$BCRX
BIOCRYST PHARMACEUTICALS INC

2015 Q3 Form 10-Q Financial Statement

#000117184315006102 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $10.99M $3.238M
YoY Change 239.31% 35.54%
Cost Of Revenue $1.346M
YoY Change
Gross Profit $9.641M $3.238M
YoY Change 197.75% 35.48%
Gross Profit Margin 87.75% 100.0%
Selling, General & Admin $2.731M $1.810M
YoY Change 50.88% 35.07%
% of Gross Profit 28.33% 55.9%
Research & Development $20.07M $13.04M
YoY Change 53.94% 63.42%
% of Gross Profit 208.14% 402.59%
Depreciation & Amortization $50.00K $40.00K
YoY Change 25.0% -42.86%
% of Gross Profit 0.52% 1.24%
Operating Expenses $22.80M $13.04M
YoY Change 74.88% 63.42%
Operating Profit -$13.16M -$11.61M
YoY Change 13.37% 67.65%
Interest Expense $1.241M $1.217M
YoY Change 1.97% 2.18%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.62M -$8.730M
YoY Change 67.47% 9.13%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.62M -$8.731M
YoY Change 67.46% 9.12%
Net Earnings / Revenue -133.08% -269.64%
Basic Earnings Per Share -$0.20
Diluted Earnings Per Share -$0.20 -$121.6K
COMMON SHARES
Basic Shares Outstanding 73.24M
Diluted Shares Outstanding 73.26M 71.80M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.33M $127.1M
YoY Change -44.67% 198.42%
Cash & Equivalents $46.63M $121.2M
Short-Term Investments $23.70M $6.000M
Other Short-Term Assets $7.100M $4.700M
YoY Change 51.06% 147.37%
Inventory
Prepaid Expenses
Receivables $4.300M $3.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $84.50M $135.1M
YoY Change -37.45% 188.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.146M $200.0K
YoY Change 473.0% -44.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.10M $300.0K
YoY Change 11933.33% -57.14%
Other Assets $5.239M $1.500M
YoY Change 249.27% -70.44%
Total Long-Term Assets $54.45M $2.000M
YoY Change 2622.7% -68.58%
TOTAL ASSETS
Total Short-Term Assets $84.50M $135.1M
Total Long-Term Assets $54.45M $2.000M
Total Assets $139.0M $137.1M
YoY Change 1.35% 157.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.782M $2.300M
YoY Change 64.43% 85.33%
Accrued Expenses $23.03M $16.10M
YoY Change 43.02% 109.96%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $30.00M
YoY Change 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.44M $49.80M
YoY Change 29.41% 277.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $10.30M $3.800M
YoY Change 171.05% -42.42%
Total Long-Term Liabilities $10.30M $3.800M
YoY Change 171.05% -89.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.44M $49.80M
Total Long-Term Liabilities $10.30M $3.800M
Total Liabilities $74.10M $53.70M
YoY Change 37.99% 7.83%
SHAREHOLDERS EQUITY
Retained Earnings -$492.8M
YoY Change
Common Stock $733.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.05M $83.50M
YoY Change
Total Liabilities & Shareholders Equity $139.0M $137.1M
YoY Change 1.35% 157.68%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$14.62M -$8.731M
YoY Change 67.46% 9.12%
Depreciation, Depletion And Amortization $50.00K $40.00K
YoY Change 25.0% -42.86%
Cash From Operating Activities -$12.66M -$8.600M
YoY Change 47.21% 8.45%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$30.00K
YoY Change 400.0%
Acquisitions
YoY Change
Other Investing Activities -$18.00M $4.900M
YoY Change -467.35% -184.34%
Cash From Investing Activities -$18.14M $4.870M
YoY Change -472.48% -183.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 640.0K 3.380M
YoY Change -81.07% -83.11%
NET CHANGE
Cash From Operating Activities -12.66M -8.600M
Cash From Investing Activities -18.14M 4.870M
Cash From Financing Activities 640.0K 3.380M
Net Change In Cash -30.16M -350.0K
YoY Change 8517.14% -105.58%
FREE CASH FLOW
Cash From Operating Activities -$12.66M -$8.600M
Capital Expenditures -$150.0K -$30.00K
Free Cash Flow -$12.51M -$8.570M
YoY Change 45.97% 8.07%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Credit Risk</div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 18 months or less. Other than product sale receivables discussed above, the majority of the Company&#x2019;s receivables from collaborations are due from the U.S. Government, for which there is no assumed credit risk.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6031000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
91000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
129000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
48343000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
15852000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1076000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
41000
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4970000
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6172000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Certain balance sheet amounts as of December 31, 2014 have been reclassified to conform to the 2015 presentation.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1175000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
106600000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
35874000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
29000000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3861000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4636000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
356000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
310000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1146000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
207000
CY2015Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
7495000
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3849000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
13000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20067000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13036000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
53711000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33286000
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1622000
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
150000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-492782000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-467898000
CY2015Q3 us-gaap Revenues
Revenues
10987000
CY2014Q3 us-gaap Revenues
Revenues
3238000
us-gaap Revenues
Revenues
43655000
us-gaap Revenues
Revenues
8162000
CY2015Q3 us-gaap Royalty Expense
RoyaltyExpense
5000
CY2014Q3 us-gaap Royalty Expense
RoyaltyExpense
us-gaap Royalty Expense
RoyaltyExpense
507000
us-gaap Royalty Expense
RoyaltyExpense
78000
CY2015Q3 us-gaap Royalty Revenue
RoyaltyRevenue
126000
CY2014Q3 us-gaap Royalty Revenue
RoyaltyRevenue
5000
us-gaap Royalty Revenue
RoyaltyRevenue
1776000
us-gaap Royalty Revenue
RoyaltyRevenue
1951000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5699000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
6236000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
10987000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
3238000
us-gaap Sales Revenue Net
SalesRevenueNet
43655000
us-gaap Sales Revenue Net
SalesRevenueNet
8162000
us-gaap Share Based Compensation
ShareBasedCompensation
7773000
us-gaap Share Based Compensation
ShareBasedCompensation
6550000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
155000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2362000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
917000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
28000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1319000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9605000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9794000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.36
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.99
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y182D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y182D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1102000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
64045000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
75635000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73262000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71801000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72752000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65057000

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