2017 Q2 Form 10-Q Financial Statement

#000156918717000026 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $83.43M $57.45M
YoY Change 45.21% -14.22%
Cost Of Revenue $62.78M $39.48M
YoY Change 59.02% -23.89%
Gross Profit $20.65M $17.97M
YoY Change 14.87% 19.02%
Gross Profit Margin 24.75% 31.28%
Selling, General & Admin $2.680M $2.220M
YoY Change 20.72% 5.71%
% of Gross Profit 12.98% 12.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.310M $8.610M
YoY Change 8.13% 49.48%
% of Gross Profit 45.1% 47.91%
Operating Expenses $75.16M $50.74M
YoY Change 48.12% -15.92%
Operating Profit $8.267M $6.710M
YoY Change 23.2% -55.57%
Interest Expense $4.494M $3.978M
YoY Change 12.97% 18.46%
% of Operating Profit 54.36% 59.28%
Other Income/Expense, Net $43.00K $43.00K
YoY Change 0.0% 79.17%
Pretax Income $5.393M $3.137M
YoY Change 71.92% -69.49%
Income Tax $450.0K $6.000K
% Of Pretax Income 8.34% 0.19%
Net Earnings $3.471M $2.034M
YoY Change 70.65% -80.22%
Net Earnings / Revenue 4.16% 3.54%
Basic Earnings Per Share
Diluted Earnings Per Share $82.44K $41.56K
COMMON SHARES
Basic Shares Outstanding 42.09M shares 31.74M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.60M $20.00M
YoY Change -7.0% -27.01%
Cash & Equivalents $18.59M $19.98M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $5.800M
Prepaid Expenses
Receivables $15.00M $14.40M
Other Receivables $45.80M $31.20M
Total Short-Term Assets $79.40M $71.40M
YoY Change 11.2% -19.23%
LONG-TERM ASSETS
Property, Plant & Equipment $788.4M $706.7M
YoY Change 11.56% 41.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.95M
YoY Change
Other Assets $3.100M $3.200M
YoY Change -3.13% 3.23%
Total Long-Term Assets $934.9M $823.1M
YoY Change 13.59% 51.12%
TOTAL ASSETS
Total Short-Term Assets $79.40M $71.40M
Total Long-Term Assets $934.9M $823.1M
Total Assets $1.014B $894.5M
YoY Change 13.4% 41.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.300M $6.400M
YoY Change 45.31% 39.13%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.80M $55.60M
YoY Change 21.94% 17.55%
LONG-TERM LIABILITIES
Long-Term Debt $465.3M $501.9M
YoY Change -7.29% 29.72%
Other Long-Term Liabilities $46.70M $48.20M
YoY Change -3.11% 96.73%
Total Long-Term Liabilities $512.0M $550.1M
YoY Change -6.93% 33.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.80M $55.60M
Total Long-Term Liabilities $512.0M $550.1M
Total Liabilities $579.8M $605.7M
YoY Change -4.28% 32.06%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $288.6M $134.2M
YoY Change 114.99% 123.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.9M $89.13M
YoY Change
Total Liabilities & Shareholders Equity $1.014B $894.5M
YoY Change 13.4% 41.29%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $3.471M $2.034M
YoY Change 70.65% -80.22%
Depreciation, Depletion And Amortization $9.310M $8.610M
YoY Change 8.13% 49.48%
Cash From Operating Activities $8.700M $7.640M
YoY Change 13.87% 33.8%
INVESTING ACTIVITIES
Capital Expenditures -$10.81M -$14.27M
YoY Change -24.25% -69.47%
Acquisitions
YoY Change
Other Investing Activities -$9.850M -$24.01M
YoY Change -58.98% -168.8%
Cash From Investing Activities -$20.65M -$38.29M
YoY Change -46.07% 223.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.99M 31.82M
YoY Change -37.18% 1483.08%
NET CHANGE
Cash From Operating Activities 8.700M 7.640M
Cash From Investing Activities -20.65M -38.29M
Cash From Financing Activities 19.99M 31.82M
Net Change In Cash 8.040M 1.170M
YoY Change 587.18% -128.4%
FREE CASH FLOW
Cash From Operating Activities $8.700M $7.640M
Capital Expenditures -$10.81M -$14.27M
Free Cash Flow $19.51M $21.91M
YoY Change -10.95% -58.23%

Facts In Submission

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PartnersCapitalAccountRedemptions
229000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
1003000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
807000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
58000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
229000 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
2875000 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
4338000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
559000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
471000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
15873000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
20097000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
793000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4663000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
164978000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6767000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
8887000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
715000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
31486000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
13836000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
32669000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
14997000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
31180000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
96044000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
185239000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
73906000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
92775000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
4441000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
3131000 USD
us-gaap Profit Loss
ProfitLoss
29664000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
4943000 USD
us-gaap Profit Loss
ProfitLoss
13696000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
95000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
166000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
139553000 USD
CY2017Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
152438000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
908287000 USD
CY2017Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
940823000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
768734000 USD
CY2017Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
788385000 USD
CY2016Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
33200000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
70003000 USD
CY2017Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
56671000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
120190000 USD
CY2016Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2382000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
4731000 USD
CY2017Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2595000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
5104000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
0 USD
CY2017Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
2000000 USD
CY2017Q2 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
2000000 USD
CY2016Q4 us-gaap Rental Properties
RentalProperties
894078000 USD
CY2017Q2 us-gaap Rental Properties
RentalProperties
900782000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
75700000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
130674000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3251000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3139000 USD
CY2016Q2 us-gaap Revenues
Revenues
57451000 USD
us-gaap Revenues
Revenues
117537000 USD
CY2017Q2 us-gaap Revenues
Revenues
83426000 USD
us-gaap Revenues
Revenues
174177000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
652000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
832000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
91381000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
289000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1059000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
148143000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
232902000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
348978000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
432521000 USD
us-gaap Straight Line Rent
StraightLineRent
448000 USD
us-gaap Straight Line Rent
StraightLineRent
640000 USD
us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
0 USD
us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
2000000 USD
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31736000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30964000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42091000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39869000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed. Such estimates are based on management&#8217;s historical experience and best judgment after considering past, current and expected events and economic conditions. Actual results could differ from management&#8217;s estimates.</font></div></div>

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