HANDY & HARMAN LTD.

CIK:0000106618|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net sales	$ 256,145	$ 200,880	$ 490,786	$ 361,677
Cost of goods sold	181,517	148,918	347,577	265,998
Gross profit	74,628	51,962	143,209	95,679
Selling, general and administrative expenses	47,795	38,332	101,981	69,616
Pension expense	2,652	2,132	5,305	4,283
Asset impairment charges	0	7,000	0	7,000
Operating income	24,181	4,498	35,923	14,780
Other:
Interest expense	2,910	1,345	5,840	2,415
Realized and unrealized (gain) loss on derivatives	(286)	416	75	539
Other expense	318	99	617	244
Income before tax and equity investment	21,239	2,638	29,391	11,582
Tax provision	8,248	1,138	11,341	4,998
Loss (gain) from associated company, net of tax	478	2,234	(1,330)	6,862
Net income (loss)	$ 12,513	$ (734)	$ 19,380	$ (278)
Basic and diluted income (loss) per share of common stock
Net income (loss) per share (in dollars per share)	$ 1.02	$ (0.06)	$ 1.58	$ (0.02)
Weighted-average number of common shares outstanding (in shares)	12,221	12,260	12,228	12,242

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 19,380	$ (278)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Loss from divestitures	412	0
Depreciation and amortization	20,335	12,350
Non-cash stock-based compensation	340	931
Non-cash (gain) loss from investment in associated company, net of tax	(1,330)	6,862
Amortization of debt issuance costs	612	550
Deferred income taxes	2,965	3,623
Gain from asset dispositions	(274)	(337)
Asset impairment charges	0	7,858
Non-cash (gain) loss from derivatives	(9)	133
Reclassification of net cash settlements on precious metal contracts to investing activities	84	406
Change in operating assets and liabilities, net of acquisitions and divestitures:
Trade and other receivables	(28,836)	(29,034)
Inventories	(10,859)	(3,572)
Prepaid and other current assets	1,284	2,728
Other current liabilities	(7,851)	12,800
Other items, net	778	(364)
Net cash (used in) provided by operating activities	(2,969)	14,656
Cash flows from investing activities:
Additions to property, plant and equipment	(13,096)	(9,673)
Net cash settlements on precious metal contracts	(84)	(406)
Acquisitions, net of cash acquired	2,246	(157,000)
Proceeds from sale of fixed assets	478	1,659
Proceeds from divestitures	1,975	0
Net cash used in investing activities	(8,481)	(165,420)
Cash flows from financing activities:
Net revolver borrowings	6,876	153,967
Net repayments on loans - foreign	(1,016)	(161)
Repayments of term loans - domestic	(212)	(232)
Proceeds from equipment lease financing	5,377	0
Deferred finance charges	0	(345)
Net change in overdrafts	274	(2,027)
Purchases of treasury stock	0	(108)
Payments for taxes related to net share settlement of equity awards	(368)	(395)
Other financing activities	(22)	61
Net cash provided by financing activities	10,909	150,760
Net change for the period	(541)	(4)
Effect of exchange rate changes on cash and cash equivalents	513	(39)
Cash and cash equivalents at beginning of period	29,122	23,728
Cash and cash equivalents at end of period	29,094	23,685
Cash paid during the period for:
Interest	5,217	1,664
Taxes	$ 11,559	$ 3,019

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 29,094	$ 29,122
Trade and other receivables - net of allowance for doubtful accounts of $2,355 and $2,489, respectively	150,563	122,550
Inventories, net	110,164	99,455
Prepaid and other current assets	6,811	8,239
Total current assets	296,632	259,366
Property, plant and equipment at cost, less accumulated depreciation	133,041	131,628
Goodwill	182,636	182,185
Other intangibles, net	135,755	144,979
Investment in associated company	14,427	12,318
Deferred income tax assets	93,634	94,906
Other non-current assets	10,396	11,138
Total assets	866,521	836,520
Current Liabilities:
Trade payables	74,210	62,792
Accrued liabilities	38,343	45,933
Accrued environmental liabilities	9,770	9,625
Short-term debt	648	553
Current portion of long-term debt	1,874	2,937
Total current liabilities	124,845	121,840
Long-term debt	278,508	271,799
Accrued pension liabilities	259,822	265,547
Other post-retirement benefit obligations	3,709	3,540
Deferred income tax liabilities	2,395	2,826
Other non-current liabilities	9,779	4,373
Total liabilities	679,058	669,925
Commitments and Contingencies
Stockholders' Equity:
Common stock - $.01 par value; authorized 180,000 shares; issued 13,607 and 13,627 shares, respectively	136	136
Accumulated other comprehensive loss	(265,490)	(267,007)
Additional paid-in capital	587,676	587,705
Treasury stock, at cost - 1,386 shares	(34,852)	(34,852)
Accumulated deficit	(100,007)	(119,387)
Total stockholders' equity	187,463	166,595
Total liabilities and stockholders' equity	$ 866,521	$ 836,520