FOSTER L B CO Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q) – Marketscreener.com

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(Dollars in thousands, except share data)
Forward-Looking Statements
The forward-looking statements in this report are made as of the date of this report and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by the federal securities laws.
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Table of Contents
General Overview and Business Update
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Selling and administrative expenses $ 22,618 $ 20,056
Results of Operations – Segment Analysis
Rail, Technologies, and Services
Third Quarter 2022 Compared to Third Quarter 2021
On August 1, 2022, the Company divested the assets of its Track Components business. Cash proceeds from the transaction were $7,795, subject to indemnification obligations and working capital adjustments.
** Results of the calculation are not considered meaningful for presentation purposes.
During the quarter, the Precast Concrete Products segment had an increase in new orders of 31.3% compared to the prior year quarter due to the VanHooseCo acquisition. Backlog as of September 30, 2022 was $86,612, an increase of $17,048, or 24.5%, from September 30, 2021, remaining at historically high levels, due in part to a $14,366 increase from VanHooseCo.
** Results of the calculation are not considered meaningful for presentation purposes.
Selling and administrative expenses $ 59,310 $ 57,849
Results of Operations – Segment Analysis
Rail, Technologies, and Services
First Nine Months 2022 Compared to First Nine Months 2021
First Nine Months 2022 Compared to First Nine Months 2021 The Precast Concrete Products segment sales for the nine months ended September 30, 2022 increased by $16,754, or 33.0%, compared to the prior year period, which is primarily a result of the VanHooseCo acquisition and a continued reflection of the strong demand environment both in the southern and northeastern United States markets served.
** Results of the calculation are not considered meaningful for presentation purposes.
Rail, Technologies, and Services $ 108,864 $ 96,573
69,564
Liquidity and Capital Resources
The following table reflects available funding capacity, subject to covenant restrictions, as of September 30, 2022:
Outstanding borrowings on revolving credit facility (98,763) Letters of credit outstanding
30,673
35,616
The changes in cash and cash equivalents for the nine months ended September 30, 2022 and 2021 were as follows:
Nine Months Ended September 30,
(5,429) $ (1,159)
Cash Flow from Operating Activities
Cash Flow from Investing Activities
Financial Condition
Critical Accounting Policies
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