GLEN
ALLEN, Va., March 9,
2023 /PRNewswire/ -- Hamilton Beach Brands Holding
Company (NYSE: HBB), which operates through its wholly-owned
subsidiary Hamilton Beach Brands, Inc., today announced results for
the fourth quarter and full year 2022.
Highlights
- Q4 2022 revenue of $196.2 million
was nearly flat to Q4 2021, as increased revenue in the global
commercial, U.S. and Mexican consumer markets was offset by
decreased revenue in the Latin American and Canadian markets
- Q4 2022 operating profit was $11.3
million compared to $17.9
million in Q4 2021, reflecting short-term gross profit
margin contraction, primarily due to holiday promotions, partially
offset by lower SG&A expense
- Full-year 2022 revenue of $640.9
million, the second highest in the history of Hamilton Beach
Brands, compared to a record $658.4
million in 2021
- Full-year 2022 operating profit was $38.8 million, including a $10.0 million insurance recovery, compared to
$31.5 million in 2021
- The Company effectively managed elevated inventory levels
during the year and significantly reduced inventory and debt in Q4
2022
- Demand for small kitchen appliances in 2023 is expected to
decrease moderately compared to 2022, especially in the first half
of the year, as consumers continue to calibrate spending in
response to inflation and economic concerns
- For the full year 2023, Hamilton Beach Brands expects total
revenue to be flat to 2022 and operating profit to increase,
excluding the insurance recovery in 2022
Fourth Quarter 2022 Compared to Fourth Quarter 2021
Total revenue of $196.2 million
compared to $197.8 million in the
fourth quarter of 2021. Lower unit volume was offset by higher
prices and a favorable product mix. Revenue increased in the global
commercial market and in the U.S. and Mexican consumer markets,
while revenue decreased in the Latin American and Canadian consumer
markets. Consumer revenue overall was below expectations due to
softer than anticipated consumer pull-through and retailer reorders
during the holiday selling season.
In the global commercial market, revenue increased $6.0 million, or 57.1%. This growth reflects a
continued strong rebound in the food service and hospitality
industries from pandemic-driven demand softness as well as the
Company's new products, line extensions and sales initiatives. In
the premium market, revenue increased 14.5%. Revenue in the
ecommerce channel accounted for 44.9% of total revenue and
increased 0.4%.
Gross profit was $34.1 million
compared to $43.1 million. Gross
profit margin was 17.4% compared to 21.8%. This short-term
contraction was primarily due to holiday promotions offered in
response to soft consumer consumption trends and other efforts to
reduce inventory levels.
Selling, general and administrative expenses decreased to
$22.8 million compared to
$25.1 million, primarily due to lower
environmental expense and lower expenses for temporary workers and
outside services.
Operating profit was $11.3 million
compared to $17.9 million.
Interest expense, net increased by $0.9
million to $1.7 million, due
primarily to rising interest rates, as well as increased average
borrowings outstanding under the Company's revolving credit
facility.
Net income was $7.1 million, or
$0.51 per diluted share, compared to
net income of $12.6 million, or
$0.90 per diluted share.
Full Year 2022 Compared to Full Year 2021
Total revenue of $640.9 million,
the second highest in the history of Hamilton Beach Brands,
decreased 2.6% compared to a record $658.4
million in 2021. Revenue in the global commercial market
increased $20.5 million, or 50.0% and
partially offset lower revenue in the Company's consumer
markets.
The Company continued to make progress with its strategic
initiatives in 2022. Revenue in the global commercial market
accounted for 9.6% of total revenue. Revenue in the premium market
increased 15.7% and accounted for 15.3% of total revenue. Revenue
in the ecommerce channel accounted for 38.0% of total revenue and
increased 2.8%.
Gross profit was $129.1 million
compared to $136.5 million. Gross
profit margin was 20.1% compared to 20.7%. Price increases
implemented during 2022 partially offset higher costs.
Selling, general and administrative expenses were $90.1 million compared to $104.8 million. This change primarily reflected a
$10.0 million insurance recovery
recognized in the first quarter of 2022, a decrease in outside
services, and the absence of incremental expense incurred in 2021
to relocate the Company's U.S. distribution center to a new
facility.
Operating profit was $38.8 million
compared to $31.5 million, including
the $10.0 million insurance
recovery.
Interest expense, net increased by $1.7
million, to $4.6 million, due
primarily to rising interest rates, as well as increased average
borrowings outstanding under the Company's revolving credit
facility.
The effective tax rate was 22.1% compared to 26.4%. The current
year amount reflected the favorable impact of reversing interest
and penalties on unrecognized tax benefits that were included in
the prior year. The reversal was due to a change in the Company's
position on an unresolved tax matter related to the Company's
Mexican subsidiaries.
Net income was $25.3 million, or
$1.81 per diluted share, compared to
net income of $21.3 million, or
$1.53 per diluted share.
Cash Flow and Debt
For the year ended December 31,
2022, net cash used for operating activities was
$3.4 million compared to cash
provided by operating activities of $17.9
million in 2021, primarily due to net working capital, which
was a use of cash of $39.0 million in
2022 compared to a use of cash of $1.5
million in 2021. In 2022, trade receivables provided net
cash of $4.5 million compared to net
cash provided of $27.6 million in the
prior year, due to the timing of collections. Net cash used for
inventory and accounts payable combined was $43.5 million in 2022 compared to $29.1 million in 2021. During the year, the
Company effectively managed inventory levels that were elevated due
to supply chain disruptions early in 2022 and significantly reduced
inventory and debt during the fourth quarter. Cash inflow from
decreased inventory was offset by a larger cash outflow related to
accounts payable due to timing of payments.
Capital expenditures for 2022 decreased to $2.3 million compared to $11.8 million in 2021, primarily due to capital
spending for the Company's new distribution center in 2021 that did
not recur.
At December 31, 2022, net debt, or
debt minus cash and cash equivalents, was $110.0 million compared to $95.7 million at December
31, 2021, due to higher net working capital, and compared to
$144.5 million at September 30, 2022.
Dividend and Share Repurchases
During 2022, the Company returned value to shareholders by
paying $5.8 million in dividends and
repurchasing 261,049 shares of its Class A common stock at
prevailing market prices for an aggregate purchase price of
$3.0 million.
Outlook
In 2023, the retail marketplace remains uncertain, as consumers
continue to adjust spending patterns in response to inflation and
economic concerns. Demand for small kitchen appliances (SKA) is
expected to be moderately softer than in 2022, especially in the
first half of the year. Visibility regarding the potential degree
of softness is limited at this time. Industry demand may be helped
in part by consumers continuing to focus on a home-centric
lifestyle. Home-centric consumers cook more, many product
categories are considered essential, and increased product use
creates a need for replacements and upgrades. The SKA industry
historically has been resilient during times of economic
downturn.
For the full year 2023, the Company expects its total revenue to
be flat to 2022. In the first half of 2023, due to an expected
continuation of soft consumer consumption trends, the Company has
taken a more conservative view and expects a moderate decrease in
revenue compared to the first half of 2022. In the second half of
2023, the Company expects to benefit from continued progress with
its strategic initiatives and is optimistic about its new product
offerings and potential placements for the holiday selling season,
and expects revenue to increase modestly compared to the second
half of 2022.
Operating profit for the full year 2023 is expected to increase
compared to 2022, excluding the $10.0 million insurance recovery. In 2023,
the Company expects gross profit margin expansion and moderately
higher SG&A expense, mostly due to increased employee-related
costs and some investment in new products advertising. Product
costs for small kitchen appliances and transportation expenses have
been moderating as many of the supply chain challenges of the past
few years have subsided. The Company is working with its retail
partners on appropriate rollbacks of previous price increases in
ways that will keep Hamilton Beach Brands competitive while also
protecting margins. The Company expects gross profit margin to
return to its historical range as the first half of 2023 unfolds,
following a short-term contraction in the fourth quarter of 2022.
The Company continues to focus on driving efficiencies and value
improvement across the enterprise.
Interest expense in 2023 is expected to increase compared to
2022, mostly due to higher rates. Capital expenditures in 2023 are
expected to be $4 million to
$5 million. Cash flow before
financing in 2023 is expected to increase significantly compared to
2022 as a result of improvements in net working capital. The
Company's outlook could change if consumer demand or retailer
replenishment orders are softer than currently expected.
The Company has many competitive advantages that position it for
a solid performance in 2023. Its diversified brand and product
portfolio provides numerous offerings to value-tier consumers and
includes the opportunity to capture potential trade-down during
times of economic downturn. Its premium products also provide
exposure to high-income consumers, whose buying patterns are not as
influenced by price considerations. The Company also expects to
benefit from its growing participation in the global commercial
market, which is expected to continue to rebound strongly from
pandemic-driven demand softness. The Company expects continued
progress with its strategic initiatives to drive revenue growth,
expand operating margin and generate strong cash flow over time.
The initiatives are focused on increasing sales of innovative,
higher priced, higher margin products in the Company's core North
American market. In addition to commercial products, focus areas
include the premium and home health and wellness markets. The
Company is also focused on driving growth of its flagship brands,
Hamilton Beach® and Proctor Silex®,
accelerating its digital transformation, and leveraging
partnerships and acquisitions. Following is a brief summary of each
initiative.
Drive Core Growth: This initiative is focused on driving
the growth of the Company's flagship Hamilton Beach® and
Proctor Silex® brands, including key category and
channel strategies. Both brands have a long history of consumer
trust, based on quality, durability and innovative solutions. In
2022, product development teams delivered 40 new consumer product
platforms in high-demand categories. New products are supported by
digital marketing, social media advertising and influencer
marketing. Hamilton Beach® continues to be the #1
small kitchen appliance brand in the USA based on units sold. The Company continues
to reposition its Proctor Silex® brand as "Simply
Better." After converting several direct markets to licensing
partnerships beginning in 2021, the Company continues to build out
licensing partnerships globally.
Gain Share in the Premium Market: The Company continues
to develop, license and acquire brands to increase its
participation in the premium market. New products and digital
marketing support underpin the strategy to grow this business. The
Bartesian® line of premium cocktail machines continues
to grow; in 2022, the team launched new duet and commercial models.
The CHI® brand continues to grow in sales and share of
the garment care category and has established itself as a leading
premium brand. The Hamilton Beach Professional® and
Weston® brands continue to resonate strongly with
consumers within the niches they serve. The Wolf
Gourmet® brand continues to generate steady sales within
the luxury market. In early 2023, Hamilton Beach Brands announced
an agreement to provide the next generation of specialty appliances
for use with Numilk® powdered ingredients to create a
variety of nondairy products in consumer homes and in commercial
establishments. Hamilton Beach Brands and Numilk are in the product
design and engineering phase and expect to launch the new
appliances in early 2024.
Lead in the Global Commercial Market: This initiative is
focused on securing new business and increasing sales with existing
customers that operate in the food service and hospitality
industries throughout the world. Continuing to develop products
that create a competitive advantage in the Company's core blending
and mixing categories, as well as expanding into new categories
organically, is the cornerstone of the strategy. The Company is
also investing in longer term strategies such as ecommerce, digital
marketing, the expansion of international markets, and driving new
category and channel growth. Identifying strategic partnership
opportunities in this market is also a key focus.
Expand in Home Health and Wellness: The Company has
taken many steps to introduce new products in the air purification,
water filtration and home medical categories, as it aims to achieve
meaningful dollar and share participation in the large and
fast-growing home health and wellness market over time. These
include trademark licensing agreements with The Clorox Company and
Brita LP. Six Clorox™ True HEPA air purifiers and replacement
filters were launched in 2022 including models that work with
Alexa®. In addition to tabletop, medium room and large
room sizes, an extra-large room model is planned for 2023. The
Brita Hub™ countertop electric water filtration appliance
was launched in early 2023, creating a new category. The Smart
Sharps Bin™ from Hamilton Beach
Health® powered by HealthBeacon® for
at-home injection care management was introduced in the U.S. in
March 2022. The system is FSA, HSA,
Medicare and Medicaid eligible. New agreements with specialty
pharmacies is expected to drive sales in 2023.
Accelerate Digital Transformation: The Company has a
well-developed ecommerce capability and continues its
investments to gain share in ecommerce markets for consumer and
commercial products. The Company collaborates closely with
omnichannel and online-only retail customers to leverage the
fast-paced changes in the ecommerce channel and increase awareness
and sell-through of its products. The Company focuses on robust
digital marketing that includes online product content, search
optimization and advertising, attracting favorable reviews and
strong star ratings, and social media strategies. The Company's
consumer products earned an average 4.3-star rating in 2022 and
five of its 10 brands were rated 4.5 stars or higher.The Company's
new U.S. distribution center includes a state-of-the art capability
to ship small packages directly to consumers in partnership with
retail customers.
Leverage Partnerships and Acquisitions: This initiative
is focused on identifying and securing businesses with a strategic
fit to the Company's portfolio. Hamilton Beach Brands is actively
engaged in the pursuit of additional trademark licensing
agreements, strategic alliances and acquisitions that would drive
growth in all of its markets.
Conference Call
The Company will conduct an earnings conference call and webcast
on Friday, March 10, 2023, at
9:30 a.m. Eastern time. The call may
be accessed by dialing 888-350-3452 (toll free), International
647-362-9199. Conference ID: 1809480. The conference call will also
be webcast live on the Company's Investor Relations website at
www.hamiltonbeachbrands.com. An archive of the webcast will be
available on the website.
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company operates through its
wholly owned subsidiary Hamilton Beach Brands, Inc., a leading
designer, marketer, and distributor of a wide range of branded
small electric household and specialty housewares appliances, as
well as commercial products for restaurants, fast food chains,
bars, and hotels. The Company's owned consumer brands include
Hamilton Beach®, Proctor Silex®, Hamilton
Beach Professional®, Weston®,
TrueAir®, and Hamilton Beach Health®. The
Company's owned commercial brands include Hamilton Beach
Commercial® and Proctor Silex Commercial®.
Hamilton Beach Brands licenses the brands for Wolf
Gourmet® countertop appliances, CHI® premium
garment care products, Clorox™ True HEPA air purifiers, and
Brita Hub™ countertop electric water filtration appliances.
Hamilton Beach Brands has exclusive multiyear agreements to design,
sell, market and distribute Bartesian® premium cocktail delivery
machines, the Smart Sharps Bin™ from Hamilton Beach
Health® powered by HealthBeacon®, and
specialty appliances to create Numilk® nondairy fresh
milk on demand. For more information about Hamilton Beach Brands
Holding Company, visit hamiltonbeachbrands.com.
Forward-Looking Statements
The statements contained in this news release that are not
historical facts are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward looking
statements are made subject to certain risks and uncertainties,
which could cause actual results to differ materially from those
presented. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof. Such risks and
uncertainties include, without limitation: (1) the Company's
ability to source and ship products to meet anticipated demand, (2)
the Company's ability to successfully manage constraints throughout
the global transportation supply chain, (3) uncertain or
unfavorable global economic conditions, including those resulting
from the COVID-19 pandemic and its downstream impacts and the
ongoing conflict in Ukraine; (4)
changes in the sales prices, product mix or levels of consumer
purchases of small electric and specialty housewares appliances,
(5) changes in consumer retail and credit markets, including the
increasing volume of transactions made through third-party internet
sellers, (6) bankruptcy of or loss of major retail customers or
suppliers, (7) changes in costs, including transportation costs, of
sourced products, (8) delays in delivery of sourced products, (9)
changes in or unavailability of quality or cost effective
suppliers, (10) exchange rate fluctuations, changes in the import
tariffs and monetary policies and other changes in the regulatory
climate in the countries in which the Company operates or buys
and/or sells products, (11) the impact of tariffs on customer
purchasing patterns, (12) product liability, regulatory actions or
other litigation, warranty claims or returns of products, (13)
customer acceptance of, changes in costs of, or delays in the
development of new products, (14) increased competition, including
consolidation within the industry, (15) shifts in consumer shopping
patterns, gasoline prices, weather conditions, the level of
consumer confidence and disposable income as a result of economic
conditions, unemployment rates or other events or conditions that
may adversely affect the level of customer purchases of the
Company's products, (16) changes mandated by federal, state and
other regulation, including tax, health, safety or environmental
legislation, and (17) other risk factors, including those described
in the Company's filings with the Securities and Exchange
Commission, including, but not limited to, the Annual Report on
Form 10-K for the year ended December 31,
2022. Furthermore, the future impact of unfavorable economic
conditions, including inflation, rising interest rates,
availability of capital markets, consumer spending rates, negative
impacts resulting from the COVID-19 pandemic and its downstream
impacts and the ongoing conflict in Ukraine remain uncertain. In uncertain
economic environments, the Company cannot predict whether or when
such circumstances may improve or worsen, or what impact, if any,
such circumstances could have on its business, results of
operations, cash flows and financial position.
HAMILTON BEACH
BRANDS HOLDING COMPANY CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited)
|
|
|
THREE MONTHS
ENDED
DECEMBER 31
|
|
YEAR
ENDED
DECEMBER 31
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In thousands, except
per share data)
|
|
(In thousands, except
per share data)
|
Revenue
|
$ 196,248
|
|
$ 197,750
|
|
$ 640,949
|
|
$ 658,394
|
Cost of
sales
|
162,186
|
|
154,608
|
|
511,835
|
|
521,892
|
Gross
profit
|
34,062
|
|
43,142
|
|
129,114
|
|
136,502
|
Selling, general and
administrative expenses
|
22,759
|
|
25,149
|
|
90,120
|
|
104,763
|
Amortization of
intangible assets
|
50
|
|
50
|
|
200
|
|
200
|
Operating profit
(loss)
|
11,253
|
|
17,943
|
|
38,794
|
|
31,539
|
Interest expense,
net
|
1,700
|
|
774
|
|
4,589
|
|
2,854
|
Other expense (income),
net
|
130
|
|
(93)
|
|
1,776
|
|
(272)
|
Income (loss) from
continuing operations before income taxes
|
9,423
|
|
17,262
|
|
32,429
|
|
28,957
|
Income tax expense
(benefit)
|
2,325
|
|
4,624
|
|
7,162
|
|
7,651
|
Net income (loss)
from continuing operations
|
7,098
|
|
12,638
|
|
25,267
|
|
21,306
|
Income (loss) from
discontinued operations, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
Net income
(loss)
|
$
7,098
|
|
$
12,638
|
|
$
25,267
|
|
$
21,306
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
0.51
|
|
$
0.91
|
|
$
1.81
|
|
$
1.54
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
Basic earnings (loss)
per share
|
$
0.51
|
|
$
0.91
|
|
$
1.81
|
|
$
1.54
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
0.51
|
|
$
0.90
|
|
$
1.81
|
|
$
1.53
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
Diluted earnings (loss)
per share
|
$
0.51
|
|
$
0.90
|
|
$
1.81
|
|
$
1.53
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
13,882
|
|
13,904
|
|
13,970
|
|
13,880
|
Diluted weighted
average shares outstanding
|
13,904
|
|
14,057
|
|
13,996
|
|
13,930
|
HAMILTON BEACH
BRANDS HOLDING COMPANY CONSOLIDATED BALANCE
SHEETS (Unaudited)
|
|
|
DECEMBER 31
2022
|
|
DECEMBER 31
2021
|
|
(In
thousands)
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
928
|
|
$
1,125
|
Trade receivables,
net
|
115,135
|
|
119,580
|
Inventory
|
156,038
|
|
183,382
|
Prepaid expenses and
other current assets
|
12,643
|
|
14,273
|
Total current
assets
|
284,744
|
|
318,360
|
Property, plant and
equipment, net
|
27,830
|
|
30,485
|
Right-of-use lease
assets
|
44,000
|
|
—
|
Goodwill
|
6,253
|
|
6,253
|
Other intangible
assets, net
|
1,492
|
|
1,692
|
Deferred tax
assets
|
3,117
|
|
4,006
|
Deferred
costs
|
14,348
|
|
18,703
|
Other non-current
assets
|
7,166
|
|
3,005
|
Total
assets
|
$
388,950
|
|
$
382,504
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
61,759
|
|
$
131,912
|
Accrued
compensation
|
11,310
|
|
11,719
|
Accrued product
returns
|
6,474
|
|
6,429
|
Lease
liabilities
|
5,875
|
|
—
|
Other current
liabilities
|
16,150
|
|
14,116
|
Total current
liabilities
|
101,568
|
|
164,176
|
Revolving credit
agreements
|
110,895
|
|
96,837
|
Lease liabilities,
non-current
|
46,801
|
|
—
|
Other long-term
liabilities
|
5,152
|
|
19,212
|
Total
liabilities
|
264,416
|
|
280,225
|
Stockholders'
equity
|
|
|
|
Preferred stock, par
value $0.01 per share
|
—
|
|
—
|
Class A Common stock,
par value $0.01 per share; 10,663 and 10,267 shares issued as
of
December 31, 2022 and 2021, respectively
|
107
|
|
103
|
Class B Common stock,
par value $0.01 per share, convertible into Class A on a
one-for-one
basis; 3,844 and 4,000 shares issued as of December 31,
2022 and 2021, respectively
|
38
|
|
40
|
Capital in excess of
par value
|
65,008
|
|
61,586
|
Treasury
stock
|
(8,939)
|
|
(5,960)
|
Retained
earnings
|
80,238
|
|
60,753
|
Accumulated other
comprehensive loss
|
(11,918)
|
|
(14,243)
|
Total stockholders'
equity
|
124,534
|
|
102,279
|
Total liabilities
and stockholders' equity
|
$
388,950
|
|
$
382,504
|
|
|
|
|
HAMILTON BEACH
BRANDS HOLDING COMPANY CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited)
|
|
|
YEAR ENDED
DECEMBER 31
|
|
2022
|
|
2021
|
|
2020
|
|
(In
thousands)
|
Operating
activities
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
$
25,267
|
|
$
21,306
|
|
$
24,067
|
Adjustments to
reconcile net income (loss) from continuing operations to
net cash provided by (used for) operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
4,883
|
|
4,913
|
|
3,907
|
Deferred income
taxes
|
372
|
|
2,110
|
|
(1,431)
|
Stock compensation
expense
|
3,424
|
|
3,237
|
|
3,978
|
Brazil foreign
currency loss
|
2,085
|
|
—
|
|
—
|
Other
|
(129)
|
|
1,025
|
|
2,055
|
Net changes in
operating assets and liabilities:
|
|
|
|
|
|
Affiliate
payable
|
—
|
|
(505)
|
|
9
|
Trade
receivables
|
4,532
|
|
27,631
|
|
(41,314)
|
Inventory
|
26,399
|
|
(9,077)
|
|
(65,808)
|
Other
assets
|
6,274
|
|
(4,729)
|
|
(550)
|
Accounts
payable
|
(69,911)
|
|
(20,037)
|
|
40,215
|
Other
liabilities
|
(6,614)
|
|
(8,017)
|
|
6,938
|
Net cash provided
(used for) by operating activities from continuing
operations
|
(3,418)
|
|
17,857
|
|
(27,934)
|
Investing
activities
|
|
|
|
|
|
Expenditures for
property, plant and equipment
|
(2,279)
|
|
(11,844)
|
|
(3,312)
|
Other
|
—
|
|
—
|
|
(500)
|
Net cash (used for)
provided by investing activities from continuing
operations
|
(2,279)
|
|
(11,844)
|
|
(3,812)
|
Financing
activities
|
|
|
|
|
|
Net additions
(reductions) to revolving credit agreements
|
14,383
|
|
(1,550)
|
|
39,761
|
Purchase of treasury
stock
|
(2,979)
|
|
—
|
|
—
|
Cash dividends
paid
|
(5,782)
|
|
(5,468)
|
|
(5,053)
|
Financing fees
paid
|
(47)
|
|
(114)
|
|
(528)
|
Other
financing
|
—
|
|
(134)
|
|
—
|
Net cash (used for)
provided by financing activities from continuing
operations
|
5,575
|
|
(7,266)
|
|
34,180
|
Cash flows from
discontinued operations
|
|
|
|
|
|
Net cash provided by
(used for) operating activities from discontinued
operations
|
—
|
|
—
|
|
(6,193)
|
Net cash provided by
(used for) investing activities from discontinued
operations
|
—
|
|
—
|
|
6
|
Cash (used for)
provided by discontinued operations
|
—
|
|
—
|
|
(6,187)
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
(123)
|
|
(33)
|
|
25
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
Increase (decrease)
for the period from continuing operations
|
(245)
|
|
(1,286)
|
|
2,459
|
Increase (decrease)
for the year from discontinued operations
|
—
|
|
—
|
|
(6,187)
|
Balance at the
beginning of the year
|
2,150
|
|
3,436
|
|
7,164
|
Balance at the end
of the year
|
$
1,905
|
|
$
2,150
|
|
$
3,436
|
Reconciliation of
cash, cash equivalents and restricted cash
|
|
|
|
|
|
Continuing
operations:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
928
|
|
$
1,125
|
|
$
2,415
|
Restricted cash
included in prepaid expenses and other current assets
|
62
|
|
48
|
|
208
|
Restricted cash
included in other non-current assets
|
915
|
|
977
|
|
813
|
Total cash, cash
equivalents, and restricted cash
|
$
1,905
|
|
$
2,150
|
|
$
3,436
|
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SOURCE Hamilton Beach Brands Holding Company