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Form 10-Q FOSTER L B CO For: Jun 30

August 9, 2022 10:50 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2022
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 Number: 000-10436
fstr-20220630_g1.gif
L.B. Foster Company
(Exact name of registrant as specified in its charter)
Pennsylvania
25-1324733
(State of Incorporation)
(I. R. S. Employer Identification No.)
415 Holiday Drive, Suite 100, Pittsburgh, Pennsylvania
15220
(Address of principal executive offices)(Zip Code)
(412) 928-3400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01FSTRNASDAQ Global Select Market

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 (section 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, 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.
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company
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 August 2, 2022, there were 10,929,468 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




L.B. FOSTER COMPANY AND SUBSIDIARIES
INDEX
 
Page

2

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
2022
December 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$7,661 $10,372 
Accounts receivable - net (Note 5)72,252 55,911 
Contract assets - net (Note 3)31,023 36,179 
Inventories - net (Note 6)73,391 62,871 
Other current assets18,551 14,146 
Total current assets202,878 179,479 
Property, plant, and equipment - net (Note 7)56,900 58,222 
Operating lease right-of-use assets - net (Note 8)13,538 15,131 
Other assets:
Goodwill (Note 4)24,571 20,152 
Other intangibles - net (Note 4)29,540 31,023 
Deferred tax assets (Note 11)36,777 37,242 
Other assets1,218 1,346 
TOTAL ASSETS$365,422 $342,595 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $49,944 $41,411 
Deferred revenue19,072 13,411 
Accrued payroll and employee benefits6,565 9,517 
Current portion of accrued settlement (Note 15)8,000 8,000 
Current maturities of long-term debt (Note 9)64 98 
Other accrued liabilities12,959 13,757 
Total current liabilities96,604 86,194 
Long-term debt (Note 9)49,222 31,153 
Deferred tax liabilities (Note 11)3,628 3,753 
Long-term portion of accrued settlement (Note 15)14,000 16,000 
Long-term operating lease liabilities (Note 8)10,785 12,279 
Other long-term liabilities10,144 9,606 
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at June 30, 2022 and December 31, 2021, 11,115,779; shares outstanding at June 30, 2022 and December 31, 2021, 10,730,950 and 10,670,343, respectively
111 111 
Paid-in capital42,201 43,272 
Retained earnings169,177 168,733 
Treasury stock - at cost, 384,829 and 445,436 common stock shares at June 30, 2022 and December 31, 2021, respectively
(8,391)(10,179)
Accumulated other comprehensive loss(22,547)(18,845)
Total L.B. Foster Company stockholders’ equity180,551 183,092 
Noncontrolling interest488 518 
Total stockholders’ equity181,039 183,610 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$365,422 $342,595 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Sales of goods$116,584 $138,309 $201,005 $238,855 
Sales of services14,931 16,213 29,304 31,747 
Total net sales131,515 154,522 230,309 270,602 
Cost of goods sold95,331 115,087 165,176 199,212 
Cost of services sold12,891 13,274 25,393 26,399 
Total cost of sales108,222 128,361 190,569 225,611 
Gross profit23,293 26,161 39,740 44,991 
Selling and administrative expenses19,394 19,767 36,692 37,793 
Amortization expense1,419 1,470 2,855 2,935 
Operating profit2,480 4,924 193 4,263 
Interest expense - net384 861 754 1,732 
Other (income) expense - net(701)70 (1,264)129 
Income before income taxes2,797 3,993 703 2,402 
Income tax expense821 1,139 313 818 
Net income1,976 2,854 390 1,584 
Net loss attributable to noncontrolling interest(34)(22)(54)(34)
Net income attributable to L.B. Foster Company$2,010 $2,876 $444 $1,618 
Basic earnings per common share$0.18 $0.27 $0.04 $0.15 
Diluted earnings per common share$0.18 $0.27 $0.04 $0.15 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
(In thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net income$1,976 $2,854 $390 $1,584 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment(3,688)538 (4,568)961 
Unrealized gain on cash flow hedges, net of tax expense of $50, $0, $238,and $0, respectively
147  698  
Cash flow hedges reclassified to earnings, net of tax expense of $0, $98, $66, and $196, respectively
 137 93 273 
Reclassification of pension liability adjustments to earnings, net of tax expense of $16, $24, $32, and $48, respectively*
50 91 99 182 
Total comprehensive (loss) income(1,515)3,620 (3,288)3,000 
Less comprehensive income (loss) attributable to noncontrolling interest:
Net loss attributable to noncontrolling interest(34)(22)(54)(34)
Foreign currency translation adjustment(61)51 24 21 
Amounts attributable to noncontrolling interest(95)29 (30)(13)
Comprehensive (loss) income attributable to L.B. Foster Company$(1,420)$3,591 $(3,258)$3,013 
 
*
Reclassifications out of “Accumulated other comprehensive loss” for pension obligations are charged to “Selling and administrative expenses” within the Condensed Consolidated Statements of Operations.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$390 $1,584 
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Deferred income taxes(173)(93)
Depreciation3,814 4,008 
Amortization2,855 2,935 
Equity in income of nonconsolidated investments(87) 
(Gain) loss on sales and disposals of property, plant, and equipment(214)30 
Stock-based compensation1,183 1,213 
Gain on asset divestiture(491) 
Change in operating assets and liabilities:
Accounts receivable(17,327)(19,876)
Contract assets2,190 (2,653)
Inventories(10,695)5,473 
Other current assets(3,573)(650)
Other noncurrent assets1,715 1,215 
Accounts payable9,347 10,854 
Deferred revenue5,301 10,168 
Accrued payroll and employee benefits(2,943)(1,506)
Accrued settlement(2,000)(2,000)
Other current liabilities(1,748)(2,561)
Other long-term liabilities(926)(1,299)
Net cash (used in) provided by continuing operating activities(13,382)6,842 
Net cash used in discontinued operating activities (253)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment237  
Capital expenditures on property, plant, and equipment(3,048)(2,248)
Proceeds from asset divestiture1,195  
Acquisition, net of cash acquired(5,712) 
Net cash used in continuing investing activities(7,328)(2,248)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt(78,093)(90,666)
Proceeds from debt96,970 82,899 
Treasury stock acquisitions(401)(547)
Investment of noncontrolling interest 396 
Net cash provided by (used in) continuing financing activities18,476 (7,918)
Effect of exchange rate changes on cash and cash equivalents(477)153 
Net decrease in cash and cash equivalents(2,711)(3,424)
Cash and cash equivalents at beginning of period10,372 7,564 
Cash and cash equivalents at end of period$7,661 $4,140 
Supplemental disclosure of cash flow information:
Interest paid$662 $1,439 
Income taxes paid$389 $898 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands)
Three Months Ended June 30, 2022
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated Other
Comprehensive Loss
Noncontrolling
Interest
Total Stockholders’
Equity
Balance, March 31, 2022$111 $42,153 $167,167 $(9,200)$(19,117)$583 $181,697 
Net income— — 2,010 — — (34)1,976 
Other comprehensive loss, net of tax:
Pension liability adjustment— — — — 50 — 50 
Foreign currency translation adjustment— — — — (3,627)(61)(3,688)
Unrealized derivative gain on cash flow hedges— — — — 147 — 147 
Issuance of 26,167 common shares, net of shares withheld for taxes
— (877)— 809 — — (68)
Stock-based compensation— 925 — — — — 925 
Balance, June 30, 2022$111 $42,201 $169,177 $(8,391)$(22,547)$488 $181,039 

Three Months Ended June 30, 2021
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated Other
Comprehensive Loss
Noncontrolling
Interest
Total Stockholders’
Equity
Balance, March 31, 2021$111 $43,943 $163,849 $(11,783)$(19,588)$354 $176,886 
Net income— — 2,876 — — (22)2,854 
Other comprehensive income, net of tax:
Pension liability adjustment— — — — 91 — 91 
Foreign currency translation adjustment— — — — 487 51 538 
Cash flow hedges reclassified to earnings— — — — 137 — 137 
Issuance of 30,145 common shares, net of shares withheld for taxes
— (679)— 679 — —  
Stock-based compensation— 386 — — — — 386 
Balance, June 30, 2021$111 $43,650 $166,725 $(11,104)$(18,873)$383 $180,892 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands)
Six Months Ended June 30, 2022
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated Other
Comprehensive Loss
Noncontrolling
Interest
Total Stockholders’
Equity
Balance, December 31, 2021$111 $43,272 $168,733 $(10,179)$(18,845)$518 $183,610 
Net income— — 444 — — (54)390 
Other comprehensive (loss) income, net of tax:
Pension liability adjustment— — — — 99 — 99 
Foreign currency translation adjustment— — — — (4,592)24 (4,568)
Unrealized derivative gain on cash flow hedges— — — — 698 — 698 
Cash flow hedges reclassified to earnings— — — — 93 — 93 
Issuance of 60,607 common shares, net of shares withheld for taxes
— (2,254)— 1,788 — — (466)
Stock-based compensation— 1,183 — — — — 1,183 
Balance, June 30, 2022$111 $42,201 $169,177 $(8,391)$(22,547)$488 $181,039 

Six Months Ended June 30, 2021
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated Other
Comprehensive Loss
Noncontrolling
Interest
Total Stockholders’
Equity
Balance, December 31, 2020$111 $44,583 $165,107 $(12,703)$(20,268)$ $176,830 
Net income— — 1,618 — — (34)1,584 
Other comprehensive income (loss), net of tax:— 
Pension liability adjustment— — — — 182 — 182 
Foreign currency translation adjustment— — — — 940 21 961 
Cash flow hedges reclassified to earnings— — — — 273 — 273 
Issuance of 76,030 common shares, net of shares withheld for taxes
— (2,146)— 1,599 — — (547)
Stock-based compensation— 1,213 — — — — 1,213 
Investment of noncontrolling interest— — — — — 396 396 
Balance, June 30, 2021$111 $43,650 $166,725 $(11,104)$(18,873)$383 $180,892 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands, except share data)
Note 1. Financial Statements
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals, unless otherwise stated herein) considered necessary for a fair presentation of the financial position and Condensed Consolidated Statements of Cash Flows of L.B. Foster Company and subsidiaries as of June 30, 2022 and December 31, 2021 and its Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive (Loss) Income, and Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 have been included. However, actual results could differ from those estimates and changes in those estimates are recorded when known. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The Condensed Consolidated Balance Sheet as of December 31, 2021 was derived from audited financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B. Foster Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries.

Reclassifications
Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes principally to conform to the presentation of the current year period. Effective for the quarter and year ended December 31, 2021, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company has three reporting segments, representing the individual businesses that are run separately under the new structure: Rail, Technologies, and Services; Precast Concrete Products; and Steel Products and Measurement. The Company has revised the information for all periods presented in this Quarterly Report on Form 10-Q to reflect these reclassifications.

Recently Issued Accounting Standards
In March 2020 and as clarified in January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts of the provisions of ASU 2020-04 on its financial condition, results of operations, and cash flows.
Note 2. Business Segments
The Company is a global solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company’s consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company’s segment accounting policies are described in Note 2 Business Segments of the Notes to the Company’s Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year-ended December 31, 2021.







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The following table illustrates the Company’s revenues and profit (loss) from operations by segment for the periods indicated:
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Net SalesSegment Operating Profit (Loss)Net SalesSegment Operating Profit
Rail, Technologies, and Services$81,797 $3,998 $88,782 $5,657 
Precast Concrete Products23,611 (125)20,073 1,148 
Steel Products and Measurement26,107 762 45,667 814 
Total$131,515 $4,635 $154,522 $7,619 

Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
Net SalesSegment Operating Profit (Loss)Net SalesSegment Operating Profit (Loss)
Rail, Technologies, and Services$145,507 $5,037 $155,014 $7,879 
Precast Concrete Products38,621 (916)32,751 1,031 
Steel Products and Measurement46,181 (1,386)82,837 (113)
Total$230,309 $2,735 $270,602 $8,797 

Segment profit from operations, as shown above, includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity are allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments.

The following table provides a reconciliation of segment net profit to the Company’s consolidated total for the periods presented:
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Operating profit for reportable segments$4,635 $7,619 $2,735 $8,797 
Interest expense - net(384)(861)(754)(1,732)
Other income (expense) - net701 (70)1,264 (129)
Unallocated corporate expenses and other unallocated charges(2,155)(2,695)(2,542)(4,534)
Income before income taxes$2,797 $3,993 $703 $2,402 

The following table illustrates assets of the Company by segment for the periods presented:
June 30,
2022
December 31,
2021
Rail, Technologies, and Services$174,857 $171,608 
Precast Concrete Products58,203 48,740 
Steel Products and Measurement60,267 58,377 
Unallocated corporate assets72,095 63,870 
Total$365,422 $342,595 
Note 3. Revenue
Revenue from products or services provided to customers over time accounted for 27.5% and 27.9% of revenue for the three months ended June 30, 2022 and 2021, respectively, and 28.8% and 26.8% of revenue for the six months ended June 30, 2022 and 2021, respectively. The majority of revenue under these long-term agreements is recognized over time either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts its performance to date under the terms of the contract. Revenue recognized over time using an input measure was $20,089 and $27,687 for the three months ended June 30, 2022 and 2021, respectively, and $39,411 and $48,795 for the six months ended June 30, 2022 and 2021, respectively. A certain portion of the Company’s revenue recognized over time under these long-term agreements is recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over
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time using an output measure was $16,013 and $15,487 for the three months ended June 30, 2022 and 2021, respectively, and $26,994 and $23,751 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022 and December 31, 2021, the Company had contract assets of $31,023 and $36,179, respectively, that were recorded within the Condensed Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had contract liabilities of $2,584 and $3,235, respectively, that were recorded in “Deferred revenue” within the Condensed Consolidated Balance Sheets.

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. Point in time revenue accounted for 72.5% and 72.1% of revenue for the three months ended June 30, 2022 and 2021, respectively, and 71.2% and 73.2% for six months ended June 30, 2022 . The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at a physical location.

The following table summarizes the Company’s net sales by major product and service category for the periods presented:
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Rail Products and Global Friction Management$70,416 $76,756 $122,067 $132,068 
Technology Services and Solutions11,381 12,026 23,440 22,946 
Rail, Technologies, and Services81,797 88,782 145,507 155,014 
Precast Concrete Buildings15,811 16,349 25,781 26,630 
Other Precast Concrete Products7,800 3,724 12,840 6,121 
Precast Concrete Products23,611 20,073 38,621 32,751 
Fabricated Steel Products17,967 32,223 30,571 59,944 
Coatings and Measurement8,140 13,444 15,610 22,893 
Steel Products and Measurement26,107 45,667 46,181 82,837 
Total net sales$131,515 $154,522 $230,309 $270,602 

Net sales by the timing of the transfer of products and performance of services was as follows for the periods presented:
Three Months Ended June 30, 2022
Rail, Technologies,
and Services
Precast Concrete ProductsSteel Products and MeasurementTotal
Point in time$65,872 $8,577 $20,964 $95,413 
Over time15,925 15,034 5,143 36,102 
Total net sales$81,797 $23,611 $26,107 $131,515 
Three Months Ended June 30, 2021
Rail, Technologies,
and Services
Precast Concrete ProductsSteel Products and MeasurementTotal
Point in time$71,711 $5,195 $34,442 $111,348 
Over time17,071 14,878 11,225 43,174 
Total net sales$88,782 $20,073 $45,667 $154,522 

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