TOROTEL INC

CIK:0000098752|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jul. 31, 2020	Jul. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 6,019,000	$ 6,346,000
Cost of goods sold	3,680,000	3,953,000
Gross profit	2,339,000	2,393,000
Operating expenses:
Engineering	351,000	388,000
Selling, general and administrative	1,363,000	1,423,000
Operating expenses	1,714,000	1,811,000
Income from operations	625,000	582,000
Other expense:
Interest expense, net	23,000	27,000
Income before income tax expense (benefit)	602,000	555,000
Income tax expense (benefit)	(128,000)	111,000
Net income	$ 730,000	$ 444,000
Basic earnings per share	$ 0.12	$ 0.07

CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($)	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net income	$ 730,000	$ 444,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock compensation cost amortized	27,000	27,000
Depreciation	96,000	92,000
Deferred income taxes	(288,000)
Changes in operating assets and liabilities:
Trade receivables	(1,279,000)	122,000
Contract assets	603,000	(69,000)
Inventories	(365,000)	(202,000)
Prepaid expenses and other assets	(121,000)	(199,000)
Operating lease right-of-use assets	88,000	53,000
Trade accounts payable	(790,000)	46,000
Accrued liabilities	229,000	511,000
Current and long-term operating lease liabilities	(62,000)	(53,000)
Customer deposits	52,000	2,000
Net cash provided by (used in) operating activities	(1,080,000)	774,000
Cash flows from investing activities:
Capital expenditures	(41,000)	(116,000)
Net cash used in investing activities	(41,000)	(116,000)
Cash flows from financing activities:
Principal payments on long-term debt	(9,000)	(7,000)
Principal payments under capital and financing lease obligations	(15,000)	(16,000)
Payments on line of credit	(2,938,000)	(3,777,000)
Proceeds from line of credit	3,837,000	3,437,000
Net cash provided by financing activities	875,000	(363,000)
Net increase (decrease) in cash	(246,000)	295,000
Cash, beginning of period	2,263,000	58,000
Cash, end of period	2,017,000	353,000
Cash paid during the period for:
Interest	$ 23,000	27,000
Non-cash investing and financing activities:
Capital leases reclassified from long-term debt to finance lease liabilities		98,000
Deferred rent reclassified from accrued liabilities to operating lease right-of-use assets		$ 206,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2020	Apr. 30, 2020
Current assets:
Cash	$ 2,017,000	$ 2,263,000
Trade receivables, net	3,383,000	2,104,000
Contract assets	357,000	960,000
Inventories	3,921,000	3,556,000
Prepaid expenses	471,000	285,000
Total Current Assets	10,149,000	9,168,000
Land	265,000	265,000
Buildings and improvements	1,586,000	1,586,000
Equipment	4,561,000	4,520,000
Property, plant and equipment, gross	6,412,000	6,371,000
Less accumulated depreciation	4,484,000	4,388,000
Property, plant and equipment, net	1,928,000	1,983,000
Operating lease right-of-use assets	1,920,000	2,008,000
Deferred income taxes	288,000
Other assets	156,000	221,000
Total Assets	14,441,000	13,380,000
Current liabilities:
Current maturities of long-term debt	1,842,000	795,000
Current maturities of operating lease liabilities	395,000	395,000
Current maturities of finance lease liabilities	12,000	27,000
Trade accounts payable	1,143,000	1,933,000
Accrued liabilities	1,128,000	899,000
Customer deposits	68,000	16,000
Total current liabilities	4,588,000	4,065,000
Long-term debt, less current maturities	1,851,000	2,008,000
Operating lease liabilities, less current maturities	1,817,000	1,879,000
Total long-term debt	3,668,000	3,887,000
Stockholders' equity:
Common stock; par value $0.01; 6,000,000 shares authorized; 5,995,750 shares issued and outstanding	60,000	60,000
Capital in excess of par value	12,680,000	12,653,000
Accumulated deficit	(6,555,000)	(7,285,000)
Stockholders' Equity	6,185,000	5,428,000
Total Liabilities and Stockholders' Equity	$ 14,441,000	$ 13,380,000