BREEZE-EASTERN CORP

CIK:0000099359|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 23,897	$ 17,671	$ 43,692	$ 35,590
Cost of sales	14,250	10,686	25,019	23,039
Gross profit	9,647	6,985	18,673	12,551
Selling, general, and administrative expenses	3,311	3,707	6,627	7,668
Engineering expense	1,915	2,221	3,742	4,046
Operating income	4,421	1,057	8,304	837
Interest expense	8	8	16	16
Other expense – net	26	33	94	62
Income before incomes taxes	4,387	1,016	8,194	759
Income tax provision	1,464	376	2,885	281
Net income	$ 2,923	$ 640	$ 5,309	$ 478
Earnings per common share:
Basic net income per share	$ 0.30	$ 0.07	$ 0.54	$ 0.05
Diluted net income per share	$ 0.29	$ 0.06	$ 0.53	$ 0.05
Weighted-average basic shares outstanding	9,876,000	9,766,000	9,859,000	9,741,000
Weighted-average diluted shares outstanding	10,177,000	9,962,000	10,094,000	9,937,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 5,309	$ 478
Adjustments to reconcile net income to net cash provided by operating activities:
Write-off of engineering project development qualification units		67
Shipped qualification assets		2
Depreciation and amortization	799	1,078
Non-cash reserve accretion	138	149
Stock based compensation	451	599
Provision for losses on accounts receivable	36	9
Deferred taxes-net	981	311
Changes in assets and liabilities:
(Increase) decrease in accounts receivable and other receivables	3,999	9,397
(Increase) decrease in inventories	(6,672)	(3,677)
(Increase) decrease in income taxes receivable	354
(Increase) decrease in other assets	(604)	363
Increase (decrease) in accounts payable	143	(365)
Increase (decrease) in accrued compensation	(1,001)	(939)
Increase (decrease) in accrued income taxes	(2,124)	(55)
Increase (decrease) in other liabilities	(670)	(1,006)
Net cash provided by operating activities	1,139	6,411
Cash flows from investing activities:
Capital expenditures	(779)	(174)
Capitalized qualification units and pre-qualification assets		(44)
Net cash used in investing activities	(779)	(218)
Cash flows from financing activities:
Exercise of stock options	643	662
Net cash provided by financing activities	643	662
Increase in cash	1,003	6,855
Cash at beginning of period	22,806	6,021
Cash at end of period	23,809	12,876
Supplemental information:
Interest payments	12	13
Income tax payments	$ 4,062	$ 24

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
CURRENT ASSETS:
Cash	$ 23,809	$ 22,806
Accounts receivable (net of allowance for doubtful accounts of $616 at September 30, 2015 and $568 at March 31, 2015)	18,299	22,334
Inventories – net	26,099	19,427
Income tax receivable		354
Prepaid expenses and other current assets	1,855	1,681
Deferred income taxes	7,186	8,139
Total current assets	77,248	74,741
PROPERTY:
Property and equipment	21,280	20,502
Less accumulated depreciation and amortization	15,469	14,804
Property – net	5,811	5,698
OTHER ASSETS:
Deferred income taxes – net	3,793	3,821
Goodwill	402	402
Real estate held for sale	3,800	3,800
Qualification units and pre-qualification assets – net	3,405	3,533
Other	5,408	4,983
Total other assets	16,808	16,539
TOTAL ASSETS	99,867	96,978
CURRENT LIABILITIES:
Accounts payable – trade	6,664	6,521
Accrued compensation	1,901	2,884
Accrued income taxes	800	2,924
Other current liabilities	6,021	5,938
Total current liabilities	15,386	18,267
OTHER LONG-TERM LIABILITIES	$ 10,981	$ 11,596
COMMITMENTS AND CONTINGENCIES (Note 14)
TOTAL LIABILITIES	$ 26,367	$ 29,863
STOCKHOLDERS’ EQUITY
Preferred stock – authorized, 300,000 shares; none issued
Common stock – authorized, 100,000,000 shares of $.01 par value; issued, 10,368,351 shares at September 30, 2015 and 10,265,707 shares at March 31, 2015	$ 103	$ 102
Additional paid-in capital	101,564	100,454
Accumulated deficit	(21,127)	(26,437)
Accumulated other comprehensive income	37	37
Stockholders' equity before treasury stock	80,577	74,156
Less treasury stock, at cost – 454,109 shares at September 30, 2015 and 450,802 shares at March 31, 2015	(7,077)	(7,041)
Total stockholders’ equity	73,500	67,115
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$ 99,867	$ 96,978