Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange under the symbol "CTS." On February 19, 2021, there were approximately 894 shareholders of record.
There were no repurchases of the Company's equity securities during the three months ended December 31, 2020. As of December 31, 2020, approximately $5.7 million remained available under the repurchase program.
In February 2019, our Board of Directors authorized a new stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous authorized plan that was approved by our Board of Directors in April 2015. The authorization has no expiration date. During the year ended December 31, 2020 we purchased 342,731 shares for approximately $8,080.
Shareholder Performance Graph
The following graph shows a five-year comparison of the cumulative total shareholder return on CTS common stock with the cumulative total returns of a general market index and a peer group index (S&P 500 and Dow Jones Electrical Components & Equipment Industry Group). The graph tracks the performance of a $100 investment in the Company's common stock and in each of the indexes (with the reinvestment of all dividends) on December 31, 2015.
CTS CORPORATION 16
Table of Contents
Item 6. Selected Financial Data
Five-Year Summary
(Amounts in thousands, except percentages and per share amounts)
2020
% of
Sales
2019
% of
Sales
2018
% of
Sales
2017
% of
Sales
2016
% of
Sales
Summary of Operations
Net sales
$
424,066
100.0
$
468,999
100.0
$
470,483
100.0
$
422,993
100.0
$
396,679
100.0
Cost of goods sold
285,003
67.2
311,424
66.4
305,510
64.9
282,562
66.8
256,251
64.6
Gross margin
139,063
32.8
157,575
33.6
164,973
35.1
140,431
33.2
140,428
35.4
Selling, general and administrative expenses
67,787
16.0
70,408
15.0
73,569
15.6
71,943
17.0
61,624
15.5
Research and development expenses
24,317
5.7
25,967
5.5
25,304
5.4
25,146
5.9
24,040
6.1
Restructuring charges
1,830
0.4
7,448
1.6
5,062
1.1
4,139
1.0
3,048
0.8
(Gain) loss on sale of assets
—
—
(63
)
—
—
—
708
0.2
(11,450
)
(2.9
)
Operating earnings
45,129
10.6
53,815
11.5
61,038
13.0
38,495
9.1
63,166
15.9
Total other (expense), net
350
0.1
(3,549
)
(0.8
)
(2,935
)
(0.6
)
1,758
0.4
(5,921
)
(1.5
)
Earnings before taxes
45,479
10.7
50,266
10.7
58,103
12.4
40,253
9.5
57,245
14.4
Income tax expense
10,793
2.5
14,120
3.0
11,571
2.5
25,805
6.1
22,865
5.8
Net earnings
$
34,686
8.2
$
36,146
7.7
$
46,532
9.9
$
14,448
3.4
$
34,380
8.7
Retained earnings - beginning of year
509,766
478,847
420,160
410,979
381,840
Dividends declared
(5,171
)
(5,227
)
(5,278
)
(5,267
)
(5,241
)
Implementation of new accounting standard
—
—
17,433
—
—
Retained earnings - end of year
$
539,281
$
509,766
$
478,847
$
420,160
$
410,979
Net earnings per share:
Basic
$
1.07
$
1.11
$
1.41
$
0.44
$
1.05
Diluted
$
1.06
$
1.09
$
1.39
$
0.43
$
1.03
Average basic shares outstanding (000s)
32,317
32,700
33,024
32,892
32,728
Average diluted shares outstanding (000s)
32,584
33,105
33,569
33,420
33,251
Cash dividends per share (annualized)
$
0.16
$
0.16
$
0.16
$
0.16
$
0.16
Capital expenditures
$
14,858
$
21,733
$
28,488
$
18,094
$
20,500
Depreciation and amortization
$
26,670
$
24,619
$
22,514
$
20,674
$
18,992
Financial Position at Year End
Current assets
$
233,231
$
237,478
$
239,359
$
233,609
$
215,707
Current liabilities
104,932
96,948
103,993
102,412
98,129
Current ratio
2.2 to 1
2.4 to 1
2.3 to 1
2.3 to 1
2.2 to 1
Working capital
128,299
140,530
135,366
131,197
117,587
Inventories
45,870
42,237
43,486
36,596
28,652
Net property, plant and equipment
97,437
105,038
99,401
88,247
82,111
Total assets
626,049
643,354
548,341
539,696
517,697
Long-term debt
54,600
99,700
50,000
76,300
89,100
Long-term obligations, including long-term debt
97,435
141,187
66,419
93,479
101,686
Shareholders' equity
423,682
405,219
377,929
343,805
317,882
Common shares outstanding (000s)
32,277
32,472
32,751
32,938
32,762
Equity (book value) per share
$
13.13
$
12.48
$
11.54
$
10.44
$
9.70
Stock price range
18.24-34.82
25.10-33.95
24.07-39.20
19.30-28.35
12.87-24.80
Certain acquisitions, divestitures, closures of operations or product lines, and certain accounting reclassifications affect the comparability of information contained in the "Five-Year Summary.”
CTS CORPORATION 17
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.