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SEC Filings

10-Q
NN INC filed this Form 10-Q on 08/14/2017
Entire Document
 


Table of Contents

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

NN, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  

(in thousands, except per share data)

   2017     2016     2017     2016  

Net sales

   $ 225,875     $ 214,272     $ 452,189     $ 426,498  

Cost of products sold (exclusive of depreciation and amortization shown separately below)

     166,040       156,794       332,994       316,548  

Selling, general and administrative expense

     23,036       20,993       44,530       41,795  

Depreciation and amortization

     15,900       15,136       31,468       32,484  

Restructuring and integration expense

     306       4,047       446       6,585  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     20,593       17,302       42,751       29,086  

Interest expense

     12,409       16,631       27,365       33,053  

Loss on extinguishment of debt and write-off of unamortized debt issuance costs

     39,639       —         39,639       —    

Derivative losses on change in interest rate swap fair value

     101       —         13       —    

Other (income) expense, net

     645       (824     (79     (1,953
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision (benefit) for income taxes and share of net income from joint venture

     (32,201     1,495       (24,187     (2,014

Provision (benefit) for income taxes

     (9,428     719       (7,128     (31

Share of net income from joint venture

     1,244       1,343       2,937       2,743  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (21,529   $ 2,119     $ (14,122   $ 760  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss):

        

Change in fair value of interest rate swap

   $ —       $ 416     $ —       $ (219

Foreign currency translation gain (loss)

     9,240       (5,071     14,244       2,152  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss):

   $ 9,240     $ (4,655   $ 14,244     $ 1,933  
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

   $ (12,289   $ (2,536   $ 122     $ 2,693  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic net income (loss) per share:

        

Net income (loss)

   $ (0.78   $ 0.08     $ (0.52   $ 0.03  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     27,468       27,024       27,358       26,923  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income (loss) per share:

        

Net income (loss)

   $ (0.78   $ 0.08     $ (0.52   $ 0.03  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     27,468       27,187       27,358       27,050  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash dividends per common share

   $ 0.07     $ 0.07     $ 0.14     $ 0.14  
  

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

 

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