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The following graph and table compare the cumulative total shareholder return on our common stock with the cumulative total shareholder return of:
−Removed: (i) the S&P SmallCap 600 Index and (ii) a customized peer group, for the period from December 31, 2015, to December 31, 2020.
−Removed: The customized peer group consists of the following companies, which we believe are in similar lines of business:
+Added: (i) the Russell 2000 ® Index, which is a broad equity market index, and (ii) the S&P SmallCap 600 ® Industrials Index, which is a published industry index, for the period from December 31, 2016, to December 31, 2021.
+Added: Previously, we compared the return on our common stock with the S&P SmallCap 600 ® and a customized peer group, which consisted of the following companies:
Altra Industrial Motion Corp., Ametek Inc., CIRCOR International, Inc., Colfax Corporation, Crane, Enerpac Tool Group Corp, Kaman Corporation, Park-Ohio Holdings Corp.
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(collectively, the “2020 Peer Group”).
−Removed: The following graph and table assume that a $100 investment was made at the close of trading on December 31, 2015, in our common stock and in the S&P SmallCap Index and the Peer Group.
+Added: During 2021, we determined that the Russell 2000 ® Index and the S&P SmallCap 600 ® Industrials Index are more applicable comparisons for our common stock due to our market capitalization and customer end markets following the sale of the Life Sciences business in 2020.
+Added: Due to the change in selected comparative indices, we are presenting the comparative index and industry peer group that was used in the prior year.
+Added: The following graph and table assume that a $100 investment was made at the close of trading on December 31, 2016.
We cannot assure you that the performance of our common stock will continue in the future with the same or similar trend depicted on the graph.
Comparison of Five-Year Cumulative Total Return
−Removed: NN, Inc., Peer Group, and S&P SmallCap 600 Index
(Performance results through December 31, 2021)
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$ 100.00 $ 146.51 $ 36.31 $ 51.31 $ 36.45 $ 22.74
−Removed: Peer Group $ 100.00 $ 117.30 $ 148.11 $ 121.38 $ 173.16 $ 198.75
+Added: Russell 2000 $ 100.00 $ 114.65 $ 102.03 $ 129.10 $ 155.20 $ 177.73
+Added: S&P SmallCap 600 Industrials $ 100.00 $ 117.21 $ 102.97 $ 133.49 $ 149.47 $ 188.18
S&P SmallCap 600 $ 100.00 $ 113.21 $ 103.59 $ 127.24 $ 141.61 $ 179.60
+Added: 2020 Peer Group $ 100.00 $ 126.26 $ 103.48 $ 147.62 $ 169.44 $ 197.34
Value Line Publishing LLC
+Added: Table of Content s
The declaration and payment of dividends are subject to the sole discretion of our Board of Directors and depend upon our profitability, financial condition, capital needs, credit agreement restrictions, future prospects, and other factors deemed relevant by the Board of Directors.
See Part III, Item 12 – “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report for information required by Item 201 (d) of Regulation S-K.
−Removed: Selected Financial Data
−Removed: The following selected financial data has been derived from our audited financial statements.
−Removed: The selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7, of this Annual Report and the audited Consolidated Financial Statements, including the Notes thereto, in Part II, Item 8, of this Annual Report.
−Removed: Amounts reflect the reclassification of discontinued operations, as disclosed in Note 2 of the Notes to Consolidated Financial Statements included elsewhere in this report.
−Removed: Year Ended December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: Statement of Operations Data:
−Removed: Net sales $ 427,534 $ 489,514 $ 524,194 $ 523,024 $ 506,270
−Removed: Cost of sales 343,594 392,482 413,394 397,025 379,933
−Removed: Goodwill impairment 92,942 — 182,542 — —
−Removed: Income (loss) from operations (117,457) (17,593) (195,047) 18,995 25,113
−Removed: Income (loss) from continuing operations (139,490) (30,749) (221,220) 95,949 39,997
−Removed: Income (loss) from discontinued operations, net of tax 38,898 (15,992) (41,767) 66,288 (33,334)
−Removed: Income (loss) from continuing operations per common share, basic $ (3.60) $ (0.75) $ (6.98) $ 3.50 $ 1.48
−Removed: Income (loss) from continuing operations per common share, diluted $ (3.60) $ (0.75) $ (6.98) $ 3.46 $ 1.48
−Removed: Cash dividends declared per common share $ — $ 0.21 $ 0.28 $ 0.28 $ 0.28
−Removed: As of December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: Balance Sheet Data:
−Removed: Current assets $ 215,218 $ 302,980 $ 296,203 $ 475,986 $ 282,328
−Removed: Current liabilities 103,231 139,481 145,030 108,421 140,241
−Removed: Total assets 624,962 1,541,984 1,500,902 1,473,709 1,358,274
−Removed: Long-term obligations 85,883 765,161 817,549 792,499 788,953
−Removed: Convertible preferred stock 105,086 93,012 — — —
−Removed: Stockholders’ equity 254,152 353,277 419,271 485,329 309,391
−Removed: During 2020, we experienced a decline in sales volume as a result of lower demand during the COVID-19 pandemic.
−Removed: We executed strategic initiatives to improve liquidity, including selling our Life Sciences business and using the proceeds to pay down debt.
−Removed: We recognized goodwill impairment charges of $92.9 million in our Power Solutions business.
−Removed: During 2019, we adopted new lease accounting guidance that requires operating leases to be included on the balance sheet.
−Removed: As a result of this new guidance, $45.5 million of operating lease right-of-use assets are included in total assets as of December 31, 2019.
−Removed: Additionally, we issued convertible preferred stock in December 2019 and used the net cash proceeds of $95.7 million to pay down debt and to pay debt amendment costs.
−Removed: During 2018, we recognized goodwill impairment charges of $182.5 million and issued shares of common stock in a public offering.
−Removed: During 2017, we completed the sale of our global precision bearing components business (the “PBC Business”) and recorded an after-tax gain on sale of $127.7 million.
−Removed: The year ended December 31, 2016, was the first full year following the acquisition of our former Precision Engineered Products Group.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.