$ALX
ALEXANDERS INC

2015 Q3 Form 10-Q Financial Statement

#000000349915000025 Filed on November 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $52.41M $51.29M $50.08M
YoY Change 4.67% 1.56% 0.38%
Cost Of Revenue $20.00M $19.60M $17.90M
YoY Change 11.73% 6.52% 1.7%
Gross Profit $32.40M $31.70M $32.20M
YoY Change 0.62% -1.25% -0.31%
Gross Profit Margin 61.82% 61.81% 64.3%
Selling, General & Admin $500.0K $600.0K $500.0K
YoY Change 0.0% 0.0% -16.67%
% of Gross Profit 1.54% 1.89% 1.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.600M $8.100M $7.900M
YoY Change 8.86% 2.53% 1.28%
% of Gross Profit 26.54% 25.55% 24.53%
Operating Expenses $28.57M $7.900M $7.800M
YoY Change 266.32% 1.28% -1.27%
Operating Profit $23.84M $23.80M $24.38M
YoY Change -2.21% -2.06% -0.08%
Interest Expense -$5.700M -$6.100M -$7.000M
YoY Change -18.57% -42.99% -35.19%
% of Operating Profit -23.91% -25.63% -28.71%
Other Income/Expense, Net
YoY Change
Pretax Income $18.17M $17.60M $17.34M
YoY Change 4.79% 30.37% 27.05%
Income Tax -$2.000K $0.00 -$349.0K
% Of Pretax Income -0.01% 0.0% -2.01%
Net Earnings $18.17M $18.16M $17.69M
YoY Change 2.71% 15.02% 27.98%
Net Earnings / Revenue 34.67% 35.41% 35.33%
Basic Earnings Per Share $3.55 $3.55 $3.46
Diluted Earnings Per Share $3.55 $3.55 $3.46
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.9M $272.5M $309.0M
YoY Change -18.16% -21.64% -11.1%
Cash & Equivalents $252.9M $227.8M $309.0M
Short-Term Investments $44.65M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.800M $2.200M $2.400M
Other Receivables $181.2M $180.0M $179.3M
Total Short-Term Assets $436.9M $410.0M $490.7M
YoY Change -10.96% -22.35% -6.82%
LONG-TERM ASSETS
Property, Plant & Equipment $806.1M $783.9M $768.9M
YoY Change 4.84% 6.77% 4.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.10M $69.60M $34.20M
YoY Change 20.18% 120.95% 13.25%
Other Assets $135.5M $136.0M $138.0M
YoY Change -1.81% -5.29% -5.28%
Total Long-Term Assets $1.020B $1.013B $974.7M
YoY Change 4.63% 8.98% 3.16%
TOTAL ASSETS
Total Short-Term Assets $436.9M $410.0M $490.7M
Total Long-Term Assets $1.020B $1.013B $974.7M
Total Assets $1.457B $1.423B $1.465B
YoY Change -0.59% -2.37% -0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.20M $35.10M $48.30M
YoY Change -12.63% 27.64% 22.59%
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 $48.20M $39.00M $92.50M
YoY Change -47.89% -44.92% 10.91%
LONG-TERM LIABILITIES
Long-Term Debt $1.060B $1.033B $1.034B
YoY Change 2.6% -1.64% -1.94%
Other Long-Term Liabilities $3.000M $3.000M $3.000M
YoY Change 0.0% -11.76% -11.76%
Total Long-Term Liabilities $1.063B $1.036B $1.037B
YoY Change 2.6% -1.67% -1.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.20M $39.00M $92.50M
Total Long-Term Liabilities $1.063B $1.036B $1.037B
Total Liabilities $1.112B $1.075B $1.129B
YoY Change -1.55% -4.39% -1.03%
SHAREHOLDERS EQUITY
Retained Earnings $298.7M $299.0M
YoY Change 0.5%
Common Stock $5.173M $5.173M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $374.0K
YoY Change
Treasury Stock Shares 67.25K shares 67.25K shares
Shareholders Equity $345.1M $348.4M $336.4M
YoY Change
Total Liabilities & Shareholders Equity $1.457B $1.423B $1.465B
YoY Change -0.59% -2.37% -0.41%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $18.17M $18.16M $17.69M
YoY Change 2.71% 15.02% 27.98%
Depreciation, Depletion And Amortization $8.600M $8.100M $7.900M
YoY Change 8.86% 2.53% 1.28%
Cash From Operating Activities $47.30M -$16.90M $44.10M
YoY Change 7.26% -186.22% 16.05%
INVESTING ACTIVITIES
Capital Expenditures -$12.50M -$22.00M -$26.60M
YoY Change -53.01% 1122.22% 885.19%
Acquisitions
YoY Change
Other Investing Activities -$300.0K -$24.90M $800.0K
YoY Change -137.5% -5080.0% -153.33%
Cash From Investing Activities -$12.90M -$46.80M -$25.80M
YoY Change -50.0% 3500.0% 514.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.300M -17.40M -17.40M
YoY Change -141.95% -3.87% -3.33%
NET CHANGE
Cash From Operating Activities 47.30M -16.90M 44.10M
Cash From Investing Activities -12.90M -46.80M -25.80M
Cash From Financing Activities 7.300M -17.40M -17.40M
Net Change In Cash 41.70M -81.10M 900.0K
YoY Change 4533.33% -40650.0% -94.3%
FREE CASH FLOW
Cash From Operating Activities $47.30M -$16.90M $44.10M
Capital Expenditures -$12.50M -$22.00M -$26.60M
Free Cash Flow $59.80M $5.100M $70.70M
YoY Change -15.42% -76.17% 73.71%

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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-34663000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
265000
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, Vornado Realty Trust (&#8220;Vornado&#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;">2014</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;">2015</font><font style="font-family:Times New Roman;font-size:10pt;"> are not necessarily indicative of the oper</font><font style="font-family:Times New Roman;font-size:10pt;">ating results for the full year</font><font style="font-family:Times New Roman;font-size:10pt;">. </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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2074000
CY2015Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
41119000
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
44646000
CY2015Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
41119000
CY2015Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
11000
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
69655000

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