BLACK BOX CORP

CIK:0000849547|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Sep. 29, 2018

Sep. 30, 2017

Sep. 29, 2018

Sep. 30, 2017

Income Statement [Abstract]

Document Period End Date

Sep. 29, 2018

Revenues

Products

$ 32,836

$ 37,248

$ 64,388

$ 70,136

Services

125,822

127,217

256,764

255,074

Total

158,658

164,465

321,152

325,210

Cost of sales

Products

^[1]

18,874

21,166

37,092

40,193

Services

^[1]

96,419

93,977

194,400

190,708

Total

^[1]

115,293

115,143

231,492

230,901

Gross profit

43,365

49,322

89,660

94,309

Selling, general & administrative expenses

50,128

55,079

101,859

113,024

Asset impairment loss

1,586

1,426

1,586

1,426

Intangibles amortization

1,075

1,716

2,153

3,551

Operating income (loss)

(9,424)

(8,899)

(15,938)

(23,692)

Interest expense, net

4,174

1,808

6,723

3,026

Other expenses (income), net

334

(207)

815

(77)

Income (loss) before provision for income taxes

(13,932)

(10,500)

(23,476)

(26,641)

Provision (benefit) for income taxes

(7,742)

1,948

(8,412)

(3,278)

Income (loss) from continuing operations

(6,190)

(12,448)

(15,064)

(23,363)

Income (loss) from discontinued operations, net of tax

(1,955)

1,048

(403)

2,216

Gain from sale of discontinued operations, net of tax

31,040

Net income (loss)

$ 22,895

$ (11,400)

$ 15,573

$ (21,147)

Basic earnings (loss) per common share

Continuing operations (in dollars per share)

$ (0.41)

$ (0.82)

$ (0.99)

$ (1.55)

Discontinued operations (in dollars per share)

1.91

0.07

2.02

0.15

Net earnings (loss) per common share

1.50

(0.75)

1.03

(1.40)

Diluted earnings (loss) per common share

Continuing operations (in dollars per share)

(0.41)

(0.82)

(0.99)

(1.55)

Discontinued operations (in dollars per share)

1.91

0.07

2.02

0.15

Net earnings (loss) per common share (in dollars per share)

$ 1.50

$ (0.75)

$ 1.03

$ (1.40)

Weighted-average common shares outstanding

Basic (in shares)

15,235

15,138

15,175

15,057

Diluted (in shares)

15,235

15,138

15,175

15,057

Dividends per share (in dollars per share)

$ 0

$ 0.12

[1]	Exclusive of depreciation and intangibles amortization.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Operating Activities
Net income (loss)	$ 15,573	$ (21,147)
Less: Net income (loss) from discontinued operations	(403)	2,216
Net income (loss) from continuing operations	(15,064)	(23,363)
Adjustments to reconcile net income (loss) to net cash provided by (used for) continuing operating activities
Intangibles amortization	2,153	3,551
Depreciation	4,111	4,499
Loss (gain) on sale of property	74	36
Deferred taxes	(8,286)	(3,056)
Stock compensation expense	1,446	3,108
Asset impairment loss	1,586	1,426
Provision for obsolete inventory	1,073	262
Provision for (recovery of) doubtful accounts	291	518
Changes in operating assets and liabilities (net of effects of discontinued operations)
Accounts receivable	(2,865)	9,011
Inventories	4,208	(3,248)
Costs/estimated earnings in excess of billings on uncompleted contracts	(5,789)	1,561
All other assets	4,373	(3,083)
Accounts payable	(2,529)	3,050
Billings in excess of costs/estimated earnings on uncompleted contracts	(319)	(1,970)
All other liabilities	5,256	(8,240)
Net cash provided by (used for) continuing operating activities	(10,281)	(15,938)
Net cash provided by (used for) discontinued operating activities	2,509	314
Net cash provided by (used for) continuing operating activities	(7,772)	(15,624)
Investing Activities
Capital expenditures	(769)	(2,327)
Capital disposals	127	61
Net cash provided by (used for) continuing investing activities	(642)	(2,266)
Net cash provided by (used for) discontinued investing activities	63,014	(353)
Net cash provided by (used for) investing activities	62,372	(2,619)
Financing Activities
Proceeds from (repayments of) long-term debt	(48,623)	34,576
Proceeds from (repayments of) short-term debt	(7,029)	4,950
Deferred financing costs	(3,129)	(632)
Purchase of treasury stock	(112)	(393)
Payment of dividends	0	(3,611)
Increase (decrease) in cash overdrafts	(5,652)	(1,086)
Net cash provided by (used for) continuing financing activities	(64,545)	33,804
Net cash provided by (used for) discontinued financing activities	(2,130)	0
Net cash provided by (used for) financing activities	(66,675)	33,804
Foreign currency exchange impact on cash	(1,582)	654
Increase/(decrease) in cash and cash equivalents	(13,657)	16,215
Cash and cash equivalents at beginning of period	35,600
Cash and cash equivalents at end of period	21,943
Supplemental cash flow
Cash paid for interest	5,264	2,375
Cash paid for income taxes	973	224
Non-cash financing activities
Capital leases	$ 39	$ 19

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2018	Mar. 31, 2018
Assets
Cash and cash equivalents	$ 21,943	$ 35,600
Accounts receivable, net of allowance for doubtful accounts of $2,454 and $2,982	104,009	99,150
Inventories, net	19,954	26,107
Costs/estimated earnings in excess of billings on uncompleted contracts	50,826	52,696
Other current assets	30,682	26,113
Current assets held for sale	151	47,176
Total current assets	227,565	286,842
Property, plant and equipment, net	19,555	23,152
Intangibles, net	35,414	39,145
Deferred tax asset	4,221	6,474
Other non-current assets	11,009	8,444
Non-current assets held for sale	0	12,278
Total assets	297,764	376,335
Liabilities
Accounts payable	43,950	49,243
Accrued compensation and benefits	13,897	15,823
Deferred revenue	23,904	27,420
Billings in excess of costs/estimated earnings on uncompleted contracts	12,176	12,547
Short-term debt		157,500
Other current liabilities	26,323	25,905
Current liabilities held for sale	0	20,597
Total current liabilities	221,790	309,035
Long-term debt	328	477
Other non-current liabilities	15,701	15,884
Non-current liabilities held for sale	0	597
Total liabilities	237,819	325,993
Stockholders’ equity
Preferred stock authorized 5,000, par value $1.00, none issued	0	0
Common stock authorized 100,000, par value $.001, 15,238 and 15,141 shares outstanding, 27,026 and 26,880 issued	26	26
Additional paid-in capital	511,429	509,960
Retained earnings	(22,842)	(35,664)
Accumulated other comprehensive income (loss)	(12,568)	(7,992)
Treasury stock, at cost 11,788 and 11,740 shares	(416,100)	(415,988)
Total stockholders’ equity	59,945	50,342
Total liabilities and stockholders’ equity	$ 297,764	$ 376,335