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As Of Filer Filing For·On·As Docs:Size 11/07/23 L.B. Foster Co. 10-Q 9/30/23 84:7.6M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.39M 2: EX-10.1 Material Contract HTML 55K 3: EX-10.2 Material Contract HTML 59K 4: EX-10.3 Material Contract HTML 160K 5: EX-10.4 Material Contract HTML 39K 6: EX-10.5 Material Contract HTML 154K 7: EX-10.6 Material Contract HTML 45K 8: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 9: EX-31.2 Certification -- §302 - SOA'02 HTML 27K 10: EX-32.0 Certification -- §906 - SOA'02 HTML 25K 16: R1 Cover HTML 76K 17: R2 Condensed Consolidated Balance Sheets HTML 147K 18: R3 Condensed Consolidated Balance Sheets HTML 34K (Parenthetical) 19: R4 Condensed Consolidated Statements of Operations HTML 103K 20: R5 Condensed Consolidated Statements of Comprehensive HTML 66K (Loss) Income 21: R6 Condensed Consolidated Statements of Comprehensive HTML 30K (Loss) Income (Parenthetical) 22: R7 Condensed Consolidated Statements of Cash Flows HTML 118K 23: R8 Condensed Consolidated Statements of Stockholders' HTML 94K Equity 24: R9 Condensed Consolidated Statements of Stockholders' HTML 30K Equity (Parenthetical) 25: R10 Financial Statements HTML 26K 26: R11 Business Segments HTML 86K 27: R12 Revenue HTML 127K 28: R13 Goodwill and Other Intangible Assets HTML 71K 29: R14 Accounts Receivable HTML 30K 30: R15 Inventory HTML 31K 31: R16 Long-Term Debt and Related Matters HTML 39K 32: R17 Earnings Per Common Share HTML 52K 33: R18 Income Taxes HTML 27K 34: R19 Stock-Based Compensation HTML 44K 35: R20 Fair Value Measurements HTML 52K 36: R21 Retirement Plans HTML 71K 37: R22 Commitments and Contingent Liabilities HTML 38K 38: R23 Pay vs Performance Disclosure HTML 35K 39: R24 Insider Trading Arrangements HTML 28K 40: R25 Financial Statements (Policies) HTML 25K 41: R26 Business Segments (Tables) HTML 83K 42: R27 Revenue (Tables) HTML 124K 43: R28 Goodwill and Other Intangible Assets (Tables) HTML 74K 44: R29 Accounts Receivable (Tables) HTML 29K 45: R30 Inventory (Tables) HTML 31K 46: R31 Long-Term Debt and Related Matters (Tables) HTML 35K 47: R32 Earnings Per Common Share (Tables) HTML 51K 48: R33 Stock-Based Compensation (Tables) HTML 38K 49: R34 Fair Value Measurements (Tables) HTML 46K 50: R35 Retirement Plans (Tables) HTML 70K 51: R36 Commitments and Contingent Liabilities (Tables) HTML 28K 52: R37 Business Segments - Reconciliation of Revenue from HTML 46K Segments to Consolidated (Details) 53: R38 Business Segments - Reconciliation of Operating HTML 40K Profit (Loss) from Segments to Consolidated (Details) 54: R39 Business Segments - Reconciliation of Assets from HTML 41K Segment to Consolidated (Details) 55: R40 Business Segments - Narrative (Details) HTML 60K 56: R41 Revenue - Sales by Major Product Line (Details) HTML 51K 57: R42 Revenue - Timing of Transfer (Details) HTML 55K 58: R43 Revenue - Over Time Sales (Details) HTML 34K 59: R44 Revenue - Contract with Customer (Details) HTML 39K 60: R45 Revenue - Remaining Performance Obligation HTML 32K (Details) 61: R46 Goodwill and Other Intangible Assets - Schedule of HTML 43K Goodwill (Details) 62: R47 Goodwill and Other Intangible Assets - Schedule of HTML 56K Intangible Asset (Details) 63: R48 Goodwill and Other Intangible Assets - Narrative HTML 30K (Details) 64: R49 Accounts Receivable - Narrative (Details) HTML 28K 65: R50 Accounts Receivable - Allowance for Credit Losses HTML 30K (Details) 66: R51 Inventory (Details) HTML 32K 67: R52 Long-Term Debt and Related Matters - Schedule of HTML 34K Long-term Debt Instruments (Details) 68: R53 Long-Term Debt and Related Matters - Narrative HTML 51K (Details) 69: R54 Earning Per Common Share - Schedule of Earnings HTML 67K Per Share, Basic and Diluted (Details) 70: R55 Income Taxes (Details) HTML 33K 71: R56 Stock-Based Compensation - Narrative (Details) HTML 55K 72: R57 Stock-Based Compensation - Restricted Stock and HTML 60K Performance Share Units (Details) 73: R58 Fair Value Measurements - Narrative (Details) HTML 40K 74: R59 Fair Value Measurements - Schedule of Fair Value, HTML 46K Assets and Liabilities Measured on Recurring Basis (Details) 75: R60 Retirement Plans - Narrative (Details) HTML 41K 76: R61 Retirement Plans - Schedule of Net Benefit Costs HTML 44K (Details) 77: R62 Retirement Plans - Schedule of Costs of Retirement HTML 32K Plans (Details) 78: R63 Commitments and Contingent Liabilities - Narrative HTML 57K (Details) 79: R64 Commitments and Contingent Liabilities - Future HTML 28K Payments (Details) 82: XML IDEA XML File -- Filing Summary XML 140K 80: XML XBRL Instance -- fstr-20230930_htm XML 1.68M 81: EXCEL IDEA Workbook of Financial Report Info XLSX 123K 12: EX-101.CAL XBRL Calculations -- fstr-20230930_cal XML 180K 13: EX-101.DEF XBRL Definitions -- fstr-20230930_def XML 500K 14: EX-101.LAB XBRL Labels -- fstr-20230930_lab XML 1.54M 15: EX-101.PRE XBRL Presentations -- fstr-20230930_pre XML 929K 11: EX-101.SCH XBRL Schema -- fstr-20230930 XSD 143K 83: JSON XBRL Instance as JSON Data -- MetaLinks 488± 694K 84: ZIP XBRL Zipped Folder -- 0000352825-23-000109-xbrl Zip 415K
fstr-20230930 |
i ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
i ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
i L.B. Foster Company | ||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||
i Pennsylvania | i 25-1324733 | |||||||
(State of Incorporation) | (I. R. S. Employer Identification No.) |
i 415 Holiday Drive, i Suite
100, i Pittsburgh, i Pennsylvania | i 15220 | |||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, par value $0.01 | i FSTR | i NASDAQ Global Select Market |
Large accelerated filer ☐ | i Accelerated
filer ☒ | |||||||||||||
Non-accelerated filer ☐ | Smaller reporting company i ☒ | |||||||||||||
Emerging growth company i ☐ |
Page | |||||
September
30, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | i 2,969 | $ | i 2,882 | ||||||||||
Accounts receivable - net (Note 5) | i 64,638 | i 82,455 | ||||||||||||
Contract assets - net (Note 3) | i 30,503 | i 33,613 | ||||||||||||
Inventories - net (Note 6) | i 82,020 | i 75,721 | ||||||||||||
Other current assets | i 9,712 | i 11,061 | ||||||||||||
Total current assets | i 189,842 | i 205,732 | ||||||||||||
Property, plant, and equipment - net | i 75,867 | i 85,344 | ||||||||||||
Operating lease right-of-use assets - net | i 15,440 | i 17,291 | ||||||||||||
Other assets: | ||||||||||||||
Goodwill (Note 4) | i 30,856 | i 30,733 | ||||||||||||
Other intangibles - net (Note 4) | i 20,006 | i 23,831 | ||||||||||||
Deferred tax assets (Note 9) | i — | i 24 | ||||||||||||
Other assets | i 2,580 | i 2,355 | ||||||||||||
TOTAL ASSETS | $ | i 334,591 | $ | i 365,310 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | i 44,900 | $ | i 48,782 | ||||||||||
Deferred revenue | i 16,003 | i 19,452 | ||||||||||||
Accrued payroll and employee benefits | i 12,358 | i 10,558 | ||||||||||||
Current portion of accrued settlement (Note 13) | i 8,000 | i 8,000 | ||||||||||||
Current maturities of long-term debt (Note 7) | i 97 | i 127 | ||||||||||||
Other accrued liabilities | i 14,679 | i 16,192 | ||||||||||||
Total current liabilities | i 96,037 | i 103,111 | ||||||||||||
Long-term debt (Note 7) | i 71,592 | i 91,752 | ||||||||||||
Deferred tax liabilities (Note 9) | i 1,131 | i 3,109 | ||||||||||||
Long-term portion of accrued settlement (Note 13) | i 4,000 | i 8,000 | ||||||||||||
Long-term operating lease liabilities | i 12,312 | i 14,163 | ||||||||||||
Other long-term liabilities | i 7,391 | i 7,577 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, par value $ i i 0.01 / ,
authorized i i 20,000,000 / shares; shares issued at September 30, 2023 and December 31,
2022, i i 11,115,779 / ; shares outstanding at September 30, 2023 and December 31,
2022, i 10,804,800 and i 10,776,827, respectively | i 111 | i 111 | ||||||||||||
Paid-in capital | i 41,832 | i 41,303 | ||||||||||||
Retained earnings | i 125,063 | i 123,169 | ||||||||||||
Treasury
stock - at cost, i 310,979 and i 338,952 common stock shares at September 30, 2023 and December 31, 2022, respectively | ( i 5,062) | ( i 6,240) | ||||||||||||
Accumulated other comprehensive loss | ( i 20,123) | ( i 21,165) | ||||||||||||
Total L.B. Foster Company stockholders’ equity | i 141,821 | i 137,178 | ||||||||||||
Noncontrolling interest | i 307 | i 420 | ||||||||||||
Total stockholders’ equity | i 142,128 | i 137,598 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | i 334,591 | $ | i 365,310 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Sales of goods | $ | i 131,065 | $ | i 117,302 | $ | i 361,770 | $ | i 318,307 | ||||||||||||||||||
Sales of services | i 14,280 | i 12,713 | i 47,097 | i 42,017 | ||||||||||||||||||||||
Total net sales | i 145,345 | i 130,015 | i 408,867 | i 360,324 | ||||||||||||||||||||||
Cost of goods sold | i 103,061 | i 93,737 | i 282,195 | i 258,913 | ||||||||||||||||||||||
Cost of services sold | i 14,060 | i 13,181 | i 42,905 | i 38,574 | ||||||||||||||||||||||
Total cost of sales | i 117,121 | i 106,918 | i 325,100 | i 297,487 | ||||||||||||||||||||||
Gross profit | i 28,224 | i 23,097 | i 83,767 | i 62,837 | ||||||||||||||||||||||
Selling and administrative expenses | i 24,160 | i 22,618 | i 70,111 | i 59,310 | ||||||||||||||||||||||
Amortization expense | i 1,379 | i 1,599 | i 4,119 | i 4,454 | ||||||||||||||||||||||
Operating profit (loss) | i 2,685 | ( i 1,120) | i 9,537 | ( i 927) | ||||||||||||||||||||||
Interest expense - net | i 1,442 | i 993 | i 4,404 | i 1,747 | ||||||||||||||||||||||
Other expense (income) - net | i 917 | i 168 | i 3,463 | ( i 1,096) | ||||||||||||||||||||||
Income (loss) before income taxes | i 326 | ( i 2,281) | i 1,670 | ( i 1,578) | ||||||||||||||||||||||
Income tax (benefit) expense | ( i 121) | ( i 176) | ( i 99) | i 137 | ||||||||||||||||||||||
Net income (loss) | i 447 | ( i 2,105) | i 1,769 | ( i 1,715) | ||||||||||||||||||||||
Net loss attributable to noncontrolling interest | ( i 68) | ( i 28) | ( i 125) | ( i 82) | ||||||||||||||||||||||
Net income (loss) attributable to L.B. Foster Company | $ | i 515 | $ | ( i 2,077) | $ | i 1,894 | $ | ( i 1,633) | ||||||||||||||||||
Basic earnings (loss) per common share | $ | i 0.05 | $ | ( i 0.20) | $ | i 0.18 | $ | ( i 0.16) | ||||||||||||||||||
Diluted earnings (loss) per common share | $ | i 0.05 | $ | ( i 0.20) | $ | i 0.17 | $ | ( i 0.16) | ||||||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) | $ | i 447 | $ | ( i 2,105) | $ | i 1,769 | $ | ( i 1,715) | ||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | ( i 1,651) | ( i 4,341) | i 852 | ( i 8,933) | ||||||||||||||||||||||
Unrealized
gain on cash flow hedges, net of tax expense of $ i 0, $ i 217, $ i 0,
and $ i 455, respectively | i 1 | i 632 | i 79 | i 1,330 | ||||||||||||||||||||||
Cash
flow hedges reclassified to earnings, net of tax expense of $ i 0, $ i 0, $ i 0,
and $ i 66, respectively | i — | i — | i — | i 93 | ||||||||||||||||||||||
Reclassification
of pension liability adjustments to earnings, net of tax expense of $ i 1, $ i 8,
$ i 5, and $ i 40,
respectively* | i 42 | i 50 | i 123 | i 149 | ||||||||||||||||||||||
Total comprehensive (loss) income | ( i 1,161) | ( i 5,764) | i 2,823 | ( i 9,076) | ||||||||||||||||||||||
Less comprehensive (loss) income attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | ( i 68) | ( i 28) | ( i 125) | ( i 82) | ||||||||||||||||||||||
Foreign currency translation adjustment | ( i 21) | ( i 21) | i 12 | i 3 | ||||||||||||||||||||||
Amounts attributable to noncontrolling interest | ( i 89) | ( i 49) | ( i 113) | ( i 79) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to L.B. Foster Company | $ | ( i 1,072) | $ | ( i 5,715) | $ | i 2,936 | $ | ( i 8,997) |
* | Reclassifications out of “Accumulated other comprehensive loss” for pension obligations are charged to “Selling and administrative expenses” within the Condensed Consolidated Statements of Operations. |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ | i 1,769 | $ | ( i 1,715) | ||||||||||
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||||||||||||||
Deferred income taxes | ( i 1,958) | ( i 962) | ||||||||||||
Depreciation | i 7,449 | i 6,083 | ||||||||||||
Amortization | i 4,119 | i 4,454 | ||||||||||||
Equity in loss (income) of nonconsolidated investments | i 6 | ( i 38) | ||||||||||||
Gain on sales and disposals of property, plant, and equipment | ( i 366) | ( i 214) | ||||||||||||
Stock-based compensation | i 2,757 | i 1,570 | ||||||||||||
Loss (gain) on asset divestitures | i 3,074 | ( i 44) | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Accounts receivable | i 15,927 | ( i 23,760) | ||||||||||||
Contract assets | ( i 261) | ( i 1,037) | ||||||||||||
Inventories | ( i 16,047) | ( i 21,571) | ||||||||||||
Other current assets | i 1,108 | i 2,309 | ||||||||||||
Other noncurrent assets | ( i 762) | i 2,468 | ||||||||||||
Accounts payable | i 1,201 | i 12,307 | ||||||||||||
Deferred revenue | i 782 | i 7,493 | ||||||||||||
Accrued payroll and employee benefits | i 1,809 | ( i 417) | ||||||||||||
Accrued settlement | ( i 4,000) | ( i 4,000) | ||||||||||||
Other current liabilities | ( i 1,044) | i 54 | ||||||||||||
Other long-term liabilities | ( i 253) | ( i 1,816) | ||||||||||||
Net cash provided by (used in) operating activities | i 15,310 | ( i 18,836) | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from the sale of property, plant, and equipment | i 539 | i 259 | ||||||||||||
Capital expenditures on property, plant, and equipment | ( i 2,784) | ( i 4,559) | ||||||||||||
Proceeds from business dispositions | i 7,706 | i 8,800 | ||||||||||||
Acquisitions, net of cash acquired | i 337 | ( i 58,561) | ||||||||||||
Net cash provided by (used in) investing activities | i 5,798 | ( i 54,061) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Repayments of debt | ( i 150,115) | ( i 128,771) | ||||||||||||
Proceeds from debt | i 129,853 | i 197,926 | ||||||||||||
Debt issuance costs | i — | ( i 182) | ||||||||||||
Treasury stock acquisitions | ( i 1,193) | ( i 405) | ||||||||||||
Investment of noncontrolling interest | i 334 | i — | ||||||||||||
Net cash (used in) provided by financing activities | ( i 21,121) | i 68,568 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | i 100 | ( i 1,100) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | i 87 | ( i 5,429) | ||||||||||||
Cash and cash equivalents at beginning of period | i 2,882 | i 10,372 | ||||||||||||
Cash and cash equivalents at end of period | $ | i 2,969 | $ | i 4,943 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | i 4,351 | $ | i 1,337 | ||||||||||
Income taxes received | $ | ( i 271) | $ | ( i 5,151) | ||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | i 111 | $ | i 40,919 | $ | i 124,548 | $ | ( i 4,846) | $ | ( i 18,536) | $ | i 396 | $ | i 142,592 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | i 515 | — | — | ( i 68) | i 447 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | i 42 | — | i 42 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( i 1,630) | ( i 21) | ( i 1,651) | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | i 1 | — | i 1 | |||||||||||||||||||||||||||||||||||||
Purchase
of i 12,102 common shares for treasury | — | — | — | ( i 216) | — | — | ( i 216) | |||||||||||||||||||||||||||||||||||||
Issuance
of i 0 common shares, net of shares withheld for taxes | — | ( i 15) | — | — | — | — | ( i 15) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 928 | — | — | — | — | i 928 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | i 111 | $ | i 41,832 | $ | i 125,063 | $ | ( i 5,062) | $ | ( i 20,123) | $ | i 307 | $ | i 142,128 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | i 111 | $ | i 42,201 | $ | i 169,177 | $ | ( i 8,391) | $ | ( i 22,547) | $ | i 488 | $ | i 181,039 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( i 2,077) | — | — | ( i 28) | ( i 2,105) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | i 50 | — | i 50 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( i 4,341) | ( i 21) | ( i 4,362) | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | i 632 | — | i 632 | |||||||||||||||||||||||||||||||||||||
Issuance
of i 605 common shares, net of shares withheld for taxes | — | i 20 | — | i 40 | — | — | i 60 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 387 | — | — | — | — | i 387 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | i 111 | $ | i 42,608 | $ | i 167,100 | $ | ( i 8,351) | $ | ( i 26,206) | $ | i 439 | $ | i 175,701 |
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | i 111 | $ | i 41,303 | $ | i 123,169 | $ | ( i 6,240) | $ | ( i 21,165) | $ | i 420 | $ | i 137,598 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | i 1,894 | — | — | ( i 125) | i 1,769 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | i 123 | — | i 123 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | i 840 | i 12 | i 852 | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | i 79 | — | i 79 | |||||||||||||||||||||||||||||||||||||
Purchase
of i 63,343 common shares for treasury | — | — | — | ( i 878) | — | — | ( i 878) | |||||||||||||||||||||||||||||||||||||
Issuance
of i 91,316 common shares, net of shares withheld for taxes | — | ( i 2,228) | — | i 2,056 | — | — | ( i 172) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 2,757 | — | — | — | — | i 2,757 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | i 111 | $ | i 41,832 | $ | i 125,063 | $ | ( i 5,062) | $ | ( i 20,123) | $ | i 307 | $ | i 142,128 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | i 111 | $ | i 43,272 | $ | i 168,733 | $ | ( i 10,179) | $ | ( i 18,845) | $ | i 518 | $ | i 183,610 | ||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( i 1,633) | — | — | ( i 82) | ( i 1,715) | |||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | i 149 | — | i 149 | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( i 8,933) | i 3 | ( i 8,930) | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gain on cash flow hedges | — | — | — | — | i 1,330 | — | i 1,330 | |||||||||||||||||||||||||||||||||||||
Cash flow hedges reclassified to earnings | — | — | — | — | i 93 | — | i 93 | |||||||||||||||||||||||||||||||||||||
Issuance
of i 61,212 common shares, net of shares withheld for taxes | — | ( i 2,234) | — | i 1,828 | — | — | ( i 406) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | i 1,570 | — | — | — | — | i 1,570 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | i 111 | $ | i 42,608 | $ | i 167,100 | $ | ( i 8,351) | $ | ( i 26,206) | $ | i 439 | $ | i 175,701 |
Three
Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||
Net Sales | Segment Operating Profit (Loss) | Net Sales | Segment Operating Profit | |||||||||||||||||||||||
Rail, Technologies, and Services | $ | i 86,866 | $ | i 3,865 | $ | i 77,350 | $ | i 539 | ||||||||||||||||||
Precast Concrete Products | i 38,642 | i 3,389 | i 28,856 | i 1,245 | ||||||||||||||||||||||
Steel Products and Measurement | i 19,837 | ( i 1,521) | i 23,809 | i 303 | ||||||||||||||||||||||
Total | $ | i 145,345 | $ | i 5,733 | $ | i 130,015 | $ | i 2,087 | ||||||||||||||||||
Nine
Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||
Net Sales | Segment Operating Profit (Loss) | Net Sales | Segment Operating Profit (Loss) | |||||||||||||||||||||||
Rail, Technologies, and Services | $ | i 242,866 | $ | i 12,880 | $ | i 222,857 | $ | i 5,576 | ||||||||||||||||||
Precast Concrete Products | i 96,795 | i 4,337 | i 67,477 | i 329 | ||||||||||||||||||||||
Steel Products and Measurement | i 69,206 | ( i 73) | i 69,990 | ( i 1,083) | ||||||||||||||||||||||
Total | $ | i 408,867 | $ | i 17,144 | $ | i 360,324 | $ | i 4,822 | ||||||||||||||||||
Three Months Ended September 30, | Nine
Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating profit for reportable segments | $ | i 5,733 | $ | i 2,087 | $ | i 17,144 | $ | i 4,822 | ||||||||||||||||||
Interest expense - net | ( i 1,442) | ( i 993) | ( i 4,404) | ( i 1,747) | ||||||||||||||||||||||
Other (expense) income - net | ( i 917) | ( i 168) | ( i 3,463) | i 1,096 | ||||||||||||||||||||||
Unallocated corporate expenses and other unallocated charges | ( i 3,048) | ( i 3,207) | ( i 7,607) | ( i 5,749) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | i 326 | $ | ( i 2,281) | $ | i 1,670 | $ | ( i 1,578) |
September 30, 2023 | December 31, 2022 | |||||||||||||
Rail, Technologies, and Services | $ | i 164,728 | $ | i 172,111 | ||||||||||
Precast Concrete Products | i 106,243 | i 108,598 | ||||||||||||
Steel Products and Measurement | i 36,481 | i 54,516 | ||||||||||||
Unallocated corporate assets | i 27,139 | i 30,085 | ||||||||||||
Total | $ | i 334,591 | $ | i 365,310 |
Three Months Ended September 30, | Nine
Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Rail Products and Global Friction Management | $ | i 76,262 | $ | i 69,573 | $ | i 214,236 | $ | i 192,527 | ||||||||||||||||||
Technology Services and Solutions | i 10,604 | i 7,777 | i 28,630 | i 30,330 | ||||||||||||||||||||||
Rail, Technologies, and Services | i 86,866 | i 77,350 | i 242,866 | i 222,857 | ||||||||||||||||||||||
Precast Concrete Buildings | i 20,127 | i 15,525 | i 50,338 | i 41,306 | ||||||||||||||||||||||
Precast Infrastructure Products | i 18,515 | i 13,331 | i 46,457 | i 26,171 | ||||||||||||||||||||||
Precast Concrete Products | i 38,642 | i 28,856 | i 96,795 | i 67,477 | ||||||||||||||||||||||
Fabricated Steel Products | i 14,218 | i 15,300 | i 39,589 | i 45,871 | ||||||||||||||||||||||
Coatings and Measurement | i 5,619 | i 8,509 | i 29,617 | i 24,119 | ||||||||||||||||||||||
Steel Products and Measurement | i 19,837 | i 23,809 | i 69,206 | i 69,990 | ||||||||||||||||||||||
Total net sales | $ | i 145,345 | $ | i 130,015 | $ | i 408,867 | $ | i 360,324 |
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | i 72,246 | $ | i 18,516 | $ | i 20,018 | $ | i 110,780 | ||||||||||||||||||
Over time | i 14,620 | i 20,126 | ( i 181) | i 34,565 | ||||||||||||||||||||||
Total net sales | $ | i 86,866 | $ | i 38,642 | $ | i 19,837 | $ | i 145,345 | ||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | i 64,913 | $ | i 13,331 | $ | i 20,871 | $ | i 99,115 | ||||||||||||||||||
Over time | i 12,437 | i 15,525 | i 2,938 | i 30,900 | ||||||||||||||||||||||
Total net sales | $ | i 77,350 | $ | i 28,856 | $ | i 23,809 | $ | i 130,015 |
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | i 202,003 | $ | i 46,458 | $ | i 56,151 | $ | i 304,612 | ||||||||||||||||||
Over time | i 40,863 | i 50,337 | i 13,055 | i 104,255 | ||||||||||||||||||||||
Total net sales | $ | i 242,866 | $ | i 96,795 | $ | i 69,206 | $ | i 408,867 | ||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Point in time | $ | i 179,951 | $ | i 26,171 | $ | i 56,897 | $ | i 263,019 | ||||||||||||||||||
Over time | i 42,906 | i 41,306 | i 13,093 | i 97,305 | ||||||||||||||||||||||
Total net sales | $ | i 222,857 | $ | i 67,477 | $ | i 69,990 | $ | i 360,324 |
Three
Months Ended September 30, | Percentage of Total Net Sales Three Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Over time input method | $ | i 12,642 | $ | i 14,380 | i 8.7 | % | i 11.1 | % | ||||||||||||||||||
Over time output method | i 21,923 | i 16,520 | i 15.1 | i 12.7 | ||||||||||||||||||||||
Total over time sales | $ | i 34,565 | $ | i 30,900 | i 23.8 | % | i 23.8 | % | ||||||||||||||||||
Nine
Months Ended September 30, | Percentage of Total Net Sales Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Over time input method | $ | i 44,577 | $ | i 53,791 | i 10.9 | % | i 14.9 | % | ||||||||||||||||||
Over time output method | i 59,678 | i 43,514 | i 14.6 | i 12.1 | ||||||||||||||||||||||
Total over time sales | $ | i 104,255 | $ | i 97,305 | i 25.5 | % | i 27.0 | % | ||||||||||||||||||
Contract Assets | ||||||||
Balance as of December 31, 2022 | $ | i 33,613 | ||||||
Net additions to contract assets | i 3,718 | |||||||
Transfers from contract asset balance to accounts receivable | ( i 6,828) | |||||||
Balance
as of September 30, 2023 | $ | i 30,503 |
Contract Liabilities | ||||||||
Balance as of December 31, 2022 | $ | i 6,781 | ||||||
Revenue recognized from contract liabilities | ( i 4,421) | |||||||
Increase in billings in excess of cost, excluding revenue recognized | i 3,635 | |||||||
Other adjustments, including business divestiture | ( i 1,904) | |||||||
Balance
as of September 30, 2023 | $ | i 4,091 |
Rail, Technologies, and Services | Precast Concrete Products | Steel Products and Measurement | Total | |||||||||||||||||||||||
Balance as of December 31, 2022 | $ | i 19,948 | $ | i 10,785 | $ | i — | $ | i 30,733 | ||||||||||||||||||
VanHooseCo acquisition | i — | i 242 | i — | i 242 | ||||||||||||||||||||||
Foreign currency translation impact | ( i 119) | i — | i — | ( i 119) | ||||||||||||||||||||||
Balance as of September 30, 2023 | $ | i 19,829 | $ | i 11,027 | $ | i — | $ | i 30,856 |
September 30, 2023 | ||||||||||||||||||||||||||||||||
Weighted Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Patents | i 10 | $ | i 330 | $ | ( i 194) | $ | i 136 | |||||||||||||||||||||||||
Customer relationships | i 16 | i 27,276 | ( i 16,200) | i 11,076 | ||||||||||||||||||||||||||||
Trademarks and trade names | i 16 | i 7,942 | ( i 4,424) | i 3,518 | ||||||||||||||||||||||||||||
Technology | i 13 | i 32,474 | ( i 27,461) | i 5,013 | ||||||||||||||||||||||||||||
Favorable lease | i 6 | i 327 | ( i 64) | i 263 | ||||||||||||||||||||||||||||
$ | i 68,349 | $ | ( i 48,343) | $ | i 20,006 |
December 31, 2022 | ||||||||||||||||||||||||||
Weighted
Average Amortization Period In Years | Gross Carrying Value | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Non-compete agreements | i 1 | $ | i 27 | $ | ( i 16) | $ | i 11 | |||||||||||||||||||
Patents | i 10 | i 330 | ( i 187) | i 143 | ||||||||||||||||||||||
Customer relationships | i 16 | i 27,184 | ( i 14,129) | i 13,055 | ||||||||||||||||||||||
Trademarks and trade names | i 16 | i 7,933 | ( i 3,989) | i 3,944 | ||||||||||||||||||||||
Technology | i 14 | i 32,201 | ( i 25,827) | i 6,374 | ||||||||||||||||||||||
Favorable lease | i 6 | i 327 | ( i 23) | i 304 | ||||||||||||||||||||||
$ | i 68,002 | $ | ( i 44,171) | $ | i 23,831 |
Allowance for Credit Losses | ||||||||
Balance as of December 31, 2022 | $ | i 813 | ||||||
Current period provision | i 1,174 | |||||||
Write-off against allowance | ( i 244) | |||||||
Balance as of September 30, 2023 | $ | i 1,743 | ||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
Finished goods | $ | i 46,740 | $ | i 41,431 | ||||||||||
Work-in-process | i 8,673 | i 9,693 | ||||||||||||
Raw materials | i 26,607 | i 24,597 | ||||||||||||
Inventories - net | $ | i 82,020 | $ | i 75,721 |
September
30, 2023 | December 31, 2022 | |||||||||||||
Revolving credit facility | $ | i 71,476 | $ | i 91,567 | ||||||||||
Finance leases and financing agreements | i 213 | i 312 | ||||||||||||
Total | i 71,689 | i 91,879 | ||||||||||||
Less current maturities | ( i 97) | ( i 127) | ||||||||||||
Long-term portion | $ | i 71,592 | $ | i 91,752 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Numerator for basic and diluted earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) attributable to L.B. Foster Company | $ | i 515 | $ | ( i 2,077) | $ | i 1,894 | $ | ( i 1,633) | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average shares outstanding | i 10,813 | i 10,731 | i 10,804 | i 10,710 | ||||||||||||||||||||||
Denominator for basic earnings (loss) per common share | i 10,813 | i 10,731 | i 10,804 | i 10,710 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Stock compensation plans | i 160 | i — | i 91 | i — | ||||||||||||||||||||||
Dilutive potential common shares | i 160 | i — | i 91 | i — | ||||||||||||||||||||||
Denominator for diluted earnings (loss) per common share - adjusted weighted average shares outstanding | i 10,973 | i 10,731 | i 10,895 | i 10,710 | ||||||||||||||||||||||
Basic earnings (loss) per common share | $ | i 0.05 | $ | ( i 0.20) | $ | i 0.18 | $ | ( i 0.16) | ||||||||||||||||||
Diluted earnings (loss) per common share | $ | i 0.05 | $ | ( i 0.20) | $ | i 0.17 | $ | ( i 0.16) | ||||||||||||||||||
Restricted Stock | Deferred Stock Units | Performance-Based
Stock and Share Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Outstanding as of December 31, 2022 | i 174,173 | i 46,268 | i 108,478 | $ | i 17.77 | |||||||||||||||||||||
Granted | i 181,914 | i — | i 367,558 | i 11.78 | ||||||||||||||||||||||
Vested | ( i 88,367) | ( i 33,864) | i — | i 15.97 | ||||||||||||||||||||||
Adjustment for incentive awards expected to vest | i — | i — | i 20,104 | i 15.36 | ||||||||||||||||||||||
Cancelled and forfeited | ( i 2,750) | i — | i — | i 14.46 | ||||||||||||||||||||||
Outstanding as of September 30, 2023 | i 264,970 | i 12,404 | i 496,140 | $ | i 14.20 |
Fair Value Measurements at Reporting Date | Fair Value Measurements at Reporting Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | Level 1 | Level 2 | Level 3 | December 31, 2022 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 17 | $ | i 17 | $ | i — | $ | i — | |||||||||||||||||||||||||||||||||||||
i i Interest rate swaps / | i 2,009 | i — | i 2,009 | i — | i 1,930 | i — | i 1,930 | i — | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | i 2,009 | $ | i — | $ | i 2,009 | $ | i — | $ | i 1,947 | $ | i 17 | $ | i 1,930 | $ | i — | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine
Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest cost | $ | i 71 | $ | i 49 | $ | i 214 | $ | i 146 | ||||||||||||||||||
Expected return on plan assets | ( i 64) | ( i 66) | ( i 192) | ( i 198) | ||||||||||||||||||||||
Recognized net actuarial loss | i 16 | i 18 | i 47 | i 53 | ||||||||||||||||||||||
Net periodic pension cost | $ | i 23 | $ | i 1 | $ | i 69 | $ | i 1 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest cost | $ | i 56 | $ | i 42 | $ | i 168 | $ | i 126 | ||||||||||||||||||
Expected return on plan assets | ( i 84) | ( i 74) | ( i 252) | ( i 222) | ||||||||||||||||||||||
Amortization of prior service costs and transition amount | i 6 | i 6 | i 18 | i 18 | ||||||||||||||||||||||
Recognized net actuarial loss | i 3 | i 38 | i 9 | i 114 | ||||||||||||||||||||||
Net periodic pension (income) cost | $ | ( i 19) | $ | i 12 | $ | ( i 57) | $ | i 36 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
United States | $ | i 728 | $ | i 441 | $ | i 2,135 | $ | i 1,136 | ||||||||||||||||||
Canada | i 36 | i 83 | i 131 | i 143 | ||||||||||||||||||||||
United Kingdom | i 294 | i 588 | i 881 | i 588 | ||||||||||||||||||||||
$ | i 1,058 | $ | i 1,112 | $ | i 3,147 | $ | i 1,867 |
Year Ending December 31, | ||||||||
Remainder of 2023 | $ | i 4,000 | ||||||
2024 | i 8,000 | |||||||
Total | $ | i 12,000 |
Three Months Ended September 30, | Change | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||
Net sales | $ | 145,345 | $ | 130,015 | $ | 15,330 | ||||||||||||||||||||||||||
Gross profit | 28,224 | 23,097 | 5,127 | |||||||||||||||||||||||||||||
Gross profit margin | 19.4 | % | 17.8 | % | 160 bps | |||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Selling and administrative expenses | $ | 24,160 | $ | 22,618 | $ | 1,542 | ||||||||||||||||||||||||||
Selling
and administrative expenses as a percent of sales | 16.6 | % | 17.4 | % | (80) bps | |||||||||||||||||||||||||||
Amortization expense | 1,379 | 1,599 | (220) | |||||||||||||||||||||||||||||
Operating profit (loss) | $ | 2,685 | $ | (1,120) | $ | 3,805 | ||||||||||||||||||||||||||
Operating profit
(loss) margin | 1.8 | % | (0.9) | % | 270 bps | |||||||||||||||||||||||||||
Interest expense - net | $ | 1,442 | $ | 993 | $ | 449 | ||||||||||||||||||||||||||
Other expense - net | 917 | 168 | 749 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 326 | $ | (2,281) | $ | 2,607 | ||||||||||||||||||||||||||
Income tax benefit | (121) | (176) | 55 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 447 | $ | (2,105) | $ | 2,552 | ||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (68) | (28) | (40) | |||||||||||||||||||||||||||||
Net income (loss) attributable to L.B. Foster Company | $ | 515 | $ | (2,077) | $ | 2,592 | ||||||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.05 | $ | (0.20) | $ | 0.25 |
Three
Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 86,866 | $ | 77,350 | $ | 9,516 | 12.3 | % | ||||||||||||||||||
Gross profit | $ | 17,229 | $ | 13,376 | $ | 3,853 | 28.8 | % | ||||||||||||||||||
Gross profit margin | 19.8 | % | 17.3 | % | 2.5 | % | 14.7 | % | ||||||||||||||||||
Segment operating profit | $ | 3,865 | $ | 539 | $ | 3,326 | ** | |||||||||||||||||||
Segment operating profit margin | 4.4 | % | 0.7 | % | 3.7 | % | ** |
Three
Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 38,642 | $ | 28,856 | $ | 9,786 | 33.9 | % | ||||||||||||||||||
Gross profit | $ | 9,266 | $ | 5,647 | $ | 3,619 | 64.1 | % | ||||||||||||||||||
Gross profit margin | 24.0 | % | 19.6 | % | 4.4 | % | 22.5 | % | ||||||||||||||||||
Segment operating profit | $ | 3,389 | $ | 1,245 | $ | 2,144 | 172.2 | % | ||||||||||||||||||
Segment operating profit margin | 8.8 | % | 4.3 | % | 4.5 | % | 104.3 | % |
Three Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 19,837 | $ | 23,809 | $ | (3,972) | (16.7) | % | ||||||||||||||||||
Gross profit | $ | 1,729 | $ | 4,074 | $ | (2,345) | (57.6) | % | ||||||||||||||||||
Gross profit margin | 8.7 | % | 17.1 | % | (8.4) | % | (49.1) | % | ||||||||||||||||||
Segment operating (loss) profit | $ | (1,521) | $ | 303 | $ | (1,824) | ** | |||||||||||||||||||
Segment operating (loss) profit margin | (7.7) | % | 1.3 | % | (9.0) | % | ** |
Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 408,867 | $ | 360,324 | $ | 48,543 | ||||||||||||||||||||||||||||||||
Gross profit | 83,767 | 62,837 | 20,930 | |||||||||||||||||||||||||||||||||||
Gross profit margin | 20.5 | % | 17.4 | % | 310 bps | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Selling and administrative expenses | $ | 70,111 | $ | 59,310 | $ | 10,801 | ||||||||||||||||||||||||||||||||
Selling and administrative expenses as a percent of sales | 17.1 | % | 16.5 | % | 60 bps | |||||||||||||||||||||||||||||||||
Amortization expense | 4,119 | 4,454 | (335) | |||||||||||||||||||||||||||||||||||
Operating profit (loss) | $ | 9,537 | $ | (927) | $ | 10,464 | ||||||||||||||||||||||||||||||||
Operating profit (loss) margin | 2.3 | % | (0.3) | % | 260 bps | |||||||||||||||||||||||||||||||||
Interest expense - net | $ | 4,404 | $ | 1,747 | $ | 2,657 | ||||||||||||||||||||||||||||||||
Other expense (income) - net | 3,463 | (1,096) | 4,559 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 1,670 | $ | (1,578) | $ | 3,248 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (99) | 137 | (236) | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,769 | $ | (1,715) | $ | 3,484 | ||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (125) | (82) | (43) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to L.B. Foster Company | $ | 1,894 | $ | (1,633) | $ | 3,527 | ||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.17 | $ | (0.16) | $ | 0.33 |
Nine Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 242,866 | $ | 222,857 | $ | 20,009 | 9.0 | % | ||||||||||||||||||
Gross profit | $ | 51,360 | $ | 41,564 | $ | 9,796 | 23.6 | % | ||||||||||||||||||
Gross profit margin | 21.1 | % | 18.7 | % | 2.4 | % | 13.4 | % | ||||||||||||||||||
Segment operating profit | $ | 12,880 | $ | 5,576 | $ | 7,304 | 131.0 | % | ||||||||||||||||||
Segment operating profit margin | 5.3 | % | 2.5 | % | 2.8 | % | 112.0 | % | ||||||||||||||||||
Nine
Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net sales | $ | 96,795 | $ | 67,477 | $ | 29,318 | 43.4 | % | ||||||||||||||||||
Gross profit | $ | 22,463 | $ | 11,439 | $ | 11,024 | 96.4 | % | ||||||||||||||||||
Gross profit margin | 23.2 | % | 17.0 | % | 6.2 | % | 36.9 | % | ||||||||||||||||||
Segment operating profit | $ | 4,337 | $ | 329 | $ | 4,008 | ** | |||||||||||||||||||
Segment operating profit margin | 4.5 | % | 0.5 | % | 4.0 | % | ** |
Nine Months Ended September 30, | Change | Percent Change | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Net Sales | $ | 69,206 | $ | 69,990 | $ | (784) | (1.1) | % | ||||||||||||||||||
Gross profit | $ | 9,944 | $ | 9,834 | $ | 110 | 1.1 | % | ||||||||||||||||||
Gross profit margin | 14.4 | % | 14.1 | % | 0.3 | % | 2.3 | % | ||||||||||||||||||
Segment operating loss | $ | (73) | $ | (1,083) | $ | 1,010 | 93.3 | % | ||||||||||||||||||
Segment operating loss margin | (0.1) | % | (1.5) | % | 1.4 | % | 93.2 | % |
September 30, 2023 | ||||||||||||||
Cash and cash equivalents | $ | 2,969 | ||||||||||||
Credit agreement: | ||||||||||||||
Total availability under the credit agreement | 130,000 | |||||||||||||
Outstanding borrowings on revolving credit facility | (71,476) | |||||||||||||
Letters of credit outstanding | (2,544) | |||||||||||||
Net availability under the revolving credit facility | 55,980 | |||||||||||||
Total available funding capacity | $ | 58,949 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash provided by (used in) operating activities | $ | 15,310 | $ | (18,836) | ||||||||||
Net cash provided by (used in) investing activities | 5,798 | (54,061) | ||||||||||||
Net cash (used in) provided by financing activities | (21,121) | 68,568 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 100 | (1,100) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 87 | $ | (5,429) |
Backlog | ||||||||||||||||||||
September 30, 2023 | December
31, 2022 | September 30, 2022 | ||||||||||||||||||
Rail, Technologies, and Services | $ | 93,632 | $ | 105,241 | $ | 108,864 | ||||||||||||||
Precast Concrete Products | 80,391 | 80,501 | 86,612 | |||||||||||||||||
Steel Products and Measurement | 69,196 | 86,509 | 77,301 | |||||||||||||||||
Total backlog | $ | 243,219 | $ | 272,251 | $ | 272,777 |
Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (2) | Approximate dollar value of shares that may yet be purchased under the plans or programs | |||||||||||||||||||||||
July 1, 2023 - July 31, 2023 | — | $ | — | — | $ | 14,338 | ||||||||||||||||||||
August 1, 2023 - August 31, 2023 | — | — | 4,549 | 14,258 | ||||||||||||||||||||||
September 1, 2023 - September 30, 2023 | — | — | 7,553 | 14,122 | ||||||||||||||||||||||
Total | — | $ | — | 12,102 | $ | 14,122 |
Exhibit Number | Description | |||||||
*10.1 | ||||||||
*10.2 | ||||||||
*10.3 | ||||||||
*10.4 | ||||||||
*10.5 | ||||||||
*10.6 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
*32.0 | ||||||||
*101.INS | XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are
embedded within the Inline XBRL document. | |||||||
*101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
*101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
*104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Exhibits
marked with an asterisk are filed herewith. | ||||
** | Exhibit represents a management contract or compensatory plan, contract, or arrangement. |
L.B. FOSTER COMPANY | |||||||||||
(Registrant) | |||||||||||
Date: | November 7, 2023 | By: /s/ William M. Thalman | |||||||||
William M. Thalman | |||||||||||
Executive Vice President | |||||||||||
and Chief Financial Officer | |||||||||||
(Duly Authorized Officer of Registrant) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/13/26 | ||||
3/1/26 | ||||
9/30/24 | ||||
4/30/24 | ||||
12/31/23 | ||||
Filed on: | 11/7/23 | 8-K | ||
11/1/23 | ||||
For Period end: | 9/30/23 | |||
9/1/23 | ||||
8/31/23 | ||||
8/30/23 | 8-K | |||
8/1/23 | ||||
7/31/23 | ||||
7/1/23 | ||||
6/30/23 | 10-Q | |||
3/30/23 | ||||
3/3/23 | ||||
12/31/22 | 10-K, 11-K, 4, ARS, SD | |||
9/30/22 | 10-Q | |||
8/31/22 | ||||
8/12/22 | 8-K, 8-K/A | |||
8/1/22 | ||||
6/30/22 | 10-Q | |||
6/21/22 | ||||
12/31/21 | 10-K, 11-K, SD | |||
8/13/21 | ||||
3/26/20 | ||||
3/13/19 | ||||
6/5/17 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/06/24 L.B. Foster Co. 10-K 12/31/23 128:12M |