$ALX
ALEXANDERS INC

2013 Q3 Form 10-Q Financial Statement

#000000349913000017 Filed on August 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q4
Revenue $49.89M $47.30M $48.49M
YoY Change 2.56% 0.9% 4.15%
Cost Of Revenue $17.60M $15.10M $16.60M
YoY Change 7.32% 6.34% 14.48%
Gross Profit $32.30M $32.20M $31.90M
YoY Change 0.31% -1.53% -0.62%
Gross Profit Margin 64.75% 68.07% 65.79%
Selling, General & Admin $600.0K $1.000M $1.300M
YoY Change -50.0% -41.18% 333.33%
% of Gross Profit 1.86% 3.11% 4.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.800M $7.900M $7.900M
YoY Change -17.89% -16.84% -16.84%
% of Gross Profit 24.15% 24.53% 24.76%
Operating Expenses $7.900M $23.41M $8.500M
YoY Change -68.21% 1.61% 14.86%
Operating Profit $24.40M $23.90M $23.40M
YoY Change 2.54% 0.23% -5.26%
Interest Expense -$10.80M -$10.80M -$11.40M
YoY Change -5.26% -4.42% 8.57%
% of Operating Profit -44.26% -45.2% -48.72%
Other Income/Expense, Net
YoY Change
Pretax Income $13.65M $13.14M $12.00M
YoY Change 9.96% -31.65% -10.45%
Income Tax -$173.0K $4.000K $0.00
% Of Pretax Income -1.27% 0.03% 0.0%
Net Earnings $13.82M $13.14M $617.2M
YoY Change -26.69% -30.45% 2890.97%
Net Earnings / Revenue 27.71% 27.78% 1272.72%
Basic Earnings Per Share $2.71 $2.57 $120.80
Diluted Earnings Per Share $2.71 $2.57 $120.80
COMMON SHARES
Basic Shares Outstanding 5.106M shares 5.106M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.6M $364.5M $384.6M
YoY Change -31.63% -25.43% -24.08%
Cash & Equivalents $347.6M $331.9M $353.4M
Short-Term Investments $32.64M $31.21M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.300M $2.300M $2.000M
Other Receivables $176.7M $175.9M $173.6M
Total Short-Term Assets $526.6M $510.1M $529.0M
YoY Change -23.09% -25.16% -22.06%
LONG-TERM ASSETS
Property, Plant & Equipment $739.0M $743.3M $751.0M
YoY Change -2.34% -14.27% -2.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.20M $32.60M $31.20M
YoY Change 524.0%
Other Assets $145.7M $145.9M $150.4M
YoY Change -48.77% -10.98% -48.48%
Total Long-Term Assets $944.8M $959.5M $952.8M
YoY Change -12.58% -11.15% -12.79%
TOTAL ASSETS
Total Short-Term Assets $526.6M $510.1M $529.0M
Total Long-Term Assets $944.8M $959.5M $952.8M
Total Assets $1.471B $1.470B $1.482B
YoY Change -16.66% -16.57% -16.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.40M $29.80M $33.60M
YoY Change -2.96% -7.74% -2.89%
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 $83.40M $74.70M $80.00M
YoY Change 3.73% 2.61% 5.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.054B $1.058B $1.066B
YoY Change -1.48% -20.06% -1.39%
Other Long-Term Liabilities $3.400M $3.600M $3.700M
YoY Change -98.65% 200.0% -98.53%
Total Long-Term Liabilities $1.057B $1.062B $1.070B
YoY Change -19.95% -19.86% -19.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.40M $74.70M $80.00M
Total Long-Term Liabilities $1.057B $1.062B $1.070B
Total Liabilities $1.141B $1.136B $1.150B
YoY Change -18.59% -18.69% -18.35%
SHAREHOLDERS EQUITY
Retained Earnings $296.0M $296.8M
YoY Change -8.15% -7.88%
Common Stock $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $374.0K $375.0K
YoY Change -0.27% 0.0%
Treasury Stock Shares 67.25K shares 67.51K shares
Shareholders Equity $330.5M $333.2M $332.2M
YoY Change
Total Liabilities & Shareholders Equity $1.471B $1.470B $1.482B
YoY Change -16.66% -16.57% -16.34%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q4
OPERATING ACTIVITIES
Net Income $13.82M $13.14M $617.2M
YoY Change -26.69% -30.45% 2890.97%
Depreciation, Depletion And Amortization $7.800M $7.900M $7.900M
YoY Change -17.89% -16.84% -16.84%
Cash From Operating Activities $38.00M -$17.30M $37.00M
YoY Change -12.64% 20.14% 50.41%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$1.900M -$900.0K
YoY Change 92.86% -20.83% -78.57%
Acquisitions
YoY Change
Other Investing Activities -$1.500M $500.0K $712.8M
YoY Change -400.0% -126.32% -101928.57%
Cash From Investing Activities -$4.200M -$1.500M $712.0M
YoY Change 366.67% -65.12% -14630.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.00M -18.00M -904.0M
YoY Change -21.4% -21.4% 3900.0%
NET CHANGE
Cash From Operating Activities 38.00M -17.30M 37.00M
Cash From Investing Activities -4.200M -1.500M 712.0M
Cash From Financing Activities -18.00M -18.00M -904.0M
Net Change In Cash 15.80M -36.80M -155.0M
YoY Change -19.8% -11.54% 5244.83%
FREE CASH FLOW
Cash From Operating Activities $38.00M -$17.30M $37.00M
Capital Expenditures -$2.700M -$1.900M -$900.0K
Free Cash Flow $40.70M -$15.40M $37.90M
YoY Change -9.35% 28.33% 31.6%

Facts In Submission

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OperatingIncomeLoss
23841000
CY2012Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
14198000
CY2012Q2 us-gaap Profit Loss
ProfitLoss
19238000
CY2012Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
46878000 USD
CY2012Q2 us-gaap Tenant Reimbursements
TenantReimbursements
13396000
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
7169000
CY2012Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
36000
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12566000
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.75
CY2012Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
33482000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1670000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
2.46
CY2012Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
346000
CY2012Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
11311000
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5107415 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
18892000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
23037000
CY2012Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
540000
CY2013Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000
CY2013Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1002000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1825000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
11314000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
5.34
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11314000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18892000
us-gaap Restricted Stock Expense
RestrictedStockExpense
394000
us-gaap Restricted Stock Expense
RestrictedStockExpense
300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29246000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-983000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
17772000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-351000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
24935000
alx Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
3219000
alx Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
5128000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7888000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7400000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
28094000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
38303000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
85000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
400000
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-860000
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-1562000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1431000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
855000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16332000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1788000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-36067000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-46103000
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
0
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
1429000
us-gaap Straight Line Rent
StraightLineRent
2210000
us-gaap Straight Line Rent
StraightLineRent
2664000 USD
us-gaap Nature Of Operations
NatureOfOperations
<p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</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;Organization</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:20.15px;">Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in </font><font style="font-family:Times New Roman;font-size:10pt;">Delaware</font><font style="font-family:Times New Roman;font-size:10pt;">, engaged in leasing, managing, developing and redeveloping its properties. All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander's&#8221; refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, </font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;"> Realty Trust (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Vornado</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;) (NYSE: VNO).</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
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;">2012</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 six months</font><font style="font-family:Times New Roman;font-size:10pt;"> ended </font><font style="font-family:Times New Roman;font-size:10pt;">June 30,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2013</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>
CY2013Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4058000
alx Leasing Services Fee Description
LeasingServicesFeeDescription
Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers.
us-gaap Management Fee Description
ManagementFeeDescription
We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $272,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, Vornado is entitled to a development fee of 6% of development costs, as defined.
CY2012Q4 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
31206000
CY2013Q2 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
32635000
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
12776000
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
6326000

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