10-Q Filing

DUCOMMUN INC /DE/ CIK: 30305 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001628280-19-005916`
Period End Date	20190331
Filing Date	20190506
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	dco-20190330.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 40 Cash Flow Statement 59 Stockholders Equity 10 Comprehensive Income 14

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.26M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,239 and $1,135 at March 30, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$63.13M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,239 and $1,135 at March 30, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$67.82M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$86.67M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$93.31M	USD	Point-in-time
Inventories	`InventoryNet`	$101.12M	USD	Point-in-time
Inventories	`InventoryNet`	$103.99M	USD	Point-in-time
Production cost of contracts	`ProductionCostOfContractsCurrent`	$11.68M	USD	Point-in-time
Production cost of contracts	`ProductionCostOfContractsCurrent`	$11.01M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.53M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$284.08M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$282.17M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $158,308 and $154,840 at March 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$108.84M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $158,308 and $154,840 at March 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$107.05M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$18.40M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$18.98M	USD	Point-in-time
Goodwill	`Goodwill`	$136.06M	USD	Point-in-time
Goodwill	`Goodwill`	$136.06M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$112.09M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$109.39M	USD	Point-in-time
Non-current deferred income taxes	`DeferredIncomeTaxAssetsNet`	$313.00K	USD	Point-in-time
Non-current deferred income taxes	`DeferredIncomeTaxAssetsNet`	$308.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.54M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.16M	USD	Point-in-time
Total Assets	`Assets`	$644.74M	USD	Point-in-time
Total Assets	`Assets`	$660.71M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$69.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$68.78M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$15.03M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$17.14M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$37.79M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$28.99M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.54M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.33M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.33M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$117.67M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$126.53M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$228.87M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$229.12M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.12M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$17.50M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxLiabilities`	$18.21M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxLiabilities`	$18.07M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$14.43M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$14.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$396.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$387.91M	USD	Point-in-time
Commitments and contingencies (Notes 10, 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 10, 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,477,771 and 11,417,863 shares issued and outstanding at March 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$114.00K	USD	Point-in-time
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,477,771 and 11,417,863 shares issued and outstanding at March 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$115.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$83.37M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$83.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$187.56M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$180.36M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.36M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$247.57M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$256.82M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$263.78M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$644.74M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$660.71M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$172.57M	USD	1 Quarter
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.24M	USD	Point-in-time
Net Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$150.46M	USD	1 Quarter
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.14M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$154.84M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$158.31M	USD	Point-in-time
Cost of Sales	`CostOfGoodsAndServicesSold`	$123.70M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$136.87M	USD	1 Quarter
Gross Profit	`GrossProfit`	$26.75M	USD	1 Quarter
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Gross Profit	`GrossProfit`	$35.69M	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$19.33M	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$22.85M	USD	1 Quarter
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Restructuring Charges	`RestructuringCharges`	-	USD	1 Quarter
Restructuring Charges	`RestructuringCharges`	$2.17M	USD	1 Quarter
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	11.42M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	11.48M	shares	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	11.48M	shares	Point-in-time
Operating Income	`OperatingIncomeLoss`	$12.85M	USD	1 Quarter
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	11.42M	shares	Point-in-time
Operating Income	`OperatingIncomeLoss`	$5.26M	USD	1 Quarter
Interest Expense	`InterestIncomeExpenseNet`	$-4.35M	USD	1 Quarter
Interest Expense	`InterestIncomeExpenseNet`	$-2.90M	USD	1 Quarter
Income Before Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.50M	USD	1 Quarter
Income Before Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.36M	USD	1 Quarter
Income Tax Expense (Benefit)	`IncomeTaxExpenseBenefit`	$-243.00K	USD	1 Quarter
Income Tax Expense (Benefit)	`IncomeTaxExpenseBenefit`	$1.02M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$7.47M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.43M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.35M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.76M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.61M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$2.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$7.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.98M	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$633.00K	USD	1 Quarter
Property and equipment impairment due to restructuring	`ProductionRelatedImpairmentsOrCharges`	-	USD	1 Quarter
Property and equipment impairment due to restructuring	`ProductionRelatedImpairmentsOrCharges`	$1.08M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.46M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-206.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$217.00K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$104.00K	USD	1 Quarter
Provision for (recovery of) doubtful accounts	`ProvisionForDoubtfulAccounts`	$-143.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$19.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-8.81M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.29M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.58M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$6.64M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$78.16M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.87M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-36.23M	USD	1 Quarter
Production cost of contracts	`IncreaseDecreaseinProductionCostofContract`	$-105.00K	USD	1 Quarter
Production cost of contracts	`IncreaseDecreaseinProductionCostofContract`	$55.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$450.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-412.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.79M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$12.21M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.12M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$15.72M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.52M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-9.15M	USD	1 Quarter
Net Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$10.34M	USD	1 Quarter
Net Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.71M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.34M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.23M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$41.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.30M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.23M	USD	1 Quarter
Borrowings from senior secured revolving credit facility	`ProceedsFromSecuredLinesOfCredit`	$61.90M	USD	1 Quarter
Borrowings from senior secured revolving credit facility	`ProceedsFromSecuredLinesOfCredit`	$76.70M	USD	1 Quarter
Repayments of senior secured revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$83.30M	USD	1 Quarter
Repayments of senior secured revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$58.70M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfSecuredDebt`	$3.00M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfSecuredDebt`	-	USD	1 Quarter
Net cash paid upon issuance of common stock under stock plans	`PaymentsFromIssuanceofStockUnderAwardPlansNet`	$1.80M	USD	1 Quarter
Net cash paid upon issuance of common stock under stock plans	`PaymentsFromIssuanceofStockUnderAwardPlansNet`	$789.00K	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.39M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.60M	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.54M	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-353.00K	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.15M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.73M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.80M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.26M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.15M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.73M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.80M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.26M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$247.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$256.82M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$263.78M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$2.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$7.47M	USD	1 Quarter
Other Comprehensive Income, Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$86.00K	USD	1 Quarter
Other Comprehensive Income, Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$335.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$247.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$256.82M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$263.78M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Amortization of actuarial losses and prior service costs, tax benefits	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$45.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.60M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$7.47M	USD	1 Quarter
Amortization of actuarial losses and prior service costs, tax benefits	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$51.00K	USD	1 Quarter
Change in unrealized gains and losses on cash flow hedges, tax benefit	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	$-54.00K	USD	1 Quarter
Change in unrealized gains and losses on cash flow hedges, tax benefit	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$-61.00K	USD	1 Quarter
Amortization of actuarial losses and prior service costs, net of tax benefit of $51 and $45 for the three months ended March 30, 2019 and March 31, 2018, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$141.00K	USD	1 Quarter
Amortization of actuarial losses and prior service costs, net of tax benefit of $51 and $45 for the three months ended March 30, 2019 and March 31, 2018, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$170.00K	USD	1 Quarter
Change in unrealized gains and losses on cash flow hedges, net of tax of $54 and $61 for the three months ended March 30, 2019 and March 31, 2018, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$-84.00K	USD	1 Quarter
Change in unrealized gains and losses on cash flow hedges, net of tax of $54 and $61 for the three months ended March 30, 2019 and March 31, 2018, respectively	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$194.00K	USD	1 Quarter
Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$86.00K	USD	1 Quarter
Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$335.00K	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$2.94M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$7.56M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.