MESTEK, INC. FIRST QUARTER REPORT
TO SHAREHOLDERS
For the quarter ended March 31, 2022
MESTEK, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
2022 | 2021 | ||||||
(Dollars and Shares in | |||||||
thousands, except | |||||||
Earnings per common share) | |||||||
Net Sales | $ | 95,246 | $ | 74,500 | |||
Cost of Goods Sold | 69,951 | 53,215 | |||||
Gross Profit | 25,295 | 21,285 | |||||
Selling Expense | 10,313 | 8,306 | |||||
General and Administrative Expense | 5,627 | 5,032 | |||||
Engineering Expense | 4,264 | 4,037 | |||||
Hedging and Other - net | (16,489) | (4,370) | |||||
Operating Profit | 21,580 | 8,280 | |||||
Interest Expense - net | (19) | (31) | |||||
Other Expense - net | (8) | (135) | |||||
Income Before Income Taxes | 21,553 | 8,114 | |||||
Provision for Income Tax | 5,812 | 2,182 | |||||
Net Income | 15,741 | 5,932 | |||||
Less: Net Income - Non-controlling Interests | - | 16 | |||||
Net Income Attributable to Mestek, Inc. | $ | 15,741 | $ | 5,916 | |||
Basic Earnings Per Common Share | $ | 2.08 | $ | 0.79 | |||
Basic Weighted Average Shares Outstanding | 7,579 | 7,507 | |||||
Diluted Earnings Per Common Share | $ | 2.08 | $ | 0.78 | |||
Diluted Weighted Average Shares Outstanding | 7,579 | 7,591 | |||||
MESTEK, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, | December 31, | |
2022 | 2021 |
(Dollars in thousands)
ASSETS Current Assets
Cash and Cash Equivalents Short-Term Investments
Accounts Receivable - less allowances of $1,706 and $1,690, respectively Inventories - net
Property Held for Sale Commodity Investments Other Current Assets
Total Current Assets
Property and Equipment - net
Right-of-use Assets - net
Other Assets - net
Goodwill
Total Assets
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll and Related Expenses
Customer Deposits
Current Portion of Environmental Reserves
Current Portion of Operating Lease Obligations
Warranty Reserve
Other Accrued Liabilities
Total Current Liabilities
Environmental Reserves - long term
Operating Lease Obligations - long term
Deferred Tax Liabilities
Long-Term Debt, net of current portion
Other Liabilities
Total Liabilities
-
35,647
19,987
66,179
94,827
2,327
80,385
13,973
313,325
48,275
13,833
15,277
42,420
- 433,130
-
17,109
21,827
29,245
116
4,454
2,757
14,418
89,926
3,297
9,379
1,276
8,765
4,531
117,174
-
71,684
-
54,354
79,254
2,327
73,153
14,693
295,465
48,859
12,949
8,342
42,378
- 407,993
-
14,226
19,635
28,145
116
4,187
2,757
11,794
80,860
3,320
8,763
1,276
8,767
4,796
107,782
SHAREHOLDERS' EQUITY
Common Stock, no par, stated value $0.05 per share, 20,000,000 shares authorized,
8,473,288 and 8,384,726 shares issued, respectively | 422 | |
Paid in Capital | 5,788 | |
Retained Earnings | 321,065 | |
Treasury Shares, at cost (894,720 and 878,010 common shares, respectively | (11,932) | |
Accumulated Other Comprehensive Loss | (240) | |
Total Mestek, Inc. Shareholders' Equity | 315,103 | |
Non-controlling Interest | 853 | |
Total Shareholders' Equity | 315,956 | |
Total Liabilities and Shareholders' Equity | $ | 433,130 |
422
5,788
305,325
(11,932)
(245)
299,358
853
300,211
- 407,993
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Disclaimer
Mestek Inc. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 14:53:06 UTC.
