2017 Q4 Form 10-Q Financial Statement

#000160649817000061 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $166.3M $401.4M $397.5M
YoY Change -126.99% 0.98% 2.05%
Cost Of Revenue $76.40M $69.50M $259.5M
YoY Change -115.34% -73.22% 0.39%
Gross Profit $89.90M $81.00M $138.0M
YoY Change -176.19% -41.3% 5.34%
Gross Profit Margin 54.06% 20.18% 34.72%
Selling, General & Admin $77.40M $78.40M $100.3M
YoY Change 71.24% -21.83% 3.19%
% of Gross Profit 86.1% 96.79% 72.68%
Research & Development $12.10M $9.600M $10.90M
YoY Change 30.11% -11.93% 6.86%
% of Gross Profit 13.46% 11.85% 7.9%
Depreciation & Amortization $11.00M $4.900M $11.00M
YoY Change -34.52% -55.45% 10.0%
% of Gross Profit 12.24% 6.05% 7.97%
Operating Expenses $92.90M $88.00M $111.2M
YoY Change 53.05% -20.86% 3.54%
Operating Profit -$3.000M -$10.40M $20.90M
YoY Change -98.32% -149.76% -104.53%
Interest Expense -$7.200M $8.100M $8.400M
YoY Change -8.86% -3.57% 7.69%
% of Operating Profit 40.19%
Other Income/Expense, Net
YoY Change
Pretax Income -$10.20M -$17.80M $12.70M
YoY Change -94.53% -240.16% -102.71%
Income Tax -$4.600M -$7.600M $3.600M
% Of Pretax Income 28.35%
Net Earnings $32.80M $16.60M $9.100M
YoY Change 228.0% 82.42% -101.93%
Net Earnings / Revenue 19.72% 4.14% 2.29%
Basic Earnings Per Share $0.35 $0.19
Diluted Earnings Per Share $696.4K $0.35 $0.19
COMMON SHARES
Basic Shares Outstanding 46.84M shares 46.80M 46.70M shares
Diluted Shares Outstanding 46.80M 47.20M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.7M $166.1M $86.70M
YoY Change 93.23% 91.58% -22.93%
Cash & Equivalents $219.7M $166.1M $86.70M
Short-Term Investments
Other Short-Term Assets $646.9M $20.00M $31.10M
YoY Change 3661.05% -35.69% 21.96%
Inventory $91.10M $300.5M $298.7M
Prepaid Expenses
Receivables $203.0M $194.4M $189.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.161B $681.0M $605.6M
YoY Change 95.57% 12.45% -9.07%
LONG-TERM ASSETS
Property, Plant & Equipment $109.9M $261.1M $265.0M
YoY Change 0.55% -1.47% -6.06%
Goodwill $764.7M $1.032B $1.032B
YoY Change 0.31% 0.01% 9.38%
Intangibles $148.9M $154.8M $176.7M
YoY Change -11.47% -12.39% 98.54%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $4.100M $3.700M $3.600M
YoY Change 36.67% 2.78% -86.05%
Total Long-Term Assets $1.035B $1.468B $1.489B
YoY Change -29.97% -1.44% 11.12%
TOTAL ASSETS
Total Short-Term Assets $1.161B $681.0M $605.6M
Total Long-Term Assets $1.035B $1.468B $1.489B
Total Assets $2.196B $2.149B $2.095B
YoY Change 5.99% 2.57% 4.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.2M $172.5M $166.5M
YoY Change 6.6% 3.6% -7.04%
Accrued Expenses $144.9M $146.9M $144.2M
YoY Change 4.7% 1.87% -2.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $39.80M
YoY Change
Total Short-Term Liabilities $389.8M $319.4M $310.7M
YoY Change 20.16% 2.8% -4.93%
LONG-TERM LIABILITIES
Long-Term Debt $541.1M $580.4M $589.4M
YoY Change -6.55% -1.53% 0.6%
Other Long-Term Liabilities $31.80M $31.90M $30.00M
YoY Change 33.61% 6.33% -42.97%
Total Long-Term Liabilities $572.9M $612.3M $93.40M
YoY Change -4.96% 555.57% 77.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $389.8M $319.4M $310.7M
Total Long-Term Liabilities $572.9M $612.3M $93.40M
Total Liabilities $980.5M $968.2M $993.5M
YoY Change 1.16% -2.55% 2.92%
SHAREHOLDERS EQUITY
Retained Earnings -$299.9M -$332.7M -$389.2M
YoY Change -20.91% -14.52% -10.24%
Common Stock $500.0K $500.0K $500.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.400M $3.900M $1.900M
YoY Change 131.58% 105.26% 90.0%
Treasury Stock Shares
Shareholders Equity $1.215B $1.181B $1.102B
YoY Change
Total Liabilities & Shareholders Equity $2.196B $2.149B $2.095B
YoY Change 5.99% 2.57% 4.42%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $32.80M $16.60M $9.100M
YoY Change 228.0% 82.42% -101.93%
Depreciation, Depletion And Amortization $11.00M $4.900M $11.00M
YoY Change -34.52% -55.45% 10.0%
Cash From Operating Activities $64.10M $23.40M $49.90M
YoY Change 42.76% -53.11% 164.02%
INVESTING ACTIVITIES
Capital Expenditures -$12.60M -$14.00M -$7.600M
YoY Change 70.27% 84.21% -60.42%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Cash From Investing Activities -$12.60M -$14.00M -$7.500M
YoY Change 200.0% 86.67% -60.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.900M 1.500M -34.80M
YoY Change -117.76% -104.31% -11700.0%
NET CHANGE
Cash From Operating Activities 64.10M 23.40M 49.90M
Cash From Investing Activities -12.60M -14.00M -7.500M
Cash From Financing Activities 1.900M 1.500M -34.80M
Net Change In Cash 53.40M 10.90M 7.600M
YoY Change 78.0% 43.42% 7500.0%
FREE CASH FLOW
Cash From Operating Activities $64.10M $23.40M $49.90M
Capital Expenditures -$12.60M -$14.00M -$7.600M
Free Cash Flow $76.70M $37.40M $57.50M
YoY Change 46.65% -34.96% 50.92%

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100000 USD
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OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
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30100000 USD
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31900000 USD
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5800000 USD
us-gaap Other Operating Activities Cash Flow Statement
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9600000 USD
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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OtherOperatingIncomeExpenseNet
-3000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-15900000 USD
CY2016Q4 us-gaap Other Sundry Liabilities Noncurrent
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17000000 USD
CY2017Q3 us-gaap Other Sundry Liabilities Noncurrent
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900000 USD
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2000000 USD
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175000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Productive Assets
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21700000 USD
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30600000 USD
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0.01
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PreferredStockParOrStatedValuePerShare
0.01
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500000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
700000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46600000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Actual results could differ from these estimates, and the effect of the change could be material to our financial statements. Changes in these estimates are recorded when known.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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