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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DMC Global Inc | NASDAQ:BOOM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 1.02% | 14.89 | 14.83 | 14.93 | 15.07 | 14.75 | 14.84 | 231,291 | 21:00:08 |
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Delaware
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84-0608431
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(State of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
(Do not check if smaller reporting company)
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Smaller reporting company
o
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Page
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June 30,
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December 31,
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||||
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2013
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2012
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||||
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(unaudited)
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||||
ASSETS
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CURRENT ASSETS:
|
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Cash and cash equivalents
|
$
|
2,323
|
|
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$
|
8,200
|
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Accounts receivable, net of allowance for doubtful accounts of $471 and $406, respectively
|
41,511
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36,981
|
|
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Inventory
|
45,563
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48,320
|
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||
Prepaid expenses and other
|
5,516
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5,091
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Current deferred tax assets
|
1,991
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|
2,074
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Total current assets
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96,904
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100,666
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||||
PROPERTY, PLANT AND EQUIPMENT
|
98,963
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90,621
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Less - accumulated depreciation
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(39,103
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)
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(36,645
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)
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||||
Property, plant and equipment, net
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59,860
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53,976
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||||
GOODWILL, net
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36,447
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37,431
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||||
PURCHASED INTANGIBLE ASSETS, net
|
38,121
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|
41,958
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||
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||||
DEFERRED TAX ASSETS
|
505
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|
804
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||
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||||
OTHER ASSETS, net
|
506
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|
596
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||||
TOTAL ASSETS
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$
|
232,343
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$
|
235,431
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Three months ended June 30,
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Six months ended June 30,
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||||||||||||
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2013
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2012
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2013
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2012
|
||||||||
Net income including non-controlling interest
|
$
|
3,455
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|
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$
|
2,699
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|
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$
|
3,698
|
|
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$
|
5,088
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|
|
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|
|
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||||||||
Change in cumulative foreign currency translation adjustment
|
446
|
|
|
(7,085
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)
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|
(3,181
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)
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|
(3,254
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)
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||||
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|
||||||||
Total comprehensive income (loss)
|
3,901
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|
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(4,386
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)
|
|
517
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|
1,834
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||||||||
Comprehensive income attributable to non-controlling interest
|
16
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|
|
42
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|
|
41
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7
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|
||||
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||||||||
Comprehensive income (loss) attributable to Dynamic Materials Corporation
|
$
|
3,885
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|
$
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(4,428
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)
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|
$
|
476
|
|
|
$
|
1,827
|
|
|
Dynamic Materials Corporation Stockholders
|
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|||||||||||||||||||||
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Other
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|||||||||||||
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Additional
|
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Cumulative
|
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Non-
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|||||||||||||
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Common Stock
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Paid-In
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Retained
|
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Comprehensive
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Controlling
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|||||||||||||||
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Shares
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Amount
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Capital
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Earnings
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Loss
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Interest
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Total
|
|||||||||||||
Balances, December 31, 2012
|
13,520
|
|
|
$
|
676
|
|
|
$
|
60,158
|
|
|
$
|
108,101
|
|
|
$
|
(6,463
|
)
|
|
$
|
84
|
|
|
$
|
162,556
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,655
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|
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—
|
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|
43
|
|
|
3,698
|
|
||||||
Change in cumulative foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,179
|
)
|
|
(2
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)
|
|
(3,181
|
)
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||||||
Shares issued in connection with stock compensation plans
|
230
|
|
|
12
|
|
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
163
|
|
||||||
Tax impact of stock-based compensation
|
—
|
|
|
—
|
|
|
(836
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(836
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,057
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|
—
|
|
|
—
|
|
|
—
|
|
|
2,057
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
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(1,097
|
)
|
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—
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|
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—
|
|
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(1,097
|
)
|
||||||
Balances, June 30, 2013
|
13,750
|
|
|
$
|
688
|
|
|
$
|
61,530
|
|
|
$
|
110,659
|
|
|
$
|
(9,642
|
)
|
|
$
|
125
|
|
|
$
|
163,360
|
|
|
2013
|
|
2012
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
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|
||
Net income
|
$
|
3,698
|
|
|
$
|
5,088
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
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|
||
Depreciation (including capital lease amortization)
|
2,874
|
|
|
2,729
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|
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Amortization of purchased intangible assets
|
3,153
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|
|
3,064
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|
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Amortization of deferred debt issuance costs
|
51
|
|
|
66
|
|
||
Stock-based compensation
|
2,057
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|
|
1,935
|
|
||
Deferred income tax provision (benefit)
|
196
|
|
|
(459
|
)
|
||
Gain (loss) on disposal of property, plant and equipment
|
21
|
|
|
(2
|
)
|
||
Change in:
|
|
|
|
|
|
||
Accounts receivable, net
|
(5,012
|
)
|
|
1,212
|
|
||
Inventories
|
1,889
|
|
|
(4,401
|
)
|
||
Prepaid expenses and other
|
(543
|
)
|
|
300
|
|
||
Accounts payable
|
3,103
|
|
|
80
|
|
||
Customer advances
|
3,427
|
|
|
169
|
|
||
Accrued expenses and other liabilities
|
484
|
|
|
(1,706
|
)
|
||
|
|
|
|
||||
Net cash provided by operating activities
|
15,398
|
|
|
8,075
|
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Acquisition of property, plant and equipment
|
(9,726
|
)
|
|
(5,595
|
)
|
||
Acquisition of TRX Industries
|
—
|
|
|
(10,294
|
)
|
||
Change in other non-current assets
|
192
|
|
|
126
|
|
||
|
|
|
|
||||
Net cash used in investing activities
|
(9,534
|
)
|
|
(15,763
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Borrowings (repayments) on bank lines of credit, net
|
(9,811
|
)
|
|
9,924
|
|
||
Payment on loans with former owners of LRI
|
(32
|
)
|
|
(1,138
|
)
|
||
Payment on capital lease obligations
|
(25
|
)
|
|
(40
|
)
|
||
Payment of dividends
|
(1,088
|
)
|
|
(1,074
|
)
|
||
Net proceeds from issuance of common stock to employees and directors
|
163
|
|
|
98
|
|
||
Tax impact of stock-based compensation
|
(836
|
)
|
|
(11
|
)
|
||
|
|
|
|
||||
Net cash provided by (used in) financing activities
|
(11,629
|
)
|
|
7,759
|
|
||
|
|
|
|
||||
EFFECTS OF EXCHANGE RATES ON CASH
|
(112
|
)
|
|
(132
|
)
|
||
|
|
|
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(5,877
|
)
|
|
(61
|
)
|
||
|
|
|
|
||||
CASH AND CASH EQUIVALENTS, beginning of the period
|
8,200
|
|
|
5,276
|
|
||
|
|
|
|
||||
CASH AND CASH EQUIVALENTS, end of the period
|
$
|
2,323
|
|
|
$
|
5,215
|
|
|
For the three months ended
|
|
For the three months ended
|
||||||||||||||||||
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
EPS
|
|
Income
|
|
Shares
|
|
EPS
|
||||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to DMC
|
$
|
3,440
|
|
|
|
|
|
|
|
|
$
|
2,653
|
|
|
|
|
|
|
|
||
Less income allocated to RSAs
|
(53
|
)
|
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income allocated to common stock for EPS calculation
|
$
|
3,387
|
|
|
13,526,623
|
|
|
$
|
0.25
|
|
|
$
|
2,593
|
|
|
13,205,620
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjust shares for dilutives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation plans
|
|
|
|
3,965
|
|
|
|
|
|
|
|
|
4,112
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to DMC
|
$
|
3,440
|
|
|
|
|
|
|
|
|
$
|
2,653
|
|
|
|
|
|
|
|
||
Less income allocated to RSAs
|
(53
|
)
|
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income allocated to common stock for EPS calculation
|
$
|
3,387
|
|
|
13,530,588
|
|
|
$
|
0.25
|
|
|
$
|
2,593
|
|
|
13,209,732
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the six months ended
|
|
For the six months ended
|
||||||||||||||||||
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
EPS
|
|
Income
|
|
Shares
|
|
EPS
|
||||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to DMC
|
$
|
3,655
|
|
|
|
|
|
|
|
|
$
|
5,079
|
|
|
|
|
|
|
|
||
Less income allocated to RSAs
|
(56
|
)
|
|
|
|
|
|
|
|
(111
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income allocated to common stock for EPS calculation
|
$
|
3,599
|
|
|
13,523,028
|
|
|
$
|
0.27
|
|
|
$
|
4,968
|
|
|
13,203,310
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjust shares for dilutives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation plans
|
|
|
|
3,983
|
|
|
|
|
|
|
|
|
4,252
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to DMC
|
$
|
3,655
|
|
|
|
|
|
|
|
|
$
|
5,079
|
|
|
|
|
|
|
|
||
Less income allocated to RSAs
|
(56
|
)
|
|
|
|
|
|
|
|
(111
|
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income allocated to common stock for EPS calculation
|
$
|
3,599
|
|
|
13,527,011
|
|
|
$
|
0.27
|
|
|
$
|
4,968
|
|
|
13,207,562
|
|
|
$
|
0.38
|
|
Current assets
|
$
|
2,702
|
|
Property, plant and equipment
|
2,227
|
|
|
Intangible assets
|
5,365
|
|
|
Deferred tax assets
|
40
|
|
|
Total assets acquired
|
10,334
|
|
|
|
|
|
|
Current liabilities
|
40
|
|
|
Total liabilities assumed
|
40
|
|
|
|
|
|
|
Net assets acquired
|
$
|
10,294
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
Raw materials
|
$
|
15,924
|
|
|
$
|
16,079
|
|
Work-in-process
|
12,399
|
|
|
12,133
|
|
||
Finished goods
|
16,368
|
|
|
19,155
|
|
||
Supplies
|
872
|
|
|
953
|
|
||
|
$
|
45,563
|
|
|
$
|
48,320
|
|
|
Explosive
Metalworking
|
|
Oilfield
Products
|
|
Total
|
||||||
Goodwill balance at December 31, 2012
|
$
|
21,734
|
|
|
$
|
15,697
|
|
|
$
|
37,431
|
|
Adjustment due to recognition of tax benefit of tax amortization of certain goodwill
|
(164
|
)
|
|
(248
|
)
|
|
(412
|
)
|
|||
Adjustment due to exchange rate differences
|
(327
|
)
|
|
(245
|
)
|
|
(572
|
)
|
|||
|
|
|
|
|
|
||||||
Goodwill balance at June 30, 2013
|
$
|
21,243
|
|
|
$
|
15,204
|
|
|
$
|
36,447
|
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Core technology
|
$
|
22,126
|
|
|
$
|
(6,212
|
)
|
|
$
|
15,914
|
|
Customer relationships
|
43,569
|
|
|
(22,179
|
)
|
|
21,390
|
|
|||
Trademarks / Trade names
|
2,371
|
|
|
(1,554
|
)
|
|
817
|
|
|||
|
|
|
|
|
|
||||||
Total intangible assets
|
$
|
68,066
|
|
|
$
|
(29,945
|
)
|
|
$
|
38,121
|
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Core technology
|
$
|
22,494
|
|
|
$
|
(5,749
|
)
|
|
$
|
16,745
|
|
Customer relationships
|
44,334
|
|
|
(20,046
|
)
|
|
24,288
|
|
|||
Trademarks / Trade names
|
2,409
|
|
|
(1,484
|
)
|
|
925
|
|
|||
|
|
|
|
|
|
||||||
Total intangible assets
|
$
|
69,237
|
|
|
$
|
(27,279
|
)
|
|
$
|
41,958
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
Syndicated credit agreement:
|
|
|
|
|
|
||
U.S. Dollar revolving loan
|
$
|
23,900
|
|
|
$
|
31,900
|
|
Euro revolving loan
|
4,943
|
|
|
4,625
|
|
||
Canadian Dollar revolving loan
|
—
|
|
|
1,254
|
|
||
Commerzbank line of credit
|
—
|
|
|
981
|
|
||
|
28,843
|
|
|
38,760
|
|
||
Less current portion
|
—
|
|
|
(981
|
)
|
||
|
|
|
|
||||
Long-term lines of credit
|
$
|
28,843
|
|
|
$
|
37,779
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
Loans with former owners of LRI
|
$
|
83
|
|
|
$
|
120
|
|
Less current maturities
|
(63
|
)
|
|
(65
|
)
|
||
|
|
|
|
||||
Long-term debt
|
$
|
20
|
|
|
$
|
55
|
|
|
Explosive
Metalworking
|
|
Oilfield
Products
|
|
AMK
Welding
|
|
Total
|
||||||||
For the three months ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
32,390
|
|
|
$
|
23,164
|
|
|
$
|
2,305
|
|
|
$
|
57,859
|
|
Depreciation and amortization
|
$
|
1,467
|
|
|
$
|
1,407
|
|
|
$
|
151
|
|
|
$
|
3,025
|
|
Income from operations
|
$
|
5,245
|
|
|
$
|
2,157
|
|
|
$
|
404
|
|
|
$
|
7,806
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate expenses
|
|
|
|
|
|
|
|
|
|
(1,158
|
)
|
||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
|
(635
|
)
|
||||
Other expense
|
|
|
|
|
|
|
|
|
|
(420
|
)
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
(183
|
)
|
||||
Interest income
|
|
|
|
|
|
|
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated income before income taxes and non-controlling interest
|
|
|
|
|
|
|
|
|
|
$
|
5,411
|
|
|
Explosive
Metalworking
|
|
Oilfield
Products
|
|
AMK
Welding
|
|
Total
|
||||||||
For the three months ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
27,374
|
|
|
$
|
18,924
|
|
|
$
|
2,389
|
|
|
$
|
48,687
|
|
Depreciation and amortization
|
$
|
1,378
|
|
|
$
|
1,379
|
|
|
$
|
125
|
|
|
$
|
2,882
|
|
Income from operations
|
$
|
3,589
|
|
|
$
|
1,701
|
|
|
$
|
165
|
|
|
$
|
5,455
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate expenses
|
|
|
|
|
|
|
|
|
|
(839
|
)
|
||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
|
(966
|
)
|
||||
Other income
|
|
|
|
|
|
|
|
|
|
409
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
(196
|
)
|
||||
Interest income
|
|
|
|
|
|
|
|
|
|
3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated income before income taxes and non-controlling interest
|
|
|
|
|
|
|
|
|
|
$
|
3,866
|
|
|
|
|
|
|
|
|
|
||||||||
|
Explosive
Metalworking
|
|
Oilfield
Products
|
|
AMK
Welding
|
|
Total
|
||||||||
For the six months ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
58,572
|
|
|
$
|
41,818
|
|
|
$
|
3,739
|
|
|
$
|
104,129
|
|
Depreciation and amortization
|
$
|
2,923
|
|
|
$
|
2,803
|
|
|
$
|
301
|
|
|
$
|
6,027
|
|
Income from operations
|
$
|
7,689
|
|
|
$
|
3,880
|
|
|
$
|
110
|
|
|
$
|
11,679
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate expenses
|
|
|
|
|
|
|
|
|
|
(4,664
|
)
|
||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
|
(2,057
|
)
|
||||
Other expense
|
|
|
|
|
|
|
|
|
|
(124
|
)
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
(355
|
)
|
||||
Interest income
|
|
|
|
|
|
|
|
|
|
4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated income before income taxes
|
|
|
|
|
|
|
|
|
|
$
|
4,483
|
|
|
|
|
|
|
|
|
|
||||||||
|
Explosive
Metalworking
|
|
Oilfield
Products
|
|
AMK
Welding
|
|
Total
|
||||||||
For the six months ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
54,908
|
|
|
$
|
39,898
|
|
|
$
|
4,093
|
|
|
$
|
98,899
|
|
Depreciation and amortization
|
$
|
2,780
|
|
|
$
|
2,764
|
|
|
$
|
249
|
|
|
$
|
5,793
|
|
Income from operations
|
$
|
7,688
|
|
|
$
|
3,747
|
|
|
$
|
77
|
|
|
$
|
11,512
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate expenses
|
|
|
|
|
|
|
|
|
|
(1,790
|
)
|
||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
|
(1,935
|
)
|
||||
Other income
|
|
|
|
|
|
|
|
|
|
209
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
(407
|
)
|
||||
Interest income
|
|
|
|
|
|
|
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated income before income taxes
|
|
|
|
|
|
|
|
|
|
$
|
7,597
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Net sales
|
$
|
57,859
|
|
|
$
|
48,687
|
|
|
$
|
9,172
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Net sales
|
$
|
104,129
|
|
|
$
|
98,899
|
|
|
$
|
5,230
|
|
|
5.3
|
%
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Gross profit
|
$
|
17,063
|
|
|
$
|
13,939
|
|
|
$
|
3,124
|
|
|
22.4
|
%
|
Consolidated gross profit margin rate
|
29.5
|
%
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Gross profit
|
$
|
29,782
|
|
|
$
|
28,316
|
|
|
$
|
1,466
|
|
|
5.2
|
%
|
Consolidated gross profit margin rate
|
28.6
|
%
|
|
28.6
|
%
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
General and administrative expenses
|
$
|
5,158
|
|
|
$
|
4,641
|
|
|
$
|
517
|
|
|
11.1
|
%
|
Percentage of net sales
|
8.9
|
%
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
General and administrative expenses
|
$
|
13,296
|
|
|
$
|
9,146
|
|
|
$
|
4,150
|
|
|
45.4
|
%
|
Percentage of net sales
|
12.8
|
%
|
|
9.2
|
%
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Selling and distribution expenses
|
$
|
4,324
|
|
|
$
|
4,128
|
|
|
$
|
196
|
|
|
4.7
|
%
|
Percentage of net sales
|
7.5
|
%
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Selling and distribution expenses
|
$
|
8,375
|
|
|
$
|
8,319
|
|
|
$
|
56
|
|
|
0.7
|
%
|
Percentage of net sales
|
8.0
|
%
|
|
8.4
|
%
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Amortization of purchased intangible assets
|
$
|
1,568
|
|
|
$
|
1,520
|
|
|
$
|
48
|
|
|
3.2
|
%
|
Percentage of net sales
|
2.7
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Amortization of purchased intangible assets
|
$
|
3,153
|
|
|
$
|
3,064
|
|
|
$
|
89
|
|
|
2.9
|
%
|
Percentage of net sales
|
3.0
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Operating income
|
$
|
6,013
|
|
|
$
|
3,650
|
|
|
$
|
2,363
|
|
|
64.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Operating income
|
$
|
4,958
|
|
|
$
|
7,787
|
|
|
$
|
(2,829
|
)
|
|
(36.3
|
)%
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Other income (expense), net
|
$
|
(420
|
)
|
|
$
|
409
|
|
|
$
|
(829
|
)
|
|
(202.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Other income (expense), net
|
$
|
(124
|
)
|
|
$
|
209
|
|
|
$
|
(333
|
)
|
|
(159.3
|
)%
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Interest income (expense), net
|
$
|
(182
|
)
|
|
$
|
(193
|
)
|
|
$
|
11
|
|
|
(5.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Interest income (expense), net
|
$
|
(351
|
)
|
|
$
|
(399
|
)
|
|
$
|
48
|
|
|
(12.0
|
)%
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Income tax provision
|
$
|
1,956
|
|
|
$
|
1,167
|
|
|
$
|
789
|
|
|
67.6
|
%
|
Effective tax rate
|
36.1
|
%
|
|
30.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Income tax provision
|
$
|
785
|
|
|
$
|
2,509
|
|
|
$
|
(1,724
|
)
|
|
(68.7
|
)%
|
Effective tax rate
|
17.5
|
%
|
|
33.0
|
%
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Adjusted EBITDA
|
$
|
9,658
|
|
|
$
|
7,452
|
|
|
$
|
2,206
|
|
|
29.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30,
|
|
|
|
Percentage
|
|||||||||
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Adjusted EBITDA
|
$
|
12,999
|
|
|
$
|
15,506
|
|
|
$
|
(2,507
|
)
|
|
(16.2
|
)%
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income attributable to DMC
|
$
|
3,440
|
|
|
$
|
2,653
|
|
|
$
|
3,655
|
|
|
$
|
5,079
|
|
Interest expense
|
183
|
|
|
196
|
|
|
355
|
|
|
407
|
|
||||
Interest income
|
(1
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(8
|
)
|
||||
Provision (benefit) for income taxes
|
1,956
|
|
|
1,167
|
|
|
785
|
|
|
2,509
|
|
||||
Depreciation
|
1,457
|
|
|
1,362
|
|
|
2,874
|
|
|
2,729
|
|
||||
Amortization of purchased intangible assets
|
1,568
|
|
|
1,520
|
|
|
3,153
|
|
|
3,064
|
|
||||
EBITDA
|
8,603
|
|
|
6,895
|
|
|
10,818
|
|
|
13,780
|
|
||||
Stock-based compensation
|
635
|
|
|
966
|
|
|
2,057
|
|
|
1,935
|
|
||||
Other (income) expense, net
|
420
|
|
|
(409
|
)
|
|
124
|
|
|
(209
|
)
|
||||
Adjusted EBITDA
|
$
|
9,658
|
|
|
$
|
7,452
|
|
|
$
|
12,999
|
|
|
$
|
15,506
|
|
|
|
|
|
DYNAMIC MATERIALS CORPORATION
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Date:
|
July 30, 2013
|
|
/s/ Richard A. Santa
|
|
|
|
Richard A. Santa, Senior Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer)
|
1 Year DMC Global Chart |
1 Month DMC Global Chart |
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