TriMas (US:TRS)2020-07-30 15:52PART I. FINANCIAL INFORMATION Forward-Looking Statements This section identifies forward-looking statements, detailing assumptions, risks, and uncertainties impacting financial results - Forward-looking statements are identified by words like "may," "could," "should," "estimate," "project," "forecast," "intend," "expect," "anticipate," "believe," "target," "plan" or other comparable words, or by discussions of strategy that may involve risks and uncertainties12 - Key risks include the severity and duration of the COVID-19 pandemic, general economic and currency conditions, material and energy costs, competitive factors, and the ability to realize business strategies and integrate acquisitions13 - The company cautions readers not to place undue reliance on these statements and does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement, except as required by law14 Item 1. Consolidated Financial Statements This section presents TriMas Corporation's unaudited consolidated financial statements and detailed notes for Q2 2020 and FY 2019 Consolidated Balance Sheet This section details the company's financial position, including assets, liabilities, and equity, for Q2 2020 and FY 2019 Consolidated Balance Sheet Data | Metric | June 30, 2020 (unaudited) | December 31, 2019 | | :------------------------------------------------------------------------------------------------ | :----------------------- | :------------------ | | Assets | | | | Cash and cash equivalents | $65,250 | $172,470 | | Total current assets | $348,360 | $434,040 | | Total assets | $1,184,900 | $1,192,700 | | Liabilities and Shareholders' Equity | | | | Total current liabilities | $113,340 | $119,790 | | Long-term debt, net | $295,260 | $294,690 | | Total liabilities | $523,800 | $495,220 | | Total shareholders' equity | $661,100 | $697,480 | | Total liabilities and shareholders' equity | $1,184,900 | $1,192,700 | - Total assets decreased slightly from $1,192,700 thousand at December 31, 2019, to $1,184,900 thousand at June 30, 2020. Cash and cash equivalents saw a significant decrease from $172,470 thousand to $65,250 thousand19 - Total liabilities increased from $495,220 thousand to $523,800 thousand, while total shareholders' equity decreased from $697,480 thousand to $661,100 thousand19 Consolidated Statement of Operations This section presents the company's operating performance, including net sales, gross profit, and net income for Q2 and H1 2020 Consolidated Statement of Operations Data | Metric | Three months ended June 30, 2020 | Three months ended June 30, 2019 | Six months ended June 30, 2020 | Six months ended June 30, 2019 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $199,550 | $190,830 | $382,340 | $364,200 | | Gross profit | $37,230 | $53,790 | $83,600 | $100,580 | | Operating profit (loss) | $(18,150) | $27,060 | $1,680 | $46,860 | | Income (loss) before income tax expense | $(21,250) | $24,790 | $(5,080) | $40,580 | | Net income (loss) | $(15,700) | $22,020 | $(2,580) | $41,110 | | Basic earnings (loss) per share | $(0.36) | $0.48 | $(0.06) | $0.90 | | Diluted earnings (loss) per share | $(0.36) | $0.48 | $(0.06) | $0.89 | - Net sales increased for both the three and six months ended June 30, 2020, compared to 2019. However, gross profit, operating profit, and net income significantly decreased, turning into losses for the 2020 periods, primarily due to realignment expenses and a change in accounting policy for asbestos-related defense costs21130131 Consolidated Statement of Comprehensive Income This section details the company's comprehensive income, including net income and other comprehensive income components, for Q2 and H1 2020 Consolidated Statement of Comprehensive Income Data | Metric | Three months ended June 30, 2020 | Three months ended June 30, 2019 | Six months ended June 30, 2020 | Six months ended June 30, 2019 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(15,700) | $22,020 | $(2,580) | $41,110 | | Total other comprehensive income (loss) | $(660) | $(1,530) | $(4,340) | $1,490 | | Total comprehensive income (loss) | $(16,360) | $20,490 | $(6,920) | $42,600 | - Total comprehensive income shifted from a gain of $20,490 thousand in Q2 2019 to a loss of $16,360 thousand in Q2 2020, and from a gain of $42,600 thousand in H1 2019 to a loss of $6,920 thousand in H1 2020, reflecting the net income (loss) trend and changes in other comprehensive income components like foreign currency translation and derivative instruments23 Consolidated Statement of Cash Flows This section outlines the company's cash inflows and outflows from operating, investing, and financing activities for H1 2020 and H1 2019 Consolidated Statement of Cash Flows Data | Cash Flow Activity | Six months ended June 30, 2020 | Six months ended June 30, 2019 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $30,840 | $29,280 | | Net cash used for investing activities | $(102,300) | $(79,310) | | Net cash used for financing activities | $(35,760) | $(17,840) | | Decrease in cash for the period | $(107,220) | $(67,870) | | Cash and cash equivalents at end of period | $65,250 | $40,280 | - Net cash provided by operating activities increased slightly to $30,840 thousand in H1 2020 from $29,280 thousand in H1 2019. However, net cash used for investing activities significantly increased to $102,300 thousand in H1 2020, primarily due to acquisitions, and net cash used for financing activities also increased to $35,760 thousand26195196 Consolidated Statement of Shareholders' Equity This section details changes in the company's shareholders' equity components from December 31, 2019, to June 30, 2020 Consolidated Statement of Shareholders' Equity Data | Equity Component | Balance, December 31, 2019 | Balance, June 30, 2020 | | :-------------------------------- | :------------------------- | :--------------------- | | Common Stock | $450 | $440 | | Paid-in Capital | $782,880 | $753,430 | | Accumulated Deficit | $(79,850) | $(82,430) | | Accumulated Other Comprehensive Loss | $(6,000) | $(10,340) | | Total Shareholders' Equity | $697,480 | $661,100 | - Total shareholders' equity decreased from $697,480 thousand at December 31, 2019, to $661,100 thousand at June 30, 2020, primarily due to net loss, other comprehensive loss, and common stock repurchases29 Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements [1. Basis of Presentation](index=11&type=section&id=1.%20Basis%20of