2019 Q2 Form 10-Q Financial Statement

#000156918719000022 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $57.82M $47.95M $51.75M
YoY Change 17.4% -7.35% -42.98%
Cost Of Revenue $31.60M $16.29M $31.65M
YoY Change 7.7% -48.54% -54.64%
Gross Profit $26.33M $21.81M $20.10M
YoY Change 32.27% 8.5% -4.19%
Gross Profit Margin 45.54% 45.48% 38.84%
Selling, General & Admin $2.950M $3.400M $2.960M
YoY Change 6.88% 14.86% -1.0%
% of Gross Profit 11.2% 15.59% 14.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.49M $7.743M $6.773M
YoY Change 46.95% 14.32% 4.63%
% of Gross Profit 51.23% 35.51% 33.7%
Operating Expenses $48.09M $39.84M $43.97M
YoY Change 16.17% -9.39% -46.56%
Operating Profit $9.735M $8.101M $7.775M
YoY Change 23.89% 4.19% -8.16%
Interest Expense $7.603M $5.886M $4.373M
YoY Change 69.07% 34.6% -3.57%
% of Operating Profit 78.1% 72.66% 56.24%
Other Income/Expense, Net $4.000K $60.00K $114.0K
YoY Change -92.59% -47.37% 208.11%
Pretax Income $5.796M $6.404M $6.717M
YoY Change 0.29% -4.66% -25.82%
Income Tax -$30.00K -$110.0K -$266.0K
% Of Pretax Income -0.52% -1.72% -3.96%
Net Earnings $4.566M $4.884M $5.040M
YoY Change 5.72% -3.1% -15.09%
Net Earnings / Revenue 7.9% 10.19% 9.74%
Basic Earnings Per Share
Diluted Earnings Per Share $87.13K $95.82K $111.7K
COMMON SHARES
Basic Shares Outstanding 52.42M shares 50.34M shares 45.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.10M $15.60M $15.80M
YoY Change 87.8% -1.27% 58.0%
Cash & Equivalents $23.11M $15.58M $15.80M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $900.0K
Prepaid Expenses
Receivables $20.70M $18.30M $16.10M
Other Receivables $13.70M $17.80M $21.40M
Total Short-Term Assets $57.50M $52.60M $53.30M
YoY Change 18.31% -1.31% -28.26%
LONG-TERM ASSETS
Property, Plant & Equipment $1.419B $1.087B $887.7M
YoY Change 54.85% 22.44% 13.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $12.82M
YoY Change -100.0% -100.0% 18.78%
Other Assets $2.900M $3.400M $3.500M
YoY Change -6.45% -2.86% -2.78%
Total Long-Term Assets $1.673B $1.307B $1.048B
YoY Change 54.32% 24.62% 14.14%
TOTAL ASSETS
Total Short-Term Assets $57.50M $52.60M $53.30M
Total Long-Term Assets $1.673B $1.307B $1.048B
Total Assets $1.730B $1.359B $1.102B
YoY Change 52.78% 23.37% 10.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.00M $15.90M $11.30M
YoY Change 39.13% 40.71% 2.73%
Accrued Expenses $41.30M $41.70M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.600M $60.20M
YoY Change -93.25% -92.36%
Total Short-Term Liabilities $99.10M $104.5M $113.0M
YoY Change -11.12% -7.52% 64.96%
LONG-TERM LIABILITIES
Long-Term Debt $963.2M $733.0M $529.5M
YoY Change 84.84% 38.43% 1.36%
Other Long-Term Liabilities $61.30M $44.10M $42.40M
YoY Change 43.56% 4.01% -13.29%
Total Long-Term Liabilities $1.025B $777.1M $571.9M
YoY Change 81.71% 35.88% 0.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.10M $104.5M $113.0M
Total Long-Term Liabilities $1.025B $777.1M $571.9M
Total Liabilities $1.124B $881.6M $684.9M
YoY Change 66.36% 28.72% 7.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $394.8M $390.1M $290.2M
YoY Change 16.44% 34.44% 44.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $358.1M $299.1M $225.0M
YoY Change
Total Liabilities & Shareholders Equity $1.730B $1.359B $1.102B
YoY Change 52.78% 23.37% 10.97%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $4.566M $4.884M $5.040M
YoY Change 5.72% -3.1% -15.09%
Depreciation, Depletion And Amortization $13.49M $7.743M $6.773M
YoY Change 46.95% 14.32% 4.63%
Cash From Operating Activities $12.03M $16.08M $4.050M
YoY Change 66.85% 297.01% -51.05%
INVESTING ACTIVITIES
Capital Expenditures -$150.8M -$70.72M -$62.05M
YoY Change 340.22% 13.97% 305.82%
Acquisitions $25.79M $33.37M
YoY Change -22.7% 393.1%
Other Investing Activities -$15.98M -$9.090M -$5.480M
YoY Change 1101.5% 65.88% -376.77%
Cash From Investing Activities -$166.8M -$79.80M -$67.53M
YoY Change 368.7% 18.18% 407.12%
FINANCING ACTIVITIES
Cash Dividend Paid $13.45M $11.81M
YoY Change 13.88% 21.41%
Common Stock Issuance & Retirement, Net $30.21M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 161.8M $58.63M $59.87M
YoY Change 560.6% -2.06% -1026.32%
NET CHANGE
Cash From Operating Activities 12.03M $16.08M $4.050M
Cash From Investing Activities -166.8M -$79.80M -$67.53M
Cash From Financing Activities 161.8M $58.63M $59.87M
Net Change In Cash 7.000M -$5.092M -$3.610M
YoY Change -279.95% 41.05% -68.62%
FREE CASH FLOW
Cash From Operating Activities $12.03M $16.08M $4.050M
Capital Expenditures -$150.8M -$70.72M -$62.05M
Free Cash Flow $162.9M $86.80M $66.10M
YoY Change 292.69% 31.31% 180.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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114000 USD
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60000 USD
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1696000 USD
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5000 USD
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0 USD
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680000 USD
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575000 USD
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5000 USD
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2246000 USD
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0 USD
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CY2018Q1 us-gaap Provision For Loan Lease And Other Losses
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0 USD
CY2019Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2019Q1 us-gaap Real Estate Investment Property At Cost
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CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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CY2019Q1 us-gaap Revenue Remaining Performance Obligation
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CY2018Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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900000 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1100000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
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4000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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4000 USD
CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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420283000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Straight Line Rent
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CY2019Q1 us-gaap Straight Line Rent
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CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
969000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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50926000 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As discussed below, certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period's presentation. </font></div></div>
CY2019Q1 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 significantly from management&#8217;s estimates.</font></div></div>

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