2018 Q1 Form 10-Q Financial Statement

#000105690318000009 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $94.73M $104.2M $98.81M
YoY Change -4.13% -2.45% 5.65%
Cost Of Revenue $18.70M $22.40M $16.80M
YoY Change 11.31% 12.0% -8.2%
Gross Profit $76.00M $81.80M $82.00M
YoY Change -7.32% -5.76% 9.04%
Gross Profit Margin 80.23% 78.52% 82.99%
Selling, General & Admin $20.30M $19.10M $20.40M
YoY Change -0.49% -3.05% -1.92%
% of Gross Profit 26.71% 23.35% 24.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.666M $9.900M $9.683M
YoY Change -0.18% -1.0% -1.1%
% of Gross Profit 12.72% 12.1% 11.81%
Operating Expenses $76.04M $59.80M $74.23M
YoY Change 2.43% -8.28% 2.68%
Operating Profit $18.69M $21.96M $24.58M
YoY Change -23.95% -0.6% 15.74%
Interest Expense $5.923M -$4.400M $5.905M
YoY Change 0.3% -8.33% 5.02%
% of Operating Profit 31.69% -20.04% 24.03%
Other Income/Expense, Net -$5.345M $600.0K -$5.020M
YoY Change 6.47% 0.0% -4.74%
Pretax Income $13.35M $18.20M $19.56M
YoY Change -31.75% 4.6% 22.51%
Income Tax $2.564M $5.400M $6.855M
% Of Pretax Income 19.21% 29.67% 35.05%
Net Earnings $10.78M $12.87M $12.70M
YoY Change -15.11% 14.77% 25.13%
Net Earnings / Revenue 11.38% 12.35% 12.85%
Basic Earnings Per Share $0.29 $0.35 $0.35
Diluted Earnings Per Share $0.29 $0.35 $0.34
COMMON SHARES
Basic Shares Outstanding 36.71M shares 36.68M shares 36.59M shares
Diluted Shares Outstanding 36.87M shares 36.78M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000M $200.0K $600.0K
YoY Change 900.0% -50.0% -92.94%
Cash & Equivalents $5.984M $214.0K $621.0K
Short-Term Investments
Other Short-Term Assets $67.60M $66.20M $102.9M
YoY Change -34.31% -7.28% 79.58%
Inventory $4.600M $46.20M $47.00M
Prepaid Expenses
Receivables $19.22M $26.13M $15.52M
Other Receivables $2.100M $4.700M $15.20M
Total Short-Term Assets $145.7M $155.5M $192.1M
YoY Change -24.16% -6.84% 46.49%
LONG-TERM ASSETS
Property, Plant & Equipment $1.219B $1.205B $1.137B
YoY Change 7.18% 4.7% 5.36%
Goodwill $1.116M $1.116M $1.116M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.708M $5.667M $4.934M
YoY Change 15.69% 11.82% -26.89%
Total Long-Term Assets $1.278B $1.261B $1.288B
YoY Change -0.79% -3.25% 4.07%
TOTAL ASSETS
Total Short-Term Assets $145.7M $155.5M $192.1M
Total Long-Term Assets $1.278B $1.261B $1.288B
Total Assets $1.424B $1.417B $1.480B
YoY Change -3.82% -3.66% 8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.79M $50.98M $37.26M
YoY Change 4.12% 16.59% -22.14%
Accrued Expenses $6.617M $3.861M $6.626M
YoY Change -0.14% -0.08% 0.05%
Deferred Revenue $6.583M $3.911M
YoY Change
Short-Term Debt $69.00M $59.00M $96.00M
YoY Change -28.13% -34.44% 123.26%
Long-Term Debt Due $40.32M $324.0K $336.0K
YoY Change 11900.3% -1.82% 5.66%
Total Short-Term Liabilities $196.5M $156.7M $178.7M
YoY Change 9.97% -11.96% 28.49%
LONG-TERM LIABILITIES
Long-Term Debt $281.1M $321.0M $321.0M
YoY Change -12.44% 0.02% 0.02%
Other Long-Term Liabilities $11.08M $11.01M $10.16M
YoY Change 9.05% -0.96% -3.99%
Total Long-Term Liabilities $292.1M $409.1M $331.1M
YoY Change -11.78% 23.18% -0.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $196.5M $156.7M $178.7M
Total Long-Term Liabilities $292.1M $409.1M $331.1M
Total Liabilities $488.6M $565.8M $509.8M
YoY Change -4.16% 10.92% 8.35%
SHAREHOLDERS EQUITY
Retained Earnings $281.2M $279.8M $250.9M
YoY Change 12.09% 13.26% 12.58%
Common Stock $250.3M $250.1M $247.1M
YoY Change 1.32% 1.17% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $531.5M $529.9M $497.9M
YoY Change
Total Liabilities & Shareholders Equity $1.424B $1.417B $1.480B
YoY Change -3.82% -3.66% 8.14%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income $10.78M $12.87M $12.70M
YoY Change -15.11% 14.77% 25.13%
Depreciation, Depletion And Amortization $9.666M $9.900M $9.683M
YoY Change -0.18% -1.0% -1.1%
Cash From Operating Activities $35.70M $24.40M $28.00M
YoY Change 27.5% 25.77% 1.45%
INVESTING ACTIVITIES
Capital Expenditures $30.36M -$35.20M $23.99M
YoY Change 26.55% 17.33% -18.54%
Acquisitions
YoY Change
Other Investing Activities -$130.0K $100.0K -$40.00K
YoY Change 225.0% -60.0%
Cash From Investing Activities -$30.20M -$35.10M -$24.00M
YoY Change 25.83% 17.79% -18.64%
FINANCING ACTIVITIES
Cash Dividend Paid $9.362M $8.854M
YoY Change 5.74% 8.23%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $89.00K $83.00K
YoY Change 7.23% 7.79%
Cash From Financing Activities 300.0K 4.400M -3.900M
YoY Change -107.69% -45.0% -165.0%
NET CHANGE
Cash From Operating Activities 35.70M 24.40M 28.00M
Cash From Investing Activities -30.20M -35.10M -24.00M
Cash From Financing Activities 300.0K 4.400M -3.900M
Net Change In Cash 5.800M -6.300M 100.0K
YoY Change 5700.0% 162.5% -97.56%
FREE CASH FLOW
Cash From Operating Activities $35.70M $24.40M $28.00M
Capital Expenditures $30.36M -$35.20M $23.99M
Free Cash Flow $5.336M $59.60M $4.006M
YoY Change 33.2% 20.65% -316.07%

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IncreaseDecreaseInPensionAndPostretirementObligations
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CY2018Q1 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
1356000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1308000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3178000 USD
CY2017Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
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8972000 USD
CY2018Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
-6716000 USD
CY2017Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-4221000 USD
CY2018Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1548000 USD
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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192000 shares
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
162000 shares
CY2017Q1 us-gaap Interest Expense
InterestExpense
5905000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
5923000 USD
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-5646000 USD
CY2018Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5387000 USD
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
4795000 USD
CY2018Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
4601000 USD
CY2017Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
259000 USD
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
536000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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1416734000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
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409088000 USD
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324000 USD
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40321000 USD
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321039000 USD
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
276000 USD
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-23954000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
10782000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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12641000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10729000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10737000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5020000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2017Q4 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
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CY2018Q1 us-gaap Notes Payable To Bank Current
NotesPayableToBankCurrent
69000000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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5667000 USD
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OtherNoncashIncomeExpense
349000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
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OtherNonoperatingIncomeExpense
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CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
42000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-130000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
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CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
9362000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23994000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30364000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
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PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
58626000 USD
CY2017Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
42000 USD
CY2018Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
46000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5596000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8783000 USD
CY2017Q1 us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
1078000 USD
CY2018Q1 us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
1083000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1292000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1210000 USD
CY2017Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
23994000 USD
CY2018Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
30364000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1738362000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1759525000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1137159000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1204992000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1218830000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
157000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
151000 USD
CY2017Q4 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
533370000 USD
CY2018Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
540695000 USD
CY2018Q1 us-gaap Registration Payment Arrangement Term
RegistrationPaymentArrangementTerm
P20D
CY2017Q1 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
66404000 USD
CY2018Q1 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
64412000 USD
CY2017Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
34220000 USD
CY2018Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
30844000 USD
CY2017Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
32178000 USD
CY2018Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
35572000 USD
CY2017Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
767000 USD
CY2018Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
486000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
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83000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
89000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
279821000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
281185000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3100000000 USD
CY2018Q1 us-gaap Revenues
Revenues
94728000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
98810000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
94728000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1030000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
998000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
120138 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
47792 shares
CY2018Q1 us-gaap Site Contingency Recovery From Third Party Of Environmental Remediation Cost
SiteContingencyRecoveryFromThirdPartyOfEnvironmentalRemediationCost
1500000 USD
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
44832 shares
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
52622 shares
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
340000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
529945000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
531524000 USD
CY2017Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
4566000 USD
CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
4799000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
225000 USD
CY2018Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
238000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
26411000 USD
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
27959000 USD
CY2017Q1 us-gaap Undistributed Earnings
UndistributedEarnings
3805000 USD
CY2018Q1 us-gaap Undistributed Earnings
UndistributedEarnings
1374000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
18000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36782000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36874000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36590000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36712000 shares

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