2018 Q4 Form 10-Q Financial Statement

#000000349918000023 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $57.57M $59.13M $58.09M
YoY Change -0.85% 1.77% 1.71%
Cost Of Revenue $24.20M $27.00M $22.40M
YoY Change 14.15% 20.54% -1.75%
Gross Profit $33.40M $32.10M $35.70M
YoY Change -9.49% -10.08% 4.08%
Gross Profit Margin 58.02% 54.29% 61.45%
Selling, General & Admin $700.0K $500.0K $100.0K
YoY Change -68.18% 400.0% 0.0%
% of Gross Profit 2.1% 1.56% 0.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.200M $9.600M $9.700M
YoY Change -21.37% -1.03% 11.49%
% of Gross Profit 27.54% 29.91% 27.17%
Operating Expenses $8.500M $35.77M $30.93M
YoY Change -32.0% 15.65% -0.17%
Operating Profit $24.90M $23.36M $27.16M
YoY Change 2.05% -14.02% 3.93%
Interest Expense -$14.90M -$8.400M -$6.900M
YoY Change 129.23% 21.74% 35.29%
% of Operating Profit -59.84% -35.97% -25.4%
Other Income/Expense, Net
YoY Change
Pretax Income $10.00M $15.00M $20.31M
YoY Change -44.13% -26.11% -3.51%
Income Tax $0.00 $1.000K $6.000K
% Of Pretax Income 0.0% 0.01% 0.03%
Net Earnings $9.971M $15.00M $20.30M
YoY Change -44.24% -26.09% -3.5%
Net Earnings / Revenue 17.32% 25.38% 34.94%
Basic Earnings Per Share $1.95 $2.93 $3.97
Diluted Earnings Per Share $1.95 $2.93 $3.97
COMMON SHARES
Basic Shares Outstanding 5.107M shares 5.107M shares 5.107M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $306.2M $333.3M $309.4M
YoY Change -10.64% 7.71% 0.65%
Cash & Equivalents $283.1M $303.7M $280.0M
Short-Term Investments $23.17M $29.60M $29.42M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.100M $3.600M $4.000M
Other Receivables $168.8M $169.2M $175.8M
Total Short-Term Assets $456.0M $476.5M $459.8M
YoY Change -5.96% 3.63% 2.91%
LONG-TERM ASSETS
Property, Plant & Equipment $730.3M $735.0M $762.6M
YoY Change -3.18% -3.62% -3.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.20M $225.8M $228.7M
YoY Change -90.07% -1.27% 428.18%
Other Assets $47.10M $47.30M $129.5M
YoY Change -64.18% -63.47% -3.72%
Total Long-Term Assets $829.5M $1.024B $1.162B
YoY Change -27.71% -11.86% 15.67%
TOTAL ASSETS
Total Short-Term Assets $456.0M $476.5M $459.8M
Total Long-Term Assets $829.5M $1.024B $1.162B
Total Assets $1.286B $1.501B $1.622B
YoY Change -21.25% -7.47% 11.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.90M $36.30M $36.50M
YoY Change -27.8% -0.55% -4.45%
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 $31.60M $36.70M $37.00M
YoY Change -30.24% -0.81% -5.37%
LONG-TERM LIABILITIES
Long-Term Debt $965.8M $1.163B $1.240B
YoY Change -22.13% -6.23% 17.81%
Other Long-Term Liabilities $3.000M $3.000M $2.900M
YoY Change 3.45% 3.45% 0.0%
Total Long-Term Liabilities $968.8M $1.166B $1.243B
YoY Change -22.07% -6.2% 17.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.60M $36.70M $37.00M
Total Long-Term Liabilities $968.8M $1.166B $1.243B
Total Liabilities $1.000B $1.203B $1.280B
YoY Change -22.35% -6.03% 16.93%
SHAREHOLDERS EQUITY
Retained Earnings $248.4M $261.5M $306.4M
YoY Change -17.88% -14.65% -0.45%
Common Stock $5.173M $5.173M $5.173M
YoY Change 0.0% 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 $285.1M $298.1M $342.1M
YoY Change
Total Liabilities & Shareholders Equity $1.286B $1.501B $1.622B
YoY Change -21.25% -7.47% 11.74%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $9.971M $15.00M $20.30M
YoY Change -44.24% -26.09% -3.5%
Depreciation, Depletion And Amortization $9.200M $9.600M $9.700M
YoY Change -21.37% -1.03% 11.49%
Cash From Operating Activities $6.800M $33.20M $36.40M
YoY Change -86.72% -8.79% -26.02%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$700.0K -$1.000M
YoY Change 650.0% -30.0% -56.52%
Acquisitions
YoY Change
Other Investing Activities $500.0K $800.0K -$199.3M
YoY Change -37.5% -100.4%
Cash From Investing Activities -$900.0K $100.0K -$200.2M
YoY Change -325.0% -100.05% 8604.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.70M -24.10M -22.60M
YoY Change 11.74% 6.64% 6.1%
NET CHANGE
Cash From Operating Activities 6.800M 33.20M 36.40M
Cash From Investing Activities -900.0K 100.0K -200.2M
Cash From Financing Activities -25.70M -24.10M -22.60M
Net Change In Cash -19.80M 9.200M -186.4M
YoY Change -169.23% -104.94% -828.12%
FREE CASH FLOW
Cash From Operating Activities $6.800M $33.20M $36.40M
Capital Expenditures -$1.500M -$700.0K -$1.000M
Free Cash Flow $8.300M $33.90M $37.40M
YoY Change -83.85% -9.36% -27.38%

Facts In Submission

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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2017Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21272000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
62937000 USD
CY2018Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
26419000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
70207000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
30930000 USD
us-gaap Operating Expenses
OperatingExpenses
91630000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
35769000 USD
us-gaap Operating Expenses
OperatingExpenses
99490000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27164000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
80883000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
23356000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
75768000 USD
CY2017Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
37970000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
114507000 USD
CY2018Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
38250000 USD
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
200000000 USD
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
115109000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
27903000 USD
CY2018Q3 us-gaap Other Assets
OtherAssets
16262000 USD
CY2017Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-1653000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8494000 USD
CY2018Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-11000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-67000 USD
CY2018Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-1000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-5000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
2901000 USD
CY2018Q3 us-gaap Other Liabilities
OtherLiabilities
3040000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
11972000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
185000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
65218000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
69072000 USD
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
500000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
78246000 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
725000 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
2300000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
283044000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
290660000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1037368000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1025644000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
754324000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
734984000 USD
CY2017Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
198537000 USD
CY2018Q3 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
196237000 USD
CY2018Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
23797000 USD
CY2017Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
1785000 USD
CY2018Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
1785000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
302754000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
159460000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85752000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
84504000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85743000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5537000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
394000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
394000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
302543000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
261500000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10057 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
495730 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
352845000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
342086000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
343955000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
298145000 USD
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
344323000 USD
CY2018Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
298513000 USD
us-gaap Straight Line Rent
StraightLineRent
-3223000 USD
us-gaap Straight Line Rent
StraightLineRent
-5589000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5115982 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5115339 shares
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5117347 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5116667 shares
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 and nine months ended September 30, 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>
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>
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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