2017 Q4 Form 10-Q Financial Statement

#000156918717000034 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $60.30M $68.30M $63.86M
YoY Change 19.47% 6.95% -15.0%
Cost Of Revenue $41.09M $48.90M $45.46M
YoY Change -28.23% 7.57% -22.48%
Gross Profit $19.21M $19.40M $18.39M
YoY Change -2.68% 5.46% 11.55%
Gross Profit Margin 31.86% 28.4% 28.8%
Selling, General & Admin $2.670M $2.100M $2.160M
YoY Change -0.74% -2.78% 15.51%
% of Gross Profit 13.9% 10.83% 11.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.300M $9.240M $8.880M
YoY Change -4.02% 4.05% 40.51%
% of Gross Profit 48.41% 47.64% 48.28%
Operating Expenses $11.97M $60.32M $57.00M
YoY Change -3.31% 5.82% -15.07%
Operating Profit $7.241M $7.980M $6.858M
YoY Change -63.32% 16.36% -58.41%
Interest Expense -$1.220M $4.253M $4.124M
YoY Change -37.44% 3.13% 17.23%
% of Operating Profit -16.85% 53.3% 60.13%
Other Income/Expense, Net -$20.00K $74.00K $35.00K
YoY Change 100.0% 111.43% 105.88%
Pretax Income $5.710M $10.49M $7.962M
YoY Change 8.76% 31.75% 78.72%
Income Tax -$260.0K $29.00K $16.00K
% Of Pretax Income -4.55% 0.28% 0.2%
Net Earnings $5.768M $7.488M $5.212M
YoY Change 12.11% 43.67% 20.18%
Net Earnings / Revenue 9.57% 10.96% 8.16%
Basic Earnings Per Share
Diluted Earnings Per Share $35.78K $166.7K $101.1K
COMMON SHARES
Basic Shares Outstanding 44.94M shares 44.93M shares 33.79M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $19.70M $23.90M
YoY Change -8.68% -17.57% 57.24%
Cash & Equivalents $19.96M $19.72M $23.89M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $15.70M $15.80M $15.10M
Other Receivables $23.90M $35.90M $40.00M
Total Short-Term Assets $59.60M $71.40M $79.00M
YoY Change -21.99% -9.62% -7.39%
LONG-TERM ASSETS
Property, Plant & Equipment $829.9M $811.9M $726.7M
YoY Change 7.96% 11.72% 30.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.41M $11.17M $10.36M
YoY Change 11.49% 7.81%
Other Assets $3.000M $3.200M $3.500M
YoY Change -9.09% -8.57% -16.67%
Total Long-Term Assets $983.5M $959.6M $852.8M
YoY Change 8.55% 12.52% 40.09%
TOTAL ASSETS
Total Short-Term Assets $59.60M $71.40M $79.00M
Total Long-Term Assets $983.5M $959.6M $852.8M
Total Assets $1.043B $1.031B $931.8M
YoY Change 6.17% 10.64% 34.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.20M $14.40M $10.60M
YoY Change 40.74% 35.85% 68.25%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.60M $62.60M $61.80M
YoY Change 1.13% 1.29% 2.15%
LONG-TERM LIABILITIES
Long-Term Debt $517.3M $488.6M $514.0M
YoY Change -0.94% -4.94% 22.35%
Other Long-Term Liabilities $42.90M $46.40M $46.10M
YoY Change -13.16% 0.65% 65.23%
Total Long-Term Liabilities $560.2M $535.0M $560.1M
YoY Change -1.99% -4.48% 25.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.60M $62.60M $61.80M
Total Long-Term Liabilities $560.2M $535.0M $560.1M
Total Liabilities $622.8M $597.6M $621.9M
YoY Change -1.68% -3.91% 22.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $287.9M $288.9M $153.9M
YoY Change 45.76% 87.73% 139.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $226.7M $232.2M $107.8M
YoY Change
Total Liabilities & Shareholders Equity $1.043B $1.031B $931.8M
YoY Change 6.17% 10.64% 34.25%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $5.768M $7.488M $5.212M
YoY Change 12.11% 43.67% 20.18%
Depreciation, Depletion And Amortization $9.300M $9.240M $8.880M
YoY Change -4.02% 4.05% 40.51%
Cash From Operating Activities $19.57M $14.70M $19.83M
YoY Change -7.73% -25.87% 61.09%
INVESTING ACTIVITIES
Capital Expenditures -$23.15M -$38.76M -$30.42M
YoY Change -19.7% 27.42% -24.22%
Acquisitions
YoY Change
Other Investing Activities -$7.890M $8.410M -$7.880M
YoY Change -18.91% -206.73% 2217.65%
Cash From Investing Activities -$31.04M -$30.35M -$38.29M
YoY Change -19.52% -20.74% -5.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.46M 16.85M 22.36M
YoY Change -27.65% -24.64% 39.75%
NET CHANGE
Cash From Operating Activities 19.57M 14.70M 19.83M
Cash From Investing Activities -31.04M -30.35M -38.29M
Cash From Financing Activities 11.46M 16.85M 22.36M
Net Change In Cash -10.00K 1.200M 3.900M
YoY Change -99.34% -69.23% -132.02%
FREE CASH FLOW
Cash From Operating Activities $19.57M $14.70M $19.83M
Capital Expenditures -$23.15M -$38.76M -$30.42M
Free Cash Flow $42.72M $53.46M $50.25M
YoY Change -14.63% 6.39% -4.19%

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-5000 USD
CY2016Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
59546000 USD
CY2017Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
75522000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
56999000 USD
us-gaap Operating Expenses
OperatingExpenses
161827000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
60317000 USD
us-gaap Operating Expenses
OperatingExpenses
217761000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6858000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
19567000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7980000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
24713000 USD
CY2016Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
25305000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
72839000 USD
CY2017Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
27096000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
81083000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
64165000 USD
CY2017Q3 us-gaap Other Assets
OtherAssets
57611000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
39209000 USD
CY2017Q3 us-gaap Other Liabilities
OtherLiabilities
41181000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
154000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
74000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
154000 USD
us-gaap Partners Capital Account Redemptions
PartnersCapitalAccountRedemptions
229000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
1601000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
149000 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
4399000 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
8104000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1791000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
751000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
24702000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
31740000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1183000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4663000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
177865000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
28020000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
8949000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
934000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
42110000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
15754000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
48671000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
28731000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1382000 USD
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
51088000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
96044000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
290105000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
124206000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
96312000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
12557000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
7946000 USD
us-gaap Profit Loss
ProfitLoss
37610000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
10461000 USD
us-gaap Profit Loss
ProfitLoss
24157000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
178000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
425000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
139553000 USD
CY2017Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
157932000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
908287000 USD
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
969853000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
768734000 USD
CY2017Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
811921000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
38552000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
108555000 USD
CY2017Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
41201000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
161391000 USD
CY2016Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2356000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
7087000 USD
CY2017Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2693000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
7797000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
0 USD
CY2017Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
2000000 USD
CY2017Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
2000000 USD
CY2016Q4 us-gaap Rental Properties
RentalProperties
894078000 USD
CY2017Q3 us-gaap Rental Properties
RentalProperties
906225000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
167659000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
152201000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3251000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3195000 USD
CY2016Q3 us-gaap Revenues
Revenues
63857000 USD
us-gaap Revenues
Revenues
181394000 USD
CY2017Q3 us-gaap Revenues
Revenues
68297000 USD
us-gaap Revenues
Revenues
242474000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
864000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1047000 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
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
148143000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
232179000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
348978000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
431433000 USD
us-gaap Straight Line Rent
StraightLineRent
765000 USD
us-gaap Straight Line Rent
StraightLineRent
927000 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
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33792000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31913000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44934000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41575000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
82000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
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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