Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of the Revision Adjustment on the Company's Previously Issued Consolidated Financial Statements

The following presents the effects of the immaterial error corrections on the Company's previously issued Consolidated Financial Statements as of and for the year ended December 31, 2023:

Consolidated Balance Sheet


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
ASSETS
Current assets:
Cash and cash equivalents	$	2,560	$	—	$	2,560
Accounts receivable - net (Note 6)	53,484		—		53,484
Contract assets (Note 4)	29,489		—		29,489
Inventories - net (Note 7)	73,496		(385)		73,111

Other current assets	8,961		(250)		8,711

Total current assets	167,990		(635)		167,355
Property, plant, and equipment - net (Note 8)	75,999		(420)		75,579
Operating lease right-of-use assets - net (Note 9)	14,905		—		14,905
Other assets:
Goodwill (Note 5)	32,587		—		32,587
Other intangibles - net (Note 5)	19,010		—		19,010


Other assets	2,715		250		2,965

TOTAL ASSETS	$	313,206	$	(805)	$	312,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,305	$	(805)	$	39,500
Deferred revenue (Note 4)	12,479		—		12,479
Accrued payroll and employee benefits	16,978		—		16,978

Current portion of accrued settlement (Note 18)	8,000		—		8,000
Current maturities of long-term debt (Note 10)	102		—		102
Other accrued liabilities	17,442		—		17,442

Total current liabilities	95,306		(805)		94,501
Long-term debt (Note 10)	55,171		—		55,171
Deferred tax liabilities (Note 14)	1,232		—		1,232

Long-term operating lease liabilities (Note 9)	11,865		—		11,865
Other long-term liabilities	6,797		—		6,797

Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at December 31, 2023 and December 31, 2022, 11,115,779; shares outstanding at December 31, 2023 and December 31, 2022, 10,733,935 and 10,776,827, respectively (Note 11)	111		—		111
Paid-in capital	43,111		—		43,111
Retained earnings	124,633		—		124,633
Treasury stock - at cost, common stock, shares at December 31, 2023 and December 31, 2022, 381,844 and 338,952, respectively (Note 11)	(6,494)		—		(6,494)
Accumulated other comprehensive loss (Note 12)	(19,250)		—		(19,250)
Total L.B. Foster Company stockholders’ equity	142,111		—		142,111
Noncontrolling interest	724		—		724
Total stockholders’ equity	142,835		—		142,835
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	313,206	$	(805)	$	312,401

Consolidated Statement of Operations


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised

Sales of goods	$	475,350	$	—	$	475,350
Sales of services	68,394		—		68,394
Total net sales (Note 4)	543,744		—		543,744
Cost of goods sold	367,431		766		368,197
Cost of services sold	63,503		—		63,503
Total cost of sales	430,934		766		431,700
Gross profit	112,810		(766)		112,044
Selling and administrative expenses	97,358		265		97,623
Amortization expense (Note 5)	5,314		—		5,314

Operating income (loss)	10,138		(1,031)		9,107

Interest expense - net	5,528		—		5,528
Other expense (income) - net (Note 19)	3,666		(1,031)		2,635
Income (loss) before income taxes	944		—		944
Income tax (benefit) expense (Note 14)	(355)		—		(355)
Net income (loss)	1,299		—		1,299
Net loss attributable to noncontrolling interest	(165)		—		(165)
Net income (loss) attributable to L.B. Foster Company	$	1,464	$	—	$	1,464









Basic earnings (loss) per common share (Note 13)	$	0.14	$	—	$	0.14



Diluted earnings (loss) per common share (Note 13)	$	0.13	$	—	$	0.13


Basic weighted average shares outstanding	10,799		—		10,799
Diluted weighted average shares outstanding	10,995		—		10,995

Consolidated Statement of Cash Flows


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,299	$	—	$	1,299
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Deferred income taxes	(1,852)		—		(1,852)
Depreciation	9,949		—		9,949
Amortization	5,314		—		5,314

Equity income in nonconsolidated investment	(51)		—		(51)
Gain on sales and disposals of property, plant, and equipment	(459)		—		(459)

Stock-based compensation	4,179		—		4,179
Loss on asset divestitures	3,074		—		3,074
Change in operating assets and liabilities:
Accounts receivable	27,367		—		27,367
Contract assets	1,797		—		1,797
Inventories	(6,989)		385		(6,604)
Other current assets	1,122		250		1,372

Other noncurrent assets	(153)		(250)		(403)

Accounts payable	(3,753)		(805)		(4,558)
Deferred revenue	(2,850)		—		(2,850)
Accrued payroll and employee benefits	6,364		—		6,364
Accrued settlement	(8,000)		—		(8,000)
Other current liabilities	2,555		—		2,555
Other liabilities	(1,537)		—		(1,537)
Net cash provided by (used in) operating activities	37,376		(420)		36,956

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment	539		—		539
Capital expenditures on property, plant, and equipment	(4,933)		420		(4,513)
Acquisitions, net of cash acquired	(1,246)		—		(1,246)
Proceeds from asset divestiture	7,706		—		7,706

Net cash provided by (used in) investing activities	2,066		420		2,486

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt	(208,668)		—		(208,668)
Proceeds from debt	171,408		—		171,408



Treasury stock acquisitions	(2,625)		—		(2,625)

Consideration received from noncontrolling interest	589		—		589
Net cash (used in) provided by financing activities	(39,296)		—		(39,296)

Effect of exchange rate changes on cash and cash equivalents	(468)		—		(468)
Net decrease in cash and cash equivalents	(322)		—		(322)
Cash and cash equivalents at beginning of period	2,882		—		2,882
Cash and cash equivalents at end of period	$	2,560	$	—	$	2,560
Supplemental disclosure of cash flow information:
Net interest paid	$	5,454	$	—	$	5,454
Net income taxes received	$	(221)	$	—	$	(221)

Where appropriate, the financial disclosures in the footnotes to the Consolidated Financial Statements impacted by the correction of immaterial errors have been updated.