LMI AEROSPACE INC

CIK:0001059562|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Sales and service revenue
Product sales	$ 78,572	$ 75,862
Service revenue	5,248	11,469
Net sales	83,820	87,331
Cost of sales and service revenue
Cost of product sales	65,363	60,336
Cost of service revenue	6,016	10,765
Cost of sales	71,379	71,101
Gross profit	12,441	16,230
Other Selling, General and Administrative Expense	10,834	11,853
Merger Cost	2,534	0
Selling, general and administrative expenses	13,348	12,800
Restructuring expense	(20)	947
(Loss) income from operations	(907)	3,430
Other (expense) income:
Interest expense	(5,218)	(5,263)
Other, net	(333)	(90)
Total other expense	(5,551)	(5,353)
Loss before income taxes	(6,458)	(1,923)
Provision (benefit) for income taxes	10	(164)
Net loss	(6,468)	(1,759)
Other comprehensive income (loss):
Change in foreign currency translation adjustment	22	(13)
Total comprehensive loss	$ (6,446)	$ (1,772)
Amounts per common share:
Net loss per common share	$ (0.49)	$ (0.14)
Net loss per common share assuming dilution	$ (0.49)	$ (0.14)
Weighted average common shares (in shares)	13,213,051	12,975,485
Weighted average dilutive common shares outstanding (in shares)	13,213,051	12,975,485

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net loss	$ (6,468)	$ (1,759)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	4,462	4,900
Amortization of debt issuance cost	469	478
Stock based compensation	273	345
Other non-cash items	(47)	(65)
Changes in operating assets and liabilities:
Accounts receivable	(7,862)	(6,475)
Inventories	(7,654)	(4,740)
Prepaid expenses and other assets	(910)	(387)
Current income taxes	5	(38)
Accounts payable	4,781	7,388
Accrued expenses	(3,419)	(6,891)
Net cash used by operating activities	(16,370)	(7,244)
Investing activities:
Additions to property, plant and equipment	(8,101)	(2,418)
Proceeds from sale of property, plant and equipment	0	6
Net cash used by investing activities	(8,101)	(2,412)
Financing activities:
Proceeds from issuance of debt	0	1,465
Principal payments on long-term debt and notes payable	(666)	(874)
Advances on revolving line of credit	53,000	2,000
Payments on revolving line of credit	(29,500)	(2,000)
Payments for debt issuance cost	(131)	0
Net cash provided by financing activities	22,703	591
Net decrease in cash and cash equivalents	(1,768)	(9,065)
Cash and cash equivalents, beginning of period	2,491	10,504
Cash and cash equivalents, end of period	723	1,439
Supplemental disclosure of non-cash transactions:
Defined contribution plan funding in Company stock	$ 1,535	$ 1,472

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 723	$ 2,491
Accounts receivable, net	59,117	51,269
Inventories	130,259	122,761
Prepaid expenses and other current assets	4,566	3,586
Total current assets	194,665	180,107
Property, plant and equipment, net	101,175	99,515
Goodwill	62,482	62,482
Intangible assets, net	38,064	38,852
Other assets	2,454	2,676
Total assets	398,840	383,632
Current liabilities:
Accounts payable	31,859	29,378
Accrued expenses	20,594	25,543
Current installments of long-term debt and capital lease obligations	2,725	2,655
Total current liabilities	55,178	57,576
Long-term liabilities:
Long-term debt and capital lease obligations, less current installments	260,479	237,398
Other long-term liabilities	2,412	3,117
Deferred income taxes	0
Total long-term liabilities	262,891	240,515
Shareholders’ equity:
Common stock, $0.02 par value per share; authorized 28,000,000 shares; issued 13,701,350 and 13,625,205 shares at March 31, 2017 and December 31, 2016, respectively	274	273
Preferred stock, $0.02 par value per share; authorized 2,000,000 shares; none issued at either date	0	0
Additional paid-in capital	101,630	99,955
Accumulated other comprehensive loss	(260)	(282)
Accumulated deficit	(20,873)	(14,405)
Total shareholders’ equity	80,771	85,541
Total liabilities and shareholders' equity	$ 398,840	$ 383,632