0000353020Aegion Corpfalse--12-31Q32019292.67.432.351.670.5552017108.70.2Total pre-tax restructuring charges include cash charges of $11.6 million and non-cash charges of $6.4 million. Cash charges consist of charges incurred during the period that will be settled in cash, either during the current period or future periods.Amounts presented net of tax of $30 and $171 for the quarters ended September 30, 2019 and 2018, respectively, and $180 and $593 for the nine months ended September 30, 2019 and 2018, respectively.Includes $3.5 million of assets and $5.2 million of liabilities classified as held for sale related to United Mexico. See Note 5. Refers to cash utilized to settle charges during the first nine months of 2018.For the nine months ended September 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East, disposing of certain international businesses and other cost savings initiatives. For the nine months ended September 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo® systems in North America and right-sizing the CIPP operations in Australia and Denmark.Refers to cash utilized to settle charges during the first nine months of 2019.Total pre-tax restructuring charges for the quarter ended September 30, 2018, include cash charges of $2.3 million and non-cash charges of $5.1 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods.Operating loss in the third quarter of 2019 and 2018 includes $1.1 and $0.3 million, respectively, of 2017 Restructuring charges (see Note 4), and $1.3 million and $3.1 million, respectively of costs primarily related to the planned divestiture of certain international operations in 2019 and the divestiture of Bayou in 2018. Operating loss in the first nine months of 2019 and 2018 includes $2.4 million and $0.9 million, respectively, of 2017 Restructuring charges and $1.6 million and $3.9 million, respectively of divestiture costs. Operating income in the third quarter of 2019 and 2018 includes $1.2 million and $5.9 million, respectively, of 2017 Restructuring charges (see Note 4) and $0.5 million and $0.1 million, respectively, of costs primarily related to the planned divestiture of certain international operations. Operating income in the first nine months of 2019 and 2018 includes $4.7 million and $11.7 million, respectively, of 2017 Restructuring charges and $1.0 million and $0.4 million, respectively, of divestiture costs. Additionally, operating income in the first nine months of 2019 includes $9.0 million of impairment charges to assets held for sale (see Note 5).Includes Insituform Australia.Revenues and gross profit are attributed to the country of originDuring the second quarter of 2019, the Company classified certain assets of its CIPP contracting operation in Europe as held for sale. See Note 5.Amounts exclude contract assets of $9.4 million and contract liabilities $0.4 of million that were classified as held for sale at September 30, 2019 (see Note 5).For the quarter ended September 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East, disposing of certain international businesses and other cost savings initiatives. For the quarter ended September 30, 2018, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting non-pipe-related applications for the Tyfo systems in North America and right-sizing the CIPP operations in Australia and Denmark.Total pre-tax restructuring charges include cash charges of $7.4 million and non-cash charges of $8.2 million. Cash charges consist of charges incurred during the period that will be settled in cash, either during the current period or future periods.During the nine months ended September 30, 2019, as a result of disposing of certain international entities, $6.3 million was reclassified out of accumulated other comprehensive loss to "Other expense" in the Consolidated Statements of Operations. Other expense in the third quarter and first nine months of 2019 includes $5.3 million and $6.5 million, respectively, of 2017 Restructuring charges (see Note 4). Other expense for the third quarter and first nine months of 2018 includes charges of $8.7 million related to the loss on the sale of Bayou (see Note 1) and $0.2 million related to 2017 restructuring charges (see Note 4). Includes Insituform Australia, Insituform Netherlands, Insituform Spain, Environmental Techniques and United Mexico.Amounts exclude operating lease assets of $2.2 million and other liabilities of $1.1 million that were classified as held for sale at September 30, 2019 (see Note 5).Operating income in the third quarter of 2019 and 2018 includes $0.8 million and $1.0 million, respectively, of 2017 Restructuring charges (see Note 4) and less than $0.1 million and $1.6 million, respectively, of costs primarily related to the planned divestiture of certain international operations in 2019 and the divestiture of Bayou in 2018. Operating income in the first nine months of 2019 and 2018 includes $4.3 million and $2.8 million, respectively, of 2017 Restructuring charges, and $0.1 million and $1.8 million, respectively, of divestiture costs. Additionally, operating income in the first nine months of 2019 includes $2.9 million of impairment charges to assets held for sale (see Note 5). Includes activity from our pipe coating and insulation joint venture in Louisiana, which was sold during the third quarter of 2018.Amounts exclude contract assets of $1.8 million and contract liabilities of less than $0.1 million that were classified as held for sale at December 31, 2018 (see Note 5).Amounts presented net of tax of $6 and $1 for the quarters ended September 30, 2019 and 2018, respectively, and $7 and $2 for the nine months ended September 30, 2019 and 2018, respectively.Total pre-tax restructuring charges for the quarter ended September 30, 2019, include cash charges of $3.1 million and non-cash charges of $5.5 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future 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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

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

 

 

 

For the quarterly period ended September 30, 2019

or

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

 

 

 

For the transition period from                                                              to                                                                     

 

Commission File Number: 001-35328

 

Aegion Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

45-3117900

(State or other jurisdiction of incorporation or organization) 

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

 

 

17988 Edison Avenue, Chesterfield, Missouri

63005-1195

(Address of principal executive offices) 

(Zip Code)

 

 

(636) 530-8000

(Registrant’s telephone number, including area code)

 

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 (§232.405 of this chapter) 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

 

Accelerated filer ☐

 

 

 

Non-accelerated filer ☐

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by 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. Yes ☐ No ☐

 

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

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading

Symbol(s)

Name of each exchange on which registered

Class A Common Shares, $0.01 par value

AEGN

The Nasdaq Global Select Market

 

There were 30,759,152 shares of Class A common stock, $0.01 par value per share, outstanding at October 25, 2019.

 

 

Table of Contents

 

 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (Unaudited):

 

 

 

Consolidated Statements of Operations for the Quarters and Nine Months Ended September 30, 2019 and 2018

3

 

 

Consolidated Statements of Comprehensive Income for the Quarters and Nine Months Ended September 30, 2019 and 2018

4

 

 

Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

5

 

 

Consolidated Statements of Equity for the Quarters and Nine Months Ended September 30, 2019 and 2018

6

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

7

 

 

Notes to Consolidated Financial Statements

8

 

 

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

30

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

49

 

 

Item 4. Controls and Procedures

50

 

 

PART II—OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

51

 

 

Item 1A. Risk Factors

51

 

 

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

51

 

 

Item 4. Mine Safety Disclosures

51

 

 

Item 5. Other Information 51
   

Item 6. Exhibits

52

 

 

SIGNATURE

53

 

 

2

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PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

   

Quarters Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Revenues

  $ 308,789     $ 339,679     $ 904,433     $ 999,570  

Cost of revenues

    241,997       267,006       721,909       794,340  

Gross profit

    66,792       72,673       182,524       205,230  

Operating expenses

    48,866       51,386       147,990       161,750  

Goodwill impairment

          1,389             1,389  

Definite-lived intangible asset impairment

          870             870  

Impairment of assets held for sale

                11,946        

Acquisition and divestiture expenses

    1,842       4,800       2,759       6,024  

Restructuring and related charges

    1,435       1,219       5,495       4,548  

Operating income

    14,649       13,009       14,334       30,649  

Other income (expense):

                               

Interest expense

    (3,446 )     (3,870 )     (10,602 )     (13,236 )

Interest income

    268       130       814       239  

Other

    (5,236 )     (9,281 )     (6,925 )     (10,049 )

Total other expense

    (8,414 )     (13,021 )     (16,713 )     (23,046 )

Income (loss) before taxes on income

    6,235       (12 )     (2,379 )     7,603  

Taxes (benefit) on income (loss)

    (114 )     (153 )     3,410       1,740  

Net income (loss)

    6,349       141       (5,789 )     5,863  

Non-controlling interests income

    (313 )     (588 )     (542 )     (458 )

Net income (loss) attributable to Aegion Corporation

  $ 6,036     $ (447 )   $ (6,331 )   $ 5,405  
                                 

Earnings (loss) per share attributable to Aegion Corporation:

                               

Basic

  $ 0.20     $ (0.01 )   $ (0.20 )   $ 0.17  

Diluted

  $ 0.19     $ (0.01 )   $ (0.20 )   $ 0.16  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3

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AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

 

 

   

Quarters Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Net income (loss)

  $ 6,349     $ 141     $ (5,789 )   $ 5,863  

Other comprehensive income (loss):

                               

Currency translation adjustments

    439       (6,701 )     3,505       (10,983 )

Deferred gain (loss) on hedging activity, net of tax (1)

    (1,180 )     477       (6,879 )     1,655  

Pension activity, net of tax (2)

    28       2       31       7  

Total comprehensive income (loss)

    5,636       (6,081 )     (9,132 )     (3,458 )

Comprehensive income attributable to non-controlling interests

    (286 )     (660 )     (535 )     (283 )

Comprehensive income (loss) attributable to Aegion Corporation

  $ 5,350     $ (6,741 )   $ (9,667 )   $ (3,741 )

 


 

(1) 

Amounts presented net of tax of $30 and $171 for the quarters ended September 30, 2019 and 2018, respectively, and $180 and $593 for the nine months ended September 30, 2019 and 2018, respectively.

 

 

(2) 

Amounts presented net of tax of $6 and $1 for the quarters ended September 30, 2019 and 2018, respectively, and $7 and $2 for the nine months ended September 30, 2019 and 2018, respectively.

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share amounts)

 

 

   

September 30, 2019

   

December 31, 2018

 

Assets

               

Current assets

               

Cash and cash equivalents

  $ 51,981     $ 83,527  

Restricted cash

    2,615       1,359  

Receivables, net of allowances of $7,488 and $9,695, respectively

    200,275       204,541  

Retainage

    31,916       33,572  

Contract assets

    56,603       62,467  

Inventories

    57,493       56,437  

Prepaid expenses and other current assets

    35,067       32,172  

Assets held for sale

    28,819       7,792  

Total current assets

    464,769       481,867  

Property, plant & equipment, less accumulated depreciation

    106,423       107,059  

Other assets

               

Goodwill

    255,601       260,633  

Intangible assets, less accumulated amortization

    107,897       119,696  

Operating lease assets

    65,211        

Deferred income tax assets

    1,048       1,561  

Other assets

    11,378       21,601  

Total other assets

    441,135       403,491  

Total Assets

  $ 1,012,327     $ 992,417  
                 

Liabilities and Equity

               

Current liabilities

               

Accounts payable

  $ 57,537     $ 64,562  

Accrued expenses

    89,410       88,020  

Contract liabilities

    30,635       32,339  

Current maturities of long-term debt

    35,736       29,469  

Liabilities held for sale

    20,179       5,260  

Total current liabilities

    233,497       219,650  

Long-term debt, less current maturities

    264,247       282,003  

Operating lease liabilities

    50,903        

Deferred income tax liabilities

    9,491       8,361  

Other non-current liabilities

    15,745       12,216  

Total liabilities

    573,883       522,230  
                 

(See Commitments and Contingencies: Note 11)

           
                 

Equity

               

Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding

           

Common stock, $.01 par – shares authorized 125,000,000; shares issued and outstanding 30,807,548 and 31,922,409, respectively

    308       319  

Additional paid-in capital

    101,627       122,818  

Retained earnings

    373,559       379,890  

Accumulated other comprehensive loss

    (43,626 )     (40,290 )

Total stockholders’ equity

    431,868       462,737  

Non-controlling interests

    6,576       7,450  

Total equity

    438,444       470,187  

Total Liabilities and Equity

  $ 1,012,327     $ 992,417  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(in thousands, except number of shares)

 

 

 

   

Quarters Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Common Stock - Shares

                               

Balance, beginning of period

    30,941,394       32,303,638       31,922,409       32,462,542  

Issuance of common stock upon stock option exercises

                52,783        

Issuance of shares pursuant to restricted stock units

    17,471       5,621       222,745       301,041  

Issuance of shares pursuant to performance units

                111,158       296,909  

Issuance of shares pursuant to deferred stock units

    6,698       5,457       84,184       26,396  

Shares repurchased and retired

    (158,015 )     (726 )     (1,585,731 )     (772,898 )

Balance, end of period

    30,807,548       32,313,990       30,807,548       32,313,990  
                                 

Common Stock - Amount

                               

Balance, beginning of period

  $ 309     $ 323     $ 319     $ 325  

Issuance of common stock upon stock option exercises

                1        

Issuance of shares pursuant to restricted stock units

                2       3  

Issuance of shares pursuant to performance units

                1       3  

Issuance of shares pursuant to deferred stock units

                1        

Shares repurchased and retired

    (1 )           (16 )     (8 )

Balance, end of period

  $ 308     $ 323     $ 308     $ 323  
                                 

Additional Paid-In Capital

                               

Balance, beginning of period

  $ 102,841     $ 127,242     $ 122,818     $ 140,749  

Issuance of common stock upon stock option exercises

                955        

Shares repurchased and retired

    (2,971 )     (19 )     (28,127 )     (18,620 )

Equity-based compensation expense

    1,757       1,107       5,981       6,201  

Balance, end of period

  $ 101,627     $ 128,330     $ 101,627     $ 128,330  
                                 

Retained Earnings

                               

Balance, beginning of period

  $ 367,523     $ 382,814     $ 379,890     $ 376,694  

Cumulative effect adjustment (see Revenues: Note 3)

                      268  

Net income (loss) attributable to Aegion Corporation

    6,036       (447 )     (6,331 )     5,405  

Balance, end of period

  $ 373,559     $ 382,367     $ 373,559     $ 382,367  
                                 

Accumulated Other Comprehensive Loss

                               

Balance, beginning of period

  $ (42,940 )   $ (26,374 )   $ (40,290 )   $ (23,522 )

Currency translation adjustment and derivative transactions, net

    (686 )     (6,294 )     (3,336 )     (9,146 )

Balance, end of period

  $ (43,626 )   $ (32,668 )   $ (43,626 )   $ (32,668 )
                                 

Non-Controlling Interests

                               

Balance, beginning of period

  $ 6,290     $ 10,433     $ 7,450     $ 10,810  

Net income

    313       588       542       458  

Distributions to non-controlling interests

                (1,409 )      

Sale of non-controlling interests

          (3,361 )           (3,361 )

Currency translation adjustment, net

    (27 )     72       (7 )     (175 )

Balance, end of period

  $ 6,576     $ 7,732     $ 6,576     $ 7,732  
                                 

Total Equity

                               

Balance, beginning of period

  $ 434,023     $ 494,438     $ 470,187     $ 505,056  

Cumulative effect adjustment (See Revenues: Note 3)

                      268  

Net income (loss)

    6,349       141       (5,789 )     5,863  

Issuance of common stock upon stock option exercises

                956        

Issuance of shares pursuant to restricted stock units

                2       3  

Issuance of shares pursuant to performance units

                1       3  

Issuance of shares pursuant to deferred stock units

                1        

Shares repurchased and retired

    (2,972 )     (19 )     (28,143 )     (18,628 )

Equity-based compensation expense

    1,757       1,107       5,981       6,201  

Distributions to non-controlling interests

                (1,409 )      

Sale of non-controlling interests

          (3,361 )           (3,361 )

Currency translation adjustment and derivative transactions, net

    (713 )     (6,222 )     (3,343 )     (9,321 )

Balance, end of period

  $ 438,444     $ 486,084     $ 438,444     $ 486,084  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

   

Nine Months Ended September 30,

 
   

2019

   

2018

 

Cash flows from operating activities:

               

Net income (loss)

  $ (5,789 )   $ 5,863  

Adjustments to reconcile to net cash provided by operating activities:

               

Depreciation and amortization

    26,530       27,692  

Gain on sale of fixed assets

    (527 )     (423 )

Equity-based compensation expense

    5,981       6,201  

Deferred income taxes

    883       647  

Non-cash restructuring charges

    6,419       5,891  

Goodwill impairment

          1,389  

Definite-lived intangible asset impairment

          870  

Impairment of assets held for sale

    11,946        

Loss on sale of businesses

          8,729  

Loss on foreign currency transactions

    370       1,231  

Other

    (39 )     (119 )

Changes in operating assets and liabilities (net of acquisitions):

               

Receivables net, retainage and contract assets

    (1,488 )     (19,247 )

Inventories

    (3,170 )     (3,188 )

Prepaid expenses and other assets

    2,225       678  

Accounts payable and accrued expenses

    (8,476 )     (256 )

Contract liabilities

    (1,435 )     (21,537 )

Other operating

    (1,779 )     (396 )

Net cash provided by operating activities

    31,651       14,025  
                 

Cash flows from investing activities:

               

Capital expenditures

    (21,392 )     (22,230 )

Proceeds from sale of fixed assets

    1,270       955  

Patent expenditures

    (292 )     (197 )

Other acquisition activity

          (9,000 )

Sale of Bayou, net of cash disposed

          37,942  

Net cash provided by (used in) investing activities

    (20,414 )     7,470  
                 

Cash flows from financing activities:

               

Proceeds from issuance of common stock upon stock option exercises

    956        

Repurchase of common stock

    (28,143 )     (18,622 )

Distributions to non-controlling interests

    (1,409 )      

Credit facility amendment fees

          (1,093 )

Payments on notes payable, net

    (273 )     (26 )

Proceeds from line of credit, net

    8,000       (19,000 )

Principal payments on long-term debt

    (19,688 )     (19,688 )

Net cash used in financing activities

    (40,557 )     (58,429 )

Effect of exchange rate changes on cash

    (970 )     (2,366 )

Net decrease in cash, cash equivalents and restricted cash for the period

    (30,290 )     (39,300 )

Cash, cash equivalents and restricted cash, beginning of year

    84,886       108,545  

Cash, cash equivalents and restricted cash, end of period

  $ 54,596     $ 69,245  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

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AEGION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1.

GENERAL

 

The accompanying unaudited consolidated financial statements of Aegion Corporation and its subsidiaries (collectively, “Aegion” or the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented.  Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.  All significant intercompany related accounts and transactions have been eliminated in consolidation.

 

The Consolidated Balance Sheet as of December 31, 2018, which is derived from the audited consolidated financial statements, and the interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the requirements of Form 10-Q and Article 10 of Regulation S-X and, consequently, do not include all information or footnotes required by GAAP for complete financial statements or all the disclosures normally made in an Annual Report on Form 10-K.  Accordingly, the unaudited consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2019.

 

Acquisitions/Strategic Initiatives/Divestitures

 

2017 Restructuring

 

On July 28, 2017, the Company’s board of directors approved a realignment and restructuring plan (the “2017 Restructuring”).  As part of the 2017 Restructuring, the Company announced plans to: (i) divest the Company’s pipe coating and insulation businesses in Louisiana, The Bayou Companies, LLC and Bayou Wasco Insulation, LLC (collectively “Bayou”); (ii) exit all non-pipe related contract applications for the Tyfo® system in North America; (iii) right-size the cathodic protection services operation in Canada and the cured-in-place pipe (“CIPP”) businesses in Australia and Denmark; and (iv) reduce corporate and other operating costs.

 

During 2018, the Company’s board of directors approved additional actions with respect to the 2017 Restructuring, which included the decisions to: (i) divest the Australia and Denmark CIPP businesses; (ii) take actions to further optimize operations within North America, including measures to reduce consolidated operating costs; and (iii) divest or otherwise exit multiple additional international businesses.  During the second quarter of 2019, the Company initiated plans to exit additional international businesses.  See further discussion in Note 4.

 

Infrastructure Solutions Segment (“Infrastructure Solutions”)

 

During 2018, the Company’s board of directors approved a plan to divest the Company’s CIPP business in Australia (“Insituform Australia”).  While restructuring actions in Insituform Australia led to improvements in operating results, an assessment of the long-term fit within the Company’s portfolio led to the decision to divest the business.  Accordingly, the Company has classified Insituform Australia’s assets and liabilities as held for sale on the Consolidated Balance Sheet at September 30, 2019 and December 31, 2018.  See Note 5.

 

During the second quarter of 2019, the Company initiated plans to sell its CIPP contracting businesses in Europe: Insituform Rioolrenovatietechnicken B.V. (“Insituform Netherlands”); Insituform Technologies Iberica SA (“Insituform Spain”); and Environmental Techniques Limited (“Environmental Techniques”).  Accordingly, the Company has classified the assets and liabilities of these businesses as held for sale on the Consolidated Balance Sheet at September 30, 2019.  See Note 5.  Additionally, see Note 14 for additional information on the sale of the CIPP contracting operations of Insituform Netherlands, effective October 11, 2019.

 

Corrosion Protection Segment (“Corrosion Protection”)

 

During the second quarter of 2019, the Company began negotiating with a prospective buyer for its interest in its Tite Liner® joint venture in Mexico, United Pipeline de Mexico S.A. de C.V. (“United Mexico”).  Accordingly, the Company has classified the assets and liabilities of this business as held for sale on the Consolidated Balance Sheet at September 30, 2019.  See Note 5.  Additionally, see Note 14 for additional information on the sale of the Company’s interest in United Mexico, effective October 11, 2019.

 

During the first quarter of 2019, the Company initiated plans to sell its interest in its cathodic protection materials manufacturing and production joint venture in Saudi Arabia, Corrpower International Limited (“Corrpower”), and its interest in its Tite Liner® and CIPP joint venture in South Africa, Aegion South Africa Proprietary Limited (“Aegion South Africa”).  During the third quarter of 2019, the Company ended its negotiations with potential buyers for Corrpower and Aegion South Africa.  Accordingly, the relevant assets and liabilities for each of the entities were removed from held for sale and accounted for as held and used at September 30, 2019.  These entities will now be exited as part of the 2017 Restructuring.

 

On August 31, 2018, the Company sold substantially all of the assets of its wholly-owned subsidiary, The Bayou Companies, LLC and its fifty-one percent (51%) interest in Bayou Wasco Insulation, LLC.  The sale price was $46 million, consisting of $38 million paid in cash at closing and $8 million in a fully secured, two-year loan payable to Aegion.  Aegion is also eligible to receive an additional $4 million in total earn-out payments based on performance of the divested businesses in 2019 and 2020.  Cash proceeds, net of customary closing costs, were used to repay outstanding borrowings on the Company’s line of credit.  The sale resulted in a pre-tax, non-cash loss of $8.7 million during the third quarter of 2018, which is included in “Other expense” in the Consolidated Statements of Operations.

 

On May 4, 2018, the Company acquired the operations of Hebna Inc., Hebna Canada Inc. and Hebna Corporation (collectively “Hebna”), for a total purchase price of $6.0 million ($3.0 million was paid during the second quarter of 2018 and $3.0 million was paid during the third quarter of 2018).  The transaction was funded from a combination of domestic and international cash balances, with fifty percent (50%) of the purchase price being paid by the Company’s joint venture in Oman, in which the Company is a fifty-one percent (51%) partner.  Hebna provided pipeline lining services, including compressed-fit lining, slip-lining, liner and free-standing pipe fusing, pipeline assessment and integrity management, pipeline pigging and calibration, and roto-lining services primarily in the United States, Canada and the Middle East.

 

Energy Services Segment (“Energy Services”)

 

On July 20, 2018, the Company acquired the operations of Plant Performance Services LLC and P2S LLC (collectively “P2S”), for a total purchase price of $3.0 million.  The transaction was funded from domestic cash balances.  P2S specializes in general mechanical turnaround services, specialty welding services and field fabrication services primarily for the downstream oil and gas industry.

 

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2.

ACCOUNTING POLICIES

 

On January 1, 2019, the Company adopted FASB ASC 842, Leases (“FASB ASC 842”).  See Note 6 for further information.  Other than the adoption of FASB ASC 842, there were no material changes in accounting policies from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

 

Accumulated Other Comprehensive Loss

 

As set forth below, the Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands):

 

   

September 30, 2019

   

December 31, 2018

 

Currency translation adjustments (1)

  $ (37,595 )   $ (41,107 )

Derivative hedging activity

    (5,164 )     1,715  

Pension activity

    (867 )     (898 )

Total accumulated other comprehensive loss

  $ (43,626 )   $ (40,290

)

 


 

(1) 

During the nine months ended September 30, 2019, as a result of disposing of certain international entities, $6.3 million was reclassified out of accumulated other comprehensive loss to “Other expense” in the Consolidated Statements of Operations.

 

For the Company’s international subsidiaries, the local currency is generally the functional currency.  Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates.  The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity.  Net foreign exchange transaction losses of $0.9 million and $0.4 million in the third quarters of 2019 and 2018, respectively, and losses of $1.6 million and $1.2 million for the nine months ended September 30, 2019 and 2018, respectively, are included in “Other expense” in the Consolidated Statements of Operations.

 

Taxation

 

The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes (“FASB ASC 740”).  FASB ASC 740 also requires that a valuation allowance be recorded against any deferred tax assets that are not likely to be realized in the future.  The determination is based on the Company’s ability to generate future taxable income and, at times, is dependent on its ability to implement strategic tax initiatives to ensure full utilization of recorded deferred tax assets.  Should the Company not be able to implement the necessary tax strategies, it may need to record valuation allowances for certain deferred tax assets, including those related to foreign income tax benefits.  Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets.

 

Earnings per Share

 

Earnings per share have been calculated using the following share information:

 

   

Quarters Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Weighted average number of common shares used for basic EPS

    30,866,188       32,312,000       31,259,594       32,390,777  

Effect of dilutive stock options and restricted and deferred stock unit awards

    511,244                   667,229  

Weighted average number of common shares and dilutive potential common stock used for dilutive EPS

    31,377,432       32,312,000       31,259,594       33,058,006  

 

The Company excluded 664,661 restricted and deferred stock units for the quarter ended September 30, 2018 and 497,192 restricted and deferred stock units for the nine months ended September 30, 2019 from the diluted earnings per share calculation for the Company’s common stock because of the reported net loss for the periods.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company classifies highly liquid investments with original maturities of 90 days or less as cash equivalents. Recorded book values are reasonable estimates of fair value for cash and cash equivalents.

 

Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands):

 

Balance sheet data

 

September 30, 2019

   

December 31, 2018

 

Cash and cash equivalents

  $ 51,981     $ 83,527  

Restricted cash

    2,615       1,359  

Cash, cash equivalents and restricted cash

  $ 54,596     $ 84,886  

 

Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe.  Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage.

 

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Investments in Variable Interest Entities

 

The Company evaluates all transactions and relationships with variable interest entities (“VIE”) to determine whether the Company is the primary beneficiary of the entities in accordance with FASB ASC 810, Consolidation.  There were no changes in the Company’s VIEs during the quarter ended September 30, 2019.

 

Financial data for consolidated variable interest entities are summarized in the following tables (in thousands):

 

Balance sheet data

 

September 30, 2019 (1)

   

December 31, 2018

 

Current assets

  $ 18,236     $ 33,066  

Non-current assets

    6,878       6,466  

Current liabilities

    8,949       12,953  

Non-current liabilities

    3,252       8,780  

 


 

(1) 

Includes $3.5 million of assets and $