Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “SRI.” As of February 19, 2021, we had 27,005,257 Common Shares, without par value, outstanding which were owned by approximately 160 shareholders of record. This does not include persons whose stock is in nominee or “street name” accounts held by banks, brokers and other nominees.
The following table presents information with respect to repurchases of Common Shares made by us during the three months ended December 31, 2020. There were no Common Shares delivered to us by employees as payment for withholding taxes due upon vesting of performance share awards and share unit awards during the three months ended December 31, 2020.
Total number of
Maximum number
shares purchased as
of shares that may
part of publicly
yet be purchased
Total number of
Average price
announced plans
under the plans
Period
shares purchased
paid per share
or programs
or programs
10/1/20-10/31/20
-
$
-
N/A
N/A
11/1/20-11/30/20
-
-
N/A
N/A
12/1/20-12/31/20
-
-
N/A
N/A
Total
-
Other than the repurchase of Common Shares in March 2020 and May 2019 and the repurchase of Common Shares of 80,427 and 136,644, respectively, to satisfy employee tax withholdings associated with the delivery of Common Shares earned by employees pursuant to equity-base awards under the Company’s Long-Term Incentive Plan there were no other repurchases of Common Shares made by us during the years ended December 31, 2020 or 2019. Refer to Note 2 of the consolidated financial statements for additional details regarding Common Share repurchases.
For information on “Related Stockholder Matters” required by Item 201(d) of Regulation S-K, refer to Item 12 of this report.
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Performance Graph
Set forth below is a line graph comparing the cumulative total return of a hypothetical investment in our Common Shares with the cumulative total return of hypothetical investments in the Morningstar Auto Parts Industry Group Index and the NYSE Composite Index based on the respective market price of each investment as of December 31, 2015, 2016, 2017, 2018, 2019 and 2020 assuming in each case an initial investment of $100 on December 31, 2015, and reinvestment of dividends.
2015
2016
2017
2018
2019
2020
Stoneridge, Inc.
$
100
$
120
$
154
$
167
$
198
$
204
Morningstar Auto Parts Index
$
100
$
105
$
133
$
93
$
115
$
147
NYSE Composite Index
$
100
$
112
$
133
$
122
$
153
$
164
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Item 6. Selected Financial Data.
The following table sets forth selected historical financial data and should be read in conjunction with the consolidated financial statements and notes related thereto and other financial information included elsewhere herein. The selected historical data was derived from our consolidated financial statements.
Year ended December 31, (in thousands, except per share data)
2020
2019 (A)
2018
2017
2016
Statement of Operations Data:
Net sales:
Control Devices
$
342,576
$
431,560
$
441,297
$
447,528
$
408,132
Electronics (B)
257,767
335,195
344,727
282,383
205,256
Stoneridge Brazil
47,663
67,534
80,175
94,533
82,589
Total net sales
$
648,006
$
834,289
$
866,199
$
824,444
$
695,977
Gross profit
$
154,196
$
213,733
$
256,631
$
248,140
$
195,439
Operating (loss) income:
Control Devices
$
22,072
$
73,327
$
64,191
$
72,555
$
61,815
Electronics (B)
(3,672)
25,006
28,236
18,119
14,798
Stoneridge Brazil
3,766
6,539
4,989
2,661
(3,462)
Unallocated Corporate (F)
(29,830)
(33,591)
(30,412)
(35,965)
(29,069)
Total operating (loss) income
$
(7,664)
$
71,281
$
67,004
$
57,370
$
44,082
Equity in earnings of investees
$
1,536
$
1,578
$
2,038
$
1,636
$
1,233
(Loss) income before income taxes from continuing operations (B)
$
(10,724)
$
68,393
$
65,058
$
52,582
$
39,185
Net (loss) income (B) (C) (D) (E)
(7,950)
60,291
53,848
45,049
75,574
Net loss attributable to noncontrolling interest (E)
-
-
-
(130)
(1,887)
Net (loss) income attributable to Stoneridge, Inc. (B) (C) (D) (E)
$
(7,950)
$
60,291
$
53,848
$
45,179
$
77,461
Basic (loss) earnings per share attributable to Stoneridge, Inc.
$
(0.29)
$
2.17
$
1.90
$
1.61
$
2.79
Diluted (loss) earnings per share attributable to Stoneridge, Inc.
$
(0.29)
$
2.13
$
1.85
$
1.57
$
2.74
Other Continuing Operations Data:
Design and development
$
49,386
$
52,198
$
51,074
$
48,877
$
40,212
Capital expenditures
$
27,660
$
35,824
$
29,027
$
32,170
$
24,476
Depreciation and amortization (G)
$
33,236
$
30,859
$
29,191
$
27,930
$
23,258
Balance Sheet Data (as of December 31):
Working capital
$
188,616
$
192,670
$
172,870
$
167,245
$
128,184
Total assets
$
621,408
$
602,209
$
559,519
$
559,037
$
394,529
Long-term debt, net of current portion
$
136,000
$
126,454
$
96,983
$
124,852
$
75,060
Shareholders' equity
$
296,634
$
289,904
$
283,266
$
244,072
$
192,077
(A) The amounts for 2019 include the effect of the disposal of Non-core Products which is disclosed in Note 2 to the Company’s consolidated financial statements. The Company recognized a gain on disposal of Non-core Products, net of $33,599 which is included within our Control Devices segment .
(B) The amounts for 2020, 2019, 2018 and 2017 include the Orlaco business as of the acquisition date which is included within our Electronics operating segment and is disclosed in Note 2 to the Company’s consolidated financial statements.
(C) The amounts for 2017 include the impact of the Tax Legislation, a net tax benefit of $(9,062), consisting of an increase in tax expense of $6,207 due to the one-time deemed repatriation tax, offset by the favorable impact of the reduced tax rate on the Company’s net deferred tax liabilities and other deferred tax adjustments of $(15,269) related to certain earnings included in the one-time transition tax.
(D) The Company recorded a release of a valuation allowance associated with its U.S. federal, certain state and foreign deferred tax assets of $48.5 million for the year ended December 31, 2016.
(E) The Company recorded a full valuation allowance on Stoneridge Brazil’s net deferred tax assets of $1,237 for the year ended December 31, 2016 of which $322 was attributable to noncontrolling interest.
(F) Unallocated corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation.
(G) These amounts represent depreciation and amortization on fixed and certain finite-lived intangible assets.
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