ASV HOLDINGS, INC.

CIK:0001690881|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 36,018,000	$ 31,860,000	$ 63,356,000	$ 61,729,000
Cost of goods sold	31,435,000	27,603,000	55,338,000	53,531,000
Gross profit	4,583,000	4,257,000	8,018,000	8,198,000
Research and development costs	523,000	451,000	1,015,000	922,000
Selling, general and administrative expense	3,713,000	2,934,000	6,849,000	6,341,000
Operating income	347,000	872,000	154,000	935,000
Other income (expense)
Interest expense	(570,000)	(464,000)	(1,122,000)	(922,000)
Other income			8,000	7,000
Total other expense	(570,000)	(464,000)	(1,114,000)	(915,000)
(Loss) Income before income taxes	(223,000)	408,000	(960,000)	20,000
Income tax expense (benefit)	0	89,000		8,000
Net (loss) income	$ (223,000)	$ 319,000	$ (960,000)	$ 12,000
Earnings per share:
Basic net (loss) income per share of common stock	$ (0.02)	$ 0.03	$ (0.10)	$ 0.00
Diluted net (loss) income per share of common stock	$ (0.02)	$ 0.03	$ (0.10)	$ 0.00
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	9,901	9,823	9,882	9,820
Diluted weighted average common shares outstanding	9,901	9,823	9,882	9,820

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES
Net (loss) income	$ (960)	$ 12
Adjustments to reconcile to net income to net cash provided by operating activities:
Depreciation	1,174	1,129
Amortization	1,273	1,273
Share-based compensation	265	251
Loss on sale of fixed assets	36	1
Amortization of deferred finance cost	89	71
Bad debt expense	(5)	23
Changes in operating assets and liabilities
Accounts receivable	2,873	3,177
Net accounts receivable/payable from affiliates	(498)	(231)
Income tax receivable	840
Inventory	744	(4,089)
Prepaid income tax	(22)	(17)
Prepaid expenses	(153)	(69)
Operating lease asset and liabilities	60
Trade accounts payable	(5,482)	(90)
Accrued expenses	72	(967)
Other long-term liabilities	(80)	(40)
Net cash provided by operating activities	226	434
INVESTING ACTIVITIES
Purchase of property and equipment	(336)	(501)
Net cash used in investing activities	(336)	(501)
FINANCING ACTIVITIES
Principal payments on term debt	(1,984)	(1,001)
Proceeds from long-term note		425
Debt issuance costs incurred	(180)
Shares repurchased for income tax withholding on share-based compensation	(9)	(76)
Net borrowings on revolving credit facilities	2,289	720
Net cash provided by financing activities	116	68
NET CHANGE IN CASH	6	1
Cash at beginning of period	2	3
Cash at end of period	$ 8	$ 4

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash	$ 8	$ 2
Accounts receivable, net	15,594	18,462
Receivables from affiliates	26	7
Income tax receivable		840
Inventory, net	33,241	34,055
Prepaid income tax	65	43
Prepaid expenses and other	745	593
Total current assets	49,679	54,002
Property, plant and equipment, net	11,862	12,662
Operating lease assets, net	1,054
Intangible assets, net	19,457	20,730
Other long-term assets	313	237
Total assets	82,365	87,631
CURRENT LIABILITIES
Notes payable - current portion	2,012	2,991
Trade accounts payable	13,352	18,834
Payables to affiliates		480
Accrued compensation and benefits	1,296	1,394
Accrued warranties	1,405	1,584
Operating lease liability- current portion	287
Accrued other current liabilities	1,710	1,405
Total current liabilities	20,062	26,688
Revolving loan facility	18,315	16,026
Notes payable - long term, net	9,139	10,159
Operating lease liability- long term	827
Other long-term liabilities	651	727
Total liabilities	48,994	53,600
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 5,000 authorized, none outstanding at June 30, 2019 and December 31, 2018, respectively
Common stock, $0.001 par value, 50,000 authorized, 9,910 and 9,851 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	10	10
Additional paid-in capital	66,094	65,794
Accumulated deficit	(32,733)	(31,773)
Total Stockholders' Equity	33,371	34,031
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 82,365	$ 87,631