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GLEN ALLEN, Va., Nov. 9, 2020 /PRNewswire/ -- Highlights from Continuing Operations Revenue in Q3 2020 decreased 26% compared to Q3 2019 due primarily to greater than anticipated challenges arising from the implementation of a new enterprise resource planning (ERP) system in the US and also to unanticipated constraints in the transportation industry. In the US Consumer market, while unprecedented demand continued, timing of revenueis expectedto shiftto Q4 2020 as the cutover to the new ERP system temporarily reduced shipping capabilities. Sales volumes in the International Consumer and Global Commercial markets decreased as expected due to pandemic-driven demand softness. Sales volumes in the Canada Consumer market increased as expected. An unprecedented surge in demand for small kitchen appliances continues and the Company entered Q4 2020 well positioned to meet customer needs with a significant backlog, strong order pipeline for the holiday selling season and the necessary inventory to fill orders. Strong demand is expected to continue into Q1 2021. For the second half of 2020, total revenue is expected to be in line with the second half of 2019 and operating profit is expected to increase approximately 20%. Net debt at September 30, 2020 decreased to $69.6 million compared to $78.6 million at September 30, 2019 due to improved net working capital. Hamilton Beach Brands Holding Company (NYSE: HBB) today announced results for the third quarter of 2020. Third Quarter 2020 Compared to Third Quarter 2019 - Continuing Operations Net loss was $2.0 million, or $0.15 per diluted share, compared to net income of $0.6 million, or $0.04 per diluted share. Revenue was $110.5 million compared to $149.5 million. As expected, sales volumes in the International Consumer and Global Commercial markets decreased as a result of pandemic-driven demand softness. Also as expected, sales volumes in the Canada Consumer market increased. In the US Consumer market, while unprecedented demand continued, sales volumes were lower than expected primarily due to timing of revenue that isexpected to shift to the fourth quarter of 2020 as the result of greater than expected challenges arising from the implementation of a new enterprise resource planning (ERP) system. The cutover to the new ERP system temporarily reduced shipping capabilities at the Company's US distribution center. Shipping capabilities also were adversely affected by unanticipated constraints in the transportation industry. Shipping challenges related to the ERP implementation have been resolved, while shipping and transportation congestion persist for the Company and its customers. The Company has enhanced its shipping capabilities by adding warehouse personnel and lift equipment, extending shifts and augmenting capacity with temporary third-party facilities. The Company also has been able to convert some of the order volume with its largest retail customers to direct import to further ease the strain on its shipping capabilities. Strong demand for small kitchen appliances during the pandemic continues and the Company entered the fourth quarter well positioned to meet customer needs with a significant backlog, strong order pipeline for the holiday selling season and the necessary inventory levels to fill orders. The Company has significantly increased the in-stock levels at its largest customers and sell-through rates at retail are in line with the market. Operating loss was $2.4 million compared to operating profit of $4.4 million. Gross profit margin increased to 21.5% compared to 20.7% despite the significantly lower sales volume. Selling, general and administrative expenses decreased to $25.8 million compared to $26.2 million. Net debt at September 30, 2020 was $69.6 million compared to $78.6 million at September 30, 2019, primarily as a result of improved net working capital. Use of cash before financing activities was $8.8. millionfor the nine months ended September 30, 2020 compared to a use of $27.3 million at September 30, 2019, reflecting in both years the normal inventory build for the holiday selling season. There were no share repurchases during the third quarter. Outlook During the time since the COVID-19 global pandemic began, the Company's focus has been on the safety and health of its employees, serving customers and consumers, and moving the business forward. Hamilton Beach Brands is a leader in an industry that is providing essential products during the pandemic. Unprecedented demand in the US and Canada continues as homebound consumers engage in more than usual meal and beverage preparation during the pandemic. The retail business in Mexico and Latin America is slowly rebounding. Commercial customers in the food service and hospitality industries are beginning to order again as they adjust to the new world created by the global pandemic. The Company's leading portfolio of consumer preferred brands and products, which ranges from value to luxury and covers more than 50 categories, is a key competitive advantage. The Company's strong capabilities in the growing ecommerce channel, its global infrastructure and team members, and its diversified retailer relationships have positioned the Company well to meet the demand surge for small kitchen appliances. The Company's third-party manufacturers have been agile in responding to the elevated demand. Hamilton Beach Brands has introduced more than 50 new products this year and expects to introduce approximately 100 more new products over the next 24 months. Even with employees working remotely, the Company's new product development process is working well. Placements for the holiday-selling season are strong, including many new products. While the impact of the ERP implementation on third-quarter 2020 results was disappointing, the related shipping hurdles have been resolved and the Company expects to benefit in future years from the conversion to a more efficient and secure system. A significant amount of the Q3 2020 revenue shortfallis expected toshift into the Q4 2020 as the Company focuses on maximizing its shipment capabilities to capture as much of the market demand as possible. Based on early fourth quarter results, shipments are ahead of last year. Based on its current outlook, the Company expects total revenue for the second half of 2020 to be in line with last year's second half and operating profit to increase approximately 20%. Any interruptions in shipping caused by a further challenged transportation industry or unexpected ERP complications, while not anticipated, could cause results to fall short of expectations. The Company's goal continues to be to exceed $20 million in cash flow before financing activities for the full year 2020, while timing of some accounts receivable collections could move into Q1 2021 due to timing of revenue expected to shift from Q3 2020 to Q4 2020, which will be determined as the fourth quarter unfolds.The Company continues to effectively manage discretionary spending and net working capital. Visibility into 2021 beyond the expectation of continuing to meet strong demand in the first quarter is limited, so the Company is deferring any outlook for the full-year 2021 to a later time. Hamilton Beach Brands business is seasonal and much of its revenue and operating profit is earned in the second half of the year when sales of small kitchen appliances to retailers and consumers increase significantly during the holiday-selling season. For the past five years, on average, 60% of revenue and 85% of operating profit have been earned in the second half of the year. Conference Call The Company will conduct an earnings conference call and webcast on Tuesday, November 10, 2020 at 9:30 a.m. Eastern time. The call may be accessed by dialing (833) 227-5844 (Toll Free) or (647) 689-4071 (International), Conference ID: 4945038. 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 is a holding company for 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 consumer brands include Hamilton Beach, Proctor Silex, Hamilton Beach Professional, Weston field-to-table and farm-to-table food preparation equipment, TrueAir air purifiers, and BrightlineTM personal care products. Hamilton Beach licenses the brands for Wolf Gourmet countertop appliances and CHI premium garment care products. Hamilton Beach markets the Bartesian premium cocktail delivery system through an exclusive multiyear agreement. Commercial brands include Hamilton Beach Commercial and Proctor Silex Commercial. For more information about Hamilton Beach Brands Holding Company, visit the Company's website at www.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 ship products to meet the anticipated increase in demand, (2) the Company's ability to successfully manage the anticipated transportation constraints, (3) the unpredictable nature of the COVID-19 pandemic and its potential impact on our business; (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 HBB buys, operates 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 HBB products, (16) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (17) risks associated with the wind down of KC including unexpected costs, contingent liabilities and the potential disruption of our other businesses, (18) the result of shareholder or governmental actions relating to the restatement of our financial statements and accounting and legal fees that we may incur in connection with the restatement,(19) our ability to successfully remediate the material weaknesses in our internal control over financial reporting disclosed in Form 10-K/A within the time periods and in the manner currently anticipated, additional material weaknesses or other deficiencies that may arise in the future or our ability to maintain an effective system of internal controls, (20) difficulties arising as a result of our implementation of an enterprise resource planning system in the US, and (21) 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/A for the year ended December 31, 2019 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. Furthermore, the situation surroundingCOVID-19remains fluid and the potential for a material impact on the Company's results of operations, financial condition, liquidity, and stock price increases the longer the virus impacts activity levels in the United States and globally. For this reason, the Company cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on its results of operations, financial position, liquidity and stock price. The extent of any impact will depend on the extent of new outbreaks, the extent to which new shutdowns may be needed, the nature of government public health guidelines and the public's adherence to those guidelines, the impact of government economic relief on the US economy, unemployment levels, the success of businesses reopening fully, the timing for proven treatments and vaccines for COVID-19, consumer confidence and demand for our products. HAMILTON BEACH BRANDS HOLDING COMPANYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) THREE MONTHS ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30 As Restated and Recast As Restated and Recast 2020 2019 2020 2019 (In thousands, except per share data) (In thousands, except per share data) Revenue $ 110,549 $ 149,508 $ 369,692 $ 407,216 Cost of sales 86,801 118,562 285,650 321,061 Gross profit 23,748 30,946 84,042 86,155 Selling, general and administrative expenses 25,830 26,162 74,078 77,385 Amortization of intangible assets 323 345 971 1,036 Operating (loss) profit (2,405) 4,439 8,993 7,734 Interest expense, net 339 756 1,308 2,208 Other expense (income), net 92 681 1,601 352 Income (loss) from continuing operations before income taxes (2,836) 3,002 6,084 5,174 Income tax expense (benefit) (826) 2,449 1,383 3,385 Net income (loss) from continuing operations (2,010) 553 4,701 1,789 Income (loss) from discontinued operations, net of tax (2,753) 22,561 (7,992) Net income (loss) $ (2,010) $ (2,200) $ 27,262 $ (6,203) Basic and diluted earnings (loss) per share: Continuing operations $ (0.15) $ 0.04 $ 0.34 $ 0.13 Discontinued operations (0.20) 1.65 (0.58) Basic and diluted earnings (loss) per share $ (0.15) $ (0.16) $ 1.99 $ (0.45) Basic weighted average shares outstanding 13,670 13,579 13,646 13,726 Diluted weighted average shares outstanding 13,686 13,595 13,667 13,731 HAMILTON BEACH BRANDS HOLDING COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) As Restated As Restated and Recast SEPTEMBER 30 2020 DECEMBER 31 2019 SEPTEMBER 30 2019 (In thousands) Assets Current assets Cash and cash equivalents $ 858 $ 2,142 $ 1,559 Trade receivables, net 98,062 108,381 103,091 Inventory 203,369 109,806 161,043 Prepaid expenses and other current assets 14,483 11,345 14,086 Current assets of discontinued operations 5,383 22,830 Total current assets 316,772 237,057 302,609 Property, plant and equipment, net 23,412 22,324 22,193 Goodwill 6,253 6,253 6,253 Other intangible assets, net 2,170 3,141 3,483 Deferred income taxes 6,078 6,248 5,640 Deferred costs 11,852 10,941 8,804 Other non-current assets 2,842 2,085 1,553 Non-current assets of discontinued operations 614 1,744 Total assets 369,379 $ 288,663 $ 352,279 Liabilities and stockholders' equity Current liabilities Accounts payable $ 187,296 $ 111,348 $ 140,011 Accounts payable to NACCO Industries, Inc. 496 496 220 Revolving credit agreements 70,413 23,497 50,152 Accrued compensation 14,294 15,027 14,650 Accrued product returns 6,575 8,697 8,266 Other current liabilities 17,338 12,534 25,880 Current liabilities of discontinued operations 29,723 24,713 Total current liabilities 296,412 201,322 263,892 Revolving credit agreements 35,000 30,000 Other long-term liabilities 12,567 16,075 14,258 Non-current liabilities of discontinued operations 1,585 Total liabilities 308,979 252,397 309,735 Stockholders' equity ClassA Common stock 100 98 95 ClassB Common stock 41 41 44 Capital in excess of par value 58,225 54,509 54,143 Treasurystock (5,960) (5,960) (5,960) Retained earnings 27,219 3,710 12,231 Accumulated other comprehensive loss (19,225) (16,132) (18,009) Total stockholders' equity 60,400 36,266 42,544 Total liabilities and stockholders' equity $ 369,379 $ 288,663 $ 352,279 HAMILTON BEACH BRANDS HOLDING COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) NINE MONTHS ENDED SEPTEMBER 30 As Restated and Recast 2020 2019 (In thousands) Operating activities Net income (loss) from continuing operations $ 4,701 $ 1,789 Adjustments to reconcile net income (loss) from continuing operations to net cash used for operating activities: Depreciation and amortization 2,469 2,813 Deferred income taxes 342 3,018 Stock compensation expense 3,722 2,430 Other (113) 98 Net changes in operating assets and liabilities: Affiliate payable (2,196) Trade receivables 7,567 (6,097) Inventory (95,684) (38,662) Other assets (2,749) (1,150) Accounts payable 76,035 21,430 Other liabilities (2,021) (7,613) Net cash provided by (used for) operating activities from continuing operations (5,731) (24,140) Investing activities Expenditures for property, plant and equipment (2,596) (3,156) Other (500) Net cash provided by (used for) investing activities from continuing operations (3,096) (3,156) Financing activities Net additions to revolving credit agreements 11,946 33,524 Purchase of treasury stock (5,960) Cash dividends paid (3,753) (3,634) Net cash provided by (used for) financing activities from continuing operations 8,193 23,930 Cash flows from discontinued operations Net cash provided by (used for) operating activities from discontinued operations (6,193) (10,959) Net cash provided by (used for) investing activities from discontinued operations 6 (112) Net cash provided by (used for) financing activities from discontinued operations 9,550 Cash provided by (used for) discontinued operations (6,187) (1,521) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,490 401 Cash, cash equivalents and restricted cash Increase (decrease) for the period from continuing operations 856 (2,965) Decrease for the period from discontinued operations (6,187) (1,521) Balance at the beginning of the period 7,164 6,352 Balance at the end of the period $ 1,833 $ 1,866 Reconciliation of cash, cash equivalents and restricted cash Continuing operations: Cash and cash equivalents $ 858 $ 1,559 Restricted cash included in prepaid expenses and other current assets 198 Restricted cash included in other non-current assets 777 Cash and cash equivalents of discontinued operations 307 Total cash, cash equivalents, and restricted cash $ 1,833 $ 1,866 SOURCE Hamilton Beach Brands Holding Company Related Links http://www.hamiltonbeach.com

Answer: Hamilton Beach Brands Holding Company Announces Third Quarter 2020 Results