debt	11,500,000	13,500,000
Accounts payable	19,857,000	20,519,000
Accrued liabilities:
Payroll and related costs	4,494,000	4,976,000
Other	10,454,000	11,652,000
Total current liabilities	46,305,000	50,647,000
Deferred compensation and supplemental retirement benefits	1,175,000	1,180,000
Other long-term liabilities	4,557,000	5,090,000
Total liabilities	$ 52,037,000	$ 56,917,000
Commitments and contingencies
SHAREHOLDERS' EQUITY
Preferred stock, no par value; authorized, 6,000,000 shares; none issued
Common stock, $.20 par value; authorized, 25,000,000 shares; issued, 6,496,000 and 6,496,000 shares, respectively	$ 1,299,000	$ 1,299,000
Capital in excess of par value	16,935,000	16,800,000
Retained earnings	91,709,000	90,113,000
Accumulated other comprehensive (loss), net of tax	(3,097,000)	(2,491,000)
Treasury stock at cost, 2,526,000 and 2,535,000 shares, respectively	(28,614,000)	(28,718,000)
Total shareholders' equity	78,232,000	77,003,000
Total liabilities and shareholders' equity	$ 130,269,000	$ 133,920,000