2016 Q1 Form 10-Q Financial Statement

#000086343616000047 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $535.2M $620.9M
YoY Change -13.81% -2.88%
Cost Of Revenue $498.9M $569.1M
YoY Change -12.34% -3.24%
Gross Profit $50.32M $51.79M
YoY Change -2.83% 1.24%
Gross Profit Margin 9.4% 8.34%
Selling, General & Admin $28.46M $28.20M
YoY Change 0.9% 0.17%
% of Gross Profit 56.55% 54.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.91M $12.14M
YoY Change 14.57% 12.41%
% of Gross Profit 27.64% 23.44%
Operating Expenses $28.46M $28.20M
YoY Change 0.9% 0.17%
Operating Profit $16.27M $18.71M
YoY Change -13.04% -16.6%
Interest Expense $2.334M $435.0K
YoY Change 436.55% -8.61%
% of Operating Profit 14.35% 2.33%
Other Income/Expense, Net -$223.0K -$1.057M
YoY Change -78.9% -4165.38%
Pretax Income $13.98M $17.65M
YoY Change -20.81% -21.55%
Income Tax $2.923M $3.443M
% Of Pretax Income 20.92% 19.51%
Net Earnings $9.374M $14.21M
YoY Change -34.01% -26.93%
Net Earnings / Revenue 1.75% 2.29%
Basic Earnings Per Share $0.19 $0.27
Diluted Earnings Per Share $0.19 $0.27
COMMON SHARES
Basic Shares Outstanding 49.85M shares 52.46M shares
Diluted Shares Outstanding 50.29M shares 53.05M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $519.2M $383.6M
YoY Change 35.35% -2.69%
Cash & Equivalents $519.2M $383.6M
Short-Term Investments
Other Short-Term Assets $37.10M $41.20M
YoY Change -9.95% 9.87%
Inventory $389.9M $426.8M
Prepaid Expenses
Receivables $414.2M $490.7M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $1.360B $1.342B
YoY Change 1.33% -0.01%
LONG-TERM ASSETS
Property, Plant & Equipment $174.0M $187.0M
YoY Change -6.99% -0.34%
Goodwill $199.5M $45.97M
YoY Change 333.91% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.000M
YoY Change -89.9%
Other Assets $110.6M $27.83M
YoY Change 297.25% -27.96%
Total Long-Term Assets $498.9M $286.9M
YoY Change 73.86% -8.99%
TOTAL ASSETS
Total Short-Term Assets $1.360B $1.342B
Total Long-Term Assets $498.9M $286.9M
Total Assets $1.859B $1.629B
YoY Change 14.1% -1.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $218.2M $248.6M
YoY Change -12.2% -17.07%
Accrued Expenses $66.10M $58.30M
YoY Change 13.38% -13.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.30M $700.0K
YoY Change 1657.14% 16.67%
Total Short-Term Liabilities $301.7M $312.6M
YoY Change -3.51% -16.89%
LONG-TERM LIABILITIES
Long-Term Debt $220.0M $8.700M
YoY Change 2428.74% -7.45%
Other Long-Term Liabilities $17.14M $17.41M
YoY Change -1.56% -19.41%
Total Long-Term Liabilities $17.14M $17.41M
YoY Change -1.56% -19.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $301.7M $312.6M
Total Long-Term Liabilities $17.14M $17.41M
Total Liabilities $318.8M $330.0M
YoY Change -3.4% -17.03%
SHAREHOLDERS EQUITY
Retained Earnings $709.4M $651.2M
YoY Change 8.93% 7.97%
Common Stock $4.966M $5.248M
YoY Change -5.37% -2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.320B $1.289B
YoY Change
Total Liabilities & Shareholders Equity $1.859B $1.629B
YoY Change 14.1% -1.72%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $9.374M $14.21M
YoY Change -34.01% -26.93%
Depreciation, Depletion And Amortization $13.91M $12.14M
YoY Change 14.57% 12.41%
Cash From Operating Activities $77.10M -$10.91M
YoY Change -807.02% -117.96%
INVESTING ACTIVITIES
Capital Expenditures $7.700M $16.31M
YoY Change -52.8% 12.4%
Acquisitions
YoY Change
Other Investing Activities -$62.00K -$55.00K
YoY Change 12.73% -84.85%
Cash From Investing Activities -$7.600M -$16.36M
YoY Change -53.54% 20.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.21M $15.78M
YoY Change -9.97% 247.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.90M -$14.78M
YoY Change 14.31% -1042.86%
NET CHANGE
Cash From Operating Activities 77.10M -$10.91M
Cash From Investing Activities -7.600M -$16.36M
Cash From Financing Activities -16.90M -$14.78M
Net Change In Cash 52.60M -$42.05M
YoY Change -225.1% -186.32%
FREE CASH FLOW
Cash From Operating Activities $77.10M -$10.91M
Capital Expenditures $7.700M $16.31M
Free Cash Flow $69.40M -$27.22M
YoY Change -354.99% -158.88%

Facts In Submission

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CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-28361000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
412000 USD
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1732000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
270000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.97
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
23.2
CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
289000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10905000 USD
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4432000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
821000 USD
CY2015Q1 us-gaap Payments For Software
PaymentsForSoftware
515000 USD
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
84000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15778000 USD
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5074000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16312000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
155000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-55000 USD
CY2015Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1205000 USD
CY2015Q1 us-gaap Depreciation
Depreciation
10933000 USD
CY2016Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
264982000 USD
CY2016Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
89352000 USD
CY2016Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
35585000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1789000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.79
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
7256000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2263000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.27
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M28D
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
47000 shares
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-890000 USD
CY2016Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
179000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
61056000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
165516000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
104460000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Repayments Of Principal In Next Twelve Months
LongTermDebtAndCapitalLeaseObligationsRepaymentsOfPrincipalInNextTwelveMonths
9200000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
12400000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
18300000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
24200000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
168100000 USD
CY2015Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
127000 USD
CY2015Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
77000 USD
CY2015Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1421000 USD
CY2016Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
815000 USD
CY2016Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1375000 USD
CY2016Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
100000 USD
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
633000 USD
CY2015Q1 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
1734000 USD
CY2016Q1 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
927000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1700000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
1600000 USD
CY2016Q1 bhe Unrecognized Tax Benefits Including Interest And Penalties
UnrecognizedTaxBenefitsIncludingInterestAndPenalties
16600000 USD
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12138000 USD
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
16827000 USD
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13907000 USD
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7837000 USD
CY2016Q1 us-gaap Noncurrent Assets
NoncurrentAssets
283619000 USD
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2117000 USD
CY2016Q1 us-gaap Interest Paid Net
InterestPaidNet
2731000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
1840000 USD
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2693000 USD
CY2016Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-3000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
486000 USD
CY2015Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
172500000 USD
CY2016Q1 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.014935 pure
CY2016Q1 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
3600000 USD
CY2015Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000 USD
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2100000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 USD
CY2016Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 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
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
800000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
800000 USD
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
1600000 USD
CY2016Q1 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
1500000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.35 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.01886 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
289000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7738000 USD
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000 USD
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3100000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
10670000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9813000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9693000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
9170000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9965000 USD
CY2016Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
170300000 USD
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
647070000 USD
CY2015Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
14436000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2232000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-3600000 USD
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
690000 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
149000 shares
CY2016Q1 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
20000 shares

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