2018 Q2 Form 10-Q Financial Statement

#000000349918000011 Filed on April 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $58.25M $57.88M $57.23M
YoY Change 1.86% 1.14% 3.01%
Cost Of Revenue $22.10M $22.90M $21.50M
YoY Change 3.76% 6.51% 6.44%
Gross Profit $36.10M $35.00M $35.70M
YoY Change 0.56% -1.96% 1.13%
Gross Profit Margin 61.97% 60.47% 62.38%
Selling, General & Admin $1.100M $700.0K $600.0K
YoY Change 0.0% 16.67% 0.0%
% of Gross Profit 3.05% 2.0% 1.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.10M $9.596M $8.569M
YoY Change 16.09% 11.99% -4.51%
% of Gross Profit 27.98% 27.42% 24.0%
Operating Expenses $31.90M $31.82M $30.12M
YoY Change 4.33% 5.64% 3.08%
Operating Profit $26.35M $26.06M $27.11M
YoY Change -0.97% -3.87% 2.93%
Interest Expense -$8.800M -$12.00M -$5.400M
YoY Change 46.67% 122.22% 25.58%
% of Operating Profit -33.39% -46.05% -19.92%
Other Income/Expense, Net
YoY Change
Pretax Income $17.57M $14.10M $21.67M
YoY Change -14.93% -34.95% -1.58%
Income Tax $1.000K $1.000K $7.000K
% Of Pretax Income 0.01% 0.01% 0.03%
Net Earnings $17.57M -$9.700M $21.67M
YoY Change -14.96% -144.77% -1.6%
Net Earnings / Revenue 30.16% -16.76% 37.86%
Basic Earnings Per Share $3.43 -$1.90 $4.24
Diluted Earnings Per Share $3.43 -$1.90 $4.24
COMMON SHARES
Basic Shares Outstanding 5.107M shares 5.107M shares 5.107M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.3M $349.0M $341.0M
YoY Change -34.83% 2.35% 7.01%
Cash & Equivalents $293.8M $319.0M $306.5M
Short-Term Investments $30.42M $29.99M $34.47M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.000M $2.900M $2.500M
Other Receivables $172.7M $173.3M $178.0M
Total Short-Term Assets $469.5M $495.2M $487.0M
YoY Change -27.33% 1.68% 5.66%
LONG-TERM ASSETS
Property, Plant & Equipment $741.1M $748.1M $775.4M
YoY Change -3.62% -3.52% -2.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $227.4M $227.8M $34.50M
YoY Change 631.19% 560.29% -18.63%
Other Assets $49.50M $131.8M $132.8M
YoY Change -62.13% -0.75% -1.41%
Total Long-Term Assets $1.055B $1.122B $956.9M
YoY Change 7.17% 17.26% -3.1%
TOTAL ASSETS
Total Short-Term Assets $469.5M $495.2M $487.0M
Total Long-Term Assets $1.055B $1.122B $956.9M
Total Assets $1.524B $1.617B $1.444B
YoY Change -6.5% 12.0% -0.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.90M $38.00M $39.10M
YoY Change 0.0% -2.81% 2.09%
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 $42.30M $38.70M $39.60M
YoY Change -0.47% -2.27% 2.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.163B $1.241B $1.052B
YoY Change -6.22% 17.93% -0.1%
Other Long-Term Liabilities $13.10M $26.70M $2.900M
YoY Change 351.72% 820.69% -3.33%
Total Long-Term Liabilities $1.176B $1.267B $1.055B
YoY Change -5.38% 20.13% -0.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.30M $38.70M $39.60M
Total Long-Term Liabilities $1.176B $1.267B $1.055B
Total Liabilities $1.218B $1.306B $1.095B
YoY Change -5.21% 19.32% -0.02%
SHAREHOLDERS EQUITY
Retained Earnings $269.5M $275.0M $308.9M
YoY Change -12.45% -10.99%
Common Stock $5.173M $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $368.0K $368.0K $368.0K
YoY Change 0.0% 0.0% -1.6%
Treasury Stock Shares 66.16K shares 66.16K shares 66.16K shares
Shareholders Equity $306.2M $311.3M $349.4M
YoY Change
Total Liabilities & Shareholders Equity $1.524B $1.617B $1.444B
YoY Change -6.5% 12.0% -0.31%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $17.57M -$9.700M $21.67M
YoY Change -14.96% -144.77% -1.6%
Depreciation, Depletion And Amortization $10.10M $9.596M $8.569M
YoY Change 16.09% 11.99% -4.51%
Cash From Operating Activities -$3.300M $36.80M $41.60M
YoY Change -43.1% -11.54% -8.37%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$600.0K -$1.600M
YoY Change 100.0% -62.5% -82.02%
Acquisitions
YoY Change
Other Investing Activities $700.0K $800.0K
YoY Change
Cash From Investing Activities -$400.0K $100.0K -$1.600M
YoY Change -33.33% -106.25% -77.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $971.0K $901.0K
YoY Change 7.77% 7.78%
Cash From Financing Activities -102.4M -24.00M -22.60M
YoY Change -161.95% 6.19% 6.1%
NET CHANGE
Cash From Operating Activities -3.300M 36.80M 41.60M
Cash From Investing Activities -400.0K 100.0K -1.600M
Cash From Financing Activities -102.4M -24.00M -22.60M
Net Change In Cash -106.1M 12.90M 17.40M
YoY Change -166.77% -25.86% 2.96%
FREE CASH FLOW
Cash From Operating Activities -$3.300M $36.80M $41.60M
Capital Expenditures -$1.200M -$600.0K -$1.600M
Free Cash Flow -$2.100M $37.40M $43.20M
YoY Change -59.62% -13.43% -20.44%

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CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
21737000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
23022000 USD
CY2017Q1 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
0 USD
CY2018Q1 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
200000000 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
0 USD
CY2018Q1 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
753000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
283044000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
302543000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
274977000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
901000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
971000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85752000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85496000 USD
CY2018Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
748134000 USD
CY2017Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
198537000 USD
CY2018Q1 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
197784000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85743000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
87190000 USD
CY2018Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
278894000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1037368000 USD
CY2018Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1027028000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
57229000 USD
CY2018Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
57880000 USD
CY2018Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
23797000 USD
CY2017Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000 USD
CY2018Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
352845000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
349384000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
343955000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
311281000 USD
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
344323000 USD
CY2018Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
311649000 USD
CY2017Q1 us-gaap Straight Line Rent
StraightLineRent
-1070000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
-1445000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
18956000 USD
CY2018Q1 us-gaap Tenant Reimbursements
TenantReimbursements
19639000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5114701 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5115982 shares
CY2018Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements are unaudited and include the accounts of Alexander&#8217;s and its 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 United&#160;States of America (&#8220;GAAP&#8221;) have been condensed or omitted. 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 December&#160;31, 2017, as filed with the SEC.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the operating results for the full year.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">We operate in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable segment.</font></div></div>
CY2018Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued an update (&#8220;ASU 2017-12&#8221;) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Targeted Improvements to Accounting for Hedging Activities </font><font style="font-family:inherit;font-size:10pt;">to ASC Topic 815,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Derivatives and Hedging</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 815&#8221;). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies&#8217; risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. The update ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We elected to early adopt ASU 2017-12 effective January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.</font></div></div>
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alexander&#8217;s, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in Delaware, 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&#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;) (NYSE: VNO). We have </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> properties in the greater New York City metropolitan area.</font></div></div>

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