Annual report pursuant to Section 13 and 15(d)

Condensed Financial Statements of Registrant (Tables)

v3.10.0.1
Condensed Financial Statements of Registrant (Tables)
12 Months Ended
Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheet
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
 
September 30,
 
2018
 
2017
ASSETS
 
 
 
Cash and cash equivalents
$
53,352

 
$
1,330

Investment in subsidiaries
247,944

 
162,274

Due from subsidiaries
545

 

Other assets
1,226

 
2,196

Total current assets
303,067

 
165,800

Property, plant and equipment
131

 

Total assets
$
303,198

 
$
165,800

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Treasury stock purchase obligation
$
569

 
$
2,569

Due to subsidiaries
800

 
6,449

Other current liabilities
187

 
1,062

Total short-term liabilities
1,556

 
10,080

Long-term liabilities:


 


Due to subsidiaries
2,177

 
2,971

Treasury stock purchase obligation

 
569

Total long-term liabilities
2,177

 
3,540

Total liabilities
3,733

 
13,620

Stockholders’ Equity


 


Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2018 and 1,000,000 shares authorized at September 30, 2017 and no shares issued and outstanding

 

Class A common stock, par value $0.001; 400,000,000 shares authorized, 11,950,000 shares issued and outstanding at September 30, 2018, and no shares authorized, issued and outstanding at September 30, 2017
12

 

Class B common stock, par value $0.001; 100,000,000 shares authorized, 42,387,571 shares issued and 39,464,619 shares outstanding at September 30, 2018, and no shares authorized, issued and outstanding at September 30, 2017
42

 

Common stock, $.001 par value, no shares authorized, issued and outstanding at September 30, 2018, and 126,000,000 shares authorized, 44,987,575 shares issued and 41,691,541 shares outstanding at September 30, 2017

 
45

Additional paid-in capital
242,489

 
142,385

Treasury stock, at cost
(15,603
)
 
(11,983
)
Retained earnings
72,525

 
21,733

Total stockholders’ equity
299,465

 
152,180

Total liabilities and stockholders’ equity
$
303,198

 
$
165,800

 
 
 
 
Schedule of Condensed Income Statement
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 
For the Fiscal Year Ended 
September 30,
 
2018
 
2017
Equity in net income of subsidiaries
$
51,515

 
$
28,312

Equity-based compensation expense
(975
)
 
(513
)
General and administrative expenses
(1,542
)
 
(388
)
Loss on extinguishment of debt

 
(714
)
Interest expense, net
72

 
(1,338
)
Income before provision for income taxes
49,070

 
25,359

Income tax benefit
1,721

 
681

Net income
$
50,791

 
$
26,040

Net income per share attributable to common stockholders:

 

Basic
$
1.11

 
$
0.63

Diluted
$
1.11

 
$
0.63

Weighted average number of common shares outstanding:

 

Basic
45,605,845

 
41,550,293

Diluted
45,919,648

 
41,550,293

 
 
 
 
Schedule of Condensed Cash Flow Statement
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
 
For the Fiscal Year Ended
September  30,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net income
$
50,791

 
$
26,040

Adjustments to reconcile net income to net cash used in operating activities:

 

Amortization of deferred debt issuance costs
6

 
216

Loss on extinguishment of debt

 
714

Deferred income taxes

 
350

Equity-based compensation expense
975

 
513

Equity in net income of subsidiaries
(51,515
)
 
(28,312
)
Changes in operating assets and liabilities:

 

Other current liabilities

 
1,061

Other current assets
969

 
(1,603
)
Other liabilities
(3,369
)
 

Net cash used in operating activities
(2,143
)
 
(1,021
)
Cash flows from investing activities:

 

Return of investments in subsidiaries

 
27,000

Purchases of property, plant and equipment
(131
)
 

Investment in subsidiary
(34,155
)
 

Net cash (used in) provided by investing activities
(34,286
)
 
27,000

Cash flows from financing activities:

 

Change in amounts due to (from) subsidiaries, net
(6,994
)
 
20,305

Repayments of long-term debt

 
(12,500
)
Payment of treasury stock purchase obligation
(2,569
)
 
(3,000
)
Proceeds from initial public offering of Class A common stock, net of offering costs
98,009

 

Proceeds from sale of treasury stock
5

 
638

Common stock dividend paid

 
(31,293
)
Net cash provided by (used in) financing activities
88,451

 
(25,850
)
Net change in cash and cash equivalents
$
52,022

 
$
129

Cash and cash equivalents:

 

Beginning of period
$
1,330

 
$
1,201

End of period
$
53,352

 
$
1,330