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Helios Technologies, Inc. (HLIO) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 28, 2020

SEC Filings

HLIO Quarterly Reports

Helios Technologies, Inc.

CIK: 1024795 Ticker: HLIO

Exhibit 99.1

NEWS

RELEASE

 

FOR IMMEDIATE RELEASE                        

Helios Technologies Reports First Quarter 2020 Results

 

Strong net sales in Q1 at $129.5 million

 

o

$5 million headwind from COVID-19

 

Productivity improvements drove gross margin to 40.1%, up from 38.5%

 

Solid profitability; goodwill impairment resulted in EPS loss of $(0.54)

 

o

Non-GAAP cash EPS of $0.56

 

Adjusted EBITDA of $30.4 million, 23.5% margin on sales

 

Proactive cost reductions initiated in anticipation of COVID-19 related macroeconomic slowing

Sarasota, FL, May  4, 2020 —

Helios Technologies, Inc. (NasdaqHLIO) (“Helios” or the “Company”), a global industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets, today reported financial results for the first quarter ended March 28, 2020.  

Tricia Fulton, the Company’s Interim President and Chief Executive Officer as well as Chief Financial Officer, commented, “Our solid first quarter performance exceeded our expectations, despite a softer demand environment compared with a year ago.  Most of the quarter was business as usual for us, with the COVID-19 pandemic conditions resulting in about $5 million lower sales in the quarter.  As a result of government mandates, our China operations were shut down for six weeks beginning in February through mid-March.  Production at our facility in Italy was shut down for four weeks in March and April, although customer shipping activities continued.  After three additional weeks of being open only for certain government approved activities, the Italian facility opened for full production today, as the government mandate was lifted.  However, current economic conditions stemming from the COVID-19 pandemic resulted in the recording of a $31.9 million non-cash goodwill impairment charge relating to our Faster business unit in the quarter.  All of our other significant operations were deemed essential and are running near full capacity.  We implemented substantial procedures to limit the spread of COVID-19 and keep our employees safe and healthy while responding to the needs of our customers.”  

She continued, “Customer demand was steady for most of the quarter, with certain industries and regions experiencing more variation than others.  Despite lower sales, both of our segments reported gross margin expansion compared with the prior year, evidencing our ability to manage costs and continue productivity improvements.  Additionally, we reduced our net debt by over $11 million during the quarter, expanding our already strong liquidity position and maintaining our 2.1x net debt-to-adjusted EBITDA ratio.”  


Helios Technologies | 1500 West University Parkway | Sarasota, FL 34243 | 941-362-1200


The following information was filed by Helios Technologies, Inc. (HLIO) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Helios Technologies, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Aoci (Details)
Commitments And Contingencies
Company Background
Company Background (Details Textual)
Credit Facilities
Credit Facilities (Details 1)
Credit Facilities (Details 2)
Credit Facilities (Details Textual)
Credit Facilities (Details)
Credit Facilities (Tables)
Derivative Instruments &Amp; Hedging Activities
Derivative Instruments &Amp; Hedging Activities (Details 1)
Derivative Instruments &Amp; Hedging Activities (Details Textual)
Derivative Instruments &Amp; Hedging Activities (Details)
Derivative Instruments &Amp; Hedging Activities (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details 1)
Goodwill And Intangible Assets (Details 2)
Goodwill And Intangible Assets (Details Textual)
Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Details Textual)
Inventories
Inventories (Details)
Inventories (Tables)
Operating Leases
Operating Leases (Details 1)
Operating Leases (Details 2)
Operating Leases (Details Textual)
Operating Leases (Details)
Operating Leases (Tables)
Related Party Transactions
Related Party Transactions (Details Textual)
Segment Reporting
Segment Reporting (Details 1)
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Stock-Based Compensation
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details Textual)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Helios Technologies, Inc. provided additional information to their SEC Filing as exhibits

Ticker: HLIO
CIK: 1024795
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021043
Submitted to the SEC: Tue May 05 2020 10:00:47 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Saturday, March 28, 2020
Industry: Miscellaneous Fabricated Metal Products

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