Shimmick Corp Files Q2 2024 10-Q
Ticker: SHIM · Form: 10-Q · Filed: Aug 16, 2024 · CIK: 1887944
| Field | Detail |
|---|---|
| Company | Shimmick CORP (SHIM) |
| Form Type | 10-Q |
| Filed Date | Aug 16, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 17 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, construction
TL;DR
Shimmick Corp's Q2 2024 10-Q is in. Check financials.
AI Summary
Shimmick Corp filed its 10-Q for the period ending June 28, 2024. The company, formerly known as SCCI National Holdings, Inc., is incorporated in Delaware and headquartered in Irvine, California. The filing details financial performance and operational aspects for the second quarter of 2024.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational updates for Shimmick Corp, crucial for understanding its current performance and future outlook.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant performance changes or risks for Shimmick Corp.
Key Numbers
- 1231 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle.)
Key Players & Entities
- Shimmick Corp (company) — Filer
- SCCI National Holdings, Inc. (company) — Former company name
- 20240628 (date) — Period of report
- 20240816 (date) — Filing date
- Irvine, CA (location) — Business address city and state
FAQ
What is Shimmick Corp's primary business activity?
Shimmick Corp is primarily involved in Heavy Construction other than building construction, as indicated by its SIC code [1600].
When was Shimmick Corp formerly known by another name?
Shimmick Corp was formerly known as SCCI National Holdings, Inc., with a date of name change on October 13, 2021.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 16, 2024.
What is the period of report for this 10-Q filing?
The period of report for this 10-Q filing is June 28, 2024.
Where is Shimmick Corp headquartered?
Shimmick Corp is headquartered in Irvine, California, with its business address at 530 Technology Drive, Suite 300.
Filing Stats: 4,357 words · 17 min read · ~15 pages · Grade level 18.6 · Accepted 2024-08-16 16:05:28
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SHIM NASDAQ Indicate by
Filing Documents
- shim-20240628.htm (10-Q) — 2289KB
- shim-ex10_3.htm (EX-10.3) — 102KB
- shim-ex10_4.htm (EX-10.4) — 384KB
- shim-ex10_5.htm (EX-10.5) — 136KB
- shim-ex31_1.htm (EX-31.1) — 15KB
- shim-ex31_2.htm (EX-31.2) — 15KB
- shim-ex32_1.htm (EX-32.1) — 8KB
- shim-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-098053.txt ( ) — 9973KB
- shim-20240628.xsd (EX-101.SCH) — 1024KB
- shim-20240628_htm.xml (XML) — 1855KB
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS We make forward-looking statements in this Quarterly Report on Form 10-Q ("Form 10-Q") within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "project," "will," "should," "may" or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in the sections entitled "Forward Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 ("Form 10-K") and those described from time to time in our future reports with the SEC (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual resu
Financial Statements (Unaudited)
Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 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 22 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37 PART II. OTHER INFORMATION 39 Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40 4
FINA NCIAL INFORMATION
PART I. FINA NCIAL INFORMATION
Fina ncial Statements
Item 1. Fina ncial Statements Shimmick Corporation Condensed Consoli dated Balance Sheets (In thousands, except share data) (unaudited) June 28, December 29, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 22,381 $ 62,939 Restricted cash 497 971 Accounts receivable, net 48,519 54,178 Contract assets, current 119,694 125,943 Prepaids and other current assets 17,734 13,427 TOTAL CURRENT ASSETS 208,825 257,458 Property, plant and equipment, net 36,153 46,373 Intangible assets, net 7,956 9,244 Contract assets, non-current 46,569 48,316 Lease right-of-use assets 21,328 23,855 Investment in unconsolidated joint ventures 22,202 21,283 Deferred tax assets - 17,252 Other assets 1,481 2,871 TOTAL ASSETS $ 344,514 $ 426,652 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 57,081 $ 81,589 Contract liabilities, current 111,821 115,785 Accrued salaries, wages and benefits 28,610 26,911 Accrued expenses 39,073 33,897 Short-term debt 14,773 - Other current liabilities 14,621 13,071 TOTAL CURRENT LIABILITIES 265,979 271,253 Long-term debt, net 52,789 29,627 Lease liabilities, non-current 13,154 15,045 Contract liabilities, non-current 2,689 3,215 Contingent consideration 4,304 15,488 Deferred tax liabilities - 17,252 Other liabilities 5,163 4,282 TOTAL LIABILITIES 344,078 356,162 Commitments and Contingencies (Note 11) STOCKHOLDERS' EQUITY Common stock, $ 0.01 par value, 100,000,000 shares authorized as of June 28, 2024 and December 29, 2023; 33,709,919 and 25,493,877 shares issued and outstanding as of June 28, 2024 and December 29, 2023, respectively 337 255 Additional paid-in-capital 39,205 24,445 Retained (deficit) earnings ( 38,185 ) 46,537 Non-controlling interests ( 921 ) ( 747 ) TOTAL STOCKHOLDERS' EQ