Quarterly Report (10-q)
October 25 2019 - 04:21PM
Edgar (US Regulatory)
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2019-01-01
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☒ 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 No. 001-06706
BADGER METER, INC.
(Exact name of registrant as specified in its charter)
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Wisconsin
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39-0143280
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer
Identification No.)
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4545 W. Brown Deer Road
Milwaukee, Wisconsin
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53233
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(Address of principal executive offices)
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(Zip code)
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(414) 355-0400
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(Registrant’s telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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BMI
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New York Stock Exchange
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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.
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Large accelerated filer
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☒
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Smaller reporting company
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☐
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Accelerated filer
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☐
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Emerging growth company
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☐
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Non‑accelerated filer
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☐
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|
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. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No ☒
As of October 14, 2019, there were 29,111,332 shares of Common
stock outstanding with a par value of $1 per share.
Table of Contents
BADGER METER, INC.
Quarterly Report on Form 10-Q for the Period Ended September 30,
2019
Index
2
Table of Contents
Special Note Regarding Forward Looking Statements
Certain statements contained in this Quarterly Report on Form 10-Q,
as well as other information provided from time to time by Badger
Meter, Inc. (the “Company” or “Badger Meter”) or its employees, may
contain forward looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward looking statements. The words
“anticipate,” “believe,” “estimate,” “expect,” “think,” “should,”
“could” and “objective” or similar expressions are intended to
identify forward looking statements. All such forward
looking statements are based on the Company’s then current views
and assumptions and involve risks and
uncertainties. Some risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in forward looking statements include those described in
Item 1A of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018 and include, among other things:
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•
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the continued shift in
the Company’s business from lower cost, manually read meters toward
more expensive, value-added automatic meter reading (AMR) systems,
advanced metering infrastructure (AMI) systems and advanced
metering analytics (AMA) systems that offer more comprehensive
solutions to customers’ metering needs;
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•
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the success or failure
of newer Company products;
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•
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changes in competitive
pricing and bids in both the domestic and foreign marketplaces, and
particularly in continued intense price competition on government
bid contracts for lower cost, manually read meters;
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•
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the actions (or lack
thereof) of the Company’s competitors;
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•
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changes in the general
conditions of the United States and foreign economies, including to
some extent such things as the length and severity of global
economic downturns, international or civil conflicts that affect
international trade, the ability of municipal water utility
customers to authorize and finance purchases of the Company’s
products, the Company’s ability to obtain financing, housing starts
in the United States, and overall industrial activity;
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•
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unusual weather, weather
patterns or other natural phenomena, including related economic and
other ancillary effects of any such events;
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•
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economic policy changes,
including but not limited to, trade policy and corporate
taxation;
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•
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the timing and impact of
government funding programs that stimulate national and global
economies, as well as the impact of government budget cuts or
partial shutdowns of governmental operations;
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•
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changes in the cost
and/or availability of needed raw materials and parts, such as
volatility in the cost of brass castings as a result of
fluctuations in commodity prices, particularly for copper and scrap
metal at the supplier level, foreign-sourced electronic components
as a result of currency exchange fluctuations and/or lead times,
and plastic resin as a result of changes in petroleum and natural
gas prices;
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•
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the Company’s ability to
successfully integrate acquired businesses or products;
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•
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changes in foreign
economic conditions, particularly currency fluctuations in the
United States dollar, the Euro and the Mexican peso;
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•
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the inability to develop
technologically advanced products;
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•
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the failure of the
Company’s products to operate as intended;
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•
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the inability to protect
the Company’s proprietary rights to its products;
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•
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the Company’s expanded
role as a prime contractor for providing complete technology
systems to governmental entities, which brings with it added risks,
including but not limited to, the Company’s responsibility for
subcontractor performance, additional costs and expenses if the
Company and its subcontractors fail to meet the timetable agreed to
with the governmental entity, and the Company’s expanded warranty
and performance obligations;
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•
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disruptions and other
damages to information technology, other networks, operations and
property (Company or third party owned) due to breaches in data
security or any other cybersecurity attack;
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3
Table of Contents
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•
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transportation delays or
interruptions;
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•
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violations or alleged
violations of laws that impose requirements for the conduct of the
Company’s operations, including the U.S. Foreign Corrupt Practices
Act (FCPA) or other anti-corruption laws, trade sanctions and
sanctioned parties restrictions;
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•
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the loss of or
disruption in certain single-source suppliers; and
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•
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changes in laws and
regulations, particularly laws dealing with the content or handling
of materials used in the Company's products.
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All of these factors are beyond the Company's control to varying
degrees. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward looking statements contained in this Quarterly Report
on Form 10-Q and are cautioned not to place undue reliance on such
forward looking statements. The forward looking
statements made in this document are made only as of the date of
this document and the Company assumes no obligation, and disclaims
any obligation, to update any such forward looking statements to
reflect subsequent events or circumstances.
4
Table of Contents
Part I – Financial
Information
Item 1 Financial
Statements
BADGER METER, INC.
Consolidated Condensed
Balance Sheets
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September 30,
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December 31,
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(Unaudited)
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(In thousands)
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2019
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2018
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Assets
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Current assets:
|
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|
|
|
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Cash
|
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$
|
37,728
|
|
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$
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13,086
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Receivables
|
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61,406
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|
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66,300
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Inventories:
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Finished goods
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24,646
|
|
|
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23,476
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|
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Work in process
|
|
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18,097
|
|
|
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17,097
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Raw materials
|
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42,092
|
|
|
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40,231
|
|
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Total inventories
|
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84,835
|
|
|
|
80,804
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|
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Prepaid expenses and other current assets
|
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7,572
|
|
|
|
4,469
|
|
|
Total current assets
|
|
|
191,541
|
|
|
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164,659
|
|
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Property, plant and equipment, at cost
|
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208,315
|
|
|
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213,722
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|
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Less accumulated depreciation
|
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|
(121,658
|
)
|
|
|
(123,401
|
)
|
|
Net property, plant and equipment
|
|
|
86,657
|
|
|
|
90,321
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|
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Intangible assets, at cost less accumulated amortization
|
|
|
49,934
|
|
|
|
55,418
|
|
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Other assets
|
|
|
16,126
|
|
|
|
8,872
|
|
|
Deferred income taxes
|
|
|
1,974
|
|
|
|
2,163
|
|
|
Goodwill
|
|
|
71,258
|
|
|
|
71,258
|
|
|
Total assets
|
|
$
|
417,490
|
|
|
$
|
392,691
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
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|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
4,360
|
|
|
$
|
18,060
|
|
|
Payables
|
|
|
32,363
|
|
|
|
22,469
|
|
|
Accrued compensation and employee benefits
|
|
|
12,814
|
|
|
|
13,768
|
|
|
Warranty and after-sale costs
|
|
|
6,807
|
|
|
|
4,206
|
|
|
Other current liabilities
|
|
|
2,501
|
|
|
|
1,512
|
|
|
Total current liabilities
|
|
|
58,845
|
|
|
|
60,015
|
|
|
Other long-term liabilities
|
|
|
22,863
|
|
|
|
13,972
|
|
|
Deferred income taxes
|
|
|
3,077
|
|
|
|
3,332
|
|
|
Accrued non-pension postretirement benefits
|
|
|
5,163
|
|
|
|
5,184
|
|
|
Other accrued employee benefits
|
|
|
3,903
|
|
|
|
6,685
|
|
|
Commitments and contingencies (Note 6)
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
37,200
|
|
|
|
37,198
|
|
|
Capital in excess of par value
|
|
|
40,306
|
|
|
|
38,082
|
|
|
Reinvested earnings
|
|
|
278,551
|
|
|
|
257,313
|
|
|
Accumulated other comprehensive income
|
|
|
404
|
|
|
|
580
|
|
|
Less: Employee benefit stock
|
|
|
(306
|
)
|
|
|
(306
|
)
|
|
Treasury stock, at cost
|
|
|
(32,516
|
)
|
|
|
(29,364
|
)
|
|
Total shareholders’ equity
|
|
|
323,639
|
|
|
|
303,503
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
417,490
|
|
|
$
|
392,691
|
|
See accompanying notes to unaudited consolidated condensed
financial statements.
5
Table of Contents
BADGER METER, INC.
Consolidated Condensed
Statements of Operations
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands except share and per share amounts)
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Net sales
|
|
$
|
108,646
|
|
|
$
|
110,630
|
|
|
$
|
317,069
|
|
|
$
|
329,319
|
|
|
Cost of sales
|
|
|
66,976
|
|
|
|
66,684
|
|
|
|
194,666
|
|
|
|
207,121
|
|
|
Gross margin
|
|
|
41,670
|
|
|
|
43,946
|
|
|
|
122,403
|
|
|
|
122,198
|
|
|
Selling, engineering and administration
|
|
|
25,225
|
|
|
|
28,212
|
|
|
|
76,598
|
|
|
|
80,139
|
|
|
Operating earnings
|
|
|
16,445
|
|
|
|
15,734
|
|
|
|
45,805
|
|
|
|
42,059
|
|
|
Interest expense, net
|
|
|
66
|
|
|
|
295
|
|
|
|
280
|
|
|
|
994
|
|
|
Other pension and postretirement costs
|
|
|
41
|
|
|
|
11,787
|
|
|
|
123
|
|
|
|
19,799
|
|
|
Earnings before income taxes
|
|
|
16,338
|
|
|
|
3,652
|
|
|
|
45,402
|
|
|
|
21,266
|
|
|
Provision for income taxes
|
|
|
3,617
|
|
|
|
801
|
|
|
|
10,499
|
|
|
|
4,715
|
|
|
Net earnings
|
|
$
|
12,721
|
|
|
$
|
2,851
|
|
|
$
|
34,903
|
|
|
$
|
16,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.44
|
|
|
$
|
0.10
|
|
|
$
|
1.20
|
|
|
$
|
0.57
|
|
|
Diluted
|
|
$
|
0.44
|
|
|
$
|
0.10
|
|
|
$
|
1.19
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
$
|
0.17
|
|
|
$
|
0.15
|
|
|
$
|
0.47
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation of earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
29,013,573
|
|
|
|
28,989,205
|
|
|
|
29,022,080
|
|
|
|
28,983,115
|
|
|
Impact of dilutive securities
|
|
|
179,765
|
|
|
|
207,955
|
|
|
|
193,112
|
|
|
|
198,428
|
|
|
Diluted
|
|
|
29,193,338
|
|
|
|
29,197,160
|
|
|
|
29,215,192
|
|
|
|
29,181,543
|
|
See accompanying notes to unaudited consolidated condensed
financial statements.
6
Table of Contents
BADGER METER, INC.
Consolidated
Condensed Statements of Comprehensive Income
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands)
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Net earnings
|
|
$
|
12,721
|
|
|
$
|
2,851
|
|
|
$
|
34,903
|
|
|
$
|
16,551
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(646
|
)
|
|
|
106
|
|
|
|
(509
|
)
|
|
|
(281
|
)
|
|
Pension and postretirement benefits, net of tax
|
|
|
(16
|
)
|
|
|
7,396
|
|
|
|
333
|
|
|
|
13,168
|
|
|
Comprehensive income
|
|
$
|
12,059
|
|
|
$
|
10,353
|
|
|
$
|
34,727
|
|
|
$
|
29,438
|
|
See accompanying notes to unaudited consolidated condensed
financial statements.
7
Table of Contents
BADGER METER, INC.
Consolidated
Condensed Statements of Cash Flows
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
(Unaudited)
(In thousands)
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$
|
34,903
|
|
|
$
|
16,551
|
|
|
Adjustments to reconcile net earnings to net cash provided by
operations:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
8,688
|
|
|
|
8,796
|
|
|
Amortization
|
|
|
9,323
|
|
|
|
9,675
|
|
|
Deferred income taxes
|
|
|
18
|
|
|
|
132
|
|
|
Noncurrent employee benefits
|
|
|
(150
|
)
|
|
|
261
|
|
|
Pension termination settlement charge
|
|
|
-
|
|
|
|
19,900
|
|
|
Contribution to pension plan
|
|
|
-
|
|
|
|
(2,860
|
)
|
|
Stock-based compensation expense
|
|
|
882
|
|
|
|
3,374
|
|
|
Changes in:
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
4,555
|
|
|
|
(11,462
|
)
|
|
Inventories
|
|
|
(4,259
|
)
|
|
|
1,409
|
|
|
Payables
|
|
|
10,885
|
|
|
|
(2,468
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(5,806
|
)
|
|
|
(5,573
|
)
|
|
Other liabilities
|
|
|
2,100
|
|
|
|
2,148
|
|
|
Total adjustments
|
|
|
26,236
|
|
|
|
23,332
|
|
|
Net cash provided by operations
|
|
|
61,139
|
|
|
|
39,883
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment expenditures
|
|
|
(5,589
|
)
|
|
|
(7,219
|
)
|
|
Acquisitions, net of cash acquired and future payments
|
|
|
-
|
|
|
|
(8,048
|
)
|
|
Net cash used for investing activities
|
|
|
(5,589
|
)
|
|
|
(15,267
|
)
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
Net decrease in short-term debt
|
|
|
(13,500
|
)
|
|
|
(8,433
|
)
|
|
Payment of contingent acquisition consideration
|
|
|
(1,650
|
)
|
|
|
(2,034
|
)
|
|
Dividends paid
|
|
|
(13,652
|
)
|
|
|
(11,895
|
)
|
|
Proceeds from exercise of stock options
|
|
|
963
|
|
|
|
933
|
|
|
Repurchase of treasury stock
|
|
|
(3,358
|
)
|
|
|
(4,451
|
)
|
|
Issuance of treasury stock
|
|
|
142
|
|
|
|
529
|
|
|
Net cash used for financing activities
|
|
|
(31,055
|
)
|
|
|
(25,351
|
)
|
|
Effect of foreign exchange rates on cash
|
|
|
147
|
|
|
|
200
|
|
|
Increase (decrease) in cash
|
|
|
24,642
|
|
|
|
(535
|
)
|
|
Cash – beginning of period
|
|
|
13,086
|
|
|
|
11,164
|
|
|
Cash – end of period
|
|
$
|
37,728
|
|
|
$
|
10,629
|
|
See accompanying notes to unaudited consolidated condensed
financial statements.
8
Table of Contents
BADGER METER, INC.
Consolidated
Condensed Statements of Shareholders’ Equity
|
|
|
Quarter and year-to-date ended September 30,
|
|
|
|
|
Common
Stock at $1
par value*
|
|
|
Capital in
excess of
par value
|
|
|
Reinvested
earnings
|
|
|
Accumulated
other
comprehensive
income
(loss)
|
|
|
Employee
benefit
stock
|
|
|
Treasury
stock (at cost)
|
|
|
Total
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands except share and per share amounts)
|
|
|
Balance, June 30, 2018
|
|
$
|
37,177
|
|
|
$
|
33,681
|
|
|
$
|
250,242
|
|
|
$
|
(5,508
|
)
|
|
$
|
(461
|
)
|
|
$
|
(26,661
|
)
|
|
$
|
288,470
|
|
|
Net earnings
|
|
|
-
|
|
|
|
-
|
|
|
|
2,851
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,851
|
|
|
Pension and postretirement benefits
(net of $3,080 tax effect)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,396
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,396
|
|
|
Foreign currency translation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
106
|
|
|
|
-
|
|
|
|
-
|
|
|
|
106
|
|
|
Cash dividends of $0.15 per share
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,361
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,361
|
)
|
|
Stock options exercised
|
|
|
21
|
|
|
|
681
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
702
|
|
|
ASU 2018-02 adoption
|
|
|
-
|
|
|
|
-
|
|
|
|
1,700
|
|
|
|
(1,700
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
2,430
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,430
|
|
|
Purchase of common stock for treasury stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,462
|
)
|
|
|
(2,462
|
)
|
|
Issuance of treasury stock (9 shares)
|
|
|
-
|
|
|
|
17
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
81
|
|
|
|
98
|
|
|
Balance, September 30, 2018
|
|
$
|
37,198
|
|
|
$
|
36,809
|
|
|
$
|
250,432
|
|
|
$
|
294
|
|
|
$
|
(461
|
)
|
|
$
|
(29,042
|
)
|
|
$
|
295,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2017
|
|
$
|
37,165
|
|
|
$
|
32,182
|
|
|
$
|
244,224
|
|
|
$
|
(10,893
|
)
|
|
$
|
(461
|
)
|
|
$
|
(24,766
|
)
|
|
$
|
277,451
|
|
|
Net earnings
|
|
|
-
|
|
|
|
-
|
|
|
|
16,551
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
16,551
|
|
|
ASU 2014-09 adoption impact
|
|
|
-
|
|
|
|
-
|
|
|
|
(128
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(128
|
)
|
|
Pension and postretirement benefits
(net of $4,994 tax effect)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,168
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,168
|
|
|
Foreign currency translation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(281
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(281
|
)
|
|
Cash dividends of $0.41 per share
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,915
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,915
|
)
|
|
Stock options exercised
|
|
|
33
|
|
|
|
900
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
933
|
|
|
ASU 2018-02 adoption
|
|
|
-
|
|
|
|
-
|
|
|
|
1,700
|
|
|
|
(1,700
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
3,374
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,374
|
|
|
Purchase of common stock for treasury stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,451
|
)
|
|
|
(4,451
|
)
|
|
Issuance of treasury stock (39 shares)
|
|
|
-
|
|
|
|
353
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
175
|
|
|
|
528
|
|
|
Balance, September 30, 2018
|
|
$
|
37,198
|
|
|
$
|
36,809
|
|
|
$
|
250,432
|
|
|
$
|
294
|
|
|
$
|
(461
|
)
|
|
$
|
(29,042
|
)
|
|
$
|
295,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2019
|
|
$
|
37,200
|
|
|
$
|
39,746
|
|
|
$
|
270,772
|
|
|
$
|
1,066
|
|
|
$
|
(306
|
)
|
|
$
|
(32,026
|
)
|
|
$
|
316,452
|
|
|
Net earnings
|
|
|
-
|
|
|
|
-
|
|
|
|
12,721
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,721
|
|
|
Pension and postretirement benefits
(net of ($4) tax effect)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(16
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(16
|
)
|
|
Foreign currency translation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(646
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(646
|
)
|
|
Cash dividends of $0.17 per share
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,942
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,942
|
)
|
|
Stock options exercised
|
|
|
-
|
|
|
|
192
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23
|
|
|
|
215
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
328
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
328
|
|
|
Purchase of common stock for treasury stock
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(521
|
)
|
|
|
(521
|
)
|
|
Issuance of treasury stock (21 shares)
|
|
|
-
|
|
|
|
40
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
48
|
|
|
Balance, September 30, 2019
|
|
$
|
37,200
|
|
|
$
|
40,306
|
|
|
$
|
278,551
|
|
|
$
|
404
|
|
|
$
|
(306
|
)
|
|
$</ |