2014 Q2 Form 10-Q Financial Statement
#000000349914000015 Filed on August 04, 2014
Income Statement
| Concept | 2014 Q2 | 2013 Q2 |
|---|---|---|
| Revenue | $49.98M | $47.30M |
| YoY Change | 5.67% | 0.9% |
| Cost Of Revenue | $17.70M | $15.10M |
| YoY Change | 17.22% | 6.34% |
| Gross Profit | $32.20M | $32.20M |
| YoY Change | 0.0% | -1.53% |
| Gross Profit Margin | 64.42% | 68.07% |
| Selling, General & Admin | $1.000M | $1.000M |
| YoY Change | 0.0% | -41.18% |
| % of Gross Profit | 3.11% | 3.11% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $8.000M | $7.900M |
| YoY Change | 1.27% | -16.84% |
| % of Gross Profit | 24.84% | 24.53% |
| Operating Expenses | $25.99M | $23.41M |
| YoY Change | 11.03% | 1.61% |
| Operating Profit | $24.00M | $23.90M |
| YoY Change | 0.42% | 0.23% |
| Interest Expense | -$7.200M | -$10.80M |
| YoY Change | -33.33% | -4.42% |
| % of Operating Profit | -30.01% | -45.2% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $16.83M | $13.14M |
| YoY Change | 28.05% | -31.65% |
| Income Tax | $2.000K | $4.000K |
| % Of Pretax Income | 0.01% | 0.03% |
| Net Earnings | $16.83M | $13.14M |
| YoY Change | 28.08% | -30.45% |
| Net Earnings / Revenue | 33.67% | 27.78% |
| Basic Earnings Per Share | $3.29 | $2.57 |
| Diluted Earnings Per Share | $3.29 | $2.57 |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2014 Q2 | 2013 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $307.9M | $364.5M |
| YoY Change | -15.53% | -25.43% |
| Cash & Equivalents | $307.9M | $331.9M |
| Short-Term Investments | $32.64M | |
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $2.300M | $2.300M |
| Other Receivables | $178.7M | $175.9M |
| Total Short-Term Assets | $488.9M | $510.1M |
| YoY Change | -4.16% | -25.16% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $743.0M | $743.3M |
| YoY Change | -0.04% | -14.27% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $35.70M | $32.60M |
| YoY Change | 9.51% | |
| Other Assets | $139.8M | $145.9M |
| YoY Change | -4.18% | -10.98% |
| Total Long-Term Assets | $961.0M | $959.5M |
| YoY Change | 0.16% | -11.15% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $488.9M | $510.1M |
| Total Long-Term Assets | $961.0M | $959.5M |
| Total Assets | $1.450B | $1.470B |
| YoY Change | -1.34% | -16.57% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $32.80M | $29.80M |
| YoY Change | 10.07% | -7.74% |
| 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 | $75.30M | $74.70M |
| YoY Change | 0.8% | 2.61% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.034B | $1.058B |
| YoY Change | -2.24% | -20.06% |
| Other Long-Term Liabilities | $3.400M | $3.600M |
| YoY Change | -5.56% | 200.0% |
| Total Long-Term Liabilities | $1.038B | $1.062B |
| YoY Change | -2.25% | -19.86% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $75.30M | $74.70M |
| Total Long-Term Liabilities | $1.038B | $1.062B |
| Total Liabilities | $1.113B | $1.136B |
| YoY Change | -2.06% | -18.69% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $296.0M | |
| YoY Change | -8.15% | |
| Common Stock | $5.173M | |
| YoY Change | 0.0% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $374.0K | |
| YoY Change | -0.27% | |
| Treasury Stock Shares | 67.25K shares | |
| Shareholders Equity | $336.9M | $333.2M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.450B | $1.470B |
| YoY Change | -1.34% | -16.57% |
Cashflow Statement
| Concept | 2014 Q2 | 2013 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $16.83M | $13.14M |
| YoY Change | 28.08% | -30.45% |
| Depreciation, Depletion And Amortization | $8.000M | $7.900M |
| YoY Change | 1.27% | -16.84% |
| Cash From Operating Activities | -$18.00M | -$17.30M |
| YoY Change | 4.05% | 20.14% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$12.00M | -$1.900M |
| YoY Change | 531.58% | -20.83% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $500.0K |
| YoY Change | -100.0% | -126.32% |
| Cash From Investing Activities | -$12.00M | -$1.500M |
| YoY Change | 700.0% | -65.12% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -17.30M | -18.00M |
| YoY Change | -3.89% | -21.4% |
| NET CHANGE | ||
| Cash From Operating Activities | -18.00M | -17.30M |
| Cash From Investing Activities | -12.00M | -1.500M |
| Cash From Financing Activities | -17.30M | -18.00M |
| Net Change In Cash | -47.30M | -36.80M |
| YoY Change | 28.53% | -11.54% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$18.00M | -$17.30M |
| Capital Expenditures | -$12.00M | -$1.900M |
| Free Cash Flow | -$6.000M | -$15.40M |
| YoY Change | -61.04% | 28.33% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
348000 | ||
| alx |
Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
|
8850000 | ||
| alx |
Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
|
0 | ||
| us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
85000 | ||
| us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
-818000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
16332000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-36067000 | ||
| us-gaap |
Straight Line Rent
StraightLineRent
|
2210000 | ||
| us-gaap |
Restricted Stock Expense
RestrictedStockExpense
|
394000 | ||
| us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
315670000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
28730000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-2448000 | ||
| us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-5000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-21523000 | ||
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
28094000 | ||
| CY2014Q2 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
3.25 | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
15876000 | ||
| CY2014Q2 | us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
-195000 | |
| CY2013Q2 | us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
0 | |
| CY2012Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
332153000 | |
| CY2013Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
333183000 | |
| us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
28094000 | ||
| CY2013Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
331873000 | |
| us-gaap |
Interest Paid
InterestPaid
|
17238000 | ||
| alx |
Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
|
2284000 | USD | |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2745000 | ||
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5108383 | shares | |
| CY2014Q2 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
34046000 | |
| CY2014Q2 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
15937000 | |
| CY2013Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
2.57 | |
| CY2013Q2 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
14550000 | |
| CY2013Q2 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
7235000 | |
| CY2013Q2 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
388000 | |
| us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
30157000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2639000 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
5.34 | ||
| CY2014Q2 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
49983000 | |
| CY2014Q2 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
7280000 | |
| CY2014Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
25988000 | |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
23995000 | |
| CY2014Q2 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
425000 | |
| CY2014Q2 | us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
7590000 | |
| CY2013Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
23895000 | |
| CY2013Q2 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
47302000 | |
| CY2013Q2 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
13632000 | |
| CY2013Q2 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
2.75 | |
| CY2013Q2 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
33670000 | |
| CY2013Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1622000 | |
| CY2013Q2 | us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
11140000 | |
| CY2013Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5108745 | shares |
| CY2013Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
23407000 | |
| 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 | |
| CY2014Q2 | us-gaap |
Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
|
595000 | |
| CY2014Q2 | us-gaap |
Costs And Expenses Related Party
CostsAndExpensesRelatedParty
|
1057000 | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
32077000 | ||
| CY2013Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
13143000 | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
27308000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
7000 | ||
| CY2014Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2000 | |
| CY2013Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
4000 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
5000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
32072000 | ||
| CY2014Q2 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
2366000 | |
| CY2013Q2 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
-1825000 | |
| us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
1429000 | ||
| us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
0 | ||
| us-gaap |
Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
|
-153000 | ||
| us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
33213000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-1431000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
15660000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-5099000 | ||
| us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-32000 | ||
| CY2013Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
13139000 | |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
16830000 | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-39789000 | ||
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
353396000 | |
| us-gaap |
Interest Paid
InterestPaid
|
21107000 | ||
| alx |
Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
|
10569000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-642000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
22169000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
17772000 | ||
| us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
4263000 | ||
| us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
-1562000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
22262000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-53146000 | ||
| us-gaap |
Straight Line Rent
StraightLineRent
|
1282000 | ||
| us-gaap |
Restricted Stock Expense
RestrictedStockExpense
|
394000 | ||
| us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
7888000 | ||
| us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
300000000 | ||
| us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | ||
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
33213000 | ||
| us-gaap |
Interest Paid Capitalized
InterestPaidCapitalized
|
85000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-4457000 | ||
| alx |
Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
|
13362000 | ||
| alx |
Payments For Capital Improvements And Construction In Process
PaymentsForCapitalImprovementsAndConstructionInProcess
|
3219000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-8905000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-1788000 | ||
| 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;">       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 (“REIT”), 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 “we,” “us,” “our,” “Company” and “Alexander's” refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO).</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </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;">       </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 States of America</font><font style="font-family:Times New Roman;font-size:10pt;"> (“GAAP”) 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 “SEC”) 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;">2013</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'> </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;">2014</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'> </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'> </p> | ||
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | ||
| CY2014Q2 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
35729000 | |
| CY2013Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
31522000 | |
| CY2014Q2 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
47000 | |
| CY2014Q2 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
35776000 | |
| CY2014Q2 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
0 | |
| CY2013Q4 | us-gaap |
Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
|
0 | |
| CY2014Q2 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
3308000 |
