2015 Q1 Form 10-Q Financial Statement

#000086343615000013 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $620.9M $639.3M
YoY Change -2.88% 17.86%
Cost Of Revenue $569.1M $588.2M
YoY Change -3.24% 16.34%
Gross Profit $51.79M $51.15M
YoY Change 1.24% 38.87%
Gross Profit Margin 8.34% 8.0%
Selling, General & Admin $28.20M $28.15M
YoY Change 0.17% 25.69%
% of Gross Profit 54.46% 55.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.14M $10.80M
YoY Change 12.41% 12.18%
% of Gross Profit 23.44% 21.11%
Operating Expenses $28.20M $28.15M
YoY Change 0.17% 25.69%
Operating Profit $18.71M $22.43M
YoY Change -16.6% 60.31%
Interest Expense $435.0K $476.0K
YoY Change -8.61% 3.7%
% of Operating Profit 2.33% 2.12%
Other Income/Expense, Net -$1.057M $26.00K
YoY Change -4165.38% -91.77%
Pretax Income $17.65M $22.50M
YoY Change -21.55% 57.72%
Income Tax $3.443M $3.372M
% Of Pretax Income 19.51% 14.99%
Net Earnings $14.21M $19.44M
YoY Change -26.93% 71.56%
Net Earnings / Revenue 2.29% 3.04%
Basic Earnings Per Share $0.27 $0.36
Diluted Earnings Per Share $0.27 $0.36
COMMON SHARES
Basic Shares Outstanding 52.46M shares 53.65M shares
Diluted Shares Outstanding 53.05M shares 54.28M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $383.6M $394.2M
YoY Change -2.69% -5.44%
Cash & Equivalents $383.6M $394.2M
Short-Term Investments
Other Short-Term Assets $41.20M $37.50M
YoY Change 9.87% 19.05%
Inventory $426.8M $443.2M
Prepaid Expenses
Receivables $490.7M $465.0M
Other Receivables $100.0K $2.800M
Total Short-Term Assets $1.342B $1.343B
YoY Change -0.01% 11.92%
LONG-TERM ASSETS
Property, Plant & Equipment $187.0M $187.7M
YoY Change -0.34% 8.24%
Goodwill $45.97M $45.97M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $1.000M $9.900M
YoY Change -89.9% -3.88%
Other Assets $27.83M $38.64M
YoY Change -27.96% -24.09%
Total Long-Term Assets $286.9M $315.3M
YoY Change -8.99% 11.33%
TOTAL ASSETS
Total Short-Term Assets $1.342B $1.343B
Total Long-Term Assets $286.9M $315.3M
Total Assets $1.629B $1.658B
YoY Change -1.72% 11.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.6M $299.7M
YoY Change -17.07% 19.36%
Accrued Expenses $58.30M $67.60M
YoY Change -13.76% 29.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $600.0K
YoY Change 16.67% 20.0%
Total Short-Term Liabilities $312.6M $376.2M
YoY Change -16.89% 22.26%
LONG-TERM LIABILITIES
Long-Term Debt $8.700M $9.400M
YoY Change -7.45% -6.0%
Other Long-Term Liabilities $17.41M $21.60M
YoY Change -19.41% 6.4%
Total Long-Term Liabilities $17.41M $21.60M
YoY Change -19.41% -28.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $312.6M $376.2M
Total Long-Term Liabilities $17.41M $21.60M
Total Liabilities $330.0M $397.8M
YoY Change -17.03% 17.1%
SHAREHOLDERS EQUITY
Retained Earnings $651.2M $603.1M
YoY Change 7.97%
Common Stock $5.248M $5.401M
YoY Change -2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $272.0K
YoY Change
Treasury Stock Shares 111.0K shares
Shareholders Equity $1.289B $1.249B
YoY Change
Total Liabilities & Shareholders Equity $1.629B $1.658B
YoY Change -1.72% 11.81%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $14.21M $19.44M
YoY Change -26.93% 71.56%
Depreciation, Depletion And Amortization $12.14M $10.80M
YoY Change 12.41% 12.18%
Cash From Operating Activities -$10.91M $60.73M
YoY Change -117.96% 24.84%
INVESTING ACTIVITIES
Capital Expenditures $16.31M $14.51M
YoY Change 12.4% 116.5%
Acquisitions
YoY Change
Other Investing Activities -$55.00K -$363.0K
YoY Change -84.85%
Cash From Investing Activities -$16.36M -$13.59M
YoY Change 20.37% 97.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.78M $4.537M
YoY Change 247.76% -62.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$14.78M 1.568M
YoY Change -1042.86% -117.91%
NET CHANGE
Cash From Operating Activities -$10.91M $60.73M
Cash From Investing Activities -$16.36M -$13.59M
Cash From Financing Activities -$14.78M 1.568M
Net Change In Cash -$42.05M $48.71M
YoY Change -186.32% 47.52%
FREE CASH FLOW
Cash From Operating Activities -$10.91M $60.73M
Capital Expenditures $16.31M $14.51M
Free Cash Flow -$27.22M $46.22M
YoY Change -158.88% 10.2%

Facts In Submission

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CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
703000 USD
CY2015Q1 us-gaap Interest Paid Net
InterestPaidNet
401000 USD
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
442000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
313000 shares
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.35 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.39 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.01886 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.01998 pure
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-3457000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
4000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3800000 shares
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12138000 USD
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10798000 USD
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000 USD
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
800000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3986000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2099000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1574000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1574000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3178000 USD
CY2015Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
286261000 USD
CY2014Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
266556000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
5800000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
1600000 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
1800000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.76
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.74
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
14205000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
19125000 USD
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52463000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53650000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53045000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54277000 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
16827000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
14616000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
45224000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
26442000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
18782000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25723000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19633000 USD
CY2015Q1 us-gaap Noncurrent Assets
NoncurrentAssets
214883000 USD
CY2014Q1 us-gaap Noncurrent Assets
NoncurrentAssets
218341000 USD
CY2015Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
88352000 USD
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
84673000 USD
CY2015Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
52224000 USD
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
50032000 USD
CY2015Q1 us-gaap Inventory Net
InventoryNet
426837000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
401261000 USD
CY2015Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
127000 USD
CY2014Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
60000 USD
CY2015Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1421000 USD
CY2015Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
77000 USD
CY2014Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
48000 USD
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1818000 USD
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3293000 USD
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3443000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3372000 USD
CY2015Q1 bhe Unrecognized Tax Benefits Including Interest And Penalties
UnrecognizedTaxBenefitsIncludingInterestAndPenalties
18000000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1700000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
1600000 USD
CY2015Q1 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
0.03
CY2014Q1 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
0.06
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
46000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
12000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2668000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.09
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M6D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y5M22D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10670000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
8389000 USD
CY2014Q1 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
3234000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1859000 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.07
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.14
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
17.93
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.76
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.43
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2437000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
289000 shares
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
900000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 USD

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