2017 Q1 Form 10-K Financial Statement

#000000349917000004 Filed on February 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015 Q3
Revenue $57.23M $52.82M $52.41M
YoY Change 3.01% 2.99% 4.67%
Cost Of Revenue $21.50M $20.80M $20.00M
YoY Change 6.44% 6.12% 11.73%
Gross Profit $35.70M $32.00M $32.40M
YoY Change 1.13% 0.95% 0.62%
Gross Profit Margin 62.38% 60.58% 61.82%
Selling, General & Admin $600.0K $600.0K $500.0K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit 1.68% 1.88% 1.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.569M $9.000M $8.600M
YoY Change -4.51% 11.11% 8.86%
% of Gross Profit 24.0% 28.13% 26.54%
Operating Expenses $30.12M $8.900M $28.57M
YoY Change 3.08% 12.66% 266.32%
Operating Profit $27.11M $23.10M $23.84M
YoY Change 2.93% -2.94% -2.21%
Interest Expense -$5.400M $400.0K -$5.700M
YoY Change 25.58% -106.56% -18.57%
% of Operating Profit -19.92% 1.73% -23.91%
Other Income/Expense, Net
YoY Change
Pretax Income $21.67M $23.60M $18.17M
YoY Change -1.58% 34.09% 4.79%
Income Tax $7.000K $0.00 -$2.000K
% Of Pretax Income 0.03% 0.0% -0.01%
Net Earnings $21.67M $23.57M $18.17M
YoY Change -1.6% 29.79% 2.71%
Net Earnings / Revenue 37.86% 44.63% 34.67%
Basic Earnings Per Share $4.24 $4.61 $3.55
Diluted Earnings Per Share $4.24 $4.61 $3.55
COMMON SHARES
Basic Shares Outstanding 5.107M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.0M $302.5M $252.9M
YoY Change 7.01% 11.04% -18.16%
Cash & Equivalents $306.5M $259.3M $252.9M
Short-Term Investments $34.47M $43.19M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.500M $4.000M $2.800M
Other Receivables $178.0M $181.4M $181.2M
Total Short-Term Assets $487.0M $444.7M $436.9M
YoY Change 5.66% 8.46% -10.96%
LONG-TERM ASSETS
Property, Plant & Equipment $775.4M $803.9M $806.1M
YoY Change -2.78% 2.55% 4.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $34.50M $43.20M $41.10M
YoY Change -18.63% -37.93% 20.18%
Other Assets $132.8M $131.1M $135.5M
YoY Change -1.41% -3.6% -1.81%
Total Long-Term Assets $956.9M $1.003B $1.020B
YoY Change -3.1% -1.0% 4.63%
TOTAL ASSETS
Total Short-Term Assets $487.0M $444.7M $436.9M
Total Long-Term Assets $956.9M $1.003B $1.020B
Total Assets $1.444B $1.448B $1.457B
YoY Change -0.31% 1.73% -0.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.10M $30.20M $42.20M
YoY Change 2.09% -13.96% -12.63%
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 $39.60M $38.80M $48.20M
YoY Change 2.06% -0.51% -47.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.052B $1.053B $1.060B
YoY Change -0.1% 1.98% 2.6%
Other Long-Term Liabilities $2.900M $3.000M $3.000M
YoY Change -3.33% 0.0% 0.0%
Total Long-Term Liabilities $1.055B $1.056B $1.063B
YoY Change -0.11% 1.98% 2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.60M $38.80M $48.20M
Total Long-Term Liabilities $1.055B $1.056B $1.063B
Total Liabilities $1.095B $1.095B $1.112B
YoY Change -0.02% 1.87% -1.55%
SHAREHOLDERS EQUITY
Retained Earnings $308.9M $304.3M $298.7M
YoY Change 1.78%
Common Stock $5.173M $5.173M $5.173M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $368.0K $374.0K $374.0K
YoY Change -1.6%
Treasury Stock Shares 66.16K shares 67.25K shares 67.25K shares
Shareholders Equity $349.4M $352.9M $345.1M
YoY Change
Total Liabilities & Shareholders Equity $1.444B $1.448B $1.457B
YoY Change -0.31% 1.73% -0.59%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $21.67M $23.57M $18.17M
YoY Change -1.6% 29.79% 2.71%
Depreciation, Depletion And Amortization $8.569M $9.000M $8.600M
YoY Change -4.51% 11.11% 8.86%
Cash From Operating Activities $41.60M $33.90M $47.30M
YoY Change -8.37% -300.59% 7.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$8.200M -$12.50M
YoY Change -82.02% -62.73% -53.01%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$300.0K
YoY Change -100.8% -137.5%
Cash From Investing Activities -$1.600M -$8.000M -$12.90M
YoY Change -77.78% -82.91% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $901.0K
YoY Change 7.78%
Cash From Financing Activities -22.60M -18.70M 7.300M
YoY Change 6.1% 7.47% -141.95%
NET CHANGE
Cash From Operating Activities 41.60M 33.90M 47.30M
Cash From Investing Activities -1.600M -8.000M -12.90M
Cash From Financing Activities -22.60M -18.70M 7.300M
Net Change In Cash 17.40M 7.200M 41.70M
YoY Change 2.96% -108.88% 4533.33%
FREE CASH FLOW
Cash From Operating Activities $41.60M $33.90M $47.30M
Capital Expenditures -$1.600M -$8.200M -$12.50M
Free Cash Flow $43.20M $42.10M $59.80M
YoY Change -20.44% 725.49% -15.42%

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CY2016 us-gaap Nature Of Operations
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<div><p style='text-align:justify;margin-top:0pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >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='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:14.4pt;' >Alexander&#8217;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 </font><font style='font-family:Times New Roman;font-size:10pt;' >redeveloping its properties. All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander&#8217;s&#8221; refer to Alexander&#8217;s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#8220;Vornado&#8221;</font><font style='font-family:Times New Roman;font-size:10pt;' >) (NYSE: VNO).</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:14.4pt;' >We have </font><font style='font-family:Times New Roman;font-size:10pt;' >seven</font><font style='font-family:Times New Roman;font-size:10pt;' > properties in the greater New York City metropolitan area consisting of:</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Operating properties</font></p><p style='text-align:justify;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >731 Lexington Avenue, a 1,311,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59</font><font style='font-family:Times New Roman;font-size:10pt;' >th</font><font style='font-family:Times New Roman;font-size:10pt;' > Street, Third Avenue and East 58</font><font style='font-family:Times New Roman;font-size:10pt;' >th</font><font style='font-family:Times New Roman;font-size:10pt;' > Street in Manhattan. The building contains 889</font><font style='font-family:Times New Roman;font-size:10pt;' >,000 and 174,000 of net</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condomi</font><font style='font-family:Times New Roman;font-size:10pt;' >nium units, which we sold. Bloomberg L.P. </font><font style='font-family:Times New Roman;font-size:10pt;' >(&#8220;Bloomberg&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >occupies all of the office space. The Home Depot (83,000 square feet), The Container Store (34,000 square feet) and Hennes &amp; Mauritz (27,000 square feet) are the principal retail tenants;</font></li></ul><p style='text-align:left;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >Rego Park</font><font style='font-family:Times New Roman;font-size:10pt;' > I, a 343,000 square foot shopping center, located on Queens Boulevard and 63</font><sup><font style='font-family:Times New Roman;font-size:10pt;' >rd</font></sup><font style='font-family:Times New Roman;font-size:10pt;' > Road in Queens. The center is anchored by a 195,000 square foot Sears department store, a 50,000 square foot Burlington Coat Factory, a 46,000 square foot Bed Bath &amp; Beyond an</font><font style='font-family:Times New Roman;font-size:10pt;' >d a 36,000 square foot Marshalls. </font><font style='font-family:Times New Roman;font-size:10pt;' >In January 2017, Sears announced that it plans to close its store in the second quarter of 2017. Under the terms of the lease, Sears is obligated to pay rent through lease expiration in March of 2021;</font></li></ul><p style='text-align:left;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >Rego Park II</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >a 609,000 square </font><font style='font-family:Times New Roman;font-size:10pt;' >f</font><font style='font-family:Times New Roman;font-size:10pt;' >oot shopping center,</font><font style='font-family:Times New Roman;font-size:10pt;' > adjacent to </font><font style='font-family:Times New Roman;font-size:10pt;' >the</font><font style='font-family:Times New Roman;font-size:10pt;' > Rego Park I </font><font style='font-family:Times New Roman;font-size:10pt;' >shopping center</font><font style='font-family:Times New Roman;font-size:10pt;' > in Queens</font><font style='font-family:Times New Roman;font-size:10pt;' >. The</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >center is anchored by </font><font style='font-family:Times New Roman;font-size:10pt;' >a </font><font style='font-family:Times New Roman;font-size:10pt;' >145</font><font style='font-family:Times New Roman;font-size:10pt;' >,000 square foot Costco, a 13</font><font style='font-family:Times New Roman;font-size:10pt;' >5,000 square foot Century 21 and</font><font style='font-family:Times New Roman;font-size:10pt;' > a 13</font><font style='font-family:Times New Roman;font-size:10pt;' >3</font><font style='font-family:Times New Roman;font-size:10pt;' >,000 square foot Kohl&#8217;s</font><font style='font-family:Times New Roman;font-size:10pt;' >. In addition, </font><font style='font-family:Times New Roman;font-size:10pt;' >47,000 square feet </font><font style='font-family:Times New Roman;font-size:10pt;' >i</font><font style='font-family:Times New Roman;font-size:10pt;' >s </font><font style='font-family:Times New Roman;font-size:10pt;' >leased to Toys &#8220;R&#8221; Us/Babies &#8220;R&#8221; Us, a one-third owned affiliate of Vornado</font><font style='font-family:Times New Roman;font-size:10pt;' >;</font></li><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet and is </font><font style='font-family:Times New Roman;font-size:10pt;' >98.1</font><font style='font-family:Times New Roman;font-size:10pt;' >% leased as of December 31, 2016;</font></li></ul><p style='text-align:left;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >Par</font><font style='font-family:Times New Roman;font-size:10pt;' >amus</font><font style='font-family:Times New Roman;font-size:10pt;' >, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land</font><font style='font-family:Times New Roman;font-size:10pt;' > that is</font><font style='font-family:Times New Roman;font-size:10pt;' > leased to IKEA Property, Inc.;</font><font style='font-family:Times New Roman;font-size:10pt;' > and</font></li></ul><p style='text-align:left;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >Flushing</font><font style='font-family:Times New Roman;font-size:10pt;' >, a 1</font><font style='font-family:Times New Roman;font-size:10pt;' >67,000 square foot building, </font><font style='font-family:Times New Roman;font-size:10pt;' >located at Roosevelt Aven</font><font style='font-family:Times New Roman;font-size:10pt;' >ue and Main Street in Queens, that</font><font style='font-family:Times New Roman;font-size:10pt;' > is</font><font style='font-family:Times New Roman;font-size:10pt;' > sub-leased to </font><font style='font-family:Times New Roman;font-size:10pt;' >New World Mall LLC</font><font style='font-family:Times New Roman;font-size:10pt;' > for the rema</font><font style='font-family:Times New Roman;font-size:10pt;' >inder of our ground lease term.</font></li></ul><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Property</font><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;' > to be developed</font></p><p style='text-align:justify;line-height:12pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:justify;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Times New Roman;font-size:10pt;' >Rego Park III</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >a </font><font style='font-family:Times New Roman;font-size:10pt;' >140,000</font><font style='font-family:Times New Roman;font-size:10pt;' > square foot </font><font style='font-family:Times New Roman;font-size:10pt;' >land parcel adjacent to </font><font style='font-family:Times New Roman;font-size:10pt;' >the</font><font style='font-family:Times New Roman;font-size:10pt;' > Rego Park II </font><font style='font-family:Times New Roman;font-size:10pt;' >shopping center</font><font style='font-family:Times New Roman;font-size:10pt;' > in Queens</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > at the intersection of Junction Boulevard and the Horace Harding Service</font><font style='font-family:Times New Roman;font-size:10pt;' > Road.</font></li></ul><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:14.4pt;' >We have determined that our properties have similar economic characteristics and meet the criteria </font><font style='font-family:Times New Roman;font-size:10pt;' >that</font><font style='font-family:Times New Roman;font-size:10pt;' > permit the properties to be aggregated into one reportable segment (the</font><font style='font-family:Times New Roman;font-size:10pt;' > leasing, management, development and redeveloping of properties in the greater New York City metropolitan area). Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operatin</font><font style='font-family:Times New Roman;font-size:10pt;' >g income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses.</font></p></div>
CY2016Q1 us-gaap Real Estate Revenue Net
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55558000 USD
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751000 USD
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445000 USD
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2380000 USD
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822000 USD
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1098385000 USD
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16.91
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210082000 USD
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69897000 USD
CY2016 dei Entity Current Reporting Status
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Yes
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138688000 USD
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304340000 USD
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0 USD
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IncreaseDecreaseInOtherOperatingLiabilities
-19000 USD
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1473000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
347718000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
227815000 USD
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5114084 shares
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
333581000 USD
CY2014 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-189000 USD
CY2014 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
394000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
348399000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
352880000 USD
CY2015Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
52819000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
23572000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
52414000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
18172000 USD
CY2015Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
50646000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
17341000 USD
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
52036000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
17822000 USD
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.61
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.61
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.55
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.55
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.39
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.39
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.49
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.49
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
225533000 USD
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1029472000 USD
CY2015Q4 alx Real Estate Before Real Estate Sold And Written Off
RealEstateBeforeRealEstateSoldAndWrittenOff
236723000 USD
CY2017Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
5107290 shares
CY2016Q2 dei Entity Public Float
EntityPublicFloat
861304000 USD
CY2015 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1486000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
259349000 USD
CY2016 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
no
CY2015 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
no
CY2014 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
no
CY2016 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
0 USD
CY2015 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-24998000 USD
CY2014 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
24998000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
28883000 USD
CY2015 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
26698000 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
24707000 USD

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