2019 Q1 Form 10-Q Financial Statement

#000105690319000008 Filed on May 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $101.7M $94.73M
YoY Change 7.39% -4.13%
Cost Of Revenue $18.40M $18.70M
YoY Change -1.6% 11.31%
Gross Profit $83.30M $76.00M
YoY Change 9.61% -7.32%
Gross Profit Margin 81.88% 80.23%
Selling, General & Admin $21.70M $20.30M
YoY Change 6.9% -0.49%
% of Gross Profit 26.05% 26.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.83M $9.666M
YoY Change 12.06% -0.18%
% of Gross Profit 13.0% 12.72%
Operating Expenses $81.54M $76.04M
YoY Change 7.23% 2.43%
Operating Profit $20.20M $18.69M
YoY Change 8.05% -23.95%
Interest Expense $6.317M $5.923M
YoY Change 6.65% 0.3%
% of Operating Profit 31.28% 31.69%
Other Income/Expense, Net -$4.033M -$5.345M
YoY Change -24.55% 6.47%
Pretax Income $16.16M $13.35M
YoY Change 21.1% -31.75%
Income Tax $3.310M $2.564M
% Of Pretax Income 20.48% 19.21%
Net Earnings $12.85M $10.78M
YoY Change 19.2% -15.11%
Net Earnings / Revenue 12.63% 11.38%
Basic Earnings Per Share $0.35 $0.29
Diluted Earnings Per Share $0.35 $0.29
COMMON SHARES
Basic Shares Outstanding 36.77M shares 36.71M shares
Diluted Shares Outstanding 36.95M shares 36.87M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.800M $6.000M
YoY Change -70.0% 900.0%
Cash & Equivalents $1.844M $5.984M
Short-Term Investments
Other Short-Term Assets $44.50M $67.60M
YoY Change -34.17% -34.31%
Inventory $5.900M $4.600M
Prepaid Expenses
Receivables $17.49M $19.22M
Other Receivables $100.0K $2.100M
Total Short-Term Assets $116.8M $145.7M
YoY Change -19.84% -24.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.326B $1.219B
YoY Change 8.75% 7.18%
Goodwill $1.116M $1.116M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.365M $5.708M
YoY Change -6.01% 15.69%
Total Long-Term Assets $1.409B $1.278B
YoY Change 10.28% -0.79%
TOTAL ASSETS
Total Short-Term Assets $116.8M $145.7M
Total Long-Term Assets $1.409B $1.278B
Total Assets $1.526B $1.424B
YoY Change 7.2% -3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.21M $38.79M
YoY Change 37.15% 4.12%
Accrued Expenses $6.492M $6.617M
YoY Change -1.89% -0.14%
Deferred Revenue $10.43M $6.583M
YoY Change 58.38%
Short-Term Debt $0.00 $69.00M
YoY Change -100.0% -28.13%
Long-Term Debt Due $326.0K $40.32M
YoY Change -99.19% 11900.3%
Total Short-Term Liabilities $107.6M $196.5M
YoY Change -45.22% 9.97%
LONG-TERM LIABILITIES
Long-Term Debt $281.1M $281.1M
YoY Change 0.01% -12.44%
Other Long-Term Liabilities $10.95M $11.08M
YoY Change -1.25% 9.05%
Total Long-Term Liabilities $292.0M $292.1M
YoY Change -0.04% -11.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.6M $196.5M
Total Long-Term Liabilities $292.0M $292.1M
Total Liabilities $399.6M $488.6M
YoY Change -18.21% -4.16%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 $281.2M
YoY Change -100.0% 12.09%
Common Stock $254.3M $250.3M
YoY Change 1.58% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $561.5M $531.5M
YoY Change
Total Liabilities & Shareholders Equity $1.526B $1.424B
YoY Change 7.2% -3.82%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $12.85M $10.78M
YoY Change 19.2% -15.11%
Depreciation, Depletion And Amortization $10.83M $9.666M
YoY Change 12.06% -0.18%
Cash From Operating Activities $29.38M $35.70M
YoY Change -17.7% 27.5%
INVESTING ACTIVITIES
Capital Expenditures $40.56M $30.36M
YoY Change 33.59% 26.55%
Acquisitions
YoY Change
Other Investing Activities -$213.0K -$130.0K
YoY Change 63.85% 225.0%
Cash From Investing Activities -$40.35M -$30.20M
YoY Change 33.61% 25.83%
FINANCING ACTIVITIES
Cash Dividend Paid $10.11M $9.362M
YoY Change 8.02% 5.74%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $40.09M $89.00K
YoY Change 44940.45% 7.23%
Cash From Financing Activities $5.672M 300.0K
YoY Change 1790.67% -107.69%
NET CHANGE
Cash From Operating Activities $29.38M 35.70M
Cash From Investing Activities -$40.35M -30.20M
Cash From Financing Activities $5.672M 300.0K
Net Change In Cash -$5.297M 5.800M
YoY Change -191.33% 5700.0%
FREE CASH FLOW
Cash From Operating Activities $29.38M $35.70M
Capital Expenditures $40.56M $30.36M
Free Cash Flow -$11.18M $5.336M
YoY Change -309.56% 33.2%

Facts In Submission

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10731000 USD
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11262000 USD
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10945000 USD
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1478000 USD
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-213000 USD
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9362000 USD
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10113000 USD
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1210000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1569000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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30364000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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40562000 USD
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CY2019Q1 us-gaap Property Subject To Or Available For Operating Lease Number Of Units
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1
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CY2019Q1 us-gaap Provision For Doubtful Accounts
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CY2018Q1 us-gaap Repayments Of Advances For Construction
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486000 USD
CY2019Q1 us-gaap Repayments Of Advances For Construction
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562000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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89000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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40086000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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304534000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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307203000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
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3200000000 USD
CY2018Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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101733000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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5500000 USD
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101733000 USD
CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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1998000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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47792 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
29160 shares
CY2019Q1 us-gaap Short Term Lease Cost
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74000 USD
CY2019Q1 us-gaap Site Contingency Recovery From Third Party Of Environmental Remediation Cost
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1500000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
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52622 shares
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
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37376 shares
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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340000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
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75000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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340000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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75000 USD
CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
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360000 USD
CY2019Q1 us-gaap Taxes Payable Current
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3813000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
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23588000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
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CY2018Q1 us-gaap Undistributed Earnings
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CY2019Q1 us-gaap Undistributed Earnings
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2692000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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7000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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13000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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36874000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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36712000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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36773000 shares
CY2019Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;">: The consolidated financial statements and notes thereto are presented in a combined report filed by </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> separate Registrants: AWR and GSWC. References in this report to &#8220;Registrant&#8221; are to AWR and GSWC, collectively, unless otherwise specified. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AWR owns all of the outstanding common shares of GSWC and ASUS. ASUS owns all of the outstanding common stock of the Military Utility Privatization Subsidiaries. The consolidated financial statements of AWR include the accounts of AWR and its subsidiaries, all of which are wholly owned. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and balances have been eliminated in the AWR consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;The consolidated financial statements included herein have been prepared by Registrant, without audit, pursuant to the rules&#160;and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).&#160; The </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments consisting of normal, recurring items and estimates necessary for a fair statement of the results for the interim periods have been made. It&#160;is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> filed with the&#160;SEC.</font></div></div>

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