$ALX
ALEXANDERS INC

2012 Q3 Form 10-Q Financial Statement

#000000349912000020 Filed on November 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4 2011 Q3
Revenue $48.64M $46.56M $46.95M
YoY Change 3.61% -25.21% -23.52%
Cost Of Revenue $16.40M $14.50M $14.50M
YoY Change 13.1% -27.5% -30.29%
Gross Profit $32.20M $32.10M $32.50M
YoY Change -0.92% -24.11% -19.95%
Gross Profit Margin 66.2% 68.95% 69.22%
Selling, General & Admin $1.200M $300.0K $1.300M
YoY Change -7.69% -75.0% 30.0%
% of Gross Profit 3.73% 0.93% 4.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.500M $9.500M $9.300M
YoY Change 2.15% 4.4% 6.9%
% of Gross Profit 29.5% 29.6% 28.62%
Operating Expenses $24.85M $7.400M $22.84M
YoY Change 8.77% -21.28% -30.43%
Operating Profit $23.80M $24.70M $24.11M
YoY Change -1.29% -24.92% -15.59%
Interest Expense -$11.40M -$10.50M -$9.200M
YoY Change 23.91% -29.53% -30.83%
% of Operating Profit -47.91% -42.51% -38.16%
Other Income/Expense, Net
YoY Change
Pretax Income $12.41M $13.40M $14.94M
YoY Change -16.92% -25.56% -2.37%
Income Tax $4.000K $0.00 $2.000K
% Of Pretax Income 0.03% 0.0% 0.01%
Net Earnings $18.86M $20.63M $20.43M
YoY Change -7.68% 15.33% 14.27%
Net Earnings / Revenue 38.76% 44.32% 43.5%
Basic Earnings Per Share $3.69 $4.04 $4.00
Diluted Earnings Per Share $3.69 $4.04 $4.00
COMMON SHARES
Basic Shares Outstanding 5.108M shares 5.106M shares 5.107M shares
Diluted Shares Outstanding 5.108M shares 5.107M shares

Balance Sheet

Concept 2012 Q3 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.4M $506.6M $509.6M
YoY Change -0.24% 27.55% 21.42%
Cash & Equivalents $508.4M $506.6M $509.6M
Short-Term Investments $0.00
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.300M $2.600M $2.700M
Other Receivables $173.0M $169.5M $185.7M
Total Short-Term Assets $684.7M $678.7M $698.0M
YoY Change -1.91% 17.61% 15.93%
LONG-TERM ASSETS
Property, Plant & Equipment $756.7M $770.4M $880.9M
YoY Change -14.1% -13.74% -1.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $5.000M $5.000M
YoY Change -100.0% -78.26% -78.26%
Other Assets $284.4M $291.9M $165.7M
YoY Change 71.64% 79.52% -1.43%
Total Long-Term Assets $1.081B $1.093B $1.087B
YoY Change -0.57% -0.87% -2.57%
TOTAL ASSETS
Total Short-Term Assets $684.7M $678.7M $698.0M
Total Long-Term Assets $1.081B $1.093B $1.087B
Total Assets $1.765B $1.771B $1.785B
YoY Change -1.09% 5.48% 3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.60M $34.60M $46.30M
YoY Change -12.31% -16.83% -1.49%
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 $80.40M $75.90M $89.60M
YoY Change -10.27% -11.12% -14.99%
LONG-TERM LIABILITIES
Long-Term Debt $1.070B $1.081B $1.336B
YoY Change -19.95% -13.28% 5.24%
Other Long-Term Liabilities $251.2M $251.2M $1.200M
YoY Change 20833.33% 6689.19% -66.67%
Total Long-Term Liabilities $1.321B $1.332B $1.338B
YoY Change -1.24% 6.56% 5.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.40M $75.90M $89.60M
Total Long-Term Liabilities $1.321B $1.332B $1.338B
Total Liabilities $1.401B $1.408B $1.427B
YoY Change -1.81% 5.43% 3.24%
SHAREHOLDERS EQUITY
Retained Earnings $322.0M $322.2M $316.9M
YoY Change 1.6% 5.97%
Common Stock $5.173M $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $375.0K $375.0K $375.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 67.51K shares 67.51K shares 67.51K shares
Shareholders Equity $358.9M $358.8M $353.5M
YoY Change
Total Liabilities & Shareholders Equity $1.765B $1.771B $1.785B
YoY Change -1.09% 5.48% 3.92%

Cashflow Statement

Concept 2012 Q3 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $18.86M $20.63M $20.43M
YoY Change -7.68% 15.33% 14.27%
Depreciation, Depletion And Amortization $9.500M $9.500M $9.300M
YoY Change 2.15% 4.4% 6.9%
Cash From Operating Activities $43.50M $24.60M $43.80M
YoY Change -0.68% -26.13% 1890.91%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$4.200M -$2.200M
YoY Change -36.36% -80.65% -170.97%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$700.0K -$4.900M
YoY Change -110.2% -120.0% -81.44%
Cash From Investing Activities -$900.0K -$4.900M -$7.100M
YoY Change -87.32% -73.08% -69.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.90M -22.60M -18.10M
YoY Change 26.52% -39.89% 596.15%
NET CHANGE
Cash From Operating Activities 43.50M 24.60M 43.80M
Cash From Investing Activities -900.0K -4.900M -7.100M
Cash From Financing Activities -22.90M -22.60M -18.10M
Net Change In Cash 19.70M -2.900M 18.60M
YoY Change 5.91% -87.11% -178.81%
FREE CASH FLOW
Cash From Operating Activities $43.50M $24.60M $43.80M
Capital Expenditures -$1.400M -$4.200M -$2.200M
Free Cash Flow $44.90M $28.80M $46.00M
YoY Change -2.39% -47.64% -5211.11%

Facts In Submission

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2.43
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.26
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.43
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.26
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.93
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.93
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.07
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.07
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
7.44
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
3.76
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
7.44
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
3.76
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
8.13
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
8.13
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
3.38
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
3.38
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12410000
CY2011Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
14941000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
38008000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
41513000
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
343776000
CY2011Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
357795000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6408000
us-gaap Increase Decrease In Deferred Rent Receivables
IncreaseDecreaseInDeferredRentReceivables
3824000
us-gaap Increase Decrease In Deferred Rent Receivables
IncreaseDecreaseInDeferredRentReceivables
9961000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
8034000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
22000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
80000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-22000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-23000
alx Proceeds From Maturing Other Short Term Investments
ProceedsFromMaturingOtherShortTermInvestments
5000000
alx Proceeds From Maturing Other Short Term Investments
ProceedsFromMaturingOtherShortTermInvestments
23000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1744000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
112370000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
45956000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
57458000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
300000
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
300000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
600000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28488000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
27614000
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
397220000
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
509590000
us-gaap Interest Paid
InterestPaid
40528000
us-gaap Interest Paid
InterestPaid
36058000
alx Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
3789000
alx Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
1038000
alx Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
648000
alx Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
6510000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1083000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15703000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1493000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15225000
alx Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
6502000
alx Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
10226000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
11156000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
160037000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
57458000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
45956000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
400000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4269000
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-477000
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-1546000
us-gaap Restricted Stock Expense
RestrictedStockExpense
300000
us-gaap Restricted Stock Expense
RestrictedStockExpense
300000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
600000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0
alx Reversal Of Income Tax Liability
ReversalOfIncomeTaxLiability
0
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
416000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2465000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
5000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
72676000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
67923000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5309000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1918000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-69014000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39138000
us-gaap Basis Of Accounting
BasisOfAccounting
<p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">The accompanying consolidated financial statements are unaudited and include </font><font style="font-family:Times New Roman;font-size:10pt;">the</font><font style="font-family:Times New Roman;font-size:10pt;"> accounts </font><font style="font-family:Times New Roman;font-size:10pt;">of Alexander's </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">its</font><font style="font-family:Times New Roman;font-size:10pt;"> consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the </font><font style="font-family:Times New Roman;font-size:10pt;">United&#160;States of America</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;GAAP&#8221;) have been condensed or omitted. </font><font style="font-family:Times New Roman;font-size:10pt;">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &#8220;SEC&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2011</font><font style="font-family:Times New Roman;font-size:10pt;">, as filed with the SEC. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">The results of operations for the </font><font style="font-family:Times New Roman;font-size:10pt;">three and nine months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">September 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2012</font><font style="font-family:Times New Roman;font-size:10pt;"> are not necessarily indicative of the operating results for the full year.</font><font style="font-family:Times New Roman;font-size:10pt;"> Certain prior year balances have been reclassified in order to conform to current year presentation.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">We currently operate in one business segment.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
alx Number Of Operating Segments
NumberOfOperatingSegments
1
CY2012Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2011Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2011Q4 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
5000000
CY2012Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3998000.00
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-6446000
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-5484000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-19222000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-17276000

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