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Section 1: 10-Q (10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2020 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 000-51237

 

FREIGHTCAR AMERICA, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

25-1837219

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

125 South Wacker Drive, Suite 1500

Chicago, Illinois

60606

(Address of principal executive offices)

(Zip Code)

 

(800) 458-2235

(Registrant’s telephone number, including area code)

Title of each class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.01 per share

RAIL

Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

YES NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

o

 

Accelerated filer

x

Non-accelerated filer

o

 

Smaller reporting company

x

 

Emerging growth company

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES   NO   

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

As of July 23, 2020, there were 13,319,161 shares of the registrant’s common stock outstanding.

 

 


FREIGHTCAR AMERICA, INC.

 

INDEX TO FORM 10-Q

 

Item
Number

Page
Number

PART I – FINANCIAL INFORMATION

1.

Financial Statements:

Condensed Consolidated Balance Sheets (Unaudited) as of
June 30, 2020 and December 31, 201
9

3

Condensed Consolidated Statements of Operations (Unaudited) for the
Three and Six Months Ended June 30, 2020 and 201
9

4

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows (Unaudited) for the
Six Months Ended June 30, 2020 and 201
9

8

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

4.

Controls and Procedures

28

PART II – OTHER INFORMATION

1.

Legal Proceedings

29

2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

3.

Defaults Upon Senior Securities

29

4.

Mine Safety Disclosures

29

5.

Other Information

29

6.

Exhibits

29

 

Signatures

30


2


PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements.

FreightCar America, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

June 30, 2020

December 31, 2019

Assets

(in thousands, except for share and per share data)

Current assets

Cash, cash equivalents and restricted cash equivalents

$

48,540 

$

66,257 

Restricted certificates of deposit

3,855 

3,769 

Accounts receivable, net of allowance for doubtful accounts of $496 and $91, respectively

6,789 

6,991 

Inventories, net

47,116 

25,092 

Income tax receivable

1,027

535 

Other current assets

14,265

7,035 

Total current assets

121,592 

109,679 

Property, plant and equipment, net

39,469 

38,564 

Railcars available for lease, net

38,393 

38,900 

Right of use asset

53,442 

56,507 

Other long-term assets

888 

1,552 

Total assets

$

253,784 

$

245,202 

Liabilities and Stockholders’ Equity

Current liabilities

Accounts and contractual payables

$

18,054 

$

11,713 

Accrued payroll and other employee costs

306 

1,389 

Reserve for workers' compensation

3,344 

3,210 

Accrued warranty

7,903 

8,388 

Customer deposits

33,012 

5,123 

Deferred income state and local incentives, current

2,219 

2,219 

Lease liability, current

15,063 

14,960 

Current portion of long-term debt

13,950

-

Other current liabilities

5,626 

2,428 

Total current liabilities

99,477

49,430 

Long-term debt, net of current portion

6,250

10,200 

Accrued pension costs

6,006 

6,510 

Deferred income state and local incentives, long-term

3,612 

4,722 

Lease liability, long-term

48,306 

53,766 

Other long-term liabilities

2,833 

3,420 

Total liabilities

166,484 

128,048 

Stockholders’ equity

Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding at June 30, 2020 and December 31, 2019)

-

-

Common stock, $0.01 par value, 50,000,000 shares authorized, 13,604,172 and 12,731,678 shares issued at June 30, 2020 and December 31, 2019, respectively

136 

127 

Additional paid in capital

83,318 

83,027 

Treasury stock, at cost, 285,011 and 44,855 shares at June 30, 2020 and December 31, 2019, respectively

(1,281)

(989)

Accumulated other comprehensive loss

(10,499)

(10,780)

Retained earnings

16,086 

45,824 

Total FreightCar America stockholders' equity

87,760 

117,209 

Noncontrolling interest in JV

(460)

(55)

Total stockholders' equity

87,300 

117,154 

Total liabilities and stockholders’ equity

$

253,784 

$

245,202 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

3


FreightCar America, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

(In thousands, except for share and per share data)

Revenues

$

17,458

$

73,661

$

22,655

$

144,369

Cost of sales

23,602

67,637

37,602

145,194

Gross (loss) profit

(6,144)

6,024

(14,947)

(825)

Selling, general and administrative expenses

6,537

15,352

13,947

23,019

Loss on sale of railcars available for lease

-

5,196

-

5,196

Restructuring and impairment charges

267

1,319

1,147

1,319

Operating loss

(12,948)

(15,843)

(30,041)

(30,359)

Interest expense and deferred financing costs

(167)

(115)

(463)

(151)

Other income

134

83

358

402

Loss before income taxes

(12,981)

(15,875)

(30,146)

(30,108)

Income tax (benefit) provision

(1)

12

(3)

(189)

Net loss

(12,980)

(15,887)

(30,143)

(29,919)

Less: Net loss attributable to noncontrolling interest in JV

(189)

-

(405)

-

Net loss attributable to FreightCar America

$

(12,791)

$

(15,887)

$

(29,738)

$

(29,919)

Net loss per common share attributable to FreightCar America- basic and diluted

$

(0.97)

$

(1.26)

$

(2.26)

$

(2.37)

Weighted average common shares outstanding – basic and diluted

12,405,011

12,352,271

12,385,946

12,344,684

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4


FreightCar America, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

(In thousands)

(In thousands)

Net loss

$

(12,980)

$

(15,887)

$

(30,143)

$

(29,919)

Other comprehensive income net of tax:

Pension and postretirement liability adjustments, net of tax

140

44

281

87

Other comprehensive income

140

44

281

87

Comprehensive loss

$

(12,840)

$

(15,843)

$

(29,862)

$

(29,832)

See Notes to Condensed Consolidated Financial Statements (Unaudited).

5


FreightCar America, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands, except for share data)

For the three months ended June 30,

FreightCar America Shareholders

Accumulated

Additional

Other

Total

Common Stock

Paid In

Treasury Stock

Comprehensive

Retained

Noncontrolling

Stockholders'

Shares

Amount

Capital

Shares

Amount

Loss

Earnings

Interest in JV

Equity

Balance, March 31, 2019

12,731,678 

$         127 

$           86,074 

(135,286)

$       (4,572)

$              (8,145)

$           106,975 

$                        - 

$         180,459 

Cumulative effective of adoption of ASC 842

-

-

-

-

-

-

-

-

-

Net loss

-

-

-

-

-

-

(15,887)

-

(15,887)

Other comprehensive income

-

-

-

-

-

44 

-

-

44 

Restricted stock awards

-

-

(2,579)

86,515 

2,579 

-

-

-

-

Employee stock settlement

-

-

-

-

-

-

-

-

-

Forfeiture of restricted stock awards

-

-

355 

(54,180)

(355)

-

-

-

-

Stock-based compensation recognized

-

-

(415)

-

-

-

-

-

(415)

Balance, June 30, 2019

12,731,678 

$         127 

$           83,435 

(102,951)

$       (2,348)

$              (8,101)

$             91,088 

$                        - 

164,201 

Balance, March 31, 2020

13,319,197 

$         133 

$           83,374 

(152,617)

$       (1,124)

$            (10,639)

$             28,877 

$                 (271)

$         100,350 

Net loss

-

-

-

-

-

-

(12,791)

(189)

(12,980)

Other comprehensive income

-

-

-

-

-

140 

-

-

140 

Restricted stock awards

284,975 

3 

(3)

-

-

-

-

-

-

Employee stock settlement

-

-

-

-

-

-

-

-

-

Forfeiture of restricted stock awards

-

-

157 

(132,394)

(157)

-

-

-

-

Stock-based compensation recognized

-

-

(210)

-

-

-

-

-

(210)

Balance, June 30, 2020

13,604,172 

$         136 

$           83,318 

(285,011)

$       (1,281)

$            (10,499)

$             16,086 

$                 (460)

$           87,300 

See Notes to Condensed Consolidated Financial Statements (Unaudited).


6


FreightCar America, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands, except for share data)

For the six months ended June 30,

FreightCar America Shareholders

Accumulated

Additional

Other

Total

Common Stock

Paid In

Treasury Stock

Comprehensive

Retained

Noncontrolling

Stockholders'

Shares

Amount

Capital

Shares

Amount

Loss

Earnings

Interest in JV

Equity

Balance, December 31, 2018

12,731,678 

$         127 

$           90,593 

(272,030)

$       (9,721)

$              (8,188)

$           120,799 

$                        - 

$         193,610 

Cumulative effective of adoption of ASC 842

-

-

-

-

-