Kemet corp
NYSE: KEM $18.15 -5.91%
Balance Sheet
March 31,
2019 2018
ASSETS
Current assets:
Cash and cash equivalents 207,918 286,846
Accounts receivable, net (1) 154,059 146,561
Inventories, net 241,129 204,386
Prepaid expenses and other current assets 38,947 41,160
Total current assets (1) 642,053 678,953
Property, plant and equipment, net 495,280 405,316
Goodwill 40,294 40,294
Intangible assets, net 53,749 59,907
Equity method investments 12,925 12,016
Deferred income taxes 57,024 13,837
Other assets (1) 16,770 12,600
Total assets (1) 1,318,095 1,222,923
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt 28,430 20,540
Accounts payable 153,287 139,989
Accrued expenses (1) 93,761 125,119
Income taxes payable 2,995 2,010
Total current liabilities (1) 278,473 287,658
Long-term debt 266,041 304,083
Other non-current obligations (1) 125,360 152,249
Deferred income taxes (1) 8,806 15,058
Total liabilities (1) 678,680 759,048
Commitments and contingencies
Stockholders equity:
Preferred stock, par value $0.01, authorized 10,000 shares, none issued 0 0
Common stock, par value $0.01, authorized 175,000 shares, issued 57,822 and 56,641 shares at March 31, 2019 and 2018, respectively 578 566
Additional paid-in capital 465,366 462,737
Retained earnings (1) 204,195 3,370
Accumulated other comprehensive income (loss) (1) -30,724 -2,798
Total stockholders equity (1) 639,415 463,875
Total liabilities and stockholders equity (1) 1,318,095 1,222,923
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Statements of Income
Quarter Ended March 31, Fiscal Year Ended March 31,
2019 2018 2019 2018
Net sales (1) 355,794 318,091 1,382,818 1,200,181
Operating costs and expenses:
Cost of sales (1) 229,388 229,963 924,276 860,744
Selling, general and administrative expenses 53,571 47,821 202,642 173,620
Research and development (1) 11,572 10,424 44,612 39,114
Restructuring charges 7,157 8,307 8,779 14,843
(Gain) loss on write down and disposal of long-lived assets 49 -70 1,660 -992
Total operating costs and expenses (1) 301,737 296,445 1,181,969 1,087,329
Operating income (1) 54,057 21,646 200,849 112,852
Non-operating (income) expense:
Interest income -710 -396 -2,035 -809
Interest expense 2,436 7,150 21,239 32,882
Acquisition (gain) loss 0 6,303 0 -130,880
Other (income) expense, net 4,568 3,531 11,214 24,592
Income before income taxes and equity income (loss) from equity method investments 47,763 5,058 170,431 187,067
Income tax expense (benefit) (1) -48,660 3,091 -39,460 9,132
Income before equity income (loss) from equity method investments (1) 96,423 1,967 209,891 177,935
Equity income (loss) from equity method investments -3,003 313 -3,304 76,192
Net income (1) 93,420 2,280 206,587 254,127
Net income per basic share 1.60 0.04 3.57 4.81
Net income per diluted share 1.58 0.04 3.50 4.33
Dividends declared per share 0.05 0 0.10 0
Weighted-average shares outstanding:
Basic 58,233 57,025 57,840 52,798
Diluted 58,975 59,063 59,082 58,640
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Cash Flows
Fiscal Years Ended March 31,
2019 2018
Operating activities
Net income (1) 206,587 254,127
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of effect of acquisitions:
Depreciation and amortization 52,628 50,661
Equity (income) loss from equity method investments 3,304 -76,192
Acquisition (gain) loss 0 -130,880
Non-cash debt and financing costs 1,872 2,467
Loss on early extinguishment of debt 15,946 486
Stock-based compensation expense 12,866 7,657
Pension and other post-retirement benefits 4,938 4,717
Change in deferred income taxes (1) -49,757 564
Net (gain) loss on write down and disposal of long-lived assets 1,660 -992
Rent receivable 0 2,645
Other, net -285 -680
Changes in assets and liabilities, net of the effect of acquisitions:
Accounts receivable -8,910 30,217
Inventories -42,806 -13,827
Prepaid expenses and other assets -4,381 4,330
Accounts payable 7,650 -16,053
Accrued income taxes 1,046 1,317
Other operating liabilities -70,627 197
Net cash provided by (used in) operating activities 131,731 120,761
Investing activities:
Capital expenditures -146,056 -65,004
Contributions to equity method investments -4,000 -3,000
Proceeds from dividend 776 2,745
Acquisitions, net of cash received 0 163,985
Proceeds from sale of assets 2,268 3,638
Net cash provided by (used in) investing activities -147,012 102,364
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