HITOX CORPORATION OF AMERICA

CIK:0000842295|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
NET SALES	$ 38,966	$ 38,456
Cost of sales	35,412	33,361
GROSS MARGIN	3,554	5,095
Technical services and research and development	199	199
Selling, general and administrative expenses	4,682	4,154
Loss on disposal of assets	15	2
OPERATING (LOSS) INCOME	(1,342)	740
OTHER INCOME (EXPENSE):
Interest expense, net	(112)	(177)
Loss on foreign currency exchange rate	(26)	(50)
Other income, net	30	38
Total Other Expense	(108)	(189)
(LOSS_ INCOME BEFORE INCOME TAX	(1,450)	551
Income tax (benefit) expense	(314)	107
NET (LOSS) INCOME	$ (1,136)	$ 444
(Loss) Income per common share:
Basic	$ (0.32)	$ 0.13
Diluted	$ (0.32)	$ 0.13
Weighted average common shares outstanding:
Basic	3,542	3,376
Diluted	3,542	3,454

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (1,136)	$ 444
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	2,774	2,561
(Gain) Loss on disposal of assets	(3)	2
Share-based compensation	131	170
Deferred income tax benefit	(98)	(144)
(Recovery of) provision for bad debts	58	(237)
Changes in working capital:
Trade accounts receivables	(601)	182
Inventories	3,235	1,937
Other current assets	(39)	114
Accounts payable and accrued expenses	(442)	(197)
Net cash provided by operating activities	3,879	4,832
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment	(3,099)	(1,203)
Proceeds from sales of property, plant and equipment	2	2
Net cash used in investing activities	(3,097)	(1,201)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	118	82
Payments on lines of credit	(82)	(254)
Proceeds from export credit refinancing facility	0	1,705
Payments on export credit refinancing facility	(228)	(2,560)
Proceeds from capital lease	107	0
Payments on capital lease	(8)	0
Payments on long-term bank debt	(977)	(931)
Proceeds from the issuance of common stock through exercise of warrants	0	1,397
Net cash used in financing activities	(1,070)	(561)
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents	181	(167)
Net (decrease) increase in cash and cash equivalents	(107)	2,903
Cash and cash equivalents at beginning of year	3,716	813
Cash and cash equivalents at end of year	3,609	3,716
Supplemental cash flow disclosures:
Interest paid	117	147
Income taxes paid	76	95
Non-cash investing activities:
Capital expenditures financed through accounts payable and accrued expenses	$ 879	$ 96

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 3,609	$ 3,716
Trade accounts receivable, net	4,323	3,557
Inventories, net	9,136	11,776
Other current assets	848	742
Total current assets	17,916	19,791
PROPERTY, PLANT AND EQUIPMENT, net	18,389	15,907
DEFERRED TAX ASSET, foreign	20	27
OTHER ASSETS	4	4
Total Assets	36,329	35,729
CURRENT LIABILITIES:
Accounts payable	2,672	2,122
Accrued expenses	1,232	1,136
Notes payable under lines of credit	36	0
Export credit refinancing facility	0	206
Current maturities - capital leases	34	0
Current maturities of long-term debt - financial institutions	1,039	1,142
Total current liabilities	5,013	4,606
LONG-TERM DEBT - FINANCIAL INSTITUTIONS	2,378	2,725
LONG-TERM DEBT - CAPITAL LEASES	65	0
DEFERRED TAX LIABILITY, domestic	21	127
Total liabilities	7,477	7,458
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at December 31, 2017 and 2016	4,426	4,426
Additional paid-in capital	30,675	30,544
Accumulated deficit	(5,957)	(4,821)
Accumulated other comprehensive loss	(292)	(1,878)
Total shareholders' equity	28,852	28,271
Total Liabilities and Shareholders' Equity	$ 36,329	$ 35,729