0001193125-25-252944
SEC filingSegment sales up 31% YoY; $108M divestiture gain; $216M revolver debt; $25.4M cash held abroad.
Cash and cash equivalents totaled $32.8M at September 30, 2025, down from $37.8M at year-end 2024, primarily due to acquisition and divestiture activities. Restricted cash was $0.1M. Total debt stood at $220.9M, consisting of $216.3M drawn under the revolving credit facility, $6.1M in joint venture term debt, and $0.6M other borrowings, net of $2.0M unamortized debt discount. The revolver has a $400M capacity, with $109.1M unused availability after letters of credit. Interest rate on the revolver was a weighted average of 7.02%. The company was in compliance with all financial covenants.
The Company has $3.9M in scheduled principal payments for the remainder of 2025, followed by $1.9M in 2026 and $3.9M in 2027, with the remaining $216.3M due at maturity in 2029. There are no significant purchase commitments disclosed beyond normal operating leases (ROU assets $27.7M) and letters of credit ($24.4M outstanding). Asbestos litigation contingencies are noted but deemed immaterial.
The company did not repurchase any shares in 2025, and the $20M buyback program expired in Q2 2025. No new authorization was announced. Dividend payments are not mentioned. Net debt increased modestly as borrowings under the revolver funded the Profire acquisition ($120.4M) and other acquisitions, while proceeds from the sale of Global Pump Solutions ($107.8M) partially offset. Capital expenditures totaled $8.7M for the nine months, or 1.6% of sales. Share-based compensation was $9.5M.
For the nine months ended September 30, 2025, Engineered Systems reported sales of $396.7M (up 35% YoY) and operating income of $73.1M, reflecting strong execution in power generation and hydrocarbon processing. Industrial Process Solutions generated $172.4M in sales (up 27%) and $94.3M in operating income, boosted by a $63.7M gain from the divestiture of Global Pump Solutions. Geographically, U.S. sales were $368.0M (65.7% of total), UK $43.9M, Netherlands $44.8M, China $37.4M, and other $65.7M. Long-lived assets were concentrated in the U.S. ($371.0M) and other countries ($125.4M).