L.B. Foster Files 10-Q/A Amendment for Q1 2024

TL;DR

LBFO filed a 10-Q/A for Q1 2024, fixing some stuff from the original filing.

AI Summary

L.B. Foster Company filed an amendment (10-Q/A) on November 4, 2024, to its quarterly report for the period ended March 31, 2024. This filing amends and restates certain items from the original Form 10-Q filed on May 7, 2024. The amendment does not appear to introduce new financial figures but rather corrects or clarifies previously reported information.

Why It Matters

This filing indicates a correction or clarification to previously reported financial information for L.B. Foster's first quarter of 2024, which could be important for investors assessing the company's financial health.

Risk Assessment

Risk Level: low — This is an amendment to a previous filing, typically for corrections or clarifications, and does not appear to introduce new material financial events.

Key Players & Entities

• FOSTER L B CO (company) — Filer of the 10-Q/A
• L.B. Foster (company) — Company name mentioned in the filing
• March 31, 2024 (date) — Quarterly period end date being amended
• May 7, 2024 (date) — Original filing date of the Form 10-Q
• November 4, 2024 (date) — Filing date of the 10-Q/A amendment

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 FSTR Nasdaq Global Select Market Indi
• $3,477 thousand — or related to the classification of the $3,477 thousand gain on the sale of the former joint ve

Filing Documents

• fstr-20240331.htm (10-Q/A) — 1145KB
• ex-311q1a2024.htm (EX-31.1) — 9KB
• ex-312q1a2024.htm (EX-31.2) — 10KB
• ex-320q1a2024.htm (EX-32) — 7KB
• fstr-20240331_g1.gif (GRAPHIC) — 39KB
• 0000352825-24-000209.txt ( ) — 7164KB
• fstr-20240331.xsd (EX-101.SCH) — 47KB
• fstr-20240331_cal.xml (EX-101.CAL) — 72KB
• fstr-20240331_def.xml (EX-101.DEF) — 250KB
• fstr-20240331_lab.xml (EX-101.LAB) — 583KB
• fstr-20240331_pre.xml (EX-101.PRE) — 450KB
• fstr-20240331_htm.xml (XML) — 1087KB

- Item 1. Condensed Consolidated Financial Statements (Unaudited);

Part I - Item 1. Condensed Consolidated Financial Statements (Unaudited);

- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;

Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;

- Item 4. Controls and Procedures;

Part I - Item 4. Controls and Procedures;

- Item 1A. Risk Factors; and

Part II - Item 1A. Risk Factors; and

- Item 6. Exhibits

Part II - Item 6. Exhibits. Pursuant to Rule 12b-15, this Amended Form 10-Q sets forth the complete text of each item listed above, as amended. Except for such items, this Amended Form 10-Q does not amend, update or change any other items or disclosures in the Original Form 10-Q and continues to describe the conditions as of the date of the Original Form 10-Q. As such, except as set forth herein, we have not updated or modified the disclosures contained in the Original Form 10-Q to reflect any events that have occurred after the Original Form 10-Q. L.B. FOSTER COMPANY AND SUBSIDIARIES INDEX Page

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements: Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

Other Information

PART II. Other Information 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30 Signature 31 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements L.B. FOSTER COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,148 $ 2,560 Accounts receivable - net (Note 5) 57,871 53,484 Contract assets - net (Note 3) 24,141 29,489 Inventories - net (Note 6) 85,761 73,111 Other current assets 12,063 8,711 Total current assets 182,984 167,355 Property, plant, and equipment - net 76,133 75,579 Operating lease right-of-use assets - net 14,098 14,905 Other assets: Goodwill (Note 4) 31,995 32,587 Other intangibles - net (Note 4) 18,198 19,010 Other assets 2,993 2,965 TOTAL ASSETS $ 326,401 $ 312,401 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 43,368 $ 39,500 Deferred revenue (Note 3) 11,458 12,479 Accrued payroll and employee benefits 5,340 16,978 Current portion of accrued settlement (Note 13) 8,000 8,000 Current maturities of long-term debt (Note 7) 159 102 Other accrued liabilities 15,856 17,442 Total current liabilities 84,181 94,501 Long-term debt (Note 7) 77,926 55,171 Deferred tax liabilities (Note 9) 1,191 1,232 Long-term operating lease liabilities 11,178 11,865 Other long-term liabilities 6,648 6,797 Stockholders' equity: Common stock, par value $ 0.01 , authorized 20,000,000 shares; shares issued at March 31, 2024 and December 31, 2023, 11,115,779 ; shares outstanding at March 31, 2024 and December 31, 2023, 10,789,231 and 10,733,935 , respectively 111 111 Paid-in capital 41,866 43,111 Retained earnings 129,069 124,633 Treasury stock - at cost, 326,548 and 381,844 common stock shares at March 31, 2024 and December 31, 2023, respectively ( 5,829 ) ( 6,494 ) Accumulated other comprehensive loss ( 20,616 ) ( 19,250 ) Total L.B. Foster Company stockholders' equity 144,601 142,111 Noncontrolling interest 676 724 Total stockholders' equity 145,277 142,835 TOTAL LIABILITIES

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View this 10-Q/A filing on SEC EDGAR