2020 Q1 Form 10-Q Financial Statement

#000000349920000015 Filed on May 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $54.11M $56.78M
YoY Change -4.7% -1.9%
Cost Of Revenue $23.10M $22.30M
YoY Change 3.59% -2.62%
Gross Profit $31.00M $34.50M
YoY Change -10.14% -1.43%
Gross Profit Margin 57.29% 60.76%
Selling, General & Admin $100.0K $800.0K
YoY Change -87.5% 14.29%
% of Gross Profit 0.32% 2.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.202M $9.118M
YoY Change 0.92% -4.98%
% of Gross Profit 29.68% 26.43%
Operating Expenses $31.11M $30.92M
YoY Change 0.62% -2.83%
Operating Profit -$113.0K $3.578M
YoY Change -103.16% -86.27%
Interest Expense -$18.40M -$8.000M
YoY Change 130.0% -33.33%
% of Operating Profit -223.59%
Other Income/Expense, Net
YoY Change
Pretax Income $4.600M $17.90M
YoY Change -74.3% 26.97%
Income Tax
% Of Pretax Income
Net Earnings $4.572M $17.87M
YoY Change -74.41% -284.18%
Net Earnings / Revenue 8.45% 31.46%
Basic Earnings Per Share $3.49
Diluted Earnings Per Share $902.0K $3.49
COMMON SHARES
Basic Shares Outstanding 5.107M shares 5.107M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $441.4M $326.1M
YoY Change 35.32% -6.55%
Cash & Equivalents $438.3M $302.9M
Short-Term Investments $3.014M $23.20M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.900M $5.200M
Other Receivables $164.4M $168.1M
Total Short-Term Assets $607.6M $476.2M
YoY Change 27.59% -3.84%
LONG-TERM ASSETS
Property, Plant & Equipment $717.0M $732.1M
YoY Change -2.06% -2.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M $23.20M
YoY Change -87.07% -89.82%
Other Assets $56.40M $50.10M
YoY Change 12.57% -61.99%
Total Long-Term Assets $795.8M $819.5M
YoY Change -2.89% -26.96%
TOTAL ASSETS
Total Short-Term Assets $607.6M $476.2M
Total Long-Term Assets $795.8M $819.5M
Total Assets $1.403B $1.296B
YoY Change 8.31% -19.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.80M $38.90M
YoY Change 7.46% 2.37%
Accrued Expenses $5.300M
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 $42.80M $45.60M
YoY Change -6.14% 17.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.118B $967.1M
YoY Change 15.59% -22.05%
Other Long-Term Liabilities $7.700M $3.000M
YoY Change 156.67% -88.76%
Total Long-Term Liabilities $1.126B $970.1M
YoY Change 16.03% -23.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.80M $45.60M
Total Long-Term Liabilities $1.126B $970.1M
Total Liabilities $1.168B $1.016B
YoY Change 15.02% -22.22%
SHAREHOLDERS EQUITY
Retained Earnings $197.9M $243.3M
YoY Change -18.64% -11.53%
Common Stock $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $368.0K $368.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 66.16K shares 66.16K shares
Shareholders Equity $235.1M $279.9M
YoY Change
Total Liabilities & Shareholders Equity $1.403B $1.296B
YoY Change 8.31% -19.88%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $4.572M $17.87M
YoY Change -74.41% -284.18%
Depreciation, Depletion And Amortization $9.202M $9.118M
YoY Change 0.92% -4.98%
Cash From Operating Activities $25.04M $48.08M
YoY Change -47.93% 30.66%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$1.800M
YoY Change 288.89% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$6.961M -$1.816M
YoY Change 283.31% -1916.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $122.6M -$23.03M
YoY Change -632.37% -4.05%
NET CHANGE
Cash From Operating Activities $25.04M $48.08M
Cash From Investing Activities -$6.961M -$1.816M
Cash From Financing Activities $122.6M -$23.03M
Net Change In Cash $140.7M $23.24M
YoY Change 505.31% 80.15%
FREE CASH FLOW
Cash From Operating Activities $25.04M $48.08M
Capital Expenditures -$7.000M -$1.800M
Free Cash Flow $32.04M $49.88M
YoY Change -35.78% 33.38%

Facts In Submission

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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
283056000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
15914000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6439000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313977000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
289495000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
438342000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
302944000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16304000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9790000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
454646000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
312734000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
7805000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
8965000 USD
CY2020Q1 alx Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
3209000 USD
CY2019Q1 alx Non Cash Additions To Real Estate
NonCashAdditionsToRealEstate
829000 USD
CY2020Q1 alx Write Off Of Fully Amortized And Depreciated Assets
WriteOffOfFullyAmortizedAndDepreciatedAssets
367000 USD
CY2020Q1 alx Reclassificationof Prepaid Real Estate Taxesto Constructionin Progress
ReclassificationofPrepaidRealEstateTaxestoConstructioninProgress
0 USD
CY2019Q1 alx Reclassificationof Prepaid Real Estate Taxesto Constructionin Progress
ReclassificationofPrepaidRealEstateTaxestoConstructioninProgress
1466000 USD
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="line-height:120%;font-size:10pt;text-indent:-48px;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, 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). We have </span><span style="font-family:inherit;font-size:10pt;"><span>seven</span></span><span style="font-family:inherit;font-size:10pt;"> properties in the greater New York City metropolitan area.</span></div>
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
7 property
CY2020Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="line-height:120%;font-size:10pt;text-indent:-24px;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’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 States of America (“GAAP”) 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 “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 December 31, 2019, as filed with the SEC.</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><span 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, 2020 are not necessarily indicative of the operating results for the full year.</span></div><span style="font-family:inherit;font-size:10pt;">We operate in </span><span style="font-family:inherit;font-size:10pt;"><span>one</span></span><span style="font-family:inherit;font-size:10pt;"> reportable segment.</span>
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
51986000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
54496000 USD
CY2020Q1 us-gaap Revenues
Revenues
54110000 USD
CY2019Q1 us-gaap Revenues
Revenues
56778000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
34149000 USD
CY2019Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
35729000 USD
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
17837000 USD
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
18767000 USD
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
51986000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
54496000 USD
CY2020Q1 alx Economic Basis Of Marketable Securities Per Share
EconomicBasisOfMarketableSecuritiesPerShare
56.05
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
30000000 USD
CY2020Q1 us-gaap Marketable Securities
MarketableSecurities
3014000 USD
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
14409000 USD
CY2018Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
23797000 USD
CY2018Q2 alx Additional Real Estate Transfer Tax
AdditionalRealEstateTransferTax
15874000 USD
CY2018Q2 alx Real Estate Tax Expense Interest
RealEstateTaxExpenseInterest
7923000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1030000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
4572000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
17865000 USD
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5118698 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5117347 shares
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.89
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
3.49

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