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Share Name | Share Symbol | Market | Type |
---|---|---|---|
L S Starrett Company (PK) | USOTC:SCXLB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.50 | 15.25 | 16.45 | 0.00 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | March 31, 2023 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to | ||||||||||
Commission file number | 1-367 |
THE L. S. STARRETT COMPANY | ||
(Exact name of registrant as specified in its charter) |
Massachusetts | 04-1866480 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
121 Crescent Street, Athol, Massachusetts | 01331-1915 | ||||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code | 978-249-3551 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common - $1.00 Per Share Par Value | SCX | New York Stock Exchange | ||||||
Class B Common - $1.00 Per Share Par Value | Not applicable | Not applicable |
Common Shares outstanding as of | April 24, 2023 | ||||||||||
Class A Common Shares | 6,835,043 | ||||||||||
Class B Common Shares | 590,592 |
Page No. | |||||||||||
Condensed Consolidated Balance Sheets – March 31, 2023 (unaudited) and June 30, 2022 | |||||||||||
Condensed Consolidated Statements of Operations (unaudited)– three and nine months ended March 31, 2023 and March 31, 2022 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) – three and nine months ended March 31, 2023 and March 31, 2022 | |||||||||||
Condensed Consolidated Statements of Stockholders' Equity (unaudited) – three and nine months ended March 31, 2023 and March 31, 2022 | 6-8 | ||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) - nine months ended March 31, 2023 and March 31, 2022 | |||||||||||
10-21 | |||||||||||
03/31/2023 | 06/30/2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash | $ | 8,595 | $ | 14,523 | |||||||
Accounts receivable (less allowance for credit losses of $846 and $796, respectively) | 36,267 | 42,961 | |||||||||
Inventories | 67,685 | 66,900 | |||||||||
Prepaid expenses and other current assets | 10,073 | 8,669 | |||||||||
Total current assets | 122,620 | 133,053 | |||||||||
Property, plant and equipment, net | 38,160 | 37,116 | |||||||||
Right of use assets | 5,338 | 5,540 | |||||||||
Deferred tax assets, net | 18,793 | 14,924 | |||||||||
Intangible assets, net | 4,571 | 4,640 | |||||||||
Goodwill | 1,015 | 1,015 | |||||||||
Other assets | 3,368 | 3,266 | |||||||||
Total assets | $ | 193,865 | $ | 199,554 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of debt | $ | 5,264 | $ | 6,547 | |||||||
Current lease liability | 2,057 | 1,530 | |||||||||
Accounts payable | 15,006 | 14,624 | |||||||||
Accrued expenses | 9,767 | 11,776 | |||||||||
Accrued compensation | 5,553 | 6,703 | |||||||||
Total current liabilities | 37,647 | 41,180 | |||||||||
Other tax obligations | 2,850 | 2,936 | |||||||||
Long-term lease liability | 3,465 | 4,166 | |||||||||
Long-term debt, net of current portion | 9,991 | 24,905 | |||||||||
Postretirement benefit and pension obligations | 22,856 | 23,938 | |||||||||
Total liabilities | 76,809 | 97,125 | |||||||||
Stockholders' equity: | |||||||||||
Class A Common stock $1 par (20,000,000 shares authorized; 6,818,178 outstanding at March 31, 2023 and 6,682,521 outstanding at June 30, 2022) | $ | 6,818 | $ | 6,683 | |||||||
Class B Common stock $1 par (10,000,000 shares authorized; 607,899 outstanding at March 31, 2023 and 610,087 outstanding at June 30, 2022) | 608 | 610 | |||||||||
Additional paid-in capital | 57,627 | 57,143 | |||||||||
Retained earnings | 101,719 | 89,059 | |||||||||
Accumulated other comprehensive loss | (49,716) | (51,066) | |||||||||
Total stockholders' equity | 117,056 | 102,429 | |||||||||
Total liabilities and stockholders’ equity | $ | 193,865 | $ | 199,554 | |||||||
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
03/31/2023 | 03/31/2022 | 03/31/2023 | 03/31/2022 | ||||||||||||||||||||
Net sales | $ | 61,678 | $ | 60,479 | $ | 188,914 | $ | 183,311 | |||||||||||||||
Cost of goods sold | 42,455 | 39,459 | 127,916 | 123,197 | |||||||||||||||||||
Gross profit | 19,223 | 21,020 | 60,998 | 60,114 | |||||||||||||||||||
% of Net sales | 31.2 | % | 34.8 | % | 32.3 | % | 32.8 | % | |||||||||||||||
Restructuring charges | — | 658 | 244 | 658 | |||||||||||||||||||
Selling, general and administrative expenses | 15,109 | 14,988 | 46,962 | 45,750 | |||||||||||||||||||
Operating income | 4,114 | 5,374 | 13,792 | 13,706 | |||||||||||||||||||
Other (expense) income, net | (602) | 684 | (2,399) | 249 | |||||||||||||||||||
Income before income taxes | 3,512 | 6,058 | 11,393 | 13,955 | |||||||||||||||||||
Income tax (benefit) expense | (3,961) | 1,774 | (1,267) | 3,911 | |||||||||||||||||||
Net income | $ | 7,473 | $ | 4,284 | $ | 12,660 | $ | 10,044 | |||||||||||||||
Basic income per share | $ | 1.01 | $ | 0.59 | $ | 1.72 | $ | 1.39 | |||||||||||||||
Diluted income per share | $ | 0.99 | $ | 0.57 | $ | 1.68 | $ | 1.34 | |||||||||||||||
Weighted average outstanding shares used in per share calculations: | |||||||||||||||||||||||
Basic | 7,427 | 7,256 | 7,379 | 7,208 | |||||||||||||||||||
Diluted | 7,577 | 7,492 | 7,538 | 7,480 |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
03/31/2023 | 03/31/2022 | 03/31/2023 | 03/31/2022 | ||||||||||||||||||||
Net income | $ | 7,473 | $ | 4,284 | $ | 12,660 | $ | 10,044 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Currency translation gain, net of tax | 1,545 | 6,807 | 1,455 | 2,325 | |||||||||||||||||||
Pension and postretirement plans, net of tax | (44) | (89) | (105) | (222) | |||||||||||||||||||
Other comprehensive income | 1,501 | 6,718 | 1,350 | 2,103 | |||||||||||||||||||
Total comprehensive income | $ | 8,974 | $ | 11,002 | $ | 14,010 | $ | 12,147 |
Common Stock Outstanding | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Class A | Class B | ||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | 6,683 | $ | 610 | $ | 57,143 | $ | 89,059 | $ | (51,066) | $ | 102,429 | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 2,056 | (2,831) | (775) | |||||||||||||||||||||||||||||
Repurchase of shares | — | (1) | (5) | — | — | (6) | |||||||||||||||||||||||||||||
Stock-based compensation | 76 | — | 109 | — | — | 185 | |||||||||||||||||||||||||||||
Conversion | 12 | (12) | — | — | — | — | |||||||||||||||||||||||||||||
Balance September 30, 2022 | $ | 6,771 | $ | 597 | $ | 57,247 | $ | 91,115 | $ | (53,897) | $ | 101,833 | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 3,131 | 2,680 | 5,811 | |||||||||||||||||||||||||||||
Repurchase of shares | — | — | (3) | — | — | (3) | |||||||||||||||||||||||||||||
Issuance of stock | — | 34 | 50 | — | — | 84 | |||||||||||||||||||||||||||||
Stock-based compensation | 25 | — | 160 | — | — | 185 | |||||||||||||||||||||||||||||
Conversion | 7 | (7) | — | — | — | — | |||||||||||||||||||||||||||||
Balance December 31, 2022 | $ | 6,803 | $ | 624 | $ | 57,454 | $ | 94,246 | $ | (51,217) | $ | 107,910 | |||||||||||||||||||||||
Total comprehensive income | — | — | — | 7,473 | 1,501 | 8,974 | |||||||||||||||||||||||||||||
Repurchase of shares | — | (1) | (6) | — | — | (7) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 179 | — | — | 179 | |||||||||||||||||||||||||||||
Conversion | 15 | (15) | — | — | — | — | |||||||||||||||||||||||||||||
Balance March 31, 2023 | $ | 6,818 | $ | 608 | $ | 57,627 | $ | 101,719 | $ | (49,716) | $ | 117,056 | |||||||||||||||||||||||
Accumulated balance consists of: | |||||||||||||||||||||||||||||||||||
Translation loss | $ | (58,621) | |||||||||||||||||||||||||||||||||
Pension and postretirement plans, net of taxes | 8,905 | ||||||||||||||||||||||||||||||||||
$ | (49,716) |
Common Stock Outstanding | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Class A | Class B | ||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | 6,475 | $ | 634 | $ | 56,507 | $ | 74,181 | $ | (54,262) | $ | 83,535 | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 3,232 | (3,677) | (445) | |||||||||||||||||||||||||||||
Repurchase of shares | — | (2) | (14) | — | — | (16) | |||||||||||||||||||||||||||||
Stock-based compensation | 119 | — | 55 | — | — | 174 | |||||||||||||||||||||||||||||
Conversion | 25 | (25) | — | — | — | — | |||||||||||||||||||||||||||||
Balance September 30, 2021 | $ | 6,619 | $ | 607 | $ | 56,548 | $ | 77,413 | $ | (57,939) | $ | 83,248 | |||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 2,528 | (938) | 1,590 | |||||||||||||||||||||||||||||
Repurchase of shares | — | — | (7) | — | — | (7) | |||||||||||||||||||||||||||||
Issuance of stock | 7 | 8 | 102 | — | — | 117 | |||||||||||||||||||||||||||||
Stock-based compensation | 11 | — | 226 | — | — | 237 | |||||||||||||||||||||||||||||
Conversion | 7 | (7) | — | — | — | — | |||||||||||||||||||||||||||||
Balance December 31, 2021 | $ | 6,644 | $ | 608 | $ | 56,869 | $ | 79,941 | $ | (58,877) | $ | 85,185 | |||||||||||||||||||||||
Total comprehensive income | — | — | — | 4,284 | 6,718 | 11,002 | |||||||||||||||||||||||||||||
Repurchase of shares | — | (3) | (14) | — | — | (17) | |||||||||||||||||||||||||||||
Stock-based compensation | 10 | — | 93 | — | — | 103 | |||||||||||||||||||||||||||||
Conversion | 11 | (11) | — | — | — | — | |||||||||||||||||||||||||||||
Balance March 31, 2022 | $ | 6,665 | $ | 594 | $ | 56,948 | $ | 84,225 | $ | (52,159) | $ | 96,273 | |||||||||||||||||||||||
Accumulated balance consists of: | |||||||||||||||||||||||||||||||||||
Translation loss | $ | (53,722) | |||||||||||||||||||||||||||||||||
Pension and postretirement plans, net of taxes | 1,563 | ||||||||||||||||||||||||||||||||||
$ | (52,159) |
9 Months Ended | |||||||||||
03/31/2023 | 03/31/2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 12,660 | $ | 10,044 | |||||||
Non-cash operating activities: | |||||||||||
Depreciation | 3,884 | 3,913 | |||||||||
Amortization | 998 | 957 | |||||||||
Stock-based compensation | 549 | 514 | |||||||||
Net long-term tax obligations | (66) | 126 | |||||||||
Deferred taxes | (3,753) | 937 | |||||||||
Postretirement benefit and pension obligations | 475 | (1,058) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 7,148 | (5,900) | |||||||||
Inventories | (72) | (11,053) | |||||||||
Other current assets | (1,275) | (5) | |||||||||
Other current liabilities | (3,255) | 139 | |||||||||
Prepaid pension expense | (1,574) | (2,342) | |||||||||
Other | 178 | 937 | |||||||||
Net cash provided by (used in) operating activities | 15,897 | (2,791) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (4,790) | (6,883) | |||||||||
Software development | (795) | (782) | |||||||||
Intangibles-other | (54) | — | |||||||||
Net cash (used in) investing activities | (5,639) | (7,665) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from term loan borrowings | 575 | 12,433 | |||||||||
Proceeds from line of credit borrowings | 1,000 | 27,442 | |||||||||
Term debt repayments | (8,352) | (7,906) | |||||||||
Line of credit repayments | (9,500) | (21,582) | |||||||||
Proceeds from common stock issued | 84 | 117 | |||||||||
Shares repurchased | (16) | (40) | |||||||||
Net cash provided by (used in) financing activities | (16,209) | 10,464 | |||||||||
Effect of exchange rate changes on cash | 23 | (1,093) | |||||||||
Net decrease in cash | (5,928) | (1,085) | |||||||||
Cash, beginning of period | 14,523 | 9,105 | |||||||||
Cash, end of period | $ | 8,595 | $ | 8,020 | |||||||
Supplemental cash flow information: | |||||||||||
Interest paid | $ | 1,200 | $ | 690 | |||||||
Income taxes paid, net | 4,395 | 2,614 |
North American Operations | International Operations | Unallocated | Total | ||||||||||||||||||||
Three Months ended March 31, 2023 | |||||||||||||||||||||||
Sales1 | $ | 37,053 | $ | 24,625 | $ | — | $ | 61,678 | |||||||||||||||
Operating Income (Loss) | $ | 3,435 | $ | 2,502 | $ | (1,823) | 4,114 | ||||||||||||||||
Three Months ended March 31, 2022 | |||||||||||||||||||||||
Sales2 | $ | 36,288 | $ | 24,191 | $ | — | $ | 60,479 | |||||||||||||||
Operating Income (Loss) | $ | 4,663 | $ | 2,628 | $ | (1,917) | $ | 5,374 |
North American Operations | International Operations | Unallocated | Total | ||||||||||||||||||||
Nine Months ended March 31, 2023 | |||||||||||||||||||||||
Sales1 | $ | 113,223 | $ | 75,691 | $ | — | $ | 188,914 | |||||||||||||||
Operating Income (Loss) | $ | 10,314 | $ | 9,231 | $ | (5,753) | $ | 13,792 | |||||||||||||||
Nine months ended March 31, 2022 | |||||||||||||||||||||||
Sales2 | $ | 102,763 | $ | 80,548 | $ | — | $ | 183,311 | |||||||||||||||
Operating Income (Loss) | $ | 8,713 | $ | 10,604 | $ | (5,611) | $ | 13,706 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
03/31/2023 | 03/31/2022 | 03/31/2023 | 03/31/2022 | ||||||||||||||||||||
North America | |||||||||||||||||||||||
United States | $ | 35,122 | $ | 34,181 | $ | 107,014 | $ | 97,049 | |||||||||||||||
Canada & Mexico | 1,931 | 2,107 | 6,209 | 5,714 | |||||||||||||||||||
37,053 | 36,288 | 113,223 | 102,763 | ||||||||||||||||||||
International | |||||||||||||||||||||||
Brazil | 18,160 | 15,980 | 55,465 | 54,063 | |||||||||||||||||||
United Kingdom | 3,563 | 4,750 | 10,059 | 14,254 | |||||||||||||||||||
China | 1,497 | 1,899 | 5,160 | 5,761 | |||||||||||||||||||
Australia & New Zealand | 1,405 | 1,562 | 5,007 | 6,469 | |||||||||||||||||||
24,625 | 24,191 | 75,691 | 80,548 | ||||||||||||||||||||
Total Sales | $ | 61,678 | $ | 60,479 | $ | 188,914 | $ | 183,311 |
Right-of-Use Assets | Operating Lease Obligations | Remaining Cash Commitment | |||||||||||||||
Total leases | $5,338 | $5,522 | $6,534 |
Operating Lease Commitments | |||||
2023 (Remainder of year) | $573 | ||||
2024 | 2,128 | ||||
2025 | 1,689 | ||||
2026 | 1,335 | ||||
2027 | 715 | ||||
Thereafter | 94 | ||||
Subtotal | $6,534 | ||||
Imputed interest | (1,012) | ||||
Total | 5,522 |
03/31/2023 | 06/30/2022 | ||||||||||
Raw material and supplies | $ | 36,757 | $ | 35,752 | |||||||
Goods in process and finished parts | 22,218 | 22,268 | |||||||||
Finished goods | 35,036 | 35,589 | |||||||||
94,011 | 93,609 | ||||||||||
LIFO Reserve | (26,326) | (26,709) | |||||||||
$ | 67,685 | $ | 66,900 |
03/31/2023 | 6/30/2022 | ||||||||||
Trademarks and trade names | 2,070 | 2,070 | |||||||||
Customer relationships | 630 | 630 | |||||||||
Software development | 12,063 | 11,269 | |||||||||
Other intangible assets | 55 | — | |||||||||
Gross intangible assets | 14,818 | 13,969 | |||||||||
Accumulated amortization and impairment | (10,247) | (9,329) | |||||||||
Total net balance | $ | 4,571 | $ | 4,640 |
03/31/2023 | 06/30/2022 | ||||||||||
Sales related programs (commissions, rebates, distributor programs, warranty and related) | $ | 2,779 | $ | 2,733 | |||||||
Income taxes | 299 | 2,420 | |||||||||
Professional fees | 1,799 | 1,758 | |||||||||
Other | 1,496 | 1,463 | |||||||||
Current portion pension cost | 1,299 | 1,289 | |||||||||
Taxes other than income tax | 1,366 | 1,243 | |||||||||
Workers compensation and employee deposits | 493 | 518 | |||||||||
Freight | 236 | 352 | |||||||||
Total | $ | 9,767 | $ | 11,776 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
03/31/2023 | 03/31/2022 | 03/31/2023 | 03/31/2022 | ||||||||||||||||||||
Interest cost | 1,464 | 1,026 | 4,354 | 3,090 | |||||||||||||||||||
Expected return on plan assets | (1,015) | (1,092) | (3,007) | (3,290) | |||||||||||||||||||
Amortization of net loss | 10 | 14 | 30 | 42 | |||||||||||||||||||
Expected net cost (benefit) total | $ | 459 | $ | (52) | $ | 1,377 | $ | (158) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
03/31/2023 | 03/31/2022 | 03/31/2023 | 03/31/2022 | ||||||||||||||||||||
Service cost | $ | 6 | $ | 9 | $ | 17 | $ | 27 | |||||||||||||||
Interest cost | 18 | 12 | 53 | 37 | |||||||||||||||||||
Amortization of prior service credit | (369) | (369) | (1,106) | (1,106) | |||||||||||||||||||
Amortization of net loss | 44 | 48 | 133 | 142 | |||||||||||||||||||
Total net (benefit) | $ | (301) | $ | (300) | $ | (903) | $ | (900) |
03/31/2023 | 06/30/2022 | ||||||||||
Short-term and current maturities | |||||||||||
Loan and Security Agreement (Term Loan) | 1,495 | 1,495 | |||||||||
Brazil Loans | 3,769 | 5,052 | |||||||||
Subtotal short-term and current maturities | 5,264 | 6,547 | |||||||||
Long-term debt (net of current portion) | |||||||||||
Loan and Security Agreement (Term Loan) | 6,131 | 10,252 | |||||||||
Loan and Security Agreement (Line of Credit) | 2,897 | 11,397 | |||||||||
Brazil Loans | 1,398 | 3,771 | |||||||||
Debt reacquisition cost | (435) | (515) | |||||||||
Subtotal long-term debt | 9,991 | 24,905 | |||||||||
Total debt | $ | 15,255 | $ | 31,452 |
Lending Institution | Interest Rate | Beginning Date | Ending Date | Outstanding Balance | |||||||||||||||||||
Itau | 4.52% | October 2021 | September 2024 | $ | 3,429 | ||||||||||||||||||
Itau | 4.98% | February 2022 | February 2024 | 1,219 | |||||||||||||||||||
Brasil | 4.95% | August 2022 | July 2025 | 372 | |||||||||||||||||||
Brasil | 3.80% | September 2022 | August 2024 | 95 | |||||||||||||||||||
Brasil | 4.18% | September 2022 | September 2023 | 53 | |||||||||||||||||||
$ | 5,168 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(Amounts in thousands) | 03/31/23 | 03/31/22 | $ Change favorable (unfavorable) | % Change | 03/31/23 | 03/31/22 | $ Change favorable (unfavorable) | % Change | |||||||||||||||||||||
Net sales | $ | 61,678 | $ | 60,479 | $ | 1,199 | 2.0 | % | $ | 188,914 | $ | 183,311 | $ | 5,603 | 3.1 | % | |||||||||||||
Gross margin | 19,223 | 21,020 | (1,797) | (8.5) | % | 60,998 | 60,114 | 884 | 1.5 | % | |||||||||||||||||||
% of net sales | 31.2 | % | 34.8 | % | 32.3 | % | 32.8 | % | |||||||||||||||||||||
Selling, general and administrative expenses | 15,109 | 14,988 | (122) | (0.8) | % | 46,962 | 45,750 | (1,212) | (2.7) | % | |||||||||||||||||||
% of net sales | 24.5 | % | 24.8 | % | 24.9 | % | 25.0 | % | |||||||||||||||||||||
Restructuring charges | — | 658 | 658 | (100.0) | % | 244 | 658 | 414 | (100.0) | % | |||||||||||||||||||
Gain on sale of building | — | — | — | — | % | — | — | — | 100.0 | % | |||||||||||||||||||
Operating income | 4,114 | 5,374 | (1,260) | (23.4) | % | 13,792 | 13,706 | 86 | 0.6 | % | |||||||||||||||||||
Other income, net | (602) | 684 | (1,286) | (188.0) | % | (2,399) | 249 | (2,648) | 1064.8 | % | |||||||||||||||||||
Income before income taxes | 3,512 | 6,058 | (2,546) | (42.0) | % | 11,393 | 13,955 | (2,562) | (18.4) | % | |||||||||||||||||||
Income tax expense | (3,961) | 1,774 | 5,735 | 323.3 | % | (1,267) | 3,911 | 5,178 | 132.4 | % | |||||||||||||||||||
Net income | $ | 7,473 | $ | 4,284 | 3,189 | 74.4 | % | $ | 12,660 | $ | 10,044 | 2,615 | 26.0 | % |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
(Amounts in thousands) | North America | International | Corporate | Total | North America | International | Corporate | Total | |||||||||||||||||||||
Net sales | $ | 37,053 | $ | 24,625 | $ | — | $ | 61,678 | $ | 36,288 | $ | 24,191 | $ | — | $ | 60,479 | |||||||||||||
Gross margin | 10,424 | 8,798 | — | 19,222 | 11,713 | 9,306 | 21,019 | ||||||||||||||||||||||
% of net sales | 28.1 | % | 35.7 | % | 31.2 | % | 32.3 | % | 38.5 | % | 34.8 | % | |||||||||||||||||
Selling, general and administrative expenses | 6,989 | 6,296 | 1,823 | 15,108 | 6,789 | 6,282 | 1,917 | 14,988 | |||||||||||||||||||||
% of net sales | 18.9 | % | 25.6 | % | 24.5 | % | 18.7 | % | 26.0 | % | 24.8 | % | |||||||||||||||||
Restructuring charges | — | — | — | — | 261 | 397 | — | 658 | |||||||||||||||||||||
Operating income (loss) | $ | 3,435 | $ | 2,502 | $ | (1,823) | $ | 4,114 | $ | 4,663 | $ | 2,627 | $ | (1,917) | $ | 5,373 | |||||||||||||
% of net sales | 9.3 | % | 10.2 | % | 6.7 | % | 12.9 | % | 10.9 | % | 8.9 | % | |||||||||||||||||
Add back restructuring charges | — | — | — | — | 261 | 397 | — | 658 | |||||||||||||||||||||
Non-GAAP adjusted operating income | $ | 3,435 | $ | 2,502 | $ | (1,823) | $ | 4,114 | $ | 4,924 | $ | 3,024 | $ | (1,917) | $ | 6,031 | |||||||||||||
% of net sales | 9.3 | % | 10.2 | % | 6.7 | % | 13.6 | % | 12.5 | % | 10.0 | % |
Nine Months Ended March 31, 2023 | Nine Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
(Amounts in thousands) | North America | International | Corporate | Total | North America | International | Corporate | Total | |||||||||||||||||||||
Net sales | $ | 113,223 | $ | 75,691 | $ | — | $ | 188,914 | $ | 102,763 | $ | 80,548 | $ | — | $ | 183,311 | |||||||||||||
Gross margin | 32,478 | 28,520 | — | 60,998 | 29,568 | 30,545 | — | 60,113 | |||||||||||||||||||||
% of net sales | 28.7 | % | 37.7 | % | 32.3 | % | 28.8 | % | 37.9 | % | 32.8 | % | |||||||||||||||||
Selling, general and administrative expenses | 22,164 | 19,045 | 5,753 | 46,962 | 20,594 | 19,544 | 5,611 | 45,749 | |||||||||||||||||||||
% of net sales | 19.6 | % | 25.2 | % | 24.9 | % | 20.0 | % | 24.3 | % | 25.0 | % | |||||||||||||||||
Restructuring charges | — | 244 | — | 244 | 261 | 397 | 658 | ||||||||||||||||||||||
Gain on sale of building | — | — | — | — | — | — | |||||||||||||||||||||||
Operating income (loss) | $ | 10,314 | $ | 9,231 | $ | (5,753) | $ | 13,792 | $ | 8,713 | $ | 10,604 | $ | (5,611) | $ | 13,706 | |||||||||||||
% of net sales | 9.1 | % | 12.2 | % | 7.3 | % | 8.5 | % | 13.2 | % | 7.5 | % | |||||||||||||||||
Add back restructuring charges | — | 244 | — | 244 | 261 | 397 | — | 658 | |||||||||||||||||||||
Non-GAAP adjusted operating income | $ | 10,314 | $ | 9,475 | $ | (5,753) | $ | 14,036 | $ | 8,974 | $ | 11,001 | $ | (5,611) | $ | 14,364 | |||||||||||||
% of net sales | 9.1 | % | 12.5 | % | 7.4 | % | 8.7 | % | 13.7 | % | 7.8 | % |
Three Months Ended | Nine Month Ended | ||||||||||||||||
03/31/23 | 03/31/2022 | 03/31/23 | 03/31/2022 | ||||||||||||||
Net income | $ | 7,473 | $ | 4,284 | $ | 12,660 | $ | 10,044 | |||||||||
Less tax valuation allowances release | (5,000) | — | (5,000) | — | |||||||||||||
Add back pension post retirement cost | 156 | (361) | 459 | (1,085) | |||||||||||||
Non-GAAP adjusted Net Income | $ | 2,629 | $ | 3,923 | $ | 8,119 | $ | 8,959 | |||||||||
Shares diluted | 7,577 | 7,492 | 7,538 | 7,480 | |||||||||||||
Diluted EPS as reported | $ | 0.99 | $ | 0.57 | $ | 1.68 | $ | 1.39 | |||||||||
Non-GAAP adjusted diluted EPS | $ | 0.35 | $ | 0.52 | $ | 1.08 | $ | 1.20 |
Cash flows (in thousands) | Nine Months Ended | ||||||||||
03/31/2023 | 03/31/2022 | ||||||||||
Cash provided by (used in) operating activities | $ | 15,897 | $ | (2,791) | |||||||
Cash (used in) provided by investing activities | (5,639) | (7,665) | |||||||||
Cash (used in) provided by financing activities | (16,209) | 10,464 | |||||||||
Effect of exchange rate changes on cash | 23 | (1,093) | |||||||||
Net (decrease) in cash | $ | (5,928) | $ | (1,085) |
Exhibit Number | Description of Exhibit | ||||
3a | Restated Articles of Organization as amended, filed with Form 10-K for the year ended June 30, 2012 filed September 12, 2012, is hereby incorporated by reference. | ||||
3b | Amended and Restated Bylaws, filed with Form 10-Q for the quarter ended December 31, 2012 filed February 7, 2013, is hereby incorporated by reference | ||||
4a | Rights Agreement dated as of November 2, 2010 between the Company and Mellon Investor Services LLC, as Rights Agent (together with exhibits, including the Form of Rights Certificate, and the Summary of Rights to Purchase Shares of Class A Common Stock), filed with Form 10-Q for the quarter ended September 25, 2010, filed November 4, 2010 is hereby incorporated by reference. | ||||
4b | Amendment No. 1 to Rights Agreement dated as of February 5, 2013 by and between the Company and Computershare Shareowner Services LLC, filed with Form 10-Q for the quarter ended December 31, 2012, filed February 7, 2013 is hereby incorporated by reference. | ||||
31.1* | |||||
31.2* | |||||
32.1+ | |||||
101 | The following materials from The L. S. Starrett Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 are furnished herewith, formatted in XBRL (Extensible Business Reporting Language): (I) the Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statement of Stockholders' Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
THE L. S. STARRETT COMPANY (Registrant) | |||||||||||
Date | May 8, 2023 | /S/R. Douglas A. Starrett | |||||||||
Douglas A. Starrett - President and CEO (Principal Executive Officer) | |||||||||||
Date | May 8, 2023 | /S/R. John C. Tripp | |||||||||
John C. Tripp - Treasurer and CFO (Principal Accounting Officer) |
1 Year L S Starrett (PK) Chart |
1 Month L S Starrett (PK) Chart |
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