Thursday, January 10, 2019

UPDATE #2 For The Key Smaller US Basic Manufacturing Companies (Stock Market Caps of $1 Bil to $10 Bil): Their Total Pretax Earnings Decline Was 37% For the First 9 Months of 2018 For the 99 Companies With March Through December Fiscal Year Ends:


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For the 99 Companies With March Through November Fiscal Year Ends, 2018 Pretax Earnings Were a Complete Disaster:

**** First 9 Months 2018 Total Pretax Income Down By 37%

**** First Quarter 2018 Total Pretax Income Down By 53%

**** Third Quarter 2018 Total Pretax Income Down By 52%

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From a review of SEC filings, I found 366 US Basic Manufacturing Companies with stock market caps earlier in 2018 of between $1 Bil and $10 Bil.

I define the key US Basic Manufacturing Companies as all US Companies with Standard Industrial Classification Codes (SICs) in the 2000s and 3000s filing with the US SEC excluding all clearly Oil & Gas Companies, all clearly Technology Companies and all clearly Health Care Companies.  There also were a couple other clearly US Manufacturing Companies with SICs not in the 2000s and 3000s that I included in these 366 US Basic Manufacturing Companies.


Of these 366 US Basic Manufacturing Companies, 99 of them have March Through November fiscal year ends.

My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with Company Operating Performance.


The Total Pretax Income of these 99 Companies decreased by a Huge 37% for the First Nine Months of 2018, by a staggering 53% for the First Quarter of 2018 and by another staggering 52% for the most recent Third Quarter of 2018.

The chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the 2018 quarters and year-to-date periods as compared to the immediate prior periods for each of these stellar 99 US Basic Manufacturing Companies with March Through November Fiscal Year Ends.


   
 US 
 US 
 US 
 US 
 US 
 US 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Income 
 Income 
 Income 
 Income 
 US 
 US 
 Income 
 Income 
 (Loss) 
 (Loss) 
 (Loss) 
 (Loss) 
 GAAP 
 GAAP 
 (Loss) 
 (Loss) 
 Second 
 Second 
 Third 
 Third 
 Pretax 
 Pretax 
 Most 
 Most 
 Most 
 Most 
 Most 
 Most 
 Income 
 Income 
 Recent 
 Recent 
 Recent 
 Recent 
 Recent 
 Recent 
 (Loss) 
 (Loss) 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 9 Mos 
 9 Mos 
Most
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
Recent
 Sep 
 Sep 
 June 
 June 
 March 
 March 
 Sep 
 Sep 
Audited
 Oct 
 Oct 
 July 
 July 
 April 
 April 
 Oct 
 Oct 
US Basic Manufacturing Cos
FYE
 or 
 or 
 or 
 or 
 or 
 or 
 or 
 or 
March Through Nov FYEs
Fincl
 Nov 
 Nov 
%
 Aug 
 Aug 
%
 May 
 May 
%
 Nov 
 Nov 
%
Market Caps $1-10 Bil
Sts
 2018 
 2017 
Change
 2018 
 2017 
Change
 2018 
 2017 
Change
 2018 
 2017 
Change
 mils $ 
 mils $ 
 mils $ 
 mils $ 
mils $
mils $
 mils $ 
 mils $ 
Oshkosh Corp Sep 18          190          122 56%          198          199 -1%          147            68 116%          535          389 38%
Navistar Oct 18          223          142 57%          180            41 339%            68          (69) 199%          471          114 313%
Berry Global Group Sep 18          122          137 -11%          146          145 1%          117            88 33%          385          370 4%
Jabil Aug 18          165          107 54%          109            82 33%            71            (4) NM          345          185 86%
Nordson Oct 18          104          113 -8%          123          142 -13%          118            95 24%          345          350 -1%
Thor Industries July 18            32          187 -83%          124          176 -30%          181          166 9%          337          529 -36%
Toro Co Oct 18            44            47 -6%            93            88 6%          169          158 7%          306          293 4%
Donaldson Co July 18            96            85 13%          104            92 13%            99            84 18%          299          261 15%
RPM Intl May 18            67          109 -39%            92          155 -41%          118          186 -37%          277          450 -38%
Flex Ltd Mar 18          109          218 -50%          142          146 -3%            16            99 -84%          267          463 -42%
Ubiquiti Networks Jun 18            97            86 13%            85            70 21%            80            72 11%          262          228 15%
Coherent Sep 18            77          101 -24%            93            93 0%            91            61 49%          261          255 2%
Greif Oct 18            88            45 96%            98            75 31%            73            63 16%          259          183 42%
Versum Materials Sep 18            87            59 47%            84            69 22%            78            58 34%          249          186 34%
Valvoline Sep 18            57          177 -68%            97            94 3%            94          109 -14%          248          380 -35%
Kennametal Jun 18            78            49 59%            89            33 170%            77            49 57%          244          131 86%
Acuity Brands Aug 18          106          111 -5%          137          142 -4%            99          125 -21%          236          267 -12%
Meritor Sep 18            51          260 -80%            95            63 51%            82            36 128%          228          359 -36%
Eagle Materials Mar 18            92            92 0%            85            80 6%            49            54 -9%          226          226 0%
Post Holdings Sep 18            (3)            22 -114%          112          (92) 222%          116            (4) NM          225          (74) 404%
AVX Corp Mar 18            89            49 82%            71            44 61%            47            51 -8%          207          144 44%
Scott's Miracle Gro Sep 18        (166)          (56) -196%          166          222 -25%          202          240 -16%          202          406 -50%
Woodward Sep 18            79            87 -9%            54            69 -22%            49            50 -2%          182          206 -12%
National Beverage Apr 18            53            51 4%            64            58 10%            50            44 14%          167          153 9%
John Wiley & Sons Apr 18            56            79 -29%            34              6 467%            70            58 21%          160          143 12%
Worthington Industries May 18            49            60 -18%            71            61 16%            34            91 -63%          154          212 -27%
Ciena Oct 18            54            43 26%            70            68 3%            20            42 -52%          144          153 -6%
Commercial Metals Aug 18            25            40 -38%            58          (16) 463%            56            43 30%          139            67 107%
Atkore Intl Sep 18            34            33 3%            45            39 15%            58            31 87%          137          103 33%
Moog Sep 18            55            49 12%            55            48 15%            26            48 -46%          136          145 -6%
Herman Miller May 18            51            48 6%            45            47 -4%            39            48 -19%          135          143 -6%
Esterline Technologies Sep 18            67            42 60%            41            43 -5%            26            48 -46%          134          133 1%
Carpenter Technology Jun 18            40            35 14%            54            38 42%            38            29 31%          132          102 29%
Lancaster Colony Jun 18            50            45 11%            44            43 2%            38            22 73%          132          110 20%
Greenbrier Cos Aug 18            33            52 -37%            47            42 12%            52            40 30%          132          134 -1%
Edgewell Personal Care Sep 18            24        (253) 109%            21            66 -68%            86            90 -4%          131          (97) 235%
Brady Corp July 18            40            35 14%            45            36 25%            37            31 19%          122          102 20%
Winnebago Industries Aug 18            29            27 7%            42            38 11%            44            30 47%          115            95 21%
HB Fuller Nov 17  N/A   N/A   N/A             47            34 38%            58            37 57%          105            71 48%
Hillenbrand Sep 18            60            60 0%            51            51 0%            (8)            49 -116%          103          160 -36%
RBC Bearings Mar 18            34            23 48%            33            29 14%            36            32 13%          103            84 23%
II-VI Inc Jun 18            32            27 19%            34            34 0%            31            29 7%            97            90 8%
La-Z-Boy Apr 18            26            34 -24%            25            18 39%            45            42 7%            96            94 2%
J&J Snack Foods Sep 18            34            38 -11%            36            39 -8%            25            25 0%            95          102 -7%
Sanmina Sep 18              9            40 -78%            41            62 -34%            42            57 -26%            92          159 -42%
Matthews Intl Sep 18            39            25 56%            29            38 -24%            20            21 -5%            88            84 5%
Scholastic May 18            98            92 7%          (83)        (102) 19%            72            64 13%            87            54 61%
American Woodmark Apr 18            25            31 -19%            33            31 6%            28            27 4%            86            89 -3%
Electro Scientific Industries Mar 18            19              4 375%            33              3 1000%            34          (18) 289%            86          (11) 882%
Kemet Mar 18            39            16 144%            40          222 -82%              6            53 -89%            85          291 -71%
Advanced Draining Systems Mar 18            42            31 35%            48            28 71%            (9)          (29) 69%            81            30 170%
Multi-Color Mar 18            27            22 23%            25            18 39%            29            26 12%            81            66 23%
Mueller Water Products Sep 18            35            28 25%            21            38 -45%            24              5 380%            80            71 13%
Plexus Corp Sep 18            34            31 10%            30            27 11%            15            32 -53%            79            90 -12%
Methode Electronics Apr 18            18            29 -38%            28            25 12%            31            28 11%            77            82 -6%
NCI Building Systems Oct 18            34            26 31%            50            28 79%            (8)            26 -131%            76            80 -5%
Cavco Industries Mar 18            20              8 150%            24            16 50%            31            16 94%            75            40 88%
ESCO Technologies Sep 18            38            30 27%            23            17 35%            14            17 -18%            75            64 17%
Deckers Outdoor Mar 18            90            66 36%          (39)          (57) 32%            18          (31) 158%            69          (22) 414%
Rexnord Mar 18            63            49 29%            57            38 50%          (54)            39 -238%            66          126 -48%
Modine Manufacturing Mar 18            16            16 0%            28            20 40%            20            13 54%            64            49 31%
Standex Jun 18            20            17 18%            25            19 32%            17            11 55%            62            47 32%
AeroVironment Apr 18              8            11 -27%            23            (8) -388%            29            37 -22%            60            40 50%
Johnson Outdoors Sep 18            (1)              1 -200%            32            26 23%            29            22 32%            60            49 22%
Energizer Holdings Sep 18              7            49 -86%            32            31 3%            18            59 -69%            57          139 -59%
WD-40 Aug 18            16            17 -6%            19            20 -5%            21            20 5%            56            57 -2%
AAR Corp May 18            14            20 -30%            21            15 40%            20            22 -9%            55            57 -4%
Malibu Boats Jun 18            16              6 167%            15            18 -17%            23            13 77%            54            37 46%
Brooks Automation Sep 18              1              2 -50%            26            21 24%            23            17 35%            50            40 25%
Chase Corp Aug 18            12            13 -8%            14            16 -13%            19            17 12%            45            46 -2%
Simply Good Foods Co Aug 18            20            17 18%            12          (21) 157%            10              6 67%            42              2 2000%
Columbus McKinnon Mar 18            20            15 33%              9            15 -40%            11            (8) 238%            40            22 82%
KMG Chemicals July 18  N/A   N/A   N/A             18              6 200%            21              9 133%            39            15 160%
Griffon Sep 18            24              4 500%              9              5 80%              3              4 -25%            36            13 177%
MTS Systems Sep 18            15              4 275%            10              8 25%            10              9 11%            35            21 67%
Mercury Systems Jun 18            11            10 10%            17            11 55%              6            10 -40%            34            31 10%
Cubic Sep 18            26            18 44%              5            (9) 156%            (2)          (11) 82%            29            (2) NM
Cabot Sep 17          101            79 28%            95            71 34%        (170)            79 -315%            26          229 -89%
Lindsay Corp Aug 18              2              5 -60%              6            11 -45%            17            16 6%            25            32 -22%
Varex Imaging Sep 18              0            18 -98%              2            16 -88%            16            22 -27%            18            56 -67%
Evoqua Water Technologies Sep 18            (1)            20 -105%              2            14 -86%            15              0 NM            16            34 -53%
Sanderson Farms Oct 18          (57)          109 -152%            15          177 -92%            55          103 -47%            13          389 -97%
REV Group Oct 18          (26)            36 -172%            22            24 -8%            10            11 -9%              6            71 -92%
Hain Celestial Group Jun 18          (33)            26 -227%              6              1 500%            24            42 -43%            (3)            69 -104%
Cimpress NV Jun 18          (10)            17 -159%            (6)          (34) 82%              2          (60) 103%          (14)          (77) 82%
Actuant Aug 18          (18)              7 -357%          (46)        (108) 57%            25            18 39%          (39)          (83) 53%
Briggs & Stratton Jun 18          (59)          (21) -181%          (24)            26 -192%            44            53 -17%          (39)            58 -167%
Sonos Inc Sep 18            (2)          (15) 87%          (26)          (14) -86%          (32)          (20) -60%          (60)          (49) -22%
Plantronics Mar 18        (108)            25 -532%            15            17 -12%            27            24 13%          (66)            66 -200%
Skyline Champion Mar 18          (71)            12 -692%              3              8 -63%              1            (2) -150%          (67)            18 -472%
Meredith Jun 18            20            52 -62%            32            64 -50%        (126)            65 -294%          (74)          181 -141%
Spectrum Brands Holdings Sep 18        (135)          (34) -297%            65            23 183%          (39)            16 -344%        (109)              5 NM
Vista Outdoor Mar 18          (41)        (140) 71%          (53)            27 -296%          (28)              3 NM        (122)        (110) -11%
Viasat Mar 18          (35)          (25) -40%          (65)          (18) -261%          (36)              3 NM        (136)          (40) -240%
Avaya Holdings Sep 18          (43)            54 -180%          (68)          (69) 1%        (139)            15 NM        (250)             -   NM
Coty Inc Jun 18          (88)          (41) -115%        (153)          139 -210%          (56)        (253) 78%        (297)        (155) -92%
Triumph Group Mar 18          (14)            (7) -100%          (76)            (3) NM        (307)        (140) -119%        (397)        (150) -165%
Adient plc Sep 18     (1,079)          356 -403%            60          262 -77%        (171)          251 -168%     (1,190)          869 -237%
News Corp Jun 18          178          141 26%        (292)        (408) 28%     (1,107)            45 NM     (1,221)        (222) -450%
Total all 99 US Companies       2,066       4,339 -52%       3,728       3,901 -4%       1,698       3,618 -53%       7,386     11,747 -37%




































































































   
 US 
 US 
 US 
 US 
 US 
 US 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 GAAP 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Pretax 
 Income 
 Income 
 Income 
 Income 
 US 
 US 
 Income 
 Income 
 (Loss) 
 (Loss) 
 (Loss) 
 (Loss) 
 GAAP 
 GAAP 
 (Loss) 
 (Loss) 
 Second 
 Second 
 Third 
 Third 
 Pretax 
 Pretax 
 Most 
 Most 
 Most 
 Most 
 Most 
 Most 
 Income 
 Income 
 Recent 
 Recent 
 Recent 
 Recent 
 Recent 
 Recent 
 (Loss) 
 (Loss) 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 Quarter 
 9 Mos 
 9 Mos 
Most
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
 Ended  
Recent
 Sep 
 Sep 
 June 
 June 
 March 
 March 
 Sep 
 Sep 
Audited
 Oct 
 Oct 
 July 
 July 
 April 
 April 
 Oct 
 Oct 
US Basic Manufacturing Cos
FYE
 or 
 or 
 or 
 or 
 or 
 or 
 or 
 or 
March Through Nov FYEs
Fincl
 Nov 
 Nov 
%
 Aug 
 Aug 
%
 May 
 May 
%
 Nov 
 Nov 
%
Market Caps $1-10 Bil
Sts
 2018 
 2017 
Change
 2018 
 2017 
Change
 2018 
 2017 
Change
 2018 
 2017 
Change

 mils $ 
 mils $ 
 mils $ 
 mils $ 
mils $
mils $
 mils $ 
 mils $ 
Oshkosh Corp Sep 18          190          122 56%          198          199 -1%          147            68 116%          535          389 38%
Navistar Oct 18          223          142 57%          180            41 339%            68          (69) 199%          471          114 313%
Berry Global Group Sep 18          122          137 -11%          146          145 1%          117            88 33%          385          370 4%
Jabil Aug 18          165          107 54%          109            82 33%            71            (4) NM          345          185 86%
Nordson Oct 18          104          113 -8%          123          142 -13%          118            95 24%          345          350 -1%
Thor Industries July 18            32          187 -83%          124          176 -30%          181          166 9%          337          529 -36%
Toro Co Oct 18            44            47 -6%            93            88 6%          169          158 7%          306          293 4%
Donaldson Co July 18            96            85 13%          104            92 13%            99            84 18%          299          261 15%
RPM Intl May 18            67          109 -39%            92          155 -41%          118          186 -37%          277          450 -38%
Flex Ltd Mar 18          109          218 -50%          142          146 -3%            16            99 -84%          267          463 -42%
Ubiquiti Networks Jun 18            97            86 13%            85            70 21%            80            72 11%          262          228 15%
Coherent Sep 18            77          101 -24%            93            93 0%            91            61 49%          261          255 2%
Greif Oct 18            88            45 96%            98            75 31%            73            63 16%          259          183 42%
Versum Materials Sep 18            87            59 47%            84            69 22%            78            58 34%          249          186 34%
Valvoline Sep 18            57          177 -68%            97            94 3%            94          109 -14%          248          380 -35%
Kennametal Jun 18            78            49 59%            89            33 170%            77            49 57%          244          131 86%
Acuity Brands Aug 18          106          111 -5%          137          142 -4%            99          125 -21%          236          267 -12%
Meritor Sep 18            51          260 -80%            95            63 51%            82            36 128%          228          359 -36%
Eagle Materials Mar 18            92            92 0%            85            80 6%            49            54 -9%          226          226 0%
Post Holdings Sep 18            (3)            22 -114%          112          (92) 222%          116            (4) NM          225          (74) 404%
AVX Corp Mar 18            89            49 82%            71            44 61%            47            51 -8%          207          144 44%
Scott's Miracle Gro Sep 18        (166)          (56) -196%          166          222 -25%          202          240 -16%          202          406 -50%
Woodward Sep 18            79            87 -9%            54            69 -22%            49            50 -2%          182          206 -12%
National Beverage Apr 18            53            51 4%            64            58 10%            50            44 14%          167          153 9%
John Wiley & Sons Apr 18            56            79 -29%            34              6 467%            70            58 21%          160          143 12%
Worthington Industries May 18            49            60 -18%            71            61 16%            34            91 -63%          154          212 -27%
Ciena Oct 18            54            43 26%            70            68 3%            20            42 -52%          144          153 -6%
Commercial Metals Aug 18            25            40 -38%            58          (16) 463%            56            43 30%          139            67 107%
Atkore Intl Sep 18            34            33 3%            45            39 15%            58            31 87%          137          103 33%
Moog Sep 18            55            49 12%            55            48 15%            26            48 -46%          136          145 -6%
Herman Miller May 18            51            48 6%            45            47 -4%            39            48 -19%          135          143 -6%
Esterline Technologies Sep 18            67            42 60%            41            43 -5%            26            48 -46%          134          133 1%
Carpenter Technology Jun 18            40            35 14%            54            38 42%            38            29 31%          132          102 29%
Lancaster Colony Jun 18            50            45 11%            44            43 2%            38            22 73%          132          110 20%
Greenbrier Cos Aug 18            33            52 -37%            47            42 12%            52            40 30%          132          134 -1%
Edgewell Personal Care Sep 18            24        (253) 109%            21            66 -68%            86            90 -4%          131          (97) 235%
Brady Corp July 18            40            35 14%            45            36 25%            37            31 19%          122          102 20%
Winnebago Industries Aug 18            29            27 7%            42            38 11%            44            30 47%          115            95 21%
HB Fuller Nov 17  N/A   N/A   N/A             47            34 38%            58            37 57%          105            71 48%
Hillenbrand Sep 18            60            60 0%            51            51 0%            (8)            49 -116%          103          160 -36%
RBC Bearings Mar 18            34            23 48%            33            29 14%            36            32 13%          103            84 23%
II-VI Inc Jun 18            32            27 19%            34            34 0%            31            29 7%            97            90 8%
La-Z-Boy Apr 18            26            34 -24%            25            18 39%            45            42 7%            96            94 2%
J&J Snack Foods Sep 18            34            38 -11%            36            39 -8%            25            25 0%            95          102 -7%
Sanmina Sep 18              9            40 -78%            41            62 -34%            42            57 -26%            92          159 -42%
Matthews Intl Sep 18            39            25 56%            29            38 -24%            20            21 -5%            88            84 5%
Scholastic May 18            98            92 7%          (83)        (102) 19%            72            64 13%            87            54 61%
American Woodmark Apr 18            25            31 -19%            33            31 6%            28            27 4%            86            89 -3%
Electro Scientific Industries Mar 18            19              4 375%            33              3 1000%            34          (18) 289%            86          (11) 882%
Kemet Mar 18            39            16 144%            40          222 -82%              6            53 -89%            85          291 -71%
Advanced Draining Systems Mar 18            42            31 35%            48            28 71%            (9)          (29) 69%            81            30 170%
Multi-Color Mar 18            27            22 23%            25            18 39%            29            26 12%            81            66 23%
Mueller Water Products Sep 18            35            28 25%            21            38 -45%            24              5 380%            80            71 13%
Plexus Corp Sep 18            34            31 10%            30            27 11%            15            32 -53%            79            90 -12%
Methode Electronics Apr 18            18            29 -38%            28            25 12%            31            28 11%            77            82 -6%
NCI Building Systems Oct 18            34            26 31%            50            28 79%            (8)            26 -131%            76            80 -5%
Cavco Industries Mar 18            20              8 150%            24            16 50%            31            16 94%            75            40 88%
ESCO Technologies Sep 18            38            30 27%            23            17 35%            14            17 -18%            75            64 17%
Deckers Outdoor Mar 18            90            66 36%          (39)          (57) 32%            18          (31) 158%            69          (22) 414%
Rexnord Mar 18            63            49 29%            57            38 50%          (54)            39 -238%            66          126 -48%
Modine Manufacturing Mar 18            16            16 0%            28            20 40%            20            13 54%            64            49 31%
Standex Jun 18            20            17 18%            25            19 32%            17            11 55%            62            47 32%
AeroVironment Apr 18              8            11 -27%            23            (8) -388%            29            37 -22%            60            40 50%
Johnson Outdoors Sep 18            (1)              1 -200%            32            26 23%            29            22 32%            60            49 22%
Energizer Holdings Sep 18              7            49 -86%            32            31 3%            18            59 -69%            57          139 -59%
WD-40 Aug 18            16            17 -6%            19            20 -5%            21            20 5%            56            57 -2%
AAR Corp May 18            14            20 -30%            21            15 40%            20            22 -9%            55            57 -4%
Malibu Boats Jun 18            16              6 167%            15            18 -17%            23            13 77%            54            37 46%
Brooks Automation Sep 18              1              2 -50%            26            21 24%            23            17 35%            50            40 25%
Chase Corp Aug 18            12            13 -8%            14            16 -13%            19            17 12%            45            46 -2%
Simply Good Foods Co Aug 18            20            17 18%            12          (21) 157%            10              6 67%            42              2 2000%
Columbus McKinnon Mar 18            20            15 33%              9            15 -40%            11            (8) 238%            40            22 82%
KMG Chemicals July 18  N/A   N/A   N/A             18              6 200%            21              9 133%            39            15 160%
Griffon Sep 18            24              4 500%              9              5 80%              3              4 -25%            36            13 177%
MTS Systems Sep 18            15              4 275%            10              8 25%            10              9 11%            35            21 67%
Mercury Systems Jun 18            11            10 10%            17            11 55%              6            10 -40%            34            31 10%
Cubic Sep 18            26            18 44%              5            (9) 156%            (2)          (11) 82%            29            (2) NM
Cabot Sep 17          101            79 28%            95            71 34%        (170)            79 -315%            26          229 -89%
Lindsay Corp Aug 18              2              5 -60%              6            11 -45%            17            16 6%            25            32 -22%
Varex Imaging Sep 18              0            18 -98%              2            16 -88%            16            22 -27%            18            56 -67%
Evoqua Water Technologies Sep 18            (1)            20 -105%              2            14 -86%            15              0 NM            16            34 -53%
Sanderson Farms Oct 18          (57)          109 -152%            15          177 -92%            55          103 -47%            13          389 -97%
REV Group Oct 18          (26)            36 -172%            22            24 -8%            10            11 -9%              6            71 -92%
Hain Celestial Group Jun 18          (33)            26 -227%              6              1 500%            24            42 -43%            (3)            69 -104%
Cimpress NV Jun 18          (10)            17 -159%            (6)          (34) 82%              2          (60) 103%          (14)          (77) 82%
Actuant Aug 18          (18)              7 -357%          (46)        (108) 57%            25            18 39%          (39)          (83) 53%
Briggs & Stratton Jun 18          (59)          (21) -181%          (24)            26 -192%            44            53 -17%          (39)            58 -167%
Sonos Inc Sep 18            (2)          (15) 87%          (26)          (14) -86%          (32)          (20) -60%          (60)          (49) -22%
Plantronics Mar 18        (108)            25 -532%            15            17 -12%            27            24 13%          (66)            66 -200%
Skyline Champion Mar 18          (71)            12 -692%              3              8 -63%              1            (2) -150%          (67)            18 -472%
Meredith Jun 18            20            52 -62%            32            64 -50%        (126)            65 -294%          (74)          181 -141%
Spectrum Brands Holdings Sep 18        (135)          (34) -297%            65            23 183%          (39)            16 -344%        (109)              5 NM
Vista Outdoor Mar 18          (41)        (140) 71%          (53)            27 -296%          (28)              3 NM        (122)        (110) -11%
Viasat Mar 18          (35)          (25) -40%          (65)          (18) -261%          (36)              3 NM        (136)          (40) -240%
Avaya Holdings Sep 18          (43)            54 -180%          (68)          (69) 1%        (139)            15 NM        (250)             -   NM
Coty Inc Jun 18          (88)          (41) -115%        (153)          139 -210%          (56)        (253) 78%        (297)        (155) -92%
Triumph Group Mar 18          (14)            (7) -100%          (76)            (3) NM        (307)        (140) -119%        (397)        (150) -165%
Adient plc Sep 18     (1,079)          356 -403%            60          262 -77%        (171)          251 -168%     (1,190)          869 -237%
News Corp Jun 18          178          141 26%        (292)        (408) 28%     (1,107)            45 NM     (1,221)        (222) -450%
Total all 99 US Companies       2,066       4,339 -52%       3,728       3,901 -4%       1,698       3,618 -53%       7,386     11,747 -37%