Commission file number 0-21220 | ||
ALAMO GROUP INC. | ||
(Exact name of registrant as specified in its charter) | ||
DELAWARE (State or other jurisdiction of incorporation or organization) | 74-1621248 (I.R.S. Employer Identification Number) |
PART I. | FINANCIAL INFORMATION | PAGE | |
Item 1. | Interim Condensed Consolidated Financial Statements (Unaudited) | ||
June 30, 2013 and December 31, 2012 | |||
Three and Six Months Ended June 30, 2013 and June 30, 2012 | |||
Three and Six Months Ended June 30, 2013 and June 30, 2012 | |||
Six Months Ended June 30, 2013 and June 30, 2012 | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
PART II. | |||
Item 1. | None | ||
Item 2. | None | ||
Item 3. | None | ||
Item 4. | None | ||
Item 5. | Other Information | ||
Item 6. | Exhibits and Reports on Form 8-K | ||
(in thousands, except share amounts) | June 30, 2013 | December 31, 2012 | ||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 17,841 | $ | 48,291 | ||||||
Accounts receivable, net | 178,993 | 140,268 | ||||||||
Inventories | 120,978 | 108,758 | ||||||||
Deferred income taxes | 3,622 | 3,824 | ||||||||
Prepaid expenses | 5,387 | 5,659 | ||||||||
Total current assets | 326,821 | 306,800 | ||||||||
Property, plant and equipment | 149,995 | 146,454 | ||||||||
Less: Accumulated depreciation | (91,503 | ) | (89,653 | ) | ||||||
58,492 | 56,801 | |||||||||
Goodwill | 30,923 | 31,648 | ||||||||
Intangible assets | 5,500 | 5,500 | ||||||||
Deferred income taxes | 2,579 | 2,593 | ||||||||
Other assets | 855 | 997 | ||||||||
Total assets | $ | 425,170 | $ | 404,339 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
Current liabilities: | ||||||||||
Trade accounts payable | $ | 53,602 | $ | 41,641 | ||||||
Income taxes payable | 2,214 | 4,045 | ||||||||
Accrued liabilities | 31,348 | 31,601 | ||||||||
Current maturities of long-term debt and capital lease obligations | 519 | 588 | ||||||||
Deferred income tax | 239 | 253 | ||||||||
Total current liabilities | 87,922 | 78,128 | ||||||||
Long-term debt and capital lease obligations, net of current maturities | 35 | 118 | ||||||||
Deferred pension liability | 8,959 | 9,871 | ||||||||
Other long-term liabilities | 3,765 | 3,646 | ||||||||
Deferred income taxes | 2,119 | 2,290 | ||||||||
Stockholders’ equity: | ||||||||||
Common stock, $.10 par value, 20,000,000 shares authorized; 12,088,034 and 12,028,354 issued and outstanding at June 30, 2013 and December 31, 2012, respectively | 1,209 | 1,203 | ||||||||
Additional paid-in-capital | 90,165 | 88,660 | ||||||||
Treasury stock, at cost; 42,600 shares at June 30, 2013 and December 31, 2012 | (426 | ) | (426 | ) | ||||||
Retained earnings | 239,535 | 222,480 | ||||||||
Accumulated other comprehensive income, net | (8,113 | ) | (1,631 | ) | ||||||
Total stockholders’ equity | 322,370 | 310,286 | ||||||||
Total liabilities and stockholders’ equity | $ | 425,170 | $ | 404,339 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||||
North American | |||||||||||||||
Industrial | $ | 77,639 | $ | 70,137 | $ | 146,973 | $ | 134,869 | |||||||
Agricultural | 57,255 | 53,081 | 106,891 | 101,352 | |||||||||||
European | 43,170 | 43,791 | 82,629 | 86,699 | |||||||||||
Total net sales | 178,064 | 167,009 | 336,493 | 322,920 | |||||||||||
Cost of sales | 133,973 | 127,848 | 257,490 | 248,521 | |||||||||||
Gross profit | 44,091 | 39,161 | 79,003 | 74,399 | |||||||||||
Selling, general and administrative expenses | 26,530 | 24,836 | 51,703 | 49,081 | |||||||||||
Income from operations | 17,561 | 14,325 | 27,300 | 25,318 | |||||||||||
Interest expense | (336 | ) | (525 | ) | (578 | ) | (968 | ) | |||||||
Interest income | 41 | 58 | 85 | 113 | |||||||||||
Other income (expense), net | 343 | 152 | 632 | (422 | ) | ||||||||||
Income before income taxes | 17,609 | 14,010 | 27,439 | 24,041 | |||||||||||
Provision for income taxes | 5,822 | 4,666 | 8,702 | 7,912 | |||||||||||
Net Income | $ | 11,787 | $ | 9,344 | $ | 18,737 | $ | 16,129 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.98 | $ | 0.79 | $ | 1.56 | $ | 1.36 | |||||||
Diluted | $ | 0.97 | $ | 0.77 | $ | 1.54 | $ | 1.34 | |||||||
Average common shares: | |||||||||||||||
Basic | 12,044 | 11,884 | 12,025 | 11,879 | |||||||||||
Diluted | 12,200 | 12,058 | 12,179 | 12,042 | |||||||||||
Dividends declared | $ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net Income | $ | 11,787 | $ | 9,344 | $ | 18,737 | $ | 16,129 | ||||||||
Other Comprehensive Income, net of tax: | ||||||||||||||||
Foreign Currency Translation adjustments | (1,050 | ) | (4,189 | ) | (6,843 | ) | (133 | ) | ||||||||
Post Retirement adjustments: | ||||||||||||||||
Net gains (losses) arising during the period | 172 | 148 | 361 | 297 | ||||||||||||
Other Comprehensive Income | (878 | ) | (4,041 | ) | (6,482 | ) | 164 | |||||||||
Comprehensive Income | $ | 10,909 | $ | 5,303 | $ | 12,255 | $ | 16,293 |
Six Months Ended June 30, | |||||||
(in thousands) | 2013 | 2012 | |||||
Operating Activities | |||||||
Net income | $ | 18,737 | $ | 16,129 | |||
Adjustment to reconcile net income to net cash used by operating activities: | |||||||
Provision for doubtful accounts | (53 | ) | (12 | ) | |||
Depreciation | 4,340 | 5,026 | |||||
Amortization of debt issuance | 63 | 63 | |||||
Stock-based compensation expense | 645 | 600 | |||||
Excess tax benefits from stock-based payment arrangements | (111 | ) | (71 | ) | |||
Provision for deferred income tax (benefit) expense | 56 | 148 | |||||
Loss on sale of property, plant & equipment | (202 | ) | (117 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (41,018 | ) | (26,287 | ) | |||
Inventories | (14,378 | ) | (8,785 | ) | |||
Prepaid expenses and other assets | (449 | ) | (396 | ) | |||
Trade accounts payable and accrued liabilities | 12,982 | 8,809 | |||||
Income taxes payable | (1,712 | ) | (387 | ) | |||
Other long-term liabilities | (465 | ) | (316 | ) | |||
Net cash provided by (used in) operating activities | (21,565 | ) | (5,596 | ) | |||
Investing Activities | |||||||
Purchase of property, plant and equipment | (7,195 | ) | (2,468 | ) | |||
Proceeds from sale of property, plant and equipment | 373 | 203 | |||||
Net cash used in investing activities | (6,822 | ) | (2,265 | ) | |||
Financing Activities | |||||||
Net change in bank revolving credit facility | — | 33,000 | |||||
Principal payments on long-term debt and capital leases | (146 | ) | (606 | ) | |||
Dividends paid | (1,682 | ) | (1,425 | ) | |||
Proceeds from sale of common stock | 865 | 251 | |||||
Excess tax benefits from stock-based payment arrangements | 111 | 71 | |||||
Net cash provided by (used in) financing activities | (852 | ) | 31,291 | ||||
Effect of exchange rate changes on cash | (1,211 | ) | (198 | ) | |||
Net change in cash and cash equivalents | (30,450 | ) | 23,232 | ||||
Cash and cash equivalents at beginning of the period | 48,291 | 10,288 | |||||
Cash and cash equivalents at end of the period | $ | 17,841 | $ | 33,520 | |||
Cash paid during the period for: | |||||||
Interest | $ | 400 | $ | 1,005 | |||
Income taxes | 7,543 | 8,495 |
(in thousands) | June 30, 2013 | December 31, 2012 | ||||||||
Finished goods | $ | 95,974 | $ | 93,095 | ||||||
Work in process | 10,175 | 7,922 | ||||||||
Raw materials | 14,829 | 7,741 | ||||||||
$ | 120,978 | $ | 108,758 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Dividends declared | $ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 | |||||||
Dividends paid | 0.07 | 0.06 | 0.14 | 0.12 |
For six months ending June 30, 2013 | ||||||
Shares | Exercise Price* | |||||
Outstanding at beginning of year | 330,730 | |||||
Granted | 49,000 | $ | 42.70 | |||
Exercised | (57,180 | ) | $ | 16.64 | ||
Canceled | (5,500 | ) | $ | 24.24 | ||
Outstanding at June 30, 2013 | 317,050 | $ | 25.93 | |||
Exercisable at June 30, 2013 | 179,650 | $ | 20.95 | |||
Available for grant at June 30, 2013 | 66,100 |
Qualified Stock Options | Options Outstanding | Options Exercisable | |||||||||||
Shares | Remaining Contractual Life(yrs)* | Exercise Price* | Shares | Exercise Price* | |||||||||
Range of Exercise Price | |||||||||||||
$11.45 - $17.85 | 66,500 | 5.39 | $ | 12.03 | 50,300 | $ | 12.21 | ||||||
$19.79 - $32.76 | 201,550 | 6.02 | $ | 26.45 | 129,350 | $ | 24.35 | ||||||
$42.70 - $42.70 | 49,000 | 9.85 | $ | 42.70 | — | $ | — | ||||||
Total | 317,050 | 179,650 |
For six months ending June 30, 2013 | ||||||
Shares | Exercise Price* | |||||
Outstanding at beginning of year | 89,700 | |||||
Granted | 25,000 | $ | 42.70 | |||
Exercised | — | $ | — | |||
Canceled | — | $ | — | |||
Outstanding at June 30, 2013 | 114,700 | $ | 24.87 | |||
Exercisable at June 30, 2013 | 57,900 | $ | 19.89 | |||
Available for grant at June 30, 2013 | 293,526 |
Non-Qualified Stock Options | Options Outstanding | Options Exercisable | |||||||||||
Shares | Remaining Contractual Life(yrs)* | Exercise Price* | Shares | Exercise Price* | |||||||||
Range of Exercise Price | |||||||||||||
$11.45 - $17.85 | 37,200 | 5.87 | $ | 11.45 | 23,400 | $ | 11.45 | ||||||
$19.79 - $32.76 | 52,500 | 6.11 | $ | 25.90 | 34,500 | $ | 25.61 | ||||||
$42.70 - $42.70 | 25,000 | 9.85 | $ | 42.70 | — | $ | — | ||||||
Total | 114,700 | 57,900 |
For six months ending June 30, 2013 | |||||||||||
Shares | Price | Weighted- average remaining contractual term (in years) | |||||||||
Outstanding at beginning of year | 11,375 | $ | 24.24 | 2.65 | |||||||
Granted | 4,224 | $ | 42.70 | — | |||||||
Vested | (4,500 | ) | $ | 21.99 | — | ||||||
Forfeited or Canceled | — | $ | — | — | |||||||
Outstanding at June 30, 2013 | 11,099 | $ | 32.17 | 2.57 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands, except per share) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net Income | $ | 11,787 | $ | 9,344 | $ | 18,737 | $ | 16,129 | |||||||
Average Common Shares: | |||||||||||||||
Basic (weighted-average outstanding shares) | 12,044 | 11,884 | 12,025 | 11,879 | |||||||||||
Dilutive potential common shares from stock options | 156 | 174 | 154 | 163 | |||||||||||
Diluted (weighted-average outstanding shares) | 12,200 | 12,058 | 12,179 | 12,042 | |||||||||||
Basic earnings per share | $ | 0.98 | $ | 0.79 | $ | 1.56 | $ | 1.36 | |||||||
Diluted earnings per share | $ | 0.97 | $ | 0.77 | $ | 1.54 | $ | 1.34 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Net Revenue | |||||||||||||||
Industrial | $ | 77,639 | $ | 70,137 | $ | 146,973 | $ | 134,869 | |||||||
Agricultural | 57,255 | 53,081 | 106,891 | 101,352 | |||||||||||
European | 43,170 | 43,791 | 82,629 | 86,699 | |||||||||||
Consolidated | $ | 178,064 | $ | 167,009 | $ | 336,493 | $ | 322,920 | |||||||
Operating Income | |||||||||||||||
Industrial | $ | 8,344 | $ | 6,247 | $ | 13,541 | $ | 11,086 | |||||||
Agricultural | 7,375 | 5,459 | 10,011 | 8,762 | |||||||||||
European | 1,842 | 2,619 | 3,748 | 5,470 | |||||||||||
Consolidated | $ | 17,561 | $ | 14,325 | $ | 27,300 | $ | 25,318 | |||||||
Goodwill | |||||||||||||||
Industrial | $ | 13,210 | $ | 13,331 | $ | 13,210 | $ | 13,331 | |||||||
Agricultural | — | — | — | — | |||||||||||
European | 17,713 | 18,227 | 17,713 | 18,227 | |||||||||||
Consolidated | $ | 30,923 | $ | 31,558 | $ | 30,923 | $ | 31,558 | |||||||
Total Identifiable Assets | |||||||||||||||
Industrial | $ | 155,314 | $ | 159,987 | $ | 155,314 | $ | 159,987 | |||||||
Agricultural | 138,501 | 136,310 | 138,501 | 136,310 | |||||||||||
European | 131,355 | 141,050 | 131,355 | 141,050 | |||||||||||
Consolidated | $ | 425,170 | $ | 437,347 | $ | 425,170 | $ | 437,347 |
June 30, | December 31, | |||||||||
(in thousands) | 2013 | 2012 | ||||||||
Foreign currency translation | $ | (724 | ) | $ | 6,119 | |||||
Actuarial gains (losses) related to defined benefit plans | (7,389 | ) | (7,750 | ) | ||||||
Accumulated other comprehensive income | $ | (8,113 | ) | $ | (1,631 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
As a Percent of Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||
North American | |||||||||||
Industrial | 43.6 | % | 42.0 | % | 43.7 | % | 41.8 | % | |||
Agricultural | 32.2 | % | 31.8 | % | 31.8 | % | 31.4 | % | |||
European | 24.2 | % | 26.2 | % | 24.5 | % | 26.8 | % | |||
Total sales, net | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
Cost Trends and Profit Margin, as Percentages of Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||
Gross margin | 24.8 | % | 23.4 | % | 23.5 | % | 23.0 | % | |||
Income from operations | 9.9 | % | 8.6 | % | 8.1 | % | 7.8 | % | |||
Income before income taxes | 9.9 | % | 8.4 | % | 8.2 | % | 7.4 | % | |||
Net income | 6.6 | % | 5.6 | % | 5.6 | % | 5.0 | % |
31.1 | — | Certification by Ronald A. Robinson under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
31.2 | — | Certification by Dan E. Malone under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
31.3 | — | Certification by Richard J. Wehrle under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
32.1 | — | Certification by Ronald A. Robinson under Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
32.2 | — | Certification by Dan E. Malone under Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
32.3 | — | Certification by Richard J. Wehrle under Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | |
101.INS | — | XBRL Instance Document | Filed Herewith | |
101.SCH | — | XBRL Taxonomy Extension Schema Document | Filed Herewith | |
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document | Filed Herewith | |
101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document | Filed Herewith | |
101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document | Filed Herewith | |
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document | Filed Herewith |
Alamo Group Inc. | |
(Registrant) | |
/s/ Ronald A. Robinson | |
Ronald A. Robinson | |
President & Chief Executive Officer |
/s/ Dan E. Malone | |
Dan E. Malone | |
Executive Vice President & Chief Financial Officer | |
(Principal Financial Officer) |
/s/ Richard J. Wehrle | |
Richard J. Wehrle | |
Vice President & Corporate Controller | |
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Alamo Group Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
(a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 5, 2013 | /s/ Ronald A. Robinson |
Ronald A. Robinson | ||
President & Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Alamo Group Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
(a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 5, 2013 | /s/ Dan E. Malone |
Dan E. Malone | ||
Executive Vice President & Chief Financial Officer | ||
(Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Alamo Group Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
(a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 5, 2013 | /s/ Richard J. Wehrle |
Richard J. Wehrle | ||
Vice President & Corporate Controller | ||
(Principal Accounting Officer) |
1. | The Form 10-Q fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
2. | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 5, 2013 | /s/ Ronald A. Robinson |
Ronald A. Robinson | ||
President & Chief Executive Officer |
1. | The Form 10-Q fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
2. | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 5, 2013 | /s/ Dan E. Malone |
Dan E. Malone | ||
Executive Vice President & Chief Financial Officer | ||
(Principal Financial Officer) |
1. | The Form 10-Q fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
2. | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 5, 2013 | /s/ Richard J. Wehrle |
Richard J. Wehrle | ||
Vice President & Corporate Controller | ||
(Principal Accounting Officer) |
Contingent Matters
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Matters | Contingent Matters Like other manufacturers, the Company is subject to a broad range of federal, state, local and foreign laws and requirements, including those concerning air emissions, discharges into waterways, and the generation, handling, storage, transportation, treatment and disposal of hazardous substances and waste materials, as well as the remediation of contamination associated with releases of hazardous substances at the Company’s facilities and offsite disposal locations, workplace safety and equal employment opportunities. These laws and regulations are constantly changing, and it is impossible to predict with accuracy the effect that changes to such laws and regulations may have on the Company in the future. Like other industrial concerns, the Company’s manufacturing operations entail the risk of noncompliance, and there can be no assurance that the Company will not incur material costs or other liabilities as a result thereof. The Company knows that its Indianola, Iowa property is contaminated with chromium which most likely resulted from chrome plating operations which were discontinued before the Company purchased the property. Chlorinated volatile organic compounds have also been detected in water samples on the property, though the source is unknown at this time. The Company voluntarily worked with an environmental consultant and the state of Iowa with respect to these issues and believes it completed its remediation program in June 2006. The work was accomplished within the Company’s environmental liability reserve balance. We requested a “no further action” classification from the state. We received a conditional “no further action” letter in January of 2009. When we demonstrate stable or improving conditions below residential standards for a certain period of time by monitoring existing wells, an unconditional “no further action” letter will be requested. Prior to December 31, 2012, the Company had an environmental reserve in the amount of $1,185,000 related to the acquisition of Gradall’s facility in New Philadelphia, Ohio. The reserve was for potential ground water contamination/remediation that was identified before the acquisition and believed to have been generated by a third party company located near the Gradall facility. Monitoring of the test wells by the City of New Philadelphia as required by the Ohio EPA has shown no increase in contamination over the past 30 years and the Company was informed in the fourth quarter of 2012 that the wells were plugged during the second half of the year. Based on this information, the Company has determined that a reserve is no longer required. The Company knows that Bush Hog’s main manufacturing property in Selma, Alabama was contaminated with chlorinated volatile organic compounds which most likely resulted from painting and cleaning operations during the 1960s and 1970s. The contaminated areas were primarily in the location of underground storage tanks and underneath the former waste storage area. Under the Asset Purchase Agreement, Bush Hog’s prior owner agreed to and has removed the underground storage tanks at its cost and has remediated the identified contamination in accordance with the regulations of the Alabama Department of Environmental Management. An environmental consulting firm was retained by the prior owner and administered the cleanup and will monitor the site on an ongoing basis until the remediation program is complete and approved by the applicable authorities. Certain other assets of the Company contain asbestos that may have to be remediated over time. The Company believes that any subsequent change in the liability associated with the asbestos removal will not have a material adverse effect on the Company’s consolidated financial position or results of operations. The Company is subject to various other federal, state, and local laws affecting its business, as well as a variety of regulations relating to such matters as working conditions, equal employment opportunities, and product safety. A variety of state laws regulate the Company’s contractual relationships with its dealers, some of which impose restrictive standards on the relationship between the Company and its dealers, including events of default, grounds for termination, non-renewal of dealer contracts, and equipment repurchase requirements. The Company believes it is currently in material compliance with all such applicable laws and regulations. |
Interim Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Net sales: | ||||
Net sales | $ 178,064 | $ 167,009 | $ 336,493 | $ 322,920 |
Cost of sales | 133,973 | 127,848 | 257,490 | 248,521 |
Gross profit | 44,091 | 39,161 | 79,003 | 74,399 |
Selling, general and administrative expenses | 26,530 | 24,836 | 51,703 | 49,081 |
Income from operations | 17,561 | 14,325 | 27,300 | 25,318 |
Interest expense | (336) | (525) | (578) | (968) |
Interest income | 41 | 58 | 85 | 113 |
Other income (expense), net | 343 | 152 | 632 | (422) |
Income before income taxes | 17,609 | 14,010 | 27,439 | 24,041 |
Provision for income taxes | 5,822 | 4,666 | 8,702 | 7,912 |
Net Income | 11,787 | 9,344 | 18,737 | 16,129 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.98 | $ 0.79 | $ 1.56 | $ 1.36 |
Diluted (in dollars per share) | $ 0.97 | $ 0.77 | $ 1.54 | $ 1.34 |
Average common shares: | ||||
Basic (in shares) | 12,044 | 11,884 | 12,025 | 11,879 |
Diluted (in shares) | 12,200 | 12,058 | 12,179 | 12,042 |
Dividends declared (in dollars per share) | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 |
North American Industrial
|
||||
Net sales: | ||||
Net sales | 77,639 | 70,137 | 146,973 | 134,869 |
Income from operations | 8,344 | 6,247 | 13,541 | 11,086 |
North American Agricultural
|
||||
Net sales: | ||||
Net sales | 57,255 | 53,081 | 106,891 | 101,352 |
Income from operations | 7,375 | 5,459 | 10,011 | 8,762 |
European
|
||||
Net sales: | ||||
Net sales | 43,170 | 43,791 | 82,629 | 86,699 |
Income from operations | $ 1,842 | $ 2,619 | $ 3,748 | $ 5,470 |
Fair Value Measurements
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company adopted ASC Subtopic 820-10, “Fair Value Measurements and Disclosures, as amended” as of January 1, 2008. ASC Subtopic 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. There is a three-tier fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. Fair value measurements are classified under the following hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable When available, the Company uses quoted market prices to determine fair value, and the Company classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified with Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves, currency rates, etc. These measurements are classified within Level 3. Fair value measurements are classified to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. |
Segment Reporting (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | At June 30, 2013 the following includes a summary of the unaudited financial information by reporting segment:
|
Retirement Benefit Plans
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plan In connection with the February 3, 2006 purchase of all the net assets of the Gradall excavator business, Alamo Group Inc. assumed sponsorship of two Gradall non-contributory defined benefit pension plans, both of which were frozen with respect to both future benefit accruals and future new entrants. The Gradall Company Hourly Employees’ Pension Plan covers approximately 328 former employees and 138 current employees who (i) were formerly employed by the former parent of Gradall, (ii) were covered by a collective bargaining agreement and (iii) first participated in the plan before April 6, 1997. An amendment ceasing all future benefit accruals was effective April 6, 1997. The Gradall Company Employees’ Retirement Plan covers approximately 239 former employees and 87 current employees who (i) were formerly employed by the former parent of Gradall, (ii) were not covered by a collective bargaining agreement and (iii) first participated in the plan before December 31, 2004. An amendment ceasing future benefit accruals for certain participants was effective December 31, 2004. A second amendment discontinued all future benefit accruals for all participants effective April 24, 2006. The Company’s pension expense was $71,000 and $100,000 for the three months ended June 30, 2013 and 2012, respectively and $142,000 and $201,000 for the six months ended June 30, 2013 and 2012 respectively. The Company is required to contribute $1,571,000 to the pension plans for 2013, of which $702,000 has been paid through June 30, 2013. Supplemental Retirement Plan The Board of Directors of the Company adopted the Alamo Group Inc. Supplemental Executive Retirement Plan (the “SERP”), effective as of January 3, 2011. The SERP will benefit certain key management or other highly compensated employees of the Company and/or certain subsidiaries who are selected by the Compensation Committee and approved by the Board to participate. The SERP is intended to provide a benefit from the Company upon retirement, death or disability, or a change in control of the Company. Accordingly, the SERP obligates the Company to pay to a participant a Retirement Benefit (as defined in the SERP) upon the occurrence of certain payment events to the extent a participant has a vested right thereto. A participant’s right to his or her Retirement Benefit becomes vested in the Company’s contributions upon ten years of Credited Service (as defined in the SERP) or a change in control of the Company. The Retirement Benefit is based on 20% of the final three year average salary of each participant on or after his or her normal retirement age (65 years of age). In the event of the participant’s death or a change in control, the participant’s vested retirement benefit will be paid in a lump sum to the participant or his or her estate, as applicable, within 90 days after the participant’s death or a change in control, as applicable. In the event the participant is entitled to a benefit from the SERP due to disability, retirement or other termination of employment, the benefit will be paid in monthly installments over a period of fifteen years. The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits. The net period expense for the three months ended June 30, 2013 and 2012 were $136,000 and $123,000, respectively and $271,000 and $246,000 for the six months ended June 30, 2013 and 2012, respectively. |
Accumulated Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation | $ (724) | $ 6,119 |
Actuarial gains (losses) related to defined benefit plans | (7,389) | (7,750) |
Accumulated other comprehensive income | $ (8,113) | $ (1,631) |
Inventories (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 60.00% | 56.00% |
Excess of current costs over stated LIFO value | $ 8,975 | $ 8,975 |
Inventory obsolescence reserves | $ 8,502 | $ 9,099 |
Accounts Receivable (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 2,890 | $ 3,077 |
Stock-Based Compensation (Schedule of Non-Qualified Stock Options Outstanding and Excercisable) (Details) (Non Qualified Options, USD $)
|
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
$11.45 - $17.85
|
Jun. 30, 2013
$19.79 - $32.76
|
Jun. 30, 2013
$42.70 - $42.70
|
||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||||
Range of Excercise Price, Lower Range Limit | $ 11.45 | $ 19.79 | $ 42.70 | |||||||
Range of Exercise Price, Upper Range Limit | $ 17.85 | $ 32.76 | $ 42.7 | |||||||
Options Outstanding, Shares | 37,200 | 52,500 | 25,000 | |||||||
Options Outstanding, Shares, Total | 114,700 | 89,700 | ||||||||
Remaining Contractual Life(yrs) | 5 years 10 months 13 days | [1] | 6 years 1 month 10 days | [1] | 9 years 10 months 6 days | [1] | ||||
Options Outstanding, Exercise Price | $ 11.45 | [1] | $ 25.90 | [1] | $ 42.70 | [1] | ||||
Options Exercisable, Shares | 23,400 | 34,500 | 0 | |||||||
Options Exercisable, Shares, Total | 57,900 | |||||||||
Options Exercisable, Exercise Price | $ 11.45 | [1] | $ 25.61 | [1] | $ 0.00 | [1] | ||||
|
Stock-Based Compensation (Schedule of Qualified Stock Option Activity) (Details) (Qualified Stock Options, USD $)
|
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2013
|
||||
Qualified Stock Options
|
||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of year | 330,730 | |||
Granted | 49,000 | |||
Exercised | (57,180) | |||
Canceled | (5,500) | |||
Outstanding at June 30, 2013 | 317,050 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Granted, Exercise Price, in dollars per share | $ 42.70 | [1] | ||
Exercised, Exercise Price, in dollars per share | $ 16.64 | [1] | ||
Cancelled, Exercise Price, in dollars per share | $ 24.24 | [1] | ||
Outstanding at June 30, 2013, Exercise Price, in dollars per share | $ 25.93 | [1] | ||
Exercisable at June 30, 2013 | 179,650 | |||
Excercisable at June 30, 2013, Exercise Price, in dollars per share | $ 20.95 | [1] | ||
Available for grant at June 30, 2013 | 66,100 | |||
|
Accumulated Other Comprehensive Income (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income as shown on the Balance Sheet are as follows:
|
Accounts Receivable
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts Receivable is shown net of the allowance for doubtful accounts of $2,890,000 and $3,077,000 at June 30, 2013 and December 31, 2012, respectively. |
Common Stock and Dividends
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Dividends | Common Stock and Dividends Dividends declared and paid on a per share basis were as follows:
|
Inventories
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories valued at LIFO cost represented 60% and 56% of total inventory at June 30, 2013 and December 31, 2012, respectively. The excess of current cost over LIFO valued inventories was $8,975,000 at June 30, 2013 and December 31, 2012. Inventory obsolescence reserves were $8,502,000 at June 30, 2013 and $9,099,000 at December 31, 2012. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business. Net inventories consist of the following:
An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end. |
Income Taxes (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Income Tax Disclosure [Abstract] | |
Tax benefit recognized from the American Taxpayer Relief Act of 2012 | $ 350 |
Inventories (Schedule of Inventory, Current) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 95,974 | $ 93,095 |
Work in process | 10,175 | 7,922 |
Raw materials | 14,829 | 7,741 |
Inventory, Net | $ 120,978 | $ 108,758 |
Stock-Based Compensation (Schedule of Qualified Stock Options Outstanding and Excercisable) (Details) (Qualified Stock Options, USD $)
|
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
$11.45 - $17.85
|
Jun. 30, 2013
$19.79 - $32.76
|
Jun. 30, 2013
$42.70 - $42.70
|
||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||||
Range of Exercise Price, Lower Range Limit | $ 11.45 | $ 19.79 | $ 42.70 | |||||||
Range of Exercise Price, Upper Range Limit | $ 17.85 | $ 32.76 | $ 42.70 | |||||||
Options Outstanding, Shares | 66,500 | 201,550 | 49,000 | |||||||
Options Outstanding, Shares, Total | 317,050 | 330,730 | ||||||||
Remaining Contractual Life(yrs) | 5 years 4 months 21 days | [1] | 6 years 0 months 7 days | [1] | 9 years 10 months 6 days | [1] | ||||
Options, Outstanding, Exercise Price | $ 12.03 | [1] | $ 26.45 | [1] | $ 42.70 | [1] | ||||
Options Exercisable, Shares | 50,300 | 129,350 | 0 | |||||||
Options Exercisable, Shares, Total | 179,650 | |||||||||
Options Exercisable, Exercise Price | $ 12.21 | [1] | $ 24.35 | [1] | $ 0.00 | [1] | ||||
|
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Segment Reporting Information [Line Items] | |||||
Net Revenue | $ 178,064 | $ 167,009 | $ 336,493 | $ 322,920 | |
Operating Income | 17,561 | 14,325 | 27,300 | 25,318 | |
Goodwill | 30,923 | 31,558 | 30,923 | 31,558 | 31,648 |
Total Identifiable Assets | 425,170 | 437,347 | 425,170 | 437,347 | 404,339 |
Industrial
|
|||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | 77,639 | 70,137 | 146,973 | 134,869 | |
Operating Income | 8,344 | 6,247 | 13,541 | 11,086 | |
Goodwill | 13,210 | 13,331 | 13,210 | 13,331 | |
Total Identifiable Assets | 155,314 | 159,987 | 155,314 | 159,987 | |
Agricultural
|
|||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | 57,255 | 53,081 | 106,891 | 101,352 | |
Operating Income | 7,375 | 5,459 | 10,011 | 8,762 | |
Goodwill | 0 | 0 | 0 | 0 | |
Total Identifiable Assets | 138,501 | 136,310 | 138,501 | 136,310 | |
European
|
|||||
Segment Reporting Information [Line Items] | |||||
Net Revenue | 43,170 | 43,791 | 82,629 | 86,699 | |
Operating Income | 1,842 | 2,619 | 3,748 | 5,470 | |
Goodwill | 17,713 | 18,227 | 17,713 | 18,227 | |
Total Identifiable Assets | $ 131,355 | $ 141,050 | $ 131,355 | $ 141,050 |