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Press Release: CSW Industrials Reports Fiscal -3-

· 02/05/2021 07:30
Nine Months Ended December 31, ---------------------------------------- (Amounts in thousands) 2020 2019 --------------------- ----------------- Cash flows from operating activities: Net income $ 30,660 $ 31,297 Less: Loss from discontinued operations -- (148) ----------------- -------------- Income from continuing operations 30,660 31,445 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6,079 6,008 Amortization of intangible and other assets 5,698 5,238 Provision for inventory reserves 1,169 183 Provision for doubtful accounts 227 837 Share-based and other executive compensation 3,945 3,776 Net gain on disposals of property, plant and equipment (42) (844) Pension plan curtailment benefit -- 6,559 Net pension benefit 121 (156) Net deferred taxes 456 (369) Changes in operating assets and liabilities: Accounts receivable 14,115 10,143 Inventories (1,581) (5,099) Prepaid expenses and other current assets (4,494) 3,236 Other assets (340) 20 Accounts payable and other current liabilities (1,787) (265) Retirement benefits payable and other liabilities (180) (359) ----------------- -------------- Net cash provided by operating activities, continuing operations 54,046 60,353 Net cash used in operating activities, discontinued operations -- (442) ----------------- -------------- Net cash provided by operating activities 54,046 59,911 ----------------- -------------- Cash flows from investing activities: Capital expenditures (6,886) (7,595) Proceeds from sale of assets 604 1,239 Cash paid for acquisitions (278,680) (11,837) ----------------- -------------- Net cash used in investing activities, continuing operations (284,962) (18,193) Net cash used in investing activities (284,962) (18,193) ----------------- -------------- Cash flows from financing activities: Borrowings on line of credit 255,000 7,500 Repayments of line of credit and term loan (10,421) (27,921) Purchase of treasury shares (10,488) (2,784) Payments of deferred loan costs (149) -- Proceeds from stock option activity 1,331 -- Dividends (5,970) (6,088) ----------------- -------------- Net cash provided by (used in) financing activities 229,303 (29,293) ----------------- -------------- Effect of exchange rate changes on cash and equivalents 1,535 808 ----------------- -------------- Net change in cash and cash equivalents (78) 13,233 Cash and cash equivalents, beginning of period 18,338 26,651 ----------------- -------------- Cash and cash equivalents, end of period $ 18,260 $ 39,884 ==== =========== ==========(Amounts in thousands, except per share amounts) December 31, 2020 March 31, 2020 ------------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 18,260 $ 18,338 Accounts receivable, net of allowance for expected credit losses of $503 and $1,170, respectively 75,005 74,880 Inventories, net 101,560 53,753 Prepaid expenses and other current assets 20,998 3,074 Total current assets 215,823 150,045 Property, plant and equipment, net of accumulated depreciation of $77,666 and $71,355, respectively 86,254 57,178 Goodwill 222,262 91,686 Intangible assets, net 279,502 46,185 Other assets 76,736 24,151 Total assets $ 880,577 $ 369,245 ============== =========== LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 25,667 $ 21,978 Accrued and other current liabilities 50,531 36,607 Current portion of long-term debt 561 561 Total current liabilities 76,759 59,146 Long-term debt 254,916 10,337 Retirement benefits payable 1,854 1,879 Other long-term liabilities 144,331 21,142 Total liabilities 477,860 92,504 Equity: Common shares, $0.01 par value 161 159 Shares authorized -- 50,000 Shares issued -- 16,163 and 16,055, respectively Additional paid-in capital 103,538 48,327 Treasury shares, at cost (511 and 1,311 shares, respectively) (34,075) (75,377) Retained earnings 339,731 315,078 Accumulated other comprehensive loss (6,638) (11,446) ------------------ --------------- Total equity 402,717 276,741 ------------------ --------------- Total liabilities and equity $ 880,577 $ 369,245 ============== ===========------- ------- -------- -------- Income before income taxes 3,055 9,354 40,220 41,544 Provision for income taxes (709) (2,072) (9,560) (10,099) ------- ------- -------- -------- Income from continuing operations 2,346 7,282 30,660 31,445 Loss from discontinued operations, net of tax -- 26 -- (148) ------- ------- -------- -------- Net income $ 2,346 $ 7,308 $ 30,660 $ 31,297 Basic earnings (loss) per common share: Continuing operations $ 0.16 $ 0.48 $ 2.07 $ 2.09 Discontinued operations -- -- -- (0.01) ------- ------- -------- -------- Net income $ 0.16 $ 0.48 $ 2.07 $ 2.08 ====== ====== ======= ======= Diluted earnings (loss) per common share: Continuing operations $ 0.16 $ 0.48 $ 2.06 $ 2.07 Discontinued operations -- -- -- (0.01) ------- ------- -------- -------- Net income $ 0.16 $ 0.48 $ 2.06 $ 2.06 ====== ====== ======= =======

CSW INDUSTRIALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

CSW INDUSTRIALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Reconciliation of Non-GAAP Measures

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February 05, 2021 07:30 ET (12:30 GMT)