Kadant INC 10-Q Filing

Ticker: KAI · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 886346

Sentiment: neutral

Filing Stats: 4,800 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-07 14:53:07

Filing Documents

: Financial Information

PART I: Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheet as of June 29 , 2024 and December 30, 2023 3 Condensed Consolidated Statement of Income for the three- and six- month periods ended June 29 , 2024 and July 1, 2023 4 Condensed Consolidated Statement of Comprehensive Income for the three- and six-month periods ended June 29, 2024 and July 1, 2023 5 Condensed Consolidated Statement of Cash Flows for the s ix -month periods ended June 2 9 , 2024 and July 1, 2023 6 Condensed Consolidated Statement of Stockholders' Equity for the three- and six- month periods ended June 29 , 2024 and July 1, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

: Other Information

PART II: Other Information Item 1A.

Risk Factors

Risk Factors 36 Item 5. Other Information 36 Item 6. Exhibits 37 Table of Contents PART 1 – FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements KADANT INC. Condensed Consolidated Balance Sheet (Unaudited) June 29, 2024 December 30, 2023 (In thousands, except share and per share amounts) Assets Current Assets: Cash and cash equivalents $ 73,805 $ 103,832 Restricted cash 1,373 2,621 Accounts receivable, net of allowances of $ 4,253 and $ 4,090 149,689 133,929 Inventories 173,513 152,677 Contract assets 15,144 8,366 Other current assets 41,808 38,757 Total Current Assets 455,332 440,182 Property, Plant, and Equipment, net of accumulated depreciation of $ 139,055 and $ 132,846 174,182 140,504 Other Assets 58,788 43,609 Intangible Assets, Net (Notes 1 and 2) 289,695 159,286 Goodwill (Notes 1 and 2) 478,035 392,084 Total Assets $ 1,456,032 $ 1,175,665 Liabilities and Stockholders' Equity Current Liabilities: Current maturities of long-term obligations (Note 6) $ 3,233 $ 3,209 Accounts payable 54,415 42,104 Accrued payroll and employee benefits 38,251 41,855 Customer deposits 48,391 62,641 Advanced billings 11,007 12,194 Other current liabilities 46,681 52,406 Total Current Liabilities 201,978 214,409 Long-Term Obligations (Note 6) 342,035 107,666 Long-Term Deferred Income Taxes 41,250 36,398 Other Long-Term Liabilities 52,383 40,952 Commitments and Contingencies (Note 12) Stockholders' Equity: Preferred stock, $ .01 par value, 5,000,000 shares authorized; none issued — — Common stock, $ .01 par value, 150,000,000 shares authorized; 14,624,159 shares issued 146 146 Capital in excess of par value 124,892 124,940 Retained earnings 811,595 763,131 Treasury stock at cost, 2,879,638 and 2,915,978 shares ( 70,563 ) ( 71,453 ) Accumulated other comprehensive items (Note 8) ( 58,359 ) ( 43,062 ) Total Kadant Stockholders' Equity 807,711 773,702 Noncontrolling interests (Note 2) 10,675 2,538 Total Stockholders' Equity 818,386 776,240 Total Liabilities and Stockholders' Equity $ 1,456,032 $ 1,175,665 The accompanying notes are an inte

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