8-K - HBB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):			February 26, 2020
---	---	---	---
HAMILTON BEACH BRANDS HOLDING COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE	001-38214	31-1236686
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
4421 WATERFRONT DR, GLEN ALLEN, VA			23060
(Address of principal executive offices)			(Zip code)
(804) 273-9777
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange of which registered
Class A Common Stock, Par Value $0.01 Per Share	HBB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

On February 26, 2020, Hamilton Beach Brands Holding Company (the “Company”) posted on its website at www.hamiltonbeachbrands.com additional historical quarterly financial data. As of December 31, 2019, The Kitchen Collection, LLC is reported as discontinued operations in all periods presented. A copy of the additional data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.

(d) Exhibits
99	Hamilton Beach Brands Holding Company additional historical quarterly financial data, as posted on the Hamilton Beach Brands Holding Company website at www.hamiltonbeachbrands.com on February 26, 2020.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	February 26, 2020		HAMILTON BEACH BRANDS HOLDING COMPANY
		By:	/s/ Michelle O. Mosier
		Name:	Michelle O. Mosier
		Title:	Senior Vice President, Chief Financial Officer, and Treasurer

Document

												EXHIBIT 99
Hamilton Beach Brands Holding Company
(in thousands, except percentage data)
	Revenue (2)													Revenue % change year over year ^(2)^
	Q1	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY
2018	124,533	171,017	198,981	629,710	2018	9.6	%	6.3	%	11.7	%	(8.9)	%	2.9	%
2019	126,124	149,490	207,085	612,843	2019	1.3	%	(3.7)	%	(12.6)	%	4.1	%	(2.7)	%
	Gross profit (2)													Gross profit % ^(2)^
	Q1	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY
2018	27,510	38,120	41,562	137,515	2018	22.1	%	22.4	%	22.3	%	20.9	%	21.8	%
2019	26,119	30,928	44,912	129,545	2019	20.7	%	21.2	%	20.7	%	21.7	%	21.1	%
	Operating expenses (2)													Operating expenses as a % of revenue ^(2)^
	Q1	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY
2018	23,920	25,145	24,022	99,345	2018	19.2	%	19.4	%	14.7	%	12.1	%	15.8	%
2019	24,619	23,937	19,395	92,679	2019	19.5	%	19.0	%	16.0	%	9.4	%	15.1	%
	Depreciation and amortization expense (2)
	Q1	Q3	Q4	FY
2018	968	1,055	1,286	4,277
2019	1,048	972	1,189	4,002
	Operating profit (2)													Operating profit % ^(2)^
	Q1	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY
2018	3,590	12,975	17,540	38,170	2018	2.9	%	3.0	%	7.6	%	8.8	%	6.1	%
2019	1,500	6,991	25,517	36,866	2019	1.2	%	2.2	%	4.7	%	12.3	%	6.0	%
	Interest expense, net (2)
	Q1	Q3	Q4	FY
2018	510	886	711	2,916
2019	663	756	767	2,975
	Other expense (income), net (2)
	Q1	Q3	Q4	FY
2018	(526)	(433)	573	293
2019	(341)	681	(710)	(502)
	Income from continuing operations before income taxes
	Q1	Q3	Q4	FY
2018	3,606	12,522	16,256	34,961
2019	1,178	5,554	25,460	34,393
	Net income from continuing operations													Effective income tax rate on continuing operations
	Q1	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY
2018	2,659	9,933	12,661	27,145	2018	26.3	%	26.6	%	20.7	%	22.1	%	22.4	%
2019	962	3,150	19,394	25,078	2019	18.3	%	28.6	%	43.3	%	23.8	%	27.1	%

All values are in US Dollars.

Hamilton Beach Brands Holding Company
(in thousands, except percentage data)
	Net cash provided by (used for) operating activities from continuing operations
	Q1	Q2	Q3	Q4	FY
2018	(29,412)	(10,892)	10,446	47,181	17,323
2019	(40,239)	8,574	7,493	24,374	202
	Net cash used for investing activities from continuing operations
	Q1	Q2	Q3	Q4	FY
2018	(2,285)	(2,069)	(2,610)	(795)	(7,759)
2019	(854)	(1,118)	(1,184)	(966)	(4,122)
	Capital expenditures ^(2)^
	Q1	Q2	Q3	Q4	FY
2018	2,285	2,069	2,610	795	7,759
2019	854	1,118	1,184	966	4,122
	Cash flow before financing activities from continuing operations^(1)^
	Q1	Q2	Q3	Q4	FY
2018	(31,697)	(12,961)	7,836	46,386	9,564
2019	(41,093)	7,456	6,309	23,408	(3,920)
	Net cash (used for) provided by financing activities from continuing operations
	Q1	Q2	Q3	Q4	FY
2018	30,800	11,853	(7,407)	(44,501)	(9,255)
2019	36,988	(6,889)	(6,169)	(22,868)	1,062
	Purchase of treasury stock
	Q1	Q2	Q3	Q4	FY
2018	—	—	—	—	—
2019	—	2,334	3,626	—	5,960
	Dividends paid to stockholders
	Q1	Q2	Q3	Q4	FY
2018	1,162	1,165	1,165	1,166	4,658
2019	1,177	1,242	1,215	1,217	4,851
	Total debt ^(2)^
	Q1	Q2	Q3	Q4	FY
2018	83,308	96,326	90,083	46,624	46,624
2019	84,812	81,505	80,152	58,497	58,497
	Equity
	Q1	Q2	Q3	Q4	FY
2018	47,637	46,010	54,450	65,438	65,438
2019	63,079	59,097	54,755	55,059	55,059
(1)	Cash flow before financing activities from continuing operations is equal to net cash provided by (used for) operating activities from continuing operations minus net cash used for investing activities from continuing operations.
(2)	As of December 31, 2019, the results of operations, financial position, and cash flows of The Kitchen Collection, LLC are reflected as discontinued operations for all periods reported.